crypto news

Bitcoin Price At Risk of More Downsides Before Fresh Increase To $70K

Bitcoin Price At Risk of More Downsides Before Fresh Increase To $70K

Bitcoin price struggled to recover above the $68,800 resistance. BTC is now moving lower and there is a risk of more downsides below the $65,000 support.

  • Bitcoin price is struggling to start a fresh increase above the $68,000 zone.
  • The price is trading below $68,000 and the 100 hourly Simple moving average.
  • There is a connecting bearish trend line forming with resistance at $67,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could gain bullish momentum if it clears the $68,000 resistance zone in the near term.

Bitcoin Price Faces Resistance

Bitcoin price attempted a fresh increase above the $65,500 zone. BTC climbed above the $67,200 and $68,000 levels. However, the bears were active near the $69,000 zone.

A high was formed at $68,898 and the price is now moving lower. There was a move below the $67,500 support zone. The price declined below the 50% Fib retracement level of the recovery wave from the $64,555 swing low to the $68,898 high.

Bitcoin is now trading below $68,000 and the 100 hourly Simple moving average. It is testing the 76.4% Fib retracement level of the recovery wave from the $64,555 swing low to the $68,898 high.

There is also a connecting bearish trend line forming with resistance at $67,800 on the hourly chart of the BTC/USD pair. Immediate resistance is near the $66,750 level. The next key resistance could be $67,800 or the trend line, above which the price could rise toward the $68,800 resistance zone.

Bitcoin Price

Source: BTCUSD on TradingView.com

If there is a clear move above the $68,800 resistance zone, the price could even attempt a move above the $70,000 resistance zone. Any more gains might send the price toward the $71,200 level.

More Losses In BTC?

If Bitcoin fails to rise above the $67,800 resistance zone, it could start another decline. Immediate support on the downside is near the $65,550 level.

The first major support is $65,000. The main support sits at $64,500. If there is a close below $64,500, the price could start a drop toward the $63,500 level. Any more losses might send the price toward the $62,000 support zone.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $65,500, followed by $65,000.

Major Resistance Levels – $67,800, $68,800, and $70,000.

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Ether.fi $210M Airdrop Sparks Market Turbulence, ETHFI Value Drops By 35%

Ether

ETHFI, the governance token of the decentralized liquid staking protocol Ether.fi, debuted for $4.13 following its distribution through its airdrop on March 18. 

However, since the $210 million airdrop, the value of ETHFI has experienced a significant decline, plummeting over 35% to its current trading price of $3.05, according to CoinGecko data.

ETHFI Airdrop Attracts 20,000 Participants

Market expert Tom Wan has provided a summary of the ETHFI airdrop. Out of the total supply of 16.8 million ETHFI tokens, approximately 28% have been claimed by participants. 

The airdrop attracted around 20,000 claimers, showcasing considerable interest in the token distribution. Notably, the top wallets, accounting for 1.67% of the total distribution, have the potential to receive between 10,000 and 25,000 ETHFI tokens, reflecting substantial holdings.

Ether.fi

Most claimers, comprising approximately 67% of participants, are expected to receive a lower allocation of ETHFI tokens, ranging from 175 to 500. 

This distribution strategy aims to ensure a broader and more equitable dispersion of the tokens among participants. However, an interesting observation is that 76% of claimers have transferred their ETHFI tokens to other wallets, indicating a potential desire for liquidity or trading activities.

Furthermore, it is noteworthy that 38% of the token receivers are new wallets, suggesting an expansion of the ETHFI user base as of May 1, 2023. This influx of new participants showcases a growing interest in the governance and utility offered by Ether.Fi’s protocol.

Ether.fi Witnesses Surge In Total Value Locked

Ether.fi has experienced notable growth in net deposits and Total Value Locked (TVL), as evidenced by data provided by Token Terminal. However, the platform has faced fluctuations in its active user base. 

According to Token Terminal, net deposits on Ether.fi have significantly increased, reaching $2.99 billion over the past 30 days alone. This marks a significant growth rate of 136.9%.

Simultaneously, the TVL on Ether.fi has mirrored the surge in net deposits, which also amount to $2.99 billion over the same 30-day period. This metric represents the total value of assets, predominantly cryptocurrency, locked within the protocol. 

However, while Ether.fi has witnessed robust growth in net deposits and TVL, the platform has experienced fluctuations in its active user base. Daily active users have shown a considerable decline of 54.3% over the past 30 days, currently standing at 506. 

Ether.fi

Similarly, weekly active users have experienced a more moderate decline of 3.5%, currently standing at 5,780. This suggests that while there has been a slight reduction in user engagement every week, a significant portion of the user base remains actively involved with the protocol.

The most substantial decline in user activity is observed in monthly active users, with a notable drop of 68.9% over the past 30 days. The figure currently stands at 14,740 users. 

Overall, the distribution of the ETHFI token through the airdrop has garnered significant attention and participation. At the same time, the token’s value has experienced a decline since its initial listing, the long-term potential and impact of ETHFI within the Ether.Fi ecosystems are yet to be fully realized.

Ether.fi

Featured image from Shutterstock, chart from TradingView.com

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Bitcoin’s Price Trajectory: Analyst Spells Out Three Mega Bullish Outcomes

Renowned crypto analyst Willy Woo has recently delved into the future of Bitcoin, providing an analysis that explores the asset’s investment viability against traditional assets like gold and the US dollar.

With over a decade of experience in the market, Woo’s insights offer a dive into the possibilities for the world’s largest cryptocurrency.

Exploring Bitcoin’s Potential Valuations

Examining the risk/reward ratio of BTC investment, Woo presents an optimistic outlook, suggesting that Bitcoin holds a significant chance of outperforming gold.

His analysis outlines three scenarios for Bitcoin’s future valuation: achieving “hyperbitcoinization” with a coin value of $4.8 million, matching the US dollar at $1 million per BTC, and surpassing gold with a valuation of $690,000 per coin.

Woo’s forecasts suggest that the prospect of earning returns ranging from 1,000% to 7,000% draws the interest of those looking for advice on investing in BTC. However, he cautions investors to judge the potential success of cryptocurrencies and tailor their investment approaches as needed. Specifically, Woo noted

For example if you think there’s more than 10% chance of BTC superceding gold, then it’s probably worth investing to get the 10x.

Macro Influences And Bitcoin’s Current State

Meanwhile, the cryptocurrency market, especially BTC, is on the verge of finding itself at the mercy of broader economic decisions, such as the upcoming announcement by the US Federal Reserve.

Prominent Chinese crypto journalist Colin Wu highlights the anticipation of the upcoming Federal Open Market Committee (FOMC) meeting, which could significantly influence Bitcoin’s price movements.

With expectations set on the Fed potentially maintaining interest rates, the decision could have far-reaching implications for BTC and the wider crypto market.

Bitcoin (BTC) price chart on TradingView

 

Despite recent pullbacks that saw Bitcoin’s price decrease by nearly 10% over the past week, the cryptocurrency has shown resilience, maintaining its position above the $66,000 mark.

This recent dip, amid anticipation of the FOMC meeting and the upcoming BTC halving, illustrates the complex interplay between macroeconomic factors and cryptocurrency valuations.

Featured image from Unsplash, Chart from TradinngView

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Binance CEO Predicts Bitcoin Surging Beyond $80,000 Driven By ETF Inflows

Over the past five days, Bitcoin (BTC), the leading cryptocurrency, has experienced a period of heightened volatility, triggering significant liquidations of leveraged positions as its price fluctuated wildly in hours. 

After reaching an all-time high of $73,750 on Thursday, BTC experienced a sharp decline to $64,600 on Sunday. On Monday, at the start of the trading week, the cryptocurrency recaptured the $68,000 level. Nonetheless, it retraced over 2% shortly after, settling around the $66,800 mark.

Amidst this turbulent market activity, Binance Chief Executive Officer Richard Teng, as reported by Bloomberg, believes that Bitcoin’s record-breaking rally will persist, propelling its price beyond $80,000. 

Binance CEO Bullish On Bitcoin

Teng attributes this expected surge to the increasing influx of institutional investment into the newly approved spot Bitcoin exchange-traded funds (ETFs), trading for just over two months. The introduction of Bitcoin ETFs in the United States earlier this year has attracted significant attention from institutional investors, resulting in new inflows.

Speaking at an event in Bangkok on Sunday, Teng stated that he originally estimated Bitcoin to hover around $80,000 by the end of the year. However, he now envisions the cryptocurrency surpassing that milestone due to reduced supply and sustained demand. 

Teng emphasized that his forecast represents his viewpoint and acknowledged that the rally will not be linear. He believes the market’s ups and downs will ultimately benefit the entire ecosystem.

Lastly, Teng highlighted the continued inflow of funds into US spot Bitcoin ETFs since their approval in January. He expects more institutions and family offices to increase their allocations to Bitcoin ETFs shortly.

Richard Teng assumed the CEO role after Binance co-founder Changpeng Zhao (CZ) stepped down in November following Binance’s $4.3 billion settlement with US authorities. 

Digital Asset Inflows Skyrocket 

In a recent blog post, digital asset investment company CoinShares announced that digital asset investment products experienced a record weekly inflow, reaching $2.9 billion last week. 

This surpasses the all-time high of $2.7 billion set the previous week. Furthermore, these inflows bring the year-to-date (YTD) total to an impressive $13.2 billion, surpassing the total inflows for all of 2021, which were $10.6 billion.

Bitcoin

Trading volumes for the week amounted to $43 billion, matching the previous week’s record and accounting for 47% of the overall global Bitcoin volumes. 

During this period, global exchange-traded products (ETPs) crossed the milestone of $100 billion for the first time. However, due to the price correction towards the end of the week, the total settled at $97 billion.

Regionally, the United States witnessed substantial inflows of $2.95 billion, while minor inflows were observed in Australia, Brazil, and Hong Kong, amounting to $5 million, $24 million, and $15 million, respectively. 

Conversely, Canada, Germany, Sweden, and Switzerland experienced combined outflows of $78 million during the same week. On the other hand, the year has seen outflows of $685 million thus far.

Bitcoin dominated the inflows last week, securing $2.86 billion and accounting for 97% of all inflows year-to-date. Interestingly, short Bitcoin positions witnessed their largest inflows in a year, totaling $26 million, marking the fifth consecutive week of increased interest in this area.

Bitcoin

Featured image from Shutterstock, chart from TradingView.com

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Is Ripple Behind The XRP Price Crash? Massive Selling Spree Sparks Concern

Ripple’s occasional sale of XRP tokens has always been pinpointed as one reason for XRP’s tepid price action. Once again, the crypto firm’s recent offloading of a significant amount of XRP has raised concerns about its negative effect on the crypto token. 

Ripple Offloads 240 Million XRP

On-chain data shows that Ripple transferred a total of 240 million XRP tokens to an unknown address in two separate transactions. The first transaction occurred on March 5, when it sent 100 million XRP to the address in question. Then, on March 13, the Ripple wallet again transferred 140 million XRP to this address. 

These transactions have raised eyebrows, and members of the XRP community are contemplating whether these sales might have been the reason XRP’s price crashed recently. Notably, the crypto token rose to as high as $0.74 on March 11 before seeing a sharp correction. 

It is worth mentioning that XRP’s price crashed on March 5, the day the first transaction was carried out. Data from CoinMarketCap shows that the crypto token, which was trading as high as $0.65 on the day, dropped to as low as $0.55 on the same day. However, it remains uncertain whether or not Ripple’s action was directly responsible for this price dip.

Meanwhile, XRP’s price was pretty stable on the day the second transaction occurred, although it was still declining from its weekly high of $0.7, recorded on March 11. The impact of Ripple’s XRP sales on the market continues to be heavily debated among those in the XRP community

Pro-XRP crypto YouTuber Jerry Hall previously claimed that Ripple was suppressing XRP’s price with its monthly sales. However, there has also been a report that Ripple’s sale doesn’t impact prices on crypto exchanges. 

If Not Ripple, Then Who?

Ripple’s price action defies logic, especially considering that the token’s fundamentals and technical analysis suggest it is well primed for a parabolic move. That is why talks about possible market manipulation continue to persist. It is also understandable that all fingers instantly point to Ripple since they are the largest XRP holders

However, if Ripple is indeed not responsible for XRP’s stagnant price action, then there needs to be another explanation for why XRP has continued to underperform. Although the crypto token has continued to rank in the top 10 largest crypto tokens by market cap, it is worth mentioning that it is one of few tokens that has a negative year-to-date (YTD) gain. 

At the time of writing, XRP is trading at around $0.61, up in the last 24 hours according to data from CoinMarketCap. 

XRP price chart from Tradingview.com (Ripple)

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Bitcoin Has Undergone This Bearish Structure Change, Analyst Explains

An analyst has explained that the recent trend in the Bitcoin Coinbase Premium Gap suggests a significant change in the asset’s structure.

Bitcoin Coinbase Premium Gap Has Continued To Be Negative

In a new post on X, analyst Maartunn discussed how the Bitcoin Coinbase Premium Gap is still negative. The “Coinbase Premium Gap” here refers to a metric that tracks the difference between the Bitcoin prices listed on cryptocurrency exchanges Coinbase (USD pair) and Binance (USDT pair).

This indicator’s value provides hints about how the behavior of the former’s userbase currently differs from that of the latter platform.

Below is the chart shared by the analyst that reveals the trend in the Bitcoin Coinbase Premium Gap since the start of the year.

Bitcoin Coinbase Premium Gap

As the graph shows, the Bitcoin Coinbase Premium Gap had been mostly positive as Bitcoin had gone through its journey from $44,000 to beyond the $73,000 level.

This would imply that the price listed on the exchange was higher than on Binance during this period. Such a trend naturally suggests that the buying pressure on the former was greater than on the latter.

Coinbase is widely known to be the preferred platform of US-based institutional investors, while Binance has global traffic. Thus, the green positive premium values would imply these large American entities had been buying and supporting the rally.

Recently, however, the indicator’s value turned negative as these investors took to selling instead. Since then, the metric has continued to assume such values. Alongside this selloff, the BTC price has experienced a notable decline.

The Bitcoin Coinbase Premium Gap followed a similar pattern during the first month or so of the year. In the first 10 days of January, the metric had been positive as buying had occurred in anticipation of the spot exchange-traded funds (ETFs). Still, after the ETFs had been approved, the indicator had turned negative.

The red premium values had maintained for a few weeks, during which the cryptocurrency price had struggled. Based on this pattern and the recent trend, it would seem that American institutional traders have driven the price action this year.

As such, so long as the current bearish structure in the Bitcoin Coinbase Premium Gap exists, it’s possible that the price may not be able to amass too much upward momentum.

BTC Price

At the end of the positive Coinbase Premium Gap streak, Bitcoin had been able to achieve a new all-time high above $73,800, but as traders have switched to selling on the platform, the coin has dropped almost 9%, with its price now trading around $67,300.

Bitcoin Price Chart

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Shiba Inu Team Shares Important Guide To Investing In Meme Coins

Popular Shiba Inu marketing lead, Lucie has unveiled a comprehensive guide to investing in meme coins, offering detailed steps and emphasizing the risks associated with such ventures.

Do’s And Don’ts Of Meme Coin Investing

In a recent X (formerly Twitter) post, Lucie revealed a blueprint for meme coin investments, providing a road map for investors and crypto enthusiasts looking to navigate this complex market. The SHIB influencer disclosed that meme coins should not be regarded as conventional investments, but rather as a fun venture within the cryptocurrency space.

She shared a screenshot outlining five essential aspects of meme coin investing, compiled by Shiba Inu team member Da Vinci. The first step of the guide highlighted the necessity of understanding the risks and high volatility characteristic of the meme coin market, accentuating how these coins frequently undergo swift price fluctuations. 

Lucie further disclosed how much meme coins were subservient to social media. According to the SHIB influencer, the price of meme coins is greatly influenced by intangible factors like celebrity endorsement and social media trends. This highlights the possible absence of an intrinsic value in these coins, amplifying the potential for increased risks. 

In stressing the dangers associated with meme coin investments, the Shiba Inu team has also provided important advice to investors looking into this market. They urge crypto enthusiasts to thoroughly understand the fundamental principles of a meme coin, along with its community dynamics and market trends, before making any investment decisions.

Further highlighting the need for risk mitigation, the team has stated the necessity of utilizing only expendable funds for meme coin investments. They stressed the importance of responsible investing, urging investors to base their decisions on solid research rather than market hype. By adhering to these guides, investors may potentially avoid unnecessary risks in the market, while also optimizing their investment strategies

Shiba Inu: More Than Just A Meme?

Starting as a humorous project developed by an anonymous individual or group identified as “Ryoshi”, SHIB began its journey as a meme coin, distinguished by its speculative nature and comedic mascot inspired by the Shiba Inu dog breed. However, over the years, the cryptocurrency has been making serious efforts toward differentiating itself from others, adopting a unique three-token structure, cultivating a vibrant community and showcasing its versatile use cases.

In light of these developments, Lucie has boldly declared in a recent X post, that SHIB has finally transcended the meme coin label. The Shiba Inu marketing influencer pointed out that the cryptocurrency has secured a position among the top 11 altcoins in the space, underscoring the token’s growing popularity and possibly promising trajectory

She has also expressed optimism concerning SHIB’s ability to evolve into a governance token, potentially granting holders the opportunity to participate and vote on the decision-making processes of the Shiba Inu ecosystem.

Shiba Inu price chart from Tradingview.com

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FTX Bankruptcy Trade Turns Into Legal Showdown As Profits Soar By 200%

London-based boutique distressed asset trading firm Attestor Ltd. experienced a significant bonanza as the value of crypto assets purchased from Sam Bankman-Fried’s FTX crypto exchange soared. 

According to a Bloomberg report, Attestor’s trade became the talk of distressed investing circles as profits multiplied at an astonishing rate – 50%, 100%, and even close to 200%.

Multi-Million-Dollar Gain From FTX Bankruptcy Threatened

As the value of crypto assets rose sharply, Attestor and other market participants reportedly seized the opportunity to purchase distressed assets at “rock-bottom prices” from Bankman-Fried’s clients seeking to recover their losses. 

The bankruptcy proceedings of FTX, Bankman-Fried’s cryptocurrency exchange, are projected to deliver investors the full amount of their frozen funds, estimated at 100% of the initial investment.

However, Attestor’s hold on its share of the windfall has become uncertain. The seller of one of the largest FTX accounts purchased by Attestor, an allegedly “obscure” Panamanian company called Lemma Technologies, controlled by a South Korean trader, has opted to keep the claim to itself, at least for now.

Attestor’s legal team argues in a New York court that this situation demonstrates “seller’s remorse.” The price agreed upon with Lemma in June 2023 was $58 million, but the claim’s current value is expected to reach $165 million. 

Lemma, the Panamanian firm, has yet to publicly explain its position or respond to Attestor’s lawsuit in New York. Attestor’s attorneys assert that Lemma will only honor the trade confirmations if compelled to do so by the force of law.

Adding to the intrigue is that Lemma’s main investor, Junho Bang, is facing legal charges in a separate case in Seoul, South Korea. 

Embezzlement Charges

Attestor agreed with Lemma in June to purchase a bundle of FTX claims, believed to be among the largest. With this year’s cryptocurrency recovery and successful asset recovery efforts, these claims are now set to pay out in full. 

The attestor is reportedly eager to close the deal and is willing to “complete the transactions immediately.” However, Lemma’s Junho Bang appears to be in no hurry to do so, possibly due to his involvement in the separate crypto-lender Haru Invest case, according to Bloomberg.

Bang stands accused of “embezzling” digital assets from the lender and is currently facing charges by South Korean authorities. Although the Haru Invest case and the Attestor’s lawsuit over FTX claims are distinct, Bang is central to both matters.

During the cryptocurrency boom, Haru Invest allegedly offered “high returns,” but it eventually froze customer redemptions, citing issues with its service provider, B&S Holdings, which allegedly provided false information. B&S described itself as a quantitative trading company for crypto assets, including FTX’s FTT token.

As the legal proceedings continue, the resolution of these cases will shape the outcomes for the involved parties and shed light on the future dynamics of distressed investing in the crypto space.

FTX

Featured image from Shutterstock, chart from TradingView.com

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Profit-Taking Panic, Short-Term Bitcoin Holders Sell Off – What’s Next For BTC?

Profit-Taking Panic, Short-Term Bitcoin Holders Sell Off – What’s Next For BTC?

Recent on-chain data highlighted a significant trend: a wave of profit-taking by investors who have held Bitcoin (BTC) for less than five months.

As detailed by CryptoQuant’s latest data, this phenomenon is not just a random market movement but an echo of patterns observed at the zeniths of previous bull markets.

Profit-Taking Among Short-Term Bitcoin Holders Signals Market Shift

According to CryptoQuant, the Spent Output Profit Ratio (SOPR), a key metric in evaluating the profit and loss of Bitcoin transactions over a specific period, showcases a pronounced uptick indicative of widespread profit realization.

This tendency among short-term holders to liquidate their holdings for gains parallels historical market peaks and suggests a critical juncture for Bitcoin.

Bitcoin Short Term Holder metric.

Crypto Dan, a seasoned market analyst, emphasized the significance of this trend, stating, “This movement is something that only happens once every few years,” highlighting the uniqueness and possible consequences of the present market trends.

New Market Forces At Play: ETFs Inflow Set To Rebalance The Equation

While the SOPR metric might signal alarm bells reminiscent of past bull market peaks, the crypto landscape is underpinned by factors that could mitigate the traditional outcomes of such profit-taking.

Among these is the recent introduction of a BTC spot Exchange-Traded Fund (ETF). This new avenue for Bitcoin investment introduces a complex layer to the market’s dynamics, potentially cushioning any adverse effects of short-term holders’ profit-taking activities.

Dan concluded by noting:

But considering the BTC spot ETF and potential additional inflows from institutions and individuals, it is difficult to judge it as simply a signal of the peak of a bull market. After a short-term correction period, it’s very likely that we will see a strong further bull in 2024.

CoinShares Head of Research, James Butterfill, provides a further layer of analysis, suggesting an imminent “positive demand shock” for Bitcoin. According to Butterfill, the delay in making spot Bitcoin ETFs accessible to the Registered Investment Advisors (RIA) market — a sector managing around $50 trillion in assets — is set to end.

With RIAs requiring three months of trading data before including new ETFs in their portfolios, the market is on the cusp of witnessing a substantial influx of new investments into Bitcoin. “If 10% of RIAs chose to invest 1% of their portfolios, this could result in approximately $50 billion in additional inflows,” Butterfill elaborated, highlighting the scale of potential market impact.

Moreover, the current supply-demand dynamics within the Bitcoin market are skewed towards increasing demand against decreasing supply.

The daily demand for BTC, fueled by the trade of spot BTC ETFs and the average production of new coins, underscores a growing discrepancy that ETF issuers are filling by tapping into the secondary market.

This scenario is evidenced by a dramatic decrease in OTC desk coin holdings, a direct consequence of ETF-driven demand, according to Butterfill.

Bitcoin (BTC) price chart on TradingView

Featured image from Unsplash, Chart from TradingView

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Binance Personnel Cleared of Insider Trading Allegations in BOME Controversy

Binance has cleared its personnel from the allegations surrounding Book of Meme (BOME), a meme coin built on the Solana blockchain.

The move follows widespread discussions and allegations of possible insider trading associated with the “BOME rat warehouse” incident, prompting Binance to take swift action to address the matter.

Binance Responds to Allegations

In an official statement released on X, the exchange emphasized its commitment to maintaining transparency and fairness within the cryptocurrency market and assured users that the integrity of trading activities remains a top priority.

According to the statement, preliminary investigation results suggest that the individual implicated in the allegations has no affiliation with Binance. However, the exchange reiterated its dedication to thoroughly examining the matter to ensure the accuracy of the findings.

Binance also expressed gratitude for the community’s vigilance and pledged to continue investigating the issue to uphold market fairness. To encourage reporting of potential misconduct, it also announced rewards ranging from $100,000 to $5 million for reports involving currency listing and other forms of corruption.

The controversy arose as Binance announced its decision to list BOME, offering spot trading pairs including BOME/BTC, BOME/USDT, BOME/FDUSD, and BOME/TRY, which took effect on March 16. Additionally, Binance introduced the USDS-M BOME Perpetual Contract on its Futures platform, offering leverage options up to 50 times.

BOME Surges Amidst  “Rat Warehouse” Controversy

Following the listing announcement, BOME experienced a huge rise, with its value surging by 345% on March 16 alone, reaching $0.02703. Trading volume also increased, soaring by 262% to $3.8 billion, pushing BOME into the ranks of the most traded cryptocurrencies, with the meme coin coming in ninth place.

The term “rat warehouse” concerning Binance stems from discussions and controversies surrounding potential insider trading or information leaks within the platform, particularly concerning the listing of new tokens.

Previous listing events on Binance, such as RONIN and BLUR, have demonstrated considerable volatility in token prices post-listing. RONIN witnessed a significant decline, whereas BLUR experienced a surge. These events fueled speculation regarding the potential price action of BOME following its listing on Binance.

Describing itself as “an experimental project that is preparing to redefine the Web3 culture,” Book of Meme (BOME) is a Solana-based meme coin that aims to unite the ever-evolving meme culture within a digital “Meme book” preserved on the blockchain.

The post Binance Personnel Cleared of Insider Trading Allegations in BOME Controversy appeared first on CryptoPotato.

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Bitcoin Analyst Targets $500,000 But Warns of “Scary” Dips

In a post on X, one crypto analyst thinks Bitcoin will reach $500,000 by mid-2025. However, even as prices trend higher, the rally won’t be smooth sailing, expecting some “scary” dips. 

Bitcoin Is Shaky

The analysis is when Bitcoin prices appear shaky, characterized by sharp corrections. Over the weekend, prices plunged lower, denting confidence after a weak conclusion on Friday. Prices are yet to recover, trending below the psychological $70,000 level.

Bitcoin on track to $500,000 | Source: Analyst on X

Even amid this, the analyst says people should hold on tightly, relaying confidence that the only way for the world’s most valuable coin is up. To support this outlook, the analyst compares Bitcoin’s price action and the historical trajectory of gold following the launch of Gold exchange-traded funds (ETF). 

At current rates, and despite the lull over the weekend, Bitcoin is outpacing gold’s historical growth pattern. This preview suggests that, like gold, Bitcoin could rally over time. From this projection, the analyst thinks not only will bulls shake off the current weakness but see prices rally nearly 7X from current rates to $500,000, following a similar path to gold’s trajectory.

Still, while the $500,000 target is undoubtedly enticing, the analyst warns investors to brace themselves for “scary falls” along the way. These dips, the analyst emphasizes, shouldn’t be misconstrued as signs of the end. Instead, they should be seen as a natural part of Bitcoin’s historical price action.

Bitcoin price trending upward on the daily chart | Source: BTCUSDT on Binance, TradingView

Despite the expected volatility, the analyst urges investors to “stay calm” now and in the future in the face of anticipated price drops. After sharp expansions over the past few trading weeks, there could be suggestions that the coin has peaked, and prices are likely to correct in the cool-off. 

Demand From Spot ETFs Ahead Of Halving

Although it may be accurate, the rate at which Bitcoin ETF issuers purchase BTC for their clients is positive for the market. In a post on X, an analyst observes that the amount of spot Bitcoin ETF inflows within a month is comparable to a year of Gold ETF inflows.

This analysis suggests that the demand for BTC is way higher. Accordingly, prices may respond by rallying in the face of surging demand.

Bitcoin remains bullish, less than a month before the protocol halves miner rewards. Supporters are adamant that in the next epoch, considering the current level of demand, there will be a supply crisis. In that case, BTC prices might remain high.

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Bitcoin Whales Enter Full Accumulation Mode: Here’s How Much BTC They Pulled From Exchanges

The Bitcoin price movement last week revealed a series of ups and downs, from starting the week at a new all-time high of  $73,780 to crashing 12% in the days after to reach below $65,000. Crypto data analysts have spotted massive amounts of Bitcoin being withdrawn from major exchanges during the period of uncertainty, indicating that large investors anticipate further price appreciation. 

According to a social media post by crypto analyst Ali Martinez, the total BTC balance on crypto exchanges fell by over 21,400 in the past week, with the creation of 13 new whales, each holding over 1,000 BTC.

BTC Withdrawal From Exchanges

Bitcoin crossed over $73,700 last week to register a new all-time high but has struggled to gain a footing above the price level. Interestingly, it would seem the new all-time high sparked a wave of profit-taking from some investors. However, on-chain and exchange data indicate Bitcoin is still undergoing a bullish sentiment from some investors, particularly large investors. 

Crypto analyst Ali Martinez noted this bull accumulation pattern in a post on his social media platform X. According to a Glassnode chart shared by the analyst, the total amount of BTC on exchanges has been on a free-fall since the middle of January. Notably, the total BTC balance saw a brief increase in the first few days of March before resuming a free-fall on March 5. In the past week alone, 21,401 BTC were moved off crypto exchanges. 

Similarly, the crypto analytics platform IntoTheBlock noted this outflow pattern during the week. According to ITB, BTC withdrawal from crypto exchanges reached its highest point this year on March 15. Interestingly, $750 million worth of Bitcoin was withdrawn on this day, the highest since May 2023.

What Does This Mean For Bitcoin?

The Bitcoin ecosystem has witnessed serious money on the move since the beginning of the year, leading to a strong price surge for the cryptocurrency. However, this rally has since slowed down to spark a price correction, with market sentiment reaching the most negative sentiment toward BTC since December 2023. Bitcoin is currently trading at $68,201, down by 3.44% in the past seven days. 

After such a strong surge in price, it’s normal for the momentum to slow down as the market consolidates and decides on the next move. While momentum has slowed, the overall trend for Bitcoin remains bullish.

Judging by the massive amounts of Bitcoin pulled from exchanges recently, it looks like whales are gearing up for a continued rally. Bitcoin is now showing signs of a rally, and is now up by 5% in the past 24 hours. 

Bitcoin price chart from Tradingview.com

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US Treasury Approved Exchange Announces XRP Listing

The XRP price could be headed for greater heights with the latest development coming out of the community. While the altcoin has been trading on leading crypto exchanges since Judge Analisa Torres’s rules that programmatic sales did not qualify as securities sale, it has moved a step forward with an announcement from an exchange approved by the United States Treasury Department.

XRP Debuts On US Treasury-Approved Exchange

On Saturday, March 16, Atlantis Exchange announced that it would be listing XRP for trading. This listing is significant to the altcoin because Atlantis Exchange is one of the few exchanges for trading cryptocurrencies that have been registered with not only the United States Treasury, but also the United Nations.

This listing puts XRP among around 50 cryptocurrencies which are currently trading on the platform. Deposits for users were opened on March 13, and trading on the platform officially began on Monday, March 17. Trading is also expecting to carry on for three days before users will be able to withdraw XRP tokens from the exchange, which will open on March 20.

Additionally, the network for depositing XRP to the crypto exchange is the BSC network. This means that users who want to send tokens to Atlantis need to make sure that they are actually using the BSC network to transfer the tokens. Otherwise, they could end up losing their coins. The crypto exchange is yet to integrate the XRP Ledger on the platform, which means transactions cannot be carried out to and from the exchange using the native blockchain.

Nothing But Praise

In the posts announcing the listing of the XRP token, Atlantis Exchange also took time out to praise the cryptocurrency. The exchange outlines the fact that the token is used for cross-border transactions, highlighting its ability to confirm transactions in 3-5 seconds.

The exchange also sees a bright future for the XRP price. In its post announcing the listing of XRP for trading, Atlantis Exchange predicted that the altcoin’s price could rise another 100x. Now, the feasibility of this is questionable, but it does show that Atlantis does believe that the altcoin will do well going forward.

As for the token’s price, it is seeing a slow start to the week with light gains of 0.42% over the last day. However, its current trading value of $0.611 means that the coin is down 2.54% in the last week. Nevertheless, it remains the 6th-largest cryptocurrency in the space with a market cap of $33.48 billion.

XRP price chart from Tradingview.com (Ripple)

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Arbitrum Whales Are HODLing; Why Are ARB Prices Tanking?

Arbitrum Whales Are HODLing; Why Are ARB Prices Tanking?

While the recent unlocking of ARB triggered fears of a sell-off, Lookonchain data suggests a different story. On March 18, the analytics platform showed that a mere 58 million ARB, representing only a tiny portion of the 1.1 billion tokens unlocked on March 16, were sent to exchanges by just 11 large-scale investors, commonly called “whales.”

ARB whales transferred coins to exchanges | Source: ARBUSDT on Binance, TradingView

Are Whales Bullish On ARB? 

This transfer indicates that despite some profit-taking, other whales are HODLing on to their ARB, reflecting continued confidence in the project’s future. 

On March 16, Arbitrum sent 1.1 billion ARB to investors, team members, and advisors in a “Cliff Unlock.” Analysts describe a “Cliff Unlock” as a situation in which all allocated tokens for that event are released simultaneously.

Arbitrum chose to release all tokens at once. 673.5 million were sent to advisors and the team. Meanwhile, the remainder, 438.25 million, was sent to investors. The unlocking event, as expected, was a source of concern that some receivers would choose to sell in the secondary market. 

As expected, ARB prices have decreased, reflecting the general sentiment across the crypto market board. So far, ARB is down 24% from March 2024 highs. However, what’s clear is that the uptrend remains, and buyers remain in charge despite the selling pressure.

Arbitrum prices trending downward on the daily chart | Source: ARBUSDT on Binance, TradingView

Based purely on price action, ARB bulls have a chance if prices are above the $1.6 to $1.65 support zone. Conversely, any upswing above this level might drive prices to the upper end of the range at around $2.20. Further upswings will continue the sharp expansion from October 2023. At the time of writing, ARB is up 125% from Q4 2023 lows.

Arbitrum To Benefit From Dencun, Cementing Its Layer-2 Dominance

Lookonchain data shows that only a few tokens were sent to exchanges less than a week after the unlocking event, suggesting investors and whales are bullish about the project. 

L2Beat data shows that Arbitrum, a layer-2 scaling solution for Ethereum, is the largest in that category by total value locked (TVL). By March 18, Arbitrum managed $14.7 billion worth of assets, nearly 2X that of Optimism.

Arbitrum TVL | Source: L2Beat

While ARB is under pressure, the broader Ethereum and crypto community remains bullish. Last week, the “Dencun” update was released to the mainnet. 

This update is significant as it further slashes transaction fees, making layer-2s, including Arbitrum, more attractive for users. This upgrade is especially appealing to developers and users seeking to enjoy the high on-chain activity on Ethereum without struggling with high gas fees and low scalability. As Layer-2 solutions find adoption, Arbitrum could benefit from this influx.

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Digital Asset Inflows Skyrocket to $2.9B YTD, Shattering 2021 Records: CoinShares

Investments in digital asset products clocked in a massive surge in weekly inflows, reaching a total of $2.9 billion.

According to the latest data compiled by CoinShares, the inflows surpassed the previous week’s record of $2.7 billion, propelling year-to-date investments to $13.2 billion, significantly exceeding the total inflows for the entire year of 2021, which stood at $10.6 billion.

Mixed Bag for Global Regions

Trading volumes for the week remained steady at $43 billion, matching the previous week’s records and constituting a larger share of 47% of the overall global Bitcoin volumes.

Furthermore, global Exchange-Traded Products (ETPs) surpassed the milestone of $100 billion for the first time during the week. However, a price correction towards the end of the week led to it settling at $97 billion.

In terms of regional distribution, the United States observed inflows of $2.95 billion, whereas there were relatively smaller inflows in Australia, Brazil, and Hong Kong, amounting to $5 million, $24 million, and $15 million, respectively.

On the other hand, Canada, Germany, Sweden, and Switzerland collectively experienced outflows totaling $78 million last week. CoinShares noted that 2024 hasn’t started on a positive note despite Bitcoin’s impressive performance. The European asset manager, in the latest edition of Digital Asset Fund Flows Weekly Report, said,

“This year has not got off to a good start, having now seen US$685m in outflows so far.”

Ethereum, Solana, and Polygon Shed Millions

Bitcoin experienced inflows amounting to $2.86 billion last week, constituting 97% of the total inflows for the year so far. Meanwhile, short Bitcoin witnessed its highest inflows in a year, reaching a total of $26 million, marking the fifth consecutive week of such inflows.

Polkadot, Litecoin, and Binance netted weekly inflows of $3.1 million, $2.3 million, and $1.5 million. The same cannot be said for top smart contract platforms such as Ethereum, Solana, and Polygon, which witnessed outflows totaling $14 million, $2.7 million, and $6.8 million, respectively, during the same period.

Blockchain equities, however, saw inflows of $19 million, marking the first inflows after a six-week period of outflows.

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Arbitrum Token Sell-Off: Whales Transfer $58M To Exchanges Following Unlock, ARB Price Reacts

On Saturday, March 16, the Layer 2 protocol Arbitrum (ARB) unlocked 1.1 billion ARB tokens as part of its 2024 roadmap. This event led to a significant decline in the native token’s value, with losses of up to 18% reported over the past week. 

In the past 24 hours, more whales have been sending ARB tokens to exchanges for selling, indicating a potential further drop in the protocol’s prices. This token unlocking marks the beginning of a four-year phased process, releasing a specific number of tokens every four weeks until 2027.

11 Whales Dump $58 Million Worth Of ARB Tokens

Following the massive unlocking of ARB tokens, analysis firm Lookonchain revealed that 11 whales deposited 34 million ARB tokens (equivalent to $58 million) into exchanges. 

Additionally, on-chain data provider “The Data Nerd” noted that trading firm Wintermute has been continuously depositing ARB tokens for the past 48 hours, potentially for selling purposes. 

The data provider notes that digital asset trading firm Wintermute now holds only 7.22 million ARB tokens worth $12.35 million, indicating that they have already deposited or sold $18.12 million worth of ARB over the past few days.

The ARB token has been on a 29% downtrend since reaching its all-time high (ATH) of $2.39 on June 12, 2024. Following the unlock event, ARB traded as high as $1.96 but dipped to $1.61 within 48 hours. 

The token has managed to reclaim the $1.68 level despite being in the red zone over the past 24 hours if the price drops further, ARB’s potential support walls are identified at $1.56, $1.46, and potentially as low as $1.32.

Arbitrum Post-Unlock Journey 

NewsBTC reported that there has been only one previous unlock event for ARB tokens. On the first day after the unlock, ARB experienced a 3% increase, indicating positive market sentiment and initial demand. 

However, the token’s price gradually declined, reaching a low of -21% approximately 21 days after the unlock event. Interestingly, around the 25-day mark, the price began significantly recovering, surging by 19% above the unlock-day level. 

These patterns suggest that while Arbitrum may face initial downward pressure post-unlock, there is potential for recovery and positive price movement in the following weeks.

The future trajectory of ARB’s price action remains uncertain despite experiencing a 15% drop from its first unlock day. Drawing from the past unlock event, if historical patterns hold, there may be a further 6% decrease, aligning with the previous 21% drop observed 25 days after the first Arbitrum unlock event. 

This hypothetical scenario would place Arbitrum at $1.57, indicating a favorable mid-term uptrend structure.

However, it is crucial to note that past patterns do not guarantee identical outcomes in current price trading. Nevertheless, analyzing historical data can provide valuable insights and help understand and assess potential price movements.

Arbitrum

Featured image from Shutterstock, chart from TradingView.com

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Why Bitcoin Halving Could Bring Uncertainty To Mining Industry: An In-Depth Analysis

As the countdown to the fourth Bitcoin halving approaches, scheduled around April 19th, 2024, miners are bracing for significant changes in their operations. The halving, which occurs approximately every four years, marks a pivotal event in Bitcoin’s economic landscape, impacting both miners’ revenues and the network’s security.

Currently, miners receive 6.25 bitcoins as a reward for each validated block. However, with the upcoming halving, this reward will be slashed by half, dropping to 3.125 bitcoins per block. This abrupt reduction in revenue poses challenges for miners, particularly those operating on narrow profit margins.

According to a report by cryptocurrency exchange Bitfinex, The halving’s immediate effect is a 50% decline in miners’ income, which could render some operations unprofitable unless mitigated by an equivalent rise in Bitcoin’s price or reductions in operational costs. The subsequent strain might force less efficient miners out of the market, potentially contracting the network’s hashing power temporarily.

Bitcoin Halving And The Challenge Of Network Security

Moreover, the reduced block reward raises concerns about Bitcoin’s network security and the potential for increased centralization of mining power. The network relies on decentralized miners to validate transactions and secure the blockchain.

“Centralization risks could mean the potential censorship of transactions and increased vulnerability to coordinated attacks or regulatory pressures,” Bitfinex said.

However, a decrease in rewards, without compensatory factors like increased Bitcoin prices or transaction fees, might disincentivize mining activities among smaller miners, leading to a consolidation of mining power among larger, more resourceful entities. This concentration of power could pose risks to Bitcoin’s decentralized nature, potentially enabling censorship of transactions and increasing vulnerability to coordinated attacks or regulatory pressures.

Historically, halvings have spurred price rallies in Bitcoin due to increased scarcity. If this trend persists, the appreciating value of Bitcoin could counterbalance reduced  block rewards, sustaining miner incentives and bolstering network security. However, this outcome hinges on several factors, including market demand and macroeconomic conditions.

Regulatory scrutiny adds another layer of complexity to the mining industry’s future. Governments worldwide, including the Biden administration in the US and various EU nations, are eyeing stricter regulations on Bitcoin mining due to environmental concerns.

Potential Outcomes And Strategies Post-Bitcoin Halving

The proposed Bitcoin mining energy tax in the US aims to generate substantial revenue, projected at nearly $10 billion in 2025 and over $42 billion in the next decade. If enacted, this tax could reshape the economic landscape for Bitcoin mining in the US, compelling industry players to adopt more energy-efficient technologies or relocate to less regulated jurisdictions.

Despite these challenges, there are potential beneficial outcomes for the mining industry after the bitcoin halving event. A significant price increase in Bitcoin, driven by reduced supply and growing demand, could offset reduced block rewards, maintaining or even increasing mining profitability.

Continued innovation in mining technology, coupled with access to cheaper and cleaner energy sources, could lower operational costs and improve environmental sustainability.

Furthermore, expansion into new regions with abundant renewable energy could diversify industry risks and enhance resilience. Increased transaction fees, driven by higher demand and efficiency improvements, could also supplement miners’ revenue.

Institutional investment and the development of innovative financial products could stabilize the market and further integrate Bitcoin into the global financial system.

Featured image from Pexels, chart from TradingView

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Solana Surpasses Ethereum In Major Metric Amid Surge Above $200

Solana has recently become one of the trendiest cryptocurrencies in the space, capturing the interest of both crypto investors and enthusiasts in the space. The popular cryptocurrency has witnessed a significant surge in network activity, surpassing even that of Ethereum, the world’s second-largest cryptocurrency. 

Solana Outpaces Ethereum Network Activity

On March 16, Solana experienced a major increase in its overall network activity, pushing its capacity to its limits amidst the growing demands. The network had surged past Ethereum’s total trading volume and exceeded its daily trading volume by more than $1.1 billion, according to data by DefilLama.   

Specifically, Solana’s 24-hour trading volume had recorded almost $3 billion, surging past Ethereum’s daily volume of $2.04 billion. During the surge, the network witnessed an unprecedented amount of trading activities, which resulted in failed transactions and a surge in ping times. 

As highlighted by Solana Validator, the cryptocurrency network’s ping time on March 18, had jumped to a staggering 46 seconds, causing about a 30% to 40% failed transactions. The validator’s report also revealed a steady and rapid increase in Solanan’s transaction count, recording over 276 million transactions at the time of writing, with about 2,107 transactions per second. 

This rise in Solana’s network activity has been attributed to the surge in interest in Solana-based meme coins. On Thursday, March 14, degens eagerly sought after a new meme coin called Book of Meme (BOME), which had experienced an unprecedented bullish spike that triggered its market capitalization to rise from almost zero to a staggering $1.45 billion. 

During these periods, the price of Solana also rallied alongside, witnessing an unexpected price surge that propelled it by more than 30% in the past week. The cryptocurrency has been on a steady momentum since the beginning of the year, displaying slight price corrections before continuing on its upward trajectory. 

SOL Price Rides The Bullish Wave

Amidst Solana’s burgeoning popularity and rising transaction volumes, the cryptocurrency saw a price increase to more than $200, reflecting a daily surge of approximately 8.9%, at the time of writing. The cryptocurrency’s market capitalization is also up by 11.10%, recording over $89 billion and steadily closing towards the $100 billion mark. 

Due to its overwhelming network activities and growing popularity, Solana has successfully gained the position of the 4th largest cryptocurrency by market capitalization, overtaking BNB Chain (BNB) by more than four billion, according to CoinMarketCap. 

Moreover, the cryptocurrency has reached peak levels globally in terms of Google search interest,  hitting a new all-time high. This surge has been attributed to the increasing interest and demand for the popular digital asset. 

Solana price chart from Tradingview.com (Ethereum)

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Ex-Coinbase CTO Urges ‘Vote for Bitcoin’: Why It Matters

In a thought-provoking statement on X (formerly Twitter), Balaji Srinivasan, the former Chief Technology Officer (CTO) at Coinbase and a notable figure in the venture capital world through his tenure at Andreessen Horowitz, stirred the crypto community and beyond with a bold proclamation: “VOTE FOR BITCOIN.” Srinivasan, leveraging his considerable influence in the tech and crypto spheres, articulated a vision that extends beyond mere investment advice, framing the choice between BTC and the US dollar (USD) as a pivotal global referendum.

He argued, “The real election is BTC vs USD, the primaries have already started across the world, and every ballot counts. So make sure to vote early and often. […] The USD/BTC exchange rate is the one financial indicator that DC can’t fake,” highlighting the intrinsic transparency and resistance to manipulation Bitcoin offers compared to traditional financial metrics vulnerable to distortion by central authorities like the Federal Reserve.

Bitcoin Vs. The US-Dollar: The Real Election

Srinivasan’s assertion underscores a growing distrust in the mechanisms of traditional financial regulation and the authenticity of Bitcoin. He further emphasized the significance of recent legal and regulatory developments, particularly pointing to the August 29, 2023, ruling in the Grayscale case as a watershed moment.

“Since they can’t fake the price of Bitcoin, the only thing the tradfi system could do is try to block the exit from dollars to Bitcoin. Which is why the SEC fought against ETF access for ten years. They finally lost on Aug 29, 2023 […] this court decision is important because it opened the floodgates, allowing value to flow towards the Bitcoin ledger — and away from DC’s control,” he noted, suggesting the decision’s potential to catalyze a more widespread migration of value to BTC.

The conversation around Bitcoin’s resilience against governmental control is a central theme in Srinivasan’s discourse. He contends that BTC exists on a ledger beyond the federal government’s reach, making it inherently resistant to “freeze, seize, inflate, or confiscate” tactics that can be employed against more conventional assets. This characteristic of Bitcoin, according to Srinivasan, not only protects individual wealth but also signals a broader shift in how value is stored and exchanged.

Srinivasan’s insights extend to the investment landscape, where he claims, “Bitcoin’s incentives were strong enough to recruit not just BlackRock, but Franklin Templeton, Fidelity, and a critical mass of major firms.” This comment speaks to the BTC’s performance and its emerging role as a necessary component of diversified investment portfolios. He provocatively suggests that absence from the Bitcoin market might soon be seen as a strategic misstep, indicating the growing mainstream acceptance of cryptocurrencies as legitimate assets.

Addressing the broader implications of BTC’s ascendancy, Srinivasan paints a vivid picture of a shifting economic order. “Its vertical rise signals that something is wrong in the legacy economy […] telling you that the smart money no longer has full faith and confidence in fiat,” he asserts. This observation not only critiques the current state of traditional finance but also posits Bitcoin as a beacon of market sentiment, indicating broader economic trends and concerns.

Perhaps most compellingly, Srinivasan delves into the geopolitical and social dimensions of BGC’s rise. He foresees potential conflict as traditional power structures react to the decentralizing force of Bitcoin. “Just visualize…BLM/antifa/Hamas mobs…except this time with the support of blue-controlled police and military,” he speculates, drawing parallels between historical crackdowns on dissent and what he perceives as the inevitable backlash against Bitcoin’s disruption of established financial and political norms.

In concluding his thorough exposition, Srinivasan encapsulates the essence of his argument: “So: that’s why BTC vs USD is the real election.” This statement elevates the discourse surrounding BTC from technical and financial considerations to a philosophical and political declaration.

For Srinivasan, the choice between Bitcoin and traditional fiat currencies like the USD transcends conventional economic debates, embodying a critical juncture in the evolution of global finance and governance. Through his detailed and evocative commentary, Srinivasan not only champions Bitcoin as a superior asset but also as a symbol of a broader movement towards transparency, autonomy, and resistance against centralized control.

At press time, BTC traded at $67,464.

Bitcoin price

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Ripple (XRP) Embraced by This US-Based Crypto Exchange: Details

TL;DR

  • XRP sees modest growth but remains a topic of interest, with expectations of a potential rally and increased adoption by exchanges.
  • Other trading venues that have already embraced the asset include Gemini, Coinbase, Kraken, and many more.

Despite its brief price surge last week, Ripple’s XRP is still trailing behind the leading cryptocurrencies. It is currently hovering at the $0.60 mark (per CoinGecko’s data), a 9% increase on a monthly scale.

However, it remains a top trending asset, with numerous analysts envisioning a substantial rally in the short term that can benefit the multi-million XRP holders.

The token also keeps catching the eye of cryptocurrency exchanges that have yet to offer trading services with it. One example is the US-based Atlantis Exchange. 

It announced on X that XRP trading had become available to users from March 17, adding that the asset has huge potential.

Earlier this year, another exchange headquartered in the United States – Gemini – expanded its offerings by introducing XRP perpetual contracts to users. 

The last time the firm touched upon the token was last summer – a month after Ripple’s first partial court victory against the United States Securities and Exchange Commission (SEC). 

Shortly after, it re-listed XRP on its platform, adding its name to the company of Coinbase, Kraken, Crypto.com, and Bitstamp.

The asset appears to be quite popular among American investors. As CryptoPotato reported, XRP briefly became the top-traded altcoin on US-based exchanges, leaving behind Solana (SOL), Litecoin (LTC), and Dogecoin (DOGE).

The post Ripple (XRP) Embraced by This US-Based Crypto Exchange: Details appeared first on CryptoPotato.

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Bitcoin Rebounds But Concerns Mount as Ethereum’s Perpetual Funding Turns Negative

Over the past weekend, the crypto market experienced a tumultuous blend of emotions, characterized by fear and greed, as Bitcoin plunged to lows of 64,500. However, it swiftly rebounded, with the leading asset surging back above the 67,000 mark.

While Bitcoin has exhibited significant resilience, the same cannot be said for Ethereum.

Ethereum’s Rocky Road Amidst Bitcoin’s Resilience

The heavy selling of BTC put options indicated a dissipation of fear among investors, who seemed eager to capitalize on the dip.

Interestingly, amidst this sentiment shift, there’s a notable inclination towards greed, evidenced by the increasing interest in long-dated Sep and Dec BTC calls targeting lofty price levels of $100-150k. According to the latest analysis by QCP Capital, this optimism reflects a bullish outlook despite recent volatility.

The Singapore-based digital assets trading firm said Ethereum presents a contrasting narrative as concerns loom as perpetual funding rates turn negative and risk reversals portray a “downside skew,” signaling apprehension within the market about a potential downturn in the crypto asset’s price despite the continuing rally in alts.

Despite Ethereum reaching a peak of over $4,000, its highest value in two 3years, QCP previously observed a change in market sentiment, evident in the negative risk reversals. These reversals indicate the contrast in implied volatility between call and put options, a shift likely attributed to the decreased chances of a spot Ethereum ETF approval in the US in the near future.

Following the long-awaited Dencun upgrade, which QCP had anticipated, the crypto asset saw a decline to under $3,500 over the weekend amid a market-wide slump.

Is Ether Overvalued?

A different analysis by CryptoQuant revealed that ETH’s total supply is diminishing as a result of heightened network activity and the utilization of transaction fees for burning. The subsequent uptick in staking participation was also observed, with over 31 million ETH staked, indicating growing confidence in the asset’s long-term prospects.

Its network also witnessed a notable surge in activity, characterized by increased daily transaction volumes and ETH transfers. However, the current elevated MVRV Ratio implied that ETH might be overvalued.

“The current high MVRV Ratio suggests that ETH might be overvalued, which calls for a cautiously optimistic approach. Despite these challenges, the Dencun upgrade reinforces Ethereum’s strong fundamentals. Yet, the market’s recent preference for SOL over ETH signals that we might see some adjustments ahead.”

The post Bitcoin Rebounds But Concerns Mount as Ethereum’s Perpetual Funding Turns Negative appeared first on CryptoPotato.

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Solana Memecoin Presale Gone Wrong: Creator Accidentally Burns $10M, Whale Makes Huge Profit

Solana Memecoin Presale Gone Wrong: Creator Accidentally Burns $10M, Whale Makes Huge Profit

A new Solana-based memecoin launched today, becoming the talk of the town, and whales have noticed it. However, the reasons behind this might be different from what everybody expects.

Since its launch, Slerf (SLERF), the newest Solana-based project, has been trending for all the wrong reasons. The project successfully raised $10 million during its presale and saw most of the token supply burned by accident.

Solana Memecoin Launch Sees Millions Gone

Just a few hours ago, the Slerf creator and the presale investors were full of excitement and expectation as the token’s launch approached. Everything appeared normal as the project’s X account announced it had successfully burned $10.8 million worth of SLERF.

For context, the project’s website states that the “slerfnomics” included a total supply yet to be determined, with 50% of the tokens to be sent into the Liquidity Pool (LP) and 50% for the presale participant’s airdrop. Additionally, the tokens in the LP would be burned at launch, and ownership would be revoked.

slerf, memecoin, sol

However, investors seemed confused about the amount burned and where the airdrop tokens would come from. Before realizing their mistake, the creator explained that the airdrop to the presale participants wasn’t done before the burn because “it was the safest way.”

The community quickly realized that something had gone wrong, as it seemed the project’s team had no tokens left for the airdrop. The creator realized the mistake shortly after and announced it on X while apologizing.

“Guys I fucked up. I burned the LP and the tokens that were set aside for the airdrop,” the post read. He further explained that the mistake was a “simple mindless misclick” while burning the LP.

It was further explained that after the first attempt to burn the tokens failed, the creator checked the Sol incinerator and couldn’t see the LP tokens. As a result, he decided to clean the wallet of the “shitcoins” sent there. This action accidentally burned the presale token’s supply alongside the other tokens.

The mistake proved irreversible as the minting authority had already been revoked. Neither the creator nor the developers could access the burned tokens or mint new ones for the presale participants.

From Sloths To Whales: Millions Made In 12 Minutes

Whales took the opportunity to profit big on this Solana-based memecoin drama, as reported by Lookonchain.

The blockchain research platform revealed that a whale wallet with over $32 million worth of SOL spent $606,000 (3,024 SOL) to buy 1.7 million SLERF. This wallet had never bought any tokens, and its newly acquired SLERF accounted for $1.5 million in unrealized profits a couple of hours ago.

A different whale wallet spent 9,894 SOL (worth $1.98 million) to buy almost 70 million SLERF immediately after opening trading. In 12 minutes, the trader sold the memecoin for 25,001 SOL (worth around $5 million) and made over $3 million in profit.

However, these transactions raised the alarms of the presale investor and the community. Doubts of the “accidental burn of tokens” being much more than a mistake are high, as replies to the post suggest.  Many users believe these movements to be from “insiders” and not “lucky people.”

The Slerf creator guaranteed it was an honest mistake during an X Space session. He also stated his principal concern was to make things right for those who saw their investment vanish.

Moreover, he committed to finding a way to refund the presale participants. As of this writing, Slerf is live on X Space, asking the community for suggestions on how to repay them.

The SLERF pumped to $1.24 after its launch, over 43.4% in an hour. The token’s price has decreased by over 52%, trading at $0.59 at writing time.

Sol, SOLUSDT, solana, Slerf, memecoin

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Is FTX’s Sam Bankman-Fried Ditching Prison? Lawyers Reveal Daring Next Steps

A recent court filing revealed plans that the former CEO of the defunct crypto exchange FTX, Sam Bankman-Fried (SBF), had drafted to ensure he avoids jail term. SBF, whose sentencing comes up on March 28, faces the possibility of spending up to 100 years locked behind bars. 

How Bankman-Fried Intended To Avoid Prison

As part of his plans to avoid a jail term, Sam Bankman-Fried included going on Tucker Carlson and coming out as a Republican. This formed part of what Sam Bankman-Fried had termed “probably bad ideas” in the Google doc, which contained a long list of things he planned to do to save face. 

The FTX founder was publicly known to have made significant political donations to the Democratic party while secretly funneling funds to the GOP. However, from his plan, SBF seemed to have believed that publicly coming out as a Republican would have helped his case more. He also planned to come out against the “woke agenda,” as Republicans are known to be conservatives. 

Meanwhile, there were earlier reports that Bankman-Fried would blame all his lawyers as part of his defense. This was indeed true, as the convicted crypto founder contemplated this, highlighting in the Google doc how he would paint them as incompetent. SBF also planned to make everyone believe that this “cartel of lawyers” was why they failed in running FTX. 

Bankman-Fried also thought putting out a “strong anti-Binance message” could help his case. The FTX founder may have indeed carried out this plan, as a Bitcoinist report revealed how he might have been responsible for the negative news that gripped the largest crypto exchange last year. 

Prosecutors Ask For 40-50 Years For Sam Bankman-Fried

As revealed in their sentencing submission, the Department of Justice (DOJ) has asked the court to sentence SBF to 40 to 50 years in prison, labeling it “necessary.” They noted that such punishment would reflect the seriousness of Bankman-Fried’s crimes and protect the public from further crimes of the defendant.  

The defendant’s lawyers had earlier proposed a sentencing limit of 5 years to 6 and a half years, arguing that their client would be more useful in the outside world than in prison. However, the prosecution rebutted this submission and argued that such a sentence would be “woefully inadequate to satisfy the purposes of sentencing.”

Interestingly, the DOJ acknowledged that a life sentence for Sam Bankman-Fried would be “greater than necessary” to satisfy the sentencing guidelines, especially considering the defendant’s age. As such, they emphasized that they weren’t asking the court to impose a life sentence. 

FTT Token price chart from Tradingview.com (FTX Sam Bankman-Fried)

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Dogwifhat & Shiba Inu Lead Meme Coin Gainers on Monday as DOGE20 Raises $2M

The crypto market is green today as a wave of speculative buying lifted meme coins to kick off the new week.

Leading the charge are dogwifhat (WIF) and Shiba Inu (SHIB), both of which have posted double-digit percentage gains.

However, many traders are already looking ahead to the next potential mover, with some speculating that the rapidly growing Dogecoin20 (DOGE20) project could be poised to follow in WIF and SHIB’s footsteps.

Meme Coin Demand Ramps Up as WIF Flips PEPE for #3 Spot

The quirky WIF token has surged over 30% in the past 24 hours, trading at $3.06.

This blistering rally has helped WIF’s market cap pass $3 billion – cementing it as the third-largest meme coin by valuation.

In the process, WIF has flipped the super-popular Pepe (PEPE) coin.

The token’s explosive move appears to be a culmination of hype and speculation over WIF’s long-term potential in the meme coin space.

After tagging an all-time high of $3.53 this past Friday, the token saw some expected profit-taking before landing support at the $2.05 level.

However, Sunday’s monster candle has obliterated the bears, leaving meme coin traders wondering how high dogwifhat could climb.

Fueling the bullish sentiment even further is the passionate community of WIF, who recently united to raise over $650,000 to have the token’s mascot showcased on the iconic Las Vegas Sphere.

This sort of widespread publicity stunt has only magnified the FOMO from traders looking to get involved in WIF’s rally.

Shiba Inu Mania Intensifies as SHIB Challenges DOGE’s Top Spot

Not to be outdone, Shiba Inu is also experiencing a bullish uptick, spiking over 14% to trade at $0.0000279.

The double-digit percentage rally has helped SHIB solidify its spot as the second-largest meme coin by market cap – and the largest by 24-hour trading volume.

According to data from CoinGecko, $2.2 billion worth of SHIB tokens changed hands over the past day alone.

This trading frenzy not only outpaced the volumes of DOGE and other top meme tokens, but it actually outpaced those of major altcoins like XRP (XRP) and Cardano (ADA) during the same timeframe.

The red-hot price action has reignited speculation that SHIB could soon dethrone Dogecoin (DOGE) as the largest meme coin globally.

With a market cap of around $16.4 billion, SHIB is now just $4 billion behind DOGE’s valuation.

If its momentum continues building, many analysts believe the so-called “Dogecoin killer” could finally complete its long-awaited flip.

Presale Sensation Dogecoin20 Aims to Follow in WIF & SHIB’s Footsteps

While WIF and SHIB have been the most talked about meme coins today, Dogecoin20 is another project that could be primed to explode onto the scene.

This up-and-coming crypto has quietly been gaining traction during its ongoing token presale, having already raised over $2 million from investors looking to get in early.

What makes Dogecoin20 particularly appealing to these investors is its blend of proven meme culture with innovative blockchain features.

On the culture side, DOGE20 pays homage to the OG Dogecoin through its clever branding and Shiba Inu imagery.

This built-in brand recognition could help it tap into the type of viral appeal that produced exponential returns for DOGE in 2021.

However, DOGE20 doesn’t stop at meme-fueled hype.

Instead, it layers on a staking protocol that allows DOGE20 holders to automatically earn passive rewards just for holding tokens in their wallets.

According to the project’s whitepaper, 15% of DOGE20’s 140 billion supply has been explicitly earmarked to incentivize investors seeking passive income through staking.

During its presale phase, DOGE20 can be purchased for just $0.000164 – but this price is only available for a limited time.

As more fundraising milestones are met, the DOGE20 price will rise, meaning those who invest the earliest will gain the most.

Once the presale wraps up, 10% of the DOGE20 supply will be shipped to Uniswap’s liquidity pools to ensure a smooth exchange debut.

With all the components for runaway success, some are speculating that Dogecoin20 could be the next meme coin to rise alongside dogwifhat and Shiba Inu.

Visit Dogecoin20 Presale

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Readers are also advised to read CryptoPotato’s full disclaimer.

The post Dogwifhat & Shiba Inu Lead Meme Coin Gainers on Monday as DOGE20 Raises $2M appeared first on CryptoPotato.

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Standard Chartered Predicts Bitcoin At $150,000, ETH At $8,000 By Year-End

Standard Chartered Predicts Bitcoin At $150,000, ETH At $8,000 By Year-End

Standard Chartered’s latest research notes offer a very bullish outlook for the major digital assets, Bitcoin (BTC) and Ethereum (ETH), by the end of 2024 and beyond. The bank’s analysts project Bitcoin could reach $150,000, while Ethereum could hit the $8,000 mark.

These projections come amidst a backdrop of significant developments in the crypto space, including the launch of Bitcoin spot Exchange-Traded Funds (ETFs) and Ethereum’s recent Dencun upgrade.

Bitcoin’s Path To $150,000

The bank’s research delves deep into the factors propelling Bitcoin’s potential surge to $150,000 by year-end. Central to this projection is the influence of Bitcoin spot ETFs, which, since their launch on January 11, have seen rapid inflows exceeding increases in open interest.

According to the bank, this suggests a more robust and sustainable positioning for Bitcoin, distinct from previous speculative peaks. “Rapid inflows to the new Bitcoin (BTC) spot ETFs have dominated […] Most of the inflows are likely to be sticky pension-type flows,” Geoff Kendrick and Suki Cooper elucidate, highlighting the newfound stability in Bitcoin investment trends.

Three pivotal analyses form the cornerstone of Standard Chartered’s Bitcoin valuation:

  1. Gold Analogy: Drawing parallels with the gold market’s response to the introduction of US gold ETFs, the bank estimates Bitcoin could rise to the $200,000 level, marking a 4.3x increase from its pre-ETF price.
  2. Two-Asset Optimization: By optimizing a portfolio with 80% gold and 20% Bitcoin at current gold prices, the analysis suggests a Bitcoin level around $190,000.
  3. ETF Inflows Correlation: Linear extrapolation based on the correlation between ETF inflows and Bitcoin price points to a possible $250,000 level, assuming total ETF inflows around the bank’s midpoint estimate of $75 billion.

Standard Chartered notes that these three measures suggest “that $200,000 is the ‘correct’ end-2025 price level for BTC, […] and that it is likely to be the new midpoint for a sideways trading range at that time.”

Further the research notes that an “overshoot to $250,000 is likely at some point in 2025 if ETF inflows continue apace and/or reserve managers buy BTC.” Previously, the bank only predicted a Bitcoin price of $100,000 by the end of 2024.

Ethereum’s Road To $8,000

Ethereum’s expected climb to $8,000 by the end of 2024 is anchored in two transformative developments: the Dencun upgrade and the expected approval of ETH spot ETFs. The recent Dencun upgrade, by significantly lowering transaction costs on layer 2 blockchains, enhances Ethereum’s competitive edge.

“Ethereum (ETH) has just undergone the ‘Dencun’ upgrade, which dramatically lowers the cost of transactions […] making ETH more competitive,” the research notes.

The forecast also hinges on the anticipation of US SEC approval for ETH ETFs by May 23, a decision poised to catalyze substantial inflows into Ethereum. Drawing from the Bitcoin ETF experience, Standard Chartered expects similar enthusiasm for Ethereum, with projected inflows of 2.39-9.15 million ETH (equivalent to roughly $15-45 billion).

This substantial capital infusion is seen as a crucial lever for Ethereum’s price surge. “We expect significant ETF-driven inflows to ETH […] This could drive ETH to the $8,000 level by end-2024,” the bank elaborates, underscoring the parallel potential for growth akin to Bitcoin’s trajectory.

The Prognosis For 2025 And Beyond

Looking further ahead, Standard Chartered ventures into the terrain of 2025 predictions, where the bank sees the ETH-to-BTC price ratio ascending back to the 7% level, a hallmark of the 2021-22 period.

This adjustment forecasts an Ethereum price of $14,000 by the end of 2025, given the projected Bitcoin level of $200,000. Such a scenario underscores the bank’s optimism about the enduring value proposition and growth potential of these leading digital assets in the medium term.

At press time, BTC traded at $68,401.

Bitcoin price

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Resilient Chinese Crypto Investors Beat Restrictions, Pocket Over $1 Billion In Profits

Cryptocurrency investors in China have defied government restrictions to emerge as the fourth-largest earners globally in 2023, according to a report by blockchain research firm Chainalysis.

Despite the government’s stringent stance on cryptocurrency-related activities, Chinese investors managed to accumulate an impressive $1.15 billion in gains, contributing to a total global crypto earnings of nearly $38 billion.

This resurgence marks a significant recovery from the previous year’s losses and underscores the enduring interest in virtual assets within China.

China’s Crypto Resilience

China’s performance in the cryptocurrency market stands out given the country’s strict regulations and bans on cryptocurrency trading and mining.

The success of Chinese crypto enthusiasts highlights a resilient and determined community that continues to find ways to engage in the digital asset space.

Global Market Trends

The overall cryptocurrency market experienced a rollercoaster ride in 2023, with earnings remaining steady throughout the year until a dip in August and September.

However, the market quickly rebounded, with November and December witnessing a surge in earnings that surpassed all previous months.

US Dominance And Hong Kong’s Market

The United States maintained its dominance in the global cryptocurrency market, with American investors securing an estimated $9.4 billion in gains, far exceeding other countries.

In comparison, investors in the United Kingdom, the second-highest-earning nation, collectively made nearly $1.4 billion.

Hong Kong, a special administrative region of China, also saw a lively cryptocurrency market, with investors securing $250 million in gains.

Asia’s Role And 2024 Outlook

The continued strength of cryptocurrency adoption, particularly in Asia, signals a promising horizon for the digital asset class.

Despite regulatory challenges and market volatility, the early months of 2024 have shown promising trends that might herald gains comparable to the peak of 2021.

Major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) have experienced notable price surges, with BTC even breaking its all-time high price record.

Regulatory Caution

Amidst the optimism, Chinese authorities have issued cautionary advice to investors, reminding them of the inherent risks associated with cryptocurrencies.

This serves as a reminder that despite recent successes, the cryptocurrency market remains volatile and subject to regulatory scrutiny.

At the time of writing, BItcoin was trading at $67,590, down 2% and 5% in the daily and weekly timeframes, data by Coingecko shows.

Featured image from Pexels, chart from TradingView

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Here’s the Number of ETH Holders in Profit as Price Dips 11%

Ether (ETH) has lost more than 11% of its value in the past six days, falling from $4,000 to $3,500, but a vast majority of its holders are still in profit.

According to a tweet by crypto market intelligence platform IntoTheBlock, around 89% of ETH holding addresses are currently in the green.

89% of ETH Holders in Profit

Ether’s price began to slump on March 13 after the Dencun upgrade. Recall that the upgrade was launched to slash Ethereum-based layer-2 solutions’ transaction fees by 10x or more and improve the network’s scalability.

CryptoPotato reported that the Ethereum network’s activity and supply dynamics stayed positive during the first hours after the upgrade. The total supply of ETH continued to fall, the number of daily transactions rose to high levels, and more ETH was staked.

However, analysts’ warnings of a price correction manifested within 24 hours. Ether left the $4,000 zone and fell to less than $3,700.

With 89% of ETH holders still in profit despite the price decline, IntoTheBlock discovered that the biggest potential on-chain sell volume is at $3,700, where more than 991,000 addresses acquired 4.35 million ETH.

ETH Price Outlook

If ETH rebounds from its current trading range of $3,500, the asset could soar past $4,000 to record a new high in the coming weeks but a further plunge could lead the asset below $3,000. Analysts believe ETH could find support around the $3,500 region and initiate a fresh rally. However, a continued decline in its price could push its support level to the $3,181 and $2,966 levels.

Whether ETH rallies in the short term or not, one major factor that could propel a surge in the coming weeks is the approval of spot Ethereum exchange-traded funds (ETFs) from the United States Securities and Exchange Commission (SEC). The agency has delayed its decision on several applications for the products until May 23.

Interestingly, asset manager VanEck believes spot Ethereum ETFs could become bigger than their Bitcoin counterparts if the SEC eventually greenlights their launch. The firm said Ethereum ETFs could attract more demand because they have a market size as big as Bitcoin ETFs.

Meanwhile, Standard Chartered Bank recently predicted that ETH could be worth $8,000 by the end of 2024 and $14,000 by 2025.

The post Here’s the Number of ETH Holders in Profit as Price Dips 11% appeared first on CryptoPotato.

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Bitcoin Hashrate Plunges From All-Time High, But Why?

On-chain data shows the Bitcoin mining hashrate has registered a plunge from the fresh all-time high (ATH) it had just recently set.

Bitcoin Mining Hashrate Has Dived Down Recently

As the Bitcoin network works on the proof-of-work (PoW) consensus mechanism, validators called miners have to compete with each other using computing power to get a chance to add the next block to the chain.

The total measure of this computing power that’s currently connected to the BTC blockchain is known as the “mining hashrate.” This metric can directly correlate to the security of the network, since if a malicious entity has to succeed in an attack, it has to take over at least 51% of the total computing power.

Naturally, when the hashrate goes up, so does the resistance of the blockchain, as there is more machines to hack before the 51% target can be achieved. This is only, of course, given that the new hashrate being added is sufficiently decentralized.

Now, here is a chart that shows the trend in the 7-day average Bitcoin mining hashrate over the past year:

Bitcoin Mining Hashrate

As displayed in the above graph, the 7-day average Bitcoin mining hashrate set a new ATH just a few days back. Since then, though, the indicator’s value has plunged down.

This decline would suggest that some miners have decided to disconnect from the blockchain. As for why this drop in the metric has occurred, there are likely to be a few reasons contributing to the trend.

The first and perhaps the most obvious is the fact that the Bitcoin price itself has plummeted from its latest high. Miners get their revenue from two sources, the block rewards and transaction fees, but the former is the one that makes up for the majority of their income.

The block rewards also happen to remain fixed in their BTC value, meaning that their USD value is really the only variable for the revenue of the miners as a whole. Obviously, when the asset’s price goes up, so does the value of these rewards.

With the recent price drop, the miner revenue has also tumbled in value. The miners who were already observing thin margins, like those situated in places with high electricity prices, may have decided it’s not worth staying connected to the network after the price drawdown.

At the same time as the crash has hit, the mining difficulty has also shot up to a new ATH. The difficulty is a feature of the Bitcoin network that controls how hard miners would find it to mine on the network.

Bitcoin Difficulty

The concept of mining difficulty exists so as to ensure that miners can’t just add extra computing power to the chain to mine new blocks faster and receive new rewards faster.

The implication of the difficulty is that any new hashrate added to the network is essentially new competition for the existing hashrate, as they all compete for the same fixed BTC rewards. With the difficulty now at an ATH, miners’ individual revenues would have naturally taken a hit.

Lastly, there is also the fact that the next halving, an event where BTC’s block rewards would be permanently slashed in half, is also due next month, which would drastically affect the miners’ income.

Miners around the world would be coming up with strategies to deal with the halving and for some, it may even mean leaving the network behind, at least for now.

BTC Price

At the time of writing, Bitcoin is trading around $68,000, down 5% over the past week.

Bitcoin Price Chart

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Shiba Inu Open Interest Suffers 40% Crash, What Does This Mean For Price?

The Shiba Inu open interest has hit a snag after a particularly good run. The open interest had risen quickly alongside the price of the meme coin, which climbed close to its previous all-time high earlier in March. However, the cryptocurrency has been unable to maintain this uptrend, leading to a significant drop in the open interest.

Shiba Inu Open Interest Sees Over 40% Decline

According to data from Coinglass, the Shiba Inu open interest had hit a new two-year high on March 6 when its price crossed over the $0.000032 threshold. Since then, however, it has been on a decline, seeing a near-constant decline each day since.

By Monday, March 18, the Shiba Inu open interest had dropped from its $135 million all-time high to just $80 million. This decline translates to an over 40% decrease in the space of two weeks. At the same time, the price of the meme coin has followed the same trend and has dropped from its yearly highs above $0.00004 to $0.000028 at the time of writing.

Now, the open interest for any cryptocurrency is important because it serves as a measure of the total interest in that asset at any given time. It basically shows the total number of all futures and/or options contracts for a particular asset. So in this case, it shows the amount of money invested in SHIB derivative products at any time.

Given this, an increase in the open interest can be bullish for a cryptocurrency such as Shiba Inu, while a decrease can be bearish. This is because, the lower the open interest, the less money is being put into that particular asset, thereby decreasing the demand. So this could negatively affect the price.

Will SHIB Price Continue To Decline?

As seen historically, a decline in open interest has often coincided with a decline in price. As such, the present decline being experienced by Shiba Inu could spell bad news for its price going forward. The effect is already being felt with the price of SHIB dropping significantly over the weekend, although it has started to recover as the new week opens up.

To get an idea of where the price might be headed next, we can take a look at the last time that the Shiba Inu open interest was this high, back in 2021. The open interest had reached its current all-time high in October 2021, but after peaking, both the open interest and the SHIB price would suffer tremendously.

Over the course of the next few months, the SHIB price would fall more than 50%, following the same trend as the open interest. If this trend were to continue this time around, then the SHIB price may be headed for a price crash.

However, 2021 marked the end of the bull market, while the current bull cycle is only in the beginning stages. In this case, there is more demand, which would mean there is more of a cushion to mitigate a price crash.

Shiba Inu price chart from Tradingview.com

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El Salvador Moves Bitcoin Reserves to Cold Storage Vault

On March 14, 2024, El Salvador’s president-elect, Nayib Bukele, unveiled a historic bold maneuver that echoed across the Bitcoin world: El Salvador confirmed the transfer of a substantial portion of its Bitcoin holdings into cold storage, securely kept within a vault in its national borders. This strategic decision marks a pivotal juncture in El Salvador’s Bitcoin journey since the introduction of the Bitcoin Law, which has drawn both admiration and skepticism worldwide.

Amidst a cacophony of critiques ranging from allegations of human rights violations to inadequate modern infrastructure, El Salvador has stood committed, weathering storms of disapproval from traditional finance stalwarts and even fervent Bitcoin maximalists on Twitter (X) Spaces. The veil of ambiguity surrounding the size of El Salvador’s Bitcoin reserves, a point of contention and criticism for many, has now been decisively lifted, ushering in a new era of transparency and confidence in the nation’s commitment to fostering a thriving Bitcoin-friendly ecosystem.

With this groundbreaking move, Salvadorans and Bitcoin enthusiasts worldwide have the ability to audit El Salvador’s Bitcoin reserves and can see all inbound and outbound transactions. This audacious step wasn’t mandated but was taken willingly, embodying El Salvador’s commitment to its citizens’ trust and the global Bitcoin community’s ethos of openness. Unsurprisingly, shortly after Bukele announced El Salvador’s Bitcoin address, Bitcoiners began to send donations to the wallet, with nearly 6 Million Sats in transactions as of this writing. To date, plebs can track El Salvador’s daily 1 bitcoin DCA purchases. In this historic moment, El Salvador not only charts a new course in financial governance but also silences its critics by setting a precedent of leading by example in responsibly disclosing and managing its modest but modern sovereign Bitcoin wealth reserves.

With 5,689 Bitcoins—valued at $385,111,456 USD as of this writing—El Salvador has secured its digital wealth and aptly navigated the treacherous waters of international politics. The decision to shift its Bitcoin holdings from Bitgo, an American custodian, to a vault within its sovereign borders wasn’t just a public relations masterstroke; it was a strategic imperative. Given the strained relations between the American government and El Salvador over the Bitcoin Law, the mounting holdings under Bitgo’s custody risked becoming entangled in potential sanctions and regulatory quagmires. This decisive action safeguards El Salvador’s financial autonomy and showcases a shrewd understanding of the intricacies of the American regulatory landscape.

While the disclosure of the reserves has garnered widespread approval, there may have been compelling and strategic reasons behind the nation’s initial reluctance to divulge its complete holdings. Nayib Bukele’s affirmation that only a “big chunk” of the total Bitcoin reserves has been transferred to cold storage underscores a nuanced understanding of the country’s strategic financial management. In the complex realm of nation-states navigating the uncharted waters of a Bitcoin Standard, maintaining a degree of opacity can be a prudent strategy. El Salvador, in its quest to carve a distinct path in the world, has tactically kept some cards close to its chest, waiting for the opportune moment to unveil its Bitcoin wealth in a calculated move. This wise approach reflects a careful balancing act between transparency and strategic advantage in the dynamic landscape of geopolitics.

Bukele shed light on El Salvador’s Bitcoin holdings in earlier tweets, surpassing their earlier acquisition strategies and dollar-cost averaging efforts. Contrary to speculations circulating on social media, Bukele revealed a multifaceted approach that had propelled the nation’s Bitcoin reserves. Beyond mere purchases, El Salvador’s innovative visa program, profits from Bitcoin-to-dollar exchanges held in escrow, revenue from government services, and mining endeavors have collectively contributed to a handsome Bitcoin treasury. This revelation further dispels misconceptions propagated by armchair quarterbacks and highlights El Salvador’s innovative courage in leveraging diverse avenues to bolster its growing Bitcoin wealth.

Disclosing El Salvador’s Bitcoin reserves represents a significant stride toward transparency and accountability for its citizens. Yet, it’s crucial to recognize that there will always be a segment of critics who demand more and complain about every detail in an attempt to find fault. However, it’s essential to remember that these measures are not solely aimed at appeasing detractors. Instead, they serve as a foundational step in creating a positive business environment where Bitcoiners can confidently establish their ventures, knowing that the country is dedicated to their success.

The ultimate goal for Bukele and El Salvador extends beyond merely silencing critics; it’s about transforming the nation into a prosperous hub of opportunity for Salvadorans. In a stroke of genius, El Salvador has built its own digital Fort Knox, with the exceptional feature that citizens can verify the existence of the funds. The Salvadoran government aims to nurture a culture of trust and investment in the country’s future by rewarding proof-of-work and low-time preference. This vision encompasses building a new El Salvador where citizens can thrive, seize opportunities at home, and contribute to the nation’s growth, rather than seeking elusive promises abroad. As El Salvador continues its journey toward economic empowerment and progress, these strategic moves serve as foundational pillars for a brighter and more prosperous future.

This is a guest post by Jaime Garcia. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.

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Shiba Inu Burn Rate Sees Incredible 2,300% Increase In One Day – Details

Shiba Inu (SHIB) burns are again the major talking point in the meme coin’s ecosystem following a recent surge in the burn rate. This has also led to a massive rebound for SHIB’s price, which suffered a sharp correction in the past week due to a wave of profit-taking.

Shiba Inu Burns Increase By Over 2,300%

According to Shiba Inu’s burn tracker, Shibburn, SHIB’s burn rate increased by over 2,300% in the last 24 hours, with 195 million SHIB tokens burned during this period. This development has also provided a much-needed recovery to the meme coin’s price, which declined by over 18% last week. 

SHIB has been on the rise in the past few weeks, even climbing to the number 10 spot of largest crypto tokens by market cap. However, its run was halted last week by a wave of profit-taking from crypto whales who saw the meme coin’s recent price surge as an avenue to profit from their investment in the crypto token. 

Meanwhile, the recent increase in the burn rate and SHIB’s price reacting positively to it will undoubtedly excite the SHIB community, especially as the broader crypto market continues to lag. Shiba Inu’s lead developer, Shytoshi Kusama, boldly claimed that the meme coin would lead this bull market, and SHIB’s price recovering nicely after every dip can help strengthen that narrative. 

Shibarium Also Having Its Meme Season?

Shiba Inu’s Marketing Lead, Lucie, recently hinted at a meme coin season brewing on the layer-2 network, Shibarium. She added that the SHIB ecosystem has had success with memes, seeing how tokens like SHIB, BONE, and LEASH have experienced impressive growth since launching. 

Shibarium’s meme coin season could be very significant for SHIB’s price in the short term, given the impact that Solana’s meme coin season has had on the SOL token. Shibarium seeing more traders invest in memes on the network would increase network activity and ultimately cause more SHIB tokens to be burned. BONE, Shibarium’s utility token, will also benefit from such development. 

Lucie was also quick to warn traders about the risk involved in investing in meme coins, noting that they shouldn’t be taken as “serious investments.” Therefore, she advised them against selling their investments to invest in memes. Instead, meme trading should only be done with pocket money that one can afford to lose, Lucie added. 

At the time of writing, SHIB is trading at $0.00002845, up by 14% in the last 24 hours according to data from CoinMarketCap. 

Shiba Inu price chart from Tradingview.com

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Shiba Inu Price Soars 10% In Reaction To Explosive 2,367% SHIB Burn Surge

Shiba Inu Price Soars 10% In Reaction To Explosive 2,367% SHIB Burn Surge

Shiba Inu (SHIB), a prominent Ethereum-based cryptocurrency, witnessed a substantial rally, bolstering the interest of crypto enthusiasts worldwide. The nearly 10% surge in price on Monday has been attributed to a wave of market optimism, coinciding with a significant burn surge revealed by Shibburn, the meme coin’s burn tracker.

The recent rally of meme coins can be attributed to various factors. Firstly, the growing market sentiment and excitement surrounding meme coins have attracted investors seeking high-risk, high-reward opportunities.

Additionally, the influence of social media platforms, viral marketing, and endorsements from celebrities and influencers have played a significant role in driving up the prices of meme coins.

Shiba Inu Burn Surge Analysis

According to Shibburn’s data, the burn rate for Shiba Inu skyrocketed by a staggering 2,367% over the past 24 hours, resulting in the destruction of a whopping 186 million coins.

This surge in burning activity has further heightened market optimism surrounding the meme token, as the Shiba crypto community continues to make remarkable efforts to enhance the SHIB tokenomics.

The continuous depletion of SHIB’s supply through burning activities has triggered discussions about the dynamics of supply and demand, igniting a hurricane of bullish sentiments for Shiba Inu. Notably, it is the community’s concerted efforts, including significant transfers to a dead wallet, that have primarily contributed to the rise in the burn rate.

Shibburn’s insights shed light on two massive transactions by the Shiba crypto community, both involving transfers to a dead wallet. The first transaction saw a transfer of 168 million coins, while the second involved the transfer of 16.68 million SHIB.

These actions reflect the community’s determination to bolster the tokenomics of Shiba Inu and have further contributed to the burn surge witnessed recently.

SHIB Price Climbs Amid Optimism

The positive momentum extends beyond burning activity, as Shiba Inu’s price experienced a substantial uptick of 10% over the past 24 hours, reaching a current trading value of $0.0000287.

This surge in price has been accompanied by a surge in trading volume by nearly 23% and a market cap increase of 10%, firmly establishing a bullish stance for SHIB. However, it is important to note that the recent correction in Bitcoin’s price led to a temporary dip for Shiba Inu, which reached a low of $0.0000238.

With the recent upward movement, there is growing optimism that SHIB may breach the $0.00003 mark, potentially paving the way for a recovery trend that could push prices above the previous swing high of $0.000045 and even surpass the $0.00005 milestone.

Market observers are particularly encouraged by the burning chronicles of the meme coin, which further contribute to the prevailing market optimism.

Featured image from Pexels, chart from TradingView

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Top 3 AI Altcoins to Watch Ahead of the Nvidia GTC Conference This Week

TL;DR

  • AI coins are gaining momentum in the crypto industry, highlighted by an ongoing NVIDIA Artificial Intelligence conference.
  • Bittensor (TAO) leads the AI token market with a market cap of over $4.5 billion.
  • Render (RNDR) and Fetch.ai (FET) are also standout assets, experiencing rapid increases in value and showcasing the potential of AI in blockchain technology.

AI Tokens Take Center Stage

The cryptocurrency market has been in a state of serious revival in the past few months, with Bitcoin (BTC) tapping a new all-time high of over $73,500 and many other leading digital assets rising to multi-year peaks. A particular niche, which has also been going through the roof lately, is the one encompassing Artificial Intelligence (AI) coins.

This week, the global manufacturer of GPUs – NVIDIA Corporation – is hosting a conference dedicated to AI. It is held in San Jose, California, and will allow developers, researchers, business strategists, and industry experts to meet and connect ideas on the sector’s future advancement. 

To the uninitiated, NVIDIA is the third-largest company worldwide in terms of market cap—$2.19 trillion. A large part of its growth is attributed to the artificial intelligence sector and the rise of protocols such as OpenAI’s ChatGPT – solutions that demand substantial computational power. In particular, the company has seen massive demand for its GPU chips because of the growing interest in generative AI.

That said, it is worth observing the three leading AI tokens and their performance as of late, so let’s dive in.

Enter Bittensor (TAO)

Currently, this subsection of the crypto industry holds a total market capitalization is over $25 billion, with Bittensor (TAO) being the top token. It has been among the best-performing crypto assets for months, hitting a fresh ATH of $743 (per CoinGecko’s data) today (March 18). To put things into perspective, its valuation was a mere $50 in October last year, representing a whopping 1,380% increase.

TAO Price
TAO Price, Source: CoinGecko

Bittensor is an open-source protocol that utilizes blockchain technology to create a decentralized machine-learning network. Its native token – TAO – enables users to extract information from the ecosystem while tuning its activities to meet their needs. Bittensor’s main goal is to create a market for AI where consumers and producers interact with each other in a fully transparent way.

Render (RNDR) is so Close to the Top

The second-biggest token in the niche (trailing behind TAO with mere thousands) is Render (RNDR). It also tapped an ATH today, peaking at $13.50.

RNDR Price
RNDR Price, Source: CoinGecko

Its gains on a monthly scale are over 130%. RNDR has hit a 24-hour daily volume of more than $1 billion, surpassing all other AI tokens in this metric.

RNDR stands behind the Render Network Foundation – a leading provider of decentralized GPU solutions that aims to revolutionize the digital creation process.

Not long ago, the asset caught the eye of Coinbase which put it on its roadmap zone and later added it to its trading program.

What About Fetch.ai (FET)?

The third-largest token in the sector is Fetch.ai (FET), which has a market cap of around $2.6 billion and a price of $2.55. The latter represents a 260% jump on a 30-day scale and is a few cents south of the ATH witnessed on March 14. 24-hour trading volume currently stands at more than $700 million.

FET Price
FET Price, Source: CoinGecko

Fetch.ai is a blockchain platform that employs artificial intelligence to help people automate everyday tasks like booking a flight, parking space, and other services. 

The post Top 3 AI Altcoins to Watch Ahead of the Nvidia GTC Conference This Week appeared first on CryptoPotato.

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Telos Launches Tekika Airdrop Campaign Ahead of Gaming Sidechain Launch

[PRESS RELEASE – LONDON, ENGLAND, March 18th, 2024]

Telos today announces the official launch of Tekika, a rewarding and comprehensive airdrop campaign involving more than a dozen ecosystem partners. By participating in Tekika, whitelisted users will gain access to mint a free NFT collection designed by Peruvian digital artist MUTE that is dynamic and evolves with story progression. Users will originally receive an NTT (non-transferable token), which will be upgraded throughout the campaign based on performance. After Tekika, users will be able to convert their NTT into an NFT that can be traded on the soon-to-be-launched Zero Knowledge (zk) gaming sidechain developed by Telos, K2-18.

After the Tekika mint, participants can earn points through campaign activities in three sprints, culminating in a cumulative airdrop from leading DeFi and GameFi projects in the Telos ecosystem.

Tekika will be the first campaign in the history of Web3 that simultaneously includes elements of NFTs, DeFi, GameFi and a points system while offering up rewards from over a dozen projects. The list of partners offering up rewards includes Swapsicle, Symmetric, Velocore, REAX, Reactor Fusion, LogX, Kuma, Entangle, Alternates, Rivera, Macaw, Meridian, Symbiosis, VaporDEX and Mosaic Bond, with the aim for more to join as Tekika gets underway.

“The current airdrop meta is exciting for the Web3 community but leads to a fragmented, cumbersome and fee-intensive user journey—that changes with Tekika,” said Telos CEO Lee Erswell. “With Tekika, not only will participants receive dynamic NFTs and gain access to a diverse airdrop giving them exposure to numerous high-growth projects on Telos, but it will also be an incredibly fun journey that blends culture and community while enabling users to forge new connections and grow their presence in the Web3 and Telos ecosystems.”

The completion of Tekika will set the stage for the official launch of K2-18. Gaming enthusiasts can now join the Official Discord for the latest updates on development progress, as well as other information about partners and the tech underpinning the zkEVM sidechain.

Effective immediately, users who want to participate in Tekika can apply for a Whitelist spot at www.tekika.io and join the growing community via the official Telos Discord.

About Telos

Telos is a decentralized blockchain ecosystem renowned for its world-class Ethereum Virtual Machine (EVM), which tested as the fastest globally, as well as its high-speed consensus layer, Telos Zero. Telos is currently expanding its capabilities with novel Zero Knowledge (ZK) technology, which promises to enhance privacy and scalability for global use cases. Telos is dedicated to creating a more inclusive and efficient future for decentralized applications, underscoring its commitment to driving progress and expanding the possibilities of Web3 technology. Telos is overseen by The Telos Foundation, an ownerless foundation dedicated to advancing the Telos blockchain network and its community.

Users can follow @tekikaadventures on X for regular updates about the campaign.

Users can follow @K218Gaming for all zkEVM Gaming network news.

Users can join K218 Discord here.

The post Telos Launches Tekika Airdrop Campaign Ahead of Gaming Sidechain Launch appeared first on CryptoPotato.

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What Will Come First for ETH: $3,000 or $4,000? (Ethereum Price Analysis)

Ethereum’s price has finally reached a significant obstacle following months of rallying. Yet, there are still reasons to be optimistic that the market can climb higher.

Technical Analysis

By TradingRage

The Daily Chart

On the daily chart, the price has been rejected from the $4,000 resistance after rallying consistently since the beginning of February.

The price has dropped to the $3,600 support level, which is currently holding. If ETH rebounds from here, the market might be able to rise above $4,000 and make a new all-time high in the coming weeks. On the other hand, a breakdown can lead to a decline toward $3,000.

eth_price_chart_1803241
Source: TradingView

The 4-Hour Chart

Looking at the 4-hour timeframe, the price has seemingly experienced a shift in structure. The market has been making lower highs and lows since its rejection from the $4,000 resistance zone.

While the $3,600 support level might still hold, ETH might break lower, as the Relative Strength Index is showing values below 50%. Therefore, a pullback toward the $3,000 level might be expected in the short term.

eth_price_chart_1803242
Source: TradingView

On-Chain Analysis

By TradingRage

Ethereum Exchange Reserve

Ethereum’s price has been rallying aggressively over the last few weeks. Yet, the recent drop below the $4,000 level has shocked market participants and caused panic selling by some holders.

This chart displays the exchange reserve metric, which measures the amount of Bitcoin held in exchange wallets. A rise in the metric typically indicates a rise in supply, which could lead to a decline in price.

As the chart demonstrates, the exchange reserve has risen above its 30-day moving average. This points to the fact that many holders are depositing their coins to the exchanges with the intention to sell them. A continuation of this trend can be detrimental, as it could result in a further price decline in the coming weeks.

eth_exchange_reserves_chart_1803241
Source: CryptoQuant

The post What Will Come First for ETH: $3,000 or $4,000? (Ethereum Price Analysis) appeared first on CryptoPotato.

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Mercury Layer’s Lightning Latch Swap Protocol

Commerceblock has released a new atomic swap protocol for use with statechains on their Mercury Layer protocol. The HSM server has introduced functionality to support atomically swapping two statechains, as well as enforcing an atomic exchange of a statechain for a Lightning payment. This is the first example of concretely defined and built interactions between statechains and the Lightning Network. Synergy between both protocols has been postulated since the concept of a statechain was originally proposed by Ruben Somsen, specifically as a way to solve the limitation of having to transfer a whole statechain UTXO at once.

Basic Statechain Swaps

In order to support the new swap protocols, the HSM server needs to add some new fields to its database entries tracking each statechain it is facilitating. To facilitate the statechain to statechain swap, the server needs to track:

  • Batch_id: a value to associate statechains being swapped in a group.
  • Batch-time: a time that starts a counter after which the statechains can be “reclaimed” if the swap fails.
  • Locked: a value indicating whether or not the statechain is locked and restricted from regular transfers.

This allows the HSM server to track and enforce all the variables necessary to ensure a safe atomic swap. When initiating a swap, users have to communicate with each other directly in order to establish a shared batch_id between them. From this point they trade all the necessary information required to facilitate a normal statechain transfer, and send that information plus the batch_id and batch-time to the server. They essentially start the regular transfer process, but also attach the variables to connect the individual statechains as participating in a swap together and how long the timeout period is for that.

The server at this point will apply a lock to every statechain using the same batch_id in the transfer process. Until the timeout expires, or all of the statechains in its database using the same batch_id have been unlocked by the current owners, the server will not approve any transfers. A neat thing about the way the HSM enforces the swap logic is that it doesn’t matter who contacts the server first. When the server gets a message using a batch_id, it checks every statechain in its database and if there is a pre-existing batch-time for that batch_id it sets it as the same. This ensures that no matter who registers the swap first they all use the same time value for the timeout function.

Each client involved in the swap at this point checks for and downloads the messages that initiated the transfer protocol, and upon verifying they’re correct sends a message to the server to unlock their statechain, removing the transfer restrictions. Whenever anyone attempts to finalize a transfer on the receiver side of any of the statechains involved in the swap, the server checks to make sure all of the statechains with the same batch_id are unlocked. If even a single one with the related batch_id is still locked the server will finalize a transfer for none of them. If a swap doesn’t succeed before the timeout, the server will continue restricting the finalization of the swap transfer, but will let the current owners initialize a new transfer to themselves to effectively cancel the swap.

Lightning Latch

The Lightning Latch functionality, swapping a statechain for a Lightning payment, works very similarly to the statechain to statechain swap. Here are the new fields the server must track for the Lightning swap:

  • Batch_id: a value to associate statechains being swapped in a group.
  • Batch-time: a time that starts a counter after which the statechains can be “reclaimed” if the swap fails.
  • Pre-image: the preimage of the Lightning payment, which is generated by the HSM server.
  • Locked_1 and locked_2: there are two lock fields for the Lightning swap, one authorized by each user involved.

Just like with the statechain to statechain swap, the users establish and share a random batch_id. The current statechain owner then messages the server with the batch_id and statechain involved and requests it generates a hashlock preimage for a Lightning payment. This user then generates a Lightning invoice using this preimage, and the second user contacts the server to confirm it generated the preimage. The current statechain owner then begins the statechain transfer process and uploads the transfer message to the server.

After confirmation of that, the second user trying to swap for the statechain initiates the Lightning payment. At this time the server is the only one with the preimage, so the statechain owner cannot finalize the payment yet. The current owner after verifying the pending Lighting payment sends the server an unlock message to remove the first lock on the statechain. The receiver finally verifies the transfer message, and if valid messages the server to remove their lock as well.

Now with both locks removed, the HSM server will release the preimage to the current statechain owner to finalize the Lightning payment, and will finalize the statechain transfer to the receiver.

This scheme does require trusting the statechain operator to function honestly, but that is fundamentally not a change to the pre-existing trust model of using a statechain in general. At no time does the operator have control over users’ funds, nor do they learn anything about the Lightning payment details.

What Is This Good For?

This scheme is a far cry from the originally posited interaction between statechains and Lightning channels, stacking one on top of the other, but even as a simple starting point this presents functional utility for existing Lightning users. Rebalancing channels is a necessary thing for many nodes, if the capacity is entirely pushed to one side or the other the utility of that channel is limited for routing payments. Many businesses and users have started experimenting with using Liquid as a mechanism for this due to on-chain fees rising and making swaps into and out of the Lightning Network more expensive.

Statechains offer an alternative mechanism to a federated sidechain to alleviate some of the fee expenses associated with channel balance management. Instead of having to swap out to the mainchain directly, or use a sidechain, funds can be swapped to a statechain and held there until they are needed for swapping funds back into a channel. Similar savings in fees can be had while still maintaining the ability to unilaterally claim your funds on the mainchain.

Another potential use case (TRIGGER WARNING) would be the possibility of more efficient marketplaces for trading ordinals. Since ordinals are simply an index scheme tracking paths backwards in the transaction history to specific satoshis, they can easily be lifted off-chain onto a statechain. That dynamic in combination with Lightning Latch could allow cheaper and faster off-chain purchases of ordinals. Someone could build a marketplace where they can be sold instantly off-chain over the Lightning Network.

It’s even possible one day if Lightning clients could become aware somehow of which statechain operators specific Lightning nodes trust that Latch could be used to help route payments by passing statechains around between different nodes instead of using conventional Lightning channels.

On the front of pure statechain to statechain transfers, this offers the potential for a message passing layer to recreate coinjoin like system mixing coins off-chain, similar to the original mixing functionality in Commerceblock’s first statechain implementation.

While it is a very simple starting point, Lightning Latch and the statechain swap functionality crack open the first door of statechains integrating into the existing Lightning Network – and other similar layers to come in the future – in a way that lets them all integrate seamlessly and function as a singular network in terms of payment routing and liquidity management. Even while we debate the need for and usefulness of covenants, there is still quite a lot of room to continue building with what we already have. 

You can listen to the Commerceblock team explain the logic beyond the protocol here: 

And for a more technical explanation, here: 

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Standard Chartered Ups Bitcoin Prediction by 50%, $150K by 2024 End

British multinational bank Standard Chartered has increased its prediction for Bitcoin’s price by 50%, forecasting that the leading digital asset will be worth $150,000 by the end of 2024.

According to a CoinDesk report, the bank expects BTC to hit a record high of $250,000 by 2025 before rounding off the bull cycle around $200,000.

BTC to Hit $150K in 2024

Standard Chartered derived its prediction from comparing BTC with gold and its performance after exchange-traded funds (ETFs) tracking the performance of the yellow metal were launched in the United States. The bank analyzed the correlation between Bitcoin ETFs and the price of BTC, identifying the effects of the funds’ inflows on the value of digital asset.

The authors of the investment report said there is a good chance BTC could skyrocket to $250,000 in 2025 if Bitcoin ETF inflows touch the mid-point estimate of $75 billion and reserve managers continue to acquire the asset. At the time of writing, spot Bitcoin ETF inflows had exceeded $12 billion just over two months after launch.

Standard Chartered’s latest forecast is 50% up from the $100,000 BTC price predicted in December 2023. Driven by the upcoming Bitcoin halving and ETF approvals, BTC could attract $50 billion to $100 billion worth of flows within a year, according to the bank. The financial institution also forecasted that BTC could be worth $200,000 by the end of 2025.

With BTC touching a new high of $73,900 last week, the asset’s performance has surpassed the bank’s expectations. Notably, BTC had fallen to $68,000 at the time of writing.

Ether at $8,000?

Besides Bitcoin, Standard Chartered also expects Ether (ETH) to soar to $8,000 by the end of 2024 and $14,000 by 2025. Ether’s prediction is based on estimated inflows of $45 billion expected in the first 12 months of Ethereum ETFs’ trading if the U.S. Securities and Exchange Commission (SEC) approves their launch by May 23.

“In 2025, we see the ETH-to-BTC price ratio rising back to the 7% level that prevailed for much of 2021-22. Given our estimated BTC price level of USD 200,000 at end-2025, that would imply an ETH price of $14,000,” the bank stated.

Meanwhile, ETH changed hands at $3,590 at the time of writing, per data from CoinMarketCap.

The post Standard Chartered Ups Bitcoin Prediction by 50%, $150K by 2024 End appeared first on CryptoPotato.

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Here’s How Low XRP Can Go if $0.6 Fails (Ripple Price Analysis)

Ripple’s price has been trending lower against both the USDT and BTC. Yet, market participants can still be optimistic as significant support levels are available.

Technical Analysis

By TradingRage

The USDT Paired Chart

Against USDT, the price has been dropping consistently since its rejection from $0.7. Yet, the $0.6 support level is preventing a further decline.

Nevertheless, in case of a breakdown, the 200-day moving average located around the $0.57 mark can still act as a potential turning point for XRP.

xrp_price_chart_1803241
Source: TradingView

The BTC Paired Chart

Looking at the chart against Bitcoin, the market has been trending lower for a long time. The XRP price is currently testing the 900 SAT support zone once again.

If XRP bounces off this level once again, it will likely attack the long-term bearish trendline. If the price breaks it to the upside, the 1200 SAT resistance level can be the next target. On the other hand, a break below the 900 SAT support zone can be disastrous, as it can lead to a significant crash.

xrp_price_chart_1803242
Source: TradingView

The post Here’s How Low XRP Can Go if $0.6 Fails (Ripple Price Analysis) appeared first on CryptoPotato.

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When Will Bitcoin’s Correction End? Bulls Unsuccessful at Pushing $68K (Bitcoin Price Analysis)

Following a remarkable surge that propelled Bitcoin to an all-time high of $73K, the price encountered significant selling pressure, resulting in a rejection.

However, after undergoing a period of corrective retracement, the price has found a firm foothold within a crucial support region, potentially putting a halt to the prevailing downtrend.

Technical Analysis

By Shayan

The Daily Chart

A comprehensive analysis of the daily chart reveals that Bitcoin’s impressive rally led to the breach of a significant resistance zone marked by its previous all-time high of $70K, ultimately reaching a new peak at $73K. However, intensified selling pressure emerged, likely as participants sought to capitalize on their profits.

Consequently, this heightened selling pressure halted the uptrend, triggering a notable 12.5% decline. Despite this downturn, Bitcoin encounters multiple significant support levels along its trajectory, including the 0.382 ($64,917), 0.5 ($62,181), and 0.618 ($59,444) levels of the Fibonacci retracement.

It’s important to note that the price entering the $70K – $80K range introduces the potential for increased volatility, with profit-taking likely to exert selling pressure and possibly initiate a temporary consolidation phase.

Overall, the overarching outlook remains bullish, with Bitcoin eyeing the psychologically significant $80K price threshold.

btc_price_chart_1803241
Source: TradingView

The 4-Hour Chart

A closer examination of the 4-hour chart depicts Bitcoin’s significant rally persisting after a pullback to the upper trendline of the broken ascending channel, indicating ongoing demand in the market.

However, selling pressure emerged as the price peaked at $73K, leading to a decline. This resulted in the price repeatedly breaching previous minor swing lows; signaling continued profit realization among participants.

Moreover, a prolonged bearish divergence between the price and the RSI indicator had already indicated the potential for a temporary correction in Bitcoin’s price. Nonetheless, the price has now reached a critical support region at the upper boundary of the ascending channel, where it may find support and arrest the downtrend. However, caution is warranted, as a breach below this critical level could lead to an extended downtrend toward the $60K price range.

btc_price_chart_1803242
Source: TradingView

On-chain Analysis

By Shayan

Bitcoin’s price has been on an impressive rally recently, culminating in a new all-time high of $73K, signaling a robust bull market. This significant uptrend has presented a lucrative opportunity for market participants to capitalize on their investments, with all Bitcoin holders enjoying profitable positions.

Consequently, delving into investors’ behavior could provide valuable insights into anticipating Bitcoin’s future movements.

The chart in focus depicts the Short-Term Holder Spent Output Profit Ratio (SOPR), which quantifies the ratio of profits (or losses) realized by short-term investors (holding period below 155 days) when they sell their Bitcoin. An SOPR value exceeding one indicates an aggregate profit realization by short-term holders, while values below one suggest losses being realized.

The chart shows that the Short-Term Holder SOPR has experienced a significant surge alongside the recent price spike, reaching its peak value. This surge underscores the consistent profit realization by these holders. While this development could be perceived as a positive signal, it also raises concerns as it may introduce excess supply into the market, potentially reversing the prevailing trend or prompting a correction.

btc_sopr_chart_1803241
Source: CryptoQuant

The post When Will Bitcoin’s Correction End? Bulls Unsuccessful at Pushing $68K (Bitcoin Price Analysis) appeared first on CryptoPotato.

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Bitcoin Sentiment Cools Off, Price Rebound Soon?

Bitcoin Sentiment Cools Off, Price Rebound Soon?

The Bitcoin Fear & Greed Index shows that the sentiment around the asset has cooled off a bit recently, something that could pave the way for a rebound.

Bitcoin Fear & Greed Index Has Gone Through Some Decline Recently

The “Fear & Greed Index” is an indicator created by Alternative that tells us about the average sentiment present among the investors in the Bitcoin and wider cryptocurrency market

To determine the trader mentality, the index takes into consideration for these five factors: volatility, trading volume, social media sentiment, market cap dominance, and Google Trends.

The metric uses a numeric scale that runs from zero to hundred for representing this sentiment. A score of 46 or less implies the presence of fear among the investors, while that of 54 and above suggests greed in the market.

The territory between these two (47 to 53) naturally corresponds to the neutral mentality. Besides these three sentiments, there are also two extreme sentiments called “extreme greed” and “extreme fear.”

The extreme greed occurs at values above 75, while the extreme fear takes place below 25. Historically, these two sentiments have been quite relevant for BTC’s trajectory.

Tops have generally tended to form when the investors have held the former sentiment, while bottoms have been probable to happen when the market has been in the latter region.

At present, the traders are holding a mentality of extreme greed, as the latest data of the Bitcoin Fear & Greed Index shows.

Bitcoin Fear & Greed Index

As is visible, the indicator’s value is 77 right now, meaning that while it’s indeed inside extreme greed, it’s only so just. This is a fresh change from how it has been recently, as the chart below displays.

Bitcoin Extreme Greed

From the graph, it’s visible that the Bitcoin Fear & Greed Index has mostly stayed deep inside the extreme greed region recently. On the 14th of this month, the indicator hit the 88 mark, and alongside this high, the BTC price registered its current all-time high of about $73,800.

Since this peak, though, the asset has plunged, and it appears that alongside it, so has the sentiment among the traders. As mentioned earlier, tops have been more likely to occur when the market has shared a mentality of extreme greed and this probability has generally only gone up the more extreme levels the metric has hit.

This could perhaps explain why the recent top occurred when it did. Another top this month, the one that took place on the 5th, also coincided with high values in the Fear & Greed Index (a peak of 90 this time).

Shortly after this earlier peak and the plummet in the cryptocurrency that had followed, the asset found its bottom as the metric briefly exited the extreme greed region.

As the Bitcoin Fear & Greed Index is once again looking to dip outside this territory, it’s possible that a bottom may be near for the price this time as well. It now remains to be seen if the sentiment would cool down enough in the coming days so as to leave the extreme region behind, at least temporarily.

BTC Price

Bitcoin had plunged towards $64,500 during the weekend, but it seems the coin has made some recovery in the past day as it’s now back at $68,000.

Bitcoin Price Chart

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