CryptoSlate Wrapped Daily: Ethereum losses deflationary gains; Andre Cronje reveals how DeFi saved Fantom

The biggest news in the cryptoverse for Feb. 2 saw Kraken announce the closure of its Abu Dhabi office. Meanwhile, Bithumb owner Kang Jong-hyun has been arrested on embezzlement charges. Elsewhere, a Texas judge has ruled in favor of Sam Bankman-Fried in a securities case. Plus, research on the “bullishness” of investors around the world.

The cryptocurrency market cap saw a net outflow of around $10 billion over the last 24 hours and currently stands at $1.08 trillion — down 0.86% from $1.09 trillion. Over the reporting period, Bitcoin and Ethereum’s market cap fell 1.32% and 1.51% to $453.27 billion and $201.57 billion, respectively.

The cryptocurrency market cap saw a net inflow of around $40 billion over the last 24 hours and currently stands at $1.09 trillion — up 4.22% from $1.05 trillion. Over the reporting period, Bitcoin and Ethereum’s market cap increased by 3.17% and 5.69% to $459.17 billion and $204.59 billion, respectively.

Crypto investment firm M31 Capital shared its 2023 predictions and said it expects Bitcoin (BTC) to skyrocket. The firm said in its 2022 recap report that it expects adoption to increase further. The document also states that chains and NFTs might evolve in a new direction, and privacy technology might...

Cathie Wood’s ARK Invest expects Bitcoin’s price to rise to $1M per coin by 2030, along with a boom in annual fees of smart contract networks, according to a new report published by the investment management firm. The highlights of the Jan. 31 report include:. Bitcoin will hit...

The biggest news in the cryptoverse for Feb. 1 saw DeFi platform AllianceBlock fall victim to a $12 million exploit. Meanwhile, the decentralized social media project Nostr has launched a mobile app called Damus. Plus, FTX has published a financial update that contradicts court filings, former FTX CEO Sam Bankman-Fried has been barred from using Signal and communicating with FTX associates, and the Shredded Apes NFT project has become the victim of theft. Plus, comments from CoinShares and M13 Capital.

Disclaimer: This is a sponsored press release. Readers should conduct their own research prior to taking any actions related to the content mentioned in this article. Learn more ›. London, United Kingdom, 2nd February, 2023, Chainwire — The Metacade presale is selling out fast with stage 3 coming to a...

Russian leading lender Sberbank has hinted at plans to launch decentralized finance (DeFi) platform on the Ethereum blockchain by the end of May, 2023, Interfax news reports. Sberbank director of the blockchain laboratory Konstantin Klimenko disclosed that the Russian bank was at an advanced stage of developing its DeFi platform.

On Feb. 1, the Fed hiked an expected 25bps — taking the fed funds target to a range of 4.5% to 4.75%. Chair Powell acknowledged that inflation had “eased somewhat.” However, it remains “elevated,” and “the committee anticipates that ongoing increases in the target range will be appropriate.”

Warren Buffett’s business partner Charlie Munger has proposed that the United States should follow in the steps of China to ban cryptocurrencies- which he considers a gambling contract. In a WSJ opinion piece published on Feb. 2, Munger said that thousands of new cryptocurrencies had flooded the market, exposing...

MicroStrategy, known for its repeat investments in Bitcoin, purchased more of the digital asset last quarter, according to a Feb. 2 investor report. Andrew Kang, CFO of Microstrategy, said that the company increased its total Bitcoin holdings to approximately 132,500 BTC during the fourth quarter of 2022. That amount had a market value of $2.194 billion at the end of the quarter on Dec. 31, 2022.

A survey of 835 institutional traders from 60 different global locations revealed that 72% have no plans for crypto trading in 2023, according to data released by JPMorgan. According to the survey, most traders had no interest in crypto trading because of market volatility. 46% of the traders said volatile markets’ would be their greatest daily trading challenge in 2023, while 22% said liquidity availability would be the most significant issue. Others cited issues like regulatory change, data availability, price transparency, etc.

Cryptocurrencies, such as Bitcoin (BTC), have been gaining popularity in recent years as a means of digital exchange. However, the environmental impact of Bitcoin mining and other cryptocurrencies has become a growing concern. In this story, the environmental impact of Bitcoin and other cryptocurrencies will be explored, including the energy...

Bankrupt crypto miner Core Scientific would transfer its ownership of 27,403 mining machines to crypto lender NYDIG to pay off a $38.6 million loan, according to a Feb. 2 court filing. Core Scientific said the transferred machines are “no longer necessary” for its “current operations and future business plans.” It...

Meta ⁠— formerly Facebook ⁠— reported positive news for general investors but bad news for those interested in its virtual reality (VR) division in its Feb. 1 earnings report. The company saw substantial revenue, bringing in $32.17 billion during Q4 2022 and $116.61 billion over the...

Disclaimer: This is a sponsored press release. Readers should conduct their own research prior to taking any actions related to the content mentioned in this article. Learn more ›. San Francisco, San Francisco, 2nd February, 2023, Chainwire — Open source blockchain ReserveBlock has announced the listing of its native coin...

In this episode of BitTalk, hosts Akiba, James van Straten, and Nicholas Gregory discussed the state of and NFTs. First, Nicholas brought up the Ordinals debate, causing a buzz in the bitcoin world. He explained that while NFTs have been around for some time, with the introduction of a new protocol called Ordinals, they have become a hot topic. Storing large NFTs on the Ordinals protocol would take up a significant amount of block space, bringing up memories of the block size wars.

Glassnode data analyzed by CryptoSlate analysts suggests that rising Bitcoin (BTC) price also increases miner profitability and revenue, which have been historical pointers for market bottoms. CryptoSlate looked into the Difficulty Regression Model and Miner Revenue vs. Yearly Average comparison metrics to evaluate miners’ profitability. While both metrics agree that...

U.S.-based mining company Marathon Digital mined 687 Bitcoin (BTC) and sold 1,500 BTC in January, according to its monthly status report. Marathon’s January production marks a 45% increase from December 2022’s 475 BTC, according to the January report. Marathon’s CEO, Fred Thiel, acknowledged the increase in production and...

Coinbase NFT has denied rumors that it is shutting down its marketplace, saying it was only pausing creator drops on the platform, according to a Feb. 1 statement. The crypto exchange’s NFT platform said it made this decision to “focus on other features and tools that creators have asked for.”