Livepeer (LPT) Whales Score Big: $2.20 Million in Profits Disclosed

https://beincrypto.com/livepeer-lpt-crypto-whale-profits/

Recent whale trading activities surrounding Livepeer (LPT) tokens have attracted significant market attention.

Livepeer, a decentralized live video streaming network protocol, had enjoyed a blistering 140% rally, going as high as $20 over the past week.

Crypto Whales Profit Trading LPT

SpotOnchain, a leading blockchain analytics firm, disclosed a significant move in the crypto markets involving a crypto whale. This investor gained attention by depositing 114,637 LPT tokens, valued at $2.2 million, into exchanges,

SpotOnChain’s analysis reveals that the whale initially acquired the 114,637 LPT tokens from Coinbase. These were purchased at an average price of $5.46 between April and August 2023. Demonstrating a long-term mentality, the investor held onto these tokens until their value soared to $19.03, marking an impressive 249% increase.

Consequently, the assets, originally procured for $625,781, appreciated significantly to reach $2.2 million at the time of sale, netting the trader a profit of $1.56 million.

Livepeer (LPT) Price Performance and Whale Behavior. Source: SpotOnChain

Another whale, identified by LookOnChain, saw a significant $3.5 million profit trading LPT. According to LookOnChain, this crypto whale deposited 100,000 LPT to the MEXC exchange and withdrew 65,000 LPT, possibly selling 35,000 tokens.

“The whale currently holds 212,371 LPT, valued at $3.93 million, and the total profit on LPT exceeds $3.5 million,” Lookonchain added.

What Is Next For Livepeer Prices?

The crypto whales’ transactions have notably impacted the price of LPT token, causing a decrease of 11% over the past 24 hours to $17.73.

Despite this volatility, many market observers maintain a positive outlook on Livepeer, anticipating a rise in its value. Seasoned crypto traders have set a long-term target of $64.70 for the digital asset, asserting that any downward price adjustments would ultimately bolster its worth.

“LPT prices take off, showing a major candle towards that $64.70 target and can still be in a position for more! With this target, Livepeer can climb another 369% to reach it, and pullbacks may only aid in this process,” analyst Javon Marks said.

Read more: 13 Best Altcoins To Invest In February 2024

Livepeer LPT
Livepeer (LPT) Price Chart. Source: Javon Marks

This optimism among traders is fueled by recent announcements regarding plans to integrate generative video AI capabilities into the platform. The Livepeer team wants to democratize video creation by making it more accessible to developers and creators. They express confidence that these AI features will be operational on the decentralized video platform in the near future.

Top crypto platforms in the US | February 2024


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Crypto Market Shaken: $315 Million Liquidated in 48 Hours

https://beincrypto.com/millions-liquidated-crypto-market/

The cryptocurrency market saw a significant upheaval in leveraged positions, resulting in around $315 million in liquidations within the last 48 hours. This disturbance was prompted by the recent volatility observed in Bitcoin and altcoins.

Bitcoin, the flagship cryptocurrency, endured a downturn during this period, dropping to a low of $50,670 before experiencing a modest recovery to $51,873.

Crypto Market Liquidations Hit $315 Million

According to trading data from Coinglass, the crypto market saw a significant liquidation of $314.82 million between February 16 and the reporting time. Long-position traders incurred losses of $186.1 million, contrasting with short traders who lost $128.72 million within the same timeframe.

These liquidations coincided with the price of Bitcoin dipping into the $50,000 range and Ethereum sliding to $2,724 from over $2,800. Other major assets like Solana and Avalanche also experienced slight declines.

Bitcoin Liquidation Map. Source: Coinglass

Binance users bore the brunt of this market turbulence. They incurred losses of $149.27 million, approximately 50% of the total liquidations in the crypto market. This is unsurprising considering Binance’s status as the largest crypto exchange by trading volume. Traders on other platforms, such as OKX, ByBit, and Huobi, also suffered notable losses.

Bitcoin Risks a Price Correction to $46,000

Ali Martinez, BeInCrypto’s Global Head of News, warned that Bitcoin could face an 8% correction if it fails to reclaim the $52,000 level quickly. He emphasized that such a dip could see BTC dropping to the $48,000 to $46,500 range, where substantial support exists.

“If Bitcoin fails to quickly reclaim the $52,000 level, it might face an 8% correction, potentially dropping to between $48,000 and $46,500. At this price range, over 1 million addresses hold more than 544,870 BTC, indicating significant support,” Martinez said.

Despite Martinez’s cautionary short-term outlook, prominent blockchain analytics firm IntoTheBlock remains bullish. The firm assigned an 85% probability that BTC will achieve a new all-time high within six months.

Read more: Bitcoin Price Prediction 2024/2025/2030

Bitcoin Hash Rate vs Difficulty
Bitcoin Hash Rate vs Difficulty. Source: IntoTheBlock

IntoTheBlock attributed this optimism to several factors, including the forthcoming halving event poised to reduce BTC’s inflation rate, anticipated Fed rate cuts, and the robust institutional interest in Bitcoin.

“Given the current momentum, the expected Fed rate cuts, and the strong institutional interest in Bitcoin, we give Bitcoin 85% odds of hitting all-time highs within the next six months,” IntoTheBlock stated.

Furthermore, the firm highlighted a significant uptick in BTC accumulation by whales. It attributed this increase to the improved ease of access for institutions to acquire Bitcoin.

Best crypto platforms in Europe | February 2024


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Honduras Issues Ban on Crypto Trading

https://beincrypto.com/honduras-crypto-trading-ban/

While several countries around the globe are opening their borders to crypto trading, Honduras regulators have taken a decisive step to curb these activities within its jurisdiction.

Honduras’ National Banking and Securities Commission (CNBS) issued a ban prohibiting financial institutions in the country from engaging in crypto trading or holding digital assets.

Why Honduras Banned Crypto Trading

The regulatory landscape in Honduras currently lacks provisions specifically addressing crypto assets. This absence poses risks for users, leaving them vulnerable to fraud, operational pitfalls, and legal uncertainties. Moreover, there is growing concern that these assets might be exploited for illicit activities like money laundering and terrorist financing.

The CNBS further cited concerns over the decentralized nature of many crypto-related businesses operating within the country, often registered in jurisdictions outside Honduras. This decentralization poses challenges for regulatory oversight, potentially enabling unmonitored activities.

“In Honduran legislation, there is no specific regulation on cryptocurrencies, virtual currencies or any financial service based on blockchain technology, for which financial consumers of these virtual assets are exposed to fraud, operational and legal risks due to their use, including that their acceptance could cease at any time, since people do are not legally obliged to transact or recognize them as a means of payment,” the regulator stated.

Consequently, the CNBS directive explicitly forbids Honduras-based financial entities from any association with crypto assets, virtual currencies, tokens, or similar digital assets not authorized by the Central Bank of Honduras. The CNBS emphasized the need to maintain strict control over financial activities to safeguard the integrity of the country’s financial sector.

Read more: Crypto vs. Banking: Which Is a Smarter Choice?

Honduras’ ban on crypto is coming at a time when institutional interest in the industry is booming following the launch of several Bitcoin exchange-traded funds (ETFs) in the US.

According to Bloomberg analyst Eric Balchunas, several banking groups in the US urged the Securities and Exchange Commission (SEC) to reevaluate a rule that made it costly for them to provide custodial services for these ETFs.

“US banks, left off key Bitcoin ETF roles, are pushing SEC to tweak guidance around holding digital assets. A bank trade gp coalition sent SEC letter asking them exclude ETFs from broad crypto umbrella. They want a piece of the action. I don’t blame them, it isn’t fair,” Balchunas said.

Total Number of Bitcoin Held by Funds. Source: ByteTree

Meanwhile, Bitwise’s Chief Investment Officer Matt Hougan, emphasized that this request reflects how the Bitcoin ETFs have changed the “tone around crypto regulation in Washington.”

Data from ByteTree shows that investment vehicles holding Bitcoin now have more than 955,000 BTC, estimated to be worth nearly $50 billion. Aside from the US, other jurisdictions like Hong Kong are opening up their region to allow crypto trading activities to thrive.

Top crypto platforms | February 2024


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New Details Surface About How FTX Profited From Tether’s USDT

https://beincrypto.com/ftx-deltec-tether-usdt-trading/

Deltec Bank & Trust, a prominent financial institution in the Bahamas, faces legal action that accuses it of enabling FTX and its subsidiaries to benefit from Tether (USDT).

Allegedly, Sam Bankman-Fried’s Alameda Research boosted Tether’s growth through a clandestine credit line from Deltec.

How FTX Profited From Tether

A new lawsuit claims that Sam Bankman-Fried set up accounts at Deltec in 2018 to streamline access to Tether. During the crypto market rally between 2020 and 2021, the defunct crypto company reportedly minted billions of USDT. Allegedly, Alameda Research received these stablecoin tokens before payment, leveraging arbitrage opportunities for profits.

“Alameda could create USDT on credit through the unofficial Deltec Line of Credit and sell that USDT for a gain before having to fund the purchase by depositing US Dollars in Tether’s Deltec account,” Caroline Ellison, the former CEO of Alameda Research, reportedly said.

The lawsuit also suggested that Deltec aided in FTX’s broader fund misappropriation. The bank purportedly received deposits from FTX customers and transferred them to Alameda, granting exemptions from certain regulations and prioritizing Alameda’s withdrawals during the crypto market downturn.

Read more: FTX Collapse Explained: How Sam Bankman-Fried’s Empire Fell

Deltec representatives said neither the bank nor its chairman, Jean Chalopin, were aware of any wrongdoing. Tether is not a defendant in this case. The stablecoin issuer has consistently maintained that Alameda Research always paid for the USDT tokens with US dollars.

FTX Creditors Sue Lawyers

On the other hand, FTX creditors have initiated legal action against Sullivan and Cromwell, LLP (S&C), alleging its complicity in the events leading to the crypto exchange’s failure. The law firm is currently overseeing FTX’s bankruptcy proceedings.

S&C is accused of actively participating in FTX Group’s fraudulent activities, which allegedly involved multibillion-dollar schemes, resulting in substantial fees of $8.5 million. The creditors asserted that S&C was cognizant of and supported the crypto exchange in its deceptive practices.

“S&C’s representation of FTX was expansive and included regulatory matters, mergers & acquisitions, bankruptcy litigation, personal representation of FTX Insider Defendants, representation on both sides of various deals with other entities, and most recently in the administration of the FTX bankruptcy proceedings,” the filing reads.

The relationship between FTX and S&C was facilitated by Ryne Miller, formerly a partner at S&C, who assumed the role of general counsel at FTX Group in August 2021. Miller allegedly directed numerous cases from FTX to his former employer, with the lawsuit citing at least 20 instances.

FTX creditors now seek damages for civil conspiracy, fraud, and aiding fiduciary breaches.

Top crypto platforms | February 2024


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3 Million Polygon (MATIC) Transfer: Incoming Price Volatility?

https://beincrypto.com/polygon-matic-transfer-to-exchange/

A significant volume of Polygon’s MATIC tokens was recently moved from a wallet linked to Hermez Network to a cryptocurrency exchange.

Blockchain analytical firm SpotOnChain reported that an address associated with Polygon’s Hermez Network moved about 3 million MATIC tokens, equating to $2.85 million, the crypto exchange Kraken. The address still holds approximately 16.8 million MATIC tokens, valued at approximately $16.1 million.

Is a MATIC Sell-off on the Horizon?

Usually, transfers to exchanges often signal a bearish sentiment, indicating a potential intention to sell. For this reason, there are concerns about a looming sell-off despite the asset’s robust price performance.

Crypto analysts anticipate a significant correction in the MATIC’s value. Still, the bearish outlook could be followed by a bullish impulse.

“MATIC price is in a diagonal pattern, so it is also possible that the price is already in wave iv. Ideally, the price does not break below $0.8328 to keep the upside pressure alive,” a prominent trader said.

Polygon (MATIC) Price Performance. Source: Man of Bitcoin

MATIC’s price has declined by 1.3% to $0.9218. This contrasts a weekly performance that saw it gain around 10% in the last seven days.

Last year, the Hermez Network, an open-source Zero Knowledge Rollup, merged with Polygon. This integration led to the rebranding of Hermez as Polygon Hermez. It is focused on decentralized zk-rollup technology, specifically aimed at enhancing the scalability of payments and token transfers atop the Ethereum blockchain.

Proof-of-Stake Addresses Hit ATH

Despite the growing signs of a sell-off, Polygon’s proof-of-stake chain reached a new all-time high of 845,350 daily active addresses on February 16, per on-chain data. This milestone arrived 16 months after the previous high of nearly 800,000 active addresses in October 2022.

It aligns with a consistent growth trend in unique Polygon addresses, with over 11 million addresses created since the beginning of the year, propelling the total count beyond 403 million.

Polygon POS Active Addresses
Polygon POS Active Addresses. Source: PolygonScan

Still, there is a notable decline in daily transaction volume. PolygonScan data reveals a reduction to approximately 3.8 million transactions on February 16, down from the 16.4 million recorded on November 16, 2023.

Top crypto platforms in the US | February 2024


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Social Engineering Crypto Scams Target Coinbase Users

https://beincrypto.com/crypto-scammers-target-coinbase/

Coinbase’s earning performance might have sent the crypto community to the moon, but reports suggest a social engineering scam targets the exchange’s users.

Blockchain investigator ZachXBT uncovered this tactic, highlighting instances where victims lost significant sums to the fraud.

The Coinbase Reset Fraud

The scheme, known as the Coinbase reset fraud, involves crypto scammers gathering personal information from users to deceive them into resetting their Coinbase login credentials. Shockingly, these scammers deprived a victim of over 1,400 ETH, valued at an estimated $4 million.

“The scammers have to social engineer [their victims] into resetting login so they can gain access. It’s good to add a security key as 2FA, do not reuse emails or passwords, etc,” ZachXBT advised.

Community members speculated about a potential insider involvement. However, debates persist regarding whether the attackers are impersonating staff of the cryptocurrency exchange. Meanwhile, in a bizarre turn, one scammer reportedly swindled another, highlighting the complex dynamics within these illicit activities.

Read more: Crypto Social Media Scams: How to Stay Safe

It is worth noting that Coinbase has yet to respond to BeInCrypto’s request for comment on the issue.

Coinbase Reveals 2024 Focus

Amidst these security concerns, Coinbase CEO Brian Armstrong outlined the company’s strategic focus for this year to enhance its crypto payments infrastructure and expand internationally. The firm would further delve into derivatives trading to boost revenue and also work on developing its Coinbase Wallet into an on-chain super application.

“We’ll keep driving regulatory clarity for crypto via the courts, standwithcrypto.org, SuperPac contributions, and encouraging legislation in DC,” Armstrong continued.

This revelation followed the firm’s impressive fourth-quarter revenue, leaving analysts’ predictions in the dust. The company reported a 45% net revenue increase to $905 million and a net income of $273 million for the quarter. The firm saw a total revenue of $3.1 billion last year.

Read more: Coinbase Review 2024: The Best Crypto Exchange for Beginners?

Coinbase Earnings Report. Source: Coinbase

Armstrong highlighted the positive impact of traditional financial institutions’ growing interest in crypto on the firm. Since the launch of the ETFs, the firm has observed a consistent increase in net inflows across its retail and institutional products. It is entrusted with asset custodial services for nearly 90% of the roughly $37 billion Bitcoin ETF assets.

“We’re in a strong financial position, our long term focus on compliance has proved to be right vs competition, and we’re well positioned to help accelerate crypto adoption, updating the global financial system,” Armstrong concluded.

Top crypto platforms in the US | February 2024


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Solana and Filecoin Team Up to Strengthen Infrastructure

https://beincrypto.com/filecoin-solana-collaboration/

In a strategic move aimed at bolstering data scalability and accessibility, Filecoin has announced its integration with the Solana blockchain.

It represents a departure from Solana’s centralized storage solutions, underlining Filecoin’s decentralized data storage marketplace role.

Filecoin to Enhance Solana Scalability

By tapping into Filecoin’s decentralized storage capabilities, Solana will optimize its block history accessibility, benefiting infrastructure providers, explorers, and indexers. This collaboration ensures data redundancy, scalability, and heightened security while upholding decentralization principles.

“Solana’s integration with Filecoin is a significant move away from centralized storage solutions and a remarkable step towards enhancing the reliability and scalability of the Solana blockchain,” Filecoin explained.

Anatoly Yakovenko, Solana co-founder, expressed joy at the collaboration and thanked Filecoin for building “an awesome decentralized archive layer.”

BaoBao, a network of social media channels on the Solana blockchain, stated that the move “means more scalability, security, and accessibility for all.” Therefore, this partnership reflects the resilience and robustness of blockchain ecosystems, delivering mutual benefits for users and developers alike.

FIL Price Increases; SOL Declines

Following the news, Filecoin’s FIL native token increased by more than 5% to over $6, its highest level since mid-January. This continued a largely positive week for a crypto asset that has gained around 15% during the past week.

Market observers predicted that the current positive run would continue, with technical analyst Ashish Gautam suggesting that Filecoin could reach $20.

“FIL is ready for next big move. [The] weekly chart is looking massive bullish. Expecting a 200% upside move in the upcoming days. [FIL’s] short-term target is $10-$15-$20, [while its] long term target is $50-$150-$200,” Gautam said.

It is worth noting that Filecoin faced considerable struggles after the US Securities and Exchange Commission (SEC) labeled it a security in May 2023 — a classification vehemently rejected by its Foundation.

Filecoin (FIL) Price Performance. Source: Ashish Gautam

On the other hand, Solana’s blockchain native SOL token reacted negatively to the news. Per BeInCrypto data, the digital asset is down 3% during the past day to $109 as of press time. Still, this downward price does not negate that Solana’s ecosystem has experienced remarkable growth in recent months.

Data from DeFillama shows that the total value of assets locked on the blockchain is approaching the $2 billion milestone, reflecting the resurgence Solana has enjoyed recently.

Top crypto platforms | February 2024


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This Bitcoin ETF Issuer Was Fined $1.75 Million by the SEC

https://beincrypto.com/sec-fined-bitcoin-etf-issuer/

The US Securities and Exchange Commission (SEC) has imposed a $1.75 million fine on VanEck, a Bitcoin exchange-traded fund (ETF) issuer, citing disclosure failures.

According to the SEC, VanEck neglected to inform the board overseeing its Social Sentiment ETF (BUZZ) about a prominent social media influencer’s involvement.

VanEck Did Not Admit Nor Deny SEC Findings

The SEC did not mention the influencer’s identity in its statement. However, Bloomberg’s analyst Eric Balchunas explained that Dave Portnoy, Barstool Sports’s founder, was the person involved.

“[VanEck] didn’t disclose to fund board that ‘well-known and controversial’ social media influencer Dave Portnoy was getting paid by the index company on sliding scale in order to help incentivize promotion of their ETF,” Balchunas said.

VanEck refrained from either admitting or denying the SEC’s findings. Still, the firm consented to a cease-and-desist order, a censure, and a substantial monetary penalty.

Andrew Dean, co-chief of the Enforcement Division’s Asset Management Unit at the SEC, stressed the critical importance of accurate disclosures for fund boards, particularly regarding matters that could potentially impact advisory contracts.

“Van Eck Associates’ disclosure failures concerning this high-profile fund launch limited the board’s ability to consider the economic impact of the licensing arrangement and the involvement of a prominent social media influencer as it evaluated Van Eck Associates’ advisory contract for the fund,” Dean added.

VanEck’s BUZZ ETF Performance. Source: VanEck

VanEck’s BUZZ ETF is designed to track a basket of 76 large-cap US stocks that exhibit a notable degree of positive investor sentiment. It is influenced by various online content sources such as social media platforms, news articles, and blog posts.

Notable companies included in this ETF are Coinbase, Microsoft, Tesla, Alphabet, AMD, Nvidia, Meta, Apple, and MicroStrategy.

Revised Spot Ethereum ETF Application

Despite the recent regulatory setback, VanEck amended its application for a spot Ethereum ETF through an S-1 filing with the SEC on February 16.

The updated document showed that the ETF would feature a cash creation and redemption mechanism. In January, the regulatory agency favored this process for approving spot Bitcoin ETFs, with VanEck’s HODL being one of them.

Finance lawyer Scott Johnson pointed out that VanEck’s filing does not show if the firm has staking plans. Amendments from other applicants like Ark Invest and 21Shares had a section about possibly staking the assets to earn rewards.

Meanwhile, the ETF filing reflects the broader industry’s anticipation of a potential approval of an Ethereum fund following the success of spot Bitcoin ETFs. The SEC will decide on multiple spot ETH ETF applications by May.

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TVL on This DeFi Protocol Fell Over $150 Million in 24 Hours

https://beincrypto.com/lybra-finance-lbr-defi-fall/

Decentralized finance protocol Lybra Finance’s LBR native token experienced heavy price volatility during the past week as its major supporters dumped their assets.

Lybra Finance, the creator of the yield-bearing eUSD stablecoin, aims to maintain a steady $1 peg and generate income from collateralized liquid staking tokens. In January 2023, the DeFi protocol reached a peak TVL of almost $400 million.

LBR Price Falls 50%

SpotOnChain, a prominent blockchain analytical firm, reported that Key Opinion Leaders (KOLs) and anonymous addresses holding substantial quantities of LBR tokens controlled a significant portion of the network’s Total Value Locked (TVL).

LBR’s downward spiral began when these substantial holders began divesting their assets. On January 15, the top protocol’s staker, blurr.eth, removed all their 34,000 ETH ($70 million), while other major stakers—sifuvision.eth and czsamsunsb.eth—dumped 6,000 ETH ($13 million) and 4,000 ETH ($8 million), respectively, today.

LBR Token Flow. Source: SpotOnChain

These actions resulted in LBR’s value plunging by around 14% during the past day to $0.4263 as of press time. Over the past week, LBR experienced a substantial decline of around 50%.

“Influential Key Opinion Leaders (KOLs) have dumped their tokens. It’s uncertain if LBR can make a comeback,” blockchain analytical firm SpotOnChain wrote.

Meanwhile, the heightened selling pressure negatively impacted the eUSD stablecoin, which briefly deviated from its peg, dropping to as low as $0.97. While it has recovered to $1.01 as of press time, it’s worth noting that its trading volume remained below $4,000 in the last 24 hours, according to CoinMarketCap data.

DeFi TVL Dips 70%

As a result of these developments, the total value of assets locked on the DeFi protocol rapidly tanked by approximately 70% during the past day to $79 million from $245.85 million, according to DeFiLlama data.

Industry experts suggested that the rapid decline was caused by whales withdrawing their ETH and moving to other protocols with better yields.

“People simply have better ways to use their ETH — that is all there is to it… why would people stick their ETH in Lybra when they can restake it, get a LRT, get tons of EL + other points, and borrow stables against those positions,” crypto analyst Yoki said.

Lybra Finance TVL
Lybra Finance Total Value Locked. Source: DeFillama

Lybra Finance attributed the decline to user behavior, adding that the protocol and its users’ funds remain safe.

“We are aware of the sudden drop in TVL, which was caused by user behavior. The protocol is secure, and users’ assets are not affected. Please don’t panic,” the Lybra team said.

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Analyst Reveals When Cardano (ADA) Price Will Reach $8

https://beincrypto.com/cardano-ada-price-prediction-bull-rally/

Cardano’s ADA price performance has exhibited a relatively stagnant trend this year after a noticeable downward correction.

Still, ADA may experience a significant turnaround in its fortunes. Industry experts anticipate a potential price surge starting in April 2024.

ADA Price Prediction: $8 by January 2025

Ali Martinez, BeInCrypto’s Global Head of News, noted that ADA’s current price action mirrors its late 2020 run. During this period, ADA traded mostly sideways before a bull run that started in November 2020 and ended in August 2021 at a market value of $3.

Similarly, history may repeat itself with a prolonged consolidation phase that extends until April 2024 before a bull run that peaks at roughly $8 by January 2025. Such a bullish scenario implies an extraordinary surge of 1,797.67% in ADA’s price.

“Should the patterns align and Cardano mirrors its late 2020 price behavior, we can anticipate ADA to remain in a consolidation phase until April 2024, setting the stage for its next bull rally,” Martinez said.

Read more: Cardano (ADA) Price Prediction 2024/2025/2030

Cardano (ADA) Price Movement Prediction. Source: Ali Martinez

Currently, ADA is trading around $0.50, reflecting a 3.14% decline in the past 24 hours and a 9.95% dip over the last month. Still, it remains the eighth-largest digital asset, with a market capitalization of $18 billion.

The Cardano Network Continues to Grow

Despite ADA’s modest price performance, ongoing developments within the Cardano blockchain showcase a resilient commitment to expanding its ecosystem. Indeed, the latest Cardano development report highlights 157 launched projects, with an additional 1,322 in active development.

Noteworthy is the remarkable progress in Plutus script development, a pivotal component facilitating smart contracts on the Cardano network. The current tally reveals 6,356 Plutus V1 scripts, while Plutus V2 scripts have surged to 18,821.

Cardano ecosystem development
Cardano Weekly Development Report. Source: IOHK

Simultaneously, Cardano’s infrastructure experienced continual reinforcement, marked by performance enhancements and incorporating novel features. For instance, the Voltaire phase, emphasizing decentralized governance, has recently made substantial strides.

“The education team is planning the second iteration of the Cardano developer training course in collaboration with the Africa Blockchain Center (ABC). They are also continuing to update further lessons of the Haskell Bootcamp course,” IOHK added.

Last month, BeInCrypto reported that Cardano leads the pack in developer activity among its blockchain counterparts.

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Nearly 10 Million Ethereum (ETH) Now Staked in Lido DAO

https://beincrypto.com/lido-dao-staked-ethereum-nears-ten-million/

Liquid staking protocol Lido DAO is poised to hit a significant milestone of 10 million Ethereum (ETH) staked as the ecosystem experiences a surge in usage.

This growth coincides with an increased interest from validators looking to participate in ETH staking.

10 Million ETH Staked in Lido DAO

On-chain data from DeFiLlama shows that Lido DAO is on the verge of surpassing 10 million ETH staked.

Currently, the DeFi protocol holds an impressive 9.49 million ETH, representing 72% of all liquid-staked Ethereum, valued at around $21.76 billion. These numbers reflect a notable growth trajectory for the protocol during the past year, with Lido DAO’s total value locked (TVL) nearly doubling from 5 million in February 2023 to its current standing.

The collective liquid-staked Ethereum within the sector has witnessed a substantial increase as well to 13.10 million ETH, valued at $30.12 billion.

Read more: 11 Best DeFi Platforms To Earn With Lido’s Staked ETH (stETH)

Lido DAO’s Ethereum Staked. Source: DeFiLlama

Lido DAO has achieved this milestone despite Ethereum’s Shapella upgrade, which allowed stakers to withdrawal ETH. The protocol currently ranks among the top three institutions, including Coinbase and Kraken, that have withdrawn ETH from the beacon chain since the network update.

Beyond Ethereum, Lido DAO has a footprint on other blockchains. These include Solana, Moonbeam, and Moonriver, with token values of $16.96 million, $265,000, and $187,000, respectively.

Ethereum Validators Queue Increases

Meanwhile, Ethereum’s staking ecosystem is witnessing an upswing. The number of validators queuing to stake their assets has risen to the highest levels since October 2023.

Indeed, more than 6,000 validators are in line to join the system. Subsequently surpassing the number of exits and increasing the average waiting time for validator approval to approximately two days.

Read more: Top 7 High-Yield Liquid Staking Platforms To Watch

Ethereum Validators queue
Validators Waiting to Stake Ethereum. Source: Validator Queue

The spike in validator entries commenced on January 31, following a significant unstaking event from the defunct Celsius Network, which resulted in over 16,700 validators exiting the system. Observers suggest the growing demand could push the number of active validators from 920,469 to over a million.

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FTX Expands Sell-Off: AI Startup Stake Next to Go

https://beincrypto.com/ftx-to-sell-anthropic-shares/

FTX is currently navigating bankruptcy proceedings. After selling a big portion of its crypto holdings, the company has formally requested court approval to divest its stake in an AI startup.

According to a recent court filing, the firm sought approval to sell Alameda Research’s equity holdings in Anthropic Series B Preferred Stock.

Alameda to Sell Stake in Anthropic

FTX holdings of Anthropic shares initially stood at 13.8% due to a $500 million investment by Sam Bankman-Fried made in May 2021. Nonetheless, Anthropic issued new securities, which reduced Alameda Research’s stake to 7.84%.

“The Debtors (FTX) submit that establishing the Sale Procedures and conducting and consummating sales of the Anthropic Shares in accordance with the proposed Sale Procedures, will maximize the value of the Debtors’ estates for the benefit of all stakeholders,” FTX lawyers wrote.

The current valuation of FTX’s Anthropic equity has surged from the original $500 million investment to an estimated $1.4 billion. This reflects the AI startup’s impressive growth in valuation. It is worth noting that Anthropic is currently one of the main rivals of OpenAI.

This is not the first time FTX has floated the idea of selling its Anthropic shares. The firm had suspended a planned sale of its stake in the company in June 2023 for undisclosed reasons. However, the current move appears to align with its broader asset liquidation strategy to meet client obligations.

Read more: Who Is Sam Bankman-Fried (SBF), the Infamous FTX Co-Founder?

FTX is ready to collaborate with Anthropic to facilitate the sale and is also exploring various sales methods, including auctions or private negotiations. In addition, FTX seeks a streamlined deliberation period, aiming for a resolution at the February 22 hearing, with an objection deadline of February 15.

FTX Bankruptcy Proceedings Update

This development follows FTX’s recent divestment of different assets, including more than $700 million in cryptocurrencies over the last three months. The defunct firm also sold approximately 75% of its GBTC investments for around $600 million and moved to sell a $175 million claim against bankrupt crypto lender Genesis.

Andy Dietderich, FTX’s legal representative, disclosed that any plans to resurrect the exchange have been abandoned. The primary focus is now on full customer reimbursement, given foundational issues that impeded securing adequate funding from potential bidders.

FTX has made significant strides in asset recovery despite setbacks, amassing over $7 billion thus far. The distribution of these recovered funds, slated for November 2022 crypto prices, will follow the completion of the asset recovery phase.

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This Is Why Crypto Trading Volumes Reached a 12-Month High

https://beincrypto.com/crypto-exchanges-trading-volume-january/

Top centralized cryptocurrency exchanges, including Binance and Coinbase, witnessed a notable uptick in spot trading activities in January.

Industry experts suggested that the uptrend could be linked to the heightened anticipation of spot Bitcoin ETFs (exchange-traded funds).

Crypto Trading Volumes Soar

Analysts at blockchain analytics firm CryptoRank observed that trading volumes on centralized exchanges rose 10.4% since December 2023 to a 12-month high of more than $800 billion in January. Interestingly, Binance accounted for $400 billion as it appears to recover from the regulatory challenges it faced across several jurisdictions, including the U.S.

Despite the increasing regulatory scrutiny, Binance remains the dominant trading platform, commanding an impressive 52% of the market.

Read more: 14 Best No KYC Crypto Exchanges in 2024

Centralized Exchanges Trading Volume. Source: CryptoRank

Coinbase, the largest US-based crypto trading platform, also saw a 20% spike in trading volume, which can be attributed to its pivotal role in the newly launched spot Bitcoin ETFs.

Similarly, platforms like Upbit, Crypto.com, and Huobi demonstrated the most significant growth, rising 44.6%, 28.4%, and 23.8%, respectively. Bybit, Kraken, and OKX also experienced positive growth of 15.0%, 12.1%, and 5.9%, respectively, while KuCoin had the lowest growth rate at 3.3%.

In contrast, Gate.io was the only major CEX reporting a 34% decline in spot trading volume.

Why Is Trading Volume Rising?

The elevated trading activity observed in the previous month extends a positive trend noted since October 2023. Observers primarily linked the improved numbers to the heightened interest surrounding Bitcoin ETFs.

Renowned crypto analyst Al Bert emphasized the robust trading activity throughout January. He attributed this spike to increased user engagement and growth fueled by the SEC’s ETF approval. Al Bert also highlighted the overall improvement in macroeconomic conditions as a critical factor influencing the enhanced market volume.

“The general macro conditions are improving, with Fed likely to cut rates in the first half of 2024. China has already announced an easing, and the ECB will hopefully begin to cut rates soon as well after the strongest economy in the block, Germany, experienced a larger inflation drop than expected,” Al Bert explained.

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This Is Why Analysts Are Bullish on the Crypto Market

https://beincrypto.com/crypto-bull-market-rally-to-resume/

Over the past weeks, the crypto market has remained relatively quiet. This has fueled concerns about whether Bitcoin and altcoins will undergo a downturn.

Nonetheless, market observers, citing stablecoin inflows and other reasons, have maintained that the possibility of a bull cycle remains high.

The Stablecoin Market Expands

Blockchain analytics firm IntoTheBlock stated that the stablecoin market capitalization was recovering strongly. Different assets in the industry, including USDT and USDC, added more than $9 billion since October 2023. Now, the stablecoin market capitalization stands at $133 billion.

This surge reflects renewed strength in the stablecoin sector and underscores the injection of significant liquidity into the cryptocurrency industry. In addition, the uptick is a promising indicator of growing investor confidence in the potential onset of a bullish market trend.

“The stablecoin market cap is recovering strongly, adding over $9 billion since October of 2023. The sustained upward trend further reinforces the possibility of an upcoming bull market cycle,” IntoTheBlock said.

Stablecoins Market Capitalization. Source: IntoTheBlock

Crypto analyst Zyre gave a more nuanced explanation. According to the analyst, stablecoins are the “bridge” between conventional finance and the crypto industry. Therefore, the spike in market capitalization shows that the “bridge is expanding to accommodate more crypto enthusiasts.”

Interestingly, Tether’s USDT leads the stablecoin sector with a market capitalization reaching $96 billion. However, JP Morgan analysts expressed concerns about USDT’s dominance, highlighting significant risks to the industry. Instead, they advocate for USDC due to Circle’s regulatory compliance.

The Catalysts for Further Growth

Besides the increasing stablecoin market capitalization, industry experts believe cryptocurrencies would rally because of the impending Bitcoin halving and the recent approval of Bitcoin ETFs.

A recent study reveals increasing optimism regarding the halving’s impact on Bitcoin’s price. Nearly 84% of investors believe it will help push Bitcoin to higher heights.

“More than half of the respondents predict Bitcoin prices during the halving (around April 2024) to range between $30,000 and $60,000, while 30% believe the price would break $60,000,” Bitget revealed.

Similarly, the newly launched Bitcoin ETFs further sets the stage for potential upward momentum in the crypto market. Observers point to the early success of these ETFs as an indication of the significant impact they could have on the overall market.

“Spot Bitcoin ETFs have taken in ~$700 million in net flows this week alone. Absolutely amazing. People overestimated the short-term impact of ETFs and continue to dramatically underestimate the long-term impact,” Bitwise CIO Matt Hougan said.

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Facebook, Instagram Will Join Google Enabling Bitcoin ETF Ads

https://beincrypto.com/facebook-instagram-bitcoin-etf-ads/

Two of the world’s largest social media platforms will allow companies to advertise spot Bitcoin ETFs (exchange-traded funds). This represents a significant stride toward the increasing mainstream acceptance of cryptocurrencies.

Facebook and Instagram are in the process of updating advertising policies to allow the promotion of Bitcoin ETF in the US.

Meta Reviews Advertising Policy

The new policies could pave the way for Bitcoin ETF ads to be featured on Facebook and Instagram. These companies have a colossal user base of over 2 billion monthly active users each,

Nate Geraci, President of ETF Store, emphasized the significance of Facebook’s older demographics. According to him, opening these platforms to spot Bitcoin ETF ads could notably broaden their reach, capturing the attention of baby boomers who are unfamiliar with cryptocurrency investments.

“Facebook and Instagram may soon allow spot Bitcoin ETF ads… No bigger boomer honeypot than Facebook,” Geraci added.

Social Media Platforms Active Users. Source: Statista

Likewise, Google recently allowed the promotion of certain cryptocurrency products, including spot Bitcoin ETFs. The crypto community praised this decision, anticipating that it would enhance the visibility of these products to a broader audience.

Succesful Bitcoin ETFs Launch

The introduction of spot Bitcoin ETFs has witnessed a remarkable surge in popularity within the investment community. Their success has prompted increased demands for additional crypto-based spot ETFs.

This rising popularity has, in turn, attracted substantial investments, with January alone seeing two spot Bitcoin ETFs — BlackRock’s IBIT and Fidelity’s FBTC — ranking among the top 10 for total inflows. These Bitcoin ETFs recorded net flows of $2.6 billion and $2.2 billion, respectively.

Read more: How To Prepare for a Bitcoin ETF: A Step-by-Step Approach

TICKERNAMEMARKET CAPTOTAL ASSETS
GBTCGrayscale Bitcoin Trust$20,526,473,034$20,537,180,963
IBITiShares Bitcoin Trust$3,009,176,768$2,984,840,606
FBTCFidelity Wise Origin Bitcoin Fund$2,586,300,500$2,585,613,855
ARKBARK 21Shares Bitcoin ETF$682,475,500$684,223,422
BITBBitwise Bitcoin ETF$660,350,000$658,793,183
BTCOInvesco Galaxy Bitcoin ETF$304,515,500$305,011,803
BTCWWisdomtree Bitcoin Fund$11,189,150null
HODLVaneck Bitcoin Trust$129,002,000$128,940,549
BRRRValkyrie Bitcoin Fund$113,728,650$113,528,663
EZBCFranklin Bitcoin ETF$61,134,561$60,889,533
DEFIHashdex Bitcoin ETF$17,350,744null
Bitcoin ETFs by Market Cap. Source: The TIE

Moreover, BlackRock’s IBIT and Fidelity’s FBTC have secured positions in the top five list of the fastest ETFs to reach $1 billion in assets under management. This underlines the rapid growth and acceptance of spot Bitcoin ETFs in the financial markets.

Top crypto platforms in the US | February 2024


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The post Facebook, Instagram Will Join Google Enabling Bitcoin ETF Ads appeared first on BeInCrypto.

19 Million Chainlink (LINK) Tokens Released: Potential Price Impact

https://beincrypto.com/chainlink-link-unlocks-million-tokens/

Recent network activities surrounding Chainlink (LINK) tokens have attracted attention. Market observers raised concerns about this cryptocurrency’s stability and future price direction.

The oracle network, whose native token recently printed a 22-month high, released substantial digital assets into circulation over the past day.

Chainlink Unlocks 19 Million Tokens

On February 3, crypto analysis firm SpotOnChain disclosed that 19 million LINK tokens, valued at $341 million, were unlocked from three of Chainlink’s non-circulating supply contracts.

Specifically, 15.95 million LINK tokens, amounting to $287 million, were transferred to Binance. Meanwhile, the remaining 3.05 million LINK, valued at $54.3 million, found their way to a multi-sig wallet, 0xD50f.

Chainlink Token Distribution. Source: SpotOnChain

It is worth noting that these on-chain activities are not novel occurrences. SpotOnChain observed these designated wallets have consistently transferred LINK tokens to Binance since August 2022. During this period, Chainlink has unlocked 106 million LINK, moving 88.95 million LINK to Binance at an average price of $9.06, totaling $805 million.

The blockchain oracle provider still maintains a substantial reserve of 412.5 million LINK across 24 contracts, valued at $7.35 billion.

What’s Next For the Price of LINK?

BeInCrypto’s pricing data indicates that the increased LINK circulation has not significantly impacted the token’s value. In the last 24 hours, LINK has experienced a modest gain of 0.83%, reaching $18.01, continuing a positive trend that has seen it gain more than 26% during the past week.

This price movement aligns with the observations of on-chain analyst LookOnChain, who suggested that LINK’s price has generally increased after token deposits. Similarly, Ali Martinez, BeInCrypto’s Global Head of News, noted Chainlinlk may face resistance at the $20 level, where 5,330 addresses hold 8.59 million LINK.

“Chainlink appears primed for further gains! On-chain analytics reveal a significant resistance level at $20, where 5,330 addresses collectively hold approximately 8.59 million LINK,” Martinez said.

Read more: How To Buy Chainlink (LINK) and Everything You Need To Know

Chainlink LINK
Chainlink Social Dominance. Source: Santiment

Nevertheless, Santiment, a prominent analytical firm, urged market participants to be cautious. The firm stated that speculation surrounding LINK may induce fear of missing out (FOMO), potentially attracting mainstream crowds and triggering heightened volatility in the asset.

“Chainlink (+34%), ImmutableX (+23%), and Pyth (+26%) have all enjoyed impressive market cap growth in the past week. The mainstream crowd is discussing them at high rates, meaning FOMO should lead to high volatility for these particular assets,” Santiment said.

Best crypto platforms in Europe | February 2024


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Margex
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This Solana DEX Reached $520 Million in Daily Trading Volume

https://beincrypto.com/solana-dex-jupiter-uniswap-volume/

On January 27, the Jupiter decentralized exchange (DEX) built on the Solana blockchain outpaced Ethereum’s Uniswap V3 in daily trading volume.

It is a liquidity aggregator in the Solana ecosystem. Although the platform was introduced in 2021, it has processed $66.64 billion of transactions.

Jupiter DEX Soaring Trading Volume

SolanaFloor, a Step Finance-powered platform, reported a remarkable 24-hour trading volume of nearly $520 million for Jupiter on January 27. This surge helped it surpass Uniswap v3’s Ethereum market, which recorded $510 million at the time.

Jupiter has been on an upward trajectory. Indeed, the aggregator’s trading volume peaked at $16 billion in December. It is poised to surpass that figure this month, having already clocked over $15 billion.

Crypto community members attribute this milestone to Solana’s low fees. Anatoly Yakovenko, Solana’s co-founder, expressed his astonishment with a mind-blown emoji, while Adeniyi Abiodun, co-founder of the rival Sui blockchain network, acknowledged the achievement.

Meanwhile, CoinMarketCap positions Jupiter as the fifth-largest DEX by trading volume in the past day. Its volume trails behind Uniswap v3, Polygon-based Kine Protocol, Cosmos-based dYdX chain, and Helix. Interestingly, Jupiter is poised to launch its native JUP token by the month’s end, as confirmed by the project’s pseudonymous developer, Meow.

“Remember, Jupuary is not about launching a token. There are thousands of that everyday. This Jupuary is about creating symbolism, community roots, and crucial new products together. So this Jupuary, let us launch the symbol for DeFi 2.0 together, kickstart the most elite force to push the meta forward, and wtf, experiment on building a new groundbreaking launchpad,” Meow said.

Solana (SOL) Price Approaches $100

Solana has experienced a robust resurgence in the past 24 hours, following a week of predominantly hovering around the $80 mark.

Indeed, SOL’s value surged over 5% to approximately $100 before retracing to $98. This upswing has propelled its market capitalization to $42.5 billion.

Read more: How to Buy Solana (SOL) and Everything You Need To Know

Solana Price Performance. Source: BeInCrypto

Analysts foresee the potential continuation of this upward trend, drawing parallels to Solana’s remarkable 660% surge last year.

“A nice breakout of Solana. It is painting such a solid structure,” crypto analyst Ted wrote.

Intriguingly, Solana’s ecosystem is garnering attention within the crypto community due to the abundance of airdrops designed to attract new members and its many partnerships. This strategy has contributed to the Solana network’s heightened engagement and interest.

Best crypto platforms in Europe | February 2024


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The post This Solana DEX Reached $520 Million in Daily Trading Volume appeared first on BeInCrypto.

Avalanche (AVAX) Surges 10% After Team Unveils Scaling Solution

https://beincrypto.com/avalanche-avax-rises-scaling-solution/

Avalanche (AVAX) has demonstrated significant strength, with a price surge of over 10% within the last 24 hours. The catalyst behind this bullish momentum is the unveiling of Ava Labs’ latest initiative – the Vryx scaling solution.

The developers behind Avalanche detailed how Vryx will propel its network’s capacity to an impressive 100,000 transactions per second (TPS).

Avalanche’s Scaling Solution 

Vryx will address a pivotal challenge within blockchain technology — scaling networks to facilitate larger transactions without compromising security or decentralization. The platform employs a novel approach known as Decoupled State Machine Replication (DSMR) that revolutionizes transaction processing.

In contrast to traditional blockchains like Bitcoin, where valid transactions are sequentially executed and replicated in each block, decoupled structures demonstrate advanced capabilities in State Machine Replication (SMR). Vryx’s DSMR introduces a paradigm shift by enabling transactions to be distributed and organized before validation. This innovation significantly enhances transaction speed by facilitating a higher volume of simultaneous transactions.

Indeed, the solution operates by dividing the transaction process into distinct segments, running them pipelined. One of its key features is mitigating adversarial issuance attacks by protecting against profit-driven exploits. This is achieved by ensuring that all replicated transactions within the network incur fees.

The upcoming solution will debut on the HyperSDK testnet before extending to other Avalanche Virtual Machines.

“Vryx enables the HyperSDK to take full advantage of DSMR pipelining without sacrificing the robustness of traditional SMR, which can enforce full syntactic and semantic verification,” Patrick O’Grady, the VP of Platform Engineering at Ava Labs, explained.

The AVAX Price Is On the Rise

Avalanche’s AVAX token mirrored the excitement surrounding these developments. According to BeInCrypto data, AVAX price surged by approximately 10%, reaching nearly $36 as of press time.

This growth outpaces other major assets like Bitcoin, Ethereum, and Solana, which saw around 5% or less gains during the same period.

Read more: How To Buy Avalanche (AVAX) and Everything You Need To Know

Avalanche Price. Source: BeInCrypto

Concurrently, the project’s decentralized finance space has experienced an uptick. The total value of assets locked within the project’s ecosystem rose 7% to $876 million, according to DeFiLlama. Benqi, a liquid staking platform, notably influences this figure, accounting for over 60.10% of this TVL.

Top crypto platforms in the US | February 2024


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As Regulatory Challenges Diminish BUSD, This Stablecoin Ascends in Dominance

https://beincrypto.com/stablecoin-usdc-busd-extinction/

USD Coin (USDC) and Binance USD (BUSD) have contrasting fortunes. USDC has experienced a notable upward trend, rebounding from the aftermath of the US banking crisis, while BUSD is grappling with a critical shortage in its supply.

This divergence underscores a shift within the stablecoin market, notably influenced by regulatory challenges encountered over the past year.

USDC Market Cap Soars

USDC has experienced a remarkable surge in market capitalization at the onset of the new year, riding the wave of favorable market conditions. Recent data from BeInCrypto indicates an impressive uptick of over $1.6 billion. This marks a 6.6% increase and brings the total market capitalization to $26.15 billion.

Corroborating this positive trend, crypto analytical platform CCData reported a consecutive second-month surge in USDC’s market capitalization. This follows a series of eleven consecutive monthly declines, with the stablecoin briefly surpassing the $25 billion market cap milestone in January.

Read more: A Guide to the Best Stablecoins in 2024

USDC Trading Volume and Market Cap. Source: CCData

Several factors contribute to this upward trajectory. Notably, Circle announced its intention to go public in a recent filing with the US Securities and Exchange Commission (SEC). This disclosure has played a role in bolstering USDC’s market standing.

Additionally, USDC has experienced a notable surge in transfer volume, particularly on the Solana blockchain. Data from Artemis reveals that Solana-based USDC is instrumental in driving stablecoins to their highest transfer volume levels in over a year.

Despite these positive developments, USDC’s current supply remains significantly below its all-time high of $45 billion.

BUSD Falls Under $100M

In contrast, the Binance-backed stablecoin, Binance USD (BUSD), has experienced a significant decline in its supply, reaching an unprecedented low of less than $100 million.

The challenges for this stablecoin emerged last year when the SEC issued a Wells Notice to Paxos, the issuer of BUSD, leading to a halt in the creation of additional units of the digital asset. The situation escalated when the federal agency classified the stablecoin as security during its legal action against Binance.

Read more: 7 Best Crypto Platforms To Buy PayPal Stablecoin (PYUSD)

BUSD supply
BUSD Circulating Supply. Source: Glassnode

In response to these regulatory developments, Binance initiated a strategic shift, encouraging its users to transition from BUSD to alternative stablecoins such as FDUSD. Also, it discontinued several services associated with BUSD, leading to the total supply to dwindle from a peak of over $20 billion to less than $100 million within just one year.

Top crypto platforms in the US | February 2024


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The post As Regulatory Challenges Diminish BUSD, This Stablecoin Ascends in Dominance appeared first on BeInCrypto.

This Company Sold Over $700 Million in Crypto in Just 3 Months

https://beincrypto.com/ftx-sell-millions-crypto/

FTX is liquidating many crypto assets to expedite the restitution process for users impacted by its collapse two years ago.

Still, certain FTX users are offloading their claims against the exchange. This has resulted in a surge in both transaction volume and prices of these claims.

FTX Moves Over $700 Million in Crypto 

Crypto analytics firm Spot On Chain disclosed that FTX and Alameda Research have systematically moved 91 different cryptocurrencies across various networks, including Ethereum, Solana, and Avalanche. This strategic token transfer amounted to $707 million over the preceding three months.

In the most recent transaction, the failed entities sold digital assets, including Ethereum, OKX’s OKB Coin, and others, for $8 million.

These findings align with a recent report stating that FTX was selling crypto for cash. Notably, the firm’s cash reserves nearly doubled to an impressive $4.4 billion from $2.3 billion during the last quarter of the previous year.

Read more: FTX Collapse Explained: How Sam Bankman-Fried’s Empire Fell

It is worth noting that FTX’s divestment strategy extends beyond cryptocurrencies alone. The company sold nearly 75% of its Grayscale Bitcoin Trust Shares (GBTC) in a matter of days, fetching approximately $600 million.

Users Trade over $1 Billion in Claims 

FTX claims trading has exceeded the $1 billion mark. This shows that despite the bankrupt company’s efforts to repay its customers, some are actively trading their claims against it.

Indeed, the trading volume for FTX claims experienced a significant surge in the fourth quarter of last year. Between November and December alone, around $700 million was traded.

“Amazing that $1.1 billion FTX claims have traded,” Vladimir Jelisavcic, the founder Cherokee Acquisition, said.

FTX Claims Trading Volume. Source: Claims Market

This surge can be attributed to the concurrent increase in the value of FTX claims. Data indicates that over $1 million in customer claims were trading at over 70 cents on the dollar. This marks a significant increase from the October figure of approximately 38 cents on the dollar.

The upswing reflects the heightened confidence among FTX creditors about receiving substantial repayments from Sam Bankman-Fried’s failed crypto empire.

Top crypto platforms in the US | February 2024


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The post This Company Sold Over $700 Million in Crypto in Just 3 Months appeared first on BeInCrypto.

Trader Nets $1.60 Million as New Solana Meme Coin Soars 500%

https://beincrypto.com/solana-wen-meme-coin-skyrockets/

Solana has welcomed the emergence of a new meme coin called WEN. This digital asset generated significant community interest after being distributed to over a million wallets.

Capitalizing on WEN’s heightened excitement, a savvy trader successfully amassed approximately $1.60 million in profits within 14 hours.

Solana Meme Coin Trader Wins

Blockchain investigator LookOnChain disclosed that the trader initially purchased 20 billion WEN tokens at the launch for $125,500. Subsequently, the trader strategically offloaded 12.5 billion WEN for $807,000, raking in an impressive profit of $682,000.

Despite this substantial sale, the trader still holds 7.6 billion WEN at an unrealized profit of $941,000.

This profit realization coincides with a remarkable surge in the meme coin’s value within 24 hours. According to CoinGecko, the WEN token experienced an extraordinary 500% price increase since its launch on January 26, peaking at $0.00013781 before retracing to $0.00009401.

Read more: 7 Hot Meme Coins and Altcoins That Are Trending in 2024

WEN Market Capitalization. Source: CoinGecko

This surge propelled WEN’s market capitalization to an initial $135 million, which has since adjusted to $95.8 million. Notably, trading data indicates substantial community activity surrounding the Solana-based meme coin.

Data from CoinMarketcap reveals that trading pairs linked to WEN, such as USDC/WEN and SOL/WEN, contributed to over 30% of the trading activity on Solana’s leading decentralized exchange, Jupiter.

What Is the WEN Meme Coin?

The community conceived WEN as a tribute to Weremeow and the prevalent crypto question of “when.”

Usually, “wen” shows anticipation for a token launch or the release of a new feature in the crypto space. On the other hand, the pseudonymous developer of Jupiter, Meow, wrote a fractionalized NFT poem that serves as the genesis of the WEN memecoin.

“I f*cking love wens. Wens mean you are wanted. Even if it is anon internet bros. Wens means they look forward to my sh*t. Even if some just want to dump my ass. Wens mean I am blessed enough to give. Even if most of them don’t give a damn. So to all you wen bros. I am sorry if I get pissed. Just like you to me. This annoyance is born from love. Yes I know you love me. Even if you don’t say it. So keep the wens coming. I will dance along. And you will play with me. Hopefully we will tango and. Wen forever more,” Meow wrote.

The project adopted a strategic distribution approach to its fixed supply of one trillion tokens. Specifically, it airdropped 70% of the tokens to eligible Jupiter users who actively traded a minimum of $5 volume between July 2023 and January 2024. Any tokens not claimed by January 29 will be burnt, according to the project’s official X handle.

Top crypto platforms in the US | February 2024


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The post Trader Nets $1.60 Million as New Solana Meme Coin Soars 500% appeared first on BeInCrypto.

This Is Why the SEC Will Not Approve a Ripple XRP ETF

https://beincrypto.com/ripple-xrp-etf-approval-conditions/

The recent introduction of Bitcoin ETFs (exchange-traded funds) in the US has sparked optimism about the possibility of similar ETFs for various cryptocurrencies, including XRP.

Fox Business correspondent Eleanor Terett has highlighted a crucial prerequisite for developing XRP ETFs.

XRP Needs a Future-Based ETF

Terett asserted that for XRP to have a spot-based ETF, it first needs a futures-based ETF. Drawing a parallel with the approval of spot Bitcoin ETFs, she emphasized that regulatory approval was granted based on confidence in the CME BTC futures market’s ability to provide surveillance against fraud and market manipulation.

A comparable system would be essential for a spot XRP ETF approval.

“In order to have an XRP spot ETF, there will first need to be a futures ETF. Part of getting the BTC spot ETFs approved was the SEC concluding that the CME bitcoin futures market would suffice to provide surveillance for fraud and manipulation. If XRP gets a futures ETF then it’s a step in the right direction to one day getting a spot,” Terret explained.

Her remarks address speculation about an XRP ETF, fueled partly by Ripple’s job listing for a Senior Manager of Business Development. It mentioned responsibilities, including driving cryptocurrency-related ETF initiatives, further aiding the rumors.

Despite persistent advocacy from the crypto community for such an ETF, challenges loom due to Ripple’s ongoing legal battle with the SEC. Such regulatory uncertainty has impacted BlackRock’s interest in XRP.

Network Adoption on the Rise

Despite the uncertainties surrounding a potential spot XRP ETF, the digital asset continues to witness significant adoption.

Santiment, a blockchain analytics firm, reported a substantial surge in active wallets holding XRP. The number of addresses holding more than 0 XRP surpassed 5 million. Notably, the count has doubled since February 2021, marking a surge of over 104%, and tripled since May 2019.

Read more: Ripple (XRP) Price Prediction 2024/2025/2030

XRP Wallets. Source: Santiment

Despite these noteworthy developments, the price of XRP has not mirrored the positive trend observed in wallet activity throughout the year. According to pricing data from BeInCrypto, after reaching a peak of $0.63 on the first day of 2024, the XRP price underwent a significant 19% correction, sliding towards the $0.50 range.

Top crypto platforms | February 2024


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The post This Is Why the SEC Will Not Approve a Ripple XRP ETF appeared first on BeInCrypto.

Key Development Poised to Enhance Shibarium’s TVL, Influencing Shiba Inu (SHIB) Price

https://beincrypto.com/shiba-inu-shibarium-update/

The community behind Shiba Inu (SHIB), colloquially known as the Shib army, eagerly awaits a crucial development in the meme coin’s Layer 2 network, Shibarium.

This anticipated milestone is poised to significantly impact SHIB’s price performance and various key metrics on the network.

Shibarium’s ‘Crucial’ Next Step

During the past week, Shibarium’s auto-burn feature was deployed on the Puppynet testnet, further boosting its uses. However, Shiba Inu market analyst Lucie recently hinted at more forthcoming updates for this ecosystem.

He suggested that these updates, once fully implemented, will boost Shibarium‘s Total Value Locked (TVL) and enhance the overall experience for dedicated SHIB enthusiasts.

“We are on the brink of a crucial step for Shibarium, and I’m not just talking about the automatic burns. This will boost TVL and provide a home for SHIB loyalists,” Lucie said.

Shibarium has thrived with widespread adoption and success since its launch. The network has integrated with major cryptocurrency players such as Gate.io, and transaction volumes recently crossed 300 million.

Shibarium Key Metrics. Source: Shibariumscan

While Lucie refrained from divulging specific details about the impending updates, community members speculated that the development revolves around the SHIB identity. The SHIB identity will be designed to provide users with a consistent identity across all Shiba Inu projects.

“Your Shibdentity, in the form of a Shib Name, will offer a secure, unified way to establish and maintain your digital presence, crucial in today’s interconnected world. At the same time, it will enhance your Web3 journey, empowering you to do more and be more,” team members behind Shiba Inu said in a post.

This development aligns with the digital asset team’s efforts to transform into a versatile blockchain network.

Shiba Inu (SHIB) Price to Soar

The optimism surrounding the potential update has effectively countered SHIB’s recent bearish performance.

Indeed, BeInCrypto data shows that the digital asset experienced a modest 0.03% increase in the past day to reach $0.00000903. This marks a noteworthy reversal compared to SHIB’s 4% decline over the past week and a more substantial 16% drop in the last 30 days.

SHIB Price
SHIB Price Performance. Source: BeInCrypto

Meanwhile, industry analysts are anticipating the continuation of this positive trajectory in the coming month. According to them, the inflows into the Bitcoin exchange-traded fund (ETF) could trickle into other cryptocurrencies like SHIB.

“At the end of the day, those who are selling their SHIB at discounted prices will be exhausted, SHIB will be overSold & ShibaInu will rise again like a Phoenix,” a market analyst wrote.

Despite these optimistic forecasts, it is crucial to acknowledge the inherent unpredictability of the crypto market.

Top crypto platforms in the US | February 2024


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The post Key Development Poised to Enhance Shibarium’s TVL, Influencing Shiba Inu (SHIB) Price appeared first on BeInCrypto.

Grayscale’s Bitcoin Sell-Off Pace Decreases: Potential Price Impact

https://beincrypto.com/grayscale-outflow-bitcoin-price/

Grayscale’s recently launched Bitcoin ETF, GBTC, is witnessing a gradual decline in outflows, as around $5 billion in digital assets are withdrawn from the fund.

Despite the substantial outflows, market analysts express optimism that the worst may be over. This sentiment suggests a potential positive shift in Bitcoin’s price performance.

Bitcoin Outflows Slow Down

In the wake of the US Securities and Exchange Commission’s (SEC) recent approval of several spot Bitcoin ETFs, Bitcoin experienced a notable 20% decline. Significant outflows from Grayscale primarily fueled this downturn.

Analysts attribute the substantial outflows to profit-taking maneuvers by investors previously exposed to the fund’s discount. Additionally, there were indications that some traders were reallocating their investments away from GBTC due to its comparatively high fee.

GBTC currently charges a 1.5% fee, while competing ETFs such as BlackRock’s IBIT have fees under 1%.

Bitcoin ETFs Flow. Source: BitMEX Research

These factors played a pivotal role in the initial surge of outflows from the fund. However, recent trends indicate a slowdown, with $255 million withdrawn on the eleventh day of trading, the lowest GBTC outflow since the first day of trading. Still, the total outflows from the fund are over $5 billion, according to BitMEX Research.

Concurrently, the sell-off has led to a substantial reduction in Grayscale’s Bitcoin balance, which now stands at over 508,000 BTC, valued at $21 billion, according to Arkham Intelligence. It is worth noting that since the launch of spot Bitcoin ETFs, the fund has deposited 113,129 BTC into Coinbase, equivalent to $4.6 billion.

BTC Price Will Recover

Market analysts interpret the decline in GBTC outflows as a positive indicator of Bitcoin’s price trajectory.

For instance, JA Maartun recently shared a chart illustrating the diminishing impact of Grayscale on BTC prices. Despite the sell-off, Bitcoin’s value not only remained stable but also demonstrated an impressive increase.

“All selling pressure from Grayscale was absorbed and the price even managed to increase, which is impressive,” Maartun said.

GBTC Sales on Bitcoin Price
Bitcoin Price Performance. Source: CryptoQuant

Another analyst, Ted, dismissed the narrative around GBTC selling as excessively sensationalized. His analysis revealed that the influx of Bitcoin into the market through nine new spot BTC ETFs surpassed the outflow from GBTC by over 120,000 BTC in the last 90 days.

In contrast, Resdegen highlighted Bitcoin’s resilience in trading above $41,000 despite the various selling pressures. The analyst pointed out significant factors, such as GBTC’s substantial outflow, the US government announcement of selling $130 million worth of seized BTC, and Celsius’ movement of $1 billion in ETH, which seemingly had no adverse impact on the top cryptocurrency price.

Anticipating bullish signals on the horizon, Resdegen emphasized the potential for bears to face significant challenges, particularly with the upcoming BTC halving event.

Top crypto platforms | February 2024


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Kraken
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The post Grayscale’s Bitcoin Sell-Off Pace Decreases: Potential Price Impact appeared first on BeInCrypto.

This Is How Traders Are Bypassing China’s Crypto Ban

https://beincrypto.com/traders-bypass-china-crypto-ban/

In defiance of China’s crypto ban, traders in the country have ingeniously devised alternative methods for engaging in the cryptocurrency market.

Crypto trading has persisted in an authoritarian environment like China, signaling potential challenges for other jurisdictions aspiring to adopt a more prohibitive regulatory stance.

How Traders Circumvent China’s Crypto Ban

Chinese traders utilize social media platforms like WeChat and Telegram to connect with potential trading partners. This enables peer-to-peer transactions without relying on traditional crypto exchanges. Meetings often occur in public venues like cafes or laundromats, where traders exchange wallet addresses and drives containing cryptocurrencies.

Beyond the direct transfer of cryptocurrencies, traders have diversified payment methods, including cash or bank transfers for cryptocurrencies. Specific cities like Chengdu and Yunnan have become popular among these traders, as operating in these locations helps evade monitoring and enforcement by the central government, which is preoccupied with other priorities.

“China seems to have been unsuccessful in its efforts to ban crypto trading, possibly putting their strict capital controls at risk,” Coin Center’s Neeraj Agrawal said.

In addition, some traders have also resorted to using VPNs to access foreign crypto exchanges. Although several exchanges claim to have closed accounts belonging to Chinese residents, traders have persistently found innovative ways to gain access.

A report last year highlighted that some traders were opening crypto accounts with forged documents, including fake nationalities. By providing false residence and bank details, these traders aim to circumvent Know Your Customer (KYC) protocols and register accounts in defiance of regulatory measures.

This unconventional approach to cryptocurrency trading stands in stark contrast to the stringent regulatory environment in the nation. China first banned crypto in 2013 and extended the prohibition to cryptocurrency mining in 2021.

Read more: Crypto Regulation: What Are the Benefits and Drawbacks?

Crypto Transactions in China. Source: Chainalysis

Despite these measures, cryptocurrency activities in China continue to flourish. A Chainalysis report ranked China as the third Asian country with the highest crypto activities.

The report further indicates that China received a substantial $86.4 billion in crypto transactions between 2022 and 2023. Therefore, underscoring the challenges of effectively policing the sector in the face of determined traders.

Top crypto platforms in the US | January 2024


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The post This Is How Traders Are Bypassing China’s Crypto Ban appeared first on BeInCrypto.

Trezor Users Under Alert Following Third-Party Security Breach

https://beincrypto.com/trezor-hardware-wallet-phishing-security-breach/

Trezor, a leading hardware wallet provider, has alerted its user base to a potential phishing threat after a security breach at a third-party support platform.

The hardware service provider disclosed that many customers face potential risks due to unauthorized system failure.

Trezor Details Security Breach

The contact details of 66,000 users who accessed Trezor Support since 2021 may have been compromised. The exposed data could include names, nicknames, and email addresses.

“This breach occurred at the level of that third-party service provider we are currently engaged with. We are amidst a thorough investigation into the scope of this incident, along with the third-party service provider, Trezor said.

In the aftermath of the breach, malevolent actors targeted 41 users via email, soliciting sensitive information regarding their recovery seeds. Trezor further identified a potential compromise for eight individuals who registered accounts on the platform hosted by the same third-party provider.

Beware of Phishing Campaigns

Trezor urged its users to remain aware of potential phishing scams that might emanate from the incident. Phishing allows bad actors to assume the guise of a trusted entity to extract sensitive information from unsuspecting individuals. These entities frequently deploy nefarious techniques to pilfer valuable data like login credentials and credit card details.

“Given the breach of contact details, there remains a heightened risk of phishing attacks aimed at obtaining the affected users’ recovery seed,” Trezor warned.

The gravity of this technique becomes alarmingly clear when considering the financial toll exacted by digital marauders. Last year, sophisticated phishing scams orchestrated by wallet drainers yielded a staggering haul of almost $300 million.

Read more: Top 10 Must-Have Cryptocurrency Security Tips

Meanwhile, Trezor said it has diligently reviewed the interactions and proactively contacted affected customers, successfully preventing the disclosure of any recovery seed phrases. The company emphasized that none of its users’ funds have been compromised and assured that devices remained secure.

This recent warning echoes a similar caution issued by Trezor in March 2023, highlighting an ongoing phishing scam. Although there was no security breach on Trezor’s end, scammers falsely asserted otherwise.

Best crypto platforms in Europe | January 2024


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ETFs Now Hold 638,900 Bitcoin Worth $26.8 Billion: Analysts Expect Bullish Breakout

https://beincrypto.com/bitcoin-btc-etf-holdings/

Newly launched Bitcoin ETFs (exchange-traded funds) in the United States have amassed a significant portion of BTC.

Indeed, the swift accumulation rate underscores the growing influence of these ETFs in the US, providing investors with new avenues for exposure to the world’s flagship cryptocurrency.

Bitcoin ETF Holdings

Data from CryptoQuant shows that the combined holdings of the Bitcoin ETFs in the US now exceed 638,900 BTC, equating to around $26.8 billion.

Grayscale’s Bitcoin Trust, GBTC, is leading the pack, boasting 566,973 BTC valued at over $23 billion. However, since its launch, the financial product has experienced notable outflows, shedding approximately $5.5 billion in assets. Observers attribute these outflows to bankrupt FTX and investors capitalizing on prior arbitrage opportunities.

“The more we think about it and talk to people, prob only a small minority of the GBTC outflows are likely going to the nine right now, as much of it was FTX and traders who earned discounts. Also, the proportionality of the flows to the size of the firm is almost perfect, indicating flows due to reach/distribution/hustle,” senior ETF Analyst at Bloomberg Eric Balchunas said.

Read more: What Is a Bitcoin ETF?

In contrast, the recently introduced ETFs demonstrate an intriguing trend in Bitcoin accumulation. BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity’s Wise Origin Bitcoin Trust (FBTC) have acquired over 20,000 BTC, respectively. This has propelled their assets under management to surpass $1 billion within the first six trading days.

Balchunas also spotlighted BlackRock’s ETF performance. He noted that IBIT has entered the top 15% of all ETFs by assets and ranks in the top 2% when measured by daily volume. Moreover, ETF issuers, including Bitwise, ARK 21 Shares, Invesco/Galaxy, Valkyrie, VanEck, Franklin Templeton, and WisdomTree, collectively hold a balance of around 23,000 BTC.

List of Bitcoin ETF Issuers in the US and Their BTC Holdings:

TickerIssuerBitcoin Holdings
GBTCGrayscale566,973.41
IBITBlackRock28,622.13
FBTCFidelity20,466
BITBBitwise8,294
ARKBArk/21 Shares7,565
HODLVanEck2,150.07
BTCOInvesco/Galaxy1,871
BRRRValkyrie1,737.23
EZBCFranklin Templeton1,160
BTCWWisdomTree111
Bitcoin ETF Holdings. Source: CryptoQuant

BTC Price Prediction

Since the ETF launches, Bitcoin’s price performance has shown relative restraint. Analysts, however, foresee a potential reversal of this trend, anticipating improved market conditions and diminished selling pressure from GBTC.

Santiment, a leading blockchain analytical firm, highlighted bullish signals on Bitcoin’s Relative Strength Index (RSI) and MVRV. The firm observed these signals as the cryptocurrency surged beyond the $42,000 threshold on January 19.

Also, a technical analyst under the pseudonym CryptoCon added to the optimistic outlook. Based on his analysis, Bitcoin could reach $130,000 by late 2025.

“By the Halving Cycles Theory date of +/- 21 days from November 28th, 2025, here are the prices of the top 3 bands: Layer 7: 180k. Layer 6: 130k. Layer 5: 94k. The layer 6 price of 130k lines up with around 5 other price experiments that I have performed for the cycle top,” the analyst explained.

Read more: Bitcoin Price Prediction 2024/2025/2030

Bitcoin Price Performance. Source: The Bitcoin Data Newsletter

However, the analyst noted that history suggests Bitcoin could reach $180,000 instead, a more conservative approach is advisable due to the potential failure of these pricing models.

Best crypto platforms in Europe | January 2024


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The post ETFs Now Hold 638,900 Bitcoin Worth $26.8 Billion: Analysts Expect Bullish Breakout appeared first on BeInCrypto.

Dogecoin Jumps 10% as X (Twitter) Readies Payments Feature

https://beincrypto.com/dogecoin-doge-x-twitter-payments/

Social media giant X, formerly known as Twitter, has set the stage for its upcoming payments feature by establishing a dedicated account on its platform.

This strategic move has triggered a bullish trend for Dogecoin, a popular memecoin within the cryptocurrency market.

X Payments Feature

The newly created account, X Payments, prominently features a gold verification badge and the distinctive X logo, signaling its association with the platform. Despite a lack of posts, the account has amassed over 73,000 followers as of the latest update.

This development aligns with X’s broader strategy to introduce a payment feature on its platform later this year. The company aims to roll out peer-to-peer payments that enhance its users’ utility and create new avenues for commerce. Recent reports stated that Elon Musk, the influential figure behind the platform, hinted at a potential launch of this feature by mid-2024.

X Payments. Source: X

Having secured licenses across multiple US states, X is positioned to facilitate peer-to-peer payments and other monetary transfers, mirroring services provided by payment giants like PayPal. These licenses come as Musk seeks to turn X into an “everything app” modeled after the likes of Tencent’s WeChat.

Dogecoin Reacts Positively

X payment feature announcement has significantly impacted Dogecoin. Several crypto community members are speculating on potential use cases for DOGE within the platform.

Musk’s favorable stance towards Dogecoin notably fuels the speculations. This is evident in Tesla accepting DOGE as a payment method for its merchandise and mentioning it on Tesla’s futuristic-looking CyberTruck code page.

However, X nor Elon Musk have explicitly detailed whether its peer-to-peer system will support traditional fiat currency or cryptocurrency payments. But the prevailing sentiment leans towards the latter, given Musk’s pro-crypto inclinations.

Read more: (DOGE) Dogecoin Price Prediction 2024

Dogecoin Price
Dogecoin Price Performance. Source: BeInCrypto

Meanwhile, the speculation surrounding Dogecoin’s potential integration has translated into a surge in its price over the last 24 hours. Presently, the token is trading around $0.085, reflecting a 10% growth according to pricing data from BeInCrypto.

“Right now Dogecoin is fighting the $0.09 resistance level. Will the Bears or the Bulls Win? I believe we will hit the resistance 4 more times and break above it… This is all because of the Xpayment announcement,” a renowned technical analyst wrote.

Top crypto platforms in the US | January 2024


Coinbase
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Shibarium Nears 300 Million Transactions: Is Shiba Inu (SHIB) Ready to Break Out?

https://beincrypto.com/shiba-inu-shibarium-transactions/

The transaction count on Shiba Inu’s layer-2 blockchain Shibarium is approaching the crucial milestone of 300 million.

The latest data from ShibariumScan reveals that the number of transactions on the blockchain stands at an impressive 297 million, spanning 2.7 million blocks.

Shibarium Transactions Reflects Growth

As of September 2023, Shibarium had completed a modest 3 million transactions. However, the latest figures reveal a staggering surge of over 9,000% in transaction volume within four months. The network has been integrated with major cryptocurrency players such as Gate.io, further propelling its growth.

This achievement is particularly noteworthy considering the trend of declining daily transactions on Shibarium. Currenly, Shibarium records 1.96 million daily transfers, marking a decrease from the consistent two million-plus level observed over the past week.

Notably, its volume peaked in December, reaching an average of more than 7 million daily transactions.

Read more: Top 10 Cheapest Cryptocurrencies to Invest in January 2024

Shibarium Transaction Count. Source: Shibariumscan

Despite its impressive transaction volume, on-chain data from DeFiLlama shows that Shiba Inu’s Shibarium total value locked (TVL) is around $833,000.

SHIB Reverses Trend, Sees Positive Movement

This noteworthy network growth coincides with a substantial trandfer from a wallet reportedly linked to Justin Sun, the founder of Tron. LookOnChain said the wallet withdrew assets totaling $4.47 million from Binance, including 79.33 billion SHIB valued at approximately $752,000.

The arket sentiment often turns bullish when investors initiate withdrawals from exchanges. Such actions signal a reluctance to part with digital assets, indicating a strong commitment to holding positions.

Shiba Inu SHIB Price
SHIB Price Performance. Source: BeInCrypto

Indeed, the SHIB token experienced a noteworthy reversal, recording gains in the last 24 hours following recent losses. According to pricing data from BeInCrypto, SHIB’s price currently trades around $0.00000946, reflecting a 2.3% uptick within the past 24 hours.

This positive movement marks a significant shift from the previous downward trend. Over the past seven days, the token declined 3.8%. Furthermore, it registered an 8.2% drop in the last 30 days and a 17.5% decrease over the past year. Despite this price action, the current uptick suggests a potential breakout for the token.

Top crypto platforms in the US | January 2024


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Metamask Portfolio
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The post Shibarium Nears 300 Million Transactions: Is Shiba Inu (SHIB) Ready to Break Out? appeared first on BeInCrypto.

SEC vs Ripple: Lawyers Declare Request for Financial Statements as ‘Irrelevant’

https://beincrypto.com/sec-vs-ripple-lawsuit-latest-developments/

Ripple’s legal team has rebuffed the US Securities and Exchange Commission’s (SEC) request for additional financial documents.

On January 19, the defense counsel rejected the SEC’s request, deeming it untimely and unjustifiable.

Ripple Challenges SEC Demands

The SEC had requested Ripple’s audited financial statements for 2022 and 2023, along with post-compliant contracts related to the sale or transfer of XRP to non-employee counterparties. Additionally, the regulator asked for information on the amount of XRP Institutional Sales proceeds received from specific complaint contracts.

However, Ripple contended that the SEC’s request is “irrelevant,” emphasizing that both parties had previously agreed that post-compliant discoveries were unnecessary. Furthermore, the firm argued that the SEC failed to justify each request sufficiently.

Expressing concern about potential delays, Ripple believes that reevaluating whether its post-compliant conduct violated the law could prolong the proceedings, necessitating an intensive and prolonged fact-discovery period. Lawyers also raised apprehensions about the SEC’s summary procedure potentially depriving it of standard pre-suit investigation protections.

In addition, Ripple’s counsel contended that the regulatory body cannot unilaterally extend its interrogatories in the case. Consequently, Ripple called for denying the SEC’s request, labeling it “burdensome,” particularly with the deadline having elapsed.

“The SEC’s request for irrelevant and burdensome post-complaint discovery, especially given the close of fact discovery, should be denied,” the lawyers wrote.

This latest development occurs within the backdrop of the ongoing legal dispute between Ripple and the SEC. Although Ripple secured a landmark victory last year that established its XRP token sales to the public was not a security, the company anticipates potential challenges ahead. Notably, the trial between the parties is slated to commence in April, adding to the situation’s complexities.

Read more: Ripple (XRP) Price Prediction 2024/2025/2030

XRP Price Performance. Source: TradingView

Meanwhile, the XRP token experienced minimal impact despite trading predominantly in negative territory over the past week. The digital asset witnessed a 5% decline during this timeframe, reaching a low of $0.526. However, it has subsequently rebounded to $0.5484.

Top crypto platforms | January 2024


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Metamask Portfolio
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KuCoin
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Сoinex
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Kraken
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The post SEC vs Ripple: Lawyers Declare Request for Financial Statements as ‘Irrelevant’ appeared first on BeInCrypto.