Author: Coindesk

Bitcoin layer-2 network GOAT will soon let dogecoin (DOGE) users stake their tokens to earn fixed yields in BTC, with plans for additional memecoin-based financial applications later for users to earn “even greater rewards” on DOGE holdings.GOAT Network, whose mainnet is yet to be released, has so far let users lock up BTC to earn network rewards in a process colloquially called staking. The network’s ecosystem — when built — will let bitcoin holders participate in various decentralized finance (DeFi), such as lending or trading, without giving up ownership of their assets.DOGE prices have more than doubled in the past…

Annualized perpetual funding rates in small cap tokens after bitcoin’s (BTC) recent bullish pause has cooled jets in the broader market, shaking out over-leveraged positions and normalizing costs associated with betting on price rallies. One token, however, is still blazing hot: Solana-based decentralized exchange Raydium’s native cryptocurrency, RAY.As the only coin with annualized perpetual funding rates still exceeding 160%, RAY stands out among the small, mid and large-cap tokens as the most overheated cryptocurrency, according to data from VeloData. The elevated rate suggests the market for RAY is overcrowded with long positions, with leverage skewed heavily toward the bullish side.In…

BANGKOK – Coinbase’s Base blockchain launched in August 2023, and grew with the power of memecoins like BALD, a reference to CEO Brian Armstrong’s bare scalp. But the protocol’s creator says there’s more to the story than silliness.“BALD caught us all by surprise. You know, this was before the public launch of Base. It was when it was just open for developers,” Jesse Pollak said during an interview on the sidelines of Devcon in Bangkok. “I remember waking up on Saturday morning and being like, what is going on? It was not in our plan, and it happened.”BALD was a…

Bitcoin zoomed above $97,000, bringing hopes of breaching the landmark $100,000 level on social media, before paring gains to nearly $95,500 in Asian morning hours on Thursday.BTC added 3.3% in the past 24 hours, data shows, ahead of a Thanksgiving weekend that has historically recorded sudden price dumps. Strength in BTC buoyed major tokens, with ether (ETH) outperforming with a 7% surge, XRP and BNB Chain rising 6%, and dogecoin (DOGE) adding more than 5%.A CoinDesk analysis on Wednesday pointed out rising activity on ETH-linked futures and on-chain movements, indicative of traders expecting volatility to the update on the second-largest…

We don’t know a lot yet about Donald Trump’s crypto plans, but we can at least see what’s happened so far.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 narrativeNearly three weeks after the 2024 election, we’re still waiting for clear signs of how President-elect Donald Trump’s administration might approach crypto. Here’s what we know so far.Why it mattersA large chunk of the crypto industry is betting that Trump’s administration will be friendlier toward crypto than President Joe Biden’s administration was. Companies are filing for…

Long-term holders of XRP realized over $1.5 billion in profits last week as the payments-focused cryptocurrency zoomed to a three-year high, data shows, marking the highest profit realization since April 2021.Profit-taking is usual investor behavior after rallies and doesn’t indicate a change in the long-term sentiment for any token.The Market Value to Realized Value (MVRV) ratio surged to 217% on Tuesday, according to an FXStreet report citing Santiment data, suggesting that the current market valuation of XRP is significantly higher than its average purchase price — indicative of potential overvaluation in the short term in a move that may dampen…

Disclaimer: The analyst who wrote this piece owns shares of MicroStrategy (MSTR).Bitcoin (BTC) development company MicroStrategy (MSTR) has been one of the stocks to watch in 2024. The company is up 416% year-to-date, up as much as 600% at one point last week. However, since the short report from Citron Research came out on Nov. 21, the stock has dropped almost 40%, subsequently burning retail in the process. This drop coincided with bitcoin dropping almost 10% to $90,000 from its all-time high of just shy of $100,000. According to a post on X by the Kobeissi Letter, which is an…

Bitcoin (BTC) volatility is back and investors have two choices either embrace the volatility or have no part of it.However, the current bitcoin cycle has been rather muted in terms of realized volatility and drawdowns compared to previous ones. The recent drop from nearly $100,000 to almost $90,000, just shy of a 10% correction, has kept investors on their toes.Over the past two days, Glassnode data shows that short-term holders or those that have held bitcoin for less than 155 days, have sent $7.8 billion or 83,000 BTC to exchanges at a loss over the past two days. In notional…

<a href=”https://www.coindesk.com/indices/” target=”_blank”>CoinDesk Indices</a> presents its daily market update, highlighting the performance of leaders and laggards in the <a href=”https://www.coindesk.com/indices/cd20/” target=”_blank”>CoinDesk 20 Index</a>.The CoinDesk 20 is currently trading at 3293.73, up 3.9% (+125.0) since 4 pm ET on Tuesday.All 20 assets are trading higher.Leaders: LINK (+0.9%) and NEAR (+0.4%).Laggards: ICP (-5.3%) and RNDR (-4.1%).The <a href=”https://www.coindesk.com/indices/cd20/” target=”_blank”>CoinDesk 20</a> is a broad-based index traded on multiple platforms in several regions globally. Read the full article here

Stablecoin issuing giant Tether is closing down its euro stablecoin, EURT.”After careful consideration, we have made the decision to discontinue support for EUR₮,” the firm said in a press release on Wednesday. Users will be able to redeem tokens until Nov. 27, 2025, the post added.The decision comes as digital asset businesses operating in the EU are in crunch time before region-wide regulations, known as MiCA, enter into full force by the end of this year.MiCA requires stablecoin issuers to get compliant or potentially retreat from the market of 450 million consumers. Tether CEO Paolo Ardoino has been a vocal…