Bitcoin hashrate hits all-time high as BTC, Ether and XRP approach support

• Bitcoin’s hashrate hit a new all-time high on Sunday.
• Bitcoin and Ethereum range around support at $56,486 and $2,383 respectively on Monday.
• XRP is trading at $0.5325, up slightly on the day.

Bitcoin, Ethereum and XRP Updates

• Bitcoin’s hashrate, or the difficulty of mining BTC, hit an all-time high of 827.68 EH/s on Sunday, according to data from Coinwarz. . BTC is trading at $56,486 at the time of writing.
• A high hashrate usually signals investor confidence in the asset.
• Ethereum is trading at $2,383. The altcoin is struggling with selling pressure as wallets linked to founder Vitalik Buterin continue to send Ether to exchanges, on-chain data shows.

• XRP is trading at $0.5325, below the key resistance level of $0.5500. XRPLedger’s native token is easily gaining on Monday.

Chart of the day: GHOST

FTM/USDT Daily Chart

Fantom’s native token FTM is one of the best performing tokens on Monday, up over 7% to $0.4461 at the time of writing. The token has recorded three consecutive sessions in the green and could extend gains by another 14.60% if it rises to the lower bound of the fair value gap (FVG) at $0.5130.

The MACD (Moving Average Convergence Divergence) indicator is flashing a key buy signal as the MACD line is set to cross above the signal line. This cross, along with the appearance of green histogram bars above the neutral line, are a sign of underlying positive momentum.

Market updates

• A subsidiary of Japan’s largest electricity company, Tokyo Electric Power Co (TEPCO), plans to use renewable energy to mine Bitcoin, according to a report by local newspaper The Asahi Shimbun.
• The latest report from CoinShares shows that global crypto investment products saw outflows of $726 million last week. Bitcoin ETFs have seen consistent outflows, signaling either a waning interest from institutional investors or a shift in sentiment amid macroeconomic developments this week.
• DRiP, an NFT drop platform on Solana, has raised $8 million in seed funding from investors including TikTok executives.

Industry updates

• Binance announced on Sunday that its subsidiary Tokocrupto has obtained a physical crypto asset dealer license issued by the Commodity Futures Trading Regulatory Authority of Indonesia. The exchange is now the third largest to obtain such a license in the country.
• None of the 12 Bitcoin Spot ETFs posted net inflows last week, according to data from Farside Investors.
• Friend.Tech, the web3 social networking platform that gained massive popularity among crypto market participants in 2023 and early 2024, has relinquished control over smart contracts, according to an official announcement on X.
• The team informed the community that no fees from the contracts or the website go to the developers. It means that the development team has not made any profits from Friend.Tech’s smart contracts or websites, and while they are stopping the project moving forward, no one else can make changes to its function or fees, essentially ensuring that remains the same for users.