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Bitfinity EVM Launches Bitcoin Layer 2 with Runes Support

May 17, 2024News FeedUncategorized

The Internet Computer-based Bitfinity platform introduces its Ethereum Virtual Machine, facilitating smart contract execution for Bitcoin protocols and enabling Bitcoin DeFi applications with Runes support. Built on the Internet Computer protocol, Bitfinity integrates with the Bitcoin network, offering asset bridging to other blockchains. Leveraging Ethereum’s smart contract language Solidity, developers can access Bitcoin-based tokens, including…

Bitcoin’s Tech Stock Correlation Hits New High Since August

May 17, 2024News FeedUncategorized

Bitcoin (BTC-USD) found itself grouped with other speculative investments during the run-up of the Federal Reserve’s last tightening cycle, declining on expectations that higher interest rates would dampen the risk appetite. Now, with optimism growing again that borrowing costs could soon be heading lower, proponents of the biggest cryptocurrency argue that it’s more akin to…

Bank of America Upgrades Coinbase to Neutral

May 17, 2024News FeedUncategorized

Bank of America (NYSE:BAC) has revised its rating on Coinbase (NASDAQ:COIN) from underperform to neutral, with a raised price target of $217, up from $110. According to the bank’s report, the current macroeconomic environment has fostered growth in crypto market capitalization and trading volumes. While the bank acknowledges positive dynamics, it also highlights risks associated…

Memecoins Outpace Wider Crypto Market

May 16, 2024News FeedUncategorized

The memecoin market has surged, with its market cap reaching $58 billion and posting a 10% gain in the last 24 hours, outpacing the broader cryptocurrency market, which saw a 5.5% increase over the same period. The top five memecoins, comprising around 77% of the total market cap, have seen significant gains. Notably, Shiba Inu…

Coinbase Shares Fall 9% on CME Spot Bitcoin Trading Report

May 16, 2024News FeedUncategorized

Shares of Coinbase (NASDAQ:COIN) fell nearly 8% on Thursday, dropping to $202.49, following a Financial Times report that the Chicago Mercantile Exchange (NASDAQ:CME) might soon offer spot bitcoin trading amid strong interest from its clients. Cryptocurrencies were up on the day, with the CoinDesk 20 Index, which tracks 20 of the largest digital tokens by…

Bitcoin Options Traders Expect Price Correction

May 16, 2024News FeedUncategorized

Analysts suggest that Bitcoin derivatives traders are willing to pay a premium for short-term downside protection, despite a more optimistic outlook for longer-term options distributions. CF Benchmarks’ analysis of Chicago Mercantile Exchange (CME) options on bitcoin futures reveals that investors continue to pay elevated premiums for out-of-the-money (OTM) puts, indicating a bearish sentiment in the…

Dogecoin Co-Founder Doubts SEC Approval of Spot Ether ETF

May 16, 2024News FeedUncategorized

The US Securities and Exchange Commission has yet to decide on spot Ethereum exchange-traded funds. On May 16, Billy Markus, co-founder of Dogecoin, expressed his doubts about their approval, suggesting that the SEC is “compromised” and may reject the ETFs. Markus made his skeptical comment in response to a social media post discussing the importance…

Bitcoin Mining Costs Drop to $45K as Inefficient Miners Exit: JPMorgan

May 16, 2024News FeedUncategorized

JPMorgan (NYSE:JPM) estimates that the current cost of mining Bitcoin has dropped to around $45,000, down from over $50,000. This decrease follows the quadrennial halving event last month, which cut miner rewards by 50%. The hashrate, which measures the total combined computational power used for mining and processing transactions on the Bitcoin network, did not…

Mastercard Selects Five Startups for Blockchain Program

May 15, 2024News FeedUncategorized

Mastercard (NYSE:MA) has announced the selection of five startups to participate in its digital assets program, which aims to foster the development of blockchain use cases. The chosen startups will join Mastercard’s Start Path blockchain and digital assets program, focusing on the creation of blockchain use cases and user experiences. Through this initiative, Mastercard (MA)…

Circle Moves Legal Home to U.S. for IPO: Bloomberg

May 15, 2024News FeedUncategorized

Circle (CIRC) recently submitted court documents to transfer its legal domicile to the United States from Ireland, as reported by a spokesperson for the company. Circle (CIRC) initiated the relocation of its legal headquarters to the United States from Ireland. The company, which is the issuer of the second-largest stablecoin, announced its intention to go…