A crypto analyst has predicted a substantial bullish surge for the the XRP price in the future. According to the analyst, XRP is gearing up for a substantial increase to $33.5 from an initial price of $0.50. He expects the price of the cryptocurrency to explode by 6600% in this current market cycle. Analyst Forecasts Exponential Rise In XRP Price In a recent X (formerly Twitter) post, a crypto analyst identified as ‘Egrag Crypto,’ revealed a series of bullish price targets for XRP in the near future. The analyst focused his predictions on a technical analysis called “the Line of Hestia.” Related Reading: US Mega Banks JP Morgan And Wells Fargo Unveil Bitcoin Exposure As BTC Drops To $60,000 Egrag Crypto’s latest findings suggest that XRP could rise to $33.5 if it touches the Line of Hestia, a technical indicator featuring an ascending trend line which signals a potential upsurge for the price of a cryptocurrency. According to the analyst, “Historical data indicates that every time the XRP price touches the “Line of Hestia,” it experiences significant price pumps.” This implies that there may be a correlation between XRP’s bullish price movements and the ascending trend line. Egrag Crypto also revealed that following this historical pattern, XRP has witnessed pumps ranging from 6600%,1444%, 100%, 80%, and 171%. Given the established trend, Egrag Crypto predicts XRP’s ascent to new all-time highs. He calculated the average percentage increase of XRP’s price each time it touched the Line of Hestia, dividing the sum by the total number of occurrences, which is five. Using this data, the crypto analyst estimates that if XRP were to experience a 6600% increase, its future price would be $33.50. Similarly, he calculated new prices for XRP based on the previous percentages. It’s important to note that the price of XRP, at the time of writing, is trading at $0.5. The cryptocurrency has been recording considerable declines over the past year, consolidating around the $0.5 price mark for months. According to CoinMarketCap, XRP has also recorded a 7.35% decrease over the past seven days and a 0.08% decline in the last 24 hours. Although Egrag Crypto has remained optimistic about XRP’s future price, other crypto community members have expressed skepticism over the analyst’s ambitious forecast. A few community members have denied the prediction, emphasizing that the cryptocurrency’s surge to $33.5 during this cycle was highly unlikely. Possible Price Correction Ahead Of Projected Surge In one of his most recent X posts, Egrag Crypto disclosed that XRP could witness a major price correction before experiencing a significant rally. The analyst has urged crypto investors to remain cautious of the cryptocurrency unless the XRP/BTC ratio closes above the $0.00010 threshold. Related Reading: Is The Bitcoin Bottom In? Buy The Dip Sentiment Erodes Amid Drop Toward $60,000 Egrag Crypto anticipates a potential 45% decline for XRP/BTC, emphasizing that this substantial price drop could indicate a bottom between $0.0000055 and $0.0000077. However, he also disclosed that overcoming resistance at $0.00001 would be crucial for a rebound in XRP. Token price at $0.5 | Source: XRPUSDT on Tradingview.com Featured image from Watcher Guru, chart from Tradingview.com
Last week, the US spot Bitcoin ETF market experienced a notable shift in investor sentiment. Positive inflows were reported, breaking a streak of outflows that had persisted for almost a month. The week concluded with a significant $116 million positive inflows, indicative of growing interest in the newly approved index funds. Notably, a new player […]
Crypto analyst Javon Marks has provided insights into the future trajectory of Solana (SOL) after it hit a 1,100% return. The analyst is known to have called the crypto token’s previous high correctly, which is one reason his latest prediction is worth keeping an eye on. Solana Could Rise To As High As $453 Marks mentioned in an X (formerly Twitter) post that despite its recent pullback, Solana’s price may be getting ready for another price rally. He noted that a move of over 54% may already be in the pipeline and that such a price move could open up room for another run of over 93%, which would send Solana to $453. Related Reading: Cardano Ready For 15x Move, Crypto Analyst Reveals The Major Drivers Source: X Marks predicted last year that Solana would climb above $200, which it eventually did this year, peaking at a year-to-date (YTD) high of $202. Although the crypto token has dropped significantly from that price level, Marks’ recent prediction confirms that Solana’s run isn’t done yet and will still surpass its current all-time high (ATH) of $260. Solana rising to $453 looks more feasible considering that crypto analysts like Altcoin Sherpa have predicted that the crypto token could rise above $500 by year-end. Crypto analyst Hansolar also predicted that Solana could climb to $600 in this market cycle. Meanwhile, Crypto YouTuber Jake Gagain predicted that Solana will rise to $750, although he mentioned that it will likely happen in 2025. SOL Could Become The Third-Largest Crypto Token Solana’s rise to as high as $500 could lead to the crypto token becoming the third largest crypto asset by market cap, only behind Bitcoin and Ethereum. This is possible, as a rise to $500 is almost double Solana’s current ATH. Crypto analyst Chris O also previously predicted that this would likely happen as he predicted Solana and ADA would battle for the position. Meanwhile, asset manager Franklin Templeton also sounded confident in Solana’s potential to become the third-largest cryptocurrency. In a recent analysis, the asset manager highlighted the factors that could lead to this development. One is Solana’s technology, which they think will be perfect for the sectors that will drive the next wave of crypto adoption. Related Reading: US Mega Banks JP Morgan And Wells Fargo Unveil Bitcoin Exposure As BTC Drops To $60,000 Franklin Templeton also alluded to the upcoming airdrops on the Solana network, which could bring more liquidity into the ecosystem and possibly cause a surge in Solana’s price, just like when the Jito and Pyth airdrops occurred. The asset manager also noted that meme coin activity on the network isn’t slowing, which could contribute to Solana’s rise to becoming the third-largest cryptocurrency. Solana has become the foremost network for trading meme coins, which has led to an influx of new investors into the ecosystem. Therefore, a sustained network expansion will likely reflect positively on Solana’s price sooner or later. At the time of writing, Solana is trading at around $144, up in the last 24 hours, according to data from CoinMarketCap. SOL price at $144 | Source: SOLUSD on Tradingview.com Featured image from DL News, chart from Tradingview.com
While the focus has mainly been on Bitcoin and Ethereum through the downtrend, other smaller altcoins such as Theta Network with much more potential have been flying under the radar. However, crypto investors are no longer ignoring these altcoins and have begun to call out the opportunities in these cryptocurrencies. Theta Network Is Looking At A Breakout Crypto analyst CobraVanguard has called out an interesting formation in the THETA chart that suggests that a massive breakout might be on the horizon. In the analysis which was posted on the TradingView website, the analyst points out that a bull flag is currently being formed. Related Reading: Is The Bitcoin Bottom In? Buy The Dip Sentiment Erodes Amid Drop Toward $60,000 This bull flag pattern started with the most recent decline below the $2 price level after a period of brief dips and recoveries. Interestingly, since this bull flag pattern is still only forming, it does not mean that the breakout will happen immediately. CobraVanguard’s chart shows that there will be more uncertain movements in the THETA price, coupled with the possibility of the price actually falling below $1.9. At the same time, the crypto analyst points out that the price is currently bouncing from the middle line around $1.99. Source: Tradingview.com However, once the formation is complete, then the breakout can happen. The upper end of the target presented by CobraVanguard shows that the THETA price can rise as high as $3.7. This would mean an almost 100% increase in price from its current level. Holding Up Well Amid Uncertainty 2024 has been a rather eventful year for Theta Network. The network’s native token, THETA, had begun the year trending below $1. However, within the month of March alone, it saw an over 250% increase, going from $1.1 to over $3.7 before correcting back downward. Since then, the THETA price has lost around 40% of its value. But this is only due to the negative headwinds that can be attributed to the decline in the Bitcoin price. The altcoin has moved upward in the market since then, rising over a $2 billion market cap to become the 51st-largest cryptocurrency in the space. Related Reading: Ex-Twitter CEO Jack Dorsey Says Bitcoin Will Reach $1 Million, Here’s When Amid the broader market downturn, THETA is still seeing positive metrics, especially when it comes to its volume. According to data from CoinMarketCap, the daily trading volume of the altcoin has jumped 13% in the last day alone, suggesting that interest is returning to the cryptocurrency. At the time of writing, the THETA price is seeing small daily gains of 1.47% to trade at $2.02. However, on the weekly and monthly timeframes, the altcoin has performed poorly, dropping 13.73% and 12.97%, respectively. Price drops to $2 | Source: THETAUSDT on Tradingview.com Featured image from FXLeaders, chart from Tradingview.com
Expectations for the XRP price have fluctuated greatly in the last year, mostly due to the uncertainty that continues to cloud the Ripple legal battle with the United States Securities and Exchange Commission (SEC). However, bullishness has prevailed despite the altcoin’s disappointing performance in 2024, with one analyst pretending an end to what has been […]
The post BITFINEX Parent Company (iFinex) Collaborates With El Salvador To Develop Crypto Regulations! appeared first on Coinpedia Fintech News
iFinex, the parent company of BitFinex has announced a collaboration with El Salvador’s Government to develop cryptocurrency regulations. Additionally, Bitfinix securities will launch El Salvador’s first digital asset securitization project and involves raising $6.25 Million to construct a 5-story hotel near the international airport.
The post Charles Hoskinson Claims Trump To Be Better Than Biden appeared first on Coinpedia Fintech News
Cardano’s Charles Hoskinson has recently remarked on the potential impact of the November 2024 presidential elections on the crypto industry. His comment comes in response to a report by Blockworks which read that only a fool would cast their votes solely on crypto-related issues. He has alerted that not supporting pro-crypto candidates can lead to …
As the debate over cryptocurrency regulation continues, former advisor to the Ethereum network Steven Nerayoff has become a public voice criticizing the approach taken by the United States Securities and Exchange Commission (SEC) towards crypto, especially under the leadership of the agency’s Chairman Gary Gensler. N erayoff’s criticism goes beyond regulatory policy to consider the […]
BlockFi, a centralized crypto lender, recently shut down its web platform and selected Coinbase as its distribution partner for customer fund withdrawals. The move comes as BlockFi aims to ensure a swift transition for eligible customers following the closure of its platform. BlockFi Selects Coinbase As Exclusive Partner According to the company’s press release on […]
The landscape of the United States’ cryptocurrency industry is embroiled in a fierce showdown between the Biden administration and industry stakeholders, with far-reaching implications for both the sector’s future and the nation’s political dynamics. Related Reading: Transaction Fees To The Rescue! Bitcoin Miners Find Solace In Network Activity Hoskinson’s Warning: A Vote Against Crypto Leading […]
Restaking protocol EigenLayer has unveiled its highly anticipated airdrop season, during which eligible users can claim a portion of the initial EIGEN token supply. EigenLayer Sets September 2024 Deadline The protocol’s announcement on Friday revealed that “Season 1” commences with 6.05% of the total supply, which users can claim starting on May 10. Moreover, “Season 1 phase 2,” set to begin mid-June, will increase the claimable percentage to 6.75%. Season 1 will distribute approximately 113 million EIGEN tokens to participants. EigenLayer has reserved 15% of the initial token supply for the community across all seasons, signaling its commitment to inclusive participation. Related Reading: XRP All Talk, No Action? Social Media Booms, But Price Stuck In The Bear Pit EigenLayer has also announced that EIGEN tokens are currently non-transferable. However, the protocol plans to unlock token transfers once new features are launched and “further decentralization” is achieved. These developments are expected to take place by September 30th, 2024. Until transfer restrictions are removed, core contributors and investors will not receive EIGEN staking rewards, and no inflation will occur. Record-Breaking $14 Billion In Assets Since its soft launch in 2023, EigenLayer has reportedly attracted $14 billion in assets, making it a prominent player in the decentralized finance (DeFi) space. According to Bloomberg, the protocol’s restaking service offers amplified returns by leveraging the process of depositing ETH coins to support the Ethereum blockchain. Eigen Labs, the Seattle-based firm behind EigenLayer, raised approximately $165 million from notable backers, including a16z Crypto. Investors gain access to EigenDA by staking EIGEN, a performance data availability system supporting Ethereum rollups. The protocol claims this presents an opportunity for users to secure amplified returns. Additionally, EigenLayer will shortly introduce compatibility with various AVSs (Application-Specific Verification Systems), offering stakers more options. Nonetheless, virtual private network users and residents of countries such as the US, Canada, and China have been excluded from the airdrop, highlighting the challenges of operating within regulatory frameworks and ensuring compliance. Eigen Foundation’s executive director, Robert Drost, acknowledged the complexities of navigating regulatory guidelines: It’s not possible to operate in the space without following regulatory guidelines and being responsible, and the challenging part is that there is not a lot of clarity. Related Reading: Crypto Analyst Sets $10 Price Target For Cardano As Volume Jumps 90% Despite these setbacks, EigenLayer’s popularity has positioned it as the second most popular DeFi application, surpassing liquid staking platforms like Lido and Rocket Pool. While liquid staking provides easier access to staking rewards and leads the DeFi category, it has experienced significant outflows in recent months. DefiLlama data indicates a 27% decline in total value locked in liquid staking protocols since their peak of $63 billion in March. EigenLayer’s restaking service has contributed to the restaking of nearly 4% of all ETH. The second largest cryptocurrency on the market, Ethereum, is trading at $2,890, following Bitcoin’s lead with a 3.8% drop in the past 24 hours. Featured image from Shutterstock, chart from TradingView.com
The Ethereum (ETH) market is buzzing with activity after a whale (an investor with significant holdings) made a splash by withdrawing a whopping $18 million worth of ETH from Binance, a leading cryptocurrency exchange. Related Reading: Transaction Fees To The Rescue! Bitcoin Miners Find Solace In Network Activity This move, meticulously tracked by blockchain analysis […]
With the US presidential elections fast-approaching, industries such as cryptocurrency have been drawn into the discussion as to what it could mean for their future. Cardano founder Charles Hoskinson has also shared his insights on the elections, particularly on the candidates, about what a victory for each candidate would mean for the crypto industry and […]
Crypto analyst Onchained recently provided valuable insights into an important metric that can be used to gauge the future trajectory of Bitcoin. The analyst suggested there was no cause to worry at the moment but highlighted what to watch out for to know the right time to exit the market. Bitcoin Short-Term Holders NUPL Turns Negative In a blog post, the analyst noted that the NUPL (Net Unrealized Profit/Loss) for Bitcoin’s short-term holders recently turned negative. The analyst added that this signals fear among this category of investors, which is very much likely given Bitcoin’s current price action. The last time this trend occurred was shortly after the Spot Bitcoin ETFs were approved, with Bitcoin dropping from $49,000 to $38,000 following that occurrence. Related Reading: What Triggered The 6,350% Spike In XRP Long Liquidations Compared To Shorts? Source: CryptoQuant While the short-term holders’ NUPL turning red again suggests that a significant price decline may be on the horizon, the analyst remarked that this price level may simply represent a significant support line. The real cause for concern might be when the NUPL for mid-term holders also turns negative. “It could indicate widespread market fear and serve as a crucial risk management indicator for exiting the market,” the analyst claimed. It is worth noting that the short-term holder’s NUPL being negative means they are currently seeing an unrealized loss in their investments. This could trigger a wave of sell-offs among these investors, mainly because of fear that Bitcoin’s price could further dip. However, based on the analyst’s analysis, this might not significantly lower Bitcoin’s price. Instead, market speculators should be more worried about the PUNL of mid-term holders (those who have been holding Bitcoin for 3 to 6 months). The PUNL also turning negative will “suggest widespread pessimism or negative sentiment.” This could lead to massive selling pressure on Bitcoin’s price as this category of investors might also offload their holdings out of fear. The Worst May Already Be Over Crypto analyst Ali Martinez had previously shared a similar analysis to Onchained’s, noting that Bitcoin short-term holder’s (STH) realized price was at $59,800. The analyst warned back then that Bitcoin dropping below this level could trigger “notable Bitcoin price corrections.” Following his prediction, Bitcoin fell below $59,800, dropping to as low as $57,000. Related Reading: Crypto Analyst Says Ethereum Price Will Drop To $2,500, Here’s Why However, the flagship crypto has since then recovered nicely above $60,000. Although Bitcoin is still showing signs of a bearish outlook, its quick recovery above $60,000 suggests that the worst might be over, and all the crypto token needs right now is a catalyst to spark a continuation of its bull run. Arthur Hayes, BitMEX’s co-founder and former CEO, also confirmed this belief, noting that Bitcoin has already found its local bottom. However, he predicted that Bitcoin will likely have a “range-bound price action between $60,000 and $70,000 until August.” BTC bulls push price above $63,000 | Source: BTCUSD on Tradingview.com Featured image from Kiplinger, chart from Tradingview.com
The post Elon Musk’s New Announcement On Tesla Sparks Excitement appeared first on Coinpedia Fintech News
Elon Musk’s announcement has created a buzz and excitement with his new announcement. He has created a new Tesla community on X, ‘Supercharger Community’ which has 10 members so far along with Musk, and any new candidate would require approval before they join the community. It is most likely created for Tesla users to hold …
The post Franklin Templeton Reveals – Its Base Season appeared first on Coinpedia Fintech News
Franklin Templeton has declared that ‘Its Base Season’ comes amid growing activity on the low-cost Ethereum L2 Solution. The base was built to scale Coinbase’s on-chain user base by making faster transactions. The L2 solution remains a key value addition for the trading platform. The Base TVL jumped $166 million between May 1st and May …
The post Arkham Flags FTX And Alameda Wallets For Liquidating $97.35M In Crypto Assets Edit Title appeared first on Coinpedia Fintech News
FTX and Alameda wallets have transferred and liquidated a combined $97.35 million in crypto assets within the past month. Besides controlling over 78% of the FTT token supply, FTX retains $33.85 million in BOBA and $11.22 million in ETH. Meanwhile, Alameda holds significant holdings including $140 million worth of WLD, $102 million in BIT, $93 …
Binance’s regulatory woes continue to mount as the world’s largest cryptocurrency exchange by trading volume has been fined C$6 million ($4.4 million) by Canada’s financial regulator, FINTRAC. The penalty was imposed due to Binance’s alleged failure to comply with money-laundering protections, specifically related to registering as a foreign money services business and reporting virtual currency […]
One of the issuers of spot Bitcoin exchange-traded funds (ETFs) in the US, WisdomTree, has announced the expansion of its WisdomTree Prime app to users in New York. Related Reading: Meet The New King Of Crypto Payments: Why Users Are Choosing Litecoin Over Bitcoin Expanded Custody And Stablecoin Services This development closely follows WisdomTree’s recent […]
Binance, one of the world’s largest cryptocurrency exchanges, has come under scrutiny after a Wall Street Journal report revealed that the platform fired its top investigators following their allegations of wash trading involving a top VIP client, DWF Labs. Binance Refutes Wash Trading Allegations The report alleges that DWF Labs conducted over $300 million in […]
The post OKX Jumpstart To List Notcoin appeared first on Coinpedia Fintech News
As per a post on X, OKX Jumpstart will list Notcoin (NOT) a play-to-earn game which will give eligible users, the opportunity to discover high-quality blockchain projects. TON holders can stake TON in exchange for NOT tokens. Each person can stake up to 4000 TON. The staking process involves transferring TON to the user’s funding …
In a recently published report by Bitwise, the leading crypto index fund manager, a striking comparison has been drawn between Coinbase and Amazon, highlighting a significant yet under-reported aspect of Coinbase’s business — the Base Layer 2 network. Titled “It’s All About That Base (and Other Thoughts on Coinbase),” the report authored by Matt Hougan and Juan Leon delves deep into the financial and strategic shifts underpinning Coinbase’s latest successes and potential future. Amazon Of Crypto? Bitwise Projects Stellar Future For Coinbase Coinbase’s latest financial results have been a revelation, demonstrating robust growth and operational efficiency. The company reported $1.6 billion in net revenue, marking a 116% increase year-over-year, significantly surpassing Wall Street’s expectation of $1.36 billion. Profits were equally impressive, reaching $1.2 billion with total cash reserves swelling to $7.1 billion. Each of Coinbase’s business lines showed notable growth: consumer trading revenue rose by 93%, institutional trading by 105%, stablecoin revenue by 15%, blockchain rewards by 59%, and custodial services by 64%. Related Reading: Coinbase Sees Largest USDC Inflow Ever, What This Could Mean For Bitcoin Despite these strong numbers, the stock has trended downwards, suggesting that the market may not fully appreciate the depth of the company’s strengths. However, Bitwise highlights a less conspicuous but potentially transformative element of Coinbase’s portfolio: the Base Layer 2 network. Launched in August atop Ethereum, Base aims to enhance the blockchain’s throughput while lowering costs. It operates similarly to a bar tab, aggregating transactions and settling them in batches, thereby reducing transaction costs to under $0.01 and speeding up processing times to less than one second. The adoption rate of Base has been staggering. The network saw a 74% increase in transactions quarter-over-quarter in the first quarter, with a 40% increase in April alone compared to the entire first quarter. The exponential growth in the number of developers using Base, which increased eightfold, underscores the network’s rising significance and the broader industry’s interest. From a financial perspective, Base has been lucrative for Coinbase. In the first quarter alone, the network generated $27.4 million in transaction fees, of which Coinbase retained $15.5 million. This high-margin revenue stream continued into April, adding another $11 million to Coinbase’s profits. Given these trends, Bitwise predicts that Base could soon be contributing $10 million to $20 million in monthly profits to Coinbase. The analogy with Amazon is rooted in the transformation potential of Base. Just as Amazon evolved from a simple online bookstore into a retail giant and later a dominant force in cloud computing through Amazon Web Services (AWS), Coinbase could similarly evolve from a crypto brokerage to a fundamental infrastructure provider for the crypto industry. Related Reading: Bitcoin Coinbase Premium Returns To Neutral: Buying Push Already Over? This shift could redefine Coinbase’s role and impact within the market, positioning it as a central infrastructure entity in the crypto ecosystem, akin to how AWS underpins much of today’s web services. The report concludes by reflecting on the significance of Base for Coinbase’s strategic direction. “[T]he early returns on Base suggest that Coinbase could end up becoming something even greater: a core infrastructure provider to the crypto ecosystem. And that would be a very big deal indeed.” COIN Price Analysis Analyzing the technical landscape, the price of Coinbase (COIN) currently faces a pivotal moment. After dropping to $211.20 (as of press time), down 11.4% from a weekly high of $235.79, the stock is testing significant resistance and support levels that could dictate its short-term trajectory. The Fibonacci retracement tool, applied from a low of $31.62 to a high of $429.52, identifies critical price points. Presently, COIN is contending with the $230.57 level (0.5 Fibonacci level), which acts as the primary resistance. The 20-week Exponential Moving Average (EMA) provides crucial support at $199.35, with the stock recently bouncing off this level. The Relative Strength Index (RSI) stands at 56.10, suggesting a balanced dynamic between buying and selling pressures, with a slight tilt towards buying. The recent price behavior, characterized by a candlestick with a small body and longer wicks, reflects the ongoing uncertainty and cautious sentiment among traders. Featured image from Nasdaq, chart from TradingView.com
In a surprising turn of events, bankrupt cryptocurrency exchange FTX recently announced a new repayment plan to reimburse creditors and customers in full. The plan also includes a substantial compensation offer to account for the time value of their investments. While customers initially expected to be the primary beneficiaries, the biggest winners in this repayment […]
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
The post Ark Invest Offloads $15 Billion Worth Coinbase Shares Pulling Down COIN’s Price appeared first on Coinpedia Fintech News
Cathir Wood’s Ark Invest sold $15 billion worth of 70,600 Coinbase shares which has sparked speculations over its impact. Cathie Wood clarified it as not a case of dumping, but active portfolio management and emphasized that Coinbase remains a top position in Ark Invest’s holdings indicating confidence in the company’s long-term prospects. Woods also mentioned …
The post Mastercard And Major US Banks Collab To Test Tokenized Asset Settlement appeared first on Coinpedia Fintech News
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The post Cardano Appoints New CTO For Product Development And Innovation appeared first on Coinpedia Fintech News
Cardano unveils its new CTO, Giorgio Zinetti, to strengthen its product development pipeline fortify its position, and drive innovation in the enterprise blockchain technology. Cardano Foundation’s CEO highlighted the importance of Zinetti’s experience and excellence as instrumental in driving the organization’s technical excellence. However, despite the positive announcement, Cardano’s price dropped by 2.07% to $0.4397 …