Bittensor’sTAO/USD price has decreased 7.91% over the past 24 hours to $287.66, continuing its downward trend over the past week of -7.0%, moving from $312.84 to its current price.
The chart below compares the price movement and volatility for Bittensor over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.
Bittensor’s trading volume has climbed 17.0% over the past week, moving in tandem, directionally, with the overall circulating supply of the coin, which has increased 1.24%. This brings the circulating supply to 7.30 million, which makes up an estimated 34.76% of its max supply of 21.00 million. According to our data, the current market cap ranking for TAO is #43 at $2.10 billion.
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This article was generated by Benzinga’s automated content engine and reviewed by an editor.
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The U.S. Department of State and the Republic of Korea’s Ministry of Foreign Affairs co-hosted a symposium in New York City, focusing on protecting the virtual asset industry from exploitation by North Korea (DPRK) and disrupting its revenue generation.
Bitcoin prices have fallen back after approaching $65,000. (Photo by Chesnot/Getty Images)
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Bitcoin prices have suffered some notable declines over the last few days, dropping from nearly $65,000 to less than $58,000 as multiple variables have combined to push the cryptocurrency lower.
The digital currency, the world’s largest by total market value, fell to roughly $57,850 today, according to Coinbase data provided by TradingView.
The cryptocurrency declined to this level after rising to more than $64,800 on August 25, additional Coinbase figures from TradingView reveal.
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The digital asset has since recovered some of these losses, trading close to $59,100 at the time of this writing.
‘Strong’ Technical Resistance
After reaching its loftiest value in roughly three weeks on August 25, bitcoin may have changed course and started trending lower as a result of encountering significant technical resistance close to the $64,000 level, according to Julio Moreno, head of research for CryptoQuant.
“The selling could have been triggered by technical factors as the price found resistance around the $64K mark, which is the On-chain trader’s realized price, a key technical level,” he stated.
The chart below depicts this on-chain realized price along with the corresponding profit or loss:
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Bitcoin’s on-chain realized price, along with its profit or loss
CryptoQuant
Robust Exchange Inflows
On August 26, when bitcoin was already heading lower, a significant amount of the cryptocurrency flowed onto spot exchanges, according to additional CryptoQuant data.
The substantial movement of the digital currency onto these marketplaces, which happened again on August 27, signalled selling pressure, Moreno noted.
The chart below illustrates these movements:
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Bitcoin inflows to spot exchanges
CryptoQuant
These developments helped accelerate bitcoin’s downward movement, he claimed.
Long Squeeze
The decline in bitcoin caused a long squeeze, meaning that many traders had to liquidate their long positions as the cryptocurrency fell in value.
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Steven Lubka, head of Swan Private at Swan Bitcoin, singled this out as a major contributor to the notable decline the digital asset suffered over the last several days, clarifying this via email.
The chart below illustrates the sharp increase in liquidations that took place on August 27:
Bitcoin long liquidations
CryptoQuant
Nvidia Results
Another major factor that analysts singled out as having an impact on bitcoin’s recent price movements was the market’s response to the latest financial results issued by chipmaker Nvidia Corporation, which trades under the ticker symbol NVDA.
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Tim Enneking, managing partner of Psalion, commented on these results, as well as the impact they had on a wide range of risk assets.
“As for today’s specific move, it’s correlated with fiat markets and the outlandish expectations for Nvidia revenue and profit – which exceeded predictions in all cases, but didn’t blow out the high end of the various analysts’ ranges,” he stated via email.
“So it’s down 8% (as of this writing) in after-market trading and has been dragging every risk-on market down for the past 24 hours or so because of ‘fear’ of precisely these results,” Enneking added.
Disclosure: I own some bitcoin, bitcoin cash, litecoin, ether, EOS and SOL.
Ethereum co-founder Vitalik Buterin has publicly affirmed his personal conviction in Ethereum ETH/USD as a store of value.
What Happened: This statement comes in response to ongoing discussions about the Ethereum team’s reluctance to promote ETH’s monetary aspects.
Buterin’s comment, “If I did not believe in ETH as SOV I would not hold ∼90% of my net worth in it,” was made in reply to observations by DCinvestor, a strategic advisor and private investor in the cryptocurrency space.
DCinvestor argued that despite Ethereum’s widespread use in DeFi and its significant total value locked (TVL), developers have been hesitant to publicly discuss ETH’s status as a store of value, possibly due to concerns about regulatory scrutiny.
He emphasized that for Ethereum to operate securely under its Proof of Stake (PoS) consensus mechanism, ETH must be perceived as a desirable store of value.
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Buterin’s revelation provides a rare glimpse into his personal financial strategy and his confidence in Ethereum’s long-term value proposition.
The statement is particularly noteworthy given the Ethereum development team’s historical reticence to promote ETH as a store of value or programmable money.
Also Read: Bitcoin Drops 4%, Loses $60,000 Support As ETFs See $127M Outflow
This stance has been a point of discussion within the crypto community, with some speculating that it stems from regulatory concerns or a desire to focus on Ethereum’s technological aspects rather than its financial implications.
Buterin’s comment appears to bridge the gap between the public positioning of Ethereum and the personal convictions of its co-founder.
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It suggests that while the core development team may not actively promote ETH’s monetary aspects, there is a strong belief in its value retention capabilities at the highest levels of the Ethereum ecosystem.
This development comes at a time when the cryptocurrency industry is grappling with evolving regulatory landscapes and shifting perceptions of digital assets.
As the industry continues to mature, the role of major cryptocurrencies as stores of value remains a critical topic of discussion.
What’s Next: The implications of Buterin’s statement are likely to be a significant point of discussion at the upcoming Benzinga Future of Digital Assets event on Nov. 19.
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