According to BlockBeats, on February 7th, the Indian cryptocurrency trading platform WazirX officially announced that it is migrating funds from its existing cold wallet to a new wallet for better fund management, increased accessibility, and improved operational efficiency.
One bitcoin (BTC) holder metric is pointing to price growth in the months ahead even as activity on the blockchain falls to its lowest in a year, a CryptoQuant analysis noted this week.The firm’s Bitcoin Network Activity Index has been down 15% since November 2024’s record high and stands at 3,760 as of Friday morning, its lowest level since February 2024. The index is a cumulative measure of active addresses, number of transactions, block size and fees among other bitcoin metrics to indicate growth or a drop in Bitcoin usage.See all newslettersA drop in activity was marked by a sharp decline in the number of transactions. The total daily number of transactions is 346,000 as of Friday, down 53% from a high of 734,000.Low network activity is also evident in the Bitcoin mempool, or a collection of all unconfirmed Bitcoin transactions waiting to be included in a block by miners. Mempool volumes plummeted from a high of 287,000 in December to just 3,000 as of Thursday, a slide of nearly 99% to levels not seen since March 2022.CryptoQuant said lower use of Runes Protocol, a relatively new way to issue fungible tokens directly on Bitcoin, may be behind the plunge.“The decline in Bitcoin’s network activity can be mostly explained by the collapse in the use of the RUNES protocol to mint tokens on the Bitcoin network,” it said. “This is evident in the total daily number of OP RETURN codes in Bitcoin transactions, which the RUNES protocol uses to write data about token mints and transfers on the network.“When the RUNES protocol emerged in April 2024, the daily number of OP RETURN codes spiked to 802K. However, the number of OP RETURN code has plummeted since, with only 10K OP RETURN codes used,” the firm added.However, the drop in activity may not directly affect bitcoin prices, which are seen as likely to grow because demand from long-term accumulator addresses has increased in recent weeks.Bitcoin Permanent Holder demand is accelerating.Historically, this signals strong confidence and often precedes rallies. pic.twitter.com/o2xPydbUhiFebruary 7, 2025Such a spike is historically associated with a rally in the BTC price and signals the overall perception of the asset as an investment asset, or store of value. Permanent holders are addresses that accumulate BTC over time and never engage in spending transactions, indicating a long-term holding strategy that creates a lack of sell-side pressure.
Want to quickly grasp market trends and accurately capture buying and selling points? AI intelligent interpretation of K-line function, one click scanning of market trends, helping you gain insight into market trends! ✔ Intelligent analysis of K-line patterns and identification of key trend inflection points; ✔ Deeply analyze technical indicators and quickly analyze market trends; ✔ Accurately mark potential buying and selling points to reduce the risk of blind trading. According to the latest interpretation, BTC has shown a downward triangle shape in the 45 minute custom cycle, while the main selling pressure has increased, technical indicators are bearish, and short-term consolidation is the main trend. Attention should be paid to the risk of pullback, and the potential buying and selling points are: Buy point: 96150 USDT (Near recent low, may form support, and near the lower edge of the downtrend triangle, there is a possibility of rebound.) Long stop loss point: 95676.64 USDT (Breaking below recent lows, confirming the continuation of the downward trend and avoiding greater losses.) Sell point: 99120 USDT (close to recent highs and near the upper edge of the downtrend triangle, with selling pressure risk.) Short Stop Loss Point: 100777.93 USDT (Breaking through the recent high indicates the possibility of breaking through the downtrend triangle and reversing the trend upwards.) Whether you are a novice or a professional trader, AI interpretation of candlesticks can help you make faster decisions and seize market opportunities! Special statement: The above interpretation is for reference only!
Click on the link to enter the live broadcast room: https://meeting.tencent.com/dm/wmCXM4vY3rqv Good evening everyone, I am Qin Chuan! During yesterday's live broadcast, it was suggested that short-term trading should focus on the main and short positions. After a wave of decline in today's market, it is currently in the rebound stage, and the oscillation range is getting smaller and smaller. How to operate this trend? 1. Clearly define the specific oscillation range, 2. There is no need to pay attention to the general trend in the oscillating trend, only focus on the support and resistance levels, 3. Watch more and do less! For more strategies and ideas, welcome to the live broadcast room to discuss together The market is constantly changing, with opportunities and risks coexisting. We hope everyone operates cautiously and invests rationally! Thank you all for your attention! Meeting ID: # Tencent Meeting 773-6824-7259 QQ group number: 10211444057 Disclaimer: The above content only represents the author's personal opinion and is for communication and sharing purposes only. It does not represent AICoin's position or viewpoint and does not constitute any investment advice. Based on this investment, there may be external contacts, which have nothing to do with AICoin, and the consequences shall be borne by oneself.
According to CoinDesk, Joseph Lubin, CEO of ConsenSys, an Ethereum software company, stated that the company has been twice targeted by US authorities for attempting to cut off access to the financial system, and is a victim of Operation Chokepoint 2.0. In the latest incident, a large American bank (reportedly Wells Fargo) ultimately closed its ConsenSys account after being pressured by regulatory authorities. Lubin revealed that the bank initially attempted to delay execution and expressed support for ConsenSys, but ultimately could not withstand the pressure. In addition, Lubin himself has also been targeted in this liquidation operation.
Consensys, the Ethereum software developer best known for its MetaMask wallet, has twice been hit by U.S. authorities' attempts to exclude it from the financial system, despite the best efforts of its bank the second time around, founder and CEO Joe Lubin said in an interview.The company survived what's known as Operation Chokepoint 2.0 by holding redundant backup accounts to avoid getting into any operational difficulties. Lubin also said he was personally hit during the purge.See all newslettersChokepoint 2.0 refers specifically to the debanking of crypto businesses and executives as result of pressure exerted during President Joe Biden’s administration by regulatory authorities like the Federal Deposit Insurance Corp (FDIC). Consensys' bank, which Lubin declined to identify, resisted lots of pressure to close its account, he said.“The bank indicated to us they were getting a lot of pressure to shut down our account: a $7 billion company, always been an excellent customer for them,” Lubin said. “They basically said, 'We like you guys. We don't want to do this. We're going to try to delay the process as long as possible, and we'll let you know if we have to do something.’”The initial Chokepoint, launched by the Department of Justice during the Obama administration, aimed to cut off access to banking services for legal but politically disfavored businesses, such as payday lenders and firearms dealers.Crypto debanking has become a talking point in recent months, with leaders including Andreessen Horowitz boss Marc Andreessen and Ripple CEO Brad Garlinghouse discussing it in public. This week, it has come under Congressional scrutiny in a series of hearings, marking a further advance in the digital assets industry's reversal of policy resistance in Washington under President Donald Trump's administration.Lubin's comment shows that some banks deserve credit for trying to resist the pressure being exerted by U.S. authorities. Eventually, however, the pressure became too much and the bank caved.“The bank finally said, ‘We can’t do anything more. We’re going to have to shut down your account. We’re very sorry,’” Lubin said.A person familiar with the matter said the U.S. bank in question was Well Fargo. Wells Fargo declined to comment.This was not the end of the story, however. After Trump's election victory in November, the bank’s relationship manager reached out to the Consensys chief financial officer.“Day after the election, the bank contacted one of our people in finance and said, ‘Hey, can we take you to a basketball game?’” Lubin said.An earlier experience of Chokepoint was more brief and clinical.“That was a previous banking partner,” Lubin said without naming the bank. “They closed my personal account and they closed the company account. They just wrote a very vanilla sounding letter. That was it.”