Coindesk

Research service Ecoinometrics stated on Monday that bitcoin's (BTC) long-term recovery is closely tied to the Nasdaq's ability to trend upward, highlighting the significant positive correlation between the two.Unfortunately for crypto bulls, the Nasdaq triggered a major bearish reversal pattern known as a "double top" on Monday, putting BTC's 200-day simple moving average (SMA) support at risk.Bitcoin, the leading cryptocurrency by market value, has dropped over 10% in the past 24 hours, reversing Sunday's price rally to $95,000. At one point early today, prices tested the 200-day SMA support at $82,587, as shown by data from the charting platform TradingView.The 200-day SMA is commonly regarded as a key indicator of long-term trends, with price declines below this level often interpreted...

Major tokens Cardano's ADA, XRP, and Solana's SOL plummeted 21% on Tuesday, just days after a dramatic surge fueled by President Donald Trump’s announcement of a U.S. crypto strategic reserve, erasing all gains sparked by the initial excitement.The sharp reversal aligned with a cautious mood among traders after Monday’s market rally following the ambitious plan, as a CoinDesk analysis previously noted.Trump’s Sunday declaration that the reserve would include ADA, XRP and SOL, alongside bitcoin (BTC) and ether (ETH) ignited a market frenzy, with ADA soaring over 60%, XRP climbing 33%, and SOL jumping 22% within hours.The promise of a government-backed crypto stockpile was hailed as a game-changer, with analysts predicting it could legitimize digital assets and drive institutional adoption.However, the...

THORChain, a decentralized protocol enabling users to swap cryptocurrencies across various blockchains, has seen what can be described as an unwanted windfall after the Bybit hack.The protocol processed $4.66 billion in swaps in the week ended March 2, the highest tally on record, according to data source DefiLlama. The tally exceeded the $1 billion mark on Sunday alone.The surge in activity follows the hack of the crypto exchange Bybit on Feb. 22, which saw the North Korean malicious entity walk away with $1.4 billion in ether. Per observers, the entity used THORChain to swap and launder funds, resulting in a record activity on the platform."Starting from the initial Bybit Exploiter wallet, funds were sent across a further stretching net of...

Ether (ETH) is testing levels not seen since November 2023, as the market continues to be hit by volatility resulting from U.S. President Donald Trump's trade war threat. ETH is down 15% in the last 24 hours, according to CoinDesk Indices data, dragging down the CoinDesk 20, a measure of the largest digital assets, which is down 16%. Ether's decline over the past three months has been driven by bearish investor sentiment, reflected in its underperformance relative to BTC and weak institutional demand, alongside macro headwinds like trade war fears, inflation concerns, and stock market weakness, which have dampened risk appetite.CoinGlass data shows that nearly $165 million in ETH long positions have been liquidated in the last 12 hours. ...

CoreWeave, an AI firm in close partnership with bitcoin miner Core Scientific (CORZ), filed for an initial public offering (IPO) today.The company is expected to raise $4 billion, with a valuation of more than $35 billion.Today's filing showed the company had seen $1.9 billion in revenue in 2024, resulting in a net loss of $863 million due to the firm's AI-related investments. The company currently carries an accumulated deficit of $1.5 billion.CoreWeave has enlisted Core Scientific's assistance to build 500 megawatts (MW) of infrastructure for AI-related purposes. The latter company used to be CoreWeave's biggest GPU supplier when the former was still mining ether.The move comes as demand for AI has spiked significantly amid the adoption of the tech from...