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Why Is The Dogecoin And Shiba Inu Price Crashing Today?
The Dogecoin and Shiba Inu price have witnessed notable price crashes in the last 24 hours. This development looks to be based on a wave of profit-taking that has followed the recent crypto market rally.
Dogecoin And Shiba Inu Price Suffer Significant CrashThe Dogecoin and Shiba Inu price are down in the last 24 hours following their recent rally alongside the broader in which they recorded notable gains. Some crypto investors are believed to be taking profits, which has brought the price correction for these foremost meme coins. Notably, the Dogecoin and Shiba Inu price have a correlation with the Bitcoin price and look to be mirroring the flagship crypto.
The Bitcoin price has also experienced a pullback after coming close to its all-time high (ATH) on October 29. BTC rose to as high as $73,000, its highest point in four months. This brought about a wave of profit-taking, with companies like Reddit revealing that they have significantly reduced their crypto exposure.
Bhutan was also among those taking profit, depositing 1,000 BTC into Binance, indicating their intention to sell off these crypto holdings. This wave of profit-taking was to be expected, considering that 99.7% of these holders were in profit following the recent rally.
Similarly, the Dogecoin and Shiba Inu price rallies also put most of their holders in profit, leading to a wave of profit-taking and, ultimately, their price declines, considering the amount of selling pressure. For instance, on-chain data shows that a whale transferred 1.74 billion DOGE ($295.8 million) to the Robinhood exchange as it looked to secure profits.
Meanwhile, IntoTheBlock data shows that Shiba Inu’s large transactions show that this metric is currently bearish for the meme coin. This indicates that whales are likely selling as they also look to secure some profits from the recent market rally.
These Meme Coins Are Likely To Bounce BackThe Dogecoin and Shiba Inu price are likely to bounce back despite the recent price correction, as they are currently in bullish territory. Given their correlation with the Bitcoin price, they will likely move to the upside as the flagship crypto attempts to break its current ATH again.
Bitcoin is enjoying massive demand, which will likely overwhelm the sell side soon enough. This demand mainly comes from the Spot Bitcoin ETFs. Farside data shows these ETFs recorded $893.3 million in net inflows on October 30. They also breached the 1 million mark in the process and now hold over 1 million BTC.
This development is significant for the Dogecoin and Shiba Inu price, as these meme coins will likely also enjoy more demand as the demand for the flagship crypto increases. Some investors will look to invest in these meme coins since they always outperform BTC whenever the market is in an uptrend.
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Solana Memecoins Warning: Analyst Says ‘Get Ready for the Crash,’ This Under $1 SOL Killer Could Save You?
In the past several months, the Solana memecoins market has gone through massive growth, and investors are eager to get more of the latest SOL meme token. However, one analyst has a word of caution for those investors seeking these high-risk opportunities, telling them to brace for a fall.
While the hype is undeniable, not all experts are convinced of its sustainability. But amidst this looming storm, one emerging prospect, RCO Finance (RCOF), is positioning itself as a more stable alternative for those aware of the incoming wave of volatility.
‘The Solana Memecoins Bubble Could Burst Soon’As excitement builds in the Solana ecosystem, many wonder if Solana memecoins are preparing for another bubble burst. Analysts suggest that current market sentiment doesn’t favor a bull run for these memecoins; instead, a market downturn may be on the horizon that could affect these assets.
The SOL ecosystem has recently been trading at the center of synching up many bearish pressures, which has seen it range sideways and fail to clear the key $180 mark. This stagnation has affected perceptions of the ecosystem, damping the market capitalization of Solana memecoins by 4% in the last 24 hours.
The decline in memecoin enthusiasm impacts Solana memecoins as investors focus on more utility-driven tokens. The rise of innovative-based assets like RCO Finance, which seeks to transform the DeFi landscape, has also attracted memecoin investors, further reducing the appeal of traditional memecoins.
RCO Finance (RCOF): The Under $1 Solana Killer?As skepticism grows, the Solana memecoins community faces a tough choice: continue pursuing risky memecoins or seek projects with real-world use cases. RCO Finance isn’t just another hedging alternative; it’s an innovative asset aiming to bridge TradFi and DeFi ecosystems with the help of crypto AI.
As a fully AI/ML-based platform, RCO Finance provides users with an advanced AI-powered robo-advisor that personalizes investment strategies based on individual user profiles. This tool analyzes various factors, such as financial goals and risk tolerances, to create tailored portfolios that adapt to real-time market conditions.
The robo advisor continuously monitors market trends and makes adjustments, allowing users to access profitable opportunities without needing constant oversight. This level of automation significantly improves trading by removing any emotional and human errors that normally affect trading outcomes.
RCO Finance stands out by providing access to over 120,000 assets across 12,500 asset classes, including cryptocurrencies and tokenized real-world assets like real estate. Fractional ownership enables everyday investors to overcome barriers in traditional markets, creating balanced portfolios that mitigate risks while maximizing potential returns.
The platform offers impressive leverage options up to 1,000x, enabling traders to amplify their investments significantly. This feature appeals to those seeking to maximize returns with smaller initial capital. With high leverage, diverse investment options, and AI-driven strategies, RCO Finance stands out in the DeFi space.
Security and privacy are crucial in today’s crypto landscape, and RCO Finance tackles these issues directly. Eliminating KYC requirements eases onboarding and maintains user anonymity. Backed by audited smart contracts from SolidProof, RCOF tokens provide users with a secure trading experience and investment confidence.
Can RCOF Offer Solana Memecoins Investors a Safer Alternative?As RCO Finance continues to gain traction, now is the perfect time for investors to consider participating in its ongoing presale. Priced at $0.055 per token in Stage 3, early adopters could see significant returns, with analysts forecasting potential gains of over 1,000% when RCOF launches at an estimated $0.6.
Investors in this presale gain attractive pricing, exclusive features like staking rewards, and lower transaction fees. Staking RCOF tokens offers passive income through high APYs. RCOF holders also participate in governance decisions, influencing protocol upgrades and fees, creating community ownership, and prioritizing investor interests.
With strong investor interest already reflected in over $4.2 million raised during the presale, RCO Finance is poised for significant growth as it merges AI with DeFi. As the demand for innovative crypto solutions continues to rise, Solana memecoins investors could take advantage of this opportunity for a secured investment opportunity.
For more information about the RCO Finance (RCOF) Presale:
Singapore Grants Gemini Crypto Expansion Wish—Is Asia The Next Big Crypto Hub?
An American cryptocurrency exchange is set to enter the Singaporean market as it strengthens its presence in Asia. Singaporean regulatory authorities have given the go-signal to the Gemini crypto platform to offer its services to its Southeast Asian nation’s clients.
A New Crypto Exchange OptionA new exchange platform is about to enter the Singaporean cryptocurrency space after the Gemini crypto exchange platform, also known as the Gemini Trust Company LLC, got an In-Principle Approval (IPA) from the state authorities to operate as a Major Payment Institution (MPI) in the country.
This means that the government-run Monetary Authority of Singapore (MAS) has responded positively to the company’s license application to offer its services to those living in Singapore.
Citizens of the Southeast Asian country will be able to use the American crypto platform for their cross-border money transfers and other digital payment services.
Gemini said that receiving the IPA can be considered a milestone for the crypto firm because it emphasizes its commitment to operate in a country with such high regulatory standards.
The crypto company added that this development only reinforces their dedication to the flourishing crypto market in Singapore which already has other digital asset players such as Coinbase, Crypto.com, Binance, and OKX.
A Key Crypto Market For GeminiGemini officials said that the cryptocurrency company has exerted efforts to become part of the virtual coin market in Singapore since the country has been the heart of its operations.
Since establishing its regional headquarters in the country, the exchange has focused on expanding its presence in Singapore and other countries in the Asia-Pacific Region, saying that the company aimed to bring a localized but secure trading platform that is also compliant with regulatory policies across the region.
“We believe that the regulatory frameworks set by MAS strike a balance between fostering innovation and ensuring consumer protection,” Gemini said in a statement.The Philippines, Taiwan, South Korea, and Vietnam are among the Asia-Pacific nations where Gemini now conducts business in.
Pulling Out Of The Canadian MarketIn contrast, the cryptocurrency platform will be shutting down its operations in Canada, even though Gemini is growing its presence in the Asia-Pacific region.
Gemini said earlier this month that its Canadian consumers had until December 31, 2024, to withdraw their cryptocurrency funds from the exchange platform because it will soon cease operations in Canada.
The new rule enforced by the Canadian Securities Administrators (CSA) that requires digital asset trading platforms to complete a “pre-registration undertaking” in order to continue operating in Canada was linked by some analysts to this judgment.
Featured image from State Department, chart from TradingView
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Bitcoin Nears ATH As Daily OTC Desk Inflows Slip To 2024 Lows, Data Shows
As Bitcoin (BTC) continues to tease a new all-time high (ATH), daily over-the-counter (OTC) desk inflows have plummeted to yearly lows.
Bitcoin’s “Uptober” Narrative Remains IntactBitcoin has overturned the sluggish start to its historically most bullish month, recording more than 13% gains in October and coming within reach of a new ATH.
The leading digital asset’s performance has restored faith in the “Uptober” narrative as it looks to record its biggest one-month gains since March 2024, when it achieved its current ATH of $73,737.
Data from crypto analytics firm CryptoQuant indicates that BTC balance with OTC desks has swelled to 416,000 – worth approximately $30 billion. In comparison, OTC desks averaged less than 200,000 BTC during Q1 2024.
For the uninitiated, OTC desks are typically used by sophisticated and seasoned investors to trade the underlying asset without impacting its spot market price. OTC trades also enable institutional investors to make trades without showing their transactions on an exchange’s trading books.
The high amount of BTC held by OTC desks allows US-based spot exchange-traded funds (ETF) to buy BTC without affecting its spot price.
How Do OTC Desk Inflows Impact Bitcoin Price?According to data from SoSoValue, spot BTC ETFs attracted a daily total net inflow of more than $870 million on October 29. However, this figure only represents about 2% of the total BTC currently held by OTC desks.
In comparison, during Q1 2024 – when BTC made its ATH following the ETF approval – the amount of BTC purchased by spot ETFs as a proportion of OTC-held BTC reserves ranged between 9% and 12%.
Since the beginning of September, the total OTC desk balance has been stable. The 30-day change – a metric that tracks the net change in the amount of BTC held over the last 30 days – stood at 3,000 BTC in September versus 92,000 BTC in June.
The 30-day change was in negative territory during Q1 2024, indicating strong demand for accumulation from large buyers as more BTC was withdrawn from OTC desks than deposited.
Conversely, a positive 30-day change means more BTC was deposited than withdrawn, potentially signaling reduced buying interest or even selling activity.
As mentioned earlier, daily OTC desk inflows have fallen from their June highs, reaching their lowest level in 2024. A further decline in daily OTC desk inflows could propel BTC to new highs.
Data from CryptoQuant shows that OTC desks averaged close to 90,000 BTC in October, a steep decline of more than 52% compared to Q1, Q2, and Q3 2024.
Recently, Markus Thielen, head of research at 10X Research, remarked that there are “exceptionally high” chances of a crypto rally in Q4 2024.
The combination of a strong demand for BTC, coupled with limited OTC supply, holds the potential to push the crypto-asset to a new ATH. BTC trades at $72,002 at press time, down 0.7% in the past 24 hours.
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Trump Expands Bitcoin Support With No Tax Promise For Digital Transactions
With just six days remaining until the US presidential election, former President Donald Trump has intensified his support for Bitcoin (BTC) and the broader crypto industry.
In a recent statement aimed at taxpayers, Trump proposed significant changes that could reshape the landscape for digital asset transactions in the United States, especially following years of heightened scrutiny from regulators.
No Capital Gains Tax On Bitcoin PurchasesTrump’s commitment to making the US the “crypto capital of the world” includes a recent proposal to eliminate capital gains taxes on Bitcoin transactions when used for purchases.
In a social media post on X (formerly Twitter), Michael Saylor, co-founder of MicroStrategy and a well-known Bitcoin advocate, quoted Trump’s latest statement on the matter:
They have them paying tax on crypto and I don’t think that’s right. #Bitcoin is money, and you have to pay capital gains tax if you use it to buy a coffee? I was talking with a friend; he said ‘it really shouldn’t be taxed,’ and I agree.
Trump’s remarks come as he widens his lead against Vice President Kamala Harris on Polymarket, a crypto prediction market where bettors give him a 66% chance of winning the election.
However, traditional polls tell a different story, indicating that Harris holds slight leads in crucial battleground states like Michigan (48% to 43%) and Wisconsin (51% to 45%). According to a recent CNN poll, both candidates are tied in Pennsylvania at 48% each, underscoring the tight race as election day approaches.
Analyst Warns Harris Victory Could Impact BTC PricesTrump’s approach to cryptocurrency has garnered considerable support from the industry. His recent remarks starkly contrast to the more cautious stance taken by Harris, who has offered a less defined policy direction on digital assets.
Notably, Trump has launched his crypto venture, World Liberty Financial (WLF), and intends to fire SEC Chair Gary Gensler on his first day in office.
The former President has also proposed making Bitcoin a strategic reserve asset to help reduce the national debt, which currently stands at $35 trillion, receiving bipartisan interest, with lawmakers in Congress showing increased enthusiasm.
Florida’s Chief Financial Officer, Jimmy Patronis, has even proposed allocating some of the state’s pension funds into cryptocurrency, particularly Bitcoin, inspired by Trump’s recent plans for the US with digital assets.
While Harris has adopted a more cautious approach to crypto than President Biden, some analysts predict that a victory for Harris could lead to a decline in Bitcoin’s price.
Michael Terpin, CEO of Transform Ventures, believes that the momentum for the Bitcoin price will continue regardless of the election outcome, suggesting further recoveries and the potential for new all-time highs. Terpin noted:
There’s just too much momentum right now. We’re at the point of the cycle where it usually does go up quite a bit. I just think that Trump winning would make it quicker, faster, and higher.
At the time of writing, Bitcoin was trading at $71,930.
Featured image from DALL-E, chart from TradingView.com
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Crypto Boom: US Treasury Latest Report Reveals Major Expansion In These Key Sectors
In a recent report, the US Treasury Department detailed significant growth in key areas of the crypto ecosystem, emphasizing how this expansion has influenced demand for short-term Treasury bills (T-Bills), which are viewed as a safe investment backed by the US government’s credit.
$120 Billion In Stablecoin Collateral Tied To US TreasuriesThe Treasury report asserts that digital assets, while still emerging from a small base, have seen rapid growth. This expansion includes native cryptocurrencies like Bitcoin and Ethereum, as well as stablecoins.
However, the department notes that despite the increased market activity, household and industry adoption of cryptocurrencies remains limited, primarily for investment purposes.
Notably, the report states that the digital asset market cap remains relatively low compared to other financial and real assets. This growth has not appeared to detract from the demand for Treasuries, indicating that crypto assets have not yet “cannibalized” traditional safe-haven investments.
The report highlights two primary tracks of interest in digital assets. Firstly, Bitcoin is increasingly viewed as a store of value, often referred to as “digital gold,” in a decentralized finance (DeFi) context.
Secondly, the report alleges that speculation has played a significant role in the growth of various digital tokens including stablecoins, as they have rapidly gained traction, appealing to investors looking for assets with stable, cash-like characteristics.
The US Treasury further asserts that stablecoins have become integral to digital asset markets, with over 80% of all crypto transactions involving a stablecoin.
The report estimates that approximately $120 billion in stablecoin collateral is directly invested in Treasuries, indicating a strong link between the cryptocurrency and traditional finance sectors.
Tokenization Emerges As A Game-Changer In FinanceTokenization – the process of digitally representing assets on a blockchain – has also been identified as a transformative force in finance, particularly with the growth and adoption seen over the past year, with asset managers such as BlackRock investing in the sector via the Ethereum blockchain.
The report outlines several benefits of tokenizing US Treasuries, including: improved clearing and settlement, enhanced transparency, increased accessibility, liquidity and innovation.
While the potential benefits of tokenization are considerable, the Treasury report emphasizes the need for a cautious approach. The department explains that current financial stability risks remain low, given the relatively small size of the tokenized asset market.
However, the report alleges that rapid growth and adoption in the tokenization sector could introduce “instability” if not managed properly.
Finally, the report calls for a unified ledger or highly interoperable systems to streamline transactions and reduce inefficiencies. It also highlights the importance of a central authority, such as a central bank for the tokenization sector, in terms of regulatory compliance.
At the time of writing, the largest cryptocurrency on the market was trading at $72,790.
Featured image from DALL-E, chart from TradingView.com
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Major MVRV Bitcoin Buy Signal Prints But Breaking $86,000 Is Crucial
Bitcoin is stretching gains, looking at price action in the past few trading days. At spot rates, buyers are “hungry” and aiming not only to confirm the rally of the past two days but also to close above March 2024 highs of around $74,000.
Bitcoin “Golden Cross” FormsThe optimism has been confirmed on-chain. On X, one analyst notes that the market value to realized value (MVRV) ratio has exceeded the 365-day moving average.
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The MVRV ratio is a metric on-chain analysts use to gauge BTC holders’ average profit (or loss) at every price point. Historically, when the MVRV ratio crosses above the 365-day moving average, it is considered a “golden cross” and has preceded sharp price gains.
If this development evolves as it has, the odds of Bitcoin extending and closing above important resistance levels, in this case, $74,000, will be high. Currently, the impressive rally above $72,000 to as high as $73,000 on October 29 could be a marker of strength, preparing bulls for the next wave of demand.
ll the same, while bulls prepare to break $74,000, how fast it grow and eventually breaks $86,000 will be critical. In a post on X, one on-chain analyst said a close above $86,200 will determine the “fate of bulls.” Once buyers overcome this barrier, they need “strong bullish momentum.” Afterward, the analyst said, prices will evolve like “everyone has been waiting for.”
Over the past few months, especially after the rally to nearly $74,000 in March 2024, BTC holders have been predicting sharp price gains, lifting prices toward $100,000.
As the analyst insinuates, a close above $86,200, the “high-risk upper boundary” based on the Bitcoin short-term analysis and risk evaluation charting off CryptoQuant, could easily see BTC extend to $100,000.
Market Forces Will Determine The Pace Of GrowthHow fast BTC explodes to $100,000 will depend on multiple factors. Inflows from institutions will be crucial. Encouragingly, demand is picking up, especially in the case of spot Bitcoin ETF issuers’ netflows on October 29, as seen on SosoValue. Over $870 million of shares were bought.
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Beyond institutions, parallel market data shows that retailers open leveraged longs on perpetual platforms and buy on the spot, especially on Binance. On Coinbase, however, the spot market is selling on the move up.