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As the Bitcoin unwinding continues, the world’s second-largest cryptocurrency Ethereum has been facing an even steeper correction dropping another 7% on the weekly charts. The Ethereum price is trading much closer to the crucial support of $2,300 while the ETH whale selling has continued this week.

Ethereum Price Drop Under $2,300 Can Trigger 30% Crash

Popular crypto analyst Ali Martinez recently reported that $2,300 is a crucial support for ETH Price as 2.77 million addresses collectively purchased 52.65 million ETH. He said that if the bulls manage to defend this support and reverse the ETH trajectory, there’s the chance of another 3x rally from here. However, if the ETH bears manage to break under the $2,300 level, it could lead to another 30% crash all the way to $1,600.

“If Ethereum can hold above $2,300, we may see a new rally that could push the price toward $6,000,” Martinez noted. Thus, it is a make-or-break for the Ethereum price which could be a deciding factor for its future trajectory. As of press time, the ETH price is trading 1.2% down at $2,432 levels with a market cap of $2,422 levels.

On the other hand, following the Dencun upgrade, the Ethereum mainnet fee has touched an all-time low amid a surge in transactions on the Layer 2 platforms. Thus, with fewer fees burned, ETH has once again turned inflationary, reversing its current deflationary trend. This puts Ethereum price at the risk of a rally to $3,000. On the other hand, the continuous sell-off from ETH whales has dampened the market sentiment recently.

ETH Whale Selloff Continues

As per the recent data from Spotonchain, an ETH whale from the ICO era, who initially received 150,000 ETH during the Ethereum ICO, has made another substantial deposit to Kraken. Just four hours before, the whale has transferred 5,000 ETH worth $12.2 million, to the exchange.

The data also shows that over the past 15 days, this whale has deposited a total of 45,000 ETH ($113.3 million) to Kraken at an average price of $2,517. Following these significant transfers, the whale still holds 94,450 ETH, worth around $230 million. Thus, this continuous selling by the ETH whale shows

The Ethereum whale, who received 150K $ETH during ICO, deposited another 5K $ETH ($12.2M) to Kraken just 4 hours ago.

In total, this whale has deposited 45K $ETH ($113.3M) to #Kraken over the past 15 days at an average price of $2,517, leaving 94,450 $ETH ($230M) remaining.… https://t.co/2BLcWey4Kx pic.twitter.com/TnlbdrGV3d

— Spot On Chain (@spotonchain) October 8, 2024

As the sentiment around ETH weakens, investors are moving their money to Ethereum rivals like Sui (SUI), Solana (SOL) and Avalanche (AVAX) in the current market conditions.

On the other hand, inflows into Ethereum ETFs have also slowed down significantly. On Monday, October 7, none of the spot Ethereum ETFs saw any inflows.

The post Ethereum Price At A Make-Or-Break Junction, ETH Whale Selling Continues appeared first on CoinGape.

7 Oct 2024, 9:31 pm

Cryptocurrency Prices Today, October 8: The broader market on Tuesday witnessed a bag of mixed price actions, sparking investor speculations globally. Bitcoin (BTC) price slipped to the $62K level over the past day, whereas Ethereum (ETH), Solana (SOL), and XRP mimicked a waning price trajectory. Besides, NEIRO and Sui emerged as the day’s top gainers.

Simultaneously, the global crypto market cap saw a 2.27% decline in value to reach $2.17 trillion today. However, the total market volume noted a 61.71% surge to $78.76 billion. Here’s a brief report on some of the top cryptocurrencies by market cap and their price action today, October 8.

Cryptocurrency Prices On October 8: BTC, ETH, SOL, & XRP Volatile

BTC price again encountered significant volatility today, slipping to the $62K level after showing signs of recovery the previous day. Simultaneously, ETH, SOL, and XRP prices cracked 1%-3% in the past 24 hours. Nevertheless, NEIRO and SUI defied the broader market trend today, soaring 11%-19%. Let’s delve deeper into the coins’ prices today.

Bitcoin Price Today

BTC price chart showcased a roughly 1.5% decline in value and is now trading at $62,689. The flagship crypto’s 24-hour low and high were recorded as $62,152.55 and $64,443.71, respectively. This slumping action comes despite $235.19 million inflows in Bitcoin ETFs as of October 7, raising market concerns. Meanwhile, BTC’s market cap rested at $1.24 trillion today. Notably, the coin’s market dominance remained the same over the past day, standing at 56.77%. Further, it’s noteworthy that BTC may witness increased selling pressure ahead as the US government could sell nearly 69,000 BTC, CoinGape Media reported.

Ethereum Price Today

ETH price slipped nearly 3% in the past 24 hours and is currently trading at $2,439. The coin’s intraday low and high were recorded as $2,405.13 and $2,520.41, respectively. Meanwhile, spot Ethereum ETFs recorded net flows worth $0 million over the past day, per Sosovalue data, sparking investor speculations globally. Whale Alert data illustrated that ETH dumps to Coinbase were on the rise, aligning with the price’s waning movement.

Solana Price Today

The crypto SOL experienced a fall of over 3% in the past 24 hours, and the price is currently at $145. Its intraday low and high were registered to be $143.60 and $152.10, respectively. Solana’s market cap rested at $67.94 billion today. The coin’s price action mirrors the broader market trend.

XRP Price Today

XRP price slipped nearly 2% in the past 24 hours and is now trading at $0.5322. Its 24-hour low and high were recorded as $0.5291 and $0.5454, respectively. XRP’s market cap rested at $30.1 billion today. Meanwhile, the Ripple SEC settlement appears to be unlikely given the recent notice of appeal, CoinGape Media reported.

Meme Coins Prices Today

Simultaneously, Dogecoin (DOGE) price witnessed a nearly 4% drop in value and is currently trading at $0.1095. Similarly, even Shiba Inu (SHIB) price plummeted roughly 4% to $0.00001761. Meanwhile, PEPE, WIF, and BONK prices tanked 3%-8% in the past 24 hours.

Top Cryptocurrency Gainers Prices Today

First Neiro On Ethereum Price

NEIRO price surged nearly 19% in the past 24 hours, and the coin is now sitting at $0.001727. Its intraday low and high were recorded as $0.001395 and $0.001872, respectively.

Sui Price

SUI price soared nearly 11% over the past day and is now trading at $2.10. The coin’s intraday low and high were $1.89 and $2.16, respectively.

Conflux Price

CFX price reflected gains worth nearly 3.5% in the past 24 hours and is now trading at $0.1891. The crypto’s 24-hour low and high were recorded as $0.1818 and $0.2131, respectively.

Top Cryptocurrency Losers Prices Today

Popcat Price

POPCAT price dropped 8% in the past 24 hours and is now trading at $1.30. The coin’s intraday low and high were recorded as $1.27 and $1.48, respectively.

Bonk Inu Price

BONK price dipped over 7% in the past 24 hours and is now sitting at $0.0000214. The coin’s intraday low and high were recorded as $0.00002113 and $0.00002329, respectively.

Ethena Price

ENA price cracked over 6% today to reach $0.2885. The crypto’s intraday low and high were $0.2833 and $0.3102, respectively.

Besides, the hourly time frame charts illustrated that BTC fell by 0.12% and ETH by 0.05%, raising further concerns among market participants over cryptocurrency prices today.

The post Cryptocurrency Prices On Oct 8: BTC Wanes To $62K But SUI & NEIRO Up 11%-19% appeared first on CoinGape.

7 Oct 2024, 9:30 pm

AI coins have witnessed significant price gains alongside the Nvidia stock, which hit a six-week high with recent bullish developments for the company. These coins have a positive price correlation with the NVDA stock and could continue to rally with the tech company expected to make some bullish announcements at its summit which began today.

AI Coins Rally With Nvidia Stock

Artificial intelligence (AI) related crypto coins have rallied alongside Nvidia’s NVDA stock. The top AI coins, Near Protocol (NEAR) and Bittensor (TAO) are up over 7% and 8%, respectively, in the last 24 hours.

The Artificial Superintelligence Alliance (FET) coin has also rallied almost 4% in the last 24 hours. Injective (INJ) is also among the AI coins that have soared with a price gain of over 3% during this period.

These coins have rallied with the Nvidia stock, which hit a six-week high today. Nasdaq data shows that NVDA rose to as high as $130 today, its best daily performance in the last six weeks. The stock is up following recent bullish developments for the tech giant.

Nvidia’s CEO Jensen Huang mentioned that the company is witnessing an “instance” demand for its Blackwell AI chip. Meanwhile, the company partnered with IT consulting giant Accenture to boost AI adoption among enterprises.

Will The Rally Continue For These Coins?

With Nvidia’s ongoing AI summit, AI coins are expected to keep rallying, at least in the short term. The company is expected to make game-changing announcements that will provide bullish momentum to the Nvidia Stock. Given their strong positive price correlation with the NVDA stock, these AI tokens will also enjoy significant price gains as the stock rallies.

The AI narrative is also hot at the moment, with companies like Meta and Open AI making great strides in the industry. Meta recently launched a new AI model to compete with tools from rivals like Sam Altman’s Open AI. Meanwhile, Open AI also recently secured funding of $6.6 billion, with the company’s valuation at $157 billion.

Therefore, AI coins will continue to become more valuable as the AI industry grows, with companies like Nvidia, Open AI, and Meta leading the way.

Moreover, these tokens, especially Bittensor, boast bullish fundamentals, which will continue to trigger price rallies. The AI search platform Kaito AI revealed that TAO now represents 29.55% of Grayscale’s AI fund.

The post AI Coins Soar As Nvidia Stock Hits Six-Week High, Rally To Continue? appeared first on CoinGape.

7 Oct 2024, 2:44 pm

The Solana-Meme cryptocurrency Dogiwfhat surged 5.4% on Monday’s market uptick, hitting a two-month high of $2.77. The bullish momentum was bolstered by the WIF buyer’s attempt to break past a 190-day resistance and a significant spike in future open interest (OI). Will Dogwifhat price lead the meme coin rally in October?

Dogwifhat Price Eyes Massive 50% Surge as Key 190-Day Barrier Falls

In the last 4-days, the Dogwifhat price sharply rose from $2 to $2.7, recording 34% growth. Consequently, the altcoin market cap boosted to $2.67 Billion. This price jump undermined the bearish pullback triggered by the Israel-Iran war and breached the $2.5 level.

An analysis of the daily chart shows the two converging trendlines drove a steady 6-month correction, which pushed the price to a low of $1 in early August.

This, the wedge pattern Breakout signals a major trend reversal for Dogwifhat price. If the demand pressure persists, the buyers could drive a 54% rally to chase $4.08 before challenging the peak of $4.86.

A potential bullish crossover between the 50-and-100-day exponential moving average would accelerate the recovery momentum and bolster a sustained rally.

Check out the article on top meme coins to buy for a detailed analysis

WIF Price Ends 190 days for Trend Reversal

According to Coinglass, WIF open interest has surged dramatically since mid-September, rising from $195.7 million to $370 million, reflecting an impressive 89% growth. This sharp increase in open interest indicates growing participation in the WIF futures market, suggesting a substantial buildup of positions by traders anticipating significant price movements in the near future

.Average Directional Index, ADX, at 28%, is poised in the overbought region. However, the momentum indicator Average Directional Index, at 28%, is poised to enter the orbought region.

Typically, this ADX high value indicates the buyers will soon hit exhaustion and could require a buyer for back to recuperate the bullish momentum. However, if the dogwifhat price breaks below $2, there’s a good chance of a notable crash to $1.

The post Dogwifhat Price Eyes 50% Surge As Buyers Break 190-Day Resistance  appeared first on CoinGape.

7 Oct 2024, 2:14 pm

Recently, the legendary venture capitalist Tim Draper shared his thoughts on the changing world of crypto. Asserting that “Bitcoin is here to stay,” he criticized the SEC for clinging to outdated regulations that hinder crypto innovation. He argued that the US must embrace the evolving financial landscape or risk losing its technological leadership.

He went so far as to suggest that presidential candidates may adopt crypto to promote innovation.

Tim Draper Warns SEC Stifles Crypto Innovation

A billionaire and venture capitalist, Tim Draper, said much of the world is seeing giant leaps in progress. At the same time, the SEC regulations are notorious for many American innovators. He said this puts a “dark cloud” over the US crypto space, pushing innovation abroad.

He stated:

“The SEC is living in the past. It’s an 80 year old set of laws that they’re clinging to, and it’s just time to change. You know, the world’s moved on.”

Tim Draper highlighted several frustrations with current SEC regulations regarding cryptocurrencies. He finds it “ludicrous” that he cannot conduct airdrops or place crypto bets on baseball games in the US, pointing to an inconsistency in stocks and crypto assets regulation. He reiterated a recent situation where House Majority Whip Tom Emmer and House Financial Services Committee Chairman Patrick McHenry raised concerns over the SEC approach to classifying airdrops as securities.

Draper argued that if cryptocurrencies were treated as currencies, they should be regulated like other currencies. They should be handled similarly to other assets if they’re considered assets. He warned the SEC that overlapping regulations are stifling innovation, pushing technological progress to other countries, and fears that the US could fall behind if this continues.

Furthermore, he predicted that SEC Chairman Gary Gensler’s legal defeats in court could lead to his removal from office. He also suggested that Gensler’s approach to regulating crypto has been ineffective, and as a result, he believes Gensler will eventually be fired. The truth is that Gensler’s aggressive regulations on crypto firms like Binance and Coinbase have marked his divisive SEC leadership. Therefore, republican lawmakers allege Gensler’s hiring practices favor candidates with left-leaning affiliations and urge his leave.

Meanwhile, Tim Draper was particularly excited about Bitcoin being in a leading position to challenge the fiat money supply. He pointed out rising inflation rates and eroded purchasing powers of traditional currencies and emphasized that more would start using Bitcoin to buy everyday things.

He stated:

“Bitcoin is our saviour…Eventually, we are all going to Bitcoin.”

“Hodl Your Own Bitcoin, Skip the ETFs”

He further went on to talk about self-custody with regard to cryptocurrency investments and never relying on ETFs. He wants everybody to hold their Bitcoin directly and ensure it is in their possession.

With Tim Draper continuing to invest and hoard more Bitcoin, he is literally the meaning of “hodler.” For him, Bitcoin is not just a digital asset. It’s one of the founding building blocks of a more robust global economy.

Draper continued by elaborating on how he invests in companies that build infrastructure for the cryptocurrency space. He mentioned having invested in Arkham, which puts names on Bitcoin wallets-a concept of interest for both users and the US Marshals Service. According to him, the token has been performing well, thus cementing its place on his list of successful investments.

He also talked about the diversity of his portfolio made up of early investments in projects like Tezos, Bancor, and Handshake.

He further explained how everything from passports to real estate deeds might someday exist on blockchain wallets. Tim Draper said smart contracts are one of the biggest inventions because business deals would be transparent and automated. He also spoke to regulations and the political landscape, noting that many of the innovations in the US were currently being developed overseas because of uncertainty around regulations.

Here, he reiterated a recent statement from Solana co-founder Anatoly Yakovenko, who said he was frustrated that most of the jobs in the Solana ecosystem could be in California or elsewhere in the United States but have become overseas.

Crypto Boom as Presidential Candidates Show Support

The seasoned investor remains optimistic, saying cryptocurrencies will be huge now that both leading candidates for the US presidency are in support. He insisted on balancing innovation and regulation, calling lawmakers to accept crypto if they want the United States to keep leading technologically.

Tim Draper’s interest in cryptocurrency was sparked when he realized Bitcoin’s transformative potential. Having faced setbacks such as losing a quantity of Bitcoin in the Mt. Gox incident, he has neither abandoned nor lost faith in the asset class.

He continues buying Bitcoin to this day. The entrepreneur sees it as superior to traditional currencies. He sees it as the means for storing value and transacting across borders without government interference.

From programs like Draper University, he has mentored thousands of entrepreneurs. His journey teaches us the ability to adapt and emerge strong in an ever-changing world of technology and finance.

The post Billionaire Tim Draper Warns The US SEC, Says Bitcoin Cannot Be Stopped appeared first on CoinGape.

7 Oct 2024, 12:42 pm

Judge John Dorsey of the US Bankruptcy Court for the District of Delaware has finally approved the FTX Bankruptcy plan. This official approval comes about two years after the trading platform collapsed and John Ray III took over.

FTX Bankruptcy Plan Approved, What Next?

This approval is a positive news for members of the community whose funds got locked on the exchange. Considering the events of the past few weeks, many showed confidence that the FTX bankruptcy plans will be approved by the Court.

With this approval, a total of $6.6 billion will now be distributed to FTX creditors as confirmed in a creditors’ voting last week. The timeline for this distribution is slated to span 4 to 8 weeks from now. This voting plan scored massive support or 94% from creditors in the “dotcom customer entitlement claims.”

However, the plan did not fly without opposition as entities like Sunil Kavuri, an FTX Creditor representative, opposed the plans. His major concern hinges on the modalities of payment in the FTX bankruptcy plan. While Kavuri preferred crypto equivalent, the exchange has secured approval for a dollar payout.

With Judge John Dorsey ratifying the plan, 98% of FTX creditors will get back 118% of their funds in fiat. The total payoit may stretch up to $16 billion per the approved plans. Judge Dorsey highlighted in a statement that the FTX bankruptcy plan marked one of the most complex in related Chapter 11 proceedings.

Many investors and creditors are still reeling from the impact of the FTX collapse. The trading platform literally swallowed up to $8 billion of customers’ funds in alliance with Alameda Research. Under John Ray III, the defunct exchange launched a task force to recoup the mismanaged funds.

For the past 2 years, the firm sued rival exchanges like Bybit and recalled donated funds to charity made by Sam Bankman-Fried. The bankruptcy plan approved by Judge Dorsey marked the success of the effort thus far, ending anticipation for payout by FTX creditors.

What Next For FTX?

There are many unclear path forward for the trading platform. In the early days of the bankrupcy, John Ray III expressed hope in restarting the firm. With a quest to solicit investors launched at the time, in-house lawyer Andrew Dietderich stated that investors were not interested in backing the firm.

With a rather peaceful close to the bankruptcy, it remains unknown whether the management will revisit the FTX 2.0 plans.

In the meantime, FTX co-founder Sam Bankman-Fried has appealed his sentence as he believed he did not deserve the 25-year jail term. On the contrary, Former Alameda Research CEO Caroline Ellison took her 2-year sentencing in good faith, saying she was not “brave enough” to walk away from the exchange and SBF.

The post Breaking: US Judge Approves FTX Bankruptcy Plans Paving Way For Repayment appeared first on CoinGape.

7 Oct 2024, 12:29 pm

Crypto scam: Blockchain investigator ZachXBT has recently facilitated the recovery of approximately $275,000 in stolen cryptocurrencies from a Coinbase customer who fell victim to a social engineering crypto scam. This scam reportedly siphoned around $5 million in assets from various victims. The recovery and ongoing investigation highlight significant vulnerabilities within the digital asset community.

ZachXBT Tracks Down $275K in Crypto Scam Involving Coinbase

According to a recent tweet, ZachXBT helped recover $275,000 from an elaborate social engineering crypto scam. Scammers posing as Coinbase support staff deceived an elderly US resident in the incident. They targeted the victim’s life savings and manipulated them into transferring their holdings to a fraudulent account.

ZachXBT traced the stolen assets across multiple blockchain platforms and successfully recovered the funds. According to the blockchain investigator, the funds will be returned to the victim immediately.

However, this case was part of a pattern of crypto scams involving over $5 million stolen. ZachXBT noted that the scammers laundered the funds through complex pathways, including unlabelled centralized exchanges and the Tron blockchain, before converting them into stablecoins at an OTC desk. The investigation is ongoing, with efforts to identify other victims and prevent future incidents.

More so, the scam unveiled by ZachXBT serves as a critical reminder of the risks associated with digital asset transactions, particularly for less tech-savvy people.

Rising Trend in Scams And Regulatory Responses 

According to a report by analytics firm Chainalysis, in early 2024, stolen fund inflows nearly doubled from $857 million to $1.58 billion, reflecting a worrying trend in crypto scams.. In early 2024, stolen fund inflows nearly doubled from $857 million to $1.58 billion, reflecting a worrying trend in crypto scams. 

Additionally, these incidents pose a threat to individual investors and jeopardize the integrity of the broader crypto ecosystem.

For instance, a recent crypto scam saw 250 UK investors fall for a fake Bybit demo account that saw them lose $650, 000. The scammer, called “Ape 31,” had changed the deposit addresses, which made it difficult to identify him and to take back the stolen amount. 

Due to the recent upsurge in the number of such scams, the Commodity Futures Trading Commission (CFTC) alongside the Securities Exchange Commission (SEC) is enhancing efforts to curb cryptocurrency scams especially the so-called “pig butchering”. These schemes involve scammers forming romantic relationships to gain victims’ trust, then leading them to invest in nonexistent opportunities. 

Collaborating with the FBI, IRS, and the American Bankers Association Foundation, the CFTC is equipping the public with crucial knowledge and tools to identify and avoid these deceitful tactics.

Following these efforts, most recently the FBI seized over $6 million in cryptocurrencies linked to a Southeast Asia-based scam targeting US investors. Assistant Director Chad Yarbrough emphasized the severe impacts of these fraud schemes. He also noted the significance of the FBI’s ongoing actions to mitigate such devastating losses to Americans. 

These collective actions underscore the urgent need for increased awareness and enhanced regulatory frameworks.

The post Crypto Scam: ZachXBT Aids Recovery of Stolen Funds In Coinbase-Linked Scam appeared first on CoinGape.

7 Oct 2024, 12:11 pm

There have been several bullish Bitcoin news these past few days. However, a recent Supreme Court ruling could dampen the mood as the US government has gotten the clear to proceed with selling 69,370 BTC associated with the Silk Road marketplace. This is significant as a sale of such magnitude could put massive selling pressure on the flagship crypto.

Bitcoin News: US Government Could Sell 69,000 BTC

The US government could soon sell over 69,000 BTC following the Supreme Court’s denial of a certiorari petition in the Battle Born Investments case against the United States. This Bitcoin news could negatively impact the Bitcoin price. Such a sale will put significant selling pressure on the flagship crypto.

This case involved the ownership of 69,370 bitcoins ($4.4 billion) linked to the Silk Road Marketplace. The government had initially seized these coins from ‘Individual X’ as part of the forfeitures from the dark web marketplace.

The Northern District of California also ordered these coins forfeited in 2022. However, Battle Born Investments appealed to the Supreme Court to claim ownership of these coins, which was why the sale of these coins has been put on hold until now.

The firm, which purchased bankruptcy claims following Silk Road’s collapse, argued that they owned the bitcoin that ‘Individual X’ stole from the dark web marketplace. However, the Supreme Court has chosen not to hear Battle Born’s appeal despite their claims to be the innocent owner of Silk Road’s property, including the 69,370 BTC stolen by individual X.

Supreme Court Order Gives The Government The Go-Ahead

The US Supreme Court’s denial of the petition for certiorari means that the Northern District of California’s forfeiture order remains the law. As such, this gives the government the go-ahead to sell these coins.

While such Bitcoin news provides a bearish outlook for the flagship crypto, it is worth mentioning that there are still formalities that the US Marshals or any other agency looking to liquidate these coins must follow.

Meanwhile, instead of selling these bitcoins, Democratic Representative Ro Khanna said the US government should keep seized bitcoins as a strategic reserve asset. Republican presidential candidate Donald Trump has also promised to create a Bitcoin strategic reserve if elected President. Considering how much BTC the US holds from seizures, Trump could adopt Khanna’s advice.

Bitcoin Treasuries data shows that the US is the largest Bitcoin holder among world governments, with 203,239 BTC. Interestingly, the majority of these coins are from the Silk Road marketplace.

A potential Bitcoin news around the US government selling any of these coins will bring back memories of the German government’s sale of almost 50,ooo BTC between June and July earlier this year. This move led to the Bitcoin price dropping below $55,000 at the time.

The post Bitcoin News: US Government Could Soon Sell 69,000 BTC, Here’s Why appeared first on CoinGape.

7 Oct 2024, 11:42 am

The SUI price surged 12.7% during the U.S. market trading sessions, currently trading at $2.07. The bullish trajectory can be attributed to TVL’s surge above the $1 Billion mark, and Bybit’s Launchpool supports SUI as its first native token. Will the recovery break ATH or selling waiting for a counter-attack?

SUI Price Gives $2 Breakout as Daily Transactions Soar 112%; All-Time High Incoming?

According to Artemis data, the SUI’s daily transactioFns skyrocketed from $4.1 Million to $9.0 Million— a 120% surge in October. This sharp increase is driven by key developments such as Bybit’s launch pool support, SUI’s Total Volume Locked (TVL) surge, and high momentum price rally. 

The uptrend in SUI transactions indicates heightened user activity, contributing to a more secure and robust network.

Bybit Boosts SUI Ecosystem with Launchpool Support

Bybit Launchpool’s recent decision to support the SUI pool as its first native token is a significant step for both Bybit and the SUI ecosystem. This move strengthens SUI’s presence in the DeFi space, as the integration into a major exchange brings increased visibility and liquidity.

Bybit also shares the replacement of the existing USDT pool with the USDC pool. Bybit’s recent introduction of the NAVI token from the SUI ecosystem further solidifies its commitment to supporting and expanding the SUI network.

By press time, the SUI price traded at $2.13, while the market cap was $5.9 Billion.

SUI Stands 1% Away From New High

The Layer-1 cryptocurrency SUI emerged among the highest-performing digital assets in September. From the recent bottom of $0.75, the SUI price surged 180% to trade at $2.18.

A bullish breakout from the $2 psychological level will give buyers potential support to challenge the ATH resistance of $2.17. A successful flip of overhead resistance into potential support could drive SUI price to $2.5 next.

While the SUI price is poised to hit new highs, the oversold technical indicator suggests that the buyers must be exhausted. The Average Directional Index (ADX) at 54% hints the altcoin could enter a temporary pullback to recuperate the bullish momentum. 

Currently, the 20-day exponential moving Average at $1.65 and 50 EMA at $1.35 stand as pullback support for crypto buyers.

The post SUI Price Teases $2 Breakout as Daily Transactions Surge 112%; ATH Next? appeared first on CoinGape.

7 Oct 2024, 11:28 am

The winning odds are turning in favor of Republican Presidential Candidate Donald Trump. A significant percentage of Polymarket bettors have tipped the 78-year-old politician over his Democrat counterpart Kamala Harris.

Donald Trump Leads Winning Odd by 8% on Polymarket

According to Polymarket data, Trump is leading at 53.6% while Harris is on 45.6%. This has been the trend since an outstanding pivot from when Kamala Harris lead the race weeks back. She was way ahead of Trump until sometime in August when the Democratic National Committee (DNC) released its party platform despite shunning cryptocurrencies.

Following the stunt, Donalt Trump immediately regained lead on betting markets.

When Russian President Vladimir Putin made a public endorsement of Harris, there were concerns that she would outrun Trump. Instead, the Republican presidential candidate surged ahead of her by 7% points on Polymarket. The latest development could be attributed to Elon Musk’s recent effort.

Elon Musk boosted Trump’s win odds by attended the former President’s rally in Butler, Pennsylvania. While he was there, he expressed his support for Donald Trump wearing a unique ‘Make America Great Again’ cap and declaring himself as ‘Dark MAGA’.

Not only did this action boost the price of the underlying memecoin, it might have pushed the winning odds forward. At this rate, Kamala Harris may need to put in more effort and a stronger PR to win the 2024 Presidential elections.

Robinhood CLO to Replace Gary Gensler

The growth in the Polymarket winning odds of Donald Trump might favor the crypto industry. If these odds are sustained and translates to an actual win, it might lead to a change in the leadership of the US SEC. In earlier reports, Trump has reiterated his plans to fire Chairman Gary Gensler from office.

If these events play out, there are reports that Donald Trump plans to replace him with Robinhood CLO Dan Gallagher. Several key crypto industry players believe that this change will offer a potential shift in the regulatory landscape. Amongst many factors, Gallagher’s past experience as an SEC commissioner as well as his current role at Robinhood makes him a favorite among many in the financial sector.

His legal expertise and political background also strengthens his position for the top SEC role. Gallagher is one of those who constantly spoke against the SEC’s policy under Gensler’s leadership.

The post What Does Donald Trump Lead Over Kamala Harris Mean For Crypto Market? appeared first on CoinGape.

7 Oct 2024, 11:08 am

The XRP lawsuit case has taken a new turn with the latest US SEC appeal in the legal battle. The latest appeal signals further extension in the legal battle between the blockchain firm and the agency. Notably, many renowned lawyers do not anticipate the legal battle to be over anytime soon.

However, amid this, an ex-SEC lawyer reveals a potential reason behind the US SEC’s appeal in the case.

Expert On Ripple SEC Settlement In XRP Lawsuit

The XRP lawsuit has been one of the longest-running high-profile cases in the crypto market. Notably, Ripple has consistently remained committed to not settling over XRP’s security classification. Notably, the court has already ruled that XRP is not a security, sparking optimism in the market.

However, the recent US SEC appeal is seen as a strategic move by the agency to challenge this ruling. Besides, targeting Ripple CEO Garlinghouse and Chris Larsen in the appeal has also sparked speculations in the broader crypto market, let alone the XRP community.

Now, in a recent X post, ex-SEC lawyer Marc Fagel said that a Ripple SEC settlement is unlikely given the recent appeal. He explained that any settlement now would not overturn the court’s previous summary judgment, which ruled in Ripple’s favor regarding XRP’s non-security status.

As such, the appeal remains a critical obstacle in any potential settlement talks. Legal experts argue that unless the SEC’s appeal is resolved, Ripple has no incentive to settle, especially with a favorable ruling in hand.

This stance was also echoed in a statement by crypto commentator Cryptoinsightuk, who suggested Ripple might consider settling based on the appeal’s outcome. However, Fagel was quick to dismiss this idea, reinforcing that Ripple has little to gain by settling under current conditions. Instead, both parties are likely to brace for an extended legal battle, with no immediate resolution in sight.

XRP Price Soars Amid Ripple Cross-Appeal Anticipation

According to market experts, the Ripple is likely to cross-appeal in the ongoing XRP lawsuit. In addition, Ripple CLO Stuart Alderoty has also slammed the US SEC after the recent appeal notice filing, saying that the company might consider a cross-appeal in the case.

On the other hand, pro-XRP lawyers have also predicted that the Ripple SEC case is likely to conclude in late 2025 or early 2026. This indicates that the legal battle, which has already extended for a longer period, will continue in the near future.

Amid this, XRP price soared $0.54 mark today, with a gain of over 2%, while its trading volume jumped 77% to $1.08 billion. Notably, the crypto has touched a high of $0.5454 and a low of $0.5305 in the last 24 hours. Furthermore, CoinGlass data showed that XRP Futures Open Interest rose more than 2%, indicating a positive sentiment hovering in the market.

Meanwhile, despite the recent US SEC appeal, crypto experts have showcased bullish sentiment on XRP. Besides, a recent XRP price analysis suggests that the crypto could hit the $277 target in the coming days.

The post XRP Lawsuit: Why Is Ripple SEC Settlement Unlikely After Agency’s Appeal? appeared first on CoinGape.

7 Oct 2024, 11:04 am

Fold, a Bitcoin financial services company, has filed an S-4 with the SEC as it prepares to go public as it currently holds over 1,000 Bitcoins in its corporate treasury.

The company operates a cashback debit card and allows users to purchase or sell Bitcoin directly via their accounts, making it a minor rival to Block’s (SQ) Cash App, enabling Bitcoin purchases and sales in addition to cashback rewards in cryptocurrency.

Fold IPO: Bitcoin Rewards Giant to List on Nasdaq

The company finally filed for IPO and now awaits the SEC’s answer. However, its decision to go public was announced in July this year and it befits the rapid growth and transformation characterizing the fintech industry at the moment. As underlined by the chief executive, the IPO will avail much-needed capital for expanding services and improving technological infrastructure. The plans are to use money raised through the listing to boost user experience, develop new products, and expand market reach.

NEW: #Bitcoin only financial services company Fold files S-4 with the SEC, getting closer to going public pic.twitter.com/TvbpGCT5pt

— Bitcoin Magazine (@BitcoinMagazine) October 7, 2024

Fold’s Bitcoin strategy is also part of a broader trend for fintech companies to integrate digital currencies into their businesses. It makes the company look forward-thinking and ready for the future of finance. So far, this has yielded significant returns; any increases in Bitcoin’s value bolster the firm’s balance sheet.

The rewards model lies at the heart of the company’s business model, allowing users to earn Bitcoin through purchases. This has driven user growth and engagement as people look for ways of acquiring more Bitcoins without directly investing in the market. The IPO should be among the most important events in fintech and crypto. The firm says its innovative approach and strong market position attract huge investor interest. It will list shares on NASDAQ under the ticker symbol FOLD.

Fold IPO – Next MicroStrategy?

If listed, Fold will join an elite group of well-known public companies with Bitcoin on their balance sheet. Most prominent among them is MicroStrategy, holding a stash of 252,220 Bitcoins as of September, which, if valued at today’s prices, will be worth approximately $15 billion. Recently, the company’s CEO, Michael Saylor, updated his followers about the company’s plans to offer a private offering of $700 million in convertible senior notes.

However, it’s not just MSTR that is grappling with Bitcoins. As of September, Block is holding 8,211 Bitcoins, representing more than $630 million.

Optimism over spot Bitcoin ETFs, this year’s Bitcoin halving, and next year’s US presidential elections will propel Bitcoin prices higher in 2024. Still, crypto investors remain confident that the election results between Donald Trump and Kamala Harris will not impede Bitcoin’s journey toward the $100,000 mark.

This optimism has simultaneously increased stock prices of those companies holding Bitcoin-for instance, Bitcoin is up about 49% year to date. In comparison, shares of MicroStrategy have surged nearly 165% in the same period.

Fold CEO: “We Nailed the Timing”

In a recent interview, Will Reeves, founder and CEO, emphasized the importance of timing, stating that the company has effectively nailed the timing of its product. By allowing users to passively stack sats through a product that offers Bitcoin rewards for daily spending instead of traditional cash back, Fold creates a valuable first-touch experience with Bitcoin.

After identifying its core user base and refining the sats-back experience, Fold has expanded its product offerings to include additional Bitcoin services, such as buying and selling Bitcoin within the app and bill payment for sats back. Plans are in place to introduce a credit card and more financial services. The approach involves starting simple, providing value, ensuring optimal timing, and then expanding the service portfolio, which appears to be a successful strategy.

For founders in the crypto space, it’s highly recommended to listen to the episode for valuable insights, especially regarding when to focus on product development and when to prioritize growth. The perspective shared highlights that bear markets are ideal for building, while bull markets are best for attracting a wider audience and capturing as many new users as possible.

The post Fold Awaits SEC Approval for Landmark Bitcoin IPO appeared first on CoinGape.

7 Oct 2024, 10:52 am

Pepe (PEPE) has seen a significant price increase following a recent market rebound. The altcoin has surged sharply, reflecting the broader positive trends in the cryptocurrency market. The top meme coin has recently traded above $0.00001, with bullish investors anticipating further gains as the market gains momentum. 

Will Pepe Price Reach New Heights This Week?

With the recent rise in Pepe coin prices, most top meme coins like Dogecoin and Shiba Inu have also significantly increased. This upward momentum in these meme coins contributes to PEPE, which is anticipated to continue climbing throughout the week. 

The PEPE price was at $0.00001051 during the U.S. session, which caused a surge of 10%. 

Pepe price is experiencing a notable bullish trend, with analysts suggesting that if this momentum continues, the meme coin could reach $0.000012. A substantial rally could follow if the price successfully breaks the $0.000015 threshold. This could lead to a significant price surge, with potential gains as high as 50%.

The Chaikin Money Flow (CMF) value 0.10 indicates increased buying pressure. The Moving Average Convergence Divergence (MACD) indicates potential bullish momentum. The MACD line is nearing a crossover above the signal line.

Large Transactions Indicate Whale Market Activity

Pepe price is witnessing a surge in large transactions, signaling that whales remain active in the market. This metric tracks the total volume of transactions exceeding $100,000, now at an estimated $85 million. Typically, heightened activity from these high-value trades suggests optimism among large investors, hinting at potential price gains.

Despite recent market corrections, major investors appear confident in a price rebound for Pepe. Their continued involvement indicates optimism for a possible market recovery. This could help restore broader investor confidence, potentially sparking a rally. However, consistent buying pressure from these whales is essential to maintain momentum and push prices upward.

Pepe’s recent surge and increased whale activity mirror the broader rise in meme coins. With Bitcoin hovering around $64k and fueling market optimism, Pepe could see a 50% rally if current buying pressure and bullish momentum continue.

The post Pepe Price Eyes 50% Surge This Week? What’s Next Ahead? appeared first on CoinGape.

7 Oct 2024, 10:42 am

As we head into “Uptober,” the cryptocurrency market is buzzing with potential opportunities. While Ethereum continues to lead the charge in decentralized finance (DeFi) and smart contracts, its price struggles to find a bottom, with a 3-month return down by 18%. Therefore, investors must keep on emerging Ethereum rivals such as Solana (SUI), Avalanche (AVAX), and SUI as they hold the potential to turn $100 into $1,000 in the upcoming rally.

Top 3 Ethereum Rivals Set to Turn $100 into $1000 in October

The Iran-Israel war tension has stalled the crypto market’s October potential. While broader market correction has kept the ETH consolidation above $2200, these Ethereum rivals are positioned for a major reversal amid the surging on-chain activity and price breakout. 

Solana (SOL)

Solana (SOL) tops our list of Ethereum Rivals due to its standout performance in 2024, high transaction speeds, and scalability. However, the SOL price shows the potential for a prolonged rally amid forming a bullish pennant pattern.

According to market analysts at CryptoCurb, this continuation pattern has been consolidating for over 225 days, signaling an imminent breakout. The trader, who has over 35.8K followers, recently advised his audience to “Prepare yourself for the Greatest Year of your Life,” reflecting his high anticipation for Solana price prediction.

By press time, the SOL price had traded at $146, boosting a market cap of $68.9 billion.

Avalanche (AVAX)

The layer-1 cryptocurrency Avalanche has showcased a notable recovery from $17.3 to $27.7, accounting for a 60% increase. Consequently, the AVAX market cap was boosted to $11.7 Billion. The upward movement is supported by a rising channel pattern, offering dynamic support to buyers.

Additionally, the number of AVAX addresses with balance has steadily increased to 8.96 Million, according to Intotheblock. This steady rise from an on-chain activity is poised to surpass the 10 Million address mark, signaling more users are entering the AVAX ecosystem.

Sui (SUI)

Among Ethereum rivals, the SUI coin showcased the highest growth in 2024, with a year-to-end growth of $170. The bullish trajectory could be attributed to developments like the Grayscale trust fund launch, USDC integration, and major collaborations.

With an intraday gain of 13.7%, the SUI price provides a decisive breakout from the $2 psychological level. The altcoin currently trades at $2.09, just 4% away from entering price discovery mode.

In addition, the SUI’s total volume locked has recently surpassed the $1 Billion milestone, according to DeFiLlama data. This increase signifies that more users are locking assets into SUI’s decentralized protocols, leading to increased liquidity and more significant usage of DeFi services.

Conclusion:

While Ethereum remains dominant, emerging rivals like Solana, Avalanche, and SUI present lucrative opportunities for investors in October’s “Uptober” rally. SOL’s bullish pennant signals an imminent breakout, AVAX’s growing user base and price momentum show strength, and SUI’s significant TVL growth points to increased adoption.

The post 3 Ethereum Rivals to Flip $100 to $1000 in ‘Uptober’ Rally appeared first on CoinGape.

7 Oct 2024, 9:16 am

Crypto experts and enthusiasts are expecting the US Fed rate cut by 25 basis points both in November and December. It seems crypto market is already responding with slow but certain growth. Meanwhile, the US economy surpassed expectations, according to the Bureau of Labor Statistics (BLS).

Despite the positive labor market data, the Federal Reserve is expected to continue with its quantitative easing measures. This policy typically increases the money supply through debt. This generally benefits the crypto markets by driving more capital into cryptocurrencies.

Fed Rate Cuts Begin: Positive Signs for Crypto Investors

The central bank kicked off Fed rate cut cycle in Septemeber with a larger-than-expected half-point reduction, committing to keeping unemployment low as inflation nears the 2% target. Over 100 economists now predict further 25-basis-point cuts in both November and December. The crypto market is already showing slow but steady growth in response.

Also, the newest US job data indicated that the September nonfarm payroll number rose to 254,000, beating market expectations. The unemployment rates went lower than expected, thus cooling down market optimism and signaling Bitcoin and altcoin prices might be due for a greater fall. In the meantime, BlackRock CIO Rick Rieder has predicted for the Fed to cut interest rates by a further 25 basis points at this month’s FOMC meeting.

Generally, QE is a monetary policy that increases the supply of money through debt and favors the crypto markets. In the case of the Federal Reserve injecting liquidity into the economy, the controlled inflationist environment will reduce the yields on bonds and further force the investors to seek better returns in more speculative assets, including cryptocurrencies and stocks.

In theory, lower interest rates should drive investors away from safe havens such as US Treasuries and into more risk-on, high-reward pursuits. The Fed rate cut usually brings up prices of both Bitcoin and the major US stock indices.

But these effects are always relative to the wider macro context that includes national stability, currency sovereignty, and the labor market situation.

Of course, the upcoming decision by the Fed will set the tone for what the crypto market can expect in the following months. If this indeed ushers in a cycle of increasing liquidity without major shocks, then it would more likely than not suggest one development toward the return of the bull market.

What Does Jobs Data Mean for Future Fed Decisions?

It is not just the job data crypto market is eager for. The cryptosphere members are also keenly awaiting the upcoming US CPI data set to be released, with this news essential in determining the extent of inflationary pressures. Moreover, such information is assessed by the US central bank to deduce the level of inflation within the country. This is one of the key pointers that informs the Fed monetary policy. The expectations are folding over a cooling inflation data. According to market forecast, it is expected that the CPI reading would fall to 0.1% from 0.2% while the inflation is placed at 2.3% from 2.5%.

According to Seema Shah, chief global strategist at Principal Asset Management, “that monster upside surprise just erased any case for a half-point Fed rate cut in November.” She added that with the Fed already easing, recession risks have significantly declined. She also warned that markets should keep a keen eye on inflation because policy risks are no longer one way but both.

Meanwhile, Samuel Tombs, chief US economist with Pantheon Macroeconomics, was much more conservative. The chief economist said that the “strength of the 313,000 September payroll gain is very likely to be revised away,” as response rate to the Labor Department’s survey came in notably low. The survey received responses from only 62% of businesses in time, below the usual response rate over the past decade of 77%.

FED CONSIDERED LIKELY TO SPEED UP CUTTING AFTER NOVEMBER

A 20-basis-point cut by the Fed next month "remains a good bet," Pantheon's Samuel Tombs says in a note, adding that labor data "will force a faster pace thereafter." Tombs is suspicious about Friday's much…

— *Walter Bloomberg (@DeItaone) October 7, 2024

To this, David Russell, Global Head of Market Strategy at TradeStation, added that the jobs report is evidence that shows the economy doesn’t need Fed rate cut. He continued to say that even though investors may have to get by with fewer rate cuts, they instead get stronger incomes and consumer demand-in the long run. This can be more favorable to both the stock market and the economy as a whole.

The post Crypto Eyes Rally As Expert Predicts Accelerated Fed Rate Cut Despite Strong Job Data appeared first on CoinGape.

7 Oct 2024, 8:55 am

A recent report suggesting Robinhood CLO Dan Gallagher potentially replacing SEC Chair Gary Gensler has sparked discussions in the crypto market, along with the broader financial sector. The report suggests that if Donald Trump wins the upcoming US Presidential Election in 2024, Gallagher could potentially replace Gary Gensler. The US SEC and its current Chair have faced immense backlash recently, with the crypto market blaming the agency for regulatory overreach in the sector.

Robinhood CLO Likely To Replace Current US SEC Chair

A recent Politico report indicates that Dan Gallagher could potentially replace SEC Chair Gary Gensler. The rise of the Robinhood CLO as likely the next SEC Chair has sparked discussions in the crypto market over a potential shift in the regulatory landscape.

Besides, his candidacy has also gained notable traction, especially among Republicans and crypto market enthusiasts, who have long questioned the SEC’s motive under Gensler. In addition, Gallagher’s past experience as an SEC commissioner and his current role at Robinhood makes him a favorite among many in the financial sector. His legal expertise and political background also strengthen his position for the top SEC role.

Meanwhile, the report has cited a former senior SEC official who said that he is a “natural choice” for the role. Gallagher has previously voiced against the US SEC and Gensler’s policies, particularly in the crypto regulation space.

Like many, the Robinhood CLO believes that the agency’s regulatory approach towards digital assets lacks clarity. Besides, he said that a clear guideline tailored for the crypto sector could have helped in the sector’s innovation and growth. It also echoes the sentiment of many who anticipate Gensler to be fired soon.

Robinhood Vs US SEC

According to a Politico report, Gallagher said, “If I were chair, a baseline registration system for crypto exchanges and brokers would already be in place.” His remarks underscore his dissatisfaction with the agency’s handling of the $2 trillion market.

Furthermore, the recent Wells Notice by the US SEC to Robinhood has further sparked debates. The notice claims that the firm is potentially operating as an unregistered broker-dealer in the crypto space.

However, the Robinhood CLO has defended the platform, saying, “Shooting at the good guys is bad policy.” He emphasized that Robinhood’s cautious approach to crypto listing and its avoidance of lending or staking products distinguish it from other platforms that engage in riskier practices.

What’s Next For Gary Gensler?

Donald Trump has actively criticized the SEC Chair Gary Gensler recently, amid his shifting focus towards the crypto sector. He has also said that he would fire Gensler on his first day as the US President. Having said that, speculations soared over Gensler’s future if Donald Trump secured a victory in the upcoming US election.

Besides, previously, a CNBC report has also cited Robinhood CLO as a potential contender for the SEC Chair position under Trump’s presidency. Besides, the report also cited other names like former CFTC chairs J. Christopher Giancarlo, Heath Tarbert, and Paul Atkins, among others, as other contenders for the role.

Meanwhile, the growing criticism of the US SEC, especially under Gary Gensler, has sparked debates if he would continue to be in his chair after the election. In addition, a flurry of democrats also urged Kamala Harris to unseat him if the Democrats secured a victory in the election.

For instance, Mark Cuban expressed frustration against Gensler. Besides, he also reportedly wished to take over the role under Harris’s presidency. However, Cuban also faced criticism from prominent figures like Elon Musk for this comment.

The post Robinhood CLO Poised To Replace SEC Chair Gensler Under Trump Presidency? appeared first on CoinGape.

7 Oct 2024, 8:06 am

Ethereum co-founder Vitalik Buterin has sold 10 billion MOODENG tokens and donated over $640,000 in proceeds to his biotech charity fund, Kanro. The move aligns with Buterin’s consistent stance on memecoins, advocating for charitable contributions from token proceeds. This sale of MOODENG, a memecoin launched on Solana, has drawn attention to Vitalik Buterin’s charitable initiatives and the subsequent market reactions.

MOODENG Price Falls 20% After Vitalik Buterin’s 10B Token Sale

According to blockchain analytics firm Lookonchain, Vitalik Buterin sold 10 billion MOODENG meme coins for 308.7 ETH, valued at approximately $762,000. From this, Buterin donated 260.15 ETH (around $640,000) to his biotech charity, Kanro. The fund focuses on pandemic solutions, particularly in low-income regions, and Buterin has directed the proceeds toward anti-airborne disease technology.

Following the token sale, MOODENG price experienced a sharp drop of 20%, reacting to Buterin’s transaction. The price of the token reduced to $0.10, which created anxiety among the token holders. Nevertheless, Vitalik Buterin insisted that tokens he receives will be given to charity.

In addition, Vitalik Buterin tweeted that meme coins are most essential when they help in creating value for the world. He also encouraged communities to attempt forming DAOs (Decentralized Autonomous Organizations) as a way of being more involved in charitable decisions.

Buterin’s involvement in charitable donations from token sales has become a notable aspect of his public stance on cryptocurrency. In the same tweet, Buterin emphasized his preference for meme coins to donate directly to charity, saying,

“Anything that gets sent to me gets donated to charity, though I truly prefer if you guys send to charity directly.” 

He also acknowledged the positive effects of such initiatives, especially when they align with larger societal benefits.

I appreciate all the memecoins that donate portions of their supply directly to charity.

(eg. I saw ebull sent a bunch to various groups last month)

Anything that gets sent to me gets donated to charity too (thanks moodeng! The 10B from today is going to anti-airborne-disease…

— vitalik.eth (@VitalikButerin) October 7, 2024

Buterin’s Continued Support For Tornado Cash And Ethereum Ecosystem

Apart from the MOODENG sale, the Ethereum co-founder has also supported legal defense efforts for the developers of Tornado Cash. Vitalik Buterin recently sold other meme coins, including NEIRO and MOODENG, donating the proceeds to the “Free Alexey & Roman” campaign. This donation aims to defend the Tornado Cash developers by raising funds for their upcoming trial in New York.

Apart from his charitable activities, the Ethereum co-founder has been at the forefront of Ethereum ecosystem development. Most recently, Vitalik Buterin endorsed Optimism’s SuperchainERC20 update, introducing a new cross-chain interface to enhance scalability and interoperability for Ethereum’s layer-2 solutions. The update described in the GitHub pull request consists of the ICrosschainERC20 interface integration, aimed at increasing cross-chain neutrality and collaboration.

Moreover, Buterin has proposed reducing Ethereum staking requirements to make the network more accessible. He suggested lowering the minimum staking threshold from 32 ETH to 16 ETH, with a long-term goal of reducing it to 1 ETH.

The post Vitalik Buterin Donates ETH From Moodeng Sale To Charity, Urges Direct Donations appeared first on CoinGape.

7 Oct 2024, 7:52 am

BNB price has seen a significant rally of 16% over the last month, including a 1.6% increase in the last 24 hours. The overall crypto market picked up following the Trump rally in Butler, Pennsylvania, on Sunday, in which Elon Musk declared he was ‘Dark MAGA.’ However, other additional factors may be driving up the price of Binance Coin.

Why is the BNB Price Rising?

Binance coin has been trending inside a consolidation zone for the past 210 days. While this sucks for investors holding BNB during periods of market runs, it has been of great advantage during the period the crypto market has crashed — August 5 and September 6. Here are a couple of reasons why the Binance Coin price is rising, and there is a chance of a 68% breakout to $1,076.

1. Centralized Exchanges (CEX) Coins Outperformed the Market

In the past week, coins associated with centralized exchanges have outperformed all the other sectors in the cryptocurrency market. According to data from Artemis Analytics, the CEX sector has grown by 6.1% over the past 7 days, closely followed by the Artificial Intelligence (AI) sector at 4%.

Being the largest exchange in the world, Binance coin stands to gain the most from this sector growth. Much of BNB price growth over the years has been attributed to the exchange rather than to the Binance Smart Chain. 

2. Binance Ecosystem Sees $3M Net Inflow

According to Artemis Analytics, there has been a substantial net inflow of volume into the Binance ecosystem over the past week. Nearly $3 million has flowed into the Binance Smart Chain (BSC), putting at rant 7 in with the ecosystems with the most inflows over the past 7 days. 

Out of the $2.8 million in net inflows, $2.2 million came from the Ethereum network, showing that investors are moving from Ethereum to BSC, among other chains. This change in ecosystem preference could be due to market sentiment changing from Ethereum to Binance Smart Chain. 

Can Binance Coin Price Reach $1000?

BNB coin price grew most during bull runs when the Binance Exchange received most of its users.

For instance, in the 2017 bull run, the BNB coin price soared from $0.9 to $25; in the 2021 bull market, it increased from $6.8 to $670. If the coming 2025 bull run is anything like the past, the BNB coin price can surge as high as $1,000, if not higher. 

BNB price looks like it’s in a bull flag setup. The extended consolidation zone is a primer for an explosive move upward when the time for breakout comes.

If the Binance coin price fails to break out to the upside, the price could drop lower to the $500 support level. If sell pressure persists, BNB coin could drop lower to $350 and potentially to $200. 

The post BNB Price Prediction: 2 Reasons Why Binance Coin Is Up 16% In A Week appeared first on CoinGape.

7 Oct 2024, 7:49 am

The National Bank of Bahrain (NBB) has partnered with APR Digital to launch the Gulf Cooperation Council’s (GCC) first Bitcoin-linked Structured investment. This fund will provide accredited investors exposure to the flagship crypto. Meanwhile, this is a huge boost to Bitcoin adoption in the country, with Bahrain currently one of the countries with the largest BTC holding.

National Bank Of Bahrain Launches Bitcoin Fund

The NBB has launched the first BTC investment fund in the GCC region, which consists of countries like Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates, alongside Bahrain. According to the IBS intelligence report, the investment fund is designed to provide accredited investors with Bitcoin (BTC) exposure, providing a hedge against the devaluation of fiat currencies.

Speaking on this development, Hisham AlKurdi, Group Chief Executive, Markets & Client Solutions at the National Bank of Bahrain, said,

We are proud to introduce this bespoke structured investment, which blends the appeal of digital asset exposure with the security of capital protection. This product underscores our focus on offering our wealth management clients innovative and secure avenues to diversify their portfolios in an evolving investment landscape. It is a testament to NBB’s continued leadership in financial innovation within the region.

The launch of this Bitcoin investment fund aligns with the National Bank of Bahrain’s plans to increase its offerings to its wealth clients, especially investment offerings that boast a lot of growth potential. The Bank recognizes BTC’s potential to grow and become the most valued currency worldwide.

A Boost For Bitcoin Adoption In The Country

The National Bank Of Bahrain’s move to launch a Bitcoin investment fund is undoubtedly a major boost for Bitcoin adoption in the country. Bitcoin Treasuries data shows Bahrain is currently the fifth government with the largest BTC holding. The country currently holds 13,166 BTC ($844 million).

Unlike countries like the United States that have obtained their BTC holdings mainly through seizures, Bahrain has been actively accumulating the flagship crypto. The Central Bank of Bahrain (CBB) has also implemented a clear legal framework to promote the adoption of digital assets like Bitcoin in the country.

The CBB recently granted the crypto exchange Crypto.com a payment service license in the country, with Crypto.com now providing crypto services to Bahraini users alongside the best crypto exchanges in Bahrain.

The post Just In: National Bank Of Bahrain Launches Bitcoin Investment Fund appeared first on CoinGape.

7 Oct 2024, 7:26 am

After the assassination attempt on Donald Trump in Butler, Pennsylvania, the ex-president again returned to the same locality, but with a new add-on, which was Elon Musk speech at the Saturday rally. Though Musk has been endorsing Trump for a long, this was the first official appearance of these together, showing a double powerful duo. During this, the Trump-supporters felt another level of joy, whose impact is also visible in the crypto industry as one crypto investor made $113 in just 17 hrs.

Elon Musk Speech Made $113K For Crypto Investor

The second Butler Pennsylvania rally collected thousands of Trump followers, where the special highlight was Elon Musk wearing a Black Cap with MAGA written in bold. However, that was not all, as he also expressed that, “I’m not just MAGA. I’m dark MAGA,” which boosted not only Trump’s followers but also the Trump-themed meme coins, making heavy profits for its holders. Not only that, this Dark MAGA boosted Donald Trump’s win odds.

In one X post, Lookonchain also revealed that one crypto investor made $113K within seventeen hours after the Elon Musk speech. The investors identified the highly profiting opportunity, where he bought billions of Trump-themed meme coins after investing 360K $USDC. He bought 2.449B $MAGA ($300K) and 18,364 $TRUMP ($60K) during the Elon Musk speech. Interestingly, both these tokens grew exponentially in just a few hours, generating a profit of $113K for the holder.

This trader is up $113K (+31.5%) in just 17 hours by betting on #memecoins $TRUMP and $MAGA after @elonmusk‘s pro-Trump speech.

As soon as Elon Musk’s live speech began yesterday, he spent 360K $USDC to snag 2.449B $MAGA ($300K) and 18,364 $TRUMP ($60K).

Now, these holdings are… pic.twitter.com/t23m12dgb2

— Spot On Chain (@spotonchain) October 7, 2024

As crypto trading is all about the right time investment, this investor has succeeded in playing the bets at the right time, bagging heavy gains. At the same time, another crypto trader doubled the investment from $4.13M to $8.49M in 15 days in Popcat, becoming another prime example of right-time investments.

How is TRUMP & MAGA Memecoin Performing Now?

During the Elon Musk speech, Musk asked for active participation of voters in the upcoming US Presidential election. At one point, he declared, “If Trump did not win, this will be the last election. That’s my prediction.”

This boosted all the Trump-themed meme coins in the market, just like it did when Donald Trump joined the Bitcoin Conference. As a result, the TRUMP (MAGA) price increased from $3 to $4.19 a few hours ago. With this, the token has surged 30% in the last 24 hours and 44.6% over the week, currently trading at $4.08 with a market capitalization of $179,480,246. Moreover, there is a high demand for this token as the trading volume is up by 137.5%, currently at $7,680,681.

At the same time, MAGA (MAGA) price is also up by 36% in the last 24 hours and 113% over the week. This jump is mainly due to the Elon Musk speech, where the price has grown from $0.0001118 to $0.0001689, currently at $0.0001496. Additionally, it has a market cap of $58,396,682 and a trading volume of $24,137,743 after a 122% surge.

However, these surges are not the best, as their best performances are way too high than this. MAGA peaked at $0.0007461 four months ago, but compared to that, the price has plummeted almost 80%. The same is the case with TRUMP, as it created an ATH four months ago at $17.52 but has plummeted 77% since then. With this, there is a lot of space for these tokens to grow.

The post Elon Musk’s Pro-Trump Speech Made $113K For Crypto Investor In 17 Hrs: Here’s How appeared first on CoinGape.

7 Oct 2024, 7:22 am