Motoko Sentinels gain traction despite ordinal volume decrease post-halving 

Motoko Sentinels, a new ordinal collection that launched on the Bioniq Marketplace, saw its trading volume increase following the Bitcoin halving, despite the high trading volumes immediately following the event. 

Although total ordinal volume had decreased by over 58% the day following the Bitcoin halving due to high network fees, the Motoko Sentinel collection saw its trading volume increase by 20%. 

Kyle Langham, the director of data and analytics at DFINITY, told Blockworks that this is because the Bioniq marketplace operates on the Internet Computer Protocol (ICP). This network, which is natively integrated with Bitcoin, can maintain lower transaction costs regardless of the fee…

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LATEST: Bitcoin Shows Promising Buying Opportunity, Bitfinex Report

Bitcoin futures and the Market Value to Realized Value (MVRV) ratio suggest a potential buying opportunity, as detailed in the latest “Bitfinex Alpha” report. The positive shift in the open interest (OI) funding rate, recorded on April 24, points to a growing preference for long positions, reflecting a transition from a bearish to a bullish market sentiment. Additionally, the MVRV ratio, currently at 2.21, indicates Bitcoin may be undervalued compared to its fair value, as historical data shows significant returns when the ratio falls below its 90-day average of 2.44.

Despite a challenging backdrop with Bitcoin testing its support levels and a decrease in the impact of Bitcoin halvings, the market’s maturity is noted as increasing. The report also highlights Ethereum’s recent outperformance against Bitcoin, suggesting a broader market shift towards altcoins. Ethereum’s strength, particularly in comparison to Bitcoin, offers key insights into the altcoin market’s health and potential future trends, especially during regulatory challenges and market fluctuations.

Report

Ethereum’s Bottom Against Bitcoin ‘Still Likely A Few Months Away,’ Predicts Crypto Analyst

Prominent cryptocurrency analyst Benjamin Cowen predicted further bearish momentum for Ethereum ETH/USD to Bitcoin BTC/USD pair trade.

What Happened: Cowen, who had previously forecasted a rejection of the ETH/BTC ratio by the bull market support band, maintains his stance despite the recent market pump. He draws parallels between the current bounce and the one observed in 2019, just two months before the Federal Reserve began cutting interest rates.

“This latest pump just looks like the last pump it got before rate cuts last cycle, just before summer capitulation,” Cowen states, suggesting that the current upward movement in the ETH/BTC ratio may be short-lived.

The analyst believes that…

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Eigen Labs drops white paper debuting EIGEN token

The team behind restaking protocol EigenLayer dropped a white paper for a native token on Monday.

The Eigen Labs team went into detail about the structure of the EIGEN token in a 43-page paper. The token will be distributed by the Eigen Foundation and the supply will sit at 1.67 billion at launch, according to a statement provided to The Block. 

45% of the tokens were allocated to the foundation’s community, while stakedrops, community initiatives and ecosystem development have each been allocated 15%.

Early investors are set to receive nearly 30%, while early contributors receive 25.5%. 

According to the Eigen Foundation, season one will focus on users who have staked directly with…

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Paypal's Green Mining Initiative Makes Zero Sense

Last week Paypal released a whitepaper in partnership with Energy Web and DMG Blockchain Solutions, describing a “Green Mining Initiative” intended to redirect fees from participating users specifically to certified miners powering their operations with renewable energy. I can’t say I’m surprised by this honestly, mining has at this point become very normalized in terms of its use to further renewable energy or climate goals. Mining is actually very suited to this task given its nature, miners are mercenaries looking for the cheapest energy possible to devote towards solving the next block. If you have stranded power, or excess power, they will take it.

The overall architecture…

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The Economic Dynamics of Wealth

In an economic context, different roles traditionally contribute to wealth distribution. Debtors, by taking on loans and credit, help banks grow their wealth. Employees work to generate profits, which in turn enrich the business owners or the bosses. Consumers drive the economy by purchasing goods and services, thereby making businesses prosperous.

Investors, on the other hand, put their capital into stocks, bonds, and other assets with the hope of making share holders and themselves wealthy through potential returns on their investments.

Amid these traditional economic roles, Bitcoin introduces a different dynamic. It suggests that by investing in Bitcoin, individuals have the opportunity to increase their own wealth. As an investment class that is decentralized and not reliant on traditional financial institutions, Bitcoin provides an avenue where the usual wealth dynamics can be bypassed or altered.

The statement “Bitcoin makes you rich!” encapsulates the sentiment that participating in the cryptocurrency market can be a direct way for individuals to potentially grow their personal wealth. It is important to note, however, that like any investment, Bitcoin comes with its own risks and volatility.

Disclaimer: Market capitalizations and data can vary in real-time. The information provided here is intended purely for educational purposes and should not, under any circumstances, be construed as financial advice.

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Top Trending Crypto Coins of The Day

BIGCAP COINS:

  1. Pepe: Market Cap of $2.9 Billion.
  2. Bitcoin: Market Cap of $1.2 Trillion.
  3. Solana: Market Cap of $61.1 Billion.

MIDCAP COINS:

  1. Panda Swap: Market Cap of $10.1 Million.
  2. Hooked Protocol: Market Cap of $124 Million.
  3. Voxies: Market Cap of $43.7 Million.

RISING COINS:

  1. ANDY: Market Cap of $59.4 Million.
  2. Banana Gun: Market Cap of $80.1 Million.
  3. Node AI: Market Cap of $101 Million.

Disclaimer: Market capitalizations can vary in real-time. The information provided here is intended purely for educational purposes and should not, under any circumstances, be construed as financial advice.

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Bitcoin ETF snapshot: A few firsts during another week of outflows

Demand for the US spot bitcoin ETFs remains at a standstill following an initial surge of significant investment inflows.

The country’s ETF category, which comprises 11 funds, saw net outflows hit $328 million last week, according to Farside Investors data. 

It marked the third straight week of net outflows for the segment, as Grayscale’s bitcoin ETF continues to be the driver of that fate. Net money flowing out of the Grayscale Bitcoin Trust ETF (GBTC) totaled $454 million from April 22 to April 26, the data shows. 

The difference in recent weeks has been the fastest-growing funds in the space seeing demand stop altogether, or going negative, on certain days. 

The 71-day net…

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