China News by Thebittimes.Com

2023 saw an overall trend reversal as crypto entrepreneurs took charge of the situation and helped regain investor confidence. The Bitcoin (BTC) mining community recorded its annual all -time high (ATH) on Nov. 12 after raking in over $44 million in block rewards and transaction fees.  The revenue from Bitcoin mining primarily comes from rewards for confirming Bitcoin transactions and creating new blocks using high-tech computer equipment known as mining rigs. Miners currently receive 6.25 BTC for every successful block creation in addition to the transaction fees.  On Nov. 12, the daily Bitcoin mining rewards crossed $44 million for the first time in 2023, a number last seen in April 2022, according to data from blockchain.com.  Bitcoin mining revenue annual chart. Source: blockchain.com In between the timeline of April 2022 and November 2023, several factors contributed to the dip in the revenue of Bitcoin miners globally. They include a prolonged bear market, negative investor s...

On-chain data and ETH price charts are beginning to hint at a possible rally to $3,000. Ethereum’s on-chain movements indicate bullish pressure building around Ether as its exchange balances reached an all-time low and staking deposits keep surging.  Ether’s (ETH) technical charts suggest that the asset can reclaim $3,000 if buyers are able to push above the resistance between $1,900 and $2,000. ETH held on exchanges hits an all-time low Exchange balances for ETH reached a new low of 12.6%, dropping sharply in the last 30 days, according to Glassnode data. Reduced supply on exchanges is usually a bullish sign, as it means fewer tokens are readily available for selling. Percentage of ETH’s supply on crypto exchanges. Source: Glassnode The netflow volume of deposits and withdrawals from exchanges shows a steep surge in withdrawals at the start of June amid a regulatory crackdown on Binance and Coinbase. The data should be taken with a grain of salt, as withdrawals were caused by inv...

The SEC’s tagging of cryptocurrencies as securities has greatly affected the crypto market causing Algorand and Flow to hit historic lows on June 10. The United States securities regulator designated a slate of cryptocurrencies as securities in recent lawsuits including Algorand (ALGO) and Flow (FLOW) which hit all -time price lows following the declaration. On June 10, ALGO and FLOW hit their respective historic lows of $0.098 and $0.46, having dropped around 30% in the past seven days according to CoinGecko data. Both have slightly rebounded since, with ALGO up over 12.5% and FLOW recovering just over 10.5% since June 10. ALGO's seven-day price chart shows a drop to its all-time low with a slight recovery after. Source: CoinGecko Last week the Securities and Exchange Commission (SEC) sued crypto exchanges Binance and Coinbase on June 5 and 6 respectively. In the process, it labeled 16 new cryptocurrencies as securities , including FLOW and Internet Computer (ICP). ALGO was hi...