Bitcoin hash difficulty jumps 6%

Bitcoin hash difficulty jumps 6%

Key Points

  • Bitcoin’s hash difficulty has risen by 6% despite a market dip.
  • Bitcoin recently fell to 26K levels claiming over $1 billion in liquidations.

BTC price action is causing panic in the markets as traders are experiencing high liquidation ratios. However, Miners are still positive as bitcoin hash difficulty has risen 6% in the past 24 hours.

Market dip inconsequential as Bitcoin hash difficulty increases

Bitcoin price crashed by 10% last week, causing the whole market to move in tandem. As a result, record liquidations were seen in both shorts and longs. As a result, market sentiment has fallen back to fear from the neutral position that it was in before the pullback.

 The Bitcoin hash difficulty rises that happened on August 22 now marks the 6th largest uptick of 2023 per figures from The rising Bitcoin hash difficulty rate shows miners are still not struggling with productivity in their activities, and the coin’s security is becoming stronger.

The upcoming readjustment is due to continue the rising Bitcoin hash difficulty taking it to over 56 trillion for the first time. Though it is impossible to calculate with 100% accuracy, the Bitcoin hash rate is already pushing the existing all-time highs of over 400 EH/S (exahashes per second.) 

This rise in bitcoin hashrate is contributed by not only the incoming halving session but also a growth in the number of bitcoin miners. Bitcoin is expected to rise in price in the upcoming years as TradFi institutions flock to adopt it for their customers. As such, they are expected to be the major catalyst for mainstream crypto adoption.

As such, bitcoin mining is still seen as a worthwhile business since the network is also gaining new use cases via inscriptions and other Bitcoin standards. Data from Glassnode shows an increase of 0.08% in the number of BTC held by miners. They have a total of known 1.83M coins.

$1.04B crypto futures positions liquidated as Bitcoin experiences flash crash to $25K

$1.04B crypto futures positions liquidated as Bitcoin experiences flash crash to $25K

Key Point

  • A bitcoin flash crash that saw the price of the coin dip to $25K levels has seen over $1 billion in both longs and shorts liquidated
  • The crash now stands as one of the biggest ever in the liquidations history of the coin

Crypto traders are left counting huge losses as $1.04B in liquidations happened over the last 24 hours as the price of Bitcoin fell to $25,200.

Bitcoin crash liquidates both shorts and longs at a record rate

The recent flash crash of the coin caused its futures market to become highly unstable, claiming over $1 billion in liquidations for both shorts and longs positions. 

Per data from the on-chain analytics platform Crypto Rank, traders at OKX had the highest hit accounting for $332M of total liquidations, while Derbit followed closely with $273M in liquidations. At the same time, Binance had $218M, Huobi had $107M, and Bybit came fifth with $56M in liquidations.

At the time of writing, the coin’s price was still not fully recovered as it traded at $26,300. The coin still has a low trading volume though it is showing recovery signs; however, it is not promised to fully recover in the coming hours as weekend bearish sentiment may be setting in. Do your own research and trade accordingly.

Keep watching Fintech Express for more market updates and other fintech-related developments.

US CPI comes at 3.2%, lower than the expected 3.3%

US CPI comes at 3.2%, lower than the expected 3.3%

Key Points

  • July US CPI inflation has come slightly higher than in June but still sending hope across international markets.
  • July had a lower CPI inflation of 3.2% following the introduction of another interest rate hike to help fight inflation.
  • Analysts believe Interest rates should be maintained around 5% despite falling inflation.

Following the announcement of lower-than-expected US CPI in July (3.2%), international markets have started rising (both stock and cryptos). However, analysts still feel that interest rates should hold up at the current levels to keep inflation in check.

US CPI sends a wave of hope across global markets

Data from the Bureau of Labor Statistics indicate that the annual US CPI spiked to 3.2% in July, lower than the expected 3.3%. As a result, the crypto and Stock markets have begun rising. 

Bitcoin Price has started rising from the 29,457 mark hit at 11:50 E.A.T to the 29,568 mark at the time of writing following the bulling CPI data. At the same time, the STOXX 600 index has risen from 462.35 points to 462.85 points at the time of writing following the news. 

The overall US CPI has moved up to 3.2% from June’s 3% ending a streak of 12 consecutive declined YoY but still sending hope across international markets.

The US Core CPI (removing food and energy) came in at 4.7%, a drop YoY (Year-over-Year), the lowest level since October 2021. At the same time, some sectors topped in inflation numbers as follows:

  • Food away from home inflation: 7.1%
  • Shelter inflation: 7.7%
  • Transport inflation: 9%

At the same time, analysts now believe that the US should not deem the fight against inflation as done. A further interest rate hike was done in July, yet the inflation rates did not drop significantly from June. As such, it would be best to hold up the current rates for a little longer.

Federal Reserve Chair Jerome Powell said in a June meeting that they expect two interest rate hikes this year to keep the fight against inflation alive. This decision is expected to bear one more interest rate hike between August and December this year as the central bank targets inflation of just 2% by the end of the year. July’s US CPI spike now adds more possibility of rates hike in August or September to calm the markets down.

Keep watching Fintech Express for more updates on finance and other fintech related developments.  

Top 10 DeFi protocols by TVL on BNB Chain

Top 10 DeFi protocols by TVL on BNB Chain

Key Points

  • DeFi protocols have held up strongly in 2023 despite a crypto bear run due to a spike in unfavorable regulation for centralized counterparts.
  • PancakeSwap holds the highest Total Value Locked on the BNB Chain at a staggering $1.8B, accounting for 34.8% of the total.

DeFi is holding up well in 2023 despite the crypto market being in a bear cycle. The total value locked in defi protocols across all networks is around $41.3B, with BNB Chain holding number 3 on the chains with the highest TVL. Here are the top 10 DeFi protocols on the BNB Chain network by TVL.

The top 10 DeFi protocols by TVL on BNB Chain

The BNB Chain has been a home for defi protocols for long as developers want to stay away from Ethereum’s exorbitant gas fees and congestion that is usual during bull cycles. This network currently has around 3.19 billion dollars in TVL, which accounts for 7.27% of the total.

Here are the top 10 DeFi protocols by TVL on BNB Chain:

  • PancakeSwap DEX $1.8B
  • Venus lending protocol $1.28B
  • Radiant Capital lending protocol $191M
  • CoinWind yield harvesting protocol $171M
  • PinkSale Launchpad protocol $150M
  • BiSwap DEX $114M
  • Alpaca Finance Yield farming protocol $110M
  • Stargate Bridge $73M
  • UNCX Network launchpad protocol $65.8M
  • Tranchess Yield Farming protocol $55.5M

Keep watching Fintech Express for more updates on crypto markets and other fintech-related developments.

Digital assets products see a $107M outflow in a week where BTC also lost $111M-Coinshares report

Digital assets products see a $107M outflow in a week where BTC also lost $111M-Coinshares report

Key Points

  • Coinshares has released a report showing that investors are profiting from digital assets markets, with Bitcoin being the main focus.
  • The report shows that over the past seven days, BTC had an outflow of $111M, while digital assets products saw outflows topping $107M.

Coinshares have released a report showing that investors spent the past week taking profits from their digital assets as Bitcoin recorded a $111M sell-off and Digita asset products followed closely with a combined sell-off of around $107M.

Coinshares releases report showing taking profit sentiment from digital assets markets over the past week

The report by Coinshares shows that the summer YoY trading volumes are down 36% on average, with on-exchange YTD average trading volumes plummeting by 62%.

The regional outflows per Coinshare’s report were focused on two ETP providers, Germany and Canada, which saw outflows of $71M and $29M, respectively. In the same period, Bitcoin led in sell-offs, recording total outflows of $111M. This outflow is the highest ever recorded since March. 

On the other hand, Ethereum recorded an outflow of $6M through other improving altcoins throughout the study. The report indicates that the highest inflows/ buys were recorded on Solana, which received $9.5 M, its largest weekly inflow since March when the US SEC began wide crypto regulatory crackdowns.

Bitcoin price dropped by 4% in July, upholding a history of not dipping below 10% in the month

Bitcoin price dropped by 4% in July, upholding a history of not dipping below 10% in the month

Key Points

  • Bitcoin, the worlds premiere cryptocurrency, drooped in price by 4% in July
  • The coin has never lost more than 10% in July throughout its history

Bitcoin price dropped by 4% in July, a market move that upholds its history of not dipping by over 10% in the month. The market movement came when major regulatory uncertainties and lawsuits rocked the crypto market.

Bitcoin price slid down by 4% in July

Blockchain data shows that the Bitcoin price slid down by only 4% in July despite a series of FUD events. In that period, The US SEC charged HEX founder and Alex Mashinsky of Celsius; Curve Finance was in trouble. Additionally, US SEC had a court battle with Ripple, Coinbase, and Binance, among other market-dooming events.

Though Ripple partially won against the US SEC, a judge in the US SEC case against Terraform Labs ruled that the ruling in the Ripple case would be applicable as it is not yet beyond doubt that public sale and secondary sale of crypto assets should not fall under the same regulations. 

This move came as an undercutting to the Ripple win that the Public sale of XRP does not fall under securities laws through secondary sales, creating a bearish sentiment since the US SEC is set to appeal the ruling as time passes.

The drop was, however, not very significant to the year;y performance as the coin has only dropped in price two more months, with May recording a slump by 7.1% and February having a 0.01% drop, and at the same time, all other months apart from April had gains of over 10%.

This price movement is expected to reverse through 2025 as the completion of Bitcoin 4 year historical halving cycle culminates. Keep watching Fintech Express for more updates on this and other fintech-related developments.