Binance Co-founder and former Chief Executive Officer (CEO) Changpeng CZ Zhao, has been confined to remain in the United States in advance of his sentencing expected to take place next year. Former Binance CEO No Longer Leaving The US The Binance co-founder has been ordered by US District Judge Richard Jones to remain in the country in a ruling on Thursday. Zhao was instructed to stay in the US due to the significance of his recent guilty plea. The ruling read: As relief, the government requests that Mr. Zhao be required to remain in the continental United States in the period between his plea and sentencing. The Thursday ruling reversed an earlier decision that would have allowed Zhao to return to the United Arab Emirates (UAE). Jones acknowledged in his decision the arguments provided by Zhao, which ordinarily would result in the government’s motion being denied. Related Reading: Crypto Market Reacts: Binance CEO Changpeng Zhao Steps Down However, Jones highlighted the distinctive features of Zhao’s case. These include his riches, the absence of an extradition treaty with the UAE, and Zhao’s family living in the UAE. Furthermore, the judge also highlighted that Zhao poses a flight risk if he were allowed to return to the UAE. This is due to the former CEO’s substantial assets and the meager connections he has to the United States. Additionally, knowing that the Binance ex-CEO faces a potential 18-month sentence in prison also sparks a possible flight risk. Jones asserted that Zhao is asking for a lesser sentence, which might lead to 18 months of incarceration as indicated by the government. The judge stated that despite promises that CZ wouldn’t flee if permitted to travel to the UAE, the court wasn’t convinced. This led to the order that he should remain in the US until his sentencing on February 23, 2024. So far, the court stated in the ruling that its decision is not based on Zhao’s citizenship and alienage. “The risk of the defendant not showing up is posed by the circumstances surrounding their combined facts,” the court said. Changpeng “CZ” Zhao’s Guilty Plea Last Month, the former Binance CEO pleaded guilty and stepped down from the cryptocurrency exchange he founded about 6 years ago. Zhao’s plea to one count of violating the Bank Secrecy Act was formally accepted by Judge Jones. Related Reading: Binance Compliance Officer Under Scrutiny For FTX, Gemini, And Sex Trafficker Associations Jones accepted the plea after a thorough consideration report and recommendation of the United States Magistrate Judge which found him guilty. Jones wrote: This Court, having considered the Report and Recommendation of the United States Magistrate Judge, to which there has been no timely objection, hereby accepts the plea of guilty of the defendant. His plea was accepted just over two weeks after both he and Binance acknowledged a number of criminal and civil charges. These include failure to maintain an appropriate anti-money laundering program, running an unlicensed money transfer business, and violation of sanctions law. Featured image by Shutterstock, chart by Tradingview.com
Richard Teng, the Chief Executive Officer (CEO) of the world’s largest crypto exchange Binance challenged JPMorgan Chase’s CEO Jamie Dimon’s stance on cryptocurrencies. Binance CEO Disagrees With Jamie Dimon The Binance CEO recently defended cryptocurrencies by opposing the anti-crypto narrative promoted by the JPMorgan CEO in a hearing held on Wednesday. Teng took to X (formerly Twitter) to share his displeasure with Dimon’s narrative against crypto. Related Reading: Banking Giant CEO Trashes Crypto – Again – And Warns Of Ban: Here’s Why The JPMorgan CEO’s critics were set on the legitimacy and regulation of cryptocurrencies. According to Dimon, he has “never supported cryptocurrencies” and believes the “only real use case for crypto is criminals.” He further added that he would close down crypto if he had the power to do so. The CEO stated: I’ve always been deeply opposed to crypto, the only true use case for it is criminals. If I were the government I’d close it down. Teng underscored the need to compare the scope of illegal activity in cryptocurrency to that of traditional fiat money. He further highlighted the data compiled by Dr. Andrzei Gwizdalki from sources like the UN and the World Economic Forum. The data shows that illegal activities connected to fiat currencies are over 100 times bigger than crypto. According to the data, cryptocurrencies are linked to an estimated $20 billion in illegal activities. Meanwhile, fiat currencies such as the United States dollar are implicated in approximately $3.2 trillion in illegal activities yearly. However, due to the secret nature of money laundering, it is difficult to determine the total amount that has been lost. So far, Dr. Andrzei Gwizdalki believes the corruption and money laundering in connection with fiat “casts a dark shadow.” He also added that this is a reputation that the crypto space should not mirror. Furthermore, Gwizdalki has urged policymakers to be well-informed and handle real issues within their traditional systems. He believes using crypto for illegal reasons is “stupid and dangerous” since every transaction is transparently recorded. The Crypto Firm Faces Potential Collapse Former United States Securities and Exchange Commission (SEC) official John Reed Stark has highlighted a potential collapse for Binance. Stark’s belief is due to the Binance plea agreement by the former CEO of the crypto exchange Changpeng CZ Zhao. Stark stated: The Binance Plea Agreement is Already Blowing Up. More Evidence of the Possibility of a Binance Collapse (And a 10-Year Sentence for CZ). He also highlighted Teng’s failure to provide answers to simple questions during an interview as another potential reason. In the interview, journalist Scott Chipolina asked Teng where Binance is headquartered, but the CEO refused to provide specific answers. Related Reading: Binance New CEO Affirms Strength In Company’s Fundamentals So far, Stark has voiced doubts about the exchange’s capacity to comply with the stringent DOJ/FinCEN monitoring and cooperation requirements. He believes that while investigations are still ongoing, the government will bring more accusations against Binance and Changpeng Zhao. Featured image from Shutterstock, chart from Tradingview.com
Coinbase, an American-based cryptocurrency exchange, has revealed its latest wallet features for transferring money internationally without going through the traditional hurdles. Significance Of Coinbase New Transfer Features On Tuesday, Coinbase announced its latest feature for its wallet to simplify and hasten global money transfers. The new feature is presented as a user-friendly procedure. According to the crypto firm, the new initiative is described as “Send money with a link.” Within the Coinbase Wallet, users can generate a link to distribute via their favorite social media platforms. Related Reading: Coinbase (COIN) Up By 250% – Here’s Why It’s Outperforming BTC And ETH However, the exchange noted that the wallet must be owned by both the receiver and the sender of the money. Furthermore, users who do not have the wallet, when emailed a link, will be prompted to download it from Apple or Android app stores. The crypto company further asserted the safety of the new initiative. Coinbase noted that failure to retrieve sent funds within weeks will automatically send the money back to the sender. The company stated: When your recipient clicks the shared link, it’ll take them into the Coinbase Wallet app to claim or direct them to download the Coinbase Wallet app on iOS or Android and create a new wallet in just 1-click. It’s that simple. And if the funds are not claimed within 2 weeks, they will automatically be returned to the sender. Coinbase has highlighted several situations where this new feature is “very efficient and helpful.” These include paying off debts with friends, giving last-minute gifts, and tipping tour guides and other service providers. In addition, the feature sparks a swift money-sending procedure. This eliminates downloading different apps or sorting through many usernames and profiles. Furthermore, the crypto firm asserted that the new feature is vital for people in high-inflation economies. Latest Feature To Eliminate Payment Irregularities The procedure eliminates the expenses and complications of using traditional methods to send money globally. Traditionally, sending money globally has required sifting through a complex web of bank account and routing details. Related Reading: Coinbase Holds $25 Billion Worth Of Bitcoin, Becomes Largest Holder With 1M BTC In addition, these transactions take longer to process, mostly up to five working days. However, the Coinbase wallet boasts instantaneous settlement and zero-fee transactions. Coinbase wallet is supported by over 170 countries worldwide and is available in 20 languages. This guarantees the ability to send and receive money virtually anywhere. Furthermore, it currently supports local fiat onramps from more than 130 countries. These include top payment processors like Pix in Brazil, Instant P2P Bank in Nigeria, and GCash in the Philippines. Featured image by Shutterstock, chart by Tradingview.com
Popular blockchain project Shiba Inu has revealed a new era of token burns for its Ethereum-based layer 2 blockchain solution, Shibarium. Shiba Inu Unveils Latest Burning Mechanism On Monday, December 4, Shiba Inu announced a fresh set of burning techniques to increase the ecosystem token’s value. According to the announcement, the team described the new mechanism as a “transformative” move, crucial for the network’s economic model. Related Reading: Shiba Inu Burn Rate Soars Over 3,000% – What’s The Impact On Price? The purpose of this technique is to intentionally reduce the token supply in order to increase the value of SHIB and its ecosystem. The announcement read: Shibarium is introducing a transformative token burning mechanism, crucial for the network’s economic model. This mechanism is designed to reduce token supply strategically, potentially increasing the token’s value and benefiting its ecosystem. The burn mechanism has been divided into two distinct phases. These include the Manual phase and the Automated Transition phase. The Manual phase will see the token burn managed by the official deployer wallet. This makes it possible to observe and adjust closely to ensure alignment with the network’s sustainability and health. Several changes will be made during the Automated Transition phase to improve dependability and efficiency. According to the Shiba Inu team, the previous mechanism will transit into an automated system. The burn process for this phase will function according to predetermined guidelines, making it more transparent and efficient. However, this automated aspect is expected to begin in January next year. So far, the first-ever token burn performed by the Shiba Inu team saw about 8.2 billion SHIB tokens burned, valued at approximately $76,000. The team will keep burning tokens manually using its deployer wallet to represent user engagement on Shibarium. Shiba Inu’s latest Shibarium burn mechanism underscores a “major milestone” for the network’s development, according to the official blog post. Shibarium is establishing a standard in blockchain token economics by coordinating token burning with network utilization and constantly improving the procedure through updates. Shibarium’s Transactions Increases Significantly Lately, Shibarium has seen a surge in transactions and a sharp increase in gas fees by up to 1,000%. Due to this, the token burning has increased exponentially. This is because an increase in the network’s usage leads to more tokens getting burned. Related Reading: Shibarium Transactions Spike 288%, But Why Is Shiba Inu Price Down Today? Shibarium has grown purposefully to surpass its best since its introduction in early August. Several weeks ago, there were only a few thousand transactions each day, but today, there are on average 7 million. According to data from Shibarium Explorer, that number is currently at 7.82 million. The total number of transactions has also increased lately, totaling 36,730,230 as of the time of writing. Featured image by iStock, chart by Tradingview.com
Dan Gambardello predicts a bullish trend for Bitcoin (BTC), Ethereum (ETH), and Cardano (ADA) in the current cryptocurrency market. Crypto Analyst On The Bitcoin Rally Dan Gambardello took to his official X (formerly Twitter) handle to share his bullish about the three major cryptocurrencies. The analyst post was accompanied by a video where he explained why he is bullish on these three coins. According to the analyst, positive setups have appeared on the charts of all three cryptocurrencies. At the beginning of the video, Gambardello stated that he believes Bitcoin has a short-term upside target of about $42,000. Related Reading: Bitcoin Price Blasts Past $41,500: Here Are The Reasons But regardless of whether the market leader hits this threshold, he believes there might be a correction. His warning of a correction is due to the overbought territory the crypto asset has entered. Additionally, he revealed that the impending correction of BTC would resemble past price movements. He further asserted that the asset would make this adjustment a “common move.” The analyst also discussed the potential for Bitcoin to consolidate near the $42,000 resistance level. According to the analyst, it would signal the beginning of a new phase for the market when it takes place. Gambardello also expressed his confidence about the next bull run, believing it to be imminent. He noted that the worst bearish trends for Bitcoin ended in January this year and have played out “quite well” ever since. However, he asserted that crypto market consistency might not have played perfectly, but it has been pretty close to being “accurate” in terms of what the cycles have been doing. He stated: In this macro piece of data I charted in 2018, BTC was like $3,500 or so. And this was my approach to the macrocycles of crypto. And has it played out perfectly? it has not been perfect, but it has been extremely close to on point, in terms of what these cycles are doing. Dan Gambardello On Ethereum (ETH) And Cardano (ADA) Gambardallo believes that the Ethereum trend appears to be different from that of BTC. He highlighted an ascending triangle for the crypto asset, which could see ETH reaching about the $4,000 price mark. He also highlighted a critical resistance level for ETH, around $2,270, on its chart. Related Reading: Here Are Four Crypto Assets Poised For A Major Price Explosion – Analyst So far, he believes ETH could surge to $3,000 if it can break above this level in the next few weeks. However, he further urges the cryptocurrency community to be prepared for a huge crash when this happens. For ADA, the analyst has highlighted an ascending triangle for the asset with quite a few resistance levels. He projected that if ADA breaks out in the coming days, the cryptocurrency would surge to $0.45. Also, his longer-term price stance for ADA is between the $0.80 and $0.85 range. Featured image by iStock, chart by Tradingview.com
The Meme-based cryptocurrency Dogecoin (DOGE) has recently experienced a significant increase in whale transactions during an improvement in the crypto asset’s price. 300 Million Dogecoin (DOGE) Dumped In Crypto Exchange Data from the on-chain crypto tracker Whale Alert recently revealed that a massive amount of Dogecoin (DOGE) was transferred to Robinhood. This whale transaction has attracted the interest of traders and investors in the larger cryptocurrency space. Related Reading: Dogecoin Sees Highest Transactions Count Ever Due DRC20 Madness According to the crypto tracker, the transfer was orchestrated by an unknown wallet address earlier today. The wallet address identified as DDuXG.ruc1wwKF sent about 300 million DOGE to the cryptocurrency trading platform Robinhood. The post read: 300,000,000 #DOGE (25,033,123 USD) transferred from unknown wallet to #Robinhood. With the current price of Dogecoin, the whale transaction is valued at approximately $25 million. The whale moved the substantial Dogecoin haul to Robinhood for a comparatively low network cost of just $0.18. This is most likely by taking advantage of times when fees and congestion were low. The transfer of DOGE to Robinhood suggests that the whale is looking to sell the tokens, igniting speculation in the larger cryptocurrency market. However, it seems that the meme-based cryptocurrency’s price increase runs counter to the tokens being dumped on exchanges. Currently, the price of DOGE is sitting at $0.0839, indicating an over 2% increase in price in the past 24 hours. Meanwhile, its market capitalization is also reflecting the same percentage rise at $11.9 billion, according to CoinMarketCap. A similar whale transaction was also flagged by the on-chain tracker recently. In October, a similar transaction of 300 million DOGE tokens occurred thrice, while last month also saw a similar transaction twice. Related Reading: Is Dogecoin About To Reverse? Key Factors To Watch Large-scale individual transactions usually come with the danger of crashes due to fast liquidations or market manipulation. However, there is no solid evidence that the whale transaction had any impact on the token’s price. The Crypto Asset’s Holders Increases Significantly Dogecoin has shown a significant uptick in its total number of holders lately. Analytics firm IntoTheBlock revealed that the total number of addresses holding a balance exceeded 5 million this week, and reached a high of 5.02 million on November 27. A major factor contributing to the rise in new Dogecoin addresses is the cryptocurrency’s increasing adoption and interest. The on-chain analytics firm also revealed that the numbers have been increasing gradually since the start of the year. “This recent activity is most likely driven by Dogecoin “Doginals”, which don’t require a significant on-chain balance of $DOGE,” IntoTheBlock said. DOGE trading at $0.0833 on the 1D chart | Source: DOGEUSDT on Tradingview.com Featured image by iStock, chart by Tradingview.com
Robinhood, a major player in the United States financial technology industry is set to stretch out its trading services in the United Kingdom for the purpose of growing its business globally. Robinhood To Offer US Stock Trading In the UK Co-founder and Chief Executive Officer (CEO) of Robinhood Vladimir Tenev confirmed the expansion toward the UK sector in an interview with Bloomberg. According to the CEO, the expansion aims to bring the US stocks into the UK market. The CEO stated: The intention is, for the U.K. market, Robinhood to be the best place to invest U.S. stocks, U.S. dollars, and we believe we can fill that need better than anyone else. Tenev noted that the company plans to gradually extend its platform to all users in the United Kingdom in early 2024. With the launch, consumers in the UK market will be able to trade 6,000 equities in the US market. Related Reading: Dogecoin And Bitcoin Become Latest Additions To Robinhood Wallet The CEO further asserted that a waitlist has been made available to people who wish to gain early assess to the app. Furthermore, the platform’s launch in the UK is under the Financial Conduct Authority (FCA) regulation. Additionally, the platform offers users features like a five percent interest, and can change their uninvested funds from pounds to dollars. These offers aim to attract a larger range of investors, particularly those with little financial resources. Robinhood’s expansion sparks wider growth for its business globally. The CEO explained, “I aspire for Robinhood to be a global company. That’s been the plan from the very beginning. Baiju and I started this company as immigrants and children of immigrants, and so, the idea of making our services […] available to anyone in the world is just the vision that I had in mind from the very beginning.” The company’s entry into the UK market also puts it in direct competition with national and international companies. These include companies like Public.com, based in New York, Revolut, and Freetrade, among others. Zero – Fee Trading Initiative The CEO also underscored the platform’s commitment to offering Zero-Fee trading and accessible trading alternatives for UK users. This initiative is similar to the effective charge reduction strategy that was put in place in the US before the epidemic. Related Reading: Robinhood Wallet Introduces Swapping For Bitcoin, Dogecoin, And Ethereum Notably, Robinhood does not demand any commission fee for buying and selling stocks on the platform. Due to this, individuals can start creating their investment portfolios with a minimum of one US dollar (79p). Tenev explained: So we are launching imminently to the initial set of customers in the UK, and what we are launching is a commission-free share trading of US stocks. With its zero-fee trading strategy, the platform’s introduction into the UK market will completely change how average investors interact with the stock market. Also, with its focus on technology and user-centric features, the platform is poised to impact the current market. It will also bring fresh energy to the UK investment landscape. Featured image by Shutterstock, chart by Tradingview.com
The XRP community and Charles Hoskinson, the founder of Cardano, are currently in the cryptocurrency spotlight as both parties have been involved in a fiery dispute lately. XRP Community And Charles Hoskinson Face Off On Tuesday, November 28, an XRP community member, Mr. Huber, took to X (formerly Twitter) and called out Charles Hoskinson. The post was accompanied by a snippet video of Hoskinson calling the XRP community conspiratorial. The post read: I’m sorry, @IOHK_Charles, but for two years you did everything you could to make the #XRPcommunity to look ridiculous and embarrass us in public. I know you offered peace, but only to come out of nowhere and call us crazy conspiracy theorists again. No look at you. It’s funny what can happen in a year, isn’t it? Mr. Huber’s X post criticized the Cardano founder on the previous statements he made towards Ripple. Basically, about Ripple’s allegations of corruption in the United States Securities and Exchange Commission’s (SEC) ranks. Related Reading: Ripple CEO Offers Perspective On Legal Fallout With The SEC Mr. Huber asserts that Hoskinson assisted in the “trivialization and cover-up of Joseph Lubin’s corruption.” According to Huber, it didn’t help the founder because Cardano’s native coin, ADA, is now categorized as a security by the SEC. In response to the accusations, the co-founder asserted that Huber was unaware that he was paying for Lubin’s price. The Cardano founder stated: You believe that assisting in the trivialization and cover-up of Joseph Lubin’s corruption is a constructive approach to bringing clarity to Cardano. But the opposite is true. Joseph Lubin is smirking in your face because you don’t realize that you are paying for Lubin’s price. Hoskinson further restated that there is no proof of the allegations against the Ethereum co-founder Joe Lubin. As Hoskinson believes, Joseph Lubin did not influence the SEC’s decision to treat Ethereum differently than XRP. Hoskinson stated: Still waiting on a single piece of evidence for the latter. If you cannot provide it, then yes, you are spreading conspiracies and slander. That’s what this has been about for two years now. And somehow you guys still fight. Serious Allegations Need Solid Evidence Hoskinson’s criticism of the dissemination of slander and conspiracies highlights the importance of solid evidence before accusing people of serious allegations. However, members of the XRP community have since criticized Charles Hoskinson’s remarks on the issue. Related Reading: Cardano Founder Addresses ETHGate Rumors: Did Ethereum Bribe The SEC To Go After XRP? So far, the Cardano founder asserted that his rejection of the allegations is unrelated to whether Ethereum received a free pass from the SEC. He further discerns between “unsubstantiated conspiracy” theories and what he believes is a valid criticism of regulatory approaches toward cryptocurrencies. Featured image by iShock, chart by Tradingview.com
Shiba Inu (SHIB), an Ethereum-based altcoin has recently garnered the attention of the cryptocurrency community and investors as the token’s burn rate experienced a massive surge. Shiba Inu Burn Rate Increases Significant The Shiba Inu burn rate recently increased significantly by 499,416% in a 24-hour period between Sunday and Monday. Data from Shibburn – the platform that tracks SHIB token burns, shows this marks a new record for the token’s burn initiative. It also highlights the renewed strength of the community’s attempts to manage its token total supply. Related Reading: Shiba Inu Community Project Calls Out Founders For Refusing To Burn 103 Trillion SHIB Furthermore, the data also shows that over 264.20 million SHIB tokens were burned on the same day. The recent uptick in the SHIB burn rate can be traced back to several burn transactions. However, a single transaction that was carried out by an unknown wallet address is believed to have buttressed the surge. According to the data available, the unknown wallet address transferred approximately 261.4 million SHIB tokens to a burn wallet on Monday. An important turning point in the SHIB burn initiative was reached with this transaction alone. This is because the transaction made up about 98% of all the tokens burned during this time. Another transaction also garnered significant attention in the community. The wallet transferred approximately 21.52 million SHIB tokens to a burning wallet. These kind of transactions are significant because it reduces the total supply of SHIB tokens in circulation. Over 410.66 trillion SHIB tokens have been burned from its total supply in circulation. Currently, the total supply of SHIB tokens in circulation is sitting at approximately 589.35 trillion tokens, according to CoinMarketCap. The Importance Of SHIB Revealed A Shiba Inu community member has recently revealed the importance of the SHIB tokens in the Shiba Inu ecosystem. The member suggests that people need to read the Shibpaper to know the role of the token. Related Reading: Shiba Inu Marketing Lead Reveals The Important Role Of SHIB In The Shibarium Ecosystem They took to X (formerly Twitter) to share a screenshot of the project’s whitepaper on the role of the SHIB token. According to the screenshot, the tokens serve as the ecosystem’s legislative instrument as it states that SHIB tokens “propels legislative machinery.” It also grants every Shibizen an equitable voice in molding the project’s journey. The screenshot read: The Shib token allows for symbolically propels our legislative machinery. Embodying our democratic fabric, it grants every Shibizen an equitable voice in molding our shared journey. From council elections to legislative votes, the Shib token guarantees transparency and participative democracy. The recent spike in burn rate has provided the SHIB community with a newfound hope, even though the road to a significant price gain appears long. With over 500 trillion SHIB tokens still in circulation, the community is still positive about potential price gains ahead. Featured image from iStock, chart by Tradingview.com
Global financial firm Circle has announced a strategic partnership with the Japanese financial services SBI Holdings, Inc., to promote the adoption of Circle’s USDC stablecoin and web3 services in Japan. Circle Joins SBI Holdings In A Memorandum Of Understanding According to the announcement, both parties have signed a Memorandum of Understanding (MOU) toward promoting UDSC‘s adoption in the country. Due to this, both parties are also committed to accurately abiding by stablecoin-related regulations and communication with authorities. The announcement read: The companies have signed an MOU underpinning the work ahead, which includes SBI Group and Circle initially working towards the circulation of USDC and expanding the use of stablecoins in Japan. SBI Group and Circle have also committed to properly complying with stablecoin-related regulations, including communication with authorities. Circle’s partnership with SBI Holdings comes amid the Japanese government’s goal of encouraging the expansion of the Web3 business and enacting new stablecoin rules. In June, Japan’s updated Payment Services Act was published, emphasizing stablecoin regulation. Related Reading: USDC Expands to 6 Chains, Boosted by Coinbase; Crypto Project With Impressive AI Technology Poised for Recognition The Revised Payment Service Act focuses on stablecoin issuance and circulation in Japan as it moves toward a Web3 economy. As a global leader in the digital asset economy, the Japanese government revised the Payment Services Act (the Revised Payment Services Act), on June 3, 2023, to establish regulations for stablecoins. The regulation is expected to stimulate the issuance and circulation of stablecoins in Japan and advance Japan’s transition towards a Web3 economy. Furthermore, it creates “collateralized” stablecoins that are backed by legal tender. This way, Circle’s USDC goes a step further because it is backed 100% by highly liquid cash and cash-equivalent assets and is always convertible 1 to 1 for US dollars. The announcement also highlighted a banking relationship between Circle and SBI Shinsei Bank. This is because the SBI Shinsei bank will provide banking services to the firm. As a result of this, USDC and liquidity become accessible for users and businesses in Japan. Furthermore, SBI Group will embrace Circle’s Web3 Services solutions into its digital asset portfolio strategy. These include Programmable Wallet, smart contract management tools, and blockchain infrastructure. The Company’s CEO On The Partnership Circle’s Chief Executive Officer (CEO) Jeremy Allaire has expressed his pleasure in the recent collaboration with SBI Holdings. The CEO has taken to X (formerly Twitter) to share his optimism on the partnership. Related Reading: Base Network Gears Up For USDC Integration, Circle CEO Jeremy Allaire Confirms According to him, the partnership exhibits a shared vision for digital currency’s future. The partnership also marks a significant milestone for Circle, as it plans to expand in Japan and Asia Pacific. Allaire stated: Our partnership with SBI Holdings represents a shared vision for the future of digital currency and is a significant milestone in Circle’s expansion plans in Japan and the Asia Pacific. We are excited to collaborate with SBI towards setting new standards in the financial sector in Japan. So far, SBI Holdings is requesting registration as an electronic payment instruments service, as this is subject to approval by the authorities. Featured image from Binance, chart by Tradingview.com
Brad Garlinghouse, the CEO of Ripple, expressed his views on the aftermath of their legal battle with the US Securities and Exchange Commission (SEC). Ripple CEO Insights On The SEC’s Stand In The Legal Battle The Ripple CEO spoke about the case between the crypto company and the SEC in an interview at the 2023 DC Tech Week. Garlinghouse highlighted the SEC’s several setbacks since the case started. According to the CEO, “the SEC has lost on everything that matters” when he was asked if the case is “done and dusted.” He further highlighted that the case’s conclusion rests on the SEC’s decision to pursue an appeal or not. Related Reading: Ripple Introduces AMMs To XRPL, But Is This Good Or Bad For XRP Price Nonetheless, Garlinghouse asserted that whether or not the SEC files an appeal on the case, which seems over for the regulator. This is due to the SEC’s “losing about three times to the crypto firm.” In addition, the CEO also brought up the SEC’s losses in the Grayscale case. In a court ruling, a trial judge declared the agency was behaving “arbitrarily and capriciously” towards Grayscales’s Spot Bitcoin ETF application. Notably, this legal wording suggests intentional and unreasonable activities done carelessly, ignoring relevant circumstances, facts, and other parties’ rights. With this incident, Garlinghouse emphasized that the SEC should reevaluate its course toward cryptocurrency regulation. The CEO stated: I mean this is damning language from a federal judge to the SEC. At some point when you keep trying the same thing and having the same outcome, you need to change your approach. I hope the SEC’s change will be magical. Nonetheless, Garlinghouse noted that the SEC losses will be amplified if they decide to take the appeal process higher. Furthermore, Garlinghouse “reaffirmed” that Ripple stands prepared to pursue the matter further with the US Supreme Court should the situation demand it. Given that the Supreme Court has typically ruled against regulators, he firmly believes that the SEC would fail in the Supreme Court. Regulatory Framework For the Cryptocurrency Industry The Ripple CEO also spoke about the ambiguous regulatory framework for the cryptocurrency industry in the United States. According to Garlinghouse, other nations are increasing their market influence by implementing open rules and luring capital into the industry. On the other hand, the US continues to view cryptocurrencies with “skepticism.” Related Reading: Ripple CEO Declares Intent To Bring XRP Battle To Supreme Court Garlinghouse conveyed that the US lacks a conducive regulatory framework. This causes the United States to “forfeit” its prospective position as a leader in the cryptocurrency space. So far, the Ripple CEO believes the US will create a crypto-friendly legal environment in the next ten years. Feature image from iShock, chart by Tradingview.com
Cryptocurrency exchange HTX (formerly Houbi) has recently announced its resumptions of operations after being halted for a while due to a recent exploit. HTX To Resume Services Later Today HTX, one of the world’s leading crypto exchanges, has confirmed the resumptions of its withdrawal and deposit services later today. However, the crypto company should have provided a specific time for the resumption. The crypto exchange said: In addition, HTX (Huobi) is expected to resume deposit and withdrawal services within 24 hours. The specific resumption time will be notified again. Please pay attention to the platform announcement. Related Reading: Huobi (HTX) Troubles Mount: Justin Sun Accused Of $2.4B Shortfall In User Funds The announcement also saw the crypto firm asserting that the recent hack has been “appropriately handled.” This ultimately led to halting the platform’s services to prevent more losses. Furthermore, the crypto exchange has once again asserted its promises to compensate its users for their losses due to the recent hack. The platform stated: Huobi HTX has now properly handled this attack. Huobi HTX once again promises to fully compensate for the losses caused by this attack and 100% guarantee the safety of user funds. The crypto platform stated that the funds lost in the hack were “small” compared to its total funds. The company’s operations are unaffected. The crypto platform stated: The amount of funds lost by Huobi HTX this time accounts for a “very small amount” of the total funds of the platform. The normal operation of Huobi HTX will not be affected by this. Users should rest assured. The Crypto Exchange Fell Victim To Hack On Wednesday, November 22, HTX and blockchain protocol Heco Chain experienced an exploit amassing over $100 million in several assets. The hack was detected by on-chain investigator Cyvers Alerts, alerting the platform of the transactions. According to Cyvers Alert, the total assets lost by HTX were around $23 million, while Heco Chain lost over $85 million. Related Reading: Back-To-Back Breaches: Another Justin Sun Platform Was Hacked, Commits To Covering Losses The platform’s advisor, Justin Sun, later confirmed the hack in a post. The advisor took to X (formerly Twitter) to shed more light on the hack and the company’s intention in handling it. The exploit comes after an October $8 million attack on HTX. The attack resulted in about 500 Ethereum stolen from the exchange. However, in the days that followed the tragedy, all losses were completely compensated. So far, the company has expressed its commitment to preventing such hacks from ever retaking place. Meanwhile, its customers’ well-being will be its highest responsibility. Featured image from Linkedin, chart by Tradingview.com
The world’s leading cryptocurrency exchange Binance new Chief Executive Officer (CEO) and former global head of regional markets Richard Teng has recently expressed his confidence in the crypto company’s fundamentals. Binance Fundamentals Shows Strength Amid Challenges, New CEO Earlier today, the new Binance CEO confidently revealed the fundamental strength of the crypto company despite recent challenges. The CEO took to his official X (formerly Twitter) handle to share his belief in the company. According to Teng, the fundamentals of the company’s business are still solid. Related Reading: Bitcoin Price Plunge Due to Binance’s Settlement Could Be ‘Buy Dips’ – Here’s Why Furthermore, the CEO has asserted that the company will continue to operate as the biggest crypto exchange in the world. Teng pointed out several areas that will enable the company to hold on to its position in the crypto market. These include its debt-free capital structure, modest expenses, and robust revenues and profits. Teng said: Binance continues to operate the world’s largest crypto exchange by volume, our capital structure is debt-free, expenses are modest, and, despite the low fees we charge our users, we have robust revenues and profits. Richard Teng’s X post responded to another X post by a user highlighting Binance’s revenue due to the DOJ’s $4 billion fine. According to the user, the company has no “problem paying the fine, as its total assets are valued at approximately $6.35 billion.” In addition, the crypto company also holds about $3.19 billion worth of Stablecoins. Interestingly, the mentioned funds do not include off-chain cash balances or funds kept in wallets outside the Proof of Reserve (PoR). The post read: I backed out Binance Corporate’s crypto holdings from their Proof of Reserves: $6.35B in total assets, and $3.19B in stablecoins. Doesn’t include off-chain cash balances or funds held in wallets, not in PoR. Most likely able to pay the full $4.3B DoJ fine with 0 crypto asset sales. Changpeng CZ Zhao Pleads Guilty To Crime This is so significant that despite the craze following former Binance’s CEO Changpeng CZ Zhao, the company remains strong, according to the new CEO. Changpeng was charged with US money laundering, of which he has recently pleaded guilty to the charge. Furthermore, the former CEO has agreed to pay about $50 million as part of his plea. Related Reading: Binance Faces Aggravated Money Laundering Charges In France, Key Figure Departs In addition to the penalty is Binance’s $4 billion fine as part of a settlement. The company’s fine is regarded as one of the largest corporate penalties in US history. Featured image from Binance, chart by Tradingview.com
Bankrupt crypto lender Celsius Network has revealed that the company planning on switching to a Bitcoin mining-only company, following its bankruptcy court’s confirmation of the plan.
Celsius Transition To Mining NewCo
Celsius Network‘s transition into a mining company coincides with its bankruptcy proceedings. Over the past year, the digital assets company has experienced financial challenges, which led to its bankruptcy filing.
In September, Celsius filed for a reimbursement plan as its bankruptcy plan to resolve the financial challenges in the company. This saw over 95% of Celsius’ creditors voting in favor of this reimbursement plan.
According to the recent court filing, the cryptocurrency company intends to convert its services into Bitcoin mining operations exclusively and the new company will be known as Mining NewCo.
In addition, the company seems to have forsaken its initial plan for the company’s future with Fahrenheit Group. The firm asserted that the transition was the primary business of the new company to be formed with Fahrenheit, LLC.
This was the core business of the new company that was proposed to be created with Fahrenheit, LLC that was described in the Plan (the “Fahrenheit NewCo”).
The new company which was supposed to be known as Fahrenheit NewCo was formed after it purchased Celsius this year after it purchased Celsius in a bidding war.
Celsius and the Fahrenheit Group initially came to a deal that the group would provide the firm with funds and operational expertise. Fahrenheit successfully acquired the firm’s assets this year.
In the meantime, the firm is in touch with certain parties in order to organize the management of the Bitcoin mining company.
The SEC’s Imparted The Transition Move
The firm’s plan to switch to a Bitcoin mining company was triggered by the United States Securities and Exchange Commission’s (SEC) feedback after the court confirmed its plan. The company also highlighted that the new mining company will be owned by its customers.
The filing stated:
Celsius received feedback from the Securities and Exchange Commission (the “SEC”) on certain aspects of the Plan, which has resulted in Celsius now intending to begin the process to apply to register the shares in a new publicly traded Bitcoin mining company that will be owned by Celsius customers (the “Mining NewCo”).
Additionally, the feedback seems to have also imparted the initial plan of transferring the firm’s assets to the Fahrenheit Group. As noted in the filing, Celsius estates will retain certain of the assets in order to be monetized by the plan administrator.
However, based on the SEC’s feedback, the Debtors, in consultation with the Official Committee of Unsecured Creditors (the “Committee”), have determined that certain of the assets that were to be transferred to the Fahrenheit NewCo must, for regulatory reasons, be retained by Celsius’s estates to be administered and monetized by the Plan Administrator and/or Litigation Administrator for the benefit of creditors.
AI Chatbot ChatGPT from OpenAI has forecasted a tremendous price movement for the Solana (SOL) cryptocurrency, indicating an 8x price surge for the token from its current price level.
Solana To Hit $1,000 By 2024
ChatGPT believes Solana is well positioned for a bullish run, expecting to be at the $1,000 mark by 2024. The bot’s prediction results from positive market developments and the broad use of the cryptocurrency’s blockchain.
The bot has also been seen predicting that the price of SOL could reach $1,000 by the end of 2024. This is due to the cosmic surge of innovations and widespread adoption.
Solana propelled by a cosmic surge of innovation and widespread adoption, could potentially reach a stellar price of $1000 by the end of December 2024.
ChatGPT‘s prospects seem promising due to several recent factors that spark growth for the cryptocurrency. The crypto’s blockchain has recently garnered strong interest from the cryptocurrency community.
Its excellent performance, minimal transaction costs, and scalability have drawn an increasing number of users and developers. This sparks increased adoption of Solana-based innovations, positioning the digital asset for a potential price increase.
In addition, the crypto asset’s increase in demand for leverage longs could also buttress this prediction. SOL reached its highest level of futures open trade since its all-time high price of $260 in November 2021.
The demand for the cryptocurrency is anticipated to increase as the Solana ecosystem grows, pushing up the asset’s price.
The crypto’s asset Total Value Locked (TVL) is not left out. Solana’s TVL recently experienced a significant surge in its TVL. Its TVL was approximately valued at $409.68 million, but now $584.59 million, indicating over a 42% increase, according to DefiLlama.
Current Market Trend Sparks Price Increase For The Cryptocurrency
Another factor that could propel the asset’s price is the current bullish sentiment of the cryptocurrency market. Without a doubt, Solana has been the market’s most optimistic large-cap cryptocurrency this year.
SOL has increased by approximately 550% since the beginning of 2023. This puts it at the fifth position among all the top 100 cryptocurrencies in terms of performance.
Last week, SOL experienced a significant price surge, reaching its yearly high of $68. Due to the general attitude of the market, the price of Solana could thrive in this conducive atmosphere.
Currently, the crypto asset is trading at approximately $60 as of writing, indicating a 0.21% increase in the past 24 hours. Its market capitalization is currently valued at $25,435,629,906, indicating the same percentage increase in the past 24 hours, according to CoinMarketCap.
Despite a larger portion of Bitcoin’s total supply being “inactive” for over a year, recent data revealed impressive growth in investors holding on to their BTCs during the rally.
Bitcoin HODLing Yawns For Growth With Lesser Supply
On Wednesday, November 15, a crypto analyst known as Root took to his official X (formerly Twitter) handle to share valuable data concerning Bitcoin. A yearly BTC supply chart also accompanied the analyst’s X post.
According to the analyst, a significant part of BTC’s total supply has been inactive for over a year. In addition, the inactive supply has recently reached an all-time high (ATH) of 69%. The analyst stated:
69%, an all-time high, of the #Bitcoin supply, hasn’t been active for over a year. Root stated.
This supply for one year or more is only a portion of a bigger group known as long-term holders (LTHs). One of the two major groups of Bitcoin investors comprises these LTHs, while the other is known as short-term holders (STHs).
Investors holding coins longer than five to six months are classified as long-term holders. Meanwhile, those who hold coins no more than this given time are classified as short-time holders.
In addition, even among LTHs, those who have passed the one-year mark would be considered “reliable gems.” However, this variety currently comprises the majority of the asset’s supply. This seems to have also increased significantly lately, as the graph indicates.
According to statistics, holders are less likely to switch their coins any time the longer they are kept inactive. Due to this, the LTHs tend to be the most devoted segment of the market during periods of Bitcoin’s upsides or downsides.
Double Top Pattern Resurfaces Driving The Crypto To A Downward Trend
BTC has recently formed a double top pattern close to the $38,000 level, causing the token’s drop. The price has since fallen below the 100 hourly Simple moving average and the $36,500 mark.
However, it seems the bulls emerged at the $36,500 mark, giving the token momentum to sustain between $36,000 and $36,500. Following the formation of a low at $36,517, the price is currently correcting losses.
So far, there are no claims that the increase in Bitcoin HODLing has imparted the price growth of BTC. Nonetheless, this recent development sparks potential for the crypto asset over time if this continues.
Currently, the price of BTC is at $36,422 as of the time of writing, indicating a 2.94% decline over the past 24 hours. The asset’s 24-hour trading volume has also experienced an 8% drop, valued at $26,113,638,790, according to CoinMarketCap.
Popular cryptocurrency market analyst Captain Faibik has recently shed more light on his predictions toward the price of Shiba Inu (SHIB) and revealed where the cryptocurrency ought to be by mid-December.
Crypto Analyst Optimism On Shiba Inu
The crypto analyst took to his official X (formerly Twitter) handle to share his projections on the price movement of Shiba Inu. According to the analyst’s post and token chart, SHIB has crossed a trendline near the $0.00000839 price level.
Due to this data, the analyst believes the crypto asset is going through a significant retest. Captain further highlighted that if the retest is prosperous, the token might experience a bullish rally of up to 2X by mid-December.
SHIB has broken out of a Major Trendline and is currently undergoing a Retest. If the retest is successful, we might witness a Bullish Rally up to 2x by mid-December.
Additionally, the analyst highlighted that the 2X price surge could take the token as high as $0.00001678. Nonetheless, a careful look at the chart on the X post reveals just how difficult it will be for this retest to succeed.
So far, Shiba Inu’s price has exceeded the $0.000016 threshold just once since May 2022. This was during a brief spike that occurred in August 2022.
Also, the crypto asset price growth has not been as impressive as other altcoins. Shiba Inu’s year-to-date (YTD) price growth is up 4.97%.
However, SHIB is currently trading at $0.0000086, up by 22% over the last 24 hours, which suggests a more optimistic outlook. Its market capitalization is approximately $5.2 billion, with a trading volume of $162 million over the past 24 hours.
The crypto market analyst’s predictions were fueled by Shiba Inu’s grit, which has enabled it to regain its brilliance in the face of numerous obstacles. His predictions seem to have sparked increased confidence in the Shiba Inu community.
Algorithm Prediction Of The Crypto’s Price By December
Captain Faibik’s shared one of the other predictions for Shiba Inu’s price by December. Recently, price algorithm prediction from crypto analytics firm CoinCodex has also predicted a bullish outlook for the token by December.
According to the forecast, Shiba Inu’s price will hit $0.0000095 by December 11, indicating a 10% increase from its price as of the time of prediction. Its prediction becomes more likely to come true, given the possibility of additional whales and regular investors joining the token market.
The projections also highlighted about 4 technical analysis indicators that suggest bearish conditions, while about 24 indicate optimistic signs. Additionally, the token’s current RSI value of 63.05 is neither overbought nor oversold, according to the prediction.
XRP experienced a significant decline over the past week due to unprecedented market whirlwinds. However, the crypto asset has regained bullish momentum from this dip, signaling an upward trajectory.
XRP Experiences Rebound After Plunge
XRP daily chart has shown resiliency recently, pulling off a noteworthy rebound following a drop that unnerved traders and investors. The chart shows that the cryptocurrency is speedily recovering from its fall.
The recent price movement indicates that XRP might be approaching the $0.70 mark. The token’s capacity to stay above the 50-day and 100-day moving averages indicates a bullish outlook for the asset.
According to the chart, XRP may be ready for a run at the next resistance level, around $0.65, if it can sustain above the $0.60 mark. If the token manages to go past $0.65, the $0.70 mark seems plausible.
These averages are significant pointers frequently pointing to the market’s long-term prospects. The fact that the price of XRP is rising above these lines indicates that the market is very confident.
In addition, the digital asset’s RSI has leveled off following a brief excursion into the overbought area. This suggests that the recent price rebound was sustained market interest rather than a fluke. The RSI returns to neutral levels without a notable price decline, sparking possible future growth.
XRP’s market is on an uptrend; the token seems to have benefited from these positive market emotions by raising its price. The price of XRP is growing and might keep rising, per a crypto analysis by ProSignalsfx on TradingView.
Nonetheless, the crypto asset is still relatively down from the $0.75 price mark it experienced on November 13. This was due to a false report shared by an X user about an exchange-traded fund (ETF) filing by BlackRock. However, the crypto experienced a price correction immediately after the report was debunked.
The Crypto Asset Is Set To Do Well In The Next Bull Run
According to crypto influencer BoringSleuth, since XRP has no ties to the Chinese Communist Party (CCP), its price could gain impressively from the bull market. The influencer believes cryptocurrencies not connected with the CCP will benefit from the next bull run.
“The protocols that weren’t in bed with the CCP will be the benefactors of future bull cycles. A protocol like DAG, which works with the DOD is one example of a well-positioned protocol. XRP is another,” he stated.
The crypto asset trades at approximately $0.639, indicating a 1.17% decline in the past 24 hours. Its market capitalization is currently at $34,288,273,612, indicating the same percentage decline in the past 24 hours, according to CoinMarketCap.
Crypto.com achieves yet another milestone with its recently acquired license from Dubai’s regulatory authority to offer services in the country by Dubai’s arm CRO DAX Middle East FZE.
Significance of Crypto.com Recent License
According to the announcement, Crypto.com Dubai’s entity acquired the coveted Virtual Assets Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA). This marks a major step for the firm as it aims to extend its services worldwide.
The recently acquired VASP license will enable the firm to completely satisfy selected conditions and localization requirements outlined by VARA. In addition, it will allow the firm to launch operations, upon receiving operational approval notice from the regulatory body.
Furthermore, it will enable the firm to offer regulated virtual asset service activities in the country. These include exchange services, broker-dealer services, management and investment services, and lending and borrowing services. These services are accessible to retail and institutional users in the market through the Crypto.com Exchange and Crypto.com App.
The announcement also saw the company highlighting Dubai as its regional hub for the Middle East and Africa. According to Crypto.com CEO Kris Marszalek, Dubai is one of the top markets for creating effective regulation for the crypto space.
“Dubai continues to show it is a leading market when designing effective regulation for the crypto space while still supporting adoption and innovation,” the CEO stated.
Since VARA released its specialized regulations for virtual assets in February 2023, Crypto.com has been working to be among the first virtual asset exchanges to operationalize its VASP Licence. Finally, the firm’s aim has been realized.
“It is an incredible honor to be one of the first crypto exchanges to be granted a Virtual Asset Service Provider Licence by VARA,” Kris stated.
The VASP license is one of the notable licenses acquired by the company this year. In March, Crypto.com also acquired an MVP Preparatory Licence from the Dubai regulatory authority.
Latest License Might Propel Cronos (CRO) Price
The token outclassed some major cryptocurrencies in the top 100 ranking over the weekend. However, the crypto asset seems to have lost its momentum, as it fell from $0.1 to $0.088. According to CoinMarketCap, CRO is currently down by over 5% in the past 24 hours.
So far, Crypto.com’s recent milestones have not had any current impact on CRO. Nonetheless, as the native token of Crypto.com, the license could spark larger adoption for CRO, which might help CRO regain its momentum.
Polygon’s native coin MATIC continues to gain traction as the cryptocurrency experienced an impressive increase in whale transactions over the past 30 days, bolstering price growth for the digital asset and the ecosystem.
Whale Activities Propels Polygon MATIC’s Growth
Recently, Polygon MATIC’s whale transaction volume significantly increased over the past 30 days, which has sparked increased interest in the crypto asset. Whale transactions are classified as transactions that are over $100,000.
Data from on-chain analytics firm IntoTheBlock has revealed a 3,800% increase in whale transactions within the Polygon network. The increase in whale transactions might indicate the presence of active buying and selling maneuvers from institutional and large-scale investors.
“Institutional and whale demand has picked up strongly, with Bitcoin seeing an 80% increase in the volume of transactions of over $100k, Ethereum 170%, and Polygon over 3,800% compared to 30 days ago,” IntoTheBlock stated.
Initially, whale transactions from major players can influence the market dynamics of a cryptocurrency asset. This is one reason why MATIC’s price has experienced a significant uptick in recent weeks.
Furthermore, it was also revealed that wallets holding 100,000 to 1 million MATIC have amassed over 42.88 million of the token since October 24. In addition, 161 transactions totaling $100,000 or more were conducted in a single day—the most since July 2023.
MATIC’s price is not the only asset this increase in whale activity has positively impacted in the last 30 days. The crypto’s market capitalization has also increased significantly following the whale activities and accumulation, recording a 62% increase in the past 30 days.
MATIC’s Performance Over The Past Week
Just last week, the cryptocurrency went past the $0.75 price mark, indicating an over 50% increase in price surge in the last 20 days. This means the crypto is showing significant strength, which could see it reaching the $1 mark by the end of the year.
MATIC experienced a 33% year-to-date (YTD) decline in September but recovered within a month. The MATIC’s price rally puts it in a profit-making position.
Currently, the price of MATIC is $0.87, with a 24-hour trading volume of $943,748,349 as of the time of writing. Its market capitalization is valued at $943,748,349, with an over 4% increase in the past 24 hours, according to CoinMarketCap.
In addition, the web3 gaming platform Immutable recent partnership with Ubisoft might also significantly affect the price of MATIC. This is because the platform is the first to establish a zero-knowledge (zk) scaling solution for the Ethereum (ETH) community, and Polygon will power the platform’s zkEVM.
Ethereum (ETH) has been experiencing an upward trajectory for quite a while now, reaching its highest yearly price point in the week and presenting an impressive 52-week high.
Ethereum’s Price Supported By Latest Developments
The Ethereum’s price surge can be traced back to several factors that have propelled the cryptocurrency’s growth. The asset reached its 52-week high of $2,137 on Thursday, November 9, as seen in the chart below.
As of August, the number of validators in the Beacon Chain was approximately 786,000, but today that number is currently at 884,000. This indicates confidence in Ethereum’s long-term stability, which can be promising to investors.
In addition, the token’s on-chain volume has also increased significantly over time. Recent data shows that the asset’s volume now sits at approximately 2.62 billion from 1.5 billion as of September. This indicates an over 70% increase since September.
Blackrock’s Spot Ethereum ETF Sparks Increase
The most recent development that has propelled the asset’s price is BlackRock‘s registration of a spot Ethereum Exchange Traded Fund (ETF). Since the firm made known its registration of a Spot Ethereum ETF, there has been quite an improvement encompassing the cryptocurrency.
Blackrock is the world’s largest asset manager with trillions of dollars in assets under management, the firm that has also applied for a Bitcoin spot ETF. The firm applied for a Bitcoin spot ETF in June 2023. However, it is awaiting a decision from the United States Securities and Exchange Commission (SEC).
Amid the bullish sentiment around the cryptocurrency market, popular meme coin PEPE has recently experienced a significant surge in its price recording over a 15% increase in its price in the past 24 hours.
The Price Of PEPE Gains Traction
PEPE seems to be gaining traction and heading towards a bullish run indicating potential benefits for investors. The meme coin’s price is currently sitting at $0.0000013, indicating a 15% increase in price in the past 24 hours.
The surge in price might be traced back to the Dogecoin (DOGE) millionaire Glauber Contessoto, who picked PEPE to be among his top 10 choice cryptocurrency investments. According to the millionaire, PEPE seems to represent the same irreverent, internet-culture-focused approach that initially drew him to Dogecoin.
PEPE might have experienced a surge in its price, but the meme coin is still over 69% down from its all-time high of $0.000004354 in early May. However, the bullish sentiment circling in the crypto market has propelled the meme coin’s price by 89% over the past 30 days.
The token has also experienced a significant increase in whale transactions in the past 24 hours. The number of whale transactions involving at least $100,000 in PEPE increased by 50% over the past 24 hours.
According to data from Santiment, show that its deposits to crypto exchanges have since fallen by 33% in just 3 days, the report, despite the increase in whale transactions. This could be because investors are choosing to hold for higher prices rather than sell now.
In addition, PEPE’s recent social media dominance seems to have significantly contributed to the increase in price by the token. It was revealed by Santiment that the memecoin experienced an impressive 105% surge in its social media volume in the past 24 hours.
Decline In Active Address Doesn’t Hinder Memecoin’s Performance
PEPE’s performance this month is nothing compared to that of last month just yet. In October, the price of PEPE grew by 60%, this might be due to the bullish nature of the month of October also known as ‘Uptober’ in the crypto space.
PEPE has seen a consistent decline in the number of active addresses. According to IntoTheBlock, it was revealed that the number subsequently fell from a total of 3,700 to 2,020 active addresses. This pattern suggests that, due to memecoin’s failure to live up to investor expectations, they may be selling their PEPE holdings in favor of trending altcoins.
Related Reading: Pepe Conquers The Weekend Charts With 61% Rally – Here’s Why
The meme coin’s daily active addresses (DAA) divergence currently stands at 5.8% according to Santiment. Initially, a “buy” signal is indicated when the DAA divergence indicator increases.
Amid the bullish trend circling the cryptocurrency market due to the recently concluded Uptober rally, Polygon’s native crypto MATIC has recently gained traction recording a 50% increase in price surge in the last 20 days.
MATIC Experiences Price Growth
The recently concluded Uptober (October) which is believed to be a month of green (gains) saw some cryptocurrencies performing significantly great. Many altcoins experienced price surges during the past month, and one of the notable altcoins that benefited from this is MATIC.
The crypto asset recently went past the crucial $0.75 mark sparking momentum toward reaching the significant $1 mark. However, if the token is fortunate enough to sustain its current pace, it might reach the $1 mark by the end of 2023.
MATIC reaching the coveted $1 mark is expected to happen if the token manages to surpass $0.85 in November. Meanwhile, a reverse below $0.75 will bring the MATIC price down to $0.55, if buyers are unable to maintain their lead at $0.60.
MATIC’s Exponential Moving Averages (EMAs) have also experienced a significant breakout over the recent weeks. The price of MATIC experienced a price surpassing the crucial $0.75 barrier after the crypto’s 200-day EMA breakout.
MATIC surpassing a 200-day EMA puts it on its way to potentially reaching the $1 mark by the end of the year. This is because, in the Polygon chart, a golden crossover opportunity appears when the 50-day and 200-day EMAs are crossed above.
While the 50-day EMA’s upward trend suggests that a golden crossover could take place, the bull run cutting across the 200-day EMA may also suggest a reversal movement. However, the crypto asset has managed to sustain its upward trajectory since it surpassed the 200-day EMA.
Significance Of The Crypto’s Market
Currently, the token’s price is sitting at $0.77, indicating an 8% daily increase in price with a 24-hour trading volume of $489,605,430. The token market is standing robust, ranking 13 in the cryptocurrency market with a market cap of $7 billion.
MATIC has a significant market presence and a circulating supply of 9.24 billion MATIC, which buttresses its long-term technical score and puts it above 48% of all cryptocurrencies in service.
One significant aspect of the surge in MATIC’s price is that the token experienced a 33% year-to-date (YTD) decline in September. Consequently, the crypto recovered from this within a month.
In addition, the token’s strong bullish candles and rising volumes hint at a continuation of an upward trajectory. As a result of this, buyers have a good chance of maintaining their lead at the current price of MATIC.
So far, MATIC has experienced a 50% increase in the last 20 days, putting it in a profitable position following the 33% year-to-date decline in September. With the current bullish continuation, the token presents more profits in the future.
Recent data has revealed that Shiba Inu has experienced a significant surge in whale transactions following a recent whale transaction of a whopping 4.43 trillion SHIB tokens. This has since caused quite a stir in the cryptocurrency space.
Shiba Inu Experiences Surge In Whale Activity
According to data, Shiba Inu has been exhibiting astounding whale transactions over the past 24 hours amid the latest actions taken by the SHIB community to increase token support.
Currently, the total inflows of SHIB tokens held by major holders are at an impressive 7.84 trillion SHIB. This indicates a significant 48.48% increase in inflows from these major holders over the past 24 hours.
What makes this surge so impressive is the fact that the numbers were 410.21 billion SHIB tokens. The recent numbers present a spectacular 1,911.2% increase in SHIB held by the major holders.
The Shiba Inu’s surge in whale activity came just after a recent whale activity from an unknown wallet involving approximately 4.43 trillion SHIB tokens.
According to data from Whale Alert, the unknown wallet 0x8d14cc60…6e5c7e24dc, transferred the 4.43 trillion SHIB tokens, currently valued at approximately $35.82 million, to another unknown wallet, 0x3ba943c7…225e6dabee.
The alleged transaction is said to have occurred in a freshly created wallet, with just two transactions being carried out in the wallet in 12 hours.
In addition, the Amsterdam-based cryptocurrency exchange Bitvavo, a centralized crypto exchange, also sent trillions of SHIB tokens to the same alleged wallet.
Whales’ large SHIB hoarding is increasing at the same time as the token’s remarkable price movement. The price of SHIB spiked sharply in tandem with this wave of large-scale Shiba Inu token transactions.
SHIB price has since experienced a significant 20% surge in recent weeks. Currently, the price of SHIB is sitting at $0.0000082, slowly gaining momentum at a critical point of $0.0000084, marking the highest price level the token has seen since August.
If the token can surpass this critical point, it might pick up speed and eventually reach $0.00001 and beyond. This is because the last time this happened was back in July; according to historical data, the price of SHIB experienced a significant 37% surge after this happened.
So far, crypto experts are particularly curious about the recent wave of large transactions involving SHIB tokens. These wallet-to-wallet transfers ignite optimistic sentiment in the colossal crypto market.
Shibarium Sparks Price Growth
The achievements of Shiba Inu layer 2 blockchain Shibarium have always had a positive impact on the price of SHIB. The blockchain milestones have caused quite a hype in the Shiba Inu ecosystem, which could bolster SHIB’s growth past its current price of $0.0000082.
The adoption rate of Shibarium will only increase as more SHIB holders become familiar with its advantages. These include reduced costs and quicker transaction times.
Concurrently, several events have suggested that SHIB’s price will continue to rise, such as the recently launched Shib Name Service (SNS) and Shibdentity.
Recently, the main players responsible for the recent 23% increase in XRP price were brought to light. The digital asset has since continued with its firm rally over the last 24 hours, arriving at almost $0.72.
Recent Activities Buttress The Price Of XRP
XRP’s 23% price surge took place in the last day and crypto enthusiasts and investors’ belief in XRP has been steadily increasing as whale wallets keep filling up.
Related Reading: XRP Price Surge Imminent? Expert Eyes 1,500% Rally Signal From Past
According to crypto analytics platform Santiment, wallets holding up to 100,000 to 1 billion XRP have reached their highest point this year, making about 45.8% of the token total supply. Due to this XRP price crossed the $0.68 for the first time since August, indicating an upward trajectory for the crypto asset.
The crypto asset’s potential Exponential Moving Averages (EMAs) and Relative Strength Index (RSI) have not been left out, as they have both presented a bullish signal for XRP price.
XRP’s price movement has been above the 50-day and 200-day EMAs, thereby signaling continued rising momentum. With this technical layout and an RSI that is safely over the 50 mark, buyers appear to be in control, providing a tough basis for future price growth.
In addition, the digital asset’s recent adoption and social media dominance also seem to have contributed to XRP’s price surge lately. This has been the case following the XRP’s recent regulatory approval under the digital asset regime of the Dubai independent financial services regulatory body within the DIFC, the Dubai Financial Services Authority (DFSA).
According to the social dominance metric, the social media discussions encompassing XRP have increased impressively over time, marking its highest level since mid-July.
The crypto asset’s increase in popularity and interest among crypto enthusiasts and investors in the cryptocurrency world is believed to have impacted the price of XRP. This is because social media dominance often paves the way for price trajectory.
Chart Analyst Predicts The Crypto Asset to Reached The $1 Mark
Chart analyst EGRAG once predicted in September that XRP will surpass the $0.65 within the following month, which seems to have come to pass. According to the analyst if XRP crosses $0.65, a path to the $1 mark is wide open.
The analyst has recently shared another prediction on the price of XRP to crossing the $1 mark while comparing the challenges encountered by the asset at its current resistance point to the “Berlin Wall” of resistance.
According to EGRAG, a successful breakout from its current resistance level which is the Berlin Wall, would see the crypto asset approaching the $1.10 to $1.40 price range when this happens.
EGRAG predicts that before XRP breaks above $1, it will retest between the $0.55 and $0.58 range. However, the price range between $1.10 and $1.40 would be confirmed by this retest and a rebound.
XRP trading volume surged to $2.55 billion in the last 24 hours, a noteworthy 169.41% increase from the day before. With XRP’s price currently stable around $0.68, seasoned market analysts are set to provide predictions for the cryptocurrency’s future direction.
Ripple grabs yet another achievement with its recent legal and regulatory approval which will basically grant crypto-related firms within the Dubai International Financial Center (DIFC) the right to offer XRP services.
Latest Approval Sparks Broader XRP Adoption
According to a recent announcement, XRP was recently approved under the digital asset regime of the Dubai independent financial services regulatory body within the DIFC, Dubai Financial Services Authority (DFSA).
This achievement appears to be more significant than it seems. This is due to the position held by the DIFC as the top financial center not only in Dubai or the UAE, but also covering a huge territory, including the whole Middle East, Africa, and South Asia (MEASA) region.
Additionally, for the past 20 years and counting, the DIFC has been the hub for a variety of financial initiatives, which makes it one of the major locations for companies, investors, and financial institutions in the MEASA area.
With this approval, regulated cryptocurrency-focused businesses based in the MEASA region would be able to provide all kinds of cryptocurrency-related services using XRP. These include lending, and trading, among others.
Trade and investment within the MEASA region have benefited abundantly from the DIFC’s assistance. This is because it is crucial for connecting MEASA companies and investors with the rest of the globe.
Due to this, the financial hub’s legislative lucidity on XRP creates several opportunities for the crypto asset throughout the 72 MEASA member nations.
This is a significant achievement because despite XRP already enjoying regulatory clarity in several MEASA nations with pro-crypto laws, it may buttress its notoriety in the area. Thereby introducing the digital asset to a major number of MEASA firms whose headstations are located there.
Another reason why the approval is impressive is because a lot of major players in the cryptocurrency ecosystem are from the MEASA region. These include crucial nations like the United Arab Emirates, Egypt, Qatar, Israel, Turkey, Saudi Arabia, and India.
As part of the DIFC’s crypto asset regime, XRP has become the first cryptocurrency that the regulatory body authorized legally and regulatoryly through an external application.
The digital asset is now the latest addition to other digital assets like Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC) in the region. However, these other assets were not approved through an external application.
India The Leading Player In Cryptocurrency Adoption
India being in the MEASA region sparks a wider adoption of XRP as the country has been the top major player in cryptocurrency adoption since 2023.
According to an excerpt that was released in September by the New York-based blockchain analytics firm Chainalysis, it was revealed that India was leading the charge in terms of grassroots cryptocurrency adoption.
In addition, several other countries leading the grassroots crypto adoption appeared to be from the MEASA region, such as Vietnam, Pakistan, and Indonesia.
Nonetheless, XRP’s latest approval will buttress extensive regional payment solutions and use cases for several other crypto assets on the XRP Ledger (XRPL).
Recent data has revealed the crypto exchange with the highest trading volume of Shiba Inu, indicating an upward trajectory for the digital asset as the volume continues to surge in the crypto exchange. The crypto exchange that has propelled Shiba Inu’s growth lately is the leading cryptocurrency platform, Binance.
Shiba Inu Volume Doubles On Binance
According to CoinMarketCap, Binance is the top crypto exchange for the Shiba Inu market. The total volume of Shiba Inu being traded in the crypto exchange has since experienced a double-figure growth over the past 24 hours, presenting a bullish trend for the digital asset.
The upswing in Shiba Inu volume on the largest crypto exchange highlights the token’s appeal and points to a possible future growth spurt.
SHIB recorded a significant volume of $37,739,036 in the past 24 hours, indicating a volume rise of over 21% in less than a day. But as of the time of writing, the digital asset’s 24-hour trading volume is pegged at $40,539,374.
The crypto exchange’s spot trading volume mostly buttresses this surge in volume, with an overnight increase of over 11% valued at $173,262,859.
The digital asset has also seen a significant uptick in its 24-hour trading volume on Coinbase – the largest cryptocurrency exchange in the US. Shiba Inu’s trading volume on the exchange is currently pegged at over $12 million, indicating an over 6% rise in the past 24 hours.
Currently, Shiba Inu’s market capitalization is valued at $4.66 billion, with a current SHIB price of $0.0000079 as of the time of writing.
The amount traded in a day is $147.82 million. The digital asset has a circulating supply of approximately 589 billion and has increased by +1.72% during the past 24 hours.
So far, the digital asset is growing at a rate of 3.62%, continuing its upward trend. Over the past week, Shiba Inu has garnered the interest of traders and investors.
Rare Signal Sparks Price Increase For SHIB
Following a bullish trend in the TD sequential in the past week, the indicator has presented an upward trajectory for the price of Shiba Inu.
According to Ali Martinez, the TD Sequential sparked a rare ‘9’ buy signal on the Shiba Inu’s weekly chart; this signal presents a significant growth price for SHIB due to the infrequency of the particular signal.
“The TD Sequential flashed a buy signal on [the] SHIB weekly chart. Notably, the previous two bullish turns from this indicator led to price surges of 118% and 71%, respectively. Given the infrequency yet precision of such signals, it’s a pivotal moment to keep a keen eye on SHIB,” Martinez stated.
The last time TD Sequential indicated a ‘9’ buy signal for Shiba Inu was in September; the token’s price increased by over 71% during the next nine weeks. With the signal emerging yet again, we are likely to see a bullish trend.
The XRP price rallied as recent reports from leading on-chain crypto tracker Whale Alert have revealed that Ripple Labs, the blockchain-based payment firm, has unlocked another 1 billion XRP as part of its monthly token unlock program.
Origin Of Ripple Customary 1 Billion XRP Routine
Today, the firm has unlocked yet another 1 billion tokens, performed in three separate transactions. Crypto tracker Whale Alert took to X (formerly Twitter) to share the alert with the crypto community, as each whale transaction was made one after the other.
Related Reading: Ripples Returns 80% Of Unlocked XRP For August Back To Escrow
According to data from Whale Alert, the first transaction performed with the escrow account unlatched a significant 100 million XRP tokens, valued at approximately $59.98 million.
The second transaction made by the escrow account was 400 million XRP, valued at around $239.92 million. Meanwhile, the last transaction saw a total of 500 million XRP valued at approximately $299.9 million, making it a whopping 1 billion XRP valued at around $599.8 million.
The price of XRP temporarily dropped in reaction to this announcement, which saw the token falling by about 3% that same day. But this decline was soon overcome, and as of right now, the digital assets are trading at a slight discount of 0.8% to its closing price from the previous day, according to CoinmarketCap.
However, it is noteworthy that XRP had a strong day before the day before the unlocking, rising as high as 10.5% at one point and finishing the day with a 3.74% price increase. Currently, it is roughly trading at $0.6, presenting its highest price since August.
Related Reading: XRP Whale Transactions Spike To 3-Month High As Smart Money Buys
So far, the company has yet to announce its initial plan for the recently released 1 billion XRP. In light of last’s month 1 billion XRP release, Ripple immediately removed 800 million (80%) of the total XRP tokens unlocked.
Notably, the crypto firm spent approximately 205 million tokens ($112.75 million) from its primary address, “Ripple 1,” in October, even though it reserved about 200 million XRP. Due to this, Ripple used about five million XRP in its balance from earlier this month.
Recent Partnership Set To Boost XRP
The company’s recent partnership with the web3 platform is expected to elevate the XRP holdings on Uphold, thereby boosting the token’s price. This is because Uphold has asserted that it will utilize its expertise to buttress XRP on the market while leaving its current customers’ XRP holdings untouched.
In addition, the platform will also give Ripple the liquidity it needs to handle cross-border transactions. Ripple’s partnership with Uphold indicates increased interest from the web3 financial platform in the XRPL ecosystem and its utility token XRP, which powers transactions on Ripple Payments.
Prominent cryptocurrency analyst Dmitry Noskov from the European-based trading platform StormGain has recently shed light on his predictions concerning Ethereum (ETH) and has revealed where the digital asset ought to be by the end of the year.
Dmitry Noskov On Ethereum (ETH) Price Movement
The crypto analyst predictions were fueled by the current growth of the cryptocurrency market due to the forthcoming Bitcoin halving in 2024. He highlighted that the market growth will continue to grow till the end of the year, and Ethereum is set to grow with it.
“We can say that the cryptocurrency market is now on a wave of growth, which may continue until the end of the year. The target for Ethereum before the new year may be $1800-$1900. It can also break the psychological level of $2,000,” Noskov stated.
Dmitry’s recent ETH predictions can also be traced back to the excitement and propaganda from the cryptocurrency community and the positive development encompassing a potential approval of Spot Bitcoin exchange-traded fund (ETF).
“The positive developments around the potential approval of a Bitcoin (BTC) spot exchange-traded fund (ETF) have boosted other cryptocurrencies, including ETH,” Noskov stated.
Dmitry Noskov is not the only one who has shared projections on the price of Ethereum by the end of the year. Several other analysts have also shed light on their optimism about how Ethereum is expected to finish the year.
In July, finance platform Finder sought 32 fintech and cryptocurrency analysts for them to offer their year-end price predictions for Ethereum. From the details shared with Finbold, the experts believe that the digital asset will finish the year at $2,451, presenting over 30% price surge from the current price of Ethereum.
The future predictions for Ethereum were much more promising. Specifically, the experts predict that ETH will reach $5,845 by the end of 2025.
One of the finance experts Mitesh Shah, Chief Executive Officer and founder of Omnia gave his end-of-year predictions for Ethereum, which appeared to be in check with the panel’s consensus projections. Shah also believes that the digital asset is the exceptional second choice of investment for institutional and ordinary investors alike.
“Ethereum remains the standout second choice investment for both the retail and institutional investors alike. Following the successful upgrade to proof of stake, akin to “changing a jet plane engine, mid-flight,” ETH has become more efficient and deflationary, to mention a few,” Shah stated.
Lately, the cryptocurrency has garnered momentum, slowly heading toward the $1850 resistance level. The digital asset is set to go higher if it crosses the $1850 resistance level. Ethereum is currently sitting at approximately $1797 as of the time of writing.
Crypto analyst Crypto Insight recently predicted that the price of XRP could be preparing to go past the $1 mark in just 16 days as the XRP’s Relative Strength Index (RSI) and open interest continue to gain momentum indicating a bullish trend.
XRP Weekly Relative Strength Index
On Sunday, October 29, the crypto analyst shared his predictions on X (formerly Twitter) highlighting that XRP might be prepared for a significant upward trajectory due to the strength of the XRP’s weekly RSI, as it gains traction toward entering a bullish zone.
Related Reading: XRP Price To Go Parabolic, Here’s When
This is because the momentum of an asset’s price movement is measured by the Relative Strength Index (RSI). There are two indicator feature lines in the RSI chart and these include the RSI line (purple) and the RSI-Based MA line (yellow).
In the RSI chart, an indication of rising momentum and a bullish cross is produced whenever the RSI line crosses above the RSI-based MA line; as seen in the XRP weekly chart posted by Crypto Insight on X.
XRP experienced the cross for the first time in the first week of July, and after this happened, the cryptocurrency experienced a great surge in price by July 13, which led to XRP’s yearly high of $0.93. However, during the correction that followed, the RSI line fell below the RSI-based MA line.
According to crypto insight, the line is once again attempting to traverse above the RSI-based MA line as of the time of his discovery, and the crossing has been realized. As of the time of his revelation, the RSI line was sitting at 53.91, while the RSI-based MA line was sitting at 51.01 presenting a bullish sign.
The crypto analyst further shed more light on the timing for these potential developments. Crypto Insight speculated that XRP might be touching a resistance level as of the time of his disclosure, and the resistance level could be a vital point for XRP price movement.
He also added that a bullish cross for the RSI could buttress both bulls and punters to engage in the market and stake their bets. Notably, this surge in trading activity could provide XRP with the force it needs to swiftly break out into the target range.
Related Reading: XRP Price Could Blast Off In 18 Days, Here’s Why
So far, the target range that was set up by the crypto analyst in his chart was between $0.8875 to $1.3617. He believes that XRP could hit this price range in the next 16 days since the rally in July, saw the XRP price almost claiming the $1 mark, but failed due to the significant resistance it faced.
The crypto analyst also pointed out the XRP’s open interest in his projections. He highlighted that open interest has room to rise significantly, and it seems to be developing higher highs.
Open Interest is the overall number of pending futures contracts for a particular cryptocurrency. Therefore, an increase in open interest can indicate growing market participation and keenness among investors, and it can also lead to increased liquidity and potentially trigger a price rally for a cryptocurrency.