2023-10-25 21:02

Soluna Holdings, Inc. (“SHI” or the “Company”), (SLNH), the parent company of Soluna Computing, Inc. (“SCI”), a developer of green data centers for Bitcoin mining and other intensive computing applications, announced today a twelve month 4.4 MW hosting contract with Bit Digital at Soluna’s Project Sophie in Kentucky. The contract will fill capacity at the data center that is becoming available as the current customer’s contract begins to roll off in November 2023. John Belizaire, CEO of Soluna Computing, commented, “Earlier this year we shifted our business model to offer hosting to industry leaders. Bringing on top notch mining companies like Bit Digital is extremely exciting and we look forward to partnering.” The Company expects the Bit Digital hardware to be online by early November. https://www.investing.com/news/cryptocurrency-news/soluna-holdings-and-bit-digital-announce-yearlong-hosting-partnership-432SI-3209215

2023-10-25 20:28

Copyrighted Image by: Reuters Ethereum (ETH) has seen a surge in large-scale transactions, commonly referred to as whale transactions, reaching a six-month high this Monday. According to data from Santiment, there were 6,049 transactions of $100,000 and above recorded on October 24, the highest since April 2023. The increase in Ethereum's whale activity coincides with a significant drop in its supply on exchanges. As of Monday, ETH's supply on exchanges hit an all-time low of 8.41% since its inception in July 2015. This decrease in supply could potentially indicate a growing demand for cryptocurrency among large-scale investors. Despite experiencing a recent drop of 3.35% to $1,785.93, Ethereum has maintained a weekly gain of 13.04% and a monthly increase of 13.79%. Crypto expert CoinsKid suggests that Ethereum may be on the brink of a "blow-off top," indicating a sudden price and volume surge followed by a sharp drop. Other cryptocurrencies are also witnessing increased whale activity. Bitcoin (BTC), for instance, recorded 14,833 transactions of $100,000 or more on Monday – the highest since the multiple filings for a Bitcoin ETF in June. The rise in large-scale transactions across major cryptocurrencies could signal increased confidence among high-net-worth investors in the crypto market's future performance. https://www.investing.com/news/cryptocurrency-news/ethereum-whale-transactions-hit-sixmonth-high-as-supply-on-exchanges-drops-93CH-3209201

2023-10-25 20:24

Copyrighted Image by: Reuters The supply of Ethereum on exchanges has plummeted to levels not seen since 2015, according to data from Santiment. This historic decrease corresponds with the cryptocurrency's price crossing the $1,850 mark for the first time in approximately three months. The percentage of Ethereum held in exchange wallets has reached a record low of 8.41%, resulting in a six-month high in whale transactions withdrawing Ethereum from exchanges. This trend was highlighted in a recent post by Santiment X, which also noted an increase in new whales acquiring Ethereum. As reported by @OnchainDataNerd, these new whales purchased 56,070 Ethereum, equivalent to $98.06 million, within a single day. The value of Ethereum experienced a significant rise of 12.70% from Sunday, jumping from $1,638.8 to $1,846. This increase is largely attributed to Bitcoin's over 15% surge, which was influenced by the anticipated approval of a Bitcoin spot ETF and Grayscale's application for an Ethereum futures exchange-traded fund, as reported by U.Today. Despite this surge, Ethereum has since experienced a slight decline of 3.11% and is currently trading at $1,789. This decline follows the substantial increase and reflects the volatile nature of the cryptocurrency market. https://www.investing.com/news/cryptocurrency-news/ethereum-supply-on-exchanges-drops-to-historic-low-as-price-crosses-1850-93CH-3209146

2023-10-25 19:42

Ripple's digital currency, XRP, is currently testing a significant support level after a near 15% surge last week. This uptick was primarily driven by Ripple's newly formed partnership with Uphold, a prominent Web3 financial platform. The collaboration is designed to enhance crypto liquidity capabilities, which are essential for improving cross-border payment infrastructure. The price of XRP is testing a critical resistance level at $0.551. If this level turns into a support floor, it could trigger a rally towards $0.600. The Relative Strength Index (RSI), currently in the bullish zone, suggests that XRP has the potential for additional gains. Ripple continues to garner strong community backing amid ongoing legal issues. Attorney John Deaton has openly criticized the Securities and Exchange Commission (SEC) for its prosecution of Ripple and LBRY, while allegedly overlooking fraudulent activities. He referred to the SEC as an "absolute disgrace." The SEC's lawsuit against Ripple questioned the classification of XRP as a security. A court ruling on July 14 clarified that XRP's status as a security depends on the type of transaction. For institutional investors or over-the-counter sales, XRP is considered a security. However, for retail investors conducting programmatic sales on exchanges and other platforms, it is not. The rising acceptance of crypto regulations by governments worldwide and Ripple's global partnerships are expected to positively impact XRP's price trajectory in the future. https://www.investing.com/news/cryptocurrency-news/ripples-xrp-tests-pivotal-support-level-following-uphold-partnership-93CH-3209025

2023-10-25 16:58

On a bustling day in the active cryptocurrency market, Binance, one of the leading crypto exchanges, temporarily halted cryptocurrency withdrawals due to a technical issue with a middleware service. This event occurred amid a high trading volume of approximately $100 billion across various crypto platforms. The last Ethereum withdrawal from Binance was recorded at 10:45 UTC on Wednesday. CEO Changpeng Zhao promptly acknowledged the issue on Twitter and through their X account, assuring users that all funds were secured under the Secure Asset Fund for Users (SAFU) protocol and that fiat transactions remained unaffected. This quick response highlights Binance's commitment to transparency and user security, attributes that have earned it acclaim in the industry. The pause in withdrawals coincided with Bitcoin's rally to a 16-month high of $34,300 and ongoing speculation surrounding spot Bitcoin ETF applications. Notably, BlackRock (NYSE:BLK)'s iShares ETF (IBTC) appeared on the Depository Trust & Clearing Corporation's (DTCC) site after Sam Bankman-Fried's FTX crash in November 2022, despite still awaiting approval from the U.S. Securities and Exchange Commission. This incident is not without precedent. A similar situation arose in 2021 when Binance suspended cryptocurrency withdrawals for approximately 25 minutes due to backlog issues. Emphasizing the importance of technical resilience in the rapidly expanding crypto exchange industry, Binance addressed the glitch swiftly within an hour and resumed normal operations. This incident underscores how crucial reliability and swift resolution are in this fast-paced market environment. https://www.investing.com/news/cryptocurrency-news/binance-swiftly-resolves-technical-glitch-resumes-crypto-withdrawals-93CH-3208937

2023-10-25 16:54

Copyrighted Image by: Reuters Coinbase (NASDAQ:COIN) is contesting the Securities and Exchange Commission's (SEC) classification of cryptocurrencies as securities, arguing that not all tokens are investment contracts. Paul Grewal, Coinbase's Chief Legal Officer, has criticized the SEC's stance as contradicting established legal norms and raising separation-of-powers concerns. Amid this standoff, XRP lawyer John Deaton has expressed support for Coinbase's Motion to Dismiss (MTD), anticipating Judge Failla will grant it due to the SEC's weak legal standing. Deaton has also criticized Gary Gensler and the SEC's attempt to expand the Howey test, a standard used to determine whether certain transactions qualify as "investment contracts," as unconstitutional. This all comes amidst ongoing Ripple Vs SEC hearings, with Coinbase, also seeking clarity on cryptocurrency rules. Earlier this year, both Coinbase and Binance were sued by the SEC. In parallel news, FTX, currently in bankruptcy, has transferred $10M in digital assets including Ethereum, Maker, Chainlink, and AAVE tokens to Coinbase and Binance. The move comes amidst a bullish trend in the crypto market. Kevin Cofsky has disclosed FTX's relaunch considerations with three entities under review for an independent operation, partnership or sale decision expected mid-December. CEO John Ray's task force has been studying this relaunch since January. FTX has recently staked $150M in Ethereum and Solana and plans to migrate bridged tokens to native blockchains. The exchange proposes a strategy to return $9B in customer funds by 2024, aiming to unfreeze up to 90% of assets. The Arkham Intelligence platform provided the transfer data. https://www.investing.com/news/cryptocurrency-news/coinbase-challenges-sec-stance-on-cryptocurrency-classification-amid-ftxs-recovery-plans-93CH-3208934