Rinku
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Bitcoin now deflationary due to Strategy's BTC purchases — Analyst
Strategy, a Bitcoin
BTC
$104,237
treasury company, is accumulating Bitcoin at a faster rate than total miner output, giving the supply-capped asset a -2.33% annual deflation rate, according to CryptoQuant CEO and market analyst Ki Young Ju.
"Their 555,000 BTC is illiquid with no plans to sell," the analyst wrote in a May 10 X post. "Strategy's holdings alone mean a -2.23% annual deflation rate — likely higher with other stable institutional holders," Ju continued.
Michael Saylor, the co-founder of Strategy, is an outspoken Bitcoin advocate who evangelizes the scarce digital currency to potential investors and has inspired many other companies to adopt a Bitcoin treasury plan. 0 reply
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Trump exempts select tech products from tariffs, crypto to benefit?
United States President Donald Trump has exempted an array of tech products including, smartphones, chips, computers, and select electronics from reciprocal tariffs, giving the tech industry a much-needed respite from trade pressures.
According to the US Customs and Border Protection, storage cards, modems, diodes, semiconductors, and other electronics were also excluded from the ‘reciprocal’ trade tariffs.
"Large-cap technology companies will ultimately come out ahead when this is all said and done," The Kobeissi letter wrote in an April 12 X post. 0 reply
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Will Solana price hold $180 after 30% drop in weekly DApp volumes?
Solana’s native token SOL
SOL
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$184.75
failed to sustain levels above $200 after multiple rejections between Dec. 25 and Dec. 26. This movement aligned with the broader cryptocurrency market, which saw a 3.5% decline over two days ending Dec. 27. However, SOL underperformed with a 5.1% correction, raising concerns among traders about potential further price declines.
One key source of concern was Solana’s onchain network volumes, which dropped by 30% over seven days.
Solana's weekly DApp volumes, as tracked by DefiLlama, also reflected negative trends. Highlights include a 39% decline in activity for Orca and Phoenix over seven days, while Raydium activity dropped 30%. Of greater concern, memecoins on Solana, which have been a significant draw for new users, posted poor 30-day performance. Onchain activity—spanning token launches, staking, and trading—remains a crucial driver of demand for SOL.
Among memecoins, Pop… 0 reply
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Bitcoin ‘Santa Claus rally’ hopes dwindle as price hits December low
Bitcoin has dropped to its lowest price since late November, dampening hopes of a “Santa Claus rally” that has historically resulted in solid gains over the holiday period in years preceding market cycle peaks.
Bitcoin
BTC
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$94,421
fell to $92,442 during late trading on Dec. 23, its lowest price in four weeks, and a correction of 14.5% from its all-time high of just over $108,000 on Dec. 17.
It briefly rebounded to reclaim $95,000 before falling back to $94,000 during early trading on Dec. 24 and it currently remains down more than 11% over the past week.
Crypto markets have historically performed well through the festive season during bull markets, but Bitcoin’s dismal December performance has quashed hopes of a so-called Santa Claus rally — a price jump during the last five trading days of December through to the first two trading days in January.
However, crypto trader ‘Mister Crypto’ compared Bitco… 0 reply
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Dogecoin and Pepe prices recover as new meme called Wall Street Pepe raises $33.5M in presale
Bitcoin has started rallying again, up 3.9% to $98,147.96 per BTC over the last 24 hours. The crypto market overall is near its ATH of $3.79 trillion, sitting at $3.57 Trillion today. With this, top memecoins are recovering from their weekly losses.
Over the last 24 hours, the memecoin market has recovered by almost $10 billion in market cap, breaking through the $100 billion mark again.
The world’s biggest memecoin, Dogecoin (DOGE), has grown 19.07%, while Pepe (PEPE) recorded the biggest growth out of the top 3 biggest memecoins, rising 24.14% today.
Meanwhile, memecoin presales are also performing strongly. Wall Street Pepe (WEPE) has now hit the $33.5m mark in its presale, while Crypto All-Stars prepares to launch on exchanges on Monday.
Despite making significant gains today, Dogecoin is still down 16.74% over the week, with its current price of $0.3385 sitting well below its peak this year at $0.48… 0 reply
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Crypto liquidations hit $1B as traders were ‘unprepared for bad news
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More than $1 billion has been liquidated in the crypto market over the past 24 hours as market participants were caught off guard by the strong momentum for crypto over the past 30 days.
However, the analyst suggests the market downturn may be short-lived.
“We’ve had such a bullish narrative over the last month that the market was completely unprepared for bad news. Now we’re seeing indiscriminate selling,” Swyftx lead analyst Pav Hundal told Cointelegraph.
‘Short-term angst,’ says analyst
“It’s not the start of the Christmas run-in we’d hoped for. But it looks like short-term angst,” Hundal said.
On Dec. 19, approximately $1.02 billion was liquidated from the crypto market within 24 hours, of which around $856.66 million was long positions, according to CoinGlass data.
Over the same period, Bitcoin
BTC
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$97,064
fell 3.36%, back down below the $100,000 psychological level.… 0 reply
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Dogecoin flips Porsche, trader turns $160 into $5.6M, and more
Dogecoin has surpassed the market capitalization of luxury automaker Porsche, driven by endorsements from Elon Musk and the potential launch of an exchange-traded product for the memecoin.
Dogecoin has risen 175% during the past month to a $57.8 billion market capitalization, surpassing Porsche’s $56.1 billion market cap, as of 8:34 am UTC on Nov. 27, Cointelegraph data showed.
Dogecoin has had significant momentum in 2024, partly driven by continued social media endorsements from billionaire Elon Musk. Musk’s recent involvement in creating the nascent Department of Government Efficiency (DOGE), an agency aimed at cutting government spending and streamlining regulations, has further stoked interest.
According to The Kobeissi Letter, Bitcoin futures open interest on CME surpassed 40,000 contracts, and prior to the Nov. 28 Thanksgiving holiday in the US, CME Bitcoin futures volumes were at $12.3 billion.
Trading volumes surged in the Eu… 0 reply
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NFTs hit $158M weekly sales, Sky Mavis lays off 21% of workforce: Nifty Newsletter
In this week’s newsletter, read about how non-fungible token (NFT) sales have continued their upward momentum, and find out why Sky Mavis, the company behind Axie Infinity, laid off 21% of its workforce. In other news, crypto exchange Kraken is winding down its NFT marketplace and FIFA and Mythical Games will collaborate on a blockchain game.
NFTs record $158 million weekly sales volume, led by Ethereum, Bitcoin
NFTs continued to show strong weekly sales, recording $158 million in Nov. 18–24. While the data shows a 12.7% decrease compared to the previous week, the volume remained above its levels at the beginning of November. From Nov. 4–10, the weekly sales volume was only $93 million.
NFTs are also on track to end November on a strong note. In October, NFTs recorded $356 million in sales. Meanwhile, November had already recorded a volume of more than $400 million.
Kraken winds down NFT marketplace
Crypto excha… 0 reply
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Bitcoin long-term holders do not see $90K 'as an enemy
Bitcoiners who have held their coins for over 155 days aren’t all holding out for a six-figure price tag, with some happily taking profits once Bitcoin surpassed $90,000, according to a crypto analyst.
In a Nov. 16 market report, CryptoQuant contributor Percival noted that Bitcoin
BTC
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$90,754
long-term holders (LTH) — addresses holding BTC for 155 days or more — “do not see $90K as an enemy” and are engaging in profit-taking. Before breaking its $73,800 all-time high from March on Nov. 5, Bitcoin’s price had consolidated between $53,000 and $72,000 for almost seven months.
At the time of publication, Bitcoin is trading at $89,945, according to CoinMarketCap data.
$90K ‘first target’ for Bitcoiners who have been around for a while
“Some of these investors have been here for many years, and for them, this first target would be a profit-taking zone,” Percival added. Bitcoin surpassed $90,000 for the first time on Nov.… 0 reply
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Bitfinex wallet hacker returns most of the $20 million back to US gov’t
The malicious actor who drained a United States government wallet of approximately $20 million on Oct. 24, containing seized funds from the 2016 Bitfinex hack, returned $19.3 million to the government wallet less than 24 hours later.
According to Arkham Intelligence, several wallets controlled by the hacker returned the funds to the US government wallet, beginning with the characters “0xc9E.” At the time of this writing, roughly 88% of the funds have been returned.
Onchain data shows the hacker returned approximately 2,412 Ether
ETH
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$2,472.44
, 7,200 USD Coin
USDC
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$1.00
and $13.2 million in Aave-staked USDC (aUSDC). Blockchain sleuth ZackXBT noted that the returned funds do not include the approximately $700,000 the hacker sent to instant exchanges.
The identity of the hacker and the motivation behind the attack are not currently known, but the incident reflects a growing trend of hacks and exploit… 0 reply
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