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Cryptocurrency News Articles
Bitcoin (BTC) Remains a Digital Haven Amid Economic Uncertainty, Buterin Pushes for Solo Staking in Ethereum (ETH)
Sep 21, 2024 at 11:56 am
Bitcoin (BTC) and Ethereum (ETH) prices tend to move in tandem based on macroeconomic factors and big events in the crypto market. As of Friday, Macroaxis revealed that their correlation score in the three-month chart stood at 0.69.
Bitcoin (BTC) price has shown surprising resilience this week despite the US Federal Reserve’s aggressive 50-basis point interest rate cut and mixed market sentiment following the announcement.
However, the crypto asset’s performance aligns with its narrative as a ‘digital haven’ during periods of economic uncertainty, especially given the recent institutional interest and adoption.
Bitcoin’s status as a defensive asset in investors’ portfolios becomes even more evident during market turmoil, contributing to its sustained performance.
On the other hand, despite Ethereum (ETH) also garnering significant institutional attention, the consensus still views it as a risk asset, evident in BTC consistently dwarfing ETH’s transaction volumes, even in the US spot crypto ETF ecosystem.
This perception stems from Ethereum’s heavy reliance on decentralized finance (DeFi) and non-fungible tokens (NFTs), making it more sensitive to a decline in risk appetite, which ETH tends to follow.
Furthermore, Ether has faced pressure in its technological development, particularly in promoting its Layer 2 (L2) scaling solutions. Its underperformance and lack of innovation are extra factors driving out funds from its ecosystem.
The trend contrasts sharply with Solana’s (SOL) continuous push to innovate both its products and services, as evident this week with the Solana community welcoming the Web3-focused phone, Solana Seeker.
Even Ethereum co-founder Vitalik Buterin has criticized the blockchain’s current state, expressing concerns during Ethereum Singapore 2024 over the growing influence of centralized entities in the network’s ecosystem—similar to the issues highlighted by JP Morgan last year.
In response, Buter
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- ETFSwap (ETFS) Poised For Over 5,000X Gains As Crypto Market Rebounds
- Sep 21, 2024 at 04:25 pm
- ETFSwap (ETFS) has strategically positioned itself as a revolutionary leader in the ongoing crypto investment rebound.
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- SUN DOG: A New Meme Coin That Aims to Explore the Viability of the TRON SunPump Platform
- Sep 21, 2024 at 04:20 pm
- SUN DOG is a meme coin on the TRON blockchain. It references dog-based memes, similar to Dogecoin or Shiba Inu coin, but instead of using humorous pictures of a Shiba Inu dog, SUN DOG praises the corgi breed instead.
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- Rare Harry Potter theme coin sells for a tidy sum on auction site eBay
- Sep 21, 2024 at 04:20 pm
- The Albus Dumbledore 50p coin was created by the Royal Mint as part of a limited edition of Harry Potter-themed coins to celebrate 25 years
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- Bitwise CIO: Ethereum Is the ‘Microsoft of Blockchains’
- Sep 21, 2024 at 04:20 pm
- While Ethereum, the second largest cryptocurrency network in the market, has been underperforming compared to Bitcoin, analysts still believe it might recover some ground before 2025.
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- Solana's New 'Seeker' Smartphone Aims to Deliver a Market-Beating Web3 Experience
- Sep 21, 2024 at 04:20 pm
- With Seeker, Solana aims to take its Web3 mobile experience to new heights. It isn't Solana's first venture into Web3 mobile, but a follow-up to the Saga
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- African Bitcoin Conference 2024 Set to Accelerate the Growth of African Developers and Cryptocurrency Adoption in Africa
- Sep 21, 2024 at 04:20 pm
- The upcoming conference in partnership with BTrust, a non-profit organisation focused on decentralizing the development of Bitcoin software will feature a day for developers across Africa.
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- PayPal Announces the Launch of Its Stablecoin, PYUSD, on the Solana Blockchain
- Sep 21, 2024 at 04:20 pm
- José Fernández da Ponte, head of PayPal's Blockchain, Crypto, and Digital Currencies unit, emphasized Solana's ability to handle high transaction
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- SEC Approves Bitcoin ETF Options, Bringing the Asset Class Closer to Mainstream Adoption
- Sep 21, 2024 at 04:20 pm
- The approved options will be listed on the Nasdaq under the ticker symbol “IBIT.” This move allows institutional investors and traders to hedge their exposure to bitcoin more efficiently.
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- The United States Securities and Exchange Commission (SEC) Approves Nasdaq to List Options for BlackRock's iShares Bitcoin Trust ETF
- Sep 21, 2024 at 04:20 pm
- This decision, announced on September 20, enables options trading for the ETF like other ETFs.