• News - 3 July 2023, 8:20 am

    Bitcoin miners appear to be reducing risk as the significance of BTC price above $30,000 remains firmly in evidence. Bitcoin (BTC) starts the first week of July with a sigh of relief for traders as $30,000 support holds. BTC price action refuses to succumb to bears after 20% gains in Q2, with weekly and monthly timeframes looking strong. What’s next?A quiet week is expected on TradFi markets, with Wall Street gearing up for the Independence Day holiday and little in store in terms of United States macroeconomic data.Bitcoin thus needs volatility triggers from elsewhere if bulls are to have a shot at breaching resistance in place for several months.Views among market participants are mixed on that topic — some believe that $32,000 and higher is easily achievable, while others consider this month as the peak of Bitcoin’s 2023 recovery.Cointelegraph takes a look at some of the major factors set to influence BTC price performance in the coming days and weeks.Short-term BTC price upside calls extend to $40,000Bitcoin’s weekly close was convenient for bulls, offering only modest volatility, with BTC/USD continuing higher overnight.The new week thus saw a visit to $30,850 on Bitstamp, per data from Cointelegraph Markets Pro and TradingView — the…Read More

  • News - 3 July 2023, 8:19 am

    PeckShield reports that $2.27 million of NFTs were stolen in June, recording the lowest monthly figure for stolen NFTs in 2023. A new report from blockchain security firm PeckShield found that half of stolen nonfungible tokens (NFTs) get sold within 160 minutes on various NFT marketplaces like Blur and OpenSea. On July 3, PeckShield highlighted several data points on NFTs, including the value stolen in June, how long it takes for stolen NFTs to be sold and which NFT marketplaces are used to sell the stolen assets. According to the security company, $2.27 million of NFTs were stolen in June 2023, the lowest monthly figure of the year so far. Furthermore, the data shows an 85% decrease compared with February, when the value of stolen NFTs reached a high of $16.2 million. Value of stolen NFT assets in 2023. Source: PeckShieldApart from the amount lost in NFTs, the blockchain security firm also found that half of the stolen NFTs that they flagged are sold within three hours, suggesting that it doesn’t take hackers long to offload some of their ill-gotten gains.Meanwhile, Blur and OpenSea have been the go-to marketplaces for selling stolen NFTs. In June, 99.7% of stolen NFTs went to those…Read More

  • News - 3 July 2023, 7:35 am

    Professional traders can hedge their Bitcoin bets using the iron condor options strategy as the Q2 earnings season comes into play. The stock market can offer valuable insights into possible Bitcoin (BTC) price movements, with a significant potential trigger expected this month. Q2 earnings numbers due this monthNotably, Q2 earnings numbers are expected from some of the largest companies in the world in July, including:UnitedHealth, Citigroup and JPMorgan on July 14.Bank of America and Morgan Stanley on July 18.Tesla, Google, Apple, Meta, Microsoft and Amazon before July 27.The S&P 500 companies account for an aggregate $36.5 trillion in market capitalization, so it makes sense to expect a positive impact on Bitcoin’s price if the earnings season sustains modest growth. In other words, investors’ appetite for risk-on assets will increase if the odds of an imminent recession are reduced.Leverage to be avoided given the level of uncertaintyTraders who have been calling for a global economic slowdown will have a chance to profit if those companies fail to deliver earnings growth, further adding uncertainty to the economies. Governments rely heavily on taxes, both from companies and from consumers, so a weak earnings season represents a serious threat.Related: How to financially prepare for a recessionInvestors…Read More

  • News - 3 July 2023, 6:17 am

    Members of the DAO claim to be made of a dedicated group of Azuki enthusiasts. It’s the latest wrinkle following the launch of the controversial “Elementals” NFT collection. A new decentralized autonomous organization (DAO) purportedly made up of a “dedicated group of Azuki enthusiasts” has launched a proposal to claw back 20,000 Ether (ETH) from Zagabond, the founder of the blue-chip nonfungible token (NFT) brand Azuki. The proposal, initiated on July 2, outlines hiring a lawyer to take legal action against Zagabond, whose real name is Alex Xu, for allegedly “rugging” multiple projects. The clawback seeks $39 million worth of ETH earned from the launch of Azuki’s controversial “Elementals” NFT collection. It proposes allocating any funds retrieved back to the DAO to “promote the growth of the entire Azuki community.”The AzukiDAO proposal seeks to claw back $39 million from Zagabond. Source: Snapshot.orgAt the time of publication, 88.11% of AzukiDAO (BEAN) tokens have been used to vote in favor of the action, while 11.9% have voted against it. The proposal is scheduled to end at 6:38 am UTC on July 3.What is AzukiDAO?However, while AzukiDAO claims to be made up of “OG Azuki holders,” some have questioned the origins of the DAO and…Read More

  • News - 3 July 2023, 5:31 am

    Gemini co-founder Cameron Winklevoss said the SEC’s refusal to approve a spot Bitcoin ETF has been a “complete and utter disaster for U.S. investors.“ For the last decade, the United States securities regulator has forced investors into “toxic” and “unregulated” crypto products, says Gemini co-founder Cameron Winklevoss.On July 2, the Winklevoss twin slammed the U.S. Securities and Exchange Commission’s (SEC) constant refusal of spot Bitcoin exchange-traded fund (EFT), noting it’s now been 10 years since the twins first filed to get their own ETF approved by the regulator.“The [SEC’s] refusal to approve these products for a decade has been a complete and utter disaster for US investors and demonstrates how the SEC is a failed regulator.”Winklevoss argued that without an approved spot Bitcoin ETF, U.S. investors have been pushed into “toxic products like the Grayscale Bitcoin Trust (GBTC) which trades at a massive discount” to the price of Bitcoin and charges “astronomical” fees.Today marks 10 years since @tyler and I filed for the first spot Bitcoin ETF. The @SECGov's refusal to approve these products for a decade has been a complete and utter disaster for US investors and demonstrates how the SEC is a failed regulator. Here's why:-"protected"…— Cameron…Read More