XRP has been trying to push through a tough spot at $0.57 but has not quite made it. There was a pretty impressive rally where the price shot up 16% from its lowest point not too long ago. It was gunning for the 200-day EMA, but the existing buying power just was not enough.

Even though XRP did manage to creep above the aforementioned line for a hot minute, it could not stay there. That is what happened with the 26-day EMA (the green line on the chart). XRP poked its head above that line but did not manage to hold on.

XRP/USDT Chart by TradingView

Despite this, XRP has been ahead of many other cryptocurrencies, jumping up by more than 6% and reaching as high as $0.57. There has been a buzz because the number of big wallets has been on the rise for the past six weeks, up by 3.1%. It is also close to hitting the highest number of whale-tier wallets ever.

Now, if we are talking about where XRP could go from here, we have to look at the levels that matter. There is support, where the price has a bit of a cushion, at about $0.55. That is where it is comfortable and does not drop below too often. For growth, we have our eyes on that $0.57 resistance, which also coincides with the 200 EMA. If XRP can break through and stay above that, it could signal a green light for the price to climb even higher. But for now, that hill is proving tricky to stay on top of.

Shiba Inu under pressure

Shiba Inu is now at a pivotal moment on the chart. The token has been actively trading at around the $0.000028 mark, aiming at a breakout above the 50-day EMA, the threshold that could decide its next direction.

SHIB is caught between two important lines — the 50 and 26 EMAs. It is stuck in a narrow hallway, deciding in which direction to move. With trading volume on the upswing, that is a hint that a volatility surge could be coming.

card

Now, for what really matters: if SHIB manages to move past the 50 EMA, we could see it zoom off toward higher prices. But if it takes a turn down, there is some support around the $0.000022 level, where it might land and take a break.

If the trading volume keeps creeping up, we are likely to see some price action. Will it leap up and break through resistance, or will it stumble and need to find support? Only time and the state of the cryptocurrency market will tell.

Solana stays strong

Solana (SOL) has gained a foothold above the $150 mark. However, there ia a minor issue: the 26-day moving average is acting as a stubborn resistance that SOL is struggling to break.

As SOL slowly moves above $150, the resistance posed by the 26 EMA suggests that the path ahead may not be smooth sailing. The volume, the amount of SOL being traded, is also heading downward. 

That is a bit of a worry because high volumes can indicate strong support for the price level. Low volume, on the other hand, might mean there is not enough gas to keep the rally running or push the price higher.

Looking at the numbers, the immediate resistance to keep an eye on is around $160, where the 26 EMA is hovering. If SOL manages to leap over it, the sky's the limit, but if it fails, we might see a slide down to seek support. There is a 100 EMA acting as a support at around $139, a level that previously gave SOL a foundation for a recovery.

If SOL can collect enough market enthusiasm to punch through the current resistance, we could be looking at a rally. But if it fails, the more likely outcome is a prolonged consolidation or even another correction, which might be problematic for the asset.

The U.S. Securities and Exchange Commission is now soliciting feedback from the public on BlackRock's Ethereum spot ETF proposal, according to a recent filing. 

"Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act," the regulatory agency said in the filing. 

Those who want to weigh in on the matter can provide electronic comments via the SEC's internet comment form or via an email. The agency is also accepting paper comments. 

The public will be allowed to leave comments during a 21-day period. 

card

Earlier this month, the SEC also called for comments on spot Ether ETF applications from Fidelity, Grayscale, and Bitwise. Back then, ETF analyst James Seyffart opined that "nothing" in the filing signaled that anything had changed for Ethereum ETFs. He noted that silence from the regulator "wasn't a good thing" for approval odds. 

For now, the consensus appears to be that the SEC is not going to approve a slew of spot Ethereum ETF applications in May despite approving a slew of applications earlier this year. The regulator has refrained from engaging with ETF issuers on this matter.    

As reported by U.Today, the SEC recently postponed its decision on the spot Ethereum ETF proposal submitted by prominent investment firm Franklin Templeton. 

At the same time, British banking giant Standard Chartered is convinced that the Ethereum price could reach the pie-in-the-sky price target of $8,000 by the end of the year despite predicting that Ether ETF will not be launched in May. 

The U.S. Securities and Exchange Commission has postponed its decision on a spot Ethereum exchange-traded fund (ETF) proposal submitted by New York-based investment firm Franklin Templeton. 

Franklin Templeton filed its spot Ethereum ETF application back in February, joining other players of the likes of BlackRock. 

In its most recent filing, the SEC said that it finds it appropriate to delay its decision so that it will have enough time to consider Franklin Templeton's application. 

Despite the fact that the SEC greenlit a slew of spot Bitcoin ETF applications in January, the odds of the regulator approving spot Ethereum ETFs remain infinitesimally low. 

As reported by U.Today, Nate Geraci, one of the top ETF analysts, recently cited the lack of engagement from the SEC as the key reason why approval is unlikely. 

The SEC is facing political pressure not to approve ETFs for alternative cryptocurrencies. Moreover, the regulator reportedly wants to classify the largest altcoin as a security, which could complicate the approval process. 

card

British multinational bank Standard Chartered, which previously predicted that the Ethereum price could reach $4,000 following the approval of Ethereum ETFs, now claims that such investment products are unlikely to be greenlit this May. 

With that being said, Standard Chartered sticks to its ambitious prediction as it expects the price of Ether to hit a staggering $8,000 by the end of the year. 

The largest altcoin is currently trading at $3,235, according to CoinGecko data. It is up 1% over the last 24 hours. 

Binance, the world's largest cryptocurrency exchange, has unveiled an enticing opportunity for traders seeking to dive into the world of meme tokens. In a recent announcement, Binance revealed a promotion aimed at users who have not engaged in trading on Binance Spot within the last 90 days. The promotion offers a chance to claim a share of 10,000 FDUSD in token vouchers.

card

For both regular and premium users, participation in this promotion could prove highly rewarding. The mechanics are straightforward: the first 2,000 eligible users who confirm their involvement and execute trades totaling at least $100 equivalent on select spot trading pairs will each receive 5 FDUSD in token vouchers.

#Binance Spot is launching a new memecoin promotion!Trade memecoins on Spot and claim your share of 10,000 $FDUSD in token vouchers.Get started ➡️ https://t.co/6i1ryBeiUn pic.twitter.com/t0dJV60bI9

— Binance (@binance) April 23, 2024

Among the tokens included in this enticing promotion are SATS, BOME, Dogecoin (DOGE), Floki Inu (FLOKI), Ordinals (ORDI), Pepe Coin (PEPE), Shiba Inu (SHIB) and Dogwifhat (WIF). These tokens represent a diverse array of meme-inspired assets, each with its own unique appeal for the cryptocurrency community.

card

The promotion serves as a strategic move by the exchange to reengage users who may have been inactive on the platform, while also capitalizing on the growing popularity of meme tokens.

Besides, it is no secret that exchanges, including Binance, earn most of their revenue from commissions on turnover, and the largest volumes are now in meme cryptocurrencies. So, 6while the exchange is giving away $10,000 equivalent in stablecoins, the potential yield for it is much higher. 

Bulls are trying to hold the gained initiative, according to CoinStats.

SOL chart by CoinStatsSOL/USD

The price of Solana (SOL) has risen by 2.08% since yesterday.

Image by TradingView

On the hourly chart, the rate of SOL is on its way to testing the local resistance level of $159.33. If the bar closes near it, the accumulated energy might be enough for a breakout, followed by a move to the $160 zone and above.

Image by TradingView

On the bigger time frame, traders should focus on the daily bar closure in terms of the $156 level. If it happens above it and with no long wick, the upward move is likely to continue to the $160-$165 area. 

card

Such a scenario is relevant until the end of the week.

Image by TradingView

From the midterm point of view, it is too early to make any far predictions as only a few days remain until the candle closes. However, if it happens above the previous bar peak ($156), buyers may seize the initiative, which can lead to a test of the $170 range.

SOL is trading at  $157.24 at press time.

Data provided by the Shibburn tracking platform shows that within the past week, the SHIB army’s relentless efforts have helped to dispose of over 400 million Shiba Inu meme coins.

According to the same data source, almost all of those hundred millions of SHIB were destroyed in a single move by a mysterious meme cryptocurrency whale.

SHIB army burns 411.8 million coins

Shibburn has revealed that in total a staggering 411,867,374 SHIB were transferred to unspendable blockchain addresses. Still, despite the massive amount, the weekly burn rate was almost 50% down overall, according to the tweet published earlier today.

The list of burn transactions revealed that nearly all of those 411.8 million Shiba Inu were destroyed in a single transfer, which carried 372,663,448 SHIB. This transaction was made by a whale that had just awakened after a dormancy lasting more than a year.

As for the daily SHIB burns, the last 24 hours have not been very productive. Merely 76,348 SHIB were set on fire with the burn rate 97.77% down.

HOURLY SHIB UPDATE$SHIB Price: $0.00002678 (1hr 1.25% ▲ | 24hr -1.23% ▼ )Market Cap: $15,791,847,044 (-0.97% ▼)Total Supply: 589,273,991,111,768TOKENS BURNTPast 24Hrs: 76,348 (-97.77% ▼)Past 7 Days: 411,867,374 (-48.14% ▼)

— Shibburn (@shibburn) April 23, 2024

Still the community has not only been burning SHIB. On Monday, a new whale acquired a massive 237,868,630,126 SHIB.

card

Shytoshi Kusama raises $12 million for L3 network

As reported earlier, the SHIB team has managed to raise $12 million from various investors to build a Layer-3 blockchain on top of the Shibarium network.

In today’s tweet, the enigmatic SHIB lead Shytoshi Kusama shared that he had not just been travelling around various locations in different parts of the world this year – he had been travelling to pitch the SHIB’s proposal to investors.

The new Layer-3 network will be focused on security and privacy. However, it will be possible to reveal transactions to auditors as a commitment to collaborate with regulators. The new network will be powered by the long-promised TREAT token which has not been launched yet.

Giving an interview in Dubai recently, Kusama emphasized that the SHIB team is determined to finish what they have started and are not going to “go out and buy Lambos.” Apparently, this was a hint at the ill-famed FTX founder Sam Bankman-Fried who used millions of user funds for purchasing real estate and expensive cars for himself and FTX top management.

As Ethereum (ETH) continues its journey past the $3,000 price point, it faces a formidable challenge: a strong resistance zone lies between $3,170 and $3,270. 

This barrier is not just a simple price point; it represents a significant concentration of ETH held by 1.63 million addresses, totaling 4.45 million ETH. 

This accumulation of holdings could be pivotal in determining whether Ethereum can break through and reach the much-anticipated $3,650 level.

In a tweet, crypto analyst Ali highlighted a formidable resistance zone for ETH between $3,170 and $3,270, characterized by a concentration of Ethereum holdings among a large number of addresses. According to on-chain data, approximately 1.63 million addresses collectively hold a significant 4.45 million ETH at these price levels. 

card

The enormous addresses holding onto their ETH within this range indicate a potential sell-off point, where many investors may decide to take profits, thereby increasing the selling pressure and making it harder for the price to push through.

#Ethereum encounters strong resistance between $3,170 and $3,270, with 1.63 million addresses holding 4.45 million $ETH . Breaking past this barrier could propel #ETH toward $3,650! pic.twitter.com/Ko74nHdpTj

— Ali (@ali_charts) April 23, 2024

If a significant portion of these holders were to sell, it could lead to a price drop. Conversely, if these holders remain confident and continue to hold, or if new buyers step in with enough volume, the price could break past the resistance and head toward the next target of $3,650. Ali indicated in his tweet that breaking past the barrier between $3,170 and $3,270 could propel ETH toward $3,650.

At the time of writing, ETH was up 1.51% in the last 24 hours to $3,243. if the current bullish momentum sustains, Ethereum might aim for $3,302 ahead of the 50-day SMA at $3,488. This would aim for $3,650 and further the $3,729 barrier.

On the other hand, if the ETH price turns down from current levels, it could slip toward the $3,000 price point. This remains critical support for the bulls to maintain because, if it fails, the next stop could be $2,850.

The cryptocurrency market is slightly rising, according to CoinMarketCap.

Top coins by CoinMarketCapBNB/USD

The rate of Binance Coin (BNB) has increased by 2% over the last 24 hours.

Image by TradingView

The price of BNB is in the middle of a wide channel, between the support of $599.6 and the resistance of $618.3. From the technical point of view, there are low chances to expect any sharp moves until the end of the day as most of the daily ATR has been passed. 

 

Image by TradingView

On the bigger time frame, neither bulls nor bears are dominating as the rate is far from the key levels. Such a statement is also assumed by the falling volume. 

card

In this case, sideways trading in the zone of $600-$620 is the more likely scenario for the next few days.

Image by TradingView

On the weekly chart, one should pay attention to the vital zone of $600. If the candle closes above it, traders may expect a test of the resistance level of $645.2 by the end of the week.

BNB is trading at $607.6 at press time.

A new animation of one minute, 24 seconds in length, featuring Elon Musk and Dogecoin (DOGE), is generating a major buzz in the crypto space as the short clip addresses prevailing concerns of interoperability in the Web3 ecosystem.

The post, shared on X by Sir Doge of the Coin, speaks of introspection with Michael Jackson’s classic song, "Man in the Mirror," used as the soundtrack to the short animation with a powerful message for players in the cryptocurrency space.

Musk suffers insomnia from DOGE rejection

The animation portrays the frustrations that greet users of one platform who are unable to transact on another due to a lack of interoperability. In the clip, Musk noticed a little girl denied the ability to pay for a cookie using her X wallet by the DOGE seller at a street corner stand.

card

The incident troubles Musk, who had a bout of insomnia recollecting on the disappointment faced by users and in a move to right it, acts on the words of the theme song, “Man in the Mirror.” This prompts a solution where DOGE and X collaborate as the clip ends, with the little girl being able to pay for cookies using the X wallet, just as the DOGE meme and Musk appear together.

Sit back, relax and spend the next minute watching this masterpiece of an animation featuring Elon Musk, 𝕏 and Doge 😂 pic.twitter.com/J95v88AthS

— Sir Doge of the Coin ⚔️ (@dogeofficialceo) April 23, 2024

This hints at Musk’s plan to launch a peer-to-peer payment platform and transform X into an all-embracing app that is the "everything app" to users globally. The plan for integration of payment solutions into X is still unclear, but some are speculating that Dogecoin is locked as one of the first supported currencies.

Is DOGE and X collaboration imminent?

U.Today reported in March how Musk made big moves toward crypto payments by obtaining licenses in three new states – Illinois, New Mexico and Oregon. The move is seen as a giant leap to actualize Musk’s vision of expanding X beyond the initial scope of Twitter as a social media platform.

card

Analysts say the animation clip speaks to a possible collaboration given speculations that Musk could be the whale who holds over 36 billion coins. The tech billionaire and meme lover has an influence in the crypto space, as his post usually drives market sentiments.

As Bitcoin grapples with the $67,000 threshold, a price point that has become a battleground for bulls and bears alike, Michael Saylor, MicroStrategy Chairman, interjects a moment of levity into the tense market atmosphere with a tweet, simply stating, "Need a lift?" This remark, while seemingly casual, carries the weight of the current market sentiment and anticipation for its next big move.

Need a Lift? #Bitcoin pic.twitter.com/AaDg16zDNM

— Michael Saylor⚡️ (@saylor) April 23, 2024

The $67,000 mark is not just another number — it represents a key level that Bitcoin is presently attempting to surpass. A sustained break above this price might usher in a new era of bullish momentum, while failing to do so could result in Bitcoin falling back. 

According to IntoTheBlock, Bitcoin is aiming to secure $66,000 as support, where 1.54 million addresses bought 747,000 BTC. If successful, the next critical resistance level for BTC would be between $69,900 and $71,200. 

In the context of BTC price action, BTC paused near $66,000 after encountering a hurdle near $67,220 following days of continuous rising. At the time of writing, BTC was down 0.12% in the last 24 hours to $66,120. 

Looking ahead, a solid break of the $67,512 level, which coincides with the daily MA 50, might be necessary for the Bitcoin price to forge ahead and escape the $66,000 level. 

Saylor's statement comes at a time when the markets are looking for guidance. Fed Chair Jerome Powell noted last week that the U.S. economy has yet to see inflation return to the central bank's target, implying that interest rate reductions are unlikely anytime soon.

card

Known for his bullish stance on Bitcoin and his company's significant investment in the cryptocurrency, Saylor's "need a lift?" could be seen as a rallying cry for the market to gather its strength and push past the current stagnation.

Thirteen years ago, on April 23, the enigmatic figure known as Satoshi Nakamoto delivered his final instructions on the Bitcoin (BTC) ecosystem. This landmark moment, occurring just four months after Nakamoto's last public statement in December 2010, marked a pivotal juncture in the trajectory of the world's leading cryptocurrency.

In emails revealed from former Bitcoin Core developer Mike Hearn, Nakamoto expressed a sense of passing the torch, stating, "I've moved on to other things. It's in good hands with Gavin and everyone."

card

Speculation abounds regarding Nakamoto's motivations for stepping back from the project. Some suggest a divergence in vision, particularly in light of efforts to align Bitcoin with initiatives like WikiLeaks donations. Others point to external pressures, such as the reported CIA inquiry into Gavin Andresen, a key figure in the cryptographic community.

Good hands

Regardless of the reasons behind it, the period following Nakamoto's departure witnessed a meteoric rise in Bitcoin's prominence. From its humble origins, Bitcoin surged in popularity, capturing the imagination of tech enthusiasts and investors. 

The cryptocurrency's price skyrocketed, reaching unprecedented heights and establishing a new paradigm in digital finance.

BTC to USD by CoinMarketCap

Today, Bitcoin stands as a testament to Nakamoto's vision, a decentralized force reshaping economies and challenging traditional financial paradigms. 

card

Despite numerous attempts to unmask the elusive creator, Nakamoto's identity remains shrouded in mystery, adding to the intrigue surrounding Bitcoin's origin story. Whether Nakamoto will ever step out of the shadows and reveal himself to the world remains one of the most intriguing mysteries in the crypto space.

According to data shared by Etherscan, over a day ago, a recently set up cryptocurrency wallet purchased several hundred billion SHIB meme coins.

Whale grabs 237.8 billion SHIB

The transaction was made from an anonymous wallet that may indicate an OTC purchase or a whale distributing his cryptocurrency stash between smaller blockchain addresses.

A whopping 237,868,630,126 SHIB were transferred to the aforementioned wallet in total. This amount of meme cryptocurrency is evaluated at $6,290,435 at the time of this writing.

The purchase took place after the SHIB team made a major announcement about securing $12 million in investments for developing a layer-3 solution on top of Shibarium. In the meantime, the SHIB lead has clarified what his recent multiple travels around the world were about.

card

Shytoshi Kusama explains his recent mysterious travels

In a recently published tweet, the SHIB project lead known under the alias Shytoshi Kusama suddenly shared the reason why he has changed his location on X/Twitter so many times earlier this year.

He has traveled to Japan, Hong Kong, Puerto Rico and several cities in the U.S, including New York, as well as Hong Kong, Dabai and the Maldives. The SHIB community traced all these location changes on Kusama’s official X/Twitter handle, pondering what was going on.

Now, Shytoshi announced that in his travels he chased a goal of raising funds for the layer-3 blockchain to be built. Shibarium is a layer-2 solution built on top of Ethereum, and the new blockchain will be based on Shibarium.

So now you know why I kept changing my location while pitching to the smartest minds in our industry. This is a big day for SHIB as we push forward for encryption and elevate our entire brand. There's so much in store for the army. I have never been more excited for #SHIB https://t.co/qt1dx6K7ea

— Shytoshi Kusama™ (@ShytoshiKusama) April 23, 2024

In a recent tweet, SHIB’s marketing lead, Lucie, explained what benefits a layer-3 solution would bring to the SHIB community. She stated that adding a L3 layer on a top a L2 is “like putting a cloak of invisibility over fast-moving transactions.”

The layer-3 solution will include improved privacy and security (“Adding L3 is like putting a second lock on your door. It adds more security features, making everything safer,” according to Lucie), fast and low-cost transactions, compliance to let auditors check even private transactions and many other features. The much-anticipated TREAT token, which has not yet been released, will be used on this future blockchain to power its transactions, similarly to how BONE is utilized on Shibarium now.

In a recent market analysis, the cofounders of Glassnode, known by their X (formerly Twitter) handle 𝗡𝗲𝗴𝗲𝗻𝘁𝗿𝗼𝗽𝗶𝗰, have provided a comprehensive perspective on the trajectory of Bitcoin (BTC). Their insights suggest not only the potential for a significant rebound but also highlight strategic opportunities for investors to capitalize on short-term market volatility.

The analysis points toward BTC's 50-day Exponential Moving Average (EMA) hovering near $62,000 as a crucial support level, with a projected target of $72,000 for a rebound. This level is identified as a crucial support point, indicating strong buying sentiment among market participants. The support near the 50-day EMA is a notable development, as it suggests a foundational level of confidence in BTC's current price, potentially acting as a floor to prevent further significant declines.

#BTC potential trajectory may offer Buy-the-dips OpportunitiesBTC's 50-day EMA near $62k provides potential support, targeting $72k for a rebound. Shorter EMAs signal a tendency to buy, while longer EMAs suggest a preference for selling. Given BTC’s recent significant gains… pic.twitter.com/3NjUUqa001

— 𝗡𝗲𝗴𝗲𝗻𝘁𝗿𝗼𝗽𝗶𝗰 (@Negentropic_) April 23, 2024

Further enriching the analysis, the cofounders delve into the behavior of both short-term and long-term EMAs. Shorter EMAs are observed to be signaling an inclination toward buying, whereas longer EMAs suggest a tendency for selling. This nuanced interpretation of EMA behavior provides a deeper understanding of the market dynamics at play. It implies that the market is currently in a phase of absorbing the substantial gains BTC has achieved, with an impressive surge of 92% over just six weeks.

BTC offers buying opportunities

Given this context, the Glassnode cofounders recommend a strategic approach for investors. They advocate for utilizing short-term dips in BTC's price as valuable buying opportunities. This strategy is particularly pertinent during the ongoing consolidation phase within the broader bullish trend that BTC has been navigating. By adopting such a calculated approach, investors may be able to optimize their positions and potentially capitalize on the anticipated rebound.

In terms of current market performance, Bitcoin is trading at $66,005 at the time of writing. This reflects a modest 0.46% increase over the last 24 hours and a more substantial 4.80% rise over the past seven days. These figures suggest a relatively stable and positive trend in the short term, which aligns well with the analytical insights provided by Glassnode's cofounders.

Crypto.com has put its foray into the South Korean market on hold due to regulatory issues, according to a recent report by Bloomberg.

In its recent email, the company noted that it is challenging for foreign exchanges to break into South Korea. At the same time, it has stressed that it remains committed to cooperating with local regulatory authorities. 

The company initially announced the launch of its app in South Korea earlier this month. It said that its South Korean customers would be able to gain access to more than 150 cryptocurrencies as well as some exclusive non-fungible token (NFT) projects. 

card

Crypto.com said that South Korea, the 14th largest economy in the world, is "a market of tremendous importance."  

As reported by U.Today, the South Korean won recently surpassed the U.S. dollar in crypto trading volumes due to the massive popularity of altcoins in the country. Meanwhile, South Korean exchanges are in the middle of a fee war, with Upbit, the leading local exchange, facing stiff competition from the likes of Bithumb and Upbit.

Meanwhile, South Korea's political parties were trying to court crypto-friendly voters ahead of the legislative elections that were held in April. This shows the growing importance of the crypto sector in the country.          

Back in August 2022, the cryptocurrency giant announced the acquisition of two South Korean cryptocurrency firms (OK-BIT and PnLink). These deals made it possible for Crypto.com to secure important regulatory licenses in the country. 

Bitcoin's fourth halving has come and gone, and its effect can already be seen with an over 3% price bump since the event — a sign of upcoming growth compared to past halvings. 

Historically, halvings have shown a mix of short-term reactions but tend to lean toward a bullish trend over the long run. Yet, it is crucial to note that there are not many past events from which to form a solid case.

BTC/USD Chart by TradingView

Beyond market fluctuations, the weekend following the halving saw a significant spike, not in price, but in transaction fees. Bitcoin's network fees skyrocketed to a record $146 on average, overshadowing Ethereum's modest $3 fee. This spike caught the community off-guard, although the signals were on the horizon.

Reason behind fees

Behind the scenes, a big part of this fee surge can be attributed to the recent activities around Bitcoin's block space. The Runes protocol's debut — a system built to simplify issuing tokens on Bitcoin — followed in the footsteps of the Ordinals protocol, increasing a demand for space on the blockchain. 

card

Both protocols involve inscribing data onto Bitcoin blocks, similar to creating NFTs, thereby ramping up the demand for block space and, as a consequence, driving up transaction fees.

What's more, this increase in fees likely saw a boost from Runes' launch, as it pushed for even greater demand, causing notable fluctuations in fee levels over the weekend. The frenzy for block space translates directly into higher costs for executing transactions on the network.

Despite these fee changes, Bitcoin's perpetual swap funding rates stayed relatively neutral, which suggests that market sentiment has not leaned heavily in favor or against the price direction. Even though open interest has dialed back from its peak in March, it is still riding high above $10 billion.

Ripple CEO Brad Garlinghouse has pointed out what seems to be an intriguing coincidence: the timing of Ripple's opposition brief filing in its ongoing lawsuit with the SEC aligns with the sudden resignation of two SEC lawyers involved in a separate case.

Two Securities and Exchange Commission lawyers resigned after a federal court sanctioned and harshly criticized the regulatory agency for "gross abuse" of power in the Debt Box case.

Michael Welsh and Joseph Watkins resigned this month after an SEC official told them they would be fired if they stayed, according to Bloomberg, citing sources familiar with the matter. The two were the principal attorneys in a case against Digital Licensing Inc., a cryptocurrency platform known as DEBT Box. 

Feels apropos that we file our response on the same day that 2 SEC lawyers “resign” for their (mis)conduct in the Debt Box case…The US will be picking up the pieces of the agency’s disastrous policies long after Gensler is gone. https://t.co/vQMHKG5kbW

— Brad Garlinghouse (@bgarlinghouse) April 23, 2024

The SEC's complaint against DEBT Box was tainted by false assertions and misrepresentations, as well as a lack of evidence, according to Robert Shelby, the federal district court judge who oversees the case. Shelby took the unusual step of sanctioning the agency for abuse of power in March, and the SEC's chief of enforcement has apologized for the oversight.

In light of the recent events, Garlinghouse reacted by saying that it felt "apropos" that Ripple filed its response on the same day reports emerged that two SEC lawyers resigned for their conduct in the Debt Box case. 

Garlinghouse has not been shy about expressing his views on the SEC's conduct. "The US will be picking up the pieces of the agency’s disastrous policies long after Gensler is gone," he further remarked. 

card

The Ripple CEO has been a prominent critic of the SEC's approach to regulating the crypto industry, with the recent controversy surrounding the Debt Box case casting a shadow over the SEC.

On April 22, 2024, Ripple filed a motion to strike new expert materials the SEC submitted in support of its motion for remedies and entry of final judgment. Ripple's opposition to the SEC’s request for $2 billion in penalties for legacy institutional sales was also made public. 

Ripple Chief Legal Officer Stuart Alderoty highlighted that in a case that had no allegations or findings of recklessness or fraud, and in which Ripple won on significant issues, the SEC’s ask is just more evidence of its ongoing intimidation against all of crypto in the U.S., prompting the Ripple CEO's comments.

The Shiba Inu project's lead, Shytoshi Kusama, has thrilled the SHIB community with an exciting tweet, shedding light on his frequent location changes and hinting at significant developments in store for the SHIB community.

Before this time, Kusama frequently changed his location status on social networking platforms, particularly X, switching between Hong Kong, Japan and the United States in a matter of days. His current location is Los Angeles, California. This has sparked discussion among the SHIB community, with some speculating on a global tour or strategic relationships being formed across these countries.

The second option turned out to be the case, as Shiba Inu announced on Monday that it had secured a massive $12 million from strategic VC partners led by Cypher Capital to launch its next-generation Fully Homomorphic Encryption (FHE) blockchain via TREAT, the Shiba Inu ecosystem's final non-stablecoin token. 

"So now you know why I kept changing my location while pitching to the smartest minds in our industry," Kusama remarked in an exciting tweet. 

So now you know why I kept changing my location while pitching to the smartest minds in our industry. This is a big day for SHIB as we push forward for encryption and elevate our entire brand. There's so much in store for the army. I have never been more excited for #SHIB https://t.co/qt1dx6K7ea

— Shytoshi Kusama™ (@ShytoshiKusama) April 23, 2024

Treat will power Shiba Inu blockchain's fully homomorphic encryption (FHE), which was created in partnership with Zama. The latest fundraising round is expected to help Shibarium cement its position as the epicenter of memes in the crypto world and expand its utility to new heights. 

card

Furthermore, Kusama's tweet hinted at significant developments on the horizon for the SHIB community, suggesting that the project has ambitious plans in store for its supporters. 

"This is a big day for SHIB as we push forward for encryption and elevate our entire brand. There's so much in store for the army. I have never been more excited for SHIB," Kusama wrote. 

While further specifics were not provided, Kusama's message has ignited speculation about potential partnerships, product launches and ecosystem expansions that could further propel SHIB to new heights. With so much in store for SHIB, the community eagerly awaits future updates and announcements.

Bitcoin maximalist and chief executive at Jan3 Samson Mow has spoken to Forbes about the halving that is now in the rearview, the Bitcoin supply shock that he expects in the near future and about the ultimate Omega candle that will perhaps push BTC to $1 million.

Omega Candle in sight! Omega Candle in sight! The #halving is proof that this system works, but it also means a supply shock is coming for any parties looking to buy large amounts of #Bitcoin. Check out @Excellion's comments on the recent halving in this @Forbes article by… pic.twitter.com/xp23ulxQIJ

— JAN3 (@JAN3com) April 22, 2024

Bitcoin halving and "supply shock"

Samson Mow explained to Forbes how halvings work – the total Bitcoin supply of 21,000,000 coins is being gradually “transferred” by miners onto the market in the form of block rewards. The mysterious Bitcoin creator Satoshi Nakamoto built that into the system, programming halvings to happen once in every four years and those rewards to be cut by 50%. A halving takes place after every 210,000 blocks are generated by miners.

Halvings were made in order to prevent the flooding of the cryptocurrency market with Bitcoin via nonstop BTC issuance. When Bitcoin only started, miners earned 50 BTC for each new block. Without the four previous halvings, all of the 21 million Bitcoins would have been extracted already.

Samson Mow stressed, talking to Forbes, that spot-based Bitcoin ETFs ignited new demand for BTC in January this year, when they got SEC’s approval – BlackRock, Fidelity, Ark Invest, VanEck, etc. Together, the block reward decline done by the halving and these spot ETFs are likely to trigger a Bitcoin supply shock, the Jan3 chief believes.

card

"Omega candles inevitable"

This led him to reckon that the Bitcoin Omega candle or even candles are now very likely to happen in the future: “Even before the halving, daily demand was 5-10 times that of supply, so Omega Candles seem inevitable.”

Omega candles are big trading candles, according to Mow’s explanation, “that means high volatility and big changes in price.”

For many other holders, the Bitcoin halving signifies BTC entering its next epoch – the fifth one (with the fifth halving due in four years).

Overall, halvings are bullish not only for Bitcoin but for the cryptocurrency space in general. They prove that the BTC protocol works. They perform Bitcoin supply tightening, adding to the coin’s scarcity and making it closer to gold. So far, the world’s leading cryptocurrency has staged a 8.5% increase since the halving day. Bitcoin is trading at $66,200.

In the latest twist of the ongoing legal battle between Ripple and the SEC, the crypto company's Chief Legal Officer Stuart Alderoty has publicly addressed the company's opposition to the SEC's request for $2 billion in penalties. Alderoty emphasized that Ripple's stance remains firm in challenging the SEC's motion for remedies.

card

Alderoty highlighted the absence of allegations or findings of recklessness or fraud against Ripple, stressing that the company had prevailed on significant issues during the legal proceedings. He condemned the SEC's request for exorbitant penalties as further evidence of the regulatory agency's intimidation tactics against the entire cryptocurrency industry in the United States.

Despite the SEC's push for substantial penalties, Alderoty expressed confidence in the fairness of the judicial process. He affirmed Ripple's trust in the judge to approach the final phase of determining remedies with impartiality.

Our opposition to the SEC’s request for $2B in penalties for legacy institutional sales is now public. In a case that had no allegations (or findings) of recklessness or fraud, and in which Ripple won on significant issues, the SEC’s ask is just more evidence of its ongoing… https://t.co/GLcdsyInZW

— Stuart Alderoty (@s_alderoty) April 23, 2024

The Ripple CLO's statement comes amid a contentious legal environment, with the crypto company and the SEC locked in a protracted legal battle over the classification of the XRP cryptocurrency and alleged violations of securities laws.

card

With the fate of XRP and the broader cryptocurrency market hanging in the balance, the stage is set for a showdown of epic proportions. As Ripple continues to assert its position and the SEC doubles down on its enforcement efforts, the final resolution of this legal saga remains shrouded in uncertainty. 

Data from IntoTheBlock suggests a resilient Shiba Inu price, with on-chain metrics revealing strong backing by holders. Active Addresses by Profitability indicate that the current price zone is underpinned by more than 35 trillion addresses.

Breaking down the on-chain details further, we see that the active addresses are grouped by their purchase price, painting a picture of a community holding on tight. This data implies that the current price level is a comfortable holding point for many, possibly acting as a floor for the price as these holders may likely resist selling unless the price sees a significant increase.

Source: IntoTheBlock

Turning to the chart for a technical snapshot, SHIB has been making moves. Support has been established at the $0.000022 level, a base that SHIB has bounced off from in the past. On the resistance side, SHIB faces one at the $0.000028 mark. 

The volume has been steady, neither showing a clear sign of a surge nor a worrying drop-off. This steady volume, combined with a significant portion of holders sitting "In The Money," can be interpreted as a potential stabilizing factor for the current price levels.

card

If market sentiment remains strong and the market absorbs any selling pressure, SHIB could see a push toward the $0.000028 resistance level. The critical question is whether it can break through and hold above this point, potentially paving the way for further growth.

One way or another, Shiba Inu is one of the most volatile assets on the cryptocurrency market, and most of its actions are unpredictable. Stays cautious in order to avoid a rapid sell-off that may occur at any given moment, despite the positive on-chain situation.