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Goldman Sachs’ digital asset lead Mathew McDermott said the bank remains “hugely positive” on exploring blockchain applications. Goldman Sachs’ digital assets unit is reportedly open to bolstering its 70-strong team, despite a massive cost-cutting exercise at the firm last month that will see 3,200 employees clear their desks. Mathew McDermott, Global Head of Digital Assets for Goldman Sachs said the bank remains “hugely supportive” of exploring Blockchain applications and that the Digital Asset division will hire “as appropriate” this year. The executive made the comments in Hong Kong to Bloomberg last week, noting that the digital assets team has grown from just four staff members in 2020 to around 70 today. The firm’s supposed openness to beef up its crypto team comes despite the firm cutting up to 3,200 jobs last month, its largest round of layoffs since the global financial crisis of 2008-2009. The cuts have reportedly impacted senior, middle and junior-level executives and conc

"Wild" data shows that more of the BTC supply has been dormant for at least a decade than that available for purchase on exchanges. Bitcoin (BTC) exchanges have less BTC to buy than at any time since early 2018, the latest data shows. On-chain analytics firm Glassnode confirms that as of February 2023, ex change reserves are at five-year lows. "Wild stat" shows Bitcoin supply maturation The latest statistics to reflect the determination of Bitcoin hodlers, major exchanges’ BTC balances are in “down only” mode. As of Feb. 27, the latest date for which data is available, the platforms tracked by Glassnode held a combined 2,272,798 BTC. It was in March 2018 that the number was so low, which March 2020 represents the current all-time high of 3,202,326 BTC. The moment of the COVID-19 cross-market crash, from then on, exchange reserves began to fall, accelerating through the 2022 bear market to stand 29% lower now. Bitcoin exchange balance chart. Source: Glassnode The i

Join Our Telegram channel to stay up to date on breaking news coverage Tencent, a tech conglomerate from China, announced its all-new metaverse suite, an addition to its product portfolio called “metaverse-in-a-box”, that’ll assist third-party companies in building virtual worlds & expand the list of media offerings for Tencent. Tencent Offers Metaverse Building Services to Asian Markets Tencent is one of the biggest tech companies in China, among the top 5, to be precise, and it has made some important announcements regarding the company’s metaverse strategy for the future. “Metaverse-in-a-box”, a recent introduction from the cloud division of the company, will enable users to build virtual worlds and thus fuel their web3 initiatives. Companies in the fields of gaming, media, entertainment, and retail will be using these sets of tools offered by Tencent to design and build their metaverse spaces. And Asian markets, such as Singapore, Malaysia, Indonesia, and Thailand in

Get the weekly summary of crypto market Analysis , news, and forecasts! This Week’s Summary The crypto market ends the week at a total market capitalization of $1,060 trillion. Bitcoin is down by over 6% after a disappointing week. Ethereum decreased by almost 6% over the past seven days. XRP lost more than 5% in value this week. Almost all altcoins are trading in the red, with a few exceptions. The DeFi sector increased the total value of protocols (TVL) to around $51 billion. Crypto Trends 20 – 26 February 2023: Market Analysis and Performance The crypto market had a poor week following a surprising and enriching bull run. Most assets have lost some recent gains as they experienced a mild correction. Meanwhile, the market capitalization dropped by around $60 billion but remained above the $1 trillion mark. Bitcoin started the week riding high and around the $25,000 level. The more optimistic BTC supporters hoped for a continuous surge all the way to $30k. Unfortunate

This week, Bloomberg Intelligence Senior Macro Strategist Mike McGlone shared his March outlook and noted that the “top catalyst” that could push gold above the $2,000-per-ounce range is a recession. McGlone further explained in an update about bitcoin and the Nasdaq that a key ingredient to force the U.S. Federal Reserve to pivot its stance is “a sharp drop in the stock market.” Mike McGlone Shares March Outlook for Precious Metals and Cryptocurrencies Gold and silver prices were lower this past week, with gold close to dropping below the $1,800-per-ounce range and silver clinging just above the $20-per-ounce range. The global cryptocurrency market capitalization today is $1.08 trillion, a decrease of around 1.57% over the last day. Earlier this week, Bloomberg Intelligence Senior Macro Strategist Mike McGlone shared his March predictions concerning assets like commodities, precious metals, equities, and bitcoin. Regarding bitcoin, McGlone questions whether the recent rally was holl

A former Cohasset High School employee was accused of stealing electricity on the school campus to mine Bitcoin. The former school assistant secretly operated a cryptocurrency mining facility inside the crawlspace and stole electricity to run the devices. It is alleged that he stole electricity worth $18,000 to power and run his Bitcoin mining scheme, according to Boston’s WCVB Network. The Cohasset Police Department seized multiple computers, ventilation devices, and connection wires from the school campus. The photographs shared by the department show mining devices and application-specific integrated circuits (ASIC), commonly called mining rigs. Also Read: $600 Billion in Bitcoin Could Be Wiped Out: Analyst Source: Cohasset Police Department It is alleged that the former employee ran the operation for eight months on the school campus without permission. The IT director discovered the mining ring and alerted the school staff, who called in the police. The former employee

New York Attorney General Letitia James has sued cryptocurrency exchange Coinex “for failing to register as a securities and commodities broker-dealer and for falsely representing itself as a crypto exchange.” The NY attorney general also stressed that Coinex is not registered with the U.S. Securities and Exchange Commission (SEC) even though the platform lets users trade crypto tokens that are allegedly securities. Coinex Violates New York Law, Says NYAG Letitia James The office of New York Attorney General (NYAG) Letitia James announced Wednesday that the attorney general has sued cryptocurrency trading platform Coinex “for failing to register as a securities and commodities broker-dealer and for falsely representing itself as a crypto exchange.” The announcement details: The Office of the Attorney General (OAG) was able to buy and sell cryptocurrencies on Coinex in New York, although the company is un registered in the state, which is a violation of New York’s Martin Act. The

BTC and altcoins are pulling back sharply, but is today’s correction a simple lower support retest, or a sign of worse things to come? The United States equities markets saw their worst performance of 2023 as concerned investors dumped stocks on Feb. 21, fearing continued rate hikes by the U.S. Federal Reserve. Although the cryptocurrency Markets also gave back some of the gains, the fall was comparatively muted. UTXO Management senior analyst Dylan LeClair said that Bitcoin’s (BTC) correlation to the S&P 500 index has fallen to the lowest since late 2021. After the sharp recovery from the lows, Glassnode data showed that only 21% of the coins sent by Long-Term Holders to exchanges at the start of this week moved at a loss. That is a huge improvement from mid-January when 56% of LTH coins sent to exchanges were moved at a loss. Daily cryptocurrency market performance. Source: Coin360 The decoupling of the crypto and the U.S. equities markets is a positive sign but traders must re

Join Our Telegram channel to stay up to date on breaking news coverage Binance CEO Changpeng Zhao has finally responded to the recent comments made by Kraken CEO Jesse Powell concerning how regulators treat offshore cryptocurrency firms in the United States. The comment comes after a February 18 post by the CEO of rival crypto exchange Kraken regarding a long Twitter thread shared by Custodia Bank CEO Caitlin Long. 1/ IT'S TIME FOR ME TO REVEAL A FEW THINGS. I've just published a post "Shame On Washington, DC For Shooting A Messenger Who Warned Of #Crypto Debacle." Link to post is here:https://t.co/yTWWrEk3Os pic.twitter.com/rbo21DzOv3 — Caitlin Long ️🟠 (@CaitlinLong_) February 17, 2023 Custodia Bank’s Caitlin Long’s Sparks Fire In the thread, Long detailed how she handed over “evidence to law enforcement concerning probable crimes committed by a big crypto firm, starting months before that company imploded and stuck its millions of customers with los

Using a solution that is based on blockchain technology, the South African startup Momint has said the recently launched Suncash initiative aims to ease the country’s power generation challenges. For about $9, investors can reportedly buy non-fungible tokens (NFTs) linked to solar cells which are then leased to institutions such as schools and hospitals. Momint Pilots Solution at One Local School A South African startup, Momint, recently said it has launched a blockchain-powered solution that can ease the African country’s energy woes by installing more rooftop solar systems at public institutions like hospitals and schools. According to a News 24 report, the startup’s solution has already been piloted at Delmas High School in South Africa’s Mpumalanga province. As explained in the report, investors that wish to participate in this project can do so by acquiring non-fungible tokens (NFTs) which are linked to solar cells and are sold for a minimum price of just under $9. The solar ce

Today, the total number of Ethereum tokens in circulation hit a post-Merge low of about 120,500,000 tokens. The Merge was one of the biggest technical changes in the history of the network. It changed Ethereum from proof-of-work to proof-of-stake and changed its economics in a big way. It also decreased the total amount of new ether that was issued. The falling supply could be related to the rising price of Bitcoin and equity markets, since traders often respond by buying higher-risk tokens that are only available on-chain. Demand for the network, or how many people are trying to make new transactions, makes the average amount of ether burned in each transaction go up, which makes the supply even smaller. Since the beginning of 2023, the cost of transactions on Ethereum has steadily gone up. It was briefly as high as it was in the third quarter of 2021, when the prices of bitcoin and ether were much higher. Dune Analytics says that there has also been a small r

Join Our Telegram channel to stay up to date on breaking news coverage Revolutionary move-to-earn (M2E) fitness project Fight Out has recently announced a 5% referral bonus for users. This is in recognition of another major milestone in its presale journey. Earn When Others Buy Through Your Link The Fight Out protocol continues its phenomenal presale record and has raised $4.4 million. The blockchain wellness protocol is launching a referral program for early-bird investors to celebrate this watershed moment. With this new initiative, users can easily earn up to 5% of the total amount invested via their link. This way, users can easily generate passive income from friends, family, and online platforms. To start earning, users must connect their crypto wallet to the Fight Out website and click the ‘5% Referral Link’ icon at the bottom of the pop-up screen. They can then proceed to share the link and earn whenever purchases are made through the link. You can now become an af

Join Our Telegram channel to stay up to date on breaking news coverage Stacks (STX) is leading the gains in the crypto market as traders wait to see what the new week has in store for them. The Stacks price is up 58% in the past 24 hours to trade at $0.61, topping the list of biggest crypto gainers on Monday, according to data from CoinMarketCap.  The other top gainers are Conflux (CFX) which is up 40% on the day to $0.2168 and Neo (NEO) which has risen 18.88% in the last 24 hours to the current price of $11.57. Closing the top five gainers are Solana (SOL) and Zcash (ZEC) which have risen 12% and 8.66% respectively. Top Crypto Gainers Today Source : CoinMarketCap As expected, STX’s trading volume is up a whopping 466% over the last 24 hours to hit $845 million. This points to increasing investor interest in the Stacks project, a smart contracts layer that enables DeFi, NFTs and other dApps to be built on the Bitcoin network.  This recent interest could be attributed to t