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MainNewsCrypto Payme...

Crypto Payments Firm MoonPay Acquires Helio for $175M


Jan, 13, 2025
1 min read
by Tanzeel Akhtar
for Cryptonews
Crypto Payments Firm MoonPay Acquires Helio for $175M

MoonPay, a cryptocurrency payments firm, has acquired blockchain payment processor and Solana-based platform, Helio for $175 million.

Helio is a crypto checkout app, serving over 6,000 merchants and millions of users. Its platform facilitates payments in USDC, SOL, BTC, ETH, and other digital assets for various applications, including e-commerce, subscriptions, and digital goods.

Over three years, Helio claims it has processed more than $1.5 billion in transactions, powering payments for high-profile projects like Magic Eden NFT pre-sales and Solana Mobile phone sales.

The platform also integrates with widely used services like Shopify, WooCommerce, and Discord, offering merchants seamless on-chain checkout options.

Helio Tech To Be Integrated Into MoonPay System

In a release shared with CryptoNews MoonPay said it plans to integrate Helio’s technology into its system, improving its product portfolio for marketplaces, trading platforms, and decentralized applications.

Ivan Soto-Wright, CEO and co-founder of MoonPay, said the acquisition is an important step, adding: “Helio’s technology and expertise strengthen our ability to deliver efficient, secure, and scalable solutions for crypto commerce and marketplaces. With this partnership, we now offer the most comprehensive product for on-chain payments.”

“Joining MoonPay accelerates our mission to replace slow, costly merchant payments with fast, affordable, and decentralized solutions, empowering thousands of merchants to reach millions of customers,” said Helio co-founder and CEO Stijn Paumen.

Earlier this year, MoonPay partnered with PayPal, enabling users to buy and sell over 110 cryptocurrencies using PayPal accounts. MoonPay also integrated with Venmo, the U.S. peer-to-peer payment app, becoming the first crypto company to offer Venmo funding for crypto transactions.

Recently, MoonPay secured approval under the European Union’s Markets in Crypto-Assets (MiCA) regulation, expanding its reach across the European Economic Area.

The post Crypto Payments Firm MoonPay Acquires Helio for $175M appeared first on Cryptonews.

Read the article at Cryptonews
MainNewsBitcoin exch...

Bitcoin exchange reserves hit 7-year low


Jan, 13, 2025
3 min read
by Florence Muchai
for CryptoPolitan
Bitcoin exchange reserves hit 7-year low

Bitcoin (BTC) exchange reserves have dropped to levels not seen since 2018, with the total supply on cryptocurrency exchanges standing at 2.35 million BTC as of January 13, according to CryptoQuant. The decline marks a near seven-year low and is believed to be driven by institutional investors accumulating Bitcoin at discounted prices.

The largest token by market cap has faced sharp fluctuations over the past week, struggling to maintain its position above the $100,000 mark. After starting the week on a strong note, Bitcoin climbed to $102,000 on Tuesday but dropped over $10,000 in the following 48 hours, reaching a low of $91,250 on Thursday on the Bitstamp crypto exchange.

BTC price chart | Source: TradingView

Bullish efforts to regain momentum today were thwarted, as Bitcoin’s price briefly recovered to $96,000 before encountering renewed bearish pressure. At press time, the cryptocurrency has been trading between $91,000 and $93,000.

Network activity levels go low, liquidations continue

CryptoQuant data shows BTC exchange reserves have been on the decline since the start of December, when the coin’s price started consolidating between $95,000 to $96,000. 

Bitcoin Exchange Reserves | Source: CryptoQuant

In addition to declining exchange reserves, Bitcoin’s network activity has reached its lowest level since November 2024. Metrics like the Short-Term Holders’ Spent Output Profit Ratio (SOPR) have fallen below 1, indicating that many short-term investors are selling at a loss.

This behavior reflects growing unease among retail participants as Bitcoin faces pressure at key support levels. Market observers suggest that a failure to maintain current price thresholds could lead to further downward pressure.

The turbulent price movements have triggered significant liquidations across the cryptocurrency market. Data from Coinglass revealed that total crypto liquidations amounted to $670 million over the past 24 hours, with long positions accounting for $588 million, or 87.7% of the total.

24-hour crypto liquidations. Source: Coinglass

Bitcoin alone contributed $139.71 million in liquidations, with the largest order, valued at $8.21M, happening on Binance. The exchange also recorded the highest liquidation volume, at $88.27 million, followed by HTX and OKX, which reported $47.30 million and $42.66 million, respectively.

Short BTC liquidation positions saw comparatively smaller liquidations, totalling $22.13 million, as bears took charge of the overall market sentiment.

Hedge funds accumulate BTC, and institutional interest goes high

André Dragosch, head of research at Bitwise, highlighted this trend in a post on X, emphasizing the increasing exposure of crypto hedge funds to Bitcoin. “Global hedge funds’ beta performance to BTC has risen significantly, signaling growing market exposure to Bitcoin and other crypto assets,” he noted.

The dwindling supply on exchanges has raised speculation about a potential “supply shock.” This phenomenon occurs when strong buyer demand meets a decreasing amount of Bitcoin available for sale, often leading to upward price momentum.

Meanwhile, on the one-year anniversary of US spot BTC exchange-traded funds’ approval, the funds continue with their impressive performance. According to data from SoSoValue, Bitcoin ETFs pulled in $307.2 million during the week ending January 10, 2025.

Despite facing three days of outflows amounting to over $700 million, the funds continued to perform well, with the week’s total net inflows exceeding $1 billion.

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Read the article at CryptoPolitan

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