Santiment argued now may be a good time to buy altcoins before the bull run.

It observed that over 85% of monitored assets are in a historically buying opportunity zone. 

This observation draws from the MVRV of wallets’ combined returns over one-month, three-month, and six-month periods.

Prominent market intelligence firm Santiment has suggested that now may still be an opportune moment to buy altcoins before the bull rally that typically follows a Bitcoin halving. Santiment called attention to this view in a recent post on X after examining the mid-term gains and losses realized for most altcoins.

Specifically, the intelligence platform noted that average wallets’ mid-term gains and losses indicate heavy realized losses across most altcoins. It observed that over 85% of the assets it monitors are in a historically buying opportunity zone. 

Santiment noted that this observation is particularly true when evaluating the market value to realized value (MVRV) of wallets’ combined returns over one-month, three-month, and six-month periods. As a result, Santiment suggested that it could be justifiable to consider buying, especially as growing fear permeates the crowd following these successive market cap dips.

Notably, the crypto community recently witnessed Bitcoin’s fourth halving cycle, slashing miners’ rewards to 3.125 BTC per block. However, before the halving of April 19, the crypto market witnessed severe bearish performances that erased most of the gains most altcoin accrued in the early phase of the bull run.

For instance, Shiba Inu has collapsed by approximately  60% to $0.00001853 this month after reclaiming the $0.00004534 range in March, one of its peak points in 2021. A comparable landslide collapse was observed with BONK, which sank to $0.00001257 on April 13 after hitting $0.00004704 previously.

These depressing performances followed Bitcoin’s retrace to the $60K range before the halving. While the halving has been completed, the market has barely fully recovered as Bitcoin continues to battle bearish forces, dampening the morale of the investing public.

Meanwhile, Santiment believes individuals who risk investing now stand a good chance of reaping better profits when the anticipated bull run emerges.

The post Data Shows Now Might Be Prime Time to Buy Altcoins: Here’s Why appeared first on Coin Edition.

XRP slid by 3.26% on Wednesday to close the day at $0.52723 amid a strengthening U.S. economy.

U.S. durable goods orders increased by 2.6% in March, having advanced by 0.7% last February.

Uncertainty over the potential outcome of the Ripple vs SEC case contributed to XRP’s decline.

XRP slid by 3.26% on Wednesday to close the day at $0.52723 amid a strengthening U.S. economy and growing uncertainty in Ripple’s ongoing litigation. Wednesday’s slump marked an extension in the XRP price drop after the altcoin dipped by 2.21% last Tuesday. 

According to a U.S. economic report released on Tuesday, U.S. durable goods orders increased by 2.6% in March, having advanced by 0.7% last February. The report further showed that core durable goods rose by 0.2%, marking an improvement from February’s figure of 0.1%. The improved data signaled a robust U.S. economy, impacting inventors’ outlook regarding a September Fed rate cut.

Apart from XRP, several other cryptocurrencies declined on Wednesday, leading to a 2.97% drop in the overall value of the crypto market. Hence, the crypto market lost over $2.3 billion on Wednesday following the selloff.

Besides the Fed monetary policy’s impact on investor sentiment, the crypto market felt the impact of new developments in the case between Ripple and the U.S. Securities and Exchange Commission (SEC). Increased uncertainty over the potential outcome of the case contributed to XRP’s decline.

Last Tuesday, the fintech firm filed a redacted version of the remedy-related opposition brief. Ripple argued against the SEC’s proposed $2 billion fine and filed a motion to strike, contesting the inclusion of new expert testimony in the SEC opening brief. 

Investors perceive that Ripple’s recent action could introduce a new twist to the case, possibly opening new litigation frontiers, thereby elongating the legal battle. However, many crypto users think a convincing rebuttal by the SEC could result in a punitive penalty against Ripple for selling unregistered XRP to institutional investors.

XRP traded for $0.52662 at the time of writing, with the price struggling around multiple supports established in the last week of March, according to data from TradingView.

The post XRP Dips Amid Strengthening U.S. Economy and Litigation Uncertainties appeared first on Coin Edition.

Morgan Stanley allows 15,000 brokers to solicit customer purchases of Bitcoin ETFs.

The firm plans to implement risk tolerance requirements and limits on allocation and trading frequency.

The company executives state that Morgan Stanley assures every one of the accessibility of ETFs.

A recent report revealed Morgan Stanley’s plans to explore the expanding Bitcoin exchange-traded funds (ETFs) market. The firm reportedly plans to allow its 15,000 brokers to encourage customers to purchase Bitcoin ETFs.

Two senior executives familiar with the matter shared insights on the company’s plans to establish “guardrails” for solicited purchases. The firm plans to implement risk tolerance requirements and limits on allocation and trading frequency. Though neither of the executives revealed the exact timeframe for the company’s policy changes, one of the executives stated,

“We’re going to make sure that we’re very careful about it. We are going to make sure everybody has access to it. We just want to do it in a controlled way.”

The second executive stated that the customers have shown strong interest in purchasing Bitcoin ETFs. He added that the investors invest money in ETFs as it seems interesting to them. He added, “Our clients aren’t betting the ranch on Bitcoin.”

Other financial firms like Bank of America’s Merill Lynch, Wells Fargo, and Cetera Financial Group have also introduced Bitcoin ETFs. Matt Fries, Head of Investment Products at Cetera, posited,

“We will continue to proactively evaluate the implications of Bitcoin ETFs and related products and modify our policies accordingly, and we look forward to partnering with our financial professionals to adopt Bitcoin ETFs when appropriate with their clients.”

As of Wednesday, the net inflow of the US Spot Bitcoin ETFs from leading asset managers like BlackRock, Ark Invest, and Grayscale has reached a massive $12.29 billion. In addition, they have amassed over $53.6 billion in assets under management (AuM).

The post Morgan Stanley Allows 15,000 Brokers to Recommend Bitcoin ETF Purchase  appeared first on Coin Edition.

Lack of legal expertise and compliance issues at Binance highlighted serious concerns by co-founder He Yi.

CZ expresses remorse and accepts responsibility, appealing for a second chance and emphasizing compliance changes at Binance.

Prosecutors push for harsher penalties, while CZ’s family highlights his role as a caring parent and generous philanthropist.

He Yi, the co-founder of Binance, recently emphasized that Changpeng Zhao (CZ), Binance founder, apparent lack of awareness has had serious consequences for him and the company. Yi pointed out that despite Zhao being the only English-speaking member in the early management team, the absence of legal expertise within the startup has been a notable issue.

Binance co-founder He Yi said that CZ’s biggest mistake was ignorance. As a startup with no fancy background, the founding team members had no legal background, and even most of the early management team members, except CZ, could not even read English. Both Binance and CZ have…

— Wu Blockchain (@WuBlockchain) April 25, 2024

Addressing these concerns, CZ penned a letter to Judge Richard A Jones of the US District Court for the Western District of Washington on 24 April, expressing remorse for his actions and accepting full responsibility. He acknowledged the need for implementing compliance changes at Binance sooner, emphasizing the subsequent implementation of stringent controls during his tenure.

Furthermore, CZ emphasized his voluntary surrender and acceptance of responsibility in the ongoing case, expressing a desire to resolve matters before the court to pursue new opportunities. He appealed for a second chance, highlighting his unconventional career path marked by simplicity and integrity.

CZ has apologized in a letter to the judge overseeing his case filed on Tuesday: There is no excuse for my failure to establish the necessary compliance controls at Binance. CZ gave an assurance that this would be his only “encounter with the criminal justice system.” CZ said he…

— Wu Blockchain (@WuBlockchain) April 24, 2024

Moreover, CZ’s family, including his wife, two children attending US institutions, and his sister, a former managing director at Morgan Stanley, publicly supported him for the first time among 161 letters seeking leniency. Their testimonials portray CZ as a supportive father and a philanthropist, emphasizing Binance’s charitable efforts.

Despite the pleas from CZ’s legal team, prosecutors are pushing for a harsher sentence of three years imprisonment and a $50 million fine. They argue against probation, expressing concerns about his susceptibility to negative influences in prison.

Although the US sentencing guidelines permit a maximum of 10 years in federal prison for CZ’s offenses, the usual recommendation falls within the range of 12 to 18 months. However, the final outcome remains uncertain as the case progresses, with CZ potentially facing incarceration at the Federal Detention Center (FDC) SeaTac in Washington.

The post Binance Founder CZ Faces Legal Battle Over Ignorance Claims appeared first on Coin Edition.

The CBN denied reports stating that it froze accounts related to unlicensed crypto firms.

The regulator said that it wasn’t responsible for issuing the circular.

“Always refer to the Bank’s website for authentic information,” said CBN.

The Central Bank of Nigeria (CBN) has refuted claims suggesting that it ordered local banks to freeze accounts associated with unlicensed crypto exchanges. 

Reports surfaced alleging that the CBN directed financial institutions to freeze accounts associated with exchanges like Binance, OKX, Bybit, and KuCoin, but the bank has denied issuing such directives. 

In a post on X, the central bank clarified that the circular instructing banks to freeze accounts linked to unlicensed crypto exchanges did not originate from the regulator. It urged the public to rely on its official website for authentic information.

The CBN emphasized, “Always refer to the Bank’s website for authentic information.”

Earlier reports claimed that the CBN issued a directive instructing banks to identify and freeze accounts engaged in transactions with cryptocurrency exchanges. These accounts were to be placed under a “Post No Debit (PND) instruction” for six months. Additionally, the reports listed Bybit, KuCoin, OKX, and Binance as exchanges not licensed for operations in Nigeria.

However, as of press time, no official orders regarding the freezing of banking accounts linked to crypto transactions have been published on the CBN’s official website.

The CBN’s stance on cryptocurrency transactions has evolved over time. In late 2023, the bank lifted its previous ban on crypto activity in the country, pushing institutions to carry out cryptocurrency services while signaling a shift in Nigeria’s approach to the crypto market.It is also important to note that Nigeria also ranks in the list of the top 50 major cities with the infrastructure to experience mass adoption of cryptocurrencies.

The post CBN Denies Mandating Banks to Freeze Crypto Exchange Accounts appeared first on Coin Edition.

KPMG’s survey states that 22% more financial institutions in Canada provided crypto services in 2023.

In 2023, 26%+ institutional investors added digital assets to their portfolios.

40% institutional investors had direct or indirect exposure to cryptocurrencies in 2023, up from 31% in 2021.

A recent survey released by KPMG in Canada and the Canadian Association of Alternative Assets and Strategies (CAASA) has revealed increasing crypto adoption in Canada. Embracing a better regulatory framework, Canada has returned to the developing crypto markets, with investors and organizations actively taking part in the crypto trade.

According to the survey, crypto services in Canadian financial institutions in 2023 have grown by 22%+ compared to 2021. In addition, 26% more institutional investors have included digital assets in their portfolios.

Reportedly, 2021 was a strong year for crypto assets as the bullish market attracted investors. However, the following year was a “turbulent year, marked by fraud and collapses of major crypto asset trading firms.” Kunal Bhasin, partner and co-leader of KPMG in Canada’s Digital Assets practice, commented that the long crypto winter of 2022 had a “cleansing effect on the industry.” Further, he added,

“Rising U.S. debt combined with increasing inflation likely provided a catalyst for the crypto rally of 2023, and it appears investors are looking for alternative asset classes that act as a debasement hedge and a reliable store of value. Our survey findings suggest crypto assets are increasingly seen as an investible alternative asset class…in Canada.”

The survey further highlighted that 50% of financial services firms offered a minimum of one crypto service, up from 41% in 2021. Of these financial service firms, 24% issued exchange-traded funds or similar regulated products. In addition, 48% of the firms offered custody, clearing, and settlement services in 2023, while only 33% provided the same in 2021.

Moreover, nearly 40% of institutional investors had direct or indirect exposure to cryptocurrencies in 2023, up from 31% in 2021. It is noteworthy that 75% of investors owned crypto assets directly, while 50% had connections through ETFs and other regulated products.

The post Nearly 40% of Investors in Canada Have Exposure to Crypto: Report appeared first on Coin Edition.

Korean won surpassed USD in terms of trading volume.

Upbit hosts 80% of the total Korean trading volume.

Crypto.com recently delayed its debut in the South Korean market.

The Korean won has surpassed the United States dollar as the most-used currency for trading Bitcoin and other digital assets.

According to a report from Bloomberg, this uptick is centered around Upbit, an exchange based in Seoul’s Gangnam district. Upbit’s wide selection of listed coins and user-friendly interface have helped it capture the majority of Korea’s crypto market. 

With over 80% of Korean trading volumes, Upbit’s dominance in the local market is unrivaled, ranking among the top five exchanges globally by volume and closely competing with Coinbase.

Notably, new legislation aimed at protecting investors after the collapse of Do Kwon’s TerraUSD stablecoin in 2022 seems to further consolidate Upbit’s grip on the market. Under these regulations, crypto exchanges will be required to increase reserves, obtain investor-protection insurance, and enhance monitoring for suspicious transactions. 

While these measures aim to protect investors, they may inadvertently strengthen Upbit’s position, as compliance costs could prove prohibitive for smaller exchanges.

Upbit, operated by fintech firm Dunamu Inc., has been a major player since its launch in 2017. Its trading volume has surged, accounting for almost 5% of global crypto trading volume, up from 1.4% in January 2021. 

Backed by early investors such as South Korean internet giant Kakao Corp. and Woori Technology Investment, Dunamu saw its valuation skyrocket during the pandemic bull run, reaching a peak of $15.7 billion.

Singapore-based Crypto.com recently delayed its launch in South Korea, just six days before it was set to go live. This delay followed a report that the Financial Intelligence Unit (FIU) visited Crypto.com’s regional office over concerns about anti-money laundering procedures. This highlights the challenges international exchanges face when entering the Korean market, despite its attractive volume and volatility.

The post Korean Won Becomes the Most-Used Currency to Trade Crypto Assets appeared first on Coin Edition.

HashKey Exchange completes the first crypto subscription for BTC and ETH ETFs for Hong Kong Bosera International and HashKey Capital.

Hong Kong began raising funds in ETFs and will be listed on the Stock Exchange on April 30.

As per reports, HashKey Capital will begin trading Bitcoin ETF on Tuesday.

In a recent development, HashKey Exchange announced that the platform had completed the first crypto subscription for Hong Kong Bosera International and HashKey Capital’s Bitcoin spot ETF and Ethereum spot ETF.

Chinese crypto researcher Colin Wu shared an X post shedding light on the matter. The reporter further elaborated on the idea of cryptocurrency redemption, stating that it means “the underlying assets do not have to be sold immediately, which brings cost and liquidity advantages.”

HashKey Exchange announced that it has completed the first cryptocurrency subscription for Bitcoin spot ETF and Ethereum spot ETF of Hong Kong Bosera International and HashKey Capital. Cryptocurrency redemption means that the underlying assets do not have to be sold immediately,…

— Wu Blockchain (@WuBlockchain) April 25, 2024

In addition, it is also reported that Hong Kong began raising funds in crypto ETFs today and will be listed on the Stock Exchange on April 30. The announcement came days after Hong Kong’s Securities and Futures Commission’s (SFC) approval of several Bitcoin and Ethereum ETF applications.

Meanwhile, HashKey Capital confirmed that it will begin trading Bitcoin ETFs on Tuesday. With this official announcement, HashKey Capital became one of the first companies to launch a spot Bitcoin ETF in Hong Kong.

In mid-April, Hong Kong’s SFC signaled a positive nod to the exchange-traded fund applications submitted by multiple firms, including China Asset Management, Bosera Capital, and HashKey Capital Limited. Subsequently, Bosera Asset Management and HashKey Capital together decided to launch a spot Bitcoin ETF and a spot Ether ETF called the Bosera HashKey Bitcoin ETF and the Bosera HashKey Ether ETF, respectively.

Reports stated that other leading asset managers in China are also preparing to introduce Spot Bitcoin ETFs into the market by the end of April. These developments are expected to contribute significantly to Hong Kong’s vision of establishing a crypto hub.

The post Hong Kong To Establish Crypto Hub, Starts ETF Trade on April 30 appeared first on Coin Edition.

SEC instructs Google and Apple to remove Binance apps in the Philippines, citing security threats to investors’ funds.

Aquino highlights Binance’s violations of securities regulations, leading to the proactive removal of its apps.

SEC warns against investing in Binance, emphasizing its lack of necessary licensing.

The Securities and Exchange Commission (SEC) of the Philippines has directed Google and Apple to remove the Binance app from their respective app stores. A press release by the SEC disclosed that this instruction was contained in separate letters addressed to the tech giants on April 19.

SEC Chairperson Emilio B. Aquino stated, “The SEC has identified [Binance] and concluded that the public’s continued access  to  these  websites/apps  poses  a  threat  to  the  security  of  the  funds  of investing Filipinos.” Aquino asserted that Binances’ sale of unregistered securities and operation as unregistered violates the “Republic  Act  no.  8799,  or  The Securities Regulation Code.” 

He further stressed that blocking and removing the Binance app will mitigate potential risks to the investing public and safeguard the national economy. This action follows previous requests by the SEC to the National Telecommunications Commission, urging the blockage of access to Binance websites within the Philippines. 

Since November 2023, the SEC has actively cautioned against investing in and utilizing Binance services. The regulatory body also signaled ongoing consideration of potential measures to restrict Binance’s online presence within the country. 

The SEC revealed that Binance lacks the license to solicit investments or operate as an exchange. In light of this, the agency urged investors against using the platform for cryptocurrency transactions. 

Binance is renowned for offering several financial instruments and investment products, including spot trading, futures contracts, and cryptocurrency staking services. According to the SEC, the exchange averages a daily trading volume of $65 billion and has a user base exceeding 183 million.

However, this development adds to a series of setbacks for Binance, as Changpeng Zhao, Binance’s former CEO, faces charges in the US. Moreover, Binance is entangled in legal battles with the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

The post Philippines SEC Orders Binance from App Removal From App Stores appeared first on Coin Edition.

CBN instructs banks to identify and freeze accounts involved in crypto transactions.

Regulated financial institutions are banned from accepting cryptocurrency payments.

The government scrutinizes platforms like Binance for alleged regulatory breaches.

The Central Bank of Nigeria (CBN) has directed all banks and financial institutions to identify individuals or entities involved in transactions with cryptocurrency exchanges. Per CBN’s instructions, such accounts should be placed on a Post No Debit (PND) instruction for six months.

Under the “Post No Debit instructions,” customers are prohibited from conducting certain transactions, such as withdrawing funds or making payments. In light of this, the CBN released a circular identifying Bybit, KuCoin, OKX, and Binance as crypto exchange platforms lacking operational licenses in Nigeria.

The apex bank has emphasized its determination to clamp down on individuals illicitly trading Tether USDT on the platforms mentioned, particularly through peer-to-peer (P2P).

Furthermore, the CBN asserted that regulated financial institutions are prohibited from accepting or facilitating cryptocurrency payments. This stance contradicts an earlier ban lifted in December 2023, which allowed banks to facilitate crypto exchange transactions.

Due to the swift depreciation of the naira and inflation surge reaching 29.9%, the government has shifted focus towards platforms facilitating cryptocurrency transactions.

It recently took action against crypto trading platforms, particularly those known for fixing valuations different from the CBN Naira rate. Notably, Binance has faced intensified investigations following allegations of questionable financial transactions conducted through Binance Nigeria in 2023.

CBN’s governor, Olayemi Cardoso, revealed that an estimated $26 billion flowed through Nigeria via Binance in 2023, originating from undisclosed sources and users. This development has drawn attention to potential regulatory breaches within the crypto ecosystem.

Binance continues to face hurdles in Nigeria as Tigran Gambaryan, a US-based Binance executive, has been apprehended. Following discussions between Nigerian officials and Binance regarding regulatory issues, Gambaryan faces five charges related to money laundering.

Furthermore, Nadeem Anjarwalla, another executive involved in discussions with Nigerian authorities regarding Binance’s regulatory concerns, managed to evade custody but was later traced to Kenya. Anjarwalla now faces potential extradition back to Nigeria to address the charges against him.

The post Nigeria’s Central Bank to Freeze Bybit, KuCoin, OKX, Binance Accounts appeared first on Coin Edition.

XRP met resistance around $0.55 amid expectations of another round of litigation.

The XRP pullback coincided with Ripple’s filing to oppose the SEC’s remedies proposal.

Fred Rispoli thinks Ripple is in a great position to win the ongoing lawsuit against the SEC.

XRP met resistance around $0.55 amid expectations of another round of litigation between Ripple and the U.S. Securities and Exchange Commission (SEC). The top altcoin failed to overcome the $0.55 barrier on Tuesday despite showing significant momentum the day before.

Tuesday’s pullback coincided with Ripple’s filing to oppose the SEC’s remedies proposal for the firm to pay $2 billion in fines regarding the protracted legal battle between them. Ripple argued that the SEC had no basis for such a request, citing the commission’s lack of allegations or findings of recklessness or fraud against it.

Following the development, several crypto users suspect Ripple’s opposition filing could trigger another round of litigation between the pair. One such user, a crypto industry attorney, Fred Rispoli, noted that Ripple is in “a great position” to win the lawsuit. However, he observed that there are “ominous signs.”

In his post on X, Rispoli noted that Ripple told the Court that if the SEC wants to sue on the new contracts, it needs to bring a new enforcement action. He highlighted the possibility of the Judge penalizing the SEC, dissuading them from a repeat enforcement action. 

Bad news: The parties are teeing up (or posturing on) "Round 2." Ripple tells Court if SEC wants to sue on the new contracts, it needs to bring a new enforcement action (p16). SEC getting hammered with a low penalty will help in dissuading a repeat enforcement action. 5/8

— Fred Rispoli (@freddyriz) April 23, 2024

Despite the ongoing legal battle, on-chain metrics suggest increasing confidence among XRP investors. One such metric is data from Santiment showing that the number of wallets holding between 1 and 1 million XRP tokens is nearing all-time highs (ATH). This category of wallets represents small-volume wallets typically owned by retail investors. The increasing retail investor population for XRP suggests a growing confidence among market participants.

XRP traded for $0.54513 at the time of writing after pulling back 2.82% on Tuesday after Ripple’s remedies opposition filing, according to data from TradingView.

The post XRP Pulls Back as Ripple Opposes SEC in Recent Court Filing appeared first on Coin Edition.

Whale buys 1.15M $WIF for $3.77M, signaling major moves in the crypto market.

WIF’s price rally sees a 23.58% increase, reflecting investor optimism.

Technical breakout may push WIF to new heights. However, the risks of pullback looms.

A ‘whale’ has reportedly purchased 1.15 million $WIF , worth approximately $3.77 million, and engaged in multiple transactions. The transactions included withdrawing and depositing large quantities of $WIF tokens to and from Binance, hinting at tactical asset management by the individual or entity.

A whale spent 24,174 $SOL($3.77M) to buy 1.15M $WIF and withdrew 39,600 $WIF ($131K) from #Binance 5 hours ago.The whale also withdrew 357,298 $WIF ($1M) from #Binance on April 14.Then he deposited all $WIF into #Kamino and #Meteora.https://t.co/6exqPdOVoQ pic.twitter.com/VjBwhZgqCM

— Lookonchain (@lookonchain) April 24, 2024

According to Lookonchain, an analysis platform, the whale initially bought the $WIF tokens using $SOL, totaling 24,174 $SOL. Within the same period, the whale withdrew 39,600 $WIF , equivalent to around $131,000, from Binance. 

Further illustrating the whale’s active engagement in the market, on April 14, days before the latest acquisition, the investor withdrew an additional 357,298 $WIF , valued at about $1 million, from Binance.  Following these transactions, the whale transferred all the $WIF tokens into Kamino and Meteora, two platforms within the crypto ecosystem. 

WIF Token Bullish Breakout

The WIF token is witnessing a robust bullish trend, with its price rallying from an intraday low of $2.835 to a high of $3.550. As the trading day progresses, the token is maintaining momentum near this high, currently priced at $3.512. This marks a significant 23.58% increase since the day’s start, signaling strong investor confidence.

WIF/USD 1-Day Chart (Source: CoinStats)

This surge in the WIF token’s value is mirrored in its market capitalization, which has seen an impressive 23.49% growth, reaching $3.52 billion. Concurrently, trading volumes have greatly increased by 113.04%, totaling $811 million over the past 24 hours. 

Fueling this optimism is a confirmed breakout from a two-week ascending triangle pattern in the Dogwifhat trading chart, a development that has captured the attention of the crypto community. This technical breakout is a key driver of the current investment surge, as traders anticipate further gains and push the prices toward new highs.

Will the Bullish Trend Retain?

The WIF token recently closed above the 50% Fibonacci retracement level at $3.404, signaling a strong bullish trend that may continue in the short term. If the momentum persists, the price of WIF could challenge the resistance at the 61.8% Fibonacci level. A breakthrough here might set the stage for further gains, targeting the 78.6% level at $5.227.

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

However, this bullish breakout could be deceptive, merely capturing liquidity above the market before a potential pullback. If this scenario unfolds, the price could revert to the previous double-top formation, which now serves as immediate support. This could drive prices down further to the 10-day trendline.

From a technical perspective, the MACD indicator exhibits a positive trend, moving vertically above the signal line, which underscores the strong bullish momentum in the market. This could support a potential breakout above the 61.8% Fibonacci level. Concurrently, the increasing size of the histogram bars in the green zone further confirms the prevailing bullish sentiment.

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

On the contrary, the Relative Strength Index (RSI) is currently at 68.60, indicating an overbought condition. This suggests that there might be a short-term pullback or consolidation before the price can continue its upward trajectory. Moreover, the downward movement of the RSI line hints at potential room for a bearish outlook in the near term.

The post Whale Investor Scoops Up $3.77M in Dogwifhat (WIF)Tokens Amid Price Rally appeared first on Coin Edition.

DXY’s resistance near 106 may drive Bitcoin higher as the dollar weakens.

Divergent views on dollar trajectory impact Bitcoin sentiment.

Trade tensions could strengthen USD, affecting Bitcoin and forex markets.

The recent events in the financial markets have revealed the possibility that the DXY dollar index can inversely affect the price of Bitcoin, hence, these conditions are likely to create very interesting occurrences for both currency and digital currency markets. The DXY index, now facing resistance around the 106 mark and signs of a downturn, is being speculated to retreat to 102-103, which could be in sync with a rally in Bitcoin’s value.

The narrative unfolds with contrasting views on the trajectory of the U.S. dollar. On one side, there are expectations of a weaker dollar driven by factors such as Federal Reserve policies and potential trade war escalations. Mike Alfred, a seasoned investor, forecasts a decline in the DXY towards 92 by late 2025, aligning with a short-term Bitcoin surge to $90,000.

DXY dollar index hit resistance at 106 as expected and has started to turn over. A move back towards 102-103 will turbocharge this rally. The timing makes sense because Bitcoin is primed to move to $90,000 in the short term. Longer term, I expect DXY at 92, perhaps by late 2025.

— Mike Alfred (@mikealfred) April 23, 2024

Conversely, banks like Societe Generale and Scotiabank are more optimistic, foreseeing sustained dollar strength fueled by a prolonged period of Federal Reserve rate stability. They project the DXY to peak within the range of 107 to 110, depending on interest rate outlooks and global trade dynamics.

The relationship between the DXY and Bitcoin reflects broader market sentiments. Historically, the strengthening of the dollar sends a signal to traders that they should hold on to traditional investments such as cryptocurrency. Inversely, a weak dollar might lead to risk appetite and this can spur Bitcoin and other digital currencies.

Another layer of uncertainty is introduced by trade tensions between the U.S. and China. President Biden’s and former President Trump’s proposed tariff hikes could bolster the U.S. dollar through import substitution effects. Barclays underscores the potential impact, suggesting a substantial rally in the DXY if aggressive tariffs are imposed.

According to analysts Jan Happel and Yan Allemann, technical chart patterns like the expanding triangle on the DXY suggest a potential downside. This technical analysis and fundamental factors inform market participants and set expectations for currency movements in the coming weeks and months.

The post Analyst Predicts DXY Retreat to 102-103: Could Bitcoin Hit $90,000? appeared first on Coin Edition.

SEC demands over $5B from Terraform Labs and Do Kwon for defrauding investors.

A jury previously found them liable for misleading statements about Luna and UST.

Terraform suggested a maximum civil penalty of $5.28 million, while Kwon proposed $828,000.

The United States Securities and Exchange Commission (SEC) has moved to request billions of dollars in disgorgement and civil penalties from Do Kwon and Terraform Labs, the team behind the ill-fated Terra Luna and UST tokens.

In a recent filing in the U.S. District Court for the Southern District of New York, the SEC sought approximately $4.7 billion in disgorgement and prejudgment interest from Terraform Labs and its co-founder, Do Kwon.

Alongside the $4.7 billion for disgorgement and prejudgment, the U.S. regulator requested a total of $520 million in civil penalties. In particular, Terraform Labs is asked to pay $420 million, while Kwon faces a $100 million penalty. Cumulatively, the U.S. regulator is requesting over $5 billion in penalties from Do Kwon and Terraform Labs.

Notably, on April 5, a jury found Terraform and Kwon guilty of defrauding investors concerning statements regarding the offer and sale of TerraUSD (UST), Luna (LUNA), and wLUNA. Meanwhile, Terraform suggested a maximum civil penalty of $5.28 million in its filing, while Kwon proposed approximately $828,000.

On the other hand, in addition to the monetary judgment, the SEC has suggested barring Kwon from holding positions as an officer or director and mandating full disclosure of his accounts and assets. 

If approved, Terraform could face a “conduct-based injunction” to prevent the recurrence of the behaviors that led to the extensive fraud. However, these proposed remedies and the civil judgment await the ruling of a judge.

Furthermore, the SEC argued that Terraform and Kwon have shown no remorse for their actions, raising significant concerns about the potential for further violations, which the regulator claims may already be in progress. The filing urges the court to send a clear message that such audacious misconduct will not be tolerated.

The post Do Kwon, Terraform Labs Face $5B Penalty After LUNA Fiasco appeared first on Coin Edition.

The BNB Foundation completed its 27th quarterly token burn.

Approximately 1,944,452.51 BNB were removed from circulation, valued at about $1.17 billion.

The BNB Chain now sends tokens scheduled for destruction to a ‘blackhole’ address.

Recent reports from the BNB Foundation reveal that it has completed its 27th quarterly token burn. According to its official website, 1,944,452.51 BNB, valued at approximately $1.17 billion, has been removed from circulation. This move is part of a systematic effort to reduce the total supply of BNB used across the BNB Smart Chain (BSC), the opBNB L2s, and the BNB Greenfield blockchain.

Launched in 2017, the foundation pledged to cut BNB’s supply by half through token burning. Ultimately, BNB aimed to maintain a circulation of just 100 million coins to stabilize and potentially increase its value. The foundation executes these burns automatically each quarter, using a predefined Auto-Burn formula.

In addition to the scheduled burns, the BNB Chain has updated its token burning mechanism, transitioning from the centralized quarterly Auto-Burn to a decentralized approach on the BSC. This shift is part of its ongoing BNB Chain Fusion initiative, which aims to enhance the blockchain’s infrastructure.

Under the new system, BNB tokens scheduled for burning will be sent to a ‘blackhole’ address on the BNB Smart Chain. Per the platform, this process operates independently from the Binance centralized exchange, ensuring a verifiable and objective approach to token reduction. 

Moreover, the BNB Chain has implemented a real-time burn mechanism that eliminates some of the gas fees collected across the network, thereby reducing BNB circulation. 

The foundation also announced the Pioneer Burn Program, which removes BNB tokens equivalent to provable lost funds from circulation. By extension, these irrecoverable assets are calculated as part of the quarterly BNB burn.

Since implementing BEP95, the proposal driving this real-time burn, the network has burned approximately 210,000 BNB coins. This ongoing effort helps decrease the overall supply of BNB, supporting its market value. 

Meanwhile, BNB has posted a 1.15% rise over the last intraday session, trading at $608.50 during press time. 

The post BNB Foundation Completes 27th Quarterly Burn of BNB Tokens appeared first on Coin Edition.

WooX’s RWA Earn Vaults democratize access to U.S. Treasury bills, bridging traditional finance with crypto for retail investors.

Rising interest rates fuel demand for tokenized assets like U.S. Treasuries, reflecting a convergence of traditional and digital finance.

Firms like Finblox and BlackRock embrace tokenization, signaling a shift towards inventive financial solutions.

Woo X, a leading cryptocurrency exchange, has introduced RWA ( Real-World Assets) Earn Vaults, marking the first-ever opportunity for retail investors to access tokenized U.S. Treasury bills as reported by CoinMarketCap. This collaboration with London-based OpenTrade positions Woo X at the forefront of financial innovation, bridging the traditional and crypto realms seamlessly. Willy Chuang, Woo X’s Chief Operating Officer, lauds this initiative as a significant milestone.

🗞️ Crypto NewsWoo X, a prominent cryptocurrency exchange, claims that the launch of its new product, RWA Earn Vaults, will be the first to grant retail customers access to tokenized U.S. Treasury bills.🔗 https://t.co/SvmO2CJM6E#CryptoNews

— CoinMarketCap (@CoinMarketCap) April 24, 2024

This revolutionary offering allows retail users on the exchange to engage instantly with interest-bearing accounts backed by U.S. Treasury bills. The integration of esteemed financial assets like U.S. Treasuries into the crypto space signifies a crucial step forward in democratizing access to high-quality investment opportunities.

Tokenization, especially concerning assets as esteemed as U.S. Treasuries, has witnessed a surge in popularity, particularly amidst rising interest rates. This development coincides with the ongoing crypto bull run, highlighting the convergence of traditional and digital finance in response to evolving market dynamics.

Furthermore, in the previous year, Finblox, a cryptocurrency investment platform, revealed its intentions to offer retail customers the opportunity to access tokenized Treasury Bills. The rise of comparable endeavors highlights the increasing desire for inventive financial offerings tailored to meet the varied requirements of investors across conventional and cryptocurrency markets.

Additionally, prominent financial institutions such as BlackRock have expanded their horizons into related areas, introducing digital liquidity funds that highlight the integration of conventional finance with cutting-edge blockchain technology. As of the latest update, WOO is priced at $0.3364 showcasing a 3.51% increment in the past 24 hours.

OpenTrade, the institutional tokenization platform driving this initiative, boasts strong connections to Center, a collaboration between Circle and the Marco Polo enterprise blockchain project. Having a history that dates back to the inception of blockchain technology, OpenTrade offers a rich background of experience and knowledge, guaranteeing the security and authenticity of tokenized assets.

The post WooX Pioneers Retail Access to U.S. Treasuries Through RWA Vaults appeared first on Coin Edition.

Binance executive Tigran Gambaryan’s bail hearing has been postponed till May 17.

Lawyer Mark Mordi requests Justice Emeka Nwite to release Gambaryan from custody.

EFCC counsel E. Iheanacho argues that the bail will be a grave risk as Gambaryan has no acquaintance in Nigeria.

Recent reports revealed that Binance Executive Tigran Gambaryan’s bail hearing has been postponed to May 17, 2024. On Tuesday, the Federal High Court, Abuja, fixed the date for the hearing, following the defendant’s request to leave the notorious Kuje prison.

Gambaryan’s lawyer, Mark Mordi, requested Justice Emeka Nwite to issue the defendant’s bail arguing that the Nigerian authority has failed to produce credible evidence for their claims. He stated,

“There is no exhibit or document displaying EFCC’s credible intelligence…There is no way any reasonable court can come to a conclusion on evidence such as this.”

However, Economic Financial Crimes Commission (EFCC) counsel E. Iheanacho argued that the Binance executive’s bail would be a grave risk as the defendant has no acquaintance in Nigeria. Iheanacho claimed that Gambryan tried to apply for a new US passport, although he knew his passport had been seized.

Previously, Binance executives- Tigran Gambaryan and Nadeem Anjarwalla- were arrested and detained by the Nigerian authority as part of the allegations against Binance Nigeria, including $26 billion in illegal inflows.  

Subsequently, the executives sued the Nigerian authorities for allegedly violating their fundamental rights. Gambaryan’s lawyer, Olujoke Aliyu, requested the court to release him from legal custody and retrieve his passport. Gambaryan filed lawsuits against Nigeria’s National Security Adviser (NSA) and EFCC.

The executives’ lawyers highlighted their innocence, pointing out that they were arrested when they reached Nigeria at an invitation from the Nigerian authority. They stated, “The only reason for his detention is because the government is requesting information from Binance and making demands on the company.”

The post Binance Executive’s Lawyer Questions EFCC’s Failure to Produce Evidence appeared first on Coin Edition.

Crypto Eri has highlighted Ripple’s use of USDT as the bridge currency in ODL transactions.

According to Monica Long, Ripple switched to USDT following the 2021 lawsuit by the SEC.

Long noted that Ripple is determined to adhere to the current standards.

A renowned blockchain analyst identified as Crypto Eri on X has highlighted Ripple’s use of the USDT stablecoin as the bridge currency in ODL transactions. According to Crypto Eri, the implementation does not come as a surprise, citing Navin Gupta’s opinion that other digital assets would increasingly serve as Ripplenet bridges.

No surprises here. Navin Gupta was the first Rippler I heard on a YT interview who mentioned that other digital assets would increasingly serve as #Ripplenet bridges in the future. And as for those channels claiming $USDT is a scam… 😂 Oh, the twists of life.It's all about the… pic.twitter.com/0zlQ69pkWr

— 🌸Crypto Eri 🪝Carpe Diem (@sentosumosaba) April 23, 2024

Crypto Eri shared a post by Ripple’s President, Monica Long, highlighting some of Ripple’s practices since the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against the firm in 2021. The post stated that following the lawsuit and order by the SEC, Ripple Singapore subsidiaries became the primary entity for commitment to sell XRP contracts to new ODL customers, most of whom operate outside the U.S.

Importantly, Long noted that non-U.S. entities have exclusively been the contracting parties to XRP sales contracts to ODL customers since the twist of events. Hence, Ripple’s continued leverage of foreign subsidiaries licensed by local regulators to lawfully conduct such activities.

According to Long, following the SEC’s order in 2021, Ripple took steps to migrate each U.S.-based ODL customer from using XRP as the bridge currency in ODL to using USDT. She explained that the firm adopted BTC and other vetted stablecoins for U.S.-based flows unless otherwise approved.

In 2023, Ripple implemented a requirement that all ODL customers have a minimum of $5 million in assets unless they are sophisticated entities. Long clarified that the Legal Department will determine an entity’s sophistication status and that Ripple will continue adhering to the current standards.

The post The SEC Lawsuit Forced Ripple to Replace XRP With USDT As Bridge Currency appeared first on Coin Edition.

czsamsunsb.eth gained 121.65 ETH in 2hrs from the $ezETH depeg event.

ezETH faces a bearish trend and is likely to breach support levels soon.

Renzo Restaked ETH’s technical indicators signal strong selling pressure.

In a financial manoeuvre, an Ethereum wallet address, czsamsunsb.eth, netted a profit of 121.65 ETH in just two hours. According to the report, the gain followed the depegging event of ezETH (Renzo Restaked ETH), a situation where the token’s value dropped from its pegged price. 

<blockquote> “czsamsunsb.eth made 121.65 $ETH in just 2 hours after $ezETH(Renzo Restaked ETH) depegged!” </blockquote>

This event unfolded as the wallet holder invested 4,099 ETH to purchase 4,221 ezETH, subsequently turning an impressive profit of 121.65 ETH in a short time span.

czsamsunsb.eth made 121.65 $ETH in just 2 hours after $EZETH(Renzo Restaked ETH) depegged!He spent 4,099 $ETH to buy 4,221 $EZETH successfully, making 121.65 $ETH!https://t.co/niluIilTRi pic.twitter.com/hnPWt0DjZD

— Lookonchain (@lookonchain) April 24, 2024

Since then, the Renzo Restaked RTH market has been on a bearish trend. As of press time, the ezETH token is exchanging hands at a value of $3,177.90. This is an ebb of 1.20% in the last 24 hours, as exhibited by Coinmarketcap’s data. 

ezETH/USD 1-Day Chart (Source: Coinmarketcap)

On the contrary, its intraday market cap of $3.323 billion and trading volume of $698.709 million have seen an uptick of 0.53% and 628.24%, respectively. 

ezETH/USD Price Analysis

In the four-hour chart analysis of the ezETH token, it is currently positioned near a key resistance level, signalling a potential shift in market dynamics. According to the chart, its trend indicates a bearish trajectory, as the token’s price has been consistently moving downward, targeting the next support level below. This movement suggests that ezETH might break through this support if the current momentum persists, potentially leading to further declines in its value.

Conversely, should the market sentiment shift and buyers regain control, there could be a possibility for the ezETH token to retest the resistance level it is currently facing. Overcoming this barrier could pave the way for a bullish breakout, marking a significant reversal from its current trend.

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

The MACD (Moving Average Convergence Divergence) indicator is also showing a downward trend and is on the brink of a bearish crossover with the signal line at 19.692. This movement signals an increase in bearish momentum for the ezETH token, which could forecast a continued drop in price. Supporting this bearish outlook, the histogram bars on the MACD are growing in the red zone, pointing to significant selling pressure.

Additionally, the Bull Bear Power indicator aligns with the negative sentiment, trading below the zero line with its bars expanding in the red zone. This pattern underscores a strong bearish sentiment in the market and suggests a high probability of ongoing price reductions for the ezETH token in the near term.

The post Ethereum Wallet Nets Over 120 ETH Profit in 2hrs Amid ezETH Depegging Event appeared first on Coin Edition.

Memes are reshaping DeFi, attracting users beyond finance.

Ethereum’s fee reduction spurred memecoin growth on Base Network.

Memecoins prioritize community and cultural engagement over mere financial gains.

The recent surge in memecoins within the cryptocurrency ecosystem, particularly on Base Network, underscores a broader trend in blockchain adoption: the power of memes. This unconventional approach to engaging users is proving to be a formidable force, with Jesse Pollak, lead contributor to Base Network, highlighting its significance during a memecoin hackathon in New York.

Memes are not just humorous internet content, they are becoming a driving force behind the growth of decentralized finance (DeFi), attracting millions of individuals to explore and participate in the on-chain economy.

read and mint the deck from my lightning talk on based memes todayi believe memes are an important part of the onchain economy and am excited to see more based memes proliferate to help bring the world onchain.https://t.co/hmrwNhjwF7

— Jesse Pollak (jesse.xyz) 🛡️ (@jessepollak) April 20, 2024

The exponential rise of memecoins on Base Network can be attributed to several factors, notably the Ethereum London hard fork upgrade in mid-March. This upgrade significantly reduced transaction fees on layer-2 networks like Base, making it more accessible for users to participate in meme-driven ecosystems.

Pollak emphasized that beyond speculative trading, memecoin creators are actively employing innovative strategies to onboard new users. These initiatives range from community-building experiments to creative engagement tactics aimed at expanding the influence and appeal of their meme-driven projects. Memecoins are not merely about financial gains; they are about building inclusive and engaging communities around shared cultural narratives.

The infusion of memes into the blockchain space represents a fundamental shift in how technology and culture intersect. Memes, as cultural artifacts, serve as powerful tools for communication and community-building. By leveraging memes, DeFi projects are breaking traditional barriers and reaching broader audiences, transcending the often-exclusive language of finance and technology.

Pollak remains optimistic about memes’ role in driving mass adoption of Base Network and similar platforms. He sees a future in which memes are the doorways through which many people enter the blockchain space, making it more open and less exclusive. This vision aligns with the broader trend of integrating creativity and culture into technological innovations.

The post The Memecoin Momentum as Base Network’s Rise Post Ethereum London Upgrade appeared first on Coin Edition.