A cryptocurrency analyst and trader is saying that Bitcoin (BTC) is on the cusp of turning bullish. The analyst pseudonymously known as Rekt Capital tells his 84,700 YouTube subscribers that Bitcoin is in a re-accumulation phase and is “getting really close to entering the parabolic phase of the cycle.” According to the pseudonymous analyst, Bitcoin …
Monthly archives: August 2024
Market underwhelmed by NVIDIA’s Q2 revenue and EPS beats
Quick Take NVIDIA once again exceeded Wall Street expectations with its Q2 earnings report on Aug. 28, surpassing earnings per share (EPS) and revenue projections. Analysts anticipated an EPS of $0.64, but NVIDIA delivered $0.68, a 6% surprise. Revenue was expected to be $28.73 billion, yet the company reported over $30 billion, a 5% surprise. …
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Prediction market newcomer BET on Solana hits $20 million milestone in 24-hour trading volume
Solana-based prediction market BET has hit a new milestone of $20 million in its daily volume, according to Dune Analytics data. However, a deeper look reveals a downward trend in BET’s trade count over the past three days, raising questions about how the $20 million volume was achieved. Despite this, the milestone is noteworthy as …
Bitcoin ETFs see $105 million outflow, ARK leads with $59.3 million loss
Quick Take Recent data from Farside highlights outflows in Bitcoin ETFs totaling $105.3 million. Out of 11 ETF issuers, six experienced outflows, with ARK’s ARKB leading the way, losing $59.3 million. Fidelity’s FBTC saw a $10.4 million outflow, while Bitwise’s BITB and VanEck’s HODL lost $8.7 million and $10.1 million, respectively. Grayscale’s products also experienced outflows, …
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Fully Onchain AI Model Deployed on Internet Computer (ICP) Blockchain
Decideai, a Web3 company focused on creating artificial intelligence (AI)-based large language models (LLMs), has deployed its GPT-2 LLM fully onchain via the Internet Computer (ICP) blockchain. This development leverages ICP’s capabilities to support complex, compute-intensive applications, allowing Web3 developers to build, train, and improve specialized LLMs. The project aims to enhance AI training and …
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Lightning Network Protocol Stacks Completes Nakamoto Upgrade With Defi Features
The Bitcoin Lightning Network’s Stacks protocol has completed its Nakamoto upgrade, finalizing a series of enhancements that began in April 2024. This latest phase, delivered on August 28, 2024, introduces stronger transaction finality guarantees, reduces miner extractable value (MEV) opportunities, and improves network resilience. Additionally, the upgrade prepares the network for the introduction of sbtc, …
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Missouri Man Arrested for Extorting Former Employer With Bitcoin Ransom
A Missouri man, Daniel Rhyne, was arrested for attempting to extort his former employer, a New Jersey-based industrial company. Rhyne, a former core infrastructure engineer for the company, allegedly sent an extortion email on Nov. 25, 2023, claiming to have locked out or deleted the company’s IT administrators from its computer network and deleted server …
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Bitfarms Takes Control of Its First US Mega-Site to Expand Bitcoin Mining Capacity
Bitfarms Ltd., a bitcoin mining company, announced on Tuesday that it has taken control of its new data center in Sharon, Pennsylvania. “This site represents Bitfarms’ first mega-site in the U.S. with access to up to 120 MW,” the company said. Located in the Pennsylvania-New Jersey-Maryland (PJM) grid, the site offers low-cost, flexible power ideal …
Cybercapital Founder Justin Bons: L2s Are ‘Parasitic’ to Ethereum
Justin Bons, founder and CIO of Cybercapital, a Europe-based cryptocurrency fund, has warned about the effect that the rise of Ethereum L2s is having on the main chain. Bons stated that the activity that Ethereum should be experiencing is happening on L2s, and that is bringing fragmentation and more inflation to the ETH ecosystem. Cybercapital …
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Arthur Hayes Says Fed Will ‘Ramp Up Money Printer’ Dramatically Increasing Monetary Supply, Boosting Bitcoin
BitMEX co-founder Arthur Hayes thinks impending rate cuts in the US will drive up the price of Bitcoin (BTC). In a new blog post, Hayes said comments made by Federal Reserve Chair Jerome Powell last week indicate the Fed is “reaching for the rate cut sugar high before hunger arrives.” While speaking in Jackson Hole, …
Uniform trajectory in Bitcoin futures suggests stable market expectations across major exchanges
Onchain Highlights DEFINITION: The Futures Term Structure is a graphical representation of the pricing for futures contracts expiring at increasingly distant dates into the future. The most common state of the graph, an upward slope, indicates a premium must be paid to purchase exposure, or delivery, of an asset in the future. A downward slope …
NFL Players Association sues DraftKings for $65M over Reignmakers NFT dispute
The National Football League Players Association (NFLPA) has filed a lawsuit against DraftKings Inc., seeking approximately $65 million in damages after the sports betting company abruptly shut down its NFT-based fantasy sports platform, Reignmakers. The lawsuit, filed in the US District Court for the Southern District of New York, alleges that DraftKings breached its licensing …
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TON activity halted twice in a single day, surpassing ten-hour downtime
The Open Network (TON) is facing another block production halt after nearly six hours of downtime experienced earlier today. According to on-chain data, the latest block was produced four hours ago. In an X post, the official TON profile attributed the disruption to the minting of DOGS, a token distributed to Telegram users as a …
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Solayer Secures $12 Million to Enhance Solana’s Restaking Capabilities
Solayer has raised $12 million in a funding round led by Polychain Capital to advance its integrated restaking network on the Solana blockchain. The initiative aims to address Solana’s scalability and transaction inclusion challenges by leveraging a novel approach to staking and network bandwidth optimization. Solana Restaking Project Solayer Attracts $12 Million Investment According to …
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Nigerian Civil Society Groups Praise Crypto Tax Proposal
A coalition of Nigerian civil society organizations has applauded the plan by Zacch Adedeji, head of the Federal Inland Revenue Service, to include cryptocurrencies in the tax system. The CSOs believe this move will boost confidence in the crypto market and attract foreign investors. The CSOs believe a regulatory framework specifically designed for cryptocurrency trading …
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