In the past 24 hours, the cryptocurrency market has shown signs of stabilization, with Bitcoin trading at around $61K and Ethereum struggling to stay above $3K. Following a sudden correction that saw Bitcoin’s price drop below $61K and lose around 3.5%, the market experienced some turbulence. However, the situation seems to have calmed down since
Crypto
Core Scientific, a frontrunner in Bitcoin mining, recently unveiled its financial results for the first quarter of 2024, showcasing a remarkable improvement since emerging from bankruptcy. The company’s net income soared to $210.7 million, a stark contrast from the net loss of $0.4 million reported during the same period in 2023. Total revenue also witnessed
Despite experiencing a 20% weekly decline in its price, analysts are optimistic about a significant rally for Shiba Inu in the near future. Various factors, such as the sharp increase in SHIB’s burn rate and improvements to its Shibarium layer-2 platform, are seen as bullish signals for its future price. The popular meme coin, Shiba
In recent days, Monero has been a subject of increased attention and discussions across various social media platforms. This surge in interest can be attributed to the closure of LocalMonero, a peer-to-peer exchange that was based on Monero (XRP). The announcement of LocalMonero’s closure, as detailed in a blog post, cited a combination of internal
The digital asset investment products experienced outflows for the fourth consecutive week, totaling $251 million. This trend indicates a bearish sentiment in the market, with investors pulling out their funds. One notable aspect was the “measurable outflows” from newly issued ETFs in the US, amounting to $156 million last week. This suggests that investors are
Hong Kong’s Bitcoin ETFs faced their first significant setback after launching on April 30, as they experienced their first cumulative daily BTC outflows on Monday. The China Asset Management Bitcoin ETF saw an outflow of $4.9 million, while other Hong Kong-based products reported no flows. This initial outflow raised concerns about the viability of these
Robinhood Markets Inc. has recently found itself in hot water as the Securities and Exchange Commission (SEC) has threatened legal action against the popular crypto trading platform. In a Form 8-K filed on Saturday, the company disclosed that it had received a Wells Notice from the SEC on May 4. This notice indicated that the
Blockchain analytics company Elliptic has recently announced significant progress in using artificial intelligence (AI) to identify money laundering activities in Bitcoin. By collaborating with researchers from the MIT-IBM Watson AI Lab, Elliptic has been able to uncover illicit proceeds deposited at cryptocurrency exchanges, new patterns in money laundering transactions, and previously unidentified illegal wallets. This
The rise of meme coins in the cryptocurrency market has sparked an important conversation about regulatory oversight. Chris Dixon, a general partner at Andreessen Horowitz (a16z), recently shared his concerns about the US regulatory system and its treatment of meme coins. He questioned why meme tokens are permitted to thrive while other cryptocurrency companies and
Coinbase, the leading U.S. cryptocurrency exchange, recently released its earnings report for the first quarter of 2024. The report showcases impressive financial figures, with the company generating a total revenue of $1.6 billion, marking a significant 72% increase from the previous quarter. This growth can be attributed to the surge in cryptocurrency prices and the
