Crypto analytics firm Glassnode reports that Bitcoin is experiencing a sustained uptrend, driven by traders who are still skeptical about its strength. Liquidated Bears Fuel Rallies According to Glassnode, bears who are shorting Bitcoin (betting on its price to fall) are getting liquidated, triggering short squeezes. This happens when traders who borrowed Bitcoin to sell…
CEO: New Investors Fueling Bitcoin Rally Michael Sonnenshein, CEO of crypto investment firm Grayscale, believes that pent-up demand for Bitcoin (BTC) is driving its recent price surge. Following the approval of Bitcoin exchange-traded funds (ETFs) in January, Sonnenshein says demand that was previously suppressed is now fueling Bitcoin’s rally. “A lot of pent-up demand based…
Analysts at crypto hedge fund Pantera Capital have identified two altcoin projects they believe will outperform the market in the upcoming bull run. Stacks (STX) Pantera analysts are bullish on Stacks, a project that aims to bring smart contract functionality to Bitcoin. They note that Stacks is currently the only live generalized smart contract layer-2…
Legendary trader Peter Brandt, known for predicting the 2017 Bitcoin crash, weighs in on the crypto king’s recent surge. Bull Market Just Getting Started? Brandt believes Bitcoin’s bull market is still in its early stages, despite a 45% surge in the past month. He compares the current monthly candle to one seen in late 2020,…
Despite ongoing efforts to enhance security, the crypto industry remains vulnerable to malicious activities. In February alone, crypto scams and hacks resulted in losses exceeding $160 million. Exploits and Vulnerabilities Exploits of vulnerabilities in crypto projects accounted for the majority of February’s losses, amounting to approximately $101 million. Notably, Certik reported several instances of exploits…
Tax Troubles Indonesia’s crypto market is going through a rough patch. Bitcoin’s price shot up in 2023, but the government’s tax revenue from crypto crashed by over 60%. This has raised questions about the current tax system. Dual Taxation Indonesia has a double-tax system for crypto transactions, which means you get taxed twice. This has…
Industry Groups Challenge Emergency Survey The US Department of Energy (DOE) has dropped its emergency survey of Bitcoin mining’s energy usage after a lawsuit from industry groups. Riot Platforms and the Texas Blockchain Council argued that the survey violated the Paperwork Reduction Act by bypassing public comment and data collection procedures. Energy Consumption Concerns Bitcoin…
The United States government is set to spend a staggering $870 billion this year on interest payments for its national debt. This is the first time since 1940 that interest spending will exceed the budget for national defense, which stands at $822 billion. Interest as the Second-Largest Expense The Committee for a Responsible Federal Budget…
Victim’s Struggle Victoria Karwowski, a Chicago resident, was robbed at gunpoint by thieves who demanded access to her Chase account. Under duress, she was forced to hand over her banking app password, resulting in $1,700 being stolen via Zelle. Chase’s Denial Despite receiving a police report and video evidence, Chase initially refused to reimburse Karwowski,…
Ethereum’s layer-2 projects are booming, according to analytics firm IntoTheBlock. Since the start of 2024, transaction volumes on Ethereum L2s have soared by 91%. Crypto Assets Leaving Centralized Exchanges Both Ethereum (ETH) and Bitcoin (BTC) continue to flow out of centralized exchanges. IntoTheBlock reports that $906 million worth of ETH left exchanges last week, marking…
