源聚合

Прокуратура США потребовала осудить бывшего главу криптовалютной биржи Binance Чанпэна Чжао (Changpeng Zhao) на срок от 36 месяцев тюремного заключения.

Недавно американский суд признал основателя Terraform Labs До Квона виновным в мошенничестве в рамках гражданского иска. Теперь SEC собирается наложить на него штраф в размере $5,3 млрд.

The tides are shifting in the Bitcoin sea. A recent analysis by CryptoQuant, a blockchain analytics firm, paints a picture of a changing investor landscape, with a new breed of “whales” – high-volume crypto holders – entering the fray and established players holding their ground.

This influx of fresh capital is significant. CryptoQuant CEO Ki Young Ju reports that these “new whales,” likely hailing from traditional finance and entering through Bitcoin ETFs, have amassed a staggering $111 billion worth of Bitcoin. This edges the holdings of established, “long-term whales” whose collective stash sits at $67 billion.

The new whales’ initial investment in #Bitcoin is almost twice the old whales’ cumulative total. pic.twitter.com/SU5Aiw1nJB

— Ki Young Ju (@ki_young_ju) April 23, 2024

Crypto Newcomers With Deep Pockets

While the financial firepower of these new whales is undeniable, their profit picture paints a different story. Unlike their seasoned counterparts who boast over 200% in unrealized profits, these newcomers are experiencing a much more modest 1.5% gain. This suggests they might have entered the crypto market at a higher price point, potentially during the recent surge towards the $67,000 resistance level.

Miners Making Hay

Despite the contrasting fortunes of New and Long-Term Whales, the overall market sentiment seems bullish. CryptoQuant’s analysis extends beyond whales, revealing healthy profits for miners as well.

Small miners are leading the pack with an impressive 130% in unrealized profits, while their larger counterparts haven’t done too shabby either, sitting at a comfortable 81%. This robust mining profitability indicates a healthy network, with miners diligently securing the Bitcoin blockchain.

Bullish Outlook

Ju believes this data combination points towards a prolonged bull run. The fact that New Whales haven’t cashed out for significant profits suggests they’re in it for the long haul, potentially anticipating further price increases. This aligns with the ongoing interest in Bitcoin ETFs, with Fidelity’s IBIT leading the pack in terms of new investments last week.

The $67,000 Question

However, the path forward isn’t entirely smooth sailing. Bitcoin is currently struggling to decisively break through the $67,000 resistance level. This could be a point of contention in the near future, with bulls pushing for a breakout and bears looking for a potential correction.

The cryptocurrency market is witnessing a fascinating dynamic. New investors with deep pockets are entering, established whales are holding firm, and miners are profiting handsomely. While the short-term price movement of Bitcoin remains to be seen, the overall market sentiment seems to favor a continuation of the bull run.

Featured image from Pexels, chart from TradingView

Компания Block, основанная создателем Twitter Джеком Дорси, сообщила о завершении разработки нового майнингового чипа с техпроцессом 3 нм для добычи биткоина.

Участники Всемирного экономического форума (ВЭФ) представили результаты исследования, согласно которому 98% ЦБ по всему миру разрабатывают национальные криптовалюты (CBDC).

In yesterday’s court filing opposing the US Securities and Exchange Commission’s (SEC) motion for remedies and final judgment, Ripple disclosed significant changes to its On-Demand Liquidity (ODL) operations in the United States. The filing clarified that its US-based ODL services have shifted from using XRP to Tether (USDT) as a bridge currency.

Why Ripple Chose USDT

This strategic pivot was a response to the summary judgment in the SEC lawsuit which found that institutional sales fell under the US security laws. Since the ruling, non-US entities have been the sole contracting parties for XRP sales contracts to ODL customers. The filing highlights that “the company’s remaining ODL business in the United States uses a non-XRP bridge currency.”

Monica Long, President of Ripple, elaborated in an internal email, details of which were shared by prominent XRP community member Crypto Eri (@sentosumosaba) on social media platform X. Long stated:

Immediately following the Order, we took steps to migrate each US-based ODL customer from using XRP as the bridge currency in ODL to using USDT (or the contract was terminated). We should continue to use USDT (or BTC or other vetted stablecoins) for US based flows unless otherwise approved by Legal.

This adjustment reflects the company’s effort to ensure its service offerings align with US legal standards while still supporting global operations largely unaffected by the SEC’s scrutiny. The email emphasizes the strategic role of the Singapore subsidiaries, which now handle most contractual relationships for selling XRP to new ODL customers, particularly those outside the US Long notes:

Ripple’s Singapore subsidiaries have been the primary contracting entity for Commitment to Sell XRP contracts to new ODL customers, who are predominantly foreign. And since the Order, non-US entities have exclusively been the contracting parties for XRP sales contracts to ODL customers.

The restructuring within Ripple’s business model underscores a significant geographical and operational pivot. Most of ODL customers are located in the Asia-Pacific region, leveraging the monetary corridors between non-US entities and countries. The licensing of Ripple Markets APAC Pte Ltd by the Monetary Authority of Singapore facilitated this, as Long further explained:

To service our ODL customers, we should continue to leverage our foreign subsidiaries who are licensed by local regulators to lawfully conduct such activity.

Moreover, the court filing revealed the company’s financial dependencies and operational strategies preceding the SEC lawsuit. Ripple’s accounting expert, Anthony Bracco, calculated that the company operated at a loss from April 1, 2014, through December 22, 2020, without the revenue from XRP sales. This detail highlights the financial impact of XRP sales on Ripple’s overall business stability during that period.

“Bracco calculated Ripple’s monetary operating costs and income taxes paid, which total [redacted]. Deducting those expenses from Ripple’s pre-Complaint revenue from Institutional Sales in that period, which totals [redacted], and further deducting income taxes, which total [redacted], Ripple had a loss of [redacted],” the filing states.

At press time, XRP traded at $0.549.

PayPal’s Blockchain Research Group has joined Energy Web and DMG Blockchain Solutions to support “sustainable” Bitcoin mining. According to the paper, the collaboration “presents an opportunity to accelerate the clean energy transition” using crypto-economic incentives.

PayPal Research On Bitcoin Mining

In a recently published paper, PayPal’s Blockchain Research Group (BRG) proposed “the possibility for a more sustainable future” in Bitcoin mining. The investigation revealed that, as of April 2, data estimates the annualized emissions to be over 85 million metric tons of carbon dioxide due to Bitcoin’s Proof-of-Work (PoW) consensus mechanism:

The reason behind this significant impact is the proof-of-work (PoW) consensus mechanism that secures the Bitcoin network. In PoW, miners engage in a competitive race to find solutions (i.e., cryptographic hashes) for Bitcoin blocks, requiring powerful computational hardware like ASIC machines.

This race and its demand for robust computational power require significant electricity. Miners’ use of carbon-based energy sources consequentially “results in the underlying greenhouse gas emissions footprint of the Bitcoin network.”

As a solution, PayPal’s BRG aims to “incentivize desired activity with crypto-economics” to improve and optimize “existing, proven strong networks.” Additionally, the firm wishes to support “more environmentally responsible” mining and encourage other miners to shift towards cleaner energy sources.”

Bitcoin Rewards For “Green Mining”

The paper suggests routing on-chain transactions to “green miners” via low transaction fees with a BTC reward “locked” in a multisig payout address. The rewards would serve as an incentive to mine these transactions, as only green miners would be eligible to receive them.

The solution is based on identifying miners that use low-emissions energy sources. After identification, their public keys, referred to as “green keys,” would be used to reward miners with Bitcoin in a trust-independent method through a “1-of-n multisig script.” As a result, the payout address would allow the miners with green keys to claim the rewards.

Providers such as Energy Web would help to identify the green miners and onboard them to the solution. The non-profit organization offers a “Green Proofs for Bitcoin” initiative that promotes transparency and “supports alignment between Bitcoin mining and global decarbonization effort.”

Miners would apply for and share their sustainable mining certifications through the Green Proofs for Bitcoin validation platform.

Moreover, the proposed solution has been successfully tested with DMG. The firm broadcasted multiple low-fee transactions to test how effectively they would operate under different levels of on-chain transaction volumes.

Depending on the transaction volume, the low-fee ones would “either take a long time to confirm or eventually be dropped by the network.” This would increase the green miners’ chances to pick them up.

Per the paper, the trade-offs were “acceptable,” however, alternative solutions could be evaluated:

It is possible to design alternative solutions where transactions and rewards can be sent to miners via a private mechanism rather than using the public mempool.

Exploring technologies like smart contracts or the lighting network is also proposed as an alternative way to address the issues. However, they could come at the expense of “trust dependence and a more complex implementation.”

However, it is worth noting that Bitcoin mining has been controversial. While many legacy companies, such as PayPal and others, have targeted the network due to its alleged intense electrical consumption and carbon emissions, other research has pointed to the increasing use of renewable energy and the low carbon emissions the nascent industry produces, as seen in the chart below.

In an article posted by Forbes, analyst Jonathan Buck pointed out:

the CCAF has determined that the bitcoin industry uses a significant amount of renewable energy, sometimes more than half, depending on the jurisdiction. This is a testament to the industry’s commitment to sustainability and its potential role in the green revolution.

Two prominent crypto industry groups, the Blockchain Association and the Crypto Freedom Alliance (CFAT) of Texas, have filed a lawsuit against the US Securities and Exchange Commission (SEC) to contest a newly implemented rule expanding the definition of a “dealer” in securities. 

The complaint, lodged in a federal court in Texas, alleges that the SEC exceeded its authority and approved an arbitrary and capricious rule.

Crypto Industry Takes Legal Action Against SEC

In the lawsuit, the crypto firms argue that the new rule is “vague, overly broad” and fails to provide clarity on its implications for crypto market participants. 

In particular, under the SEC rule, developers of automated software and liquidity providers for certain trading protocols could fall within the definition of “dealer,” resulting in increased costs and additional regulatory requirements.

The complaint further contends that the SEC’s implementation of the Dealer Rule violates the Administrative Procedure Act (APA), preventing industry participants from operating under clearly communicated rules established through a fair and transparent rulemaking process. 

According to the complaint, the SEC’s interpretation of the term “dealer” as outlined in the Securities Exchange Act of 1934 is an “unlawful and radical expansion” that departs from its longstanding and “well-established meaning.” 

The complaint also emphasizes that the rule will cause “irreparable harm” to the millions of Americans and businesses involved in digital asset trading. The two crypto firms also cite the SEC’s refusal to adequately address concerns raised during the comment period and failure to assess the costs and benefits of its approach as violations of the APA. 

CEO Slams SEC’s Regulatory Overreach

Blockchain Association CEO Kristin Smith criticized the SEC’s regulatory overreach and failure to address industry concerns in a compressed comment period. Smith stated:

The Dealer Rule advances the SEC’s anti-digital asset crusade and unlawfully redefines the boundaries of its statutory authority granted by Congress. It threatens to drive US companies offshore and incite fear in American innovators. 

Smith emphasized the Blockchain Association and the Crypto Freedom Alliance of Texas’s commitment to protecting the American digital asset ecosystem.

Ultimately, the lawsuit seeks declaratory judgment and injunctive relief to overturn the SEC’s rule expansion and prevent its application within the industry.

The legal battle between crypto industry groups and the SEC highlights the ongoing struggle to establish a clear regulatory framework for the emerging digital asset market. 

As the case unfolds, its outcome could have significant implications for the industry’s future and the balance between regulatory oversight and innovation in the United States.

Featured image from Shutterstock, chart from TradingView.com

Crypto.com, a global crypto exchange, recently postponed its much-anticipated retail market expansion in South Korea, originally scheduled for April 29.

This strategic decision came just six days before the planned launch, and according to the report, this delay is due to the company’s need for more comprehensive engagement with local regulatory bodies.

Regulatory Hurdles And Strategic Responses

Notably, the report suggests that the delay allows Crypto.com to further “refine its approach” and ensure its operations align with South Korea’s regulations, particularly concerning anti-money laundering efforts.

According to a company statement, this period will be used to “enhance” Korean regulators’ understanding of the exchange’s policies, systems, and controls designed to build a responsible and secure trading environment.

The company particularly noted:

Korea is a difficult market for international exchanges to enter, but we are committed to working with regulators to advance the industry responsibly for Koreans. We will postpone our launch and take this opportunity to make sure Korean regulators understand our thorough policies, procedures, systems and controls

According to Bloomberg, citing a Korean news organization, Segye Ilbo, the decision followed a visit to Crypto.com’s Seoul office by South Korea’s Financial Intelligence Unit, which expressed concerns over some of the documentation the exchange submitted.

Furthermore, Crypto.com acquired the local platform OkBIT and planned to integrate its services under the Crypto.com brand as part of its Korean market entry strategy. However, following the regulatory feedback, the launch has been deferred indefinitely, with no new date provided.

A spokesperson told Bloomberg:

Crypto.com has not onboarded any new customers in Korea since acquiring OkBit (…) OkBit had around 900 users at the time of acquisition and their access has just been limited to withdrawals.

South Korea’s Stance On Crypto: Surge In Consumer Interest

The postponement occurs amid heightened interest in cryptocurrencies in South Korea. The country plays a significant role in global digital currency trading and has unique market characteristics that distinguish it from other regions.

Recent reports revealed that the South Korean market is known for its preference for altcoins, which are often more volatile than major digital currencies like Bitcoin and Ethereum.

The report indicates that in the first quarter of 2024, the South Korea Won emerged as the dominant currency for cryptocurrency trades worldwide, surpassing even the US dollar in trade volume.

This surge is reflective of the speculative enthusiasm surrounding digital currency assets in the region, which has been so prominent that, according to Bloomberg, it became a topic of discussion in recent parliamentary elections.

Politicians have also attempted to sway voters by promising more favorable digital currency tax policies and fewer investment restrictions.

Featured image from Unsplash, Chart from TradingView

Dogecoin could be heading toward an imminent sell-off that could tank its price as a significant tranche of coins is about to move into profit. In such a case, it would not be out of the ordinary to see a large number of investors sell off their holdings as they move to secure some profit.

10 Billion DOGE Headed For Profit

In an interesting twist, the Dogecoin price crossing $0.17 could be both good and bad for the price. This is because a large number of DOGE coins were bought between the $0.15 and $0.168 levels, meaning that a cross above $0.17 would put all of these coins in profit.

According to data from IntoTheBlock, there are approximately 10 billion DOGE coins that are sitting in this level waiting to move up into profit. At current prices, it means that more than $1.58 billion are waiting for the $0.17 price point to be reclaimed.

While a move above $0.17 would be positive for the meme coin, it will also put it at risk of a sell-off from these holders. Given that the Dogecoin price has been muted for the majority of 2023 before seeing some upside in March 2024, investor fatigue is expected, prompting some holders to take profit as soon as they see it.

However, there is also the fact that a move above $0.17 will not be a significant profit margin for a large number of investors. Hence, they might be more inclined to wait for higher prices before selling rather than barely breaking even on their investments.

What Happens To Dogecoin In The Event Of A Sell-Off?

Presently, the Dogecoin price is sitting 7% below the $0.17 price level, which still gives it some runway until it gets there. However, if a large number of these DOGE investors do decide to sell their coins, it could push the price of Dogecoin back down toward the $0.15 support.

Despite the threat of a sell-off, bullish sentiment continues to dominate the meme coin as multiple crypto analysts have predicted a major upside for DOGE’s price. Analyst Altcoin Sherpa believes that the Dogecoin price will do very well in 2024 and will outperform plenty of altcoins.

Another analyst, Ali Martinez, revealed that the meme coin has now entered the buy zone, making it a good choice for accumulation. According to Martinez, the DOGE price can rise another 700% from here to cross the $1 threshold and make a new all-time high.

In a significant development in the ongoing legal battle between the United States Securities and Exchange Commission (SEC) and Terraform Labs, a jury has found the blockchain protocol and its co-founder Do Kwon liable for civil fraud over the crash of the Terra ecosystem in 2022. 

In response, the SEC has filed a motion seeking billions of dollars in disgorgement and civil penalties against the defendants.

SEC Scores Victory As Jury Finds Terraform Labs And Do Kwon Guilty

The SEC’s initial lawsuit, filed in February 2023, accused Terraform Labs and Do Kwon of orchestrating a large-scale crypto scam involving the sale of various digital assets, particularly LUNA and the algorithmic stablecoin Terra USD (UST). 

Following the recent verdict in the civil case, the jury has determined that the defendants are indeed responsible for fraud, providing the SEC with a significant boost in its ongoing efforts to crack down on fraudulent activities within the digital asset industry.

According to the SEC’s motion filed on April 5, 2024, the jury returned a verdict in favor of the SEC on all counts. The SEC is now seeking relief: an injunction against Terraform Labs and Do Kwon to prevent further violations of the securities laws and joint and several disgorgements of around $4 billion.

In addition, the SEC is seeking $545 million in prejudgment interest, a civil penalty of $420 million for Terraform Labs and $100 million for Do Kwon, a conduct-based injunction against the defendants, an officer and director bar against Do Kwon, and a declaration that the fraud-related monetary sanctions imposed on Terraform Labs are nondischargeable in bankruptcy.

Divergent Views On Remedies

The SEC and the defendants, Terraform Labs and Do Kwon, have submitted briefs outlining their proposed remedies in the civil case. 

Terraform Labs has sought a maximum civil penalty of $3.5 million, while Do Kwon has requested a penalty of $800,000. 

However, the SEC’s motion also seeks a conduct-based injunction, prohibiting Terraform Labs from participating in crypto asset transactions and engaging in activities to induce such transactions.

While the defendants argue against injunctive relief and disgorgement, Terraform Labs maintains that the SEC must meet a “higher burden of proof” to obtain a conduct-based injunction, as it would restrict legally permissible conduct. 

The defense asserts that injunctive relief and disgorgement should not be granted, and any civil penalty should be determined based on the SEC’s evidence of “domestic token sales violations.”

As the case progresses, the court’s decision on the SEC’s motion for penalties will have far-reaching implications for Terraform Labs, Do Kwon, and the wider digital asset industry.

As the market rebounds from a significant correction, the protocol’s native token, Luna Classic (LUNC), has experienced a notable price drop of over 25% in the past month alone. 

However, a modest recovery of 2% in LUNC’s price over the last 24 hours, bringing its current trading price to $0.0001128.

Featured image from Shutterstock, chart from TradingView.com

Shiba Inu lead developer, Shytoshi Kusama has announced an exciting new update for the SHIB ecosystem, declaring the imminent rollout of the highly anticipated ShibaSwap 2.0. 

ShibaSwap 1.75 Set To Pave The Way For 2.0

In an X (formerly Twitter) post published by ‘SHIBKIND’ on Monday, April 22, Kusama addressed an inquiry on Shiba Inu’s official Telegram channel regarding ShibaSwap, a Decentralized Exchange (DEX) based on the Shiba Inu token (SHIB). He responded to a community member’s question about the launch timeline for ShibaSwap 2.0, the upgraded version of ShibaSwap, which is expected to come with a variety of new and improved features. 

Kusama clarified that ShibaSwap 1.75 would precede the 2.0 version, paving the way for the ShibaSwap 2.0 to launch on the Shibarium ecosystem. Due to the inconsistencies of the ShibaSwap 1.0, which debuted in 2021, significant developments have been made towards ShibaSwap 2.0, to serve as an updated and enhanced version of the original ShibaSwap. 

This new variant would surpass the limitations of ShibaSwap 1.0 by incorporating an improved architecture, evolving into a fully functional cryptocurrency gateway portal, which enables users to track cryptocurrency trends, news, charts and data. 

Although Kusama has not provided a specific timeline for the launch of ShibaSwap 1.75 or 2.0, the Shiba Inu developer has hinted that it could be “pretty soon.” Additionally, the Shiba Inu lead developer has disclosed plans to partner with key players to facilitate the launch of ShibaSwap 1.75. 

Shiba Inu Witnesses Slight Uptick Following Announcement

Following Kusama’s announcement of ShibaSwap 2.0 launch plans, the price of Shiba Inu experienced a modest increase during the weekend. The cryptocurrency climbed to $0.000027 in the early hours of April 21. Additionally, SHIB recorded a 22.97% increase over the past seven days, according to CoinMarketCap. 

This price increase may be attributed to the community’s positive reaction to the impending launch of ShibaSwap 2.0, which will commence following the 1.75 version. While some members of the Shiba Inu community advocated for launching 2.0 before 1.75, others simply expressed excitement about the forthcoming update and its potential impacts within the Shiba Inu ecosystem.

Despite witnessing a slight increase earlier, the price of SHIB is currently down by 2.32% over the past 24 hours, trading at $0.000026. Additionally, its 24-hour trading volume has declined by 35.55%, amounting to over $623 million. 

The Philippines’ Securities and Exchange Commission (SEC) has stepped up its ongoing regulatory crackdown, ordering Google and Apple to remove Binance, the world’s largest cryptocurrency exchange, from their respective app stores. This follows earlier regulatory actions against the exchange’s operations in the Asian country. 

Binance Faces Escalating Legal Challenges

According to a recent CNBC report, the SEC alleges that Binance violated securities laws by offering unregistered securities to Filipino investors and operating as an unregistered broker. The regulator believes that continued access to Binance sites and apps threatens the security of investing Filipinos’ funds.

SEC Chairman Emilio Aquino emphasized the need to protect the investing public and the economy from the “harmful effects” of Binance’s alleged illegal activities. 

The Philippine National Telecommunications Commission had previously taken measures to block access to Binance’s websites in the country.

Furthermore, the SEC had previously cautioned the Philippine public against using the platform and had been considering blocking the exchange’s services since November 2023. 

Nevertheless, the regulator claims that despite lacking a regulatory license, Binance actively promoted its services on social media to attract funds from Filipino investors.

To mitigate potential risks, the SEC urges Filipinos with investments in Binance to promptly close their positions or transfer their cryptocurrency holdings to registered crypto wallets or exchanges within the Philippines.

Allegations Of Misconduct And Enforcement Actions

This latest regulatory action adds to the mounting challenges facing Binance. In November 2023, the company replaced its former CEO Changpeng Zhao, commonly known as “CZ,” with Richard Teng, the former head of United Arab Emirates regulator Abu Dhabi Global Markets, after the US government fined $4.3 billion for alleged money laundering violations. 

Former CEO Changpeng Zhao faced charges of violating the Bank Secrecy Act and has agreed to step down, with his sentencing scheduled for April 30.

Binance also faces lawsuits filed by the US Securities and Exchange Commission and the Commodity Futures Trading Commission (CFTC), alleging mishandling of customer assets and the operation of an illegal and unregistered exchange within the country.

As Binance grapples with these multiple legal challenges, its removal from the Google and Apple app stores in the Philippines is a significant setback for the exchange. It underscores the increasing scrutiny the cryptocurrency industry faces as regulators worldwide seek to enforce compliance and protect investors.

Despite the escalating regulatory challenges confronting the exchange, Binance’s native token, BNB, has exhibited strong market performance. 

Currently trading at $607, the token has experienced a significant uptrend of 13% over the past week alone. This upward momentum positions BNB favorably to surpass its previous all-time high of $686, which was achieved in May 2021.

Featured image from Shutterstock, chart from TradingView.com 

Once dismissed as a fad, Meme coins are now emerging as serious contenders in the crypto market. In a recent post on X, an analyst boldly predicted that meme coins like Dogecoin, Shiba Inu, and Bonk are not just here to stay but are poised to command at least $100 billion in market cap in the next bull cycle top.

Will Meme Coins Explode In The Next Bull Cycle?

According to CoinMarketCap data, only three crypto projects have a market cap of at least $100 billion. Bitcoin has a market cap of $1.3 trillion at spot rates, while Ethereum is second at around $388 billion. Perched at third is USDT, the stablecoin issued by Tether Holdings, commanding a market cap of $109 billion. 

However, it should be noted that USDT is, as previously mentioned, a stablecoin that can be redeemable for an equal amount in USD. Its value doesn’t fluctuate, but its growth directly reflects the growing interest in the broader financial markets.

CoinMarketCap data shows that the total market cap of the meme coin scene is over $53 billion. If meme coins were a crypto project, they would be more valuable than XRP and USDC, whose market caps are over $30 billion and $34 billion, respectively.

From the $53 billion market cap, Dogecoin—the first meme coin—is the most valuable at over $22.5 billion. Shiba Inu is second at over $15.6 billion, while the latest meme coins, including Pepe and others, mainly from Solana, dominate the top 10. 

Based on the analyst’s prediction, meme coins will continue to gain prominence in the coming years. It remains to be seen whether existing meme coins will be propelled to those mega valuations or new projects will emerge to take over from Dogecoin and current tokens. 

Here’s Why Pepe, Dogecoin, And Similar Tokens Will Rise

According to the analyst, what sets meme coins apart is their accessibility and ease of understanding. Unlike complex decentralized finance (DeFi) protocols like Uniswap or Aave, meme coins are straightforward and easy to grasp.

Creators of some of the most valuable meme coins, like Pepe, have explicitly stated that their creations have no utility and exist purely for entertainment purposes.

Beyond accessibility, the analyst added that meme coins are generally more liquid, making them easier to trade than non-fungible tokens (NFTs). After the plunge of 2022, the NFT trading scene collapsed, with some tokens hard to buy or trade.  

Aware of meme coins’ capability, especially in reviving network activity, the Avalanche Foundation recently launched a $1 million “Memecoin Rush” program. The goal is to incentivize trading and liquidity for community-owned meme coins within the Avalanche ecosystem. 

Crypto analyst Bluntz Capital has predicted a strong price surge for Bitcoin in the coming days, and a new all-time high could be in the books. Bluntz dropped his two cents on Bitcoin’s trajectory on the social media platform X, amidst various price outlooks for the cryptocurrency in recent days.

Bluntz is well known for some of his accurate predictions regarding BTC, particularly during the 2018 bear market. His recent analysis is based on the Elliott Wave Theory, a form of technical analysis that has been employed by various analysts in recent months to assess Bitcoin’s future outlook.

Fresh BTC All-Time High

Price action in recent months has seen Bitcoin shooting past various price levels in order to create a new all-time high since November 2021. However, the price of BTC has yet to substantially cross over the $70,000 mark again since it reached its current high of $73,794.

According to Bluntz Capital, this is set to change very soon, with his outlook for Bitcoin still extremely bullish, according to Elliott Wave Theory. The Elliott wave theory is essentially a market movement of five waves in the direction of the larger trend and a three-wave correction in the opposite trend. This analysis has particularly been useful to look at market trends in both the short and macro terms. 

Per Bluntz in his 3-day BTC price chart shared on X, the current price action of BTC is that of a smaller bullish Impulse Wave 5 in a larger Wave 3 bull trend in the Elliot Wave Theory. Consequently, Bluntz noted that we haven’t seen the top of Bitcoin this cycle yet, and the crypto could reach a new all-time high in the next one to two weeks. 

expecting fresh #btc ath within the next 1-2 weeks.

from a macro standpoint i think were currently in a wave 5 of a larger w3 with a few legs higher still to come.

ultimately expecting us to top out around 120k this cycle. pic.twitter.com/rX11SEUPf0

— Bluntz (@Bluntz_Capital) April 22, 2024

How High Can Bitcoin Go This Cycle?

As BTC continues its bull run this cycle after the just concluded halving, many investors are wondering just how high it can go. Analysts who study the Bitcoin halving cycles believe we still have a long way to go before reaching the peak based on historical patterns. 

According to Bluntz Capital, Bitcoin should top out at around $120,000 in this cycle. In an earlier Bitcoin analysis, the analyst noted that there could be another rejection immediately after BTC crosses over $74,000 again. This rejection could see BTC fading back to a lower end of $64,000 before going on the real run up into new price territory. 

Most analysts are of the notion that the price of Bitcoin will reach six-figure territory in the coming months. Other analysts like Michael Sullivan are also optimistic, estimating BTC could reach $250,000 in the long term.

At the time of writing, Bitcoin is trading at $66,178, up by 9.9% since the halving on April 19.

Сингапурская криптовалютная биржа Crypto.com отложила запуск своего торгового мобильного приложения в Южной Корее из-за повышенного внимания со стороны местных регулирующих органов.

On-chain data shows the number of big money investors has gone up for XRP recently, something that could be bullish for the coin’s price.

XRP Holders With At Least 1 Million Tokens Are Back Near All-Time High

According to data from the on-chain analytics firm Santiment, the amount of XRP wallets carrying at least 1 million coins has been surging recently. The indicator of interest here is the “Supply Distribution,” which keeps track of the total number of addresses that belong to the different wallet groups.

The addresses are divided into these cohorts based on the amount of the asset that they are carrying in their balance right now. The 1 to 10 coins group, for instance, includes all investors who own between 1 and 10 XRP.

In the context of the current discussion, the addresses holding 1 million or more coins are of interest (with the upper limit being infinity). At the current exchange rate, this lower limit is worth around $544,300, so the investors belonging to this group would be those with some significant holdings. The whales, as well as the larger of the sharks, would fall into this range.

The below chart shows how the Supply Distribution for addresses in this range has changed over the past year:

As displayed in the above graph, the XRP addresses carrying at least 1 million tokens have seen their count rise over the last few weeks. There are now 2,013 wallets that fall into this range, just 1 shy of the all-time high value set back in June.

The fact that the indicator’s value has been going up recently suggests that some big money has been entering into the cryptocurrency. Naturally, this could be a constructive sign for the coin’s price.

The trend of big money accumulation is also visible from another angle: the total amount of holdings held by the whales. As the chart shared by analyst Ali in an X post shows, these entities carrying between 10 million and 100 million XRP have been buying recently.

From the graph, it’s visible that a lot of this accumulation has come after the recent plunge in the cryptocurrency’s price, suggesting that these humongous investors have been buying the dip.

In just the past week alone, the XRP whales have loaded up 31 million tokens, worth almost $17 million. Since these latest buys have come, the asset’s price has registered some recovery, implying that the accumulation may already be paying off for some of these giants.

It now remains to be seen if this recovery would lead towards a proper return for the rally, given the buying push the whales have been applying recently.

XRP Price

At the time of writing, XRP is floating around $0.54, up over 11% in the past seven days.

Ассоциация блокчейна (AB) и Техасский альянс свободы криптовалют (CFAT) подали в окружной суд Техаса на Комиссию по ценным бумагам и биржам США (SEC), требуя отменить недавно принятые правила для брокеров-дилеров.

On Monday, the Shiba Inu team behind TREAT announced a significant financial boost with a $12 million investment from strategic venture capital partners led by Cypher Capital. This funding is set to advance the development of a next-generation Fully Homomorphic Encryption (FHE) blockchain utilizing TREAT, the final non-stable token within the Shiba Inu ecosystem.

Lucie, the marketing lead for Shiba Inu, detailed the plans for TREAT in a series of posts on X (formerly Twitter). These announcements come at a critical juncture as the ecosystem prepares for the deployment of its layer-3 blockchain, expected to commence with a testnet phase in the third quarter of this year. The mainnet launch will follow, contingent on the successful completion of rigorous testing and auditing procedures.

Why TREAT Matters For Shiba Inu

Lucie’s statements reveal the multifaceted utility of TREAT within the Shiba Inu ecosystem. Primarily, TREAT will serve as the ecosystem reward token. With its launch, users who engage in staking or participate in liquidity pools using their SHIB tokens will be rewarded with TREAT tokens. This mechanism is designed to foster a more active and engaged community, rewarding users directly for their participation and support of the network.

Moreover, TREAT is set to play a dual role as both a governance token and a gas token on the new Layer 3 blockchain. This integration is critical because it elevates TREAT from being a mere utility token to one that is integral in facilitating the operation of the blockchain.

Users will leverage TREAT to execute transactions and interact with various decentralized applications (dApps) running on the Layer 3 platform. Additionally, holding TREAT grants users voting rights, enabling them to participate in decision-making processes that will shape the future development of the ecosystem.

Lucie further explained that the synergy between TREAT and SHIB is essential for the holistic enhancement of the Shiba Inu platform. The two tokens are designed to work in concert, with SHIB acting as the primary medium for transactional activities and TREAT enhancing those transactions through additional rewards and governance capabilities. This strategic interplay is expected to enhance the overall value and functionality of the ecosystem, promoting a sustainable growth model that benefits all stakeholders.

In her detailed social media exposition, Lucie also discussed the strategic significance of implementing a Layer 3 solution over the existing Shibarium Layer 2 framework. The new layer is aimed at enhancing privacy by using advanced cryptographic techniques to obscure transaction details, thereby safeguarding user identities and sensitive data. This layer maintains high transaction speeds and low costs, ensuring that the blockchain’s performance remains optimal without sacrificing the privacy or security of its users.

The Layer 3 addition is also designed with regulatory compliance in mind, enabling private transactions to be auditable when necessary to adhere to legal and regulatory requirements. This feature is crucial for businesses and institutions that require a balance between operational transparency and confidentiality.

Furthermore, the introduction of Layer 3 is likened to adding a customizable privacy feature to the blockchain architecture, which Lucie compares to a “cloak of invisibility over fast-moving transactions.” This not only enhances security but also allows for modular upgrades and changes without disrupting the underlying efficiency of Layer 2.

Overall, the deployment of TREAT and the development of a Layer 3 blockchain are poised to significantly advance the Shiba Inu ecosystem. These innovations are designed to attract more users, increase transaction volumes, and solidify Shiba Inu’s position in the crypto space.

At press time, SHIB traded at $0.00002628.

BlackRock’s iShares Bitcoin Trust (IBIT) has become the talk of the financial world, recording a record-breaking 70 consecutive days of inflows. This unprecedented streak has propelled IBIT into the top 10 exchange-traded funds (ETFs) for the longest daily inflow run, putting it in league with industry heavyweights. But is IBIT’s success a sign of a resurgent Bitcoin or simply a fad capitalizing on current market trends?

Bitcoin ETF Landscape Redefined

The arrival of spot Bitcoin ETFs in January 2024 significantly altered the landscape for cryptocurrency investment. These ETFs, unlike their futures-based counterparts, allow investors to gain exposure to the top crypto asset’s price movements without directly owning the cryptocurrency itself. This newfound accessibility has ignited a surge in investor interest, with IBIT leading the charge.

IBIT’s impressive inflows have translated into a war chest of over $15 billion worth of Bitcoin. This rapid accumulation has financial analysts predicting IBIT’s imminent dethronement of the Grayscale Bitcoin Trust (GBTC) as the world’s largest Bitcoin fund. GBTC, which operates on a different structure, has been experiencing consistent outflows, further strengthening IBIT’s position.

IBIT Vs. FBTC: A Battle For Bitcoin ETF Supremacy

While IBIT reigns supreme in terms of total holdings, a new challenger has emerged – Fidelity’s Bitcoin ETF (FBTC). Over the past few trading sessions, FBTC has managed to outpace IBIT in daily inflows. This neck-and-neck race highlights the growing competition within the Bitcoin ETF space.

However, IBIT enjoys a distinct advantage – the backing of BlackRock, a financial behemoth with nearly $11 trillion asset portfolio. BlackRock’s reputation and reach could prove instrumental in attracting further investment towards IBIT.

Top Analyst Weighs In

Adding fuel to the IBIT fire is Eric Balchunas, a renowned ETF analyst at Bloomberg. Balchunas closely monitors the performance of ETFs and has been a vocal supporter of IBIT’s trajectory.

On social media, Balchunas celebrated IBIT’s nearing of the 70-day inflow milestone, highlighting its potential to join the ranks of some of the most successful ETFs ever.

$IBIT inflow streak currently at 69 DAYS. one more day and it moves into Top 10 and ties $JETS (a streak I was equally as fascinated by) altho streak ending today would be pretty hilarious, show financial gods have sense of humor via @thetrinianalyst pic.twitter.com/niDzfaKqgp

— Eric Balchunas (@EricBalchunas) April 22, 2024

Balchunas even compared IBIT’s feat to the impressive 70-day inflow streak achieved by the JETS ETF, which tracks airline industry companies. This comparison underscores the significance of IBIT’s achievement, particularly within the fledgling Bitcoin ETF market.

Is IBIT A Sustainable Investment Option?

Despite IBIT’s meteoric rise, questions linger regarding its long-term viability. The future of Bitcoin itself remains shrouded in uncertainty. The cryptocurrency’s volatile nature and susceptibility to market fluctuations raise concerns about the stability of Bitcoin-linked investments.

Additionally, regulatory hurdles and potential changes in government policies could throw a wrench into IBIT’s growth trajectory.

Featured image from Pexels, chart from TradingView