Crypto Companies Crunched by Cautious UK Banks

https://www.pymnts.com/cryptocurrency/2023/crypto-companies-crunched-by-cautious-uk-banks/

U.K. Prime Minister Rishi Sunak’s cryptocurrency plans have reportedly hit some snags.

As Bloomberg News reported Sunday (April 2), crypto companies were already dealing with pushback from big British banks like HSBC and NatWest, which in February put limits on the amount of money customers in the U.K. can transfer to digital asset exchanges.

Now, crypto firms say they’re running into new banking difficulties, such as rejected applications to excess paperwork, leading the companies to petition the government for help.

“There aren’t many options available — most traditional banks won’t offer banking services to crypto firms,” Edouard Daunizeau, CEO of the London-based crypto investing company SavingBlocks, said in an interview with Bloomberg.

“With the recent string of events it will be even tougher. We are seeking licenses in France where we think it will be easier.”

The U.K. government last year announced plans to make the country a “global hub” for cryptocurrency companies.

While the country has had three leadership changes since then, Sunak’s elevation to prime minister in October 2022 was greeted with enthusiasm among crypto enthusiasts because of his support for the “hub” plan in his time as chancellor.

However, a lot has happened in the digital asset sector since then, including the downfall of FTX, the collapse of two crypto-friendly banks, and an increase in regulatory pressure on Binance, the world’s biggest cryptocurrency exchange.

In March, HSBC and Nationwide Building Society announced a ban on cryptocurrency purchases using credit cards for their retail customers, while also creating tougher restrictions on debit-card purchases of crypto to a daily limit of $6,000.

(HSBC last month announced plans to acquire — and invest $2.1 billion in — failed lender Silicon Valley Bank’s U.K. operations.)

And despite Sunak’s support for the industry, the country’s financial watchdog — the Financial Conduct Authority (FCA) has for years labeled crypto as high risk, even threatening crypto executives with jail time if they break certain rules.

“The cryptocurrency sector has yet to pull the proverbial magic rabbit from its top hat,” PYMNTS wrote in March. “The audience, having purchased tickets to the show, are now realizing they may leave empty-handed as their hard-earned money pulls a disappearing act.”

Instead of revolutionizing the financial world the way the technology’s advocates promised, the industry has instead been rocked by “bad actors and back-door platforms, leaving its future more uncertain than ever.”

US CoinDesk, Unusual Opinion Statement ── Is it okay for the US to crush crypto assets | coindesk JAPAN | Coindesk Japan

https://ourbitcoinnews.com/us-coindesk-unusual-opinion-statement-%E2%94%80%E2%94%80-is-it-okay-for-the-us-to-crush-crypto-assets-coindesk-japan-coindesk-japan/

When I walk my dog, I often see Harry in his 70s. A former New York City Police Department detective, he feeds stray cats on a nearby walkway every morning. We became friends through animals, but that’s the only place Harry can talk to. He believes in QAnon conspiracy theories and believes America is on the verge of another civil war. He is waiting for that “signal”.

Sometimes I actively respond to what Harry says, and other times I just listen. He also talks about crypto assets while he greets my dogs. I told him a few days ago that the banking crisis and increased regulation are going through tough times for crypto.

Harry reacted immediately. “Did you really think central banks and governments would allow fiat currencies to compete?”

I froze at his words. I found it hard to refute his conspiracy theories.

All-out attack on crypto assets

In just the past few weeks, US regulators and governments have been affected by the pervasive effects of the FTX bankruptcy, with a natural desire to “do something” to push domestic cryptocurrency projects (but not completely neutralize them). It’s getting easier and easier to think that we’re trying to beat them down.

As a conspiracy theory, this would be plausible. Even those in established positions, including former regulators, see the current situation as a coordinated attack.

The administration’s animosity towards cryptoassets has been made clear in public statements, and is accompanied by actual acts of tightening regulation. After years of ignoring industry calls for guidance and regulatory clarity, the U.S. government appears to be launching an all-out assault on all parts of crypto.

The all-out attack also includes a series of enforcement actions by the U.S. Securities and Exchange Commission (SEC) against licensed cryptocurrency companies like Coinbase and Kraken. Last week, the Commodity Futures Trading Commission (CFTC) sued Binance. The Biden administration released a “Presidential Economic Report” last week, arguing that cryptocurrencies are not a useful technology and highlighting a string of crypto-related frauds in recent years.

idealism and cynicism

There are two reasons why I still don’t believe in organized malice. One is based on idealism, the other on cynicism.

First, this is America, the land of opportunity and freedom. A deliberate attack on the economic freedom that crypto assets symbolize goes against American values.

Second, this is America, a country whose infrastructure is crumbling. Leaders can’t even coordinate the efforts needed to repair bridges and tracks. It is too daunting to think that we can cooperate with destroying the financial infrastructure of the future rather than maintaining the existing infrastructure.

Supporting the claim of lack of coordination is that in the Binance lawsuit, the CFTC claims the cryptocurrency Ethereum (ETH) is a commodity, while the SEC and the New York Attorney General say it is a security.

But it may not matter whether the current regulatory tightening is a systematic act of hostility to crypto assets. There are others who believe this, not just Harry. The idea that the United States is making crypto assets an enemy is spreading.

So some companies are considering moving abroad, while others are worried that they may lose or be unable to open bank accounts. Bankers are even refusing to speak at crypto-related events for fear of being targeted by regulators themselves.

Unless the Biden administration’s policies change significantly, the idea that America is anti-cryptoassets will soon become so entrenched that it will be difficult to reverse. This is largely due to the fact that most of the U.S. government’s response has been punitive rather than constructive.

Regulators and the White House need to be clear that cryptoassets have a future in America. There’s no better way to do that than to give the industry the regulatory clarity it’s been asking for.

Blueprints for a better framework have been proposed, such as in the Senate’s Responsible Financial Innovation Act. Most of the crypto industry would welcome such regulatory clarity. But regulators and many politicians seem reluctant to bring such clarity.

existential crisis

CoinDesk rarely takes official positions on specific issues. As I’ve said in the past, we value the breadth and balance of our coverage, rather than offering official views on specific topics.

However, the reason why we decided to present a common view as an organization here is because we thought that we should clarify our position this time. Our editors believe that the threats facing cryptocurrency, whether intentional or not, from the actions of the U.S. government are potentially good, representing technologies and industries that enable economic empowerment. I think that the more we need to clarify our attitude, the more it will affect our survival.

We believe that government attacks on crypto assets will not achieve the goal of protecting the American public from fraud and fraud.

The early reaction to increased regulation is very likely to push innovation out of the United States. For all but the most savvy insiders, then, it becomes difficult to distinguish between outright fraudulent behavior and solid efforts to innovate.

We are alarmed by the signs that tightening regulation is beyond the authorities’ powers under current law and running counter to the spirit of freedom and innovation that underpins America and the world of crypto.

Operation Coke Point 2.0

Regulators appear to be blocking crypto firms from accessing traditional banking services. Former lawmaker Barney Frank, a driving force behind strict banking regulation in the wake of the 2008 financial crisis, said he wanted to send a “very strong anti-crypto asset message” to regulators. Signature Bank, which served as a director, claimed to have been forced into liquidation by the New York State Department of Financial Services (NYDFS). NYDFS denies it.

But the claims appear to be backed up by recent moves by the authorities.

Reuters reported on March 16 that the Federal Deposit Insurance Corporation (FDIC) is contingent on the sale of Signature Bank to abandon its cryptocurrency business. The FDIC denied the reports, but once the sale took place, crypto-related clients were actually excluded from the acquisition.

He likened this approach to Operation Coke Point, an Obama-era policy that pressured banks to keep “legal but politically undesirable businesses” such as gun manufacturers and payroll lenders from doing business with them. Some call it Coke Point 2.0. These measures not only circumvent due process, but repeat mistakes of past administrations that have been criticized harshly by both the legislature and the legal system.

Surprisingly, current FDIC Chairman Martin Greunberg was the driving force behind the original Operation Coke Point.

Operation Coke Point eventually faced a number of lawsuits and hearings, largely settled on government abuse of power. To settle various lawsuits, the FDIC promised internal reforms to prevent regulator overreach against legitimate businesses, including ending the practice of tacitly interfering with banks on customer choices. I doubt now how sincere that promise was.

CoinDesk is working hard to uncover the true story behind recent events and determine if it was a coordinated effort to harass the cryptocurrency industry. But even before the full picture is revealed, the abuse of government power is reason enough to sound alarm bells.

indiscriminate carnage

What appears to be an implicit anti-crypto agenda must be distinguished from legal action against some scammers preying on the crypto world.

We are well aware that cryptocurrencies, like many pioneering technologies before them, are extremely attractive to fraudsters. I applaud criminals such as Do Kwon and Sam Bankman-Freed being prosecuted and possibly jailed.

At CoinDesk, we are actively working to stop fraud. CoinDesk’s award-winning journalists played a major role in exposing FTX’s massive fraud. Moreover, we warned investors to be vigilant even before the collapse of crypto lending firm Celsius Network and Kwon’s Terra.

But not giving crypto developers the tools or giving crypto service providers the ability to manage US dollars in American banks is not anti-fraud. It’s like a bomb that causes indiscriminate carnage.

Failure to establish a clear framework for regulated cryptocurrency issuance also makes it more difficult for consumers and law enforcement to prevent fraud. Because the most virtuous cryptocurrency projects lose the means to maintain their legitimacy.

cascading risk

Efforts that seem to try to suppress crypto-assets also have a large knock-on effect. Bankers are reluctant to speak publicly about crypto assets or participate in debates, fearing conflict with regulators. Getting central bankers to speak publicly is nearly impossible.

As a result, talking about the future of the industry risks repeating voices in favor of crypto instead of being a source of real truth and real innovation.

In addition, there is a risk that crypto assets will be politicized. The crypto community has often shunned partisan politics, preferring to stick to the spirit of freedom and individual autonomy.

In fact, constructive, bipartisan crypto bills were largely the norm. The sweeping bill by Republican Senator Cynthia Lumis and Democratic Senator Kirsten Gillibrand is a prominent example. But the view that the regime is anti-cryptoassets is destroying open collaboration. Individuals’ opinions of crypto assets may one day become dictated by their political affiliation. There are no winners in such situations.

Crypto-assets certainly have real-world utility and benefits, such as providing an alternative option for providing financial services to people around the world suffering from oppression and violence. For example, it was crypto assets that made it possible to deliver $100 million in immediate donations to Ukraine after the Russian invasion. Donations were delivered faster than through more formal government channels.

In addition, crypto assets are a core supporting tool for resisting the dangerous concentration of power in the digital world in the hands of companies that use large amounts of data and have turned surveillance and censorship into their main business. It also exists. The worrying rise of surveillance capitalism is now a clear concern for many lawmakers who feel banking regulators are encroaching on their power.

Much like tech stocks, speculation drives much of the trading of cryptocurrencies, but their prices are also driven by real demand from current users. Billions of dollars of value circulate around the world every day on the Bitcoin network.

not american

Bitcoin (BTC) and many other crypto assets will survive comprehensive and indiscriminate regulatory tightening functionally intact. That’s what crypto assets are all about. Cryptocurrency systems were created with the goal of giving individuals control over their destinies in the digital age, independent of government and corporate structures.

Cryptoassets, in short, test the principle of restraining government power that lies at the heart of the American psyche. Freedom of religion, freedom of speech, and other rights guaranteed by the U.S. Constitution are a blueprint for spreading freedom around the world. It has helped millions of people increase their prosperity, happiness and wealth.

Protecting those rights seems a given to many Americans today. But it was once considered dangerous and destabilizing by those in power. Even now, even in America, authoritarians are reverting to old habits and chasing the illusion of safety through censorship and restrictions.

Considering these realities, making economic autonomy as a matter of course protected in a democratic society as freedom of speech and freedom of religion is unlikely to be a grand project that will take years. Clear. Instead, if the government really wants to impede that progress, it should publicly declare its purpose and do so through transparent, democratic means.

I hope my conspiracy walking buddy Harry is wrong and the Biden administration isn’t trying to kill crypto. If so, the White House needs to make his positive intentions clear.

For example, support a bipartisan effort to require the SEC to have clear guidelines for crypto assets. Given the erupting and pervasive cynicism over heavy-handed government action against crypto, there is no other way to persuade the crypto industry that it does not need to flee the United States for safety. deaf.

Prove Harry wrong.

Kevin Reynolds: US CoinDesk Editor-in-Chief

|Translation and editing: Akiko Yamaguchi, Takayuki Masuda
|Image: Shutterstock
|Original: CoinDesk Editorial: It Sure Looks Like the US Is Trying to Kill Crypto

The post US CoinDesk, Unusual Opinion Statement ── Is it okay for the US to crush crypto assets | coindesk JAPAN | Coindesk Japan appeared first on Our Bitcoin News.

Weekly Market Watch: Bitcoin Bulls Lead The Way, Altcoins Follow Suit

https://www.tronweekly.com/weekly-market-watch-bitcoin-bulls-lead-the-way/

Last week, the crypto market experienced a bullish surge, which left bears struggling to counter the bulls’ momentum. Notably, both Bitcoin and Ethereum faced the brunt of this upward trend. However, the positive impact of this surge had a favorable effect on the overall market outlook. 

Nevertheless, certain altcoins displayed considerable gains in the weekly chart, standing out in the crypto market for their exceptional performances amidst the bullish trend of Bitcoin and Ethereum.

Some low-cap coins on the list of weekly gainers have shown substantial growth, with Solar (SXP) leading the pack, followed by Hedera (HBAR), and third in line is Stellar (XLM).

Solar (SXP) has experienced a significant surge of 160% over the past week, making it the leading performer among the top 100 tokens by market capitalization. 

SXP 7D graph coinmarketcap
Source: CoinMarketcap

This rise in value can be attributed mainly to its recent achievement of Binance, the leading global crypto exchange, which has announced its support for the mainnet swap and rebranding plan of Swipe (SXP) to Solar (SXP). 

As per the plan, all ERC20, BEP2, and BEP20 Swipe (SXP) tokens will be migrated to the Solar mainnet at a ratio of 1 Swipe (SXP) = 1 Solar (SXP):

After the mainnet swap is complete, deposits and withdrawals of ERC20, BEP2, and BEP20 Swipe (SXP) tokens will no longer be supported. Binance will only support deposits and withdrawals of Solar (SXP) tokens via its mainnet.

Currently, SXP is trading at $0.6933, demonstrating a 16% increase in the past 24 hours and a 14.14% surge in its marketcap. The token hit its peak of $0.736 after beginning the week at $0.2641, displaying a strong and remarkable performance. 

Meanwhile, Hedera (HBAR) is also gaining attention from the community as a second top weekly performer. Over the past week, FLR has experienced a surge of approximately 18.24%. As of now, HBAR is trading at $0.07149; in the last 24 hours, the token has experienced a 1.66% decrease.

HBAR 7D graph coinmarketcap 1HBAR 7D graph coinmarketcap 1
Source: CoinMarketcap

The HBAR price surged following the developers of HashPack announced the release of version 7.1.1. The latest update addresses several community-raised issues and includes improvements to token price accuracy. 

In addition, the update addresses some community-raised issues, including fixing AR support in mobile apps and improving the transfer confirmation screen.

Stellar (XLM), which is currently trading at $0.108 with a 17.76% rise in the weekly chart, is also gaining attention. This surge can be attributed to the latest announcement that Coinme and Stellar Development Foundation have partnered to introduce Circle’s USDC on Stellar through the Coinme wallet. 

XLM 7D graph coinmarketcap 2XLM 7D graph coinmarketcap 2
Source: CoinMarketcap

The integration will improve the accessibility and user experience of USDC, promoting financial inclusion and providing a new option for unbanked or underbanked Americans to access digital finance.

Moreover, some popular coins are experiencing gains in weekly charts, including XRP at 16%, FXS at 8%, and DOGE, with an increase of 6%, according to the data from CoinMarketcap. 

Bitcoin (BTC) & Ethereum (ETH) Weekly Review

Bitcoin, the largest cryptocurrency, has hit a major resistance level of $29,159.90 in the past week, sparking excitement amongst traders as it inches closer to the coveted $30,000 threshold. 

BTC 7D graph coinmarketcap 7BTC 7D graph coinmarketcap 7
Source: CoinMarketcap

Despite facing multiple hurdles, Bitcoin has displayed remarkable resilience in recent times, consistently attempting to set new local all-time highs. This impressive performance was in sharp contrast to market predictions at the end of last year when many observers anticipated a steep drop to $10,000 following the collapse of FTX. 

As it turns out, Bitcoin has defied expectations, closing out Q1 2023 with a remarkable surge of over 70%, marking its best quarter in two years. According to Santiment, there also has been a significant increase in the number of addresses holding ten or more Bitcoins, with a staggering rise of 10,279, or a 7.1% increase, since February 2022. 

Although the overall percentage of available Bitcoin held by these wallets has remained relatively stagnant, the actual amount is quickly closing in on the all-time high recorded in September 2019.

Ethereum, the second most valuable cryptocurrency, has faced a similar fate to Bitcoin but has seen a slight increase in value over the past week. It recently reached a key resistance level of $1,844.68. 

ETH 7D graph coinmarketcap 8ETH 7D graph coinmarketcap 8
Source: CoinMarketcap

Lately, there has been a battle between buyers and sellers for Ethereum’s price, with buyers looking to surpass the significant resistance level of $2000 and sellers resisting. 

Ethereum’s upcoming upgrade, the Shanghai upgrade, is set to launch on April 12, 2023, and is expected to significantly impact the cryptocurrency’s price, potentially pushing it above $2000.

According to the data from CoinMarketCap, Bitcoin is currently trading at $28,044.81, with a 1.02% growth over the past seven days but a 1.73% decrease in the past 24 hours. While ETH is trading at $1,786.93, experiencing an increase in the last seven days and a 2.03% decrease in 24 hours.

Ezoicreport this ad

UK banks are turning away crypto clients: Report

https://cointelegraph.com/news/uk-banks-are-turning-away-crypto-clients-report

Crypto companies are facing difficulties accessing banking services in the United Kingdom, according to multiple sources interviewed by Bloomberg. The few banks still working with crypto firms are requesting more documentation and information about how they monitor client’s transactions.

Challenges include having applications rejected, accounts frozen, and being overwhelmed with paperwork. Crypto companies have even complained to the government of Prime Minister Rishi Sunak, as the situation worsened in the past weeks. The move goes in the opposite direction of Sunak’s plans to prioritize financial technology disruption and make the UK a global crypto hub.

“The UK banking reaction has been more acute than the EU one,” Tom Duff-Gordon, vice president of international policy at Coinbase told Bloomberg. According to Duff-Gordon, the European Union’s efforts to establish a framework for digital assets are making banks more receptive to crypto firms in other countries. The European parliamentary committee passed the Markets in Crypto Assets (MiCA) legislation in October 2022, nearly two years after it was first introduced in September 2020. Its final vote is scheduled for this month.

So far in 2023, venture capital investment in digital asset companies reportedly dropped 94% to $55 million in the UK, according to data from PitchBook, against a 31% increase in other countries in Europe. Crypto companies are turning to payment service providers such as BCB Payments and Stripe to maintain business operations in the UK.

Related: US crackdown will push crypto ‘center of gravity’ to Hong Kong: Kaiko CEO

Earlier in March, the HSBC Holdings and Nationwide Building Society banned cryptocurrency purchases via credit cards for retail customers, joining a growing list of banks in the country to tighten restrictions on digital assets. 

Also in March, the self-regulatory trade association CryptoUK proposed the creation of a “white list” of registered firms in the country to address banks limiting or banning transactions to crypto companies. “Many of the major UK banks have now put in place bans or restrictions, and we are concerned that other banks and Payment Services Providers (PSP’s) may also soon follow suit,” said CryptoUK. “We believe that government action is now warranted.”

Similar to the United States, authorities in the UK are tightening regulations on crypto companies. The Financial Conduct Authority proposed in February a set of rules that could subject executives of crypto firms to two years in prison if they don’t meet certain conditions related to promotion.

Hodler’s Digest: FTX EU opens withdrawal, Elon Musk calls for AI halt, and Binance news

Crypto prices steady, Arbitrum DAO drama and what’s coming down the line in markets

https://www.theblock.co/post/224434/crypto-prices-steady-arbirtrumdao-drama-whats-coming-markets?utm_source=rss&utm_medium=rss

Crypto prices shrugged off the Commodity Futures Trading Commission’s case against Binance early in the week as bitcoin clocked its best quarter since 2021.

Bitcoin was trading at $28,200, up about 2.6% over the past week, according to Coinbase data via TradingView. The first quarter of the year saw bitcoin jump more than 70% as risk assets rallied, leading to its best quarter since the first of 2021. 

Binance and CEO Changpeng Zhao are being sued by the CFTC for allegedly violating federal laws and not registering the exchange in the U.S. The regulator’s move caused crypto prices to dip at the top of the week before shrugging off the news. The BNB coin fell about 3% to $314 over the past week.

Ether was up about 3.2% over the past seven days, trading around $1,800. Ripple’s XRP added around 18% following news from its case with the SEC, although a verdict is still some time off. Cardano’s ADA added over 8%, and dogecoin jumped 7.5% in the same period.

DAO-rama

The price of ARB fell to $1.18, down 7.2% over the past 24 hours, according to data via CoinGecko.

The drop followed the news that the Arbitrum Foundation had begun selling ARB tokens for stablecoins before the community had formally ratified its budget. 

 
"The Arbitrum Foundation set aside nearly $1 billion worth of ARB tokens and utilized some of it before its governance proposal was ratified without disclosing how the tokens were utilized," Eden Au, a research director at The Block Research, said.
 
This left the community to speculate whether the foundation had sold some of its tokens before voting, he said.
 
Arbitrum’s long-awaited airdrop went live on March 23 with governance tokens given to users of the Ethereum Layer 2 scaling solution. Over one billion ARB tokens were allocated to nearly 300,000 wallets, creating a decentralized autonomous organization, the ArbitrumDAO. 

What’s coming up

With the first quarter of 2023 over and done with, several key economic indicators lie ahead in April for the U.S. Traders and the Fed will keenly watch next Friday’s U.S. jobs report. Any signs of a softening labor market could impact interest rate expectations. 

Inflation data for March on April 12 will also prove pivotal to any potential Fed pivots or pauses. An advanced estimate of first-quarter GDP will be released on April 27. 

There’s no Fed decision in April, with the next FOMC interest rate decision expected on May 3. The CME’s FedWatch tool shows markets are split on whether the Fed will pause or increase by 25 basis points again. 

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Binance, CZ, BitBoy Crypto Dragged Into New $1 Billion Lawsuit

https://beincrypto.com/binance-cz-bitboy-crypto-1b-lawsuit/

It is raining lawsuits for Binance as the cryptocurrency exchange has been dragged into a new class action lawsuit seeking $1 billion in damages.

According to a Fortune report, Moscowitz Law Firm and Boies Schiller Flexner filed a class action lawsuit against Binance, its CEO Changpeng ‘CZ’ Zhao, and three crypto influencers — basketball star Jimmy Butler, Graham Stephan, and Ben Armstrong’ Bitboy.’

Binance Accused of Listing Unregistered Securities

According to the report, Binance listed unregistered securities as cryptocurrencies and paid social media influencers to promote these assets. The law firms claim they investigated the crypto exchange for over a year before filing the lawsuit.

One of the cryptocurrencies considered unregistered security in the case is the Binance token BNB. The filing argued that the BNB burn program makes the asset an unregistered security because it reduces the coin’s supply to boost its value.

The lawsuit is filed on behalf of three plaintiffs — two Florida residents and a person from California — who said they lost money while trading digital assets promoted by Binance and the influencers. The complaints suggested the case could have millions of people eligible for damages.

Speaking about the case, Adam Moskowitz of Moskowitz Law Firm reportedly said:

“The statute clearly states that if an influencer is promoting an unregistered security, and has a financial interest in doing so, the influencer may be liable to everyone who bought the assets. The exchange that facilitates the trades would be liable as well.”

Binance was yet to respond to BeInCrypto’s request for comment at the time of writing.

Meanwhile, this is not the first time the law firm has filed a class action lawsuit against a crypto firm. Moskowitz filed a similar lawsuit against bankrupt crypto exchange FTX and its promoters like Thomas Brady, Kevin O’Leary, and others. The firm also filed another case against bankrupt crypto lender Voyager, alleging that its Earn Program account constituted the sale of unregistered securities.

Binance Rising Legal Troubles

The timing of this lawsuit further puts more legal pressure on Binance. The Commodities Futures Trading Commission (CFTC) recently sued the exchange and CZ for violating derivative trading laws.

Besides that, there are reports that the US Department of Justice is investigating the exchange and its founder.

Meanwhile, Binance said it would cooperate with the regulators and has enjoyed the support of the broader crypto community. The exchange is the largest crypto exchange by trading volume and controls over 70% of the market, according to BeInCrypto data.

Binance Trading Volume (Source: BeInCrypto)

The post Binance, CZ, BitBoy Crypto Dragged Into New $1 Billion Lawsuit appeared first on BeInCrypto.

Blockchainreporter: A Glimse of Most Read Crypto News in March

https://blockchainreporter.net/blockchainreporter-a-glimse-of-most-read-crypto-news-in-march/

March 2023 has been a month witnessing extreme regulatory conditions along with increased hacking activities in the crypto sector. Nonetheless, some positive developments have also attempted to stabilize and further advance this burgeoning space. Meta’s endeavours to launch a dApp for social networking, NEAR Protocol’s collaboration with Google Cloud, and Bitcoin’s increasing confidence are the chief events of this month. These and some other significant developments have been discussed below.

Meta to Establish a Decentralized Application for Social Networking

Meta, the top social media giant, is attempting to outcompete its well-known competitor Twitter by creating a dApp. As per a Meta spokesperson, the app will offer social networking and sharing text updates. The spokesperson said that the creators as well as the public figures will be able to instantly share their interest-related updates. A decentralized social network protocol named ActivityPub will also be compatible with the respective dApp.

Meta

HSBC Holdings Plc’s UK Subsidiary to Acquire Silicon Valley Bank UK

HSBC Holdings Plc, a popular banking solutions provider, has declared the acquisition of Silicon Valley Bank UK Limited by its UK-based subsidiary for nearly £1. According to HSBC, the liabilities as well as the assets belonging to the parent entities of SVB UK are not a part of the transaction. The platform confirmed leveraging the existing resources for the completion of the acquisition contract.

Noel Quinn, the CEO of HSBC Group mentioned that the acquisition contract reinforces the commercial banking section of the platform. In addition to this, the CEO thinks that the move is significant in improving the ability of the firm to provide rapidly expanding and innovative forums.

Coinbase Confronts SEC’s Enforcement Actions by Filing Amicus Brief

Amid the uncertain market conditions of the crypto industry, the recent strict regulatory enforcements have been quite challenging. The US regulators have been attempting to hunt down the crypto platforms. Coinbase has not been an exception in this respect. The Securities and Exchange Commission (SEC), in its insider trading lawsuit against Coinbase, accused the crypto exchange of offering unregistered securities.

Nonetheless, the platform filed an amicus brief and stated that the regulatory agency focuses more on enforcing regulations. Nonetheless, there is a requirement for making adequate and clear rules along with proper guidance on what securities are. Apart from that, the platform is endeavouring to be a part of the crypto-related securities market.

NEAR Protocol Collaborates with Google Cloud to Enhance Web3 Adoption

The prominent decentralized application (dApp) platform NEAR Protocol recently collaborated with Google Cloud to add to the worldwide Web3 adoption. Drew Gorton, the Head of Developer Relations at NEAR, pointed out that the platform develops infrastructure services with the use of Google Cloud.

As per the executive, the project is important to drive a broad-ranged adoption of the Web3 sector. Another purpose of this move is to bring more people from Web2 to the Web3 zone. In addition to this, NEAR Protocol is also developing a sharding mechanism to contribute to the ongoing adoption of the platform. This will offer convenience to developers in the creation of usable products.

BitKeep Refunds 11,090 Wallets to Cover the APK Exploit

The famous multichain crypto wallet BitKeep has recently declared having completely compensated consumers who were impacted by the exploit of up to $8M. The platform revealed that up to 11,090 impacted wallets have obtained complete reimbursement. Moreover, with a $30M investment taken from Bitget (a crypto derivatives exchange), the firm plans to be rebranded as Bitget Wallet.

With this, BitKeep will be permitted to access the $300M Bitget User Protection Fund to deal with any likely security threats. The platform has initiated the rebranding procedure to develop a comparatively reliable identity within the ecosystem of Bitget. Nonetheless, BitKeep will keep running as an autonomous entity.

Bitcoin Aims at $30,000 Spot as Market Confidence Enhances

The primary crypto Bitcoin (BTC) reached $29,170 with an increase of 72% during 2 years, though it is currently trading around $28,695 after a slight correction. This huge increase has taken place amid regulatory uncertainty as well as the crisis in the banking market. In such a scenario, many people consider Bitcoin’s upsurge surprising. A lawsuit has recently been filed by the Commodity Futures Trading Commission (CFTC) against Binance and its CEO.

In addition to this, relevant legal measures are also being taken by the regulator against the top crypto exchange. Beaxy (another crypto trading company) has terminated its activities in response to the lawsuit submitted by the SEC. Despite such pessimistic events, Bitcoin’s continuous price rise ignites speculations. However, analysts think BTC cannot move beyond the $30,000 spot anytime soon.

OKX Integrates Alchemy Pay’s Fiat Onramp Solution

The well-known crypto exchange platform OKX has integrated the fiat on-ramp facility provided by Alchemy Pay. The service has compatibility with deposits performed with Visa, Mastercard, as well as other prominent mobile wallets that support fiat currencies. Alchemy Pay has announced that its onramp solution will offer matchless and convenient services for crypto and fiat currencies.

okx

FTX Founder to File a Not-Guilty Plea against the Allegations of Campaign Finance and Bribery

Sam Bankman-Fried, the founder of the infamous collapsed crypto exchange FTX is reported to file a not-guilty plea to some latest criminal allegations raised against him. The new charges against him take into account conspiracy to infringe campaign finance-related laws as well as bribing the Chinese authorities. Formerly, the FTX founder submitted a not-guilty plea against the 8 allegations related to conspiracy and fraud. The respective allegations included the misappropriation of several billion in consumer funds to cover the losses faced by Alameda Research.

As per the people acquainted with the issue, the latest filed charges have increased pressure on Bankman-Fried. As a result of the respective allegations, prolonged imprisonment can be experienced by the FTX founder if the court finds him guilty. The latter part of February witnessed the addition of twelve more charges against Bankman-Fried. The accusations regarding the infringement of bribery laws say that he allegedly offered $40M to the authorities in China to access $1B in frozen crypto assets existing in Alameda-based accounts.

Stellar (XLM) Price Prediction 2025-30: Will XLM shake off its bearish ways?

https://ambcrypto.com/stellar-xlm-price-prediction-27/

Disclaimer: The datasets shared in the following article have been compiled from a set of online resources and do not reflect AMBCrypto’s own research on the subject.  

Stellar Lumens (XLM) had been trading within a bearish range since mid-January, but has recently broken out of it. This shifted XLM’s bias from bearish at range highs to strongly bullish. In the event of a pullback, bulls will have a good buying opportunity in the $0.096-$0.099 range. This was the unbroken resistance that had lasted since November. If XLM’s pullback fell below $0.09, a drop below $0.096 would be required to shift the bias back towards bearish.

Early this month, Brazil’s central bank launched the pilot for its experimental central bank digital currency (CBDC). The test for Brazilian CBDC, Digital Real, is taking place on the Stellar blockchain network. 

Soon thereafter, Pendulum announced the release of the Spacewalk bridge that connects the Polkadot infrastructure to Stellar’s blockchain so Polkadot can access fiat and stablecoin currencies. The Spacewalk bridge will allow Polkadot to access the entire infrastructure created by Stellar, especially that related to cross-border payments.

The trust of large institutions in the Stellar network is a primary reason for its strong market presence.  


Read Price Prediction for Stellar (XLM) 2023-24


Stellar is today one of the best platforms for facilitating faster and easier international financial transactions. It is based on a decentralized on-chain protocol. Stellar users trade in Lumens (XLM) which is the platform’s native cryptocurrency.

Another important feature of Stellar is that individuals are more interested in Stellar than organizations, as it is a platform for small-amount payments. It is gaining popularity due to its simple user interface.

Stellar enables real-time transactions to occur anywhere in the world in as little as five seconds. A new smart contracts platform called Soroban has released its second preview. The upgrade intends to increase platform developer friendliness, scalability, and sensibility.

Last year, Ethereum transitioned from the proof-of-work (PoS) to proof-of-stake (PoS) consensus mechanism following the Merge. A major reason for this step was claimed to be the adoption of eco-friendly processes. In this regard, Stellar is very promising, as it has a smaller carbon footprint. Its authentication cycle is also fast, keeping energy use to a minimum. 

Acting as a decentralized currency exchange, Stellar helps you track all of your assets with an order book. You can sell, buy and manage all of your assets here, with XLM acting as an intermediate currency for paying transaction fees. The currency is very useful for the users because it helps you reduce transaction costs. 

Transactions on the Stellar platform are performed swiftly due to the ease of Lumens. The currency not only makes transactions seamless for the sender and the recipient but also ensures that transactions are secure. 

Jed McCaleb, Co-founder, and CTO of Stellar said in an interview with CoinMarketCap that XLM is used in a fundamental way for the network.

“Maybe that affects the price, maybe price is a secondary indicator of how useful the underlying protocol is in some way… But I think that the trend is there: that where price and utility can come into play.”

XLM is listed on a number of crypto exchanges including Binance, eToro, Huobi Global, CoinTiger, FTX, and OKEx. This shows that the currency is an increasingly accepted choice of investors now. 

A total of 100 billion XLMs were issued when the Stellar network was launched in 2015. In 2019, the group announced that it was burning over half of the cryptocurrency’s supply. Stellar mentions on its website that currently, there are around 50 billion XLMs in existence; 20 billion XLMs are in circulation and 30 billion XLMs are retained by the Stellar Development Foundation for project development. Nothing more will be created.

Why these projections matter

Where Stellar trumps other financial platforms is its low transaction fees, which have drawn a huge number of cryptocurrency users to it. It is one of the few blockchain networks that has been successful in collaborating with large tech corporations, such as Deloitte and IBM. Stellar, in partnership with IBM, launched a project that enables FinTech to engage in financial transactions using assets such as stablecoins.

It must be noted that Stellar is one of the large corporations that are operating in the cryptocurrency market. It is one of the most centralized cryptocurrency networks active on the internet. While the Stellar network uses decentralized nodes, it doesn’t have that many validators. Such an infrastructure gives the group a lot of control over the operations and price movement of XLM.

In 2016, Deloitte announced a partnership with Stellar, along with four other blockchain networks, to provide new technological capabilities to its global financial institution client base.

In June 2018, Fortune reported that New York financial regulators approved Stellar Lumens to trade on the Bit exchange, the first time the state’s authorities have given it the green light.

In October 2021, IBM partnered with Stellar to facilitate cross-border payments by banks. The system uses XLM as a bridge currency for transactions and it has been successful in the South Pacific region. 

The same year, Moneygram announced a partnership with Stellar. Its integration with Stellar facilitates the conversion of the USDC stablecoin into cash and vice versa. The facility aims to encourage the liquidity of cryptocurrencies and the integration of traditional and cryptocurrency markets.  

In October 2021,  Flutterwave, a global payments technology company, also announced two new remittance corridors between Europe and Africa on the Stellar network. The step is a major step in Stellar’s expansion in the global market. 

It also succeeded in receiving certification from the Islamic scholars of Bahrain in 2018, aiming to integrate the technology into the field of sharia-compliant financial products, reported Reuters. 

“We have been looking to work with companies that facilitate remittances, including in the United Arab Emirates, Saudi Arabia, and Bahrain. It’s a huge market,” said Lisa Nestor, the then-director of partnerships at Stellar. Since the Middle East and South Asian regions are key areas of growth for the group, where a lot of countries are run on a sharia-compliant system, this is a major success for Stellar.

Developing economies are the focus of the Stellar network in the areas of remittances and loans. It primarily aims to target those who are still not part of the traditional banking system. 

In June 2022, the global platform for modern money movement, Nium, and Stellar announced a partnership to enable payouts to 190 countries. “This integration truly drives home the value that blockchain-powered cross-border payment solutions bring to the current financial system,” said Denelle Dixon, CEO and Executive Director of the Stellar Development Foundation. “At SDF, we are always working to fill up the map and connect the network to more of the globe. Together with Nium, we are thrilled to expand the reach of the Stellar network so significantly.”

Another prominent feature of Stellar is that it gives power to the community to decide what project(s) the blockchain should focus on. 

We will now briefly give an overview of the key performance indicators of XLM, such as price and market capitalization. We will then summarize what the world’s leading crypto-analysts have to say about the future of this currency, along with its Fear & Greed Index.

XLM’s Price, Market Cap, and everything in between

XLM’s price has hiked significantly over the last few years. Back in 2018-2019, it kept falling below its previous ATH of around $0.93 (recorded in early January 2018). It was only in 2021 that its price again rose, hitting a price level of over $0.7 around mid-May. However, as the cryptocurrency market collapsed in the second quarter of 2022, XLM went into a bearish dive.

At press time, XLM was changing hands at $0.1090, with a market cap of $2,933,706,618.

Source: XLM/USD, TradingView

The market capitalization of the cryptocurrency follows its price trends throughout. In early January 2018, it was nearly $9 billion, and it skyrocketed to as high as $16.5 billion (May 2021) during the crypto-boom of 2021. In fact, it was performing fairly well in 2022 too, until the market crashed during the year’s second quarter. 

Stellar has seen many growth spurts over the past few years, such as when Mercado Bitcoin announced its use of the platform. In less than a year, Stellar housed almost 3 million user accounts. Since that time, however, Stellar has built a network of partners that includes Flutterwave and MoneyGram.

Lumen’s 2025 Prediction

A Changelly blogpost says that many experts have observed the prices and fluctuations of Lumens over the years and concluded that the currency could hit as high as $0.309969 and as low as $0.259974 in 2025. Its average price will remain around $0.259974 in the said year.

Telegaon is very bullish in its assessment of XLM’s performance. It writes that the average price of XLM can be around $2.96 by 2025 if current growth continues. Its maximum price could be up to $3.53, while its minimum price can go down up to $1.32. 

As per DigitalCoinPrice, XLM’s price could reach as high as $0.36 and as low as $0.31 in 2025. Its average price in the year is going to be $0.38.

Lumens’ 2030 Predictions 

The aforementioned Changelly blogpost predicts the maximum and minimum prices of XLM in 2030 to be $2.12 and $1.74 respectively. Its average price in the year will be $1.79.

Telegaon remains very bullish in its assessment for 2030 as well. It writes that the currency could reach as high as $31.02 and as low as $23.31. It predicts XLM’s average price to be around $25.62.

As per DigitalCoinPrice, XLM’s average price in 2030 is going to be $1.1, with its maximum and minimum prices being $1.11 and $1.04.

Conclusion

Stellar has, time and again, stressed its role in increasing financial inclusion across the globe. In particular, it focuses on working towards better microfinance management. Today, it operates in association with a number of financial institutions across the globe, shaping the future of a financial system that is welcoming to cryptocurrency. 

Any financial institution can integrate with Stellar and avoid the hassle of building its own payment gateway. This integration connects these global players in such a way that interoperability and communication among different systems are seamless. 

A significant accomplishment of Stellar is the integration of the global financial system while cutting fees. Stellar has a sizable user base, which is not surprising given that it has become a crucial tool for enabling economic empowerment. 

The Stellar network is considered a rival to the Ripple network. While Ripple helps banks make fund transfers, Stellar helps individuals outside the banking system make fund transfers. Its simple, swift and economical process has made it very popular among users across several developed countries. 

These developments are certain to boost Stellar’s credibility among the users and raise the price of Lumens. Besides, XLM is one of the most eco-friendly cryptocurrencies. Its consensus model is faster than both PoS and PoW, making it the preferred choice of many investors. 

The unique features of Stellar such as strategic partnerships and convenience, make XLM one of the most reliable crypto investments. Its growth as a payments network will be the most important factor influencing the future of XLM. 

Despite being embroiled in a legal dispute with the Securities and Exchange Commission (SEC), Stellar’s Lumens coin is a major cryptocurrency to wager on.

In June 2022, the system upgraded Protocol 19, building payment channels and key recovery channels. Stellar is also working on the Project Jump Cannon to facilitate a robust execution environment for smart contracts. 

In 2022 itself, many crypto exchanges such as WhiteBIT, CoinMe, and Mercado Bitcoin enabled USD-backed stablecoin transactions, increasing the access to USDC on Stellar.  

Coinbase Wallet announced in November 2022 that it will no longer support the XLM token, along with BCH, ETC, XRP, effective 5 December. Coinbase cited “low usage” as a reason for delisting the four coins.

The SDF has also established a $100 million fund to encourage developers to create applications for the Soroban smart contract platform. Soroban adds Turing-complete smart contracts to the Stellar blockchain, allowing developers to create new financial services rails on the network.

The Stellar Community Fund (SCF) has announced that 21 projects will receive funds as part of its 11th round. The required funding for the winning projects will be given to them in XLM tokens. The grants total more than 13 million XLM for the entire round.

South Korea’s leading cryptocurrency exchange, Upbit, announced the temporary suspension of deposits and withdrawals of the Stellar network’s native token, XLM, and other assets on the network. Upbit stated that the event was caused by the need for maintenance of the Stellar network and the wallets in it.

In March 2022, Stellar stated in its blog that it will launch Project Jump Cannon, an E&D venture to introduce native smart contracts for its blockchain. The same month, it also introduced the Starbridge project that would create bridges between Stellar and other blockchains, enabling interoperability. 

Since December 2022, the Stellar network has been working with the United Nations High Commissioner for Refugees (UNHCR) to provide its blockchain payment solutions to those affected by the war in Ukraine. 

In January 2023, Stellar (XLM) announced its decision to join the U.S. Commodity Futures Trading Commission (CFTC) Global Markets Advisory Committee (GMAC). It is important to note that the committee is composed of a diverse group of members with backgrounds in both traditional finance and cryptocurrency. As a result, Stellar’s (XLM) unique perspective on Layer 1 protocols may not carry the same weight as that of more established players in the space.

If Stellar continues to adopt more of such innovations and succeeds in building a larger community, it can prove to be a significant player in the crypto market. 

The latest Fear & Greed Index projects a ‘neutral’ market sentiment for XLM.

Source: CFGI.io

VeChain (VET) Price Prediction 2025-2030: VET’s future remains uncertain

https://ambcrypto.com/vechain-vet-price-prediction-27/

Disclaimer: The datasets shared in the following article have been compiled from a set of online resources and do not reflect AMBCrypto’s own research on the subject

VeChain (VET) is a blockchain platform that was created to improve supply chain management and business processes. It utilizes a dual-token system, with VET serving as the main currency on the platform and the VeChainThor Energy (VTHO) used to pay for transactions.


Read Price Prediction for VeChain (VET) for 2023-24


VeChain aims to provide a secure and transparent way for businesses to track their products and services, from production to sale. It has partnerships with a number of major companies, including BMW and PwC, and has been used in a variety of industries, including luxury goods, agriculture, and logistics.

VET has seen significant price fluctuations since its launch. In the first half of 2022, it saw a considerable decline in value, going from around $0.08 to as low as $0.02. The second half saw the token ranked 34th, ranging between $0.027 and $0.018.

VeChain is a flexible enterprise-grade L1 smart contract platform. VeChain started out in 2015 as a private consortium chain, collaborating with a variety of businesses to investigate blockchain applications. It helps companies to create decentralized applications (dApps) and carry out transactions with higher levels of security and transparency.

VET’s massive rally on 8 November was triggered by an announcement by the VeChain Foundation. The firm announced VeChainThor’s most significant mainnet hard fork ready for deployment following the successful vote on VIP-220 dubbed the ‘Finality with one Bit’. This milestone upgrade will bring the final phase of VeChain’s proof of authority 2.0 and is expected to take place on 17 November.

VeChain was actively involved in UFC 280, which took place on 22 October, as part of its $100 million multi-year deal with UFC which was announced earlier this year in June.

The sustainability-centric blockchain is currently mulling over a significant Proof of Authority upgrade which will integrate VIP-220 with the VeChain Thor Mainnet.

If approved by all stakeholders’ votes, VeChain will gain finality and bring an end to the trade-off that is choosing between scalability with high throughput or instant finality. The VeChain Foundation stated earlier that this upgrade will make it the “perfect real-world blockchain”

VET investors who were disappointed with a three-month return of -11.5% on their tokens finally got some good news when Binance U.S. revealed that VeChain customers could stake their VET and earn 1% APY rewards in VeThor Tokens (VTHO)

DNV GL, a provider of audit and certification services for ships and offshore structures, partnered with VeChain in January 2018 to provide audits, data collecting, and a digital assurance solution for the food and beverage sector.

Apart from this, PriceWaterhouseCoopers (PwC), a large auditing and consulting business, has teamed up with VeChain since May 2017 to provide its clients with greater product verification and traceability.

Additionally, starting in April 2020, VeChain has been used by H&M, the Luxury Fashion Brand, the second-largest clothes retailer in the world with more than 5000 stores.

However, things are not turning around so well for the token. The price of VeChain dropped to its lowest level in the last twelve months with the outbreak of the Russia-Ukraine 2022 war. As is common with cryptocurrencies, it began to recover the very next day. Many traders are now unsure if it would be wise to invest in this currency at this time as a result of this.

If this trend persists, VeChain might easily reach $1 within the next few years or even more. Anything might happen in the cryptocurrency market, so this is by no means a guarantee. However, VeChain appears to be positioned for long-term growth, and $1 seems like a reachable goal in the foreseeable future.

In fact, data from VeChain Stats revealed a troubling decline in its mainnet activity.

Although there has been a visible spike in activity since the beginning of August, one cannot ignore the difference compared to last year, when the network was seeing over two million clauses a week. Unlike many other cryptocurrencies, VeChain’s price and its mainnet activity started declining at the beginning of 2022. The market-wide sell-off following the collapse of Terra did impact VeChain’s mainnet activity, but as the chart indicates, it has pretty much recovered to pre-bear market levels.

Additionally, data procured by SeeVeChain suggested that VeChain Thor transactions have been on a steady decline too. The daily burn rate of VETHO, the token required for facilitating VET transactions, can be seen consistently falling – a sign of diminishing VET transactions.

However, since the beginning of August, the daily burn rate has been setting higher highs, while moving in a sideways direction. This may suggest recovery and stabilization to some extent.

Source: SeeVechain

VeChain was in the news back in May 2022, when it offered Terra LUNA developers grants of upto $30,000 to migrate their layer 1 chains to VeChain following the collapse of terra.

There was a brief rebound in VET’s price towards the end of the first quarter of 2022. The token surged all the way to $0.089 following the announcement of VeChain’s partnership with Draper University which entailed a fellowship and a Web3 accelerator program. However, May’s market-wide crash sent VET’s price tumbling down to $0.024. The price failed to recover from the bearish trend, despite news of a new partnership with Amazon Web Services and the Q1 financial report from the VeChain Foundation which showed a healthy balance sheet.

In 2020, PwC estimated that blockchain technologies could boost the global GDP by $1.76 trillion by 2030 through improved tracking and tracing. PwC’s economic analysis and industry research showed that tracking and tracing products and services has an economic potential of $962 billion. Investors will be eager to see how PwC’s blockchain partner VeChain benefits from this.

Global market intelligence firm IDC released a report in 2020. According to the same, 10% of the supply chain transactions in Chinese markets will use blockchain by 2025. This could work out in favor of VeChain, with it being the leading blockchain firm catering to supply chain solutions and given its significant presence in China. James Wester, research director at Worldwide Blockchain Strategies IDC, noted:

“This is an important time in the blockchain market as enterprises across markets and industries continue to increase their investment in the technology. The pandemic highlighted the need for more resilient, more transparent supply chains”

According to a report published by ResearchandMarkets.com, the global supply chain management market size is projected to hit $42.46 billion by 2027, with a Compound Annual Growth Rate (CAGR) of 10.4% from 2021 to 2027. Experts have indicated major opportunities for the integration of blockchain technology in supply chain management software in the projected period. As the leading blockchain firm catering to supply chain management, VeChain could stand to gain from this.

It was reported in July that VeChain will be rolling out a solution for luxury brands that often find their cheap knock-offs being illegally sold in the primary and secondary markets.

VeChain will implant its proprietary chipset in luxury products, which will help manufacturers keep track of their inventory and monitor sales in real-time on the blockchain. In addition to that, customers will be able to verify the authenticity of their purchased product using a mobile application. The application would also provide additional info such as carbon emissions associated with their purchase and the story behind their product.

paper published by The Institution of Engineering and Technology outlined blockchain applications for the healthcare industry. The paper explained how start-up companies in this industry were exploring the use of blockchain technology for clinical data management. The paper went on to cite the example of the Mediterranean Hospital in Cyprus, which leveraged E-HCert, a data management application based on VeChain Thor.

On 10 August, VeChain and OrionOne, a global logistics tech firm, announced an integration partnership. The joint venture aims to combine the VeChain ToolChain with Orion’s best-in-class logistics platform to offer clients an efficient and effective pathway to leverage blockchain technology in their business without spending a ton on network infrastructure. Tommy Stephenson, CEO of OrionOne, while speaking on this new partnership remarked:

“When it comes to blockchain and supply chain, there’s only one game in town, and that’s VeChain. No other entity can compete with their low-cost, rapid deployment, and ease of use.”

On 19 August, the VeChain Foundation announced via Twitter that the VeChainThor public testnet had been successfully updated to accommodate VIP-220, also known as the Finality with One Bit (FOB). The update implements a finality gadget that allows the network to run dual modes of consensus, the Nakamoto and Byzantine Fault Tolerance (BFT) consensus, at the same time. This move saved VeChain the trouble of completely replacing its proof-of-authority consensus mechanism. A finality gadget helps blockchains execute transactions optimistically and only commit them after they have been sufficiently validated.

Developers have clarified that FOB has an edge over the existing finality gadgets which follow the view-based model of Byzantine Fault Tolerance (BFT) Algorithms because nodes in FOB are less likely to be affected by network failure.

The update will also help VeChain reduce the complexity of its current proof-of-work consensus protocol, thus minimizing the potential risks caused by unknown implementation bugs, in addition to sustaining the usability and robustness of the network.

Earlier in June, VeChain had described block finality as:

“An indispensable property for a modern blockchain system because it provides an absolute security guarantee for blocks that satisfy certain conditions.”

The VeChain Foundation informed its community on Twitter that from 5 September onwards, the network will be suspending $VEN TO $VET token swaps. The function is expected to resume after the Ethereum network stabilizes following the much-anticipated merge slated for mid-September.

Earlier this month, VeChain announced that it had entered a strategic partnership with TruTrace Technologies, a blockchain development company catering to the legal cannabis, food, apparel, and pharmaceutical industries. The partnership aims to integrate complementary technologies and offer TruTrace’s clients enhanced traceability by leveraging VeChain’s seamless infrastructure.

At press time, VET was trading at $0.02356, up 1.83% over the past 24 hours. The token had a market capitalization of $1,711,420,543, with a 24-hour trading volume of $38,317,014.

Source: VET/USD on TradingView

The price has since, however, dipped back down. More so recently. It is unlikely that the price of VET will go back to what it was trading for before the market-wide sell-off in May 2022.

VeChain Tokenomics

Token minting predates VeChain’s rebranding, thus, figures have been converted from VEN to VET.

VeChain initially minted 100 billion VET which was distributed in the following manner –

  • 22 billion VET were retained by the VeChain Foundation
  • 5 billion VET were given to project team members
  • 23 billion VET went towards enterprise investors
  • 9 billion VET went towards private investors
  • 27.7 billion VET were sold in the crowdsale
  • 13.3 billion VET were burned by the VeChain Foundation as part of the token sale refund process

VET Price Prediction for 2025

Crypto experts at Changelly have projected VET to be worth at least $0.10 in 2025. They believe the maximum it could go to is $0.12.

Data gathered by Nasdaq suggests that the average projection for VET in 2025 is $0.22.

According to data published on Medium, however, the average projection for VET in 2025 is $0.09.


How many VETs can you buy for $1?


VET Price Prediction for 2030

Changelly’s crypto experts have concluded from their analysis that VET should be worth at least $0.64 in 2030. The projection included a maximum price of $0.79.

Data gathered by Currency.com suggests that the average price of VET in 2030 should be $0.38.

The experts at Medium predict VET to be worth an ambitious $1.79 by the end of the decade. Considering the current price, that would amount to a whopping 6200% profit.

Conclusion

It is important to note that increased adoption of VeChain doesn’t necessarily translate to increased demand for VET since the token is primarily used for staking and governance.

VeChain is arguably the only blockchain in the supply chain vertical that has survived the test of time. Rival tokens like Waltonchain and Wabi have seen their market capitalization and volume dramatically diminish over the past few months.

The ongoing supply chain crisis would have been a very good opportunity for VeChain to demonstrate its capabilities but companies all over the world have been resorting to conventional systems rather than exploring an innovative blockchain solution like VeChain. That being said, the supply chain tracking industry is ripe for disruption and VeChain is in a position to dominate the space in the near future.

Critics have speculated that while VeChain’s blockchain may prove useful, the specific nature of its native token’s utility i.e. pertaining to the business world, may become a hindrance to its growth.

VeChain needs to focus on what it’s good at – Enterprise-facing blockchain solutions for logistics and supply chains.

The major factors that will influence VET’s price in the coming years are –

  • Increase in demand for VET through growth in dApp activity
  • Development of VeChain cross-chain
  • Stable economic environment in China
  • New partnerships with companies in the supply chain industry.
  • Development of new use cases for VET

In other news, the Fear and Greed Index was well inside the ‘greed’ zone at the time of writing.

Source: CFGI.io

Terra LUNA Classic [LUNC] Price Prediction 2025-2030: LUNC loses 26% of its value

https://ambcrypto.com/terra-luna-classic-lunc-price-prediction-27/

Disclaimer: The datasets shared in the following article have been compiled from a set of online resources and do not reflect AMBCrypto’s own research on the subject. 

Luna Classic (LUNC), the cryptocurrency behind the now-defunct original Terra blockchain that was destroyed in May 2021, was last trading near $0.0001221, only slightly higher than the $0.000117 lows it hit earlier this month. LUNC has performed poorly, despite other major cryptocurrencies rallying in March. Since the beginning of March, the cryptocurrency has lost approximately 26% of its value.

Following the disasters in 2022, most of Terra’s blockchain development community left, and most analysts see a bleak future for the blockchain’s ecosystem.

It was only last week that the news of Terra co-founder Do Kwon’s arrest reached the crypto community; its price soon fell steeply to $0.0001221. Terra co-founder Do Kwon, who was on the run since the Terra-Luna crisis, was finally arrested in Montenegro on 23 March.

LUNC was at the center of the collapse of the Terra ecosystem in May 2022. The coin has also been severely affected by the collapse of the crypto exchange FTX in November last year. Its market capitalization has dropped from $1.5 billion to $1.0.4 billion since then.

Transactions on the Terra 2.0 blockchain are validated through the proof-of-stake (PoS) consensus mechanism.

The leading cryptocurrency, Ethereum (ETH), has also transitioned from a proof-of-work to a proof-of-stake mechanism. This has only made the competition among PoS blockchains tougher.

The network has 130 validators working at a given point of time. As a PoS platform, it is considered being a very eco-friendly token.

Why do these projections matter?

A stablecoin is intended to safeguard coin holders against the volatility of other cryptocurrencies. It is pegged to either a fiat currency such as USD or to a supporting cryptocurrency. Terra USD (UST) was pegged to Luna Classic (LUNC- then, only LUNA).

This is where the problem began. A cryptocurrency is in no way equivalent to gold reserves. As LUNA prices became destabilized, it adversely affected UST prices too, and the entire stablecoin system collapsed in May 2022.

For the initial few years, LUNC kept performing well. And, it was even among the top 10 cryptocurrencies by market value by the end of 2021.

But the Terra system collapsed in May 2022, leading to a fork. It basically launched a new version of Luna. The Terra Ecosystem Revival Plan 2 was implemented according to which both versions of the Luna token can exist.

Undoubtedly, the future of this cryptocurrency is crucial in determining if a failed crypto can make a comeback and grow.

Well, its performance after the May 2022 debacle has been, so far, less than celebratory.

But if LUNC trades well in the future, it will be a cause of celebration not only for this particular cryptocurrency, but for a lot of other cryptos.

LUNC’s price, volume, and everything in between

Since its launch in 2019, LUNC’s price kept floating around $0.2 and $1.3 until April 2021. When the crypto market boomed in mid-2021, its price increased and touched $100 by the end of the year.

Starting from 2022, it kept oscillating between $50 and $100 and reached an all-time high (ATH) of $119.18 on 5 April 2022. The next month, its price began to fall and the Terra system collapsed in mid-May.

At press time, the coin was trading at $0.000126, with a market cap of $740,110,030.

Source: TradingView

Bloomberg reported in May 2022 that the market lost approximately $45 billion within a week following the Terra collapse. Terraform Labs and its co-founder Do Kwon were fined $78.4 million in corporate and income tax by the Korean National Tax Service.

On 25 May 2022, Bloomberg reported that the network launched a new version of the cryptocurrency, LUNA. The older crypto is now called Luna Classic (LUNC) and the newer one is called Luna 2.0 (LUNA).

Though LUNC, the older cryptocurrency, has not been entirely replaced, a lot of users are moving to LUNA. It should be noted here that LUNC so far has not been performing well at all.

The market capitalization of LUNC similarly reflects the market sentiment regarding crypto. Throughout 2019-20, it didn’t even reach up to $500 million, but began increasing in 2021.

Now, towards the beginning of February, it crossed the $1 billion mark. And, by the end of 2022, it was above $36 billion.

LUNC’s journey kept moving upward the next year too and in April 2022, it crossed $41 billion. But post the crash of May 2022, it oscillated between $300 million and $1.5 billion.

South Korea is now seeking to revoke Kwon’s passport, following which he might be forced to return to South Korea. A request has been passed to the nation’s Foreign Ministry to scrap the travel document, reported Bloomberg. An arrest warrant has already been issued against him and other members.

Recently, Financial Times reported that South Korean prosecutors have reportedly asked Interpol to issue a Red Notice against Kwon. Kwon, however, tweeted that he is not on the run from any interested government agency and added that the company is in full cooperation and doesn’t have anything to hide.

The crypto crisis that followed the collapse of the twin coins, Terra USD and Luna Classic, has adversely affected the entire crypto market. LUNC, in such circumstances, remains particularly vulnerable.

LUNC’s 2025 predictions

Before you read further, you should understand that predictions of different cryptocurrency platforms and analysts widely vary as different analysts rely on different sets of metrics to arrive at their conclusions.

A good number of times, these predictions can go wildly wrong. Besides, nobody can foresee events such as the Chinese crypto ban or the Russia-Ukraine crisis. Let us now have a look at what different analysts have to say about the future of LUNC in 2025.

Telegaon predicts that the minimum and maximum prices of LUNC in 2025 will be $0.0089 and $0.028, respectively.

Other experts, after analyzing the previous performance of LUNC, predict that its average price in the said year will be $0.015.

DigitalCoinPrice predicts that the minimum and maximum prices of LUNC in 2025 are going to be $0.000359 and $0.000444. Its average price in 2025 will be $0.000430.

LUNC’s 2030 predictions

DigitalCoinPrice predicts that the minimum and maximum prices of LUNC in 2030 are going to be $0.00118 and $0.00127. Its average price in 2030 will be $0.00126.

On the other hand, Bitcoin Wisdom predicted that LUNC’s price will keep oscillating between $0.002603 and $0.002834 in 2030. Its average price in the said year will be $0.002719 as per the prediction.

Disclaimer

Now, it’s worth addressing the elephant in the room too. Pre and post-crash projections and opinions on the project have changed significantly over the last few months. This means that there is a lot of uncertainty around. For instance, back in March, Professor Carol Alexander, a member of Finder’s panel of experts, claimed,

“… as its name implies, it could actually go to the moon (for a while).”

On the contrary, there are others who believe,

“There is a lot of uncertainty around LUNA right now –⁠ the project is really ambitious and the objective an admirable one but just what the effect on the LUNA token itself will be is unclear.”

Conclusion

So far, we have provided a succinct summary of LUNA Classic (LUNC). For those of you contemplating investing in cryptocurrency, we would like to reiterate that cryptocurrency predictions cannot be relied upon entirely. And, you should conduct your own research before making an investment in LUNC.

The only thing that can save the coin is token burning, which will raise prices by reducing market oversupply. It was already put to the test in September when Binance and other significant CEXs started burning LUNC tokens, sending the price of LUNC soaring by 60% in just a few hours.

The cryptocurrency market still remains very bearish and is likely to remain volatile for the next few months.

A recent Bloomberg report says that upcoming legislation would ban algorithmic stablecoins such as TerraUSD the collapse of which led to a global crypto crash. The said bill is currently being drafted in the U.S. House. The bill would make it illegal to develop or issue new “endogenously collateralized stablecoins.”

The New York Times interviewed Ethereum co-founder Vitalik Buterin last month who claimed that the Terra Luna team attempted market manipulation in order to boost the value of the native cryptocurrency. He also recalled that many “smart people” had stated that Terra was “fundamentally bad.”

In an interview with Laura Shin on the “Unchained” podcast on 28 October, Kwon claimed that he migrated from South Korea to Singapore before the demise of the Terra environment. He also refuted reports that he is eluding law authorities.

Kwon said,

“Whatever issues existed in Terra’s design, its weakness [in responding] to the cruelty of the markets, it’s my responsibility and my responsibility alone.”

On 5 November, Terra Rebels tweeted that the first round of its lottery game had finally ended, with the winner going away with over 24 million Terra Luna Classic (LUNC). More than 10.5 million LUNC were sent to the burn wallet. As we can see, such efforts are underway in one way or another.

According to a recent third-party audit by JS Held, a New York-based consultancy firm, Luna Foundation Guard (LFG), the entity behind the defunct Terra ecosystem, spent $2.8 billion in crypto trying to defend the peg of algorithmic stablecoin TerraUSD (UST) in May. The audit also claims that Terraform Labs (TFL), the Terra blockchain developer, spent $613 million defending the peg.

Luna Classic has announced that it will re-enable Inter Blockchain Communication (IBC), a protocol to allow the sharing of messages and trading assets with other blockchains. A member of the Terra Classic development team confirmed this on Twitter.

In terms of fundamentals, what may help such a break occur is progress on implementing a proposal that was recently passed by Terra Luna Classic validators. In particular, the community has adopted a plan to re-peg LUNC’s sister stablecoin, USTC.

As the broader cryptocurrency market stabilizes ahead of a busy week of macro events, including a barrage of key US jobs data and a testimony from Fed Chair Jerome Powell before the US Congress, LUNC bulls will be hoping the cryptocurrency can continue to find support above this level.

Industry experts remain apprehensive if LUNC’s price will even reach $1 in a few years. As the latest news of Kwon’s arrests appears, the market fears that more details about the programme may sink its performance further down.   

Dogecoin (DOGE) Price Prediction 2025-2030: DOGE sees 6% rise, extreme fear, and more

https://ambcrypto.com/dogecoin-doge-price-prediction-27/

Disclaimer: The datasets shared in the following article have been compiled from a set of online resources and do not reflect AMBCrypto’s own research on the subject.  

A few events over the last week helped Dogecoin (DOGE) rally, surging by 6% in value. 

Two days ago, the UK branch of global fast-food chain Burger King unexpectedly responded to a post about cryptocurrency payments at Burger King, “We need doge.”

Soon after, Asian stocks rallied after China’s central bank committed to providing more financial assistance to companies, triggering a massive bull wave in all risk assets. The Chinese central bank is once again opening its wallet in order to provide financial assistance to businesses.

Last week, tech billionaire Elon Musk mentioned a “fee for visiting Twitter headquarters,” which should be paid in DOGE, in a tweet. The Twitter boss was responding to user DogeDesigner (@cb_doge), who wanted to visit the head office of this social media platform. 

At the same time, the price of the largest meme token by market cap began rising, possibly as a result of Elon Musk giving it a mention. After this tweet, DOGE’s price rose over 4% to reach $0.0785. At the time of this writing, Dogecoin has dropped slightly, trading at $0.0769.

The crypto industry witnessed around $307 million in liquidations on 9 March within a day of the collapse of the crypto-friendly bank Silvergate Capital (SI). Dogecoin was among the coins, leading the price decline as it fell from $0.0715 to $0.0632. But its performance has recovered with time.

Previously, the whole FTX debacle had also been particularly bad for DOGE, as its price had reached around $0.15, the lowest since the first crypto crash in May 2022 following the Terra stablecoin debacle.

What started as a parody of mainstream cryptocurrency culture quickly gained currency among enthusiasts who had not taken the whole affair very seriously. Dogecoin is now as well-known as Bitcoin (BTC), even among the uninformed. As a result of meme culture, Dogecoin and other meme coins have become immensely powerful.


Read Price Prediction for Dogecoin [DOGE] for 2023-24


In fact, for the greater part of 2022, DOGE/USD performed poorly except for when Elon Musk acquired Twitter. The acquisition raised hopes in the Dogecoin community about increased cryptocurrency usage.

Being Elon Musk’s favorite memecoin at one point, it was counted among the most popular cryptocurrencies. However, the FTX saga was particularly bad for DOGE, as its price had reached around $0.15, the highest since the first crypto crash in May 2022 following the Terra stablecoin debacle.

Since its launch in around 2010, the cryptocurrency industry has come a long way. The vision of the cryptocurrency industry was an on-chain, financial order that would not invite governmental intervention. Needless to say, such a grand plan elicited suspicion and even invited smirks.

Billy Markus and Jackson Palmer, a pair of software engineers, had been observing this trend. who thought that this whole crypto affair was being taken far too seriously. In response, they created a memecoin named Dogecoin in December 2013 to mock crypto maximalists. The memecoin soon became popular across the globe, thanks to it going viral on social media sites such as Reddit.

The token featured an image of an adorable Shiba Inu dog, a rare breed of hunting dog from Japan. Dogecoin went viral on social media platforms such as Reddit, gaining instant popularity worldwide.

Dogecoin soon earned a devoted following. Those who were interested in cryptocurrency but were not too serious about its alleged revolutionary potential were the first to flock to this memecoin. People who liked this breed of Japanese dogs also bought this memecoin. Anyone willing to casually engage with cryptocurrency also participated in the Dogecoin culture.

However, as it gained more traction in the market and its value increased, people began to buy this joke of a cryptocurrency in earnest. Today, it is the 10th largest cryptocurrency by market capitalization, and post the Ethereum Merge, has emerged as the second-largest Proof-of-Work (PoS) cryptocurrency after Bitcoin. In fact, the value and popularity of this memecoin grew so popular that it was the sleeve sponsor for the English football club, Watford F.C. for the 2021-22 season, as reported by The Atlantic.

Thanks to the popularity of Dogecoin, a herd of meme-inspired cryptocurrencies have mushroomed across the globe- Shiba Inu being the most popular among them. Over the years, more than 200 meme coins have been created since the launch of Dogecoin.

Within a few days of its launch, it rose from $0.00026 to $0.00095 in value, recording a significant hike of around 300%. In doing so, it quickly established itself as one of the market’s top-10 cryptocurrencies. Between January and May 2021, DOGE surged by more than 8,600%.

One of the reasons behind such a surge was it being mentioned on social media by tech and entertainment giants such as Elon Musk, Snoop Dogg, and Mark Cuban. On 8 May 2021, it hit an ATH of $0.7376.

As per TradingView, DOGE, at press time, was trading at $0.08346, with a market cap of 11,466,050,585. The eighth-largest cryptocurrency at press time had a 24-hour trading volume of $1,046,729,497.

Source: DOGE/USD, TradingView

A long-term Dogecoin developer Sporklin, now no more, once remarked,

“Dogecoin can be a joke and still be functional… While the branding is frontal jokes and memes, everything under that has been solid from the start.”

What is peculiar to Dogecoin is it is a fascination of the business magnate Elon Musk. Musk even supported Dogecoin on Twitter and once called it a hustle on an SNL episode, significantly pushing its price both times.

However, when the crypto-market crashed in May 2022 and a lot of Dogecoin investors also lost money, an investor named Keith Johnson filed a $258 billion lawsuit against Elon Musk and his companies, SpaceX and Tesla, for allegedly running what he called a “Dogecoin Crypto Pyramid Scheme.” In early September, Reuters reported that the lawsuit now has seven new investor plaintiffs and six new defendants.

So far, DOGE has been used to reward creative users on Reddit, Twitter, and other such networks for good content. People can also get tipped with DOGE in the eponymous online communities where the currency is popular. Another new concept for our readers might be the existence of Dogecoin faucets. A Dogecoin faucet is a website that gives you a Dogecoin for free so that you get introduced to the world of Dogecoins and become an active member of this meme coin community.

Dogecoin has also been used to raise funds for a number of causes. In 2014, the community came together to raise $50,000 worth of Dogecoins to build water wells in Kenya. The same year, a group of enthusiasts raised over $25,000 worth of dogecoins to let the Jamaican bobsleigh team attend the Winter Olympics in Sochi. In 2014 again, the community raised $55,000 worth of Dogecoins to sponsor the Nascar driver Josh Wise. “I can’t thank the dogecoin and Reddit community enough for the support… To the moon!” said Wise.

The growth of Dogecoin over these years has less to do with its infrastructure development and more to do with its strong mining community.

Only recently, Billy Markus, the co-founder of Dogecoin, rejected a $14 million offer to promote Dogechain, the unofficial layer-2 solution for the meme coin. Many believed that the decision reflected Billy’s loyalty to the Doge community. Decentralization is a central marker of this revolutionary financial system and forging an alliance with another group is a possible violation if the latter comes to dominate the system. Keeping the memecoin community fun and independent has been the cornerstone of the belief system underlying the growth of the community.

Today, Dogecoin is as mainstream as Bitcoin and is traded on all the major cryptocurrency exchanges such as Coinbase, Gemini and Binance.

Many prominent members of the blockchain and fintech communities are currently involved with Dogecoin. A foundation was formed in 2014 to support and govern the project but it dissolved over time. It was reinvigorated in 2021 by members of the original core team along with fresh faces and new seasoned advisors ready to grow Dogecoin for the decade ahead.

Its group of directors include Dogecoin founder Billy Markus, core developer Max Keller, Ethereum founder Vitalik Buterin, and Jared Birchall representing Tesla founder Elon Musk. Markus takes care of the community and memes, Keller handles technical aspects of the project, Buterin acts as the crypto-advisor for the foundation, and Birchall provides legal and financial advice.

We can see how a currency that began as a joke has come such a long way that the most prominent members of the crypto community are today leading, advising, and monitoring its development.

Let us explore how this fun cryptocurrency, one that claims to “Do Only Good Everyday,” will perform in the next few years.

Why these projections matter

Dogecoin is the pioneer among all the memecoins active in the market. It is only after the initial success of Dogecoin that other memecoins like Shiba Inu and Monacoin entered the market. In fact, at press time, it was among the market’s top 10 cryptocurrencies.

Dogecoin remains immensely popular among its core fanbase and other crypto-enthusiasts. Currently, its Twitter and Reddit communities have 3.7 million and 2.4 million members. A major reason behind its increasing value has been the support of these online communities.

In January 2021, its price saw a hike of 800% in just 24 hours when a subReddit named r/SatoshiStreetBets began pushing its price to make it the cryptocurrency equivalent of Gamestop. In early April 2021, it rose by 400% after popular crypto-exchange Coinbase went public and Elon Musk tweeted about Dogecoin.


How many DOGEs can you buy for $1?


Before investing in Dogecoin, it is wise that you should be aware of its previous performance, studies and market predictions. It is precisely for this reason that we are providing a summary of most reliable predictions regarding Dogecoin, in addition to the Fear & Greed Index.

Dogecoin’s price, market cap and everything else

The way Dogecoin began as a mockery of Bitcoin and other cryptocurrencies, its performance also broadly mimicked the performance of those currencies. Adverse market conditions towards the end of Q2 in 2022 completely ravished the crypto-market and Dogecoin couldn’t escape its brunt either.

In 2021, it remained one of the best-performing cryptocurrencies, peaking in May with an ATH of $0.7376 and a market cap of over $0.7 billion. Then it quickly began descending. 2022 began with a fairly decent start for the cryptocurrency, with a price of around $0.17 in early January. But since then, it has lost over 60% of its value.

It was in May 2017 that its market capitalization crossed $100 million and by the end of 2017; it crossed $1 billion. During 2018-20, the market cap of Dogecoin couldn’t cross the $1 billion mark. However, come 2021 and like its price, its market cap also kept soaring. In April, it hit $52.65 billion, before reaching the $88.68 billion mark in early May. It ended the year 2021 with a market cap of over $22 billion.

Early 2022 was also fairly blissful for Dogecoin, though not as good as the previous year. In early April 2022, its market cap was $19.84 billion. Alas, since May, the same has been falling from around $17 billion.

What is peculiar to Dogecoin is it being a subject of fascination for business magnate Elon Musk. Musk even supported Dogecoin on Twitter and once called it a hustle on an SNL episode, significantly pushing its price both times.

 

It has also won the support of other celebrities, such as Mark Cuban and Snoop Dogg too. While the former’s NBA team Dallas Mavericks has been accepting Dogecoin as a payment currency, the latter supported Musk in his support for the meme coin on Twitter.

Another distinction between Dogecoin and other cryptocurrencies is that there is absolutely no cap on the number of Dogecoins that can be issued. Its website claims that it “has a diminished inflation rate because it has a fixed yearly issuance of 5 billion coins.”

Dogecoin’s 2025 Predictions 

Investors should understand that different analysts look at different sets of parameters to forecast market metrics. Different analyses can therefore widely vary. We should also remember that unexpected macroeconomic forces such as government regulations and wars cannot be foreseen. Market changes its course wildly during such changes. No prediction is therefore set in stone.

Now, let us see how different analysts have predicted the future of Dogecoin in 2025.

Coin Journal is rather bullish about the future of Dogecoin as it predicts its wider utility as more and more merchants begin accepting it as a mode of payment, raising its price to $1.18. 

A Changelly blogpost mentions that the maximum and minimum prices of DOGE in 2025 will be 0.239 and 0.279. It predicts a potential ROI of 221.8% for DOGE in the said year. 

Benzinga also predicts that the end of 2025 could be the beginning of the next bear market, causing DOGE to consolidate around the $0.20 mark.

Dogecoin’s 2030 Predictions 

Even though predicting market metrics 8 years down the line is very speculative, it is nonetheless helpful to study the predictions of reliable crypto analysts regarding Dogecoin in 2030.

CoinJournal is quite hopeful in its assessment of Dogecoin, predicting that it will be trading at $2.59 in 2030.

A Changelly blogpost predicts that DOGE will be traded for at least $1.5 in 2030, with a possible peak price of $1.81. Its average price is expected to be around $1.55 in 2030.

According to Benzinga, Dogecoin could rise and take new ATHs of $1.30 if it builds a robust network effect and strong community.

Though we must understand that the further we look into the future, the harder it becomes to predict the prices of a currency. It becomes especially challenging in a market as volatile as cryptocurrency.

We must understand that the further we look into the future, the harder it becomes to predict the prices of a currency. It becomes especially challenging in a market as volatile as cryptocurrency.

Experts opine that influencer marketing and promotions will also heat up DOGE’s price. It will also grow at a substantial rate. Features such as zero staking rewards and lack of new use cases will also impact the market.

Here, it’s worth pointing out that perhaps, Dogecoin doesn’t follow the traditional rules of a regular asset since it is a memecoin. Just consider what Panxora Hedge Fund’s Gavin Smith has to say –

“Detractors of the token forget that community is at least as important as uniqueness in the crypto-space.”

There’s the matter of updates too. Ordinarily, people would associate new upgrades and updates with a hike in the crypto’s price. However, has that been the case for DOGE? Well, not quite. In fact, Musk has been more useful as a catalyst. In fact, Finder’s panel seemed to agree with the said proposition.

Source: Finder

Conclusion

The primary factors that affect the performance of Dogecoin are:

  • Impact of Bitcoin on the broader crypto market
  • Support of influential figures such as Elon Musk
  • DOGE’s comparatively lower price
  • Highly decentralized structure.

“Bitcoin Jesus” Roger Ver once famously said that the memecoin is superior and better than the pioneering cryptocurrency – Bitcoin. Now, whether the aforementioned predictions will come true or not depends on a lot of factors, some of which cannot be foreseen. Even so, for an altcoin that began as a joke, Dogecoin has certainly come a long way.

Morgan Creek Capital Management Chief Investment Officer Mark Yusko recently launched a stinging attack on Dogecoin, saying that meme coins don’t have any value. “The speculative nonsense like Dogecoin, why does it even exist,” Yusko asked during a YouTube show with crypto analyst Scott Melker.

Dogecoin was the first memecoin that successfully wedded the financial potential of cryptocurrency with the fandom of meme culture, making it accessible for new crypto users. In addition, celebrity endorsement also added immensely to its popularity. Today, it is counted among the most valued cryptocurrencies.

Elon Musk’s takeover of Twitter has certainly piqued an interest in Dogecoin. In October 2022, Musk introduced a Boring Company fragrance on Twitter, which could be bought with Dogecoin. The announcement had an instant impact as Dogecoin’s price quickly rose. In November 2022, Musk unpacked Twitter 2.0 and outlined several potential changes, including a blank space next to payments. This has led to many people to speculate that a cryptocurrency may be used but there is no certainty so far. 

In October 2022, Google Cloud and Coinbase announced a collaboration for Web 3.0 development projects. Certain customers will be able to pay for these services using cryptocurrencies, such as Dogecoin. We’ll have to wait and see if the decision is implemented and if other companies will follow suit.

Blockchain security firm Halborn released a report on 13 March that highlighted major vulnerabilities known as “Rab13s” plaguing more than 280 blockchains, including Dogecoin. According to Halborn, it was hired to inspect Dogecoin’s code in March 2022, with the project soon patching any vulnerabilities it discovered.

Dogecoin’s Fear and Greed Index stood at the ‘extreme fear’ mark at press time.

Source: CFGI.io

We have seen how the performance of memecoin gets affected by macroeconomic factors, besides the developments in the crypto industry. Investors looking to gain on funds invested in Dogecoin should keep looking for such factors.

USDC Market Cap Dips By $10 Billion In 2 Weeks – Here’s Why

https://www.newsbtc.com/news/usdc-market-cap-dips-by-10-billion-in-2-weeks-heres-why/

USDC has struggled to recover from the negative fallout a few weeks ago after Silicon Valley Bank’s (SVB) collapse. Investors have continued to withdraw their assets from the stablecoin despite assurances from issuer Circle about its reserves. 

USDC Market Cap Plummets By $10 Billion In Two Weeks 

According to data from crypto-data aggregator Coinmarketcap, USDC’s market cap has plummeted by more than 5% in the past month. In the past two weeks alone, more than $10 billion has been wiped out from its market cap. USDC’s troubles were exacerbated by the de-pegging that occurred after SVB’s downfall. Within hours the stablecoin was down 15%, leading to fears that it could follow a similar fate as that of TerraUSD, which collapsed in 2022. 

Related Reading: Crypto ATM Installations Decrease By Over 5,000 In 2023 – Here’s Why

Investors began to withdraw their assets into other cryptocurrencies leading to panic in the crypto market. Exchanges like Binance and Coinbase followed suit by suspending auto conversions of USDC on their platforms. These negative sentiments led to Circle issuing a series of tweets informing holders that their assets were safe. 

Thankfully, the Federal Reserve rescued SVB and provided a bailout fund, ensuring that Circle could access the $3 billion worth of reserves stuck in the defunct bank. Since then, USDC peg has gone back to 1$. Nonetheless, the damage has been done, and investors’ confidence is at an all-time low. 

Tether (USDT): Biggest Winner In The Stablecoin Wars 

Amid the troubles with USDC, the biggest gainer has been the rival stablecoin Tether (USDT). While the USDC market cap has plummeted, USDT has witnessed a massive increase in its market cap in recent weeks. 

The leading stablecoin has seen its market dominance surge above 60% for the first time since 2021, buoyed by the USDC problems. Unsurprisingly, most outflows from USDC were sent to USDT as investors looked to keep their assets safe from potential liquidation. 

USDT market cap has increased significantly in 2weeks. Source: USDT on TradingView.com

USDT has also benefited from the uncertainty behind the rival stablecoin BUSD. Earlier in February, the US Securities and Exchange Commission (SEC) ordered Paxos, the issuer of the Binance-backed stablecoin, to stop minting. This led to a significant decline in the market cap of BUSD, with USDT taking a lion’s share of the volume. 

Related Reading: Cardano Stands Out In Robinhood’s Top Movers List For The Week

Paolo Ardoino, the CTO of Tether, recently said that he expects $700 million in profits for the company for this first quarter. A staggering sum, bringing the USDT issuer’s excess reserves to over $1.6 billion.

Another significant winner is TrueUSD (TUSD), whose market capitalization has doubled since the beginning of the year. Despite these moves, USDC remains the second-largest stablecoin with a market cap of $32 billion at the time of writing. It will be interesting to see if the USDC will recover in the coming weeks and challenge USDT’s position as the top stablecoin. 

Featured Image from Unsplash.com, Charts from Tradingview.com.

Binance Coin (BNB) Price Prediction 2025-2030: Will FUD affect BNB?

https://ambcrypto.com/binance-coin-bnb-price-prediction-27/

Disclaimer: The datasets shared in the following article have been compiled from a set of online resources and do not reflect AMBCrypto’s own research on the subject.

Binance Coin (BNB) is a cryptocurrency that was launched in 2017 by Binance, the world’s largest cryptocurrency exchanges. BNB was initially created as a utility token to be used on the Binance platform, but over the years, it has become a popular investment asset in its own right.


Read Price Prediction for Binance Coin (BNB) 2023-24


In the early days of BNB, its price was relatively stable and showed steady, gradual growth. However, in the past year or so, the price of BNB has seen some significant fluctuations.

In late 2020, BNB’s price experienced a significant bull run, reaching an all-time high of nearly $40 in December of that year. This was driven in part by the overall bull market in the cryptocurrency space, as well as a strong demand for BNB as a utility token on the Binance platform.

Binance is a well-established and respected exchange, and BNB is a key component of its ecosystem. BNB is also backed by a number of high-profile partnerships and collaborations, which added to its credibility and appeal. However, the developments of the past few days have tested the token’s resilience to withstand fluctuations in the market. Following the enforcement actions against Binance’s stablecoin partner Paxos earlier this week, BNB tanked more than 10% within 24 hours.

In 2021, Binance and its blockchain network gained popularity, causing the value of BNB to soar. Owning BNB on the Binance Chain grants users access to exclusive token sales and a reduction in trading costs. It can also be used as a community token for dApps on the Binance Chain.

Investors who bought BNB at the start of the year were rewarded with returns of over 1,200% by the end of the year. Binance Chain has since become the native blockchain of BNB, and Binance.US has adopted BNB as its official cryptocurrency.

The launch of the Binance Chain also marked a significant shift for Binance Coin, as all BNB holders were required to participate in a token swap in order to exchange their ERC-20 BNB tokens for the new Binance Chain BNB tokens.

On the other hand, it shouldn’t be forgotten that the exploit on BNB chain-based Ankr protocol on 1 December sent BNB’s price down by almost 5% within a matter of hours. As far as price action is concerned, the bulls attempted to break the key resistance zone at $300 back on 5 December. However, the bulls held their ground. $281 has emerged as a short-term support zone.

BNB has been in the news recently due to its involvement in the hack that was carried out on the bankrupt crypto exchange FTX. The perpetrator swapped thousands of BNB tokens for other cryptos but still holds an estimated $41 million worth of BNB.

The immense volatility in BNB prompted some strategic decisions from Binance CEO Changpeng Zhao, one of them being the top-up of the exchange’s Safe Asset Funds for Users or SAFU. The exchange announced that it will be replenishing this insurance fund, bringing its holdings up to $1 billion.

June 2022 had a yearly low of $183 as a result of this decline. However, it is important to note that on the daily chart, the RSI indicator has not yet risen beyond 50.

The nearest long-term resistance level, at $427, would be reached if the current trend continues.

Late in January 2021, Binance Coin joined the upswing in the cryptocurrency market, rising from $40 to $330 in a single month. BNB’s price dropped in March, trading for a while in the $250 to $300 region, but in April it rose again quickly, reaching an all-time high of $690.93 on May 10.

Consider this – In January 2021, the price of Binance Coin (BNB) was $40. However, 2021 also saw a significant incline in BNB’s price, one that allowed it to hit $690 on the price charts. In fact, this was its highest price level in 2021.

Worth noting, however, that soon after, the latter few months of 2021 saw the wider market fall across the board. Needless to say, the same had a ripple effect on BNB’s price charts as well, with the exchange token hitting new lows.

In the past, Binance Coin (BNB) rose subtly and gradually to rank among the most valuable cryptocurrencies by market cap. Above all, the growth of Binance, the biggest cryptocurrency trading platform, has caused the value of the BNB to rise significantly in recent years.

In recent months, the bear market has caused Binance Coin (BNB) to experience more severe losses. BNB surpassed its all-time high of $690 during the May 2021 bull market. However, the bear market soon began in November and the price plummeted.

When consumers use the BNB on the platform, Binance reimburses them for a large portion of the transaction expenses. BNB has grown in significance as a component of the platform over the past few years. The demand for Binance Coin rises as Binance expands and gains more users, which boosts the coin’s price and forecast.

Binance makes sure that the supply of BNB is routinely lowered as demand rises. Every three months, a specific portion of BNB is destroyed, making Binance Coin deflationary and improving the outlook for BNB going forward.

BNB also functions as a payment method and opens up more opportunities on the Binance platform, including savings, DeFi staking, and liquidity mining via the BNB vault.

It was initially used as an ERC-20 token on the Ethereum (ETH) network before being moved to the Binance network and changing its name to BEP-20.

As the Ethereum Merge has taken place, Binance has been able to manage the transition for its users in an efficient manner.

Binance Coin was initially created in 2017 as a utility token for discounted trading fees. Today, however, its use cases have grown on several cryptocurrency exchanges. BNB can be used to pay transaction fees on many Binance platforms such as Binance.com, Binance DEX, and Binance Chain, besides crypto.com and HTC. Hotel booking sites (e.g. TravelbyBit), SAAS platforms (e.g. Canva), DeFi apps (Moeda) and a large number of platforms accept BNB as a mode of payment.

BNB’s price has fallen as a result of the cryptocurrency market’s sharp bearish shift. One can also argue that the SEC’s issues with Binance took a heavy toll on the price of the altcoin. Even so, expectations remain high.

Finder.com surveyed 54 people recently, with the panel believing that the coin has promising long-term potential. The crypto’s price is expected to hit $781 in 2023. And, although BNB may not be receiving as much attention right now, it routinely ranks among the best-performing currencies in terms of ROI. It is also the fourth-largest crypto in the world.

Late in January 2021, Binance Coin joined the upswing in the cryptocurrency market, rising from $40 to $330 in a single month. BNB’s price dropped in March, trading for a while in the $250 to $300 region, but in April it started to rise again quickly, reaching an all-time high of $690.93 on May 10.

Binance Coin’s price fell as the entire cryptocurrency market collapsed in late May 2021. At about $200, it recovered and rose to about $430, but this upturn was fleeting. BNB fell to about $250 in late June and then fell once more in the middle of July. However, the market began to show signs of recovery later that month, and Binance Coin wasn’t an exception. BNB’s price increased dramatically once more, surpassing $350 in the first half of August.

However, like most cryptos in the market, 2022 wasn’t a good year for the exchange token, with BNB falling on the charts.

Given everything, buying BNB must be a wise decision in the long run, right? Most analysts have positive predictions for BNB. Additionally, the bulk of long-term BNB price projections are upbeat.

Why do these projections matter?

BNB is a cryptocurrency that is native to the world’s biggest cryptocurrency exchange. It is also crucial to the Binance Smart Chain ecosystem. The latter, in fact, is one of Ethereum’s competitors, and it offers substantially higher scalability and lower transaction costs.

The steady increase in the number of traders on Binance also has a positive impact on the price of BNB. The cost of this altcoin had increased, rising from $526.94 in October 2021 to $555.34 at the start of January 2022. It is anticipated to keep expanding as trade activity on the exchange rises as Binance establishes itself as a market leader in the cryptocurrency trading industry.

Its value reached a high point, in part due to the volume of BNB used for decentralized applications (DApps), DeFi, and smart contracts after the launch of Binance Smart Chain. With 44 exciting projects, BSC is the second-largest DeFi platform at the moment. Over 620,000% have been added to the value of Binance Coin between its 2017 introduction and its 2021 peak.

The fact that the exchange has maintained a burning program since the coin’s introduction is just another reason to trust BNB. On April 15, 2021, Binance burned more than 1,099,888 BNB, equal to $595,314,380 worth of tokens. This is Binance’s 15th quarterly BNB burn, and in terms of cash, it was the biggest one yet.

In this article, we’ll quickly review the current activity of the cryptocurrency with a focus on market cap and volume. In conclusion, predictions from the most well-known analysts and platforms will be summarized together with an analysis of the Fear & Greed Index to determine market mood.

BNB’s price, volume, and everything in between

At press time, BNB was trading at $315.6, rising 0.03% in 24 hours. The market cap of the token rose slightly by 0.05%, sitting at 49,755,735,287 at press time. The daily trading volume of the fourth-largest cryptocurrency was poised at $452,124,630.

Source: BNB/USD, TradingView

And as the numbers slowly go up, investors and experts have gone bullish on the token. The managing director of Digital Capital Management, Ben Ritchie, is positive about BNB and predicts that by the end of the year, the crypto will be worth $300. Ritchie also admitted that the viability of Binance’s exchange will determine the destiny of BNB. Going on to say that the asset has the potential to be a deflationary one, he added,

“The price of BNB also follows the demand and supply. BNB introduced a burn mechanism in every transaction fee and conducted quarterly burns, making it a deflationary asset. Since the BNB chain ecosystem continues to grow, the price may reach as high as $3,000 in 2030.”

At the time of writing, the price of Binance Coin was below the 200-day simple moving average (SMA). Since 20 January 2022, the 200-day SMA has been indicating SELL for the previous 212 days. Since 16 July 2022, when Binance Coin’s price fell below the 50-day SMA, this indicator has been indicating a SELL signal for the last 55 days.

Let’s now look at what well-known platforms and analysts have to say about where they believe BNB will be in 2025 and 2030.

BNB Coin Price Prediction 2025

Changelly, for its part, is very optimistic about the fortunes of Binance Coin. It predicted that the lowest BNB price in 2025 will be $1,122.96, while its highest price will be $1,270.31.

Technologist and futurist Joseph Raczynski too has a bullish outlook. He believes Binance to be the top worldwide exchange. He said,

“While BNB is not decentralized, it still can serve a purpose for fast and cheap transactions. That has a cost though. Binance could change parameters on the token without consensus and they are far more likely to be a single point of failure.”

Crypto-exchange CoinDCX predicts that if the end of the previous year was bullish, the beginning of 2025 might likewise be positive. Thus, the price could initially reclaim its position above $2000 and continue to maintain a strong advance. Consequently, one might try to reach $2500 by the end of 2025.

So, with all these positive predictions, is there a reason to not root for BNB? Well, remember that 2025 is still more than three years from now and Binance has a lot going on with the SEC. The SEC is after Binance, accusing it of issuing BNB as an unregistered security.

However, despite this, the market is quite optimistic. The Co-founder and Vice President of MetaTope, Walker Holmes, does not believe that the SEC will significantly harm the future of BNB. He said,

“We have seen this play out with XRP, ETH, and others. CZ can present a very compelling case. I think this is a question of potential monetary penalties. However, at the time of writing, I do not think Binance is at major risk of being taken down.”

BNB Coin Price Prediction 2030

CEO of Balthazar, John Stefanidis, expressed great optimism about BNB in a study. A BNB value of $3,000 by 2030, in his opinion, is entirely doable. Due to its cutting-edge technology and adherence to international rules, BNB is well-positioned for long-term success. He also emphasized that Binance’s great UX, strong venture team, and great brand are all factors in BNB’s success.

Although BNB is more affordable for many investors, Desmond Marshall, the Director of Rouge Ventures and Rouge International, thinks Binance Coin might overtake Ethereum. According to him, the implementation of the limits will have the greatest impact on the performance of the crypto. Additionally, the trust that the neighborhood has in BNB is a crucial factor in determining future growth.

Now, all these predictions are positive, but one has to be careful. We are talking about 8 years from now and it is worth taking into account the current status of the crypto industry. The prices of BNB and Bitcoin are closely correlated. Fortunately, BNB can be burned on the Binance market, which reduces the number of tokens in circulation and could raise the price of the coin.

The profitability of BNB will be significantly influenced by technological advancements. To enhance the functionality of the blockchain, Binance has several plans to invest in cutting-edge technologies.

Conclusion

Now, it is not that the prediction of the coin is always positive. In light of the coin’s volatility and the fact that it “primarily follows the price gyrations of Bitcoin and has no real-world use,” John Hawkins, a senior lecturer at the University of Canberra, has predicted that BNB’s price will fall to $180 by the end of 2023.

It’s critical to bear in mind that cryptocurrency markets are incredibly unpredictable, making it challenging to provide long-term projections. Worth noting, however, is that the F&G Index was in the ‘neutral’ zone at press time.

Source: CFGI.io

Chainlink (LINK) Price Prediction 2025-2030: Can LINK reach $10 in 2025?

https://ambcrypto.com/chainlink-link-price-prediction-27/

Disclaimer: The datasets shared in the following article have been compiled from a set of online resources and do not reflect AMBCrypto’s own research on the subject

Chainlink (LINK) is a decentralized oracle network that connects smart contracts on blockchain platforms to real-world data. The network enables smart contracts to access off-chain resources, such as data from APIs and web pages, which makes it possible for them to interact with the real world. 


Is your portfolio green? Check out the LINK Profit Calculator


Chainlink is used by a wide range of decentralized applications and platforms, including decentralized finance (DeFi) platforms, prediction markets, and gaming dApps. LINK’s popularity has been driven by its use case as a decentralized oracle solution, providing reliable and tamper-proof external data feeds to smart contracts.

In late 2020, LINK’s price experienced a significant bull run, reaching an all-time high of over $20 in December of that year. This was driven in part by the overall bull market in the cryptocurrency space, as well as a strong demand for LINK as a utility token on the Chainlink network. Since then, the price of LINK has come down somewhat, but it has remained relatively stable and continues to be a popular investment asset.

One reason for LINK’s relatively strong performance may be its strong adoption in the cryptocurrency space. The Chainlink network has gained significant traction among developers and users, and it has a number of high-profile partnerships and collaborations. Additionally, LINK has a strong development team and is backed by a number of well-respected investors, which adds to its credibility and appeal.

On 10 November, Chainlink started offering proof of reserve services for troubled crypto exchanges. This feature was launched back in 2020 but has started to gain popularity in the wake of the current unrest in the industry.

Apart from the staking upgrade, Chainlink announced various partnerships over the last week that will increase its adoption. The company announced on 24 October that prices in the Bitizen wallet will be powered by Chainlink price feeds following its integration into Polygon mainnet.

Chainlink also revealed a channel partnership with Tokenomia.pro, a web3 consultancy firm catering to token engineering and smart contract design, among other things.

Chainlink also announced a partnership with international banking network SWIFT, which came as much-needed positive news for its stakeholders.

Speaking at SmartCon22, Chainlink Co-founder Sergey Nazarov unveiled plans to launch staking at the end of 2022, in addition to a new economic model for the Web3 services platform.

On 29 September, SWIFT, the international banking network, announced a collaboration with Chainlink in order to develop a cross-chain interoperability protocol (CCIP) in an initial proof-of-concept (PoC). This move will pave the way for the institutional adoption of Distributed Ledger Technology (DLT).

According to Chainlink’s official website, the transaction value enabled by the network so far is a whopping $7.2 trillion.

Back in 2014, SmartContract.com set out to develop a bridge between external data sources and public blockchains. Ironically, this led to the creation of a centralized oracle system called Chainlink. In 2017, this product was reshaped into what we now know as the Chainlink Network.

Chainlink is the largest oracle project in terms of market cap and total value secured, and a number of crypto-projects associated with it. An oracle is basically software that acts as an intermediary between the on-chain and the real world.

Moreover, Chainlink provides a lot of use cases. Users of Chainlink can operate nodes and make money by managing the blockchain’s infrastructure. The Price Feed Oracle Networks are powered by a number of node operators. The platform integrates more than 100 projects with 700 Oracle networks, giving it access to over a billion data points and protecting over $75 billion.

Source: Chainlink

So, what does this movement mean, and is now a good time to get into LINK? This article will talk about the altcoin ranked twenty-fourth by market capitalization. In fact, it will also touch upon what are the key factors to consider when making a decision on buying into LINK.

Here’s a fun fact from Defi Llama – Chainlink is securing more value than all of its competitors combined. The network has secured more than $14 billion from protocols that rely on its data feeds.

In May 2021, Sergey Nazarov, Co-founder, and CEO of Chainlink disclosed in a podcast that Chainlink is estimated to have 60% of the market share.

A monopoly like this has its cons. For instance, during the Terra collapse, Chainlink caused an $11.2 million loss to the Venus protocol. This was when the latter was unable to access accurate data from Chainlink’s price feed.

In fact, the Chainlink ecosystem boasts some big names like VISA, SWIFT, Google Cloud, etc.

It’s important to note that most of the LINK in circulation is being used for speculation rather than rewarding node operators. This, as expected, raises eyebrows among value investors.

Some believe that Chainlink is creating economic value in the industry by catering to a number of crypto-projects. Alas, that value doesn’t seem to reflect on their native token’s price.

Even so, following Chainlink’s 7 June proposal of the staking update, LINK surged by nearly 20% from $7 all the way up to $9.

The proposed staking update is much anticipated in the crypto space. The update will be beneficial for the token’s value as oracles will be required to stake LINK. This update will also enable community participation, leading to enhanced overall security.

Nazarov clarified that Chainlink does not produce blocks, but “make consensus on hundreds of oracle networks about price data.” He further added that the developer’s team is finally satisfied with the security and scalability of the consensus mechanism and ready to launch staking this year.

The update will also bring additional utility to LINK, beyond facilitating payments to node operators.

Chainlink developers estimate that the proposed staking will yield 5% annually thanks to proceeds from Chainlink’s data feed users and emissions from the treasury reserve. The goal is for treasury emissions to end once Chainlink’s usage grows, leaving all staking rewards to come from fees paid by oracle users.

While speaking at NFT.NYC 2022, Lauren Halstead from Chainlink Labs outlined the spectrum of Chainlink’s use cases using the example of dynamic NFTs. Halstead demonstrated how dynamic NFTs can be updated in real-time with the help of off-chain data gathered by Chainlink.

Interest Protocol, the first fractional reserve banking protocol on the Ethereum blockchain, announced earlier this month that it had entered into a strategic partnership with Chainlink. Chainlink will help Interest Protocol integrate two of its features, namely Chainlink Keepers and Chainlink Proof of Reserve.

On 15 August, Floki Inu announced that they had integrated two products from Chainlink’s suite with their newly launched FlokiFi Locker on BNB Chain and the Ethereum mainnet. In an interview with BSC news, a core team member of Floki said,

“We feel excited to be working with Chainlink to enhance the integrity of the FlokiFi Locker protocol. Chainlink is by far the biggest decentralized oracle solution in the world as well as the best and most reliable.”

On 28 August, Chainlink informed its community on Reddit that the Chainlink Verifiable Random Function (VRF) was being used by more than 350 projects across Avalanche, Ethereum, Fantom, and Polygon, as a source of provably fair randomness for their NFTS, dApps etc. Chainlink VRF is the industry-leading random number generator (RNG) solution for an off-chain solution and smart contracts.

Data from whalestats revealed that LINK is the most widely held token among top Ethereum whales. This information is derived from the data collected from the wallets of the top 5000 Ethereum whales.

According to a report published by Fortune Business Insights, the global Internet of Things (IoT) market is projected to grow at a CAGR of 26.4% annually between 2022 and 2029. Given the rising adoption of blockchain technology in mainstream businesses like banking, logistics ets, we can expect a similar growth rate in cryptocurrencies that enhance IoT-based businesses. Chainlink would be an appropriate example of this.

LINK Price Analysis

At press time, LINK was trading at $7.496, declining 0.77% in the last 24 hours. Moreover, LINK had a market capitalization of $3,873,755,721, putting it in the 19th spot. The token had a 24-hour trading volume of $165,501,446. 

Source: LINK/USD, TradingView

The month of August saw Chainlink closing in on double-digit territory when it set a two-month high of $9.52, before falling to prices that rendered the monthly return negative. This is pretty volatile, compared to the rather calm sideways movement witnessed by LINK’s price in July.

Even with all the volatility, the overall theme for August can be summed up with one word: Bearish.

September, however, was bullish, with October seeing bits of both. As far as November and December are concerned, the less said, the better.

While 2023 began on a positive note, its fortunes were reversed in mid-February. LINK’s most recent downtrend has been fueled by the macroeconomic headwinds faced by the crypto-market at large.

Chainlink’s critics

Eric Wall from Arcane Assets has been rather critical of Chainlink’s activities. In May 2021, he stated that the network is not “crypto-economically secure,” citing the developer’s state and the fact that the model relies on a trusted system.

Zeus Capital has been a vocal critic of Chainlink since 2020 when they published a fifty-nine-page investigative report. One outlining how the network is a fraud, going as far as calling it the “wirecard of crypto.”

CryptoWhale turned up the heat on Chainlink developers in a series of tweets too. It accused the team of running a pump-and-dump scheme. These allegations came following a $1.5 billion LINK sell-off allegedly by Chainlink insiders and developers in June 2021.

LINK Tokenomics

One billion LINK tokens were pre-mined in 2017, following which Chainlink raised $32 million through an initial coin offering (ICO). Thirty percent went to the founders and the project. Thirty-five percent accounted for airdrops and rewards for node operators. The remaining thirty-five percent went towards issuing to investors.

According to Etherscan, the top hundred wallets hold roughly 75% of LINK supply. This doesn’t look so good for a token that’s supposed to be decentralized. Chainlink’s supporters have, however, argued that a certain degree of centralization will help developers to effectively respond to network-threatening events.

Data from Etherscan also revealed Chainlink developers’ addresses consistently dumping their holdings on Binance, something that hasn’t been received well by the community.

One would think that this works out well in favor of decentralization, but most of those tokens have been bought up by whales.

A number of analysts believe that the performance of LINK and ETH is correlated to some extent.

Chainlink’s growth is inherently tied to the growth of smart contracts and blockchain services. Increased adoption of smart contracts translates to an increase in demand for data feeds from oracles.

Chainlink’s utility has attracted cross-chain ventures. Non-Ethereum-based protocols like Polkadot and Solana are building integrations with Chainlink for access to its oracle network.

Chainlink (LINK) Price Prediction 2025

Experts at Changelly concluded from their analysis of LINK’s previous price action that in 2025, the crypto should be worth at least $26.64. The maximum price for LINK, according to them, would be $32.01. Considering its press time price, that would yield a whopping 312% profit.

On the contrary, Finder’s panel of experts has projected a median value of $40 for LINK by December 2025.

Ethereum merging its mainnet and Beacon Chain is expected to affect LINK’s price action, too. In fact, it has also been demonstrated that there’s some correlation between ETH and LINK. ETH rose above $4000 and LINK broke the $50-mark to reach its all-time high last year.

Talking in the context of the Mainnet merge, if ETH should break the $ 10,000 level, then it is likely that LINK will follow suit and touch $100.

In light of new business partnerships, API connection improvements, and Chainlink’s customized services, there are also projections that place a maximum price of $45.75 on LINK by 2025.


Read Chainlink’s (LINK) Price Prediction 2023-24


Chainlink (LINK) Price Prediction 2030

Changelly’s crypto experts have estimated that in 2030, LINK will be trading for at least $182.88, possibly peaking out at $221.4. That would mean a return of 2650%.

Joseph Raczynski, the technologist, and futurist at Thomson Reuters and one of the panelists for Finder, has a rather positive outlook on LINK’s future. He sees the coin worth $100 in 2025 and $500 by 2030.

“Link is pushing the boundary on one of the most important aspects of blockchain technology — connections to other blockchains, databases and ecosystems. Chainlink could be the highway among blockchains, which is a huge key for the industry.”

Justin Chuh, the Senior Trader at Wave Financial, made his own projections for the future of LINK too. He sees the coin at $50 in 2025 and $100 in 2030.

Forrest Przybysz, the Senior Cryptocurrency Investment Analyst at Token Metrics, shared his immensely bullish stance on the token’s future value and projected LINK to be worth $500 by 2025 and $2500 by the end of 2030.

He added,

“LINK has one of the fastest, smoothest growth curves of any cryptocurrency and has a major lead in terms of its competition.”

Conclusion

Chainlink had previously clarified that it would continue operating on the Ethereum blockchain following the Merge to the proof-of-stake (PoS) consensus layer scheduled for next month, rubbishing claims of any association with forked versions of the Ethereum blockchain, including proof-of-work forks.

The major factors that will influence LINK’s price in the coming years are,

  • Timely implementation of Staking update
  • Increased Adoption of WEB 3.0
  • Partnerships with established businesses.

Launched in 2017, Chainlink is fairly new to the industry and its full potential is yet to be determined. On-chain metrics suggest that users are confident about the future of LINK.

While it is true that the service provided by Chainlink pertains to a specific niche, one cannot deny the relevance of said niche and its importance in the future. Oracles essentially cater to all blockchains that utilize smart contracts, making the services of platforms like Chainlink vital for their operations. Companies from both traditional backgrounds and from the crypto space agree that smart contracts hold considerable significance, significance that will only grow in the future.

From an investment point of view, one might compare Chainlink and its token to how a traditional company and its shares function. If the company has a healthy balance sheet and has a meaningful contribution to the economy, then its shares are bound to perform well. The same can be said for Chainlink, because they are the leaders of their sector and their services are essential to several projects, both now and in the future.

The above analogy would not hold true for even a third of the thousands of crypto projects that exist today.

As far as the Fear and Greed Index is concerned, it flashed signs of ‘Neutral.’

Source: CFGI.io

Polygon (MATIC) Price Prediction 2025-2030: Will hard fork spur MATIC’s fortunes

https://ambcrypto.com/polygon-matic-price-prediction-27/

Disclaimer: The datasets shared in the following article have been compiled from a set of online resources and do not reflect AMBCrypto’s own research on the subject

Ethereum’s (ETH) popular scaling solution Polygon (MATIC) has seen a price appreciation of more than 42% since the beginning of 2023. The Polygon network recently underwent a key hard fork, an upgrade that its community had been anticipating. The hard fork addressed the spikes in the network’s gas feed and disruptive chain reorganizations.


Read Price Prediction for Polygon (MATIC) for 2023-24


MATIC’s popularity has been driven by its use case as a Layer 2 scaling solution for Ethereum, providing faster and cheaper transactions and increased scalability to the Ethereum network. This is especially useful for dApps, which often struggle with high transaction fees and slow transaction speeds on Ethereum. Additionally, MATIC has a strong community and developer base, which has helped to drive its adoption and usage.

Unlike other cryptocurrencies with unlimited supply, the supply of MATIC is limited, adding to its scarcity and value. The Polygon team is working towards bringing more users and developers onto the network, and with its focus on performance, user experience, and security, it is well-positioned to play a major role in the growth of the Ethereum ecosystem.

The increase in MATIC’s price can be attributed to the growing popularity of the Ethereum network and the enthusiasm that companies have shown in implementing their Ethereum-based dApps using Polygon. This has made Polygon an attractive investment opportunity for those looking to invest in blockchain technology.

The unique features of Polygon have made it a go-to solution for dApp developers looking to scale their projects, and its growing popularity and adoption are likely to drive the value of MATIC higher in the coming years.

MATIC has seen a price appreciation of more than 28% since the beginning of 2023. However, on the back of the Silvergate crisis and the Biden administration taking many steps to regulate the crypto-sector, MATIC, like the rest of the market, fell down the charts.

The Polygon network recently underwent a key hard fork, an upgrade that its community had been anticipating. The hard fork addressed the spikes in the network’s gas fees and disruptive chain reorganizations.

report published by Blockchain analytics firm Messari showed that the third quarter of 2022 saw a 180% increase in the number of MATIC’s active addresses Q0Q, with total transactions for the quarter coming in at 2 billion.

Additionally, Polygon’s partnership with Warren Buffet-backed Nubank, which was announced last week, is being seen as a positive development for the network.

Popular TV Network SHOWTIME recently announced a collaboration with Polygon and Spotify.

In other news, Polygon informed users that Ethereum’s Merge had dramatically reduced its carbon dioxide emissions.

Polygon Network reached a new milestone on 15 November after the number of unique addresses reached 191.2 million. Data from polygonscan shows that the daily transactions on the Polygon chain took a significant hit following the news of FTX’s bankruptcy. As of 15 November, the total transactions stood at 3.26 million.

Polygon announced a partnership with Nike earlier this week. This joint venture will see the sportswear apparel brand bild it’s web3 experiences exclusively on Polygon.

MATIC’s YTD chart may suggest a buy signal, given that the crypto is currently well above $1, compared to $2.58 towards the beginning of the year. While this may look like a ripe opportunity to beef up MATIC holdings at a discounted price, it is important to look at other factors while making an investment decision.

One possible reason for the decline in the daily volume of MATIC is the Ethereum Merge, which took place on 15 September. The crypto has taken a hit following the Merge event, with both market cap and daily volume on a downtrend.

Polygon recently published an analytical insight into its bridge flow between January and August 2022. A closer look at the numbers revealed that in these eight months, more than $11 billion entered the Polygon ecosystem from multiple chains. Ethereum and Fantom Opera contributed the most with an inflow of $8.2 billion and $1.06 billion, respectively, which also puts it at the top in terms of net volume.

As far as bridges are concerned, Ethereum’s PoS bridge and Plasma bridge accounted for a net volume of $1 billion and $250 million within this time period. Meanwhile, Ethereum’s PoS and Fantom Opera’s Multichain bridge accounted for a combined outflow volume of more than $7.2 billion. Considering all 43 bridge chain pairs, the average volume comes out to be $48 million.

Data from CoinMarketCap showed that at press time, MATIC was trading at $1.1105, up 0.72% in the past 24 hours. The token’s $10,162,803,194 market capitalization makes it the ninth largest crypto in the world. 

Source: MATIC/USD, TradingView

In 2021, MATIC’s price went soaring thanks to the increasing popularity of Ethereum and surging activity in NFTs and play-to-earn games like Axie Infinity. MATIC began the year at a humble $0.018 and a market cap of $81 million. By the end of the year, MATIC’s market cap hit a whopping $20 billion, with the altcoin touching its all-time high of $2.92 on 27 December.

On 12 May 2021, Ethereum co-founder Vitalik Buterin donated crypto worth $1 billion to India’s Covid-19 relief fund set up by Nailwal. This seemingly unrelated event caused MATIC to surge by 145% within the next 48 hours. By 18 May, the token had gone from $1.01 all the way up to $2.45, gaining 240%.

In May 2021, Polygon was in the news after it received backing from billionaire investor Mark Cuban, who revealed plans to integrate his NFT platform Lazy.com with Polygon. Following his investment in Polygon, Cuban claimed that the Polygon Network was “destroying everybody else” at the Defi Summit Virtual Conference in June 2021.

Since the beginning of 2022, Polygon has secured various partnerships, most notably with Adobe’s Behance, Draftkings, and billionaire hedge fund manager Alan Howard for the development of Web3 projects. Polygon boasts partnerships across various industries. Instagram and Polygon have collaborated on NFTs too.

Stripe has launched global crypto pay-outs with Polygon. Fashion brands like Adidas Originals and Prada have launched NFT collections on polygon

Based on gathered adoption metrics, Alchemy has described Polygon to be the best-positioned protocol to drive the booming Web3 ecosystem. Data from Alchemy also showed that at press time, Polygon hosted more than 19,000 decentralized applications (dApps) on its network.

On 27 May 2022, Tether (USDT), the largest stablecoin by market capitalization, announced that it was launching on the Polygon Network. MATIC rose by more than 10% following news of the launch.

Citigroup released a report in April 2022, one in which it described Polygon as the AWS of Web3. The report went on to claim that the Metaverse economy is estimated to be worth a whopping $13 trillion by 2030, with most of it being developed on the Polygon Network. Citigroup also believes that Polygon will see widespread adoption thanks to its low transaction fees and developer-friendly ecosystem.

The Terra network’s collapse in May 2022 triggered an exodus of developers and projects. Polygon soon announced a multi-million dollar, Terra Developers Fund, in a bid to help the migration of anyone looking to switch networks. On 8 July, Polygon Studios CEO Ryan Wyatt tweeted that over 48 Terra projects had migrated to Polygon.

Crypto exchange Coinbase published a report on 8 August 2022 that claimed that the future of Layer 2 scaling solutions could very well be a zero-sum game, hinting that layer 2 solutions like Polygon could overtake Ethereum in terms of economic activity.

On 8 August 2022, blockchain security firm PeckShield reported a rug pull by the Polygon-based play-to-earn game Dragoma, following a sharp decline in the value of its native token DMA. The same has been corroborated by data from Polygonscan which shows a clear surge in token transfers and transfer amount on the day of the alleged rug pull which led to a loss of over $1 million.

In the week following Polygon’s announcement of the Gnosis bridge, MATIC surged more than 18% breaking the crucial resistance at $1 for a brief period. This feature paves the way for Web3 teams like DeFi protocols and DAOs to transfer assets between Ethereum and Polygon, for considerably fewer gas fees without compromising on security.

Numbers from the 32nd edition of PolygonInsights, a weekly report published by Polygon outlining key network metrics, indicated that in spite of dropping down from the $1 mark that MATIC had reclaimed barely a week before, not all was lost. Weekly NFT volume stood at $902 million, a whopping 800% increase from the previous week. Meanwhile, active wallets grew by 75% to 280,000.

In an industry that is often blamed for being energy intensive and harmful to the environment, Polygon has distinguished itself by achieving network carbon neutrality after offloading $400,000 in carbon credits. This nullified the carbon debt accrued by the network. As per the ‘Green Manifesto’ published by Polygon, they now plan to achieve the status of being carbon-negative by the end of 2022. In fact, they have pledged $20 million towards that milestone.

Cercle X, the world’s first decentralized application for waste management solutions, announced on 15 August that it had integrated with Polygon to leverage Web3 to digitize the garbage disposal process by developing a waste management dashboard.

Whale Movement

Source: Santiment

Data from blockchain analytics firm Santiment showed that following the market-wide sell-off triggered by the collapse of Terra, almost 30% of the supply held by top exchange addresses (whales) was taken off of exchanges, the same is corroborated by the visible spike in supply held by non-exchange addresses which indicate that supply held by non-exchange addresses soared all the way to 806 million MATIC.

However, come mid-June, this transfer was reversed, with investors rushing their MATIC holdings into exchanges and non-exchange holdings dropping by 240 million MATIC.

It would be safe to assume that these holdings came from non-exchange addresses as a sharp decline in supply held by them is visible. For over a month the holdings were rather dormant in their respective places, but by the end of July, supply held by top exchange addresses was slashed again, this time by 120 million MATIC. At the same time, non-exchange addresses held a whopping 6.6 billion MATIC.

Latest Stats

On August 30, Polygon released the 34th edition of PolygonInsights, a weekly analytics report where key metrics about the network, dApps and NFTs are published.

With 817,000 weekly active users, the network registered a 14% growth, compared to the 805,000 active users in the previous week. While daily transactions fell by 3%, the overall transactions were 12% cheaper than the week before. The average daily revenue came out to be $45,100.

Numbers in the NFT department were a lot more optimistic. The weekly NFT grew by a whopping 400%, reaching $656 million. The number of new NFT wallets surged by almost 60% with 60,000 new users registering with the network. Mint events and total NFT transactions were the two areas that didn’t see growth, with both numbers declining by 12% and 9% respectively.

dApp stats revealed that Arc8 and SushiSwap were the top two movers in the top 25 protocols. Arc8 registered more than 30,000 new users, a 51% increase from the previous week. SushiSwap on the other hand registered 8200 new users, reflecting a massive 88% increase over the previous week.

Polygon Tokenomics

Polygon has a maximum total supply of 10 billion tokens, out of which 8 billion are currently in circulation. The remaining 2 billion tokens will be unlocked periodically over the next four years and will primarily be disbursed through staking rewards. The initial exchange offering was held on Binance through the Binance Launch Pad to facilitate the sale of 19% of the tokens.

Source: Polygon Forum

Following is the breakdown of the current supply –

  • Polygon Team – 1.6 billion
  • Polygon Foundation – 2.19 billion
  • Binance Launchpad – 1.9 billion
  • Advisors – 400 million
  • Private sale – 380 million
  • Ecosystem – 2.33 billion
  • Staking Rewards – 1.2 billion

Understandably, there are many who are very bullish on MATIC’s future. Some YouTubers, for instance, believe MATIC will soon be worth $10 on the charts. In fact, he claimed that a “glorious” double-digit valuation for the token is inevitable.

“We’ve seen Polygon really picking up in the number of NFTs sold. We can see from July, when we had 50,000 Polygon-based NFTs sold, to now where we have… 1.99 million NFTs sold in the month of December on Polygon on OpenSea. That’s absolutely massive, massive growth for the Polygon ecosystem.”

MATIC Price Prediction 2025

After analyzing the altcoin’s price action, crypto-experts at Changelly concluded that MATIC should be worth at least $3.39 in 2025. They forecasted a maximum price of $3.97 for that year.

According to Telegaon, MATIC should be worth at least $6.93 by 2025, with an average price of $7.18. The maximum price projected by the platform is $9.36.

MATIC Price Prediction for 2030

Changelly’s crypto-experts believe that by the year 2030, MATIC will be trading between $22.74 and $27.07, with an average price of $23.36.

Here, it’s worth pointing out that 2030 is still a long way away. 8 years down the line, the crypto market could be affected by a host of different events and updates, each of which is difficult to ascertain. Ergo, it’s best that predictions like these are taken with a pinch of salt.

On the bright side, however, MATIC’s technicals flashed a BUY signal at the time of writing. It is no wonder then that most are optimistic about the fortunes of the altcoin.

Conclusion

MATIC’s recovery since the market-wide sell-off in May has been impressive, but it is possible that the trend reverses if investors choose to book their profits. Especially given that a lot of them have seen their holdings diminish due to the ongoing crypto-winter and the prospect of living in the green will be tempting.

Speaking at the Korea Blockchain Week 2022, co-founder Sandeep Nailwal suggested that bearish conditions such as the ongoing crypto winter, provide a ‘noise-free’ environment suitable for talent acquisition and marketing. This could mean that Polygon comes out ahead once the trend reverses and the bulls are back in charge of the market.

Crypto experts seem to be divided over the aftermath of the much-anticipated Ethereum merge which is scheduled for next month. Some believe that when ETH 2.0 arrives, it may make scaling solutions redundant – or at least less important.

The other side of experts has argued that the merge will make Ethereum more eco-friendly by reducing energy consumption, and by extension will benefit layer 2 scaling solutions like Polygon by increasing its appeal to investors as environment-friendly crypto. In addition to this, MATIC would also be poised for a surge in value since Ethereum’s merge will have no effect on its controversially high gas fees, effectively advertising Polygon’s use case.

In a blog post on 23 August, The Polygon team addressed the community’s concerns regarding the merge and its impact on the network.

The team assured users that the merge is good news and nothing to worry about. The team went on to explain that while the merge will reduce Ethereum’s energy consumption significantly, it will not have any effect on the gas fees or transaction speed, which is a major problem for the network. “the network depends on Polygon and other Layer 2 solutions to solve for this.” the team added.

The team reiterated that the growth of Ethereum will lead to the growth of Polygon and that the future of both networks is symbiotic.

This statement from the Ethereum Foundation will come as a relief to those worried about the impact of the merge on the polygon network, “The Ethereum ecosystem is firmly aligned that layer 2 scaling is the only way to solve the scalability trilemma while remaining decentralized and secure.”

When ETH 2.0 comes, it may make scaling solutions redundant – or at least less important. The counter to that is Polygon plans to expand to other blockchains and the interoperability capabilities in the future will offset any threat that Ethereum’s Merge presents.

The major factors that will influence MATIC’s price in the coming years are –

  • Successful rollout of zero-knowledge EVMs
  • Expansion to new blockchains
  • Growth in dApps hosted on the network

Predictions are not immune to changing circumstances and will be updated with new developments. Do note, however, that predictions are not a substitute for research and due diligence.

It’s worth pointing out here that as far as social sentiment is concerned, all are on the positive side for Polygon.

Source: IntoTheBlock

The Fear and Greed Index remained steady in the ‘greed’ zone.

Source: CFGI.io

Ethereum (ETH) Price Prediction 2025-2030: ETH balances between bulls and bears

https://ambcrypto.com/ethereum-eth-price-prediction-27/

Disclaimer: The datasets shared in the following article have been compiled from a set of online resources and do not reflect AMBCrypto’s own research on the subject.

Ethereum (ETH), the token that powers the world’s leading smart contracts platform, is balancing precariously $1,800. Ethereum’s price rose dramatically in March, replicating Bitcoin’s performance, before hitting resistance at $1,850.


Read Price Prediction for Ethereum (ETH) 2023-24


ETH, the market’s second-largest token, has been trading between $1,766 and $1,844, indicating an overall bullish trend in the crypto market. The ETH token has recently seen a significant increase in demand as investors flock to the cryptocurrency due to its impressive returns and solid project fundamentals. If $1,800 support holds, ETH’s price could strengthen its bullish outlook over the weekend and move closer to the $2,000 mark.

As we approach the launch of the Shanghai update, this speculation is not improbable. The initial cost of Ethereum in 2022 was $3,722.59. At press time, ETH was trading at $1,827.92.

Source: TradingView

The unpredictability has also been caused by Ethereum’s long-awaited Shanghai upgrade, which is expected to become operational in a few weeks. A short-term sell-off event is expected to follow the update, which will allow stakers to withdraw their vested tokens from Ethereum’s proof-of-stake (PoS) smart contract.

The Ethereum community seems to be supportive of Coinbase’s recently revealed layer-2 network, Base, which has been called a “watershed moment” and a “huge confidence vote” for the blockchain network.

Base, a layer-2 network driven by Optimism and secured on Ethereum, seeks to eventually develop into a network for creating decentralized applications (dApps) on the blockchain. According to Brian Armstrong, CEO of Coinbase, the layer-2 network is now in its testnet phase.

The move is “a massive vote of confidence for Ethereum,” according to Ryan Sean Adams, host of the Bankless Show. This could set a precedent for cryptocurrency businesses and financial institutions to use Ethereum as their preferred settlement layer.

Recently, Vitalik Buterin, the creator of Ethereum, donated $150,000 in ETH to Syrian and Turkish victims. Additionally, the native coin of the Ethereum blockchain, ETH, experienced a significant price drop after whales sold 350,000 ETH tokens.

Parithosh Jayanthi, a developer for the Ethereum Foundation, declared that the “Zhejiang” public testnet will debut on 1 February. In order for validators to prepare for the anticipated modifications for the Shanghai hard fork, the implementation will permit staked Ether withdrawal in a test environment.

According to Diogo Mónica, co-founder and president of Anchorage Digital, a cryptocurrency bank with a market cap of over $3 billion, the Merge’s success transformed Ethereum from “a smart contract platform lagging behind” into “something that was doing things properly.” This is accurate: After the Merge, institutional interest in ETH staking rose, according to Matt Hougan, CIO at Bitwise Asset Management.

As ETH dominance has increased compared to other cryptocurrencies over the past few years, Ether’s bullish setup vs Bitcoin is apparent. Both Bitcoin and Ethereum have consolidated over the week as the broader crypto market continues to enjoy a bullish spell.

The price of Ethereum has lately undergone a significant correction, yet the whales have been purchasing at every decline. The fifth-largest accumulation day in a year was recorded last week as ETH whale activity reached a new level. As the FTX problem developed over this month of November, Ethereum whales have been building up. According to a Santiment report,

“Ethereum’s large key addresses have been growing in number since the #FTX debacle in early November. Pictured are the key moments where shark & whale addresses have accumulated & dumped. The number of 100 to 100k $ETH addresses is at a 20-month high.”

It almost reached the lows during the FTX collapse-driven meltdown of the cryptocurrency market, but it rapidly bounced back and was able to maintain above those levels as well. This strengthens the argument since Ethereum has typically outperformed Bitcoin.

Given everything, buying Ethereum must be a sound investment in the long term, right? Most experts have positive predictions for ETH. Furthermore, the bulk of long-term Ethereum price projections are upbeat.

Why are projections important?

Since Ethereum has seen phenomenal growth in recent years, it is not surprising that investors are placing significant bets on this cryptocurrency. Ethereum gained traction after the price of Bitcoin dropped in 2020, following a protracted period of stagnation in 2018 and 2019.

Interestingly, much of the altcoin market remained idle even after the halving. One of the few that picked up the momentum quickly is Ethereum. Ethereum had increased by 200% from its 2017 highs by the end of 2021.

Ethereum may experience such a spike thanks to several crucial factors. One of these is an upgrade to the Ethereum network, specifically a move to Ethereum 2.0. Another reason is the Ethereum tokenomics debate. With the switch to Ethereum 2.0, ether tokenomics will become even more deflationary. As a result, there won’t be as many tokens on the market to meet increasing demand. The outcome might increase Ethereum’s rising momentum in the future.

In this article, we’ll take a quick look at the cryptocurrency market’s recent performance, paying particular attention to market cap and volume. The most well-known analysts’ and platforms’ predictions will be summarized at the end, along with a look at the Fear & Greed Index to gauge market sentiment.

Ethereum’s price, volume, and everything in between

At press time, ETH was trading at $1819.41, with a market capitalization of $219,362,139,206.

Source: ETH/USD on TradingView

Even though it’s difficult to forecast the price of a volatile cryptocurrency, most experts concur that ETH may once again cross the $4,000 barrier in 2023. And, according to a recent forecast by Bloomberg intelligence analyst Mike McGlone, the price of Ethereum will conclude the year between $4,000 and $4,500.

Additionally, according to a report by Kaiko last year, ETH’s market share of trading volume will reach 50% parity with Bitcoin’s for the first time in 2023.

According to Kaiko, ETH outpaced Bitcoin in July last year as a result of significant inflows into the spot and derivative markets. Most exchanges have seen this surge, which can be an indication of returning investors. Additionally, a rise in average trade size is the exact reverse of what has been seen so far in 2022’s downturn.

In fact, a majority of cryptocurrency influencers are bullish on Ethereum and anticipate it to reach incredible highs.

While the broader Ethereum community was looking forward to the environment-friendly PoS update, a faction emerged in favor of a fork that will retain the energy-intensive PoW model.

The faction was mostly made up of miners who risk losing their investment in expensive mining equipment since the update would render their business model useless. Prominent Chinese miner Chandler Guo stated on Twitter that an ETHPoW is “coming soon”.

At the time, Binance clarified that in the event of a fork which creates a new token, the ETH ticker will be reserved for the Ethereum PoS chain, adding that “withdrawals for the forked token will be supported”. Stablecoin projects Tether and Circle both reiterated their exclusive support for the Ethereum PoS chain after the Merge.

TradingView expressed the same opinion at the time this article was written, and their technical analysis of the Ethereum price indicated that it was a “Buy” signal for ETH.

In fact, PwC’s Crypto-head Henri Arslanian claimed in an edition of First Mover that “Ethereum is the only show in town.” However, investors will need to witness increased demand and functioning for Ether’s price to keep climbing.

According to investor and creator of the cryptocurrency research and media organization Token Metrics Ian Balina, “I think Ethereum can go to $8,000.”

ETH Whale Activity

On 27 March, blockchain analytics firm Santiment revealed that almost 90% of Ethereum’s supply was stored in self-custody addresses. The last time the figure was so high was nearly eight years ago in 2015, shortly after the protocol’s native token saw the light of day. This was happening as users are withdrawing their assets from Binance that is facing CFTC’s investigation. 

This essential all-time low ratio of ETH on exchanges (10.31%) indicated confidence from hodlers.

Data from blockchain analytics firm Santiment shows ETH supply held by the top addresses on crypto exchanges has been on the rise since early June. On the other hand, ETH supply held by the top non-exchange addresses i.e. ETH held in hardware wallets, digital wallets etc. has been declining since early June. But why June? Because it was around that time that a tentative timeline for the Merge was disclosed to the community.

Also, Santiment had tweeted that over the past 3 months, whales had beefed up their exchange holdings by 78%.

So what does this mean? It means that Ethereum whales are moving their ETH onto exchanges. Top ETH hodlers are taking their supply out of cold storage and moving it to exchanges, most likely to facilitate a quick transaction if needed.

In the run up to the merge, a number of exchanges like Coinbase and Binance announced that they will be suspending all ETH and ERC-20 token deposits and withdrawals, in order to ensure a seamless transition.

It is possible that the whales moved their holdings onto exchanges to either preemptively dump their holdings in anticipation of a price slump after the Merge. The other possibility is them waiting till well after the Merge to act on ETH’s price action.

Let’s now look at what well-known platforms and analysts have to say about where they believe Ethereum will be in 2025 and 2030.

Ethereum Price Prediction 2025

According to Changelly, the least expected price of ETH in 2025 is $4,204.12, while the maximum possible price is $5,063.95. The average expected trading cost is $4,355.45.

DigitalCoinPrice is even more bullish in its assessment of ETH’s future performance. It predicts that ETH will trade as low as $5,380.03 and as high as $6,601.51, with its average price being $5,918.92.

However, you have to remember that the year is 2025, and a lot of these projections are based on Ethereum 2.0 launching and performing successfully. And by that, it means Ethereum has to solve its high-cost gas fees issues as well. Also, global regulatory and legislative frameworks have not yet consistently backed cryptocurrencies.

However, even though newer and more environmentally friendly technologies have been developed, analysts frequently claim that Ethereum’s “first mover advantage” has positioned it for long-term success, despite new competition. The price predictions seem conceivable because, in addition to its projected update, Ethereum is anticipated to be used more frequently than ever before in the development of DApps.


How many ETHs can you buy for $1?


Ethereum Price Prediction 2030

Changelly also argued that the price of ETH in 2030 has been estimated by cryptocurrency specialists after years of price monitoring. It will be traded for a minimum of $24,867.82 and a maximum of $30,483.23. So, on average, you can anticipate that in 2030, the price of ETH will be roughly $25,593.23.

DigitalCoinPrice is, however, not as bullish in its 2030 prediction for ETH. It predicts that the minimum and maximum prices of ETH in 2030 will be $17,805.72 and $19,116.90. On average, it will be traded at $18,729.30.

Long-term Ethereum price estimates can be a useful tool for analyzing the market and learning how key platforms anticipate that future developments like the Ethereum 2.0 upgrade will affect pricing.

Crypto-Rating, for instance, predicts that by 2030, Ethereum’s value will likely exceed $100,000.

Both Pantera Capital CEO Dan Morehead and deVEre Group founder Nigel Green also predict that during the next ten years, the price of ETH will hit $100,000.

Sounds like too much? Well, the functional capabilities of the network, such as interoperability, security, and transaction speed, will radically change as a result of Ethereum 2.0. Should these and other related reforms be successfully implemented, opinion on ETH will change from being slightly favorable to strongly bullish. This will provide Ethereum the chance to entirely rewrite the rules of the cryptocurrency game.

Conclusion

Another potential worry on investors’ concerns is the prospect of a price impact when validators are finally free to return their 32 ETH deposits following the conclusion of the Shapella hard fork. How many of the 16 million ETH that is currently staked on the Beacon Chain will be sold on the open market is unknown.

A compelling argument in favor of transitioning to liquid staking platforms is the capability to use liquid staking derivatives on other decentralized finance networks without sacrificing staking reward.

While some of these investors have invested in rival tokens in order to profit, others are doing it out of precaution in order to hedge their portfolios. This has been corroborated by the volatility witnessed in metrics like daily active users and price action of so-called Ethereum killers like Avalanche, Solana, Cardano etc. in the run up to the merge event which is less than a month away.

The majority of investors anticipated that Ethereum would bottom out at $3500 early this year, but the currency moved lower to show them incorrect. In fact, ETH briefly fell below the terrifying $1000 threshold.

However, the coin has always rebounded when it appeared that it was poised to strike the target once more, restoring confidence in its future. This includes the incident in November 2022 when an FTX hacker allegedly dumped over 30,000 ETH. Hope is offered by the token’s persistence in the wake of the FTX bankruptcy and the protracted crypto cold.

There is broad hope that the first smart contract blockchain will survive this period of trials, despite Ethereum’s rivalries and other factors contributing to its continuous instability.

As far as the Merge is concerned, it is being hailed as a major success story by the Ethereum community. Buterin cited a research study by an Ethereum researcher, Justin Drake, that suggests that the “merge will reduce worldwide electricity consumption by 0.2%.”

It also reduces the time to mine one block of ETH from 13 seconds to 12 seconds. The Merge marks 55% completion of Ethereum’s journey toward greater scalability and sustainability.

The likelihood that Ether will experience a price surge of 50% in the future is increased by its superior interim fundamentals to those of Bitcoin. To begin with, Ether’s annual supply rate plummeted in October 2022, in part because of a fee-burning mechanism known as EIP-1559 that takes a certain amount of ETH out of perpetual circulation anytime an on-chain transaction takes place.

Concerns about censorship on the Ethereum ecosystem have also emerged post the Merge. Around half of the Ethereum blocks are Office of Foreign Assets Control (OFAC)-compliant as MEV-Boost got implemented. As Ethereum has upgraded to a PoS consensus, MEV-Boost has been enabled to a more representative distribution of block proposers, rather than a small group of miners under PoW. This development raises a concern about censorship under the force of OFAC.

It is interesting to note that while many eagerly waited for Ethereum’s Merge and beefed up their holdings in anticipation of a price surge, there was a group of investors who weren’t confident in the Merge’s successful rollout. These investors were betting on a glitch in the rollout process, hoping that the update runs into trouble. While some of these investors have started investing in rival tokens in order to profit, others are doing it out of precaution in order to hedge their portfolios. This was corroborated by the volatility witnessed in metrics like daily active users and price action of so-called Ethereum killers like Avalanche, Solana, Cardano etc. in the run up to the Merge.

The majority of Ethereum price forecasts indicate that ETH can anticipate tremendous growth over the ensuing years.

As per Santiment, Ethereum’s active addresses have sunk to 4-month lows with weak hands continuing to drop post-Merge and disinterest at a high as prices have stagnated.

What about the flippening then? Is it possible that the altcoin might pass Bitcoin on the charts in the future? Well, that is possible. In fact, according to BlockchainCenter, ETH has already surpassed BTC on a few key metrics.

Consider Transaction Counts and Total Transaction Fees, for instance. On both counts, ETH is ahead of BTC.

Source: Blockchain Center

On the contrary, the traditional definition of a ‘flippening’ relates to the market cap of cryptos flipping.

However, remember that a lot can change over these years, especially in a highly volatile market like cryptocurrency. Leading analysts’ projections may vary, but even the most conservative one’s might cause respectable profits for anyone choosing to invest in Ethereum. As far as the F&G Index is concerned, ETH shows ‘neutral’ market sentiment for the moment.

Source: CFGI.io

Binance burns 1.6 billion LUNC, here’s how the token reacted

https://ambcrypto.com/binance-burns-1-6-billion-lunc-heres-how-the-token-reacted/

  • The Binance LUNC burn reached a total of 30.5 billion.
  • LUNC’s price remains neutral but its developers have stayed active.

As part of its monthly routine, cryptocurrency exchange Binance burned another round of Terra Classic [LUNC] tokens, Terra Finder disclosed. The 1 April action saw the exchange, which committed to the LUNC community proposal last year, burn over 1.6 billion LUNC.


Realistic or not, here’s LUNC’s market cap in BNB’s terms


Binance embraced the burning of 50% of the trading fees received from spot and margin positions after the project’s community 1.2% tax proposal. Although there was a proposal for 100% of the fees at some point, the community voted against it.

8 is not the lucky number

The latest burn marks the eighth time that the exchange burnt LUNC tokens.  The burning was aimed at decreasing the token supply and increasing its value over time. About 8.9 billion tokens were burned last time and in total, 30.5 billion tokens have been burnt as of now. 

However, LUNC failed to pick up a reaction despite the burning. At the time of writing, the token value only managed a 0.75% uptick, declining to overcome the bearish state it was accustomed to in the last 30 days.

LUNC has previously had instances where the price increased or decreased significantly as a result of the burning. Other times, there was little to no reaction.

At press time, the LUNC volatility was at an extraordinarily low level, based on indications from the Bollinger Bands (BB). This indicated that the token could be about to navigate a move in either direction. However, the LUNC price at 0.00012 touched neither the upper nor lower band.

LUNC price action

Source: TradingView

As for the On-Balance-Volume (OBV), it rose to 43.55 billion at press time. The indicator adds up the volume on uptrends and subtracts the volume on downtrends. But since it was positive, it signals that LUNC could hit a potential bullish path.

LUNC developers: Now stuck with choices

As of this writing, LUNC’s market capitalization was 743.76 million. This means that the project has been able to maintain its popularity, dominance, and circulating supply by remaining in the top 100. 


Is your portfolio green? Check the Terra Classic Profit Calculator


Although there were no signs that it could range above the current 62nd position, developers have been operating on its ecosystem. According to Santiment, the development activity increased to 8.19 after a small decline on 29 March.

LUNC market cap and Terra Classic development activityLUNC market cap and Terra Classic development activity

Source: Santiment

The metric tracks the work done in public concerning upgrades on a product. So, this means Terra Classic was able to prevent a developer exodus. 

Strong Rallies on the Table for Bitcoin (BTC) and Litecoin (LTC), According to Crypto Strategist – But There’s a Catch

https://dailyhodl.com/2023/04/02/strong-rallies-on-the-table-for-bitcoin-btc-and-litecoin-ltc-according-to-crypto-strategist-but-theres-a-catch/

A popular crypto analyst is forecasting potential surges for Bitcoin (BTC) and peer-to-peer payments network Litecoin (LTC).

Pseudonymous crypto strategist Loma tells his 282,300 Twitter followers that he believes Bitcoin will eventually take out resistance at around $28,800.

However, the catch is that the breakout could take time and BTC may test the patience of Bitcoin bulls.

“Ideally if this consolidation continues upwards, we do NOT get anymore opportunities to load spot buys in the $26,500-$25,500ish level.

Most likely scenario is a crab environment sandwiched between daily highs/daily lows before going higher.

• If not positioned, build positions via range trading.

• If you’re already in, this should be more a test of patience than anything else.”

Image
Source: Loma/Twitter

Looking at Loma’s chart, he appears to be predicting a Bitcoin breakout before April expires, leading to a strong BTC rally toward his target at $38,000.

At time of writing, BTC is trading for $28,487.

As for Litecoin, he thinks that LTC is gearing up for a rally toward the key psychological resistance at $100. According to Loma, Litecoin’s reaction at the $100 price level would determine whether LTC rallies toward his target at $140.

“Will be curious to see the reaction at the psychological + technical resistance around $100. Anything sustained strength above that and it’ll just cut through to $130-140 rapidly, in my opinon. Binance-CFTC [Commodity Futures Trading Commission] lows act as a good yardstick to define risk.”

Image
Source: Loma/Twitter

At time of writing, LTC is worth $87.54.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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The post Strong Rallies on the Table for Bitcoin (BTC) and Litecoin (LTC), According to Crypto Strategist – But There’s a Catch appeared first on The Daily Hodl.

Reckless – Chapter 20: Staking Derivatives

https://blog.bitmex.com/reckless-chapter-20-staking-derivatives/

Chapter 20 of the book Reckless: The Story Of Cryptocurrency Interest Rates is published below. The full book is available on Amazon. The book was written before the bankruptcy of FTX and therefore does not include coverage of this event. However, the book does provide useful commentary in the run up to the failure of FTX, which provides context for the eventual calamity.

One of the most well-known potential weaknesses of Proof of Stake systems is the existence of staking derivatives. There is also the wider concept of simply outsourcing the staking process. This is when an Ethereum investor sends their Ethereum to a third party, who conducts staking on their behalf. This outsourced staking is potentially a serious problem with regards to the security and effectiveness of the staking consensus system. These third-party staking intermediaries take custody of the stake and the risk here is therefore potentially far greater than when Proof of Work miners use mining pools, as the usage of pools does not result in a change of control of the physical mining power.

The outsourcing of the staking process feels almost like a mainstream financial product, for both retail and institutional investors. Staking can economically be considered as a process which is purely financial in nature. Unlike Proof of Work mining, which can be thought of as an industrial process. As long as this industrial process continues, Bitcoin should continue to survive.

Most of the large cryptocurrency exchanges either offer or plan to offer custodial staking services. At the same time, staking seems quite suitable for an investment product. Why should anyone invest in a plain vanilla Ethereum fund or exchange traded product when they could invest in a version with staking and earn a higher return? Of course, many people actually need to use Ethereum to pay gas fees and balances needed for this cannot be staked, however most holders of Ethereum are still speculators and investors. For these investors they are likely to want staking investment products.

Core to an effective staking protocol is the slashing mechanism, a system whereby stakers are punished for bad behaviour, such as changing their vote and attempting to conduct double spend attacks. If staking is outsourced, the operators of the staking servers do not own the underlying stake and therefore they may not be sufficiently deterred by the slashing punishment system. Although, you could argue a similar problem occurs in Proof of Work, where ownership of the miners and operation of the miners could be separated, for example when a public company engages in Bitcoin mining.

Outsourcing the stake can also cause centralisation, if staking is concentrated in the hands of a small number of players. This could eventually result in the network being vulnerable to censorship and then the utility of Ethereum could quickly degrade. Financial products which pay a passive yield are often prone to the pressures of centralisation. The investment and financial services industry has a track record of consolidation and winners scooping up all the capital, often more so than in other industries. Regulation and economies of scale are a key driver for this. The centralisation here could be worse than in Proof of Work, where the natural geographic dispersion of appropriate energy assets, across multiple jurisdictions, could protect the system from centralisation to some extent.

This centralisation is already a significant problem in Ethereum.  Based on data from beaconcha.in, the top five staking services already account for 60.7% of the network by stake. These services are often cryptocurrency exchanges, who do not own the underlying coins and are staking on behalf of their customers. These exchanges typically already have relationships with financial regulators and a service like staking, which pays a yield, could very well be seen as a regulated financial product. Therefore, the risk of regulation and censorship is very real, even in the medium term.

Staking Service

Percent of stakers

Lido

28.2%

Coinbase

12.9%

Kraken

7.8%

Binance

5.9%

Staked.us

5.9%

Other

39.3%

Total

100.0%

Due to some of the nuances in the protocol, the impact of this possible censorship is difficult to assess. Proof of Stake is a far more complex system than Proof of Work and therefore discussing how the network may be censored can be quite difficult. We will not go into the details here, but a possible outcome is that many of these services stop providing staking services or reduce the extent of their services and provide a degraded yield. The result of these staking services ending or coming under intense regulatory pressure could be the following:

  • Limited actual effective censorship,
  • A slower blockchain in periods of turmoil related to the censorship,
  • Eventually, a more diverse staking landscape, with better censorship resistance characteristics,
  • Fewer stakers,
  • A lower Ethereum price, and
  • Higher staking yields.

Tokenised Staking Derivatives

The entities performing the outsourced staking as a service business, could also issue tokens to their clients, representing shares in the staking pool. Staking rewards could then be issued to these token holders. These new tokens could be issued on top of the Ethereum blockchain. The coins would be just like Ethereum, except they have credit risk associated with the staking pools and you cannot pay gas fees with the coins.

There are several key advantages associated with these token products. They provide owners of the staking pool the ability to enter and exit more easily, by buying or selling the tokens, without any lags. The tokenised staking coins also mitigate another key potential problem associated with staking on Ethereum. The staking yield needs to compete with other yields inside the Ethereum system, for example yields you could earn by providing liquidity in DeFi. With this tokenised staking approach, stakers can now earn two yields at the same time, thereby partially negating this problem. For example, one could deploy the staking pool token into the DeFi ecosystem and earn even more yield. These staking tokens could even have basically all the key properties of Ethereum. You could use them to make payments, make markets and even use them as collateral to borrow other coins. This also can be said to solve the other problem with proof of stake systems. The staking tokens, in theory, could even be invested in productive projects or spent on consumer goods. Therefore, no funds are locked up and no useful investments are prevented due to Ethereum’s staking system. With these strong and clear advantages, it is even possible that almost all the staked coins end up in tokenised staking derivative pools. Therefore, pretty much all the economic problems with the staking protocol could be solved.

The above may sound too good to be true and it probably is. There must be a catch somewhere. We can’t have all these advantages and no real costs. This very much exposes an ideological difference that various commentators and analysts in the cryptocurrency space have when evaluating Proof of Stake systems. Some people believe that you can’t have something for nothing and look for weaknesses. They believe that if it appears as if you have something for nothing, this may persist for a while, but the system will be unsustainable and eventually fail, perhaps in a catastrophic crisis. Others, a more optimistic group, do believe a consensus system with no real costs is possible and are actively trying to construct one.

The flaw in their reasoning, that staking tokens solve all the economic problems, appears to be that many of the security assumptions on which the Proof of Stake consensus systems relies, may begin to break down. If everyone has staking tokens and uses them for a variety of functions, such as making payments, providing liquidity in DEXs or as collateral to borrow, the ultimate economic beneficiary of the tokens will not be the same entity as the entities which are staking. Therefore, the actual stakers may not be sufficiently compensated by the rewards in the staking system, or sufficiently threatened by the punishments in the system. This issue, of misaligned incentives is quite common in the investment industry. Another issue is that if everyone is staking, then perhaps there is no real staking yield at all. If the yield is paid to everyone, then it looks more like adding zeros on to the end of the currency than a genuine investment return. It would all be smoke and mirrors. This system could work for a while, perhaps many years, but eventually it could result in a catastrophic failure in consensus. The multi-layered staking system could then collapse.

Despite this potential weakness, staking derivative tokens have proved to be extremely successful so far. There are three main providers of these tokens.  Lido has stETH, Binance has bETH and Rocket Pool has rETH. At the time of writing, Lido is in the lead and the stETH token has more Ethereum backing it than the two other tokens, which are small by comparison. A potential problem here is that this could be a winner takes it all type market. The economies of scale in tokens are extremely high. For example, the network effects when making and receiving payments are large and tokens with stronger liquidity on offer on exchanges can become dominant. Therefore, the centralisation risk is high and this is a considerable issue for Ethereum.

stETH

Around 28% of the staked Ethereum is currently allocated to the Lido pool and exists in the form of stETH. This is about US$7.2 billion worth of stETH floating around, at the time of writing. The most liquid venue for buying and selling stETH, is on the Curve DeFi exchange protocol.

In theory, the price of stETH should always be less than or equal to the price of Ethereum, because one can always subscribe for more stETH at par, by adding Ethereum to the Lido staking pool. One cannot yet redeem stETH for Ethereum, as stakers cannot yet withdraw. Therefore, for now, stETH should trade at a small discount. Once the withdrawal feature is implemented and activated, stETH should track the price of Ethereum more closely and its utility should therefore improve. This may result in the creation of even more stETH. Before the upgrade, stETH should trade at a discount, reflecting the uncertainty as to whether this upgrade occurs and when it occurs.

One key part of the June 2022 earn crisis left out of this book until now is stETH. Many of the earn platforms, like Celsius and trading counterparties, such as 3AC, had invested in stETH to earn the yield. However, their liabilities associated with this were typically in Ethereum, not stETH. Therefore, when the liquidity crisis occurred in June 2022, they had to pay back their clients in Ethereum, but they only had stETH. The trouble is of course that stETH is not redeemable. Therefore, the earn platforms had a significant duration mismatch.

Therefore, there was a rush to sell stETH on Curve. A significant stETH discount of around 3% first emerged in mid May 2022, as Luna failed. Then, during the peak of the crisis, on 18th June 2022, stETH traded as low at 0.925 Ethereum. Finally, by the end of September 2022, the price of stETH recovered, to a discount below 1%. 3AC received a significant haircut when it liquidated its stETH in the crisis. On 14th June 2022, 3AC sold 30,000 stETH. Celsius is believed to have held US$426 million of stETH, making it perhaps the largest holder. Again, Celsius is likely to have taken a considerable haircut.

Remember, Curve is not like a traditional exchange with an order book. Curve operates the Ethereum vs stETH market with two pools of liquidity, an stETH pool and an Ethereum pool. With all the pressure to sell stETH in May and June 2022, the pools became unbalanced. For example, in mid June, the pool had around five times as much stETH as it did Ethereum, 500,000 stETH and 100,000 Ethereum. One may think such an imbalance would cause more of a price dislocation than just 7.5%. However, Curve has a custom shaped curve with special parameters for each trading pair. Since the stETH vs Ethereum pair was designed when people expected the prices to be reasonably similar, the curve shape prevented the discount from reaching even larger levels. This benefited some of the distressed entities such as 3AC and Celsius. As we went into July 2022, some people wanted to buy stETH at a discount and eventually the pools became balanced again. At the time of writing the breakdown is 50.3% stETH and 49.7% Ethereum.

What the earn collapse showed, was that in a liquidity crisis, people preferred Ethereum to stETH. This was at least the case in this crisis. In the future, if the stETH ecosystem is more developed, people may be happy holding stETH as a form of liquidity in a crisis. In addition to this, an stETH crisis is unlikely to repeat itself in the same way, because next time there is a major cryptocurrency liquidity crunch Ethereum may have upgraded and stETH may be redeemable. On the other hand, even after the upgrade, there will be limits on the number of stakers who are allowed to withdraw in any given period. If all the stakers try to withdraw at once, the process could take over a year. Therefore, some kind of liquidity crisis causing a race to exit staking is possible, with the staking tokens trading at a discount.

Interest Rate Swaps

Another very different potential form of a staking yield derivative is an interest rate swap. With this type of product an investor could lock in the Ethereum yield for a period of time, converting it into a fixed income type product. For example, a staker could purchase a swap contract entitling them to receive fixed payments and pay variable payments, based on the actual Ethereum staking yield. This investor would then have locked in their staking yield at a fixed rate. They would no longer need to worry about more stakers joining or fewer miner tips causing the yield to fall. This swap type interest rate product is very popular in traditional finance. These fixed income type products can be attractive for certain investors, who for example, may have fixed liabilities they need to cover, for instance somebody who has borrowed Ethereum at a fixed rate. On the other hand, if someone has lent out Ethereum, they may be concerned the yield could increase and they could take the other side of this swap trade.

These swap products do not seem to exist yet. As the cryptocurrency economy becomes more accustomed to Ethereum’s inherent variable yield, it seems likely that many financial and derivative products may emerge that enable traders to speculate on, fix or hedge the important quasi-interest rate.

The post Reckless – Chapter 20: Staking Derivatives appeared first on BitMEX Blog.

VGX Price Prediction: What is Next for Voyager Token after Binance Deal?

https://blockchainreporter.net/vgx-price-prediction-what-is-next-for-voyager-token-after-binance-deal/

The decentralized finance sector has emerged as a leading sub-sector within the blockchain industry, attracting numerous projects that aim to provide novel features and use cases. Among them is Voyager, a decentralized broker built on blockchain technology that enables users to access diverse exchange platforms and markets. As the native token of the Voyager platform, VGX serves as a cornerstone in a growing ecosystem designed to empower individuals across the globe. With its ingenious utility, attractive staking rewards, and fervent community support, Voyager Token is poised to become a beacon of innovation in an ever-expanding universe of cryptocurrencies. However, in a $1 billion deal, Binance announced the acquisition of assets from the crypto exchange Voyager Digital (VGX). Following the announcement, the value of the VGX token, which had experienced a decline in 2022, briefly surged but has since dropped. As Voyager is one of several centralized exchanges that incentivize users with its native token, the question remains: what does this deal signify for VGX’s future? Hence, our VGX price prediction aims to provide insights into its potential future value by utilizing advanced technical analysis to help you make informed investment decisions amidst the market’s volatility.

Voyager: A Quick Introduction 

Voyager is a mobile broker app that allows users to invest in, buy, sell, and swap cryptocurrencies. This app is available on both iOS and Android platforms, making it a significant project. By connecting its users to multiple cryptocurrency exchanges and markets, Voyager aims to help traders and investors maximize their profits. 

With this app, users can trade, swap, and invest in more than 60 cryptocurrencies and tokens, promoting financial freedom and efficient portfolio management. Additionally, Voyager provides attractive interest rates for users who maintain a minimum monthly balance without having to lock up their funds. With over 30 cryptocurrencies, including Bitcoin, Ethereum, Polkadot, and Dash, users can earn compound interest.

In October 2018, Voyager Digital was launched. Its parent company, Crypto Trading Technologies, was co-founded by Stephen Ehrlich, Philip Eytan, Gaspard de Dreuzy, and Oscar Salazar, all of whom have experience in electronic trading and investments in startups like Uber. Before moving further, let’s take a look at VGX crypto’s current market details to clarify our VGX price prediction better. 

CryptocurrencyVoyager Token
Ticker SymbolVGX
Price$0.35
Price Change 24h+3.42%
Market cap$96,481,981
Circulating Supply278,482,214 VGX
Trading Volume$30,366,138
All time high$12.54
All time low$0.01699
VGX ROI+408.44%

VGX Token: Features And Roadmap

In January 2019, Voyager introduced the mobile app with the goal of providing users with a cryptocurrency trading experience similar to traditional online brokerages. With over 70 cryptocurrencies available for trading, Voyager’s platform allowed commission-free transactions, enabling traders to pay the quoted price when buying and selling.

Voyager offered deposit yields of up to 12% annual percentage yield (APY) by lending cryptocurrencies to other companies. Additionally, the company introduced its own cryptocurrency, the Voyager Token (VGX), which primarily functioned as a reward and loyalty token for the Voyager brokerage platform.

The VGX whitepaper states, “Voyager connects to multiple exchanges, liquidity providers and market makers via our smart-order router to achieve better execution on pricing and trades. Voyager partners with multi-billion-dollar counterparties and market makers to generate revenue off custodied customer assets. We also utilize blockchain staking whenever possible to generate staking yields.”

To ensure safe and secure transactions, the Voyager app utilizes industry-standard protocols and encryption. Additionally, data storage is secured to safeguard the transmission of information.

Voyager partnered with Plaid, a secure open banking platform that collaborates with services such as Venmo. Through this partnership, Plaid safely connects users’ bank accounts to the Voyager platform, enabling secure interactions.

Initially, the Voyager token was based on the Ethos Token, which was introduced in 2017. However, in 2019, Voyager acquired Ethos.io and integrated its team, technology, and native token into its ecosystem.

Until 2020, the platform used a multi-token system. However, in 2020, Voyager implemented a new single-token model known as VGX 2.0, which incorporated its native tokens. The VGX coin is now an ERC-20 cryptocurrency that operates on the Ethereum blockchain. The whitepaper said, “Voyager plans to introduce more features including a debit card and DeFi [decentralized finance] offerings. Customers deploying and staking VGX 2.0 through the Platform or web portal will be integral in powering rewards in our expanded ecosystem.”

VGX Price Prediction: Price History

To accurately forecast future price trends for VGX, investors must have an understanding of its historical performance. However, it is crucial to note that solely relying on price history is inadequate for predicting the Voyager token’s future price movements.

On 18 July 2017, the Voyager Token was launched at $0.06, preceding the platform. Its value fluctuated between its launch price and $1.25 for the remainder of the year. The token experienced its highest surge at the start of 2018, during a bullish phase in the crypto market, reaching its peak of $12.54 on 5 January 2018.

Afterwards, the token was promptly corrected and remained around the $4 level for the next month. Although VGX climbed above $5 in early March 2018, it declined for the rest of the month and fell to $2.

On 10 May 2018, the Voyager Token rallied once more, reaching a high of $5.02 following Voyager’s announcement of its plan to launch a mobile app by the end of 2022.

Nevertheless, the Voyager Token was not immune to the crypto crash in 2018. Following its peak in May, the token continued to plummet and closed the year at $0.12. The Voyager Token was unable to reverse this trend for the next two years, remaining below $1 until 2021.

In 2020, VGX initiated a rally that carried over into 2021. On 30 January, the token obtained a price point of $2.80, which had not been reached in two years. This upswing followed the addition of numerous tokens to the Voyager platform. In January alone, Voyager introduced trading support for Enjin, Elrond, Golem, Terra Luna, Kyber Network, and other tokens.

VGX continued to surge and reached a pinnacle of $6.90 on 20 February 2021, just one day after the Uniswap token was listed on the platform. The Voyager Token managed to maintain a value above $5 for the rest of the month. On 1 March 2021, it achieved another peak of $6.97 after announcing new interest rates for the brokerage. Cryptocurrencies such as Dogecoin, Decentraland, and Uniswap were all included in that month’s interest event.

After stabilizing for the remainder of March, VGX experienced another price upswing on 14 April. This was a result of the announcement that Voyager had been nominated for the US FinTech Awards, propelling the token past the $5 mark.

A new token update was released for the brokerage on 20 August 2021. VGX 2.0 aimed to attract more users to the platform by offering greater rewards and incentives. The culmination of all Voyager’s news in August was reflected in the token’s value, reaching a pinnacle of $4.67 on the day of the VGX 2.0 roll-out.

However, since then, VGX has been unable to come anywhere close to that level. Its value dropped below $3 by the end of December and under $2 in January 2022. More negative news emerged when, on 30 March 2022, the state of New Jersey ordered Voyager, along with other cryptocurrency-based interest-bearing account issuers in the US, to “cease and desist” in response to complaints. On 12 May 2022, VGX reached its lowest point, trading at $0.5895. The coin’s value experienced a sharp decline during this time.

The VGX token and companies associated with the Voyager platform have both been affected by the crypto market crashes. On 27 June, Voyager declared that it had served a default notice to Three Arrows Capital (3AC) for not fulfilling the payment obligations linked with the hedge fund’s loans. The 3AC loan from Voyager comprises 15,250 BTC and $350 million in USDC, resulting in a sharp decline in the VGX token. 

VGX Price Prediction: Technical Analysis

The Voyager token has been in a bearish consolidation range with no significant price action over the last few days. Although the token has experienced some success recently, it still faces significant challenges due to the overall bearish trend in the cryptocurrency market. The collapse of SVB, the loss of USDC’s dollar peg, and regulatory scrutiny into Binance have all contributed to a pessimistic outlook for VGX’s price. However, our VGX price forecast utilizes advanced technical indicators to provide investors with a comprehensive analysis of the risks and opportunities associated with investing in Voyager. Despite the challenges, our analysis suggests that there may still be potential for growth in VGX. 

CoinMarketCap reports that the current price of the VGX token is trading at $0.35, showing an uptrend of nearly 3.5% from yesterday’s price. Our technical analysis of the VGX token suggests this cryptocurrency could soon display bullish signals, forming new highs as it experiences a significant recovery rally in line with the overall bullish market led by Bitcoin following the Fed’s efforts to aid banks’ collapses. Looking at the daily price chart, Voyager is struggling to trade above its EMA-50 trend line at $0.377, facing rejection near its immediate resistance level of $0.35. However, after forming a low near $0.32, the VGX token has taken support and is making an effort to surge above the 23.6% Fib level. As the EMA-20 trend line has dropped significantly from its previous resistance level of $0.45, VGX tokens are trading within a consolidation level dominated by bears. VGX is currently in an extreme fear zone due to the SEC’s crackdown on crypto, creating a FUD situation for investors. The Balance of Power (BoP) indicator is trading in a bullish region of 0.27, suggesting that the bullish momentum may extend if the VGX token breaks above its consolidated pattern.

The popular RSI-14 indicator is trading on the verge of a bullish region at the level of 48, just near the midline, which may cause the VGX token to test its resistance near the 31.6% Fib levels. Moreover, the MACD line has formed a consolidated pattern in the chart, showing small bullish candlesticks above the signal line and indicating increased buying pressure in the VGX price chart. However, the SMA-14 is showing no action as it trades parallelly at 45-level, hinting at a slight downward correction in the next few days. If the Voyager coin breaks above its resistance of $0.38, it may pave its upward road to its Bollinger band’s upper limit of $0.42, and if it manages to break its strong resistance of $0.51, it may attempt to go higher. Conversely, if VGX drops below the crucial support level of $0.3, a further bearish rally is expected, which may cause it to accelerate a sharp collapse and trade near its Bollinger band’s lower limit of $0.24. If Voyager’s price fails to hold above $0.2, it may gear up for a more bearish bloodbath and trade near $0.12. 

VGX Price Prediction By BlockchainReporter

VGX Price Prediction 2023

BlockchainReporter’s current VGX price prediction for the upcoming years is optimistic. In 2023, we anticipate a bullish trend for Voyager with a minimum value of $0.76, a maximum price of $0.90, and an average market price of $0.79. The frequent updates and new developments of VGX could influence the price levels of the cryptocurrency.

VGX Price Prediction 2024

Our VGX price prediction for 2024 suggests that Voyager is predicted to reach a minimum price of $1.15, with an average forecast price of $1.19 and a maximum price set at $1.33. The token’s adoption and the market price could increase if VGX establishes new partnerships with other major blockchain networks, making it easily accessible to investors.

VGX Price Prediction 2025

By the end of 2025, the minimum VGX cost price is anticipated to be $1.67, with a maximum price of $1.99 and an average price of $1.72. With a higher adoption of blockchain-based applications in the future, Voyager could see an enormous increase in price.

VGX Price Prediction 2026

For 2026, Voyager is expected to have a sustained bull market, leading to a minimum value of $2.54 and a maximum price of $2.86, with an average market price of $2.63.

VGX Price Prediction 2027

According to the VGX token price forecast for 2027, investors could record huge profits, as the cryptocurrency could reach a minimum possible level of $3.60 and a peak price of $4.43, with an average price of $3.71. VGX’s reduced fees, transparency, security, and faster transactions could contribute to a surge in price.

VGX Price Prediction 2028

In 2028, Voyager could trade between a maximum price value of $6.10 and a minimum price value of $5.05, with an expected average value of $5.23. Being one of the best-performing digital coins in the crypto market, there would be a huge demand for the token in the future, leading to a massive increase in price.

VGX Price Prediction 2029

For 2029, Voyager is expected to trade at a minimum value of $7.54, maintaining an average trading value of $7.75 and a maximum value of $8.94 throughout the year.

VGX Price Prediction 2030

Our VGX price forecast for 2030 expects Voyager to attain a minimum level of $11.06, with an average trading price of $11.37 and a maximum level of $12.88.

VGX Price Prediction 2031

The VGX price forecast for 2031 indicates an overall bullish trend leading to a minimum price of $15.90, an average price of $16.36, and a peak price of $18.96. The digital coin’s potential could attract many users, influencing these high prices.

VGX Price Prediction 2032

Finally, for 2032, VGX is expected to have a fully bullish year with loads of upside fluctuations, leading to a minimum price of $23.58, an average trading price of $24.24, and a maximum price of $27.39.

VGX Price Prediction: Industry Experts

According to Digital Coin Price’s VGX price forecast, it is anticipated that VGX will surpass the $0.76 mark in 2024, with projections indicating that Voyager Token will reach a minimum value of $0.75 by year-end. Moreover, the potential exists for VGX to achieve a maximum price point of $0.78. In 2032, the price of VGX is predicted to exceed $6.58, and by the end of the year, Voyager Token is anticipated to attain a minimum value of $6.53. Furthermore, there is potential for VGX to reach a maximum price of $6.73.

CryptoPredictions.com’s Voyager price analysis states that, in May 2023, Voyager VGX is expected to commence trading at a price of $0.393 and conclude the month at $0.487, with a projected maximum price of $0.567 and a minimum price of $0.385.

In 2027, the average trading price of the VGX token is predicted to hit $0.91, with a minimum price of $0.77 and a maximum trading price of $1.14. 

Is VGX A Good Investment? When Should You Buy It?

The underlying technology utilized by the Voyager Token project to facilitate brokerage services, technical capabilities, use cases, and adoption is the primary driver of its value, even though the intrinsic value of VGX is often not reflected by its market price. Numerous factors contribute to the market value of VGX, such as enhancements, progress on the project roadmap, the performance of the development team, and collaborations with other entities, including the recent merger between VGX and LGO token. The recent bankruptcy filing is a cause for apprehension regarding the future price of VGX, and it may not be a viable choice for long-term investment.

Conclusion

The Voyager app addresses prevalent challenges faced by traders and crypto investors on different exchanges, such as limited accessibility, inadequate liquidity, exorbitant fees, and a lack of transparency. With its user-friendly interface, Voyager offers commission-free trading, rapid transaction speeds, and enhanced accessibility.

Using a mobile device, users can manage their assets and trade over 60 cryptocurrencies on major exchanges within a single app. By resolving critical problems within the crypto trading sphere, Voyager has the potential to become an indispensable component of the expanding DeFi industry.

FAQ

What is Voyager?

Voyager is a decentralized broker built on blockchain technology that enables users to access diverse exchange platforms and markets. The Voyager platform’s native token is VGX, which serves as a cornerstone in its growing ecosystem.

What is VGX used for?

VGX primarily functions as a reward and loyalty token for the Voyager brokerage platform. It is an ERC-20 cryptocurrency operating on the Ethereum blockchain.

What is the current price of VGX?

As of the writing, the VGX token is trading at $0.35, showing an uptrend of nearly 3.5% from yesterday’s price.

What is the VGX price prediction for 2023?

In 2023, VGX is anticipated to have a bullish trend with a minimum value of $0.76, a maximum price of $0.90, and an average market price of $0.79.

What is the VGX price prediction for 2030?

The VGX price forecast for 2030 expects Voyager to attain a minimum level of $11.06, an average trading price of $11.37, and a maximum level of $12.88.

READ MORE:

Bankrupt Crypto Firm Voyager Digital is Selling Assets through Coinbase Amid SEC’s Scrutiny

US Department of Justice Files to Stop Acquisition of Voyager by Binance.US

Binance.US Voyager Acquisition Deal Given a Go-Ahead

Here’s What Could Signal the Next Bitcoin Leg up Amid ‘Massive’ BTC Transactions, According to Crypto Analytics Firm

https://dailyhodl.com/2023/04/02/heres-what-could-signal-the-next-bitcoin-leg-up-amid-massive-btc-transactions-according-to-crypto-analytics-firm/

A prominent crypto analytics platform says one metric could signal the next big rally for Bitcoin (BTC) amid a flurry of massive whale transactions involving the king crypto.

According to market intelligence firm Santiment, traders should keep a close watch on the market caps of stablecoins such as Tether (USDT), USD Coin (USD Coin), Binance USD (BUSD), Pax Dollar (USPD), and Dai (DAI).

Santiment says that the combined buying power of the top five stablecoins stands at $126.31 billion, which is more than double its value in March 2021. Per the analytics firm, Bitcoin’s sustained ascent could hinge on the growth of the top five stablecoins by market cap.

“As a great Q1 comes to an end for the recovering crypto markets, the combined buying power for USDT, USDC, BUSD, DAI, and USDP is $126.3 billion. The decline has tapered off this week. A rise would signal a major increased probability of Bitcoin rising.”

Source: Santiment/Twitter

Santiment’s insights on the stablecoin market comes as the analytics firm recently issued an alert to Bitcoin holders. Last week, the analytics firm revealed that the five largest Bitcoin transactions in 2023 all happened in March, suggesting that large BTC entities may be starting to take profits.

“Based on the very large transactions going on in March, as well as the 10 – 10,000 BTC address tier continuing to slide down (by percentage) and taper off (by total addresses), it does look like there are some legitimate caution flags to be wary of if you’re hoping to see Bitcoin surge to $35,000 and beyond…

The five largest transactions of 2023 thus far have all happened in March, and this seems to be a result of profit taking and fears of a top after the ~+70% rebound for BTC.”

Bitcoin is trading for $28,502 at time of writing.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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The post Here’s What Could Signal the Next Bitcoin Leg up Amid ‘Massive’ BTC Transactions, According to Crypto Analytics Firm appeared first on The Daily Hodl.

BTC price targets fix on $35K as Bitcoin eyes ‘massive’ liquidity squeeze

https://cointelegraph.com/news/btc-price-targets-fix-on-35k-as-bitcoin-eyes-massive-liquidity-squeeze

Bitcoin (BTC) stayed on course for its highest weekly close in ten months on April 2 as $28,000 held.

BTC/USD 1-week candle chart (Bitstamp). Source: TradingView

BTC price analyst: “Massive” liquidations due at $30,000

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD stable over the weekend after closing out March at near $28,500.

A key point of resistance from earlier in its current halving cycle, the current trading zone represents a major hurdle for bulls to overcome. Should they manage it, price targets now extend beyond the $30,000 mark.

“Bitcoin has been consolidating below the biggest resistance/support of the last 2+ years,” analyst Matthew Hyland summarized in his latest tweet on BTC.

“A whole new ballgame if BTC breaks it. NASDAQ & S&P went strong into weekly close. Still major pessimism and disbelief while major milestones are close to being made for Stocks/BTC.”

Popular Twitter account Byzantine General predicted that a breakthrough of resistance immediately above spot price would result in a sea of liquidations, leading to further upward momentum.

“It feels like some bear is very desperately trying to defend the 29k to 30k region,” a tweet stated on the day.

“I think that when this level breaks massive liqs will come in. And it does feel like a matter of ‘when’ not ‘if’ because there’s zero froth in the market, only some spot supply.”

Related: US enforcement agencies are turning up the heat on crypto-related crime

An accompanying chart showed the Binance BTC/USDT order book with bid and ask liquidity concentrations by price level.

BTC/USD order book data (Binance). Source: Byzantine General/Twitter

On shorter timeframes, however, traders were content to wait for the weekly close to cement prior gains.

“Ranging this weekend it seems on the corn, and for continuation the bulls want to reclaim the range high at $28,750. Until the we chill,” Crypto Tony tweeted on the day.

BTC/USD annotated chart. Source: Crypto Tony/ Twitter

Others were more pessimistic, among them trading resource Stockmoney Lizards, which described a correction as “very likely” before BTC/USD hits $30,000.

Bitcoin bulls add another 23% in March

Last month nonetheless managed to crown itself one of Bitcoin’s best March months.

Related: Bitcoin price hits $28.5K on PCE data as macro ‘accumulation zone’ ends

According to data from Coinglass, 23% gains for BTC/USD almost match its 2021 performance, with 2013 remaining its most volatile.

BTC/USD monthly returns chart (screenshot). Source: Coinglass

Bitcoin’s trajectory overall mimics both years, these seeing at least three months “in the green” before significant consolidation began.

The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Will Bitcoin Fail to Hold Its Upward Rally? Here’s What BTC Traders Can Expect Next Week

https://bitcoinwarrior.net/2023/04/will-bitcoin-fail-to-hold-its-upward-rally-heres-what-btc-traders-can-expect-next-week/

The post Will Bitcoin Fail to Hold Its Upward Rally? Here’s What BTC Traders Can Expect Next Week appeared first on Coinpedia Fintech News

Bitcoin has been on a remarkable run recently, with its value surging to new highs in the past few weeks. However, the recent lawsuit on Binance by the CFTC and several macro conditions may create a slowdown in BTC’s ongoing trend. The question on everyone’s mind now is whether this rally is sustainable or if a correction is imminent next week.

Bitcoin Leads The Upward Way In Q1

According to IntotheBlock’s recent newsletter, cryptocurrencies outperformed other asset classes in the first quarter, with digital assets recording gains not witnessed in two years after selling pressure subsided following the FTX collapse. Bitcoin experienced its highest quarterly price gains since Q1 2021.

In March 2023, Bitcoin’s market capitalization rose by 20%, contributing to a favorable shift of 70% in the first quarter. Bitcoin’s exceptional performance may indicate its increasing attractiveness as a digital asset for value storage, as its correlation with gold prices increased from -0.3 at the start of the year to 0.9 by the end of the quarter.

The market has experienced a significant increase in spot prices, accompanied by heightened trading activity and a remarkable interest in options trading for BTC. According to the CME Group’s data, Bitcoin’s option contracts have reached an unprecedented milestone.

In addition, despite the collapse of Bittrex U.S. crypto exchange, the BTC market appeared steady, with the world’s most extensive digital asset recording positive indicators and trading above the recently reclaimed $28K price mark.

What Lies Ahead For BTC Price Next Week?

The bulls are attempting to drive Bitcoin beyond the $29,000 mark, but the extended wick on the candlestick indicates that the bears have not surrendered and are selling during rallies. If a level is challenging to surpass, it’s typical for the price to retreat before making another attempt. If the BTC price fails to break through the $29,000 mark again, it may retrace to the 20-day exponential moving average ($26,879).

A robust rebound from this point would indicate positive market sentiment, with traders buying on dips. This, in turn, would enhance the likelihood of surpassing the $29,000 resistance level next week.

As of writing, BTC trades at $28.3K, with a minor downtrend. Analyzing the 4-hour price chart, Bitcoin is preparing for a sharp decline next week. Bitcoin may drop to the EMA-20 trend line at $27K and take support near $26.5K. However, a bullish reversal is expected from that support level, and a smooth rally to $30K is anticipated.

Hebdo Crypto #234 – Les actualités Bitcoin et cryptomonnaies de la semaine

https://journalducoin.com/actualites/hebdo-crypto-234-les-actualites-bitcoin-et-cryptomonnaies-de-la-semaine/

La semaine du 27/03 en bref – L’actualité concernant Bitcoin et les cryptomonnaies est en ébullition constante. Il peut arriver que des informations capitales se perdent dans le flux informatif quotidien et que vous passiez à côté des points importants. Ce format est là pour y remédier. Nous revenons sur l’actualité de la semaine passée dans lHebdo Crypto afin de vous tenir informés sur la situation actuelle des cryptomonnaies.

L’actualité crypto en bref

▶ Après Bitcoin, le Salvador fait les yeux doux à l’IA. En effet, Nayib Bukele souhaite proposer un projet de loi visant à supprimer les taxes sur les innovations technologiques.

▶ Le fondateur de Terra Luna, Do Kwon, arrêté au Monténégro. Désormais, les États-Unis et la Corée du Sud tentent tous deux de faire extrader Kwon.

▶ Binance poursuivi par la CFTC. Ainsi, son CEO Changpeng Zhao est accusé d’avoir opéré plusieurs centaines de comptes pour trader sur sa propre plateforme.

▶ Gucci fait son entrée dans le Metavers de Yuga Labs. La marque est revenue sur le terrain des NFT à l’occasion de la Metaverse Fashion Week.

▶ L’Union européenne revient à la charge contre les cryptomonnaies. Celle-ci souhaite mettre en place une limite de paiement à 1 000€, au-dessus de ce montant, les utilisateurs devront passer par un KYC.

▶ Loi influenceurs : l’assemblé nationale valide le texte. Le texte concernant la loi influenceur a été validé en France, mettant en péril une partie de l’écosystème crypto national.

▶ On en a beaucoup parlé dans le cadre de The Merge, mais qu’est-ce que le staking ? On vous explique tout en vidéos.

>> Marre de rater les pépites ? Venez prospecter sur AscendEX ! (lien commercial) <<

Les 5 métriques de la semaine

4 millions de dollars, c’est le montant qui a été dérobé sur le projet Kokomo basé sur Optimism. Selon les experts de CertiK, il s’agirait d’un cas d’exit scam.

143 millions de dollars, il s’agit du montant restitué par le hacker d’Euler Finance. Au total, celui-ci avait dérobé près de 190 millions de dollars, avant d’entreprendre des négociations avec le protocole.

Une transaction envoyée par le hacker d’Euler Finance.

9 millions de dollars, c’est le montant qui a été dérobé dans les pools du protocole SafeMoon. Heureusement, le hacker a directement pris contact avec le protocole pour restituer les fonds.

100 millions d’euros, il s’agit du montant levé par l’entreprise Ledger dans le cadre de sa dernière levée de fonds. Cela amène la valorisation de l’entreprise française à 1,3 milliard d’euros.

40 millions de dollars, c’est le montant qui a été levé par le projet Fetch.ia. Celui-ci vise à fournir les outils nécessaires aux développeurs pour déployer et monétiser des applications tirant parti de l’IA.

Le tweet de la semaine

Le tweet de la semaine revient à @_Cryptique qui a annoncé un potentiel revirement de situation pour les utilisateurs européens de FTX.

Bonne semaine sur le Journal du Coin ! 🙂

Immobilier, propriété intellectuelle, art… « la crypto » se décline désormais bien au-delà des seules cryptomonnaies. De votre côté, prenez le train pendant qu’il en est encore temps et foncez vous inscrire sur AscendEX ! Vos frais de trading seront réduits de 10 % (lien commercial, voir conditions sur site).

L’article Hebdo Crypto #234 – Les actualités Bitcoin et cryptomonnaies de la semaine est apparu en premier sur Journal du Coin.

Crypto Exchange Bittrex in the Process of Winding Down US Operations Amid Regulatory and Economic Uncertainty

https://dailyhodl.com/2023/04/02/crypto-exchange-bittrex-in-the-process-of-winding-down-us-operations-amid-regulatory-and-economic-uncertainty/

Seattle-based crypto exchange Bittrex will soon stop serving US customers as federal regulators clamp down on the digital asset industry.

Bittrex co-founder Richie Lai says the company has made the decision to shut its doors in the US as the crypto exchange believes it is no longer feasible to continue operating in the country given the current regulatory conditions.

“Today is a bittersweet day. This month we turned nine years old; and while I am excited and proud that we’ve come this far, I am also very sad. Today, Bittrex is beginning the process of winding down its US operations.”

Lai highlights that the lack of regulatory framework in the country has made it difficult for the crypto exchange to remain competitive.

“When the three of us built Bittrex, it was about technology. 

Nine years later, the crypto ecosystem is very different. Regulatory requirements are often unclear and enforced without appropriate discussion or input, resulting in an uneven competitive landscape.”

Bittrex says the company’s decision to wind down its US operations will be effective on April 30th.

“All funds are safe and can be fully withdrawn immediately. This does not affect customers of Bittrex Global.”

The announcement comes as crypto firms face increased scrutiny in the US. The U.S. Securities and Exchange Commission (SEC) recently issued an alert warning investors about losing their entire investments in crypto.

The Commodities Futures Trading Commission (CFTC) also recently filed charges against top crypto exchange Binance, accusing the platform of knowingly violating CTFC rules.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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The post Crypto Exchange Bittrex in the Process of Winding Down US Operations Amid Regulatory and Economic Uncertainty appeared first on The Daily Hodl.

Crypto Whales Accumulating Ethereum Scaling Altcoin by the Millions, According to On-Chain Data

https://dailyhodl.com/2023/04/02/crypto-whales-accumulating-ethereum-scaling-altcoin-by-the-millions-according-to-on-chain-data/

On-chain data reveals that crypto whales are snapping up the native asset of a hot Ethereum (ETH) layer-2 project by the millions.

Blockchain-tracking firm Lookonchain says that digital asset manager Amber Group sent millions of dollars worth of Arbitrum (ARB) tokens to crypto exchanges OKX and Binance, where they could potentially be sold on the open market.

“Two related addresses of Amber transferred 11.2 million ARB ($15.8 million), out of which, 7.3 million ARB ($10.3 million) was transferred to OKX and Binance and currently holding 4.47 million ARB ($6.3 million).”

Image
Source: Lookonchain/Twitter

While Amber Group reduced its ARB holdings, Lookonchain says several crypto whales have been in the process of accumulating ARB. According to the analytics firm, one whale collected a total of 4,048,947 ARB worth $5.7 million from OKX and Binance within the last 48 hours.

A second whale received 4,099,517 ARB worth $5.78 million from OKX over the same timeframe. Meanwhile, a third crypto whale accumulated 1,003,798 ARB worth $1.41 million from crypto exchange Binance.

At time of writing, ARB is trading for $1.34, trading mostly sideways over the past week.

Lookonchain also recently spotted an Ethereum whale that staked nearly $100 million worth of ETH through a decentralized finance (DeFi) platform.

“A whale staked all 53,024 ETH ($95.5 million) through Abyss Finance…

Through on-chain data tracking, we found that the ETH of the whale was bought from Poloniex, Gemini, Bittrex and other exchanges in 2017 and 2018, with an average buying cost of ~$368.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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The post Crypto Whales Accumulating Ethereum Scaling Altcoin by the Millions, According to On-Chain Data appeared first on The Daily Hodl.

Binance, CEO CZ and Several Influencers Hit With $1B Lawsuit

https://thenewscrypto.com/binance-ceo-cz-and-several-influencers-hit-with-1b-lawsuit/

  • A class action lawsuit was brought by the Moscowitz Law Firm and Boies Schiller Flexner.
  • The legal firms had worked together on a class action case against Voyager and FTX.

Binance, a leading cryptocurrency exchange, and its CEO, Changpeng Zhao (CZ), have lately faced a number of difficulties. Only a few days after the Commodity Futures Trading Commission (CFTC) filed an action against Binance, the cryptocurrency exchange is embroiled in another high-profile legal dispute.

On the evening of March 31st, a class action lawsuit was brought by the Moscowitz Law Firm and Boies Schiller Flexner, where David Boies is a partner. The defendants in the lawsuit include Binance’s US division, CEO CZ, three of the exchange’s key international organizations, NBA star Jimmy Butler of the Miami Heat, and two other crypto influencers.

Same Old Allegation

The latest lawsuit is based on the same basic allegation that has been echoed by U.S. authorities: that the exchange was enabling the trade of cryptocurrencies that are deemed unregistered securities, and that a small number of self-proclaimed “finance gurus” on social media promoted the exchange for financial gain.

In addition to Butler, the formal lawsuit names notable crypto proponents Ben Armstrong (as “BitBoy Crypto”) and Graham Stephan (with an astounding 4 million followers on YouTube). The legal firms had worked together on a class action case against Voyager, an insolvent company, and two lawsuits related to the demise of FTX.

The first of these later assaults targeted celebrities who were paid handsomely to promote the cryptocurrency exchange. Comedian Larry David, basketball stars Shaquille O’Neal and Steph Curry, and football legend Tom Brady were among those mentioned.

The price of Bitcoin and other cryptocurrencies is on the rise despite the ongoing feud between authorities and the crypto sector.

Recommended For You:

Binance CEO CZ Replies to the Disappointing CFTC Complaint

Regulatory Uncertainty Forces Bittrex to Shut Operations In USA! What’s Next?

https://bitcoinwarrior.net/2023/04/regulatory-uncertainty-forces-bittrex-to-shut-operations-in-usa-whats-next/

The post Regulatory Uncertainty Forces Bittrex to Shut Operations In USA! What’s Next? appeared first on Coinpedia Fintech News

One of the biggest cryptocurrency exchanges in the world, bittrex informationinformation






bittrex

Centralised Exchange


 

, has declared that it will be discontinuing operations in the US by the end of the month. The choice was made in reaction to increased regulatory scrutiny of the cryptocurrency market and uncertain economic conditions in the United States. The announcement came on the platform’s ninth anniversary, marking a bittersweet moment for the company. Read on.

The reason behind Bittrex’s decision

Bittrex took to Twitter to announce that they have arrived at a tough decision to cease their operations in the United States, citing the persistent ambiguity surrounding regulations as the reason. The move will take effect from April 30, 2023. On top of that, Bittrex made it clear that all funds are secure and readily available for withdrawal without delay.

Richie Lai, co-founder, and CEO said that as the cryptocurrency ecosystem developed, regulatory requirements had grown to be more “unclear” and “enforced, without appropriate discussion or input,” creating an unlevel playing field for competitors. Due to the current economic conditions, Bittrex can no longer sustain its activities in the United States.

Overbearing regulations are hurting Crypto Companies in the USA

American crypto companies, including Kraken and Coinbase, have already been fined, with Coinbase receiving a Wells Notice for alleged unregistered securities. The world’s largest crypto exchange, binance informationinformation






binance

[email protected]

Centralised Exchange





, was also sued by the Commodity Futures Trading Commission (CFTC) recently.

Related: Ripple Execs Concerned About SEC’s Enforcement Approach

The regulatory authorities in the United States, namely the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), have adopted a stringent and firm approach with regard to their regulatory measures.

This unfavorable disposition towards the cryptocurrency industry in the country does not bode well for its overall atmosphere. The decision by Bittrex to wind down its operations in the U.S. is indicative of the regulatory pressures faced by such companies and may potentially set a precedent for other market players to follow suit.

Do you think other exchanges will soon exit the USA as well? 

Binance, ennemi public n°1 aux USA ? – Crypto Focus

https://journalducoin.com/exchanges/binance-ennemi-public-numero-1-usa-crypto-focus/

Binance attaqué de toutes parts ? – Pas le temps de souffler pour Changpeng Zhao (CZ), patron du premier exchange crypto mondial dont nous avons réalisé le Crypto Portrait, l’année dernière. Pris en étau entre les deux régulateurs US, la SEC (Securities Exchange Commission) et la CFTC (Commodity Futures Trading Commission), il se pourrait que Binance finisse par ne plus savoir où donner de la tête. Analyse en détail de l’affaire !

>> 10% de réduction sur vos frais de trading ? Inscrivez-vous sur Binance (lien commercial) <<

Binance pris dans l’étau de la régulation

Le roi des cryptos attaqué de toutes parts par le régulateur US

Par conviction profonde ou simple motivation pécuniaire, une chose est sûre. Depuis ce début d’année, le régulateur américain s’en donne à cœur joie. Il semblerait qu’il n’ait désormais qu’un seul objectif en tête : mitrailler le secteur crypto à grand renfort de sanctions réglementaires.

La SEC a commencé les hostilités en février dernier, en s’attaquant au BUSD, un stablecoin émis par l’entreprise Paxos dans le cadre d’un partenariat avec Binance. De fait, l’interdiction pure et simple de son émission a condamné à la disparition ledit stablecoin. Seul cause du litige ou non, Binance a depuis pris ses distances avec Paxos. Et cette dernière est désormais prête à s’engager dans un combat vigoureux contre la SEC afin de faire valoir ses droits.

Régulation, quand la CFTC s’y met à son tour…

Comme si cela ne suffisait pas, voici désormais que la CFTC met son grain de sel dans l’histoire, et pas qu’un peu. Tout a commencé ce début de semaine après que la CFTC ait engagé des poursuites judiciaires à l’encontre de Binance et de son CEO, CZ, selon un rapport de Bloomberg. Cette poursuite est le dénouement d’une enquête commencée en 2021 par le régulateur. Les faits reprochés sont multiples :

  1. Binance ne se serait pas convenablement enregistré auprès de la CFTC avant de proposer à l’achat des cryptos aux citoyens américains, notamment du Bitcoin (BTC), de l’Ether (ETH) et du Litecoin (LTC), et ce, depuis 2019 ;
  2. Binance aurait également dissimulé la localisation exacte de son ou ses sièges sociaux afin de se préserver le plus longtemps possible de la loi US, et ce, malgré le lancement de Binance US dès 2019 ;
  3. Binance aurait également violé les exigences réglementaires du Commodities Exchange Act (CEA) et n’aurait pas implémenté les exigences de contrôle AML (Anti Money Laundering) et de KYC (Know Your Customer) nécessaires ;
  4. L’exchange aurait également tradé sur sa propre plateforme avec près de 300 adresses détenues de manière directe ou indirecte par CZ.

En tout, ce ne sont pas moins de sept chefs d’accusation qui se sont donc abattus ce début de semaine sur CZ et son exchange.

Binance sous le feu nourri de la CFTC

… Binance réplique au quart de tour

La riposte de CZ n’a pas tardé à venir. Le patron de Binance a nié en bloc les faits reprochés. Il faut dire que depuis deux ans, Binance redouble d’efforts pour collaborer avec les autorités, CFTC incluse. CZ voit donc cette nouvelle attaque comme un couteau planté dans le dos. Changpeng Zhao explique que plus de 750 personnes chez Binance travaillent chaque jour au respect des réglementations des divers pays au sein desquels la plateforme offre ses services. D’ailleurs, Binance n’hésite pas à accéder à chacune des requêtes de la justice américaine. Celle-ci a de cette manière pu récupérer 285 millions de dollars de fonds liées à des activités illicites.

CZ martèle qu’en aucun cas son entreprise ne manipule le marché. Des mouvements en cryptos ont bien lieu en effet. Toutefois, il ne s’agirait que de simples conversions de cryptos en monnaies fiat (euro, dollar, …) afin de couvrir les frais de fonctionnement quotidiens de la plateforme ; les cryptos étant la principale source de revenus. Bref, selon lui, Binance serait blanc comme neige dans cette histoire.

Le flou sur les débuts de Binance…

Il est vrai que le développement de l’exchange Binance, fulgurant et mondial, s’est fait à l’époque en profitant de l’absence de réglementation. Cela lui a permis de prendre une avance considérable sur sa concurrence. Une concurrence s’astreignant alors de manière plus poussée aux règles de conformité. Une stratégie gagnante, étant donné la position dominante que l’exchange détient aujourd’hui. Sauf que le retour de bâton de la régulation est désormais bien présent.

Toutefois, Binance devrait désormais avoir les épaules assez larges pour encaisser le choc. Mais ce n’est pas obligatoirement le cas de nos petites startups européennes et françaises en direction desquelles la vague réglementaire MiCA (Market in Crypto Assets) approche à grands pas. Toutefois, ceci est un autre sujet.

… en écho à celui qui règne du côté des régulateurs US

Le hic, c’est que l’on en revient toujours au même problème de flou juridique aux USA. La CFTC ne peut sanctionner Binance que si les cryptos sont bel et bien catégorisées comme des matières premières. Tout comme la SEC n’a de prise que sur les actifs classés comme actions. Or, pour le moment, les cryptos ne sont ni l’une ni l’autre. Elle ne peut donc répondre en même temps aux exigences des deux réglementations.

Alors, les cryptos, ça se mange à quelle sauce ? Actions ou matières premières ? Car le moins que l’on puisse dire, c’est qu’aux USA, ce n’est ni la SEC ni la CFTC qui règne en maître sur les cryptos, mais bel et bien la mésentente et le flou. Un flou juridique qui fait tourner en bourrique les entreprises cryptos qui tente de se conformer à la réglementation. D’un côté, Binance se fait attaquer par la SEC qui qualifie les crypto de securities (actions). De l’autre, la CFTC double la mise en maintenant mordicus que celles sont des commodities (matières premières). Et les deux corps réglementaires se tirent la bourre pour savoir lequel d’entre eux a raison. Difficile d’y voir clair dans une telle situation.

Binance n’est pas le bienvenu aux US

Binance US n’a pas Voyager bien loin

Vous pensiez que c’était tout ? Oh que non ! Les ennuis s’additionnent pour Binance, car le régulateur US est loin d’en avoir fini. En février dernier, le rachat pour 1 milliard de dollars de Voyager par Binance US a été bloqué par la SEC. Cette dernière avait avancé l’absence d’enregistrement de l’exchange et des enquêtes judiciaires en cours concernant chacune des deux entités concernées comme cause. En cette fin de mois de mars, le non catégorique de la SEC est désormais acté par le Département de Justice (DoJ) américain. Le rachat est donc reporté aux calendes grecques. Et le sentiment du régulateur américain vis-à-vis de Binance est on ne peut plus clair : il s’en méfie comme de la peste.

Est-ce que ces réticences sont seulement le fait de l’absence d’enregistrement de Binance auprès de la SEC à ses débuts ? Un enregistrement pour des cryptos qui, comme précisé un peu plus tôt, ne sont pourtant pas encore légalement considérées comme des actions et errent dans un flou artistique réglementaire. Ou est-ce que le mal est plus profond ? Le régulateur US soupçonnerait-il Binance d’être de connivence avec l’ennemi numéro 1 des USA, la Chine ?

Binance est suspecté d'entretenir des connexions avec la Chine, ennemi numéro 1 des USA. Ce qui pourrait expliquer la virulence des attaques réglementaires à son encontre.
Binance, un espion à la solde de la République Populaire de Chine ?

Binance 007, l’espion chinois ?

De nos jours, le monde tend à se diviser en deux : un bloc de l’Ouest (les USA et l’Europe) et un bloc de l’Est (les BRICS). Dans cette nouvelle Guerre Froide, les nations vont probablement être obligées, un jour ou l’autre, de choisir un camp. Les pays tout comme les sociétés. Sauf que dans le cas de Binance, il semblerait bien que l’entreprise se trouve une position d’entre-deux qui ne convienne à personne. Quel camp choisira-t-elle ? Le camp des profits, selon toute vraisemblance. Mais y a-t-il plus à creuser que ce que l’entreprise veut bien nous montrer en façade ?

Bien que le minage de Bitcoin et le trading de cryptos soient interdits en Chine, la population chinoise reste intéressée par le domaine, et des liens persistent. Des employés de Binance sont même accusés d’avoir aidé certains d’entre eux à s’enregistrer sur la plateforme à l’aide de faux KYC. Mais ce n’est pas tout. Selon le Financial Times, Binance continuerait d’entretenir des liens avec la Chine, pays que l’exchange a pourtant quitté en 2017. Or, s’il y a bien un adversaire duquel les USA se méfient, c’est le gouvernement chinois. L’idée qu’il puisse, à travers Binance, acquérir des informations cruciales sur les USA les rebute au plus haut point.

Et c’est peut-être l’une des motivations qui a conduit les régulateurs à mettre un grand stop au rachat de Voyager par Binance US. Cette même raison pour laquelle la SEC et la CFTC déversent leur flot ininterrompu de sanctions à l’encontre de l’exchange.

C’est un chemin semé d’embûches qui se dressent face à l’adoption crypto, aux Etats-Unis comme en Europe et en France. Une situation de plus en plus complexe à l’heure où les influenceurs et médias cryptos sont matraqués par une régulation aussi excessive qu’injuste. Binance en fait clairement les frais, pris entre le marteau et l’enclume : la SEC et la CFTC. Espérons que Binance ne se révèle pas être un géant au pied d’argile et que son talon d’Achille ne soit pas justement cette puissante et oppressante réglementation.

Binance a désormais atteint une taille critique suffisante pour être en mesure de rendre coup sur coup dans ce genre d’escarmouche sur fonds de conquête de Bitcoin à l’échelle internationale. Pour vous inscrire sur l’exchange et vous faire votre propre opinion, c’est par ici. Vous économiserez 10 % sur vos frais de trading en suivant ce lien (lien commercial).

L’article Binance, ennemi public n°1 aux USA ? – Crypto Focus est apparu en premier sur Journal du Coin.