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FIL, GRT Rally Boosts CoinDesk Computing Index as Bitcoin Struggles
3 days ago
CoinDesk
CoinDesk
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Starknet's STRK token jumped as much as 10% Thursday after developer firm StarkWare agreed to drastically reduce the number of tokens allocated to the team that are scheduled to unlock in April, after heavy criticism from the community. The statement came after the Ethereum layer-2 project this week airdropped more than 700 million tokens to early users, contributors and other targeted groups, with the additional disclosures that developers and investors might be able to start sell much of their own allocations as early as next month. The market capitalization of the tokens, based on the circulating supply, currently stands around $1.44 billion. "After listening to feedback from ecosystem friends and collaborators, we are changing the lockup schedule for StarkWare's early contributors and investors to make it more gradual," according to an emailed statement. StarkWare is the primary developer behind Starknet, a layer-2 blockchain atop Ethereum. Under the new schedule, 0.64% of the 10 billion tokens initially minted will unlock on April 15, instead of the planned 13.4% (1.34 billion tokens), according to the statement. "The gradual unlock will continue at a pace of 0.64% (64 million tokens) monthly until March 15, 2025, after which it will change to 1.27% (127 million tokens) monthly for the next 24 months until March 15, 2027," StarkWare said. "Under the new unlock plan, 580 million tokens held by early contributors and investors will be unlocked by the end of 2024, as opposed to 2 billion of those tokens under the previous schedule," according to StarkWare. "1.4 billion additional tokens will be gradually unlocked by the end of 2025, another 1.5 billion will be unlocked by the end of 2026 and 380 million will be unlocked by March 15, 2027." Starknet, developed by developer firm StarkWare, is a layer-2 network that makes use of zero-knowledge cryptography, allowing decentralized applications operating on top of it to scale the Ethereum blockchain. It does this by bundling transactions off-chain into a proof that is submitted to Ethereum, which in turn is supposed to process the transaction faster and lower fees for computing them. Starknet's token unlocking schedule for the development team and early investors came under criticism from market observers. STRK started trading at $5 earlier this week, then quickly fell. At press time, the token was changing hands at $2.

3 days ago
CoinDesk
CoinDesk
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OpenAI CEO Sam Altman’s Worldcoin {{WLD}} token hit record highs on Thursday alongside a broader rally in artificial intelligence (AI)-related tokens. AI cryptocurrencies initially jumped in price Wednesday evening after chipmaker Nvidia (NVDA) beat lofty fourth-quarter earnings and first quarter guidance expectations and the move has gained strength since. Taking the lead in terms of gains is Worldcoin’s WLD, which is up 40% on the day and almost 170% over the past 7 days. The token touched a new all-time high of $8.85 earlier and was trading at $8.54 at press time. Worldcoin was co-created by OpenAI founder Sam Altman and thus often associated with AI-related projects. SingularityNET {{AGIX}}, a decentralized AI marketplace, saw its token climb 43%. FetchAI {{FET}} was up 18%. Other tokens associated with AI moving on Thursday included the Graph’s {{GRT}} which was up 17% and Render’s {{RNDR}}, jumping 23%. According to Strahinja Savic, head of data and analytics at FRNT Financial, there’s a number of reasons behind the recent AI-related token pump. “The launch of [OpenAI's] Sora [and] Nvidia’s impressive sales forecast are fuelling broader optimism surrounding AI that is spilling over into crypto," said Savic in an interview with CoinDesk. "We’ve seen this in crypto in the past, where metaverse-related tokens rallied when Facebook changed its name to Meta.” Savic posed the question of how effective exposure is to artificial intelligence via these AI-themed tokens as most don’t actually have a direct connection to the adoption being driven by OpenAI or Google’s Gemini. Gemini is Google’s family of AI models, similar to OpenAI’s ChatGPT. “The use of blockchain tech for the purposes of AI remains unclear and at this point is highly experimental," continued Savic. "Having said that, buying AI-themed cryptocurrencies is more exposure to niche blockchain-based AI derivatives, rather than exposure to the mass adoption that has received so much attention recently." Savic also noted that there’s a possibility that the demand for AI tokens is coming from investors in areas that don’t have access to U.S. equities. “It is conceivable that for an investor not able to buy stocks like NVDA, AI-themed tokens may be the next best thing,” he added. Worldapp, which is Worldcoin’s first wallet built for the project, surpassed 1 million daily users earlier this week, according to the company.

3 days ago
CoinDesk
CoinDesk
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The price of bitcoin {{BTC}} has not been moving as closely in relation to flows in and out of the spot ETFs as it previously did, according to JPMorgan. On Wednesday, the correlation between the two asset classes dropped to 0.60, said analyst Ken Worthington in a note Thursday morning to the bank's clients. That's down from 0.78 on Feb 7., said Worthington, and from as high as 0.84 on Jan. 31. Worthington said a number above 0.70 is considered "highly correlated," and just below would be "moderately correlated." Inflows accelerated last week when investors poured a record $2.4 billion into the funds, the largest amount in their short history. The inflows continue to be dominated by BlackRock’s IBIT and Fidelity’s FBTC, which to this point have garnered nearly $11 billion in AUM. For now, it appears that flows are following price, with bitcoin's sharp gains in early February leading to a jump in money going into the ETFs. The leveling in price of the last few sessions has may have been the trigger for softer inflows into the funds.

3 days ago
CoinDesk
CoinDesk
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This article originally appeared in First Mover, CoinDesk’s daily newsletter, putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day. Latest Prices Top Stories Artificial intelligence (AI)-related tokens surged after chipmaker Nvidia (NVDA) beat its already lofty fourth-quarter earnings expectations. Nvidia on Wednesday reported earnings per share of $5.16, topping the average analyst estimate of $4.59, according to FactSet data. The chipmaker also posted revenue of $22.1 billion, higher than Wall Street's expectation of $20.4 billion. AI tokens surged: SingularityNet (AGIX) gained 37% on Thursday, FetchAI (FET) added more than 15% and Render (RNDR) rose 20%. The Graph, a protocol for indexing and querying data stored on blockchains, which said it plans to add AI-assisted querying with large language models, saw its token rally 21% after the report. Worldcoin’s WLD jumped 33%. The overall market cap of AI tokens has surpassed $17 billion, according to CoinGecko data. Ethereum’s native token, ether (ETH), may have found a path to a record high of $5,200 after breaking out an “ascending triangle” price pattern, according to technical analysis by Kraken OTC. ETH, the second-largest cryptocurrency by market value, topped the $3,000 mark early this week, establishing a foothold above the horizontal trendline connecting August 2022 and April 2023 highs. The trendline, along with the upward-sloping bottom line connecting June 2022 and November 2022 lows, comprised an ascending triangle formation on the weekly price chart. In other words, bulls have pushed through a long-standing resistance, regaining market control after a series of higher lows showing a gradual decline in bears’ strength. Bitcoin (BTC) may have stalled over the past week, but FundStrat head of research Tom Lee doubled down on his bullish outlook and said the largest cryptocurrency could reach as high as $150,000 this year. "You have demand improving with the new ETFs, you have supply shrinking with the halving, and if monetary policy eases, which we expect, that's supportive for risk assets," Lee told CNBC on Wednesday. Lee's comments came as bitcoin's rally appeared to lose some steam following a 35% gain over the past couple of weeks to $53,000, its highest price in 26 months. BTC was recently changing hands at $50,900, down 1.8% over the past 24 hours, holding up slightly better than the broader-market CoinDesk20 Index's (CD20) 3% decline during the same period. Chart of the Day The chart shows the total FIL deposited in the storage network Filecoin's decentralized finance ecosystem. Net deposits continue to climb and now sit above the 27.5 million mark. FIL, the native token of Filecoin, has been on a tear, gaining 30% in the past seven days. Source: fvm.starboard.ventures - Omkar Godbole Trending Posts England's Law Commission Seeks Views on Draft Legislation to Label Crypto as Property South Korea’s Most Populated Province Traces and Collects $4.6M From Crypto Tax Evaders Vitalik Buterin Floats Idea of AI-Based Code Audits, Ethereum Project Developers Back Him Up

3 days ago
Bazeghar
Bazeghar
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🛑🛑🛑Strk urgent urgent very urgent update🎉🎉🎉 👉So there is 1 more good news for strk pumping now developer change shedule of unlocking coin due to less coin in circulation it will pump now this decision is taken after criticism from community 👉Starknet's STRK Token Rises 10% After Team Reduces Token Unlocking Schedule According to CoinDesk, Starknet's STRK token saw a 10% increase on Thursday after developer firm StarkWare decided to significantly reduce the number of tokens allocated to the team scheduled to unlock in April. This decision came in response to heavy criticism from the community. Earlier this week, the Ethereum layer-2 project airdropped over 700 million tokens to early users, contributors, and other targeted groups, with additional disclosures that developers and investors might be able to start selling much of their own allocations as early as next month. The market capitalization of the tokens, based on the circulating supply, is currently around $1.44 billion. 👉StarkWare, the primary developer behind Starknet, a layer-2 blockchain atop Ethereum, announced the change in an emailed statement. Under the new schedule, 0.64% of the 10 billion tokens initially minted will unlock on April 15, instead of the planned 13.4% (1.34 billion tokens). The gradual unlock will continue at a pace of 0.64% (64 million tokens) monthly until March 15, 2025, after which it will change to 1.27% (127 million tokens) monthly for the next 24 months until March 15, 2027. According to StarkWare, under the new unlock plan, 580 million tokens held by early contributors and investors will be unlocked by the end of 2024, as opposed to 2 billion of those tokens under the previous schedule. An additional 1.4 billion tokens will be gradually unlocked by the end of 2025, another 1.5 billion will be unlocked by the end of 2026, and 380 million will be unlocked by March 15, 2027. 👉Stay tuned for more rise #Write2Earn #Portal #strk #BTC $STRK

3 days ago
CoinDesk
CoinDesk
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Nvidia's fourth-quarter earnings could trigger a broader correction for equities and crypto if it fails to live up to the hype. AI-related tokens such as OCEAN and FET may also trade off Nvidia's earnings and outlook for the sector. The bitcoin {{BTC}} and the broader crypto rally could come to a halt if Nvidia's {{NVDA}} fourth quarter earnings fail to live up to the lofty Wall Street expectations, Singapore-based QCP Capital said in a recent note. "A key event today that could trigger a wider correction is Nvidia earnings which will be released after the US close," QCP wrote in a note. "As a major part of the S&P500 Index, Nvidia's performance could set the tone for US equities in the near-term." Nvidia, the GPU giant that designs chips necessary for the AI revolution, is set to report its earnings on Wednesday after the market closes in the U.S. The chip-maker's stock is up nearly 220% over the last year. The market will be sharply focusing on the potential for the stock to sustain the face-melting rally. In fact, the rally has been so hot that Goldman even called it "the most important stock on planet earth" as options traders are betting on a move in either direction of 11%. "Nvidia is currently trading at 90x P/E and Q4 earnings expectations have been adjusted higher recently," QCP said. For comparison, Amazon.com (AMZN) currently trades at 52.4x and Tesla (TSLA) at 57.7x price-to-earning (P/E) ratio, according to FactSet data. With such a high valuation, the margin of error is very slim. "At these valuation multiples and high expectations on earnings, any disappointment could see a sell-off. That would certainly put a drag on U.S. equities and crypto prices as well," QCP continued. Another crypto sub-sector that could see a volatile trading session from Nvidia's earnings is the artificial intelligence (AI) -related tokens such as Ocean Protocol’s OCEAN and Fetch.AI’s FET. Given the influence the chip maker has on the sentiment of the AI industry, crypto traders will be keeping an eye on assessing Nvidia's outlook on the sector and trade accordingly. Read more: AI Tokens Rally as OpenAI’s Sora Brings Renewed Hope to the Sector Analysts also stress how much of Nvidia's growth relies on the server industry at the core of the AI revolution. Data from IDC shows that the global PC market is facing short-term challenges, with 2023 shipment volume expected to decline by 13.8% after a 16.6% drop in 2022, marking two consecutive years of double-digit declines. However, IDC forecasts a rebound starting in 2024, driven by factors such as a commercial PC refresh cycle, AI integration, and recovery of the consumer installed base, leading to a projected growth of 3.4% in 2024 and a compound annual growth rate of 3.1% from 2023 through 2027. Meanwhile, Taiwan-based Digitimes Research recently wrote that the computing sector's growth will plateau due to saturated PC and notebook demand, but emerging data centers are key to the future of chip companies like Nvidia, boosting server shipments and HPC chip demand. Nvidia's stock is down 7% in the last week and is currently trading around $680. The majority of the Wall Street analysts have a buy rating on the stock with an average 12-month price target of around $751, according to FactSet data. Bitcoin is trading at $51,200, down 0.4% in the last 24 hours, according to CoinDesk Indicies data, while the CoinDesk 20 Index (CD20), which measures the performance of the largest 20 digital assets, is down 1.9%. Read more: Bitcoin Options Trader Takes $20M Bet to Hedge Against Prices Dropping to $47K

4 days ago
CoinDesk
CoinDesk
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Bitcoin can reach as high as $150,000 this year fueled by ETFs, halving and Fed rate cuts, Fundstrat's Tom Lee said. Bitcoin's rally has recently stalled below $53,000 and prices may cool for a while, other analysts suggested. Bitcoin {{BTC}} may have stalled over the past week, but FundStrat head of research Tom Lee doubled down on his bullish outlook and said it could reach as high as $150,000 this year. "You have demand improving with the new ETFs, you have supply shrinking with the halving, and if monetary policy eases which we expect, that's supportive for risk assets," Lee told CNBC on Wednesday. Lee's comments came as bitcoin's rally appeared to lose some steam following a 35% gain over the past couple of weeks to $53,000, its highest price in 26 months. It was recently changing hands at $50,900, down 1.8% over the past 24 hours, holding up slightly better than the broader-market CoinDesk20 Index's (CD20) 3% decline during the same period. Lee isn't worried. "Bitcoin's been holding up ," he said "I do not think a drawdown is going to start that soon." However, other analysts suggested that BTC may cool down for a while. Joel Kruger, market strategist at LMAX Group, suggested caution in the short term, noting potential volatility due to shifting central bank policies and fallout from global macro weakness, which could temporarily impact crypto markets. He added that any downturn would provide an opportunity for taking strategic positions. Analytics firm Swissblock said in a Wednesday market update that bitcoin's big picture is still bullish, but may experience a pullback to lower prices first before resuming its uptrend. "While the prevailing sentiment suggests a potential continuation of the upward trajectory, the current scenario may necessitate a period of consolidation or even a retracement to the $47.5k support level," Swissblock analysts said. "This adjustment would serve to alleviate excess volatility and reinforce market stability before potential further upside moves."

4 days ago
CoinDesk
CoinDesk
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Giant chipmaker Nvidia (NVDA) beat its already lofty fourth-quarter earnings expectations, boosting the broader equity markets and artificial intelligence (AI) - related tokens. Nvidia said on Wednesday that its fourth-quarter earnings per share were $5.16, beating the average analyst estimate of $4.59 per share, according to FactSet data. The chipmaker also posted revenue of $22.1 billion, which came in higher than Wall Street's expectation of $20.4 billion. The company also forecast first-quarter revenue of $24 billion, beating analysts' estimate of $22.2 billion. Read more: Nvidia's Hotly Anticipated Earnings May 'Trigger' Bitcoin and Crypto Correction, Analyst Says “Accelerated computing and generative AI have hit the tipping point. Demand is surging worldwide across companies, industries and nations,” said Jensen Huang, founder and CEO of NVIDIA. AI-related crypto tokens such as OCEAN, RNDR and FET also rose on the news of Nvidia's big beat. The beat comes as shares of the maker of chips that have fueled the artificial intelligence (AI) revolution surged more than 200% over the last year, taking the market cap of the company to nearly $1.7 trillion at one point, topping the value of tech giants Amazon and Google. The rally has been so hot that Goldman Sachs even called it "the most important stock on planet earth." The shares of the chipmaker rose nearly 7% in post-market trading on Wednesday, while S&P 500 futures gained slightly and bitcoin {{BTC}} was down 1.8%.

4 days ago
CoinDesk
CoinDesk
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Avalanche's native token AVAX underperformed the crypto market over the past week ahead of its token unlocking event, CoinDesk data shows. Some $365 million worth of locked-up tokens will be released Thursday from vesting and will be added to circulation, according to Token.Unlocks data. The native cryptocurrency of the Avalanche {{AVAX}} network underperformed most digital assets as the token undergoes a $365 million unlocking event this week that will increase the token's supply. AVAX dipped more than 3% over the past week, while most cryptocurrencies – 148 of the 173 constituents of the broad-market CoinDesk Market Index (CMI) – gained in price. The CoinDesk20 Index (CD20), which tracks the performance of the largest and most liquid crypto assets, advanced 6% during the same period. At press time, AVAX changed hands at $38, some 23% lower than its December high. The underperformance happened as some 9.5 million of previously locked-up AVAX tokens, worth $365 million, will be released on Thursday, increasing the asset's circulating supply by roughly 2.6%, according to data from Token.Unlocks. Some 4.5 million tokens will be transferred to team members, 2.25 million to strategic partners, 1.67 million to the ecosystem development foundation, while 1.13 million are earmarked for airdrop. Approximately 58% of all of AVAX's tokens have been unlocked, on-chain data shows. Token unlocks translate to an increase in the asset's supply, releasing previously locked-up coins from a vesting period, including to early investors. Large unlocking events usually lead to price declines within two weeks due to the supply increase outpacing investor demand for the asset, a report by crypto analytics firm The Tie found last year.

5 days ago
CoinDesk
CoinDesk
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Major stablecoin USD Coin (USDC) will no longer be supported on the Tron blockchain, issuer Circle said in an announcement early Wednesday. “Circle is discontinuing support for USDC on the TRON blockchain in a phased transition. Effective immediately we will no longer mint USDC on TRON,” it said. Customers’ transfers of USDC to other blockchains will be supported through February 2025, while retail users and other non-Circle customers can move their USDC on TRON using exchanges. Circle cited its risk management framework as part of the decision. “This action aligns with our efforts to ensure that USDC remains trusted, transparent and safe - characteristics that make it the leading regulated digital dollar on the internet,” it stated. Stablecoins are a type of cryptocurrency that is pegged to a fiat currency, commonly U.S. dollars, and are supported by a basket of underlying assets, such as cash or bonds. USDC is the second-largest stablecoin after tether (USDT) with over $26 billion worth of tokens in supply. Data shows over $22 billion of this amount exists on the Ethereum blockchain, followed by $1.4 billion on Solana and $530 million on Polygon. A relatively smaller $300 million in USDC exists on Tron, the data shows. Tron's native TRX tokens remained steady as of Asian morning hours on Wednesday, exchanging hands at 13 cents.

5 days ago
CoinDesk
CoinDesk
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Is crypto back? It seems that every other week there is a headline saying bitcoin {{BTC}} and ether {{ETH}} are trading hands at prices not seen since 2021, when the crypto market was in an upswing. It’s not obvious that the price appreciation is going to stop anytime soon; things feel different this time around. This is an excerpt from The Node newsletter, a daily roundup of the most pivotal crypto news on CoinDesk and beyond. You can subscribe to get the full newsletter here. The pandemic-era bull market was a period of mass exuberance, hysteria and fun. Everyone from Elon Musk to my mom seemed to be talking about crypto. Celebrities were endorsing meme coins and buying NFTs. Crypto became a cultural touchstone: perhaps the best signifier of an economy going through wild gyrations as the post-pandemic world began to reopen, a weird time dominated by “vibes.” In comparison, the latest market upswing has been quiet. Sure, a few friends have reached out to see if they should buy bitcoin — an anecdotal indicator suggesting increased retail interest. But, by and large, it seems very people have taken notice as crypto prices have ticked up. See also: Bad Vibes from the Word 'Crypto' Have Some Calling for a Rebrand Of course, following the wave of protocol failures and corporate bankruptcies in 2022, starting with the high profile implosion of Terra and culminating in the collapse of FTX, crypto has become toxic to talk about. The same level of enthusiasm and lightheartedness is hard to regain while still living through the hangover. There are a number of indicators besides price action that suggest the crypto market rebound has begun in full force. MetaMask, the primary means of accessing the Ethereum network, is nearing an all-time high of monthly active users (30 million); Coinbase, the largest U.S. crypto exchange, posted its first profitable quarter in two years as trading volumes bounce back; and bitcoin search interest is bouncing back (a little), according to Google Trends. A number of factors could be contributing to rising interest. The bitcoin halving, an event that occurs roughly every four years, is always a popular media topic. Meme coins and token airdrops feed the idea that the crypto industry prints people free money. Endorsements from figures like BlackRock CEO Larry Fink and even government bodies, in places like Hong Kong and the United Arab Emirates, foster a sense that crypto is technologically significant. Most notably, the launch of nearly a dozen spot bitcoin exchange-traded funds (ETFs) has gone better than expected, with BlackRock’s ETF already posting the fifth-largest inflows this year and billions of capital flowing into the crypto funds. Moreover, there is a growing sense that the worst may be over for crypto, legally-speaking. Large overhanging concerns have more or less wrapped up, often in crypto’s favor. The Department of Justice settled with Binance, imposing a strict financial penalty, but one the world’s largest exchange appears able to carry. The U.S. Securities Exchange Commission’s hostile attempt to “regulate through enforcement” was dinged after Ripple won a significant legal battle in court, and as the agency faces other uphill battles in court. And the FTX bankruptcy process is winding down, with full restitution expected for all former users. See also: Momentum Building: CoinDesk Indices' Todd Groth Increasingly governments, including in the U.S., appear to want to work with the industry to develop policies that protect consumers without hampering the development of crypto. The European Union passed the significant MiCA ruleset while the U.K., Hong Kong, Nigeria, and others are all vying to become crypto “hubs.” It’s as dangerous as it is stupid for journalists to try to predict the future, especially in an industry as volatile and quickly changing as crypto. There’s no guarantee the bitcoin rally will continue, and there’s always the chance for fortunes to reverse. But there certainly is a growing sense that crypto is on the cusp. A lot of things have changed since 2021, many for the better. If the buzz grows, crypto has the opportunity to do it better this time, leaving behind the shameless celebrity endorsements, wanton financial speculation, pure fraud and waves of rehypothecation and backroom deals that defined crypto’s bad vibes last time to focus on building something more substantial and long-lasting.

5 days ago

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