Dogecoin, an emblematic creation born from an internet meme, has experienced a remarkable surge of 20% in recent trading sessions, capturing the attention of investors amidst a broader downturn in the cryptocurrency market. This surge comes at a pivotal moment as Coinbase Derivatives, the derivatives arm of the renowned US-based crypto exchange, announces its intention The post Dogecoin Price Rallies 20%: Key Reasons Behind DOGE’s Recent Jump appeared first on CoinGape .
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Dip in Ethereum NFTs as Blur Season 3 comes to an end
Iconic nonfungible token collections recorded huge percentage losses in the previous week since BLUR users unloaded inventory. Blur Season 3 will end in the upcoming weeks, and Ethereum-based nfts are sold out on a very large scale. Blur’s airdrop farming program is termed Season 3, where the user community will get profitable rewards with [REDACTED]. …
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Red Alert For Bitcoin: Network Hashrate Takes A 20% Dive
The post-halving world of Bitcoin continues to throw curveballs. After a hashrate surge to celebrate the block reward reduction in April, Bitcoin’s computational power has taken a nosedive, dropping 20% in recent weeks. Related Reading: Pepe Power! Meme Coin Surges On Back Of GameStop Nostalgia This unexpected decline has ignited a debate among analysts, with some sniffing out a fire sale and others urging caution. Bitcoin: Hashrate Hiccup Or Miner Exodus? Hashrate, a measure of the combined processing power dedicated to securing the Bitcoin network, typically climbs after a halving event as miners invest in more powerful rigs to compete for the reduced rewards. However, this time around, the trend defied expectations. Experts like Maartunn, a pseudonymous analyst at CryptoQuant, believe this signals a potential “miner capitulation.” Less efficient miners are now likely throwing in the towel. The halving, which cut block rewards in half, squeezed profit margins for miners using older equipment. As these miners shut down their operations, the hashrate dips. Hash Ribbons Flash Warning Sign Supporting Maartunn’s theory is a technical indicator called Hash Ribbons. This metric tracks the difference between short-term and long-term hashrate averages. When the gap widens, it suggests a decline in mining activity, potentially due to less efficient miners dropping off. The recent hashrate plunge has triggered a spike in Hash Ribbons, historically a sign of miner capitulation that has often coincided with price lows for Bitcoin. Bitcoin Miners Selling Off? Further fueling the capitulation theory is a decrease in Bitcoin’s Miner Reserve. This metric tracks the amount of Bitcoin held in wallets associated with miners. A decline in the reserve suggests miners might be offloading their mined coins, potentially to cover operational costs or to exit the market altogether. Undervaluation Signal Or Cyclical Dip? Maartunn interprets these signs as a bullish indicator. Hash Ribbons often point to opportune moments to buy, he argues. Backing his claim is the Market Value to Realized Value (MVRV) ratio, which suggests Bitcoin might be undervalued. This metric compares the current market price to the average price at which all Bitcoins were acquired. A negative MVRV, like the one Bitcoin currently has, suggests the asset is trading below its historical cost basis, potentially indicating a buying opportunity. Related Reading: Buckle Up, XRP Fans: Analyst Eyes Price Explosion To $0.65 In Next 5 Days Not Everyone On The Capitulation Train However, not all analysts are convinced. Some argue that the hashrate decline could be temporary, perhaps due to factors like extreme weather events disrupting mining operations in certain regions. Additionally, the post-halving period is typically one of adjustment for miners, and a short-term hashrate fluctuation might not necessarily signal a mass exodus. The post-halving Bitcoin landscape is still unfolding. While the hashrate decline and other signs suggest a potential buying opportunity, particularly for long-term investors, the situation remains fluid. Featured image from Shutterstock, chart from TradingView
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New Gaming Crypto Presale Raises $1M – Could Mega Dice Token Explode?
A new cryptocurrency called Mega Dice Token (DICE) is shaking up the gaming world. With over $1 million raised in its presale, DICE is turning heads, leading to speculation that it could be the next GameFi project to explode. DICE Token Looks to Revolutionize Crypto Casino Gaming Mega Dice isn’t just another online casino –
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Defiant Tornado Cash Developer Alexey Pertsev Appeals Conviction, Seeks Justice
Alexey Pertsev, the developer behind the controversial cryptocurrency mixing service Tornado Cash, is challenging his recent conviction for money laundering in a Dutch court. The case has ignited a firestorm of debate within the crypto community, raising questions about developer responsibility and the future of open-source software. Related Reading: Ethereum ETF Dreams Dashed? Analyst Says
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Pyth Network announces a new grants program
The Pyth Data Association has launched the Pyth Ecosystem Grants Program, offering $50 million in PYTH grants to eligible community … Continue reading The post Pyth Network announces a new grants program appeared first on Finbold .
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Ethereum: Mixed Signals Emerge After Recent Price Gains
The Ethereum (ETH) market exhibits signs of potential short-term bullishness, according to technical indicators and analyst commentary. Ali Martinez, a cryptocurrency analyst, identified a buy signal on the daily chart using the TD Sequential indicator, suggesting a possible price rebound within the next one to four candlesticks.At the time of writing, Ethereum has risen 3.61% The post Ethereum: Mixed Signals Emerge After Recent Price Gains appeared first on Coin Edition .
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