Chain News by Thebittimes.Com

The Ordinals hype is real with the NFT inscriptions now regularly taking over 50% of Bitcoin block space. Bitcoin (BTC) miners have earned nearly $600,000 in two months from a new controversial NFT protocol called Ordinals that has triggered a surge in user activity. What are Bitcoin Ordinals?  Ordinals allow users to inscribe data in the form of images and other media types in newly mined blocks on the Bitcoin blockchain that's otherwise largely used for peer-to-peer monetary transaction s.  Fee spent on inscribing Ordinal NFTs on the Bitcoin blockchain. Source: Dune Analytics Since the launch of Ordinals in mid-December, however, users have inscribed n early 74,000 NFTs into the Bitcoin blockchain, earning miner s a cumulative $574,000 in BTC transaction fees to date, data from Dune Analytics shows. These NFTs include "digital artifacts" stemming from the derivative projects of Ethereum's CryptoPunks and Bored Ape Yacht Club collection in February. The NFT commun...

Not all Wyckoff accumulation setups lead to massive price rallies as far as the Bitcoin and cryptocurrency markets are concerned. On Dec. 2, independent market analyst Stockmoney Lizards said Bitcoin (BTC) had entered the process of bottoming out inside its current $15,500-$18,000 price range, citing Wyckoff Accumulation. Wyckoff Accumulation is a classic technical analysis setup, named after Richard Wyckoff, a technical analysis pioneer in the first half of the twentieth century, who broke down the market cycle into four distinct phases.  But is Wyckoff a reliable pattern, particularly for trading crypto currency? Let's find o. What is Wyckoff accumulation? Wyckoff accumulation is one of the four phases listed in the Wyckoff market cycle theory, with the other three being markup, distribution and markdown. In layman's terms, each phase determines when large entities drive the direction of the market. The accumulation phase correctly develops when big pockets boost their buyi...

Traders are not sure if ETH will be able to hold the $1,200 level while the S&P 500 rapidly approaches the crucial 3,900 support and ETH derivatives data hints at more downside. Ether (ETH) rallied 11.3% between Nov. 28 and Dec. 5, peaking at $1,300 before facing a 4.6% rejection. The $1,300 resistance level has been holding ground for twenty-six days and is the most likely explanation for the correction to $1,240 on Dec. 6.  Ether/USD price index, 12-hour. Source: TradingView So from one side, traders are relieved that Ether is trading 16% above the $1,070 low reached on Nov. 22, but it must be frustrating to fail at the same level the entire week. In addition to the price rejection, investors' mood worsened after three members of the United States Senate reportedly requested information from Silvergate Bank regarding its relationship with FTX. The lawmakers raised questions after "reports suggesting that Silvergate facilitated the transfer of FTX customer funds to Alame...

On this week’s episode of The Market Report, Cointelegraph’s resident experts discuss if Bitcoin can actually drop all the way down to $12,000 or $14,000 and how the markets could potentially react. On this week’s The Market Report show, Cointelegraph’s resident experts discuss the possibility of a $12,000–$14,000 Bitcoin (BTC) price and what that would mean for the rest of the crypto space. We start off this week’s show with the latest news in the markets: New BTC miner capitulation? 5 things to know in Bitcoin this week Bitcoin prepares to exit a grim November just above $16,000 — what could be on the menu for BTC’s price this week? We discuss the protests in China, the possibility of Bitcoin miners being on the verge of capitulation and other important things to know about Bitcoin this week. We break down everything that could affect the price of Bitcoin and explain in simple, easy-to-understand language so you’re up-to-date and well-informed. BlockFi bankruptcy filing triggers a w...