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Crypto analyst Kyle Chasse has given his price predictions for different crypto tokens. His price targets for Dogecoin (DOGE) and XRP were eye-catching, considering the heights he expects these coins to reach. 

Dogecoin To $2 And XRP To $3

Chasse mentioned in an X (formerly Twitter) post that Dogecoin will climb to $2 and XRP to $3. His prediction for Dogecoin stands out given that other crypto analysts like Altcoin Sherpa have predicted that $1 is the highest level the crypto token can attain in this bull run. As such, Chasse’s prediction undoubtedly increases expectations for the meme coin in this cycle. 

Interestingly, Chasse’s prediction for Dogecoin still feels conservative, considering that crypto analyst Kevin (formerly Yomi OG) predicted that the meme coin could rally above $3 in this bull run based on its price action in previous bull markets. Unlike Chasse and Kevin, some are still skeptical of Dogecoin even rising to just $1. 

One of them is Pav Hundal, lead analyst for Australian exchange Swyftx, who explained why Dogecoin might not reach $1, stating that some bought the meme coin at the peak of the last bull and would want to take profits as soon as Dogecoin hits a new all-time high (ATH). He believes this category of investors can add significant selling pressure, affecting Dogecoin’s journey to $1. 

Meanwhile, Chasse’s prediction of XRP rising to $2 looks more conservative than ambitious, given other price predictions for the crypto token made so far. For instance, crypto analyst Ash Crypto predicts that XRP will reach as high as $5 in the next 12 to 16 months, while crypto analyst CrediBULL Crypto claims that XRP can rise as high as $20. 

Crypto analyst Egrag Crypto is the most bullish of these analysts. He predicts that XRP can climb to $27 in this bull run. Egrag noted that the price target is feasible given XRP’s parabolic run in 2017, when it saw a 61,000% gain in 280 days. 

Price Predictions For Other Crypto Tokens

Chasse also outlined his price targets for other major crypto tokens, including Bitcoin. He expects the flagship crypto to reach $150,000 at the peak of this bull run. Chasse shares a sentiment similar to that of Tom Lee, co-founder of research firm Fundstrat, who predicts that Bitcoin will surge to $150,000 by year-end. 

Meanwhile, Chasse predicts that Ethereum will climb to $9500, another conservative prediction since crypto analysts like Mikybull Crypto predict that the second-largest crypto will climb to $20,000 in this bull run. Cardano also made Chasse’s list, with the crypto analyst predicting it would rise to $7. Chasse joins a growing list of crypto analysts who have made bullish predictions for Cardano despite its unimpressive price action. 

Robert Kiyosaki, the author of the bestselling personal finance book “Rich Dad, Poor Dad,” has fired another financial warning shot, this time targeting the US dollar and a potential challenger – a gold-backed stablecoin from the BRICS nations (Brazil, Russia, India, China, and South Africa).

Kiyosaki, a longtime advocate for “real money” like gold, silver, and Bitcoin, fears the BRICScoin could trigger hyperinflation in the US, causing the dollar to lose its global dominance and ultimately collapse.

Hyperinflation Or Hyperbole?

While Kiyosaki paints a stark picture of a dollar deluge flooding the US economy, experts remain divided on the BRICScoin’s true impact. The very existence of the stablecoin is still under discussion within the BRICS alliance.

If it does materialize, its primary purpose would likely be to facilitate internal trade between member countries, potentially reducing their dependence on the US dollar for international transactions.

Currently in South Africa a country I love. Watching and listening to rumors of what will happen when BRICS nations, Brazil, Russia, India, China, South Africa produce BRICS crypto, possibly backed by gold. If BRICS gold crypto happens trillions in fake money, fiat US dollars…

— Robert Kiyosaki (@theRealKiyosaki) May 12, 2024

This shift could undoubtedly chip away at the dollar’s global hegemony, but financial experts are more cautious than Kiyosaki when it comes to predicting hyperinflation. The US economy, despite its challenges, still holds significant weight. A complete dollar collapse seems unlikely in the immediate future.

On Hyperinflation And Stablecoins

So, what exactly is a BRICScoin, and why does Kiyosaki fear it so much? Stablecoins are cryptocurrencies pegged to a real-world asset, like gold, to prevent the wild price fluctuations often associated with traditional cryptocurrencies.

A gold-backed BRICScoin would theoretically offer stability and potentially challenge the dominance of the US dollar in international trade, particularly for commodities like oil currently priced in dollars.

Kiyosaki: A Prophet Or Provocateur?

Kiyosaki is no stranger to bold financial predictions. While his “Rich Dad, Poor Dad” series has sold millions of copies, some of his past forecasts haven’t materialized.

His dire warnings about the US dollar and hyperinflation should be taken with a grain of salt, especially considering his vested interest in promoting alternative assets like gold and Bitcoin.

Beyond The Hype: Building A Resilient Portfolio

The BRICS stablecoin, if it materializes, is unlikely to be an overnight revolution. But it could signal a shift in the global financial landscape. The US, facing a potential erosion of its dollar dominance, might have to focus on strengthening its own economic fundamentals.

Featured image from Getty Images, chart from TradingView

Bitcoin prices are moving sideways when writing and are generally firm. Even though there are marks of strength, the world’s most valuable coin is still swimming against ferocious downstream currents and could risk plunging below $60,000 and May 2024 lows. 

Is The Bitcoin Bear Run Over? Prices Retest The 100-Day Moving Average

Though there are risks, one analyst on X is upbeat. In a post, the trader noted that prices have retested the 100-day moving average. Historically, whenever Bitcoin has dipped to or slightly below this level, it has marked a local bottom, followed by a significant upward rally. 

Looking at the daily chart, the analyst notes that the most recent instance occurred in January, where a price test of the 100-day moving average preceded a 90% surge.

Now that prices have once more retested this level, if history guides, it is likely that Bitcoin has found a local bottom, and a bullish outcome, last seen in January 2024, could be on the offing.  

Though traders are hopeful, there is no guarantee that prices will surge as expected. As mentioned earlier, the coin remains under immense liquidation pressure, and sellers have been soaking in attempts for higher highs.

The daily chart shows local resistance and support are at $66,000 and $56,500, respectively. As prices move sideways, the trend direction established will largely depend on the breakout direction.

A conclusive close above $66,000, buoyed by rising participation, might surge BTC prices. However, whether it will spike by 90% or higher like in the past remains to be seen.

Inflation Data: A Catalyst For Bitcoin Growth?

With traders upbeat, this week promises to be pivotal, with inflation data taking center stage. On May 14, the United States Producer Price Index (PPI) will be released. A day later, on May 15, the public will know where the Consumer Price Index (CPI) reading stands. 

While economists anticipate a slight decrease in inflation compared to previous readings, volatility is expected. If inflation slows down in the United States, the greenback could weaken. Subsequently, Bitcoin may edge higher as investors seek alternatives to store value.

In a post, one analyst believes falling oil prices and a robust labor market point towards an overall softening of inflation in the United States. If this trend guides, it aligns well with the expectation of lower PPI and CPI readings this week; a net bullish for BTC.

Expectations for the XRP price have fluctuated greatly in the last year, mostly due to the uncertainty that continues to cloud the Ripple legal battle with the United States Securities and Exchange Commission (SEC). However, bullishness has prevailed despite the altcoin’s disappointing performance in 2024, with one analyst pretending an end to what has been a drawn-out accumulation trend.

XRP Price To Breakout As Accumulation Trend Ends

Crypto analyst U-Copy took to X (formerly Twitter) to share their prediction for the XRP price. The chart attached with the post puts the altcoin in a 7-year accumulation trend, which is set to end soon and trigger an upward rally for the price.

Related Reading: Important Shiba Inu Event Sparks Excitement Among Community Members – What’s It About?

The crypto analyst pointed out that the cryptocurrency is currently forming a triangle along the accumulation trend, which has happened once before in history. The first time was between 2013 and 2017, when the XRP Price saw a long, drawn-out accumulation. However, at the end of this accumulation was the icing on the cake as the price rallied from around $0.005 to $2.5 in the space of one year. This translated to an almost 500,000% increase in price.

Given how the price reacted when the altcoin completed its accumulation in 2017, the crypto analyst is expecting a similar reaction. This time around, the accumulation began in 2018 and has preserved through to 2024. It is almost twice as long as the last time this trend appeared and this could see a blowout rally at the end.

U-Copy explains that this accumulation trend will end in the year 2024 and the rally could begin from here. This is interesting given that expectations around the Ripple vs. SEC battle ending this year are high and investors expect the price to response positively to this development.

Where Is The Price Headed?

While the crypto analyst didn’t give a price target for where XRP could end up, going by the 2017-2018 rally, the altcoin is expected to reach a new all-time high. This would mean rising to around $3 at least, which would be a 600% rally from its current price of $0.5.

Related Reading: Here’s What Volatility Says About Where Dogecoin Price Is Headed

The crypto analyst did give investors a timeframe to watch out for as the market recovers. From May 15 through to August, which is a three-month timeframe, was marked as important by the analyst, for when this rally could begin. “Don’t know target price but Shit could blow up big in this Bull Cycle up to December,” the crypto analyst stated.

Infinite Block, a Korean virtual asset service provider (VASP), has joined the XRP Ledger as a validator, according to a statement released by the company on May 13. The Seoul-based firm, led by CEO Jung Gu-tae, aims to foster the stable expansion of the ledger within Korea’s stringent regulatory framework.

XRP Ledger Gets Another Institutional Validator From Asia

Infinite Block, established by a group of Korea’s foremost regulatory and financial experts, notably secured a VASP license after being the sole qualifier among approximately 50 applicants in 2023. This credential underscores its compliance with Korea’s robust virtual asset regulations, including the international Travel Rule and anti-money laundering standards.

The XRPL, a decentralized open-source protocol active since 2012, has processed over 2.5 billion transactions. Among the prominent contributors to the ecosystem are Ripple, the XRPL Foundation, and XRPL Labs. XRP, the native token of the ledger, is currently ranked seventh globally in terms of market capitalization among virtual assets.

The entry of Infinite Block as a validator is seen as a significant step in both bolstering the domestic blockchain environment and enhancing Korea’s position on the international stage. The company plans to engage in stable governance, expand the ecosystem, and offer services to corporations, all while adhering to domestic and international compliance standards.

CEO Jung Gu-tae emphasized the strategic importance of this move. “As a fully regulated custodial business operator, we will provide blockchain regulatory support infrastructure suitable for the institutional characteristics of the Korean virtual asset industry,” he said. “We will contribute not only to user protection but also to enhancing the reliability based on thorough regulatory compliance, both domestically and internationally.”

Emi Yoshikawa, Ripple’s Vice President of Strategic Initiatives, welcomed the development. “Hot off the press from Korea. Infinite Block, a VASP licensed custody company in South Korea, is now running a validator on the XRP Ledger. Great to see more and more institution-grade validators are participating in the ecosystem from Asia!” Yoshikawa stated via social media platform X.

The announcement by Infinite Block coincides with other institutional engagements, noted lawyer Bill Morgan, who speculated on the timing relative to similar news from SBI Holdings. “Can’t be a coincidence so soon after the SBI entity became an validator,” Morgan commented, hinting at a possibly coordinated expansion of institutional support within the ecosystem in Asia.

At press time, XRP traded at $0.5045.

The cryptocurrency market might be feeling the chills of a recent downturn, but one meme coin is defying the freeze – Pepe Coin.

While altcoins shiver in the shadows of Bitcoin’s (BTC) recent 5% dip, PEPE is strutting its stuff with a sizable surge in the past month and a near 6% daily climb.

This bullish behavior has analysts like Crypto Tony croaking enthusiastically about a potential all-time high (ATH) for the meme coin.

A Beacon In The Bear Market

Unlike its altcoin brethren who crumbled during the recent market slump, the meme coin stood firm. This resilience suggests an underlying strength that could be attracting new investors and boosting investor confidence.

A Productive Month

The past month has been a good time to be a PEPE holder. The price has jumped a cool 20%, currently sitting at $0.058. Daily trading volume also paints a promising picture, clocking in at a noteworthy $755 million. This indicates healthy market activity and adds fuel to the bullish fire.

Whales Diving In: A Sign Of Things To Come?

The surge in whale activity is sparking excitement in the cryptocurrency community. Lookonchain data shows significant purchases by wealthy investors, indicating their confidence in the meme coin’s potential.

We noticed that some investors accumulated $PEPE!

0xa145 withdrew 350B $PEPE($3.44M) from #Binance 10 hrs ago. He is good at swing trading $PEPE and has a profit of ~$2.66M on $PEPE. https://t.co/OcWKqsL14L

0xa4Fd spent 1.09M $USDC to buy 123.66B $PEPE at $0.00000881 13 hrs… pic.twitter.com/55iL9W7CxT

— Lookonchain (@lookonchain) May 11, 2024

This trend reflects a broader shift in sentiment towards meme coins as legitimate investment opportunities, potentially driving further price increases and attracting more investors into the market.

Related Reading: Gas Gone Cheap! Ethereum Fees Plunge 93% To Rock Bottom Prices

An example of this would be the large withdrawal from Binance by address 0xa145, which totaled 350 billion tokens, or a little over $3 million. This action reinforces the positive feeling by signaling at the possibility of profitable swing trading opportunities.

Analyst Chimes In

Adding to the bullish chorus is prominent crypto analyst Crypto Tony. He predicts a new high for the meme coin, citing the meme coin’s recent price action and inherent strength.

$PEPE / $USD – Update

New high coming up for PEPE. Good to see some strength and clean price action here pic.twitter.com/lcZTysAu4z

— Crypto Tony (@CryptoTony__) May 11, 2024

This optimistic outlook from a respected voice in the crypto world is sure to catch the attention of investors seeking the next big gainer.

Featured image from Reddit, chart from TradingView

Two Bitcoin whale addresses that had laid dormant for almost 11 years have suddenly sprung to life, taking the market by surprise. The anonymous whale wallets have initiated large-scale Bitcoin transactions, reaping substantial profits from their early investments in the pioneer cryptocurrency. 

Early Bitcoin Whales Move 1,000 BTC

Blockchain analytics platform Lookonchain took to X (formerly Twitter) recently to unveil two Satoshi-era whale wallets which have been inert for 10.7 years suddenly showing signs of activity. The on-chain data analysis tool disclosed that the anonymous whale wallets, identified as “16vRqA” and “1DUJuH” had cumulatively transferred a total of 1,000 BTC valued at $60.9 million in the span of 20 minutes. 

According to Lookonchain, the two previously dormant Bitcoin whale wallets had purchased about 500 BTC each as early as September 13, 2013, just four years after the cryptocurrency’s inception. At the time, the price of BTC was about $124, thousands of dollars less than its current price today. 

Each of the BTC whale wallets had previously held 500 BTC, worth approximately $62,000. Now with the price of Bitcoin slightly above $61,200 at the time of the transfer, these anonymous Bitcoin whales have realized significant profits. Over the past 10 years, Bitcoin has skyrocketed by an astonishing 47,873%, resulting in each wallet’s initial BTC investment of $62,000 now yielding a profit of $30,387,372. 

This substantial profit can be attributed to the Bitcoin whale’s long years of hodling the pioneer cryptocurrency. Back in BTC’S early days, when only a fraction of today’s crypto community recognized its potential, a few smart investors had purchased significant amounts of the cryptocurrency at a low price. They held onto their holdings as BTC evolved, witnessing its gradual price increase over the years. 

Following Bitcoin’s rise to a record high of $69,200 in March, another Satoshi-era Bitcoin whale wallet had executed a large-scale BTC transaction, selling off 1,000 BTC and reaping profits of over $69 million. Following the transfer, the price of BTC had fallen significantly, underscoring the strong influence large-scale BTC transactions have on the present market. 

BTC Price Sees Slight Uptick

Following the 1,000 BTC transferred by the two previously inactive whale wallets, Bitcoin’s price, which was initially trading slightly above $60,000, surged by 2.92% in just 24 hours. The cryptocurrency is presently trading at $62,800, displaying bullish signals as its daily price chart depicts mostly green candles.

Related Reading: Solana Price Prediction – Could Solana Regain Bullish Momentum And Push To $200?

Bitcoin’s daily trading volume of about $18.1 billion has also witnessed a significant increase of 41.23%, highlighting the sudden rise in interest and demand from investors. It’s presently uncertain if BTC will keep this bullish momentum, considering that the cryptocurrency was previously experiencing substantial declines following the halving event on April 20. 

Over the past month, CoinMarketCap has reported an 8.45% decrease in Bitcoin and another 4.15% drop in the past seven days. With the market showing new signs of interest in BTC, the cryptocurrency’s price correction may be over, indicating the onset of a potential recovery.

China’s ambitious plan for a central bank digital currency (CBDC), the e-CNY or digital yuan, is facing a test of adoption. While the government boasts billions of dollars in transactions and enthusiastic city trials, a closer look reveals a hurdle – a lukewarm reception from the very people it’s meant to serve.

Digital Yuan: Early Adopters Turn Away

A recent report by the South China Morning Post throws cold water on the e-CNY’s immediate success. State employees in some cities, receiving a portion of their salaries in digital yuan, are quickly converting it back to cash. The reasons? A lack of incentive and practicality.

Sammy Lin, an account manager at a Chinese state bank, said:

“There’s no interest if I leave it there […] there aren’t many places where I can use it.”

This sentiment echoes concerns about limited use cases. Unlike established digital payment platforms like Alipay and WeChat Pay, the e-CNY seems to lack widespread merchant adoption, both online and offline.

Privacy Concerns Cloud the Picture

Adding to the apprehension is the specter of government surveillance. China’s digital ecosystem is already closely monitored, and citizens are wary of the potential for intrusive tracking with the e-CNY.

“Paper currency offers anonymity,” says Ye Dongyan, a researcher at Beijing’s Cheung Kong Graduate School of Business. “The boundaries between information tracking and security need more clarification.”

The government, however, maintains that the e-CNY prioritizes privacy through “controllable anonymity.” This system, according to Yi Gang, the former governor of the People’s Bank of China, protects small transactions while monitoring larger ones to prevent financial crimes.

But can this appease citizen anxieties?

Numbers Tell A Different Story?

Despite the reported low usage among initial recipients, China boasts a different narrative. Yi points to over $250 billion worth of e-CNY transactions conducted as of July 2023.

This suggests some level of adoption, but the details remain unclear – is it organic growth, or a result of government-led initiatives?

Incentivizing The Switch

China is actively promoting the e-CNY. Several cities have conducted trials, handing out millions in digital yuan subsidies and consumption coupons. This approach aims to encourage people to experiment with the new currency and potentially discover its benefits.

The Road Ahead

The future of the e-CNY remains uncertain. While the government pushes for wider adoption, user behavior suggests a need for more than just financial incentives. Addressing the limited use cases and building trust around privacy protection are crucial steps.

China’s digital currency project may yet see widespread adoption, but for now, it seems to be stuck in a conversion cycle – from digital yuan back to cash.

Featured image from VCG via Getty Images, chart from TradingView

Keith Ammon, New Hampshire State Representative for New Boston, Mont Vernon, Lyndeborough and Vice Chair of Commerce and Consumer Affairs, opened a discussion on the potential of diversifying the state’s financial reserves into Bitcoin ETFs. His comments, posted on X (formerly Twitter), highlight a dramatic what-if scenario that underscores the explosive growth of BTC over the last decade.

What Bitcoin Can Do For New Hampshire

Ammon’s reflection on the state’s financial decisions comes at a time when BTC and other digital assets are increasingly being acknowledged by major institutional investors. His detailed analysis posited, “Should the State of New Hampshire investigate allocating a small percentage of its reserves into a Bitcoin ETF? Of course, hindsight is 20/20, but had the State of NH put just 5% ($4.65M) of its 2016 $93M rainy day fund into Bitcoin and held it, that amount of BTC today would be worth nearly half a billion dollars ($473M), a 10,000% ROI.”

This assertion follows a surge in institutional interest in BTC as a viable asset class. According to recent insights from BlackRock, the world’s largest asset manager, there has been a noticeable increase in Bitcoin ETF investors, which now includes entities like sovereign wealth funds and pensions.

Additionally, Ammon cites Manuel Nordeste, Fidelity’s Vice President of Digital Assets, who recently highlighted the growing trend among major pension funds and big banks towards spot Bitcoin ETF allocations, driven by an escalating interest in the digital asset market. “25% of pension managers present at a recent panel personally owned digital assets. If just 1% of state pension AUM ($5.5T) flowed into BTC, it would dwarf mining revenue, leading to a supply shortage relative to demand and a price increase for Bitcoin,” Ammon stated.

Reflecting on the potential future impacts, Ammon also referred to a prediction by Cathie Wood, CEO of Ark Invest, who has forecasted a significant rise in Bitcoin’s value. Wood speculates that Bitcoin could reach $3.8 million per unit by 2030 if institutional investors allocate more than 5% of their portfolios to the cryptocurrency.

Utilizing this prediction, Ammon extrapolated potential returns for New Hampshire, “If NH invested 5% ($14.5M) of its $290M rainy day fund balance into a Bitcoin ETF at today’s prices and held it until 2030, it would be valued at nearly one billion dollars ($900M), a 6,200% ROI.”

The implications of such investments extend beyond mere speculative gains. New Hampshire faces outstanding liabilities totaling approximately $1.45 billion, including $1.25 billion to the state pension system and around $200 million in bonds.

Ammon argues that exploring alternative investments like Bitcoin could be a viable solution to these financial challenges, suggesting, “How could we climb out of that hole? The answer may be staring us in the face, and it’s worthy of further investigation.”

Reactions from the BTC community and financial experts were prompt. James Lavish, a noted Bitcoin authority, underscored the importance of this consideration from a fiduciary responsibility perspective.

He remarked, “The simple answer is yes. A more involved answer is: To not at least investigate a possible allocation in Bitcoin would be a breach of fiduciary duty, considering the alarming deficit levels and exponentially expanding federal debt.”

Dennis Porter, CEO and co-founder of Satoshi Act, a non-profit advocating for Bitcoin mining in the USA, succinctly supported the notion with, “You know my answer.”

Ammon’s proposal underscores the growing politicization of Bitcoin in the US, highlighting a shift towards crypto becoming a significant electoral issue. This trend is further evidenced by former US President Donald Trump’s recent pivot towards a pro-BTC and crypto stance, aiming to leverage this position in his bid to return to the White House.

Trump’s change of heart marks a notable development, reflecting the increasing relevance of crypto in political strategies and national economic discussions.

At press time, BTC traded at $62,799.

As the debate over cryptocurrency regulation continues, former advisor to the Ethereum network Steven Nerayoff has become a public voice criticizing the approach taken by the United States Securities and Exchange Commission (SEC) towards crypto, especially under the leadership of the agency’s Chairman Gary Gensler. N

erayoff’s criticism goes beyond regulatory policy to consider the wider ramifications for the cryptocurrency market, citing the harm done by Gensler and Joseph Lubin, the co-founder of Ethereum.

Impact On Crypto From Bad Actors

Ethereum‘s security status has been a significant discussion in the crypto industry with the SEC planning enforcement proceedings to regulate ETH as a security. However, the former ETH advisor Steven Nerayoff believes the industry is not at odds with Ethereum, but rather with Joseph Lubin and other negative actors, particularly the SEC chair Gary Gensler.

According to Nerayoff, the Ethereum co-founder and other bad actors have seriously damaged the crypto sector with their actions over time. As a result, crypto’s total market capitalization has declined, hindering ecosystem expansion and defrauding the public of hundreds of billions, possibly trillions of dollars.

He explained that by putting their financial gain ahead of the creation of dApps and true value, the market cap has seen lesser growth in comparison to what Nerayoff had anticipated. “It is clear that if not for them, the market cap could easily be 10x or more of its current value,” he stated.

Nerayoff claims Lubin is the height of ambiguity and uncertainty, trying to play a victim card despite his litigation against the SEC regarding Ethereum and his response to the Commission’s questions concerning MetaMask.

Last month, the SEC filed a Wells Notice to Consensys while mainly aiming at its MetaMask wallet service, indicating a potential regulatory dispute. Lubin, responding to the SEC’s move, claimed that the agency is pursuing a strategic series of enforcement actions instead of having transparent rules and open communication, thereby endangering the crypto landscape.

However, Nerayoff, dissatisfied with Lubin’s response, thinks it is nothing more than a devious scheme from the ETH co-founder, carried out in concert with Gary Gensler and the SEC. 

He further stated that it is evident that Lubin is afraid of his failure and the evidence is there. “From securities fraud to market manipulation, colluding with foreign governments and US government agencies, he has done it all,” Nerayoff stated. These actions, according to Narayoff, committed by Lubin could potentially send him to prison for a long time.

Need For Regulatory Transparency And Growth

Given the negative impact caused by these bad actors over the years, Nerayoff has stressed the need for appropriate supervision and clarity, which are vital for the development of the crypto landscape.

The Ethereum former advisor noted that investors have been harmed due to these wrong actions, and it is only proper that these dishonest people should be brought to justice. “It is time to demand transparency, the industry deserves better than what these bad actors have given it, and it is time to take action to ensure that crypto thrives for the better,” he added.

David Bailey, CEO of Bitcoin Magazine, has publicly announced his collaboration with Donald Trump’s campaign to forge a crypto-friendly agenda, potentially shaping future US policy on digital assets. Using the social media platform X, Bailey detailed his direct involvement in crafting a strategic vision for BTC and other cryptocurrencies under a potential Trump administration

A $100 million War Chest For Bitcoin

Bailey announced, “For the past month we have been working with the Trump campaign to develop their Bitcoin and crypto policy agenda. We proposed a comprehensive executive order for President Trump to sign on day 1.” This executive order is expected to lay the groundwork for a more crypto-friendly regulatory environment, reflecting the campaign’s strategic approach to digital assets.

Bailey also emphasized the campaign’s commitment, stating, “We intend to raise a $100 million war chest for the campaign to ensure the next President of the United States is pro Bitcoin.”

This development follows Trump’s recent remarks at the Trump Cards NFT Gala, where he criticized the current administration’s stance on cryptocurrencies. Trump quipped, “[Biden] has no idea. But look, [he’s] very much against it. The Democrats are very much against it.” He further aligned himself with pro-crypto sentiments, indicating, “If you like crypto in any form, and it comes in a lot of different forms, if you’re in favor of crypto, you better vote for me.”

The announcement by Bailey sparked diverse reactions within the crypto community. Sweep (@0xSweep), a well-known crypto influencer, commented, “Bitcoin doesn’t need Trump. Trump needs Bitcoin.” Bailey responded by emphasizing the mutual benefits of this alliance, suggesting a strategic partnership rather than a one-sided dependency.

Bailey elaborated on the potential impact of a pro-BTC presidency, stating, “As Bitcoin’s trajectory becomes undeniable this cycle, the establishment is going to fight us tooth and nail. A pro-Bitcoin presidency buys us 4 years of status quo at a minimum (maybe more).” This perspective highlights the critical window of opportunity for the Bitcoin and crypto community to solidify its position within the US financial system.

Addressing the political nuances, Bailey asserted, “Bitcoin is not a partisan issue, it’s apolitical. However, we will mobilize to defend ourselves.” He clarified that the community’s support is more about opposing the current administration rather than an outright endorsement of Trump, saying, “We’re not voting for Trump per se, we’re voting against Biden. The only person to blame for that is Biden.”

Bailey also made a bold statement about the community’s political influence: “It’s time for Bitcoin to elect the next President of the United States.” This statement underscores the increasing recognition and potential clout of digital currencies in US electoral politics.

The dialogue between Trump, Bailey, and the broader cryptocurrency community suggests a significant shift in the political landscape concerning digital assets. As the US presidential election approaches, the BTC policies of candidates could become a pivotal issue for winning the election, influencing not only the future of regulatory landscapes but also the broader acceptance and integration of digital currencies in the US economy.

At press time, BTC traded at $60,896.

Solana has seen its price struggling to return to bullish levels for the past month. Solana previously reached $208 on March 18 after a strong price uptick spanning over five months. However, this cross over $200 was very brief as Solana dipped to $167 before reversing and reaching $203 again on April 1.

Again, this cross over $200 was also brief and Solana has been on a downfall since then. Interestingly, the recent price level has put Solana on a 30% correction in the past six weeks. While this is a hard crash, Solana is now looking prime to resume its uptrend, with indicators now flashing bullish.

Solana To Regain Bullish Momentum?

Solana’s parabolic price rise from October 2023 to April 2024 led to an overheated market that was bound to correct. This rise was mostly exacerbated by the surge in popularity of Solana meme coins and the general bullish crypto market greed spearheaded by Bitcoin.

This uptick saw Solana briefly overtaking BNB in market cap rankings after fully displacing XRP and ADA. However, as the greed flipped to caution, Solana started to correct with the rest of the market.

Solana dipped to a low of $120 on May 1 with the bulls defending this price support. According to a crypto analyst known pseudonymously as Inmortal, this was the last major price correction for Solana in the current market cycle.

As a result, Solana now finds itself ranging around a minor support at $140. Per a SOL chart shared by Inmortal on social media, the crypto is now ready to march to a fresh all-time high of $320.

Last dip ever$SOL pic.twitter.com/SDfxYCT6EC

— Inmortal (@inmortalcrypto) May 5, 2024

Inmortal is not the only analyst predicting a bullish Solana move. Analysts Maximilian FX and Orson Fawley also believe Solana is ready to beat the $200 price mark again.

Price Levels To Watch For Solana’s Next Move

At the time of writing, Solana is trading at $145, down over 30% from its yearly high of $208. After such a sharp drop Solana has created some key price levels to watch during its next big move. The first notable price resistance is at $158.

If Solana can break back above $160, it may signal the correction is over and the uptrend has resumed. Other resistance levels on the journey to $200 are around $175 and $185. On the other hand, a drop below $140 risks a move toward the next major support level at $120. 

Although the overall crypto market sentiment is currently neutral, the environment remains favorable for a SOL price recovery.

Featured image from melanciadesign.com, chart from TradingView

Ethereum users are rejoicing over a dramatic drop in gas fees, with the network experiencing its lowest point since early 2020. This translates into significantly cheaper transactions, making the platform more accessible for everyday users and developers. However, experts caution that this fee fiesta might be temporary, raising questions about the long-term health of the network.

Ethereum Gas Prices Hit Rock Bottom

Data from from BitInfoCharts shows intraday gas fees dropping 93% from the peak of $30 just six months ago. This translates to a significant cost reduction for various activities on the Ethereum blockchain. Simple asset swaps now cost around $5, while minting NFTs has become a much more affordable endeavor at roughly $9.

This newfound affordability is attributed to a confluence of factors. The recent Cancun-Deneb upgrade is believed to have played a role in optimizing network efficiency. Additionally, a general downturn in network activity coincides with a calmer period in the broader cryptocurrency market.

A Boon For Users, But A Challenge For Miners

While users are celebrating the lower fees, concerns linger about the long-term sustainability of this trend. The near-zero “blob fee” suggests a lack of demand for block space, raising the specter of future congestion and fee spikes. Additionally, lower fees could negatively impact the profitability of miners who secure the Ethereum network.

According to analysts, this situation is a double-edged sword. While lower fees are great for users, they could make it more economical for large players to dominate block space, hindering decentralization.

The Quest For Scalability: Enter Multi-Dimensional Gas

The recent gas fee developments highlight the ongoing struggle to optimize Ethereum’s scalability and affordability. In response to these challenges, Vitalik Buterin, the platform’s founder, has proposed a significant upgrade introducing the concept of “multi-dimensional gas.”

This upgrade aims to provide Ethereum with greater flexibility in managing various resources. By taking a more nuanced approach to resource allocation, the network could potentially improve transaction throughput without compromising security.

A Look Ahead: Will Ethereum Maintain Its Momentum?

The dramatic drop in gas fees serves as a welcome respite for Ethereum users. However, the long-term viability of these low fees remains uncertain. The network’s ability to handle future surges in demand and maintain a healthy balance between user experience, miner profitability, and decentralization will be crucial for its continued success.

The proposed multi-dimensional gas mechanism embodies the ongoing efforts to address these challenges. As the Ethereum ecosystem continues to evolve, its ability to adapt and innovate will determine its position in the ever-changing landscape of blockchain technology.

Featured image from AutoDeal, chart from TradingView

Crypto analyst Rekt Capital has dropped a peculiar analysis on when Bitcoin might resume its upward trajectory. According to a post on social media platform X by the popular analyst, Bitcoin could finally exit the “danger zone” in the next two days.

This prediction has come amidst speculations on when and whether Bitcoin would continue a price surge as current price action shows the crypto is now ranging around the $68,000 price level.

Bitcoin Exiting Danger Zone: What Does This Mean?

Bitcoin has been subject to various price outlooks from different crypto analysts in the past few weeks, especially after the recent completion of the halving. While some analysts are predicting a price drop to as low as $52,000, others are still bullish. Rekt Capital’s recent outlook regarding the cryptocurrency puts him among the latter category of analysts who remain bullish.

Rekt Capital’s bullish prognosis regarding Bitcoin seems to be very intriguing, as he’s going by a peculiar term which he called the danger zone. His outlook on the danger zone is based on Bitcoin’s price action in 2016. The cryptocurrency, in his opinion, is currently mirroring its price movement in 2016. 

As he noted in a BTCUSD one-week time frame chart, Bitcoin has largely been in a correction phase after the halving, which he called the re-accumulation range. However, Bitcoin created a wick that extended below the low of the re-accumulation range just like it did in a three-week window after the 2016 halving.

This wick extension refers particularly to Bitcoin’s break below the $60,000 price level early last week as it extended to the $56,000 price mark. According to him, the extension of this week means that Bitcoin has satisfied the Post-Halving danger zone and it could end in just the next two days.

#BTC

Bitcoin indeed downside wicked below the Re-Accumulation Range Low just like in 2016

Thus price-wise, the Post-Halving “Danger Zone” purple has been satisfied

Time-wise however, the “Danger Zone” officially ends in 2 days$BTC #Crypto #Bitcoin https://t.co/5GHCnZrmB1 pic.twitter.com/Qnx9zAevAy

— Rekt Capital (@rektcapital) May 11, 2024

Undoubtedly, Bitcoin’s breakout above this zone means it is now free from a strong move to the downside. From this point, all the roads lead to a price uptick if it continues to mirror the 2016 price action. Although Rekt Capital did not give a particular price target, his chart analysis indicates Bitcoin surging above $180,000, representing a 200% increase from the current price level.

What’s Next For Bitcoin?

At the time of writing, Bitcoin was trading at $60,728 and is down by 4.7% in the past seven days. The crypto is yet to return to the $70,000 price level since early April. It appears as if the supply and demand effect of the halving has yet to be factored into the price of BTC.

Historically, Bitcoin has experienced price surges between six to nine months after past halvings. This means the cryptocurrency could still continue to dilly-dally around $60,000 for some time, giving investors more time to accumulate before a strong price increase. 

Featured image from www.projectmasam.com, chart from TradingView

According to the latest report, the United States Department of Justice (DOJ) has granted the three-year monitorship of Binance to consulting firm Forensic Risk Alliance (FRA). This appointment is part of the exchange’s plea deal with the Justice Department last year.

In November 2023, Binance entered into a plea deal with the DOJ related to money laundering violations, agreeing to pay $4.3 billion in fines and appoint an independent compliance monitor. The company’s co-founder Changpeng “CZ” Zhao also agreed to step down as CEO as part of the deal and was recently sentenced to four months in jail.

Here’s Why DOJ Chose FRA Over Sullivan & Cromwell

Citing anonymous sources, Bloomberg recently reported that Forensic Risk Alliance was given the nod ahead of Wall Street law firm Sullivan & Cromwell to act as an independent monitor for Binance Holdings Ltd. A monitor is tasked with evaluating a company’s practices to eliminate misconduct and establish an effective ethics and compliance program.

Hence, if there is any truth in the latest revelations, London-based FRA will likely be able to access Binance’s internal records and documents, while ensuring that the exchange complies with the plea agreement over three years.

According to the report, New York-based Sullivan & Cromwell (S&C) was one of the front-runners for the monitor role. However, it appears that the controversy swirling around the law firm over its work for the now-defunct FTX exchange might have influenced the DOJ’s decision to go for FRA instead.

As Bitcoinist reported in February, FTX creditors launched a class action lawsuit against Sullivan & Cromwell, accusing the law firm of being complicit in the exchange’s collapse. FTX’s new management has always defended S&C while touting its recovery efforts for the company.

On Wednesday, May 8, FTX announced that its customers would be fully reimbursed for their losses due to the collapse. 

Binance To Pay $4 Million In Canada Due To Compliance Issues

Besides the United States, Binance has been facing significant pressure from regulatory bodies in other countries. Most recently, the world’s largest cryptocurrency exchange was fined $4.4 million (C$6 million) by Canada’s financial regulator, FINTRAC.

FINTRAC charged Binance for failure to comply with money-laundering protections. As reported by Bitcoinist, the company failed to register with the Canadian financial regulator and report large virtual currency transactions.

While Binance’s regulatory woes continue to mount, the exchange has maintained that it is committed to increasing compliance. The recent establishment of the company’s first-ever board of directors appears like a move in this direction.

The US Securities and Exchange Commission (SEC) has filed a countermotion against Coinbase’s rulemaking petition for the crypto industry. In a brief submitted on May 10, the US regulator argues against Coinbase’s request stating there is no need for creating a regulatory framework for crypto assets in place of existing US securities laws.

Coinbase Rulemaking Request Without Cause – SEC

In July 2021, Coinbase filed a request with the SEC demanding they conduct rulemaking to establish a new set of regulations to guide the use and operations of cryptocurrencies. The SEC denied this request stating that the existing securities laws were sufficient for the crypto markets among other reasons. 

This action prompted the American exchange to file a petition with the US Third Court of Appeals seeking an order that forces the Commission to undertake the requested rulemaking. In response, the US regulators have approached the US court stating there are no current conditions that require the formation of this new regulatory framework. 

In supporting its case against Coinbase, the SEC stated that its application of the existing security regulations has occurred for decades and cannot be categorized as a “sweeping new authority”. The Commission also said that it has never changed its stance on its authority over crypto assets, thus creating new regulations was unnecessary. 

Furthermore, the US regulators argued that its law enforcement actions against crypto-related businesses do not demand a rulemaking process but rather validate the effectiveness of the current securities laws. 

A statement from the brief read:

That the Commission has brought crypto-asset-security-related enforcement actions does not require the Commission to grant the rulemaking petition. To the contrary, in authorizing those enforcement actions, the Commission necessarily determined that the agency could assert claims under existing law. And the courts presiding over those cases have agreed, an objective judicial assessment that cannot be squared with Coinbase’s protestations that those enforcement actions are an unauthorized “power grab” and an act of agency “self-aggrandizement.”

In addition to this, they countered Coinbase’s claim of not getting a “reasonable explanation” for the denial of the rulemaking petition as they provided the exchange a “brief statement” on the subject matter.

Crypto Market Overview

In other news, the total crypto market gained by 0.19% in the last day and is now valued at $2.25 trillion. Most major assets recorded only slight gains across the board with Solana (SOL) and Binance Coin (BNB) leading with gains in the 1% margin. Meanwhile, Bitcoin, the market leader, continues to trade at $60,980.5, following a disappointing decline in which it fell by 3.71%. 

Sam Bankman-Fried (SBF), the once-revered wunderkind of the cryptocurrency world, has traded his penthouse for a prison dorm. Following his conviction for orchestrating a multi-billion dollar fraud at FTX, Bankman-Fried is facing a harsh reality far removed from his former life of luxury.

SBF Subsists On Rice And Retro Games

A recent interview conducted within the walls of the Metropolitan Detention Center (MDC) Brooklyn paints a stark picture of SBF’s new normal. Gone are the days of lavish meals and bespoke suits.

Here, he shares a dormitory with 35 fellow inmates, surviving on a diet primarily of rice and beans procured from the prison commissary – a place where bartering skills are just as valuable as cash.

In his first jailhouse interview with Puck News, the 32-year-old fallen crypto king stated that rice “has become one of the currencies of the realm within MDC.”

While the interview depicts the former billionaire attempting to adjust by watching movies and playing video games, the shadows of his past and the uncertainties of his future loom large.

First photo of Sam Bankman-Fried in jail at MDC Brooklyn. (December 17, 2023) pic.twitter.com/QlENjjmeQG

— Tiffany Fong (@TiffanyFong_) February 20, 2024

Sam Bankman-Fried Blames Market Forces, Not Fraud

Despite his conviction, Sam Bankman-Fried maintains his innocence. He blames a combination of unfortunate market conditions and “poor legal advice” for the catastrophic collapse of FTX.

In his narrative, the company’s downfall was a tragic consequence of a liquidity crisis, exacerbated by a bank run and the machinations of competitors. He asserts his belief that FTX could have been saved had he remained at the helm.

The interview also reveals a hint of finger-pointing towards Caroline Ellison, his former romantic partner and co-conspirator at Alameda Research. SBF claims he reluctantly placed her in charge due to pressure from lawyers concerned about conflicts of interest. However, he maintains he was unaware of any illegal activity taking place.

Sam Bankman-Fried Appeals Conviction, Vowing To Clear His Name

SBF isn’t going down without a fight. The 25-year prison sentence he received is far from the end of the story. His legal team is currently preparing an appeal, arguing the conviction was based on an incomplete picture and a rushed bankruptcy process.

They point fingers at Sullivan & Cromwell, FTX’s former legal counsel, alleging undue influence and a role in unfairly targeting Sam Bankman-Fried. Only time will tell if these appeals will succeed, but it’s clear SBF is determined to clear his name.

The Fallout From FTX: A Crypto Winter And Regulatory Chill

The ripple effects of FTX’s collapse continue to reverberate throughout the cryptocurrency industry. The exchange is currently auctioning off assets in a desperate attempt to repay creditors and users who lost millions in the fallout.

FTX’s once-bright future has been overshadowed by accusations of fraud and mismanagement, leaving investors wary and the entire crypto market facing a period of uncertainty.

Furthermore, the FTX debacle has triggered a global wave of regulatory scrutiny. Governments worldwide are scrambling to implement stricter frameworks to prevent similar disasters from happening again.

Featured image from Bankless, chart from TradingView

The Shiba Inu community has been abuzz with excitement following a groundbreaking announcement by the SHIB team. For the first time in history, community members will interact with the team behind the meme coin’s social media account. This event will feature updates on the ecosystem’s ongoing developments and offer insights into Shiba Inu’s early days.

SHIB Unleashes Epic Event For Community

On May 9, the Shiba Inu team initiated a momentous event following an announcement which extended a warm invitation to all Shib army members on X (formerly Twitter).

In the post, the team disclosed that it would be orchestrating an exclusive event where the mysterious individual behind the popular Shib Token X account, with over 3.8 million followers, will share stories about Shiba Inu from its developmental stages alongside stories about its anonymous creator, Ryoshi.

This special event marks a historic moment in the Shiba Inu ecosystem, as it signals the first time the individual behind the Shib Token X account would be venturing into Twitter spaces to address community members. 

Additionally, the event comes as a major step in the Shiba Inu community, as it could establish new avenues for communication, engagement and collaboration within the ecosystem. Moreover, it would foster transparency within the community, allowing members to have a closer connection to the Shib team. 

Speaking at the event, K9 Finance Decentralized Autonomous Organization (DAO), Shib’s partner and a validator of the Shibarium network, revealed that it would be hosting the voice chat.

While extending invitations to other prominent SHIB members to join the X space, the host introduced the main attraction of the event, the speaker behind the Shib token account. 

The whole event primarily featured a question and answer session centered on the individual behind the Shib token account. When asked how he ventured into Shiba Inu, the SHIB token speaker revealed encountering Ryoshi via Telegram. This connection occurred when the Shiba Inu creator was seeking someone with web development skills. 

Offering his expertise as a web developer to Ryoshi, the Shib Token speaker disclosed that he had played a vital role in developing the Shiba Inu community via Telegram and X. Additionally he revealed that from the onset with Ryoshi, Shiba Inu had embraced a community-centric approach, striving to unite millions of people under one innovative crypto project. 

He also unveiled that a pivotal moment within the Shiba Inu ecosystem occurred when SpaceX and Tesla Chief Executive Officer (CEO), Elon Musk tweeted about Dogecoin. The Shib token speaker disclosed that after Musk’s tweet, Shiba Inu had garnered substantial recognition, especially since it had been dubbed the “Dogecoin Killer.”

Shibarium: A Long Way To Go

When asked about his assessment of the current state of the Shibarium ecosystem and whether it is developing to the expectations of Ryoshi. 

The Shib token speaker disclosed that Shibarium has achieved significant milestones, especially in terms of community engagement and development. However, he emphasized that Shibarium was still in its early stages and still had a long way to go before reaching its full potential. 

He also commended the ongoing projects and progress the network has made, driven by the dedication and efforts of developers and builders within the ecosystem. 

Featured image from Reddit, chart from TradingView

Dogecoin now finds its current price movement moving with a peculiar lack of action. In this case, the lack of action points to low volatility, especially in the last few days. Notably, on-chain data from IntoTheBlock has revealed that the crypto is now at its lowest point in the last 30 days.

In the crypto world, low volatility typically means lower interest from short-term speculators and traders, which in turn could lead to DOGE trading in a sideways movement in the short term.

Volatility Points To Stagnant Price Action

At the time of writing, DOGE is trading at $0.1430 and is down by 5.22% in the past 24 hours. This decline has seen the meme coin reversing some of its gains earlier in the week. Interestingly, this reversal and failure to keep up its price gains means DOGE has largely bounced between the upper end of $0.172 and the lower end of $0.12 since the middle of April.

According to the data from IntoTheBlock, this sideways movement can be attributed to a lack of volatility from the meme coin. 

DOGE’s price action is primarily influenced by a limited number of factors, given its meme coin status and lack of a clearly defined real-world utility. One of these factors involves the movements of whales, while another is the increased demand fueled by trader hype. This surge in demand, in turn, leads to heightened volatility and a quick increase in prices. 

On the other hand, when a crypto like Dogecoin experiences a period of low volatility, it usually means the price isn’t moving up or down very much.

In other words, the market has temporarily reached an equilibrium. During these lulls, the Dogecoin price tends to move sideways, trading within a narrow range. The low volatility indicates a lack of strong sentiment in either direction. Neither the bulls nor the bears have taken control, so the market is indecisive.

What’s Next For DOGE?

At the time of writing, DOGE could continue trading around the $0.14 price level in the coming days. The crypto is also at risk of revising $0.12 at the downside if the $0.14 support level fails to hold. However, DOGE is still one of the largest cryptocurrencies by market cap, meaning this period of low volatility could end as soon as it began. 

A factor that could return bullish momentum is the recent reports of Tesla adding Dogecoin as a payment method according to a FAQs section on the company’s official website.

The lackluster action presents a good opportunity for Dogecoin traders to load up their holdings while anticipating a price increase in the longer term.

Featured image from Pinterest, chart from TradingView

Crypto founder Matthew Dixon has made a bullish case for XRP, highlighting the factor that will cause the crypto token to experience that parabolic rise. A price rally for the crypto token looks well overdue, considering how it has continued to lag behind the broader crypto market. 

This Event Will Awaken The “Sleeping Giant” XRP

Dixon, the Chief Executive Officer (CEO) of the crypto ratings platform Evai, mentioned in an X post that a weaker consumer price index (CPI) data next week “should awaken the sleeping giant and propel XRP higher.”

There is the feeling that the CPI inflation data, set to be released on May 15th, could come in lower than expected, which Dixon believes will be positive for XRP’s price. 

This is because lower-than-expected inflation data suggests that inflation in the US is cooling off. If so, the Fed could become open to lowering interest rates, which is good for crypto assets like XRP, as investors will be more willing to invest in risk assets when interest rates are lower. 

Dixon is known to be an ardent supporter of XRP and has continued to show optimism that XRP’s current impressive price action will soon be a thing of the past.

From the chart he shared, the crypto founder hinted at XRP rising to around $0.62 when it makes a price rally. However, other crypto analysts have given more bullish predictions for XRP in the short term. 

One is crypto analyst Jonathan Carter, who recently predicted that XRP could rise as high as $1.68 soon enough. Unlike Dixon, Carter came from a technical analysis perspective, noting a symmetrical triangle formed on XRP’s chart. He claimed a successful breakout above the triangle could send XRP’s price to $1.68. 

Meanwhile, crypto analyst Egrag Crypto predicted that XRP could rise to a new all-time high (ATH) soon enough, stating that a significant pump to $5.89 was on the cards. 

XRP Will Eventually Make That Parabolic Breakout 

Egrag mentioned in an X (formerly Twitter) post that XRP bulls will ultimately emerge victorious in their fight against the bears. He made this statement while revealing that there have been two bullish candles and two bearish candles (on the weekly charts) since XRP experienced a price dump on April 8th. Egrag further claimed that a weekly close above $0.57 is bullish, while a close below $0.50 is bearish and “could break the structure.”

Whatever happens, the crypto analyst is confident that XRP will eventually make that parabolic breakout. Most of Egrag’s followers also seem confident about that happening, as over 60% of the people who participated in a poll Egrag put out voted yes in support of the idea that XRP will not miss out on this bull run.  

Featured image from 4-Star Electric Ltd, chart from TradingView