Upbit, a cryptocurrency platform based in South Korea, is responsible for over 80% of the country’s trading activity and has become among the world’s leading five exchanges in terms of trading volume.

According to a Bloomberg report, Upbit’s customers were responsible for nearly a fifth of the total deposits from its major banking partners last year.

Upbit’s Dominance Sparks Concerns

Upbit’s dominance has drawn criticism and concerns, particularly as South Korea moves to enact new legislation aimed at protecting investors following the TerraUSD stablecoin collapse in 2022.

The upcoming regulations, set to be enforced in July under the Virtual Asset User Protection Act, will impose strict requirements on crypto exchanges, including measures to increase reserves, enhance investor protection, and monitor suspicious transactions.

The concerns stem from the fear that these regulations could cement Upbit’s position as the undisputed leader in the Korean market.

Nam HyeonJoon, a spokesperson for Bithumb, Korea’s second-largest trading platform, highlighted the challenges posed by the new regulatory framework, citing the substantial capital and manpower required for compliance.

Simon Seojoon Kim, CEO of Hashed, a Korea-based venture capital firm, echoed these sentiments, noting that well-resourced exchanges like Upbit may find it easier to meet the new standards, potentially widening the gap between market leaders and smaller competitors.

The regulatory challenges have already affected international exchanges eyeing entry into the Korean market. Singapore-based Crypto.com recently announced a delay in its planned launch in South Korea, citing the need for further communication with regulators.

The decision came after reports of regulatory scrutiny, with concerns raised about anti-money laundering practices.

Since the crypto law passed last June, smaller exchanges like Huobi Korea, Cashierest, and Coinbit have closed. Analyst Min Seung Kim from Korbit Research expects Upbit to easily meet new regulations, noting that competition is increasingly focused on the top exchange.

South Korea’s Crypto Craze

Despite the regulatory landscape, South Korea’s appetite for crypto shows no signs of decreasing. More than six million Koreans, representing over 10% of the population, actively trade cryptocurrencies, and the won is emerging as the most traded currency against crypto-assets globally.

The country remains a hotbed of activity for crypto enthusiasts. “I invested more in stocks before, but now I’m all in crypto,” remarked Ho Chan Chung, head of marketing at Korean analytics firm CryptoQuant.

Launched in 2017 by Dunamu Inc., Upbit has quickly become a key player in the crypto market. According to CCData, its trading volume globally has surged to nearly 5%, up from 1.4% in January 2021. Backed by Kakao Corp. and Woori Technology Investment, Upbit reached a peak valuation of $15.7 billion during the pandemic.

The post Upbit Dominates South Korea’s Crypto Market, Ranking Top 5 Globally: Report appeared first on CryptoPotato.

SlowMist, in collaboration with imToken, has uncovered a new breed of cryptocurrency scam that targets users in physical offline transactions, utilizing USDT as the mode of payment.

This fraudulent scheme operates by tampering with Ethereum node Remote Procedure Calls (RPC) to defraud unsuspecting victims.

Scammer’s Strategy

Initially, the scammer persuades the target to download the legitimate imToken wallet and fosters trust by transferring 1 USDT and a small amount of ETH as bait.

Subsequently, the scammer instructs the user to redirect their ETH RPC URL to a node controlled by the former, particularly using the modified node. Through this manipulation, the bad actor then falsifies the user’s USDT balance to make it seem as though funds have been deposited.

However, when the user attempts to transfer out the USDT, they discover they’ve already been deceived. But, by then, the scammer has disappeared without a trace, according to SlowMist’s findings.

The blockchain security firm also revealed that Tenderly’s Fork feature is not only capable of modifying balances but also contract information thereby posing an even graver threat to users.

As such, understanding RPC is crucial in comprehending the mechanism of such scams, SlowMist observed. RPC serves as a medium to interact with blockchain networks, enabling users to perform various actions such as checking balances and creating transactions. Typically, wallets connect to secure nodes by default, but connecting to untrusted nodes can lead to malicious modifications, resulting in financial losses.

Suspect Address Flagged for Pig Butchering Scam

Further analysis by MistTrack revealed the depth of the scam’s operations. Investigation into a known victim’s wallet address (0x9a7…Ce4) shows that they received 1 USDT and 0.002 ETH from another address (0x4df…54b).

This address, in turn, has transferred 1 USDT to multiple addresses, indicating repeated fraudulent activities. These addresses are flagged as “Pig Butchering Scammers” by MistTrack, and are associated with various trading platforms, and implicated in multiple scam incidents.

The post SlowMist Exposes Scam Using Malicious RPC Node Modifications appeared first on CryptoPotato.

Ripple’s price has yet to show a sign of recovery and is continuing its overall bearish trend. If things are to change, the price should soon begin its recovery, as the market is in a critical area.

Technical Analysis

By TradingRage

The USDT Paired Chart

Against USDT, XRP has dropped aggressively below the 200-day moving average around the $0.6 level and has yet to climb above. However, the $0.5 support zone has held the price, and the market is consolidating above it.

If the price breaks above the 200-day moving average, investors can be hopeful that a bullish trend will finally begin. On the other hand, a breakdown of the $0.5 level can aggravate the bearish trend, and the market could decline to much lower values.

Source: TradingView The BTC Paired Chart

Looking at the BTC pair’s daily timeframe, the price has been making lower highs and lows since the beginning of 2024. However, the 800 SAT support zone has recently held the cryptocurrency, preventing it from a further correction.

The Relative Strength Index is also sowing values below 50%, but is experiencing a recovery. If the RSI rises above 50%, the market could finally begin its rebound toward the 1200 SAT.

Source: TradingView

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TL;DR

The meme coin sector has experienced significant growth, with Dogecoin (DOGE) and Shiba Inu (SHIB) leading, while newer tokens like dogwifhat (WIF) and Pepe (PEPE) gain traction through strong community support.

Analysts remain optimistic about the realm’s potential, particularly post-Bitcoin halving, which has historically triggered market surges.

Which Meme Coin May Join the Prestigious Club?

The meme coin sector has been making great strides during the latest bull cycle, with its market capitalization briefly surpassing $60 billion. The progress is thanks to popular assets such as Dogecoin (DOGE) and Shiba Inu (SHIB), which remain quite trending among investors, as well as new sensations, including dogwifhat (WIF), Bonk Inu (BONK), Pepe (PEPE), and others.

Currently, DOGE and SHIB account for over 60% of the cohort’s market capitalization, and they are the only meme coins to have ever crossed the $10 billion mark. As such, we decided to ask ChatGPT whether another asset of that type can reach the milestone.

The AI-powered chatbot estimated that success on the front can be fueled by strong community support, viral social media presence, and increased investor interest. WIF and PEPE are some of the meme coins that have gained a solid supporter base.

The dogwifhat community recently raised $650,000 to put the token’s logo on the Sphere – a famous entertainment arena in Las Vegas, Nevada. In addition, the token received backing from prominent industry participants, such as Arthur Hayes.

However, a study conducted a few months ago estimated that Shiba Inu is the meme coin with the strongest community base, while DOGE and PEPE round up the top 3 list. 

The frog-themed digital asset currently has a market cap of over $3 billion, making it the biggest contender of the leading ones.

Expectations of an Overall Meme Coin Bull Run

Numerous analysts remain optimistic that the meme coin sector is yet to flourish during the bull cycle. One factor to possibly contribute is the Bitcoin halving which took place last week.

The event, following which miners’ rewards distributed for validating blocks on the blockchain were deducted in half, has historically been a precursor for a major resurgence for the entire cryptocurrency industry.

One meme coin to be particularly poised for a price ascent in the near future is Shiba Inu. The numerous elements suggesting that the self-proclaimed Dogecoin-killer is yet to experience fresh gains include its aggressive burning mechanism, the development of the layer-2 scaling solution Shibarium, and the predominantly negative SHIB exchange netflow on a weekly scale.

The post We Asked ChatGPT Which Will be the Next Meme Coin to Hit $10B Market Cap appeared first on CryptoPotato.

The lending market for non-fungible tokens (NFTs) has witnessed an unprecedented surge, hitting a quarterly high of $2.13 billion in Q1, marking a significant 43.6% quarter-over-quarter growth.

According to data from CoinGecko, five of the six top platforms are seeing increased volumes.

Blend Dominates with 92.9% Market Share

In January, the NFT lending market hit a record $0.9 billion monthly volume, exceeding the previous peak of $0.85 billion in June 2023. Blend emerged as the top NFT lending platform, with a 92.9% market share and a monthly lending volume of $562.33 million in March 2024.

Since its launch in May 2023, Blend has consistently dominated the market, with its monthly share ranging from 88.8% to 96.5%. In Q1 2024, Blend’s lending volume surged by 49.2% quarter-on-quarter to reach $2.02 billion.

Arcade and NFTfi followed as the next most popular platforms, holding 2.8% and 2.2% market share, respectively, with lending volumes of $16.94 million and $13.32 million in March 2024.

Arcade recorded a new quarterly high of $39.46 million in Q1 2024, marking a 37.1% increase quarter-on-quarter, while NFTfi saw a 48.3% rise in lending volume to reach $35.88 million.

The remaining platforms, including X2Y2, BendDAO, and Parallel Finance, held smaller market shares ranging from 0.5% to 0.8%.

Incentives and Bitcoin Ordinals Influence

To drive more user interaction, NFT lending platforms are introducing fresh incentives to stimulate trading activities. In a recent move, Arcade, backed by Pantera Capital, introduced its “Clash of Clans” airdrop program in late February.

The initiative aims to distribute ARCD tokens to 4,000 wallets, each entitled to claim 750 ARCD tokens. Similarly, other platforms like X2Y2 and BendDAO have also initiated token launches for their community members.

Looking ahead, CoinGecko stated that the impact of increasingly popular Bitcoin Ordinals on the NFT lending market is a trend worth monitoring. While Ethereum NFT collections currently dominate loan originations, the evolving landscape may see a shift in dynamics.

Blend, established in May 2023, operates on a peer-to-peer lending model. It enables borrowers to use their NFTs as collateral while seeking lenders offering competitive interest rates.

Although the loans feature fixed interest rates, they do not have expiration dates. This flexibility allows borrowers to repay at their convenience, while lenders can exit their positions by auctioning off the collateralized NFTs through a Dutch auction mechanism.

The post NFT Lending Hits Quarterly High, Surpassing $2.1 Billion in Q1: CoinGecko appeared first on CryptoPotato.

In yet another milestone for the Bitcoin network, its daily transactions peaked at 927,000, surpassing the previous record of 724,000 set in December 2023, according to findings by Intotheblock.

The launch of Runes sparked a rapid increase, demonstrating growing interest and utility in cryptocurrencies, setting a new all-time high in Bitcoin’s transaction activity.

Runes, a new token standard on the Bitcoin blockchain, has dominated transactions since its launch following the halving on April 20, accounting for over two-thirds of all Bitcoin transactions. With more than 2.38 million transactions processed, Runes make up 68% of the total.

Bitcoin hit a new all-time high in daily transactions!

Following the launch of Runes, The number of Bitcoin transactions has increased rapidly, hitting 927,000 on Tuesday. This breaks the previous high of 724k set in December of 2023 pic.twitter.com/30JXbrLmdR

— IntoTheBlock (@intotheblock) April 26, 2024

This data, sourced from a Dune Analytics dashboard shared by blockchain research firm Crypto Koryo, indicated the significant adoption and usage of Runes alongside traditional Bitcoin transactions, including ordinary peer-to-peer transactions, BRC-20s, and Ordinals.

Runes experienced its highest activity, surpassing 750,000 transactions on April 23. However, the following day saw a significant decrease, with the transaction count dropping to 312,000, less than half of the previous day’s total.

Industry experts appear to be divided on whether Runes will offer a sustainable revenue source for Bitcoin miners.

The new protocol, introduced by Ordinals Creator Casey Rodarmor, is promoted as a more efficient way to generate tokens on the Bitcoin network compared to BRC-20.

However, certain commentators, such as Nikita Zhavoronkov from Blockchair, have criticized the amount of block space Runes transactions are occupying, suggesting Bitcoin has deviated from Satoshi Nakamoto’s original vision as a peer-to-peer electronic cash system.

The post Bitcoin Breaks Daily Transaction Record Days After Halving appeared first on CryptoPotato.

Spot Bitcoin ETFs have been a major catalyst in driving BTC to establish an all-time high months before its fourth halving. According to a new report by Ecoinometrics, Bitcoin cannot grow further without those products.

These funds appear to have “stopped accumulating coins” (in aggregate) for more than a month, which can be a cause of concern for the leading asset’s future price trajectory.

Bitcoin’s Growth Hinges on ETFs

From January to mid-March, spot Bitcoin ETFs managed to accumulate 200,000 BTC, despite significant outflows from Grayscale. This accumulation coincided with bitcoin’s price surge from $40,000 to $75,000.

However, the inflow of BTC into ETFs stopped, leading to a halt in price movement.

The report stated,

“If you’re wondering why bitcoin is stuck in the $60k range, look no further. The ETFs have stopped accumulating coins for a while now. They are the only game in town. No demand from them means no price appreciation.”

Despite the lack of action in the past thirty days, Ecoinometrics said that investors should not lose sight of the big picture. Its report further said that bitcoin is the only hedge investors need against debasement.

Bitcoin Best Bet Against Debasement?

Analyzing the performance of bitcoin, gold, and the NASDAQ over the last decade, adjusted for the growth of the global monetary base, the report found that the yellow metal remains flat, merely keeping pace with global liquidity despite hitting new all-time highs. This represents the baseline level of hedging against debasement.

On the other hand, the NASDAQ has seen a threefold increase, which is commendable. However, bitcoin has outperformed both by a significant margin, boasting a staggering 44-fold increase in value. This highlighted bitcoin’s effectiveness as a hedge in today’s economic climate.

However, certain counterarguments exist by prominent industry experts. Crypto analytics platform Kaiko, for one, said that bitcoin has failed to attract safe-haven flows even in the face of increased demand for such assets amidst the conflict in the Middle East.

The post Bitcoin Cannot Grow Without the Spot Bitcoin ETFs: Report appeared first on CryptoPotato.

Bitcoin’s price recovery attempts from the business week have come to a halt as the asset slumped to $62,400 earlier before bouncing off to around $63,000 as of now.

The altcoins are in no better shape, with most of the market turning red today. The total crypto market cap is down by $150 billion in two days.

BTC Dumps to $63K

Bitcoin’s price actions before and after the fourth halving, which was completed last Friday, have been quite underwhelming. The asset recovered some ground after the Iran-Israel attacks and stood above $65,000 when the block rewards were reduced.

It even started climbing in the following days and challenged $67,000 on a few occasions. Yet, it didn’t see much success there amid the growing ETF outflows.

Just the opposite, BTC started to lose value rapidly in the past few days, which culminated in a substantial price decline to a multi-day low of $62,400 earlier today.

Despite recovering some ground, bitcoin still struggles to reclaim $63,000. Its market cap has slipped to $1.240 trillion on CoinGecko, while its dominance over the altcoins stands still below 51%.

Bitcoin/Price/Chart 26.04.2024 Alts Turn Red

The alternative coins space is in a dire state today as well. The most violent price decline from a larger-cap alt comes from Solana. The token has dropped by over 5% in a day and struggles below $140 now. Dogecoin (-3.5%), Cardano (-3.2%), Avalanche (-3.6%), Shiba Inu (-3.1%), and Polkadot (-2.75%) follow suit.

ETH, BNB, XRP, and TON are also in the red but in a less violent manner. Tron’s native token is among the few alts in the green today, charting a 3% increase.

However, most other lower- and mid-cap alts have posted significant losses over the past day as well. As such, the total crypto market cap is down by $50 billion overnight and $150 billion since Thursday to under $2.450 trillion on CG.

Cryptocurrency Market Overview. Source: QuantifyCrypto

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A meme coin trader has reportedly cashed out over $22 million in profits from multiple positions in meme-themed tokens on the Solana blockchain.

According to blockchain analysis firm Lookonchain, the actions of a trader identified as “paulo.sol” on the Solana Name Service account were flagged on April 26.

Meme Coin Trader Profits Over $22 Million

The meme coin trader achieved profitable outcomes from assets like Dogwifhat (WIF), Jeo Boden (BODEN), and Bonk (BONK).

They initiated their investment in BONK as early as November 11, 2023, after observing its upward trajectory. Employing a strategy of purchasing during downturns and selling during peaks, they executed swing trades, resulting in an accumulation of approximately $6.28 million in profits from trading BONK.

What a legend!

paulo.sol has realized profits of $9.51M on $WIF , $7.04M on $boden and $6.28M on $BONK .

1/ Let’s dig into his trades to see what he’s buying. pic.twitter.com/2axUwHb3el

— Lookonchain (@lookonchain) April 26, 2024

Recognizing the potential in WIF and BODEN, the trader didn’t enter these tokens at launch but started accumulating them during upward movements. They purchased WIF on December 4, 2023, and initiated BODEN trades on March 6. As a result, the trader realized profits of $9.51 million from WIF trades and $7.04 million from BODEN transactions.

They got approximately $22.83 million from flipping Solana-based meme tokens. While significant profits have already been secured, the trader currently has $7.6 million in BODEN tokens and $5.7 million in WIF.

Furthermore, the trader expanded their meme coin portfolio by investing in additional tokens. They allocated $1.77 million to POPCAT and nearly $6 million to PUPS, subsequently becoming the largest holder of PUPS on the Solana blockchain.

Traders Capitalize on Solana Meme Coin Frenzy

Community members have applauded the trader for the impressive moves in the crypto market. One user noted that the trader’s success was not merely luck but rather a demonstration of their unwavering belief compared to others.

Another user commended the trader for exhibiting “diamond” hands, a term used to describe traders who can maintain their positions even in challenging market conditions.

The trader is among many who have profited from the Solana meme coin frenzy. On April 3, another trader turned $13,000 into $2 million within one hour. In this case, they purchased 499.9 million MOEW using 4 Ether just 10 minutes after MOEW was listed on decentralized exchanges (DEXs). Less than an hour later, they sold 111.65 million MOEW for 99 ETH ($328,000) and were left with 388.24 million MOEW.

The post Trader Made $23M Flipping Solana Meme Coins: Details appeared first on CryptoPotato.

Pantera Capital is seeking to secure $1 billion for its new fund, ‘The Panter Fund V. ‘ It is designed to provide investors with exposure to a wide range of blockchain-based assets.

A new report by Bloomberg revealed that the new fund is expected to launch in April 2025.

Pantera Fund V

The Pantera Fund V has been designed to be an all-encompassing product, differing from the digital asset investment manager’s previous funds with more specific investment focuses such as the Liquid Token Fund, Early Stage Token Fund, Bitcoin Fund, and Venture Funds. Qualified investors must allocate a minimum of $1 million, with the first close scheduled for April 1, 2025.

Limited partners are expected to contribute a minimum of $25 million to participate in the fund.

Its website states,

“Fund V offers exposure to the full spectrum of blockchain assets. The venture-style Fund will invest in venture equity, early-stage tokens, and liquid tokens.”

The fund, if successful, would become the largest raised since the sector’s collapse amidst scandals and bankruptcies in 2022, according to the report. The fund managers encountered significant difficulties in raising new capital last year, but this appears to be changing as the sentiment of key players improves.

With the market recovery, Pantera’s new fund is expected to match the size of its last one, which raised about $1.25 billion two years ago.

Pantera Capital Scores Discounted Solana Tokens

In addition to the new fund, Pantera Capital also emerged as one of the successful bidders for another batch of discounted Solana tokens. They were auctioned by the administrators overseeing the bankruptcy of the now-defunct FTX cryptocurrency exchange.

Approximately 2,000 SOL tokens were sold this week, though this information hasn’t been publicly disclosed. Neither Pantera nor the FTX estate spokespeople have commented on the sale yet. Earlier this month, the FTX estate disposed nearly two-thirds of a $2.6 billion stash of Solana tokens at a discounted rate, attracting interest from Pantera and Galaxy Digital, as reported by insiders.

The 41 million SOL tokens being sold are locked under a pre-agreed vesting period spanning four years. Despite previous auctions fetching roughly $60 per token, sources reveal that these recent coins were sold at a higher price. More auctions are expected to follow.

The post Pantera Capital’s Fund V Targets $1 Billion for Diverse Blockchain Investments appeared first on CryptoPotato.

An “epic sat,” an extremely rare satoshi (the smallest unit of Bitcoin) from the network’s fourth halving block, was recently sold for over $2 million.

On April 25, the crypto mining pool ViaBTC successfully auctioned off “Sat 1,968,750,000,000,000” for 33.3 BTC, approximately $2.13 million, on the cryptocurrency exchange CoinEx Global.

ViaBTC’s Rare Satoshi Auctioned

CoinEx Global announced that its partner, the ViaBTC mining pool, successfully mined the 840,000th block. This milestone marked Bitcoin’s fourth halving and featured a block identified as an epic “Rare Satoshi.”

According to CoinEx, this event was not just a bidding event but part of Bitcoin’s blockchain history, showing the community’s acknowledgment, media coverage, and wider acceptance of the asset and the network.

The auction has concluded successfully, with the FIRST & ONLY epic sat selling for 33.3 $BTC (≈$2,134,000). This auction isn’t just a bidding event; it marked the community recognition, media attention, & widespread embrace of #Bitcoin. A heartfelt thanks to all who support us. pic.twitter.com/fCFz1YrH0I

— CoinEx Global (@coinexcom) April 25, 2024

This satoshi, known as an “epic sat,” garnere­d a lot of intere­st, with 34 bids before an unidentifie­d bidder secured owne­rship rights to the epic sat. The runner-up bidder made an offer of 20 Bitcoin for the rare sat but was outbid in the auction.

The Bitcoin network currently has 100 million satoshis (sats), with each worth around $0.00065. However, some sats are considered more special within the Bitcoin ecosystem.

Only four ­of the ­first satoshis mine­d after a Bitcoin halving e­­vent are conside­re­d exceptionally rare and valuable­­. The Bitcoin Ordinals protocol, which assigns metadata to satoshis, has made ­the­se “epic sats” collectible­, resulting in them being highly sought afte­­r.

Bitcoin Struggles Following Fourth Halving

The fourth Bitcoin halving event on April 20 reduced mining rewards from 6.25 BTC to 3.125 BTC. In addition to receiving 3.125 BTC in mining rewards, ViaBTC also earned 37.6256 BTC in reward fees, amounting to approximately $2,401,399.

Meanwhile, bitcoin’s price has been struggling post-halving. On Thursday morning, it dropped below $64,000. This price decline followed the liquidation of over $209 million in crypto-long positions as the market dipped overnight, with around $52 million in bitcoin-long positions getting wrecked. Comparatively, BTC had climbed as high as $73K before halving.

However, the top crypto by market cap has since seen some recovery. CoinGecko data shows Bitcoin is currently trading at around $64,386, up 0.2% over the last day.

Meanwhile, the next Bitcoin halving is projected to take place around April 17, 2028. With this one, the fifth “epic sat” will be associated with the first subsequent block, as mining rewards decrease to 1.56 BTC.

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Bitcoin could be headed to $1 million after a tsunami of newly printed cash drives up all asset prices, according to Strike CEO Jack Mallers.

The executive, whose payments app lets people remit fiat currency around the world on Bitcoin rails, said in a Friday interview that money printing will be required to bail out the U.S. bond market, which he claims is “in trouble for the first time in modern financial history.”

A Recipe For Money Printing

According to Mallers, the U.S. government and the Federal Reserve have two options: either let the banking system fail, or print their way out of the mess.

“I think historically, governments and empires have picked inflation running hot,” he said. “I expect inflation to run hot, and the currency to be debased.”

The CEO claimed that the entire banking system is “insolvent,” including JPMorgan and Bank of America.

In March 2023, institutions like Silicon Valley Bank collapsed after experiencing a run on withdrawals. The collapse was spurred by revelations that they’d realized a massive loss on their underwater long-term bonds, which plummeted in value after the Federal Reserve began hiking interest rates the year prior.

“The central banks and government is going to try and save that market,” Mallers argued. The liquidity required for the rescue may equal “two or three Covids,” he said, which would boost asset prices as a byproduct.

How Bitcoin Hits $1 Million Per Coin

“I think $250,000 to $1,000,000 is the imagination I have, in that range, of just how big (Bitcoin) can get,” he added.

Mallers’ predictions echo those of BitMEX co-founder Arthur Hayes, who regularly writes about the precarious tension between inflation and government debt. At Token2049 this month, the essayist claimed that Bitcoin will surge well past $100,000 this cycle, as real interest rates continue to trend negative relative U.S. GDP.

Other industry leaders with price predictions surpassing $1 million include Jan3 CEO Samson Mow, and Ark Invest CEO Cathie Wood.

The post Strike CEO Predicts $1 Million BTC Amid COVID-Level Money Printing appeared first on CryptoPotato.

Bitcoin whales appear to be realizing their profits from BTC’s latest rally, as on-chain analysts have identified a surge in inflows to centralized crypto exchanges.

According to a CryptoQuant Quicktake by anonymous crypto analyst Phi Deltalytics, BTC whale inflows to exchanges currently constitute a substantial portion of overall flows to trading platforms.

Whales May Be Taking Profits

A separate Quicktake from analyst Woominkyu on April 25 revealed that the unrealized profits of long-term bitcoin whales had gotten high, especially with BTC hovering above $60,000. Analyzing the chart in his post, Woominkyu explained that whales were seeing an increase in their profits, but they had not cashed out yet.

The analyst identified a spot on the chart that indicated a significant rise in their unrealized profits, suggesting that this cohort of BTC investors was holding onto their positions. However, he warned that a move to realize the profits would impact the market.

Around 24 hours after Woominkyu’s post, Phi Deltalytics announced the notable surge in bitcoin exchange inflow, the majority of which appears to be from whales.

“This uptick potentially signifies significant profit-taking by whales amidst the 2024 Bitcoin bull run. While acknowledging that such metrics occasionally generate false signals, prudent caution is warranted in interpreting market dynamics,” Phi Deltalytics said.

Long-term Holders Are Cashing Out

Besides bitcoin whales, long-term holders of the digital asset have also been cashing out. Three days ago, Woominkyu observed that the Spent Output Profit Ratio (SOPR) of long-term holders had surged past that of short-term holders over a seven-day moving average. This indicates that the former cohort is realizing more profits than short-term holders.

Additionally, Woominkyu explained that the SOPR of long-term holders has decreased over the years. However, there are occasions where the ratio experiences an uptick, which precedes spikes in bitcoin’s price. Those upticks have revealed that long-term investors are capitalizing on price surges to realize price. Investors are urged to exercise caution against potential price corrections and increased volatility as the SOPR is currently high.

Meanwhile, BTC is consolidating between $60,000 and $70,000, meaning the cryptocurrency could witness a major slump if it rallies to $70,000 and gets rejected there. At the time of writing, the asset was changing hands at $64,100, registering insignificant gains or losses in the past 24 hours.

The post Exchange Inflow Surge: Are Bitcoin Whales Taking Profits? appeared first on CryptoPotato.

TL;DR

Shiba Inu’s layer-2 scaling solution is set for a major update on May 2, aiming to enhance user experience and streamline transaction fees.

The amendment aims to improve the platform’s security, with more details to be shared closer to the launch date.

The Approaching ‘Transformative Upgrade’

The team behind Shiba Inu announced on X that the layer-2 scaling solution, Shibarium, will undergo an important update on May 2 through “an upcoming hard fork.” 

The advancement aims to enhance user experience, empower the community of developers and innovators, implement quicker block processing times, and respond directly to community feedback.

“We are also smoothing out transaction fee variations during high traffic times, making costs more predictable and fair for everyone. This ensures our platform remains affordable and accessible,” the team added.

Shiba Inu’s developers raised hopes that the upcoming changes will make Shibarium easier to use and more “robust and secure.” The update is also expected to boost the efficiency of the burning mechanism, which has witnessed significant progress lately.

Last but not least, the team said the active participation of the SHIB army in such an amendment is “crucial,” adding that more details will be presented “as we get closer to launch.”

Earlier this month, Shibarium underwent another key upgrade. The developers introduced a new user interface (UI), describing it as “faster, smoother, and more accessible than ever.” It enables compatibility with popular self-custody wallets, including Coinbase Wallet, MetaMask, and Trust Wallet. 

Shibarium’s Future Roadmap

Besides announcing the aforementioned essential updates, the Shiba Inu team unveiled the main agenda for Shibarium in the next two years. The network’s marketing strategist, using the X handle LUCIE, said the development of the DeFi platform ShibaSwap and the application Shiba Hub came first on the list.

The launch of the TREAT token (a governance cryptocurrency of the upcoming layer-3 blockchain) and an enhanced focus on K9 Finance (a liquid staking derivative platform for the Shibarium network) were mentioned, too.

Those willing to know how the L2 scaling solution aims to foster the advancement of the Shiba Inu ecosystem can take a look at our dedicated video below:

The post Importnat Shiba Inu (SHIB) Update Coming Up Next Week: Details appeared first on CryptoPotato.

The predictions for the US economy continue to be gloomy.

“Rich Dad Poor Dad” author Robert Kiyosaki bluntly stated that the American economy is in a depression. He defined depression as an economy experiencing subpar growth – even though it is technically growing, it’s below its potential.

To support his claim, Kiyosaki pointed out that in Q4 2023, the economy grew by 3.4%, but in Q1 2024, it only increased by 1.6%, less than half of the previous quarter’s growth.

American Economy Growing Below Potential

In his tweet, Kiyosaki even warned against believing fake news and encouraged seeking facts, preparation, and taking care as the ongoing downward trend indicates there won’t be a “soft landing.”

Q: Is the American economy in DEPRESSION? A: Yes Definition of a depression: an economy in subpar growth. In other words the economy may be growing but below potential. Q4 2023 economy grew by 3.4%. Q1 2024 economy grew by 1.6% less than half. Not going to be a soft…

— Robert Kiyosaki (@theRealKiyosaki) April 25, 2024

This tweet follows his earlier suggestions about investing in Bitcoin.

Kiyosaki – who has penned down several financial books – is a strong supporter of the Bitcoin ecosystem and had previously urged his followers to reduce their exposure to fiat currencies, which he described as part of the “fake money system.”

Rich Dad Poor Dad’s Bitcoin Predictions

The popular financial guru predicted that BTC could reach $300,000 by the end of 2024 as the world’s leading asset was experiencing significant rallies driven primarily by the introduction of spot Bitcoin ETFs.

He even deemed that BTC is superior to traditional assets such as gold, silver, and oil.

Despite his ownership of gold and silver mines along with oil wells, Kiyosaki said that a fundamental flaw in these traditional assets is that the more they are mined, the more their values are diluted. This contrasts sharply with bitcoin, which has a fixed supply of 21 million BTC, highlighting its advantage in terms of scarcity and potential long-term value.

The post No Soft Landing: Here’s Why Robert Kiyosaki Believes the American Economy Is in Depression appeared first on CryptoPotato.

Polkadot has been undergoing a prolonged corrective consolidation around the critical $6.5 support level, with the price retracing slightly toward the 100-day moving average.

However, the short-term expectation is to continue this corrective consolidation phase.

Polkadot Price Analysis: Technicals

By Shayan

The Daily Chart

A comprehensive analysis of the daily chart shows a swift rebound near the pivotal support level of $6.5, with the price exhibiting a minor bullish retracement. This suggests a lack of significant market activity and momentum, indicating a cooling down in the futures market.

Nonetheless, the price remains within a crucial price range, bordered by the significant resistance zone of the 100-day moving average at $8.1, aligned with the 0.382 Fibonacci retracement level ($8), and the significant support region of $6.5.

These levels serve as crucial reference points for Polkadot in the short term, and a breakout from this critical range could result in a substantial market movement.

Source: TradingView The 4-Hour Chart

Upon closer examination of the 4-hour timeframe, there is evidence of bullish corrective retracements towards the critical resistance region of the 0.5 ($7.4) and 0.618 ($7.8) Fibonacci levels, leading to the formation of an ascending wedge, a recognized bearish continuation pattern.

However, the Polkadot price has recently faced rejection from the 0.5 Fib level and experienced a decline, breaking below the lower boundary of the pattern.

This suggests the potential for a continued downtrend, with the price aiming for the crucial support region of $6.

Source: TradingView Sentiment Analysis

By Shayan

The intensity of long and short positions in the perpetual market, along with the potential for significant liquidations, significantly impacts market volatility.

Open Interest, a crucial metric measuring the number of open perpetual futures contracts across cryptocurrency exchanges, provides valuable insights into market sentiment.

With Polkadot’s recent downtrend, it’s notable that the Open Interest metric has mirrored this trajectory, experiencing a notable decline. This synchronization suggests a reduction in activity within the futures market.

Consequently, as the price is currently testing a critical support region, the market seems primed for the resurgence of long positions, potentially signaling a fresh and decisive market movement.

Source: TradingView

This post is powered by Polkadot.

The post Is Polkadot Primed for a Major Move Following Extended Consolidation? (DOT Price Analysis) appeared first on CryptoPotato.

The market continues to chop, clearly unable to pick a definitive direction throughout the past seven days. The total capitalization currently stands at around $2.5 trillion, more or less where it was during the same time last week. However, there’s been substantial volatility, sending many leveraged traders into liquidations. Let’s have a look.

Starting with Bitcoin, it has failed to make any progress during the past seven days, but this wasn’t due to a lack of effort. On Monday, April 22nd, BTC bulls took its price toward the higher end of the current range—above $66K. Critical technical resistance lies at around $68K, and the bulls attempted to break above it on two separate occasions—one on Tuesday and one on Wednesday.

Both of these were unsuccessful. It appears that this gave the bears a lot of confidence, and they pushed the price back toward the lower spectrum of the range. Bitcoin currently trades at around $64K.

A lot of the altcoins, however, managed to capitalize on this indecision, charting certain gains.

For example, ETH is up 1.1% during the same period, XRP gained more than 4%, SHIB skyrocketed by 9.2%, TRX – by 8.8%, and so forth. BNB is the largest top-performing altcoin, increasing by almost 8% in the past seven days.

In terms of what happened, perhaps the most notable event is the beginning of the trial between the United States Securities and Exchange Commission and Ripple Labs. It’s a lawsuit that’s been dragged on for many years, and it has just entered its final phase. Some experts are already speculating that a settlement is incoming, while others vouch for a more decisive victory for the company behind XRP.

The SEC also got involved in another lawsuit, but this time it was on the receiving end. Consensys – one of the biggest companies in the industry – filed against it, arguing that its potential regulations could seriously harm the blockchain industry in the United States.

With over a week after the Bitcoin halving, it’s interesting to see how the market will develop in the near future. If one thing is sure, it’s that boring days are a rarity in the industry, and there might be a surge of volatility right around the corner.

Market Data

Market Cap: $2.49T | 24H Vol: $84B | BTC Dominance: 50.9%

BTC: $64,351 (-0.9%) | ETH: $3,140 (+1.2%) | BNB: $603 (+7.9%)

This Week’s Crypto News You Better Not Miss

Tether CEO: Bitcoin Is the Most Beautiful Currency in the World (Token2049 Dubai Interview). During the Token2049 conference in Dubai, CryptoPotato sat down with the CEO of the world’s largest stablecoin issuer, Tether (USDT). Find out what he had to say about the market and the industry’s future.

How to Stake Polkadot (DOT): The Ultimate Guide. Polkadot is one of the leading cryptocurrencies by means of development activity and total market capitalization. In this guide, we take an in-depth look at the intricacies of Polkadot staking and how to do it.

Here’s What Will Drive Bitcoin to $150K After the Halving: Standard Chartered. An analyst from Standard Chartered, who’s also the head of digital asset research – Geoff Kendrick, thinks that Bitcoin’s price is likely to trend higher following the halving. Check out the reasons why and how high it could go.

Consensys Files Lawsuit Against SEC Over Ethereum Regulation. Crypto heavyweight Consensys has filed a lawsuit against the United States Securities and Exchange Commission. The company stipulates that the Commission’s potential regulation poses risks to the US blockchain tech industry.

 SEC Likely To Deny Ethereum Spot ETFs In May: Reuters. Industry experts seem to believe that the Ethereum (ETH) ETF will likely be denied approval for public trading by regulators in May. Here’s why.

Instagram Influencer Jay Mazini Sentenced to 7 Years for $8 Million Fraud Scheme. From riches to rags: United States District Judge Frederic Block has sentenced popular Instagram influencer Jay Mazini to seven years in prison. He’s been found guilty of multiple fraud schemes and scams.

Charts

This week, we have a chart analysis of Ethereum, Ripple, Cardano, Shiba Inu, and Polkadot – click here for the complete price analysis.

The post Bitcoin’s Chop Continues, XRP Gains as Ripple v. SEC Trial Begins, and More: This Week’s Crypto Recap appeared first on CryptoPotato.

Following Bitcoin’s recent halving event, market analysts are closely eyeing the role of liquidity in shaping the cryptocurrency’s trajectory over the coming months.

According to insights from Kaiko, the strengthening liquidity could support a sustained rise in bitcoin’s price.

Bitcoin’s Liquidity Rebounds

Liquidity refers to the ease with which an asset can be bought or sold without significantly impacting its price. Recent data suggests that BTC’s liquidity has been steadily improving since the lows witnessed in the aftermath of the FTX collapse, particularly with the approval of spot Bitcoin ETFs.

According to Kaiko, improved liquidity is a positive development for Bitcoin, as it can mitigate price volatility and reduce the impact of large sell-offs. Strong liquidity is essential for supporting a prolonged positive trend in bitcoin’s price trajectory and increasing market confidence and demand.

Since the halving on April 20th, bitcoin’s aggregated market depth has shown promising growth, increasing from $323.91 million on April 14th to $419.97 million by April 22nd.

However, despite the overall positive trend in liquidity, there are concerns regarding weekend trading activity. Historically, weekend and overnight liquidity management has posed challenges for crypto markets, leading to a consistent decline in bitcoin’s weekend trading volumes over the past three years.

Although the halving did not immediately impact weekend trade volumes, with daily numbers hovering around $10 billion during the first after the event, a drop in this metric could reduce the positive effects of strengthening liquidity.

Despite the optimism surrounding the spot Bitcoin ETF approvals, improving liquidity conditions, and higher transaction fees, macroeconomic uncertainties prevail, introducing uncertainty on the post-halving trajectory.

Macroeconomic Factors

Previous Bitcoin halvings have coincided with periods of low-interest rates and stable inflation, supporting subsequent bull runs.

Kaiko notes that between 2009 and 2016, the U.S. Federal Reserve maintained rates around 0.25%, briefly raising them to 2.5% in 2019 before reverting to 0.25% by the third halving in 2020.

Low rates encourage investment in risk assets like bitcoin. While BTC is sometimes viewed as a safe haven, it typically benefits from lower rates due to its correlation with risk assets.

Moving forward, the halving alone won’t fuel a sustained bull run. The asset must attract new investors, likely through the U.S. and upcoming Hong Kong spot Bitcoin ETFs, to sustain a bullish trend. Thus, improving liquidity and demand will be vital for bitcoin’s value proposition in the coming months.

The post This Metric Predicts Sustained Bitcoin Price Gains By 2024’s End: Kaiko appeared first on CryptoPotato.

This week, we take a closer look at Ethereum, Ripple, Cardano, Shiba Inu, and Polkadot.

Ethereum (ETH)

Ethereum’s downtrend appears to be coming to an end as the price has decided to move sideways above the key support. For this reason, ETH closed the week with a 2% price increase.

This cryptocurrency is now in a range between support at $2,900 and resistance at $3,370. The longer it consolidates here, the more significant the eventual breakout will be.

Looking ahead, ETH did a bullish cross on the daily MACD, which could bring optimism and put bulls back in charge. To confirm a bullish bias, the resistance at $3,370 has to fall.

Chart by TradingView Ripple (XRP)

Earlier this month, XRP failed to hold above 53 cents and fell all the way to 43 cents, which is currently acting as a key support. XRP bounced on this level and managed to close the week with a 6% price increase.

Even if buyers managed to defend the price and keep it above 43 cents, they seem unable to push this cryptocurrency to new highs. The resistance is at 54 cents and may stop any renewed buying interest.

Looking ahead, XRP has been stuck in a large range since late 2023 and was unable to have a major breakout. This has not changed this year so far. Until that happens, don’t expect a significant rally.

Chart by TradingView Cardano (ADA)

ADA managed to find good support at 46 cents and closed the week with a 2.6% price increase. As long as the key support holds, buyers could aim to regain control of the price action.

The current resistance is at 61 cents, and Cardano has not tested this level yet. A relief rally could follow if the support holds. At that point, a test of the key resistance becomes possible.

Looking ahead, if buyers manage to stop the downtrend here, they could attempt to put this cryptocurrency back on an uptrend in the coming month.

Chart by TradingView

Shiba Inu (SHIB)

Shiba Inu closed the week with a 14% price increase, making it the best performer on our list. This is an impressive recovery considering that a week before the price made new local lows.

The key support is found at $0.000025. So far, buyers managed to hold here and defend SHIB from further sell pressure. The resistance is at $0.000037.

Looking ahead, the ideal scenario for this meme coin is to range above the key support and eventually attempt a new rally in May.

Chart by TradingView

Polkadot (DOT)

DOT’s price action is similar to Cardano and managed to find good support above $6.7. For this reason, the price closed the week with a 1.8% price increase.

The correction appears to be coming to an end and as long as the key support holds then buyers can use this period to gather strength for an attempt at the key resistance currently found at $7.7.

Looking ahead, DOT may consolidate here before it attempt to resume its uptrend. This is contingent on the overall market turning bullish.

Chart by TradingView

The post Crypto Price Analysis Apr-26: ETH, XRP, ADA, SHIB, and DOT appeared first on CryptoPotato.

TL;DR

Some analysts point to potential bearish trends for Bitcoin, predicting a drop to as low as $59,000, suggesting the cryptocurrency has reached its cycle peak.

Peter Schiff continues his critical stance on BTC, identifying $60,000 as a key resistance level and warning of a significant potential decline if this is not overcome.

A Bearish Outlook

Bitcoin’s price has been hovering around $64,000-$67,000 in the past few days, currently trading at the lower mark. While the majority of industry participants remain optimistic that a substantial rally is just behind the corner due to the halving that took place last week, some analysts outlined somewhat bearish forecasts.

One example is the popular X user Ali Martinez, who noticed two sell signals on BTC’s 12-hour chart: “a death cross between the 50 and 100 SMA and a red 9 candlestick from the TD Sequential.”

He believes a further plunge below $63,300 may trigger a price downfall to $61,000 or even a two-month low of $59,000.

Another trader who presented a worrying scenario for BTC bulls is Mikybull Crypto. The analyst assumed that the leading digital asset has reached its cycle top and expects a price retreat from now on.

#Bitcoin is not looking great here

The cycle top is in I’m afraid pic.twitter.com/kAEMvc7egt

— Mikybull Crypto (@MikybullCrypto) April 25, 2024

The Ultimate Bear

When speaking of people who believe BTC’s value is on the verge of a decline, one should mention Peter Schiff. Most recently, the American stockbroker (who is among the harshest critics of the cryptocurrency) claimed that the asset’s current condition “is not looking good for HODLers.” He pinpointed the $60,000 level as a major resistance zone, or otherwise, BTC is going “a long way down.”

This is not the first time Schiff has predicted a grim future for the cryptocurrency. Last year, he envisioned that BTC’s rally will cease once the US SEC approves the first spot Bitcoin ETFs in the world’s biggest economy.

Recall that the regulator gave the thumbs up in January when the price of the asset was hovering around $46,000. BTC has charted a 40% increase since then.

The post Grim Bitcoin Price Prediction: Analyst Warns of Potential Bearish Sentiment appeared first on CryptoPotato.