https://zycrypto.com/cardano-sets-new-industry-standard-with-over-5-years-of-uninterrupted-uptime/

Cardano, the decentralized proof-of-stake blockchain, is again making headlines, this time for achieving an impressive milestone of over five years of uninterrupted uptime.

The news of Cardano’s remarkable uptime was brought to the forefront by a Twitter user named “TGK,” who took to social media to share the achievement. According to the pundit’s tweet, Cardano boasts an impeccable uptime record of precisely 2,174 days, equivalent to an astonishing 5.95 years without a single instance of downtime.

In his tweet, Dave emphasized the resilience of Cardano, stating, “Built to last, an uptime the largest service providers in the world cannot and will never come close to challenging.” This sentiment resonates with Cardano enthusiasts worldwide, who have come to rely on the platform’s unwavering stability.

Cardano’s exceptional track record in maintaining continuous uptime can largely be attributed to its status as one of cryptocurrency’s most actively developed blockchain networks. Earlier this week, on-chain analytics firm Santiment ranked Cardano among the top ten most developed chains over the past 30 days.

Cardano secured the third position on this list, trailing only the Polkadot and Kusama networks. Notably, the so-called “Ethereum killer” garnered an impressive 3871 GitHub commits in the last 30 days, showcasing the community’s dedication to ongoing development.

Cardano enthusiasts have more reasons to be excited as the blockchain hints at upcoming releases. After the release of Mithril, a stake-based signature protocol designed to enhance the speed and efficiency of node syncing in late July, the community is now looking forward to Midnight.

Earlier this week, Cardano’s Input Output Global (IOG) unveiled an exciting announcement regarding the forthcoming launch of Midnight, a privacy-focused sidechain set to debut on the DevNet in the near future.

Cardano’s Web3 wallet, Lace, is also poised for significant advancements. The recent release of version 5.3.0 for Daedalus, a wallet closely integrated with Cardano, brings support for the new Project Catalyst registration process and enhances the stability of the exchange rate conversion feature. These updates demonstrate Cardano’s commitment to continuous improvement and innovation.

That said, Cardano’s exceptional accomplishments over the last half-decade have positioned it as a trailblazer, setting unprecedented benchmarks for stability and performance within the crypto industry. With exciting developments on the horizon, the prospects for ADA’s price recovery exceptionally well in the next bull run are exceedingly promising.

At press time, the cryptocurrency traded at $0.246 after a 0.49% drop over the past 24 hours.

https://zycrypto.com/3-pivotal-factors-that-could-drive-ripples-xrp-price-to-12-according-to-this-analyst/

As the crypto market continues to trade in turbulence, XRP, like BTC, ETH and other cryptocurrencies, has become ensnared in the volatility crisis, with investors now concerned about its future trajectory.

Notably, despite positive developments in the past year, the fifth-largest cryptocurrency by market capitalization has continued to plunge and is currently down roughly 74% from its all-time high.

Despite this uncertainty, well-known crypto analyst Zack Rector has outlined three pivotal factors that could drive XRP to new heights. On Monday, the analyst underscored the significance of the court denying an appeal by the U.S. Securities and Exchange Commission (SEC) in its ongoing tussle with Ripple, citing it as one of the catalysts with the potential to drive XRP prices to greater heights.

For context, it’s worth noting that after Ripple’s significant victory on July 13, 2023, in their legal battle against the SEC regarding XRP’s market classification, the SEC swiftly countered with a motion for an interlocutory appeal. They aimed to contest the decision, contending that this appeal was essential to thoroughly address potential violations by Ripple and its leadership.

Industry experts have stressed that the outcome of this appeal could have ramifications extending beyond Ripple. It might also significantly influence other ongoing SEC enforcement actions involving prominent entities like Coinbase and Binance.

In his tweet, Zack also highlighted the potential positive impact on XRP’s price if a resolution is reached between the SEC and Ripple. A successful settlement could introduce clarity regarding XRP’s position and classification within the broader cryptocurrency sphere. 

Furthermore, the analyst envisaged the potential adoption of XRP by US banks and financial institutions utilizing Ripple’s On-Demand Liquidity (ODL) system as another key driver for a price surge. Notably, the July ruling clarified by affirming that XRP sales to institutional investors should not be classified as securities, fostering optimism regarding ODL’s adoption within the United States.

That said, while some anticipate a “retail pump” with the potential to drive XRP to around $12, others believe in the possibility of a “utility pump” propelling XRP to a minimum of $100. However, the timing and extent of these potential surges remain speculative, with pro-Ripple lawyer John Deaton reminding investors in a Sunday tweet that “no one knows what’s going to happen next until it happens.”

XRP was trading at $0.5109 at press time after a 0.74% drop in the past 24 hours, per CoinMarketCap data.

https://zycrypto.com/ripples-xrp-at-50-pundits-reveal-possible-trigger-push-for-this-gigantic-price-milestone/

Despite an earlier trend of traders selling most altcoins last week, potentially in anticipation of the bankrupt exchange FTX obtaining approval from the bankruptcy court to liquidate its extensive multi-billion-dollar cryptocurrency assets, XRP continued to chart a course higher towards the week’s end.

At press time on Friday, the cryptocurrency, which finds itself at the centre of an ongoing legal dispute between the US Securities and Exchange Commission (SEC) and Ripple, was trading at $0.5095, up 6.45% in the past 7 days, after printing four consecutive bullish candles.

Meanwhile, while the crypto market remains uncertain and exhibits mixed reactions regarding future price trends, forecasts concerning XRP’s price trajectory have sparked fervent debates and discussions.

The most recent buzz in the crypto-sphere was ignited by none other than crypto influencer Zach Rector, who, on Thursday, September 14, shared his unconventional perspective on XRP’s future via Twitter.

“I don’t believe in $10,000 XRP because I believe we have a Currency Reset and Debt Restructuring before achieving such high prices,” Rector tweeted, adding that central banks “might have to reset everything before we even break $50.”

Rector’s tweet and question on how high XRP would go before we have a reset raised eyebrows and sparked a flurry of responses on Twitter. One user countered Rector’s perspective, stating, “$10,000 is possible, but that would be assuming that we maintain this disastrous inflation rate, XRP becomes the worldwide cross-border payment currency of choice with no competition, and Tokenization takes place with at least 10-20% of one of the top 10 markets worldwide utilizing XRP.”

In recent months, various pundits have been making bold predictions about XRP. Wells Fargo analyst Shannon Thorpe recently made waves by boldly predicting that Ripple’s XRP could skyrocket to as high as $500 in the next four to seven months. This prediction was grounded in several key factors, including the recent ruling that XRP is not a security and XRP’s potential to compete with established systems like SWIFT, which could drive its adoption and demand.

However, not everyone is on board with these lofty predictions. This week, popular crypto analyst “Crypto Eli” tweeted that “Decentralized crypto-assets like XRP cannot be ‘price set’.” According to her, prices result from global market supply and demand, influenced by factors such as trading, sentiment, adoption, news, and liquidity. Regrettably, she highlighted that many predictions, even those made by well-informed individuals, have escalated into what can only be described as baseless price hype, “reaching unprecedented levels.”

That said, amidst the contrasting viewpoints within the crypto community, one thing remains evident- XRP bulls, akin to Bitcoin, Ether, and other crypto assets, have steadfastly maintained price resilience. Recently, crypto analyst “Dark Defender” pinpointed critical support levels at $0.46 and $0.39 for XRP, identifying the latter as the ultimate support. If these levels hold, the pundit foresees potential targets of $1.88 and $5.85 in the short term.

https://zycrypto.com/ripples-odl-rebrands-to-ripple-payments-for-a-more-user-friendly-experience/

In an effort to streamline its services and enhance accessibility, Ripple has rebranded its “ODL” (On-Demand Liquidity) section on its official website to “Ripple Payments.”

This move comes as the company seeks to make its cross-border payment solution more user-friendly while maintaining its core functionalities.

Introduced in 2018, Ripple’s ODL has long been recognized as a pivotal offering, providing instantaneous and cost-effective solutions for cross-border transactions, especially favoured by financial institutions. Leveraging XRP as a bridge currency, ODL has played a critical role in simplifying the complexities of international money transfers.

Meanwhile, the recent removal of the ODL section from Ripple’s website raised eyebrows among market participants and investors, with users questioning the motive behind this change.

Emi Yoshikawa, Ripple’s VP for Strategy and Operations, promptly responded to these concerns, shedding light on the situation. Contrary to the belief that ODL was eliminated, Yoshikawa clarified that it had been rebranded as “Ripple Payments.” She further noted that the primary objective of this rebranding is to make it more understandable to individuals less familiar with cryptocurrency jargon.

“ODL is a word that is difficult to understand at first glance for outsiders, so we have decided to consolidate it into the term Ripple payments…This is a trend in the transition from Crypto-like jargon to more mainstream.” Emi said in a September 15 post on X.

Notably, despite the rebrand, Ripple Payments will continue to function exactly as ODL did, she clarified. Emi said the rebrand was about simplifying and facilitating mainstream adoption without altering the fundamental services provided.

That said, amidst these changes, Ripple’s ODL partnership network has continued to flourish, with a presence in over 55 countries worldwide today. Renowned financial institutions like SBI, Moneygram and Pyypl have embraced Ripple’s payment services with open arms.

One notable success story in this expansive network is the impressive surge in ODL usage reported by Tranglo, one of Ripple’s largest partners in the Asia-Pacific region. According to a Monday report, Tranglo witnessed a staggering 1,700% increase in ODL usage, surpassing all expectations in 2022. The transaction volume on ODL soared from $53 million in 2021 to an astounding $970 million in 2022, and it has further ballooned to a remarkable $2 billion in the first half of 2023.

Tranglo’s achievement reflects the remarkable growth and resilience of Ripple’s partnership ecosystem, especially in the face of regulatory challenges and market uncertainties. The growth of Ripple’s payment solution can be attributed to its enhanced scalability, cost-effectiveness, and unmatched speed.

That said, the rebranding initiative underscores the company’s commitment to making its services accessible to everyone without altering the core functionalities that have made Ripple a pivotal player in cross-border transactions. While the name has changed, the commitment to innovation and user-friendly solutions remains unwavering in Ripple’s journey towards transforming global finance.

https://zycrypto.com/was-the-merge-bad-for-ethereums-price-pundits-explore/

As Ethereum approaches the one-year mark since its pivotal shift to the Proof-of-Stake (PoS) consensus algorithm, also referred to as “The Merge”, questions are emerging about the event’s effects on the cryptocurrency’s price.

Notably, the highly publicized upgrade merged the main network with the PoS-powered Beacon Chain, effectively establishing separate roles for execution and consensus.

One of the most profound changes introduced by The Merge was the transition from the energy-intensive Proof-of-Work (PoW) mechanism to the eco-friendlier PoS algorithm. As ZyCrypto reported, Ethereum’s energy consumption saw a staggering 99.9% reduction with its power usage plummeting from 21.41 TWh to 836 kW, marking a significant environmental improvement.

Another crucial outcome of The Merge was Ethereum’s shift towards a deflationary model. This shift was initiated by the implementation of EIP-1559 during the London hardfork in August 2021, which involved burning a portion of transaction fees. According to data by Ultra Sound Money, the reduction in new coin issuance accelerated after The Merge, leading to a decrease in Ethereum’s supply by more than 300,000 ETH.

However, while the deflationary nature of Ethereum is expected to drive up demand and potentially boost its price, Ethereum’s relative value, compared to Bitcoin, has faced challenges, declining by approximately 25% over the past year.

Notably, Ethereum’s price, when paired with Bitcoin (still a Proof-of-Work coin), has shown a pattern of lower highs and lower lows, as highlighted recently by Benjamin Cowan, Founder and CEO of ITC Crypto.

“You may notice that ETH / BTC tends to lose its support levels on BTC rallies. Many say that ETH/BTC is “holding up well” but it is still a series of lower highs and lower lows since the merge Supply-based models (but it’s deflationary!) do not tell you anything about demand.” Cowan wrote on X, Thursday.

Moreover, Ethereum has experienced a shift in dominance within its ecosystem, particularly toward liquid staking protocols. The PoS transition allowed users to participate in staking with smaller amounts of ETH, leading to a surge in liquid staking, with approximately 10% of the total Ethereum supply, equivalent to 11.96 million ETH, now locked in platforms such as Lido Finance.

However, this shift towards liquid staking has raised concerns about centralization within the network exerting downward pressure on the ETH/BTC price. That said, while there’s a general improvement in the ETH/USD price with the price creating higher highs, it will be hard to tell when the former will find a bottom, considering the aforementioned concerns.

https://zycrypto.com/shiba-inu-developer-offers-latest-details-on-renouncing-the-bone-contract/

Kaal Dhairya, a prominent developer associated with Shiba Inu, has stepped forward to offer valuable insights into the ongoing process of renouncing the Bone ShibaSwap (BONE) contract.

The Shiba Inu community has eagerly awaited this move, which involves the team relinquishing control and ownership of the BONE contract, making it impossible for them to create additional tokens. BONE is a cryptocurrency in the Shiba Inu ecosystem that serves as the governance token for the decentralized exchange ShibaSwap and functions as the gas for the recently launched Shibarium Layer-2 Blockchain.

As ZyCrypto reported, back in August, Shiba Inu’s lead developer, Shytoshi Kusama, had reassured BONE holders about the team’s commitment to renounce the contract. He also mentioned that the remaining 20 million BONE tokens would be minted before the renunciation began.

However, since Kusama’s announcement, there has been a conspicuous lack of significant updates regarding the contract’s renunciation, leading to mounting frustration among BONE holders.

In response to this growing concern, Kaal Dhairya, a top developer within the Shiba Inu ecosystem, published a blog post on Saturday, September 16, shedding light on the reasons behind the delay in renouncing the BONE contract.

According to Dhairya, the initial design of BONE was geared towards safeguarding investors against any form of intervention, including actions by administrators. To achieve this, the token was equipped with a Timelock contract controlled by a decentralized multisig wallet. While this security measure was implemented to protect the token’s integrity, it has also introduced an added layer of complexity to the minting and contract renunciation process.

Notably, the blog stated that to ensure a flawless and error-free procedure, the Shiba Inu team is conducting extensive testing before implementing it on the mainnet. Dhairya also outlined the fundamental steps involved, including creating a new liquidity pool, minting BONE tokens to a specific value, and ultimately renouncing the contract. He also noted that a timelock contract with a delay mechanism is employed to enhance security.

Dhairya stressed that the process has already begun, although it necessitates a cautious and meticulous approach, potentially resulting in a gradual timeline for its completion.

“We have already started this process but like anything, it will need to be done very carefully and will take as much time as needed to finish.” Dhairya wrote 

That said, the Shiba Inu community has welcomed this news with gratitude, acknowledging the team’s diligent and meticulous efforts in progressing towards the contract’s renunciation. Many users hold optimistic expectations that the anticipated renunciation will enhance BONE’s credibility among investors, potentially leading to listings on additional exchanges and, consequently, a boost in its price.

In the meantime, Saturday’s update has had minimal impact on BONE, trading at $0.80 at press time after experiencing a marginal 1.16% decline over the past 24 hours, according to data from CoinMarketCap.

https://zycrypto.com/glassnode-co-founders-anticipate-bitcoins-surge-to-30000-after-strong-week/

Bitcoin enthusiasts have had much to celebrate this week as the leading cryptocurrency surged past the $26,000 mark, marking an impressive 5% gain.

This bullish momentum remained largely unshaken even in the wake of the US Consumer Price Index release, which indicated a 0.6% uptick in inflation. However, amidst Bitcoin’s present subdued volatility in the market, speculation is rife among cryptocurrency enthusiasts regarding Bitcoin’s trajectory.

Notably, the co-founders of Glassnode, a popular crypto analytics platform operating on the X platform under the pseudonym “Negenthropic”, have weighed in with their insights, shedding light on a potential path that could lead Bitcoin back to the coveted $30,000 threshold shortly.

Via a September 15 Tweet, the co-founders underscored a shift in Bitcoin’s risk ratio, which has dipped into the 60s. According to them, this shift signified a growing positive sentiment surrounding the cryptocurrency, with increasing investors viewing it as a favourable investment option.

The duo went on to identify key hurdles at $27,400 and $28,200, where traders may choose to capitalize on profits and potentially trigger temporary price corrections. Despite these challenges, the analysts argued that Bitcoin will ultimately overcome these resistance levels, surging past the psychological barrier of $30,000.

“Risk Signal’s nosedive into the 60s signifies this attitude shift. Profit booking pressure may loom around $27.4k and $28.2k, but this climb seems poised as a step before tackling the psychological barrier at $30k,” they wrote.

The last time Bitcoin reached this milestone was back in mid-June, and since then, it experienced a decline of over 11%. One significant event contributing to this decline was the Bitcoin sell-off by aerospace company SpaceX in August, as ZyCrypto reported.

That said, notable Bitcoin fundamentals have also improved in recent weeks, with data from IntoTheBlock revealing that Bitcoin is currently positioned at a crucial on-chain support level. As per the firm, over 2.5 million addresses entered the market over the past week, collectively acquiring around 834 BTC at an average price of $25,850 per Bitcoin. This surge in accumulation underscores a robust demand within the current price range.

Notably, Bitcoin also witnessed a remarkable surge in exchange outflows, with inflows over the past week totalling a mere $10 million compared to a substantial $70 million in outflows. 

In addition, the value of the Bitcoin network, determined by its size and activity, has experienced a rapid ascent to an unprecedented all-time high this week. According to Timothy Peterson, an investment manager at Cane Macro, this surge can be attributed to record-breaking address counts across all size categories and the third-highest level of transaction activity in the history of Bitcoin.

As of the time of writing, Bitcoin is trading at $26,874, registering an increased loss of 1.36% in the last 24 hours, according to data from CoinMarketCap.

https://zycrypto.com/xrp-lawsuit-sec-pleads-with-court-to-grant-appeal-against-ripple/

The U.S. Securities and Exchange Commission (SEC) has intensified its efforts to seek a mid-case appeal against Ripple, in the wake of the groundbreaking XRP ruling.

This legal dispute, which started off in December 2020, centres on the question of whether Ripple violated securities laws when it made XRP available to retail investors through various cryptocurrency exchanges. While the SEC has vehemently contended that XRP should be considered a security, subject to federal securities laws, Ripple, has always argued otherwise.

Recently, Ripple filed a document arguing that the SEC had not presented a compelling argument to justify an appeal. However, the SEC’s response, filed on Friday, September 8, emphasized the significance of the case, with the agency stating that the issues raised by the recent ruling presented precisely the kinds of “knotty legal problems” that led Congress to provide for interlocutory review cases of the same nature.

“While interlocutory appeal should be the exception, not the rule, this is the unusual case where the Defendants themselves say that the issues have industry-wide significance and are of special consequence, and thus is precisely the type of case as to which the Second Circuit has invited interlocutory appeal” the SEC argued.

The SEC’s decision to appeal stems from Judge Analisa Torres’ ruling in the U.S. District Court for the Southern District of New York on July 13 where she found that while Ripple had indeed violated federal securities law in its sale of XRP to institutional, the company had no wrongdoing in relation to retail investors.

Meanwhile, in response to the latest SEC filing, Stuart Alderoty, Ripple’s Chief Legal Officer, expressed his perspective on the matter saying;

“Another SEC filing, another hypocritical pivot… After years of its chairman saying the ‘rules are clear and must be obeyed,’ the SEC now cries that an appeal is urgently needed to resolve these ‘knotty legal problems.”

Alderoty’s statement highlights Ripple’s belief that the SEC’s position has been inconsistent, emphasizing the need for transparency and clarity in the regulatory approach toward the crypto sector.

That said, as the legal battle between Ripple and the SEC continues, the outcome of this appeal request now rests with Judge Analisa Torres. If she grants the SEC’s motion, the case will move to the Second Circuit Court of Appeals, where the broader crypto community will be eagerly watching to see how this landmark legal battle unfolds.

https://zycrypto.com/this-man-bought-5000-btc-for-26-in-2009-then-forgot-about-it/

In the realm of cryptocurrency, stories of incredible wealth made through minimal investments are rare but inspiring. 

One such remarkable story belongs to Kristoffer Koch, a Norwegian individual who in 2009 decided to put a modest sum of approximately 150 Norwegian Krona (around $26 at the time) into Bitcoin. At that time, little did he imagine that this seemingly inconsequential choice would go on to redefine his entire life, ultimately culminating in a substantial fortune.

While working on his master’s thesis, at age 25, Kristoffer Koch stumbled upon the concept of Bitcoin, a decentralized digital currency with the potential to disrupt traditional finance. At first, he was sceptical about Bitcoin’s future despite reading Satoshi Nakamoto’s 2008 white paper. Nevertheless, he decided to invest a small sum, acquiring 5,000 Bitcoin. However, like many, Koch forgot about his investment as he focused on his career and other life goals.

It wasn’t until four years later, in 2013, that Koch stumbled upon news reports about Bitcoin’s meteoric rise in value and decided to check his long-neglected digital wallet. To his amazement, he found that his $22 investment had grown into a substantial fortune of about $886,000. Notably, with BTC trading at $26,274 at press time, those coins would be worth a staggering $131,370,000.

“In the most fantastical scenarios, I could not have fathomed that their value would escalate to such heights,” Koch stated in an interview with NKR.

With such proceeds, Koch decided to trade a small portion of his newfound wealth for a luxurious apartment located in the upscale neighbourhood of Oslo, Norway, preferring to HODL the rest.

“Every morning, I went to the online bank and saw that the account was growing,” the young engineer added, referencing his “hodled” BTC.

While Koch’s narrative highlights the potential of HODLing onto digital assets, it’s not an isolated case. Others like him initially underestimated the profound impact of blockchain technology and the extraordinary opportunities it unlocks by either selling “too early” or not buying BTC when prices were incredibly low. Notably, just a few months after Koch purchased his Bitcoin, on May 22, 2010, Laszlo Hanyecz used 10,000 Bitcoins to purchase two Papa John’s pizzas, given the pizzas were worth that much.

That said, although Hanyecz couldn’t foresee Bitcoin’s remarkable future surge, this transaction is consistently celebrated as a groundbreaking moment in Bitcoin’s history. This is because it is the first-ever recorded instance of Bitcoin being embraced as a medium of exchange in a commercial transaction.

https://zycrypto.com/shiba-inu-sees-trillions-in-accumulation-spree-by-exchanges-0-001-shib-price-no-longer-in-doubt/

Popular crypto exchange Robinhood has continued to bolster its Shiba Inu holdings, amassing a staggering 35 trillion SHIB tokens in a relentless buying spree.

This strategic manoeuvre comes amidst intense market volatility, showcasing Robinhood’s commitment to securing a substantial SHIB portfolio at impressively discounted rates.

According to data from the blockchain analytics firm Arkham Intelligence, Robinhood’s largest hot wallet added a staggering 877 billion SHIB tokens to its crypto holdings between August 31 and September 13, bringing its total SHIB stash to 34.96 trillion tokens valued at $254.5 million. Notably, SHIB is the exchange’s third largest cryptocurrency holding after Bitcoin and Ether.

The timing of Robinhood’s accumulation couldn’t be more intriguing. Shiba Inu, often dubbed the “Dogecoin Killer”, witnessed a meteoric rise on August 12th, 2023, when its price soared to $0.00001100. This surge preceded the launch of Shibarium L2 mainnet, signaling a turning point for the canine-themed cryptocurrency.

This substantial increase in holdings positions Robinhood as a formidable player in the SHIB market, bringing it closer to the reigning Shiba Inu custodian, Binance.

Binance, a global crypto exchange giant, currently has the largest SHIB portfolio, currently holding 42.12 trillion SHIB tokens. With a total value of approximately $305 million, Binance’s SHIB holdings extend into a public wallet known as “Binance 8”, which houses an additional 33.9 trillion SHIB tokens valued at around $245 million.

To put these figures into perspective, Binance collectively owns a remarkable 7.6% of the total circulating supply of Shiba Inu, while Robinhood commands a substantial 2% share, as per data from the blockchain explorer EtherScan. Notably, another major SHIB custodian is the American crypto platform Crypto.com, which reportedly holds 20% of the exchange’s total reserves in SHIB, emphasizing the growing popularity of this beloved canine-themed token.

Major exchanges’ significant accumulations of Shiba Inu tokens underscore their belief in SHIB as a promising long-term asset. Elsewhere, retail investors have also shown increased interest in the second-largest meme coin by market capitalization, with whales making significant transfers between wallets in the past month.

Meanwhile, despite the Shiba Inu (SHIB) network buzzing with whale activity, the price is yet to follow suit. Since mid-May, SHIB’s price has been constricted to a sideways channel as bears and bulls fight for control. Nevertheless, the price finally reached critical support at around $0.000007. However, the price needs to reclaim $0.000008 to turn the trend bullish.

At press time, SHIB was trading at $0.000007368 after a 0.46% surge in the past 24 hours, as per CoinMarketCap data.

https://zycrypto.com/arthur-hayes-says-bitcoin-could-surge-to-70000-despite-feds-monetary-tightening/

Arthur Hayes, co-founder of crypto exchange BitMEX, believes that Bitcoin’s value could soar, even in the face of global central banks tightening monetary policies. 

Hayes made his case in a blog post on September 12 against a backdrop of mounting concerns regarding the U.S. government’s substantial debt. In the blog, the pundit explored the Federal Reserve’s ongoing series of interest rate hikes, which commenced in March 2022. This shift away from the expected trajectory, where many, including Hayes himself, initially foresaw the Fed lowering rates in response to broader economic challenges, prompted him to reconsider his earlier predictions.

Hayes then explored various “what if” scenarios within his blog post, including the possibility of the U.S. avoiding a recession, sustaining higher inflation, and averting a financial system meltdown. In such scenarios, he reasoned that rather than resorting to rate cuts, the Fed might opt for further rate hikes, significantly impacting financial markets.

Challenging the prevailing notion that increasing interest rates should naturally result in diminishing asset prices, including Bitcoin and stocks, Hayes argued that the combination of extensive government spending and robust GDP growth might actually drive real yields on government bonds into negative territory. This, in turn, could render risky assets more attractive, potentially catapulting Bitcoin towards its all-time highs.

“The reason why we aren’t at $70,000 is that everyone is focused on the nominal Fed rate, and not on the real rate when compared to the U.S.’s eye-poppingly high nominal GDP growth”

That said, Hayes highlighted Bitcoin’s recent robust performance despite facing a downturn. 

“Bitcoin is up by close to 29% since [March]. And even though the price has tested $30,000 and failed multiple times, Bitcoin is still trading well above its pre-BTFP bailout level of $20,000,” Hayes wrote.

In a speech at the Korea Blockchain Week earlier this month, Hayes argued that Bitcoin’s bull market kicked off in early March this year, only that the market was yet to notice. He, however, noted that investors would likely start responding in the next six to twelve months.

At the time, Hayes also emphasized that regardless of whether the Federal Reserve and other central banks opt to continue raising interest rates to facilitate economic tightening or engage in further monetary expansion by “printing more money,” Bitcoin would thrive.

“In either scenario, be it the Fed raising rates or implementing cuts, the cryptocurrency industry is poised for success,” he affirmed.

At press time, Bitcoin was trading at $26,238 after a 0.78% surge in the past twenty-four hours.

https://zycrypto.com/shiba-inu-shib-paving-the-way-for-a-decentralized-digital-global-state-following-shibarium-debut/

Despite a broader decline in the cryptocurrency market, the Shiba Inu (SHIB) community has remained in high spirits as they continue celebrating the recently launched Shibarium layer-2 scaling solution.

However, amidst the ongoing excitement, Kaal Dhairya, a key Shiba Inu developer, recently shifted focus to a significant revelation known as the “Shib Paper,” which was recently unveiled. Unfortunately, the excitement around Shibarium somewhat overshadowed this noteworthy announcement.

Plans to publish the document, previously called the “Worldpaper,” were first revealed in June by LUCIE, Shiba Inu’s chief marketing strategist. The 26-page document, which is written by Shytoshi Kusama, the mysterious Shiba Inu lead developer, essentially lays out the architectural plan for the Shiba Inu decentralized digital realm.

In the paper, Kusama introduces the “Shiba Inu state,”- which he says is all about shared success in a world moving towards decentralization and empowerment. In this state, digital ideas come together with the values of real communities, such as fairness, technology, being open, and working together. The paper then clarifies that this isn’t just about quick achievements but about staying strong and successful for a long time, even for future generations.

The paper further outlines its constitution, also known as the “Canine Code, which sets out 22 principles that are expected to guide the so-called “Shibizens.”

The paper states:

“Values of loyalty, unity, and service are revered. Citizens, referred to as Shibizens, engage in mutual respect and pledge commitment to collective ascent. Ensuring every transaction and decision is transparent, the Shiba Inu State transcends being just a collective, evolving as a sanctum of individuals pursuing shared enlightenment.” 

Kusama also highlights 15 challenges currently facing the crypto sector and the Shib State plans to resolve, including scalability, steep transaction fees, governance intricacies, and community integration.

Additionally, he outlines the primary global challenges the Shiba Inu nation addresses, encompassing issues such as the concentration of power and wealth and worries regarding protecting personal information.

To tackle concerns about data privacy, the Shiba state introduced a self-sovereign identity (SSI) framework, which allows individuals to maintain total control over their data, ensuring their privacy and security.

That said, built on decentralization, transparency, and fairness principles, the Shiba Inu economy strives to create an inclusive system rewarding active participation. Central to this is the SHIB token, enabling payments, services, and staking rewards.

Although still young, the Shiba Inu economy could become a major cryptocurrency contender, backed by devoted developers and supporters committed to an equitable system benefiting all participants.

https://zycrypto.com/pundit-predicts-a-significant-price-correction-for-ethereum-if-this-happens/

Ethereum continued to trade in a tight consolidation Tuesday, with increasing manifestations of weakness. Last Thursday, the second-largest cryptocurrency by market capitalization witnessed a flash crash that dropped its price by about 14% to $1,550 in under 24 hours.

The decline, primarily triggered by Bitcoin, occurred amidst speculation that SpaceX, helmed by Elon Musk, might have liquidated its entire BTC portfolio. This speculation arose following reports that SpaceX had marked down the value of its Bitcoin holdings by $373 million the previous year. Furthermore, the market sentiment was dampened by news that the SEC had postponed its decision on Bitcoin ETF approvals until 2024.

Meanwhile, following Ether’s unexpected drop, market participants have been trying to speculate about the future of its price, with some predicting the worst is yet to come. On Sunday, prominent cryptocurrency analyst Ali Martinez raised apprehensions regarding Ethereum’s future direction. Through a tweet, Martinez shed light on Ethereum’s fundamental network aspects, which he claimed exhibited bearish tendencies.

“Ethereum network fundamentals are still lagging, signaling a bearish trend!”, he said. 

Notably, he singled out a crucial metric—the monthly average of active Ethereum addresses. Martinez’s observation unveiled that this metric fell short of its yearly counterpart, indicating a marked absence of on-chain activity. In Martinez’s analysis, this occurrence bore the classic traits of signalling a frail network state and limited utilization.

In a subsequent tweet today, the pundit pinpointed a specific price range that he believed could trigger a significant downturn for Ethereum. According to him, “Ethereum slipping beneath the $1,600 – $1,550 bracket for $ETH might set the stage for a significant 37% – 45% correction, targeting $1,000.”

This projection implied that Ethereum might experience a considerable decline in value, possibly reaching levels last seen in October 2022.

However, it’s worth noting that Ethereum’s technical indicators remain solid, as evidenced by its ability to establish higher highs on the daily timeframe consistently. According to an X user and crypto chartist called Haituando, price is likely to bounce off of the support trendline (black), bouncing back higher. 

“Technical indicators suggest a bullish trend on the horizon. With key resistance levels broken and a series of higher lows, ETH appears poised for an upward trajectory. Keep an eye on developments like EIP-1559 and ETH 2.0 as potential catalysts,” he tweeted.

Ether traded at $1,587 at press time after a 2.17% increase in the past 24 hours. On the other hand, its rival, Bitcoin, traded at $25,948, up 3.41% over the same period.

https://zycrypto.com/potential-ftx-liquidation-spark-fears-of-a-solana-doge-dump/

The cryptocurrency community is currently grappling with growing apprehension regarding the looming possibility of massive liquidations by FTX, even as crypto prices struggle to stabilize.

This renewed fear comes after a filing on Monday, September 11, revealed that FTX’s assets of around $7 billion include roughly $1.3 billion worth of liquid crypto assets (excluding stablecoins). Notably, the document showed that FTX’s most significant holdings include $1.2 billion in SOL tokens, representing their portfolio’s most substantial digital asset holding. Alongside SOL, FTX maintains roughly $560 million in Bitcoin holdings and $192 million in Ether.

Additionally, the exchange was seen to be holding about $20 to $30 million in APT, DOGE, TRX, and MATIC.

The document further indicated that FTX possesses 38 properties in the Bahamas, collectively appraised at around $199 million. And while the exchange has already managed to secure $2.6 billion in cash since its collapse in November of the previous year, it recently petitioned the court for permission to liquidate recovered cryptocurrency assets to repay creditors.

Notably, what has the market on edge isn’t just the sheer value of these crypto assets but, more importantly, their proportion concerning their actively traded volumes.

Nonetheless, as per crypto research firm Messari, the prospective sale of FTX’s Bitcoin holdings, making up approximately 1% of Bitcoin’s weekly trading volume, is unlikely to inflict severe repercussions on the markets. This assessment stems from the belief that the market possesses sufficient resilience to absorb a substantial portion of the potential selling pressure, a sentiment also echoed concerning Ethereum.

Furthermore, only $9.2 million worth of SOL is anticipated to unlock monthly. While SOL and APT hold substantial USD values and sway market volumes, they are part of Alameda and venture components, comprising primarily non-immediately tradable vesting tokens. Messari says this measure “significantly reduces the liquidation impact and places it more in line with the manageability of BTC & ETH liquidations.”

However, the scenario takes on a riskier complexion when considering DOGE, TRX, and MATIC, which exhibit lower liquidity levels. As per the firm, FTX’s $20-30 million holdings in these tokens constitute a substantial 6-12% of their weekly trading volumes, rendering them more susceptible to pronounced market impacts.

That said, however, there remains a glimmer of hope for the potential resurrection of FTX through a strategic reboot, as indicated by the court filing. Since May, debtors have been actively exploring the possibility of reviving the exchange, having already engaged with 75 potential bidders for their proposals. The court filing suggests that these proposals are under thorough evaluation, with the timing of any potential transaction contingent on multiple factors, including bidder preparedness.

https://zycrypto.com/paypal-expands-crypto-accessibility-for-u-s-users-through-on-and-off-ramps/

Global payments behemoth PayPal has announced a significant expansion of its crypto-related services in a bid to enhance the accessibility and utility of digital currencies for millions of Americans.

In a Monday, September 11 statement, PayPal unveiled its latest offering- the ability for wallet users to exchange their cryptocurrencies for PayPal credit through an innovative feature known as an “on and off-ramp.”

“By adding Off Ramps, crypto wallet users in the US can convert their crypto into USD directly from their wallet to their PayPal balance so they can shop, send money, save or transfer to their debit or debit card,” the statement said.

This development is part of PayPal’s ongoing efforts to bolster its presence in the crypto space and provide its users with a broader range of financial services. The service is not limited to wallets alone. As per the statement, it will also be available to decentralized applications (dApps) and non-fungible token (NFT) marketplaces, further expanding the reach of these crypto-to-fiat conversions.

Web3 merchants, in particular, also stand to benefit significantly from PayPal’s latest integration. By leveraging these on and off ramps, they can tap into PayPal’s extensive user base and offer customers a fast and secure way to buy and sell supported cryptocurrencies, the company said. Additionally, PayPal stated that it is equipping Web3 merchants with “robust security controls and tools for fraud management, chargebacks and disputes.”

PayPal’s dedication to crypto doesn’t stop at these new features. The company recently entered into a partnership with Paxos to develop its stablecoin, known as PYUSD, ZyCrypto reported.

The company’s introduction of Off-Ramps also complements its existing On-Ramps, allowing U.S. consumers to purchase crypto directly through integrations with platforms like MetaMask and Ledger. This move thus underscores PayPal’s commitment to democratizing access to cryptocurrencies.

That said, as PayPal continues to lead the charge in bringing cryptocurrencies into the mainstream financial landscape, it remains a pivotal player to watch in the ever-expanding crypto ecosystem, with the potential to reshape how people interact with digital assets in the United States and beyond.

https://zycrypto.com/did-this-bitcoiner-just-pay-a-whopping-500000-in-transaction-fees-for-a-0-074-btc-transfer/

In a rare incident that has left the Bitcoin community astounded, an unknown user executed a transaction on September 10 that has quickly become the talk of the crypto community.

On Sunday, Whale Alert highlighted this extraordinary occurrence, where the individual went to extraordinary extremes by offering a staggering 19.82 BTC ($509,563) in transaction fees for transferring a mere 0.074 BTC. Notably, at press time, the average transaction fee within the Bitcoin network stood at 0.000084 BTC, which is about $2.18, as per BitInfoCharts.

This incident has raised eyebrows and sparked intense discussions within the crypto space, leaving many wondering whether it was a colossal mistake or a deliberate move. On Monday, Wu Blockchain’s Colin Wu highlighted the transaction, noting that “this is the largest transaction fee paid in US dollars to date.”

In a separate tweet, Chun Wang, the founder and administrator of F2Pool, a prominent Bitcoin mining pool responsible for processing the block housing this transaction, announced their decision to temporarily set aside the 19.8 BTC fee noting that if no one steps forward to claim it within the next three days, they plan to redistribute it among the pool’s miners. This move aligns with established industry practices in situations where abnormal transaction fees are encountered.

It’s worth noting that, in a bid to claim the stash, the individual who initiated the BTC transfer must identify themselves and provide evidence by signing a message to confirm their ownership of the private keys associated with the sender’s address.

Similar incidents have occurred in the past, such as in April 2016 when an anonymous individual mistakenly sent 0.0001 BTC with a staggering 291.2 BTC commission, valued at approximately $136,000. In that case, the mining pool BitClub was willing to return the excessive fee to the sender.

That said, albeit the incident, Bitcoin miners continue to enjoy significant profits from their operations even as the bear market exerts considerable pressure on retail investors.

According to a recent report from crypto research firm Coinmetrics, in the second quarter of 2023, Bitcoin miners earned a remarkable $184 million in transaction fees, marking a substantial 270% increase from the previous period. This figure even surpassed the total fees earned throughout 2022, highlighting the growing significance of transaction fees in the cryptocurrency ecosystem. 

Analysts from the firm attributed the rise in commission fees received by BTC miners to the ongoing boom of Ordinals and the introduction of the BRC-20 standard.

https://zycrypto.com/shiba-inu-whales-envision-massive-price-explosion-with-trillions-of-shib-on-the-move/

A mysterious whale acquired a whopping $6 million worth of Shiba Inu (SHIB) tokens within 24 hours.

Whale Alert, a reputable blockchain tracking platform, disclosed this eyebrow-raising transaction, revealing that the investor procured a staggering 708.41 billion Shiba Inu tokens, valued at $5.99 million, from cryptocurrency exchange Gemini.

Notably, this significant accumulation unfolded through a single transaction.

The development comes barely a week after another whale moved 4.67 trillion SHIB tokens, valued at around $38.7 million, to another wallet, all within a single transaction. Wealthy Shiba Inu holders have amassed around 5 trillion SHIB tokens, equivalent to a staggering $44 million over the last week.

This increased level of activity by whales comes following the launch of Shibarium – Layer 2 solution, which catapulted Shiba Inu into the limelight and drew significant attention from both investors and exchanges on a global scale.

CoinGecko, a leading platform for aggregating cryptocurrency data, currently ranks the Shiba Inu token as the second most trending cryptocurrency in the world, trailing closely behind PEPE and surpassing Dogecoin.

This remarkable surge in interest has also been evident in the data provided by WazirX, India’s premier cryptocurrency trading platform, which recently positioned Shiba Inu as the fifth most traded cryptocurrency on their exchange in July.

Mass Adoption For SHIB on The Way

The path to widespread acceptance recently received a momentous catalyst through Binance’s strategic launch of its crypto payment platform, Binance Pay, within the dynamic Brazilian market. Considering Brazil’s status as home to the largest community of cryptocurrency users, this partnership could ignite the potential for a sweeping era of mass adoption for SHIB.

Earlier this month, WireX, the innovative banking alternative, celebrated SHIB for joining its platform. With this strategic inclusion, a vast user base of 5.5 million individuals gained seamless access to purchase, trade, and utilize SHIB across a staggering network of more than 81 million global retailers.

Of particular significance, SHIB has been riding the crest of a surge in wallet activity. Crypteye’s data underscores this trend, revealing that the total number of SHIB holders has surged past 2.4 million, a noteworthy escalation from the 2.06 million recorded on the same date just a year ago.

Meanwhile, amid these developments, SHIB’s price has remained suppressed in the past few weeks despite a spirited surge before the launch of Shibarium. At press time, the meme coin was trading at $0.0000073, down 3.14% in the past 24 hours, as per CoinMarketCap data. 

https://zycrypto.com/ether-whales-offloading-sparks-concerns-of-assets-price-trajectory/

Ethereum continued to trade in the volatile waters of the cryptocurrency market last week, with a deeper analysis revealing that some big players may be offloading their bags.

For most of last month, the second largest cryptocurrency by market capitalization traded around $1,600, reflecting weeklong fluctuations after a sudden drop earlier this month that left investors and analysts questioning its immediate trajectory.

Notably, the actions of Ethereum whales or entities that possess substantial quantities of the cryptocurrency have prompted both intrigue and apprehension within the crypto community.

Over the weekend, renowned crypto analyst Ali Martinez took to Twitter to share his insights. In a tweet, he highlighted a compelling correlation between the number of whales holding 10,000 or more ETH and the overall price movement of the asset.

“Notice the strong correlation between the number of whales holding 10,000+ ETH and its price trajectory. If seasoned investors are offloading, it prompts the question: Is now the right time to buy or to short ETH?” wrote Martinez.

Martinez’s observation underlines these significant holders’ influence over Ethereum’s market dynamics. Martinez went on to make a compelling remark, saying, “I’ll be watching these whales closely before I buy ETH!”

The decision of established investors to liquidate portions of their holdings raises concerns about a potential downward trajectory. Yet, it also opens doors for those seeking strategic entry points into the market.

Notably, the analyst’s sentiments appear to have influenced his trading strategy. In a separate tweet, Martinez revealed another noteworthy metric in the cryptocurrency realm: the Ethereum MVRV Ratio.

Compared to the 180-day Simple Moving Average (SMA), this ratio offers insights into broader market trends. The MVRV Ratio surpassing the 180-day SMA historically indicates macro uptrends, while a ratio below suggests potential downtrends. Martinez shared an image showing the recent decline in ETH’s price led to the MVRV Ratio dipping beneath the 180-day SMA, raising caution flags for bullish investors.

That said, Ethereum’s ongoing battle to breach the $1,700 resistance has intensified the focus on the critical $1,630 support level. Should this level be breached, the price could plunge toward approximately $1,440, a threshold aligned with a significant daily support trend line.

Conversely, a successful close above the $1,700 mark could propel Ethereum’s value beyond the $2,000 milestone. On the other hand, Ethereum’s price continues to perch above the ascending 200-week moving average, while a bottoming-out of the daily RSI introduces a hidden bullish divergence, albeit with prudent caution.

https://zycrypto.com/ethereum-whales-buy-up-over-200000-eth-within-24-hours-as-attractive-prices-prevail/

As the bear market continues to tighten its grip, Ethereum has witnessed a decline in price mirroring the downward trajectory of Bitcoin. 

This downturn has instilled apprehension among investors, resulting in a surge in selling activity surrounding this digital asset. Nonetheless, as retail takes fright, Ethereum whales are now taking advantage of the prevailing bearish sentiment, as they have commenced purchasing substantial quantities of ETH at current discounted prices.

Late Tuesday, Ethereum whales made a substantial move by purchasing approximately 260,000 Ether (ETH) in just 24 hours. Ali Martinez, a prominent cryptocurrency analyst, revealed this significant acquisition, amounting to nearly $425 million, on Twitter. The pundit shared a compelling chart from Santiment, showcasing the remarkable influx of capital into Ethereum despite prevailing market conditions.

This development unfolds against the backdrop of crypto prices remaining under pressure recently. Many have attributed Ether’s weakness to dumping by big investors over the past four months, as well as prevailing regulatory challenges facing the crypto industry, particularly in the U.S.

Recently, Brian Quinlivan, Santiment’s marketing director, noted that large Ethereum (ETH) holders had exhibited bearish behaviour since around April, contrasting with their bullish stance observed in late 2022.

“There has been about a 4-month long dump in supply from addresses holding between 10 and 10,000 ETH. They really were accumulating significantly at the end of last year, but profit taking from these key tiers happened hard and quickly right as the price was hitting around a 1-year high of approximately $2,120.” Quinlivan wrote.

Just yesterday, Santiment highlighted two whales who sent 300,000 Ether to Coinbase, raising fears of an imminent dump among traders.

On the other hand, an analyst known by the pseudonym “greatest trader” from Cryptoquant linked Ether’s continued weakness to future traders who have been actively selling.

In a post earlier this week, the analyst noted Ethereum’s ongoing bearish trend, illustrated by a declining 30-day moving average of the taker buy-sell ratio, signals dominant bearish sentiment among futures traders. In reading this metric, values above one signify bullish sentiment, while values below one indicate bearish sentiment.

The pundit shared a chart which depicts the continuous decline in the taker buy-sell ratio over the past few months, consistently remaining below the pivotal one mark and reaching a yearly low.

“This consistent behavior underscores the dominant bearish sentiment among futures traders participating in Ethereum’s market.” He wrote.

The analyst noted that for Ethereum’s price to embark on a new bullish trajectory, it would require a shift in behaviour among futures traders, characterized by a more aggressive buying stance, as indicated by a metric rising above the critical one threshold.

Ether was trading at $1,636 at press time, barely up a percentage point over the past 24 hours. 

https://zycrypto.com/291-billion-asset-manager-predicts-bitcoins-rise-to-150000-post-halving/

Ric Edelman, the founder of the $291 billion asset management firm Edelman Financial Services, holds the belief that Bitcoin will not only reach but also surpass a six-figure price within just a few months following the 2024 halving.

Edelman, the head of the Digital Assets Council of Financial Professionals, shared his optimistic views on the top cryptocurrency during an interview with Coindesk TV on Tuesday, September 5. When questioned about a statement he had previously made on his YouTube channel earlier in the year, where he confidently asserted that “by the summer of 2025, Bitcoin’s price will reach approximately $150,000,” he reiterated his stance.

 “When I made that prediction, it implied a five-fold increase in Bitcoin’s value in just a span of two years. While it might sound exceedingly bullish, it’s worth noting that there are even more bullish predictions circulating in the market.” Edelman stated.

Edelman’s optimism is grounded in several key factors reshaping the cryptocurrency industry. He emphasized that the sector is currently undergoing a transformative phase marked by maturity and a shift in behaviour. Notably, he pointed to regulatory actions and market dynamics as instrumental in cleansing the industry of fraudulent actors and what he called the “crypto bros.” In his view, this cleansing process will make cryptocurrencies more appealing to institutional and individual investors.

The pundit also pointed out several recent achievements within the crypto sector, including the growing adoption and participation of institutional players and noteworthy legal developments such as the SEC’s losses in high-profile lawsuits involving Ripple, Uniswap, and, most recently, Grayscale. According to him, these positive factors were influential catalysts for the potential rise in Bitcoin’s value

Another crucial element in Edelman’s forecast is the upcoming Bitcoin halving event, expected to occur in approximately six months. Historically, Bitcoin halvings have ignited significant bullish momentum in the cryptocurrency market. These events, which reduce the rate at which new Bitcoins are generated, have consistently driven up the asset’s price due to decreased supply.

“…all the signs are pointing really strong and if history is any guide as a result of the halvings by the Summer of 2025 I fully expect we will see well in those digits.” He concluded.

Ric Edelman’s stature as the founder of Edelman Financial Engines, responsible for managing a vast $291 billion in assets, lends considerable weight to his predictions. The pundit, also known for his influential book “The Truth About Crypto,” has established himself as a household name within the cryptocurrency industry due to his unwavering commitment to advancing crypto adoption through education.

As of this report, Bitcoin (BTC) was trading at $25,766, representing a 6.35% decline in value over the past week, as per CoinMarketCap data.

https://zycrypto.com/sol-price-reacts-as-visa-expands-stablecoin-settlement-pilot-to-solana/

In a surprise move, Solana (SOL) surged by over 7.69%, tapping $20.55 Tuesday following Visa’s announcement of expanding its stablecoin settlements using the Solana blockchain.

Visa’s announcement included launching pilots with payment processing firm Worldpay ($35B AUM) and Novei ($3.6B AUM), both of which will leverage the high-performance Solana blockchain. Notably, Visa has already executed transactions worth millions of dollars using the USD Coin (USDC) on Solana and Ethereum, facilitating fiat-denominated payments processed through VisaNet, the company’s electronic payments network.

Solana, often regarded for its exceptional scalability and transaction speed, expressed enthusiasm about this latest expansion. Lily Liu, President of the Solana Foundation, said that Solana’s enterprise-grade throughput capabilities would usher in minimal costs and transaction speeds for Visa issuers and merchants.

“Payments can’t afford to be run on a network that costs $2 and 2 min to settle a transaction… Solana by contrast meets users where they are today: click a button, something happens immediately (and with infinitesimal cost). Now this is going to be demonstrated at scale with Visa building on Solana.” She wrote. 

Cuy Sheffield, Head of Crypto at Visa, emphasized Visa’s dedication to digital currency and blockchain innovation, stating, “Visa is committed to being on the forefront of digital currency and blockchain innovation and leveraging these new technologies to help improve the way we move money.”

This development comes on the heels of increasing interest from traditional financial institutions like BlackRock and JPMorgan in harnessing the potential of cryptocurrencies for various financial services. Visa initially began exploring the use of USDC in 2021, primarily to expedite cross-border payments and settlement times. Its foray into stablecoin settlements thus signals a growing acceptance of digital assets in mainstream financial systems.

That said, despite the development, the crypto landscape has challenges, as exemplified by the recent security breach at the crypto gambling platform Stake. Earlier this week, unauthorized transactions drained millions of dollars from the platform’s hot wallets, raising concerns about the security of crypto assets and platforms.

Additionally, there have been reports of scammers using government website spoofing to deceive users of the popular MetaMask wallet. Scammers have attempted to trick users into divulging their wallet details, potentially compromising their crypto assets. Given the paramount importance of security, mainly when catering to institutional investors, it further underscores the critical need for heightened vigilance and robust safety measures in the crypto sphere.

That said, despite these challenges and regulatory uncertainties, networks such as Solana, Ethereum, Bitcoin, and Ripple continue to evolve and attract interest from institutional players. As the crypto market remains dynamic and undergoes periods of volatility, experts anticipate that the coming months could hold significant developments that may further shape the crypto landscape.

At press time, SOL was trading at $19.82, up 2.53% in the past 24 hours, according to CoinMarketCap data.

https://zycrypto.com/cardanos-remarkable-growth-persists-amid-price-challenges-what-lies-ahead-for-ada/

The cryptocurrency market has been a rollercoaster ride, with enthusiasts and investors eagerly trying to predict the next market move.

Cardano (ADA), like many other digital assets, experienced a significant dip in value over the past month. At press time, Cardano was trading at $0.257, marking a 12% drop over the past month and about 2.06% over the past seven days. The cryptocurrency’s current market capitalization stands at $9 billion, with trading volume dropping by 5.77% to roughly $94 million over the past 24 hours, according to data from CoinMarketCap.

However, this decline in market value seems not to have dampened Cardano’s network activity, which has shown remarkable promise.

On Monday, September 4, on-chain analytics firm Santiment reported that Cardano’s on-chain transaction volume has experienced explosive growth in 2023, surging by a staggering 1,726% since late January.

“This surge in transaction volume is indicative of Cardano’s increasing utility and underscores the network’s growing adoption,” the firm wrote.

Furthermore, Cardano’s social dominance has been on the rise, signifying a substantial presence on cryptocurrency-focused social media platforms compared to the top 50 most-talked-about crypto projects. This heightened social buzz highlights the community’s continued interest and engagement with Cardano.

Industry experts have consistently emphasized that mainstream crypto adoption is closely tied to network activity. Despite concerns about Cardano’s subdued market value, its impressive transaction activity bodes well for the future of DeFi and NFT investments, reflecting a thriving ecosystem.

Notably, while Cardano‘s total value locked (TVL) in DeFi applications is currently at $160.29 million (Approximately 625 million ADA), which appears relatively low, it’s worth noting that this figure has undergone substantial growth since January when it stood at a mere $50.68 million.

The Cardano (ADA) network is also witnessing a surge in new users, signalling the ongoing mainstream adoption of cryptocurrencies in response to global inflation concerns. Amid a thriving DeFi ecosystem, with prominent Dapps like Liquid Finance, Minswap, Djed stablecoins, and MuesliSwap. Cardano boasts approximately 4.43 million unique wallet addresses at press time, marking roughly a 6% increase since April 2023.

Cardano delegators have also risen by about 30,000 during the same period. On average, the network has welcomed approximately 1,600 new wallet addresses daily since April, with some days showing particularly robust growth.

As Cardano hovers around 25 cents, traders count on a potential support $0.24-$0.25 range. Notably, a triple bottom that seems to be forming on the daily chart timeframe could result in a bullish if validated.

https://zycrypto.com/elon-musk-has-secretly-been-funding-dogecoin-development-report-reveals/

Reports have emerged that the world’s richest man, Elon Musk, could be secretly funding the development of Dogecoin (DOGE).

On August 31, The Wall Street Journal reported that Elon Musk has been secretly funding Dogecoin’s development. This revelation adds an intriguing layer to his prominent relationship with the canine-themed cryptocurrency.

DOGE, which started as a playful internet meme in 2013, garnered significant attention when Elon Musk publicly endorsed it in 2021 by revealing that Tesla would accept Dogecoin for some of its merchandise. In August of the same year, it was reported by various outlets that Musk would serve as an advisor to the Dogecoin Foundation, further cementing his connection to the project. However, in October 2021, Musk distanced himself, stating, “I have no connection with the Dogecoin Foundation.”

Nevertheless, despite these conflicting statements, Musk’s ties to DOGE persist. Musk acquired Twitter in April 2023 and altered its logo from the iconic blue bird to a Shiba Inu, symbolizing Dogecoin. This move hinted at Musk’s intentions to integrate DOGE into his Twitter-based plans.

These revelations come when the crypto market is experiencing heightened volatility. The recent slowdown in the Bitcoin price rally has affected not only Bitcoin but also Dogecoin, which is currently down about 90% from its May 2021 all-time high of $0.73. The crypto community is now bracing itself for a potentially turbulent September, with many wondering about the implications of Musk’s covert funding on the crypto landscape.

That said, while the extent of Musk’s financial involvement in Dogecoin’s development remains undisclosed, his ambitious plans for the cryptocurrency are clear. Musk has previously expressed his desire to elevate Dogecoin to outshine Bitcoin, aiming for it to become the “currency of Earth.”

Dogecoin, which achieved a brief stint in the crypto top ten in 2021 amid meme and influencer-driven rallies, saw its value fluctuate alongside the broader crypto market in 2022. Despite the volatility, it has retained a significant portion of its gains, resulting in a combined Dogecoin network worth approximately $8.9 billion, according to CoinMarketCap data.

Meanwhile, Elon Musk’s involvement in Dogecoin hints at potential developments that could reshape the future of its price and its applications. Most importantly, an official confirmation of the funding by the dogefather himself could catapult the DOGE price after a prolonged period of sapped volatility.

At press time, DOGE was trading at $0.0626 after a 1.66% drop in the past seven days. 

https://zycrypto.com/concerns-abound-as-over-10-million-in-solana-sol-other-cryptos-leave-ftx-linked-wallet/

A recent development has sparked concerns in the cryptocurrency sphere as over $10 million worth of crypto assets have left an FTX-linked wallet.

The alarm bells began to ring when various assets were transferred from the FTX-linked wallet last week, signalling the possibility of a broader exodus of digital assets. The crypto community fears that this movement may be a precursor to asset sales as part of FTX’s bankruptcy proceedings.

Pump House, a prominent voice in the crypto space, brought attention to the situation, stating in a Sunday tweet, “Over $1.5 billion in SOL, SPL tokens and ‘wrapped’ bitcoins at the FTX address in Solana are moving. It looks like they are preparing for potential sales. Keep an eye on this, especially the ~$200 million in Bitcoin on Solana.”

Further insights into the situation from crypto onchain analytics platform Arkham Intelligence reveal that since August 31, the wallet has witnessed substantial transfers of approximately $6.23 million in Ethereum (ETH) and over $5 million in various tokens, including FTT, UNI and SUSHI. Presently, the FTX wallet holds coins worth a combined value of $19.2 million.

This development follows FTX’s earlier announcement on August 24 that it planned to “sell, stake, and hedge” $3 billion worth of cryptocurrencies as part of its bankruptcy proceedings. To facilitate this, the exchange enlisted the expertise of Mike Novogratz’s Galaxy Digital company.

Under the proposed plan, FTX collapsed last November and also sought to refund its creditors in fiat rather than BTC or Ether. As per a court document seen by ZyCrypto, the exchange sought to be permitted to sell tokens with a value of no more than $100 million per week, with the possibility of doubling this limit for individual assets. These restrictions are designed to mitigate the impact of large-scale transactions on the market. The court is scheduled to consider these prayers on September 13.

That said, the recent movement of the assets from the FTX-linked wallet raises essential questions about the potential impact on its creditors and users, even as the exchange’s victims continue to be treated to more glaring revelations.

Recently, Aditya_Baradwaj, a former engineer at Alameda Research, made a startling revelation about the firm’s management’s extravagant lifestyle as irresponsible behaviour.

“Careless risk management for a company handling billions of dollars in capital. Technical debt that would make any software engineer shed a tear. Millions lost in wasteful spending and the hubris that it wouldn’t matter,” said Baradwaj, blaming Bankmanfried for allegedly stealing all his life savings.

https://zycrypto.com/bitcoin-slides-below-26000-as-ether-doge-shib-wipe-weekly-gains/

Bitcoin continued to hold steady Monday after losing the $26,000 mark last Thursday. This drop came despite the price surging by just over 7% last Tuesday on the back of the Grayscale-fueled hype.

The repercussions of Bitcoin’s stumble have been felt throughout the crypto market as major assets shifted into the “red zone.” Ethereum, the second-largest cryptocurrency by market capitalization, has witnessed a 5.6% loss since last Tuesday, completely wiping out last week’s gains.

Elsewhere, cryptocurrencies such as Solana (SOL) also got hit hard, falling by just over 10%, while Dogecoin (DOGE) and Shiba Inu (SHIB) dropped by about 7% and 8% respectively.

Notably, while the crypto market is no stranger to price fluctuations, this recent drop has been linked to recent actions by the U.S. Securities and Exchange Commission (SEC).

The SEC’s decision on August 31 to delay a verdict on applications for spot Bitcoin ETFs from prominent financial firms, including BlackRock, Fidelity, Bitwise, VanEck, and Valkyrie, sent shockwaves through the cryptocurrency community, toppling crypto prices. These applications will now remain in limbo until at least mid-October.

The regulatory body now has about 240 days to review these applications from the moment they are submitted. Recently, Bloomberg analysts James Seyffarth and Eric Balchunas estimated a 75% chance of a spot Bitcoin ETF launching by the end of 2023. However, following the recent statement by the SEC, experts are now reevaluating the possibility of further delays, with investors wondering about the long-term implications of this delay and how it might affect the broader crypto ecosystem.

That said, as Bitcoin hovers below the $26,000 mark, the market remains in a state of cautious anticipation, with traders split as to its next moves.

On Monday, analyst “Crypto Market Trends” shared insights into the current state of the cryptocurrency market, emphasizing that Bitcoin (BTC) is currently trading within a narrow range, hovering above a significant horizontal support level of $25,000.

Sharing a chart, the pundit highlighted the importance of breaking out of the Ichimoku cloud and surpassing the 100 Moving Average (MA) for a robust bullish trend confirmation.

However, he cautioned against potential downside risks, warning that if Bitcoin fails to hold its ground above the horizontal support, it may continue the bearish move.

Charles Edwards, Founder of Capriole Fund, recently noted that while the high timeframe trend remains bearish, Bitcoin is approaching a critical support level at $24,300, along with the historical price floor of Bitcoin’s Electrical Cost at $23,100.

“I am feeling very confident in $23K being a rock-solid support and an incredible long-term opportunity if we get there in the next few weeks. Electrical Cost has a 100% hit rate through Bitcoin’s history. It’s my favorite long-term Bitcoin metric.” He tweeted.

At press time, BTC was trading at $25,901, down 0.25% in the past 24 hours.

https://zycrypto.com/youtuber-loses-60000-in-crypto-and-nfts-after-exposing-his-private-key-while-live-streaming/

A Brazilian YouTuber has found himself in a financial crisis after losing approximately $60,000 worth of cryptocurrencies and NFTs after inadvertently exposing his private keys during a live stream.

Ivan Bianco, who hosts the Fraternidade Crypto channel, which boasts just over 34,000 subscribers, suffered the incident in late August while attempting to create a new cryptocurrency wallet. In an unfortunate and costly mistake, he accidentally revealed a text document containing his private keys to the watching audience.

In a matter of minutes, opportunistic hackers swooped in. They executed a theft, making off with approximately 87,000 MATIC tokens valued at around $50,460 and 3.35 ETH, equivalent to $5,750 at the time of theft.

“I can’t believe that I showed the private download (file containing the private keys) and the person sent it quickly. I tried to close the live but there wasn’t time because I had to create a new wallet, and it took 3 to 5 minutes…he stole all the money,” Bianco said in a tearful livestream on August 30.

Bianco also revealed that he lost several valuable NFTs during the ordeal, further compounding his losses.

Distraught and seeking justice, Bianco promptly reported the theft to local enforcement. However, the situation took an unexpected turn when an anonymous individual contacted him on Discord, taking responsibility for the theft and expressing remorse for his actions.

In a surprising twist, this remorseful thief returned 86,600 MATIC worth around $50,000 tokens to Bianco after a tearful plea. The reasons behind this sudden change of heart remain unclear, as the YouTuber chose not to disclose the attacker’s identity, fueling scepticism among some of his subscribers. Despite the doubts, Bianco vehemently defended the incident’s authenticity, emphasizing that authorities actively pursue the remaining stolen assets.

In a video posted on August 31, Bianco reiterated his commitment to assisting law enforcement in tracking down the culprits responsible for the theft of his remaining assets.

“I have full faith in our law enforcement agencies, and I believe they will bring those responsible to justice. My hope is that my experience will serve as a warning to everyone in the crypto community about the importance of safeguarding their private keys and being vigilant against potential threats,” he said.

Private keys are secret cryptographic codes in cryptocurrency that grant users control over their digital assets. Paired with a public key, they secure ownership of crypto assets. Loss of the private key means losing access to one’s assets; that’s why users need to exercise caution and prioritize security measures to protect their digital assets from prying eyes.

This incident is a stark reminder of the vulnerabilities inherent in the cryptocurrency space and the critical importance of appreciating the decade-old adage “not your keys, not your crypto.”

https://zycrypto.com/worldcoin-plunges-over-50-amid-global-data-privacy-concerns/

Worldcoin (WLD) continues to plunge on the back of increased regulatory crackdowns by governments worldwide.

The cryptocurrency has fallen from an all-time high of $3.58 in mid-July and currently trades at $1.15, reflecting a 54% drop in value. 

Launched on July 24, 2023, Worldcoin is a digital identification platform that claims to prove personhood or a person is not a bot or robot by scanning their eyes. Users are scanned using a device known as an Orb and issued a global identity protocol known as a World ID in exchange for  WLD coins, which they can sell for fiat or hold.

Since its launch in July 2023, Worldcoin has witnessed epic growth, with the Open AI CEO Sam Altman-linked project announcing that it had hit 2.3 million world ID sign-ups worldwide as of August 31 2023. Nevertheless, despite the surging sing-ups, the project has had its fair share of challenges, with various governments raising alarm over its method of collecting user data.

Earlier in August, the high court in Kenya issued orders barring Worldcoin from taking data from citizens pending the hearing and determination of a petition filed by the office of the Data Protection Commissioner. The project was further ordered to preserve the data collected from citizens pending the hearing of the suit. Earlier last week, the country’s parliament began probing Worldcoin, with lawmakers being told that its activities were a threat to national security.

Several European regulators have also begun investigations into Worldcoin, including in Germany, where the Bavarian data protection office launched an investigation into the project in November 2022. France, too, has expressed its uneasiness with the National Commission of Informatics and Liberty questioning Worldcoin’s method of acquiring and storing data.

Late last month, the UK data watchdog also issued a statement noting that it was probing Worldcoin.

Interestingly, despite Woldcoin’s intended global reach, it remains unavailable in the US, mostly due to tough regulations. Notably, Worldcoin’s terms of service elaborate America’s position more clearly: “WLD tokens are not intended to be available for use, purchase, or access by US persons, including US citizens, residents, or persons in the United States, or companies incorporated, located, or resident in the United States, or who have a registered agent in the United States.”

Meanwhile, despite the excitement around Worldcoin already giving way to scepticism, the cryptocurrency has gained unprecedented traction in some jurisdictions. The project has enthralled Argentinians, who have turned up in large numbers to have their eyeballs scanned in exchange for WLD. In a blog published on August 31, Worldcoin reported that 9,500 Argentinians had verified their World ID in a single day (one verification every 9 seconds), setting a new single-day record. 

https://zycrypto.com/bitcoin-is-likely-to-chop-around-25000-this-quarter-says-arthur-hayes/

Renowned cryptocurrency expert Arthur Hayes has weighed in on the current state of Bitcoin, predicting a period of consolidation around the $25,000 mark in the coming months.

Hayes, the co-founder and former CEO of BitMEX crypto exchange, shared his insights in a Thursday, August 24 blog post that delved into economic and political factors shaping the market.

In his comprehensive analysis, Hayes explored the concept of fiscal dominance, wherein government debt and deficits could contribute to elevated inflation that surpass the intentions of central banks. He elucidated how governments might opt for inflation taxation by increasing the supply of non-interest-bearing government debt. According to him, this strategic approach could potentially lead to profound consequences, including implications for the monetary sector.

“Does it make sense now why banks and asset managers all of the sudden warmed up to crypto as soon as their competition was deaded?” Hayes asked. “They know the government is coming for their deposit base, and they need to make sure that the only available antidote to inflation, crypto, is under their control.”

According to Hayes, if cryptocurrencies make a more enormous impact on the monetary system than the Eurodollar market, these institutions could recover their losses caused by unfavourable banking regulations by taking control of cryptocurrencies for their massive deposit bases, which are worth trillions of dollars.

However, Hayes envisioned a pivotal role for major financial establishments such as banks and asset managers in the evolving crypto landscape. He speculated that with potential regulatory changes and financial innovations, these institutions could play a pivotal role in channelling capital into crypto-related products, thereby serving as alternatives to conventional banking options.

Bitcoin to stagnate at $25,000?

Considering the prevailing market conditions, Hayes acknowledged the possibility of transient volatility for Bitcoin. He projected that the cryptocurrency might experience consolidation throughout the current quarter.

“While there are those who speculate that Bitcoin’s value might drop below $20,000, I am inclined to believe that the initial phase of Q3 will be marked by fluctuation around the $25,000 mark. The capacity of the crypto market to endure these fluctuations will be directly linked to the extent of interest income seeking novel opportunities,” he stated.

Hayes, however, expressed unwavering confidence in Bitcoin’s long-term potential and its role as a substitute store of value, maintaining that despite the oscillations in the market, the fundamental principles of cryptocurrencies and blockchain technology remain steadfast. 

He also highlighted the importance of holding a diversified portfolio, including cash and cryptocurrencies, to mitigate potential risks during market turbulence. “Instead of being afraid of this crypto weakness, I shall embrace it. Because I use no leverage in this part of my portfolio, I don’t care if there are massive wicks down in price,” he added.

https://zycrypto.com/this-mysterious-bitcoin-whale-has-acquired-over-115000-btc-in-less-than-3-months/

An unidentified Bitcoin whale has accumulated 118,300 BTC valued at $3,127,894,885 billion in just under three months, raising eyebrows about its true identity.

Based on data sourced from Bitinfocharts, the address labelled as “bc1q….59v2” embarked on its Bitcoin accumulation venture on May 8, 2022, with an initial acquisition of 0.25 BTC. This initial investment marked the genesis of a progressively accelerating accumulation trend that persisted until its most recent transaction on June 28.

The entity is now the third largest whale and sits just behind crypto exchanges Bitfinex, which holds 178,010 BTC and Binance, which has 248,5097 BTC.

Nonetheless, as this development comes to light, the cryptocurrency community has begun to scrutinize this whale’s identity, with speculations that it might represent an institutional acquisition. Notably amid these discussions is the persistent mention of BlackRock, with various individuals now convinced that the hedge fund is actively procuring the cryptocurrency asset.

BlackRock, the world’s largest asset manager with about $8.59 trillion of assets under management, recently filed for a spot Bitcoin ETF, joining the likes of Ark Invest and Wisdom Tree, who have expressed a strong desire to invest in the world’s largest cryptocurrency. In an interview last month, Larry Fink, CEO of BlackRock, disclosed the surging demand for cryptocurrencies, particularly among its gold investors, noting that that’s why they believed there’s a great opportunity in the sector.

However, on Tuesday, famous crypto reporter Wu Blockchain linked the mysterious address to Gemini, stating that it was just a routine reorganization of its Bitcoin wallets.

“Gemini has transferred bitcoins to the new address bc1q….59v2 in the past 3 months. It currently holds 118,000 bitcoins, or about 3.08 billion U.S. dollars.” Wrote Wu Blockchain. And although Gemini was yet to confirm the transfers, following a thorough scrutiny of the Bitcoin movements, ZyCrypto confirmed the transfers between the two wallets.

Crypto exchanges routinely move huge sums of crypto assets to new wallet addresses to fortify their defence against threats such as potential cyber threats and ensure the safety of users’ digital assets.

Binance is perhaps the most active when it comes to this activity. In June, the exchange moved 15,000 BTC valued at around $396.6 million to a new cold wallet. The exchange also transferred a much more significant sum of 117,000 BTC worth over $3 billion from another cold wallet address to a new address.

https://zycrypto.com/fdic-issues-warning-over-increased-and-complex-crypto-related-risks/

The Federal Deposit Insurance Corporation (FDIC) has issued a fresh warning to financial institutions about the increased and complex risks associated with crypto-related activities.

In its 2023 risk review report released Monday, the agency said that crypto-assets “pose novel and complex risks to the U.S. banking system that are difficult to fully assess.” Created in 1933, the FDIC is tasked with assessing risks facing financial institutions and saving struggling banks.

The report also highlighted various risks associated with crypto-assets and crypto-asset sector participants, including fraud, legal uncertainties, misleading disclosures and poor risk management practices among others, noting that banks ran the risk of suffering for engaging in crypto activities.

“Possible contagion risk within the crypto-asset sector resulting from interconnections among certain crypto-asset participants may present concentration risks for banks with exposure to the crypto-asset sector,” the FDIC wrote adding, ”Susceptibility of stablecoins to run risk can create the potential for deposit outflows for banks that hold stablecoin reserves.”

The agency urged financial institutions to carefully consider the risks associated with crypto-related activities before engaging in them. It also said that it will continue to monitor crypto-asset risks and take steps to mitigate them noting that it was working with other federal banking agencies to closely monitor crypto-asset-related activities of banking organizations.

FDIC’s warning comes even as the crypto market continues to face increased scrutiny from regulators around the world. Last year the crypto sector experienced significant market volatility, exposing several vulnerabilities to banks such as the Silicon Valley Bank and Silvergate, prompting the FDIC to come to their aid.

These risks have prompted the FDIC to become increasingly vocal about cryptocurrencies even as more banks angle towards that direction. In April last year, the agency issued a letter requiring all FDIC-supervised institutions requiring them to report any involvement in crypto-related activities to enable it to assess their soundness. 

In July 2022, the FDIC issued a fact sheet to crypto companies, detailing the risks and concerns associated with misrepresentations and misconceptions about deposit insurance coverage in the context of crypto assets. The fact sheet also provided guidance on risk management and governance considerations for crypto companies.

More recently in January, the FDIC, the Federal Reserve, and the OCC released a joint statement reminding banks to ensure that crypto-asset-related activities are conducted safely and soundly, are legally permissible, and comply with applicable laws and regulations. 

Notably, since 2022, the FDIC has taken action against more than 85 entities that were misrepresenting the nature, extent, or availability of deposit insurance, including various crypto entities.