Search Results for: Nansen Research

Blockchain data analytics platform Nansen cuts its workforce by 30% due to the ongoing cryptocurrency market slump. CEO Alex Svanenik admits unsound rapid scaling led to a high cost base, resulting in organizational changes for sustainability.

“Mantle, an Ethereum layer-2 network, has seen its native token MNT surge by 4%, outpacing other major layer-2 blockchains. The distinctive three-layer modular approach of Mantle, which was previously BitDAO, seems to be setting a market precedent. However, market superiority remains undecided due to fluctuating token prices.”

Crypto exchange Bitget declares a debt-free status and remarkable reserves totalling $1.44 billion, exceeding the industry-standard backing with a reserve ratio of 223%. Built through transaction fee profits and returns from investments, Bitget seeks to maintain transparency and reinforce trust by issuing monthly proof-of-reserve statements. The exchange also initiates a crypto lending program, enabling users to maximize investment possibilities.

Arbitrum’s governance token ARB faces downturn since its airdrop, but ecosystem growth remains healthy. Consistently higher daily active users, gas fees, and transaction count are observed. The upcoming Cancun-Deneb update featuring EIP-4844 and the Arbitrum Foundation’s revenue-sharing plan may impact ARB. Investors should conduct thorough research before making decisions.

A Nansen report reveals reputable exchanges, such as Binance, OKX, and Bitget, collectively hold over $2 billion in user protection funds. Despite being a positive indicator, these funds don’t guarantee solvency. The uncertain US regulatory environment also poses a potential threat to these exchanges’ growth.

The cryptocurrency market experiences slow trading for Bitcoin and Ether, while exchange tokens gain momentum with a potential impact from the SEC lawsuit against Binance and Coinbase. Michael Rosmer, co-founder of De.Fi, suggests investors might view the lawsuit as a buying opportunity. Upcoming U.S. CPI and June FOMC announcements might influence market volatility.

Bitcoin whales accumulated nearly 60,000 BTC during a recent 10% price correction, according to a report by Santiment. As altcoins experience market turbulence, Bitcoin’s dominance reaches 50% for the first time since April 2021, suggesting bear market characteristics and investors shifting funds into safe-haven large-cap coins.

Despite recent SEC filings alleging certain tokens as securities, the value locked in DeFi applications remains stable, suggesting positive sentiment among market participants. The lack of capital flight indicates that remaining participants are dedicated believers, unaffected by the SEC’s actions and confident in DeFi’s technological future and growth potential.

Crypto lender Celsius Network’s $800 million Ether staking move has caused significant delays in the Ethereum validator queue, stretching it to 44 days. Following Ethereum’s Shanghai upgrade, Celsius reshuffled staked ETH holdings, potentially adding nearly a week of delay. This highlights the need for a more scalable and accessible network as Ethereum 2.0 transitions to proof-of-stake.

Ethereum holders and investors celebrate as the amount of Ethereum locked on the Beacon chain reaches an all-time high of 19,375,242 ETH, with a total value locked of $27.7 billion. Binance CEO Changpeng Zhao hints at a potential price rally for Ethereum in response to increased locked ETH, suggesting a reduction in overall market supply may be imminent.

Pepecoin (PEPE) experienced a 2,000% increase in value following its April 2023 launch, driven by zealous memecoin hype. Research analyst Xin Yi estimated the total memecoin market value at around $20 billion, with social aspects significantly influencing investor sentiment and action. However, memecoins carry inherent risks, often resulting in liquidity crunches and losses for smaller investors.

PEPE memecoin leads the pack with a 2100% price hike since its launch, gaining popularity on decentralized exchange Uniswap. Despite challenges like liquidity issues, PEPE continues to make waves on centralized exchanges. The long-term sustainability and value of meme-oriented cryptocurrencies remain uncertain; investors should approach them with caution.