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Living up to its reputation as “digital gold”, Bitcoin’s correlation with the physical commodity appears to actually be rising over recent weeks.  The correlation coefficient between both assets hit a yearly high of 0.4 last week – its highest point in over a year.  “Digital Gold” Coming True? As noted by the crypto market data provider Kaiko, Bitcoin’s correlation with gold since last year has oscillated between positive 0.2 and negative 0.2. In other words, the movements of one asset…

Cathie Wood’s investment management firm Ark Invest released its monthly report analyzing various market dynamics surrounding Bitcoin on Tuesday. It listed a few reasons Bitcoin’s price may have reached its cyclical bottom – one of which is that miners supposedly finished capitulating.  The Mining Bomb Per the report’s words, Bitcoin’s hash rate “suggests that miners are no longer in capitulation mode.” “Miner capitulation began in June 2022 and appears to be complete—a dynamic historically correlated with a high-conviction bullish environment,”…

Popular gold bug and crypto-critic Peter Schiff called out Michael Saylor for his continual advocacy of Bitcoin on Monday.  He suggested that the executive chairman of MicroStrategy ought to face charges from the Securities and Exchange Commission (SEC) for his actions.  Pumping Crypto Securities Schiff’s comments were a response to the SEC’s reveal of charges against the American celebrity Kim Kardashian on Monday. Kardashian agreed to pay nearly $1.3 million for failing to disclose her paid promotion of the crypto…

Per a report, Tesla billionaire Elon Musk has plans to move forward with the initial $44B Twitter purchase. Amid a standing lawsuit, Musk could be set to purchase the leading social media platform at $54.20 for each share once again.  Sources Claim Elon Musk Revisits Twitter Deal Anonymous sources close to the matter claim Musk communicated the proposal via a letter to the company. After news of the proposal broke, Twitter shares began to climb. The stocks rose 12.67% over…

The American celebrity Kim Kardashian has been forced to pay a $1.26 million fine by the Securities and Exchange Commission (SEC).  The fine pertains to her undisclosed promotion of EthereumMax (EMAX) over Instagram. She failed to reveal that she was paid $250,000 to promote the token.  Kim Kardashian Promoting Crypto? Per a statement from the SEC on Monday, Kardashian’s problematic post contained a link to the Ethereum Max website, and instructions for purchasing EMAX tokens.  The Instagram story said Kardashian’s…

In a Monday update, leading exchange Binance revealed that it had burned $1.8M worth of  Terra Classic token trading fees.  The move came as a response to a community proposal from September and aimed at shedding some of the token supply.  Binance Completes the First Burn CEO Changpeng Zhao informed users that the company had completed the first LUNC burn via a post on Twitter. The exchange had sent about 5.5 million LUNC tokens worth 1,863,213.47 Tether (USDT) to the…

Alex Mashinsky – founder of Celsius Network – reportedly withdrew $10 million from the struggling lending platform weeks before its bankruptcy.  Under U.S law, he may be forced to return those funds for the benefit of his company’s creditors.  Mashinsky’s Last Minute Withdrawal Mashinsky's hefty withdrawal came in late May – at a time when Celsius users were already withdrawing their assets in droves. Fear overtook customers as crypto markets slid in Q2, and worries over Celsius’ financial health grew…

Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The Crypto Market ends the week at a total market capitalization of $925 billion. Bitcoin has increased by nearly 1% this week. Ethereum lost almost 2% over the past seven days. XRP is down by nearly 8% this past week. Almost all altcoins are trading in the red, with few exceptions. The DeFi sector maintained the total value protocols (TVL) at around $27 billion. Crypto Trends…

On Friday and in the early hours of Saturday, the Solana network experienced yet another outage, frustrating thousands of Solana users. The recent event is the second major downtime the network has suffered since January this year when it experienced a slew of partial outages. It took some hours for the network devs to resolve the issue which notably caused the network’s native token to slip 6%.  Solana Validators Restart the Network Mainnet Solana first called attention to the outage…