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Dogecoin Price Eyes Fresh Recovery As Whales Load Up 2.07 Billion DOGE In One Week

bitcoinist.com - 57 min 8 sec ago

The Dogecoin price could soon witness another price rally following a recent accumulation trend from crypto whales. Onchain data shows that these whales have bought billions of DOGE tokens in the last week, which could trigger a price surge for the foremost meme coin. 

Dogecoin Price Could Rally As Whales Buy Over 2 Billion DOGE

The Dogecoin price could surge as whales have bought 2.07 billion DOGE tokens in the last week. Data from the market intelligence platform IntoTheBlock shows this was the large holder’s netflow over the seven days. This netflow refers to the difference in how much these Dogecoin whales withdrew from exchanges and how much they transferred to exchanges. 

Interestingly, Bitcoinist reported that these Dogecoin whales bought over 1 billion DOGE tokens ($108 million) in under 24 hours, further highlighting the pace at which they have accumulated the foremost meme coin. This accumulation trend among these whales is undoubtedly bullish for the Dogecoin price, as it could trigger a rally for the meme coin. 

Crypto analyst Ali Martinez also indicated that the price rally is imminent, considering how these whales want to gain exposure to the foremost meme coin. He stated that the number of large transactions on the network continues to rise, suggesting that institutional players and DOGE whales are positioning themselves for a potential upside move. 

These investors will hope that the next Dogecoin price recovery will kickstart the meme coin’s bull, considering that DOGE has so far lagged behind the broader crypto market, including other meme coins. Although DOGE boasts a year-to-date (YTD) gain of over 21%, it is nothing compared to the price gains that other leading meme coins like Pepe (PEPE) and Dogwifhat (WIF) have recorded. 

Other Factors That Could Affect A Price Recovery

External factors like the macro side could affect a Dogecoin price recovery. Bitcoinist reported that the meme coin’s price crashed recently due to market uncertainty caused by the recent US job report, geopolitical tensions and the upcoming US presidential elections. Therefore, these factors could hinder any price rally for Dogecoin until investors are confident about how these events could play out. 

On the macro side, the US Consumer Price Index (CPI) inflation data set to be released on October 10 will guide these investors on whether to allocate more capital to risk assets like Dogecoin. This data could determine whether the US Fed will cut interest rates by 50 basis points (bps) at its November FOMC meeting

A 50 bps rate cut provides a bullish outlook for Dogecoin. It will increase investors’ risk appetite and boost their confidence in investing in crypto assets like DOGE. 

At the time of writing, the Dogecoin price is trading at around $0.1092, up almost 2% in the last 24 hours, according to data from CoinMarketCap. 

Coinbase Sounds The Alarm: Gen Z Targeted By Crypto Scams

bitcoinist.com - 1 hour 57 min ago

Coinbase is warning of a concerning trend: Gen Z is becoming more susceptible to online fraudsters. The cryptocurrency exchange published a blog post on October 8 that identified four significant threats that youthful users should be cognizant of. These consist of recovery schemes, phony websites, romance scams, and social media fraud.

Coinbase cautioned that because of the increased growth of digital currencies, users are liable for their assets as such do not enjoy any protection like that of a traditional financial system.

Lately, social media scams have started to rise, targeting unsuspecting people, especially those with little knowledge about crypto. Ironically, even those who’ve been dealing with cryptocurrencies still fall for the trap.

Coinbase: Beware Of The Trap

Some of the most serious risks come through social media platforms such as TikTok and Instagram, according to Coinbase. The users are encountering the fraudsters masquerading as popular celebrities or through other fake profiles where they establish contact with naive users before going on to swindle them. They provide attractive investment opportunities that turn out to be fraudulent.

For example, scammers in Vietnam recently offered a fake online romantic relationship. This led to the swindling of their victims of nearly $700,000. Coinbase warns users to remain vigilant for unsolicited messages that lead them to invest in cryptocurrency. The company also reminds its users to verify identities involved in any online connections.

The Perils Of Romance Scams

There is still another big problem: romance scams, which people sometimes call “pig butchering” in slang. In this type of scam, con artists get to know their victims on dating apps or social media sites in order to take advantage of their trust and make money.

An American citizen recently filed a complaint against these scams, which can be actually dangerous to the people who fall into them. They lost $2.1 million in Bitcoin after falling into a fraudulent crypto exchange website. Probably, the worst about these scams is their ability to play with emotional vulnerabilities under the guise of establishing genuine connections.

Combating Fraudulent Activities

The numbers are staggering: in 2023 alone, over 67,000 internet frauds were recorded, with a median loss of $3,800 per victim. Coinbase encourages customers to not only be on alert, but also to report questionable activity to law authorities and platforms like their own.

Raising awareness is critical for keeping people from falling victim to similar scams. As digital currency ownership among younger generations increases, so does the responsibility that comes with it.

Featured image from Pixabay, chart from TradingView

Bitcoin On-Chain Activity Heats Up: Active Addresses Count Sees Sudden Rebound

bitcoinist.com - Wed, 10/09/2024 - 23:00

Bitcoin might be having trouble initiating a major rally soon, however, investors’ interest in the flagship digital asset appears to be growing as the number of active addresses has begun to rise once again, indicating heightened engagement from both old and new investors.

Bitcoin Active Addresses Regains Steam

In a positive and significant development, the number of active Bitcoin addresses has rebounded sharply in light of ongoing market fluctuation, highlighting renewed interest and network activity. The chief crypto analyst at Real Vision, Jamie Coutts shared the development on the X (formerly Twitter) platform on Tuesday.

This resurgence in active BTC addresses comes after a lengthy downtrend, which lasted for about 11 months, signaling a possible shift in market dynamics. Following the surge, BTC’s price could be poised for an upward movement since it usually correlates with potential price movements. 

According to the expert, this indicator is still one of the most important base-level on-chain metrics, despite a decline in forecast accuracy during the last four years. Coutts further pointed out several factors that might have triggered the drop such as significant Exchange-Traded Fund (ETF) flows, rising usage of Layer 2 solutions like Lightening for payments, and modification of on-chain behavior due to the influence of Non-Fungible Tokens (NFTs), Ordinals, and others.

He also highlighted his anticipation about a 2x to 5x rise in the value of Bitcoin in the upcoming months, which will mark its all-time high for the ongoing cycle. While Coutts expects BTC to hit a new all-time high, he underlined that a corresponding breakout in active base chain addresses would surely confirm the valuation of the network. This is due to the fact that Bitcoin is a global monetary network, and its future is majorly dependent on its capability to exhibit organic network expansion and adoption across all metrics.

Overall, the end of this lengthy decline in active addresses may represent a turning point for BTC as it gathers traction while providing investors with optimism in light of market turbulence.

Is A New All-Time High For BTC On The Horizon?

Even though BTC has been consolidating for the past few months, several crypto analysts are confident that the crypto asset will hit a new peak soon. Crypto Bullet, a market expert, has underscored Bitcoin’s potential to reach a new all-time high in the short term, triggering optimism within the community.

The expert made the bold prediction based on the BTC Puell Multiple Indicator, which has reached the Green zone, suggesting the end of bear markets. As a result, Crypto Bullet believes that the next or final leg up for Bitcoin, possibly to a new peak, has begun.

Они любят биткоин больше остальных: топ-10 крупнейших держателей BTC

bits.media/ - Wed, 10/09/2024 - 21:52
Частным инвесторам, как правило, сложно стать обладателями большого количества биткоинов. Оно и не удивительно, ведь одна монета стоит больше $60 000. Поэтому крупнейшие держатели биткоина — это крупные компании.

Unmasking The Bitcoin Inventor: Why HBO’s Satoshi Reveal Falls Short

bitcoinist.com - Wed, 10/09/2024 - 21:30

In the new HBO documentary “Money Electric: The Bitcoin Mystery Documentary”, filmmaker Cullen Hobak posits that Peter Todd, a prominent Canadian Bitcoin core developer, is the elusive Bitcoin creator known as Satoshi Nakamoto. Despite the sensational claims, the evidence presented falls short of conclusive, leading to significant criticism from the BTC community.

Peter Todd, known for his substantial contributions to Bitcoin’s development post-2012, including the introduction of the replace-by-fee (RBF) protocol and work on OpenTimestamps, has been a prominent figure in the Bitcoin space. However, associating him with the creation of Bitcoin has raised eyebrows due to inconsistencies in timelines and the nature of the evidence presented.

Why Peter Todd Is Not The Bitcoin Inventor

The documentary builds its case around four main points:

#1 Use Of A Pseudonym For Credibility

HBO suggests that Todd adopted the Satoshi Nakamoto pseudonym to lend Bitcoin the necessary credibility during its inception. This claim is contentious, considering that in 2008, when the BTC whitepaper was published, Todd was completing a fine arts degree and had not yet entered the cryptography or computer science fields.

His involvement in Bitcoin did not begin until 2012, four years after its creation. There is no documented evidence of Todd participating in cryptographic discussions or projects prior to this period, making the assertion that he needed a pseudonym to be taken seriously implausible.

#2 A 2010 BitcoinTalk Post

A significant piece of evidence presented is a 2010 post on the BitcoinTalk forum, allegedly made from Todd’s account, which HBO interprets as Todd mistakenly posting as himself instead of under the Satoshi alias. Critics point out that the post in question appeared 13 hours after a message from Satoshi, diminishing the likelihood of it being an accidental account mix-up.

Furthermore, the content of the post does not exhibit any continuation of thought or style that would suggest it was inadvertently made by Satoshi while logged into Todd’s account. Instead, it appears as a standard interaction within the forum, consistent with the practices of users at the time.

#3 Replace-By-Fee Proposal As Pre-Planned

The documentary posits that Todd’s introduction of the RBF protocol in 2014 was premeditated and linked to Satoshi’s earlier work, insinuating that this was part of a long-term plan laid out by BTC’s creator.

Industry experts refute this, noting that RBF was one of many enhancements proposed to address Bitcoin’s scalability and transaction malleability issues, emerging from ongoing community discussions and research. There is no concrete evidence to suggest that RBF was envisioned during BTC’s initial development or that it serves as a hidden signature of Satoshi’s identity within Todd’s later contributions.

#4 Cryptic Message About Sacrificing Bitcoins

HBO highlights a message where Todd speaks about being an expert in “sacrificing coins,” interpreting it as an admission of destroying access to Satoshi’s estimated 1.1 million BTC holdings. This interpretation is widely criticized as a misrepresentation.

The context of Todd’s statement pertains to demonstrating blockchain integrity and experimenting with coin destruction to test network responses, a practice not uncommon among developers exploring the limits and functionalities of blockchain technology. The leap to conclude that this indicates he eliminated access to a massive fortune lacks substantiation.

Several experts from the BTC community have expressed skepticism and disapproval of the documentary’s conclusions. Pix (@PixOnChain), an advisor to Mintify and researcher at Jirasan, dissected HBO’s claims point by point on X (formerly Twitter).

Another popular X account, Pledditor (@Pledditor), highlights the irony in the documentary’s narrative, which initially suggests that revealing Satoshi’s identity could endanger his safety, only to proceed with accusing Todd without definitive proof. “That was one of the least compelling Satoshi Nakamoto identities I’ve ever seen,” Pledditor writes. He pointed out that the strongest piece of evidence—the supposed continuation of Satoshi’s thoughts by Todd on the forum—was not compelling and appeared to be Todd correcting Satoshi, a common practice in technical discussions.

Peter Todd himself responded to the documentary’s allegations, where he appeared unperturbed and somewhat amused by the claims. He remarked, “This is going to be very funny when you put this into the documentary and a bunch of bitcoiners watch it.”

At press time, BTC traded at $62,424.

Luxor Technology: Эфиопия может стать центром по добыче биткоина в Африке

bits.media/ - Wed, 10/09/2024 - 21:08
Эксперты компании Luxor Technology заявили, что Эфиопия может стать одним из центров развития индустрии майнинга — в стране уже задействовано 600 мегаватт мощностей для добычи первой криптовалюты.

XRP ETF Round 2: Canary Capital’s Latest Move In The US Market

bitcoinist.com - Wed, 10/09/2024 - 20:30

Crypto investment company Canary Capital has submitted an application for a second XRP exchange-traded fund (ETF) in the United States. This filing is consistent with Bitwise’s recent submission of a comparable application for a spot XRP ETF.

In light of the legal and regulatory uncertainty surrounding XRP, Canary’s decision to proceed with this ETF demonstrates a bold approach to the asset’s long-term potential.

Canary Capital submitted the S-1 filing Tuesday, which is a requirement for issuers to file to publicly offer new securities.

The Canary ETF is particularly ambitious as the legal and regulatory fate of XRP remains shrouded in doubt, indicating a firm conviction in the digital asset’s future role in the finance industry.

Canary Hops In: The 2nd ETF

The new Canary ETF comes just as the future of XRP in the US remains uncertain, owing to ongoing legal proceedings between Ripple Labs and the SEC. The case is the subject of a heated discussion on whether XRP should be classified as a security token.

Breaking: Canary Capital Files Second XRP ETF In the UShttps://t.co/6KVIDzKkOe

— John Morgan (@johnmorganFL) October 8, 2024

The legal outcome is seen as having a significant implication on Ripple and the greater crypto market as a measure of how other digital asset issuers will be treated. However, the filing by Canary is not made out of desperation. It is more than a wishful attempt to preserve the so-called fading purple dream.

Else, the increased possibility to secure the SEC’s backing represents a sign of a changed regulatory attitude towards crypto projects across the board.

XRP Growing Adoption

The ETF filing also underscores a broader trend of institutional interest in XRP. While enthusiasm for XRP is unabated within the crypto community, many institutional investors are looking for a reliable, regulated way to gain an exposure without needing to purchase, store, and secure it.

Canary Capital’s XRP ETF seeks to follow the CME CF Ripple index, therefore providing investors with a consistent price reference. This lets one avoid the complications of buying, storing, and safeguarding the asset while indirectly exposing oneself to the XRP market.

Clear Avenue For XRP Market

Canary Capital’s move is a bold one. Regardless of uncharted regulatory territory, XRP’s role in institutionalized finance is far from unknown. If the ETF is approved, it would give large investors a clear pathway to entry into the XRP market. It may also signal XRP’s entry into a new stage of maturity, based primarily on Ripple’s settlement and SEC’s attitude toward cryptos.

A the time of writing, XRP was trading at $0.53, up 0.5% on the 24-hour timeframe, and trading flat in the last week, data from CoinMarketCap shows.

Featured image from The Tech Report, chart from TradingView

Tether Celebrates 10 Years: CEO Paolo Ardoino Details Plans For The Future

bitcoinist.com - Wed, 10/09/2024 - 19:00

On Sunday, Tether, the issuing company behind the largest and most widely used stablecoin on the market USDT, marked a significant turning point by celebrating its 10th anniversary

In a recent interview with FOX Business, Tether’s CEO Paolo Ardoino addressed widespread criticism of the company’s alleged lack of transparency regarding its reserves and recent achievements and plans.

Tether’s Surveillance Task Force

Ardoino, who stepped into the CEO role in 2023 after serving as the company’s chief technology officer for six years, outlined Tether’s strategies for revitalizing its brand in the coming months. 

These efforts include forming partnerships with US law enforcement agencies and enhancing its collaboration with broker-dealer Cantor Fitzgerald and its CEO, Howard Lutnick

Ardoino highlighted that Tether now collaborates with over 180 law enforcement agencies across 45 jurisdictions, including the FBI and the Department of Justice (DOJ).

This collaboration with law enforcement has been significant, with the Department of Justice acknowledging Tether’s assistance in freezing illicit funds. Recently, Tether partnered with other crypto firms, including Tron and TRM Labs, to establish a surveillance task force to combat financial crime associated with USDT.

Ardoino noted that Tether has some 350 million users worldwide, many of whom live in developing countries where they use USDT as a hedge against “weak monetary systems and unstable currencies”: 

People are sick and tired of being subject to poor decisions from their governments in terms of monetary policies. We need to ensure our ecosystem remains safe so we can continue to help them.

Allegations Of Illicit Finance And Corruption

Despite this, Tether has faced persistent criticisms by regulators about its alleged involvement in illicit finance, including money laundering and ransomware payments. Allegations suggest that the company has enabled sanctioned countries, such as North Korea, Russia, and Iran, to avoid traditional financial systems, contributing to crime and terrorism. 

This summer, Tether became the target of a multimillion-dollar advertising campaign by the nonprofit group Consumers Research, which accused the company of corruption through digital billboards in Times Square and television ads.

Addressing these criticisms, Ardoino acknowledged that Tether has been “naïve in the past,” failing to adequately respond to concerns, pointing out that the company did not establish a public relations team until 2022 ,“I feel sad because it’s a misrepresentation of a technology and a company that is helping hundreds of millions of people,” he said.

As part of its efforts to combat illicit activities, Tether has blocked over $1.8 billion in USDT from more than 1,850 crypto wallets, coordinating closely with US agencies in 636 of these actions. 

Hopeful For Shifting Attitudes Toward Digital Assets

During the interview, Ardoino also expressed openness to an audit by one of the “Big Four” accounting firms in the US but pointed to the current regulatory environment as a barrier. 

The CEO highlighted the challenges posed by anti-crypto lawmakers, particularly mentioning Massachusetts Senator Elizabeth Warren, which complicates the ability of auditors to engage with crypto firms, especially those based outside the US.

Looking ahead, Ardoino is hopeful that the outcome of the upcoming US election in November will shift regulatory attitudes toward the digital asset market: 

When I was a kid, I remember how the US was king of every new technology and discovery. For the first time in history, the US has dropped the ball on probably one of the most revolutionary technologies of our time.

Featured image from DALL-E, chart from TradingView.com

Мэтт Хоуган: «Политики должны убраться с дороги биткоина»

bits.media/ - Wed, 10/09/2024 - 18:56
Инвестиционный директор компании Bitwise Мэтт Хоуган заявил, что политикам следует уйти с дороги биткоина, чтобы обеспечить его рост в долгосрочной перспективе.

Рассветы и закаты государственности, или Новая русская футурология

Сегодня на арене политического Колизея Радио АВРОРА — очередной опыт политической футурологии Что такое современное государство, и будет ли оно отмирать? Куда движется российское государство: к новому...

Власти Тайваня разрешат банкам оказывать услуги по хранению криптовалют в стране

bits.media/ - Wed, 10/09/2024 - 17:43
Комиссия по финансовому надзору Тайваня (FSC) намерена разрешить банкам и финансовым учреждениям страны оказывать услуги по хранению цифровых активов в экспериментальном режиме.

Toncoin (TON) Holders Cross 100 Million As Adoption Explodes 2,225%

bitcoinist.com - Wed, 10/09/2024 - 17:30

On-chain data shows the number of Toncoin holders has crossed the 100 million milestone following an acceleration in TON adoption.

Toncoin Holders Have Exploded 2,225% Since Start Of 2024

As explained by CryptoQuant community manager Maartunn in a new Quicktake post, the TON network has recently set a new record. The on-chain relevance metric here is the Holder Count, which measures the total number of addresses on a given blockchain that is currently carrying a non-zero balance.

When the value of this indicator rises, it means a net amount of unique addresses with a balance are showing up on the network. This could happen due to new users or old ones who sold before returning to the asset.

Existing investors also naturally contribute to the trend by opening up new addresses for privacy purposes. In general, all of these factors contribute to a degree at once, so some net adoption of the coin could be assumed to be taking place.

On the other hand, the metric going through a decline implies some holders have decided to clear out their wallets, potentially because they want to get away from the cryptocurrency.

Now, here is a chart that shows the trend in the Toncoin Holder Count over the last few years:

As displayed in the above graph, the Toncoin Holder Count had been steadily climbing in earlier years, but in 2024, the indicator’s value showed a sudden burst of acceleration.

At the start of the year, there were around 4.3 million unique addresses on the network that were holding some balance, and today, this number has grown beyond 100 million, which puts into perspective just how massive the holder increase has been.

Maartunn has noted that the growth has accelerated recently with the launch of major Telegram gaming tokens on the TON network, like Hamster Kombat.

“Whether you like TON as a cryptocurrency or network or not, TON is onboarding millions of users from the Telegram platform into the world of cryptocurrency,” says the analyst.

Historically, adoption has naturally been a constructive sign for cryptocurrency networks in the long term, as a wider user base provides a more sustainable foundation for future price moves to grow on.

Consistent adoption at least means that the blockchain can attract fresh attention, ensuring that it will remain relevant beyond the near term. Given the explosive growth Toncoin has witnessed, it may be well set in terms of this.

TON Price

Like the rest of the cryptocurrency market, Toncoin also kicked off this month of October with a price plunge, from which it has still not been able to recover as its value is trading around $5.19

Social Capital Market представил рейтинг дружественных к криптобизнесу стран

bits.media/ - Wed, 10/09/2024 - 17:26
Согласно новому исследованию, проведенному Social Capital Market, ведущими криптовалютными центрами мировой индустрии в этом году стали Дубай, Швейцария и Южная Корея.

Криптопроект WAP хип-хоп исполнительницы Cardi B подозревается в мошенничестве

bits.media/ - Wed, 10/09/2024 - 16:37
Запуск мемкоина WAP американской хип-хоп исполнительницы Cardi B вызвал подозрения со стороны специализирующихся на безопасности криптоэкспертов, которые связали адрес криптокошелька со схемами «rug pull».

Команда Hamster Kombat пообещала игрокам дополнительные бонусы

bits.media/ - Wed, 10/09/2024 - 16:22
В преддверии запуска второго сезона команда игры-тапалки Hamster Kombat объявила о дополнительных наградах для участников, решивших оставить токены HMSTR в игре.

Crypto Clash: Texas Residents Sue Marathon Digital Over ‘Unbearable’ Bitcoin Mining Noise

bitcoinist.com - Wed, 10/09/2024 - 16:00

A group of more than two dozen residents from Granbury, Texas, has filed a lawsuit against Marathon Digital Holdings, a major crypto miner firm, citing the excessive noise and vibrations from its local Bitcoin mining facility.

According to the residents, the crypto mining site, located near their homes, has caused significant disruptions to their daily lives, creating a nuisance that has resulted in severe health impacts, including fatigue, hearing loss, and headaches.

Details About The Lawsuit

The lawsuit, filed in Hood County Court, claims that the persistent noise from the mining facility has interfered with the resident’s ability to enjoy their homes, with vibrations and constant roaring from the cooling fans of the crypto mining machines running 24/7.

Earthjustice’s senior attorney, Rodrigo Cantú, emphasized that the noise pollution from the proof-of-work cryptocurrency mining process harms residents’ physical and mental health and is also detrimental to the surrounding environment.

Notably, cryptocurrency mining, particularly Bitcoin, involves an energy-intensive process known as proof-of-work, where tens of thousands of computers operate continuously to solve complex algorithms.

In Marathon Digital’s case, the noise from cooling fans that maintain optimal temperatures for the mining equipment has become a major issue for the local community.

Marathon’s crypto mining operations are based at the Wolf Hollow gas plant, a 1,115-megawatt facility near Granbury. In response to the lawsuit, Granbury resident Cheryl Shadden shared her experience, explaining that the 24/7 mining activities have also driven up local electricity. Shadden noted:

In such a short time, Bitcoin mining has completely altered our community, for the worse. The around-the-clock mining isn’t just driving up our electricity bills — it’s costing us our health.

Calls for Immediate Action And Long-Term Solutions

The lawsuit highlights the urgent need for solutions, with residents seeking measures to shut down the mining facility or drastically reduce the noise pollution. Shadden, for instance stated:

We feel trapped. Day and night, we are subjected to relentless noise that is physically harming us. We aren’t asking for much — just for Marathon to take responsibility and restore our peace and well-being.

The lawsuit, led by Earthjustice on behalf of the Citizens Concerned About Wolf Hollow, demands that Marathon Digital either mitigate the noise pollution or shut down its operations altogether.

Rodrigo Cantú, who is also one of Earthjustice’s legal team, noted:

Persistent exposure to this noise is detrimental for human health, animals, and the environment. Residents’ homes are no longer the refuge that they should be. Marathon must take immediate action to effectively mitigate their noise pollution or shut down operations altogether.

Additionally, the plaintiffs are seeking a permanent injunction against the mining facility to prevent further noise disturbances and compensation for damages, including higher electricity bills and decreased property values.

Featured image created with DALL-E, Chart from TradingView

Артур Хейс рассказал об условиях листинга токенов на централизованных криптобиржах

bits.media/ - Wed, 10/09/2024 - 15:23
Сооснователь криптовалютной биржи BitMEX в новом эссе под названием «PvP» затронул проблематику падения стоимости новых токенов на биржах, и рассказал об условиях листинга цифровых активов.

XRP Price Prediction: Ripple Expects More Hurdles from the SEC, Traders Hedge with this $0.03 Altcoin for 3,000% Profits

bitcoinist.com - Wed, 10/09/2024 - 15:00

The SEC filed a notice of appeal on October 2, challenging Judge Analisa Torres’s ruling that XRP is not a security. This appeal saw the XRP price tumble sharply, forcing Ripple traders to migrate to alternative investments. 

Amazingly, RCO Finance (RCOF), an upcoming Ethereum altcoin, has become the center of attraction after securing over $2.79 million in funding during its ongoing presale. 

Will the XRP price continue slumping, and will RCO Finance (RCOF) persist with its bullish trend? Let’s find out!

XRP Plunges 13% As Ripple’s Battle With SEC Takes New Turn 

The XRP price has performed dismally over the past week. On September 30, the XRP price was trading around $0.6223. Following a brief spike, the altcoin dived sharply on October 1 after reflecting the bearish trend in the Bitcoin (BTC) price, which saw the leading crypto revisit the $60,000 level. 

This downturn intensified after the SEC filed a notice of appeal on October 2 in its ongoing legal battle with Ripple. Specifically, the SEC challenged Judge Analisa Torres’ August 2023 ruling that XRP is not a security when sold to retail investors on exchanges. This news saw the XRP price trade as low as $0.5101 on October 3. 

By October 7, the XRP price had stabilized at around $0.5390. This price means the XRP price has shed 13% in a week. Moreover, the 24-hour Ripple trading volume has surged 76%, indicating investors are flocking to the market to dump XRP. Combined with the challenges from the SEC, this selling force might trigger more losses. 

RCOF: A Superb Presale Opportunity

As the SEC presents Ripple Labs with new challenges, XRP investors seek alternative investments to hedge against losses. Amazingly, RCOF has grabbed investor attention because of its utility as a base currency and governance token within the RCO Finance platform.

Also, RCOF has emerged as a top pick among Ripple investors because it is a safe investment. SolidProof, a top-tier blockchain security firm, verified that RCOF is safe to invest in by auditing the altcoin’s smart contract. 

This step helped boost investor confidence in this altcoin, explaining why it has secured $2.79 million in funding. 

As of October 7, RCOF was offering investors an opportunity to join its presale at $0.0344 during Stage 2. Investors who purchase RCOF at $0.0344 will enjoy tremendous returns when the altcoin attains its launch price of $0.4-$0.6. 

Also, experts expect RCOF to surge 3,000% by Q4 2024, outshining XRP’s 1,580% climb in Q4 2017. 

This forecast explains why Ripple investors are embracing this budding altcoin as the XRP price continues tumbling. 

RCO Finance Intrigues Investors With RWA Tokenization Abilities

Ripple investors are actively looking for to-of-the-line platforms to diversify their portfolios as the XRP price continues showcasing a weak outlook. 

This explains why RCO Finance, an up-and-coming DeFi platform that aims to simplify investing by democratizing access to professional investment management tools, has quickly gained popularity. 

RCO Finance has also caught investors’ attention with its AI-powered robo advisor. Investors are fascinated by the robo advisor because it uses machine learning and algorithms to offer custom investment recommendations based on personal risk profiles and financial goals. 

Investors can implement these recommendations into their investment plans to scale their profits while minimizing risk exposure. Amazingly, the robo advisor can trade automatically on behalf of investors. This automation enables the robo advisor to adjust investors’ portfolios in real-time, shielding against altcoin market crashes. 

Taking things a step further, the robo advisor provides investors with free tax and financial legal advice, helping them stay compliant as the robo advisor diversifies their portfolios with the over 120,000 crypto and TradFi assets RCO Finance supports. 

Besides its robo advisor, RCO Finance has attracted investors because of its revolutionary real-world (RWA) tokenization capabilities. RWA tokenization allows RCO Finance users to bolster their portfolios with illiquid assets like real estate, commodities, and art.

RCO Finance has also gained ground quickly because its non-KYC onboarding process significantly lowers the entry barriers. This approach also allows investors who prefer withholding personal details to maintain anonymity. 

These benefits explain why you should join Ripple investors in embracing RCO Finance to improve your chances of making lucrative trades. 

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Bitcoin Bullish Q4 Narrative Fueled By FTX Repayment Developments: Report

bitcoinist.com - Wed, 10/09/2024 - 14:30

According to a report by crypto research firm K33 Research, Bitcoin (BTC) price could benefit from the latest developments in the FTX bankruptcy saga.

FTX Creditor Payouts Could Be Bullish For Bitcoin

Analysts at K33 suggest that recent developments in the FTX estate creditor repayment process could help the leading digital asset maintain its bullish price momentum in Q4 2024.

Last week, escalating geopolitical tensions in the Middle East and stronger-than-expected US jobs data led to a slight pullback in Bitcoin. The flagship cryptocurrency dropped from $65,920 on September 28 to $60,200 on October 3, before recouping some losses over the weekend.

On October 7, Judge John Dorsey in the US Bankruptcy Court for the District of Delaware, approved the highly-anticipated FTX reorganization plan, which seeks to initiate creditor repayments nearly two years after the fall of the Bahamas-based crypto exchange.

Notably, nearly 94% of creditors in the “dotcom customer entitlement claims” class voted in favor of the reorganization plan. The plan’s only major criticism was Sunil Kavuri – a representative of the largest FTX creditor group. 

Kavuri called for the estate to pay out digital assets in kind, rather than their corresponding dollar value when FTX filed for bankruptcy in November 2022.

In the report, K33 analysts Vetle Lunde and David Zimmerman expect creditor payouts to start rolling out in the latter half of Q4 2024 and continue into early Q1 2025. These payouts will occur within a 60-day window of the court’s effective date. While the date is unknown, it is expected to be sometime in mid-November. The report notes:

Debtors will have 60 days to repay individual customers with claims under $50,000, representing approximately $1.2 billion worth of assets. Larger creditors (entitlement class) are expected to receive their $9 billion payouts in February 2025.

Bulls Monitor The Funds Entering Crypto Market

Bitcoin bulls will likely focus on the amount of payout funds that can potentially re-enter the crypto market. Notably, a considerable chunk of digital assets have already been converted to fiat, reducing the potential sell-side pressure from the estate plan.

The analysts posit that of the $14.4 billion to $16.3 billion in claims, approximately 25% – or $3.9 billion – has already been purchased by credit funds and is unlikely to re-enter the market. 

Additionally, 33% of the remaining claims belong to a subgroup of sanctioned nations, insiders, and entities without KYC verification. These assets are unlikely to be claimed.

After accounting for these factors, 20% to 40% – or roughly $2.4 billion – of the remaining $8 billion could return to the markets since “FTX’s trader base consisted of crypto-native aggressive risk takers.”

The report further emphasizes that this capital will likely enter the markets in multiple waves throughout 2025, having a relatively muted impact on the overall crypto market. Bitcoin trades at $62,793 at press time, down 1.1% in the last 24 hours.

Суд Лас-Вегаса постановил бывшему адвокату заплатить штраф $14 млн за организацию криптосхемы

bits.media/ - Wed, 10/09/2024 - 13:54
Федеральный суд Лас-Вегаса приговорил 86-летнего бывшего адвоката из Калифорнии Дэвида Кагеля к пяти годам испытательного срока и выплате $14 млн за организацию мошеннической криптосхемы, в которой инвесторы потеряли миллионы долларов.

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