Author: Andrei Ionescu

Ethereum (ETH) staking has reached a record high of 27.95% of its total supply, reflecting significant growth in the liquid staking and restaking sectors. This surge comes despite a recent decline in ETH’s price. Ethereum’s staking percentage has hit a new milestone, reaching 27.95% of the total ETH supply. This figure represents a rebound from a brief dip in late July when the staking percentage fell from 27.58% to 26.82% in a single day. Since then, staking has not only recovered but surpassed previous highs, with an increase of 1.9% since the launch of ETH exchange-traded funds (ETFs). Remarkably, this…

Galxe (GAL) has unveiled plans to migrate its token to the Gravity (G) ERC-20 token standard. Coinbase has announced it will support the new Gravity token on the Ethereum network. However, Coinbase will not facilitate the migration of assets for users. Galxe, a leading player in the decentralized technology space, is transitioning its existing GAL token to the Gravity (G) ERC-20 token standard. This move is part of Galxe’s broader strategy to enhance its token’s functionality and integration within the Ethereum ecosystem. In response to this change, Coinbase has confirmed it will add support for the Gravity (G) token on…

In a strategic move during a broad market downturn, Ark Invest, led by Cathie Wood, acquired nearly $18 million worth of Coinbase shares on Monday. The investment firm purchased a total of 93,797 Coinbase shares across three of its exchange-traded funds (ETFs), as the cryptocurrency market and broader financial markets experienced significant turbulence. According to the firm’s latest trade filing, Ark Invest acquired: This purchase marks Ark’s first significant buyback of Coinbase shares since June 2023, when it acquired $21 million worth of the stock. Following that acquisition, Coinbase’s share price surged more than 250%, prompting Ark to sell portions…

Binance, the world’s largest cryptocurrency exchange, has formally challenged a nearly $86 million tax notice issued by India’s Directorate General of Goods and Services Tax Intelligence (DGGI), according to a source familiar with the matter. The DGGI, which operates under the Ministry of Finance, issued the showcause notice to Binance last week. The notice alleges that Binance failed to collect and remit taxes from Indian customers trading on its platform. The period in question spans from July 2017 to March 2024. The DGGI, based in Ahmedabad, is responsible for collecting and analyzing intelligence related to indirect tax evasion. It has…

Latest Prices: CoinDesk 20 Index: 1,782 (+8.8%)Bitcoin (BTC): $54,931 (+6.4%)Ether (ETH): $2,448 (+8.0%)S&P 500: 5,186.33 (−3.0%)Gold: $2,455 (+2.2%)Nikkei 225: 34,260 (+10.2%) The cryptocurrency market showed signs of recovery on Tuesday following Monday’s dramatic sell-off. Bitcoin briefly regained the $56,000 mark during the Asian morning hours, reflecting a broader market rebound. As of the latest data, Bitcoin is trading around $55,000, up approximately 7% from the previous day. Solana (SOL) led the recovery with a notable 13% gain, trading around $137. XRP and DOGE also posted significant gains, rising by approximately 7.5% and 11.8%, respectively. Despite the recovery, Bitcoin’s price has…

The Ronin blockchain network, associated with the popular play-to-earn game Axie Infinity, has suspended its bridge following a suspicious $9.8 million outflow to a miner extractable value (MEV) bot. The transfer, which occurred at approximately 9:37 a.m. UTC on Tuesday, involved the movement of over 3,996 ETH. This transaction is being investigated, with speculation suggesting it may be related to white hat activity. The bridge was paused shortly after the transaction at 10:15 a.m. UTC. Aleksander Larsen, co-founder of Axie Infinity and the Ronin Network, known as “Psycheout,” announced the suspension on X (formerly Twitter), stating, “The Ronin_Network bridge has…

The decentralized prediction platform Polymarket is witnessing significant activity as users place a $1.44 million bet on the Federal Reserve cutting interest rates by September 2024. This wager reflects broader market speculation and uncertainty surrounding the Fed’s future actions amid a recent market downturn. The $1.44 million bet on Polymarket is split between predictions that the Fed will cut rates by over 50 basis points (bps) and by 25 bps. Specifically, users have placed $687,343 on the likelihood of a 50 bps cut and $313,224 on a 25 bps cut. Current Polymarket data suggests a 58% chance of a rate…

The market capitalization of memecoins based on the Solana blockchain has suffered a substantial decline, dropping by over 16% in the past 24 hours. This decrease comes in the wake of broader market turmoil and a sell-off in major cryptocurrencies. Solana-based memecoins, which have been pivotal in driving trading activity on the blockchain, have experienced some of the most volatile price movements this year. As global macroeconomic conditions produced volatility not seen since the initial COVID-19 market panic, the Solana memecoin sector faced intensified fluctuations. Data from Coingecko shows that the total market cap for Solana memecoins has fallen to…

The cryptocurrency market is bracing for more volatility as the Chicago Board Options Exchange’s (CBOE) Volatility Index (VIX) reaches its highest level since the initial COVID-19 market panic. Analysts warn that this surge in volatility is a result of broader macroeconomic instability that has swept through global markets. Bohan Jiang, Abra’s Head of OTC Options Trading, predicts that elevated implied volatility will persist in the cryptocurrency markets until macroeconomic conditions stabilize. Jiang noted that many options market participants were unprepared for the recent downturn, which has been exacerbated by global market turmoil. “In recent weeks, there was little demand for…

As global financial markets experience a significant downturn, attention is increasingly focused on the U.S. Federal Reserve. The Fed, which recently maintained interest rates at 5.25% to 5.5%, is now facing calls for an emergency rate cut following a worse-than-expected U.S. jobs report and various macroeconomic pressures. U.S. indices fell approximately 2.4% at the latest update, with bitcoin, the largest cryptocurrency by market cap, experiencing a dramatic drop of over 8%. This decline in the cryptocurrency market represents the largest single-day downturn since January 2022. Jeremy Siegel, professor emeritus of finance at the Wharton School of Business and chief economist…