Analysis Crypto by Thebittimes.Com

Join Our Telegram channel to stay up to date on breaking news coverage The BTC price is back above $17k for the first time since mid-November. It happened in response to Fed Chair Powell setting grounds for a 50 BPS hike, stating that now might be the time to increase the interest rates at a moderate pace. These dovish comments leave buyers more time with their current buying power  — which has directly translated to a happy December entry for Bitcoin as more investors turned up. BTC Price Trajectory In November November was nothing but a bucket of bad news for the crypto market. As Sam Bankman-Fried’s fake facade of the most charitable billionaire came to light soon after the FTX collapse, Bitcoin became a seller’s market. After riding the highs of above-$20k due to the Fed’s earlier minutes of the meeting, and the CPI data, FTX’s betrayal proved to be the second bomb to implode crypto prices this year. The BTC price quickly went down to its 2-year low, lower than what it br

The onset of the bear market did affect a majority of the industry. This, however, did not put a stop to adoption. The depleting prices of crypto assets did not restrict them from being onboarded by prominent platforms. BONE, a token part of the Shiba Inu ecosystem was seen bagging significant gains throughout. The asset has reportedly surged by a whopping 20 percent over the last couple of weeks. Earlier today, while most assets were pocketing dainty gains, BONE was seen surging by nearly 6 percent. It should be noted that the asset jumped from a low of $0.6494 all the way to a high of $0.7861. The below chart further highlights the spike that the asset attained. Source At press time, the asset was trading for $0.7653 with a 3.56 percent daily rise. The asset continues to remain a whopping 98.17 percent below its all-time high of $41.67. Considering its current levels, the community hopes to see it moving past $1. If its current trend persists, the chances of BONE hittin

Sam Bankman-Fried, the former Chief Executive of bankrupt crypto exchange FTX, has been quite vocal about the fall of the company on social media platforms like Twitter. In fact, he has time and again apologized to users as well. The former FTX executive virtually stepped into the media spotlight from The Bahamas on Wednesday. Interviewed by The New York Times’ Andrew Ross Sorkin at the media house’s annual DealBook Summit, Sam Bankman-Fried—a.k.a. SBF—spoke on a host of subjects ranging from risk management and philanthropy to regulation, real-estate in the Bahamas, and everything else in between. SBF admitted that he “screwed up” and did make major mistakes as the CEO of FTX. He asserted that he should’ve focused more on risk management and protecting customers. Nevertheless, he did claim that saw a chance of some customers, particularly those at FTX US, could become “whole.” He, however, was quick to add that hope with a big caveat and said that he couldn’t promise anything.

Axie Infinity, like most cryptocurrency games, has provided players with an awful experience. Blockchain gaming is only four years old — a toddler compared to the rest of the industry. It has a lot of growing up to do, particularly when it comes to play-to-earn games. I’m a 28-year game industry veteran. I’ve produced 32 titles in that period of time on everything from Sega Genesis to Oculus Rift. Some of them were great. Many were forgettable. I didn't hear much chatter about blockchain gaming from traditional developers and players until Axie Infinity began to take off. Cut to the peak of 2021, and the game had nearly 2 million players logging on daily. Most people outside the crypto community at the time were (and still are) extremely skeptical about blockchain's ability to add anything meaningful to games. They see Axie as an example of the low production values and rampant speculation they want to avoid at all costs. Moreso, they see Blockchain as a continuation of overr

The total crypto market recovers some lost ground as the contagion risks associated with FTX’s collapse begin to look resolvable. The total cryptocurrency market capitalization gained 2% in the past seven days, reaching $850 billion. Even with the positive movement and the ascending channel that was initiated on Nov. 20, the overall sentiment remains bearish and year-to-date losses amount to 63.5%. Total crypto market cap in USD, 4-hour. Source: TradingView Bitcoin (BTC) price also gained a mere 2% on the week, but investors have little to celebrate as the current $16,800 level represents a 64% drop year-to-date. Bankrupt exchange FTX remained at the centerpiece of the newsflow after the exchange hacker continued to move portions of the stolen $477 million in stolen assets as an attempt to launder the money. On Nov. 29, analysts alleged that a portion of the stolen funds were transferred to OKX. The FTX saga has made politicians shout louder in their calls for regulation. On Nov. 28,

During the last few weeks bitcoin’s cost of production has been higher than the leading crypto asset’s spot market value and in turn, this has put massive pressure on bitcoin miners. On Nov. 30, 2022, statistics show if miners paying for electricity pay roughly $0.12 per kilowatt hour (kWh), only three application-specific integrated circuit (ASIC) mining rigs are profitable. At a rate of $0.07 per kWh, profits begin to increase and data shows 16 different ASIC bitcoin mining devices are profitable with electrical costs at that rate. At $0.12 per Kilowatt Hour, Only 3 ASIC Miners Gather Profit Using Today’s Bitcoin Exchange Rate Bitcoin miners are feeling the pain of an extremely high difficulty rating and much lower bitcoin prices than a year ago today. Data from macromicro.me indicates that the cost of bitcoin production ($19,356 per unit) is a lot higher than the spot market value ($16,877 per unit). This means bitcoin miners need to obtain the cheapest electricity they can find o

Chainlink has been integrated into permissionless network of Oracles and Relayers which secure cross-chain messaging across LayerZero. Before LayerZero, the Web3 industry was fragmented across a vast set of disparate blockchains. Applications were launched as single-chain and developers were forced to choose a popular, existing blockchain. Or take a gamble on the future success of an up-and-coming blockchain. With the advent of LayerZero, applications can finally be built everywhere. Utilizing each chain’s best Features , and ushering in a new era of applications: Omnichain dApps. LayerZero Integrates Chainlink Oracles LayerZero achieves best-in-class messaging security with its non-upgradeable, permissionless smart contracts that perform on-chain validation of all messages. The protocol achieves this by utilizing an on-chain Ultra Light Node. An oracle entity is responsible for delivering a block header. And an independent relayer entity is accountable for submitting a transaction pro

Without a doubt, one of the most popular cryptocurrency projects is Shiba Inu (SHIB). This is the case, despite the fact that there have been ups and downs with the project. The SHIB team is also working on a few launches that may lead to favorable price movements. The collapse of the FTX empire unquestionably hurt the cryptocurrency market. Almost all cryptocurrencies lost value on the market. Popular cryptocurrencies like BTC and ETH saw a decline in value in the midst of the chaos. Whales have always shown a keen interest in SHIB. As per the details from Etherscan, a whale has moved 1.8 trillion SHIB to Binance. Whales move trillions worth of SHIB The anonymous whale moved over $16.5 million worth of SHIB in a single transaction. Transaction history from Etherscan reveals that the $1.8 trillion Shiba Inu has been moved from Crypto.com in two transactions to the anonymous whale . The whale then moved the SHIB to Binance. The largest cryptocurrency exchange in t

According to an update on the crypto platform’s help page, Coinbase wallet will no longer support payment network Ripple’s XRP token. The digital asset is not the only cryptocurrency Coinbase has delisted as Bitcoin Cash, Ethereum Classic, and Stellar will also be unavailable. Coinbase Halts Wallet Support for XRP, BCH, ETC, and XLM The delisting will take effect from January next year and Coinbase’s wallet application will drop support for the aforementioned tokens. Coinbase Wallet like MetaMask and similar providers is a self-custody mobile-based wallet service. The app supports a broader range of cryptocurrencies than its peers. However, following the company’s latest move, clients will no longer be able to store their XRP, BCH, ETC, and XLM. Coinbase Wallet can only store supported cryptocurrencies and access dapps on supported networks.” No Unsupported Transactions Via Wallet App Additionally, from January next year, Coinbase will not allow users on the wallet app to pu

Instagram Influencer Jay Mazini has pled guilty to stealing $2.5 million in Bitcoin from his victims in one of multiple giveaway scams. The influencer – whose official name is Jebara Igbara – faces up to 20 years in prison for his crimes. As the Department of Justice (DOJ) announced on Wednesday, Mazini has specifically pled guilty to wire fraud, wire fraud conspiracy and money laundering. Mazini was known for social media stunts like giving away large amounts of cash to strangers as gifts in various locations. One of his popular stunts involved handing out $30,000 at a Burger King in New York, alongside famous rapper 50-cent.  “In reality, Igbara was perpetrating overlapping fraud schemes, scamming investors out of at least $8 million,” said the DOJ. Mazini’s Bitcoin scheme involved promising to buy Bitcoin from his Instagram followers at above-market rates. After his followers would send him Bitcoin, the influencer sent them doctored images of wire transfer confirmation

Long-running tension between the Ethereum Classic Community and Cardano founder Charles Hoskinson appears to have gathered steam once more. Hoskinson slammed the platform in a tweet as he responded to allegations from a vocal Ethereum Classic advocate with the username “SETHMCCORMACK9.” Hoskinson Fires Back at Accusations of Plans to “Milk ETC” The accusatory post claimed Hoskinson was looking to take advantage of ETC by imposing a 20% miner tax.  No drama, just saying that SHA-3 and also a treasury was rejected. Charles Hoskinson wanted to implement a 20% miner tax to milk ETC,” read the tweet.  Hoskinson was swift to fire back a response in a tweet of his own. The Cardano creator first clarified that the alleged miner tax was in fact a sustainable development fund. The IOG founder also brought up what he described as ETC’s failure to reach its full potential.  Indeed, Hoskinso tagged the platform as a dead project with no real goals to back its existence.  KYC &

The Terra Luna Classic price has crept up by 1% in the past 24 hours, following the emergence of a proposal to merge its ecosystem with that of the newer Terra 2.0 platform. At $0.00016160, LUNC is also down slightly by 0.2% in the past week and by 35% in the past month, with its ongoing token burns doing little to counteract the downward pressures exerted on the wider market by FTX's collapse. Put forward by developers in the past couple of days, the outlined merge would enable holders to use the Inter-Blockchain Communication (IBC) channel to send their LUNC to Terra 2.0 and receive the newer LUNA in return (as well as DEX rewards). But with LUNC enjoying a bigger market cap than its younger counterpart, it's not a given that holders will take the opportunity to swap it for something less valuable. Terra Luna Classic Price Prediction as ‘Merge Protocol’ Tries to Bring LUNA and LUNC Ecosystems Together – LUNC to $2 by 2023? According to LUNC's chart and

Source: TradingView The XRP price has risen by 2% in the past 24 hours, reaching $0.404066 after Coinbase Wallet announced it would be removing support for the altcoin. This price represents a 7% gain in the past week, although XRP is down by 11% in the last 30 days, as the FTX collapse continues to bear down on investor sentiment. Coinbase Wallet's decision to end support for XRP may seem like it comes at an odd and unpromising time for the coin, given that Ripple has reached what's likely the final phase of its case with the SEC. However, some may claim that Coinbase now believes Ripple will lose, it's worth pointing out that it lost Coinbase Wallet support along with numerous other coins, all of which had seen low activity on the protocol. XRP Price Prediction as Coinbase Wallet Removes XRP Support – What’s Going On? XRP's chart shows an asset in a good place. Its relative strength index (purple) has risen close to 70 in the past day or so, whle i

Join Our Telegram channel to stay up to date on breaking news coverage Crypto staking can be a complex and time-consuming process, and this deters many potential users from adopting it. Making staking more user-friendly would encourage more people to get involved, which would, in turn, benefit the whole cryptocurrency community. The Oryen Network has reportedly teamed up with Shiba Inu developers to make staking more accessible and simple for users. ORY is an auto-staking platform that provides users with instant rewards. It is currently in the fifth phase of its presale, and the network has raised over $1 million so far. What is the Oryen Network? Oryen is a decentralized network that allows anyone to earn rewards for holding and staking their ORY token. The network is built on the Binance Smart Chain. It is reportedly set to launch its own lottery and an NFT system to increase its utility further and make it more accessible among crypto enthusiasts. ORY has one of the fa