Amid a significant uptick in ERC20 tokens, especially meme coins, the expense of conducting transactions on Ethereum has notably increased, pushing the average fee to $22.19 for each operation. Further data indicates that executing a swap on a decentralized exchange (dex) platform could incur a cost of $66. Transfers and Dex Swaps Costlier as Ethereum […]
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Recent Glassnode’s data captures intriguing shifts in Bitcoin’s spot volume, tracking the aggregate trading volume of Bitcoin against USD-based currencies, both fiat and stablecoin, across various exchanges. On March 5, there was a surge in spot volume to $26 billion across all exchanges, a pinnacle not reached since the SVB collapse in March 2023.
During the SVB collapse, Binance dominated the spot volume, contributing $22 billion of the total $27 billion, as reported by Glassnode. Now, spot volume has again reached a similar level, spurred by Bitcoin’s surge to a record $69,000 and its subsequent 15% drop. In this latest bout of volatility, the exchange landscape was more distributed, with Binance, Coinbase, and Bybit recording spot volumes of $9 billion, $4 billion, and $4 billion, respectively.
The data depicts a stark decrease in Binance’s market share over the year, as its spot volume shrank from $22 billion during the SVB event to $9 billion in the following year’s volatility peak.
The post High volatility drives spot Bitcoin volume to $26 billion appeared first on CryptoSlate.
In a significant development for the blockchain data-oracle project, Chainlink (LINK) has witnessed a significant response to its enhanced crypto-staking program, amassing over $632 million worth of its LINK tokens within a remarkably short period.
The company announced a recent press release highlighting the “overwhelming demand” during the early-access period, which filled the staking limit in just six hours.
Chainlink, recognized as the industry-standard decentralized computing platform, unveiled Chainlink Staking v0.2, the latest upgrade to the protocol’s native staking mechanism.
The Early Access phase has commenced, inviting eligible participants to stake up to 15,000 LINK tokens. This phase will last four days before transitioning into the General Access phase, enabling investors to stake up to 15,000 LINK tokens as long as the staking pool remains unfilled.
Per the announcement, the upgrade introduces an expanded pool size of 45,000,000 LINK tokens, equivalent to 8% of the current circulating supply. This enlargement aims to enhance the accessibility of Chainlink Staking, enabling a more diverse audience of LINK token holders to participate.
Staking forms an integral part of Chainlink Economics 2.0, which brings an additional layer of cryptoeconomic security to the Chainlink Network. Specifically, Chainlink Staking empowers ecosystem participants, including node operators and community members, to support the performance of Oracle services by staking LINK tokens and earning rewards for contributing to network security.
While v0.1 served as the initial phase of the Staking program, v0.2 has been restructured into a fully modular, extensible, and upgradable Staking platform. Building upon the lessons learned from the previous release, the v0.2 beta version focuses on several key objectives.
Chainlink is introducing several new features to enhance its staking program. These include a new unbinding mechanism that provides more flexibility for Community and Node Operator Stakers.
Additionally, security guarantees for Oracle services are being reinforced by slashing node operator stakes. A modular architecture is being adopted to support future improvements and additions, and a dynamic rewards mechanism is being introduced to seamlessly accommodate new external sources of rewards in the future, such as user fees.
Following the conclusion of the Early Access phase on December 11, 2023, the v0.2 staking pool will transition to General Access. At this stage, anyone will have the opportunity to stake up to 15,000 LINK tokens.
Given Chainlink’s successful upgrade, LINK, the native token of the decentralized computing platform, experienced a significant surge of 12%, reaching a price as high as $17.305.
This price level has not been seen since April 2022, signifying a new yearly high for the cryptocurrency. However, LINK has retraced slightly and is currently trading at $16.774.
Crypto analyst Ali Martinez has highlighted a critical support zone for Chainlink. Martinez noted that over 17,000 addresses purchased 47 million LINK tokens from $14.4 to $14.8.
This accumulation by many addresses suggests strong buying interest in this price range, potentially acting as a support level for the token.
While the support zone may hold and trigger a rebound in the price of LINK, Martinez cautions that investors should remain vigilant. Any signs of weakness, such as a breach of the support zone or negative market sentiment, could prompt investors to sell their LINK holdings to avoid losses.
It remains to be seen whether LINK can maintain its position above these critical levels and whether the broader cryptocurrency market will enter an accumulation phase or experience a retracement after the significant upward movement witnessed in recent weeks.
Such a retracement could potentially impact LINK’s price and lead to a test of the support above levels. On the other hand, the token faces immediate resistance at $17.483, $18.069, and $18.910. These represent the final hurdles to overcome before LINK reaches the $20 milestone.
Featured image from Shutterstock, chart from TradingView.com
Monday’s Bitcoin (BTC) price surge has catapulted Bitcoin-related stocks to new heights, with the likes of Coinbase and MicroStrategy posting new multiweek highs.
Bitcoin mining stocks saw significant gains amid BTC price momentum, with United States-listed Riot Blockchain recording an 11.69% surge and Marathon Digital Holdings seeing a 14.6% increase. The upcoming halving event, which will cut the Bitcoin mining reward from 6.25 BTC to 3.125 BTC per block, also likely contributed to the price increase.
Bitcoin mining stocks not only outperformed Bitcoin in the recent price rally but also in terms of year-to-date (YTD) gains. Cipher Mining has seen an increase of 356% YTD vs. Bitcoin’s 86% YTD gains. Similarly, Riot Platforms has registered a 163.10% YTD increase, and Northern Data, a general processing unit miner with headquarters in Frankfurt, Germany, has increased by 291.40%. Hut 8 Mining, Iris Energy, Bitfarms, Marathon Digital and Hive Technologies have all registered more than 100% growth in 2023.
Apart from public Bitcoin mining companies, other Bitcoin-centric public firms such as Coinbase and MicroStrategy also posted multiweek highs. Coinbase’s stock was up by 3.42% at the time of writing, while MicroStrategy — the public company holding the most Bitcoin — recorded a 9% surge on the daily charts.
Related: How high can Bitcoin price go by 2024?
MicroStrategy’s Bitcoin holding is back in the green for the third time in 2023. The profit on its BTC holdings comes after being in the red by as much as -50% during the bear market. MicroStrategy currently holds 158,245 BTC, bought for $4.68 billion at an average price of $29,582. The public company’s investment is currently worth $5.5 billion — amounting to nearly $1 billion in unrealized gains.
The Bitcoin price breached the $35,000 mark on Oct. 23 with a double-digit surge, taking the price to a one-year high before retracing below $33,000. Earlier on Oct. 24, the BTC price surged another 5% and traded above $34,500 at the time of writing.
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Data shows the Bitcoin drop below the $27,000 level has made most investors fearful for the first time this month.
The “fear and greed index” is an indicator that tells us about the general sentiment among investors in the Bitcoin and broader cryptocurrency market. Alternative created the metric, and according to the website, it’s based on these factors: volatility, trading volume, social media sentiment, market cap dominance, and Google Trends data.
The indicator uses a numeric scale from zero to hundred to represent the sentiment. When the index has a value greater than 54, it means that the average investor is greedy right now, while it being under 46 implies a fearful mentality is dominant.
The region between these two thresholds naturally signifies a neutral sentiment among the holders. Until today, the sector had been stuck inside this region since the last couple of days of September, as the investors had been split about the trajectory of Bitcoin.
The chart below shows that the market sentiment has worsened with the latest drop in the cryptocurrency’s price below the $27,000 level.
It looks like the value of the metric has registered some decline in recent days | Source: Alternative
After this latest drop in sentiment, the fear and greed index has hit a value of 45, meaning that investor sentiment has just entered the fear region.
The value of the metric seems to be 45 right now | Source: Alternative
Historically, the market has tended to move in a way that’s opposite to what the majority of the investors believe. The likelihood of such a contrary move happening increases as this imbalance in the sentiment rises.
While the holders are leaning towards one side (fear), the imbalance is small, as the fear and greed index is barely inside the territory. As such, the probability of a rebound would be pretty high right now (at least based on the sentiment).
Besides the core sentiments discussed before, there are also two special zones, called “extreme fear” (at or below values of 25) and “extreme greed” (at or above values of 75).
These regions are where the cryptocurrency has often turned around in the past. Naturally, bottoms have occurred in the former zone, while tops have formed in the latter area.
If the Bitcoin fear and greed index continues declining in the coming days and reaches values near the extreme fear region, a bounce could become a real possibility.
For now, one sign pointing to the chances of a rebound may be that the large investors have been buying recently, as an analyst on X pointed out.
The BTC sharks have increased their holdings recently | Source: @ali_charts on X
Since the start of October, Bitcoin investors holding between 100 and 1,000 coins have purchased a combined 20,000 BTC worth around $533.6 million at the current exchange rate.
At the time of writing, Bitcoin is trading at around $26,700, down almost 5% in the past week.
BTC has experienced some downtrend recently | Source: BTCUSD on TradingView
Featured image from Bastian Riccardi on Unsplash.com, charts from TradingView.com, Santiment.net
Palo Alto Networks Inc. shares rallied Friday after hours as the cybersecurity company topped expectations with its latest earnings, as well as with its forecasts for profit and billings, outlining that new reporting rules and AI-backed adversaries are driving adoption.
The stock
PANW,
was rallying more than 9% in the extended session, following a 1% gain in the regular session to close at $209.69.
Palo Alto Networks forecast first-quarter adjusted earnings of $1.15 to $1.17 a share on revenue of $1.82 billion to $1.85 billion and billings of $2.05 billion to $2.08 billion. Analysts were estimating $1.11 a share on revenue of $1.93 billion and billings of $2.04 billion for the first quarter.
For the year, the company expects $5.27 to $5.40 a share on revenue of $8.15 billion to $8.2 billion on billings of $10.9 billion to $11 billion. Analysts tracked by FactSet had been projecting $4.98 a share on revenue of $8.38 billion and billings of $10.81 billion for the year.
The company defines billings as “total revenue plus the change in total deferred revenue, net of acquired deferred revenue, during the period,” and is a metric used to account for subscriptions.
On the extended call with analysts, Nikesh Arora, the company’s chairman and chief executive, said that while strong fourth-quarter results did not come as a surprise, what did come as a surprise was the speed of adoption of its Cortex XSIAM AI-driven security platform, especially now that regulators are going to start requiring quick disclosures for material cyberattacks.
Palo Alto Networks reported fiscal fourth-quarter net income of $227.7 million, or 64 cents a share, compared with $3.3 million, or a penny a share, in the year-ago period. Adjusted earnings, which exclude stock-based compensation expenses and other items, were $1.44 a share, compared with 80 cents a share in the year-ago period.
Revenue rose to $1.95 billion from $1.55 billion in the year-ago quarter, while billings rose 18% to $3.2 billion. Analysts surveyed by FactSet had forecast $1.29 a share in adjusted earnings on revenue of $1.96 billion and billings of $3.18 billion.
The company launched XSIAM in October, and set a goal of booking more than $100 million in the first year. Arora said that in less than a year, XSIAM has already brought in $200 million, indicating that interest in applying AI to enhance security is “very high.”
In late July, the Securities and Exchange Commission adopted new rules requiring companies to disclose cyberattacks within four days of making the determination the intrusion has a material effect on results.
“Our customers have told us loud and clear that the legacy products powering their stacks are no longer working and they need to reduce by an order of magnitude,” Arora told analysts. “This becomes increasingly important with the new SEC rules detailing that all public companies will be required to report material breaches within four business days.”
On the call, Lee Klarich, Palo Alto Networks chief product officer, told analysts that it wasn’t long ago that the average time between an initial hack and stealing data was about 44 days. Now, that can happen in a matter of hours, which is a huge problem, Klarich said, noting that attackers are adopting AI to perform attacks.
“On average the industry is able to respond and remediate attacks in about six days: That doesn’t work,” Klarich said. “And even more challenging now with the SEC new rules of being able to disclose within four days, none of the math adds up.”
Five years ago, Palo Alto Networks was already in the middle of an M&A spree to transform itself from a firewall company to a multiproduct security platform, and showed no signs of slowing down until August 2021, when the company decided to report earnings without announcing an M&A deal, after having acquired 14 companies over the previous three-and-a-half years.
Nvidia Corp.
NVDA,
which also has a huge stake in AI, reports results after the bell on Wednesday.
Palo Alto Networks is a new entrant to the S&P 500 index
SPX,
having gotten the nod in June. As of Friday’s close, Palo Alto Networks shares have gained 50.3% year to date, compared with a 12.4% gain on the ETFMG Prime Cyber Security exchange-traded fund
HACK,
a 13.8 % gain on the S&P 500, and a 27% rise on the tech-heavy Nasdaq Composite
COMP.
Warren Buffett’s choice of vehicle has become a topic of interest among many people. Renowned for his frugal and simple lifestyle, the billionaire investor drives a 2014 Cadillac XTS. While some billionaires indulge in extravagant cars as a visible symbol of wealth and success, Buffett’s preference for older models reflects his unique approach to life and finances.
Buffett’s frugality and minimalist mindset have been key factors in his tremendous success as an investor. His ability to seek value in all aspects of life, not just business and investments, has shaped his distinctive financial philosophy. When it comes to cars, Buffett has a clear aversion to the rapid depreciation experienced by new vehicles. Instead, he opts for used cars that offer significant discounts because of cosmetic issues like hail damage.
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In a 2014 interview with Forbes, he revealed that he only drives about 3,500 miles per year, so there’s really no need to replace his car often. After driving his 2001 Lincoln Town Car for a decade, Buffett auctioned it off for charity and replaced it with a 2006 Cadillac DTS. He drove that car for eight years, until replacing it with his current 2014 Cadillac XTS.
At a Berkshire Hathaway meeting years ago, Buffett explained his rationale for his car choice, stating, “Actually, I picked out the car I have based on the fact that it had airbags on both sides. So that was a factor and maybe the first car of its type ever made with airbags.”
Safety, in addition to affordability, plays a crucial role in his decision-making process. Buffett acknowledged there might be safer options available, such as heavy-duty trucks, but explained he personally preferred his current vehicle at the time.
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His daughter Susie Buffett humorously shared an anecdote about her father’s attachment to his cars in a BBC documentary, stating, “You’ve got to understand, he keeps cars until I tell him, ‘This is getting embarrassing — time for a new car.’” She also revealed he sent her to purchase his most recent car, the now-discontinued 2014 Cadillac XTS.
With his characteristic straightforwardness, Buffett expressed, “I have everything in life I want; it’s a very simple thing. If there’s anything that money could buy that I wanted, I would do it this afternoon without hesitation.”
His viewpoint challenges the conventional notion that a higher standard of living is directly tied to increased spending and accumulation of material wealth. While acknowledging the importance of essentials such as good housing, healthcare and transportation, he believes that beyond a certain point, there is an inverse correlation between standard of living and cost of living.
Even as one of the richest people on the planet, Buffett remains grounded and in touch with the realities of everyday life. Car shopping is time-consuming. And he just doesn’t want to waste his time.
“If it would take me probably a half a day to go through the exercise of buying a car and reading the owner’s manual and all that, and that’s just a half a day I don’t want to give up in my life for no benefit,” Buffett said.
Buffett’s frugality doesn’t just stop at his personal life. The legendary investor is known for his incredible ability to know a good stock when he sees it. The “Buffett Indicator” is the measure of U.S. GDP compared to the total value of U.S. stocks and a key indicator the billionaire uses when analyzing the overall market.
Currently, the indicator is sitting at a whopping 176%. 120% is considered ‘fair value,’ with 223% being the highest in recent history during 2021. As the name suggests, this is merely an ‘indicator’ so it’s not determinative, but it does imply U.S. stocks are still overextended so investors might fare best looking for individual stocks underperforming the overall market but primed for a rebound. There are also a number of alternative investments in today’s markets, such as the quickly growing startup investing markets. For example, startups like Loop Family have already raised over $100,000 from retail investors and backed by top venture capitalists.
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This article Frugal Billionaire Warren Buffett Drives A 2014 Car And Looks For Hail-Damaged Deals originally appeared on Benzinga.com
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