Bitcoin News Thebittimes.Com

Uniswap’s native UNI has been on the surge in the last 24 hours, following a new proposal for an update for holders. The token gained 60% in value following a pitch by a Uniswap Foundation leader to overhaul the protocol’s decision-making. Erin Koen, the foundation’s lead, proposes to “strengthen and invigorate” Uniswap’s governance. The proposed update would also reward UNI token holders who staked and delegated their tokens. “I believe we should upgrade the protocol so that its fee mechanism rewards UNI token holders that have staked and delegated their tokens,” Erin Koen wrote in an X post. 🧵 Biggest week in Uniswap Protocol Governance… ever? I just proposed a large-scale upgrade to the system. Specifically, I believe we should upgrade the protocol so that its fee mechanism rewards UNI token holders that have staked and delegated their tokens. 🦄 — Erin Koen (@eek637) February 23, 2024 Fo...

A rally in equities markets is providing support to BTC and altcoins, but bulls will likely struggle in keeping the momentum needed to turn overhead resistance levels to support. The United States December nonfarm payrolls report showed a growth of 223,000 jobs, above the market's expectation of an increase of 200,000 jobs. While this shows that the economy remains strong, market observers shifted their focus to the slower wage growth of 0.3% for the month, below economists’ expectation of 0.4%.  In addition, the euro zone’s headline inflation dropped from 10.1% in November to 9.2% in December. Both economic data boosted hopes that the central bank’s aggressive rate tightening may slow down. This triggered a rally in the U.S. and European stock markets. Daily cryptocurrency market performance. Source: Coin360 However, the reaction in the cryptocurrency space remains muted, with Bitcoin (BTC) continuing to trade inside a narrow range. The crypto investors may be taking a cautious a...

The current weakness in BTC and major altcoins shows that investor sentiment remains negative and that bears are active at higher levels. The FTX crisis kept Bitcoin’s (BTC) price under pressure in November, but data from Bitstamp exchange shows institutional investors may have viewed the dip as a buying opportunity. The exchange told Cointelegraph that compared to October, its revenue from institutions increased by 34% in November. In another positive sign, Goldman Sachs executive Mathew McDermott told Reuters that the bank was doing some due diligence on crypto companies since they were “priced more sensibly” after the FTX crash. Daily cryptocurrency market performance. Source: Coin360 ARK Invest said in the latest edition of its monthly “The Bitcoin Monthly" newsletter, that the FTX implosion “could be the most damaging event in crypto history,” but added that decentralized blockchains were “as strong as ever.” Could lower levels attract buyers in Bitcoin and altcoins? Let’s ...

Bitcoin and altcoins are beginning to flash signals of a potential trend change, but a handful of downside risks remain. Non-farm payrolls in the United States rose by 263,000 in November, exceeding economists’ expectations of an increase of 200,000. Analysts believe that the numbers remain hot and do not allow much scope for the Federal Reserve to slow down its aggressive rate hikes.  This is contrary to Fed Chair Jerome Powell’s remarks delivered at the Brookings Institution where he said that the central bank could reduce the pace of rate hikes “as soon as December.” That triggered a sharp rally in risk assets. After the latest jobs report, the market participants will closely watch the Fed’s comments and decision in its Dec. 13 and Dec.14 meeting. Daily cryptocurrency market performance. Source: Coin360 The Fed’s decision may also affect Bitcoin (BTC), which remains in a firm bear grip. Coinglass data shows that Bitcoin’s monthly returns in November of 2018, 2019, and 2021 were n...

The collapse of the well-established crypto exchange FTX has instilled fear in the minds of participants. Of late, they’ve been moving their funds en-masse towards self-custody wallets and decentralized platform s. As analyzed a day back, the DYDX ecosystem—as a whole—seemed to have benefitted from the ongoing crisis. The decentralized exchange’s native token has been trading at around its quarterly peak. In fact, when zoomed out and viewed, it seems like the downfall of FTX has been a boon for the entire DeFi space. Decentralized Exchange [ DEX ] volume had been in a downtrend over the past few months. Just half the way down November, the number already stands around its 4-month high. From last month’s total of $50.82 billion settled, the number is already up to $84 billion at the moment. If the same pace continues over the next fortnight, November’s aggregate number could head toward the pre-established peaks. Source: The Block The Decentralized x ...