Author: Coindesk
Hashprice, a key metric used to gauge miner revenue, is currently hovering near a five-year low, according to HashRate Index—a stark reminder of how difficult the mining business has become. In simple terms, the metric is the income miners can expect per unit of computing power, denoted by per petahash (PH/s). It can be denominated in U.S. dollars or BTC, although it’s most commonly quoted in USD for practical comparison.At present, hashprice sits at $44.00 PH/s, only slightly above its August 2024 low, when bitcoin reached $49,000 amid the yen carry trade unwind. Currently, bitcoin is trading around $84,000. Mining…
The price action for XRP and bitcoin (BTC) resembles a tightly compressed spring on the verge of uncoiling with a sudden release of energy.That’s the message from a key volatility indicator called Bollinger Bandwidth. Bollinger Bands are volatility bands set at plus two and minus two standard deviations above and below the 20-period moving average (SMA) of an asset’s market price. The bandwidth measures the space between these bands as a percentage of the 20-day moving average.In the case of XRP, the Bollinger bandwidth has narrowed to its lowest level since October 2024 on the 4-hour chart, where each candle…
TRUMP, the memecoin tied to U.S. President Donald Trump, gained more than 9% in the past 24 hours following a $320 million token unlock. The price now sits around $8.40, still down more than 88% from its peak above $71 on Jan. 18.The recent unlock may spell further trouble for investors, who are estimated to have lost a total of $2 billion after purchasing the token earlier this year.Token unlocks typically flood the market with new supply and tend to depress prices. But in this case, the market appears to have priced in the release beforehand, potentially explaining the price…
Slovenia’s finance ministry has proposed a 25% tax on capital gains from cryptocurrency starting in 2026, under a draft law aimed at closing a gap in the country’s tax system.The tax will apply to profit made when individuals sell crypto for fiat currency or spend it on goods and services. However, swapping one cryptocurrency for another will remain tax-free, and any gains made before January 1, 2026, will not be taxed, according to the finance ministry’s proposal.The measure is meant to treat crypto gains more like other capital investments, such as stocks or bonds, which are already taxed.Under the law,…
Earlier this month, the Department of Justice disbanded its National Cryptocurrency Enforcement Team and said it would no longer pursue what Deputy Attorney General Todd Blanche described as “regulation by prosecution.”You’re reading State of Crypto, a CoinDesk newsletter looking at the intersection of cryptocurrency and government. Click here to sign up for future editions.The narrativeThe U.S. Department of Justice “will no longer pursue litigation or enforcement actions that have the effect of superimposing regulatory frameworks on digital assets” in lieu of regulatory agencies putting together their own frameworks for overseeing the sector, a 4-page memo signed by Deputy Attorney General…
KiloEx, a decentralized exchange (DEX) for trading perpetual futures, said Friday it recovered all of its hacked funds after a sophisticated attack this week left users reeling with losses of around $7 million.The DEX is working to close the legal process of recovering the funds and is awarding 10% of the recovered amount as a bounty to the white hat hacker who was involved in the process. “The legal process to formally close the case is now underway, in coordination with judicial authorities, our legal team, and third-party experts (special thanks to @SlowMist_Team@blitezero, who have extensive experience in such matters),”…
Canary Capital is looking to launch an exchange-traded fund (ETF) tracking the price of Tron’s native token, TRX, according to a filing.The hedge fund submitted a Form S-1 for the Canary Staked TRX ETF with the Securities and Exchange Commission (SEC) on Friday. As the name suggests, the fund — if approved — would stake portions of its holdings.This would be done through third-party providers, with BitGo acting as custodian for the assets. The fund would track TRX’s spot price using CoinDesk Indices calculations.A proposed ticker as well as the management fee for the product have not been shared yet.Issuers…
Just four months ahead of their criminal sentencing for operating a $577 million cryptocurrency mining Ponzi scheme, the two Estonian founders of HashFlare were seemingly mistakenly ordered to self-deport by the U.S. Department of Homeland Security (DHS) — an instruction that directly contradicted a court order for the men to remain in Washington state until they are sentenced in August.In a joint letter to the court last week, lawyers for Sergei Potapenko and Ivan Turogin told District Judge Robert Lasnik of the Western District of Washington that both men had received “disturbing communications” from DHS ordering them to leave the country…
Following last week’s tariff-caused drama, this was a relatively quiet week in crypto. Bitcoin remained stable around $84k. The CoinDesk 20, which tracks about 80% of the market, was up about 4% in the last seven days — i.e. nothing historic.Still, plenty happened. On Tuesday, much of crypto went offline because of a tech issue at AWS, showing how the decentralized economy isn’t always that decentralized. Shaurya Malwa reported the news early. Bitcoin and other major cryptos slipped on bad news for Nvidia, Omkar Godbole reported. Mantra, a project focused on real world assets, lost 90% of its value. Explanations…
When Friends With Benefits burst into crypto consciousness in 2020, it was the kind of FOMO-inducing project that immediately had people talking. With a wink-wink, sexy name and members including musicians Erykah Badu and Azealia Banks, it was a club that many wanted to be a part of.Emerging at a time when everyone was locked down and hankering for connection, it filled a void and showed that crypto could bring people together for real. About 6,000 bought into the token (becoming members) and chapters sprouted up all over the world, centering on hipster-tech hubs like LA and New York City.…