Bitcoin transaction fees have significantly come down post-halving

The floor price for the Runes NFT collection has also come down. Runes was supposed to be the tool that maintained fee revenue post-halving

Bitcoin {{BTC}} started the week stable, changing hands above $65,800, as transaction fees have significantly lowered following the halving.

On-chain data from Mempool.space shows that medium-priority transactions are now costing $8.48 while high-priority transactions cost $9.32.

In the initial aftermath of the halving, these fees spiked to over $146 for a medium-priority transaction and $170 for a high-priority transaction.

The hashprice index, a metric created by Luxor to quantify how much a miner can expect to earn from a specific quantity of hashrate, has also dropped from $182.98 per hash/day to $81, a level below where it was at pre-halving.

While bitcoin miners anticipated that the halving would significantly cut revenue, the introduction of Casey Rodarmor’s Runes protocol – designed to create fungible tokens on Bitcoin – which went live at the halving, was supposed to be the antidote to this, given the level of activity it would create on-chain.

Instead, in the initial days after the event, floor prices for the runestone NFT collection have dropped by almost 50% in the last 24 hours with a floor price of nearly 0.037 BTC, according to Magic Eden, while ordinal collections like Bitcoin Pullets and NodeMonkes are up 11% and 8% respectively according to CoinGecko data.

It should be noted that these ordinal collections also generate considerable transaction fees but don’t appear to be the same revenue source as many hoped Runes would be.

XRP’s market value has surged recently, buoyed by positive market sentiments and Bitcoin’s fourth block reward halving.

Bullish predictions based on Fibonacci levels and a surge in Open Interest in XRP derivatives indicate growing investor confidence.

Despite a rise in XRP’s price, trading volume has diminished.

XRP has recently witnessed a significant surge in its market value. This upward trajectory comes on the heels of Bitcoin’s fourth block reward halving, which has also positively influenced certain segments of the altcoin market. 

Investor enthusiasm has been buoyed by bullish market forecasts for XRP. Notable among these is a bullish projection from a respected cryptocurrency analyst, who has outlined ambitious target prices for XRP based on Fibonacci levels. These projections align with XRP’s current positioning within a historically significant support zone, reminiscent of its past market cycles. The analyst’s predictions have sparked lively discussions within the investment community, with many suggesting that XRP could soon surpass significant price thresholds.

Further evidence of anticipation for a substantial price movement in XRP comes from a surge in Open Interest in XRP derivatives. This surge in market participation serves as a strong indicator of investor confidence and could potentially foreshadow impending market movements.

Several key factors merit consideration. Fibonacci levels suggest considerable potential for XRP’s price to exceed the $1.2 threshold in the near future. The growth in Open Interest in XRP derivatives underscores the increasing market anticipation and readiness for substantial price changes. Additionally, the alignment of XRP’s price with historical support zones may signal a recurring pattern of bullish behavior.

As of now, XRP is trading at $0.5143, marking a notable increase over the past 24 hours. However, it’s worth noting that trading volume for XRP has declined during the same period. 

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Rocket Pool (RPL) Price Prediction 2023: Will RPL Price Hit $95?

The post XRP Rockets Amid Bullish Predictions: Investors on Edge! appeared first on Crypto News Land.

Bitcoin transaction fees are climbing, a sign of heightened interest and activity on the blockchain. The recent halving event, paired with the introduction of the Runes protocol, has significantly influenced this rise. Such events drive up fees as users compete to process transactions quickly, especially since halvings reduce the mining reward, pushing miners to depend more on transaction fees.

The Impact of Runes on Bitcoin

Runes, a new protocol developed by Casey Rodarmor, has revolutionized how fungible tokens are created on Bitcoin’s network. Following its launch at block 840,000, the protocol saw 853 tokens etched in less than an hour, showcasing the high demand and increased activity. This rush has led to a substantial hike in transaction fees, with the fees for the halving block hitting $2.4 million compared to typical fees of $40,000 to $60,000. The urgency to mint new tokens has kept the fees consistently above $1 million for several subsequent blocks.

Runes!

What are Runes, why are they so interesting and why are they causing a huge spike in #bitcoin transaction fees…

Read on….

Runes is a new proposed token standard on Bitcoin that makes it easier and more efficient for users to create fungible tokens on the blockchain.…

— Bill Barhydt (@billbarX) April 20, 2024

Insights from Bitcoin Experts

Prominent developer Jimmy Song remarked during a livestream, “We’ve not had anything like this in the history of Bitcoin. We’re stressing the network in a different way, in ways we’ve never stressed it before.” This surge in fees and network activity highlights the transformative impact of Runes and similar innovations on Bitcoin’s ecosystem.

Fee Surges and Miner Adaptations

The median fee rate, measured in satoshis per byte, soared to 1,805 sats/vByte post-halving from about 100 sats/vByte previously. This dramatic increase means that even medium-priority transactions now cost around $146, with high-priority transactions nearing $170. Miners, facing reduced rewards from block discoveries, are increasingly relying on these higher transaction fees to sustain their operations.

Future Prospects of Bitcoin Fees

Looking forward, Bitcoin fees are expected to continue fluctuating with the network’s growing complexity and utility. The development of protocols like Runes and Ordinals introduces new functionalities but also pressures fees higher during peak activity periods. The challenge for the Bitcoin community will be to balance these innovations with manageable transaction costs to ensure the network remains accessible and efficient for all users.

Balancing Innovation and Cost

As Bitcoin evolves, integrating technologies like Runes brings excitement but also challenges in managing higher transaction costs. The community and developers must collaborate to maintain a balance where Bitcoin’s accessibility is not compromised by increased operational costs. Ensuring that Bitcoin remains a practical choice for users will be crucial as the network navigates through these exciting yet demanding technological advancements.

 

The post Ripple vs. SEC Lawsuit Update: Potential Supreme Court Showdown and $2 Billion Penalty Battle appeared first on Coinpedia Fintech News

The Ripple vs. SEC lawsuit might go to the Supreme Court. In fact, Ladan Stewart, the former SEC litigator has suggested this possibility. Hence, Ripple is getting ready for a major legal battle on April 22nd. 

The key debate is whether crypto tokens like XRP are securities. The SEC plans to appeal the ruling of 2023 in Ripple’s favour. Now, it has made a crucial demand against Ripple Labs as a penalty.

Ripple’s Legal Response to SEC and SEC Panellists’ Request

Ripple Labs is getting prepared to file its opposition against the SEC’s proposed penalties. The SEC is seeking a total of nearly $2 billion from Ripple for alleged violations of the Securities Act of 1933. It specifically focuses on unregistered XRP offerings.

The SEC’s proposed penalty includes disgorgement, prejudgment interest, and civil penalties, totaling almost $2 billion. Ripple executives have expressed disbelief at these penalties, especially without allegations of fraud or discussion on viable contracts. Previous settlement talks in March have failed to resolve disputes. 

Ripple’s Defense Strategy

On April 22, Ripple will be submitting a redacted version of its opposition brief to the SEC. They will include documents and evidence, supporting their cause. Some parts will stay private based on SEC rules, but a public version will come later. Ripple’s defence is likely to challenge the SEC’s penalty request. It would possibly refer to a court decision from the Aron Govil case and Coinbase’s clarity on secondary market sales

Currently, Attorney John E. Deaton wants to help 4,700 Coinbase customers in a case against the SEC. Coinbase is challenging a key rule about digital assets. If Coinbase wins, it could help Ripple in its own case against the SEC.

Read more: Ripple’s John Deaton Rallies Thousands of Coinbase Customers in Battle Against SEC

XRP’s Price and Legal Uncertainties Amid SEC vs XRP Case

Ripple’s legal battle with the SEC continues to impact XRP’s market. Bill Morgan has also highlighted the lawsuit’s damage and Ripple’s silence on XRPL. In spite of this, XRP shows resilience below $0.50. In addition, Brad Garlinghouse has emphasized Ripple’s strategy to merge traditional finance with crypto amidst US regulatory challenges. 

XRP price rose to $0.5030 on Friday. It was influenced by the tensions in the Middle East, and the SEC vs Ripple lawsuit. Price trends show XRP could go up to $0.5739 or drop to $0.45. 

XRP’s price signs are unclear at the moment, but might change soon. People are unsure because of legal issues and are waiting to see what Ripple does next.

Read more: Is the Ripple vs SEC Lawsuit Holding XRP Price Back?

Michael Saylor, founder of MicroStrategy business intelligence giant, has hinted at a massive surge in the BTC price after the halving takes place. In this case, he turned to how the events developed after the previous halving in 2020.

He also published a celebratory tweet once the halving finally happened.

Saylor points to clear correlation between BTC price and halving

Founder and former CEO of the above-mentioned business giant, who is now in charge of its Bitcoin strategy, took to the X platform to hint that he expects the Bitcoin price to see a tremendous boost after the fourth BTC halving.

He reminded his followers that after the previous halving hit the flagship cryptocurrency in 2020, the BTC price amounted to $8,618. Bitcoin reached a new all-time high of $69,000 in November 2023 and then, quite unexpectedly, skyrocketed to a new historic price peak in March this year before the fourth halving arrived.

$BTC was $8,618 on the day of the last #BitcoinHalving.

— Michael Saylor⚡️ (@saylor) April 19, 2024

As of today, when Bitcoin is changing hands at $61,043, BTC has increased roughly 800% despite all the massive volatility seen over these four years. VC investor and a big Bitcoin proponent Anthony Pompliano told CNBC this week that Bitcoin had surged approximately 40% in 2024 year-to-date.

As for BTC’s physical rival, gold, it has increased 11% over the past five years and just about 7% year-to-date this year. Pompliano concluded that those who have held gold over the past five years have lost purchasing power. Therefore, the status of gold as an asset that protects purchasing power has been basically debunked, Pompliano suggested.

As for Saylor, when the halving finally arrived earlier today, he posted a celebratory tweet, saying: “840,000 ₿locks of Truth.”

card

Analyst Plan B makes bullish BTC prediction

Prominent market analyst Plan B, who created the Bitcoin stock-to-flow model, has published a tweet to share a bullish prediction for BTC after the halving.

He tweeted that in accordance with his model, which takes BTC halvings into account, during the first half a year before the halving, “insiders frontrun it,” pushing the Bitcoin price 2x. Within the first six months, the analyst tweeted, his stock-to-flow model shows a 2x price increase. Over a longer period, such as 6-18 months after the halving, Bitcoin should surge 4x, he believes.

Happy bitcoin halving! (stock-to-flow doubling): - in the 6 months before the halving, insiders frontrun it: price 2x - in the 6 months after the halving, miner revenue adjusts: price 2x - 6-18m after the halving, the rest of the market rushes to get a piece of the pie: price 4x pic.twitter.com/xkV5fkpVdw

— PlanB (@100trillionUSD) April 19, 2024

The post RUNE Protocol Launches On The Bitcoin! What’s Next? appeared first on Coinpedia Fintech News

First proposed in September 2023, the RUNE protocol has gained significant attention from the crypto industry following its launch. The new token is designed to streamline the fungible tokens on the Bitcoin blockchain.

The RUNES protocol minters have already spent more than 80 Bitcoins in fees to acquire these tokens. The RUNES protocol is assumed to benefit Bitcoin’s fee economy in the coming time significantly. Positively, the RUNE protocol has already achieved the 20,000 holders mark.

THORChain Price Sentiments:

The RUNE price has recorded a bullish reversal of approximately 20% within 24 hours, indicating increased buying pressure in the cryptocurrency industry. However, the price has recorded a correction of 5.36% within the past seven days and 30.75% over the past 30 days.

At the time of writing, the price of the RUNE token was $5.363 and Its Year-to-Date (YTD) stood at +3.47%. With the positive sentiment around the crypto space, the Simple Moving Average (SMA) displays a bullish convergence in the 1D time frame.

TradingView: RUNE/USDT

The technical indicator, MACD, displays a constant decline in the red histogram, indicating an increase, in the buying pressure within the crypto space. Moreover, the averages show a high possibility of a bullish convergence, suggesting a positive outlook for the altcoin in the coming time.

If the bulls continue to gain momentum, the RUNE price will prepare to test its upper resistance level of $7.355 during the upcoming weeks. However, a bearish trend reversal may pull the price toward its crucial support level of $3.710 this month.

Conclusion:

With the compilation of the 4th Bitcoin Halving on 20th April, and the rising bullish sentiment in the cryptocurrency industry, the market is prepared to record a new all-time high (ATH) during the upcoming months.

Note: The volatility in the crypto industry is on the path of reaching a new high. Make sure to DYOR research before making investments, in any digital asset, as the market may record massive price action within a short period.

Shiba Inu’s phenomenal surge in 2021 was historic and is still referenced by analysts and investors today. Coming off the heels of the 2020 Bitcoin halving, the meme coin soared to new heights and it is yet to regain those heights. With another Bitcoin halving event in a few days, many are preparing for another massive Shiba Inu surge, hoping the halving will positively influence the meme coin.
Shiba Inu’s Launch and Rise to Prominence
While Bitcoin’s May 2020 halving event triggered a significant upswing in its price, Shiba Inu wasn’t even a player in the cryptocurrency market at that time. SHIB joined the market three months later, with a starting price containing nine decimal places before the actual number. Initially, SHIB witnessed minimal trading activity as Bitcoin embarked on its late-2020 surge.
January 31, 2021, marked a turning point for Shiba Inu. The coin experienced a significant surge in trading volume, reaching $5.7 million with a price of $0.00000001. Following this. SHIB maintained a trading volume in the thousands and occasionally millions of dollars.
Shiba Inu’s Stellar 2021
By April 2021, when Bitcoin reached $64,000 for the first time, SHIB had established its record price of $0.00000417. Interestingly, Shiba Inu managed to outpace Bitcoin in terms of percentage gains.
While Bitcoin reached a new all-time high of $68,789 in November 2021, SHIB had already hit its all-time high of $0.00008845 in October 2021. Notably, from January to October 2021, Shiba Inu witnessed a remarkable surge of 884,400%.
The Bitcoin Halving and Potential Impact on SHIB
The upcoming Bitcoin halving, estimated to happen this week, has ignited hope for a similar price revival in Shiba Inu. Enthusiasts point to historical precedents, specifically, the bullish trends that follow Bitcoin halving events. For instance, after the May 2020 halving, Bitcoin’s price embarked on a sustained upward trajectory, reaching a peak of $64,863 by April 2021.
If history were to repeat itself, and Bitcoin was to experience a similar 721% increase after the halving, it could climb from its current price of $63,237.93 to over $500,000. A Shiba Inu team member has revealed that Shiba Inu is on track for a super cycle. If the meme coin repeats its phenomenal 884,400% gain based on its current price of $0.00002261, it could reach $0.199.
⚠️Disclaimer
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.
#ShibaInu #SHIB

The global cryptocurrency market experienced a volatile period earlier today as tensions escalated in the Middle East. Despite initial price drops, the market recovered quickly after it became apparent that the conflict resulted in minimal damage. 
Notably, Solana (SOL) showed a similar trend, experiencing a notable decline followed by a swift recovery.
At the press time, Solana price today was trading at $144.68, reflecting a nearly 9% increase over the past 24 hours, surpassing even the value before Israel’s retaliatory attack on Iran. 

SOL 1-day price chart. Source: Finbold
However, it is important to note that SOL price remains lower over longer time frames, with a 14.94% decrease over the past week and a 17.13% decrease over the last month.
Despite these short-term fluctuations, Solana has seen remarkable growth over the past year. The token’s value has surged by an impressive 639%, outperforming most of the top 100 cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH). 
Nevertheless, Solana’s network has faced challenges with outages and congestion, particularly during the first week of April. 
This congestion is largely attributed to the increasing number of users and their activity on the blockchain, especially with the rise of meme coins and decentralized exchange (DEX) transactions.
AI forecasts SOL price potential trajectory
Solana is currently trading between a support level at $123.41 and the resistance level at $157.96.
Machine learning algorithms, which rely on technical analysis (TA) indicators such as relative strength index (RSI), moving average convergence divergence (MACD), Bollinger Bands (BB),, and average true range (ATR), forecast a bullish short-term trend for SOL, however they anticipate a bearish outlook in the long term. 
According to the AI prediction model, SOL’s price of $144.68 as of April 19 will decrease by almost 9% to a price of $132.08 on May 1, so it will still be with its current support and resistance range.

SOL Prediction, May 1, 2024. Source: PricePredictions
Crypto expert shares insights on SOL price
Beside AI predictions, crypto expert Andrew Kang shared on X (formerly Twitter), on April 19, his belief that Solana presents a buying opportunity, with an anticipated price of $130 in the near future.
Kang predicts that the worldwide acceptance of crypto exchange-traded funds (ETFs), inspired by the US initiative, will initiate a subsequent surge in ETF investments, stating:
“We will have an onslaught of ETF approval headlines as the rest of the countries follow the lead of the US. The second wave of ETF inflows will kick in as wealth/asset management teams are cleared to solicit new customers for the ETF and rumors of mainland China access to BTC ETF start to bubble up.”
Moreover, Kang also acknowledged Solana’s current network problems that have impacted its price, but he expressed confidence that these issues will be resolved, creating opportunities for Solana’s recovery.

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Cardano outperforms Bitcoin by 200% over four years, showcasing significant market resilience.

ADA is recognized as 2024’s best layer one solution, highlighting its technological advancements.

Despite short-term underperformance, experts remain optimistic about ADA’s long-term growth prospects.

In a video analysis by crypto analyst Dan Gambardello, the crypto community gets an insightful update on Cardano (ADA) and its position in the cryptocurrency space. Despite a period of price stagnation, with ADA’s value hovering around 45 cents from December to the current pricing at $0.463275, Cardano showcases a foundation for potential growth. This scenario plays out in contrast to Bitcoin’s price surge during the same timeframe, stirring a mix of optimism and patience among ADA holders.

Over the past four years, Cardano has seen an 800% rise since the last Bitcoin halving, surpassing Bitcoin by 200%, according to Dan. This shows Cardano’s strength in the cryptocurrency market.

In 2024, Cardano was named the top layer one solution, indicating its technological progress and active community. The upcoming Valour project is expected to introduce a novel governance model, potentially transforming blockchain functionality.

CARDANO On EDGE! Urgent Move ADA Must Make For Comeback!Intro 00:00ADA holders frustrated 00:15Cardano price and Bitcoin 1:00Big Cardano win! 2:00Cardano is extremely unique 3:15Cardano price and charts 5:50Downside target 9:20ADA reversal clues to watch for 12:00 pic.twitter.com/j5ptEIqBMW

— Dan Gambardello (@cryptorecruitr) April 19, 2024

However, the technical analysis reveals a divergence from expected bullish patterns, particularly when juxtaposed with Bitcoin’s market movements. Despite ADA’s short-term underperformance, the long-term outlook remains promising. Dan suggests keeping an eye on key indicators, such as ADA’s position relative to moving averages and the momentum oscillator on the RSI, for signs of a market reversal.

Current market dynamics, influenced by geopolitical tensions, have instilled a sense of fear among investors, affecting ADA and the broader crypto market. Nevertheless, these dips are viewed not merely as setbacks but as opportunities for strategic investments. Looking forward, the anticipation builds for an “altcoin season” post-Bitcoin halving, with ADA expected to regain momentum and solidify its market position.

Despite the frustrations stemming from ADA’s recent price performance, Cardano’s underlying strengths—bolstered by technological advancements, community support, and strategic governance models—map out a bullish long-term scenario.

Dan advises on patience and a strategic investment approach, as well as a keen eye on market indicators and geopolitical developments. The journey ahead for ADA, as detailed in Garmabadello’s analysis, is filled with potential, urging investors to envision the broader horizon of growth and innovation in the cryptocurrency space.

The post Cardano’s 800% Rise Since Bitcoin Halving: Analyst’s Insights appeared first on Coin Edition.

As a consequence of regulatory pressure with the ongoing legal dispute between the Securities and Exchange Commission (SEC) and Ripple Labs, XRP was unable to capitalize on the 2024 cryptocurrency market rally, failing to achieve meaningful growth regardless of numerous breakout attempts. 
As of April 18, XRP price today hovers around $0.494, up by approximately 0.47% over the past 24 hours. 
However, this marginal gain is offset by the fact that the token has lost a considerable amount from of value from its market cap over the last seven days falling from above $33 billion to below $28 billion as its price decreased by 19.01% in the last week.

XRP 7-day price chart. Source: Finbold
This recent downturn has pushed the token’s market capitalization to $27.270 billion, at the time of publication.
Meanwhile, the cryptocurrency expert, known as CoinsKid, expressed a bearish view around XRP on April 17. 
The analyst argues that XRP’s recent price movement suggests a failed bullish breakout transitioning into a potential significant decline, further pointing to the absence of a new price peak during the attempted upswing and the presence of a new price bottom during the recent dip as evidence supporting a bearish outlook.

XRP bull trap and bear trap. Source: @Coins_Kid
Key XRP levels to watch
The current XRP trading situation represents a critical point, as the cryptocurrency confronts key support and resistance levels. The immediate support level is identified at $0.438, followed by a more optimistic resistance level at $0.550. 
According to predictions from artificial intelligence (AI) machine algorithm models, XRP is expected to see a bearish trend in the long term, suggesting a projected decrease of 12.55%, with a target price of $0.432 by May 1.

XRP prediction, May 1, 2024. Source: PricePredictions
In the short term, machine learning algorithms detect a bearish trend, indicating a potential slight increase in the next few hours.
The algorithms that deploy technical analysis (TA) indicators like relative strength index (RSI), moving average convergence divergence (MACD), Bollinger Bands (BB), average true range (ATR), and others.
Likewise, looking at the technical indicators spells out a bearish sentiment with an overall ‘sell’ rating. Moving average (MA), along with oscillators, point toward a ‘strong buy.’

XRP technicals based on last week. Source: TradingView
Based on any of the three time frames, moving averages rate XRP as a ‘strong sell’, while the oscillators are generally reading ‘sell’ though they do flip to ‘neutral’ when the analysis is based on the last 4 hours of trading.

On April 20, or when a Bitcoin miner mines block number 840,000, the amount of Bitcoin (BTC) entering into circulation will be reduced by half from about 900 a day to a mere 450.

Institutional investors’ strong demand for purchasing the new spot Bitcoin exchange-traded funds (ETFs) and BTC’s history of displaying a parabolic uptrend after supply-halving events are the reasons why investors highly anticipate this week’s event.

However, analysts from JPMorgan have suggested that the quadrennial halving is already priced in. As such, they expect the Bitcoin price to see a massive dump after the event instead of pumping.

Bitcoin Halving Rally Priced In

JPMorgan sees a Bitcoin downturn after the incoming halving as the event is likely priced in.

“We do not expect Bitcoin price increases post-halving as it has already been priced in. In fact, we see a downside for the Bitcoin price post-halving for several reasons,” JPMorgan strategists led by Nikolaos Panigirtzoglou wrote in an April 17 report.

Firstly, the bank’s analysis of open interest in Bitcoin futures indicates that the market is currently in overbought conditions. Moreover, Bitcoin’s current price of around $63,790 is still above JPMorgan’s volatility-adjusted price of $45,000 compared to gold and its projected production cost of $42,000 after the halving.

The analysts further noted that venture capital funding year-to-date, which remains muted despite the crypto market comeback, could also pull the BTC price down post-halving.

JPMorgan also expects the halving to impact Bitcoin miners as well as the Bitcoin mining hash rate:

“As unprofitable bitcoin miners exit the bitcoin network, we anticipate a significant drop in the hash rate and consolidation among bitcoin miners with a highest share for publicly-listed bitcoin miners.”

Some Bitcoin mining companies could consider diversifying into regions with lower energy costs, such as Latin America and Africa, after the halving.

Bitcoin Halving One Day Away 

The much-awaited BTC halving is almost here, and the crypto community is looking forward to the Bitcoin price reaction to it. After the looming fourth halving, miners will earn 3.125 BTC instead of the current 6.25 BTC for validating transactions and creating new blocks on the blockchain.

Halving events aim to maintain the scarcity of the premier cryptocurrency by gradually decreasing the rate at which new Bitcoins are injected into circulation. Ultimately, this process will result in a total of 21 million Bitcoins being mined, with no more coins being minted after the last halving event.

This halving is especially distinct from previous ones because of the substantial increase in capital coming into the market following the January spot ETF approvals. With the reduction of supply due to the halving itself and skyrocketing demand from the ETFs, basic economic principles suggest this should result in Bitcoin growing exponentially.

Whether Bitcoin sets a new all-time high after the halving or recoils lower remains to be seen.

At the Token2049 conference, blockchain experts debated the Ethereum chain’s current problems.

Experts from the blockchain industry discussed the latest innovations and development opportunities during a panel discussion at the Token2049 conference in Dubai.

The discussion participants also touched upon the Ethereum blockchain, which is considered the dominant smart contract platform. According to the panelists, Ethereum has scalability problems due to low transaction throughput, leading to high gas fees and network congestion. New blockchains are designed to become more scalable by increasing transaction speeds.

You might also like: Ethereum Layer 2 networks to hit $1 trillion in 6 years, VanECK predicts

Experts recognized developers’ interest in developing Ethereum due to its first-mover advantage and brand recognition. However, some argue that many layer 1 alternatives can better serve different use cases than Ethereum in its current form.

Raj Gokal, co-founder of Solana, noted that developers and most Ethereum users also have Solana wallets. In addition, he said the growth of transaction volume on Solana exceeded Ethereum indicators.

“We’re doing well, but Ethereum is not.”

Raj Gokal, Solana Co-Founder

Emin Gun Sirer, founder and CEO of Ava Labs, noted that the Avalanche blockchain was never positioned as an ‘Ethereum killer.’ Despite these concerns, Ethereum has several advantages, including creating blockchains according to the developers’ rules.

“We allow other people to launch their own blockchains according to their own rules. This is something that Ethereum is just fundamentally incapable of.”

Emin Gun Sirer, founder and CEO of Ava Labs

In conclusion, Monad’s Keone Hon noted that Ethereum ultimately needs much better performance to reach hundreds of millions of users.

Last November, Ethereum Co-Founder Vitalik Buterin announced his intention to redesign the network. Buterin outlined a general strategy that he will use to improve Ethereum (ETH) staking and solve performance problems arising about addresses. The last point has been a serious problem for the network in recent years.

You might also like: Glassnode: Restaking brings new yield opportunities for Ethereum community

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The amount of BNB you subscribe with and the length of your subscription period determine your subscription score. The subscription period options are displayed in the "Lock BNB" section, and the longer your subscription period, the higher your score will be.

2- COMPLETE WEB3 QUESTS

To participate in Web3 quests to need to create a Binance Web3 Wallet. For this, head towards ‘MORE’ on Binance & you’ll see ‘Web3 Wallet’ there.

Here You Go! Back up your wallet and secure it with a passcode.

• You can earn points by completing the quests under ‘Complete Web3 Quests’
• To participate in the quest, tap on ‘Earn Points’

• After reading the quest description and watching the tutorial, tap on ‘Start now’

• Follow all the instructions to complete the quest and then tap on ‘VERIFY’ so that the system will verify that you have completed the quest by following the instructions.

• After that, you will see a ‘Completed’ tag on your quest details page

• Your score will also be automatically calculated under ‘Reward Info’.

YOUR TOTAL SCORE
Your total score is a crucial factor in determining the rewards you can earn through locked BNB and Web3 quest completion. It is calculated based on the amount and duration of your locked BNB and quest completion. Remember that this score is subject to change depending on your daily locked BNB holdings and Web3 quest completion status. Note that this score is not final and can fluctuate.

It’s that easy, stay tuned for the upcoming mind-blowing features of Binance Megadrop!

#Megadrop #Launchpool‬⁩ #token2049dubai

On April 18, 2024, it appears that Solana (SOL) is poised to break its bearish streak and experience upward momentum. There are several factors supporting Solana’s upcoming bullish move. These factors include the rise in Solana’s open interest, support at a crucial level, a bullish chart pattern, and continuous accumulation of SOL by crypto whales. Together, these factors highlight the bullishness of Solana’s SOL.

Open Interest surge in Solana

At the time of writing, Solana’s SOL open interest for the first time after several periods has become positive and surged by 4.5% in the last 4 hours and 2.5% in the last 24 hours, currently standing near $1.85 billion according to Coinglass. While the open interest data of other top cryptocurrencies like Bitcoin (-1.5%) and Ethereum (-2.86%) are still negative, indicating that investors are now preferring SOL over BTC and ETH.

Solana’s technical analysis and key levels

In addition to the above bullish factors, expert technical analysis suggests that Solana’s SOL on the daily timeframe is finding support from a bullish trendline. Historical data indicates that when SOL reached this trendline, it experienced massive upward momentum. For example, on January 23, 2024, when SOL found support at this trendline, it experienced a price surge of over 23%, and on February 24, 2024, it surged more than 90% after finding support again.

Source: TradingView

Looking at the historical data, there is a similar bullish expectation at the current time, suggesting that SOL’s price could surge by a massive 50%, the same move as it showed in the past, and reach $200 again. However, if Solana’s SOL on the daily timeframe closes below this strong bullish trendline, there is a high possibility that SOL could fall to the $102 level.

In addition to all these bullish factors, over the last 24 hours, a significant amount of over $3 billion worth of SOL has moved from wallets, indicating investor and institutional participation as the data shared by on-chain transaction tracker Whale Alert.

Currently, Solana’s SOL is trading near $133, and in the last 24 hours, it experienced a decent 1% upside momentum. Looking at SOL’s performance over a longer period, it experienced a massive 22% downside momentum in the last 7 days, and nearly 35% downside momentum in the last 30 days.

Solana, the world’s 5th biggest cryptocurrency, experienced a significant and continuous price fall of over 33% in April 2024. However, Solana’s SOL is not the only cryptocurrency that experienced a price fall in April; other top cryptocurrencies like Bitcoin, Ethereum, Cardano, and others also experienced similar declines.

Binance, the leading cryptocurrency exchange, has launched an innovative token launch platform called Binance Megadrop, combining airdrops and Web3 quests to allow users to earn rewards from selected Web3 projects before their tokens are listed on the Binance exchange. This new platform integrates Binance Simple Earn and the Binance Web3 Wallet, enabling users to subscribe to BNB Locked Products and complete tasks to gain early access to rewards from promising cryptocurrencies and blockchain projects.
Binance Megadrop aims to revolutionize the way cryptocurrencies are introduced to the market, providing users with an opportunity to engage with and support upcoming projects while earning valuable tokens in the process. This article will explore the intricacies of Binance Megadrop, guiding you through its features, the first project BounceBit (BB), the scoring system, eligibility criteria, and the potential impact on the rapidly evolving crypto landscape.
What is Binance Megadrop?
Binance Megadrop is a groundbreaking token launch platform unveiled by Binance, combining the features of Binance Simple Earn and the Binance Web3 Wallet to revolutionize the airdrop experience. Through this platform, users can:
Subscribe to BNB Locked Products, allowing them to lock their BNB holdings and gain access to exclusive rewards from selected Web3 projects.Complete Web3 Quests within the Binance Web3 Wallet, enabling them to earn rewards from promising Web3 projects before their tokens are listed on the Binance Exchange.
This innovative approach aims to provide an engaging and educational experience for both crypto novices and experienced traders, allowing them to:
Participate in dApp quests to learn about Web3 technologies.Gain early access to rewards from selected Web3 projects .Support the growth and visibility of Web3 projects by connecting them directly with Binance's global community of verified user.
Binance Megadrop represents a strategic expansion of Binance's operations amidst the current bull market, contrasting with some peers who focus solely on exchange services. It serves as a strategic launch platform for Web3 projects, offering them a boost in growth and visibility by connecting them directly with Binance's global community of verified users.
The First Project: BounceBit (BB)
The inaugural project on Binance Megadrop is BounceBit (BB), a BTC restaking chain, with a maximum token supply of 2,100,000,000 BB and 168,000,000 BB (8% of the maximum supply) allocated for Megadrop token rewards.
Token Supply and Distribution

The maximum token supply of BounceBit (BB) will be 2.1 billion, with the Megadrop Token rewards being about 8% of the maximum supply, or approximately 168 million BB.The initial circulating supply of BounceBit (BB) will be 409.5 million, which is 19.5% of the maximum token supply.
A research report on BounceBit will be available within an hour of the announcement.
Getting Started with Megadrop
To participate in Binance Megadrop, users must follow these steps:
Have a Binance account and at least one active Binance Web3 Wallet (external wallets imported to the Binance Web3 Wallet are not eligible).Complete identity verification and meet certain eligibility criteria based on their jurisdiction, as users from certain countries are not eligible .Log into their Binance account, subscribe to BNB Locked Products and/or complete Web3 Quests to accrue scores .Complete all designated Web3 Quests to get a Web3 Quest Bonus and Multiplier, which will determine their share of the Megadrop rewards.
Users can participate in Binance Megadrop by locking their BNB with Binance Earn and using the Binance Web3 Wallet to complete quests and earn exclusive token airdrops . Only users who meet the eligibility criteria and hold at least one active Binance Web3 Wallet may qualify for Megadrop rewards.
Scoring System and Rewards
The scoring system for Binance Megadrop is designed to reward users based on their participation and engagement with the platform. Users can accrue scores by subscribing to BNB Locked Products on Binance Simple Earn and/or completing designated Web3 Quests.
Scoring Calculation
The Megadrop reward per user is determined by their Total Score, which is calculated using the following formula.
Total Score = (Locked BNB Score * Web3 Quest Multiplier) + Web3 Quest Bonus
Where:
Locked BNB Score is based on the quantity of BNB subscribed and the length of the subscription period.Web3 Quest Multiplier is applied to the Locked BNB Score when all Web3 Quests are completed.Web3 Quest Bonus is received for completing all designated Web3 Quests with the minimum requirements .

The higher the Total Score, the larger the share of Megadrop rewards a user will receive
Reward Distribution
The Megadrop rewards will be airdropped to users' Binance Spot Wallets , based on their Total Score. Binance may impose upper limits on the amount of rewarded tokens.
Eligibility and Terms
Geographical Restrictions
Binance has imposed certain geographical restrictions on participation in the BounceBit (BB) Megadrop. Users from the following jurisdictions are not eligible to participate.
AustraliaCanadaCubaCrimea RegionHong KongIranJapanNew ZealandNetherlandsNorth KoreaRussiaSingaporeSyriaUnited KingdomUnited States of America and its territories
These restrictions are likely due to regulatory considerations and compliance requirements in these regions.
Token Allocation and Supply
The maximum token supply for BounceBit (BB) is 2,100,000,000 BB.Out of this total supply, 168,000,000 BB (8% of the maximum supply) has been allocated for Megadrop token reward.The initial circulating supply of BB will be 409,500,000 tokens, which is 19.5% of the maximum supply.
Participation Requirements
To participate in the Binance Megadrop and qualify for rewards, users must meet the following requirements.
Complete identity verification on Binance.Hold at least one active Binance Web3 Wallet (external wallets imported to the Binance Web3 Wallet are not eligible).
Additionally, Binance reserves the right to impose upper limits on the amount of rewarded tokens distributed through the Megadrop.
Conclusion
Binance Megadrop represents a significant step forward in the democratization of token launches and the integration of Web3 technologies into the mainstream crypto ecosystem. By allowing users to actively participate in Web3 quests and earn rewards from promising projects before their token listings, Binance is fostering a more inclusive and engaging environment for both crypto enthusiasts and newcomers alike.
The platform's innovative approach to connecting Web3 projects directly with Binance's global user base underscores the exchange's commitment to driving the adoption of decentralized technologies. As the crypto revolution continues to unfold, initiatives like Binance Megadrop will undoubtedly play a pivotal role in shaping the future of token launches and cultivating a thriving, decentralized ecosystem.
FAQs

1. How secure is it to store cryptocurrencies on Binance?
Binance is considered a highly secure cryptocurrency exchange. It stores the majority of its digital assets in "cold wallets," which are offline and not susceptible to online threats, significantly reducing the risk of substantial losses due to hacking. This security measure helps maintain the solvency of the exchange.
2. What are the potential consequences if Binance ceases operations?
Should Binance unexpectedly shut down, the cryptocurrency market would likely experience a sudden drop in supply and a rapid sell-off, causing the prices of bitcoin and other cryptocurrencies to fall sharply. This would occur as traders and investors rush to sell their holdings and retrieve their funds from the platform.
3. Is it legal to use Binance in the United States?
Binance faced a ban in the United States in 2019 due to regulatory issues. To address this, Binance launched Binance.US, a separate entity designed to comply with U.S. federal regulations. However, Binance.US is still not accessible in six states: Hawaii, Idaho, Louisiana, New York, Texas, and Vermont.
4. Can users rely on Binance as a trustworthy cryptocurrency exchange?
Yes, Binance is widely recognized as a trustworthy and reliable cryptocurrency exchange, especially suitable for beginners. It is one of the largest and most respected exchanges globally, offering a diverse array of trading options and features to its users.
#Megadrop #BullorBear #Megadrop

Coinspeaker Ex SEC Crypto Chief Ladan Stewart Says XRP Lawsuit Likely to Reach Supreme Court

It appears that the last is not heard of the ongoing legal tussle between Ripple Labs and the US Securities and Exchange Commission (SEC). The XRP lawsuit, as it is popularly called, borders on the status of Ripple’s native token XRP as a security.

While Ripple has recorded some significant wins in the case so far, many believe that the case may still be headed to the US Supreme Court, particularly in the light of a recent ruling in the Coinbase case, which favored the SEC.

Ladan Stewart’s Take on the XRP Lawsuit

The former chief of the SEC’s crypto litigation unit, Ladan Stewart, recently spoke on a panel at Columbia Business School, sharing some knowledge about how the agency operates. While she no longer works with the Сommission, Stewart’s insights reflect very deep connections to the SEC’s stance, its strategies, and what it hopes to achieve with the crypto industry.

During the panel, Stewart noted that Judge Failla’s decision in the Coinbase case may have emboldened the SEC even more. That is with respect to how the agency has always approached matters such as this. As obtained from a Bitcoinist report, Stewart said partly:

“The agency is not going to back off from bringing regulatory cases in the crypto space.”

However, she acknowledged the need for clarity in some of these cases. Hence, she believes that there is a likelihood that one of the lawsuits brought against Ripple and the likes will eventually find its way to the Supreme Court.

For Stewart, the reason is to provide clarity. At least, something comprehensive enough to give a definitive answer to fundamental questions about what qualifies as securities within the crypto space. Hopefully, the Supreme Court would be able to shed more light on that, she noted.

Friendly Foe?

Stewart’s closing remarks at the event were the typical “we’re all friends” line. However, other panelists – Rebecca Rettig from Polygon and Lewis Cohen from DLx Law, would beg to differ with that statement.  The duo hammered on the impracticability of the SEC’s laws, adding that it is why it approaches regulation by enforcement.

As many crypto advocates have pointed out, the existent securities laws do not align with the realities of digital asset markets. There is a persistent grey area that creates confusion and plunges the industry into a state of dilemma.

Nonetheless, the ongoing debates are poised to shape the future of crypto regulation in the United States.

next

Ex SEC Crypto Chief Ladan Stewart Says XRP Lawsuit Likely to Reach Supreme Court

BTC and other digital assets continue to be challenged by the market.

Layer-1s and AI tokens have fared worse than bitcoin, leading to an increase in BTC's market dominance

Bitcoin {{BTC}} has become more dominant in the crypto market thanks to impending halving and broader market risk aversion, despite the price correction

The largest cryptocurrency by market value was trading below $61,400 during Asian trading hours on Thursday, according to CoinDesk Indices data, as the sell-off in risk assets, fueled by difficult macroeconomic conditions, rages.

The CoinDesk 20, a measure of the world’s most liquid digital assets, is down 3.3%, trading at 2,125.

While bitcoin might be having a challenging moment, layer-1s and altcoins are doing worse. Top layer-1 tokens like Solana’s {{SOL}} are down over 20% in the past week. Avalanche's {{AVAX}} is down 26%, Cardano's {{ADA}} is down 23%, and Filecoin {{FIL}} is down 30%.

The bloodbath in Artificial Intelligence tokens, once the darling of the market, continued with some of the largest AI tokens down double digits during the last week. Render's RNDR is down 13%, and Fetch.AI’s FET token is down 24%.

All this has led to bitcoin dominance moving up. Bitcoin dominance helps traders gauge the market mood and the token's influence on altcoin trends. Bitcoin dominance is currently at 55.19%, up around 1.35% in the last week or 2.5% in the last month.

Meanwhile, in the run-up to the halving, Google search interest in the halving is hitting all-time highs, far surpassing search interest in the 2020 halving.

According to Google search trends data, there has been more search interest in the halving than in Ethereum, solana, or dogecoin.

The search term “Bitcoin halving” has reached an uncharted peak in Google trends searches, especially in countries such as Nigeria, the Netherlands, Switzerland, And Cyprus. The audience’s extra interest underlines the wider community’s having already considered the upcoming event, which should unravel at about 4 a.m. UTC on April 20.

The peak of interest in Bitcoin Halving echoes the market’s dynamic

The Bitcoin halving is a significant event that reduces the reward for discovering new blocks in half. According to the plan, it will experience its first halving around this year, with the miner rewards falling from 6.25 BTC to 3.125 BTC. This change is expected to maintain Bitcoin’s scarcity. 

The Google Trends score foresees a maximum value of 100 for the expression “Bitcoin halving” by the end of the month, feeding back to a current score of 45. A 100 represents the highest popularity table for a search term on Google, two times higher than the level recorded in the 2020 halving.

source: Google Trends

The surge in search interest can be attributed to Bitcoin’s tremendous success in the past few months; considering the remarkable rise that the cryptocurrency market has witnessed at the pick of the year 2024 year kicked at a price of $42,200, the valuation of Ethereum skyrocketed (by 74%, i.e., by 31,400$) to an all-time high of $73,600 on May 13. Bitcoin took a very sharp turn, and even though, at this moment, they are trading at $61,078, this uneven yet durable behavior of the Bitcoin market trajectory is a clear indication of that.

Market sentiments and historical trends

Despite some coins’ uneasy descent in value, the cryptocurrency market operates with subtle confidence. Historically, analysts and commentators have quoted event-halving experiences from previous occurrences, predicting the possibility of quite high rallies in the following months. 

Like other halving, it operates on the supply side of the Bitcoin economy and follows bullish market activity every time. Nevertheless, market specialists encourage investors to consider many aspects and keep in mind past trends but not rely upon them.

However, many market analysts believe that though the price action has declined since mid-May to a level that is called less fatal, the general public’s huge interest in event shows a wider public awareness and acceptance of cryptocurrency. 

Bitcoin, Ethereum, and many other cryptocurrencies that operate on publicly distributed ledgers like blockchain remain the core of digital currencies, but they will continue to evolve and become stratified.

The fact that the whole world is waiting for the ‘halving event’ clearly shows how we are moving beyond traditional currencies towards a fully-fledged digital currency. With more and more individuals and institutions wanting to have a clear idea about what Bitcoin may mean for the economy today, halving becomes the central theme for the discussions about the future of cryptocurrency.

Key Takeaways:

SOL price is down over 40% from the $210 high.

A crucial bullish trend line is forming with support at $120 on the weekly chart.

Solana could stage a fresh increase unless there is a weekly close below $120 and $110.

Solana Price is Falling — But Are SOL Bulls Giving up Yet? Read CoinChapter.com on Google News

NEW DELHI (CoinChapter.com) — Solana trimmed most gains and traded below $150. SOL is now trading near a major support and might attempt a fresh increase.

Solana Price Reaches Key Juncture

Earlier this year, we saw a massive increase in Solana prices from the $10 zone. SOL jumped over 15x and even broke the $200 level. Finally, it traded as high as $210 and recently started a major decline like Bitcoin and Ethereum.

It declined below the $180 and $162 support levels, as discussed in the last analysis. There was a clear move below the 23.6% Fib retracement level of the main increase from the $7.92 swing low to the $210 high. SOL is down over 40% and there was even a drop below the $130 level.

Solana price daily chart | Source: SOL/USD on TradingView.com

However, Solana managed to stay above the $100 pivot level and is also well above the 50-week simple moving average (blue). The price is now testing a crucial bullish trend line with support at $120 on the weekly chart.

If the SOL price stays above the trend line support, the bulls might attempt a fresh increase. Immediate resistance on the upside is near the $145 level, and the first major resistance is near the $162 level.

If the bulls pump the price above the $162 resistance, the SOL price could start another rally. The next target for the bulls could be $185. Any more gains might send Solana toward the $200 handle.

More Losses In SOL?

Conversely, the SOL price might struggle to recover above the $145 resistance and continue to move down. Immediate support is near the $130 level. The first major support sits at $120 and the trend line. The main support is now forming near the $110 level. It is close to the 50% Fib retracement level of the main increase from the $7.92 swing low to the $210 high and coincides with the recent spike support.

A weekly close below the $120 and $110 support levels might spark strong bearish moves. In the stated scenario, Solana could revisit the $85 level. The next target for the bears might be $55.

The Solana ecosystem continues to evolve. A recent example was its successful integration with Pundi X Labs. Users can now buy USDT using Solana-supported wallets.

XPOSOPOSFollowing a Pundi X community governance vote, Solana has been integrated with @PundiXLabs XPOS payments platform!Learn more https://t.co/lnIiwcWm7Y

— Solana (@solana) April 17, 2024

Overall, the SOL price reaches an important support zone at $110-$120. If the bulls protect the $110 support, there could be a fresh increase. If not, Solana might start nosedive toward the $85 support.

The post Solana Price is Falling — But Are SOL Bulls Giving up Yet? appeared first on CoinChapter.