|All Time High:|
|Market Cap: |
|The price of #HIT today is $0.00000410 USD.|
The lowest HIT price for this period was $0, the highest was $0.00000410, and the exact current price of one HIT crypto coin is $0.00000409822.
The all-time high HIT coin price was $0.00103.
Use our custom price calculator to see the hypothetical price of HIT with market cap of BTC and how the supply of HIT affects the price at different market capitalizations.
|The code for HitChain crypto currency is #HIT. |
HitChain is 4.8 years old.
|The current market capitalization for HitChain is $251,795.|
HitChain is ranking downwards to #1405 out of all coins, by market cap (and other factors).
|The trading volume is small today for #HIT.|
Today's 24-hour trading volume across all exchanges for HitChain is $6,765.
|The circulating supply of HIT is 61,440,000,000 coins, which is 60% of the maximum coin supply.|
Relatively, HitChain has a large supply of coins, 2,793 times larger than Bitcoin's supply, for example.
|HIT has limited pairings with other cryptocurrencies, but has at least 3 pairings and is listed on at least 1 crypto exchange.|
View #HIT trading pairs and crypto exchanges that currently support #HIT purchase.
|Note that there are multiple coins that share the code #HIT, and you can view them on our HIT disambiguation page.|
More HitChain (#HIT) News
|Biggest Movers: DOGE, XRP Hit 1-Week Highs, Despite Wednesday's Crypto R...
Dogecoin rose to a one-week high on Wednesday, despite cryptocurrency markets mostly moving lower. As of writing, the global crypto market cap is trading nearly 1% lower. Xrp also surged, climbing by over 6% in today's session.Dogecoin (DOGE)
Dogecoin (DOGE) was able to climb to a one-week high in today's session, despite markets mostly trending lower.
Following a low of $0.07177 on Tuesday, DOGE/USD raced to an intraday high of $0.07422 earlier in the day.
Today's rally saw dogecoin climb for a second straight session, which pushed the meme coin to its highest point since May 8.
As a result of the move, the 14-day relative strength index (RSI) collided with a key resistance level of 40.00.
Although the index has moved marginally above this point, and is currently tracking at 40.40, DOGE has lost slight momentum.
The meme coin is now trading at $0.073, which is relatively lower than today's earlier high.
Another notable gainer on Wednesday was XRP, formerly ripple, which rose by as much as 6% today.
XRP/USD rose to a peak at $0.4596 earlier in the day, which follows on from a low of $0.4202 during yesterday's session.
This has resulted in the token climbing for a fourth consecutive day, reaching its strongest level since May 7.
Looking at the chart, and similar to DOGE, a collision has occurred on the RSI, with a failure to break a wall at 48.00.
At the time of writing, price strength is at the 47.33 mark, with the price now at $0.4457.
Should this point be broken, the...
|FTX Group Hit With Tax Claims Worth Over $40 Billion
In a stunning development in the FTX Group’s drawn-out bankruptcy case, the IRS has recently filed claims against the default entity that dwarf any prior ones and cast doubt on its prior idea of re-opening for business.
Over $40 Billion in Unpaid Taxes
In order to put this development into perspective, as recently as January, it was believed that the 50 biggest creditors of FTX were owed about $3 billion cumulatively. Although the total amount owed to creditors added up to over $8 billion, this could have been manageable for a company that still had some good investments in its portfolio.
However, this all went out the window just recently, when the IRS filed 45 claims against entities of the FTX Group, cumulatively worth around $44 billion.
Unpaid Employment Taxes
The full list of claims has been uploaded to restructuring firm Kroll’s website. The largest claim is worth a shocking $20.4 billion, followed by another one worth more than $7 billion, and two worth over $2 billion each. The remaining 41 claims round the total up by another cool $13 billion.
Although the exact breakdown of the tax filings is unavailable for most of these claims, a leaked document showcasing the biggest one has been circulating online and seems to target unpaid employer-side employment taxes.
The insane Alameda Research LLC tax bill circulating is real. The major balances don't have detail, but in part it appears the IRS went back and reclassified ALL employees from contractors to empl...
|Bitcoin Miners Capitalizing on Ordinals Hype: Daily Revenue Hit 5-Year H...
For some, the Ordinals craze has wreaked havoc in the Bitcoin ecosystem. BTC's price may have, so far, failed to capitalize on it, but that was not the case for the network miners.
In fact, the development has been a blessing in disguise for them.
Bitcoin Miner Revenue Shoots Up
This month was marked by skyrocketing transaction fees and network congestion as Bitcoin Ordinals reached unprecedented heights. While Bitcoin's price is cautiously recovering with modest gains, the network becoming increasingly expensive for transactions is potentially a welcome development for the mining industry, which faced severe battering last year.
In fact, Bitcoin miners earned a total of $17.75 million in revenues on May 8th. According to the data shared by Glassnode CTO Rafael Schultze-Kraft, such a single-day spike in mining revenue is rare.
Happy #bitcoin miners.
$17.7 million USD earned through transactions fees – in a single day.
— Rafael Schultze-Kraft (@n3ocortex) May 9, 2023
Upon gauging further, it was found that the Bitcoin transaction fee for May 8th surged to a whopping $31.14, a level that was last seen in April 2021.
The latest development also coincided with the Ordinals pushing transaction fees above mining rewards for the first time since 2017. As a result, several Bitcoin miners, including Luxor Technologies and AntPool, mined blocks where fees surpassed Bitcoin's block subsidy of 6.25 BTC.
As Bitcoin Ordinals ...
|Ethereum (ETH) Could be Hit by New Wave of Volatity: Data
Ethereum network's active deposits have reached an eight-month high. This metric depicts the total number of all incoming and outcoming transactions involving deposit addresses and accounts for both user-to-exchange transactions - from a personal wallet to a deposit address, as well as from a deposit address to the main exchange wallet.
According to the latest data compiled by crypto-analytic Santiment, the deposits hitting an eight-month high could potentially foreshadow volatility in Ethereum's price.
In such a case, the enhanced price movements are likely to have a similar effect on the asset to that of the blockchain's highly anticipated transition from PoW to PoS during Merge, as well as the FTX's collapse.
The volatility forecast comes as Ether's price remained trapped in a tight range amid low trading volume, unfazed by the Fed's widely expected 25 basis point interest rate hike.
The Shapella upgrade also failed to charm the bulls, as the asset is up by a mere 3% since the event on April 12th.
While it is unclear as to the direction Ether's price will be swayed in the near term, data suggest increased selling pressure on the asset.
ETH suppression in the price comes as whales holding 1,000 to 10,000 ETH offloaded a massive amount of tokens over the past two weeks.
Moreover, ETH also saw the transfer of $505 million to crypto exchange Binance on May 2nd. This level of exchange inflow was last seen before the Merge. Investors depositing their ETH tokens on exchange is t...
|Ethereum Median Gas Fee Hit 12-Month High Amid Memecoin Resurgence
In recent weeks, the Ethereum community has been grappling with an issue causing concern for many users - the rapidly increasing gas consumption on the network.
Gas fees are charged for processing transactions on the Ethereum blockchain, and they have been rising at an alarming rate.
Ethereum Gas Fee Hits 12-Month High
According to data from Dune, shared by data scientist Hildobby, the median price of ETH gas, measured in gwei and averaged over seven days, has surged to 87, a level not seen in the past 12 months - since May 2022. The average transaction fee now hovers around $50, a significant increase from just a few months ago when it was less than $10.
The high gas fees have caused frustration among users, who find it increasingly expensive to perform even simple transactions on the network. Many small-scale users, such as decentralized application (dApp) developers, traders, and retail investors, are finding it difficult to participate in the Ethereum ecosystem due to the high cost of gas fees.
try to buy a ~$20 NFT on eth, and the gas is ~$40.
some ppl say the infra operators deserve to be paid. sure, but imaging paying visa $40 fee for buying a $20 digital good.. infra should be affordable. pic.twitter.com/5L4SYjT5af
— 0xMQQ (@0xMQQ) April 18, 2023
The issue is primarily due to the increasing demand for processing transactions on the network, as memecoins return to the market after being silent for almost two years. Over the past few weeks, meme...
|Rich Dad Poor Dad Author Robert Kiyosaki Shares Why He Loves Bitcoin &md...
Rich Dad Poor Dad author Robert Kiyosaki has shared why he loves bitcoin and when he began investing in the cryptocurrency. Expecting to see $100K per bitcoin, he emphasized that the crypto does not need the Fed or government bailout because it's 'people's money.'Why Robert Kiyosaki Loves Bitcoin
The author of Rich Dad Poor Dad, Robert Kiyosaki, shared on Twitter Thursday why he loves bitcoin. He expects to see the price of BTC hit $100K. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. Over 32 million copies of the book have been sold in over 51 languages across more than 109 countries.
Kiyosaki tweeted Thursday explaining that years ago, he watched the price of the largest cryptocurrency climb to $20,000 and then shed almost all of its value. At the time, he thought bitcoin was finished. However, when BTC slowly climbed to $6,000, he bought 'lots' of it. His reasoning was that people support bitcoin and not the Fed or government. Bitcoin did not need the Fed or the government to bail it out because it's people's money.
In a recent Rich Dad Radio show, the famous author revealed that he bought 60 bitcoins at $6,000 per coin. He also previously said he bought some more BTC at $9,000.
Kiyosaki has recommended bitcoin alongside gold and silver for quite some time. He recently said he expects the price of bitcoin to keep rising. In his Thursday tweet, he mentioned $100,000 as a p...
|New Donald Trump NFTs to Hit The Market, But Here's the Catch
On April 18th, the 45th former US president, Donald Trump, announced the launch of his Series 2 of his NFT collection after the resounding success of his first.
According to Trump's post on his social network Truth Social, the new collection consists of 47,000 tokens (2,000 more NFTs than the first) which will be minted on the Polygon network, maintaining the same price of $99 per token as the previous collection.
Minting Price Remains The Same
Donald Trump mentioned on social media that, despite being able to increase the selling price of the new NFT collection due to rising market demand, he decided not to because he wanted his fans and supporters to make money and 'have fun doing it.”
“I could have raised the price MUCH HIGHER, & I believe it still would have sold well, with a lot more money coming to me, but I didn’t choose to do so. I WILL BE GIVEN NO “NICE GUY” CREDIT?”
However, it is probable that the owners of the initial batch of NFTs are not having fun right now. This dump of new tokens crashed the floor price of the collection. According to Coingecko, the cheapest Trump NFT went from 0.4 ETH to somewhere near 0.1 ETH after the announcement.
Price floor of the Donald Trump NFT collection. Image: Coingeckort
Judging by Donald Trump's fortune, which Forbes estimates at over $2.5 billion, it's clear that the former president doesn't need to sell NFT collections or offer luxurious dinners to collectors to increase his net worth.
|Economist Harry Dent Expects Biggest Crash in Our Lifetime to Hit Betwee...
Harry Dent, economist and author of several best-selling books, has warned that the biggest crash in our lifetime is 'going to hit between now and about mid-June.' He stressed: 'People are going to know this is not a big correction - it is a major crash, one that you have not seen … in your lifetime.'Harry Dent's 'Biggest Crash' Warning
The founder of HS Dent Investment Management and author of several best-selling books, Harry Dent, warned in an interview with David Lin, published Friday, that the biggest crash in our lifetime will likely happen by mid-June. Dent stressed:
We won't see this again. We will not see a bubble economy, our kids will probably not even see a bubble economy decades and decades from now … It happens once in a lifetime at most.
He explained that the biggest crash that he is predicting is what the 2008-2009 crash should have been, noting that the S&P 500 was down 57% at that time. 'About a year and a half into that crash, central banks just stepped in and just started printing money at unprecedented rates … So that recession didn't really do its job of flushing out the greatest debt bubble in history,' Dent described, adding:
I am predicting as much as 86% [decline] for the S&P 500 in this crash and 92% on the Nasdaq … Bitcoin will go down more like 95%, 96%.
Dent expects the crypto market to crash alongside stocks, with BTC falling 95%-96% from its November 2021 high. 'Bitcoin will fall from $69,000 to about three to four t...
|Can ETH Hit $2,000 Before the Shanghai Upgrade on April 12nd? (Ethereum ...
Ethereum’s price has finally broken above a key resistance level and continues to rally higher. However, the RSI is presently demonstrating some warning signals.
The Daily Chart
On the daily chart, the price is finally clearing the broken $1800 resistance level, following multiple retests. The higher boundary of the large symmetrical triangle has also provided support for the price, pushing it back higher above the $1800 level earlier last week.
Currently, the price could rise toward the $2300 level from a classical price action standpoint. However, the RSI indicator should be monitored closely as it is approaching the overbought zone, which could lead to a correction or reversal.
In the event of a decline, the $1800 level could once again be considered a probable support zone to hold the market.
The 4-Hour Chart
On the 4-hour timeframe, it's apparent that the price has finally broken out of the tight consolidation zone between the higher boundary of the symmetrical triangle and the $1850 resistance level.
While this is considered a bullish signal as the price is making a new higher high, the RSI is signaling a clear overbought state on this timeframe, which could lead to a pullback or even a reversal in the short term.
Therefore, the $1850 level, followed by the $1800 area and the higher trendline of the triangle pattern, could be the potential targets in the short term if the market corrects.
|Crypto Philanthropy is Expected to Hit $10B by 2032: Report
The expansion of crypto payments in the non-profit sector has opened avenues for donors. Non-profit organizations of different shapes, sizes, and missions have seen continued success as a result of this emerging philanthropy landscape.
The expansion of the donation option has already generated results. According to the latest data compiled by prominent crypto charity platform, 'The Giving Block,' cryptocurrency donations are set to surpass a whopping $10 billion in the next decade.
Crypto Fundraise Forecasts
Crypto donations have played a significant role since the COVID pandemic, further gaining traction during the Russian invasion of Ukraine. While fundraising conditions were severely affected by the turbulence in the crypto market last year. 2022 was the second-best fundraising year in the history of The Giving Block.
The platform's annual report titled 'Crypto Philanthropy Data, Trends & Predictions' revealed that crypto donations in the platform reached a record level surpassing $125 million in 2022.
Taking into consideration the uptrend in donations as well as Bitcoin's price trajectory, the crypto charity project forecasted that it could reach $1 billion by August 2027, hitting $5 billion in June 2031 and subsequently exceeding the $10 billion level in November 2032. According to the company, cryptocurrency donations continue to be a reliable source of major gifts for non-profit organizations.
'In the face of a turbulent market, several indicators showed that crypto ph...
|NFT Market Hit $4.7B in Sales in Q1: DappRadar
The NFT sector appears to be clawing back as the sentiment around the broader crypto market recovers.
The emergence of new players and changing dynamics have resulted in a rapid evolution of the non-fungible token space. Despite a frantic start, NFTs had a strong Q1 2023.
NFT Market Recap: Q1 2023
According to a report by DappRadar, the NFT market has had an impressive start to the year. In fact, Q1 2023 turned out to be the best quarter since Q2 2022. While NFT trading volume noted a slight decline of 15.65% in March as a result of turbulent market conditions, the overall performance remained bullish. Let’s take a closer look at the key highlights from the NFT market performance in Q1.
The trading volume for the whole of Q1 was up by 137%, reaching a total value of $4.7 billion. The figure in February was boosted by the Blur token farming period, while the NFT sales count for the following month dropped only by 4.63% in March, with 2.7 million NFTs sold.
Zooming out, NFT sales accounted for 19.4 million in Q1 2023, representing an increase of 8.56% from the last quarter of 2022.
With respect to blockchains, Ethereum remains the dominant player in the NFT market by volume, accounting for nearly 90% of the market share in March. Its quarterly trading volume also surged by more than 245% to $4.1 billion in Q1 2023, compared to Q4 2022.
Trailing behind is Solana, with a trading volume of $242 million. Since the previous quarter, the layer 1 blockchain witnessed an increase...
|Arbitrum's Daily Transactions Hit Record High Ahead of ARB Airdrop
The much-anticipated Arbitrum ARB governance token airdrop marks the beginning of its transition into a self-executing DAO governance, and the activity on the network has soared to levels never seen before.
The Ethereum-layer 2 scaling system that uses Optimistic rollups technology to facilitate faster and cheaper transactions has already been on a roll lately. The daily transaction on Arbitrum has now hit an all-time high of 1,312,052.
The last peak was registered a month back when the figures climbed 1,103,398, which was followed by a sharp reversal amidst an industry-wide drawdown, according to the data compiled by Arbiscan. But the airdrop news gave the figures the necessary boost.
DeFiLlama data further suggested that there's nearly $2 billion locked inside Arbitrum-powered protocols. On top is the decentralized derivatives platform GMX and DEX Uniswap, which are leading with the most value.
The total unique addresses also continued its steady upward trajectory hitting a new record of 3,871,204.
Meanwhile, the developer team behind Arbitrum has previously hinted that ARB will hit eligible wallets on March 23.
Once the token is deployed, eligible users and developers will receive 12.75% of the token's total supply of 10 billion. ARB's total supply, on the other hand, will be fixed at 10 billion.
Following the announcement last week, several top crypto exchanges, including Binance, Huobi, Bitfinex, and Bybit, announced that ARB will be listed on its launch day.
|ADA About to Hit $0.30, Can Bulls Save The Day? (Cardano Price Analysis)
Cardano had no relief since the support at 35 cents was broken to the downside. With buyers absent, the price has only one direction at the moment.
Key Support levels: $0.30Key Resistance levels: $0.35
ADA is quickly approaching the key support at 30 cents. Bears have total control of the price action, which has remained bearish since mid-February. The current resistance is at 35 cents, and it will likely not be tested until the cryptocurrency finds support.
Chart by TradingView
Trading Volume: The steady sell volume has pushed the price lower almost daily. Buyers are nowhere to be seen at this time.
RSI: The daily RSI is at 34 points and may soon reach the oversold area at under 30 points.
MACD: The daily MACD remains bearish, with the moving averages continuing to fall. There is no sign of a possible reversal yet.
Chart by TradingView
The bias for ADA is bearish.
Short-Term Prediction for ADA Price
The current price action remains bearish, and it's important to see how the market will develop in the coming week following a few important macroeconomic events.
The post ADA About to Hit $0.30, Can Bulls Save The Day? (Cardano Price Analysis) appeared first on CryptoPotato.
|Bitcoin, Ethereum Technical Analysis: BTC, ETH Hit Multi-Week Low, as Si...
Bitcoin dropped to a two-week low on Friday, as crypto markets continued to react to the uncertainty surrounding Silvergate. The solvency of the bank has been put into question, with Binance, Coinbase and other exchanges moving to halt transactions. Ethereum also edged lower, falling below $1,600 in the process.Bitcoin
Bitcoin (BTC) plunged further into the red on Friday, as markets reacted to fallout surrounding Silvergate.
The crypto bank recently announced that it wouldn't be able to file its annual report to the Security and Exchange committee, whilst hinting at its 'ability to continue (operating).'
BTC/USD slipped to an intraday low of $22,241.78 earlier in the day, less than 24 hours after trading at a high of $23,540.16.
Bitcoin chart by TradingView
As a result of the move, bitcoin has now fallen to its weakest position since Valentines day, on February 14.
However, instead of a pool of roses, Friday's red wave has washed through the markets, leading to a huge shift in price strength.
At the time of writing, the relative strength index (RSI) is tracking at 42.91, which is its lowest point since January 1.
In addition to bitcoin, ethereum (ETH) also significantly fell in to...
|Crypto Groups on Russian Social Media Hit by Bots Discrediting Bitcoin
Social media groups devoted to cryptocurrencies in Russia have been attacked by bots in what looks like a campaign against bitcoin and the like. Their comments on Russia’s largest social media platform are triggered by certain keywords like crypto and blockchain, members of the community have noticed. Bots Flood Vkontakte Groups With Comments Against Cryptocurrency
In the past week or so, crypto-themed groups on Russia’s state-controlled social network Vkontakte (VK) have been seeing a growing number of comments seeking to discredit cryptocurrencies and related technologies, the crypto news outlets Bits.media and RBC Crypto reported.
The comments appear under posts and linked articles about crypto assets. They are all similar, for example: “It’s more expensive to delve into crypto, it’s always big risks,” “Someone still talks about bitcoins?” or “People who buzz about crypto don’t even understand it.”
According to Nikita Zuborev, senior analyst at the exchange aggregator Bestchange.ru, these bots first appeared in his platform’s community and official page on Vkontakte on Feb. 13. The accounts are typical for such attacks and are only recently registered or stolen dormant accounts.
Bots are often used to spread spam and advertisements or attract users to fraudulent schemes but this is not the case this time. The messages lack external links and their content is limited to abstract criticism of cryptocurre...
|CoinShares' Earnings Take Severe Hit Due to FTX Collapse: Q4 Report
Despite the market turbulence brought about by collapses and scams, Coinshares' Chief Executive Officer Jean-Marie Mognetti asserted that the group's 'financial health remained solid.' Its earnings did take a severe beating, though.
CoinShares released the fourth-quarter report for 2022 in which it recorded £14.5 million in combined revenue, gains, and other income. This was a massive drop of 65% from the fourth quarter of 2021 when the European asset manager fetched a revenue of £41.9 million.
FTX and Terra Blows on CoinShares
CoinShares lost over $21 million due to the collapse of the Terra ecosystem tokens in the second quarter of 2022. After returning to profitability the very next quarter, it had to deal with yet another blow. This time it was FTX. The company stated that its performance was impacted significantly as a result of nearly $30 million of its assets being stuck in the crypto exchange which froze customer withdrawals in November before filing for bankruptcy.
Its revenue, gains, and other income was recorded to be £72.6 million for the entirety of 2022, slashing by more than half since its previous financial year when it raked in £151.8 million.
The company's total comprehensive income for the full year 2022 also fell by over 97% to £3 million since £113.4 million was recorded in the previous year as a result of the market turbulence, its quarterly earnings report showed. Mognetti further elaborated,
'The collapses and frauds...
|Weekly Crypto Investment Product Outflows Hit $32M: CoinShares
According to the latest edition of CoinShares' weekly report, outflows in digital asset investment products reached $32 million last week, a level not seen since late December 2022.
The sentiment could be attributed to exchange-traded product (ETP) investors being less optimistic about recent regulatory pressures in the US relative to the wider market.
Bitcoin Bears the Brunt
Outflow figures surged to $62 million the mid-way through last week, even as the sentiment improved significantly by Friday. Bitcoin was the most affected crypto asset during the turmoil in the market, experiencing an outflow of $24.8 million over the past week.
Short-bitcoin investment products, on the other hand, recorded inflows of $3.7 million during the same time while also witnessing some of the largest inflows YTD of $38 million, trailing behind only Bitcoin with $158 million.
Ethereum also bore the brunt of the negative sentiment and recorded an outflow of $7.2 million. Cosmos, Polygon, and Avalanche $1.6 million, $0.8 million, and $0.5 million, respectively. The negative sentiment remained mixed as Inflows of Aave, Fantom, XRP, Binance, and Decentraland stood somewhere between $0.36 million - $0.26 million.
Furthermore, blockchain equities saw six consecutive weeks of inflows, with the latest totaling $9.6 million, demonstrating a more 'constructive sentiment' amongst market players.
SEC Watching Closely
The major catalyst due to the outflows last week was the New York financial regulator ...
|Bitcoin, Ethereum Technical Analysis: BTC, ETH Hit Multi-Week Low, as Se...
Bitcoin moved below $22,000 on Friday's session, as sentiment in cryptocurrency markets remained bearish. Volatility in markets has risen in recent days, following comments from U.S. Fed Chair Jerome Powell, who hinted at ongoing rate hikes. Ethereum also dropped, falling under $1,600.Bitcoin
Bitcoin (BTC) extended recent declines on Friday, with prices falling below the $22,000 mark for the first time in several weeks.
BTC/USD fell to an intraday low of $21,754.13 earlier today, which comes less than 24 hours after trading at $22,770.22.
As a result of this drop, bitcoin moved to its weakest point since January 20, when the price bottomed at $20,865.
From the chart, the sell-off took place following a break out of a resistance level at $22,500, which had mostly held firm since late January.
In addition to this, the 14-day relative strength index(RSI) also dropped, falling to its lowest point in over a month.
After weeks in overbought territory, price strength has started to subside, which could act as a long-term positive for bulls, whose next target will likely be $25,000.
In addition to bitcoin, etheruem (ETH) was also in the red in today's session, as it fell below the $1,600 level.
Following a high of $1,643.64 on Thursday, ETH/USD slipped to a bottom at $1,536.59 earlier in the day.
Like with BTC, this move pushed the world's second-largest cryptocurrency to its lowest point since late-January.
Overall, ETH has now fallen for a third consecutive day, with th...
|Investment Manager Predicts Gold Could Hit $3,000 This Year
Investment management and advisory firm Goehring & Rozencwajg expects gold to hit record highs this year. 'I wouldn't be surprised to see a $3,000 price this year,' said an executive of the firm. 'It's time for people to want to be bullish on gold.'Gold Heading for 'Record Highs' This Year
Investment firm Goehring & Rozencwajg's managing partner, Leigh Goehring, shared his outlook for gold in an interview with Kitco News last week. Goehring has 32 years of investing experience specializing in natural resource investments. He co-manages the Goehring & Rozencwajg Resources Fund.
'Gold is going to hit record highs this year,' he began, noting that the metal peaked at $2,050 in August 2020 and again in March last year. The executive told the news outlet:
This year we're going to break through the all-time high … It's time for people to want to be bullish on gold.
He believes that the Federal Reserve will stop raising interest rates and might even begin to lower them. 'Then we'll get another big inflation problem … This is the decade of inflation,' he warned. After a series of 75-basis-point interest rate hikes, the Fed raised its benchmark rate by 25 basis points last week.
Goehring expects investors to turn to gold once they realize that inflation will not come down to the Fed's 2% target. 'Right now, when inflation increases, the Fed raises rates, and people sell gold,' he described, adding:
I think the psychology is going to switch to inflation going up, the Fed ...
|Texas BTC Miners Face More Problems After Another Storm Hit the State: R...
Bitcoin miners located in Texas reportedly suffered severe disruption of their operations due to a blizzard that battered the region.
The extreme weather conditions prompted them to switch off their machines to preserve the local power grid.
The Cold Winter in Texas Surprised Crypto Miners
As reported by Bloomberg, the ice storm that hit 'the Lone Star State' damaged some of the equipment of the domestic bitcoin miners. Electricity consumption surged significantly due to the low temperatures, and those firms had to temporarily shut their businesses to protect the energy network.
The weather is still surprisingly cold in Texas, and the authorities enforced curtailment of electricity in some areas. Can Zhao - CMO of JDK Capital - explained how this affected his company:
'The duration of curtailments is about six hours a day, starting from Monday. We are seeing a 25% loss in computing power compared to a normal day for the site.'
Lee Bratcher - President of Texas Blockchain Council - said the worst-affected entities were the miners with mobile containers, 'many of which were not designed to be weather-proof for the winter storms.'
Texas had to endure another blizzard around Christmas. One of the leading BTC miners in the region - Argo Blockchain - said the weather conditions significantly diminished its production power. It mined only 147 bitcoin in December, compared to 198 BTC in November.
The Summer Could Also Be Dangerous
Argo Blockchain, Ri...
|Digital Asset Inflows Hit $117M Last Week, Largest in Six Months
Digital-asset products saw inflows totaling $117 million last week, according to the crypto investment firm CoinShares. This marks the largest inflow recorded since July 2022.
Subsequently, the total asset under management (AuM) increased to $28 billion, recovering by 43% since the lows of November.
Bitcoin-tied investment funds alone recorded $116 million in inflows last week. Minor inflows into short-bitcoin of $4.4 million were also noted during the same time frame.
Strong inflows came as Bitcoin climbed above $23,000 after surging by well over 40% year-to-date.
Despite the market recovery in the past few weeks, investors are still cautious, preferring select investments. This trend was indicated by the continued outflows for the 9th consecutive week in multi-asset investment products that added up to $6.4 million.
Altcoins such as Solana, Cardano, and Polygon recorded inflows, while Bitcoin Cash, Stellar, and Uniswap saw minor outflows.
The report also found that inflows associated with blockchain equities stood at $2.4 million. However, gauging across providers demonstrated a 'polarized sentiment.'
The report further said that investment product volumes were up by 17% compared to the YTD average and are improving. Data shows that $1.3 billion were traded for the week.
A similar trend was seen by the broader digital asset market, which witnessed average weekly volumes surge by 11%.
Germany dominated with the largest inflows in terms of geography, recording $46 million. T...
|Institutional Investors Forecast 'Strong Year' for Bitcoin — 65% E...
A new survey shows that institutional investors expect 'a strong year ahead for bitcoin' and are confident about the cryptocurrency's long-term valuation. In addition, 65% of institutional investors surveyed agree that bitcoin could reach $100,000.'Strong Year Ahead for Bitcoin'
Nickel Digital Asset Management published the results of a survey Thursday showing how high institutional investors expect the price of bitcoin to reach. The London-based investment manager is registered with the U.K. Financial Conduct Authority (FCA) and the U.S. Commodity Futures Trading Commission (CFTC).
The survey, commissioned by Nickel and conducted by market research company Pureprofile this month, interviewed 200 institutional investors and wealth managers across the U.S., U.K., Germany, Singapore, Switzerland, UAE, and Brazil. The respondents collectively managed around $2.85 trillion in assets.
Sharing the results of the survey, Nickel detailed:
Professional investors are forecasting a strong year ahead for bitcoin and are confident about its long-term valuation. Nearly nine out of 10 professional investors predict bitcoin price rise this year. Two out of three agree $100,000 valuation is possible but only for long-term investors.
Regarding the price of bitcoin, the asset manager described, 'The study found high levels of confidence about the long-term trend of the cryptocurrency,' adding that 23% forecasted that BTC will exceed $30,000 by the end of 2023.
Furthermore, 65% of institutional ...
|Whales Bag 500 Million Dogecoin – Will DOGE Hit $0.1 Mark?
Meme coin forerunner, Dogecoin, opens the week with a new rally amid Robinhood's support. Reports reveal that several whales jumped on the positive market sentiment to accumulate massive amounts of DOGE, triggering a 5% rally in the last day.
According to WhaleAlert, Whales packed more than 500 million Dogecoin over the past two days. The tracker revealed that the largest holder of Dogecoin also partook in the accumulation and bagged almost 165 million DOGE coins.
In addition, a top 20 whale also transferred 150 million Dogecoin tokens worth more than $13 million in the past 24 hours.
Robinhood Plans To Add Support For Dogecoin
Robinhood Market is very influential both in the financial and crypto markets. The zone-free trading platform gave initial rollouts of its new wallet to 10,000 users in September 2022. The mobile wallet application would allow users to trade and send cryptocurrencies and NFTs.
According to the announcement, the wallet would be available to over 1 million waiting users. But the wallets didn’t appear with initial support for DOGE, raising concerns among the meme coin community. However, the Robinhood platform assured the Dogecoin community that they are working hard to ensure the wallet app would support Dogecoin soon.
Meanwhile, Robinhood’s main trading app already supports Dogecoin. In August 2021, the platform revealed that DOGE yielded up to 62% of the firm's revenue in the year's second quarter. As of then, Dogecoin gave Robinhood more...
|Microsoft Layoffs Reportedly Hit Key VR and Metaverse Teams
The latest round of layoffs at Microsoft, which announced it will cut 10,000 jobs this year, has hit key teams for its VR (virtual reality) and metaverse efforts, according to reports. The company will close two projects in these areas, Altspacevr and the Mixed Reality Tool Kit, potentially affecting the progress of Microsoft in these areas.
Microsoft VR and Metaverse Teams Hit by Layoffs
The latest round of layoffs announced by Microsoft on Jan. 18, has reportedly hit metaverse and VR (virtual reality) initiatives of the company, potentially affecting progress in these areas. Among the 10,000 jobs to be cut this year, representing 5% of Microsoft's global workforce, teams behind initiatives like Altspacevr and the Mixed Reality Tool Kit are being axed as part of this reorganization process.
Altspacevr, which was acquired by Microsoft in 2017, has already announced it will sunset its platform on March 10. The platform, which was aimed at providing services to facilitate the creation of virtual environments for events with the participation of artists, creators, brands, and businesses, will migrate to Mesh, a more work-focused platform that has integration with Microsoft Teams.
The Mixed Reality Tool Kit, an open-source set of tools to build user interfaces for the metaverse will also ostensibly be abandoned, as there are no announcements of new teams dedicated to its development at the time of writing.
Metaverse and VR Slowdown
While the company justified these layoff...
|Bitcoin Funding Rates Hit 14-Month High – What Could This Mean For...
The crypto market has started the year 2023 with a remarkable, bullish run. Over the last few days, several assets have recorded significant profits and are starting to pull through the crypto winter.
Most notably, Bitcoin, the market leader and the world’s biggest digital asset, has been one of the top-performing coins this year. In the last seven days, BTC gained by more than 17%, allowing the coin to surpass the $20,000 price mark for the first time since the start of the FTX crisis.
Bitcoin’s impressive price rally has generated much excitement among the crypto community, along with a significant rise in the positive sentiment around the entire crypto market. However, it appears there might be a need for alertness among investors in the coming days.
Bitcoin Records Highest Funding Rates In Over A Year
According to a post by Maartun, a top analyst on the crypto analytics platform Crypto Quant, Bitcoin funding rates have attained their highest values in 14 months. The Crypto Quant contributor further stated that the occurrence of high funding rates such as these usually resulted in Bitcoin experiencing a price pullback.
Funding rates are recurring payments made to either traders in a long or short position, depending on the difference between perpetual contract markets and spot prices.
In essence, these payments serve as a method of maintaining the price of perpetual contracts close to the spot price of an asset - in this case, Bitcoin.
|Samsung Bitcoin Future Active ETF to Hit Hong Kong Stock Market on Jan 1...
Samsung investment arm's subsidiary - Samsung Asset Management Hong Kong (SAMHK) - outlined plans to list Samsung Bitcoin Futures Active ETF on the Hong Kong stock market starting January 13.
According to the official announcement, the fund in question is a sub-fund of Samsung ETFs Trust III, an umbrella unit trust established under Hong Kong law.
Samsung's Bitcoin Futures Active ETF
The Samsung Bitcoin Futures Active ETF seeks to provide economic exposure to BTC's value by investing in Bitcoin futures products listed on the Chicago Mercantile Exchange (CME). Both retail and institutional investors will be able to gain exposure to Bitcoin. The fund, however, does not invest in the crypto asset directly.
Detailing the fund's investment strategy, Samsung's site noted,
'In seeking to achieve the Sub-Fund’s investment objective, the Manager adopts an active investment strategy whereby it will enter into and have exposure of up to 100% of the Sub-Fund’s net asset value (“NAV”) in Bitcoin Futures on CME.'
Following the development, Park Seong-jin, head of Samsung Asset Management Hong Kong, said in a statement,
'Hong Kong is the only market in Asia where bitcoin futures ETFs are listed and traded in the institutional market. It will be a new option for investors who are interested in Bitcoin as a competitive product that reflects their experience in risk management.'
The latest offering comes on the heels of Samsung Asset Management listing the Samsung Block...
|Ethereum's Shanghai Public Testnet to Hit the Floor in February End
Shanghai upgrade's tentative timeline is set for March 2023, and the Ethereum developers are scaling back and targeting early February to launch its public testnets.
The high-profile upgrade seeks to enable validator staking withdrawals. This feature is currently lacking in the Ethereum network, and the devs deem it the highest priority for the first quarter of 2023. Following the planned hard fork, the users will be able to access coins that have been staked on the network. It is important to note that these assets in question became briefly inaccessible as part of the Merge in September.
'Developers aim to launch public testnets for the Shanghai/Capella upgrade next month and tentatively schedule a mainnet launch for the upgrade sometime in March 2023.'
Meanwhile, the incorporation of an additional feature set is now off the table. Instead, ETH withdrawals, which are currently being tested on a developer-focused test network, are prioritized over code changes.
Debate Over EOF
In a recent call, the developers agreed to remove EOF from the Shanghai upgrade and is likely to be shipped later. Additionally, any additional Ethereum Improvement Proposals (EIPs) from Shanghai in place of the EOF EIPs were also rejected to ensure that the timeline for staked ETH withdrawals does not get delayed.
EOF, which stands for EVM Object Format, essentially introduces various modifications to the code execution environment of Ethereum. However, the developers working on EOF implementation met...
|Biggest Movers: ETC Surges 14% to Hit 6-Week High on Saturday
Ethereum classic was one of the biggest movers to start the weekend, as prices surged to a six-week high. The move saw the token climb by as much as 12%, breaking out of a key resistance level in the process. Polygon also moved higher, as it raced towards a recent price ceiling. Ethereum Classic (ETC)
Ethereum classic (ETC) rose to a six-week high on Saturday, as prices rallied by as much as 14%.
Following a low of $17.94 on Friday, ETC/USD raced to a peak of $20.68 earlier in today's session.
As a result of today's move, ETC broke out of a key resistance level of $20.00, hitting its highest point since November 26 in the process.
Looking at the chart, today's surge came as the 10-day (red) moving average crossed over its 25-day (blue) counterpart.
Recent rallies have also pushed the 14-day relative strength index (RSI) close to overbought territory, with the indicator tracking at its highest point since last August.
Earlier gains have already begun to fade, with previous bulls likely moving to take profit at the level.
Polygon (MATIC) was another notable gainer to start the weekend, with the token climbing for a second straight day.
MATIC/USD raced to a high of $0.8105, which is over 3% higher than Friday's low at the $0.774 mark.
Today's gain has pushed polygon closer to a key resistance level of $0.8200, which was last hit on December 27.
As can be seen from the chart, today's surge has also led to a collision with a ceiling on the RSI, with the index hi...
|Hackers Hit Romanian Hospital, Demand Bitcoin Ransom
A hospital in Romania has been targeted in a ransomware attack with the perpetrators seeking payment in cryptocurrency to decrypt its database. The hack prevents the medical institution from reporting to the country's health insurance fund in order to receive due funding. Botoşani Hospital Blackmailed for Bitcoin, Romanian Media Reports
The Saint Gheorghe Recovery Hospital in Botoşani, Northeastern Romania, has become the target of hackers who locked its medical records from December and demanded to be paid in cryptocurrency to restore access to the files.
After compromising the servers they encrypted the data and left a message in English, asking for a ransom of 3 BTC (over $50,000 at current exchange rates), the local news outlet Monitorul de Botoşani reported on Tuesday, quoted by the English-language portal Romania Insider.
The attack has been well-prepared, the publication noted. Neither the computer specialists from the Directorate for Investigating Organized Crime and Terrorism nor experts working for the Romanian cybersecurity firm Bitdefender were able to decrypt the information.
Dr. Cătălin Dascălescu, the hospital's managing director, told journalists that law enforcement authorities have launched an investigation. 'We hope to resume medical activity at normal capacity from Monday,' he added, without revealing further details.
With its database hijacked, the hospital cannot file its reports for the services performed in the last...
|These Altcoins Will Be Hit The Hardest If DCG And Grayscale Fall
The pressure on the Digital Currency Group (DCG) and Grayscale continues to mount. The Winklevoss twins have given DCG an ultimatum of January 8th to return the $900 million Gemini Earn customer funds, while the users themselves have filed a class action lawsuit against both companies.
In addition, in what is believed to be a tactical decision, Valkyrie Investments and Fir Tree recently got involved in the 'Shakespearean drama,' as NewsBTC reported yesterday. Thus, the pressure on DCG CEO Barry Silbert is building up day by day, while he is presumably hoping for Feb. 3rd when a three-judge panel will rule on the complaint against the U.S. Securities and Exchange Commission for refusing to convert GBTC into a Bitcoin spot ETF.
These Altcoins Are The Biggest Holdings Of DCG And Grayscale
As many know, Grayscale owns a massive amount of Bitcoin as part of its GBTC, namely more than 630,000 BTC, which is causing great concerns among investors. However, as a Twitter user, Karl shows, not only BTC investors but also altcoin investors should be rooting for Silbert's companies to survive.
While the more than 630,000 BTC 'only' represent 3.28% of all Bitcoins in circulation, there are two altcoins owned by the company that represents an even higher percentage of the total market cap. Within its other trusts, Grayscale holds a staggering 8.53% of all Ethereum Classic (ETC), the equivalent of around $189 million. Second, on the list is Horizen (ZEN). The share of the total market capit...