Mining BTC to sell?

DATE: 28-12-22 View online Hey Cryptonews, here's our curated daily bundle of crypto news. Public Bitcoin miners sold almost all the BTC they mined These sales might have applied some downward pressure on the crypto's price Reserves held by mining farms have consistently fallen too According to Messari Crypto's analysts, a majority of the BTC mined by public miners this year has been sold off. Consequently, the BTC reserves parked with mining farms have fallen significantly too. Taken together, both have contributed to Bitcoin's price woes by applying some downward pressure.  Of the 40,700 BTC mined by the likes of Core Scientific, Riot, Bitfarms, Cleans Park, Marathon, Hut8, HIVE, Iris Energy, Argo, and Bit Digital, 40,300 BTC were sold off between 1 January and 30 November. The analyst went on to say that,  "This is a persistent headwind for BTC and for no other reason a good thesis to be bullish the ETHBTC ratio trade." Here, it's worth noting that some like BitMEX's Arthur Hayes disagree with this assessment, with the exec claiming that the selling pressure precipitated by the aforementioned is actually negligible.  Avalanche's Warp Messaging goes live Launch of AWM brings a new suite of capabilities to Avalanche Avalanche also made it to the list of the top-10 blockchains in terms of revenue In a move that was welcomed by many in the community, Avalanche announced the launch of Warp Messaging. The launch expands the capabilities of Avalanche's blockchain, including seamless native communication between subnets. In fact, this update will eliminate the need for individual subnets to deploy and manage bridges. The native Avalanche Subnet-to-Subnet communication protocol enables any two blockchains operating on distinct Subnets to exchange and validate any kind of message in order to clear the cloud. Avalanche also made it to the list of the top-10 blockchains in terms of revenue over the last 7 days. Additionally, while the social volume associated with AVAX has been high of late, its Binance funding rate has remained high - A sign of interest from the derivatives market.  Learn more New low for Ethereum Classic's hashrate ETC touched its lowest hashrate since the Merge recently The altcoin's price has halved since the Merge too According to Coinwarz's data, Ethereum Classic's [ETC] hashrate is at its lowest level since the Merge. At the time of writing, it had a hashrate of 99.82 TH/s, with the same falling by over 50% since the Merge back in September. Here, it's worth noting that while the same did hike significantly immediately after the Merge on the back of miners' migration, it soon fell on the charts.  On the back of the same, miners' revenue per hash dropped too. Furthermore, the count of active addresses on ETC's network has fallen by over 45% in the last three months alone.  Needless to say, this had a corresponding effect on the altcoin's price. While the same has fallen by a lot, ETC's daily trading volume is also now at its lowest level in six months. Learn more Andre Cronje shares Fantom's roadmap for 2023 Fantom is set to focus on the expansion of its decentralized application ecosystem Foundation to focus on developer verticals rather than user verticals According to a letter released to the public by Cronje, the core objective of the roadmap is to deliver a single secure settlement layer for all decentralized activity by providing the highest throughput blockchain. He added,  "Our overarching objective over the next 12 months will be towards creating an environment for DApp developers to build out sustainable businesses, while differentiating ourselves from other layer 1 solutions." Another core step laid out by Cronje to enhance dApp development is gas monetization. It will allow dApps to share revenue based on the gas used in transactions. The Fantom Foundation also shared plans to work on account abstraction. Finally, the exec also revealed that he has been appointed to the Board of Directors for Fantom Foundation Ltd.  Learn more Defrost Finance denies exit scam allegations The project's team hit out at rumours that it 'rug-pulled' its users Defrost Finance was targeted by a pair of attacks less than a few days ago A flash loan attack precipitated the drainage of user funds from its V2 protocol on 23 December. A few days later, the project was hit by a bigger attack on its V1 protocol after an admin key was stolen. The latter detail, however, led many to speculate that these incidents were done by an insider and that users had been 'rug-pulled.' According to a statement released by Defrost Finance, however,  "We deny the accusations that the team rugged users. A compromised key does not equate to a rugpull, as much as the episode may raise doubts among the public." The team also argued that if they were guilty, they would have perpetrated the 'rug pull' months ago when the TVL was 15 times higher.  Here, it's worth noting that Defrost later revealed that it has recovered all the funds lost in the V1 attack. Accordingly, it shared a refunding plan with the community.  Affidavit reveals SBF borrowed $546M to buy Robinhood shares Loans from Alameda Research accounted for the $546M In related news, U.S DoJ is investigating FTX's $372M exploit According to an affidavit recently made public, FTX's SBF and Gary Wang borrowed millions from Alameda Research by way of four promissory notes. These loans, amounting to over $500M, were used to purchase Robinhood shares that are now worth under $450M. These shares are now at the center of a legal tussle since SBF pledged them as collateral against Alameda's loans from BlockFi.  While BlockFi is now suing SBF's Emergent for these very shares, the exec himself is laying claim to these shares for the time being. On the contrary, FTX itself has asked for the bankruptcy court's assistance, claiming that pending investigation, FTX companies should keep hold of the Robinhood stake.  The timing of the affidavit's revelations is interesting, especially since there are now reports the DoJ will investigate FTX's $372M exploit. According to SBF himself, a former employee of the crypto-exchange may have been behind the same.  The Philippines warns against use of unlicensed crypto-exchanges The country's SEC is the latest to issue an advisory  Warning issued following collapse of 'large international cryptocurrency exchange'  In its advisory, while the SEC did not mention FTX by name, it did allude to the stricken crypto-exchange in no uncertain terms. The advisory comes on the back of a surge in crypto-exchanges targeting Filipino users through advertisements and social media.  In releasing the advisory, the SEC also reiterated its own authority by claiming,  "SEC is the registrar and overseer of the Philippine corporate sector." Additionally, the agency is also likely to aggressively clamp down on exchange platforms that are 'unlawfully' allowing access to their crypto-services to Filipinos. In fact, Binance, one of the industry's leading exchanges, was at the end of such a warning earlier this year. A few weeks after the same, the country's central bank issued a similar warning too.  A rally in the opposite direction Coin Price 24hr Market Cap ↓BTC $16,651 -1.3% $320 Billion ↓ETH $1,195 -2.1% $144 Billion ↓DOGE $0.07 -5.3% $9.7 Billion Bitcoin, the world's largest cryptocurrency, was priced at $16,651 at the time of writing. While Christmas didn't see BTC embarking on a Santa Rally, in the days immediately after, it saw some depreciation on the price charts. In fact, the crypto was down 1.3% at press time. The same was fairly evident when the price charts were looked at too. While the Parabolic SAR's dotted markers were positioned well above the price candles and highlighted some bearishness, the Moving Average was too close to the same too.  The world's largest altcoin, Ethereum was priced at $1,195 at the time of writing with a market cap of $144 billion. Having fallen by over 2% over the last 24 hours, ETH seemed to be on a downtrend on the charts. This downtrend was evidenced by the fact that ETH's technical indicators highlighted a degree of bearishness. For instance, while the mouth of the Bollinger Bands was drooping south around the price candles, the Chaikin Money Flow was well below zero - A sign of significant capital outflows.  Like BTC and ETH, Dogecoin, the market's favorite memecoin, was heading south on the charts at the time of writing. Down by over 5% over 24 hours, it had a market cap of under $10 billion. Curiously, the said depreciation followed reports which suggested that DOGE was the most-held token among the top-100 BSC whales. On the indicators' front, the Relative Strength Index was close to the oversold zone. Similarly, the MACD was close to a bearish crossover with the Signal Line.  Altcoins see small gains over 24 hours Coin Price 24hr Market Cap ↑LUNC $0.00016 1.2% $998 Million ↑AAVE $56.17 0.8% $798 Million ↑FIL $2.97 0.3% $1.04 Billion LUNC's recent performances on the price charts have been anomalies. While most of the market has been on a downtrend or has embraced stagnancy, LUNC went the opposite way. In fact, this was the case over the last 24 hours too as the altcoin hiked by 1.2% to hit a market cap of $998 million. On the charts, while the Parabolic SAR's dotted markers underlined some degree of bullishness in the market, the Relative Strength Index was well above the neutral zone of 50.  Ranked 45th on the price charts, AAVE is now trading at a level well below the ones seen in April and November. It had a market cap of $798 million, with the altcoin priced at $56.17. The fall in price echoed the fall in AAVE's TVL too, with the same flashing figures of $3.71 billion. At press time, the Bollinger Bands were closing in on the price candles - A sign of falling volatility. Additionally, the Moving Average suggested that there was still some bullishness in the market.  Filecoin was priced at $2.97, at press time, having hiked by just 0.3% over the last 24 hours. It had a market cap of just over $1 billion, with FIL recently trading close to its all-time lows. On the charts, FIL's MACD was close to a bullish crossover with the Signal line, with the same below the histogram. Additionally, at the time of writing, the Chaikin Money Flow had crept below zero - A sign of falling capital inflows.  Weekly declines underline negative market trend Coin Price 24hr Market Cap ↓↓SOL $10.14 -17.7% $3.7 Billion ↓ALGO $0.16 -9.1% $1.1 Billion ↓SAND $0.42 -7.2% $660 Million Solana, the altcoin ranked 19th on the charts, is yet to recover from its significant depreciation episode from early November. In fact, at the time of writing, SOL was trading at a level well below that, having dropped by over 17% in the last week alone. While it did have a market cap of $3.7 billion, SOL seemed to be in danger of ending up outside the top-20. SOL's technical indicators highlighted the aforementioned bearishness. While the Moving Average was well above the price candles, the MACD and Signal lines were too close together to highlight a specific market trend.  Like SOL, ALGO' s recent price trajectory hasn't been positive either. In fact, the altcoin was down over 9% over the week, at the time of writing. Even so, with a market cap of over $1 billion, ALGO still is one of the biggest cryptos in the market. The altcoin's indicators underlined how bearish ALGO's recent price action has been. While the Parabolic SAR's dotted markers were well above the price candles, the RSI was creeping closely into the oversold zone.  SAND too saw its price action head south over the past week, with the crypto depreciating by over 7% in the last 7 days. At the time of writing, it was trading at $0.42 with a market cap of just over $660 million. In many ways, SAND seemed to be at the end of its downward spiral. The same was evidenced by the findings of its indicators too. While the mouth of the Bollinger Bands was expanding around the price candles - A sign of growing volatility - the CMF was heading below zero to suggest high capital outflows.  Share with friends: Facebook  | |  Twitter  | |  Email © 2022 Unhashed. All Rights Reserved. Unsubscribe