Crypto Fear & Greed Index

The Solana network could be on track to overtake the Ethereum network in transaction fees, a potentially significant development for Solana’s status as a so-called “Ethereum-killer.”

Solana could flip Ethereum’s transaction fees as soon as this week, according to Dan Smith, senior research analyst at Blockworks, who wrote in a May 7 X post:

“Solana will flip Ethereum in transaction fees + captured MEV this month, maybe even this week.”

Captured MEV, or Maximal Extractable Value, refers to profits that are mostly captured through arbitrage trading on the protocols. MEV measures the maximum amount of value that can be extracted from a blockchain by a user or a group of users.

Moreover, Solana’s $2.8 million total economic value was near Ethereum’s $3.1 million total economic value on May 7, according to Smith’s X post:

“Defining “total economic value” (shill me better names) as total transaction fees + captured MEV returned to validators. Yesterday, Ethereum: $3,165,772, Solana: $2,803,313.”

Total Economic Value, Solana, and Ethereum. Source: Dan Smith

However, Solana’s daily transaction fees are still far from Ethereum’s. Ethereum generated over $2.75 million worth of fees in the past 24 hours, compared to Solana’s $1.49 million, according to DefiLlama data.

Solana and Ethereum TVL. Source: DefiLlama

Looking at the total value locked (TVL), Solana’s $3.94 billion TVL is still a small fraction, or around 7.4% of the Ethereum network’s over $53 billion TVL.

Related: How Binance played a key role in arrest of ZKasino scam suspect

Is Solana really an “Ethereum killer”?

Solana launched on mainnet in March 2020, with a claimed throughput of 50,000 transactions per second (TPS), promising to improve on the lack of scalability and inefficiencies of Ethereum, as a so-called “Ethereum-killer.”

Unlike Ethereum’s modular approach to scalability via layer-2 (L2) scaling solutions, Solana’s monolithic approach aims to create scalability and low fees as a standalone blockchain network.

However, Solana’s approach saw widespread criticism following its previous outages. At the beginning of April, the demand for memecoins caused approximately 75% of Solana transactions to fail, as the network was unable to handle the large demand.

On Feb. 6, block production on Solana stopped for approximately five hours, before engineers and validators were able to restart the network, according to Solana’s status page.

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Despite a clear ruling on XRP by a US judge, the SEC’s case against Ripple regarding the alleged security token nature of their cryptocurrency could end up escalating.

This is what Neel Maitra, former fintech and crypto specialist at the SEC, claimed during the Bitcoin For Corporations event by MicroStrategy held last week. 

XRP as a security token? SEC again against Ripple

According to Maitra, it is not certain that the cause of the SEC against Ripple will end soon.

The expert on legal issues related to cryptocurrencies has pointed out how there are three judges with conflicting opinions on the matter.

The first is Judge Analisa Torres, who last year issued her ruling on the XRP case.

According to Judge Torres, primary transactions, when buyers purchase XRP directly from Ripple (the issuer), and secondary transactions, which occur anonymously on exchanges, should be considered separately. In the latter case, they should not be considered as security transactions, so XRP on exchanges cannot be considered a security token. 

However, Torres has not yet commented on the accusation made by the SEC against Ripple for selling XRP as a security token on the primary market, so this issue is still open. 

However, Maitra recalled that in two other cases, the SEC against Terra/Luna and Coinbase, judges Jed Rakoff and Katherine Polk Failla opted for a broader view, hypothesizing that the aggressive marketing strategies employed by crypto companies could influence both primary and secondary market transactions.

In this case, even crypto transactions on exchanges could potentially be classified as unregistered security transactions.

Regulatory uncertainty

All this reasoning revolves around regulatory uncertainty, as the USA still does not have any specific legal regulation governing the crypto markets. 

Maitra points out that these divergent opinions among judges highlight that the regulation of cryptocurrencies should be full of nuances, and should have an evolving nature.

He added: 

“It is inevitable that this [the Ripple vs SEC case] will end up in the second circuit and maybe even beyond, who knows, but there is still much to be done in this particular decision, just like with Coinbase”.

So according to the expert, who in the past has worked for the same SEC, the case will probably also reach the highest judicial authorities, because it is difficult to examine and in the absence of regulatory clarity on the matter makes the judges’ work particularly complex. 

Furthermore, it reports that the SEC does not necessarily see the defeat in the case against XRP as a failure of its theory that even the secondary trading of cryptocurrencies would be trading in unregistered securities, but sees it only as a temporary failure for not having been able to present sufficient evidence to support their theory.

In light of this, it is possible that the SEC is preparing to present further evidence to try to resolve the issue in its favor on appeal. 

The issue is still open

It should be added that the SEC’s case against Ripple is actually not closed yet. 

Therefore, although the case against XRP has now been closed, the ones against Coinbase and Ripple remain open, and there is always the possibility that they may escalate to a higher level, even up to the appeal or beyond. 

In other words, last year’s partial victory does not seem to be enough to consider the danger averted. 

The fact is that if cryptocurrencies are recognized as securities, since they are not registered as such, they could not be legally traded on exchanges. 

Actually, there seem to be no doubts about Bitcoin: it is not a security, and can be freely traded. 

The problem lies with other cryptocurrencies, especially those that are presented to the markets as investment opportunities to generate profits, with the issuer promoting their sale with advertising and promotions. 

If they are sold promising profits, as Ripple seems to have done during the early years of its cryptocurrency existence, it is difficult to argue that they are not implicit investment contracts, and since such contracts are effectively securities, cryptocurrencies that fall into this category could actually be considered unregistered securities.

The risk is therefore real, and partly seems to also concern Ethereum. It is possible that the SEC will reject the requests for the issuance of ETFs on Ethereum spot in the USA during this month of May, expecting the issue to then be brought to court and resolved by a judge. 

However, this does not apply to Bitcoin, on which the SEC has never raised objections regarding its nature as a commodity. 

Ripple’s response to the SEC on the nature of security tokens

Recently, Ripple’s CEO, Brad Garlinghouse, openly expressed his support for Ethereum, vehemently denying the idea that ETH and XRP should be considered securities. 

During an interview with CNBC, he emphasized the differences between these cryptocurrencies and those securities that are commonly considered security, highlighting that the actual use of XRP, for example, as a means to facilitate cross-border payments is in stark contrast to the characteristics of securities. 

So in fact Ripple continues to deny that the SEC may be right, but it will always and only be a judge who can decide how things really are. 

It should be noted, however, that the situation could be greatly simplified in the event of direct intervention by the legislator, or the US Congress, which for some years now has been blocked by political issues regarding the new rules to be specifically applied to the crypto markets. 

The legal fight between Ripple and the U.S. Securities and Exchange Commission (SEC) flares up, and investors’ demand for more clarification in the XRP lawsuit rises. Strikingly, the latest news, such as a big move of 28.24 million worth of XRP by an anonymous whale to the Bitstamp exchange, have spiked up the rumors. While investors are waiting for SEC’s response brief to be released later on May 6, the community is rife with speculations and theorizing.

Whale Transfers 28M XRP Coins

As the Ripple vs. The SEC legal saga is still ongoing, while an unknown XRP whale, having the wallet address as “r4wf7…h4Rz” for example, has stirred the market by moving a massive amount of XRP. Whale Alert indicates that the whale transfers 28.24 million XRP tokens, which are the equivalent of $14.94 million to the Bitstamp exchange.

Besides, it is worth mentioning that this recent activity is coming on the heels of an XRP transfer spree by the whale to centralized exchanges in the last couple of weeks which has led to speculations on the reasons behind these transactions. In a nutshell, a massive transaction involving a great number of XRP by the unknown Whale has prompted a number of speculations on the part of the crypto world. Although some experts may take Ripple’s move as strategic divestment, which may be a signal of their doubt about XRP’s future against the current legal uncertainties, others think that it may be in line with Ripple’s broader liquidity management strategy.

Investors on Edge as SEC Response Brief Looms

The investors await the SEC’s upcoming response with bated breath, as the anticipation of the market-moving facts pave the way. SEC has got a critical time-frame, which requires to submit the response brief by May 6 and a redacted version of the brief by May 8. The SEC’s expert testimony was later struck from the opening brief on remedies, setting the stage for a more heated exchange of arguments between the two parties.

At the same time, Ripple held that the SEC had to provide the name of the witness and the testimony during remedies-related discovery. The SEC, nevertheless, claimed that Fox only performed a summary role, which constitutes a non-disclosure requirement during discovery.

Ripple Response 

Notably, Ripple’s response brief emphasized the SEC’s failure to address pertinent cases cited in its motion, underscoring the contentious nature of the legal dispute. However, discussions on the XRP lawsuit surged after legal experts predicted Ripple’s potential loss.

For context, pro-XRP lawyer Bill Morgan suggested Ripple might lose the motion, anticipating the judge’s acceptance of expert evidence from Fox. Additionally, Attorney Jeremy Hogan echoed the same sentiment, asserting Ripple’s probable loss and subsequent deposition. Hogan emphasized the rarity of his stance, indicating the likelihood of Ripple deposing Fox, even if considered an “expert” by the court.

Meanwhile, despite the recent dump, the XRP price surged 2.59% to $0.5436 during writing. Notably, the crypto has added nearly 9% over the last seven days, amid a recovery noted in the broader crypto market.

The post The Ripple vs. SEC Saga Heats Up: Whale Transfers and Investor Anticipation first appeared on The VR Soldier.

The Fetch.ai price surged more than 11% in the last 24 hours to trade at $2.46 as of 6:15 a.m. EST as investors rush to buy the AI crypto.

With this latest gain, FET’s weekly performance has been pushed deeper into the green zone. As a result, the Fetch.ai price is up more than 14% over the past 7 days. However, the altcoin is still in the red by more than 6% on the monthly time frame,

The Fetch.ai Price Breaks Above Major Resistance

4-hour chart for FET/USDT (Source: TradingView)

The Fetch.ai price broke above the major resistance level at $2.3715, and is now attempting to flip the barrier into support. Closing the next two 4-hour candles above this mark could give the crypto the foundation needed to keep climbing in the coming 24 hours.

Traders might therefore identify a sustained position above $2.3715 as a short-term long entry. With this potential influx of buy power, the Fetch.ai price could climb to $2.6655 to possibly rise above the threshold as well. In an extremely bullish scenario, FET could rise to as high as $2.8981

On the other hand, a break below the $2.3715 price point in the coming 12 hours might invalidate the bullish thesis. In this alternative scenario, FET could be at risk of testing the $2.1530 mark in the following 48 hours.

Continued sell pressure should the Fetch.ai price fall to $2.1530 might then lead to the altcoin losing this crucial technical crutch. Traders might keep panic-selling the crypto as a result, which could pull its price down to $1.9819.

Technicals Suggest The Fetch.ai Price Might Keep Climbing

Technical indicators on FET’s 4-hour chart suggest the Fetch.ai price might keep climbing in the coming 24 hours. Traders and investors will still want to tread carefully, however, as the altcoin attempts to challenge another key resistance.

FET currently finds itself in a bullish trend, as evident by the Moving Average Convergence Divergence (MACD) indicator on its 4-hour chart. With the MACD line positioned above the MACD Signal line, it seems that Fetch.ai’s positive momentum shows no signs of slowing down just yet.

The Relative Strength Index (RSI) also suggests that buyers are still stronger than sellers on FET’s charts. Although the RSI is positioned bullishly above its Simple Moving Average (SMA) line, the former has started to decline. This could be an early sign of buyers’ strength diminishing.

The RSI’s position in overbought territory is also cause for concern. Usually, traders identify an RSI position above 60 as a sell signal since it signals greater downside potential than upside potential. With FET’s 4-hour RSI at around 70, sellers might soon enter the crypto’s charts.

While the Fetch.ai price attempts to keep its bullish streak going, investors are flocking to a new meme coin competitor by the name of WienerAI for potential parabolic gains.

The Latest Canine-Themed Crypto To Enter The Meme Coin Space

WienerAI is an AI-powered meme coin that aims to be a companion for crypto traders and investors. Through its user-friendly platform, even beginners can utilize the project’s powerful AI models to make more informed investment decisions and identify hidden opportunities.

What’s more, WienerAI’s team has expressed their commitment to continuously developing their AI technology. This means that users will have access to AI models that will remain ahead of the curve even as AI technology advances.

This is one of the reasons an analyst from the 99Bitcoins YouTube channel recently called the meme coin a 100X gem.

Users will also be able to ask the bot questions directly and receive unbiased analysis and insights. Unlike many other AI market models, WienerAI can be embedded with decentralized exchanges as well to assist users in capitalizing on lucrative opportunities in the DeFi sector.

Investors Bet Big On WienerAI

Investors have flocked to WienerAI’s presale, pouring more than $1 million into the token at this early stage. Apart from the great speculative opportunity, the project is also offering anyone who buys the token at this early stage an eye-watering 853% APY.

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Investors that want to get in on this opportunity can do so via the project’s website. Selling for $0.000704, the canine-themed crypto can be bought using either ETH, BNB, USDT or bank card.

Purchase and stake WienerAI here for up to 853% in annual rewards.

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CryptoCapo_, a top analyst, highlighted a positive trend in Ethereum’s market performance, noting a strong rebound from the support zone that suggests a bullish continuation for the crypto asset. He emphasized that surpassing the $3,300 level could signal even higher prices ahead, potentially reaching a new all-time high. 

Additionally, he pointed out the promising outlook of the ETH/BTC pair and suggested that Ethereum and other altcoins might outperform Bitcoin in the coming days. This optimistic forecast aligns with the upcoming decision on the approval of Ethereum ETFs, set for May 23, 2024, which could further influence Ethereum’s market trajectory.

Ethereum’s Resilience in Market Trends

The resilience of Ethereum is evident from the ascending trend line that has been supporting prices since early 2022. This trend line is crucial as it intersects key levels that might serve as support in the event of a price retraction. 

Moreover, a sustained move above $3,300 could suggest that Ethereum is on track to retest its ATH of $4,867.81 set back in 2021. Conversely, a fall below $2,041.42 would signal a shift to a bearish outlook.

Capo’s analysis extends to Ethereum’s performance against Bitcoin, where he identifies a specific mid-range level at 0.05403 BTC as a critical pivot point. Holding above this level might push Ethereum towards the upper boundaries of its trading range since 2021. However, failure to maintain this position could force a retest of the lower support levels. This suggests a cautious optimism, as ETH navigates through key resistance and support zones.

The Potential Impact of Ethereum ETFs

Adding to the narrative, the impending decision on the approval of Ethereum ETFs by May 23, 2024, could further influence Ethereum’s market dynamics. This decision is highly anticipated as it could provide a substantial boost to Ethereum’s market presence and investor confidence, possibly driving prices toward new highs.

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As the market awaits the ETF decision, Ethereum’s current price action and key technical levels offer a blend of cautious optimism and potential for significant growth. Investors and market watchers will do well to keep an eye on the crucial levels and upcoming developments as outlined by CryptoCapo.

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The post Ethereum’s Bullish Surge: Analyst Forecasts ETH and Altcoins to Outperform Bitcoin (BTC) Ahead of ETF Decision appeared first on CaptainAltcoin.

The halving turned out to be a “sell the news” event for BTC — and with continued uncertainty around interest rates, a fresh rally may be some time off.

It’s been two weeks since the Bitcoin halving — and in the short term at least, this rare event hasn’t delivered the explosion in price that bulls were hoping for.

You could argue a lot of this has been outside BTC’s control. Rising tensions in the Middle East have led to sharp, sudden declines in the crypto markets.

We saw this on April 19, when Bitcoin plunged below $60,000 following news that Israel had launched an attack on Iranian soil. 

Although prices quickly recovered, further unrest or escalations in this increasingly complex conflict could cause further headwinds.

While $60,000 has proven a significant psychological threshold for BTC, resolve was sorely tested on May 1, when prices tumbled to lows of $56,555.

Here are five things we’ve learned since the halving that could help us chart what happens next.

Bitcoin’s price over April | Source: CoinGecko 1. April was Bitcoin’s worst month in almost two years

The Crypto Fear and Greed Index has been flashing scores of Greed or Extreme Greed for some weeks, but traders got a sobering reality check at the start of May.

Why? Because BTC tumbled hard in April. After kicking off at a record high of $71,329.30, prices crashed by 14.95% — with a monthly close of $59,228.70.

Although values have now managed to recover, there is still wariness over what lies ahead. This is the first time that Bitcoin has hit a new all-time high before a halving.

Some analysts have argued this might be the best we’re going to get in the current bull cycle, while others believe there could be a long wait before a rally resumes.

"Left Curve" is an essay on why you aren't bullish enough about #crypto. It's time to shut your eyes and BTFD!https://t.co/0pQyOjZhPS pic.twitter.com/r9QUiGYZTG

— Arthur Hayes (@CryptoHayes) April 23, 2024

2. Forecasts are mixed on Bitcoin’s prospects

Former BitMEX founder Arthur Hayes claims he saw this coming all along — with a perfect cocktail of events dragging Bitcoin downwards:

“U.S. tax season, consternation over what the Fed will do, the Bitcoin halving sell the news event, and a slowdown of U.S. Bitcoin ETF asset under management growth coalesced over the prior fortnight to produce a well-needed market cleansing.”

Arthur Hayes

Nonetheless, he does believe that Bitcoin has now hit a local low, and there will be “range-bound price action between $60,000 and $70,000 until August.”

While Standard Chartered has doubled down on its prediction that BTC will reach $150,000 by the end of the year, the bank’s warned a further drop to $50,000 is possible.

Bloomberg Intelligence’s senior commodity strategist Mike McGlone has also struck a cautious tone. In a note shared with crypto.news, he said “sticky inflation appears connected to speculative excesses in Bitcoin and equity prices” — and there may be some time yet before the Federal Reserve starts easing interest rates. He wrote:

“If the S&P 500 is starting to retrace the almost straight up rally from the October low, the highly volatile crypto might suffer. Our view is the Fed is unlikely to ease until beta tells it to by deflating, with headwinds for all risks assets and potential tailwinds for gold.”

Mike McGlone

Bitcoin ETF inflows since their launch in January | Source: SoSo Value 3. Times are tough for Bitcoin ETFs

After initial euphoria following their approval by the U.S. Securities and Exchange Commission in January, appetite for exchange-traded funds based on Bitcoin’s spot price looks like it’s starting to cool.

Data from SoSo Value shows there were record outflows of $563 million from BTC ETFs on May 1 — with a six-day streak in the red snapped on May 3, when there were total inflows of $378 million. Bloomberg Intelligence analyst James Seyffart said at the time that “inflows and outflows are part of the norm in the life of an ETF.”

Nonetheless, despite lofty predictions that the arrival of Bitcoin and Ethereum ETFs in Hong Kong would deliver trading volumes that far exceeded the debut on Wall Street, it was a disappointing launch, to say the least.

Just $8.5 million in trading volumes were recorded across spot Bitcoin ETFs on day one — 98.6% less than the $628 million seen when they arrived in the U.S. But JAN3 CEO Samson Mow believes exchange-traded funds in Asia just need time to find their feet:

#Bitcoin ETFs in HK are going to be big. Maybe not on day 1 or 2, but the long term implications are massive. There is really nothing else for Chinese investors to put their money into at this time. https://t.co/hOSCa7siid

— Samson Mow (@Excellion) April 29, 2024

4. A nervous wait for miners

CryptoQuant recently told crypto.news that Bitcoin miners could face significant challenges unless prices recover in the coming weeks — with higher electricity costs and permanently lower block rewards leaving the industry feeling the pinch. Head of research Julio Moreno said:

“[The market is] more likely to see a miner capitulation if prices don’t recover significantly during the summer. Especially with the hashprice (average miner revenue per hash) making new lows.”

Julio Moreno

But there’s a problem: trading volumes across the board tend to decline during the summer months — with Bitcoin typically performing below average between June and September.

#Bitcoin Emerges pic.twitter.com/vNEIgeH2TU

— Michael Saylor⚡️ (@saylor) May 4, 2024

5. Keep an eye on these two

Undeterred, some executives are continuing to get their hands on as much Bitcoin as they can.

MicroStrategy now owns 214,400 BTC, paying an average price of $35,180 per coin. Given Bitcoin’s trading at $63,600 at the time of writing, Michael Saylor’s big bet means the company’s sitting on paper profits of $8.1 billion.

Meanwhile, Block — led by former Twitter CEO Jack Dorsey — has now started allocating a chunk of its gross profits to buying additional BTC.

There’s no predicting where Bitcoin will head next, but it looks like there are reasons to be optimistic.

You might also like: What next for global finance?

The post Whales Move 28M XRP Before Ripple vs SEC’s May 6th Deadline appeared first on Coinpedia Fintech News

The Ripple vs SEC legal battle heats up as investors await clarity. XRP is standing tall, keeping its foothold at the critical $0.54 level, a crucial defense against further market dips. A massive transfer of 28M XRP by a mysterious whale to Bitstamp sparks speculation.

Some see it as a selloff due to legal uncertainties, while others view it as part of Ripple’s liquidity strategy. The whale transfer comes before the SEC’s deadline for filing its reply brief. Despite market volatility, XRP rises over 2% as crypto recovers.

Despite bearish market conditions, XRP has surged by 2.59% and 9% over the week, driven by substantial buying activity from derivatives traders ahead of the SEC’s impending reply to Ripple’s opposition to Fox’s testimony.

What is to come? Read on.

28,240,000 #XRP (14,948,393 USD) transferred from unknown wallet to #Bitstamphttps://t.co/i2ylQpwXGx

— Whale Alert (@whale_alert) May 5, 2024

Whales Movements Creating Panic Sell-off

A mysterious XRP whale, known by the wallet address “r4wf7…h4Rzn,” has sent shockwaves through the market by moving a large amount of XRP. The whale transferred 28.24 million XRP tokens, valued at around $14.94 million, to the Bitstamp exchange.

This move comes after several significant XRP transfers to centralized exchanges by the same whale in recent weeks, sparking intense speculation about the reasons behind these transactions. Some analysts believe it could indicate a strategic selloff, suggesting uncertainty about XRP’s future due to ongoing legal issues. Others speculate that it might be part of Ripple’s liquidity management strategy. 

Upcoming SEC Response and Potential Challenges

In the legal tug-of-war between Ripple and the SEC, investors are on edge as they await the SEC’s reply brief, due by May 6, with a redacted version expected by May 8. Ripple’s earlier motion to strike expert testimony from the SEC’s opening brief has added tension to the legal battle. Ripple contested the inclusion of testimony from Andrea Fox, arguing that her identity and testimony weren’t disclosed during discovery.

However, the SEC defended Fox’s role as a summary witness, exempt from disclosure requirements. Ripple’s reply brief highlighted the SEC’s failure to address key cases cited in its motion. Legal experts like Bill Morgan predicted Ripple’s potential loss, with some suggesting a deposition for Ripple.

XRP Price Action

XRP’s price has surged over 2.59% in the past 24 hours, and it is currently trading above $0.5436 with a market cap of $29.8 billion. During the market sell-off, XRP has seen considerable buying interest after Ripple’s move to lock 800 million XRP in escrow last week, reducing circulating supply in three separate allocations: 100 million, 200 million, and 500 million.

Ripple’s transfer of another 60 million XRP to an unknown wallet has also sparked speculation within the XRP community. Notably, the derivatives market has witnessed significant buying activity, with XRP futures open interest exceeding $1.42 billion XRP.

Earnings from Bitcoin (BTC) mining dropped significantly in May as the effects of the fourth Bitcoin halving event set in. 

The Bitcoin halving mechanism was designed to increasingly limit the issuance of 21 million BTC spread over decades. The April 20 halving reduced mining rewards to 3.125 BTC from 6.25 BTC.

While initial hype around the halving and the launch of Bitcoin Runes temporarily sustained the miners’ daily earnings, a strong revenue drop was recorded in May. On May 1, the total revenue earned from block rewards and transaction fees marked a new low of $26.3 million.

In contrast, Bitcoin miners earned roughly $6 million per day on average, according to data sourced from Blockchain.com.

Total value in U.S. dollars of Coinbase block rewards and transaction fees paid to miners. Source: blockchain.com

All the other days in May also recorded similar revenue patterns, signaling a new normal in Bitcoin mining revenue. Coincidentally, mining revenue peaked on April 20, marking an all-time high daily earnings of over $107 million for the first time in Bitcoin history.

Anticipating this significant drop, miners worldwide restrategized operations to remain profitable in the next phase of the Bitcoin economy. If not, miners would have to rely solely on Bitcoin’s high market value to support operations.

Read Cointelegraph's learners' guide to know more being a profitable Bitcoin miner from home.

CryptoQuant CEO Ki Young Ju calculated that Bitcoin needs to hold above $80,000 to keep mining profitable post-halving under current conditions. However, most miners took proactive measures to upgrade their mining equipment to reduce long-term operational costs while being competitive.

Related: Bitcoin reaches one billion transactions

For example, Bitcoin mining firm Bitfarms allotted $240 million to triple its hash rate. Previously speaking to Cointelegraph, Bitfarms chief financial officer Jeffrey Lucas laid out the firm’s drive to procure 88,000 highly efficient Bitcoin miners.

“The transformational fleet upgrade propels Bitfarms in scale and profitability amid the Bitcoin halving. This is a game changer that triples our hash rate to 21 EH/s, increases our targeted operating capacity by 83% to 440 megawatts (MW), and improves fleet efficiency by 40% to 21 w/TH.”

Despite the effort, Bitfarms recorded its lowest monthly earnings of 269 Bitcoin in over two years in April.

Magazine: CZ gets jail sentence, Gensler viewed Ether as security, and FBI targets mixers: Hodler’s Digest, April 28 – May 4

The CEO of Ripple Brad Garlinghouse explains the value of XRP.

He says any project that solves a problem and creates value by doing so will thrive.

A token with value is created when it solves a problem and XRP is solving a big one.

Ripple’s CEO Brad Garlinghouse draws light to XRP’s pivotal role in tackling a multi-trillion dollar challenge. He explores how XRP takes on these challenges and fuels an immense demand. XRP is a powerhouse in payments and its global presence in the sector puts it in a solid position for explosive growth.

#Ripple's CEO Brad Garlinghouse emphasizes #XRP's pivotal role in tackling multi-trillion dollar challenges, fueling immense demand. Ripple's global presence in the payments market solidifies its position. Get set, everyone! Buckle up! pic.twitter.com/kCMjPC3Wa9

— Collin Brown (@CollinBrownXRP) May 5, 2024

To start off, Brad Garlinghouse mentions how analysts are expecting XRP to explore. He talks about how far XRP will go as the project is successfully solving a multi-million dollar problem. He also notes how XRP is integrated into this flow which will draw a lot of attention to XRP.

He marks how Ripple is focused on payments and how XRP takes a lot of friction out of moving this 27 trillion in funds. However, there are many consumer use cases where XRP can be an efficient digital asset and the potential to accomplish more still exists.

Garlinghouse even compares Ripple and XRP to Amazon as how Amazon used to opny be focused on books and now it caters to almost everything. Similarly, he talks about how Ripple is focused on payments alone but XRP can be used to solve more than just liquidity in a larger consumer user case challenge.

Solving liquidity on a global basis is how Ripple and XRP got started. He then says Ripple is actively pursuing other use cases for XRP be it both in consumer-centric and marketplaces for entrepreneurs and companies to establish themselves in the crypto space.

Garlinghouse also touches on how amazing it is to see that traditional entities are slowly beginning to explore the crypto space showing a bullish sign for the blockchain and Bitcoin space. Although he says these entities are not directly joining the space but rather exploring the space through partnerships like XRP.

Read Also

Bitcoin’s Weakness Exposed: Can Nodes and Miners Unite to Solve the Crisis?

What The ETH Merge Has Accomplished

Brad Garlinghouse: “XRP is the Next Bitcoin, Envisioning a $10,000+ Future”

Ripple CEO Brad Garlinghouse Predicts US SEC Will Lose War Against ETH

Garlinghouse Assures XRP Is Core to Business as Ripple Announces Victory Party

The post Ripple CEO Brad Garlinghouse Talks About Ripple and XRP’s Value, Use Cases for XRP are Still Being Explored appeared first on Crypto News Land.

Over the last 30 days, Fetch.ai (FET) has been on a bullish wave, raising its market cap to over $2 billion with no sign of stopping soon. Amid this, an AI and crypto investment expert has tipped ETFSwap (ETFS) to be the next crypto coin to stage such a rally in the bull run.

This market analysis has projected that ETFSwap (EFTS), with its unique utilities, will make a name for itself and become a major investment opportunity for investors. As big investors known as whales champion massive capital spread towards new and promising ventures, EFTSwap( ETFS) is a no-brainer as a utility-backed token.

The Latest Fetch.ai (FET) Rally That Is Catching The Attention Of Many

In a series of announcements in March 2024, Fetch.ai spoke about a $100 million investment in advanced GPU development to help boost its services across boards. This move revived the interest in Fetch.ai — getting the attention of more users and big players. An additional boost that saw its price exceed various price predictions came after Fetch.ai notified token holders of ‘Compute Credits’ when they stake their tokens.

This latest rally which came as a result of advanced GPU procurement by Fetch.ai has seen investors enjoy a 70% weekly gain. The wave is expected to continue after Bitget promised a $10M investment into the Fetch.ai ecosystem 4 days ago.

However, there is a new token that is starting to stage a rally like Fetch ai (FET).  ETFS, the native coin of the EFTSwap ecosystem, is a newcomer with immense potential that has been driving its presale through the roof after raising $750,000 funding from investors.

It’s no surprise that market whales and institutional investors are starting to pay more attention to it than usual.

AI And Crypto Investment Expert Is Bullish On ETFSwap (ETFS)

ETFSwap (ETFS), a decentralized finance platform built for trading tokenized exchange-traded funds (ETFs), is a game changer for traders. Traders can now explore the finance world of various sectors such as oil & gas transportation and health — all on-chain.

The structure of the ETFSwap trading platform has made it a top choice among users looking to diversify their portfolios and dabble in real-world assets. It’s designed to seamlessly allow the world of decentralized finance to integrate smoothly with traditional finance — allowing traders to enjoy the best of both worlds.

At the peak of this revolutionary technology are flexibility and personalized trading strategies for traders who also get to take advantage of advanced trade perpetual of up to 10x. As a perk for its community, EFTSwap (ETFS) tokenization is set to offer a twin benefits for holders in terms of accessibility and investments.

Token holders are set to enjoy significant investment benefits similar to that of Fetch..ai, which is a major reason why market whales have turned attention to it since the launch of its presale.

Still in the first phase of presale selling at $0.00854 per token, it’s obvious many are getting in early to take advantage of its starting price, which will rise to $0.01831 at the second stage of the presale. So far, over 40 million tokens have been sold out, sending a massive shockwave across the crypto community.

As token sales continue to rise with investors participating in a bid to profit, community members are seeking to buy for additional reasons. First is lower trading fees for traders using the ETFSwap platform. Another reason is access to new investment opportunities and crypto listings right on the ETFSwap (ETFS) platform without the need for KYC registration.

The reward system takes it a step further to enable token holders to enjoy up to 87% Annual Percentage Rate (APR) yield and the possibility of governance rights. This means all token holders automatically own a piece of the ETFSwap ecosystem.

Get in early now as ETFSwap (ETFS) is gathering immense momentum to be the next big token in the world of finance and cryptocurrency.

For more information about the ETFS Presale:

 Visit ETFSwap Presale

Join The ETFSwap Community

The post AI And Crypto Investment Expert Reveals The Next Coin To Stage A Rally Like Fetch.ai (FET) appeared first on Blockonomi.

A trillion PEPE tokens were mysteriously withdrawn from Binance’s hot wallet, sparking speculation about potential insider involvement and the future of the meme cryptocurrency.
Claim Instant $200 Worth Of DunkiMunki New Memecoins Free On www.DunkiMunki.xyz

New data from Etherscan has revealed a significant event: almost 1 trillion PEPE tokens were withdrawn from Binance, a major crypto exchange. This withdrawal, valued at around $7.76 million, has attracted attention and speculation within the crypto community.

Unusual Crypto Withdrawal Triggers Speculation
A recent crypto withdrawal from an undisclosed address using a multi-signature Gnosis Safe Proxy wallet has raised eyebrows within the community. These wallets employ advanced security measures, requiring multiple signatures for transactions to enhance asset security and control.

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Source: Arkham Intelligence
This mysterious move follows another significant withdrawal made just a day prior by the same address. In this transaction, a total of 322.48 billion PEPE tokens, valued at $2.62 million, were withdrawn.
Speculation Surrounds Mysterious PEPE Coin Withdrawal
The timing of recent transactions involving Pepe Coin has caught the attention of many, especially amid a notable surge in the token’s value, which saw a remarkable 17% increase over the past week alone.

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With Pepe Coin currently priced at $0.0000085, the recent withdrawal has sparked speculation about its potential implications. Typically, withdrawals from exchanges are viewed as bullish signals, suggesting that major players are choosing to store their assets in decentralized wallets to reduce risks.

PEPE /USD: Source – CoinMarketCap

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However, the transfer to a multi-signature wallet has raised concerns about possible insider involvement. PEPE, known for its connections to internet culture and meme-based origins, has historically attracted significant attention from insiders.
The ramifications of this mysterious withdrawal remain uncertain. Will it trigger a cascade of further withdrawals, or will it prompt a reevaluation of the token’s price? Only time will tell as the community closely monitors developments surrounding this enigmatic transaction.

Claim Instant $200 Worth Of DunkiMunki New Memecoins Free On www.DunkiMunki.xyz

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

#Bitcoin #Ethereum #Crypto #PEPE #Pepecoin $PEPE

A recently surfaced sheet projects an XRP price increase to an audacious $1,000 value, factoring in a daily cross-border payment volume of $1 trillion.

XRP’s utility in cross-border payments, especially as utilized in Ripple’s On-Demand Liquidity product (now Ripple Payments), has contributed to the bullish sentiments surrounding the cryptocurrency among market participants.

XRP’s Utility in Cross-Border Payments
This utility has caught the attention of multiple payment entities over the years. Last December, a JPMorgan report mentioned Ripple and XRP as entities that could help unlock the $120 billion trapped in cross-border payments. The Crypto Basic also revealed in November 2023 that Grayscale highlighted XRP as a potential alternative to SWIFT in cross-border settlements.

In addition, The American Institute of Physics, the IMF and the World Bank also spotlighted XRP’s utility in cross-border payments in different reports. Interestingly, even SEC Chair Gary Gensler previously acknowledged XRP’s advantages for use in cross-border payments over traditional fiat currencies.

With this utility recognized by the general public, investors believe XRP is massively undervalued, projecting an imminent price explosion, especially on the back of a growth in the cross-border payment sector. Citing the Bank of England, Ripple noted in its 2023 New Value Report that the cross-border payment sector could witness a $250 trillion in volume in the next three years.

With this projection expected to materialize, pundits argue that XRP would need to soar way beyond its current price below $1 if it captures a fraction of this volume. Mason Versus, an XRP community figure and founder of Gold Squad, presented a sheet last August of hypothetical price requirements for varying cross-border payment volumes.

An Argument for a $1,000 XRP Price
Market analyst EGRAG recently called attention to the document, lending credence to its content. In the sheet, the analysis evaluates what XRP’s price would need to be for XRP to cater to different daily cross-border payment volumes.

At prices ranging from $100 to $500, XRP could sufficiently handle daily payment volumes from $1 trillion, but this price becomes less feasible at volumes from $6 trillion to $20 trillion. This is because XRP’s circulating supply of 55 billion would not be sufficient for the amount of XRP tokens needed to handle these volumes.

Recall that finance pundit Shannon Thorpe previously argued that XRP would be undervalued at $500 if it locked in a portion of the projected $250 trillion cross-border payment volume.

Versluis’ sheet proposes that XRP would only sufficiently address daily payment volumes ranging from $1 trillion to $20 trillion if its price is at least $1,000. At a $1,000 price, the market would need to move 1 billion XRP tokens to account for a $1 trillion volume and 20 billion tokens for a $20 trillion volume.

For XRP to clinch a $1,000 price, it would need to skyrocket by a massive 188,543% from its current value of $0.5301. With this price potentially pushing XRP’s market cap to an unimaginable $55 trillion, some industry commentators have strongly expressed doubts.

Moreover, some have pointed out that a $1 trillion daily cross-border volume is a difficult task for XRP over the next ten years and beyond. For context, the entire global cross-border volume stood at $150 trillion in 2022, representing an average of $410 billion volume a day. A $1 trillion volume would be more than double this figure.

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Binance’s opinion. Readers are encouraged to do thorough research before making any investment decisions. Binance is not responsible for any financial losses.

Few assets have sparked as much debate and speculation in the world of cryptocurrencies as XRP. Recently, discussions have been ablaze, with talk of XRP potentially surging to an astounding $1,000 price.

This bold projection isn’t just a shot in the dark; it’s rooted in a detailed analysis of XRP’s role in cross-border payments, particularly through Ripple’s innovative On-Demand Liquidity product.

XRP in Cross-Border Payments

Ripple is a real-time gross settlement system, currency exchange, and remittance network that extends its services to financial institutions worldwide. This platform was crafted by Ripple Labs Inc., a technology company headquartered in the United States that offers a solution for international transactions.

One of XRP’s key strengths is its utility as a bridge currency for cross-border transactions. Through Ripple’s On-Demand Liquidity product, XRP facilitates near-instant and cost-effective cross-border payments, offering a compelling alternative to traditional payment systems like SWIFT.

XRP’s utility in cross-border payments has not gone unnoticed by industry players. Reports from JPMorgan and Grayscale have highlighted XRP as a potential solution for unlocking over $120 billion in trapped capital in cross-border payments.

The American Institute of Physics, the IMF, and the World Bank have all highlighted XRP’s effectiveness in cross-border payments in various reports.

#Ripple cited in American Institute of Physics article, " Impact of Blockchain Technology Development on Industries in the Context of Entrepreneurial, Marketing and Management Perspectives Worldwide" for xborder tx's & remit. Inc crypto; implication:#XRPhttps://t.co/M3k6lnwquW pic.twitter.com/aXbIbcPWSB

— WrathofKahneman (@WKahneman) March 13, 2024

Can XRP Reach $1,000?

#Reposting #XRP https://t.co/f7aoMotyk6

— EGRAG CRYPTO (@egragcrypto) May 3, 2024

In May last year, Mason Versus, a prominent figure in the crypto community and the founder of Gold Squad shared a document outlining hypothetical price thresholds corresponding to different levels of cross-border payment volumes.

The $1,000 price projection for XRP is based on a thorough analysis of its potential to handle daily payment volumes ranging from $1 trillion to $20 trillion. This projection factors in XRP’s circulating supply and its ability to meet the demands of a high-volume cross-border payment environment.

Market analyst EGRAG recently highlighted the document, adding weight to its findings. The document analyzes the price point that XRP would need to reach to support various daily volumes of cross-border payments.

XRP could effectively manage daily payment volumes of $1 trillion in the range of $100 to $500. However, as volumes increase from $6 trillion to $20 trillion, this becomes less viable due to the limited circulating supply of 55 billion XRP tokens.

Market Skepticism and Challenges

While the $1,000 price target has sparked optimism among investors, some remain skeptical. Achieving a daily cross-border payment volume of $1 trillion is no small feat, and XRP would need to overcome significant regulatory, technological, and market challenges to reach this milestone.

An impactful development that could bolster XRP’s price is the resolution of the ongoing lawsuit between Ripple and the US Securities and Exchange Commission (SEC). The trial, which commenced at the end of the previous month, has thus far been marked by increased tension without a definitive resolution.

The timeline for the case’s conclusion remains uncertain, with potential delays and appeals expected from both parties, given the intricacies of the legal proceedings. However, legal expert Jeremy Hogan has expressed optimism about a potential settlement in the coming months. Hogan speculates that a settlement of around $100 million could be reached as early as this summer.

For XRP to achieve a value of $1,000, its market capitalization would have to reach $54.5 trillion, dwarfing the total valuation of the entire cryptocurrency market.

Analyst Justin Bons criticizes SUI for its centralized control, alleging that 84%+ of its staked supply is held by founders.

The analyst asserts that SUI’s chart representing its supply over the next seven years is a lie.

While Cyber Capital demanded SUI to reveal their address, the latter reportedly refused.

Justin Bons, the Founder of the crypto research platform Cyber Capital, criticized SUI’s centralized control, highlighting that almost 84% of the staked supply is under the control of its founders. Bons targeted SUI, asserting, “SUI has a great design, except for its token economics.”

1/16) SUI has a great design, except for its token economics:SUI claims to have a capped supply of 10B, with 52% being "unallocated" till 2030The problem is that over 8B SUI is being staked right now!Over 84% of the staked supply is held by founders! SUI is centralized: 🧵

— Justin Bons (@Justin_Bons) May 2, 2024

Reportedly, SUI boasts a capped supply of 10 billion, with 52% unallocated until 2030. While more than 8 billion SUI tokens are staked at present, over 84% of the supply is held by the founders. Highlighting this crucial point, Bons pointed out, “SUI is centralized.” Further, he added,

“The founders control the MAJORITY of supply without lock-ins & ZERO legal guarantees! The legal fine print protects them, as the truth is sobering…The staked SUI implies there is no lock-in at all!”

Moreover, Bons posited that the SUI chart representing its supply over the next seven years is a “lie.” He added that all legal documents surrounding the fact prove their chart wrong. The analyst chastised the platform for being “extremely deceptive,” alleging a “clear lack of disclosure coupled with lies & unbridled greed.”

Bons also unveiled “someone’s” legal ownership over the unallocated supply. While the researcher demanded SUI to disclose their address, the platform reportedly refused to accept the demand. Instead, they stated that SUI was with custodians like BitGo, Anchorage, and Coinbase Prime. He wrote,

“The sheer greed of SUI’s distribution is mindblowing. As SUI still refuses to give full disclosure on the MAJORITY of SUI supply… This presents us with extreme risk, as the SUI leadership effectively controls network consensus.”

Meanwhile, the SUI token is experiencing a downward trend, aligning with the prevailing trend of the crypto market despite fluctuations. Currently trading at $1.10, SUI has shown a marginal decline of 1.92%. However, the token has exhibited substantial falls over the past week and month, marking dips of 6% and 35%, respectively. 

The post Analyst Criticizes SUI’s Centralization, Alleges SUI’s Supply Chart Is Lie appeared first on Coin Edition.

Bitcoin’s recovery tour continues as the cryptocurrency jumped from under $59,000 yesterday to a multi-day peak of over $63,000 earlier today.

Most altcoins have followed suit with impressive gains once again, including the ever-volatile meme coin sector.

BTC Goes After $63K

Bitcoin had a highly adverse trading week as its price dumped hard on a few occasions. It all started positively on Monday morning when BTC pumped to almost $65,000, but the bears took control of the market immediately and pushed it south to $62,000.

The declines were far from over as the asset further slumped to and below $60,000. The correction culminated in a two-month low of $56,500 charted on Wednesday, ahead of the latest US FOMC meeting.

Once that was completed and the Fed said it will not raise the interest rates soon, BTC reacted with a $2,000 pump and dump and returned to its starting position. It started to recover more ground in the following hours and neared $60,000 yesterday, as reported.

It was stopped there at first, but managed to break through that psychological resistance later that day. The bulls kept the pressure on and pushed BTC to a multi-day peak of $63,500. Despite losing some ground since then, bitcoin currently sits at around $63,000.

Its 6% daily increase means that its market cap has risen to $1.240 trillion, while its dominance over the alts stands at 50.5%.

Bitcoin/Price/Chart. 04.05.2024. Source: TradingView DOGE, SHIB, PEPE on the Rise

The top gainers from the largest altcoins come from the volatile meme coin sector. Dogecoin, the first and largest of the cohort, is up by over 12% and now trades at $0.15. PEPE has followed suit with an 11.7% jump, while SHIB has gained 8% and is above $0.000025. The other highly impressive gainer is STX, which has soared by 14% to $2.4.

Ethereum and Binance Coin have increased by similar percentages of around 3.5%. Consequently, ETH has soared past $3,100, while BNB is at $585.

The rest of the larger-cap alts are also in the green, including TON, BC, AVAX, NEAR, and HBAR. The total crypto market cap has recovered more than $200 billion since the low of Wednesday and is up to $2.460 trillion on CG.

Cryptocurrency Market Overview. Source: QuantifyCrypto

The post DOGE, SHIB, PEPE Among Top Performers Daily, BTC Rises to $63K (Weekend Watch) appeared first on CryptoPotato.

According to a Messari report, the Polkadot (DOT) blockchain protocol made significant progress in the first quarter (Q1) of the year in terms of market capitalization, revenue, and Cross-Consensus Message Format (XCM) activity, as well as a record increase in daily active addresses.

DOT’s Market Cap Surges 16% QoQ

During Q4 2023, Polkadot’s market capitalization experienced a notable 111% quarter-on-quarter (QoQ) increase, reaching $8.4 billion. Building on this momentum, Q1 2024 witnessed a further 16% QoQ rise, elevating the circulating market cap to $12.7 billion. 

Despite these gains, DOT’s market capitalization remains 80% below its all-time high of $55.5 billion, set on November 8, 2021. 

DOT’s market cap during Q1. Source: Messari

In Q4 2023, Polkadot’s revenue also skyrocketed by 2,880% QoQ, amounting to $2.8 million. Per the report, this surge was primarily attributed to an exponential increase in extrinsics, driven by the Polkadot Inscriptions. 

However, revenue metrics for Q1 2024 declined significantly on a QoQ basis, with revenue in USD dropping by 91% to $241,000 and revenue in DOT decreasing by 92% to 28,800. It is worth noting that Polkadot’s revenue tends to be relatively lower compared to its competitors due to the network’s structural design.

Polkadot’s XCM activity continued to show growth in Q1 2024. Daily XCM transfers surged by 89% QoQ to reach 2,700, while non-asset transfer use cases, known as “XCM other,” witnessed a 214% QoQ increase, averaging 185 daily transfers. 

The total number of daily XCM messages grew 94% QoQ to 2,800, demonstrating the network’s dynamic ecosystem. In addition, the number of active XCM channels grew 13% QoQ to a total of 230.

Polkadot’s Parachain Network Soars To New Heights

Q1 2024 marked a significant kick-off to the year for Polkadot’s parachains, with active addresses reaching an all-time high of 514,000, representing a substantial 48% QoQ growth. 

Moonbeam emerged as the leading parachain with 217,000 monthly active addresses, a solid 110% QoQ increase. Nodle followed closely with 54,000 monthly active addresses, doubling from the previous quarter. 

Polkadot’s active addresses reached a new record during Q1. Source: Messari

Astar on the other hand, experienced a modest 8% QoQ growth to reach 26,000 active addresses, while Bifrost Finance grew slightly by 2% QoQ to 10,000 addresses. However, Acala experienced a decline, with monthly active addresses falling to 13,000, down 16% QoQ.

Notably, the Manta Network stood out among parachains in Q1 2024, with a significant surge in daily active addresses, reaching 15,000. According to Messari, this increase was fueled by the successful launch of the MANTA token TGE and subsequent listing on Binance, propelling Manta’s Total Value Locked (TVL) to over $440 million. 

Polkadot Price Sees Upside Potential Ahead

In terms of price action, Polkadot’s native token DOT has regained bullish momentum following a sharp drop to the $5.8 price mark after reaching a yearly high of $11 on March 14. 

Currently, DOT has regained the $7.25 level, up 7% over the past week. However, DOT’s trading volume decreased slightly by 4.7% compared to the previous trading session, amounting to $320 million over the past 24 hours, according to CoinGecko data.

The 1-D chart shows DOT’s price trending upwards. Source: DOTUSD on TradingView.com

If the bullish momentum persists, Polkadot faces its first resistance at the $7.4 zone, which serves as the last threshold before a potential retest of the $8 resistance wall. 

On the other hand, the $6.4 support floor has proven to be successful after being tested for two consecutive days this week, highlighting its significance as a key level to watch for the token’s upward movement prospects.

Featured image from Shuttestock, chart from TradingView.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Source: NewsBTC.com

The post Record-Breaking Q1 For Polkadot: Daily Active Addresses Hit 514,000 As DOT Price Surges 7% appeared first on Crypto Breaking News.

Various crypto influencers and platforms provide differing timelines for Shiba Inu to reach the $0.00017 target amidst current market conditions.

SHIB is currently trading at $0.00002378, which is 49% below its peak price from early March.

While some analysts expect SHIB to hit $0.0001 by 2025, others, like Oscar Ramos, project a potential rise to $0.00017 by the same year.

A prominent figure in the cryptocurrency community, Oscar Ramos, recently suggested that Shiba Inu (SHIB) could reach a price of $0.00017 by 2025 despite the prevailing bearish sentiment.

This forecast comes at a time when SHIB has struggled in the market, currently trading at $0.00002296, marking a significant 49% decline from its early March high.

Analyzing Shiba Inu’s Potential Price Movements

Ramos, known for his optimistic views on Shiba Inu, aligns his prediction with the expected end of the crypto bull season next year, indicating a potential 640% gain for those investing in SHIB at its current price.

In contrast, experts from the trading platform Changelly anticipate it could take up to six years for SHIB to achieve the $0.00017 mark, suggesting a more conservative peak of $0.000059994 for the upcoming bull season.

Furthermore, prediction platform Telegaon shares a similar cautious stance, while other market analysts remain bullish, foreseeing SHIB surpassing the $0.0001 mark by 2025 based on its historical performance and recent market actions.

$SHIB $0.00017 Coming this 2025 IMO. https://t.co/76XtSKeaqV before it's too late pic.twitter.com/hgTHseJlHK

— Oscar Ramos (@realOscarRamos1) May 2, 2024

Expert analysis and community expectations

In a notable rally nine weeks ago, SHIB surged 373% from $0.0000095 to $0.000045 in just eight days. Eunice Wong, a market analyst, cited this trend to suggest a possible repeat that could propel SHIB to $0.000125.

Additionally, Kuro, a Japan-based enthusiast, believes SHIB could stabilize at $0.00011 as its new floor price, particularly after its recent performance against the JPY on Binance Japan.

Shiba Inu has also been active in expanding its partnerships, recently joining the CDSA—a consortium that includes major companies like Netflix, Apple, and Amazon—to leverage its Shibarium technology in addressing piracy issues.

Following this, Shytoshi Kusama, SHIB’s lead developer, announced a significant new agreement, underscoring ongoing efforts to enhance SHIB’s market position and utility.

Renowned crypto analyst Ali Martinez says a 4,000% rally might be on the horizon for Cardano (ADA). The analyst's optimistic forecast follows recent price increases for ADA.

ADA repeating historical trend

In an X post, Martinez emphasized that ADA’s current price movement follows historical patterns. The analyst claims that a 50% drop in the price of the cryptocurrency in the past month could be a golden opportunity for ADA, citing observations from historical patterns.

card

As a reminder, Martinez pointed to 2019, when Cardano consolidated in a parallel channel, marking the conclusion of the bear market. According to the analyst, ADA eventually broke out of the channel after the stagnant period, increasing by 75%. Subsequently, the cryptocurrency experienced a 56% price correction, laying the foundation for an amazing 4,095% bull market.

Recently, in 2023, something similar happened! #Cardano consolidated within a parallel channel, marking an end to the bear market. Following this period of stagnation, $ADA broke out of the channel with a 72% surge.Now, #ADA has undergone a 50% price correction, setting the… pic.twitter.com/DiEtM16iJZ

— Ali (@ali_charts) May 3, 2024

According to the analyst, this trend resembles ADA’s 2023 price movement. He highlighted that ADA broke out of a parallel channel with a 72% increase and is now undergoing a 50% price correction. Given this trend, the analyst is optimistic that ADA could be on the move toward a 4,000% rally. 

While the analyst noted that history does not repeat itself, he says it often aligns. He concluded that ADA’s recent price correction might be one of the last buy-the-dip opportunities the cryptocurrency will give investors.

What’s next for ADA?

As of the latest CoinMarketCap data, ADA is trading at $0.4627, demonstrating a price increase of 1.86% in the past day. 

card

The market cap also increased by 1.9% to $16.5 billion. However, the trading volume decreased by 26.4% to $333 million, suggesting reduced selling pressure from investors.

The $0.5 mark remains a critical barrier that is both a technical and psychological pivot point. Given its recent performance, surpassing this level could signal a bullish outlook for ADA.

The crucial lawsuit between the US Securities and Exchange Commission (SEC) and Ripple Labs saw another round of court submission. In the latest move, Ripple filed a letter supporting its motion. However, experts suggest that the SEC might win this minor battle but it might not change much trajectory of the case.

Ripple files motion to strike

As per the filings, Ripple filed a letter in further support of its April 22, 2024 motion to strike new expert materials. This submission was in reply to the SEC’s April 29, 2024 opposition to that motion to strike. This move has attracted investor attention, particularly its reply brief to contest the SEC’s opposition brief.

Amid back to back filings, Legal experts have weighed in on the situation. Attorney Jeremy Hogan suggested that the SEC would win the motion. He anticipates that even if the court determines Fox is an “expert,” Ripple will likely be allowed to depose her.

Lawyer Bill Morgan shared a similar sentiment. He predicted that Ripple would lose the motion but the judge would accept that Fox provided some expert evidence and permit Ripple to depose her. 

The next big move will be the SEC’s reply brief on remedies which is due on May 6. After which the court will make a decision on penalties and injunctions. This decision could impact Defandant’s operations and expansion plans in the US.

What’s in the filling?

The court filing shows that Ripple argued that Fox’s testimony should be struck. This is because the SEC failed to provide her identity and testimony during remedies-related discovery. The commission went on to dispute the Motion to Dismiss. It claimed that Fox was a summary witness. That’s why her testimony did not need to be disclosed during discovery.

It is important to note that the court could rule on the Motion to Strike at any time. However, the commission must file its remedy-related reply brief by May 6. This brief will act as Ripple’s opposition to the SEC’s opening brief arguing for punitive penalty and injunction.

If we take a look at the crypto market, Ripple’s XRP recorded a marginal surge over the last 24 hours. XRP is trading at an average price of $0.524, at the press time. Its 24 trading volume is down by 20% to stand at $1.13 billion.

VeChain finally puts VET and VTHO holders’ concerns to rest.

It explains how VOT3 and B3TR activity will only benefit VET and VTHO.

The reveal comes right alongside a bullish chart formation of a possibly 500% gain for VET.

VeChain has certainly had an exciting few months. With the launch of VeBetterDAO, its MaaS launch, and the arrival of its two new tokens B3TR and VOT3, the VET community was certainly overwhelmed. While most VET and VTHO holders were excited to see some active new direction in the blockchain, other remained skeptical.

Besides these new launches, VeChain also announced multiple new partnerships including UFC and Vyvo who now contribute to VeBetterDAO. The VeBetterDAO program has already onboarded many new users, successfully completed many rounds of votes, and has even launched exciting new initiatives.

Yet, VET and VTHO holders continue to question the VeChain team as well as the projects’s CEO Sunny Lu and demand an answer that will satisfy the original token holders. While Sunny Lu has constantly spoken of VeChain’s plans which continue to elevate VET and VTHO, another answer has come out from an AMA. 

In particular, VeChain’s Comms Lead Solomon Grundle explains how VeBetterDAO tokens VOT3 and B3TR benefit the entire VeChain ecosystem. In this AMA one asks him why new tokens and if this will take demand away from VET and VTHO. 

We decided to bring the AMA game to the next level: Ask Jake Anything!In this first video, VeChain's Comms Lead @solomon_grundle explains how the VeBetterDAO tokens, VOT3 and B3TR, benefit the entire ecosystem. pic.twitter.com/kh7PkN9q8G

— vechain (@vechainofficial) May 2, 2024

To this the response is that demand will not be taken away as VET and VTHO are the protocol tokens and VeBetterDAO is run by VOT3 and B3TR which is a layer on top of the protocol itself. This means that any activity that takes place through the VeBetterDAO requires VET and WTHO. He confirmed that this dynamic does not change.

$Vet#Vet Currently Retesting Crucial Area Expecting Successful Retest From Here Successful Retest Can Lead 400-500% Bullish Rally In Midterm #Crypto #VeChain pic.twitter.com/s9pPjksAoH

— World Of Charts (@WorldOfCharts1) May 3, 2024

Perhaps finally, all the negativity towards the project will be dispelled. Meanwhile, VET analysts are comparing VET price activity. A major sentiment amongst traders and members of the VeFam is that VET is currently retesting a crucial area. More importantly, a successful retest from here would mean a 400%-500% bullish rally for the asset in midterm. 

Read Also

When Lambo? VTHO Predicting Surge to $0.0132

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