“BTC/USD is below the two-year SMA for the first time since March 2020, having crossed the line around one week before the Terra LUNA, now known as Luna Classic (LUNC), debacle sent Bitcoin to ten-month lows. While Bitcoin bulls are hardly out of the woods at $30,000, the Investor Tool’s readings strengthen a narrative that is only just beginning to emerge among analysts.
Arthur Hayes, former CEO of derivatives giant BitMEX, this week suggested that May’s Terra-inspired trip to $23,800 may in fact mark a long-term BTC price floor after all. The Terra episode, itself, in which nonprofit the Luna Foundation Guard (LFG) liquidated 80,000 BTC, could have cemented solid support, Hayes wrote.
To puke 80,000 physical Bitcoin is quite a feat. After contemplating the nature in which these Bitcoins were sold, I am even more confident that the $25,000 — $27,000 zone for Bitcoin is this cycle’s bottom.”
“The Graph – a service that helps applications collect and interpret blockchain-based data – announced Thursday that it will be sunsetting its centralized Hosted Service early next year. The news also accompanied a proposal to expand The Graph’s decentralized network to Arbitrum.
App developers using the platform will be encouraged to migrate over to the pay-per-query Graph network, which relies on a distributed community of Ethereum-based “indexers” to handle data rather than the Hosted Network’s single operator.
This big vision that we’ve been trying to fulfill for years is now possible, and the big piece of that is you can make data decentralized.”
“Crusoe Energy, a U.S. firm that specializes in using excess natural gas for bitcoin mining, will begin deploying generators and mining equipment to capture flared gas in Muscat, Oman as the Middle East looks to cut its emissions.
Crusoe’s CEO, explained in the report that the company felt it was important to have a presence in the Middle East and North African (MENA) region as the location accounts for 38% of the world’s burning of excess natural gas from oil wells. The Oman Investment Authority was part of a $505 million funding round for Crusoe this past April.
Having the buy-in from nations that are actively trying to solve the flaring issues is what we are looking for.”
“The cost-cutting measures will see Coinbase rescind “a number of accepted offers” to prospects yet to start, and extend the two-week hiring pause “for as long as this macro environment requires.”
The cutbacks come “in response to the current market conditions and ongoing business prioritization efforts.” The Coinbase news follows an announcement of layoffs at fellow exchange Gemini earlier today.
Adapting quickly and acting now will help us to successfully navigate this macro environment and emerge even stronger, enabling further healthy growth and innovation.”
“The Solana network suffered its latest outage Wednesday, felled for over four hours by a bug in how the blockchain processes a niche type of transaction.
Those transactions will remain nixed until developers identify and patch the exact culprit that threw Solana’s consensus mechanism off-kilter. That may have ramifications for offline custodians whose transactions fall under this category, perhaps even freezing their ability to move funds until the patch is in.
At press time Wednesday a number of exchanges were reporting problems with Solana deposits and withdrawals. Among them: Binance, Coinbase and Crypto.com. SOL was already trading lower Wednesday when the outage began around noon Eastern time; it continued its 24-hour slide and was down nearly 13% around 8:30 p.m. ET.”
“The U.S. Securities and Exchange Commission is warning investors away from casual crypto speculation by using mock videos. “Investing is not a game,” says the voiceover in each of the public service spots released by the SEC on Wednesday.
In one spot the mock host invites contestants of “Investomania” to choose from a classic game show board of options that includes a range of dubious investments. The possible selections include one square labeled “crypto to the moon,” mixed among others such as “stock tips from your uncle,” “meme stocks” and “tulip bulbs.”
In another, a contestant says, “I’ll take celebrity endorsements,” with a mock celebrity responding, “You should buy crypto, trust me – I’m an actor.””