https://www.newsbtc.com/news/ex-paxful-ceo-warns-users-to-stop-trading-are-their-funds-at-risk/

Paxful, founded in 2015, has established itself as one of the world’s prominent peer-to-peer Bitcoin marketplaces, with a strong mission to enable financial access for individuals globally. Boasting an extensive user base of 9 million and offering over 350 payment options, the platform has garnered substantial popularity.

However, on July 7, Ray Youssef, the former CEO of Paxful, conveyed a message to the platform’s users, urging them to cease trading activities.

Financial Instability And Comparisons To FTX Collapse

Youssef expressed concerns about the current state of Paxful, claiming that the company is now solely focused on paying legal bills and cautioned that no African or non-American should trust any IS corporation. These warnings from Youssef were prompted by reports that Paxful had removed the reserve funds amount from the platform’s status page.

Related Reading: Paxful CEO Says He Has ‘Lost’ 5 Bank Accounts

Reserve funds are often savings accounts or highly liquid assets placed aside to cover unforeseen financial responsibilities, and Youssef believes that Paxful’s lack of reserves puts the company at risk of financial instability. Without these funds, Paxful may struggle to manage cash flow fluctuations, fulfill immediate financial obligations, or respond effectively to emergencies. Consequently, this situation has the potential to jeopardize Paxful’s survival.

Youssef also concurred with a Twitter user who compared Paxful and the collapse of FTX. The user highlighted that FTX, despite being one of the world’s largest cryptocurrency exchanges at the time, had filed for bankruptcy. This collapse was triggered by Changpeng Zhao, the CEO of Binance, announcing that his exchange would be dumping its FTT Token holdings, amounting to around $2 billion. The bank run that followed this announcement opened up a web of lies and mismanagement that led to the eventual collapse of the exchange.

The announcement caused a sharp decline in the price of FTT and generated concern among investors. As a result, traders hurriedly withdrew their funds from FTX, leading the company to confront a substantial $8 billion shortfall.

To prevent a similar case like FTX bankruptcy, Youssef advised Paxful users to withdraw their funds until further investigation is conducted to uncover the truth behind the situation.

By taking control of their own cryptocurrency assets, users can mitigate potential risks and ensure the security of their investments

Related Reading: FTX Puts Sale Of $500 Million Stake In AI Firm Anthropic On Hold

Youssef’s Concerns And Allegations Post-Departure From Paxful

Trading on various P2P marketplaces, including Paxful, was temporarily suspended in early April due to regulatory reasons. When Paxful announced the resumption of services, Ray Youssef, who had already left the organization, expressed his uncertainty regarding the current state of affairs and emphasized his inability to vouch for anything happening within Paxful.

Since he departed from the exchange, Youssef has been actively promoting Civkit, the platform he founded. While many of his followers have praised his efforts, accusations have labeled him an attention seeker. Additionally, some individuals have accused him of leveraging his influence to undermine competitors and rivals in the industry.

https://www.newsbtc.com/coinbase/coinbase-shake-up-top-execs-sell-off-coin-shares-how-will-it-affect-the-stock-price/

Reputable cryptocurrency company Coinbase, headquartered in the United States, has recently experienced significant stock sales by its top executives. This development occurs against the backdrop of the company’s ongoing struggles, such as regulatory scrutiny and a stagnant trading volume on the cryptocurrency market, which have hampered its growth prospects.

Detailed information concerning the stock sales made by the exchange executives has been disclosed through filings submitted to the U.S. Securities and Exchange Commission.

The most recent Form 4 filing submitted to the SEC shows the stock sales executed by key individuals at Coinbase, namely Chief Legal Officer Paul Grewal, and CEO Brian Armstrong.

Stock Sales By Coinbase Executives

According to Coinbase’s SEC filings, in March, Armstrong and Grewal sold approximately $7 million worth of Coinbase (COIN) stocks. More recently, Armstrong sold shares exceeding $5.8 million in value this week, followed by an additional sale of shares worth $2.6 million on May 25.

It is worth noting that Armstrong has not made any purchases of COIN shares in the past two years and has been selling more frequently in 2023.

He previously disclosed his intention to gradually sell his 2% stake in Coinbase over the next year, with the proceeds being directed towards funding advancements in science and technology within his co-founded companies, including NewLimit (a biotechnology company) and ResearchHub (a scientific research firm).

COIN Performance Amidst Challenges

Coinbase token, COIN has witnessed a significant surge in its stock price, with gains of over 125% so far this year. Currently priced at $78.72, Coinbase Global Inc’s stock market cap is $18.46 billion with $13.20 million trading volume.

This upward trend reflects positive investor sentiment towards the company. However, this upbeat trajectory has been affected by various factors, including ongoing regulatory scrutiny from U.S. authorities and a lawsuit filed by the SEC against the exchange.

The SEC alleges that Coinbase offered unregistered securities, which poses a potential threat to the core trading business of the company.

Amidst these challenges, the stock price of COIN experienced a 12% increase when BlackRock updated its Bitcoin ETF through Nasdaq, with Coinbase listed as a partner under a surveillance sharing arrangement.

Meanwhile, the future of Coinbase Global’s stock performance remains uncertain, with investors and industry observers closely monitoring these developments as they unfold, shaping the company’s trajectory in the coming months.

https://www.newsbtc.com/news/barnbridge-dao-freezes-operations-amid-sec-probe-can-they-weather-the-storm/

On July 6, Douglas Park, a lawyer representing the BarnBridge decentralized autonomous organization, shared important news with the members via the platform’s Discord channel. Park disclosed that the Securities and Exchange Commission (SEC) had initiated an investigation into BarnBridge DAO and individuals associated with it.

In an effort to mitigate potential legal liabilities, Park advised that all work on BarnBridge-related products, including the closure of liquidity pools, should cease.

Additionally, he suggested that individuals should not receive compensation for their contributions resulting from the DAO’s investment activities.

Shortly after Park’s message, co-founder Tyler Ward, also known as ‘Lord Tyler‘ on Discord, confirmed the accuracy of the information on BarnBridge’s Discord platform.

While the reason behind the SEC’s probe into BarnBridge DAO was not explicitly explained by Park and Ward, Park clarified that due to the investigation being ongoing and non-public, only limited information could be shared at this time.

Speculations Arise Among DAO Members In Response To Announcement

Following the announcement, a number of BarnBridge DAO members expressed skepticism regarding the SEC’s investigation. One member on the Discord platform requested substantiating evidence of the SEC’s involvement and insinuated that BarnBridge’s founders might be using the investigation as a pretext for orchestrating an ‘exit strategy’ that could potentially defraud investors.

Tyler Ward, however, dismissed this claim, asserting that it would be the “worst thought-out rug attempt in history,” implying that such intentions were baseless.

Some members adopted a more light-hearted approach to the news, with one suggesting that it was time to relocate to Europe, humorously implying that DAO members could potentially evade scrutiny from the SEC.

Another member playfully remarked that anyone who had engaged with BarnBridge would face dire consequences, jesting that SEC Chair Gary Gensler would ‘shoot’ them on live television, alluding to Gensler’s perceived strict stance on cryptocurrencies.

The Impact Of SEC Lawsuits On BarnBridge Native Crypto And Previous SEC Lawsuits

Following the emergence of the news about the investigation, the native token of BarnBridge, BOND, experienced a decline of 9.4%, with its price dropping to $3.02, CoinGecko shows.

BOND is now down 98.3% from its all-time high of $185.7 on October 27, 2020, and presently has a market cap of only $28 million.

This is not the only time the regulator is coming for crypto firms as the SEC recently made news for launching litigation against two leading industry exchanges, Binance and Coinbase, for purportedly providing unregistered securities.

The reported investigation into BarnBridge, a DAO of moderate size, may indicate that the securities regulator is extending its scrutiny beyond the larger entities within the cryptocurrency space. This development raises questions about the breadth of the SEC’s focus within the industry.

https://www.newsbtc.com/terra-luna/terra-luna-classic-community-pool-balance-in-jeopardy-can-they-survive-the-plunge/

The Terra Luna Classic community pool balance has reached a critical level due to the approval of three community pool spending proposals. The funds have significantly decreased from 2.37 billion LUNC to a mere 416 million LUNC.

Consequently, the community is now facing a shortage of funds, hindering their ability to finance further development and maintenance of the chain.

Terra Luna Community Proposals And Allocations

The Terra Luna Classic community passed three proposals that were responsible for depleting its reserves — from a Quant team for USTC re-peg, Joint L1 Task Force Q3 proposal, and continuing operating Terra Rebels infrastructure and apps.

Related Reading: Terra LUNA Classic: Thriving Or Struggling After Ecosystem Collapse?

Core developer Joint L1 Task Force Q3 received 1.264 billion LUNC, Quant USTC Repeg Team gets 222.222 million LUNC, and Terra Rebels received 484.367 million LUNC. Now, the community pool balance has only 416.33 million LUNC and 4.49 million USTC.

Joint L1 Task Force Q3 proposes to work on reducing LUNC and USTC circulating supply in Q3, upgrading to stable Columbus and Cosmos SDK versions, and other major developments. The L1TF and Professor Edward Kim will assist the Quant team in the USTC re-peg.

Meanwhile, the Quant team worked on modeling and simulation for the USTC incremental re-peg buybacks and staking swaps, evaluating and assessing the Market Module and working on other tools.

Terra Rebels needs funds to continue operating and maintaining Rebel Station and other apps, as well as testnet and Terra Classic infrastructure.

In light of recent developments, several prominent figures within the community have expressed concerns regarding the approval of seemingly unnecessary community spending proposals. They believe that a more discerning approach should be taken, with only crucial proposals proceeding for voting after thorough and thoughtful discussions.

This sentiment reflects the community’s desire to prioritize and allocate resources effectively, ensuring that decisions are made in the best interest of the community as a whole.

LUNC Price Fluctuations And Trading Activity

Following the announcement of Binance’s 2.65 billion LUNC burn on Saturday, the price of Terra Luna Classic experienced a notable surge of over 3%. However, this increase was short-lived as the price failed to sustain the gains and subsequently retreated to the support level.

Over the past 24 hours, the LUNC price has exhibited a sideways trading pattern, with the current price hovering around $0.000087.

During this period, the recorded low and high values were $0.0000850 and $0.0000877, respectively. It is worth noting that although the price has remained relatively stable, there has been a slight increase in trading volume over the past 24 hours.

https://www.newsbtc.com/nft/cristiano-ronaldo-goes-crypto-again-drops-second-nft-collection-on-binance/

Cristiano Ronaldo, an acclaimed football player, recently made waves in the news for reasons aside from his prowess on the field. He has expanded his involvement in Non-Fungible Tokens (NFTs) by presenting his second NFT collection. This offering aims to celebrate Ronaldo’s exceptional accomplishments throughout his illustrious career, particularly showcasing his unique goals in soccer.

Celebrating Cristiano Ronaldo’s Illustrious Career Goals

Set to launch on July 3, this new collection will present a diverse selection of 20 unique designs that symbolize significant milestones from Ronaldo’s impressive journey.

These designs have been divided into four levels of rarity, ensuring collectors have various options based on their preferences. Each design elegantly captures memorable moments from Ronaldo’s goal-scoring genius—whether a breathtaking bicycle kick or a powerful long-range strike. Each piece encapsulates the essence of Ronaldo’s outstanding ability to find the back of the net.

In the collection, there are highly sought-after items known as NFTs that stand out. These particular NFTs possess six distinct designs, making them exceptionally rare. Only 120 special products exist, turning these super-rare NFTs into valuable collector possessions.

Aside from having exclusive digital ownership, each super rare NFT comes with exceptional advantages for its owner. Notably, one of these benefits includes receiving a soccer jersey personally autographed by Cristiano Ronaldo himself—a truly unique and invaluable item that holds immense significance to any football devotee.

Anticipation For Cristiano Ronaldo’s Second NFT Collection

Cristiano Ronaldo’s initial non-fungible token (NFT) collection encountered a difficult start in the market, facing several challenges. These obstacles emerged during a period marked by significant complexities, ultimately influencing how this collection was received and performed.

Among the various hurdles confronted by the first collection, one significant challenge arose when it was launched merely a week following the collapse of the FTX Derivatives Exchange.

The demise of FTX had substantial ramifications on general crypto market sentiments, resulting in an overall decline and eroding investor trust.

Nonetheless, given the increasing traction and comprehension of NFTs among collectors and enthusiasts alike, alongside possible improvements in market conditions, there is potential for Ronaldo’s second collection to attract a broader audience.

Addressing Legal And Regulatory Challenges In The NFT Market

The advent of non-fungible tokens (NFTs) has given rise to legal and regulatory complexities on a global scale.

This issue primarily stems from lacking an internationally acknowledged legal definition for NFTs. However, countries are currently developing their systems for classifying NFTs, highlighting the urgent need for a worldwide organization that can set universal regulations and legitimize these digital assets.

As the NFT market continues to experience substantial expansion, it becomes even more crucial to establish a governing agency that can effectively address these challenges.

https://www.newsbtc.com/binance/binance-ceo-goes-bullish-on-bitcoin-whats-the-inside-scoop/

In a recent tweet, Changpeng “CZ” Zhao, the CEO of Binance, drew attention to the dynamic nature of Bitcoin’s price and its increasing practicality. The tweet was timely, aligning with Bitcoin’s ascent above $31,450, marking its highest value since June 2022.

This surge was primarily attributed to the US Securities and Exchange Commission’s endorsement of the Volatility Shares 2x Bitcoin Strategy ETF, referred to as BITX, thereby establishing it as the inaugural leveraged bitcoin futures ETF in the United States.

Furthermore, the positive sentiment expressed by BlackRock contributed to the overall strength of the cryptocurrency market.

Controversies Surrounding Binance And Its CEO

Bitcoin has witnessed a progressive expansion in its practicality as an increasing number of merchants and service providers have embraced it as a viable payment option. The realm of Bitcoin has seen a surge in the availability of futures and options, lending platforms, and decentralized finance (DeFi) applications.

Amidst these positive advancements, a series of allegations have surfaced regarding Binance and its CEO, concerning the alleged employment of a “liquidation waterfall” strategy in the sale of spot Bitcoin. Zhao has refuted these claims.

Binance’s Integration Of Bitcoin Lightning Network

Binance has recently announced noteworthy progress in integrating the Bitcoin Lightning Network, aiming to enhance the speed of deposits and withdrawals.

Binance is currently in the process of integrating the network, with some technical aspects still pending completion. They recently shared their progress on Twitter, acknowledging that observant users had spotted their new lightning nodes.

This confirms Binance’s active involvement in leveraging the Lightning Network to facilitate faster and more scalable Bitcoin transactions, ultimately enhancing user experience. The community eagerly awaits updates on Binance’s full integration of the Lightning Network.

In a tweet, Zhao reaffirmed the exchange’s commitment to continuous growth, expressing their dedication to ongoing development. He stated, “Slowly, but we keep building…”

The integration of the Bitcoin Lightning Network aims to bring several advantages for users, including reduced transaction costs and faster settlement times. These improvements contribute to enhanced overall efficiency and convenience.

The surge in Bitcoin’s value and utility has led to a significant milestone. The number of active Bitcoin addresses, excluding those with zero balances, has reached an unprecedented high of 44 million.

A Closer Look At Recent Trends And Future Implications

After experiencing a surge to over $31,000 following Fidelity’s application for Spot ETF, Bitcoin has now settled at $30,424, accompanied by a 24-hour trading volume of $23,666B.

While Bitcoin’s volatility continues to capture attention, another significant event looms on the horizon – the forthcoming Bitcoin halving.

Anticipated to take place between April and May 2024, this 4th halving will bring about a reduction in block rewards from 6.25 BTC to 3.125 BTC at the 840,000 block height.

https://www.newsbtc.com/bitcoin-news/north-carolina-house-approves-bitcoin-study-what-will-it-reveal/

In consideration of recent developments, a bill has been introduced to evaluate the feasibility of establishing a state-administered depository for cryptocurrencies, positioning North Carolina as the custodian of its Bitcoin and virtual asset holdings.

However, the proposed study will thoroughly assess the costs and benefits associated with alternatives such as a privately managed depository or utilizing the depository of another state.

A Comprehensive Study For North Carolina’s Financial Holdings

On June 28, the House approved a bill that authorizes a comprehensive study with a budget of $50,000. The primary objective of this study is to evaluate the feasibility of incorporating gold bullion and virtual currencies like BTC into North Carolina’s financial holdings. The study aims to examine various aspects, including the secure acquisition, storage, insurance, and liquidation of these assets.

One of the main areas of investigation is the potential impact that gold and cryptocurrency holdings could have on North Carolina’s funds.

Specifically, the study intends to assess whether such holdings could serve as a hedge against inflation and mitigate systemic credit risks. Furthermore, it seeks to determine if integrating gold and crypto assets into the portfolio could effectively reduce volatility and enhance overall returns.

By undertaking this study, the House plans to gather crucial insights and evidence that will inform the decision-making process regarding North Carolina’s investment strategy.

The bill emphasizes a neutral and data-driven approach to understanding the potential benefits and risks associated with diversifying the state’s financial holdings with gold and virtual currencies.

The bill was successfully passed in the House with a majority vote of 73 in favor, 40 against, and seven members absent. For it to become law or be subject to a potential veto by Governor Roy Cooper, it must now proceed to the Senate for further consideration.

Bitcoin Study: Analysis Of North Carolina’s Virtual Asset Holdings

In a separate legislative initiative, on May 3, North Carolina’s House unanimously approved a bill that would prohibit payments to the state using a central bank digital currency (CBDC).

Additionally, the bill specified that North Carolina would not permit the Federal Reserve to conduct any future pilot CBDC testing within its jurisdiction.

Prior to this, on May 2, the Board of Commissioners for Buncombe County in North Carolina passed a one-year moratorium on cryptocurrency mining. This decision temporarily restricts crypto mining activities within the county.

These recent developments reflect the ongoing examination of various aspects surrounding cryptocurrencies and digital assets in North Carolina.

The state continues to navigate the complexities and implications associated with these emerging technologies through comprehensive legislation and careful evaluation.

https://www.newsbtc.com/news/ripple/ripple-thrives-despite-legal-battle-whats-the-market-reaction-of-xrp/

Ripple is confidently addressing its ongoing legal challenges while actively exploring new opportunities to expand the capabilities of the Ripple platform. Although the exact role of XRP is still under scrutiny, notable signs suggest a growing interest in its potential.

Ripple’s Resilience In The Legal Battle

In a recent twist to the SEC v. Ripple case, XRP holders’ attorney and legal representative, John Deaton, took to Twitter to share a rollercoaster of emotions. Initially filled with anticipation, according to Deaton, he received an email filing related to the case with SEC.

However, his hopes were swiftly crushed when he discovered that the email merely announced a lawyer’s withdrawal from the proceedings.

Related Reading: Ripple CEO Blasts SEC Chair For Anti-Innovation Stance, XRP Bulls Remain Optimistic

Deaton promptly clarified that this departure holds no significant impact on the ongoing legal battle between Ripple and the SEC.

Additionally, it is crucial to note that the lawyer’s exit should not be misconstrued as a settlement or any substantial change in the case. And Deaton concluded that the withdrawal does not alter the course of the litigation.

Surge in Active Addresses

Data from Santiment highlights a surge in active addresses for Ripple’s XRP in the past weeks. Analysis of the chart reveals that this upward trend commenced in late May and has continued to gain momentum throughout June, ultimately reaching an all-time high.

Related Reading: ‘Ripple (XRP) Is A Must-Hold For The Next Bull Run,’ Says Bitcoin Maxi

The average number of active addresses was close to one million. However, a discernible upward trajectory emerged, pushing the average to approximately 1.1 million. At present, the number of active addresses has surpassed 1.1 million, indicating a sustained growth pattern.

XRP Price Stagnation And Potential Reversal

Before now, Ripple’s XRP experienced a distinctive price pattern that deviated from the broader market, displaying an upward trajectory. However, in recent days, its price movement has become stagnant, lacking a clear indication of either an upward or downward trend.

At the time of writing, XRP was trading at approximately $0.48, reflecting a decrease of more than 4%. It is worth noting that the overall trend appears bearish, as evidenced by the positioning of its Relative Strength Index (RSI) line.

Nevertheless, the bearish trend observed in XRP’s price movement has displayed a relatively subdued strength, leaving room for the possibility of a sudden upswing that could propel it back into a bullish trajectory.

Additionally, it is worth noting that XRP’s current trading price remains above its short Moving Average (represented by the yellow line), which also acts as an immediate support level for the cryptocurrency.

https://www.newsbtc.com/analysis/pepe/pepe-surge-trading-volume-outshines-shib-and-doge-will-this-trend-continue/

Pepe (PEPE) has experienced a surge in trading volume within the last 24 hours, surpassing both Shiba Inu (SHIB) and Dogecoin (DOGE).

PEPE Defies Expectations with Remarkable Trading Volume Amidst Market Volatility

Despite a minor 5.8% decrease in its price, Pepe’s trading volume reached an astounding $281.3 million during the last 24 hours.

The market capitalization of this meme-inspired digital asset currently stands at $631 million. In contrast to the more widely recognized meme cryptocurrencies, Shiba Inu, Pepe’s trading volume surpassed expectations.

Amidst a significant surge in the value of Bitcoin (BTC) and various alternative cryptocurrencies, PEPE is emerging as the frontrunner within its specific market segment.

As of the time of writing, PEPECOIN has experienced a spike of 38.29%, outpacing its counterparts in terms of growth rate.

PEPECOIN Emerges Victorious, Surpassing Dogecoin, And Shiba Inu

Before the recent resurgence that swept across the entire cryptocurrency industry, PEPECOIN had faced disillusionment from traders who deemed it a digital currency that had lost momentum. On June 22, the cryptocurrency was trading at a spot price of $0.000001425, a level driven by the substantial growth in trading volume observed over the past 24 hours.

CoinMarketCap data reveals a staggering $687 million market capitalization of PEPE tokens, reflecting a 253% surge within the 24-hour timeframe.

Dogecoin fell behind Pepe’s performance with a 24-hour trading volume of $189.2 million and a market capitalization of $9.3 billion. Similarly, Shiba Inu trailed behind Pepe with a 24-hour trading volume of $103 million and a market cap of $4.6 billion.

This development underlines the dynamic nature of meme cryptocurrencies, where Pepe’s recent surge signifies its growing prominence within the market.

Pepe’s remarkable ascent coincides with a week of gains across the cryptocurrency market as a whole. Bitcoin (BTC) and Ethereum (ETH), the two most valuable cryptocurrencies by market capitalization, had price rises of 14.2% and 8.8%, respectively, in the previous week. Bitcoin boasts a 24-hour trading volume of $11.9 billion, while Ethereum’s volume is $6.8 billion.

Amidst this backdrop, Pepe’s rise further emphasizes the enduring popularity and unpredictable price movements inherent in meme cryptocurrencies.

Notably, Pepe has surged by 64% within the past week, highlighting its rapid growth trajectory.

https://www.newsbtc.com/optimism-2/optimism-op-price-crafts-a-bullish-cup-but-can-it-sustain-the-momentum/

Optimism, a layer-2 solution on the Ethereum blockchain, has gained traction with a TVL exceeding $1.22 billion.

• The OP price is currently forming a bullish cup pattern, indicating a potential recovery.
• Trading activity in the optimism crypto market has surged, suggesting an attempt by the OP price to rebound.

Optimism: A Quick Look

As a layer-2 blockchain solution, transactions are recorded on the Optimism blockchain and then stored on the Ethereum blockchain.

During the development of Optimism’s Layer-2 solution, the focus has been on minimizing complexity. This approach aims to achieve efficient scalability on Ethereum.

Its compatibility with the Ethereum network, allows developers to deploy their decentralized applications (dApps) and smart contracts on the Optimism layer 2 infrastructure. By moving transactions off the Ethereum mainnet, OP aims to reduce transaction costs and alleviate network congestion, making transactions more affordable and efficient for users.

The project employs various security mechanisms, including fraud proofs and challenge periods, to ensure the integrity of transactions and prevent malicious activities within the layer 2 network.

Moving Averages And RSI Signals

Indicated by price predictions, there are signs that OP token’s price is attempting to recover. Optimism is currently forming a bullish cup pattern on the daily timeframe.

However, it’s worth noting that the OP token is currently trading below important moving averages, which could pose a challenge for buyers to overcome significant resistance levels.

To witness a bullish breakout in the Optimism price, a significant level of buyer support is needed.

Also, there has been a noticeable rise in social engagement related to the project.

In the last week, the OP token price has increased by 25.65% with a favorable increase in trading activity as buyers and sellers participate actively in the optimism crypto market. The 24-hour trading volume has seen a growth of 34.66%.

Technical Analysis Of Optimism Price

Currently, the OP price is trading below the 200 Exponential Moving Average (EMA), with the 50 EMA acting as immediate resistance.

To observe a potential increase in the OP price, it is important for the Relative Strength Index (RSI) line to successfully surpass the resistance given by the median line.

The RSI value of OP token stands at 57.43 points and its line is finding support from the 14 Simple Moving Average (SMA) levels at approximately 36.51 points.

Meanwhile, the %K and %D lines in the stochastic RSI are indicating a potential negative crossover. The current value of the stochastic RSI stands at 90.73 points.

As per the analysis, there has been a notable surge in trading activity between buyers and sellers in the optimism crypto market, suggesting an attempt by the OP price to make a rebound.

https://www.newsbtc.com/news/cardano/cardano-price-surges-amidst-a-thriving-bull-run-how-long-will-this-last/

This week, the cryptocurrency market has experienced a remarkable resurgence, resulting in unexpected price surges across numerous coins and tokens. Cardano (ADA) is a notable beneficiary, showcasing a significant price increase over the past three days.

ADA’s resurgence exemplifies the reversal of sentiment witnessed in the cryptocurrency market, evoking a sense of optimism reminiscent of the levels seen in March 2023.

ADA’s value has surged by over 20% since reaching a low point on Monday, propelling its trading price just above $0.30.

Furthermore, Cardano has surpassed a key indicator, the 20-day exponential moving average (EMA), widely used to assess a token’s short-term trend.

This breakthrough is a milestone for Cardano, indicating the potential for a substantial shift in investor sentiment and paving the way for potential robust upward momentum.

Cardano Price Surge Amidst Market Dynamics

The recent upward trajectory of Cardano (ADA) can be attributed to external factors rather than token-specific developments or fundamentals.

For example, the rising number of ADA wallets, as indicated by data from Cardano Blockchain Insights since late May, has not yet had an immediate impact on the token’s price.

Interestingly, the current market dynamics are intertwined with a notable surge in institutional interest in Bitcoin (BTC).

Last week, this heightened interest was exemplified by BlackRock’s application to launch the first United States spot BTC exchange-traded fund (ETF).

As a result, Cardano’s recent rise can be seen as part of a broader market trend driven by institutional attention focused on Bitcoin.

Monitoring how these external market events influence Cardano’s price and whether further developments within the crypto ecosystem will contribute to its future growth and performance is crucial.

A Closer Look At Future Potential

At 5:03 p.m., Cardano (ADA) is trading at $0.29, representing a 2.67% price change within the last 24 hours. This recent movement has propelled Cardano’s market capitalization to approximately $10 billion. Noteworthy is the 18.19% profit Cardano has experienced since the beginning of this year.

Traders may learn much about Cardano’s potential long-term price dynamics by comparing its trajectory to other technology developments and trends.

https://www.newsbtc.com/bitcoin-news/trading-guru-john-bollinger-unveils-unparalleled-insights-on-bitcoin-spike/

Bitcoin, the cryptocurrency boasting the highest global market capitalization, has experienced an unexpected and significant surge, surpassing the crucial $30,000 threshold for the first time since April 19. This remarkable upswing has managed to captivate the attention of the esteemed trader, John Bollinger, who graciously shared his astute insights regarding Bitcoin’s current momentum.

In his commentary, Bollinger observed, “The first pattern failed, but the second one didn’t.” This noteworthy assessment hints at the possibility of Bitcoin’s continued upward movement, emphasizing the potential for the cryptocurrency to sustain its positive trajectory.

Dave the Wave contributed to the ongoing discussion surrounding the volatility of the stock. In a tweet, he provided a comprehensive analysis of Bitcoin’s monthly moving average convergence divergence (MACD), highlighting a bullish recross that hadn’t occurred in almost two years.

Despite the complexity of these patterns, Dave the Wave’s research agrees with Bollinger’s forecast, pointing to the possibility of more cryptocurrency rise.

Institutional Interest And Expert Analyses On Bitcoin

Significant developments have been observed within the realm of cryptocurrency investments. Notably, industry giants BlackRock and Invesco have taken steps toward Bitcoin adoption by filing exchange-traded fund (ETF) applications.

Of particular interest is BlackRock’s recent filing, which could potentially pave the way for the first-ever spot Bitcoin ETF in the United States.

The convergence of optimistic analyses from respected market experts like Bollinger and Dave the Wave, alongside the increasing institutional interest in Bitcoin ETFs, paints a promising picture for the future of Bitcoin.

The unfolding events in the forthcoming months will shed light on whether these indicators will lead to a sustained bullish trend for cryptocurrency.

BTC’s Unusual Price Movement

Yesterday, Bitcoin experienced a momentary surge, reaching as high as $138,000 on the BTC/Tether trading pair, according to data from Binance.US, a prominent cryptocurrency exchange.

At 6:50 a.m. UTC, prices abruptly skyrocketed to those extraordinary levels but swiftly reverted to align with the prevailing rates observed on other BTC spot markets.

Interestingly, the surge was limited to the BTC/Tether pair, while other BTC trading pairs remained unaffected and traded normally.

It is highly improbable that the anomalous price spike was driven by a deliberate intention from a trader to purchase Bitcoin at an exorbitant premium of nearly 450%.

Presently, Bitcoin is trading at just north of $29,000 during the European morning hours on Wednesday.

https://www.newsbtc.com/news/dogecoin/dogecoin-signal-bullish-momentum-on-daily-chart-whats-next/

Dogecoin emerged as a highly popular cryptocurrency, originating from the world of internet memes. Despite its initially modest beginnings and relatively low value, it has amassed a large and enthusiastic community of followers.

• Dogecoin has gained significant popularity and a passionate community of supporters.
• The value of Dogecoin has been influenced by celebrity endorsements and increased adoption as a payment method on mainstream platforms.
• Other altcoins, including TCRV associated with Tradecurve, have also demonstrated positive performance and growth trends.

DOGECOIN: Community, Endorsements, And Performance

The dedicated community has played a pivotal role in propelling the value of DOGE forward. Renowned figures such as Elon Musk, the CEO of Tesla, have continued to express their support for DOGE, contributing to its ongoing surge in popularity.

Furthermore, the wider adoption of DOGE as a payment method on mainstream platforms and the influx of celebrity endorsements have further bolstered its growth.

As of June 17, 2023, the trading value of DOGE stood at $0.062569. Throughout the previous week, its value experienced fluctuations, dropping as low as $0.059487 before climbing back up to $0.062845.

When considering the past 30 days, DOGE has seen a decline of 15.7% in its overall value.

However, in the weekly charts, it registered a growth of 5.5%, marking a 1.8% increase compared to the previous trading day.

The volatility and expansion pattern witnessed by DOGE is not exclusive, as several other alternative cryptocurrencies have undergone similar processes.

In general, the recent positive performance of Dogecoin has instilled greater confidence among investors. Nevertheless, it is important to acknowledge that other alternative coins have also demonstrated comparable growth trajectories.

https://www.newsbtc.com/altcoin/tusd-emerges-strong-1-billion-injection-bolsters-supply-amidst-declining-stablecoin-market/

On June 16, TUSD supply surged by 52%! The difficulties the dollar-pegged token economy was facing were recently brought to light when significant redemptions caused its market valuation to drop to a 20-month low.

• Binance’s dominance in TUSD holdings: Top 10 wallets control 83.31% of the circulating supply.
• Multiple wallets under Binance’s control: Wallets holding 389,561,743, 45,233,811, 28,000,000, 10,601,602, and 10,270,001 TUSD tokens.
• A temporary pause in TUSD minting via Prime Trust: Minting and redemption through other banking partners remain unaffected.

Market Capitalization And Supply Growth Of Stablecoins

As of June 19, 2023, the combined market capitalization of the top stablecoins stands at $129.99 billion, with a 24-hour trade volume of $20.84 billion.

Remarkably, three of the leading stablecoins—USDC, DAI, and BUSD—have seen their supplies decrease by 3.8% to 22% over the past 30 days.

Related Reading: Ripple Set To Hit $30 If It Comes Out Victorious In SEC Lawsuit: Hedge Fund Manager Predicts

In contrast, TUSD has observed a supply growth of approximately 53.5% during the same period.

TUSD’s market valuation experienced a surge on July 16, 2023, reaching $3.11 billion, a significant leap from the previous day’s $2.04 billion.

This indicates that although TrueUSD increased by 53.5% over the course of 30 days, 52% of that growth occurred on a single day “last Friday.”

Etherscan’s smart contract data indicates that the circulating supply of TrueUSD tokens on June 19 is approximately 3,135,633,560.

It is noteworthy that there are 52,079 holders of TrueUSD; however, the top 10 wallets dominate 83.31% of the circulating supply.

Notably, Binance stands out as the largest holder, possessing 389,561,743 TrueUSD tokens in its leading address.

Additionally, Binance controls five out of the top ten addresses with the highest TrueUSD holdings.

TUSD: Wallet Distribution And Minting Pause

One wallet contains 45,233,811 TUSD, another has precisely 28,000,000, there’s one with 10,601,602, and lastly, one holds 10,270,001 TrueUSD tokens.

Additionally, the decentralized finance (defi) protocol Aave has locked 4,780,182 TUSD for its aTUSD tokens.

According to data from Nansen.ai, Binance’s TUSD holdings represent 5.26% of the exchange’s $52.45 billion portfolio.

TUSD was introduced in mid-2018 as an ERC20-based stablecoin through the Trust Token platform.

It claims to be fully backed by US Dollars and supervised by a regulated operator.

The stablecoin company collaborated with Custodian Prime Trust, the same company Bitgo expressed intentions of acquiring.

However, the team’s Twitter account recently disclosed that TUSD mints via Prime Trust are temporarily paused until further notice.

On Monday, at 8:58 a.m., the company stated once more that mints through Prime Trust are still unavailable.

https://www.newsbtc.com/news/ripple/root-network-set-to-reward-its-validators-stakers-with-xrp-tokens/

Root Network is poised to address the interoperability issue between the XRP Ledger and the Ethereum Virtual Machine (EVM), simultaneously providing incentives in the form of XRP rewards to validators and stakers.

• Root Network introduces XRP rewards for validators and stakers.
• Root Network enables users to pay gas fees in XRP, promoting a seamless token swap experience and facilitating the conversion of other cryptocurrencies into XRP.
• The XRPL ecosystem demonstrates significant growth in Q1 2023.

Root Network: Enabling Seamless Token Swaps And Liquidity

Root Network, a cutting-edge cross-chain platform, is preparing to introduce a system where validators and stakers will be rewarded with XRP, the native token of the XRP Ledger.

During a discussion on the feasibility of XRP Ledger side chains, an enthusiastic community member and supporter named Dip Collector asserted this forthcoming development.

The primary objective of Root Network is to tackle the challenges surrounding interoperability between the XRP Ledger and the Ethereum Virtual Machine (EVM) ecosystem.

By leveraging Polkadot’s Substrate technology, the network aims to promote tokenomics and compatibility.

Users can explore and utilize the ROOT and XRP assets as part of this ecosystem.

Root Network’s XRP-Powered Gas Fees And XRPL DEX Integration

Root Network introduces an innovative approach to gas fees by allowing users to pay them in XRP while facilitating the seamless conversion of various cryptocurrencies into XRP.

To foster a thriving liquidity ecosystem on the XRP Ledger, Root Network has established a connection to the XRPL decentralized exchange (DEX), providing users with enhanced opportunities for token swaps and trading.

With the operational beta launch of the Root Network mainnet, users now have the privilege to delve into the system.

This integration is a pivotal step towards bridging the gap between the Ethereum and XRP ecosystems.

Root Network’s pioneering solution not only streamlines the payment of gas fees by accepting XRP but also empowers holders of other cryptocurrencies by facilitating effortless conversion into XRP.

XRP Ledger Records Promising Growth

A comprehensive analysis conducted by Messari reveals a highly productive first quarter for the XRP Ledger (XRPL), showcasing significant growth and advancements.

This surge in activity is evident through a notable increase of 13.9% in daily active addresses and a robust 10.7% rise in transactions, underpinning a vibrant ecosystem.

The latest Q1 report highlights the progress made within the XRPL ecosystem.

Notably, introducing the XLS-20 standard has revolutionized the landscape, enabling the seamless integration of non-fungible token (NFT) transactions.

This groundbreaking standard now encompasses five new transaction types, effectively expanding the possibilities for XRPL users.

Furthermore, five additional transaction types have been proposed, emphasizing the commitment to continuous development and innovation within the XRPL community.