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The spot Bitcoin ETF market is on the edge, but in a positive way despite the ongoing volatility in the broader digital currency ecosystem.
The Spot Bitcoin ETF Volume Trend
As shared by Bloomberg’s Senior ETF Analyst Eric Balchunas, the 10 spot BTC ETF products recorded over $6 billion in daily volume in what he described as an “intense” trading session.
Providing more context on the shared data as seen below, the Balchunas noted that the overall trading volume exceeded that of American tech giant Microsoft Corporation despite having a couple of hours to go.
As showcased, the BlackRock spot Bitcoin ETF product iShares Bitcoin Trust (IBIT) raked in the bigger share of the overall volume. This was followed by FBTC from Fidelity Investments with Grayscale Investment’s GBTC completing the top 3 highest traded spot Bitcoin ETFs.
Volume for the bitcoin ten is really intense again today, over $6b traded (for context, that's more than $MSFT has traded) with couple hours left to go. Probably going to beat last Wed's record. $IBIT, $FBTC, $GBTC and $BITO are all in Top 15 most active ETFs today. pic.twitter.com/BRRisMkYYd
— Eric Balchunas (@EricBalchunas) March 5, 2024
The trend has remained consistent for close to two months since the investment vehicle gained regulatory approval from the United States Securities and Exchange Commission (SEC). The products set out on a very strong footing, recording over $10 billion in cumulative volume in less than a week after the products were greenlighted.
The offerings have maintained the tempo since then as embrace overheated as the days went by. According to later insights shared by the Bloomberg analyst, the spot Bitcoin ETF market is still largely characterized by the influx of net buyers.
The overall volume on record comes amid the run in Bitcoin’s price to a new All-Time High (ATH) above $69,100. Additionally, it is coming at a time when the market recorded a flash crash that saw more than $680 million liquidated overall. This spot Bitcoin ETF volume which is the second highest since inception underscores the overall strength of the market irrespective of the current outlook.
The Grayscale Magic
Among the spot Bitcoin ETF issuers, Grayscale has largely maintained an enigmatic posture compared to the rest of the players in the space. While it has recorded a significant outflow worth over $10 billion since its inception, the Grayscale GBTC has managed to hold more assets now than it did since it started.
Eric Balchunas said in a statement quoted by market commentator Nate Geraci that this phenomenon is dubbed “Bull-Market Subsidy.” Balchunas went on to further label this trend a “magic,” in acknowledgment of the dominance that Grayscale still wields over its peers.
Thus far, Grayscale has refused to change its high sponsor fee, underscoring its confidence to compete based on legacy, a disposition that is arguably paying off for it at the moment.
The post Spot Bitcoin ETF: Trading Volume Tops $6B Amid Price Volatility appeared first on CoinGape.
Ripple’s Chief Legal Officer, Stuart Alderoty, has highlighted a contentious move by the U.S. Securities and Exchange Commission (SEC). According to Alderoty, the SEC presented a previous court decision to a judge as “supplemental authority” without disclosing that the decision was, in fact, a “default judgment.” This oversight means that the case in question was not defended, and as a result, the legal issues at hand were not fully litigated.
Ripple CLO Stance on SEC’s Submission
The strategy used by the SEC to strengthen its case has worried some, particularly legal experts and stakeholders. A default judgment usually happens when the defendant does not appear or respond in court, causing the judgment to be in favour of the plaintiff by default.
Here, the SEC referenced the ruling in SEC v. Wahi, a case relating to the accusations of insider trading against an ex-Coinbase employee and his friends, to support the continuous lawsuit against Binance, Binance.US, and their former head Changpeng Zhao.
Critics, including Alderoty, referring to the move as “Bad faith,” claim that using the default judgment as a precedent without clearly characterizing its nature could confuse the court regarding the strength of the stated legal principle. This situation has resulted in calls for more openness in legal processes, particularly in cases that could substantially influence the regulatory climate of the cryptocurrency industry.
Implications for the Crypto Industry
The SEC’s submission in question illustrates the complex relationship between regulators and the fast-paced world of cryptocurrencies. The ongoing battles in the courts could result in landmark judgments, which would set the precedent for how digital assets should be categorized and regulated.
The crutch of the SEC’s position is that cryptos purchased on the trading platforms are securities under the Howey test, a legal standard that is used to determine what a security is. This view has serious ramifications for the operational legality of crypto exchanges. Nevertheless, using a default judgment to back this perspective has been condemned for lacking the thoroughness of a fully tested legal cross-examination.
Besides, the events spurred a wider discussion on the regulatory oversight of cryptocurrencies and the role of agencies such as the SEC. While the industry seeks clarity on these matters, the actions of regulatory bodies are being questioned. As such, the approach used in legal arguments and submissions can affect individual cases and the regulatory environment that covers the whole sector.
Read Also: Osprey Seeks Merger with Bitcoin ETF Amid Plans to Dissolve
The post Ripple CLO Calls Out SEC for Misleading Court Submission appeared first on CoinGape.
Ethereum Classic price forecast: ETH has emerged as a standout in the decentralized blockchain sector, with its price making a remarkable jump of 5% within a mere 24-hour window. Currently, the Ethereum Classic price is trading at $36.41. This upward trajectory suggests a bullish trend is unfolding in the market for Ethereum Classic.
Ethereum Classic’s trading volume has seen a robust increase, soaring over 196% to reach $1.7 billion in the same time frame. This surge in trading activity points to a heightened interest from the cryptocurrency trading community. Positioned 22nd on CoinMarketCap, Ethereum Classic boasts a live market capitalization of $5.17 billion, marking a significant milestone.
For the first time since September 2022, the price of Ethereum Classic has climbed past the $35 threshold, catching the eye of investors and traders. Recently, the currency has witnessed a substantial rise, appreciating more than 45% over the past month and over 28% in the last week, following a bullish breakthrough.
Ethereum Classic Price Forecast: Bullish Trends Propel ETC Forward
Market momentum for Ethereum Classic accelerated after it fluctuated within a higher trend band, ranging between $30 and $37 for about a week. This movement culminated in a push past the resistance level. The market’s optimism is mirrored in the broader cryptocurrency landscape, with Bitcoin surpassing the $64,000 mark and Ethereum breaking the $3,400.
If the market maintains its current upward momentum, the price of Ethereum Classic (ETC) might soon exceed the $40 level. This progress could set the stage for a rally toward the $50 resistance area. An extension of this bullish trend could even test the $60 resistance barrier. On the flip side, a negative shift in market sentiment could push ETC back down to the $30 support zone, with a further drop to $20 possible if the situation deteriorates.
Ethereum Classic Price Forecast: Potential for Further Growth
Technical analysis of daily trading charts presents a positive outlook for ETC’s short-term path. The Moving Average Convergence Divergence (MACD) indicator shows promising signs, with a significant bullish indication as the MACD line overtakes the signal line, suggesting it’s a good time to buy.
The market’s buying strength is further underscored by the Relative Strength Index (RSI), which has climbed above 70. This points to a stronger buying momentum compared to selling pressure. Additionally, the Awesome Oscillator is displaying green bars, reinforcing the bullish sentiment in the market.
The post Ethereum Classic Price Forecast: Will ETC Soar To $60 Mark By The End Of March? appeared first on CoinGape.
IO Research, developer of the Solana-based decentralized physical infrastructure network (DePIN) io.net has successfully secured $30 million in a Series A funding round.
Solana io.net Valuation Jumps to $1B
The news of the generated funds which played a crucial role in pushing the valuation of its fully diluted token to $1 billion, was announced on Tuesday.
Precisely, the funding round was spearheaded by Hack VC in collaboration with several angel investors including Multicoin Capital, 6th Man Ventures, Solana Ventures, OKX Ventures, Aptos Labs, Delphi Digital, The Sandbox, Sebastian Borget of The Sandbox, and others.
According to sources familiar with the Series A funding, the funds were raised in tranches coupled with the fact that it is structured as a simple agreement for future equity (SAFE), with token warrants in a 1:1 ratio. The first tranche happened in January but it was not until recently that the final one was completed.
The CEO and founder of io.net Ahmad Shadid, explained the terms of the investment, stating that investors have a minimum one-year lock-in period for tokens.
Shayon Sengupta, an investor partner from Multicoin Capital who corroborated the news of the investment, highlighted the foundation of his relationship with io.net. He stated that Shadid was his first contact person, citing that he was drawn to his singular focus on democratizing access to compute resources for ML workloads.
More Firms Entering the AI Foundry Space
This $30 million fund will help the Artificial Intelligence (AI) protocol enhance the aggregation of distributed GPUs, especially during this time when there seems to be a general computer shortage amidst a growing demand. Many other AI-based firms like NVIDIA are stepping up their game to meet up with the surge in demand.
In mid-January, NVIDIA grabbed the attention of the AI market as Chinese military entities, state-owned artificial intelligence research centers, and universities began to actively purchase batches of the firm’s semiconductors. These include A100 and the more powerful H100 chips, which had previously been banned from export to China and Hong Kong in 2021.
Sam Altman’s OpenAI is equally trailing this path as it is now searching for funding to build high-performance chips. Part of OpenAI’s plan is to build multiple chip foundries all in a bid to gain investors’ interest.
For NVIDIA, this new path is contributing to growing its dominance in the AI sector. One of its recent projects is to design a new AI chip peculiar to the Chinese market.
The post Solana’s AI Protocol io.net Bags $30M Funding to Build Decentralized GPUs appeared first on CoinGape.
Osprey Bitcoin Trust, a prominent closed-end fund specializing in Bitcoin investments, intends to explore significant strategic changes, including a potential merger with a Bitcoin exchange-traded fund (ETF) or a sale. This announcement comes as the Trust’s units have been trading at a discount compared to its actual Bitcoin holdings, prompting the company to consider various alternatives to enhance shareholder value. In a statement released on Tuesday, Osprey indicated that failing to secure a merger or sale would lead to the liquidation and dissolution of the Trust within the next 180 days.
Osprey Trust Sues Grayscale Over Bitcoin ETF Claims
Osprey’s strategy unfolds in an intensifying rivalry with Grayscale’s Bitcoin Trust (GBTC), which recently transitioned into an ETF. Osprey has not shied away from this competition, having initiated legal action against Grayscale.
The lawsuit alleges that Grayscale made deceptive claims regarding the inevitability of its ETF conversion, highlighting the competitive stakes in attracting investment in the burgeoning cryptocurrency fund market. Osprey’s proactive stance signifies its determination to secure a favorable position within the industry amidst rapidly evolving regulatory and market conditions.
Regulatory Milestones and Market Innovation
In 2021, Osprey Funds took a significant step by registering its Bitcoin Trust (OBTC) with the Securities and Exchange Commission (SEC) as a reporting company. This move, aimed at enhancing transparency and liquidity, positioned Osprey as a pioneer among cryptocurrency investment vehicles seeking SEC recognition.
By reducing the mandatory holding period for OBTC shares and facilitating access for accredited and retail investors through over-the-counter (OTC) trading desks, Osprey mirrored strategies employed by market leader GBTC, underscoring the competitive dynamics influencing the sector. Osprey’s efforts to adapt and innovate reflect broader trends within the cryptocurrency investment space, where entities continually seek regulatory approval and investor confidence amid a landscape of volatility and regulatory scrutiny.
Read Also: Bitcoin Achieves All-Time High, Climbing Above $69K
The post Osprey Seeks Merger with Bitcoin ETF Amid Plans to Dissolve appeared first on CoinGape.
Anthony Scaramucci will likely hold a fundraiser for pro-XRP lawyer John Deaton’s US senate race. According to an X post by Fox journalist Eleanor Terrett, Scaramucci is all in favor of John Deaton’s Senate war with Elizabeth Warren. Singing the same tone, Deaton has received humongous support from the crypto community.
Anthony Scaramucci Supports John Deaton
Scaramucci will be planning a fundraiser for XRP lawyer John Deaton in New York. The support comes after John Deaton had announced that he would be contending against Elizabeth Warren for the US Senate seat. However, Warren has also not just been sitting on a fence. In response to recent speculations that she will face a challenger from the XRP party for her Senate seat, Senator Elizabeth Warren had organized her network of supporters. Reportedly, Warren had asked her supporters for help in opposing XRP supporter John Deaton via emails and online fundraisers.
NEW: @Scaramucci says he’s “all in” on @DeatonforSenate against @SenWarren and plans to host a fundraiser for him in NYC.
— Eleanor Terrett (@EleanorTerrett) March 5, 2024
John Deaton Gets the Crypto Support
Anthony Scaramucci is not the only one to jump in favor of Deaton. Deaton’s campaign has received attention, particularly from the XRP community. Deaton is well-known for openly endorsing cryptocurrencies and for doing so. His commitment to the cryptocurrency industry has pleased many in the XRP and greater Web3 communities, and his campaign may be a way to advance cryptocurrency-related legislation in the Senate. On the other hand, Bloomberg highlighted that Elizabeth Warren was receiving backlash from the crypto community for her not-so-friendly crypto stance.
Read Also: Breaking: Facebook and Instagram Records Global Outage
Crypto Supporters to Play Key Role in 2024 US Elections
At least in the US, cryptocurrency voters will be significant in this election season. According to Forbes, one in five Americans presently possesses digital assets. There are 52 million people in that number. Furthermore, this group is likely the most significant in terms of its political makeup. Coinbase and Morning Consult survey results also revealed that 22% of Bitcoin owners identified as Democrats, 18% as Republicans, and 22% as Independents, according to Forbes. In the 2024 elections, supporters of cryptocurrency will cast up to 1.9 million ballots. Additionally, this would be sufficient to sway the election’s outcome and perhaps even turn it. In this case, it would seem reasonable for political candidates to jump on the Bitcoin bandwagon.
The post Anthony Scaramucci Backs XRP Lawyer Deaton’s US Senate Race with Fundraiser appeared first on CoinGape.
The attention Bitcoin has been getting since the beginning of Q4 last year is now trickling down to altcoins, starting with the biggest, Ethereum, which hit another milestone above $3,800 on Tuesday. Also gaining strength is LUNC price with its impressive 14% increase in 24 hours on top of a staggering 56% surge in the last week.
Terra Classic trades slightly above $0.00002 during US business hours.
The trading volume backing the uptrend has in the last 24 hours surged by almost 200% to $735 million, underpinning growing interest among investors.
LUNC Price Prediction: Navigating The Road To $1
The Terra Classic ecosystem is beginning to get a lot of attention following months of recreating its image in the wake of Terra’s classic implosion in 2022.
Many proposals have been deliberated upon with some passed to ensure that the network is working efficiently to keep up with the ever-changing blockchain landscape.
The Luna Classic (LUNC) token benefits from a robust token burn mechanism, primarily supported by Binance, the world’s largest cryptocurrency exchange in terms of traded volume.
This strategic approach has significantly contributed to boosting the price of LUNC.
However, it’s important to note that achieving a leaner supply remains a journey ahead. Currently, Terra Classic boasts a total token supply of 6.8 trillion, while the circulating supply hovers around 5.8 trillion.
Investors seem content to look forward to further increases in the value of LUNC as efforts to boost the burn mechanism gain momentum.
Now, Terra Classists hovers above $0.00002 — a resistance level on several occasions but now an immediate support. The Moving Average Convergence Divergence (MACD) indicators reinforce the bullish grip, rising above the neutral area.
There are no signs of an immediate correction. However, it might help to psychologically prepare for a sideways price before the next leg up.
Often investors use these periods to re-accumulate more tokens anticipating another climb.
A recent bullish moving average crossover is in sync with LUNC’s enthusiastic outlook, which may explain the conservative forecast of $0.00003 this week and $0.000005 in the next one.
Sellers are expected to capitalize on the congestion at $0.000025. LUNC price lost momentum upon reaching this level earlier on Tuesday, forming a long candle wick. Beyond this area, Terra Classic will quickly climb to $0.00003.
Should bulls fail to clear the $0.000025 hurdle, Terra Classic may settle, oscillating between the resistance and the support.
It is also essential to consider that dips in the crypto market have recently proved to be beneficial to investors who dollar-cost average to maximize gains in the long term, in the process, triggering another mover higher.
The post LUNC Price: Terra Classic Rockets 68% In A Week, A Call To Buy Or Sell? appeared first on CoinGape.
Shortly after hitting its All-Time High (ATH) of $69,170.63, the premier digital currency is now recording unprecedented profit-slashing.
Bitcoin Price Triggers Market-Wide Selloff
Thus far this week, the price of Bitcoin has remained on a sustained growth course, until now. Current market data shows that the price of the digital currency is down by 5.2% in what marks its most epic sharp flash crash since the start of the year. At the time of writing, the coin is now valued at $65,215.38 with a market capitalization of $1,284,039,233,283.
The unexpected price correction has also triggered more than $680 million in total liquidations within the past 24 hours, per data from CoinGlass. The analytics platform pegs the number of liquidated traders at 200,243 with the long traders suffering the biggest brunt of it.
Of the assets profiled, Bitcoin recorded the biggest liquidations worth a total of $201.14 with impacted long traders coming in at $111.45 million and short traders worth $89.69 million.
Ethereum also suffered intense liquidations after its price soared above the $3,500 range for the first time since November 2021. The coin’s liquidation comes in at $109.6 million in 24 hours with the longs accounting for $37.24 million and the shorts coming in at $72.36 million.
Other crypto assets like Dogecoin (DOGE) and Shiba Inu (SHIB) also saw a slip in their bullish momentum with their respective liquidations coming in at $35 million and $33 million.
Temporary But Necessary Slip
The correction in the price of Bitcoin is considered a necessary one considering the massive uptrend the digital currency has picked over the past week. Bitcoin has jumped by more than 12% in the trailing 7-day period and by more than 50% over the past month.
With this correction now underway, analysts are optimistic this will serve as a major springboard to drive the price higher to new heights.
The selloff in the price of Bitcoin is best a knee jerk reaction considering the majority of addresses are in profit. The influence of the spot Bitcoin Exchange-Traded Funds (ETF) has served as its major catalyst for close to 2 months. With the inflows and Bitcoin halving sentiments, the price of the coin is poised to regain its pace in the short term.
The post Bitcoin (BTC) Flash Crash Triggers $680M in Market Liquidations appeared first on CoinGape.
Users around the globe were met with an unexpected and widespread disruption as Meta-owned social media giants, Facebook and Instagram, encountered a significant outage. Reports from Downdetector, a service that monitors online outages, flooded in, revealing a staggering number of complaints. Over 215,000 users reported issues with accessing Facebook, while more than 47,000 users experienced similar problems with Instagram.
The disruption wasn’t limited to these two platforms alone; other services under the Meta umbrella, including Facebook Messenger and Threads, were also affected. Users encountered a myriad of issues during the outage, from being unexpectedly logged out of their accounts to encountering error messages when attempting to refresh their feeds.
Some even received notifications of unusual login activities, further compounding the frustration and concern among the user base. In the face of this widespread disruption, Andy Stone, Meta’s director of communications, acknowledged the problem and assured users that efforts were underway to rectify the situation.
User Anxiety Escalates Amid Meta’s Outage
The outage prompted understandable concerns among users, particularly regarding the security of their personal information and the potential for unauthorized access to their accounts. Heightening anxieties, some users received emails from Meta warning about suspicious login attempts from unrecognized locations. This only served to exacerbate worries about the safety and integrity of their digital identities.
In response to the outage, cybersecurity experts advised against initiating password resets, advocating for a measured approach that awaited official guidance from Meta. As the outage persisted, the atmosphere of concern among users intensified. Uncertainty loomed large, with questions about the underlying cause of the outage and the security of user data lingering in the minds of many.
Also Read: Bitcoin Price Today: BTC Achieves All-Time High, Climbing Above $69K
Implications of Meta’s Global Outage
The outage served as a stark reminder of the critical importance for digital platforms to prioritize security, reliability, and transparency. It underscored the vulnerabilities inherent in relying heavily on centralized platforms for communication and social interaction. Users and experts alike emphasized the need for Meta to take proactive measures to prevent future disruptions and safeguard user data.
Discussions surrounding the broader implications of such outages turned to the necessity for digital resilience in an increasingly interconnected world. The event sparked conversations about the risks associated with centralized platforms and the need for alternatives that prioritize user privacy and security. As users awaited Meta’s response, there was a palpable sense of anticipation, with hopes for a swift resolution and concrete steps to ensure the stability of online experiences moving forward.
Also Read: Nexo Secures Initial License for Dubai Operation
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Shiba Inu Coin price analysis: SHIB has recently made headlines with its impressive performance in the cryptocurrency market. The meme-based digital currency has seen its value skyrocket by approximately 300% within a week. Currently, the Shiba Inu Coin is trading at $0.0000404. This marks a significant uptick of 48% in just 24 hours.
Shiba Inu Coin Price Analysis: Navigating the Bullish Surge
In recent trading sessions, meme coins such as SHIB, DOGE, and PEPE have all participated in a substantial rally. Shiba Inu, in particular, initiated its remarkable ascent after establishing a solid foundation above the $0.000010 mark. The cryptocurrency’s value soared past $0.000040, indicating a shift into bullish territory.
Over the past ten days, the value of Shiba Inu has climbed by over 380%. This surge propelled it to a two-year peak of $0.00004574. Despite a slight retracement, the coin quickly bounced back. This resilience underscores the vigorous momentum currently propelling the meme cryptocurrency sector.
The 24-hour trading volume for Shiba Inu has seen a remarkable increase of 216%, soaring to $15.05 billion. This surge reflects a heightened trading interest in the market. With a market cap of roughly $5.04 billion, Shiba Inu now ranks as the 10th largest cryptocurrency, according to the latest figures from CoinMarketCap. The past week has observed SHIB’s price fluctuating between $0.000010 and $0.000045, indicating a bullish trend and upward trajectory.
Market Dynamics Fueling Shiba Inu Rally
Earlier today, a noteworthy event on the Coinbase exchange saw SHIB’s price momentarily plummet by 50%, dropping from $0.000044 to $0.000022, before making a swift recovery. This dip, part of a larger market downturn that affected Bitcoin and several other altcoins, showcased the volatile nature of cryptocurrency markets.
Amidst this rally, the Shiba Inu community has seen most investors reap profits. Contributing to this upward movement is reintroducing the token-burning strategy and launching Shibarium, a Layer 2 blockchain solution to enhance the Shiba Inu ecosystem. Shibarium promises to increase transaction speeds while significantly reducing costs, bolstering the overall growth and utility of Shiba Inu.
Can The Improving Technical Structure Bolster SHIB’s Rally To $1?
The Shiba Inu Coin stands at a pivotal point, with its eyes set on the resistance level of $0.000045. Breaking this threshold could open the door to notable increases, potentially reaching $0.00009 or the ambitious $0.0001 milestone. The optimistic outlook might shift if it falls beneath $0.000040, leading the coin toward a $0.000030 support zone.
The technical analysis paints a promising picture for Shiba Inu Coin. Market trends are heavily leaning towards the positive, marked by a steep ascent in price. The Relative Strength Index (RSI) sits at an overbought position of 80, hinting at a possible value. Meanwhile, the Awesome Oscillator (AO) reveals a growing momentum within the market, lending further evidence to the bullish sentiment surrounding the coin.
The post Shiba Inu Coin Price Analysis As Rally Fuels Optimistic Market Sentiment appeared first on CoinGape.
Nexo, a digital asset service provider, has successfully obtained initial approval from the Virtual Assets Regulatory Authority (VARA) in Dubai. This marks a significant milestone for Nexo’s regional entity, Nexo DTC, in its quest to secure full licensing for various activities, including Lending & Borrowing, Management & Investment, and Broker-Dealer operations.
This development is crucial for Nexo as it aims to extend its innovative services within the burgeoning Dubai market, aligning with the city’s ambitious vision to become a leading global hub for the crypto and blockchain industry.
The Licensing Process in Dubai
The obtaining of a full license to operate as a digital asset service provider in the Emirates is carried out in three stages. The process begins with a temporary permit, followed by a preparatory license and an operating license. The fact that Nexo received the first consent means that the company has overcome the first obstacle in this licensing process. This tactical step reiterates Nexo’s compliance with regulatory matters and willingness to contribute constructively to Dubai’s vibrant financial environment.
Dubai, being the largest city of the United Arab Emirates (UAE) together with Abu Dhabi, is striving to pull key financial institutions and tech companies. The city’s initiatives are a segment of a larger plan aimed at making it a core hub in the world’s cryptocurrency and blockchain scene. Concurrently, the Virtual Assets Regulatory Authority (VARA), which oversees the virtual asset sector in Dubai, is critical in ensuring that companies like Nexo comply with strict regulatory requirements.
Vision and Strategic Expansion of Nexo
The move by Nexo to penetrate the Dubai market is a further part of its strategy of being agile and at the forefront of the digital assets space. The company has a user base of over seven million; therefore, the strategic importance of the Dubai market is recognized. Aligned with VARA’s regulations and guidelines, Nexo offers services compliant with local law and is accessible through mobile and web platforms. This method portrays Nexo’s flexibility and dedication to creating secure and well-regulated surroundings for digital asset activities.
The company’s co-founder and managing partner, Kalin Metodiev, showed excitement about the new opportunity and how it aligns perfectly with Dubai’s progressive regulations and innovative financial setting. Nexso’s licensing endeavors in Dubai are a component of the larger ambition to create an innovative lending, brokerage, management, and investment solutions system.
Regional and Global Implications
Dubai’s strategic approach toward blockchain and digital assets, best shown by the adoption of the strategy for blockchain in 2016 and the set-up of VARA in 2022, strengthens it as the hub of digital asset innovations on a global scale.
For Nexo, obtaining initial approval in Dubai is more than of regional importance but also an important step within its global expansion strategy. This move is expected to create new possibilities for growth by allowing Nexo to expand its premium services to a wider clientele in the Middle East and beyond.
In addition, Nexo’s new regulatory feats are followed by some challenges, including a settlement with the SEC and a legal dispute with Bulgaria. These developments underscore Nexo’s resolve to navigate the complex regulatory landscape of the digital asset sector while pursuing growth and innovation.
Read Also: BONK Sustains 137% Epic Rally as Robinhood Unveils Listing
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MicroStrategy saw its share plunge over 15% during a volatile trading session on Tuesday. The share plunge came a day after it had announced plans to buy more of the token using the money raised from the sale of $600 million in convertible senior notes. The announcement had sent the shares of the company up in the last trading session. However, the effect of the update seems to be fading now.
MicroStrategy Sees Shares Fall
Earlier in the trade, MicroStrategy shares fell over 7%. With a continued fall, the stock has toppled over 16%. The move comes in tandem with other crypto-related stocks are well. At the press time, Coinbase, Oracle, and Marathon stocks have also tumbled. Coinbase currently is trading down 2.8% while Oracle and Marathon have fallen 2% and 12% respectively.
Crypto Stocks Plunge Despite Bitcoin Breaking Records
The fall in MicroStrategy and other crypto-related stocks comes despite Bitcoin prices hitting a record high. The value of Bitcoin soared to above $69,000, setting a new record for the cryptocurrency. First reached on November 10, 2021, this noteworthy financial accomplishment highlights the increasing interest and trust that investors have in Bitcoin as a top digital asset.
Read Also: Bitcoin Achieves All-Time High, Climbing Above $69K
MicroStrategy’s Plans to Buy More Tokens
The largest corporate Bitcoin holder, Virginia-based MicroStrategy, had previously declared that it plans to buy more of the token using the money raised from the sale of $600 million in convertible senior notes. For MicroStrategy, increasing its Bitcoin reserve is not a novel decision. The co-founder of the business, Michael Saylor, has been an outspoken supporter of Bitcoin, calling it the best exit route. His substantial $155 million Bitcoin buy earlier, which increased the company’s holdings to 193,000 Bitcoins, showed his faith in the cryptocurrency.
The issuing of convertible senior notes by MicroStrategy as a means of acquiring additional funds is indicative of its aggressive approach to Bitcoin investing. These notes are positioned as senior, unsecured obligations of the corporation, with a semi-annual interest payment schedule beginning on September 15, 2024. These notes have a March 15, 2030, maturity date, unless they are redeemed, converted, or purchased before then. With the help of this financial tool, MicroStrategy can effectively raise funds and solidify its leadership position in the Bitcoin market. The business increased its Bitcoin holdings to 193,000 units in February, which, at current market rates, are worth close to $13 billion. Furthermore, MicroStrategy added to its holdings last month when it bought 850 Bitcoins.
The post MicroStrategy Shares Plunge After Token Purchase Announcement appeared first on CoinGape.
Amidst a new listing on Robinhood, popular memecoin BONK has picked up a massive upsurge as it is sustaining its recent epic rally.
BONK Joins Bitcoin and Ethereum on Robinhood
The American financial company and trading platform announced on X that it has started offering trading services support for BONK.
This means that interested customers in certain selected European Union countries can now buy, sell, and trade the memecoin on the platform. This listing places BONK amongst other top cryptocurrencies like Bitcoin, Ethereum, Dogecoin, and Solana that are also hosted on the platform.
Robinhood even has a system where customers get to earn a percentage of their trade in Bitcoin (BTC), an offering subject to terms and conditions.
In response to the listing, the price of BONK initially jumped by 19%, showing an increased interest amongst investors. At press time, BONK was trading at $0.00003431. Notably, the memecoin has been on a positive momentum for the last few days. Per the current market outlook, BONK has maintained a 137% growth over the trailing 7-day period.
Analysts suggest that this move is consistent with the performance that the memecoin showed around the time when it surpassed PEPE in market capitalization, even with the latter’s 184.8% increase. BONK ended up with a market cap of $1.4 billion leaving PEPE behind with $1.34 billion. This indicates a 90% surge for BONK over the same period.
Massive Memecoin Rally Still In Season
Noteworthy, the surge in the dog-themed memecoin’s price is part of the ongoing broad memecoin rally. Collectively, these cryptocurrencies have contributed to the $2.5 trillion market cap of the industry. Shiba Inu (SHIB) has equally seen a recent price jump of up to 52% accompanied by Dogecoin’s 18% gains. SHIB Price moved to $0.00001976 with a market cap of $11.65 billion.
The rally impacted its trading volume by 93% moving it closer to $14,809,107,426. Up until this time, the SHIB is still very bullish, reeling in more profits as its holders in profit soared to more than 84% per data from crypto analytics platform IntoTheBlock (ITB). Shiba Inu is trading at $0.00003724 with a 27.96% increase in the last 24 hours.
Considering the consistent increase in the last couple of days, it appears that the memecoin rally may be around for a while.
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Ethereum price prediction: ETH is slowly closing in on the crucial $4,000 level after Bitcoin price topped out at $68,537 on Monday, March 4. Select altcoins, especially meme coins like Shiba Inu (SHIB), Dogecoin (DOGE), Pepe, and more graced the market with triple-digit gains, accentuating the bullish theory.
The second-largest cryptocurrency, trading above $4,000 during US business hours, is only 22.83% from its record high of $4,891. Ether boasts a 7.2% increase in 24 hours on top of a 16% surge in a week and an impressive 64% in a month.
According to CoinMarketCap, ETH is experiencing a staggering accrual in trading volume to $33 billion, with the market cap rising to $456 billion. This significantly underscores the strong fundamental factors backing the current rally, including the Dencun upgrade on March 13.
Ethereum Price Prediction: ETH Goes Boom Ahead of Dencun Upgrade
Ethereum seems poised to break above $4,000 anytime from now. The unstoppable run is mainly buoyed by positive sentiment in the market as Bitcoin price rallies closing in on the all-time high, the anticipation for a spot ETF, and the upcoming Dencun upgrade.
The Ethereum Dencun upgrade will take place on March 13 following three successful testnets launches in the past months. This upgrade promises a lot of goodies for the Ethereum ecosystem such as lowering transaction fees on layer 2 protocols.
Network congestion will also be addressed with the block size increasing to 25 MB from 12.5 MB. With proto-danksharding, Ethereum will finally address scalability issues.
The coming days before the upgrade are expected to shape the outlook of Ethereum price, compelling investors to position themselves by buying ETH.
Growing optimism for a spot Ethereum ETF is another factor driving the price. The approval of Bitcoin ETFs saw investors, stakeholders and potential operators of the products shift their attention to Ethereum.
The Securities and Exchange Commission (SEC) is expected to consider greenlighting spot ETH ETFs, further fuelling interest in the cryptocurrency.
Recommended: 4 GameFi Rising Altcoins On The Move As Bitcoin Flirts With ATH
Assessing ETH Price Technical Outlook For March
After stepping above $3,800, Ethereum price teeters at $3,803. In addition to the bullish sentiment across the market, the uptick in price has been reinforced by the Moving Average Convergence Divergence (MACD) indicator as it rises above the neutral area.
Key bull market indicators like the 20-week Exponential Moving Average (EMA), the 50-week EMA, and the 200-week EMA are still catching up with the uptrend, signaling that the rally is far from over.
Traders would be interested in the way ETH price reacts to resistance at $3,800 over the coming sessions. A daily close above this level could trigger a larger breakout as bulls target highs above $4,000.
The expected increase in buying pressure due to the Dencun upgrade will also boost the price towards the all-time high. Hence, the likelihood of Ethereum soaring above $5,000 in quarter 1.
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Dogwifhat (WIF), one of the dog-themed meme coins and operating on the Solana cryptocurrency platform, has rapidly gained attention from investors due to its impressive performance. In just one week, WIF has surged by an astonishing 220%, driving its valuation beyond $1 billion in market capitalization. As a result, it has secured a coveted position among the top 100 cryptocurrencies. This surge is occurring amidst a broader bullish outlook for the meme coin sector, which has seen a 24% increase in the past day, bringing its total market capitalization to $64 billion. This extraordinary jump has prompted speculation among market participants about whether Dogwifhat price meteoric rise will ultimately drive it to the $2 mark. Let’s delve deeper into this captivating WIF journey.
Market Performance of Dogwifhat Price
Dogwifhat’s market performance has been extremely impressive, with bullish sentiment pushing its value to record highs. The current price of Dogwifhat is $1.85, with a significant 24-hour trading volume of $577.4 million. In the last day, its value has increased by 10.29%. Dogwifhat is currently ranked 61st on CoinMarketCap, with a market capitalization of $1.839 billion.
With a circulating supply of 998.9 million WIF coins, the dog-themed meme coin has experienced a 239% surge in price over the past week and an impressive 1013% increase since its launch. Notably, Dogwifhat reached its all-time high just a day ago on Mar 04, 2024, trading at $1.92, before experiencing a modest retracement of 4.47%.
Factors Propelling Dogwifhat Price Towards $2
Dogwifhat (WIF) is making waves in the crypto world, propelled by a myriad of factors that are driving its price toward the coveted $2 mark.
The primary reason behind the potential surge in Dogwifhat (WIF) price to $2 is the bullish prediction and endorsement by Arthur Hayes, the co-founder of BitMEX. Hayes expressed strong confidence in WIF’s potential, indicating that its price could rally to $2 soon. His influential statement, “The hat stays on. $WIF = $2,” coupled with his previous support for the meme coin, has created a significant wave of optimism among investors.
The hat stays on. $WIF = $2
Let’s make it happen fam.
How y’all going to spend your dog money riches? pic.twitter.com/MLkphIWPvn
— Arthur Hayes (@CryptoHayes) March 1, 2024
Additionally, Dogwifhat (WIF) has experienced a remarkable surge in its price recently, surpassing the $1 mark. This surge, combined with Hayes’ endorsement, has further boosted investor confidence in the Solana-based meme coin. The momentum generated by this surge and the endorsement by a prominent figure like Hayes contributes to the belief that Dogwifhat has the potential to reach $2.
Additionally, there was a significant occurrence involving a whale who recently invested $2 million into WIF tokens, recognizing the opportunity for profit. Another trader turned $310 into $3.12 million with WIF, indicating substantial returns. These narratives act as strong endorsements for the financial gain opportunities provided by Dogwifhat, enticing additional investors to get involved. They also demonstrate bullish sentiment and the likelihood of Dogwifhat’s price reaching $2.
The announcement of Dogwifhat’s listing on Robinhood, along with speculation about potential listings on major exchanges like Coinbase, has further increased confidence in the coin’s legitimacy and future prospects. This increased accessibility and exposure to a broader audience of investors contribute to the growing momentum behind Dogwifhat.
The upcoming listing on Binance, scheduled for March 5, 2024, also introduces new trading pairs and signifies a major milestone for Dogwifhat. This development could drive further demand and liquidity for Dogwifhat, potentially pushing its price towards the $2 mark. With the surge in trading volume and market cap, coupled with the increasing popularity of the meme crypto, the listing on Binance marks a significant step forward for Dogwifhat’s market presence and potential price trajectory.
Furthermore, Dogwifhat’s outperformance compared to established cryptocurrencies like Bitcoin and Ethereum underscores its unique value proposition and potential for high returns. Amid a frenzy around meme coins, Dogwifhat’s ascent is also fueled by the community’s excitement and engagement, acting as a powerful catalyst for its remarkable rally.
With these factors in play, the trajectory towards $2 for Dogwifhat seems increasingly likely. The only question remains as to when this milestone will be achieved, given the enthusiastic support and momentum behind the coin.
Technical Analysis of Dogwifhat (WIF)
The technical analysis of Dogwifhat (WIF) paints a positive picture of its market outlook. The moving averages, with figures such as the Exponential Moving Average (EMA) at 1.19464 and the Simple Moving Average (SMA) at 1.06913, indicate a strong bullish trend. Additionally, the MACD Level of 0.32910 and the Relative Strength Index (RSI) of 84.50871 further support this bullish sentiment.
However, investors should remain cautious of potential overbought conditions, as indicated by the high RSI value. It’s essential to keep an eye on support levels, such as the S1 support level at 0.36619, to manage risks effectively.
As Dogwifhat’s journey continues to unfold, it remains a compelling asset to watch in the dynamic landscape of cryptocurrencies.
The post Dogwifhat Price: Will WIF Price Hit $2 Soon? appeared first on CoinGape.
Bitcoin’s value surged to exceed $69,000, marking a new all-time high for the cryptocurrency. This significant financial achievement was first attained on November 10, 2021, and the recent resurgence in value underscores the growing investor interest and confidence in Bitcoin as a leading digital asset. Market analysts attribute this impressive rally to the substantial buying activity prompted by the launch of new U.S.-based spot Bitcoin Exchange-Traded Funds (ETFs), highlighting a pivotal moment in the cryptocurrency’s market dynamics.
ETFs Fuel Bitcoin’s Rally
The introduction of spot BTC ETFs in the United States on January 11 has been a key driver behind the cryptocurrency’s remarkable price performance. Opening at a price point of around $45,000, BTC experienced initial volatility with a dip to the $39,000 range, attributed to a common market reaction known as “sell the news.” However, the digital currency quickly regained momentum, soaring above $50,000 by mid-February. This rally was not just a temporary spike; after a period of consolidation around $51,000, Bitcoin’s value again catapulted, firmly establishing its new peak.
The significant rise in Bitcoin’s price points to a robust and growing enthusiasm among investors, particularly in response to integrating cryptocurrency into more traditional financial products like ETFs. This trend reflects the increasing acceptance of Bitcoin in mainstream finance and suggests a bullish outlook for its future market performance.
Bitcoin Halving Anticipation Spurs Crypto Rally
Bitcoin Bulls are on the move again, signaling a robust bull market for the world’s preeminent digital currency, which boasts a market capitalization surpassing $1 trillion. This surge in activity and value has been significantly influenced by BlackRock’s decision to pursue a Bitcoin ETF, marking a pivotal moment for Bitcoin as it embarks on its third major bull run. The involvement of BlackRock, the largest asset manager globally, has underscored the growing recognition of Bitcoin as an asset suitable for corporate investment through ETFs. This development and favorable macroeconomic shifts have played a crucial role in fueling Bitcoin’s ascent.
Aurelie Barthere, an analyst at Nansen, highlighted in her analysis how the Federal Reserve’s pause and subsequent halt in interest rate increases were key factors that helped Bitcoin find its footing in 2022, setting the stage for a significant rally post-November 2023. Barthere further noted the buoyancy in the technology sector, driven by enthusiasm around artificial intelligence advancements, which contributed to the sector’s new peaks. Moreover, the anticipation surrounding the Bitcoin Halving event has been identified as a positive influence on cryptocurrency prices, with historical trends suggesting exceptional returns during these periods.
Barthere elaborated on the broader financial landscape, pointing out that the strong performance of various risk assets, including cryptocurrencies, stocks, and credit, indicates a loosening of financial conditions since November of the previous year. This shift reflects a growing optimism among investors about the macroeconomic outlook, with diminished fears of a recession and reduced concerns over potential growth disruptions.
A noticeable scarcity of liquidity further characterized the rally towards the end of 2023. David Lawant, FalconX’s head of research, observed in October 2023 that the reluctance of sellers to part with their holdings has been instrumental in propelling Bitcoin’s price upwards, highlighting the dynamics of supply and demand that underpin the market’s movements.
Read Also: Ethereum Price Prediction: Why ETH Q1 Hype Cycle Could Peak Above $5,000?
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DWF Labs, a prominent entity in the digital asset landscape, has made a substantial commitment to the future of TokenFi by announcing a $10 million investment in $TOKEN. This pledge stands as a testament to DWF Labs’ unwavering support for TokenFi’s ambitious vision within the burgeoning digital asset sector. By injecting significant capital into $TOKEN, DWF Labs aims to play a pivotal role in driving the growth and success of TokenFi as it strives to become a dominant force in the industry.
Implications for TokenFi’s Dominance
The infusion of $10 million from DWF Labs holds profound implications for TokenFi’s trajectory in the digital asset arena. With this substantial investment, TokenFi is poised to fortify its foothold as a leading player in the market. Bolstered by enhanced financial resources, TokenFi can intensify its efforts to expand its suite of offerings and solidify its position as a go-to platform for tokenization solutions.
This strategic partnership underscores TokenFi’s commitment to innovation and excellence as it endeavors to carve out a prominent niche in the rapidly evolving digital asset landscape. TokenFi, renowned for its innovative platform facilitating crypto and asset tokenization, is perfectly aligned with this vision of industry growth.
TokenFi’s user-friendly interface, which requires no coding expertise, empowers users to effortlessly launch or tokenize assets. This commitment from DWF Labs not only validates TokenFi’s mission but also provides the necessary resources to drive its vision forward, further cementing its position as a leader in the trillion-dollar tokenization industry.
Also Read: Do Kwon Emerges Victorious Once Again in US Extradition Appeal
Growth Prospects in the Digital Asset Sector
DWF Labs’ investment in $TOKEN comes at a pivotal moment in the digital asset sector, amidst projections forecasting significant growth. Industry experts anticipate that the tokenization market could soar to a staggering valuation of $16 trillion by the year 2030. Such projections underscore the immense growth potential inherent in the digital asset space.
With forward-thinking initiatives like the partnership between DWF Labs and TokenFi, stakeholders are optimistic about the prospect of continued innovation and expansion within the sector. As companies vie for market leadership, stakeholders eagerly anticipate further advancements and breakthroughs that will shape the future of digital asset management.
Also Read: Binance List Pepe Coin and Myro Perpetuals with 50X Leverage
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The bullish trend in the crypto market is in an uptrend as Bitcoin’s price surge propels it near all-time highs, currently soaring past the $67,000 mark. This upswing has sparked a notable ripple effect, buoying 4 GameFi altcoins now experiencing significant movements.
Among these, Apecoin (APE), Alien Worlds (TLM), STEPN (GMT), and Gala (GALA) stand out for their dynamic performances. These digital assets capture attention for their unique contributions to the blockchain gaming and finance ecosystem.
1. Hedera (HBAR)
Hedera (HBAR), the native cryptocurrency of the eco-conscious Hedera network, serves multiple key roles, including transaction fees and network security, through a proof-of-stake protocol. With a cap of 50 billion coins, HBAR is accessible across various trading platforms.
Utilizing HBAR encompasses a range of network functionalities, from transferring HBAR itself and minting fungible and non-fungible tokens to smart contract executions and data storage. Built on the hashgraph consensus, the Hedera network prides itself on achieving top-tier security standards (ABFT) with rapid transaction speeds and minimal bandwidth usage.
Recently, HBAR has shown impressive market performance, with its price rising to $0.1263, marking a 7.01% increase within a single day. This upswing is part of a larger trend, as the cryptocurrency has surged over 85% in the last month. Currently positioned at 32nd on CoinMarketCap, Hedera boasts a live market capitalization of $4 billion.
2. Alien Worlds (TLM)
Alien Worlds (TLM) stands out in the digital realm as a blockchain-based, NFT-driven universe. In this interactive space, players vie for the coveted Trillium (TLM) resource amidst a bustling economy spread across various planets. The game integrates DeFi features, allowing participants to grow by staking TLM and casting votes within the governance of Planet DAOs.
The value of TLM has hit $0.026708, showcasing a remarkable 26% jump over the past week and an impressive increase of over 110% in the last month. Such dynamics underscore the asset’s strong upward momentum, positioning it as a top investment choice among alternative cryptocurrencies.
Ranking at 441 on CoinMarketCap, Alien Worlds boasts a market capitalization of $108,002,462, highlighting its growing significance in the crypto landscape.
3. STEPN (GMT)
STEPN (GMT) introduces an innovative health and fitness application that motivates users to stay active by offering rewards for movement. This unique platform allows individuals to earn tokens and NFT rewards through outdoor activities equipped with Sneaker NFTs.
STEPN’s ecosystem is comprehensive, featuring an integrated wallet, a feature for token swapping, a vibrant marketplace, and a novel RNPL (Rent Now, Pay Later) system. This strategy positions STEPN as a crucial link between cryptocurrency enthusiasts and newcomers to the digital currency space.
The platform utilizes a dual-token approach, comprising a game token known as the Green Satoshi Token (GST) and a governance token, the Green Metaverse Token (GMT). GMT serves as the governance backbone of STEPN and is employed in several key functions within the ecosystem.
As of the latest update, the GMT token is trading at $0.332968, marking a significant 4.49% increase over the past 24 hours. Its market capitalization is $585,852,369, placing it 136th on CoinMarketCap’s rankings. The token has seen a remarkable growth of over 34% in the past month, signaling a strong upward momentum in the market.
4. Gala (GALA)
Gala (GALA), the core cryptocurrency powering Gala Games, is the essential medium for obtaining NFT assets. It also rewards those operating Founder’s Nodes for their role in network maintenance. Additionally, GALA underpins transaction costs within the Gala blockchain environment. A daily allocation system divides GALA tokens equally, half to node operators and half retained by the Gala Games stewardship.
Lately, GALA has exhibited positive momentum in its trading activity. This uptrend has captivated an expanding investor base, significantly enhancing its market value. GALA’s price has soared to $0.04533, marking a 31% rise in just a week, positioning it as a notably ascending alternative coin.
Bottom Line
Bitcoin’s surge has sparked interest in GameFi altcoins such as Apecoin, Alien Worlds, STEPN, and Gala, showcasing the sector’s growth potential. This trend underlines the crypto market’s dynamic nature, hinting at a promising intersection of blockchain technology and gaming, poised for further expansion and innovation.
The post 4 GameFi Rising Altcoins On The Move As Bitcoin Flirts With ATH appeared first on CoinGape.
In response to the recent announcement by the BRICS nations, Bitcoin ETF issuer VanEck’s advisor, Gabor Gurbacs, has advocated for the adoption of Bitcoin (BTC) instead of rushing into Central Bank Digital Currencies (CBDCs). The BRICS announcement focused on the creation of an independent payment system based on digital currencies and blockchain technology. However, Gurbacs strongly disagreed with the idea.
VanEck Advisor Urges Countries To Adopt Bitcoin
The VanEck strategist took to the X platform to express his perspective on the CBDC initiative by BRICS. He encouraged Bitcoin adoption and stated, “Countries should just adopt Bitcoin instead of creating flavors of CBDCs.” BRICS, comprising Brazil, Russia, India, China, and South Africa, alongside Egypt, Ethiopia, Iran, and the United Arab Emirates, aims to bolster financial sovereignty and reduce reliance on the U.S. dollar.
Hence, the move underscores a global shift towards diversification in response to inflation and economic challenges. However, Gurbacs emphasized the pros of Bitcoin, highlighting its scarcity and decentralized nature as advantages over CBDCs. He asserted, “It takes commitment and humility to operate in a system where you can’t ad-hoc print money.” This reflects concerns over the potential for CBDCs to enable governments to exert undue influence over monetary policy.
The VanEck advisor further underscored the absence of an alternative to fiat systems. Gurbacs noted, “But that is exactly the alternative that’s missing from fiat systems.” This sentiment resonates with proponents of Bitcoin who advocate for a currency free from governmental control and manipulation.
Moreover, Gurbacs also highlighted the potential advantages of early adoption of Bitcoin, suggesting that nations stand to gain from embracing the crypto. He stated, “The first to adopt Bitcoin gain advantage.” This reflects the belief that Bitcoin offers opportunities for economic empowerment and independence.
Also Read: Louisiana Introduces Bill On Bitcoin Rights Amid BTC Price Rally To $68K
About BRICS’ CBDC Initiative
The BRICS announcement signals a concerted effort to explore alternative monetary systems, with a focus on digital technologies and blockchain. Kremlin aide Yury Ushakov underscored the importance of creating a payment system that is convenient, cost-effective, and free from political influence. He stated, “The main thing is to make sure it is convenient for governments, common people, and businesses.”
Furthermore, he spotlighted the commitment of nations to enhance the influence of BRICS in the global monetary and financial framework. The BRICS Contingent Reserve Arrangement (CRA) is commonly viewed as a rival to the International Monetary Fund (IMF).
In addition, recent disclosures unveiled collaboration among the Russian Finance Ministry, the Bank of Russia, and BRICS member states to develop various initiatives aimed at enhancing the international monetary and financial system. This encompasses the establishment of the BRICS Bridge multi-sided payment platform.
Also Read: Breaking: BRICS Plans Digital Currencies and Blockchain Based Payment System for De-Dollarization
The post Bitcoin Vs. CBDC: VanEck Advisor Advocates BTC Adoption Amid BRICS Latest Move appeared first on CoinGape.
Dog-themed coins like Shiba Inu Coin (SHIB), Dogecoin (DOGE), and frog-themed Pepe have tripled their value this week as Bitcoin continued with its winning streak since February.
Shiba Inu, for instance, exploded in triple digits of 290% in the last week to trade at $0.00004084 on Tuesday. Its older sibling, Dogecoin was not left behind, achieving a 90% increase to $0.18 in the same period.
Similarly, Pepe Coin surged in value by 256% in seven days, reaching a new all-time high of $0.000008518 on Monday. These impressive runs among dog-themed coins including the likes of Bonk, Floki, and Dogwifhat are bringing the meme coin hype back, with investors moving swiftly to capitalize on future price increases.
Is Shiba Inu Coin Poised For New ATH In March?
Shiba Inu is among the biggest gainers in the market after ascending to $0.00004593 from $0.000084 — the lowest point in 2024. It is trading at $0.00004122 during US business hours on Tuesday, maintaining a 55% surge in 2 hours.
With technical indicators like the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) backing the uptrend, Shiba Inu will likely uphold the uptrend this week and possibly as March progresses.
Traders would be looking out for a daily close above $0.000042 to reinforce the bullish outlook and bet on the price climbing to $0.00006 in the short term. A weekly close above the established support at $0.00004 will also serve as confirmation for the medium-term to long-term bullish outlook, paving the way for new all-time highs.
Dogecoin Price Taps $0.2 Barrier, What’s Next
The largest dog-themed coin, Dogecoin has like Shiba Inu rewarded holders with impressive gains from its lowest 2024 price point of $0.075 to highs of $0.2.
This bullish move occurred in tandem with Bitcoin price explosive rally that almost reached all-time highs late on Monday.
Despite the massive blast to $0.2, DOGE had retreated to trade at $0.1856 possibly to allow for re-accumulation and power the next breakout.
The position of the price above all three key moving averages — the 20-week Exponential Moving Average (EMA), the 50-week EMA, and the 200-week EMA implies that buyers have the upper hand.
An incoming golden cross which will manifest with the 50-week EMA (in red) flipping above the 200-week EMA (in purple), adds credence to the bullish theory.
As Dogecoin price rebalances after a commendable rally, breaking above $0.2 resistance level could trigger FOMO among investors who see DOGE achieving a new all-time high milestone in the coming weeks.
In case of a correction from the current price, the green band on the chart will provide support and prevent losses from extending to the area at $0.1 and below.
Pepe Coin: What’s Next After New ATH
Pepe Coin is among the meme coins that have hit a new record high early in the bull market. The token exploded past its previous historical high of $0.000004467 on Monday and is currently in price discovery mode, trading at $0.000007759.
The MACD in the weekly range is strongly bullish and with no signs of a possible pullback in the short term. A break above the current all-time high of $0.0000087 would bring forth another FOMO rally with Pepe likely to ‘swallow’ another zero and start trading above $0.00001.
The post Shiba Inu Coin, Dogecoin Steer Dog-Themed Coins Rallies: A Good Time To Buy Or Sell? appeared first on CoinGape.
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