Author: Max Bauer
The cryptocurrency market has once again become the stage for a bizarre intersection of internet culture, politics, and Elon Musk’s influence. A new memecoin, “Pnut,” has seen its value skyrocket following a tweet from Musk, all connected to a controversial decision to euthanize a pet squirrel known online as “Peanut.” The incident, currently fueling political debate in the US, involves the authorities’ decision to put down the squirrel due to its wild nature. Supporters of former President Donald Trump have placed blame on the Biden-Harris administration, sparking online outrage. Elon Musk, a known Trump supporter, has also weighed in, frequently…
The volatile world of memecoins has once again demonstrated its potential for both immense gains and devastating losses. A cryptocurrency whale, closely tracked by market observers, recently missed out on a substantial profit, losing over $1 million by selling their Pnut holdings before a significant price surge. According to data from on-chain analytics platform Lookonchain, the whale sold 19.1 million Pnut tokens at a loss of $1,099. This same amount of Pnut is currently worth $1.6 million, highlighting the missed opportunity. The whale’s initial investment in Pnut consisted of 11 SOL (approximately $1,882 at the time) for the 19.1 million…
Tron is experiencing a resurgence in network activity, according to a recent analysis by cryptocurrency data firm CryptoQuant. The blockchain’s share of total transactions across major altcoin networks has climbed to an impressive 43%, reaffirming its position as a leading platform for transaction processing. CryptoQuant highlights that Tron has consistently been at the forefront of altcoin transaction volume throughout 2024. In October alone, the network processed a staggering 230 million transactions. This surge in activity culminated in a notable spike on October 24th, with 10.46 million transactions recorded – approximately 25% above the 30-day moving average. While Tron’s dominance saw…
Cryptocurrency markets are buzzing with anticipation ahead of the US presidential election, with Bitcoin flirting with its all-time high despite mixed economic data and a strengthening US dollar. According to a new analysis from QCP Capital, the market remains highly volatile, with traders hedging their bets amid uncertainty surrounding the election outcome. Last week saw a rollercoaster of economic news. Thursday’s Core PCE inflation reading came in slightly hotter than expected at 2.7% year-over-year, versus a forecast of 2.6%. Friday’s Non-Farm Payroll (NFP) figures, however, delivered a significant downside surprise, showing only 12,000 jobs added compared to the 110,000 expected.…
Sheetz, a prominent Mid-Atlantic convenience store chain, announced today the expansion of its cryptocurrency payment options to all 750+ locations through a partnership with digital payments platform Flexa. This initiative positions Sheetz as one of the first major convenience store chains in the United States to offer widespread cryptocurrency acceptance. Building on a successful initial rollout at select stores, the expanded partnership enables customers across Pennsylvania, North Carolina, Virginia, West Virginia, Ohio, Michigan, and Maryland to utilize digital assets such as Bitcoin, Ethereum, Litecoin, and USDC for purchases. Transactions are facilitated through the Flexa platform, which integrates directly with Sheetz’s…
Swiss banking giant UBS has joined the ranks of traditional finance institutions venturing into the world of tokenized assets, launching an investment fund on the Ethereum blockchain. This move follows similar initiatives by BlackRock and Franklin Templeton, signaling growing institutional interest in the potential of blockchain technology for traditional finance. UBS’s new product, the USD Money Market Investment Fund Token (uMINT), will be backed by “money market instruments,” according to a recent press release. While the specific composition of the underlying assets remains unclear, it marks a significant step for UBS in exploring the tokenization of traditional financial products. It…
Bitcoin miners faced another challenging month in October, as both revenue and profit declined for the fourth consecutive month, according to a recent research report by JPMorgan. The bank’s analysis paints a picture of increasing competition and shrinking margins in the Bitcoin mining industry. JPMorgan estimates that daily Bitcoin mining revenue fell by 1% in October, averaging $41,800 per exahash per second (EH/s) of hashrate. Hashrate, a measure of the total computational power dedicated to mining, serves as an indicator of industry competition and mining difficulty. The decline in revenue suggests a more competitive landscape for miners. Profitability also suffered,…
Sixteen years after the release of its groundbreaking whitepaper, Bitcoin continues to reign supreme in the cryptocurrency world. Economist Fred Krueger recently offered his insights into the key factors driving Bitcoin’s enduring success, highlighting five crucial elements. 1. Decentralized Governance: The Power of Pure Code Krueger emphasizes Bitcoin’s unique governance model, distinguishing it from projects like Solana, Cardano, and Ethereum. “Bitcoin is pure code,” he states, pointing to the absence of a centralized founding group dictating updates. While changes occur, they aren’t governed by a predetermined set of rules or a select group of decision-makers, fostering a truly decentralized system.…
Tether Holdings Limited (BVI) has released its third-quarter 2024 assurance opinion, conducted by the global accounting firm BDO. The report reveals record financial performance, including a $2.5 billion net profit for Q3, contributing to a nine-month profit of $7.7 billion. The company’s group equity reached $14.2 billion, with total consolidated assets of $134.4 billion. Tether’s circulating supply of USD₮ reached a new all-time high of nearly $120 billion, representing a 30% year-to-date increase. The company attributes this growth to the increasing global demand for its stablecoin. Tether’s reserves now hold over $105 billion in cash and cash equivalents, with $102.5…
The whirlwind rise and fall of the RIPETH meme coin has left many investors scratching their heads, while its creator walks away with surprisingly modest profits. According to on-chain analytics firm Lookonchain, the individual behind RIPETH netted less than $10,000 despite the coin’s brief surge in popularity. Lookonchain’s monitoring revealed that the creator began withdrawing SOL (Solana) from the Binance exchange nine days ago, amassing a total of 206,111 SOL, equivalent to approximately $36 million USD at the time. Eight days ago, RIPETH was born, initially appearing as a tongue-in-cheek project with no apparent promotional intent. The situation changed dramatically…