XRP price surged by 2.5% to reclaim $0.5245 but retained a 16% loss in 30 days.

Ripple filed motions contesting the SEC’s $2 billion penalty for alleged securities law violations.

The SEC must submit its opposition brief by Monday, after which Ripple will reply within three days.

On Sunday, XRP reclaimed the $0.5245 price level, advancing by 2.5% from the intra-day low of $0.5119. Despite this registered 24-hour gain, the asset still trades with a 2.3% loss in its one-week trajectory. On a 30-day scale, XRP shoulders a more substantial 16% loss.

Last week, the XRP community witnessed significant developments in the ongoing legal dispute between XRP payment firm Ripple and the U.S. SEC. Ripple submitted two court filings, one of which was a motion to strike out the SEC’s last-minute expert testimony regarding its financial accounts and post-complaint conduct.

The second filing opposes the SEC’s $2 billion penalty against Ripple for violating securities laws through its XRP institutional sales. The SEC proposed this penalty in March during its opening brief. 

Specifically, the regulator requested a civil penalty of $876.3 million, an additional $876.3 million in disgorgement, and prejudgment interest totaling $198.15 million. This brings the total amount to a proposed fine of $1.95 billion.

Moreover, the regulator asserted that Ripple continued violating U.S. securities laws even after the December 2020 complaint. However, Ripple challenged this claim in its filings last week. Ripple contended that it did not persist in breaching U.S. securities laws post-complaint, with testimonies from its executive such as Monica Long, Ripple’s president.

Currently, XRP investors are eagerly anticipating the SEC’s opposition brief to Ripple’s motion to strike expert testimony. The SEC is required to submit its opposition brief by Monday, April 29, after which Ripple must file its reply brief within three days.

Notably, these forthcoming court filings are expected to be the final submissions before the court makes the ultimate decision on this prolonged legal dispute.

The post XRP Army: Here’s What to Expect in SEC-Ripple Case This Week appeared first on Coin Edition.

Paradigm Capital transferred 3,718 ETH to Anchorage Digital in the early hours of Sunday, April 28.

The recent transaction marked Paeradigm’s first ETH transfer in the past three months.

Ethereum claimed the largest share of Paradigm’s investment portfolio, with a balance of 83,518 ETH.

Paradigm Capital, an employee-owned independent investment dealer, transferred 3,718 ETH to Anchorage Digital in the early hours of Sunday, April 28. According to Colin Wu, a famous Asian crypto journalist, this was the first time Paradigm transferred ETH in the past three months. 

Paradigm transferred 3,718 ETH to Anchorage Digital: Custodian (0xd5…0191) today, worth approximately US$12 million. This was Paradigm’s first ETH transfer in three months. Currently, the Paradigm address still holds approximately $415 million in crypto assets, mainly 83.518k…

— Wu Blockchain (@WuBlockchain) April 28, 2024

As of the transfer’s time, the transaction’s value was about $12 million, leaving Paradigm’s portfolio balance at approximately $415 million. However, by the time this report was filed, the portfolio balance had increased to over $422 million, resulting from an overall increase in crypto assets’ value.

Data from Arkham Intelligence showed that Ethereum claimed the largest share of Paradigm’s investment portfolio, with a balance of 83,518 ETH, equivalent to $276.42 million. Paradigm also held a significant amount of LDO, the native crypto of the Lido DAO. When this report was filed, the renowned investment dealer had 70 million LDO worth $146.30 million in its portfolio.

Paradigm’s crypto assets portfolio contains many more cryptocurrencies, including OP, QWLA, INS, AAA, and BNB. At the current crypto market’s state, Paradigm’s portfolio was in profit of $26.53 million, following a maintenance period that has lasted since 2019.

Arkham’s records show that Paradigm recorded its highest profit margin in November 2021, when its portfolio made a $919 million profit. The profit margin dropped significantly during the crypto winter, falling as low as $1.7 million. Hence, at the current level, Paradigm’s portfolio has recovered notably.

ETH’s price has surged since Paradigm made the notable transfer. The flagship altcoin has made a 2.14% profit by rallying from a $3,258 opening price to $3,312 at the time of writing, according to data from TradingView. A continued surge would positively impact Paradigm’s portfolio as the investment firm plans toward total profit recovery.

The post Paradigm Capital Moves 3,718 ETH to Anchorage Digital as ETH Rallies appeared first on Coin Edition.

ARB and WLD prices broke past critical points in the last 24 hours.

ARB might rise to $1.27, or as high as $1.45 as bulls controlled the price action.

The Fibonacci indicator suggested that WLD might hit a ceiling of $5.79.

For the first time since April 24, the price of Arbitrum (ARB) rose past $1 after the token surged by 9.73% in the last 24 hours. At press time, ARB’s price was $1.15. From Coin Edition’s finding the token value increased after Ethereum (ETH) which ARB seems to have a strong correlation with, climbed within the same period.

Another token that experienced a significant increase was Worldcoin (WLD). As of this writing, WLD changed hands at $4.93— a 4.66% increase in the last 24 hours. With these performances, can the price of the tokens continue to rally? Let’s find out.

Arbitrum (ARB)

According to the ARB/USD 4-hour chart, sellers have been dragging the price down since April 24. However, it seems bears got exhausted, allowing bulls to capitalize on the price action and spark an uptrend.

Though ARB’s price increased, an overhead resistance appeared at $1.19. A close above this resistance might pull ARB toward $1.27. On the other hand, a rejection might lead to a drawdown below $1 one more time.

However, the Relative Strength Index (RSI) jumped, suggesting that buying momentum was present. Furthermore, the RSI had not reached an overbought point that could force ARB’s price down. As such, the price targets for the token could be between $1.27 and $1.45 in the short term.

ARB/USD 4-Hour Chart (Source: TradingView)

In addition, the green histogram bars on the Awesome Oscillator (AO) backed the prediction. However, traders might need to watch out. If the AO turns red, the bullish forecast could be invalidated. 

Worldcoin (WLD)

Support created at $4.60 on the WLD 4-hour chart ensured that the price kept rising. But like ARB, WLD also needs to watch out for overhead resistance. This time, it was at $5.21. However, the current momentum suggests that WLD might key into this resistance as the path looked clear for it to hit value.

Furthermore, the Moving Average Convergence Divergence (MACD) was postive. This suggests a bullish momentum. However, the 12 and 26 EMAs remained below the zero line, indicating that the bullish bias has not been validated. In a case like this, WLD’s price could drop.

WLD/USD 4-Hour Chart (Source: TradingView)

However, if bulls pull through and drive a further hike, WLD might rally to $5.79. This was where the 0.786 Fibonaccil level positioned, suggesting a possible support for the token.

The post ARB, WLD Prices Surge In 24 Hours: Will Bullish Momentum Continue? appeared first on Coin Edition.

Solana co-founder Raj Gokul shares his positive stance on memecoins, stating that they scare away serious builders.

Gokul slyly targets Ethereum founder Vitalik Buterin, indicating the rivalry between Solana and Ethereum.

Lily Liu, President of the Solana Foundation, acknowledges the efforts of memecoin builders.

Solana co-founder Raj Gokul reiterated his bullish stance on memcoins, dismissing their prevailing skepticism. In addition, he put forward a sly comment against Ethereum founder Vitalik Buterin, incorporating Buterin’s picture to clarify his stance.

“meme coins are scaring away serious builders”may I remind you about the “serious builder” who set all of this work in motion?if you’re fragile enough to get spooked by how young people choose to use permissionless systems to have fun, you will quite simply not make it here. pic.twitter.com/Pf8UyZDpi2

— raj 🖤 (@rajgokal) April 27, 2024

Gokul’s post began with a critical statement, “Meme coins are scaring away serious builders.” With these words, the Solana founder spotlighted the prevailing sentiment over growing meme coin acceptance and adoption.

Further, Gokul targeted Buterin with his next question, “May I remind you about the “serious builder” who set all of this work in motion?” The reference to the “serious builder” and the blurred photograph attached beneath showcase the Solana founder’s stark criticism of the Ethereum founder. He further noted,

If you’re fragile enough to get spooked by how young people choose to use permissionless systems to have fun, you will quite simply not make it here.

Chinese reporter Colin Wu has also shared insights on Gokul’s comments on the influence of meme coins. In a previous thread, Wu shared an X post on his Wu Blockchain page, shedding light on a16z crypto CTO Eddy Lazzarin’s stance on memecoin.

a16z crypto CTO: Memecoins alter how the public, regulators, and entrepreneurs see crypto. At best, it looks like a risky casino. Or a series of false promises masking a casino. This deeply affects adoption, regulation/laws, and builder behavior. Besides undermining the…

— Wu Blockchain (@WuBlockchain) April 25, 2024

According to Lazzarin, meme coins are not “technically interesting.” They alter “how public, regulators, and entrepreneurs see crypto.” Lazzarin added,

At best, it [memcoin] looks like a risky casino. Or a series of false promises masking a casino. This deeply affects adoption, regulation/laws, and builder behavior. Besides undermining the long-term vision of crypto that has kept so many of us in the space, memecoins aren’t very technically interesting.

However, Gokul’s recent post is indicative of the rivalry between Solana and Ethereum. Lily Liu, President of the Solana Foundation, has also shared a post on X supporting Gokul’s statements. She acknowledged the efforts of memecoin builders, addressing them as “seriously competent builders.”

The post Solana Co-Founder Targets Buterin, Reiterates Bullish Memecoin Stance  appeared first on Coin Edition.

50+ Beribit customers claim for customer funds arguing that they were unable to withdraw their money.

Reports state that these customers were given only promises and chocolates instead.

State Duma legislators have introduced a bill that is expected to ban crypto exchanges in the nation.

According to a recent report, 50+ customers of the Russian crypto exchange Beribit approached the company’s office demanding for their 400 million rubles stuck in the exchange. However, as per a video circulating across various media, these customers were given chocolates instead of money.

Reportedly, the customers gathered around the office on April 26 at about 11 a.m. They claimed that they had not been able to withdraw their funds over the past few days. They added that there were no issues at the time of depositing.

The report stated that the office employees tried to escape through the backdoor, but the fierce public blocked them and called the police. Subsequently, the employees “tearfully promise [d]” to pay back 50% of the investment and agreed to facilitate the withdrawal of the rest within 1-15 days. However, the circulating video revealed that the customers were only given promises and chocolates.

In Moscow, depositors of the crypto exchange Beribit were given chocolates instead of moneyApproximately $4.3 million of investors' funds are frozen in the accounts of the crypto exchange. Customers have been storming the office for the second day, demanding their money back.… pic.twitter.com/udvlommsOI

— NEXTA (@nexta_tv) April 27, 2024

Meanwhile, the State Duma legislators introduced a bill that is expected to put a ban on crypto exchanges in the country. However, the bill would permit crypto transactions and mining firms registered with the authority. The bill is also expected to ban advertisements promoting crypto. The bill stated,

In Russia, the organization of circulation of digital currency is prohibited. The exception is the mining of digital currency and the operation of mining pools. Advertising of digital currencies and advertising of the organization of digital currency circulation are also prohibited.

In a Telegram post, Beribit announced the recent changes the company has embraced. The firm asserted that the management has decided to conduct a thorough balance sheet audit to identify and tackle the inconsistencies.

The post 50+ Beribit Depositors Storm Office Claiming 400M+ Refunds: Report appeared first on Coin Edition.

The U.S. DOJ rejected the request of Tornado Cash developer Roman Storm to dismiss criminal charges.

DOJ believes the defense’s filing carries disputed facts that are more suitable for jury consideration.

The DOJ presented screenshots to illustrate the disputed functionality of Tornado Cash.

On Friday, the U.S. Department of Justice rejected Tornado Cash developer Roman Storm’s request to dismiss criminal charges. They argued that the defense’s filing contained disputed facts more suitable for jury consideration than early-stage motion arguments. 

For context, Storm and fellow developer Roman Semenov face charges of conspiracy to commit money laundering. The U.S. government alleged the crypto developers of operating an unlicensed money transmitter and violating laws by creating Tornado Cash, a crypto mixing service anonymizing blockchain transactions. 

U.S. authorities have alleged that entities like North Korea’s Lazarus Group have laundered funds through Tornado Cash. Meanwhile, Storm’s attorneys filed a motion to dismiss the indictment late last month. 

They contend that Tornado Cash does not qualify as a custodial mixing service, nor does it meet the criteria of a “financial institution.” Moreover, the lawyers argued that Storm lacked control over the service and could not prevent groups like Lazarus from utilizing it. 

Accordingly, they refute accusations of operating a money laundering entity. The defense emphasized that developing software code for mixing a service does not equate to running a money laundering operation. 

However, in its filing on Friday, the DOJ countered the defense’s characterization of Tornado Cash. They pointed out that Tornado Cash encompasses various elements such as a website, user interface, smart contracts, and a network of “relayers.”

The DOJ stated that dismissing the indictment based on contested views of how Tornado Cash operated or Storm’s intent would be unconstitutional. They argued that Storm and his co-founders retained control over the mixer from 2019 to August 2022.

Moreover, the DOJ presented screenshots to illustrate the disputed functionality of Tornado Cash.

Screenshot evidence in the filingEssentially, the filing extensively references evidence that the DOJ intends to introduce at trial, highlighting Storm’s involvement in building and developing the system, the usage patterns of Tornado Cash, and other details. Notably, Storm is scheduled for trial this September, while Semenov remains at large.

The post Tornado Cash Legal Saga: DOJ Presents Evidence of Developer Control appeared first on Coin Edition.

While ADA’s price decreased in the last seven days, MATIC registered a slight increase.

Defending the $0.44 support could send ADA toward $0.48.

The CMF and AO readings suggested that MATIC might decline to $0.64.

Like many cryptocurrencies in the market, altcoins prices like that of Cardano (ADA) and Polygon (MATIC), have failed to make significant upticks. For many participants, this calls for worry considering that there have been talks about an “altcoin season.” But it has not come to life.

For those unfamiliar, altcoins season occurs when Bitcoin’s (BTC) dominance drops and the price of other cryptocurrencies outperforms BTC for some months. However, on average, we’ve not seen that happen this cycle.

Looking at the price of ADA, CoinMarketCap showed that it decreased by 8.10% in the last seven days. MATIC, on the other hand, only managed a 1.92% increase within the same period. Despite the underwhelming performances, Coin Edition assesses whether it is a good time to buy the tokens.

Cardano (ADA)

ADA’s price at press time was $0.45. However, the downtrend on the 4-hour chart showed that sellers could be getting exhausted. If this is the case, the price of ADA might bounce, and surpassing the $0.48 resistance could be its first aim.

Bulls must ensure that the price stays above the $0.44 underlying support to achieve this. If it does, then Cardano might plunge to $0.40. Despite the bullish potential, the Supertrend flashed a sell signal around $0.48.

ADA/USD 4-Hour Chart (Source: TradingView)

Therefore, a price rise might not validate a rally for ADA. Meanwhile, the Relative Strength Index (RSI) revealed that ADA was oversold. As such, the price could bounce soon. But increasing to $0.50 might be a stretch in the short term.

Polygon (MATIC)

Signals from the 4-hour MATIC/USD chart showed that the momentum was bearish. This was evident from the Awesome Oscillator (AO). At press time, the AO was in negative territory, indicating an increasing downward momentum.

If this trend continues, MATIC’s price might fall to $0.64 which was the underlying area of interest. Furthermore, the Chaikin Money Flow (CMF) dropped to the red area, indicating that MATIC had been deprived of liquidity. 

ADA/USD 4-Hour Chart (Source: TradingView)

A combination of both indicators points to a decline. To arrest the potential drawdown, bulls must act fast and protect the $0.69 support. If this does not happen, validation of the decrease to $0.64 might be unavoidable.

The post ADA, MATIC Flash Opposite Signals: What Are the Targets? appeared first on Coin Edition.

Yuga Labs has embarked on a restructuring program.

According to Yuga CEO, he is hellbent on transforming the company back to its roots.

Yuga’s restructuring involves laying off staff and refocusing on the company’s goals.

Yuga Labs, the company behind the famous Bored Ape Yacht Club (BAYC) NFT collection, has started a restructuring program. In a recent post on X, the Yuga Labs CEO, Greg Solano, said he is hellbent on transforming Yuga and “getting the company back to its roots.”

gm, really tough day today. I am hellbent on transforming yuga and getting us back to our roots, and that means making hard decisions. by far the hardest is saying goodbye to some talented team members. here was my message to the team this morning. pic.twitter.com/gBkoNf2iK3

— Garga.eth (Greg Solano) 🍌 (@CryptoGarga) April 26, 2024

According to Solano, the restructuring program will involve several hard decisions, the hardest of which would be saying goodbye to some talented team members. He cited a direct message he sent the Yuga team, highlighting the core reasons behind the restructuring decision.

In the message, Solano clarified his determination to change what they do at Yuga and how they do it. He emphasized that Yuga lost its way, and getting themselves centered would imply becoming a smaller, more agile, and crypto-native team. He plans for the Yuga team to change its operational pattern by doing fewer things but doing them brilliantly.

Solano told the team that part of the restructuring process had already begun, with the spinout of HV-MTL and Legends of the Mara. According to him, those elements will allow Yuga to focus on its gaming efforts, 3D Otherside.

For those who would remain at Yuga, Solano emphasized that the next phase will not be easy. He stressed that the tasks will be about speed, agility, and commitment, noting that anyone willing to leave the company is welcome to take the same severance offered to affected employees.

The Yuga Labs CEO did not state the severance offerings to the affected staff in the lay-off nor specify the number of team members affected. However, it is essential to recall that the company had about 120 employees after its last restructuring program in October 2023. 

The post Yuga Labs Lays Off More Staff in Latest Restructuring Program appeared first on Coin Edition.

Vitalik Buterin revealed that the PoW consensus had centralization issues.

His revelation responded to the view some ETH members wished the network never transitioned to PoS.

The concern stems from claims that Ethereum PoS has centralization and balance of power risks.

Ethereum co-founder Vitalik Buterin has voiced that the proof-of-work (PoW) consensus, which Ethereum previously operated on, has a considerable doze on centralization. Buterin shared this perspective in a recent post on X. His remark responded to a sentiment that some Etherereum community members are expressing the wish that the network had remained on PoW instead of transitioning.

Amanda Cassatt, the CEO of Serotonin, sparked the conversation, claiming to observe individuals who wished Ethereum’s transition to proof-of-stake (PoS) had never happened. According to her, the main contributing factors include centralization risks and balance of power. Cassatt noted that Ethereum has more centralized validation and that the PoS consensus removed the initial checks and balances in the ecosystem.

Joining the conversation, Buterin highlighted that PoW “was also quite centralized.” However, according to him, the PoW’s centralization attracted less attention when it was the consensus mechanism on Ethereum. Buterin backed his view with a graph illustrating the control Ethereum miners had when it operated on PoW.

According to the chart, Spark Pool controlled as much as 33% of the mining power, while Ethermine had 21%. Other miners with considerable control included Zhizhu.top, Nanopool, and F2Pool.

PoW was also quite centralized. It was just not talked about as much, because everyone knew it was only a temporary stage until PoS.And that doesn't even get into how we probably mostly avoided ASICs only because the upcoming PoS switch meant no incentive to build them. pic.twitter.com/OhaqmRiiGJ

— vitalik.eth (@VitalikButerin) April 26, 2024

Meanwhile, Buterin suggested Ethereum’s PoW centralization did not raise eyebrows because stakeholders knew that “it was only a temporary stage until [the] PoS” migration. Furthermore, Buterin pointed out that Ethereum likely evaded significant ASIC (Application-Specific Integrated Circuit) development due to the impending switch to PoS, which removed the incentive to invest in ASICs.

Notably, Ethereum migrated to PoS in September 2022. Since then, validators have committed 32.5 million ETH tokens on the Beacon Chain staking contract. These staked tokens are worth over $101.5 billion, with the price of ETH at $3,125.

The post Ethereum Founder Publicly Admits PoW Had Centralization Issues appeared first on Coin Edition.

Phoenix Wallet has announced that it will terminate its operations to U.S. customers.

On May 3, Phoenix Wallet will be removed from U.S. app stores.

The Wallet’s operator advised users to empty their wallets immediately.

Phoenix Wallet, a Bitcoin wallet created by the Bitcoin technology company ACINQ, has announced that it will terminate its operations to U.S. customers. In a recent post on X, the wallet operator noted that on May 3, it will remove Phoenix Wallet from U.S. app stores.

On May 3rd, 2024, @PhoenixWallet will be removed from US app stores.Users from the US should empty their wallet:– Settings > Close channels (Android)– Settings > Drain wallet (iOS)We highly recommend *not force-closing* channels, as on-chain fees could be significant.

— Phoenix Wallet (@PhoenixWallet) April 26, 2024

Following the announcement, the wallet provider advised users in the U.S. to empty their wallets, highlighting the steps to follow. The wallet operator also warned users not to “force close” their wallets under any given circumstances. According to them, doing so could incur significant on-chain fees.

There are indications that it was ACINQ’s decision for Phoenix Wallet to exit the U.S. In an alternative post, ACINQ cited regulatory complications in the U.S. as the reason for the latest decision. According to the crypto wallet provider, authorities in the U.S. classified service providers in the same category as Phoenix Wallet as Money Services Businesses, noting it could determine how they would be regulated.

Recent announcements from US authorities cast a doubt on whether self-custodial wallet providers, Lightning service providers, or even Lightning nodes could be considered Money Services Businesses and be regulated as such.

— ACINQ (@acinq_co) April 26, 2024

ACINQ’s decision followed a recent announcement by the U.S. regulatory authorities that cast doubt on how self-custodial wallet providers, Lightning service providers, and even Lightning nodes will be classified. The wallet provider told users it would go ahead and assess other potential impacts of the decision to leave the U.S. on their operations.

Recently, a court in the Southern District of New York indicted the founders of the Bitcoin mixing wallet, Samourai, alleging that they facilitated illegal transactions, including laundered funds. Following the incident, the Federal Bureau of Investigations (FBI) warned users that it had begun ‘operations’ on various unregistered crypto firms. 

The post Phoenix Wallet Will Be Removed From U.S. App Stores on May 3 appeared first on Coin Edition.

The Pennsylvania Department of Banking and Securities closes the Republic First Bank.

The regulators appoint FDIC as the receiver, with Fulton Bank assuming all deposits and assets of the bank.

ZeshApps Founder Marto cautions crypto investors against holding money in crypto wallets.

The Federal Deposit Insurance Corporation (FDIC) declared the closure of Republic First Bank sparking debate among the crypto community. While the Pennsylvania Department of Banking and Securities seized the Philadelphia-based bank, the regulators appointed FDIC as the receiver.

As of the end of January 2024, Republic First Bank had about $6 billion in total assets and $4 billion in total deposits. Also, the firm had borrowings and other liabilities of about $1.3 billion. In an official statement, FDIC highlighted the agreement with Fulton Bank that allows the latter to assume almost all deposits and purchase assets of Republic. The statement read,

“To protect depositors, the FDIC entered into an agreement with Fulton Bank, National Association of Lancaster, Pennsylvania to assume substantially all of the deposits and purchase substantially all of the assets of Republic Bank.”

The downfall of Republic First Bank reportedly marks the nation’s first banking failure in 2024. ZeshApps Founder Marto commented on the fall of the bank, cautioning crypto investors against holding money in crypto wallets. In addition, he shared his optimistic belief in Bitcoin, stating, “I think I’ll stick to Bitcoin.”

❌Don't hold your money in #crypto wallets.🏦Another bank just collapsed, the Republic First Bank. Yeah… I think I'll stick to #Bitcoin.

— Marto👨🏻‍💻 (@martocsan_) April 26, 2024

Pillage Capital, another prominent voice in the market, took to X to share insights on the fall of Republic. He stated, “Republic First Bank failure is worth a look since bank failures are the best possible narrative we can get for crypto.”

Republic First Bank failure is worth a look since bank failures are the best possible narrative we can get for crypto pic.twitter.com/Jwu8aVmo2d

— Pillage Capital (@PillageCapital) April 26, 2024

Bitcoin, which has been hovering around the $64k level, much below the new all-time high of $73k, over the past few days, declined to $62k following the collapse of the firm. At press time, Bitcoin is trading at $63,007, with a decline of 2.22% over the last 24 hours.

The post US Regulator Closes Republic First Bank, Fulton Bank Assumes Deposits  appeared first on Coin Edition.

DOGE slipped from the $0.15 support but the coin might soon be oversold, and a bounce could be next.

The 1.618 golden ratio suggested that SHIB could climb toward $0.000025.

WIF might trade sideways but PEPE looked set to collapse to $0.0000064.

In the last seven days, most meme coins registered significant declines except for Pepe (PEPE)  and Shiba Inu (SHIB). SHIB, which is now ranked 11th on the market cap standings, managed a 7.24% increase. For PEPE, its price rallied by 36.19%.

On the opposite side of the divide were dogwifhat (WIF) and Dogecoin (DOGE). While WIF’s price dropped by 6.38%, DOGE tumbled by almost the same ratio at 6.99% within the last week. Here’s an analysis of the factors that led to the performance, and an assessment of where the prices could go in the coming days.

Dogecoin (DOGE)

At press time, DOGE changed hands at $0.14. From the 4-hour chart, it was observed that bulls attempted to drive the coin past $0.16 on April 23 but a quick rejection at that point forced the price back.

As a result, DOGE lost hold of the $0.15 support. Furthermore, the Relative Strength Index (RSI) was down to 33.37, suggesting a solid bearish momentum. However, a further decline could see DOGE hit an oversold point. Should this be the case, the price of the cryptocurrency might bounce.

DOGE/USD 4-Hour Chart (Source: TradingView)

Indications from the Money Flow Index (MFI) also suggested the same. As of this writing, the MFI reading was close to 20.00, meaning that capital had flowed out of DOGE but the coin might soon be oversold. This reinforces the RSI signal. In a case where DOGE rebounds, a move between $0.17 and $0.21 could be likely.

Shiba Inu (SHIB)

SHIB’s structure on the 4-hour chart was different. According to our analysis, the Awesome Oscillator (AO) was negative, suggesting an increasing downward momentum for the token. In a case like this, the price of SHIB might slip from $0.000024 while targeting $0.000022 as the next area of interest.

But the Fibonacci retracement indicator suggested SHIB might defy the odds and key into the 0.382 Fib level which was at $0.0000025. Besides that, an increase in buying pressure could drive the token toward the 1.619 Fib level which is the golden ratio extension. 

SHIB/USD 4-Hour Chart (Source: TradingView)

Should this be the case, SHIB’s price might jump to $0.000030. However, a bearish perspective could change the direction as bears might try to drag the price below $0.000020. In the short term, that seemed unlikely. 

dogwifhat (WIF)

Around April 10, WIF experienced a death cross where the 50 EMA (yellow) went below the 20 EMA (blue). Typically, this is a bearish trend, and it was not surprising that the price plunged from $3.78 to $2.39 moments later.

However, on April 23, the meme coin formed a golden cross as seen in the chart below. Thus helped the price rise to $3.55 But WIF could not hold the surge for a long while. As such the value declined to $2.69.

At press time, both the 20 and 50 EMAs were around the same spot, suggesting that the token might move sideways in the coming days. From a bullish point of view, WIF might not rise more than $3.15 while the bearish forecast could be around $2.70. 

WIF/USD 4-Hour Chart (Source: TradingView)

Pepe (PEPE) 

PEPE’s uptrend was stopped after it faced rejection at $0.0000079. As a result, the price of the token remained on the brink of falling below $0.0000071. Furthermore, the Moving Average Convergence Divergence (MACD) was negative. 

PEPE/USD 4-Hour Chart (Source: TradingView)

In addition, the 26 EMA (orange) had risen above the 12 EMA (blue), indicating that traders were booking profits from the initial hike. If this continues, the price of PEPE might fall, and slide to $0.0000064 might be likely in the short term.

The post DOGE, SHIB, WIF, PEPE: Meme Coins Price Analysis appeared first on Coin Edition.

The Japanese Yen falls to multi-year lows against the dollar and euro.

Amelie reiterates the SBI CEO’s prediction that every Japanese bank would use XRP by 2025.

Yen’s fall reinforces the need for a significant and immediate update in the financial system.

Recent reports revealed a subsequent decline in the Japanese Yen, keeping investors anxious. While the Yen dropped to a multi-year low, SBI CEO Yoshitaka Kitao’s previous statement on the potential of XRP once again gained traction.

 A crypto enthusiast, known on X as Amelie shared an X post reflecting Kitao’s preference for Ripple’s XRP. While Amelie shared insights on the recent downfall of the Yen, she stated that it could be compensated with the establishment of an XRP payment system in Japan. She added, “We need to totally update the system!”

The Japanese yen 💴 is experiencing almost a complete downfall 📉But it fits the narrative that every bank in Japan will be using #XRP by 2025, according to the SBI CEO 🏦 We need to totally update the system! pic.twitter.com/Jia2Y9CTk3

— 𝓐𝓶𝓮𝓵𝓲𝓮 (@_Crypto_Barbie) April 26, 2024

In 2023, Yoshitaka Kitao, the CEO of Strategic Business Innovator Group (SBI), a leading financial service firm, commented on the influence of XRP, disregarding Bitcoin as an asset. He forecasted that XRP would be used by every Japanese bank by 2025. Kitao highlighted the increasing adoption of XRP by major companies. He added,

“Major fund transfer companies have also begun to introduce it, and the use of “xRapid” using $XRP is becoming more widespread, and the number of companies participating in RippleNet is increasing significantly. Therefore, in that sense, I think that Ripple’s technology will gradually be used in the international remittance field, as well as “XRP.”

Reiterating Kitao’s words, Amelie posited that the declining price of the Yen against the dollar and euro would be eased with the growing adoption of XRP. She stated, “It fits the narrative that every bank in Japan will be using XRP by 2025, according to the SBI CEO.”Meanwhile, XRP is experiencing a downtrend, with its price currently at $0.5175, down by 3.18%. Despite a slight increase of 0.18% in one week, XRP has marked a significant decrease of 17% in one month.

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XRP and ADA are down 15% and 21% YTD at their current market value.

Meanwhile, Bitcoin and ETH have maintained 48.9% and 36% gains in YTD.

Analytic platform Santiment believes altcoins are currently at a massive discount rate ahead of the bull rally.

The cycle’s crypto bull market commenced in late 2023, specifically around October, but took full shape this year when Bitcoin cracked its 2021 all-time high. However, some digital assets are yet to capitalize on this buoyant market led by Bitcoin. 

Prominent Asian-based reporter Colin Wu recently compiled a list of the top 37 cryptocurrencies with negative growth on a year-to-date (YTD) scale, presenting discount buying opportunities. 

Leading the pack was XRP, the sixth most valuable cryptocurrency with a market cap of around $28.56 billion. At its current market value of $0.51, XRP is down 15.33% from the price with which it opened in 2024. The asset entered 2024 with a price in the $0.6 range but has reached a bottom of $0.433 this month. 

Meanwhile, since this year, Bitcoin has maintained a 48.9% gain despite the recent massive price collapses. Its closest rival, Ethereum (ETH), mirrored its trajectory by retaining 36.45% despite the dips.

However, the recent market dips led by Bitcoin forced many altcoins, such as Cardano (ADA), Internet Computer (ICP), Chainlink (LINK), and Avalanche (AVAX), which were top performers in the earlier phase of the bull market, to relinquish their gains to the bears. 

Specifically, at $0.46, ADA is down 21.52% from the price with which it commenced the year. Similarly, AVAX now shoulders a 9.10% loss on a YTD scale with a market price of $35.05 despite growing explosively since November 2023. Also, ICP now trades at $13.27, with a mild negative growth YTD. Meanwhile, ICP had soared by over 200% from a low of $5 last December to a high of $19 in March. 

Recall that renowned market intelligence Santiment has recently shared data arguing that altcoins, at their current market price, present a massive discount buying opportunity for the impending bull rally.

Other top assets recording negative growth currently, as presented on the list, are APT, XLM, and FIL. While these coins may be trading in the red, they present a buying opportunity ahead of the anticipated bull market, as Santiment suggested.

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ARK Invest shifts from ProShares Bitcoin ETF to ARK 21Shares Bitcoin ETF and Ethereum.

Strategic acquisitions of Meta Platforms shares signify diversification within ARK’s portfolio.

Divestment of SQ stock indicates a strategic move to reallocate resources within ARK’s investments.

Investment company ARK Invest, led by Cathie Wood, has completed selling its holdings in the ProShares Bitcoin Strategy ETF (BITO), a move that suggests a shift in the business’s approach to investing. At the close price of $28.22, the company sold 237,983 BITO shares from its Next Generation Internet ETF (ARKW), generating transactions of $6.7 million.

In late 2023, ARK made a significant move by acquiring over 4 million BITO shares, foreseeing a short-term opportunity pending the approval of spot bitcoin ETFs in the U.S. However, with the continuous sales in January and the recent divestment of the remaining shares, ARK has effectively exited its position in BITO.

Consequently, ARK’s attention has now turned to its own ARK 21Shares Bitcoin ETF (ARKB), which has emerged as the largest holding within the fund. With 2,480,644 shares valued at $160.6 million, ARKB constitutes a substantial 10.4% weighting of the fund’s total value, further solidifying ARK’s commitment to cryptocurrency investment.

Earlier, on April 19, ARKW sold 28,936 shares of BITO while simultaneously increasing its holdings with the acquisition of 139,152 shares of ARKB, ARK’s bitcoin ETF. Moreover, ARK expanded into Ethereum investments, buying 41,068 shares of ProShares Ether ETF.

In addition, while BITO shares were being sold off, ARK Invest strategically bought shares of Meta Platforms (META). These purchases were made through ARKW and ARK Innovation ETF (ARKK), totaling 25,355 shares bought, valued at around $11.20 million based on the most recent closing price.

Whilst, Ark Invest expedited the divestment of the SQ stock. The firm dumped 212,715 shares of the Block Inc. from ARKK and Ark Fintech Innovation ETF (ARKF). The offloading was worth $15.48 million at the closing price of $72.79, dropping 1.67%. In the pre-market session, the SQ stock was up 0.77% to $73.35 on Friday.

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ADA’s ranking drops to 10th by market cap amid a significant price decrease.

Only 35% of ADA holders are currently in profit, contrasting with BTC and ETH.

ADA’s on-chain activity declines, reflecting reduced engagement amidst the price drop.

Cardano (ADA), a layer-1 blockchain network, is facing a challenging period as its price continues to drop and its market ranking declines. Notably, ADA is now ranked as the tenth largest cryptocurrency by market cap, following a huge decrease in value. In the last month alone, ADA’s price has fallen by 28%, and it has seen a nearly 22% drop year-to-date, according to CoinMarketCap.

Moreover, recent data from IntoTheBlock shared on X reveals that only about 35% of ADA holders are currently in profit. This contrasts starkly with other major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), where 86% and 81% of holders, respectively, are seeing profits. The situation has led to increased scrutiny of Cardano’s near-term demand potential as more investors are facing losses.

The chart below shows the percentage of holders in profit on several top layer 1 networks 👇Bitcoin remains king, with $TRX being a close second. $DOGE and $ETH also have the vast majority of holders in profit. $ADA stands out with only 35% of holders in profit. But is this… pic.twitter.com/x9YwfuNIN4

— IntoTheBlock (@intotheblock) April 24, 2024

ADA’s market performance has also influenced its position relative to other cryptocurrencies. Over the past month, it has been surpassed in market valuation by Dogecoin (DOGE) and Toncoin (TON). Furthermore, the network has seen its average unrealized loss widen to 15.71%, indicating that if holders were to sell their ADA at current prices, they would incur an average loss of 15.71%.

A significant drop in on-chain activity accompanies the downturn in ADA’s market value. According to Santiment data, daily active addresses on the Cardano network have decreased from over 70,000 during its price peak to about 30,000 currently. This decline in activity reflects the reduced engagement and transaction volumes on the network.

Source (Santiment)

Despite the current market conditions, ADA’s recovery remains possible. Historical data suggests that ADA could enter a super cycle in 2025, potentially reaching new all-time high levels, following a pattern observed a year after the 2020 Bitcoin halving.

Source (Santiment)

However, investor sentiment remains tepid as data from Santiment shows that whale cohorts have been net sellers, reducing their holdings consistently over the last 2-3 months. This lack of significant buying activity during the price dip raises questions about the depth of investor interest in ADA at lower prices.

ADA/USD Price Action

On the 4-hour chart, the ADA token is under the influence of a bearish sentiment, indicating potential further price declines. Since reaching a crucial level on April 12, ADA has seen a significant drop of 32.15%, as depicted by the price range tool. Presently, ADA’s price hovers around the 38.20% Fibonacci retracement level.

ADA/USD 4-Hour Chart (Source: Tradingview )

Should ADA manage to close above this point, it may signal an upward trajectory, potentially challenging the 50% Fibonacci level and even surpassing resistance levels favored by bulls. Conversely, should ADA continue its bearish momentum and close below the 38.20% Fibonacci level, it could signal a continuation of downward movement, possibly retesting the support level below it. A successful breach of this support level could lead ADA prices further downwards, aligning with bearish targets.

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FBI warns against unregistered crypto exchanges.

Users were urged to avoid crypto services that lack KYC.

Clients can verify exchange registration with FinCEN.

The FBI has urged Americans to stop using unregistered cryptocurrency exchanges. The Internet Crime Complaint Center (IC3), Alert Number I-042524-PSA, announced this in a press release on Thursday. In the statement, the FBI encouraged users to patronize firms registered as Money Services Businesses (MSBs) and comply with anti-money laundering regulations.

The agency instructed users to avoid any crypto service provider that fails to implement the required ‘know your customer’ (KYC) protocols. The FBI noted, “A few simple steps can prevent unintentional use of non-compliant services. For example, avoid cryptocurrency money transmitting services that do not collect ‘know your customer’ (KYC) information from customers when required.”

KYC usually involves collecting a customer’s name, birth date, and address.

To help identify compliant businesses, the FBI directed individuals to verify the registration status of an exchange using “a tool from the U.S. Financial Crimes Enforcement Network (FinCEN).” 

The FBI recently took action against cryptocurrency platforms without the required licenses. Per the agency’s report, “people who use unlicensed cryptocurrency money transmitting services may encounter financial disruptions during law enforcement actions, especially if their cryptocurrency is intermingled with funds obtained through illegal means.”

The statement also pointed out that apps found in app stores might not meet legal standards. Hence, users employing such services could lose access to their funds during law enforcement interventions. 

Furthermore, the FBI noted that crypto services found to be breaking the law or facilitating illegal transactions will be probed. Therefore, the agency stressed that users should ensure their chosen platforms comply with legal requirements to avoid potential legal and financial problems.

This development follows recent legal actions by the U.S. Department of Justice (DOJ), which resulted in the arrest of the founders and CEO of Samourai Wallet on April 24. The DOJ partnered with law enforcement agencies in Portugal and Iceland to arrest one of the founders, seizing Samourai’s web servers and domain. The department also issued a seizure warrant for the application on the Google Play Store. 

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Solana-based memecoin airdrops briefly covered the cost of “Chapter 2.”

MANEKI and MEW are reportedly connected to the soon-to-launch mobile device.

The memecoins’ combined value reached $459 on Thursday, topping Chapter 2’s $450 cost.

Two cat-themed Solana-based memecoin airdrops briefly covered the cost of “Chapter 2,” the upcoming Solana mobile phone expected to roll out in 2025. The memecoins, MANEKI and MEW, are reportedly connected to the soon-to-launch mobile device and reached a combined value of $459 at some point last Thursday.

Altogether, 5,199 Maneki (MANEKI) tokens launched in an airdrop on April 24, joining the 37,600 Cat in a Dogs World (MEW) tokens that launched on April 1. By reaching a combined value of $459, the airdrops covered the $450 pre-order cost of Chapter 2 per Solana Floor.

MANEKI traded for $0.02326 at the time of writing, reflecting a 9.8% rally in the past 24 hours, according to data from CoinGecko, the crypto foremost crypto aggregation platform. Overall, the newly launched memecoin has gained approximately 9% since it became listed on the platform about 48 hours before the time of writing. MANEKI started from $0.01443 and dropped to a low of $0.01334 before rallying on Thursday to a peak of $0.026919.

Meanwhile, MEW traded for $0.005617 at the time of writing, reflecting a 1.9% dip in the past 24 hours, according to data from CoinGecko. MEW’s current price marks a recovery from its most significant dip since it reached a peak price of $0.009715. 

Chapter 2 is Solana’s second mobile, succeeding Saga, another mobile device the project launched in January that reached 60,000 pre-orders within one month. Customers pre-ordering Chapter 2 can connect their Solana wallet addresses to the device. That way, they can receive the airdrops before getting hold of the gadgets in 2025.

The new phone’s features are similar to those of Saga. Like Saga, Chapter 2 will have a built-in crypto wallet, a dapp store, and custom Android software. However, its hardware will be different from that of the pioneer device.

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Bitcoin stalls around $60K, prompting anticipation of the U.S. Treasury’s QRA. 

Analysts believe a decrease in the Treasury’s cash target could trigger bullish sentiment in crypto.

Meanwhile, an increased TGA target could unfavorably impact risk assets.

Over the past few weeks, crypto traders have endured a rather dull period. Bitcoin (BTC), the foremost crypto, has remained primarily stagnant within the $60,000 range, with its price experiencing more declines than gains.

Nonetheless, a glimmer of hope may be on the horizon. Analysts anticipate next week’s U.S. Treasury Secretary’s quarterly refinancing announcement (QRA) to boost risky assets like crypto.

Historically, the QRA has served as a barometer for market sentiment. It reflects the U.S. government’s borrowing needs and its impact on broader financial dynamics. In particular, the quarterly QRA reveals the U.S. government’s borrowings for the next three months, affecting bond prices, yields, and market risk appetite. 

Higher bond issuance suppresses prices and boosts yields, discouraging risk-taking. Conversely, diminished issuance yields the opposite effect, influencing market dynamics accordingly.

In its previous announcement in January, the Treasury projected a second-quarter net borrowing of $202 billion and a TGA cash balance of $750 billion. This figure is down from $760 billion in the first quarter. 

Althea Spinozzi, head of fixed income strategy at Saxo Bank, anticipates a decline in quarterly gross issuance for the first time in two years. Spinozzi argued that risk assets like cryptocurrencies will likely rally if the QRA maintains or lowers the TGA target to $750 billion. “This might lead to bullish sentiment in risky assets,” Spinozzi remarked.

Conversely, if the debt announcement increases the TGA target, indicating the government’s intention to hold more cash, it may not be favorable for risky assets. Arthur Hayes, co-founder of the BitMEX exchange, recently expressed his view on X. 

As expected tax receipts added roughly $200bn to TGA. Forget about the May Fed meeting the 2Q24 refunding annc comes out next week. What games will Yellen play, here are some options:1. Stop issuing treasuries by running down the TGA to zero, that is a $1tn injection of… pic.twitter.com/F6AsShYhr4

— Arthur Hayes (@CryptoHayes) April 26, 2024

Hayes suggested the Treasury could halt long-term Treasury issuance, draining the TGA balance, or increase short-term bill issuance, unlocking liquidity through the RRP facility. He suggested that any of these options could lead to a rally in stocks and a resurgence in the crypto bull market.

The post US Treasury Refunding Announcement Holds the Key to Bitcoin Bull Run appeared first on Coin Edition.

Data from Soso Value shows there was a $218 million net outflow from Bitcoin ETFs last Thursday.

GBTC recorded the highest outflow, accounting for $139 million of the total outflow.

FBTC and BRRR recorded daily net outflows for the first time.

Data from Soso Value, the leading ETF analytics platform, shows a $218 million net outflow from Bitcoin ETFs last Thursday. A report from the renowned Chinese crypto journalist Colin Wu showed that Grayscale’s GBTC accounted for $139 million of Thursday’s outflow, making it the ETF with the highest outflow in the day.

According to SoSoValue, the total net outflow from Bitcoin spot ETFs was $218 million yesterday. Grayscale ETF GBTC had a net outflow of $139 million, Fidelity ETF FBTC had a net outflow of $22.61 million, and Valkyrie ETF BRRR had a net outflow of $20.16 million, marking the… pic.twitter.com/PhmFgEb9ng

— Wu Blockchain (@WuBlockchain) April 26, 2024

Furthermore, Wu’s report revealed that the Fidelity ETF (FBTC) had a net outflow of $22.61 million, and the Valkyrie ETF (BRRR) had a net outflow of $20.16 million. It is essential to note that Thursday’s records marked the first time FBTC and BRRR recorded daily net outflows. However, while other ETFs recorded net outflows, Franklin ETF (EZBC) was the only Bitcoin spot ETF that saw a net inflow, with a daily net inflow of $1.8745 million.

Meanwhile, two other ETFs, Ark Invest’s ARKB and Bitwise’s BITB, also recorded outflows, adding to the overall figure of the day. ARKB had a daily net outflow of $31.34 million, while BITB recorded a daily net outflow of $5.99 million, per data from Soso Value.

The notable outflows from Bitcoin ETFs on Thursday impacted Bitcoin’s price significantly. The flagship crypto experienced a 3.79% dip before mounting a recovery amid a battle between the bulls and the bears. TradingView data showed that Bitcoin dropped from a $665,286 daily high on Thursday to a low of $62,785 before rebounding to $64,493 at the close of the trading session.

The impact of yesterday’s Bitcoin ETF net outflow on BTC shows how the newly launched funds affect the Bitcoin market. Soso Value’s data shows the cumulative total net inflow across all the existing ETFs was $12.08 billion as of Thursday. That is a significant volume with a notable impact on the Bitcoin market.

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