Both firms deny any involvement in the allegations brought forth by The Wall Street Journal.
Taiwan’s Ministry of Justice has proposed amendments to enhance anti-money laundering (AML) measures within the crypto industry. If enacted, the new proposals will mark a substantial shift from the current regime, in which digital currency firms’ non-compliance is met with administrative penalties, to a stricter legal framework that includes criminal penalties for serious breaches. Related […]
As the clock ticks closer to the end of today, May 3, the cryptocurrency market braces itself for potential upheavals, with roughly $2.4 billion worth of Bitcoin and Ethereum options set to expire. This significant event could catalyze notable shifts in market dynamics, steering the trajectory of Bitcoin and Ethereum prices in the near term. Notably, Options contracts in the crypto sphere allow traders to hedge against price volatility or speculate on future price movements without directly holding the assets. Typically structured as either calls or puts, these contracts enable buying (call) or selling (put) at predetermined prices within a specified timeframe. Related Reading: Bitcoin’s Make-Or-Break Moment: Trading Guru Predicts Rally Amid Market Uncertainty As the expiry date approaches, movements within these contracts tend to introduce heightened volatility into the market, given the adjustments traders make to hedge their positions or capitalize on anticipated price movements. Market Mechanics And Sentiment Indicators The mechanics of options trading offer insights into market sentiment, primarily through analyzing the put/call ratio. This ratio gauges the market’s bullish or bearish stance, depending on whether the volume of call options (betting on price rises) outweighs put options (betting on price drops) or vice versa. Presently, the put-to-call ratio for Bitcoin stands at a relatively low 0.5, suggesting a bullish sentiment as more traders bet on rising prices with the maximum pain point—a price level causing maximum trader losses—at about $61,000 and a notional value of $1.4 billion. In contrast, Ethereum’s options market is also teeming with activity, marked by the upcoming expiry of contracts valued at around $1 billion. With a put-to-call ratio of 0.37, the sentiment leans even more bullish than Bitcoin, indicating stronger trader confidence in Ethereum’s price performance. Ethereum’s designated maximum pain point sits at $3,000, aligning with key psychological and technical support levels. May 3 Options Data 23,000 BTC options are about to expire with a Put Call Ratio of 0.49, a Maxpain point of $61,000 and a notional value of $1.4 billion. 330,000 ETH options are due to expire with a Put Call Ratio of 0.36, Maxpain point of $3,000 and notional value of $1… pic.twitter.com/mEA4PV98C3 — Greeks.live (@GreeksLive) May 3, 2024 Implications And Bitcoin Insights Historically, the expiration of such a voluminous cache of options has precipitated abrupt price fluctuations in the spot markets for Bitcoin and Ethereum. This is attributed to the large-scale repositioning by institutional and retail investors in anticipation of or in response to the expiry outcomes. Related Reading: Bitcoin Hits ‘Danger Zone’: Peter Schiff Warns Of ‘Do or Die’ Scenario These strategic movements are particularly pivotal when both cryptocurrencies recover from recent pullbacks. GreeksLive noted: The current point of sustained sideways trading is unlikely, no rebound is bound to be a downward relay, the giant whale on the lack of confidence in the market, Block trading is worth strengthening attention. Meanwhile, Bitcoin appears to be recovering from the recent downturn with a 5.4% increase in the past day, momentarily piercing the $60,000 mark, signaling a potential resumption of its upward march. Similarly, Ethereum has shown resilience, climbing above the $3,000 threshold with a modest 3% gain. These upticks coincide with broader market analyses like that of Marco Johanning, a well-known crypto analyst and founder of The Summit Club, suggesting that foundational bullish sentiments remain intact despite recent corrections. Featured image from Unsplash, Chart from TradingView
The Web3 and AI firm Giza plans to bring autonomous bots onto Starknet by the end of June.
Crypto wallet provider Exodus said the US Securities and Exchange Commission (SEC) made a “surprising last-minute decision” that delayed its planned listing on the NYSE American Stock Exchange, according to a May 9 statement. NYSE said the SEC halted the listing because the financial regulator’s staff are still reviewing Exodus’s registration statement. Exodus added: “We’re […]
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Ripples of uncertainty continue to surround XRP, the cryptocurrency created by Ripple Labs. Once a high-flyer, XRP has seen its price plummet amidst a protracted legal battle with the US Securities and Exchange Commission (SEC). But even as dark clouds loom, some analysts see a silver lining, predicting a future surge for the digital asset. Related Reading: Forget The Price Dip: Ethereum Network Activity Hints At Imminent Takeoff A Legal Tug-of-War Dampens XRP Price The SEC lawsuit, filed in December 2020, alleges that the altcoin is an unregistered security. This classification, if upheld, could severely restrict XRP’s trading and dampen its value. The legal wrangling has taken its toll, with its price dropping a staggering 84.7% from its 2018 peak of $3.40. The recent months haven’t offered much respite, with XRP experiencing a near 20% decline in the last 30 days alone. Technical Indicators Flash Red In The Short Term Technical analysis, a method used to predict price movements based on historical data, paints a concerning picture for XRP in the immediate future. Analysts point to recent price chart breakdowns, suggesting continued downward pressure. XRP 30-day price action. Source: CoinMarketCap A Bullish Case For XRP Despite the current headwinds, some analysts remain optimistic about the coin’s long-term prospects. Armando Pantoja, a well-respected crypto analyst, believes XRP has the potential to reach between $8 and $20 by 2026. This would represent a phenomenal increase of up to 3,557.6% from its current price. $XRP true value is $8-$20 by 2026. It’s the easiest trade of my life. 1. Historical Precedent Powerhouse 2. Institutional Adoption Tsunami 3. Market Trends and Utility Explosion 4. Future Financial Services Demand 5. Legal Clarity & Partnerships will Boom pic.twitter.com/fv2WlkuNHk — Armando Pantoja (@_TallGuyTycoon) May 7, 2024 Pantoja bases his bullish prediction on several factors. He points to XRP’s historical performance, highlighting its meteoric rise in 2017, where it surged over 650 times to its peak. This, according to Pantoja, serves as a precedent for future growth. Institutional Adoption Another factor fueling optimism is Ripple’s growing list of partnerships with established financial institutions. Integration with giants like Bank of America and Royal Bank of Canada could significantly boost the altcoin’s value by increasing its utility and mainstream adoption. Recent collaborations with HashKey DX and SBI Ripple Asia further bolster the case for institutional acceptance, potentially propelling XRP’s price upwards. XRP market cap currently at $28.7 billion. Chart: TradingView.com Upgrades To The XRP Ledger Ripple hasn’t been sitting idle either. Through its development arm, RippleX, the company has introduced key upgrades to the XRP Ledger (XRPL), the technology that underpins XRP. Notably, the XLS-68d specification allows platforms to cover transaction fees for users without distributing free coins. This simplifies the onboarding process and could attract new users to the XRP ecosystem. Market Trends And Community Optimism Pantoja also emphasizes broader market trends that could benefit XRP. The increasing demand for efficient financial services could create a perfect storm for XRP’s adoption. Additionally, Pantoja anticipates a legal victory for Ripple, paving the way for further partnerships and market expansion. Related Reading: Whispers In The Deep: Why Are Ethereum Whales Disappearing? The XRP community itself seems to echo this optimism. Social media engagement surrounding the altcoin has spiked, and the number of total holders and active addresses continues to rise. This suggests that despite the current challenges, many investors remain confident in XRP’s long-term potential. Featured image from Wikipedia Commons, chart from TradingView
Blockchain platform Algorand achieved notable gains in key metrics during the year’s first quarter (Q1), aligning with the overall upward trend observed in the crypto market ecosystem. However, despite this growth, its native token ALGO experienced a 22% price decrease since the beginning of Q2, putting a critical support line to the test and raising questions about the cryptocurrency’s prospects. Algorand Revenue Skyrockets According to a report by Messari, Algorand’s revenue witnessed a substantial 1,747% quarter-on-quarter (QoQ) surge, primarily driven by a 288% increase in transactions and a 50% rise in the average price throughout the quarter. The Orange memecoin project also contributed to this growth. In Q1 2024, ALGO’s commitment to governance on the Algorand platform declined by 60% year-on-year (YoY) and 3% Quarter-on-Quarter, reaching its lowest level in a year at 1.7 billion ALGO staked. Per the report, this downturn can be attributed, at least in part, to the diminishing governance rewards allocated per governance period. For example, governance participants received 68.2 million ALGO in Q1 2023, but this figure dropped significantly to only 21.9 million ALGO in Q1 2024. Related Reading: Forget The Price Dip: Ethereum Network Activity Hints At Imminent Takeoff The market cap for stablecoins on the Algorand platform declined 6% QoQ to $73 million. Circle’s USDC market cap on Algorand decreased by approximately 9% QoQ to $50 million. In contrast, Tether’s USDT stablecoin market cap remained stable during the same period with no QoQ change, although it recovered 2% of the stablecoin market share. Consequently, USDC’s market share decreased by 3% to 68% QoQ, while USDT’s market share increased by 2% to encompass 30% of Algorand’s total stablecoin market cap. Algorand’s DeFi TVL And Market Cap Lead The Pack Algorand’s total decentralized finance (DeFi) total value locked (TVL) witnessed growth for the second consecutive quarter, rising by 9% QoQ to $130 million. Although TVL experienced a decline in Q3’23 due to Algofi’s deprecation, the entire DeFi market on Algorand rebounded and surpassed Q2’23 levels, nearly reaching the levels seen in Q1’23. Folks Finance retained its position as the top DeFi protocol by TVL on Algorand. Even though its TVL fell by 5% QoQ in Q1, it maintained just over 50% market share. Pact and Tinyman also demonstrated noteworthy gains, capturing approximately 15% and 18% of the DeFi TVL market share in Q1. AlgoRai Finance experienced the most substantial growth, with a remarkable 53% increase in its TVL QoQ. Lastly, during Q1, Algorand’s market cap expanded by 18% QoQ, reaching $2.1 billion. The global crypto market cap also witnessed significant growth during the same period, nearing all-time highs of around $3 trillion, denoting a 50% increase from the previous quarter. Although Algorand capitalized on this upward trend with an 18% increase in its market cap, it experienced a more substantial surge of 123% in the preceding quarter. Testing Key Support Levels ALGO’s performance in the early stages of the second quarter has been predominantly bearish. Currently, the token is trading at $0.1935, with a possibility of further testing the support line at $0.1904. A breach of this level could lead to a continuation of the decline towards the next support at $0.1789. Related Reading: Fundstrat CEO Predicts When Bitcoin Price Will Reach $150,000 And $500,000 On the upside, the $0.1988 zone presents a significant resistance level for ALGO. Notably, the token has attempted to surpass this threshold three times in the past 10 days without success. Featured image from Shutterstock, chart from TradingView.com
Cardano is currently in a downtrend, continuing to show bearish tendencies as its price trends below $0.5. However, where many have seen an altcoin that does not have many prospects, crypto analyst FieryTrading believes that the digital asset is giving investors an opportunity to get in for cheap. Cardano Can Break Out Of Parallel Channel In an analysis on the TradingView website, crypto analyst FieryTrading alludes to Cardano’s ability to break out and go on a massive bull run. The analysis draws from a previous analysis where the analyst had pointed out that the Cardano price had entered a parallel channel. Related Reading: Here’s How This Ethereum Whale Made $16 Million From A Single Trade This parallel channel emerged with the last cycle’s top going into the current cycle top with a line drawn from the last cycle’s bottom when the lockdown had sent crypto prices crashing. Despite the crypto analyst first pointing out this parallel channel back in 2023, they believe that it continues to remain valid, especially as the price continues to rtend low. Back then, the crypto analyst had predicted that the ADA price, if it were to break out of this parallel channel, could rise as high as as $35. This bullish expectation continues with the most recent analysis, albeit with a price adjustment. In the Wednesday analysis, FieryTrading notes that There is still the possibility for the altcoin’s price to reach the top of the channel. In this case, the price would fully complete the move toward $30. However, the crypto analyst’s chart carries a $25 target, which would be a 5,600% rally from its current level. Source: TradingView.com ADA Bears Maintain Control Despite the bullish outlook maintained by the crypto analyst, Cardano has succumbed to the bears. The price has dropped as low as $0.44 in the last day, indicating a 1.38% decline. On a wider timeframe, the ADA price looks even worse, with an almost 28% drop in one month. Related Reading: Can Ethereum Reclaim $4,000? Fragile Fundamentals Threaten To Send ETH Crashing However, despite this trend, the analyst still believes that investing in Cardano right now is a risk worth taking. FieryTrading refers to it as “the entry of a lifetime” that could guarantee good returns. Moreover, the analyst gives it a R/R (risk/reward) ratio of 116, which is a good number. For now, the ADA price is still struggling to hold up in the market. This is not helped by the decline in market sentiment, leading to a nasty 22% drop in its daily trading volume, according to data from Coinmarketcap. ADA price at $0.43 | Source: Source: ADAUSDT on Tradingview.com Featured image from Binance Academy, chart from Tradingview.com
In a significant move into the digital asset space, British banking app Revolut has unveiled Revolut X, a dedicated crypto trading platform for UK retail customers. According to a Fortune Magazine report, the launch of the new platform signifies Revolut’s commitment to the crypto industry and positions the company to compete with major players like […]
In a significant development, defunct cryptocurrency exchange FTX has unveiled a reorganization plan to reimburse almost all of its customers. The announcement has sparked a substantial surge in the exchange’s native token, FTT, which recorded an uptrend of 52% over the past seven days, reaching a monthly high of $2.29 during Wednesday’s early trading session. FTX Unveils Debt Repayment Strategy FTX estimates its outstanding debts to creditors to be approximately $11.2 billion, as revealed in the reorganization plan published late Tuesday. The company has disclosed that it possesses between $14.5 billion and $16.3 billion, which it intends to distribute among the creditors. Under the proposed plan, customers with $50,000 or less claims will receive approximately 118% of the allowed claim amount. This compensation is slated to be disbursed to around 98% of the creditors, relieving FTX customers who have experienced locked funds since the exchange filed for bankruptcy protection in November 2022. Related Reading: Bitcoin Suffers Massive Outflows Amid Crypto Market Uncertainty, Tops $284 Million FTX stated in a press release on Wednesday that the company could not utilize the appreciation of the missing tokens during the Chapter 11 cases. Instead, FTX had to identify other recoverable sources of value to repay creditors. Following the departure of founder Sam Bankman-Fried, FTX appointed John Ray III as CEO. Ray, speaking on the matter in November 2022, expressed his astonishment at the “complete failure of corporate controls and such a complete absence of trustworthy financial information” witnessed at FTX. Ray further stated in the press release on Wednesday: We are pleased to be in a position to propose a Chapter 11 plan that contemplates the return of 100% of bankruptcy claim amounts plus interest for non-governmental creditors. FTX’s founder, Sam Bankman-Fried, faced legal consequences, being convicted on seven criminal counts, including charges related to embezzling billions of dollars from FTX’s customers. Bankman-Fried was subsequently sentenced to 25 years in prison. FTT Bulls Eyeing $2.55 For Potential Breakout Continuation As of the latest update, the price of FTT has corrected to $2.050 after reaching its monthly high. This breakout occurred after consolidation between the $1.17 and $1.48 levels. At the current price level, FTT faces a significant resistance at $2.169, which has led to the ongoing correction. If FTT sustains its bullish momentum, the next resistance level to watch is $2.55 in the token’s daily chart. A successful breakthrough of this level could potentially lead to a retest of the $3 mark, which has not been revisited since January. Related Reading: Forget The Price Dip: Ethereum Network Activity Hints At Imminent Takeoff On the other hand, if the price experiences a further correction, FTT bulls should closely monitor the $1.95 and $1.765 levels, as they serve as crucial support levels. It is essential to prevent a loss of the gains achieved over the past month, which amounts to an 18% increase during this period. Featured image from Shutterstock, chart from TradingView.com
For years, Bitcoin miners have toiled away, fueled by the promise of block rewards – newly minted coins earned for validating transactions. But a recent trend is changing the game, with transaction fees quietly usurping block rewards as the primary source of miner income. This shift, while unexpected, presents both opportunities and challenges for the […]
Tom Lee, co-founder of research firm Fundstrat, has ignited fresh bullish sentiment in the cryptocurrency world with his prediction of a Bitcoin price surge to $150,000 by the year’s end. Lee, a prominent Bitcoin advocate, remains confident despite a recent price dip and ongoing inflation concerns. Related Reading: Marathon Digital Mints Massive Market Cap Gain: […]
The once-booming meme coin Pepe (PEPE) has hit a rough patch, experiencing a price drop of nearly 10% in the past 24 hours. This sudden downturn comes amidst a flurry of questions surrounding massive token withdrawals from a major exchange and the overall future of the meme-inspired cryptocurrency. Related Reading: Cardano (ADA) Trading Activity Goes Quiet: Will This Drag Down The Price? PEPE Price Takes A Tumble Just a few months ago, PEPE was riding high, capturing the attention of crypto enthusiasts with its rapid price surges. However, the tides seem to have turned. The recent price drop has cast a shadow of uncertainty over the meme coin’s future trajectory. While some might attribute the dip to a typical correction in the volatile cryptocurrency market, recent on-chain data paints a more intriguing picture. Whale Movements Spark FUD According to Etherscan, a blockchain analytics platform, a massive withdrawal of nearly 1 trillion PEPE tokens, valued at almost $8 million, occurred two days ago. The origin of the transfer remains shrouded in mystery, with a high-security Gnosis Safe Proxy wallet facilitating the movement. Source: Etherscan This wasn’t an isolated event either. Data reveals another withdrawal of 322.48 billion PEPE tokens, worth around $2.7 million, from the same shadowy address just a day prior. The timing of these hefty transactions couldn’t be more perplexing. They coincided with an unexpected 17% surge in PEPE’s price, leading to speculation and fear, or FUD, within the cryptocurrency community. Theories range from market manipulation tactics to the possibility of unforeseen regulatory crackdowns, causing jitters among investors. Total crypto market cap currently at $2.2 trillion. Chart: TradingView Community Sentiment: Bullish Despite The Wobble Interestingly, despite the price drop and surrounding uncertainty, CoinGecko data indicates that the PEPE community remains largely bullish. This unwavering optimism is further bolstered by the influx of 703 new PEPE holders in the past day. PEPE price action in the last 24 hours. Source: CoinMarketCap Prominent cryptocurrency figures like renowned analyst David Gokhshtein, who thinks PEPE will continue to be Dogecoin’s major rival in the imminent bull market anticipated later this year, are fanning the bullish flames. I think you’ll see a crazy battle between $PEPE & $DOGE this meme season. — David Gokhshtein (@davidgokhshtein) May 6, 2024 Related Reading: Breaking Free: Analyst Eyes $1.68 Breakout For XRP After Years In The Shadows Investing In PEPE: Proceed With Caution Meanwhile, as the community sentiment leans towards optimism, and some experts see significant growth potential, the recent price drop and the enigma surrounding the large token withdrawals highlight the inherent volatility of the cryptocurrency market. Featured image from KnowYourMeme, chart from TradingView
A recent report by OpenSecrets.org revealed that cryptocurrency industry Super Political Action Committees (PACs) have accumulated a staggering $102 million war chest to exert their influence on the upcoming 2024 US congressional elections. The data, compiled by Public Citizen, highlights the sector’s concerted efforts to sway elections in favor of pro-crypto candidates and impede regulatory […]
In a recent proposal, prominent Ethereum developers, including Vitalik Buterin, Sam Wilson, Ansgar Dietrichs, and Matt Garnett, suggested a new transaction type to enhance Externally Owned Accounts (EOAs). The proposal, currently in draft status, outlines the creation of a new transaction type that temporarily converts EOAs into smart contract wallets during transaction execution, offering functionalities […]
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As the political temperature in the United States heats up ahead of upcoming elections, cryptocurrency is emerging as a significant topic among voters in key battleground states. An extensive online survey spearheaded by the Digital Currency Group (DCG) has highlighted the growing importance of digital currency policies in the electoral dialogue, particularly in states known […]
Mike McGlone, Senior commodity strategist at Bloomberg Intelligence, has made a rather pessimistic prediction for Bitcoin, emphasizing that the cryptocurrency’s potential rise to $150,00 was a long shot. The strategist has revealed factors that could make Bitcoin’s projected surge to $150,000 difficult, highlighting both macroeconomic trends and Bitcoin’s performance in 2024. Bitcoin Surge To $150,000 Unlikely In a recent interview with Scott Melker, the host of “The Wolf Of All Streets,” podcast, McGlone discussed Bitcoin’s price fundamentals and its possible rise to $150,000 in the 2024 bull cycle. Related Reading: Crypto Whale Spends $10.4 Million On PEPE, Do They Know Something You Don’t? Comparing Bitcoin with the stock market index, the S&P 500, the Bloomberg strategist disclosed that the cryptocurrency was currently showing “divergent weakness,” highlighting that Bitcoin’s performance against the S&P 500 in 2021 was greater compared to 2024. He also revealed that Bitcoin was displaying a similar weak performance to Gold, emphasizing current market conditions and the risk of short-term deflation in the financial market. The combination of these factors pushes McGlone to believe that Bitcoin’s short-term projected rise to $150,000 was unlikely. While the Bloomberg strategist made his foreboding prediction despite Bitcoin’s overperformance at the beginning of the year, McGlone still remains optimistic about the cryptocurrency’s price and fundamental value in the long term. Co-founder and CEO of CoinRoutes, Dave Weisberger, who was also in the podcast with McGlone, made a more optimistic prediction for Bitcoin. Basing his analysis on historical trends and patterns as far back as 2015, Weisberger forecasted that Bitcoin could rise to $200,000 this cycle. His forecast is also acknowledged by reformed hedge fund manager, James Lavish, who revealed in the podcast that Spot Bitcoin ETFs could become a potential driver for Bitcoin’s continuous growth. This is attributed to the massive impact Bitcoin ETFs had on the cryptocurrency’s price following its launch on January 11, 2024. After Spot Bitcoin ETFs were successfully released into the market, the price of Bitcoin skyrocketed to new all-time highs above $73,000. At the time of writing, the cryptocurrency is trading at $63,778, marking a 0.89% increase over the past seven days, according to CoinMarketCap. BTC Crash Presents Perfect Opportunity According to Lavish, if Bitcoin crashes down to the $30,000 to $40,000 range, it would present a “tremendous opportunity” for investors to acquire substantial value in a long-term asset that will essentially hold its value and continue to appreciate in the future. Related Reading: Crypto Analyst Says Cardano Bloodbath Far From Over, Sets Bottom Price For ADA The reformed hedge fund manager revealed that Bitcoin’s short-term volatility and market unpredictability could produce long-term capture of value. This suggests that by strategically navigating through the price fluctuations of Bitcoin, investors could potentially capitalize on its volatility to accumulate wealth over time, which in turn could favorably impact the price of the cryptocurrency. BTC bears and bulls continue tug of war | Source: BTCUSD on Tradingview.com Featured image from ETF Stream, chart from Tradingview.com
In a post on X, crypto analyst Miles Deutscher laid out his strategic predictions for high-performing cryptocurrencies in the upcoming week to his 501,700 followers. His analysis delved deep into Bitcoin’s trading patterns, the surging AI-driven altcoin sector, and specific tokens that are displaying considerable potential due to recent developments and broader market dynamics. Bitcoin And AI Crypto Tokens Are Set To Dominate This Week At the forefront of Deutscher’s analysis, Bitcoin has recently returned to its previous trading range between $60,000 and $69,400 after experiencing a sharp drop. This movement was characterized as a significant deviation, suggesting manipulation or a shakeout of weak hands before a potential rally. “Bitcoin is at the top of my watchlist for this week. Had a big fakeout/deviation to the downside, and now back within the range,” Deutscher stated. He pointed out that the key factor to watch is whether the current range’s lower boundary will hold, which could serve as a strong foundation for an upward trajectory. Moreover, the AI sector has been particularly resilient and robust recently, bouncing back significantly amidst broader market recoveries. Deutscher highlighted the sector’s potential for outperformance, driven by several upcoming major events. These include Apple’s Worldwide Developers Conference (WWDC), NVIDIA’s earnings announcement, and the anticipated release of ChatGPT 5. “AI is one of those unique narratives that retains constant mindshare due to its endless real-life news flow/hype,” Deutscher explained. Related Reading: Here’s Why This Crypto Analyst Believes Bitcoin Is At A ‘Prime Buy Zone’ One specific AI token which Deutscher watches closely due to its alleged partnership with Apple is Render (RNDR), making it a prime candidate for speculation around the upcoming Apple event. Historically, RNDR has also led the AI token sector during market rotations. Furthermore, Deutsches focuses on Near Protocol (NEAR), Fetch.ai (FET), AIOZ Network (AIOZ). He grouped these tokens together due to their correlation but noted their recent technical performance, where they bounced cleanly off daily support levels and established higher lows. More Altcoins To Watch TON: Recently the center of attention, TON experienced a drop after the Token2049 event in what Deutscher described as a “sell-the-news” scenario. However, recent investments by firms like Pantera signal continued interest and potential undercurrents of growth. Ethena (ENA): With the market sentiment turning bullish again, Deutscher anticipates a return to positive funding rates, which typically benefit tokens like Ethena. Recent activity from the Ethena team, including increased reward boosts and optimistic social media posts from its founders, further bolster the bullish case. “Also hearing rumors of a T1 exchange listing,” Deutscher added, suggesting an impending increase in liquidity and exposure. Related Reading: Crypto Analyst Reveals 6 Must-Buy Altcoins With The Most Potential Jito (JTO): Jito is reportedly developing what Deutscher referred to as the “Eigen Layer of Solana,” aiming to replicate the success and hype surrounding the Eigen project’s layer solutions. Despite the challenges of a recent airdrop, Deutscher sees potential if the team executes well, particularly as the restaking narrative has not yet fully penetrated the market. PopCat (POPCAT): Despite facing some fear, uncertainty, and doubt (FUD) related to copyright issues over the weekend, POPCAT continues to exhibit strong price action, pushing toward new highs. “POPCAT seems the best contender, for now, not a single cat meme coin has yet to hit a $1B market cap,” noted Deutscher, highlighting its standout performance. Ethereum Finance (ETHFI): In the realm of liquidity reward tokens (LRT), ETHFI remains a notable mention despite a broader sector sell-off post-Eigen. Deutscher believes the selling may have been overreactive, and with total value locked (TVL) still on the rise, a reversion to mean on prices could be imminent. SEI Network (SEI): As anticipation builds for the launch of the new layer one blockchain, Monad, later this year, SEI is seen as a strategic play. Categorized within the parallelized Ethereum Virtual Machine (EVM) narrative, SEI experienced a substantial sell-off but is poised for recovery as the market focus shifts towards upcoming launches. Friend (FRIEND): After recommending FRIEND at $1.30, Deutscher continues to see upside potential, particularly as it approaches more significant centralized exchange listings. He advises keeping an eye out for major pullbacks as opportunities to buy. Featured image from Matt Paul Catalano / Unsplash, chart from TradingView.com
Dogecoin has now presumably entered a long-term bullish rally that could send its price higher from here, according to one crypto analyst. This comes after the price had crashed below $0.13, before a swift recovery brought it back above $0.16. So what is driving this current bull rally? Dogecoin Ready For Long-Term Bullish Rally Crypto […]
German state-owned development bank Kreditanstalt für Wiederaufbau (KfW) is gearing up to issue its first blockchain-based digital bond, marking a significant milestone in adopting crypto technology within the financial sector. According to a recent report by Bloomberg, KfW has already successfully issued a digital bond as a central register security in compliance with the German […]
Hightower Advisors disclosed a $68 million investment in spot Bitcoin ETFs in a May 6 filing. The 13F filing indicates that the firm holds 709,956 shares of Grayscale’s GBTC worth $44.8 million, 200,084 shares of FBTC worth $12.4 million, 188,397 shares of BlackRock’s IBIT worth $7.6 million, and 23,964 shares of Ark Invest’s ARKB worth […]
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In recent weeks, Ethereum has displayed subtle signs of recovery amidst a generally bearish crypto market, with the altcoin mimicking Bitcoin’s modest uptrend. Despite Ethereum’s price increasing slightly by 0.2% over the last 24 hours, a parallel trend that might significantly affect Ethereum’s economic model has been unfolding beneath the surface. Related Reading: Is Ethereum Back? Record 267,000 New Users Spark Speculation Decline In Network Activity Reduces ETH Burn April witnessed Ethereum’s ETH burn rate hitting an annual low, primarily due to a significant decrease in network transaction fees. These fees have typically fluctuated just below 10 gwei this year, but recent weeks have seen them dip to some of the lowest levels, directly influencing the rate at which ETH is burned. This reduced burn rate is evidenced by the stark drop in daily burned ETH, which reached a low of 671 ETH in the past day a notable decrease from the daily figures of 2,500–3,000 ETH seen earlier in the year. Such a decline in burn rate is not merely a statistical anomaly but a reflection of broader shifts within the Ethereum network. A significant factor contributing to the lowered gas fees is the increased migration of network activities to Layer 2 solutions, which enhance transaction speeds while lowering costs. Moreover, innovations like blob transactions, introduced in Ethereum’s recent Dencun upgrade, have further optimized costs on these secondary layers. Notably, Blobs are a feature introduced to enhance Ethereum’s compatibility with Layer 2 solutions like zkSync, Optimism, and Arbitrum by efficiently managing data storage needs. This functionality is part of the Dencun upgrade, which integrates proto-danksharding via EIP-4844. While beneficial in reducing transaction fees, these technological strides pose challenges to Ethereum’s deflationary mechanisms. This upgrade introduced a new fee structure in which a part of every transaction fee, the base fee, is burned, potentially reducing the overall ETH supply. However, with decreased transaction fees, the anticipated deflationary pressure via burning has softened, signaling a shift to a more inflationary trend in the short term. According to Ultrasoundmoney, Ethereum’s supply dynamics have swung to a mildly inflationary mode with a growth rate of 0.498%. This shift could realign if network activity intensifies, leading to increased transaction fees and, consequently, higher burn rates. Ethereum Market Response Despite these underlying network dynamics, Ethereum’s market price has struggled to regain its former highs above $3,500. The asset trades around $3,085, reflecting a slight downturn over recent weeks. This price behavior underscores the broader market’s reaction to internal network changes and external economic factors, such as regulatory struggles from the US Securities and Exchange Commission (SEC) and macroeconomic uncertainties. Related Reading: Ethereum “Has Been A Major Disappointment”: Trader Weighs In On This Crypto Cycle Looking ahead, the trajectory of Ethereum’s gas fees and subsequent ETH burn rate will be crucial in determining the sustainability of its economic model. Featured image from Unsplash, Chart from TradingView
Cardano has recovered from its April lows and continues to maintain a strong momentum above $0.45. This has prompted expectations that the altcoin will go on a rally from here. However, not everyone shares this sentiment as one crypto analyst expects the price to crash further from here. Cardano Will Crash Back Below $0.45 In the latest video on his YouTube channel that revolved around Cardano’s future trajectory, crypto analyst, ‘More Crypto Online’, revealed why the ADA price is poised for more decline. The analyst pointed out that the altcoin is currently in its 3-wave corrective rally. Related Reading: Fantom Revival: Crypto Analyst Predicts A Jump To $1.2 For FTM Price Now, the Elliot Wave Theory which is being referred to by the crypto analyst consists of five waves. Out of the five, three are bullish and two are bearish. The bullish waves involve the 1, 3, and 5, with 2 and 4 being bearish waves. If the analyst is correct and the Cardano price has only completed three waves so far, that means the fourth wave, which is a bearish wave, is yet to be established. As a result, the crypto analyst believes that the Cardano price will further break down as it enters the fourth wave. He further pointed out that the altcoin’s price had fallen below the $0.48 support, which was an important level for it. This, coupled with the fact that it is yet to enter the fourth wave, has the analyst convinced that the price crash is far from over. As for where the ADA price might end up in this fourth wave, the crypto analyst believes it will go as low as $0.42 before recovering again. However, the good news is that once the fourth wave is completed, it gives way for the fifth wave to begin, which is the most bullish of all the waves and could see the ADA price barrel past $1. ADA Metrics Still Bullish Despite the bearish outlook presented by the crypto analyst, major Cardano metrics continue to show bullish divergence. For example, the daily trading volume of the altcoin has risen almost 17% in the last day to cross $286 million, data from CoinMarketCap shows. Related Reading: Why Did The Solana (SOL) Price Jump Today? This drastic rise in daily trading volume suggests a return of interest in the altcoin and this could quickly translate to a bullish trend, especially in the short term. Additionally, the fact that the price is on the rise at this time suggests that the majority of the transactions as a result of this renewed interest is from buyers rather than sellers. This suggests that the price will continue to rise if this demand is sustained. At the time of writing, ADA is still sitting firmly above $0.45, with a 1.78% increase in the last day. ADA price still above $0.45 | Source: ADAUSDT on Tradingview.com Featured image from Cardano Feed, chart from Tradingview.com
Issues such as community discontent, farm accounts and restrictive criteria have plagued recent airdrops.
Maximilien de Hoop Cartier, heir to the famed jewelry dynasty, was arrested by US authorities for allegedly laundering millions of dollars for a Colombian drug cartel. Cartier, who primarily resides in France but holds Argentine citizenship, now faces a slew of charges related to money laundering and unlicensed money transmission. Related Reading: Bitcoin Bull Michael […]
Crypto analyst Ali Martinez has revealed that it may still be an excellent time to accumulate Bitcoin. This comes amidst the flagship crypto’s recent price recovery, with the crypto token skyrocketing above $64,000. Bitcoin Is Still In A “Prime Buy Zone” Martinez mentioned in an X (formerly Twitter) post that Bitcoin’s Market Value to Realized Value (MVRV) 90-day ratio indicates that it is still in a “prime buy zone” despite its recent price surge from $57,000 to $64,000. The MVRV is a metric used to determine whether a crypto token is undervalued or overvalued. Related Reading: Cardano Comeback: Analyst Reveals Why It’s Time To Get Back Into ADA Source: X Based on Martinez’s findings, Bitcoin looks to be currently undervalued, which presents a good opportunity to accumulate the crypto token. The analyst’s revelation undoubtedly provides reassurance for those who failed to buy the dip and are looking for a perfect entry to invest in Bitcoin. Interestingly, Bitcoin whales didn’t waste time accumulating during Bitcoin’s recent decline, as Bitcoinist reported that these investors bought 47,500 BTC ($2.8 billion) between May 2 and 3. However, the MVRV ratio being at that level suggests that many of these whales are investors adding to their positions, meaning that significant buying pressure shouldn’t be expected anytime soon. Crypto analyst Michaël van de Poppe also recently suggested that Bitcoin is still undervalued. He noted that the crypto token is back above $60,000, and retail isn’t here yet. He mentioned in another X post that these retail investors won’t return until the summer, which means that everyone currently positioning themselves is still early. BTC Almost Ready For Next Leg Up Crypto analyst Mikybull Crypto recently hinted that Bitcoin is almost ready for another parabolic rally. He stated that Bitcoin’s local bottom is in considering that the “next liquidity grab interest is above.” He added that Bitcoin will first “clear out the $67,000 level and consolidate in preparation for the $73,000 level. Related Reading: Fantom Revival: Crypto Analyst Predicts A Jump To $1.2 For FTM Price Source: X Meanwhile, the analyst revealed in another X post that Bitcoin has “finally experienced a MACD (Moving Average Convergence/Divergence) bullish cross” on the daily chart, just like it did in January 2024, which led to the crypto token rising to as high as $73,000 in March. According to Mikybull Crypto, Bitcoin reclaiming above the 50-day Moving Average will “further confirm the bullish continuation.” For those looking to long Bitcoin, Mikybull Crypto remarked that the $64,000 range is an “ideal zone” to do so. He predicts that Bitcoin might clear out the CME gap between $62,580 and $64,105 before consolidating at around $64,000. At the time of writing, Bitcoin is trading at around $65,300, up over 2% in the last 24 hours, according to data from CoinMarketCap. BTC price falls from $65,000 to $63,000 | Source: BTCUSD on Tradingview.com Featured image from The Independent, chart from Tradingview.com
Smart contracts platform Avalanche (AVAX) is generating excitement in the crypto community with a potential breakout signal. Prominent analyst World of Chart has identified a bullish technical pattern that could propel AVAX prices significantly higher in the coming days. Related Reading: PEPE Primed For A Big Leap: 80% Price Increase Incoming? Falling Wedge Pattern Hints At Upside World of Chart points to the presence of a “falling wedge” pattern on AVAX’s price chart. This pattern typically forms during a consolidation phase, with price action confined between two converging trendlines that slope downwards. $Avax Forming Falling Wedge Incase Of Breakout Expecting Upside Continuation Successful Breakout Can Lead Massive Rally In Coming Days#Crypto #Avax pic.twitter.com/YJHJYarrSw — World Of Charts (@WorldOfCharts1) May 5, 2024 The key aspect of this pattern lies in the diminishing price range within the wedge, suggesting a buildup of buying pressure. A breakout from the upper trendline is often interpreted as a bullish signal, indicating a potential reversal of the downtrend and the start of a price surge. Avalanche Poised For Takeoff? AVAX might see a significant upswing if it is able to break above the upper trendline of the falling wedge, according to World of Chart. Following the breakout, there may be a substantial price increase as a result of this ascent, which would confirm the bullish formation. The expert draws attention to the possibility of significant momentum and an explosive upward advance. Total crypto market cap currently at $2.3 trillion. Chart: TradingView The possibility of an AVAX breakout has ignited discussions and speculation among crypto investors and traders, particularly those who actively follow technical analysis. Related Reading: XRP Holders Stack Coins Despite Price Dip: Bullish Signal Or HODL Of Desperation? Investor Caution Advised Despite Bullish Outlook While the potential for a bullish breakout is high, World of Chart emphasizes the inherent volatility and uncertainty of the cryptocurrency market. External factors beyond technical analysis can significantly impact price movements. Technical Indicators Paint A Positive Picture Beyond the falling wedge pattern, other technical indicators seem to be adding weight to the bullish narrative for AVAX. The recent price increase of over 16% in a single week suggests a potential shift in investor sentiment. Additionally, the impressive surge in trading volume signifies heightened market activity and growing investor interest in AVAX. Source: Coingecko Related Reading: 900 Million Telegram Users Send TON Token Soaring 15% – Details Eyes On The Prize: Will Avalanche Deliver? The coming days will be crucial, with all eyes glued to the price action and any signs of a breakout. A successful breakout could lead to significant gains for AVAX holders, while a failed breakout could dampen investor enthusiasm. Featured image from Pexels, chart from TradingView
Bitcoin, the trailblazer of cryptocurrencies, reached a symbolic milestone this weekend, processing its 1-billionth transaction. This achievement has ignited a celebratory mood among proponents, who hail it as a testament to the digital currency’s growing legitimacy and potential. However, beneath the champagne toasts, whispers of caution linger as analysts grapple with the true significance of this benchmark. Related Reading: Is MATIC Poised For Takeoff? Key Area Breaks Records, Fueling Bullish Outlook Bitcoin’s Blockchain Bonanza: Security And Speed Take Center Stage At the heart of the celebration lies the accomplishment itself. Bitcoin’s decentralized network, often touted for its security, has demonstrably facilitated 1 billion transactions – a testament to its ability to function flawlessly at scale. This feat, based on data by Clark Moody, is particularly noteworthy when compared to established payment giants like Visa, which took roughly 25 years to reach the same milestone. Proponents like Tarik Sammour emphasize this achievement, highlighting that “Bitcoin has done so flawlessly, securely, and without any centralized intermediary,” a stark contrast to the traditional financial system. What’s amazing is not that the #Bitcoin network has now processed 1B transactions, but that it has done so flawlessly, securely, and without any centralised intermediary. https://t.co/XC09H5bO6u — Tarik Sammour (@tarik_sammour) May 6, 2024 Bitcoin Vs. The Goliaths: Can Crypto Really Compete? The celebratory mood extends to Bitcoin’s potential as a viable payments platform. Analysts point to the rapid growth of Bitcoin compared to established players like Visa and Mastercard. Founder of the Orange Pill App, Matteo Pallegrini, emphasizes this point, underscoring Bitcoin’s resilience despite facing giants with “billions of dollars in marketing spend and thousands of employees.” This comparison fuels the narrative that Bitcoin is disrupting the payments landscape, offering a faster and more transparent alternative. A screenshot of Bitcoin Network's transactions and BTC price performance. Source: Clark Moody. A Look Beyond The Billion: Challenges On The Horizon While the celebratory chorus is loud, a closer look reveals some lingering concerns. Bitcoin grapples with scalability issues, struggling to handle the high transaction volume necessary to truly compete with traditional payment processors. This often translates to high transaction fees, potentially hindering broader adoption. Furthermore, the environmental impact of Bitcoin mining, which relies on vast amounts of energy, remains a significant point of contention. Bitcoin is now trading at $64.244. Chart: TradingView The Verdict: A Toast With Reservations The 1 billion transaction milestone undoubtedly marks a significant moment for Bitcoin. It underscores the growing popularity and potential of this digital currency. However, a balanced perspective recognizes the challenges Bitcoin faces – scalability, transaction fees, and environmental concerns. Related Reading: XRP Holders Stack Coins Despite Price Dip: Bullish Signal Or HODL Of Desperation? While institutional investment and comparisons to internet adoption are encouraging signs, widespread individual adoption remains a question mark. The future of Bitcoin hinges on its ability to address these issues and evolve into a truly viable alternative in the global financial landscape. Featured image from Pexels, chart from TradingView
Michael Saylor, the tech entrepreneur who steered MicroStrategy into a Bitcoin behemoth, is back in the headlines. This time, he’s not championing the orange coin, but rather aiming his laser focus at its altcoin rivals. Related Reading: Fear Back For 1st Time Since October As Crypto Greed Takes The Backseat At the recent Bitcoin For […]
The US Securities and Exchange Commission has long been at loggerheads with the crypto industry, especially concerning the security status of some cryptocurrencies. Ripple CEO Brad Garlinghouse recently had some strong opinions on the matter that he’s not afraid to share. While speaking at an interview, Garlinghouse noted that the SEC is “grossly wrong” in […]