Bitcoin, Ethereum Technical Analysis: BTC Consolidates Below $35,000 Ahead of US Consumer Confidence Report

Bitcoin continued to trade under the $35,000 level on Tuesday, as markets prepared for the upcoming U.S. consumer confidence report. It is expected that the confidence index will come in at a reading of 100 in October, down from 103 the month prior. Ethereum remains above $1,800.

Bitcoin

Bitcoin consolidated on Tuesday, as markets braced themselves for the upcoming consumer confidence report from the United States.

Following a high of $34,843.94 to start the week, BTC/USD slipped to an intraday low of $34,083.31 in today’s session.

This has resulted in the world’s largest cryptocurrency hovering below a key price point of $35,000.

Additionally, the relative strength index (RSI) tracked above a floor at 79.00, which is deep in bull territory.

Price strength is now sitting at 82.02, with the next visible point of resistance being at the 88.00 mark.

Overall, many see BTC as being overcooked, with a more long-lasting reversal potentially on the cards.

Ethereum

Ethereum (ETH) continued to hover around the $1,800 level, despite a slight stint below this point during today’s session.

ETH/USD fell to a low of $1,784.95 earlier in the day, which came following a peak at $1,829.25 on Monday.

Bulls have since bought this earlier dip, pushing ethereum to a current reading around the $1,813.25 region.

From the chart, it appears that the rally came as the RSI bounced from 68.00. It is now tracking at 71.65.

A ceiling at 75.00 now awaits traders, and should strength move beyond this, ETH will likely move closer to $1,900.

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How will today’s report impact crypto markets? Leave your thoughts in the comments below.

via Eliman Dambell

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Nigerian Fintech Startup Vella Finance Drops Crypto-Related Services

The Nigerian fintech Vella Finance recently informed users and subscribers that it would stop offering crypto related services starting on Oct. 30. According to co-founder Tolu Adedayo, offering crypto and banking services at the same time is not feasible, hence the decision to drop the former.

Business Decision

The Nigerian fintech startup, Vella Finance, has reportedly dropped crypto services and will instead focus on providing banking services to small and medium-sized businesses. Co-founder Tolu Adedayo claimed that the decision to drop crypto services was based on business reasons.

According to a Techcabal report, Vella Finance informed users and subscribers on Oct. 23 that the fintech startup would stop offering crypto-related services from Oct. 30, going forward. Explaining why the startup chose to pivot away from crypto-related services, the co-founder said:

We’re going fully into SME Banking. Banking requires playing in regulatory confines. We already serve businesses from the onset backed by user and transactional data. It just makes sense to offer an end-to-end banking system to better serve them.

Adedayo added that in his opinion, providing cryptocurrency and banking services at the same time is not practical.

Rising Nigerian Crypto Interest

However, Vella Finance’s decision to drop crypto-related services has been made at a time when interest in digital assets like bitcoin and tether is seemingly on the rise. As indicated by the latest Chainalysis report, Nigeria is among the only six countries in the world’s top 50 “whose crypto transaction volume grew year-over-year.” In addition, Nigeria’s rapidly depreciating local currency is also reported to be fueling interest in crypto assets.

Despite the apparent interest in crypto and related services, Adedayo is quoted in the report stating that his startup is already planning to introduce new features which will “solidify [Vella Finance’s] full entrance into the business banking space.”

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What are your thoughts on this story? Let us know what you think in the comments section below.

via Terence Zimwara

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Earn Network Unveils Restaking Category: A New Feature to Compound Your Delegation Gains

PRESS RELEASE. The Earn Network introduces yet another category to its community-driven marketplace – Restaking. This cutting-edge feature comes on the heels of successful launches in both DeFi Staking and NFT Staking and is designed to amplify the yield on digital assets.

What is Restaking?

Restaking involves the reinvestment of staking rewards back into the system to compound gains. Together with delegation capabilities, an auto-compounding mechanism has been incorporated into the Earn Network platform, enabling a hassle-free way to see profits grow. The restake feature initially supports an array of decentralized Proof-of-Stake (dPoS) blockchains within the Cosmos ecosystem.

Unique Advantages of Earn Network’s Restaking

One of the standout aspects of Earn Network’s Restaking is the simplified staking process for supported projects with a minimal fee structure available through the platform’s dApp. In most cases, this allows delegators to keep 99% of earned rewards. Only a nominal 1% fee, or the lowest fee specified by the chosen blockchain network, is charged. Additionally, Earn Network’s validators cover all the fees for activated restaking activities. Being part of the platform’s ecosystem also offers additional benefits and perks, including the opportunity to receive the upcoming $EARN mainnet tokens.

Official Restaking Partners

In the dynamic world of decentralized finance, robust partnerships are invaluable. Some of the first official Restaking partners include: Oraichain ($ORAI), Persistence ($XPRT), Decentr ($DEC), AssetMantle ($MTNL), and Shentu ($CTK).

For a complete list of supported assets, visit the Restaking section on the Earn Network website.

Special Launch Giveaway

To celebrate this launch, the Earn Network is offering a special giveaway. Any delegation exceeding $100 through the Earn Network dApp will result in an award of 50 EARN Points, a Wealth Alchemist Discord Role and a $5 token bonus for the delegation. Moreover, the top ten delegators will earn an exclusive Investment Icon role on Discord. This offer is valid until November 19, 2023 and prizes will be distributed within seven days post-contest.

Final Thoughts

This is just the beginning of expanding capabilities within the Cosmos ecosystem. Further enhancements, functionalities and assets in the domain of restaking are under development. For the latest updates, follow the Official Telegram Announcement Channel or Discord.

 

 

 

 

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This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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Coinshares Report Shows Rising Optimism in Digital Assets Drives Strongest Inflows Since July 2022

While closing out October, the digital asset market has witnessed a significant rush in optimism, culminating in $326 million in fund inflows, marking the largest single-week gain in one and a half years, according to Coinshares latest digital asset fund flows report.

Digital Asset Market Soars Higher With Record-Breaking Inflows

This week’s Coinshares report, Volume 155, highlights the rising optimism and a higher rate of inflows. Bitcoin (BTC) dominated the influx, capturing 90% of the inflows at $296 million, demonstrating market confidence despite recent price increases. Coinshares researchers also noted substantial inflows into various alternative digital assets. However, this renewed optimism did not extend to ethereum (ETH), which experienced a $6 million outflow.

The report further indicates that the market is responding positively to the current conditions, with BTC leading the way in terms of investor interest and capital allocation. Interestingly, the research also notes a $15 million influx into short bitcoin investment products, highlighting a segment of the market hedging against potential future declines in bitcoin’s value. Last week, BTC’s climactic rise to $35,000, erased $232 million in short positions in a single day.

Solana has also garnered increased investor interest, with $24 million in inflows reported. This suggests a broadening of investor interest beyond bitcoin, with alternatives like SOL gaining traction and capturing a substantial portion of market activity. Coinshares underscores the diversification of investments in the digital asset market, highlighting the potential opportunities that exist within various segments of the market.

The crypto market report highlighted that total assets under management (AUM) are now standing at $37.8 billion, the highest since May 2022. Regionally, only 12% of the flows came from the U.S., totaling $38 million. Coinshares attributes this to investors awaiting a spot-based exchange-traded fund (ETF). Canada ($134 million), Germany ($82 million), and Switzerland ($50 million) led in investments. Coinshares further noted that Asia saw its largest weekly influx at $28 million.

What do you think about the latest inflows in the digital asset market sector? Share your thoughts and opinions about this subject in the comments section below.

via Jamie Redman

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Biggest Movers: SOL Hits Near 1-Year High, Gaining 9% on Monday

Solana surged to near a one-year high to start the week, as bulls pushed the cryptocurrency above the $35.00 level. Today’s surge comes as the global crypto market cap rallied, following a recent bout of consolidation. Avalanche also edged higher, surging by 5% today.

Solana (SOL)

Solana (SOL) was one of the notable gainers in the market on Monday, as the token climbed above the $35.00 mark.

Following a low of $32.29 on Sunday, SOL/USD rose to an intraday high at $35.17 to start the week.

This is the highest level the cryptocurrency has hit since November 6 last year, when the price was trading above $37.00.

Solana was one of the biggest tokens to fall following the FTX fraud scandal, however price has made steady gains since then.

Today’s surge comes as the relative strength index (RSI) rallied above a ceiling at 74.00, and now sits at 77.33.

SOL remains above $35.00 as of writing, however, bulls could begin taking profits in the coming days.

Avalanche (AVAX)

Avalanche (AVAX) made sizable gains to start the week, moving by as much as 6% higher during the day.

AVAX/USD peaked at $11.60 on Monday, which comes less than 24 hours after falling to a bottom at $10.92.

This has resulted in avalanche rising to its strongest point since October 7, when price last surpassed a ceiling at $11.70.

Earlier gains have marginally faded, with AVAX now sitting at $11.57, and this comes as the RSI hit a ceiling at 70.00.

Price strength is now hovering at 69.40, however bulls will likely look to break this mark, and force a move above 70.00 in the coming days.

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Could avalanche reach $12.00 in November? Let us know your thoughts in the comments.

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Bitcoin Difficulty Soars to Record 62.46 Trillion, Miners Unfazed Amidst Tight Competition Between Foundry and Antpool

On October 29, 2023, Bitcoin’s difficulty rose 2.35%, reaching a record 62.46 trillion. This uptick represented the fourth consecutive rise over the preceding six weeks. The next difficulty epoch is slated for November 12, 2023, and as it stands, the recent spate of increases seems to have left miners undeterred, with the total hashrate demonstrating both resilience and stability.

Bitcoin Difficulty Marks 2.35% Uptick in Fourth Consecutive Rise

After a 6.47% increase on October 16, Bitcoin’s difficulty has risen again. On October 29, 2023, at block height 814,464, the network saw a 2.35% boost in difficulty, moving from 61.03 trillion to a new high of 62.46 trillion.

This development has made mining bitcoin block rewards more challenging than at any previous point in history. Despite this increased complexity, bitcoin miners remain unfazed, sustaining a total hashrate of just above 450 exahash per second (EH/s).

Currently, block times remain below the ten-minute average, with data indicating speeds ranging from nine minutes and 17 seconds to slightly above the nine-minute mark per block. A total of 42 mining pools are contributing a minimum of 3 gigahash per second (GH/s) to the Bitcoin blockchain.

Furthermore, nearly 17 pools boast upwards of 1 EH/s of hashpower dedicated to mining bitcoin. On October 30, 2023, around 26 mining pools are operating with approximately 1 petahash per second (PH/s) of hashpower.

A mere 48 hours ago, Antpool held the reins as the predominant mining pool. However, recent statistics reveal that Foundry has taken the lead, boasting 27.02% of the total hashrate, while Antpool follows closely with 26.58%.

Together, these two pools govern a staggering 53.6% of the network’s entire hashrate. Over the past week, Foundry and Antpool have been locked in a close race in terms of hashrate, with Foundry slightly ahead on October 30, with 120 EH/s compared to Antpool’s 118 EH/s.

What do you think about the recent difficulty rise? Share your thoughts and opinions about this subject in the comments section below.

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Bitcoin, Ethereum Technical Analysis: ETH Moves Back Above $1,800, BTC Remains Near Recent Highs

Ethereum once again rallied above the $1,800 level on Monday, ahead of a highly significant week of U.S. economic data. Over the next few days consumer confidence, and nonfarm payrolls will be reported, ahead of a Federal Reserve policy meeting. Bitcoin continued to trade close to the $35,000 zone.

Bitcoin

On Monday, bitcoin remained near the $35,000 level, ahead of a key week of economic data from the United States.

BTC/USD peaked at the $34,743.26 mark to start the week, after falling to a low at $34,173.38 on Sunday.

This resulted in bitcoin moving closer to an 18-month high at $35,157, which was last struck on October 25.

Bitcoin chart by TradingView

Since hitting a low of $33,400 on Friday, BTC has made consecutive gains, and this comes after the relative strength index (RSI) found a stable floor at 79.00.

As of writing, the index is tracking at 82.52, which is still significantly above the overbought mark.

Should price now continue to increase, there is a good chance that price strength will edge closer to a ceiling at 87.00.

Ethereum

Ethereum (ETH) rose above the $1,800 level to start the week, following a second straight day in the green.

Following a low of $1,779.36 on Sunday, ETH/USD rose to a high of $1,827.13 earlier in today’s session.

As a result of the move, the world’s second largest cryptocurrency rose to its highest point since last Thursday.

Ethereum chart by TradingView

From the chart, it appears that the rally came as the RSI neared its long-term resistance level of 75.00.

Currently, the index is tracking at 72.20, with ethereum marginally below its earlier peak at $1,817.

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Could ethereum remain above $1,800 for the rest of this week? Leave your thoughts in the comments below.

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South African Crypto Platform Pins Hope on ‘Phased Asset Recovery’ Proposal

A South African crypto investment platform has expressed hopes that an asset recovery proposal will result in users regaining access to funds blocked after its custody partner froze withdrawals. The crypto platform said it has also engaged regulators whom it hopes will help expedite resolution of the matter.

No Timeline Given

The South African cryptocurrency investment platform Revix has said it is hopeful an asset recovery proposal put forward by its custody partner Haru Invest will ultimately result in users regaining access to blocked funds. However, Sean Sanders, the CEO of Revix, noted that while this may be positive news for users, his company is still unsure of when this process is set to be completed.

As previously reported by Bitcoin.com News in June, Revix began restricting users’ access to a portion (24%) of their funds. At the time, the crypto investment platform argued that the abrupt suspension of withdrawals by its South Korea-based custody partner had necessitated this decision.

Although some have drawn parallels between what happened to Celsius and Haru Invest, in his remarks published by Moneyweb, Sanders said it is still premature for anyone to make such conclusions.

“It’s not correct to compare Haru to Celsius just yet, as information hasn’t emerged on what exactly happened at Haru. However, Haru has publicly communicated that it plans to distribute assets it holds, which infers that there is value to be returned,” Sanders reportedly said.

The CEO added that his firm will continue to monitor the recovery efforts as well as ensure users get the highest possible value. According to the Moneyweb report, Revix has engaged regulators with the hopes that this will also help expedite the resolution of the matter.

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What are your thoughts on this story? Let us know what you think in the comments section below.

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As Gold and BTC Rise Key US Equities Index Now Down By Over 10% from July 31 Peak

The key U.S. equities index the S&P 500 has now declined by just over 10% from its July 31 peak on fears that the U.S. economy is headed for a recession. One expert characterized the index’s drop as the first correction since the market bottomed in the fourth quarter of 2022. In contrast, the prices of safe haven assets like gold and bitcoin have been on the rise.

S&P 500 in Correction Territory

Mounting fears that the U.S. economy is headed for recession have now seen the key S&P 500 index drop by just over 10% from the July 31 peak of 4,577 points. Similarly, the Dow Jow Industrial Average ended the last week of October 2023 1.7% lower at just under 32,420 points. The fall of both indices came just days after it was reported that the yield on 10-year U.S. Treasury notes had crossed the 5% mark for the first time since 2007.

The S&P 500 has now corrected 10% from its July 31 peak. This is the first such correction since the market bottomed on October 12, 2022.

I'm surprised I see no screaming red headlines about this.  It tells me it is not viewed as a big deal.

Then … the decline will continue… pic.twitter.com/R2HjEPHnJD

— Jim Bianco (@biancoresearch) October 27, 2023

Several media reports have characterized the S&P 500 decline to 4,117 points as a movement to the correction territory. Experts on the U.S. economy like Jim Bianco of Bianco Research concur and believe the trend will likely continue until it becomes a “big deal.” Bianco, who has been warning about the world economy post-COVID, stated in a post X (formerly Twitter) that this is the first time the market has bottomed since Oct. 2022.

“The S&P 500 has now corrected 10% from its July 31 peak. This is the first such correction since the market bottomed on October 12, 2022. I’m surprised I see no screaming red headlines about this. It tells me it is not viewed as a big deal. Then … the decline will continue until it becomes a big deal,” the expert warned.

According to a CNBC report, all three major U.S. stock indices had incurred losses of between 2.1% and 2.6% in the week ending on Oct. 27. The report also attributes the losses to poor earnings reports by corporate giants like Ford and Chevron.

Yet, prior to the said correction, economists warned the rising yield on U.S. Treasury notes would ultimately make them more attractive than equities. When this happens it will spur a flight of capital from equities to U.S. Treasuries which, in turn, starves companies of vital investment funds and help raise the cost of borrowing.

Safe Haven Assets

Besides, seeking sanctuary in “safe” U.S. Treasuries, more investors are seemingly picking gold and this is evidenced by the commodity’s rise above $2,000 per ounce for the first time since May. Interestingly, the so-called correction in U.S. equities has seemingly coincided with bitcoin (BTC)’s surge to its best performance in 2023.

As reported by Bitcoin.com News, BTC went past the $35,000 mark for the first time since March 2022. The top crypto asset’s surge has been linked to speculation that the U.S. Securities and Exchange Commission (SEC) will approve spot bitcoin exchange-traded funds (ETF).

Still, some crypto enthusiasts insist BTC’s rise just like that of gold may be tied to fears that the U.S. economy is imploding and could plunge into a recession similar to that in 2008.

What are your thoughts on this story? Let us know what you think in the comments section below.

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Bitcoin Ordinal Inscriptions Defy Downturn, Embark on Resurgence as Daily Counts Soar

Over the weekend, the cumulative count of Ordinal inscriptions briskly surpassed the 36 million milestone, signaling a departure from the month-long downturn in daily onchain inscription issuances. While the staggering peaks of early September still remain unreached, a discernible resurgence has unfolded since October 25, with daily inscriptions once more eclipsing the 100,000 benchmark.

From Slump to Surge, Bitcoin Ordinal Count Ignites Onchain Revival

Unfolding over 33 days from September 24, 2023, the realm of Ordinal inscriptions witnessed a pronounced decline, presenting a vivid contrast to September 15, when an astonishing 440,760 inscriptions were orchestrated within a mere 24-hour span.

The ensuing period was characterized by a substantial descent, reaching a low on October 13, with less than 10,000 inscriptions minted. Yet, a week later, the winds of change began to stir, hinting at a potential renaissance of Ordinal inscriptions. The pivot materialized on October 24, and on that day, approximately 74,257 inscriptions were tendered to the Bitcoin blockchain.

Following suit, on the 25th, a robust 184,480 inscriptions were minted. Since that juncture, daily inscriptions have consistently surpassed the 125,000 threshold. Mirroring the manner in which daily inscriptions accumulate transactions in Bitcoin’s mempool or transaction backlog, a similar trend is re-emerging. Presently, over 29,000 to 40,000 unconfirmed transactions are in a holding pattern, awaiting miner validation.

Commencing October 25, the Bitcoin blockchain has leaped from the former 250,000-300,000 transactions per day spectrum to the current 400,000-475,000 transfers per day. To this point, solely from inscription minting, bitcoin miners have amassed 2,137 BTC, valued at approximately $72 million. On October 28, the tally of daily inscriptions ascended to 283,950, surpassing October 25 by a substantial 99,470 inscriptions.

What do you think about the revival of Ordinal inscriptions over the past week? Share your thoughts and opinions about this subject in the comments section below.

via Jamie Redman

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Blackrock / BTC Price Speculation, Musk Wants ‘Comprehensive Deregulation,’ Kiyosaki Not Trying to Be Warren Buffet — Week in Review

As speculation continues about a possible Blackrock spot bitcoin exchange-traded fund (ETF) approval, Elon Musk calls for “comprehensive deregulation” amidst United States Securities and Exchange Commission (SEC) regulatory turmoil, and Rich Dad Poor Dad author Robert Kiyosaki describes the kind of bitcoin investor he is, differentiating his investment style from that of billionaire Warren Buffet. This and more directly below in the latest Bitcoin.com News Week in Review.

Bitcoin Soars as Blackrock Moves Closer to Launching Spot Bitcoin ETF

Blackrock is moving forward with the process of bringing its spot bitcoin exchange-traded fund (ETF) to market. The world’s largest asset manager has secured a ticker symbol and a CUSIP number for its forthcoming spot bitcoin ETF, which is now listed on the Depository Trust and Clearing Corporation (DTCC), the entity responsible for clearing Nasdaq trades. Additionally, Blackrock’s spot bitcoin ETF filing signals the firm’s intention to buy bitcoin to seed its upcoming ETF this month.

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Skybridge Boss Scaramucci Predicts Bitcoin’s Value Could Multiply 11-fold With Blackrock’s ETF Approval

Anthony Scaramucci, founder of Skybridge Capital, believes that if the U.S. Securities and Exchange Commission (SEC) approves Blackrock’s spot bitcoin exchange-traded fund, the value of bitcoin could surge significantly. Scaramucci also discussed Sam Bankman-Fried, the former head of FTX, and Gary Gensler, the current chair of the SEC.

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Tesla CEO Elon Musk Calls for ‘Comprehensive Deregulation’ After Predicting SEC Overhaul

Billionaire Elon Musk, the CEO of Tesla and Spacex, has underscored the need for “comprehensive deregulation.” He made this call in response to several actions by the U.S. Securities and Exchange Commission (SEC) that he believes are severely constraining our civilization. This comes after his prediction of a “comprehensive overhaul” of the SEC with 100% probability.

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Robert Kiyosaki Shares His Investment Strategy — Says He’s Not Trying to Be Warren Buffett

Rich Dad Poor Dad author Robert Kiyosaki has revealed his investment strategy, emphasizing its divergence from the investment approach adopted by Berkshire Hathaway CEO Warren Buffett. “I am an average investor ‘accumulating’ the asset I want for the long term. I have been accumulating gold, silver, bitcoin, and real estate for years,” the famous author detailed.

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What are your thoughts on this week’s top stories? Be sure to let us know in the comments section below.

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Anthropic’s $2 Billion Deal With Google Brings Hope to FTX Creditors

A few weeks back, a coalition of creditors from FTX, known as the “FTX 2.0 Coalition,” shed light on how the defunct exchange’s vested interest in Anthropic could significantly enhance their compensation. Now, Anthropic has successfully secured $2 billion in funding from Google. Although the exact updated valuation remains undisclosed, preliminary estimates suggest the generative artificial intelligence (AI) company reportedly boasts a post-valuation ranging from $20 to $30 billion.

FTX Creditors Look to Reap Benefits as Anthropic Gains $2 Billion

In 2023, there is no doubt that artificial intelligence (AI) has experienced significant growth, with billions of dollars in capital flowing towards companies such as Anthropic and Openai. These two competitors have developed two generative AI chatbots known as “Claude” and “Chatgpt.”

Towards the end of September, Bitcoin.com News reported that Amazon pledged $4 billion to support Anthropic. Prior to this investment, Google had already invested $300 million in the AI startup. It is also widely known that before Amazon and Google made their investments, former FTX CEO Sam Bankman-Fried (SBF), along with some of his senior executives, infused $500 million into Anthropic.

On October 4, it was reported that a consortium of FTX creditors, known as the “FTX 2.0 Coalition,” explained the potential for the Anthropic investment by SBF to potentially wholly reimburse customers and clients. This particular discussion followed Amazon’s injection of $4 billion into Anthropic.

Three weeks later, on October 27, creditors got some hopeful news as reports confirmed that Google was pledging $2 billion to Anthropic. Exact post-valuation figures remained undisclosed, although preliminary estimates had ranged from $20 billion to $30 billion.

The FTX 2.0 Coalition reposted the Wall Street Journal’s (WSJ) social media update regarding Google’s recent injection, with WSJ being the initial source of the report. Meanwhile, the FTX estate has opted to postpone the sale of the Anthropic investment, resulting in a contentious legal issue.

U.S. prosecutors, who have charged SBF with fraud, asserted that although Anthropic’s investment may benefit customers, it should not diminish the charges SBF is facing. In the early stages of the trial, prosecutors attempted to exclude the Anthropic investment from the trial’s proceedings.

Moreover, the announcement page, which detailed SBF as the leader of the Series B funding round with participation from Caroline Ellison, Jim McClave, Nishad Singh, Jaan Tallinn, and the Center for Emerging Risk Research (CERR), now displays a 404 error HTTP status code. However, the link remains accessible and can be viewed through archive.org’s Wayback Machine, after being saved on April 29, 2022.

What do you think about Anthropic getting a $2 billion injection from Google? Do you think that it will help FTX creditors? Share your thoughts and opinions about this subject in the comments section below.

via Jamie Redman

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Bitcoin Miners Brace for 4th Consecutive Difficulty Surge Amidst Hashrate Surge

Despite facing a formidable difficulty level of 61.03 trillion, bitcoin miners are gearing up for their fourth consecutive difficulty rise set to unfold on October 30, 2023. Surprisingly, the previous three surges in difficulty failed to thwart Bitcoin’s hashrate, which soared to an all-time peak on October 12, 2023. What’s even more interesting is that the recent epochs for block times have consistently outpaced the traditional ten-minute average.

Bitcoin’s Hashrate Skyrockets to Historic High Despite Rising Difficulty, 4th Increase Expected in 2 Days

The surge in bitcoin’s (BTC) value has translated into burgeoning profits for miners, with the world’s largest mining pools continuing to commit substantial hashpower to the network. On October 12, based on a simple moving seven-day average, Bitcoin’s hashrate reached an unprecedented 456 exahash per second (EH/s), marking an epoch-making milestone.

As of now, the hashrate has stabilized around 443 EH/s, according to the seven-day average. Forecasts currently indicate an anticipated increase in difficulty of 2.21% to 2.5% by October 30. This follows the recent 6.47% uptick observed at block height 812,448 on October 16, as well as the two prior increments.

Notably, the current block intervals are consistently shorter than the typical ten-minute average, clocking in between eight minutes and 30 seconds and nine minutes and 48 seconds, indicating that 2,016 blocks will likely be mined faster than the two-week average.

Approximately 42 mining pools are channeling their SHA256 hashrate towards the Bitcoin blockchain, propelling Namecoin’s hashrate beyond the 300 EH/s threshold. Namecoin, which shares its mining infrastructure with BTC via merge-mining, reached a record-breaking 396 EH/s at block height 687,123.

Among these 42 pools, Antpool has led the pack over the past three days, accounting for a significant 29.56% of the total hashrate, equivalent to 132 EH/s. Following closely behind, Foundry USA commands a substantial 27.56% share, amounting to 123 EH/s, while Viabtc holds a respectable 11.56% of the hashrate, tallying up to 51.86 EH/s.

Completing the roster of top mining pools after Antpool, Foundry, and Viabtc, are F2pool and Binance pool. As of October 28, 2023, more than 25,000 blocks remain to be mined before the next reward halving. While the anticipated halving event is slated for April 21, 2024, the possibility of an earlier occurrence in March 2024 or earlier looms if the trend of expedited block times persists.

What do you think about bitcoin miners dealing with another difficulty rise in two days? Share your thoughts and opinions about this subject in the comments section below.

via Jamie Redman

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Biggest Movers: LINK Nears 18-Month High on Saturday, as Bulls Extend Momentum

Chainlink moved towards an 18-month high to start the weekend, following a second day of bullish momentum. The cryptocurrency rose by as much as 7% in today’s session, despite the global market cap mostly consolidating on Saturday. Cardano also rallied, nearing a multi-month high of its own.

Chainlink (LINK)

Chainlink (LINK) made considerable gains to start the weekend, as the token rose by as much as 7% in the day.

LINK/USD peaked at a high of $11.59 earlier in today’s session, which comes a day after price fell to a low of $10.80.

Today’s gains pushed price closer to a recent 18-month high of $11.78, which was hit during the week.

The latest bullish push in LINK comes as the relative strength index (RSI) continued to trend upward, and it now sits at 81.68.

A ceiling is fast approaching at the 83.00 mark, and should bulls fail to break out of this level, there will likely be a reversal in price.

Cardano (ADA)

Cardano (ADA) was another notable mover on Saturday, climbing closer to a recent nine-week high.

Following a low of $0.284 on Friday, ADA/USD raced to a peak at $0.2973 earlier in today’s session.

As a result of the surge, cardano edged closer to its highest level since mid-August, when price traded over $0.30.

From the chart, it appears that the 14-day RSI is now tracking at a reading above 77.00, which could prompt some bears to begin entering the market.

As a result, a handful of bulls have begun to secure gains, leading to ADA now trading marginally below today’s peak.

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Will cardano reach $0.30 during November? Let us know your thoughts in the comments.

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Bitcoin, Ethereum Technical Analysis: BTC Rebounds From Recent Declines to Start the Weekend

Bitcoin started the weekend tracking around the $34,000 level, as prices rebounded following a two-day winless run. The cryptocurrency has begun to consolidate in recent days, following strong gains earlier in the week. Ethereum moved back closer to the $1,800 level.

Bitcoin

Bitcoin rose back above the $34,000 level on Saturday, which comes following recent price consolidation.

After hitting a low of $33,416.89 on Friday, BTC/USD rallied to an intraday high of $34,201.77 to start the day.

The move saw bitcoin snap a two-day losing streak, which came after the cryptocurrency was significantly overbought.

Despite the uncertainty of the past few days, the 14-day relative strength index (RSI) remains in this territory.

As of writing, the index is tracking at 81.21, which comes as bulls implemented an interim floor at the 80.00 mark.

If this level holds throughout the weekend, bulls may make another run towards the $35,000 level.

Ethereum

Ethereum (ETH) rebounded from Friday’s drop, making a run back towards the $1,800 level to start the weekend.

ETH/USD peaked at $1,796.57 on Saturday, which comes after the price fell to a low of $1,751.44 less than 24 hours ago.

This climb means that the world’s second largest cryptocurrency has traded higher for nine of the last ten sessions.

Looking at the chart, this latest rally comes as the 10-day (red) moving average continues its uptrend versus its 25-day (blue) counterpart.

Additionally, the RSI found a floor at 68.00, using it as a springboard to a current reading of 69.94.

Bulls will likely make further runs towards $1,800, despite overall price strength being overbought.

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Do you expect ethereum to hit $1,800 this weekend? Leave your thoughts in the comments below.

via Eliman Dambell

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South Koreans Fascinated With Altcoins More Than Americans, Research Shows

South Korean crypto traders are more inclined to invest in high-risk, high-reward altcoins than their American counterparts, according to a new report. The share of major cryptocurrencies like bitcoin and ethereum in the trading volumes on the largest Korean exchange is much smaller than the one registered on the leading U.S. exchange, the research indicates.

Majority of South Korean Investors Interested in Altcoins With Potential for High Profit

Many South Koreans favor a high-risk approach to crypto investments that can potentially return high rewards, the Web3 market strategy consulting firm Despread has established in a new study focused on trading on the country’s major cryptocurrency exchanges.

“The majority of individual investors on Upbit show strong interest in altcoins with high profit potential and tend to accept the associated high risks. This is considered one of the reasons for the high proportion of altcoin trading in the Korean market,” the authors said in a blog post.

Upbit is South Korea’s largest crypto trading platform, accounting for between 70 and 80% of the domestic exchange market this year. In February, the platform recorded its highest trading volume of $36 billion. It’s followed by Bithumb, Coinone, and Korbit.

Trading on America’s leading cryptocurrency exchange, Coinbase, is quite different. Unlike Upbit, which is dominated by individual investors, Coinbase’s trading volume is to a much higher degree driven by institutional players.

Institutions account for about 85% of the exchange’s total trading volume, according to its Q2 shareholder letter. These investors tend to pursue portfolio stability and as a result trading in bitcoin (BTC) and ethereum (ETH), the cryptos with the largest market cap, has a much larger share.

Among the altcoins most actively traded in South Korea, in comparison with the global market, loom network (LOOM) claimed the top spot last week, recording the highest trading volume with a ratio of 62%, Despread revealed.

Loom was followed by ecash (XEC) with 55% and flow (FLOW) with 43%. Stacks (STX) and bitcoin SV (BSV) also made it to the rankings with ratios of 37% and 34% respectively, the company detailed in the report published Thursday.

“While there are cryptocurrencies that receive temporary attention, such as loom network and flow, cases like stacks and ecash continue to receive consistent attention on Korean exchanges regardless of temporary events. These cases are noteworthy as they are consistently traded in the Korean market regardless of global trends,” the researchers noted.

Why do you think South Koreans are more inclined to invest in altcoins? Share your thoughts on the subject in the comments section below.

via Lubomir Tassev

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Biggest Movers: TON Leads Bears, as Price Nears Fall Below $2

Toncoin was a notable mover on Friday, as the cryptocurrency edged lower for a second straight session. Price fell by as much as 4% earlier in the day, as price approached a breakout below the $2.00 mark. On the other hand, solana continued to trade around the $33.00 mark.

Toncoin (TON)

Toncoin dropped for a second straight day on Friday, as bears pushed the cryptocurrency close to a breakout below the $2.00 level.

Following a high of $2.17 during yesterday’s session, TON/USD slipped to an intraday low of $2.07 earlier today.

As a result of the decline, toncoin continued to track a one-week low, and close to a key price floor of $2.00.

One reason TON remains above the aforementioned level is as a result of the 14-day relative strength index (RSI), which is above its own floor at 50.00.

In the event that this point is broken, there is a strong possibility that bearish sentiment will significantly increase.

If so, traders will possibly be targeting a lower support point of $1.90.

Solana (SOL)

Solana (SOL) made slight gains earlier in the day, as the token hovered close to a one-year low above $33.00.

SOL/USD rose to a peak of $33.30 during today’s session, after falling to a low at $30.80 on Thursday.

Earlier gains have since faded, with the world’s seventh largest cryptocurrency now trading at $32.37.

From the chart, it appears that the 14-day RSI is marginally above a floor at 74.00, with a current reading of 74.43.

Should bulls sustain this level, there is a good chance that solana could make another run towards $35.00.

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Will solana reach $35.00 during November? Let us know your thoughts in the comments.

via Eliman Dambell

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Prosecutors Probe Sam Bankman-Fried’s Memory in FTX Case Without Jury

Federal prosecutors questioned Sam Bankman-Fried in an ongoing hearing on Wednesday about his message deletion practices and the alleged use of customer funds while he was CEO of now-bankrupt crypto exchange FTX.

FTX Founder Faces Intensive Cross-Examination by Prosecutors in Ongoing Trial

Prosecutors focused on Sam Bankman-Fried‘s use of the encrypted messaging app Signal, including his enabling of auto-delete features in 2021. Bankman-Fried said he did not seek specific legal approval for auto-deleting messages, but believed it was allowed under FTX’s document retention policy implemented that year. Bankman-Fried’s testimony was recorded by Matthew Russell Lee from the Inner City Press.

When asked if he should have preserved messages with former Alameda CEO Caroline Ellison containing financial spreadsheets, Bankman-Fried replied “Yes. For example, verbal discussions were not required to be reported.” Prosecutors also questioned if Bankman-Fried violated the policy by deleting messages about shutting down Alameda and its reported $13 billion hole. He responded:

I don’t recall such conversations.

Prosecutors also asked about FTX customer funds being transferred through Alameda entity North Dimension bank accounts. Bankman-Fried signed documents listing it as a trading firm but said he was not aware of it actually conducting trades. When asked if he discussed the use of the account to accept customer funds with lawyers, Bankman-Fried said, “I’m not entirely sure.”

Bankman-Fried claimed he did not discuss with lawyers that the funds were coming from FTX customer accounts. “I would not characterize it that way. So no, I didn’t discuss that with lawyers,” he stated. Bankman-Fried maintained during testimony that he did not believe he should embezzle customer assets. He expressed this sentiment at a moment when responding to the prosecutor’s question wasn’t obligatory. Nevertheless, he emphasized his perceived necessity to provide an answer.

“You don’t have to answer after sustained,” Bankman-Fried’s lawyer Mark Cohen said. “Haven’t you been here for four weeks?”

The proceedings in Judge Kaplan’s courtroom are set to resume Friday morning Eastern Time (ET), with the prosecution team gearing up for an extensive line of inquiry. Despite facing multiple charges, Bankman-Fried has maintained a stance of innocence, entering a not guilty plea to all allegations. It’s noteworthy, just like the first part of his testimony, that the federal prosecutors conducted their interrogation in the absence of a jury.

What do you think about Bankman-Fried’s testimony and cross-examination by federal prosecutors? Share your thoughts and opinions about this subject in the comments section below.

via Jamie Redman

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Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate Ahead of US Consumer Sentiment Report

Bitcoin slipped below the $34,000 level earlier in today’s session, ahead of the upcoming consumer sentiment report in the United States. Data on Thursday showed that the U.S. economy grew at a rate of 4.9% in Q3, largely driven by consumer spending. Ethereum moved below the $1,800 level to start the day.

Bitcoin

Bitcoin slipped below the $34,000 mark on Friday, as markets consolidated ahead of U.S. consumer sentiment figures.

BTC/USD fell to a low at $33,762.32 earlier in today’s session, which comes following a peak at $34,649.40 the day before.

As a result of the decline, bitcoin continued to pull away from a recent 18-month high, as bears began to gradually seize market sentiment.

Bitcoin chart by TradingView

This comes as the relative strength index (RSI) remained in overbought territory, with a current reading of 83.68.

Bulls in the market seem reluctant to let go of their positions, and have gone on to once again push BTC above $34,000.

Overall, BTC remains nearly 15% higher than at the same time last week, despite the recent price consolidation.

Ethereum

Ethereum (ETH) also edged lower in today’s session, falling below the $1,800 mark in the process.

After reaching a high of $1,857.81 on Thursday, ETH/USD dropped to a bottom at $1,764.01 earlier in the day.

This decline has seen ETH snap a seven-day bull run, pushing the cryptocurrency away from a multi-month high in the process.

Ethereum chart by TradingView

The drop coincided with the RSI failing to breach a resistance level of 74.00, and it is now tracking at a reading of 71.13.

Traders who are holding onto their long positions may begin to reconsider this, should the index fall below the 70.00 mark.

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Could we see momentum shift lower this weekend? Leave your thoughts in the comments below.

via Eliman Dambell

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No Evidence Hamas Received Significant Crypto Donations: Elliptic Says Data Has Been Misrepresented

Blockchain analytics firm Elliptic says there is no evidence that Hamas has received significant volumes of cryptocurrency donations, emphasizing that crypto data it provides on the matter has been misrepresented. Noting that crypto accounts linked to Hamas have been seized or frozen, Elliptic says: “This illustrates the weakness of crypto as a terrorism fundraising tool. The transparency of the blockchain allows illicit funds to be traced, and in some cases linked to real-world identities.”

Hamas’ Crypto Amounts Raised ‘Tiny’ Compared to Other Funding Sources

Blockchain analysis provider Elliptic published a blog post on Wednesday to set the record straight regarding crypto crowdfunding by Hamas, the military organization currently at war with Israel. This clarification followed numerous media reports claiming that Hamas had raised significant funds in cryptocurrency, including an article in The Wall Street Journal titled “Hamas Militants Behind Israel Attack Raised Millions in Crypto.”

Elliptic emphasized:

There is no evidence to support the assertion that Hamas has received significant volumes of crypto donations.

The Wall Street Journal article has been referenced by various individuals, including Senator Elizabeth Warren and more than 100 U.S. lawmakers who jointly sent a letter to the White House and the U.S. Department of the Treasury, urging them to take action against crypto citing its use by Hamas. “In the months leading up to their brutal and horrific October 7th attack on Israel, Hamas and Palestinian Islamic Jihad (PIJ) raised millions of dollars in crypto — evading U.S. sanctions and funding their operations. Indeed, between August 2021 and this past June, the two groups raised over $130 million in crypto,” wrote Warren and her fellow lawmakers.

However, Elliptic stressed: “There is no evidence to suggest that crypto fundraising has raised anything close to this amount, and data provided by Elliptic and others has been misinterpreted.”

In order to clear up confusion, Elliptic said that it has “engaged with the Wall Street Journal to correct misinterpretations of the level of crypto fundraising by Hamas” and has been “in discussions with the office of Senator Warren to ensure that the relevant parties have a proper appreciation of the complexities and nuances of analyzing these wallets.” Noting that “A full understanding of blockchain analysis and the context of any analysis is needed when using these insights to draw conclusions,” Elliptic said:

We have spoken to representatives of the lead signatory, Senator Warren, as well as the authors of the Wall Street Journal article, to clarify this.

While acknowledging that “Over the past few years, Hamas has begun to experiment with cryptocurrency as a means to crowdfund from the public through social media,” Elliptic clarified: “The unique traceability of these assets has meant that the amounts raised remain tiny compared to other funding sources.”

Furthermore, the blockchain analytics company highlighted that various cryptocurrency wallets associated with Hamas have been seized, and centralized crypto exchanges are collaborating with law enforcement agencies to freeze accounts connected to illicit activities. “This illustrates the weakness of crypto as a terrorism fundraising tool. The transparency of the blockchain allows illicit funds to be traced, and in some cases linked to real-world identities,” the firm described.

Elliptic further detailed that since the Hamas attacks of Oct. 7, the most prominent public crypto fundraising campaign has been operated by a pro-Hamas news organization, Gaza Now. However, the firm said only $21,000 in cryptocurrency has been donated since Oct. 7, and much of this has been frozen. On Oct. 9, Gaza Now sent around $2,000 of the donated cryptocurrency to an exchange, where it was promptly frozen, the firm added, noting that around $9,000 in USDT donations were also frozen by Tether.

In contrast, much more funds have been raised to help people in Israel, the blockchain analytics firm additionally pointed out, stating:

Crypto fundraising for humanitarian causes in Israel is flourishing. For example, Crypto Aid Israel had received over $185,000 in crypto donations by October 19th to support those impacted by the attacks.

What do you think about the clarification by Elliptic about how much crypto Hamas had raised? Let us know in the comments section below.

via Kevin Helms

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BitFuFu: 10 Million Trial Cash Giveaway, Enjoy Bitcoin Cloud Mining at Zero Cost

PRESS RELEASE. In order to allow more users to experience cloud mining, BitFuFu has introduced the Trial Cash feature. During the initial launch, we’re giving away 10 Million Trial Cash, so invite your friends to share this bounty! There are additional referral rewards waiting for you too!

What is Trial Cash?

Trial Cash is a virtual amount provided by BitFuFu, which allows users to simulate the process of purchasing products and generating real income. It truly means: we cover the initial investment, and all the earnings belong to you.

After users register and claim $1,000 Trial Cash, they can purchase a “1-day free mining product” worth $1,000 without the need to invest any additional funds. The static output of 7U~11U goes directly into the user’s FuFu Earns account, all output belongs to the user. If you complete KYC verification on the registration day, you can also enjoy double rewards.

How to Claim and Use Trial Cash?

Step 1: Register an account and get Trial Cash.

New users who register on the BitFuFu platform will automatically receive $1,000 in mining Trial Cash with no verification or fees required.

Step 2: Purchase the Trial Plan.

Using Trial Cash, you can simulate the purchase of the mining plan and experience the cloud mining process. The best part is, you don’t have to worry about any investment risks because it’s all done using Trial Cash.

Step 3: Complete KYC Verification.

To ensure the security of your account and enjoy mining income, complete the KYC verification before you start receiving mining returns. This will enable you to double your mining returns.

Step 4: Receive Mining Output.

After 24 hours of purchasing the Trial Plan, your mining experience will be complete. The platform will recover the 1,000 Trial Cash, and the remaining mining output will be credited directly to your personal FuFu Earns account. Expect static output of 7U~11U, ensuring a zero-risk investment with 100% returns.

While this Trial Cash offer is currently only available to new registered users, we plan to apply it to more future activities. Click the link below and take action now!

• Activity Participation Link: https://www.bitfufu.com/

 

 

 

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This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

via Media

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