Once again generating news is Ripple as the company issued 1 billion XRP coins from its escrow accounts on September 1, 2024. Costing more than $560 million, the release has caused waves in the digital currency market. Related Reading: Market Slip Drags Injective Down 16% Despite Ongoing Developments First, 500 million XRP were released in three consecutive phases; next were 200 million and finally 300 million. Every one of the three transactions was completed within minutes, suggesting that Ripple was onto maintaining really good token supply control. Market Reaction To The Unlock The price of XRP did go slightly lower right after the unlock, at $0.55, which is a drop of 2.26% from the previous day. This shouldn’t really be a surprise, given how large-scale releases have time and again proved to affect prices. According to Whale Alert, at 10:50 UTC+8 today, 1 billion XRP were unlocked from the rDqGA…mKxEsF in three transactions, with a value of over $560 million dollars. The address: rDqGA…mKxEsF was marked as an official Ripple address by XRPSCAN and bithomp.… — Wu Blockchain (@WuBlockchain) September 1, 2024 Ripple’s Chief Technology Officer, David Schwartz, has previously acknowledged that mixed feelings when it comes to these monthly unlocks. While this may be an attempt to make the markets more transparent and predictable, in actual sense, such releases serve to inject volatility into the markets. Interestingly, the unlocked tokens remain in the “Ripple 24” wallet, which means there are no immediate plans to further distribute them. That can soften a more severe drop in price since these tokens are not yet on the market. However, analysts warn that the increased liquidity from such tokens may lead to possible sell-offs and further unpredictability of the token’s price in the near future. Historical Context And Predictions Up until now, Ripple had been releasing 1 billion XRP every month, a tradition that started in May 2024, while more than 43 billion XRP remain locked up in escrow until December 2027. In fact, the organization believes its approach will ensure gradual control dilution and further decentralization of its network. Ripple’s willingness to sell has recently drawn investors’ attention because such sales affect XRP’s price. Analysts are still divided about what could be the future of XRP. A few believe there could be a spike, similar to the exponential jumps in price that were seen in 2020, while others anticipate a flat, if not, stagnant trajectory. Related Reading: TIA Down 23% In A Week, As Investors Eye New On-Chain Projects Wider Ramifications For The Crypto Market Were XRP to break out from the shackles of its current trading patterns, some estimates put it as high as $4. This optimism is predicated on market demand and overall resilience in the crypto market. What Ripple is doing has effects that could spread well beyond just XRP in the market. More broadly, cautious optimism continues to define the crypto market while many investors remain in wait-and-see mode until clearer signs of an altcoin season materialize. Featured image from Nature, chart from TradingView
As the crypto market approaches a pivotal moment with the upcoming US election in November, former President Donald Trump continues to voice his support with a recent post and the details of his new crypto venture, “World Liberty Financial.” Trump Vows To Make The US A Crypto Capital In a recent video release, Trump articulated […]
OpenSea, one of the largest marketplaces for non-fungible tokens (NFTs), found itself at the center of controversy after the Securities and Exchange Commission (SEC) issued a Wells Notice early Wednesday over the alleged classification of NFTs as “securities.” This prompted reactions from prominent figures in the crypto industry, US senators, and market experts, all of […]
Recently, Brian Armstrong, the chief executive of Coinbase, gave a future view on cryptocurrency payments as a means of transaction. He went ahead and predicted a significant growth influenced by stablecoins. Related Reading: $2 Billion Market Cap: Tokenized Treasuries Register Explosive Growth According to him, crypto payments will go mainstream this decade because of the […]
NEAR has continued to rally despite the market slipping by 2% today. According to CoinGecko, NEAR, the native token of the platform, achieved almost 23% gains since last week. This is largely due to positive on-chain developments, showing that the altcoin has enough muscle to remain in its current position within the market. Related Reading: Dogecoin Rally: Over 70% Of Holders Enjoy Profit As Memecoin Climbs 9% Just recently, NEAR announced that Nightshade 2.0, NEAR’s touted “novel sharding design”, was deployed on the platform’s mainnet, improving the already robust and reliable system users have been enjoying for years. Nightshade 2.0 Brings New Light To The Validators According to a recent blog post, network upgrade have brought in stateless validation, the new sharding architecture for the protocol. This new architecture improved upon the single-shard performance of the network. NEAR already has six shards deployed on the network with a target of ten by the end of the year. It also lowers hardware requirements to become a validator. Nightshade 2.0 improved the validator experience by omitting the need to track all of NEAR’s shards, stimulating the growth of the validator side of the crypto. “In particular, the new sharding implementation paves the way to significantly increase the coin’s already-fast transaction throughput,” said Bowen Wang, Head of Protocol at NEAR One. According to Illia Polosukhin, Co-Founder of NEAR Protocol and the CEO of the NEAR Foundation, the network upgrade fixes “the fundamental bottleneck issue on most L1s of how to scale while preserving both usability and security.” Rejection Candle Forms Marking Start Of NEAR Correction Phase With the market’s slippage on today’s trading activity, NEAR is currently trading on a red candle as the token is rejected by the $5.2 ceiling, flipping the momentum to the bears in the short term. This will make losses inevitable in the short term. Related Reading: Injective (INJ) Skyrockets 21% As Proponents Weigh In On New Developments With the market dip flipping the momentum to the bears, it will continue to affect the crypto’s performance if the bearishness continues. However, NEAR’s recent developments might slow the fear, uncertainty, and doubt as the recent development helps network growth in the long term. Once Nightshade’s effect matures, NEAR will have a solid base for investor confidence to stand on. Right now, NEAR has two possible paths that it may take in the medium term. If the market rebounds after the current dip, it has the potential to break through $5.7 in the coming weeks. However, if the dip continues to worsen by the day, NEAR might return to $3.8 with the worse-case scenario being at $3.0 if the situation worsen. For now, investors should be cautious by monitoring the market’s broader movement as any swing can affect the altcoin’s performance. Featured image from Rebank, chart from TradingView
While crypto has been at the eye of the storm in the race for the White House, a notable absence in the recent unveiling of the Democratic Party’s latest platform ahead of the Democratic National Convention has discouraged the industry. The document, unveiled amidst heightened anticipation, notably overlooks any mention of Bitcoin or digital assets, […]
A Nigerian court has ordered the freezing of nearly $40 million in crypto funds believed to have been used to support nationwide protests against the government. The ruling, amid heightened tensions over the rising cost of living in Africa’s most populous nation, has sparked concerns over the authorities’ response to civic unrest. Anti-Graft Agency Freezes […]
The cryptocurrency industry is making a concerted push to win over the Democratic Party ahead of the 2024 presidential election, with a new organization hoping to counter former President Donald Trump’s growing influence among crypto supporters. Political Crypto Battle According to a Fortune report, a new grassroots organization called ‘Crypto for Harris’ is leading the […]
Nudge seeks to unleash a new DeFi primitive called Re: allocation Value.
As Bitcoin adoption continues to gain momentum globally among countries and traditional financial (TradFi) institutions, Norway’s sovereign wealth fund, Norges Bank Investment Management (NBIM), has emerged as a stealth holder of the largest cryptocurrency on the market. Unexpected Bitcoin Whale? According to a recent analysis by K33 Research analyst Vetle Lunde, NBIM, which manages the […]
The crypto market is not where it should be right now, at least in terms of prices – altcoins specifically – that some investors believe should be up, as always. Altcoins, otherwise known as any digital assets excluding Bitcoin, plummeted to new lows against Bitcoin last week. This decline is steep and has been gaining […]
Amid the buzz surrounding political tokens and the heated race for the White House between former President Donald Trump and Vice President Kamala Harris, a token known as Restore the Republic (RTR) emerged. According to Fortune, this crypto, which exploited rumors surrounding the Trump family, defrauded investors and led to the loss of significant amounts […]
Former President Donald Trump made waves at the recent 2024 Bitcoin Conference in Nashville when he pledged to “make crypto great again” – including firing the Securities and Exchange Commission (SEC) Chair on his first day back in the White House. Trump’s promise to oust the crypto-skeptic Gary Gensler resonated with many in the crypto industry who […]
Long at odds with the Biden administration, the crypto industry has launched a major political offensive to influence the Democratic Party. According to a Bloomberg report, a network of pro-crypto super Political Action Committees (PACs) has raised over $170 million to back crypto-friendly candidates in congressional primaries, focusing on supporting Democrats. Crypto Industry’s Political Offensive […]
US senators believe that the President’s bodyguards could do more than just wield high-powered pistols and don sleek dark glasses. The lawmakers have presented a measure that would give the Secret Service the power to look into and prosecute crimes using digital assets in a bipartisan effort. Related Reading: Federal Police Uncover Major Crypto Scam: […]
Over 2,200 letters addressed to US senators within only 48 hours asking their support have given the proposed Bitcoin Strategic Reserve law great momentum. This grassroots initiative fits with the recent Bitcoin Act proposal by Senator Cynthia Lummis, which seeks to create a distributed network of safe Bitcoin vaults run by the US Treasury. Related […]
Recently, a massive transaction shook the digital currency ecosystem. A prominent whale transferred 400 billion PEPE tokens—worth about $4.22 million—to Binance. Related Reading: GRT Market Signals 12% Drop: Is A Turnaround Possible? Strategically timed among the general negative market mood, this move seems to be a deliberate one for partial profit booking. The whale’s behavior corresponds to the breach of a critical support level around $0.00001075, a key threshold that has lately increased the downward pressure on PEPE’s price. A whale deposited 400B $PEPE($4.22M) to #Binance to take profits in the past hour. The whale withdrew 795.92B $PEPE($2.55M at the time) from #Binance on Mar 1 and currently has 395.93B $PEPE($4.18M) left. His total profit on $PEPE is $5.85M, the ROI is 230%!… pic.twitter.com/o7T1ihjoq9 — Lookonchain (@lookonchain) August 1, 2024 Previously active on March 1st, the whale pulled out 795 billion PEPE tokens from Binance, worth $2.55 million. Even with this big withdrawal, the whale still has a decent 396 billion PEPE, which means it has an unrealized profit of $5.85 million, or a 230% return on investment. This amazing financial dance shows how smart the whale is and how dangerous it is to trade PEPE in a market that is always changing. Pepe Technical Study: Negative PEPE is trading at about $0.00001051 as of the most recent report, a 7.5% decline in price over the last 24 hours. Concurrently, trade volume has jumped by 14%, indicating a change in market involvement and investor participation. Technical study shows a pessimistic view of the cryptocurrency despite this higher activity. With forecasts showing a possible 20% collapse in the short future, the recent violation of the important support level of $0.00001075 is expected to propel further drops. The 200 Exponential Moving Average (EMA) suggests PEPE may find support around $0.0000852. Despite the gloomy market, this technical indicator suggests price stabilization. Technical indicators and market dynamics challenge PEPE’s prospects. Liquidation Levels And Possible Rebound The latest development also puts into perspective PEPE’s main liquidation thresholds, which lie on the lower end at $0.000010 and on the upper end at $0.0000118. Should the bearish mood persists, the meme coin may experience a downward motion below $0.000010, forcing the liquidation of around $2.04 million in long bets. Conversely, a shift in market sentiment could result in PEPE falling below $0.0000118, which would result in the liquidation of approximately $13.4 million in short positions. Beyond the current volatility, PEPE projections remain somewhat positive, though short-term forecasts show a significant comeback with an expected 249.99% gain over the following three months. Related Reading: Can Bitcoin Cash (BCH) Go Up 680% This Week? This Analyst Believes So With expected rates of 183.50% over six months and 169.42% over one year, the longer horizon seems as bright. These scenarios could be good news for the popular meme coin as it maneuvers its way into the volatile crypto market, but all things considered PEPE could be headed in the right direction. In essence, the larger projection stays robust even if PEPE has major short-term difficulties and liquidation hazards. The direction of the token will be greatly shaped by the combination of whale movements, technical indicators, and market emotion. Featured image from , chart from TradingView
GRT’s current situation mirrors the bearishness the broader market is experiencing. Today, the total market cap shows a percentage slip, due to the major cryptocurrencies returning to levels that investors can sustain. On the altcoin side, GRT is one of the tokens that were hit hard by the bears. Related Reading: Crypto Watch: Why Today’s FOMC Meeting Is The ‘Most Important Of Your Life’ According to CoinGecko, the token is down nearly 12% since last week, showing exaggerated losses in the face of continuous downward pressure. Although the token’s performance within the market leaves much to be desired, The Graph devs are brewing something around the corner that might turn the tide. More Web3 Data To Be Serviced By The Graph The Graph recently released a blog post about their plans to introduce new tools for indexers, further building up the platform’s capability to handle data. They are introducing two specialized tools to help grow the platform’s ecosystem namely Firehose and Substreams. The upgrade is part of their New Era roadmap, a path that was laid in late 2023, providing developers, users, and investors a transparent look at where The Graph is headed. The two new tools provide different levels of data stream to indexers. Firehose will provide real-time data which enhances “the immediacy and responsiveness of blockchain data access.” It’ll help apps access data quickly, reducing latency thus improving user experience. On the other hand, Substreams is more accurate, giving developers the ability to pick and choose the data needed for their applications. This will improve data retrieval as their systems won’t need to scour the database for its specific data needs. The two tools will serve the platform’s data servicing niche, providing developers the flexibility of choosing whether they want a real-time stream of data or a select, more specialized access to specified data sets. This improvement would largely benefit the platform’s push to grow its artificial intelligence base. Last May, the platform announced the deployment of Agentc, a “ChatGPT-like tool” built on top of The Graph’s Uniswap data. More Pain Ahead? More pain around the corner awaits investors with the bears having a chokehold of the GRT market. With the major cryptocurrencies also struggling to keep their ground within more suitable levels, the altcoin market will fall more within the early weeks of the month. Related Reading: Render Continues To Flash Red In All Timeframes – What’s Going On? The grip GRT bears have on the market will last as long as market conditions continue to favor selling. A breakthrough on $0.1715 line will make the situation much worse which might turn the situation into a firesale. GRT bulls should then attempt to hold on to this line as any further gains by the bears will mean a possible reversion back to mid-February levels. Featured image from Asia Crypto Today, chart from TradingView
Render investors and traders continue their sell-off, following the broader market’s bearish attitude. After weeks of continuous bullish action, CoinGecko data shows that the market is down a few percent, translating to losses in the altcoin market. Related Reading: Crypto Watch: Why Today’s FOMC Meeting Is The ‘Most Important Of Your Life’ Although the environment brought gains to a number of tokens, it dragged several tokens, like Render, to the ground. The latest market data shows that the latter is down in almost all timeframes, with the biggest loss in the monthly timeframe at nearly 25%. This presents a big question to investors and traders whether Render will continue its downward spiral. Big Things Coming For Render Jensen Huang, CEO and Co-founder of NVIDIA, recently spoke at SIGGRAPH 2024 about the effects of accelerated computing and generative AI on different industries. He also briefly mentioned the company’s jump in computer graphics saying that “it was the best decision” the company made. Almost like NVIDIA, Render’s framework as a provider of decentralized graphics and computing resources places the platform in a unique position in the world of AI. When asked about the AI revolution which started in 2022, Huang said: “[And] this is really the revolutionary time that we’re in. Just about every industry is going to be affected by this just based on some of the examples I’ve already given you.” This just shows how the broader industry is pivoting towards supporting the development of AI, thus providing a bullish signal for investors on Render as the latter’s nature as a provider of computing resources makes them valuable for the AI space. Key moment from today’s #SIGGRAPH2024 fireside with Jensen Huang and Lauren Goode: Q. Where do you draw the line between AI is augmenting and helping [artists] and this is replacing certain things that we do?https://t.co/muYWEq586d A. “These tools help us be more productive.… — The Render Network (@rendernetwork) July 30, 2024 And traditional finance institutions recognize this potential at the crossroads of AI and crypto. Asset management firm Grayscale launched its first decentralized AI fund in the early half of this month, featuring the likes of RENDER, TAO, FIL, LPT, and NEAR. With Render’s providing a valuable resource to anyone who needs computing power, their market position remains secure despite facing substantial downturns this month. More Bearish Pressure In The Offing? As it currently stands, the token’s position is quite shaky as it might push the token to lower lows following the general trend it has had since May. If the downward trend continues, the bears might push the crypto to January 2024 levels, wiping out the token’s year-to-date gains. Thus bulls should consolidate and gain control of the $6 support before any attempt upward. Related Reading: Can Bitcoin Cash (BCH) Go Up 680% This Week? This Analyst Believes So But the token’s volatility might work in the bull’s favor. The current market environment is still mostly bullish, mostly by the fact that the major cryptocurrencies are in a rally, pulling the market upward. This greedy mood counters the bearishness of the current market correction, putting more emphasis on long-term gains rather short or medium-term increases. Investors and traders should then monitor the market for long-term opportunities that will support the movement of the altcoin. Featured image from Pexels, chart from TradingView
In the ongoing global economic and geopolitical rivalry, the United States may have a powerful new weapon – Bitcoin (BTC). That is the argument made by Sam Lyman, the director of public policy at Riot Platforms, one of the largest Bitcoin mining companies. America’s Key To Economic Supremacy? Writing for Forbes, Lyman drew parallels between […]
The anticipated 2024 November elections in the US have stirred discussions within the crypto community regarding the potential stance of Vice President Kamala Harris towards the industry, should she become the Democratic Party’s nominee. With uncertainty shrouding her position, voices from the crypto space have raised concerns about her willingness to support the crypto sector […]
Contrary to earlier speculation, Vice President Kamala Harris has declined to attend the much-anticipated Bitcoin 2024 conference in Nashville, shifting the spotlight to former President Donald Trump, whose highly anticipated speech could have a major impact on Bitcoin and the entire nascent industry. Kamala Harris Opts Out Of Bitcoin Conference Initially, discussions were indicating Harris’s […]
The assassination attempt on former President Donald Trump during a rally in Pennsylvania on Saturday has led to a surge in his chances of winning the presidential election, according to crypto prediction market Polymarket. A recent report by Fortune found that while traditional polls may paint a different picture, Polymarket and PredictIt are seeing a […]
AUSTRAC's latest report highlights a rise in criminal use of cryptocurrencies, urging stricter regulations and international cooperation to combat money laundering.
Institutional investors have been buying the dip following Bitcoin’s recent downtrend. This is evident in the increased demand for the Spot Bitcoin ETFs, which recorded their best weekly outing in a long while. Related Reading: Crypto Craze: Republicans See Digital Currency Shaping 2024 Elections — Survey Spot Bitcoin ETFs Record Best Inflows In Over A […]
A recent report by Bloomberg has revealed that suspected digital wallets have been responsible for distributing nearly $100 billion in illicit funds across the crypto market since 2019, with a significant portion flowing through two key sectors of the industry. Crypto Criminals Exploit Stablecoins And CEXs The report highlighted that criminals are increasingly using stablecoins, […]
The Department of Justice (DOJ) charged two former consultants for Coins.ph, a well-known crypto currency exchange, in an action shocking the Philippine bitcoin community. Russian nationals Vladimir Evgenevich Avdeev and Sergey Yaschuck are accused of launching a carefully thought out hack that led in the loss of an astounding 12.2 million XRP, valued at around […]
The Central Bank of the Republic of China mentioned handling government tenders through special purpose tokens to improve operational efficiency using smart contracts for bids and performance bonds.
Other terms that went unmentioned were cryptocurrency, blockchain, central bank digital currency, deepfake and election security.
In a landmark case brought by the US Department of Justice (DOJ), two individuals have been convicted of manipulating the price of a crypto asset deemed a “security” and allegedly conspiring to defraud investors by purchasing Hydrogen Technology’s HYDRO cryptocurrency. The federal jury’s verdict resulted in significant prison terms for the defendants and established a crucial […]