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Bitcoin sees record fees in 2024 as halving approaches

by CoinNews
written by CoinNews

Quick Take

As the Bitcoin halving draws near, Bitcoin activity is witnessing a significant uptick in fees and hash rate.

Fees

On April 12, Bitcoin recorded its highest one-day fees in 2024, reaching an impressive $11 million. CryptoSlate reported on April 10 that this fee surge had gradually increased since early April.

Fees: Ethereum vs Bitcoin: (Source: Glassnode)
Fees: Ethereum vs Bitcoin (Source: Glassnode)

Interestingly, Bitcoin and Ethereum fees are starting to converge, with a difference of just $190k on April 14. Ethereum fees on April 14 hit $5 million, the lowest amount since Feb. 5.

Hash Rate

Moreover, Bitcoin’s hash rate continues to trend higher, with a 4% increase in April, reaching an all-time high of 625 eh/s using a 14-day moving average. This continued growth in hash rate is partly due to the Bitcoin halving, which is just days away.

Hash Rate: (Source: Glassnode)
Hash Rate: (Source: Glassnode)

The post Bitcoin sees record fees in 2024 as halving approaches appeared first on CryptoSlate.

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CoinNews

Bitcoin Bonanza Before The Halving? Analyst Sees Pre-Crash Buying Window

by CoinNews
written by CoinNews

Bitcoin, the pioneer and flagbearer of the digital currency realm, has once again captured the attention of investors. Recent market dynamics have prompted discussions among analysts and enthusiasts alike, with the spotlight firmly fixed on the possibility of a significant retracement in Bitcoin’s price.

Renowned crypto analyst Rekt Capital has examined the current state of the Bitcoin market, drawing parallels with historical cycles to offer insights into potential future movements.

As the market experiences a period of relative calmness compared to previous weeks, speculation abounds regarding the likelihood of a major retracement looming on the horizon.

Bitcoin: Historical Patterns and Potential Retracement

Drawing from historical precedents, Rekt Capital points to significant corrections observed in 2016 and 2020, where Bitcoin underwent retracements of nearly 30% and 20%, respectively.

Building upon this analysis, the possibility of a more substantial downturn, potentially around 40%, emerges as a distinct possibility. According to Rekt Capital, such a retracement could signify a crucial reaccumulation stage for Bitcoin, akin to patterns observed before previous halving events.

Amidst these discussions, specific price levels take center stage in Rekt Capital’s analysis. Former resistance levels have transitioned into newfound supports, indicating a strengthening market foundation. However, the presence of sophisticated-level resistance has led to instances of “upside wick rejections,” where prices briefly surge before receding.

Bitcoin Pre-Halving: Strategic Opportunity

One of the key takeaways from Rekt Capital’s analysis is the notion of a “pre-halving retrace,” a phenomenon observed before previous halving events. This stage typically presents investors with a prime buying opportunity, as prices dip before the impending halving.

Total crypto market cap is currently at $2.267 trillion. Chart: TradingView

With Bitcoin’s halving event looming on the horizon, Rekt Capital advises investors to remain vigilant for potential entry points, as historically, such buying opportunities have been followed by significant price growth.

Expanding on the broader implications of retracement stages, Rekt Capital underscores the cyclical nature of Bitcoin’s market movements. Past retracements have invariably been succeeded by periods of consolidation, followed by upward trends, signaling potential gains for astute investors who can navigate these market dynamics effectively.

Investor Sentiment And Market Outlook

Rekt Capital’s observations have ignited fervent debate within the crypto community, with investors closely monitoring the market for signs of the anticipated retracement. With the countdown to Bitcoin’s halving event in full swing, anticipation is running high, and investors are poised to seize what could potentially be the last significant buying opportunity before the next major rally.

At the time of writing, Bitcoin was trading at $64,223, down 3.8% and 7.5% in the 24-hour chat and weekly timeframe, data from Coingecko shows.

Featured image from Pixabay, chart from TradingView

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.



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Base sees explosive growth with $1.3B bridged and 6M users

by CoinNews
written by CoinNews

What is CryptoSlate Alpha?

A web3 membership designed to empower you with cutting-edge insights and knowledge, powered by Access Protocol. Learn more ›

Connect via Access Protocol

Access Protocol is a web3 monetization paywall. When users stake ACS, they can access paywalled content. Learn more ›

Disclaimer: By choosing to lock your ACS tokens with CryptoSlate, you accept and recognize that you will be bound by the terms and conditions of your third-party digital wallet provider, as well as any applicable terms and conditions of the Access Foundation. CryptoSlate shall have no responsibility or liability with regard to the provision, access, use, locking, security, integrity, value, or legal status of your ACS Tokens or your digital wallet, including any losses associated with your ACS tokens. It is solely your responsibility to assume the risks associated with locking your ACS tokens with CryptoSlate. For more information, visit our terms page.

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CoinNews

Telegram Implements Toncoin Payment Integration For Ads, TON Price Sees Impact

by CoinNews
written by CoinNews

Telegram, the renowned messaging platform, recently unveiled a new feature that allows users to promote their channels through advertising. With the launch of this feature, users can now purchase ad space using Toncoins (TON), the native cryptocurrency powered by the TON blockchain.

Telegram Implements TON Blockchain For Ad Payments

Acknowledging the potential for channel owners to generate advertising revenue, Telegram’s announcement highlighted that channels collectively accumulate over 1 trillion views each month. 

Realizing this opportunity, Telegram has implemented a revenue-sharing model, enabling channel owners with a minimum of 1000 subscribers to receive 50% of the ad revenue generated from ads displayed on their channels.

The decision to integrate the TON blockchain into this feature was driven by various reasons, as noted in the social media platform’s announcement on Sunday:

We chose the TON Blockchain because it has low fees, high transaction speeds – and holds a record for the number of transactions it can process per second. Anyone can now promote their bot or channel – with budgets as low as a handful of Toncoins. When creating a Telegram ad, you choose the exact channels where you’d like it to appear, so you have full control over their context.

Telegram CEO Pavel Durov had previously emphasized the importance of fast and secure ad payments and withdrawals, expressing that the TON blockchain would be the exclusive platform for these transactions. Durov stated:

To ensure ad payments and withdrawals are fast and secure, we will exclusively use the TON blockchain. Similar to our approach with Telegram usernames on Fragment, we will sell ads and share revenue with channel owners in Toncoin. This will create a virtuous circle, in which content creators will be able to either cash out their Toncoins — or reinvest them in promoting and upgrading their channels.

TON Shows Bullish Momentum

As Telegram unveils these new features and developments that can significantly boost the adoption and usage of the TON token, the cryptocurrency has responded positively. 

Over the past 24 hours, TON has surged by more than 5%, reaching a current trading price of $5.30. This surge adds to its impressive 100% price increase over the past 30 days alone.

Notably, the announcement has also caused a substantial increase in the trading volume of TON, which has soared to $234,869,370 in the past 24 hours. This represents a rise of over 74% compared to Sunday’s trading volume, according to CoinGecko data.

Furthermore, the TON token is approaching its all-time high (ATH) mark of $5.69, reached on March 25. With the introduction of these new features in Telegram and the notable increase in trading volume, the token appears to be on the verge of setting a new ATH in the coming days if the demand continues to rise.

However, the token must surpass the significant resistance level of $5.45 for this scenario to unfold. This price level has proven to be a hurdle for the token, as it has attempted three times to break through and consolidate above it to reach a new ATH but has failed. Overcoming this resistance level is crucial before the token can approach new ATH levels.

On the TON/USD 4-hour chart, the support level that could potentially halt a price correction following the recent uptrend is $5.26. This support level acts as a buffer to prevent a significant downward correction in price.

Telegram
The 4-hour chart shows TON’s price consistently trending upwards over the past month. Source: TONUSD on TradingView.com

Featured image from Shutterstock, chart from TradingView.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Polygon Labs CEO sees layer-3s like new Degen Chain as a risk to Ethereum

by CoinNews
written by CoinNews

Polygon’s CEO Marc Boiron emphatically stated that the layer-2 network was not considering developing layer-3 protocols because of the potential risks they pose to Ethereum’s security.

Boiron made this statement on the back of the early success of Degen Chain, a layer-3 network running on the Coinbase-backed scaling solution Base.

Layer 3 protocols enhance scalability by building upon Layer 2 infrastructure, allowing developers to tailor application-specific blockchains to their requirements.

Degen Chain

Degen Chain is a layer-3 network built using Arbitrum Orbit for the DEGEN token. The digital asset has swiftly emerged as the primary community token among Farcaster users, the rapidly expanding web3 social media platform.

Since its launch on March 28, the network has captured substantial attention and transactional activity within the crypto industry, witnessing an impressive surge of over 200% in the past week.

Available data indicates that the network has facilitated the bridging of more than $30 million, alongside powering over 3.5 million transactions as of March 30.

Community debates layer-3

Degen Chain’s early successes have attracted debates from the crypto community, who hold differing views about the network.

In a March 31 post on X (formerly Twitter), Boiron asserted that layer-3 networks divert value from Ethereum onto the layer-2 platforms hosting them.

According to him, such a trajectory doesn’t align with Polygon’s commitment to Ethereum’s scaling, which the company already addresses through its proof-of-stake (PoS) and zero-knowledge Ethereum Virtual Machine (zkEVM) chains.

Additionally, Boiron pointed out the potential adverse effects of layer-3 adoption, highlighting their minimal performance enhancements and the looming threat to Ethereum’s security. He said:

“If all L3s settled to one L2, then Ethereum would capture basically no value and, thus, Ethereum security would be at risk.”

He added:

“If Ethereum earns no fees and has no prospect of earning fees other than a tiny amount of fees from this one L2, then the value of ETH will drop and, when it is clear that it’ll continue to drop because there is no economic future for it, validators will no longer be willing to hold ETH and, thus, no longer be willing to secure the network.”

Meanwhile, blockchain expert Cygaar explained that layer-2 networks are not yet “matured” and have yet to inherit Ethereum’s security level because of existing challenges like network centralization, upgradeable bridge contracts, and developing proving systems.

Consequently, he argued that integrating layer-3 networks atop layer-2s could exacerbate risks and compromise the security of these blockchain networks.

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CoinNews

Grayscale Bitcoin ETF Sees Drastic 60% Drop In Outflows, Why This Is Important

by CoinNews
written by CoinNews

The outflows from the Grayscale Bitcoin ETF rocked the market hard last week, leading to a dramatic decline in the BTC price. However, with the new week, there has been a change in direction as investors begin to get bullish on Bitcoin once more. As a result, the outflows from the Grayscale ETF have slowed down, reaching one of its lowest points for the month.

Grayscale Bitcoin ETF Outflows Drop 60%

Grayscale outflows ramped up last week, spearheading what would turn out to be a full week of outflows from Spot Bitcoin ETFs for the first time ever. The outflows rose rapidly over the week, even moving into the new week. However, inflows into Spot Bitcoin ETFs have been on the rise, which have overshadowed the outflows from GBTC.

Despite the outflows from the GBTC continuing, it has begun to spin into a more positive narrative as the number of BTC flowing out of the fund is declining fast. To put this in perspective, data shows there was 299.8 BTC moved out of the fund on Wednesday, March 27, and on Thursday, March, 20204, this figure dropped to 104.9 BTC, representing a 60% drop.

This marks the second day with the lowest outflows from the Grayscale Bitcoin ETF right behind the March 12 outflows of 79 BTC. It also points to a decline in the volume of outflows as investors start to level out and find their footing elsewhere.

Nevertheless, the GBTC has remained the loser of the Spot Bitcoin ETF race, nursing a full month of outflows so far. Since the ETFs were first approved in January until now, there has been more than $14.6 billion moved out of the fund, which accounts for around 50% of its total balance. These BTC have presumably found a home in other Spot ETF funds which have been seeing massive inflows.

Unlike last week, inflows have also dominated Spot Bitcoin ETFs this week. Total inflows for the week crossed above $800 million, bringing the total Assets Under Management (AuM) to almost $57 billion in less than three months.

Why This Could Trigger A BTC Price Rally

The last time that GBTC outflows saw a slowdown after rising for about a week, it triggered a response from the Bitcoin price in the form of a rally. Inflows also continued to dominate for the next couple of weeks and during this time, the BTC price enjoyed a long stretch of recovery. It went from $40,000 to over $70,000 in the space of two months.

If this trend repeats itself this time around, then another massive BTC price rally could be around the corner. A similar price increase would also put Bitcoin right above $100,000 in the next few months. In this case, the uptrend would be far from over.

At the time of writing, Bitcoin is still struggling to break $70,000 after a 1% drop in the last day.

Bitcoin price chart from Tradingview.com

BTC price jumps above $70,000 | Source: BTCUSD on Tradingview.com

Featured image from Which.co.uk, chart from Tradingview.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Bitcoin’s Dormant Giants: March Sees Unprecedented Movement of Vintage BTC

by CoinNews
written by CoinNews

Bitcoin's Dormant Giants: March Sees Unprecedented Movement of Vintage BTCIn recent times, bitcoin has consistently remained above the $60,000 mark throughout the entire month of March. With its value soaring, many long-standing holders have started to transfer substantial quantities of dormant bitcoins from wallets that have not seen activity for years. March has emerged as a pivotal month for transactions involving these vintage bitcoins. […]

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March Sees Nearly $1 Billion In Ethereum Netflow To Centralized Exchanges

by CoinNews
written by CoinNews

The price of Ethereum has not exactly lived up to its promise as the month has gone on, despite a stellar start to the month. While this bearish pressure has been widespread in the general cryptocurrency market, regulation uncertainty has been an additional concern for ETH, igniting a negative sentiment around the “king of altcoins.”

Interestingly, the latest on-chain revelation shows a substantial amount of Ethereum has made its way to exchanges so far in March, suggesting that investors might be losing confidence in the long-term promise of the cryptocurrency.

Are Investors Losing Confidence In Ethereum?

According to data from CryptoQuant, more than $913 million has been recorded in net ETH transfers to centralized exchanges so far in March. This on-chain information was revealed via a quicktake post on the data analytics platform.

This net fund movement represents the largest volume of Ethereum transferred to centralized exchanges in a single month since June 2022. Even though March is still a week from being over, this exchange inflow appears to be a complete deviation from the pattern observed over the past few months.

Ethereum 

Chart showing total monthly netflow of ETH on centralized exchanges | Sources: CryptoQuant

As shown in the chart above, October 2023 was the last time cryptocurrency exchanges witnessed a positive net flow. It is worth noting that there was significant movement of Ethereum tokens out of the centralized platforms in subsequent months up until this month.

Meanwhile, a separate data point that supports the massive exodus of ETH to centralized exchanges has come to light. Popular crypto analyst Ali Martinez revealed on X nearly 420,000 Ethereum tokens (equivalent to $1.47 billion) have been transferred to cryptocurrency exchanges in the past three weeks.

The flow of large amounts of cryptocurrency to centralized exchanges is often considered a bearish sign, as it can be an indication that investors may be willing to sell their assets. Ultimately, this can put downward pressure on the cryptocurrency’s price.

Substantial fund movements to trading platforms could also represent a shift in investor sentiment. It could be a sign that investors are losing faith in a particular asset (ETH, in this case).

Moreover, the recent regulatory headwind surrounding Ethereum specifically accentuates this hypothesis.  According to the latest report, the United States Securities and Exchange Commission is considering a probe to classify the ETH token as a security.

ETH Price

As of this writing, the Ethereum token is valued at $3,343, reflecting a 4% price decline over the past /4 hours. According to data from CoinGecko, ETH is down by 11% in the past week.

Ethereum

Ethereum loses the $3,400 level again on the daily timeframe | Source: ETHUSDT chart on TradingView

Featured image from Unsplash, chart from TradingView

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Goldman Sachs Sees More Institutions Diving Into Crypto — Says Bitcoin ETFs Prompt a ‘Psychological Shift’

by CoinNews
written by CoinNews

Goldman Sachs is seeing more institutions diving into crypto, the global investment bank’s head of digital assets has revealed, noting that until now the bitcoin price action has been driven primarily by retail investors. “But it’s the institutions that we’ve started to see come in,” he stressed, adding that the appetite has “transformed.” Bitcoin ETFs […]

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