Thursday, February 25

Cryptocurrency

Cryptocurrency

People who bought Bitcoin in 2017 becoming the strongest HODLers, new data shows

Bitcoin (BTC) may be worth almost three times more than at the height of its 2017 bull run, but a lot of hodlers from that time refuse to sell.The latest data from Bitcoin financial services firm Unchained Capital shows that 2017 buyers control an increasingly large amount of the BTC supply.2017 hodlers are not "weak hands"According to Unchained’s HODL Waves chart, which ranks the supply according to when coins last moved, those who bought three to five years ago are sitting on their investment.Since the cross-asset crash of March 2020, when BTC/USD fell to lows of $3,600, the percentage of the BTC supply that last moved between February 2016 and February 2018 increased from 5.57% to 13.38%.In other words, the uptrend in price during 2019, much of 2020 and all of 2021 has not made 2017 ...
Cryptocurrency

What Bitcoin price levels will invalidate the short-term bearish scenario?

The price of Bitcoin (BTC) is continuing to range between $48,000 and $51,000, unable to break out of the $51,600 resistance level.If Bitcoin struggles to surpass the $51,600 resistance area in the near term, technical analysts say the probability of a correction rises.BTC/USDT 4-hour price chart (Binance). Source: TradingView$51,600 is the key level to watchAccording to Josh Olszewicz, a cryptocurrency trader and technical analyst, the $51,600 level is currently acting as a strong resistance level.For Bitcoin to retest the all-time high at $58,000 and initiate a potential rally towards $62,000, it needs to cleanly move past $51,600, he explained. Hence, a rally beyond $51,600 is the clear invalidation point for any short-term bearish scenario for Bitcoin.The failure to break out in the...
Cryptocurrency

Nvidia supply shortage won’t stop $50M Q1 crypto miner sales, says CFO

Nvidia’s ongoing supply problems won’t stop the company from selling $50 million worth of its new CMP chip range in the first quarter of 2021, the company’s chief financial officer Colette Kress forecasted on Feb. 24.Nvidia failed to meet demand from its core gaming customer base in 2020, and the trend looks set to continue into 2021. Added demand from a horde of cryptocurrency enthusiasts keen to direct Nvidia’s new RTX 30 series GPU to Ether (ETH) mining initially appeared to pile pressure on the company.But the firm’s CFO expects the recently announced Cryptocurrency Mining Processor product line to hit $50 million in sales in the first quarter of the year. The CMP range is designed specifically for Ether mining, and its introduction was part of an attempt to allocate more units of i...
Cryptocurrency

Thai SEC consults public on crypto investor income rules

The Securities and Exchange Commission of Thailand has launched a public consultation on proposed cryptocurrency investor qualification rules.According to an official announcement Thursday, the Thai SEC is now seeking public comments on proposed qualifications for crypto investors including certain income and trading experience requirements.As part of the initiative, the Thai SEC is planning to hold a live hearing through its Facebook page on March 24. The public consultation will continue until March 27, the authority said.According to a proposed consultation paper, the regulator is planning to set solid limits on cryptocurrency trading in Thailand, including requiring local crypto investors to possess net assets of at least 10 million baht ($332,500) as well as have an annual income o...
Cryptocurrency

Former MLB star sells $1M worth of NFTs in one minute

Micah Johnson, a former MLB player-turned artist, sold a whopping $1 million worth of tokenized art in just one minute on the Winklevoss-owned NFT marketplace Nifty Gateway.The auction, which launched on Feb. 21 and lasted for 28 hours, generated $2 million worth of sales in total. The auction sold NFTs representing a painted sculpture made from hand-casted resin dubbed AKU: The Moon God.The physical AKU sculpture was also sold during the auction, fetching $305,000. The sculpture will be deposited into a vault and is subject to a two-year lockup. The purchaser also receives exclusive access to view the sculpture — which is stored in a physical vault at the Art Angels gallery in Miami, and can resell the sculpture at any time by transferring their token.Speaking to Cointelegraph, Johnson...
Cryptocurrency

Meme pioneer launches NFT lolcats on OpenSea

The original “I Can Has Cheezburger?” meme has become the latest symbol of popular culture to be immortalized as an NFT.The meme’s creator, Eric Nakagawa, announced his foray into a series of lolcat NFTs on Feb. 23. “Happy Cat” — the crown jewel of Nakgawa’s NFT release — is being auctioned on NFT marketplace OpenSea, with the highest bid currently sitting at 0.25 ETH.Cool to see all the most important internet history becoming NFTs https://t.co/EclycEXupY— Micah Baldwin (@micah) February 22, 2021 The 10 piece series, titled “No Fries Today,” comprises early lolcat memes and meme-inspired artwork. Some proceeds of the sales will be donated to charitable organizations, including the American Society for the Prevention of Cruelty to Animals, the Internet Archive, and the World Wildlife F...
Cryptocurrency

Andreessen Horowitz leads $25m round for Optimism’s L2 scaling solution

Optimism, a company providing Layer 2 scaling solutions for Ethereum, has secured backing from venture capital firm and Coinbase investor Andreessen Horowitz, or A16z.Andreessen Horowitz, which manages a portfolio worth roughly $16.6 billion, announced it is leading Optimism’s $25 million Series A investment round on Feb. 24.The demand for Layer 2 scaling solutions has escalated amid Ethereum’s surging fees, with average transaction costs pushing as high as $40 on Feb. 23. To achieve lower fees, lower latency, and greater throughput compared to transacting on Ethereum’s Layer 1 main net, Optimism uses “rollups” to bundle transactions together using smart contracts on an Ethereum side-chain before broadcasting them to the mainnet.Ethereum co-founder, Vitalik Buterin, summarized that “rol...
Cryptocurrency

India’s largest crypto exchange adopts decentralized Unstoppable Domains

India’s largest cryptocurrency exchange, Unocoin, has adopted the blockchain-based Unstoppable Domains, which simplifies crypto transactions by turning blockchain addresses into human-readable web URLs.Announced on Wednesday, the partnership between Unocoin and Unstoppable Domains — both funded by Silicon Valley investor Tim Draper — is expected to reduce remittance costs and simplify the transaction process for the exchange’s 1.2 million users. Unstoppable Domains turns crypto addresses into decentralized websites on the Ethereum and Zilliqa blockchains. Instead of sending coins to a 42-character blockchain address, Unstoppable Domains allows users to create simple URLs ending in “.crypto” and “.zil” extensions. Domain names need only be purchased once, and then exist forever on the bl...
Cryptocurrency

DEX volumes have already surpassed $120b in 2021

Ethereum-powered decentralized exchanges, or DEXes, continue to surge despite high transaction fees — with DEXes processing more than $120 billion in 2021 so far.According to Ethereum market analytics platform Dune Analytics, combined DEX volumes posted a new record of $63 billion in January. February's volume currently sits at $59 billion and is on track to hit $67 billion at the month’s end. DEXes have already processed more volume in the first two months of 2021 than during all previous years combined.Monthly DEX volume: DuneAnalyticsThe Ethereum-powered DEX sector is still dominated by Uniswap and Sushiswap, who account for 65% of February’s trade combined. Uniswap currently represents more than double Sushi’s volume, controlling almost 50% of DEX market share.However, looking at th...
Cryptocurrency

Ethereum on track to settle $1.6 trillion this quarter

Ethereum usage is surging this year, with the value of transactions settled on the network skyrocketing during 2021.According to research from Messari, Ethereum has settled $926 trillion worth of transactions this quarter so far — 700% more than it processed during Q1 2020. The network is currently on-pace to settle $1.6 trillion in transactions for the first quarter of this year. In the last 12 months, Ethereum has already settled $2.1 trillion in transactions.If Messari’s $1.6 trillion forecast is accurate, Ethereum’s quarterly settlement value will have increased 1,280% compared to Q1 2020, and more than 5,000% compared to Q1 2019. Messari researcher Ryan Watkins noted the data counters the prevailing narrative that Ethereum is seeing an exodus of users amid its high gas fees, exclai...