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Житель Индии признался в создании поддельного сайта Coinbase и краже $9,5 млн
Get Ready! Bitcoin To Have A $10 Million Price Tag, According To This Billionaire
Tim Draper, the venture capitalist known for early investments in Skype and Tesla, is once again ruffling feathers with his sky-high Bitcoin prediction. In a recent interview, Draper claimed the world’s most famous cryptocurrency could soar to a mind-boggling $10 million, fueled by widespread adoption and a weakening US dollar.
“Now, $250,000 or a million, or $2 million, or even $10 million are the numbers that are probably going to happen,” Draper said.Fun interview with @LloydWahed mostly about #Bitcoin #BitcoinHalving2024 and #crypto #trust #freedom https://t.co/6XnyMDo08m
— Tim Draper (@TimDraper) April 19, 2024
This isn’t the first time the billionaire has thrown down the gauntlet when it comes to Bitcoin. Back in 2017, he accurately predicted the cryptocurrency would break the $10,000 barrier. However, his 2022 price target of $250,000 fell flat, with Draper himself admitting regulatory roadblocks and sluggish mainstream adoption as the culprits.
He said during that time:
“I think my hubris got the better of me.” Bitcoin Needs A Global Village, Not Just A NicheDraper’s current prediction hinges on a future where the crypto transcends its niche audience and becomes a universally accepted form of payment. He envisions a world where groceries, clothes, and even taxes are all settled in Bitcoin, rendering traditional currencies obsolete. This widespread adoption, Draper argues, would naturally drive the price upwards due to increased demand.
But is such a utopian vision of a BTC-powered world realistic? Experts remain divided. Proponents point to yesterday’s halving event as a potential catalyst.
The halving, which cuts the number of new Bitcoins entering circulation in half, has historically been followed by price surges. Additionally, the recent approval of BTC exchange-traded funds (ETFs) is seen as a positive sign for mainstream acceptance.
However, skeptics remain unconvinced. Regulatory hurdles continue to pose challenges, with governments worldwide grappling with how to integrate such a decentralized currency into their financial systems.
Moreover, the scalability and transaction speed of Bitcoin are ongoing concerns. Critics argue that the top crypto, in its current form, simply cannot handle the massive transaction volume required for everyday purchases.
The Future Of Bitcoin: Boom Or Bust?Draper’s $10 million prediction undoubtedly raises eyebrows. While his past success in identifying tech trends lends him some credibility, his bullish outlook can be seen as overly optimistic.
The truth, as always, likely lies somewhere in between. The crypto asset’s future hinges on its ability to overcome technical limitations, gain wider regulatory acceptance, and most importantly, convince the average consumer to ditch their credit cards for a string of complex cryptographic codes.
Whether Bitcoin ends up being worth a crazy $10 million or just stays on the edge of investments, we’ll have to wait and see.
Featured image from Pexels, chart from TradingView
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Кадан Штадельманн: «Биткоин становится все более централизованным»
IRS Reveals Preliminary Tax Reporting Form For Digital Assets
The US Internal Revenue Service (IRS) has unveiled the early draft of a tax form for reporting income from cryptocurrency transactions. The newly released Form 1099-DA, tagged as “Digital Asset Proceeds from Broker Transactions,” is currently open to comments from relevant stakeholders in anticipation of its final version by the IRS.
IRS Aims To Launch Crypto Tax Form By 2025In August 2023, the US Treasury Department and the IRS proposed a set of rules that would mandate brokers and crypto exchanges to report specific transactions of digital assets with the aim of ensuring fairness among all financial players.
Generally, these proposed rules were part of the 2021 Infrastructure Investment and Jobs Act targeted at improving transparency from brokers on their client’s crypto transactions. Eight months later, the IRS has now launched the preview of a tax form for this purpose.
Notably, Form 1099-DA recognizes brokers as kiosk operators, digital asset payment processors, hosted wallet providers, and unhosted wallet providers. For context, this covers all centralized exchanges, decentralized exchanges, noncustodial wallets, as well as Bitcoin ATMs.
The form requires traders to provide information such as digital asset address, sale transaction ID, the units of digital asset transacted, and the security status of this digital asset. The IRS intends to introduce the use of Form 1099-DA in January 2025 but digital asset brokers are expected to start issuing the tax form to traders/investors from January 2026.
However, the IRS’s latest form could result in potential issues for taxpayers, one of which is the exposure of previously unreported crypto transactions, which could lead to a criminal tax investigation. Other potential issues that could arise from the use of Form 1099-DA cover areas such as self-transfers, information exchange among digital asset brokers, and transactions involving foreign exchanges.
Crypto Community Opposes Latest IRS DraftIn a rather unsurprising response, the general crypto community has criticized certain aspects of the IRS Form 1099-DA. Ji Kim, the chief legal and policy officer of the Crypto Council for Innovation, has specifically expressed disappointment over the agency’s inclusion of “unhosted wallet providers” as brokers.
In a post on X, Kim stated that such a listing shows that the IRS does not recognize the limited access of wallet providers to the details of users’ transactions as well as the identity of these users. Meanwhile, Shehan Chandrasekera, Head of Tax Strategy at CoinTracker.com expressed the proposed tax form threatens the privacy and pseudo-anonymity of the US crypto space.
Presently, the early draft of Form 1099-DA remains subject to comments, and certain aspects of the form may change in response to the general feedback.
Total crypto market cap valued at $2.262 trillion on the daily chart | Source: TOTAL chart on Tradingview.comСталин, Ельцин и Путин предлагали США заключить вечный мир, но были отвергнуты: как Россию трижды не приняли в НАТО
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BREAKING: Bitcoin Halving 2024 Is Complete! Here’s What To Expect
Bitcoin has now successfully undergone its fourth halving event, with miners’ block rewards slashed in half again (from 6.25 to 3.125 BTC). The Bitcoin halving (also called “the halvening”) is programmed to happen every 210,000 blocks – approximately every four years.
With miners set to receive 50% fewer BTC, the rate of Bitcoin creation will also be slowed down. Miners will now produce 450 BTC per day compared to a daily production average of 900 BTC prior to the halving.
The previous three halvings occurred in 2012, 2016, and 2020, significantly reducing mining rewards over the last decade. In 2012, the first halving event saw the reward for mining a block drop from 50 to 25 BTC.
While the latest Bitcoin halving occurred at a block height of 840,000, the next one is expected at a block height of 1,050,000 (most likely in the first quarter of 2028). The halvening will continue until around 2140 when the last Bitcoin is mined.
How Will Bitcoin Halving Impact The Crypto Space?This Bitcoin halving was one of the most-anticipated events of 2024 in the cryptocurrency industry. Specifically, key players in the BTC mining industry have been preparing for this event, considering its apparent effect on their major means of revenue.
As reported on Bitcoinist weeks ago, several Bitcoin miners in the United States have been trying to adjust to the new life following the Bitcoin halving. The report mentioned how these firms are moving their old mining equipment out of the US and upgrading to more efficient ones to ensure they remain profitable.
Furthermore, there have been wide and interesting speculations on how the latest occurrence of the halvening would impact the price of Bitcoin. From a historical perspective, the premier cryptocurrency tends to put in a positive price performance during the halving year.
As a result, the crypto community has seen several audacious and bold bullish projections for the price of Bitcoin this year. Notably, Jan3 and Bitcoiner CEO Samson Mow believes BTC could rise to as high as $1 million following the halving event.
At the same time, there have also been some bearish outlooks for the market leader post-halving. Specifically, leading investment bank JPMorgan has predicted that Bitcoin could decline to $42,000 after halving due to increased production costs and mining difficulties.
Although Bitcoin has struggled to replicate its positive Q1 performance over the past few weeks, investors will be hoping that the halving event will be enough of a catalyst for the cryptocurrency to fulfill its early promise. Meanwhile, enthusiasts will expect the fresh optimism to spread to the broader crypto market, propelling other major assets to the upside.
Bitcoin Price At A GlanceAs of this writing, the Bitcoin price stands at around $63,526, reflecting a 2.6% increase in the past 24 hours.
By The Numbers: How Much Profits Are Bitcoin Whales & Miners Holding?
Based on on-chain data, here’s how much unrealized profit the various Bitcoin whale and miner groups are holding right now.
Bitcoin Whale & Miner Profits Compared Across CohortsIn a new post on X, CryptoQuant founder and CEO Ki Young Ju discussed the total unrealized profits currently held by the various on-chain cohorts.
Ju has talked about four groups. First is the “short-term holder (STH) whales.” Whales are typically defined as investors carrying at least 1,000 coins in their wallets, while STHs refer to investors who bought their coins within the past 155 days.
Thus, the STH whales would be the large entities that have recently entered the market. Like the STHs, there are also “long-term holders” (LTHs) who have been holding for more than 155 days. The LTH whales, therefore, would represent the veteran large hands of the market.
The other two groups of interest here are miner-related: the miners carrying between 100 and 1,000 BTC and miner whales (1,000 BTC+, once again). The former would represent the small miners on the network, while the latter would be the mining companies.
Now, here is the chart shared by the CryptoQuant founder that shows the trend in the Unrealized Profit Ratio for these four Bitcoin cohorts over the past few years:
The Unrealized Profit Ratio here is an indicator that goes through the transaction history of the coins these investors hold to see at what price they acquired said coins.
Based on this, it calculates what unrealized gains these holders are carrying and divides it by the cohort’s total market cap to output the profits as a ratio.
The chart shows that the Unrealized Profit Ratio has shot up for three of these groups as the latest rally has occurred. The metric is now at 2.23 for the LTH whales, 1.31 for small miners, and 0.81 for mining companies.
This means that the LTH whales are the biggest gainer in the market, holding more than 223% of profits. This suggests that these investors, who have been holding for a relatively long time, have been rewarded for their patience.
The small miners are the next biggest winners, with 131% profits, outperforming the 81% profits of the miner whales. While these profits are significantly less than those of the LTH whales, they are still substantial nonetheless.
For the STH whales, though, the Unrealized Profit Ratio is at just 0.016, implying that this group carries only 1.6% in profits. These investors correspond to the big money that has come through the spot exchange-traded funds (ETFs) over the last few months.
These large entities have had to buy at relatively high prices, so their break-even mark is much higher than that of the LTHs, and thus, their profits are also much smaller.
Overall, based on the Unrealized Profit Ratio for these Bitcoin cohorts, the CryptoQuant CEO comments, “not enough profit to end this cycle, imo.”
BTC PriceBitcoin is currently floating around the $64,300 level as the asset continues its recent trend of sideways movement.
SEC Vs Justin Sun Case Update: Regulator Provides Additional Information In Lawsuit Against Tron Founder
The United States Securities and Exchange Commission (SEC) has filed new court documents in its ongoing lawsuit against Justin Sun, the founder of the TRON blockchain, and the companies allegedly owned and controlled by him.
The SEC’s latest filing provides additional information to support its earlier allegations made in March 2023. The SEC accuses Sun of orchestrating unregistered offers and sales, “manipulative trading,” and “unlawful touting of crypto asset securities.”
Justin Sun Accused Of Orchestrating ‘Manipulative Wash Trading’According to the SEC’s filing, Justin Sun, through various companies he owns and controls, including Tron Foundation Limited, BitTorrent Foundation, and Rainberry, executed the offer and sale of two crypto assets deemed as “securities” by the US SEC called TRX, Tron’s native token and BitTorrent’s BTT.
The SEC argues that these offerings and sales should have been registered with the SEC or qualified for an exemption, but no such registration or exemption was filed. Sun is alleged to Have engaged in public offers and sales of TRX and BTT without adhering to regulatory requirements.
The SEC also accuses Justin Sun of directing “manipulative wash trading” of TRX to create a “false appearance “of legitimate investor interest and maintain the token’s price.
The Tron Foundation, BitTorrent Foundation, and Rainberry, along with their employees, allegedly facilitated wash trading under Sun’s instruction. This involved conducting “hundreds of thousands” of wash trades between accounts controlled by Sun without any genuine change in ownership or legitimate economic purpose.
SEC Seeks Restitution And PenaltiesIn addition to the allegations mentioned above, Justin Sun is accused of materially misrepresenting the truth about the touting campaign to deceive investors allegedly.
The SEC points out that Sun falsely claimed on social media that any celebrities promoting TRON must disclose their compensation. However, the SEC alleges that Sun himself arranged undisclosed payments to celebrities involved in promoting TRON, indicating a violation of anti-touting provisions.
The SEC asserts that TRON’s founder’s actions violated various provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934. These include registration and anti-fraud provisions, anti-manipulation rules, and aiding and abetting violations.
In its prayer for relief, the SEC requests the court to find the defendants liable for the alleged violations, impose permanent restraints and conduct-based injunctions, prohibit Justin Sun from acting as an officer or director of certain “securities-registered entities,” order disgorgement of ill-gotten gains with prejudgment interest, impose civil monetary penalties, and grant any further relief deemed necessary to protect investors.
The SEC’s new court filing against Justin Sun and his associated companies intensifies the legal battle surrounding allegations of unregistered offerings, manipulative trading, and deceptive touting of crypto assets.
As the case progresses, the outcome will likely have a significant impact and notorious implications on the regulatory landscape of digital assets.
The native token of the TRON blockchain, TRX, is trading at $0.1110. It has broken its month-long downtrend with a 1.4% price spike over the past 24 hours.
Featured image from CNBC, chart from TradingView.com
As Bitcoin Halves, On-Chain Data Shows That Old Whales And Miners Are Big Winners
As Bitcoin halves and ushers in the fifth epoch in April, Ki Young Ju, the founder of the crypto analytics platform CryptoQuant, has unveiled some interesting profitability statistics for various entities. Ju took X to highlight the unrealized profits across different investor groups, unveiling a clear winner: old whales.
Bitcoin Rewards Old Whales, MinersAccording to the data, seasoned Bitcoin investors, often called “old whales,” have seen a staggering 223% increase in unrealized profits. This suggests that their long-term holding strategy has paid off handsomely, with rising prices over the years and months significantly boosting their holdings.
At the same time, investors entering the market through traditional finance (TradFi) and exchange-traded funds (ETFs), categorized as “new whales,” have seen a more modest increase of 1.6% in unrealized profits. This could be attributed to their shorter investment timeframe and lower average cost basis than old whales.
DeFi took off in early 2020 after crossing the $1 billion mark, while spot Bitcoin ETFs, especially in the United States, are gaining traction after the Securities and Exchange Commission (SEC) approved these products in January 2024.
Interestingly, small miners and large mining companies like Riot Blockchain and Marathon Digital have also seen decent gains. Small miners, often individuals or small operations, saw their unrealized profits increase by 131%.
Meanwhile, big miners, typically established mining companies listed in various bourses worldwide, saw an 81% increase in unrealized profits. From this data, it is clear that prices have been rising since October 2023, a significant boost going into the next epoch, which is expected to be more competitive.
Hash Rate: A Key Metric To Watch Post-HalvingMaking inferences from this data, it is clear that early adopters are the biggest beneficiaries, riding the surge over the years. However, miners of all categories have also been rewarded handsomely.
Still, it is yet to be seen how miners adjust their operations to be competitive while also earning revenue. Though the hash rate might drop in the days ahead, big miners won’t be affected as much but will likely consolidate their positions. Meanwhile, small miners could be shaken off, leading to miner centralization over time.
Over the long run, the hash rate will be a crucial metric. If prices rise as expected, miners will be incentivized to invest in new gear, boosting the network security.
Related Reading: Komodo CTO Warns That Bitcoin Is Becoming Too Centralized, Here’s Why
If not, and prices plunge as seen in Litecoin and Bitcoin Cash post-halving, there will be a series of difficulty adjustments, further cementing the control of large crypto mining farms.
Binance CEO Vows Cooperation With Nigerian Authorities In $35M Money Laundering Case
In a recent development, Richard Teng, the CEO of Binance, has confirmed the company’s close cooperation with Nigerian authorities following the detention of its head of financial crime compliance, Tigran Gambaryan. Gambaryan and another Binance official are facing accusations of laundering over $35 million.
According to a Reuters report, the Nigerian court has adjourned the case until May 2, as confirmed by the country’s anti-corruption body, the Economic and Financial Crimes Commission (EFCC).
Binance Executives Face Mounting Legal TroublesAs previously reported by Bitcoinist, the detained executives, Tigran Gambaryan and Nadeem Anjarwalla, arrived in Nigeria after the country’s ban on several cryptocurrency trading websites.
On February 26, they were detained by Nigeria’s EFCC. While Gambaryan’s case is ongoing, Anjarwalla, a British-Kenyan regional manager for Africa, fled Nigeria last month. However, authorities have now discovered his whereabouts in Kenya.
According to a local newspaper, Nigerian authorities, in collaboration with the Kenyan government and INTERPOL, located Nadeem Anjarwalla in Kenya after he escaped custody. The Nigerian Federal Government is working towards his extradition to Nigeria to face the charges against him.
The EFCC, along with international law enforcement agencies such as the International Criminal Police Organization (INTERPOL) and the United States Federal Bureau of Investigation (FBI), is leading the efforts to ensure Anjarwalla’s return.
In the wake of these developments, Binance CEO Richard Teng, who took the helm of the company after Changpeng Zhao (CZ) agreed to step down as CEO in the 2023 settlement with US regulators, said at a recent crypto conference in Dubai, “What I can say is that we are working very closely with the Nigerian authorities to try to resolve the matter.”
Tax Evasion Charges Added To Detention WoesBinance’s head of regional markets, Vishal Sacheendran, acknowledged the company’s arrests were unprecedented. However, he declined to comment to Reuters on the charges against the company itself.
The EFCC Chair, Ola Olukoyede, emphasized that the commission’s involvement in the prosecution of Binance executives conveyed a strong message about the EFCC’s determination to curb distortions and disruptions in Nigeria’s forex market.
The EFCC is collaborating with various international agencies, including INTERPOL, the FBI, and the governments of the United Kingdom, Northern Ireland, and Kenya, to extradite the accused individuals.
In addition to the EFCC case, Binance and its executives also face tax evasion charges brought by Nigeria’s Federal Inland Revenue Service (FIRS). The tax evasion case is scheduled to appear before a court on Friday.
As the legal proceedings continue, the cryptocurrency community awaits further updates on the outcome of the cases against Binance’s executives and the implications they might have on the company’s operations in Nigeria and beyond.
The exchange’s native token, BNB, is trading at $556, up a slight 1% over the past 24 hours.
Featured image from Shutterstock, chart from TradingView.com
Халвинг в сети Биткоина состоялся – награда за блок упала вдвое
Shiba Inu Headed Toward Critical Support Threshold With 2 Trillion SHIB Buys
Shiba Inu (SHIB) has established a critical price support level amidst the market-wide downtrend, which has kept crypto prices down. This support level has been established thanks to a host of Shiba Inu holders who have invested in the meme coin at that price level with a 2 trillion SHIB buy order.
Shiba Inu Establishes Support At $0.00001Data from the market intelligence platform IntoTheBlock shows that over 397,000 Shiba Inu addresses currently in the money bought the meme coin at an average price of $0.000010. Meanwhile, the minimum price for those buy orders is $0.000008, while the maximum is $0.000014.
Therefore, that price range acts as a significant support for the meme coin since most of its buying pressure came at those price levels. This could prove pivotal if the downtrend in the crypto market continues to subsist. Specifically, Shiba Inu is expected to hold above this level in the event of more price drops as these holders will most likely move to avoid the meme coin dropping beyond their buy price.
So far, Shiba Inu holders, especially the whales, haven’t been deterred by the meme coin’s price declines and have seen it as an opportunity to accumulate more SHIB tokens. Bitcoinist recently reported an anonymous whale who purchased 223 billion SHIB tokens after its price crashed to a low of $0.00001830.
Such buying pressure can help the meme coin stay afloat and avoid losing the year-to-date (YTD) gain of over 100%, which it already made this year. Meanwhile, the reason for this bullish sentiment among Shiba Inu investors isn’t affected, considering that the meme coin is projected to be one of the leading gainers in this bull run.
Shibarium Back In BusinessNetwork activity on Shibarium has picked up significantly in the last seven days, with the layer-2 network recording a recent high of 958,000 daily transactions on April 15. This network resurgence could prove timely as Shiba Inu needs every bullish momentum it can get to push it to new highs.
Network activity on Shibarium is expected to keep rising. The network recently announced a significant upgrade, which makes it “faster, smoother, and more accessible than ever.” As network activity continues to pick up, SHIB’s burn rate will spike, which will ultimately affect Shiba Inu’s price positively.
The burn rate had been decent, even in the absence of the massive Shibarium-led token burns, which the SHIB community had become accustomed to towards the end of last year. Therefore, things can only get better from here on.
At the time of writing, SHIB is trading at around $0.00002265, up over 4% in the last 24 hours, according to data from CoinMarketCap.
Dogecoin Sees Bullish Spike In Volume Despite Fierce Competition From Shiba Inu And Other Meme Coins
Dogecoin has been in a bearish sentiment among investors in the past week that even a tweet from Elon Musk referencing the cryptocurrency earlier in the week failed to do much to cause a price reversal. However, recent transaction volume indicates this might be changing into a bullish sentiment soon, as Dogecoin is finally getting some traction after a week of what seemed like an eternity of corrective price action.
According to data from CoinGlass, Dogecoin trading volume on the derivatives market is currently up by 23% in the past 24 hours to reach $3.96 billion. Similarly, Coinmarketcap shows a 16% increase in the spot market, with the price of DOGE once again surpassing the $0.15 threshold.
Bullish Spike In Volume For DOGEDogecoin is currently experiencing fierce competition in the meme coin space. Coins like Shiba Inu, Floki Inu, Dogwifhat, and others are gaining major hype and popularity, threatening DOGE’s dominance. Furthermore, recent bearish action in the wider crypto market has seen DOGE losing bullish steam and reversing most of its price gains in March.
Although the meme token continues to find itself in a bearish state, it has attracted an uptick in trading volume in the past 24 hours. A breakdown of the $3.96 billion in the DOGE derivatives market reported by Coinglass shows the majority of action coming from crypto exchange Binance with $1.94 billion in trading volume. Next is OKX, which has registered a $1.13 billion trading volume in the past 24 hours. Bybit and BingX come in third and fourth, with $538.84 million and $137.61 million respectively.
At the same time, Coinmarketcap reports a 16% increase in the spot market to $2.35 billion in the past 24 hours. Most of this also came from Binance, with the DOGE/USDT pair experiencing a $444 million trading volume in the past day.
Will Renewed Interest Lead To Sustained Dogecoin Price Rally?As expected, the uptick in trading volume has led to a corresponding price increase for DOGE. At the time of writing, DOGE is trading at $0.1533 and is up by 6.06% in the past 24 hours. However, the next few days will be crucial in seeing if this volume spike translates into a sustained price rally.
If trading volume continues to increase and Dogecoin can break through resistance levels at $0.16 and $0.17, it may be able to start climbing back to its previous monthly high of $0.22. Shiba Inu and Dogwifhat are up by 4.5% and 16%, respectively, in the same time frame.
According to Whale Alerts, a private whale wallet acquired 100 million DOGE tokens worth $15.2 million from crypto exchange Robinhood in the past 24 hours.
Ethereum Fees Now Lowest Since January: Is It A Bottom Signal?
On-chain data shows that Ethereum transaction fees have dropped to their lowest level since January, a sign that a bottom could be close.
Ethereum Transfer Fees Has Plunged As Network Has Gone ColdAccording to data from the on-chain analytics firm Santiment, Ethereum transaction fees have taken a notable hit recently. The “transaction fees” here refer to the average fees (in USD) that senders on the ETH network are currently attaching to their transfers.
This metric’s value generally reflects the traffic conditions the blockchain is witnessing. When many users are making moves on the network, the average fees tend to go up.
This is a result of the blockchain’s limited capacity to process transactions, which can cause the network to get clogged during periods of high activity and cause transactions to wait for a while.
Users who don’t want to deal with the wait times attach a high fee to their transfers, allowing the validators to prioritize their moves. As many senders compete against each other like this, the average can quickly blow up, and blockspace can become more precious.
When the Ethereum blockchain is observing little activity, though, the transaction fees may remain low, as the users wouldn’t have much incentive to go for any significant fees.
Now, here is a chart that shows the trend in the Ethereum average fees over the last few months:
As displayed in the above graph, Ethereum transaction fees have slumped recently and hit a low of just $2.07. This is the lowest value that the metric has touched since January of this year.
This cooldown in fees would imply that the network activity for cryptocurrency has dissipated. Traffic is usually interlinked with the mood around the asset; as Santiment explains:
The market historically moves between sentimental cycles of feeling that crypto is going “To the Moon” or feeling that “Crypto is Dead”, which will very often be observed through transaction fees.
A lack of activity on the network suggests the investors may not be too interested in the coin at the moment. This, however, may not be bad news for the asset’s price.
According to the analytics firm, low average fees tend to coincide with bottoms in Ethereum, while peaks of the metric may occur alongside top formations.
As the chart shows, ETH’s price was near a bottom in January when the fees last hit a low of $1.75. Similarly, the indicator spiked to $15 in the leadup to the top last month.
It now remains to be seen if a similar pattern will play out this time around, and whether Ethereum will now approach a bottom.
ETH PriceEthereum had plunged under $2,900 earlier, but the asset seems to have rebounded as its price recovered to $3,100.
Cardano Drops Below Dogecoin On Crypto Top 10 List, Will It Lose 10th Spot To Shiba Inu?
Cardano has been struggling in the market over the last few weeks, completely erasing its gains from March. This continuous decline has put the digital asset in a perilous position as it has dropped drastically on the list of the top 10 cryptocurrencies by market cap.
Cardano Bows Out To Toncoin And DogecoinThe first negative headwinds for Cardano began to blow when Toncoin, a cryptocurrency enjoy serious backing from Telegram, began to rise. As the Toncoin price rose, so did its market cap and in not time it was on its way to knocking a number of assets from their positions.
After beating Dogecoin, the Toncoin price continued to rise, reaching over $7. At this time, its market cap had jumped above $20 billion. This quickly placed it ahead of Cardano and then Dogecoin as it enjoyed a massive rally.
Next up was Dogecoin coming for Cardano’s spot on the top 10 list. Dogecoin began to see more upside as Elon Musk tweeted about the meme coin once again. Dogecoin’s price rose above $0.2 before being rejected at this level. However, it continues to trend high, maintaining most of its gains from March, and its market cap above $20 billion.
Cardano, on the other hand, has suffered crash after crash, bringing its price back down to $0.46. At its current price, its market cap is sitting at approximately $16.5 billion, putting it well below the likes of Toncoin and Dogecoin.
Shiba Inu Wants 10th SpotDespite the market being on a recovery trend, it seems the worse is far from over for Cardano. After falling behind Dogecoin and Toncoin, Cardano is currently the 10th largest cryptocurrency in the market, down four spots from 6th about a year ago.
This time around, the coin is seeing steep competition from Shiba Inu, which currently occupies the 11th position on the list. Currently, Cardano’s market cap is only around 30% higher than that of Shiba Inu, which sits at $13.4 billion compared to $16.5 billion for ADA.
Now, given the positive headwinds predicted for the Shiba Inu price, it may not be long until SHIB claims the 10th spot. With the Bitcoin halving happening and Shiba Inu’s track record following a halving event, the meme coin could see an over 100% increase from here.
For Cardano to maintain its spot, it would have to rise rapidly alongside SHIB. However, if it fails to do so, Cardano could fall out of the top 10 cryptocurrencies by market cap for the first time in over three years.
Биржа HashKey приостанавливает ввод и вывод средств на Binance
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