Author: Coindesk
Cryptos crashed as risk-off sentiment permeated global markets. Bitcoin (BTC) tumbled below $60,000 during the weekend, then nosedived to $49,300 during Monday’s Asian morning as investors fled risk assets. Bitcoin is down nearly 15% in the past 24 hours, recovering to near $52,000. Ether (ETH) fell 22% to $2,100, recording its biggest one-day fall since 2021. The altcoin-heavy broad-market benchmark CoinDesk 20 Index (CD20) slid nearly 20%, with crypto majors solana (SOL) and Near Protocol (NEAR) plummeting 20%-25%. “Feels like we have been hit by a perfect storm,” QCP analysts said in a market update. What started the sentiment shift…
Bitcoin, the largest cryptocurrency by market cap, fell as much as 15% on Monday, dropping below $50,000 for the first time since February before recovering to trade around $52,000. Ether, the No. 2, fell for the seventh straight day, posting its biggest drop since May 2021. The CoinDesk 20 Index (CD20), a measure of the broader crypto market, dropped almost 20% and was 16% lower as of 09:00 UTC. Equity markets in Asia and Europe also fell. Read the full article here
The liquidations came as bitcoin (BTC) slid more than 11% over 24 hours, while ether plunged as much as 25% before slightly recovering. TradingView data shows this was the worst single-day price fall for ETH since May 2021, when prices dumped from over $3,500 to $1,700. TradingView’s daily candle shows performance for UTC 00:00 to 23:59. Read the full article here
“The recent pullback resulted from the broader market tightening in Japan’s economic policies, where the central bank’s hawkish stance shifted to surprisingly raise interest rates,” Lucy Hu, senior analyst at Metalpha, explained in a Telegram message. “The bearish macro data in the U.S. sent investors worrying about a possible recession.” Read the full article here
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence.…
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence.…
“The reason for the crazy crypto sell-off seems to be Jump Trading, who are either getting margin called in the traditional markets and need liquidity over the weekend, or they are exiting the crypto business due to regulatory reasons (Terra Luna related),” Dr. Julian Hosp, CEO and co-founder of decentralized platform Cake Group said on X. Read the full article here
Bullish futures bets lost nearly $200 million, CoinGlass data shows, as more than 97,000 traders were liquidated in the past 24 hours on the sudden market movements. ETH longs led losses at $55 million, followed by bitcoin longs at $43 million, the data shows. Read the full article here
Beyond energy considerations, Bitcoin mining is emerging as a powerful force for economic revitalization of rural areas hit hard by globalization and the offshoring of American industry. According to our research team, in 2023, U.S. Bitcoin mining operations generated $2 billion in revenue, a figure that represents 3% of the American iron and steel industry’s output. This comparison underscores the growing economic significance of this nascent sector. In just five years, the industry has created substantial employment opportunities. According to our internal estimates, direct employment in U.S. Bitcoin mining has grown to approximately 1,700 jobs, doubling over the past two…
Proofs should ideally be generated on sensors, location trackers, compute nodes, and other devices. Local proving ensures that proof data remains in the hands of the network participants and doesn’t centralize operations – aligning with networks’ core principles. Proof verification can take place locally, on cloud networks, or on chain, depending on how the network is structured. Read the full article here