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Bitcoin fell 3% in just over an hour following the latest Consumer Price Index (CPI) data, which came in below expectations. BTC spiked to almost $62K on the back of the CPI print, but has since retraced below the psychological $60K mark to trade at $59,309.52 as of 9:25 a.m. EST. Inflation Slowing To Lowest Rate In 3 Years The CPI increased 0.2% on a seasonally adjusted basis after it declined 0.1% in June. Throughout the past 12 months, the index rose 2.9% before seasonal adjustment. This came in just below the 3% rise that economist’s had anticipated. The main reason for the increase was rising housing costs. Looking at just energy and food shows that the core CPI increased by 0.2% monthly and 3.2% annually, which was in line with expectations. The annual rate is also the lowest it has been since March 2021. Similarly, the core rate has come in the lowest it has been since April of the same year. Bitcoin Could Still Drop To $55K, Warns Analyst Commenting on BTC’s...

Blockchain users transacted $100 billion in stablecoin volume on Solana for the first time.  Once hailed as a so-called “Ethereum killer”, Solana has flipped crypto’s largest altcoin blockchain in stablecoin transaction value over seven days. The difference in volume between Solana and Ethereum was over $13 billion, according to Artemix.xyz. Stablecoin volumes across major blockchains | Source: Artemis.xyz This landmark for Solana (SOL) followed a flurry of activities on its blockchain ranging from an inscriptions craze to memecoin mania with some traders turning a few bucks into six-figure hauls. Airdrops like Jito also attracted thousands of users to SOL’s blockchain.  The interest in Solana directly impacted SOL as the crypto returned to prices not seen since Terra’s collapse in 2022. SOL gained 1,000% last year, and the digital asset traded above $110 when this report was written. You might also like: Trader earns $5.7m after investing 30 SOL As interest and ...

A recent report revealed that altcoin trading in the South Korean crypto currency market was high, in contrast to majors like Bitcoin (BTC) and Ether (ETH) where trading activity has declined in comparison.  The number of South Korean investors was estimated to reach about six million in the first six months of 2023, a figure accounting for 10 percent of the South Korean population, according to a survey carried out by the Korea Financial Intelligence Unit, as reported by DeSpread Research. Meanwhile, most of these investors use centralized exchanges (CEXes) for their trading activities, which explains the popularity of CEXes as against their decentralized counterparts.  In South Korea, there are four major cryptocurrency exchanges — Upbit, Bithumb, Coinone and Korbit — with Upbit being the country’s largest player at 80 percent, while Korbit’s market share is below one percent.  You might also like: Upbit receives license from Singapore’s financial r...

The two layer-2 networks processed more than 1.1 million transactions combined on Jan. 10. Ethereum Layer-2 (L2) on-chain activity has been increasing to the extent that the leading two networks now process more transaction volume than the Ethereum network. Layer-2 networks Arbitrum and Optimism have seen an increase in transaction s over the past three months. Comparatively, aside from a few spikes, transaction s on the Ethereum network have declined by around 33% since late October according to Etherscan. This has enabled the two L2s combined to flip Ethereum for this metric, according to Dune Analytics data. The chart shows Ethereum processed over 1.06 million transactions on Jan. 10 whereas Arbitrum and Optimism combined processed over 1.12 million transactions. Additionally, Optimism has now surpassed Arbitrum in terms of daily transactions following a steady uptrend in activity since September. Layer-2 ecosystem analytics website L2beat reported all L2 activity in terms of tra...