In A Nutshell Bitcoin (BTC) recently experienced a significant rebound, increasing by 5.5% from its low of $59.7K, hinting at a possible reversal of the recent downtrend. This movement has sparked discussions among traders and analysts about whether the worst is over for altcoins and what the future holds for the cryptocurrency market. Bitcoin’s Strategic…
In A Nutshell The memecoin sector has recorded unprecedented growth in 2024, with average returns surpassing 1,300% for top tokens by market capitalization. This surge is marked by the rapid rise of new coins such as Book of Meme (BOME), Brett (BRETT), and Cat in a Dogs World (MEW), alongside significant investor profits. However, concerns…
In A Nutshell A recent report from the Bybit Institutional Report 2024 reveals a significant surge in trading volumes across major centralized cryptocurrency exchanges (CEX) from October 2023 to March 2024. OKX, Binance, and Bybit have seen their monthly trading volumes at least triple during this period, outpacing the industry’s average growth rate. Despite this…
In A Nutshell The Pax Dollar (USDP), a stablecoin, recently experienced a temporary depegging from its $1 peg due to anomalies in pricing data from aggregators. This was not a result of any inherent issues within the Paxos protocol itself. Despite this hiccup, the Paxos spokesperson reassured that USDP is always redeemable for $1 through…
In A Nutshell The cryptocurrency landscape is poised for significant shifts as Bitcoin approaches its next halving event on April 19, 2024. Amidst the general market downturn, with Cardano’s (ADA) price dropping over 23% in the last week, a bullish pattern has emerged on ADA’s 4-hour chart, suggesting a potential surge. Analyzing various metrics indicates…
In A Nutshell Sweden’s Tax Agency, Skatteverket, has demanded over $90 million in taxes from crypto miners operating within the country. This comes after an investigation spanning from 2020 to 2023, uncovering that a majority of the 21 scrutinized crypto-mining firms engaged in providing misleading or incomplete information to leverage tax incentives improperly. These malpractices…
In A Nutshell The digital asset sphere is witnessing a significant shift as Bitcoin overtakes Ethereum in NFT volume. Apecoin, associated with the Ethereum-based NFT collection Bored Ape Yacht Club (BAYC), experiences a downturn, reflecting broader trends in the NFT market and Ethereum’s declining dominance. Ethereum’s Diminishing NFT Dominance Historically, Ethereum has been the leading…
In A Nutshell The Shiba Inu (SHIB) network recently witnessed a significant token burn, with nearly 798 million tokens removed from circulation in just one week. Despite this aggressive attempt to induce scarcity and potentially increase SHIB’s price, the market’s response was contrary to expectations. The price of SHIB fell by 20% during the same…
In A Nutshell Yuga Labs, the entity behind the renowned NFT collection known as the Bored Ape Yacht Club (BAYC), has recently divested the intellectual property of two of its games, HV-MTL and Legends of the Mara. This strategic move was made to a Web3 gaming company, Faraway. The sale aims to refocus the company’s…
In A Nutshell Ernst & Young (EY), a leading member of the “Big Four” accounting firms, has recently introduced an innovative solution called the EY OpsChain Contract Manager (OCM), which utilizes zero-knowledge proofs (ZK-proofs) on the Ethereum blockchain. This groundbreaking development is designed to aid private companies in managing complex contracts with enhanced efficiency, confidentiality,…