The Astar community has recently voted on a significant token burn proposal. The initiative aims at burning 350 million ASTR tokens, approximately 5% of its initial supply. This decision follows an announced update in Polkadot’s parachain auction system. Astar network adopts a new strategy with a major token burn as it navigates recent market turbulence
Astar Network voted to remove from circulation the initial token supply allocated for Polkadot parachain auctions.
The post Bitcoin Spot ETFs Experience Significant Outflows Amid Market Correction appeared first on Coinpedia Fintech News On July 3, 2024, Bitcoin spot ETFs saw a total net outflow of $20.4495 million. Grayscale ETF (GBTC) led the decline with a substantial single-day outflow of $26.9947 million. Conversely, Fidelity ETF (FBTC) experienced a single-day inflow of $6.5451 million. Despite the outflows, the total net asset value of Bitcoin spot ETFs stands at $51.872 …
Bitcoin continues to be incredibly bearish amid negative market headwinds but that has not stopped investors from taking their positions during this time. These large investors who are holding more than $600,000 worth of Bitcoin have been accumulating BTC at an accelerated rate over the last six months. Bitcoin Holders Increase Wallet Holdings On-chain data tracking platform, Santiment, recently revealed that Bitcoin investors have been increasing their holdings over the last six months. According to the report posted on X (formerly Twitter), the major cohort involved in this buying are the wallets holding more than 10 BTC in their wallets. Related Reading: XRP Price Attempts Bullish Decoupling Amid Major Developments The report shows that over the last six months, these holders have increased their collective holdings by 1.07%. While this may seem like only a small increase, it translates to over 5,000 BTC that these wallets have added in the space of half a year. A trend that has been maintained during this accumulation is the fact that the buying has gone up whenever the Bitcoin price has crashed. For example, in early May when the Bitcoin price crashed, these wallets increased their buying. This time around, as the BTC price has struggled to retain the $60,000 level, they have begun to buy once more. Santiment’s data shows that during the last month, their holdings have increased drastically, bringing it to a total of 16.17 million BTC held by these wallets. USDT And USDC Holdings Supports Accumulation Theory One thing that also suggests that these whales have been buying Bitcoin aggressively over the last six months is the change in the USDT and USDC holdings of wallets. Usually, investors will hold these stablecoins as a way to avoid market volatility and wait for better prices. However, once prices get low enough, they begin to buy, and this buying translates to a drop in the balances of their stablecoin holdings. For example, Santiment’s report points to a drop in the USDT and USDC holdings of sharks and whales holding between $100,000 and $1 million, although the USDT holdings have taken more of a hit. Related Reading: Bitcoin Miners Slow Down Selling In July, What This Could Mean For Price USDC holdings of these large wallets have dropped by 1.99% in the last six months, bringing their holdings to 34.2% of the current supply. Meanwhile, USDT holdings have dropped by 5.37% in the same time period, dropping their holdings to 30.3% of the total supply. What this shows is a willingness to buy Bitcoin at these low prices in anticipation of a price recovery. If this buying continues, it could created a much-needed support for the BTC price at $60,000, increasing the possibility of a price increase from here. Featured image created with Dall.E, chart from Tradingview.com
On-chain data shows XRP addresses holding at least 1 million tokens have surged beyond the 2,000 mark despite XRP’s market… The post Here are Addresses Holding 1,000,000 XRP As XRP Trades at $0.46 first appeared on The Crypto Basic .
South Korea’s crypto exchanges, led by DAXA, are preparing to comply with new investor protection regulations, which will take effect on July 19. Established cryptocurrencies from recognized overseas markets with robust regulations will benefit from a more lenient screening process. Crypto-related crime is rising in Korea, necessitating new regulations to protect investors and both deter
The crypto prices today have mainly taken a significant bearish direction, keeping traders and investors on edge. Bitcoin’s (BTC) price stooped as low as the $58K mark in the past 24 hours, while top altcoins Ethereum (ETH), Solana (SOL), and XRP mirrored this downtrend. The global crypto market cap plunged by 3.94% to rest at The post Crypto Prices Today July 4: Bears Takeover BTC & Top Cryptos, But WLD Price Gains appeared first on CoinGape .
Animoca Brands collaborates with Gala Games to enhance the $GALA token experience with liquidity services. Yat Siu predicts over 100 million users will join Web3 via gaming and Telegram’s TON blockchain in 18 months. Animoca Brands plans to go public by 2026, preparing extensive regulatory and strategic groundwork. Animoca Brands, a leading gaming and metaverse
Bitcoin (BTC) witnessed a massive price drop in the last 24 hours to about $60k, but there are chances of a full recovery after this pullback. Bitcoin [BTC] witnessed a price correction in the last 24 hours. A major reason behind this could be the rise in liquidation. Nonetheless, BTC was approaching a crucial support
There are signs of Bitcoin miner capitulation, which could indicate a bottom in Bitcoin prices, according to a report by CryptoQuant. The post Bitcoin Network Shows Signs of Miner Capitulation: CryptoQuant appeared first on Cryptonews .