Coindesk

Weakness in bitcoin (BTC) has deferred to other crypto majors from Solana’s SOL to memecoin dogecoin (DOGE), data suggests current levels could prove ripe for risk-on traders.“Crypto's top meme coin Dogecoin has been extremely quiet outside of a temporary run-up at the beginning of the year,” analytics firm Santiment wrote in a Thursday report, citing social metrics and sentiment based on online chatter. “Since its top exactly one month ago, Dogecoin has shed -28% of its market cap. Crowd sentiment has been near its lowest point over the past year. (This) means there is actually some nice upside to be a daring contrarian toward DOGE (in particular) if crypto markets begin to trend upward again,” the firm added, with crowd...

U.S.-listed bitcoin (BTC) miners accounted for 25.3% of the global network in December, Jefferies said in a research report on Thursday.The bank cut its price target for MARA Holdings (MARA) to $20 from $24, while maintaining its hold rating on the stock. The shares rose 0.5% to $18.43 during early trading Friday.Mining profitability improved in December as the average price of bitcoin gained 15%, outpacing the increase in the network hashrate, which was 6.5% higher, the report said.The hashrate refers to the total combined computational power used to mine and process transactions on a proof-of-work blockchain and is a proxy for competition in the industry and mining difficulty.Average daily revenue was $59,585 per exahash, a 7.1% increase from November, Jefferies...

On Friday, China's central bank took steps to support the yuan, which has been losing ground, with its depreciation being viewed as a potential tailwind for bitcoin (BTC).The People's Bank of China announced that it will stop purchasing government bonds this month as their demand now overshadows the supply.Experts said the move reflects policymakers' discomfort with the sliding bond yields, which move in the opposite direction of prices, and the resulting depreciation in yuan.The yield on the benchmark 10-year Chinese government bond dipped below 1.6% early this week, marking a staggering 100 bps decline on a 12-month basis, according to data source TradingView. Meanwhile, its U.S. counterpart rose to 4.7%, the highest since November 2023, widening the U.S.-China yield differential...

The bitcoin (BTC) market resembles an iceberg at the moment, with the surface revealing a dominance of sellers that paints an overtly bearish sentiment. However, at deeper levels beneath the surface, bargain hunters are quietly waiting to snap up coins and potentially put a floor under prices.On the major spot and perpetual futures exchanges, the uptrend at the quote level, the going market rate, has flipped to a downtrend, indicating more traders are willing to sell at the market price, according to data source Hyblock Capital.The order book depth from quote level (0%) and 1% shows a similar pattern. Order book depth represents the combined value of buy and sell orders at specific levels (1%, 2%, 5%) from the ongoing...

Coinbase Inc. (COIN) is warning customers that a U.S. regulator is demanding information about interactions with prediction market firm Polymarket, according to a person familiar with the situation, and Coinbase has sent messages to customers saying the exchange may have to share that data.Copies of the emails shared with some customers have circulated on social-media sites, and those warnings about the U.S. Commodity Futures Trading Commission (CFTC) requests are accurate, the person said. The U.S. derivatives regulator has conducted a drawn-out legal battle with prediction markets firms, and this latest move comes just days before the leadership of the agency will flip from Democratic to Republican when President-elect Donald Trump takes office."When we receive requests for information from a government,...