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The US Securities and Exchange Commission (SEC) has officially filed the Civil Appeal pre-argument statement (Form C) in its ongoing lawsuit with Ripple Labs Inc. This filing comes amid confusion in the broader community regarding the market regulator’s missed deadline to file Form C.
SEC and Ripple Lawsuit Appeal Enters Next Phase
The SEC versus Ripple securities lawsuit is one that came with a lot of controversies. After Judge Torres ordered Ripple to pay a $125 million penalty in August, many thought the case would end there.
However, the regulator filed a Notice of Appeal to contest the ruling. At the time, no one knew the aspect of the lawsuit the US SEC planned to appeal. With this Form C filing, the regulator noted that it want to contest the summary judgment or the decision of the court in general.
As highlighted by Fox Business Journalist Eleanor Terrett, some of the issues the regulator is contesting include the programmatic sales of XRP on secondary exchanges. Additionally, the SEC aims to contest the role of Brad Garlinghouse and Chris Larsen Ripple lawsuit per the boost of XRP sales.
NEW: The @SECGov has filed its Form C, detailing issues they plan to seek appeal for in the @Ripple case. Those issues are:
@Ripple’s programmatic sales of $XRP on digital asset trading platforms
@bgarlinghouse and @chrislarsensf alleged aiding and abetting of those… https://t.co/EArrDrbkBr
— Eleanor Terrett (@EleanorTerrett) October 17, 2024
While the SEC has already closed its case against both Garlinghouse and Chris Larsen, the US SEC may also contest their personal offers and sae of XRP. Lastly, the markets regulator is also contesting the offer of XRP to Ripple’s employees.
One aspect of the recent ruling the regulator is not contesting is the civil penalty of $125 million. It remains unclear how this case will play out considering this aspect of this ruling might complicate it all.
The Next Steps To Watch
With the US SEC lawsuit appeal now formalized, Ripple will file its own Form C in the coming days. The blockchain payments firm is required to make this filing since it submitted a notice of cross-appeal to the SEC’s claims in the lawsuit. Ripple Labs CLO Stuart Alderoty hinted that the essence of this cross-appeal is to put an end to the regulator’s regulation by enforcement tactics
Already, there are growing permutations about how the case will play out moving forward. However, a number of projection hints that the Ripple may lose the appeal again. This is based on the premise that it has limited success rate at the 2nd Circuit Court.
Read More: Ripple CEO Brad Garlinghouse Provides Clarity On RLUSD, XRP ETF, SEC Lawsuit, IPO
The post Breaking: US SEC Files Appeal Pre-Agreement Statement In Ripple Lawsuit appeared first on CoinGape.
17 Oct 2024, 3:40 pmAccording to Montenegrin media reports, Do Kwon’s extradition process may soon conclude, with a decision expected by Sunday, Oct. 19.
On October 17, Minister of Justice Bojan Bozovic confirmed that the government chose the destination for extraditing the Terraform Labs co-founder, whom both the US and South Korea want on charges related to cryptocurrency fraud.
The minister indicated that he could soon sign the necessary documentation for Kwon’s extradition – by the end of the week. However, the exact country to which he will go remains unknown.
Do Kwon’s Fate to Be Decided by Sunday
According to local media, the government of Montenegro is working on completing the procedures for the extradition of Do Kwon. The Minister will come with the decisiono by no later than Sunday, October 19.
Justice Minister Bojan Bozovic suggested on October 17 that he will finish the documents for Kwon’s extradition by Sunday. However, he didn’t specify the country to which he will send the infamous CEO.
Kwon has numerous criminal charges filed against him in the US and South Korea. He was staying as a prisoner in Montenegro since March following his arrest for traveling under fake documents.
His extradition will mark a major milestone in resolving the legal fallout from Terra’s stablecoin implosion, which destroyed billions of dollars in investor money. Still, Terra Luna Classic price has been trending upward since July, despite a market-wide crash on August 5.
Do Kwon, arrested in Podgorica in March 2023, faces charges in South Korea, Singapore, and the US. All countries have requested extradition from Montenegro.
“It Would Be Easier if the Court Had Decided”: Minister on Do Kwon
In September 2023, Interpol called for a red notice against Do Kwon regarding the $40 billion collapse in May 2022 of the Terra Luna and TerraUSD cryptocurrencies.
On 19 September, the Supreme Court of Montenegro ruled that all conditions for Do Kwon’s extradition to criminal proceedings in South Korea and the US are fine by law, thereby allowing the Minister of Justice to decide on the extradition permit.
Bozovic stated:
“On this issue, as Minister of Justice, I have nothing more to comment on after the decision of the Supreme Court… It would have been easier for me if it hadn’t been like this and the court had decided which country he should be extradited to. On the other hand, when the court leaves it to us to decide, I must act accordingly.”
$4.47B Settlement for Terraform
Do Kwon, co-founder of Terraform Labs, was caught in Montenegro after allegedly hiding in Serbia and attempting to travel to the Middle East using fake documents. Following his arrest, Kwon was found guilty of forgery and served a six-month prison sentence.
His case became the subject of a legal tug-of-war, with both the US and South Korea vying for extradition rights. Each country initially secured favorable rulings, but subsequent judicial decisions overturned these outcomes, resulting in an extended legal battle. Eventually, Kwon went out from prison and came under supervision while Montenegro’s Ministry of Justice deliberated on the final extradition decision.
Meanwhile, Terraform Labs reached a substantial $4.47 billion settlement with the US Securities and Exchange Commission (SEC) to address allegations related to the company’s operations. Terra agreed to wind down its business and liquidate its assets as part of the settlement.
The post Montenegro Discloses Next Step In Terra Luna Do Kwon’s Extradition appeared first on CoinGape.
17 Oct 2024, 2:14 pmA new update has come to the Ethereum Pectra upgrade. According to Galaxy’s Vice President and researcher Christine Kim, the developers discussed the upgrade during their 144th All Core Developers Consensus Call (ACDC), which recently took place. Notably, the devs have decided to include EIP 7742 in the Pectra Upgrade.
EIP 7742 and EIP 3074 Updates on Pectra
This EIP 7742 creates a mechanism for the Consensus Layer (CL) to dynamically set the blob gas target and max.
Apart from this EIP, there is a high likelihood that a blob count increase will also be included in the Pectra update. On the other hand, Kim noted that other changes to boost scalability, like a gas limit or slot time change, are also highly probable.
Before eventually deciding to add the EIP to the next upgrade, Ethereum core developers already added EIP-7742 to the CFI list for Pectra.
The long-awaited Pectra update is expected to go live by the end of this year or early 2025. Apart from the EIP 7742, several other implementations have been included. The main component of this update is EIP-3074, an update that introduces an innovative “social recovery” function. This could eliminate the problem of lost private keys for Ethereum users.
This EIP-3074 grants simple Ethereum wallets, commonly known as externally owned accounts (EOAs), a broad spectrum of smart contract abilities. With the social recovery feature, users can delegate the ownership of their assets to an “invoker” contract. This then performs future transactions and function calls on the user’s behalf.
Pectra is also crucial to addressing delegation risks, a challenge that has plagued users over time. To achieve this, formally verified and fully audited invoker contracts must be available post-Pectra upgrade. These contracts will play a major role in connecting users with reliable options to mitigate potential security concerns.
The social recovery feature also tackles the challenge of users forgetting or losing their private keys. Also, users may not need Ethereum in their wallet to send transactions. This is because the entity behind the invoker contract can pay for the transaction fees upfront.
Having the EIP-3074 allows multiple actions to be completed in a single transaction.
Other Ethereum Updates
In August, Go Ethereum (Geth), one of the most widely used Ether clients, released version 1.14.18 in preparation for the launch of Pectra.
This update addresses the problem of bugs and introduces crucial changes to enhance the network’s performance. It is worth noting that version 24.7.0 was introduced by Nimbus, another prominent Ether client, in late July.
Ethereum co-founder Vitalik Buterin is currently pursuing an improvement in Ethereum’s scalability. He recently revisited the subject of The Merge, focusing on a proposal to improve the network’s Proof-of-Stake (PoS) system despite its stability over the past two years.
As a result, he suggested “economic finality” (or single-slot finality) and democratizing the staking process.
The post Ethereum Developers To Add EIP 7742 To Pectra Upgrade, Why It Matters appeared first on CoinGape.
17 Oct 2024, 1:32 pmThe Solana price is down over 4% today, just two days after reaching a weekly high at around $158. This price decline is due to several factors, including a drop in Solana’s network activity between October 16 and 17. Meanwhile, the sentiment in the broader crypto market has also affected SOL, with the Bitcoin price cooling off after the rally earlier in the week.
Why The Solana Price Is Down
SOL is down over 4% today following a decline in the network activity on Solana. DeFiLlama data shows that decentralized exchange (DEX) volume on the network dropped on October 16 and 17, with $1.69 billion and $1.68 billion recorded on these days. The network recorded a weekly high DEX volume of $2.06 billion on October 14, with the Solana price rising to as high as $158 in the process.
The drop in DEX volume means fewer users interacted with the network on October 16 and 17, which explains why the coin’s price dropped. A surge in trading volume typically leads to a spike in price, while a drop in volume leads to downward pressure. The drop in Solana’s DEX volume comes just days after SOL overtook ETH in weekly and daily DEX volume.
It is worth mentioning that Ethereum has once again reclaimed its crown from Solana. In the last 24 hours, Ethereum has recorded a DEX volume of $1.7 billion compared to Solana’s $1.6 billion.
Meanwhile, the Solana price is also down today because of the sentiment in the broader crypto market. The Bitcoin price is currently correcting after the rally earlier in the week. Other coins tend to follow the flagship crypto, which explains why SOL is also experiencing a price correction of its own.
What Next For The Crypto’s Price
Crypto analyst Crypto Patel stated in an X post that the Solana price is consolidating within key and resistance zones. He further claimed that the price had rejected the resistance at around $160, which could lead to a decline towards the support level at around $140 for a retest.
If the Bitcoin price continues to retrace, a retest of the $140 support zone looks likely for the Solana price. Crypto analyst Ali Martinez recently stated that BTC could drop back to $63,300 if it fails to hold the critical support level at $66,780 following a retest.
In the long term, SOL’s outlook is undoubtedly bullish, as crypto commentators like Eugene Ng Ah Sio predict that the crypto could hit a new all-time high (ATH) of $1,000.
The post What’s Behind Solana Price Drop Today? appeared first on CoinGape.
17 Oct 2024, 1:11 pmMoonPay has announced a fresh way for US customers to pay for its services by adding Venmo as an additional option to fund their MoonPay accounts, using their balance or other linked payment methods such as bank accounts, credit cards, or debit cards.
This release further expands the use of this mobile payment service, which boasts over 60 million monthly active users, to facilitate purchases on the MoonPay platform easily and securely.
Venmo Adds Crypto Purchases via MoonPay
Venmo will join MoonPay as one of its funding sources to expand the ways to pay for US users. According to the official announcement, eligible users will now be able to buy and sell cryptocurrency directly on the MoonPay platform.
This feature makes it easy and safe for over 60 million monthly active users to start using digital assets, thereby making transactions smoother and more accessible.
The new integration follows the recent addition of PayPal as a funding option for MoonPay, further expanding the myriad ways users can fund the platform. However, the new Venmo functionality will not be available to MoonPay users in New York or Texas.
Breaking News: Venmo's 60 million users in the U.S. can now buy crypto using MoonPay!
This new integration lets you buy all your favorite cryptocurrencies using your Venmo balance.
Live now and rolling out soon to the MoonPay partner network. pic.twitter.com/VoUjMCbOcS
— MoonPay (@moonpay) October 17, 2024
Crypto payments are becoming more popular nowadays. Recently, global fiat-crypto payment gateway Alchemy Pay marked a monumental stride, banking upon a partnership with pan-African fintech firm Yellow Card.
A New Era of Crypto Accessibility
Recently, MoonPay integrated PayPal and Venmo to extend users’ options for paying for their crypto transactions through more familiar and comfortable means. Consequently, with this integration, one can buy any cryptocurrency on MoonPay using a balance, bank, or debit card through PayPal and avoid the unnecessary hassle of manually inputting details about the payment.
Integration with Venmo, on the other hand, allows users to fund their MoonPay account balance or linked accounts for seamless, available transactions.
“By including PayPal-a widely known payment method for consumers, the onboarding process, new crypto users will immediately feel more at home, and the barrier to entry is down, making it much more approachable,” said Ivan Soto-Wright, the co-founder and CEO of MoonPay.
Polymarket Taps MoonPay to Handle Election Betting Mania
In July this year, Polymarket signed a contract with MoonPay to bring new forms of online payments that allow users to initiate the processes for credit card and bank transfer bets. This is ahead of high interest in the US presidential election, which has further spiked record volumes in betting on the platform.
This unprecedented betting action had some unexpected twists in the election, including the Donald Trump assassination attempt and the decision of Joe Biden to exit the race; Polymarket, the market operator, said it reinforces the infrastructure for its surge in demand.
The post Venmo Partners Moonpay Enabling Crypto Access to Its 60 Million Users appeared first on CoinGape.
17 Oct 2024, 1:08 pmShiba Inu (SHIB) price, a popular meme cryptocurrency, is gaining attention as it shows signs of potential value growth. With the broader cryptocurrency market struggling to maintain momentum, SHIB stands out with notable developments. Recent market trends suggest SHIB could see significant upward movement, sparking optimism among holders.
Why Shiba Inu Price Could Hit $1 Soon
As Bitcoin inches closer to $70,000, the crypto market is witnessing a surge, eyeing more surges ahead. Recent developments suggest that Shiba Inu Inu price could experience a significant price increase by October. The coin’s recent progress and various market factors point toward a bullish outlook. Here are five key reasons why Shiba Inu may reach the $1 mark.
Increased Token Burns Fueling Value Growth
One of the main drivers behind SHIB’s potential rise is the increased rate of token burn, According to Shibaburn data. In the last 24 hours, over 2.5 million SHIB tokens were burned. This strategic move aims to limit the token’s supply, which could lead to a boost in its price. Investors are optimistic about the long-term impact of these burn efforts.
The burn rate continues to climb steadily, showing a sustained effort to reduce the token’s circulating supply. By making SHIB scarcer, these burns create conditions that might lead to higher demand and price appreciation.
Ecosystem Expansion Through Shiba Inu Game Launch
Shiba Inu’s ecosystem is expanding with the recent launch of a dedicated game, sparking increased interest among crypto enthusiasts. This new development is part of an ongoing effort to grow SHIB’s utility and enhance its presence in the market.
The game is already generating buzz, contributing to renewed excitement in the Shiba Inu community. Such ecosystem expansions could boost the token’s visibility and utility, further driving its value.
Meme Coin Frenzy Lifting SHIB Price
SHIB’s price has surged amid a wider meme coin frenzy. Meme coins like PEPE, WIF, BONK, and FLOKI have recently increased in price. This trend suggests that investor interest in meme coins is returning, which could significantly benefit Shiba Inu.
Despite overall market volatility, the resurgence in meme coin popularity hints at potential gains for SHIB. The Shibburn initiative and the continued development of Shibarium also indicate that Shiba Inu may continue to ride the wave of meme coin excitement.
Whale Activity Driving SHIB Price Movements
Another critical factor influencing SHIB’s price is the activity of major cryptocurrency whales. Large-scale transactions by these whales have drawn considerable attention in recent weeks. Such moves can significantly impact the price of tokens like Shiba Inu, especially in the meme coin sector.
Whale transactions often signal increased confidence or manipulation in the market, leading to speculative price movements. Investors monitor these activities closely to predict potential price shifts in SHIB and similar tokens.
Shibarium and Social Engagement Point to Bullish Future
The development of Shibarium, Shiba Inu’s layer-2 blockchain solution, could also significantly boost the coin’s value. This solution aims to enhance scalability and lower transaction costs, making SHIB more attractive to investors.
Social media engagement around SHIB is also increasing, with increased discussions and mentions across platforms. This heightened attention could lead to further market momentum, pushing the token closer to the $1 mark by October.
With Strategic token burns, ecosystem growth, meme coin trends, whale activity, and Shibarium’s progress drive positive expectations for Shiba Inu’s price. With these indicators aligned, the possibility of SHIB price prediction reaching $1 is gaining traction among investors and analysts alike.
The post 5 key Factors Why Shiba Inu Price Might Reach $1 by October appeared first on CoinGape.
17 Oct 2024, 12:54 pmWorldcoin’s (WLD) price has dropped 5% following the project’s rebranding to “World” and the unveiling of its new Orb 2.0 technology. The cryptocurrency, designed to create an international identification network, dropped to $2.11 during a recent appearance by co-founders Sam Altman and Alex Blania to discuss the project’s future.
Worldcoin Rebranding to “World” and Introduction of Orb 2.0
At a media event in San Francisco, Sam Altman’s Worldcoin has unveiled that it will now be known as World as the company seeks to expand its focus beyond just the ownership of digital assets to include identity verification in an AI-driven world. Sam Altman and Alex Blania unveiled the Orb 2.0, an improved version of the project’s iris-recognition technology.
This new Orb is equipped with a Jetson chipset from Nvidia, which has five times the AI capability of this previous model while using fewer components.
The Orb 2.0 is expected to support broader availability, including self-service kiosks, and to have an option to call the Orb to one’s service via an application. The rebranding and the launch of Orb 2.0 are intended to extend the scope of the World’s global identity-verification network and increase the usage of the system. However, these developments coincided with the decline in the WLD token price, which dropped by 5 % to $ 2,11 after the event.
WLD Price Reacts to the Announcement
After the announcement, the WLD price token dropped from $2.26 to $2.11. Despite the display of advanced technologies that could be used in the market, a number of traders remained skeptical during the event.
Meanwhile, as part of the rebrand, World also unveiled World Chain, the project’s Layer 2 Ethereum-based blockchain network. This blockchain is built to offer scalability and, at the same time, increase the security through the use of Ethereum technology.
World Chain has support from major entities in the blockchain industry such as Optimism, Alchemy, Uniswap, Safe, Dune, and Etherscan, all which will be supporting the launch of the blockchain. Despite this, the price action of WLD over the last few months has formed a falling wedge, which may be an indication of a bullish reversal.
The falling wedge means that although the token is under pressure at the moment, it is common for such compression to lead to a price breakout. Investors are now looking for a potential reversal in WLD, if the advancements in Orb 2.0 and the World’s efforts to expand its identity-verification process will lead to a greater demand.
Technical Indicators Hint at Reversal
Looking at the technical analysis, the Relative Strength Index (RSI) for WLD is currently at 56.41, placing it near the midpoint of the 0-100 scale. An RSI above 50 typically indicates slightly bullish momentum, though it does not signal extreme buying or selling conditions. With the RSI positioned just above 50, the market sentiment for WLD appears neutral to cautiously optimistic in the short term.
On the other hand, the Chaikin Money Flow (CMF) indicator, which assesses money flow volume over a specific period, stands at -0.15. This value suggests there may be more selling pressure than buying now, indicating caution among traders. The negative CMF value aligns with the recent price drop, as traders are likely waiting for more substantial signs of a reversal before taking further action.
Source: TradingView
Despite the recent 5% drop, the falling wedge pattern could soon signal a potential bullish breakout for Worldcoin price. Should this reversal occur, WLD may face initial resistance around $2.47, its previous local high. If the breakout strengthens, the price could move toward key targets identified by technical analysts.
The first price target is $4.01, followed by a secondary target at $5.41. A stretch target could see WLD reaching as high as $6.57, though such growth would depend heavily on the positive momentum from further adoption of World’s identity-verification system and the successful deployment of Orb 2.0.
The post WLD Price Drops 5% As Worldcoin Rebrands & Unveils Orb 2.0 appeared first on CoinGape.
17 Oct 2024, 12:33 pmFor Bank of America analysts, fiscal challenges and global economic trends have made gold an even more alluring safe haven than bonds.
While falling real interest rates usually help gold, the bank says that even higher rates might fail to put downward pressure on the yellow metal’s price. this reflects changes in the metal’s behavior regarding macroeconomic variables.
Although Bitcoin and other cryptocurrencies were not mentioned, BoFA seems to be pretty crypto-friendly. Since February, Bank of America’s Merrill Lynch and Wells Fargo have been offering spot Bitcoin exchange-traded funds to eligible wealth management clients, highlighting the growing popularity of the asset class.
Bank of America: Gold Outshines Bonds as Safe Haven
Bank of America strategists, who have long been strong proponents of gold’s benefits, particularly at a time of rising inflation, said its relative attractiveness against traditional havens of safety, such as government bonds, is improving as risks accumulate. However, even though it embraced blockchain, it is still very cautious about Bitcoin and crypto.
The bank added that, logically speaking, investors, including central banks, should shift toward the yellow metal. They see it as a hedge against inflation and currency devaluation because of growing government debt. More surprisingly, US PPI Inflation, up to 1.8% from the expected 1.6%, has rejuvenated fears of a possible slump in Bitcoin. This rise in the PPI indicates that inflationary pressures are firmer in the economy. This might result in the Federal Reserve keeping a more hawkish interest rate posture.
This shift is because of fiscal concerns and economic uncertainty. Therefore, it makes gold a better choice amid growing financial pressures and worldwide macroeconomic challenges.
On the other hand, some experts, like BitMex co-founder Arthur Hayes, think that war, especially in the Middle East, has a sobering impact on the US’s rush to increase government spending. This means more money printing and inflation. In his opinion, this will boost the Bitcoin price.
One fundamental driver is growing fiscal stress, which is there because of the US national debt, that could balloon to record highs. The cost of servicing this debt is also likely to rise as a percentage of GDP in the next few years.
This fiscal outlook brightens the appeal of gold, thereby establishing the reason behind Bank of America continuing target of $3,000 per ounce. Fiscal expansion seems to be supported by both main US presidential candidates, Kamala Harris, and Donald Trump. The likelihood of higher spending in the future is, therefore, increased.
Gold to Hit $2,000 Despite Short-Term Headwinds
BoFA remarked that pledges on climate, defense and demographic policies, could increase spending by 7-8% of GDP annually by 2030. As the market deals with more debt, increased volatility could send more investors into gold.
Central banks also continue to diversify their reserves. They have risen from 3% to 10% of total reserves over the past ten years. Demand from Western investors has picked up in recent months, even while China’s imports of gold dipped.
Bank of America still thinks the longer-term outlook for gold is bullish. However, it says the short-term gains could be limited. The caution lies in a “no-landing” scenario in the US economy. Thgoldere growth is ongoing without a slowdown, together with rate cuts by the Federal Reserve. The latter, however, was recently clouded by jobless claims and retail sales.
Still, BofA insists that even with relinquishing some recent gains, gold will likely find support around the $2,000 per ounce level.
BoFA Embraces Blockchain, But Still Cautious on Bitcoin
While traditionally skeptical of virtual currency, including Bitcoin, Bank of America is changing its outlook on the asset as it increasingly becomes recognized as a hedge against inflation and economic uncertainty, joining the ranks alongside gold. Indeed, a growing perception of Bitcoin as a “digital haven” may be due to rising government debt, currency debasement, and inflationary pressures. Contrasted with more traditional assets, Bitcoin’s decentralized nature and capped supply make it an attractive alternative for investors looking to hedge against economic turmoil.
Bank of America has warmed up to blockchain by testing blockchain-based platforms, including the Paxos Settlement Service, to help facilitate traders. Though skeptical about Bitcoin, the institution has moved to file patents related to cryptocurrency- a zeitgeist of wanting to stay caught up on potential game-changing ideas.
The rise of Bitcoin as a workable alternative to conventional safe-haven assets tests the hypothesis that financial heavyweights such as Bank of America will eventually join the fray by including digital assets in their official economic reports and investment strategies. For now, crypto integration into mainstream finance is one to watch.
The post Bank Of America Says Gold Is The Ultimate Safe Haven, What About Bitcoin? appeared first on CoinGape.
17 Oct 2024, 12:10 pmThe cryptocurrency market is witnessing significant shifts, with several digital assets showing potential for rapid gains. Investors, particularly those focusing on smart money cryptocurrencies, could turn $100 into $10,000 this week. However, it is essential to note that these investments are highly speculative. While the opportunity for substantial returns exists, there is also the risk that they could lose all their value.
Smart Money Cryptocurrencies To Turn $100 to $10000
The crypto market is heating up, with Bitcoin approaching $70,000 and Ethereum targeting $3,000. As major coins surge, savvy money cryptocurrency investors are turning to altcoins with high potential. Meme coins, though highly volatile, may also see movement. Here are five speculative cryptocurrencies that could turn $100 into $10,000 this week.
Goatseus Maximus (GOAT)
Goatseus Maximus (GOAT) token has quickly gained attention since its launch on October 10 via the pump.fun platform. Since its debut, GOAT has surged by over 177%, catching the eye of investors.
In the past 24 hours, the GOAT price has jumped 14%, trading at $0.2938. This makes it one of the standout cryptocurrencies for smart money, with the potential to turn $100 into $10,000 this week.
Billy (BILLY)
Billy (BILLY) price has continued to surprise the crypto community with impressive gains. In the last month, BILLY surged by 22%, delivering strong profits for investors. Listed just four months ago, the meme coin has risen 89% over the past 30 days.
Currently priced at $0.040119, BILLY saw a 10% decrease in the past 24 hours. Despite the volatility, BILLY remains among the smart money cryptocurrencies that could turn a $100 investment into $10,000 this week. However, risks remain high in this speculative market.
Apu Apustaja (APU)
Apu Apustaja (APU), or Peepo or Helper, is a Pepe-inspired meme coin symbolizing a younger, kinder frog character. Frustrated by low-effort meme coins and deceptive developers, Apu launched his fully transparent, fair coin: $APU.
Currently priced at $0.000840, $APU has surged 3.74% in the last 24 hours and gained 255% over the past month. With this momentum, it’s emerging as one of the Smart Money Cryptocurrencies that could potentially turn $100 into $10,000 this week, although these investments remain speculative and carry high risks.
Popcat (POPCAT)
Popcat (POPCAT), a cat-themed meme altcoin, has surged 7,935% since its launch. Currently priced at $1.34, it saw a recent 10% increase, continuing its bullish trend. As one of the smart money cryptocurrencies, Popcat holds the potential to turn a $100 investment into significant profits this week.
The percentage of stablecoin supply held by POPCAT whales, with over $5 million, has increased significantly. Analysts are watching the potential impact on liquidity and volatility as these holders gain control, which may influence the next phase of market growth and price movements.
MOG Coin (MOG)
MOG Coin (MOG), an Ethereum-based meme coin, is gaining traction with its unique, meme-driven approach. Currently priced at $0.000001941, MOG has seen a 3% rise in the last 24 hours.
Since the start of the year, MOG has surged by an astounding 10,694%, making it a potential smart money cryptocurrency for rapid gains this week. With the current bullish trend, if the meme coin mounts more pressure, it could break above the key level, targeting $0.000002 to $0.000003 in the near term.
Cryptocurrencies can provide impressive returns, but they come with significant risks. The five coins listed above have been spotlighted for their potential to turn $100 into $10,000 this week. However, investors should be aware that the speculative nature of the market could result in substantial losses, including the possibility of these tokens going to zero.
The post 5 Smart Money Cryptocurrencies That Could Turn $100 to $10000 This Week appeared first on CoinGape.
17 Oct 2024, 10:52 amThe Federal Bureau of Investigation (FBI) has apprehended Eric Council Jr., 25, of Athens, Alabama in relation to the January 2024 unauthorized access of the United States Securities and Exchange Commission (SEC) X account, formerly Twitter.
The arrest comes after Council was accused of participating in a hacking spree that saw a fake post from the US SEC Chair’s account which increased the value of Bitcoin for some time.
US SEC Twitter Hacker Responsible For Fake Bitcoin ETF Arrested
As per the indictment, Eric Council engaged in the conspiracy to assume control of the US SEC’s X account on January 9, 2024.
The type of fraud performed was a SIM swap attack, which involves redirecting a phone number belonging to someone else to a device owned by the fraudster. With this method, Council and his accomplices gained access to the SEC’s account.
Once they gained control, they sent a fake message from the SEC Chairman saying the agency had allowed Bitcoin ETFs to be listed on all the national securities exchanges. This announcement led to a rise in the price of Bitcoin by more than $1000. However, after the US SEC regained control of its account and made a correction, the price of Bitcoin dropped by more than $2,000.
Allegations of Conspiracy and Identity Theft
According to the Federal Bureau of Investigation, Eric Council used personal identifying information (PII) from a victim and applied for a SIM card that is associated with this person’s phone line. Council allegedly got the PII and an identification card template from his co-conspirators, who were also involved in the offense.
He then used a fake ID to do the SIM swap at a mobile phone company in Huntsville, Alabama.
Once Council was able to obtain control of the victim’s phone number, he bought a new iPhone and used it to sign into the SEC’s X account. Eric Council then provided the account access codes to other persons who put up the deceptive tweet on the account. The announcement revealed that the Council received payment in Bitcoin for his part in the scheme.
Investigations and Cybercrime Charges
Council is being accused of conspiracy to commit aggravated identity theft and access device fraud. He is scheduled to enter a plea for the first time in the Northern District of Alabama. The U.S. Attorney Matthew M. Graves also noted that SIM swapping is a very dangerous crime that can bring significant financial losses and compromise of sensitive data.
Council’s online activity also attracted attention, as he searched for terms such as “SECGOV hack” and “how can I know for sure if the FBI is investigating me.” Investigators believe these searches indicate that Council was aware of potential law enforcement scrutiny. Authorities are continuing to investigate other individuals involved in the conspiracy.
Meanwhile, this case comes amidst increasing concerns over cybercrime and cryptocurrency-related fraud. In another major case, Ilya Lichtenstein, mastermind of the $6 billion Bitfinex crypto exchange hack, faces up to five years in prison after pleading guilty to a money-laundering conspiracy
The post FBI Arrests US SEC Twitter Hacker Responsible For Fake Bitcoin ETF Approval Post appeared first on CoinGape.
17 Oct 2024, 9:06 amRipple’s CEO Brad Garlinghouse recently commented on developments in the crypto space, including the imminent RLUSD launch, the XRP ETFs, and whether the US SEC will likely block these applications. The Ripple CEO also discussed crypto regulations in the US and what could change depending on who gets elected in the upcoming US elections.
Brad Garlinghouse Comments On RLUSD Stablecoin
Garlinghouse stated during an interview on the Thinking Crypto podcast that the RLUSD stablecoin forms a puzzle piece of what his firm is trying to achieve with its payments service. He revealed how stablecoin transactions formed a major part of their business model, which led to them being among the primary users of the USDT and USDC stablecoins.
Therefore, Ripple saw an opportunity to enter the stablecoin market, considering the amount of activity they witnessed with their stablecoin use. Brad Garlinghouse added that their entrance into the market isn’t about competing but simply growing it. The Ripple CEO remarked that the RLUSD launch will bring more liquidity to the XRP ledger (XRPL), benefiting everyone in the XRP ecosystem.
Regarding how they will use RLUSD on their On-Demand Liquidity (ODL) rails, Garlinghouse mentioned that nothing will change, as it will be similar to how they use USDT and USDC for their payment solution. He noted that they are more focused on how the stablecoin launch could benefit the XRP ecosystem, especially in decentralized finance (DeFi).
Ripple recently revealed major updates concerning the RLUSD launch, including the announcement that Uphold, Bitso, and Bitstamp will be exchange partners. Although the firm has yet to give a particular launch date, it will likely roll out the stablecoin anytime soon.
The Timing Of The XRP ETF Applications
Brad Garlinghouse stated that he was surprised by the timing of the XRP ETF applications but not the outcome. He referred to his previous comments in which he mentioned that other crypto ETFs, including an XRP ETF, were inevitable following the launch of the Spot Bitcoin ETFs. He affirmed that the applications by Bitwise and Canary Island are positive for the XRP ecosystem and that Ripple will show support in any way they can.
When asked if he believes the US SEC will block these XRP ETF applications amid the appeal, Garlinghouse suggested the Commission was already trying to ensure that these funds do not see the light of day. He noted that the Commission filed an appeal just around when Bitwise and Canary Capital began the ETF process.
The Ripple CEO also alluded to Bitnomial’s case against the US SEC, stating that the Commission was acting outside the law and calling XRP security despite Judge Analisa Torres’ ruling that the coin isn’t one.
The Commission claimed that Bitnomial’s XRP futures are “Security Futures.” Pro-XRP lawyer Bill Morgan recently provided insights into why the SEC is challenging XRP futures in the Bitnomial case, claiming it might be part of a strategy to stifle Ripple’s growth.
Interstingly, Brad Garlinghouse stated during the interview that he believes that Gary Gensler’s days as the SEC Chair are numbered. He remarked that Gensler would unlikely remain as the SEC Chair beyond this administration, irrespective of who becomes the next US President.
Ripple CEO Discusses IPO
Brad Garlinghouse mentioned that Ripple going public isn’t a high priority for them, partly because of the strained relationship with the US SEC. He added that they are in no rush to go public because they are in a strong financial position thanks to their investments in several crypto and XRP projects.
The Ripple CEO added that an IPO could take over 12 months even if they decide to go public. Therefore, this is not something that will happen anytime soon. Garlinghouse also suggested that they would only consider going public when Gary Gensler is no longer the SEC Chair. In the meantime, Ripple wants to ensure they get the right valuation for the firm.
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17 Oct 2024, 8:46 amSeptember brought stronger-than-expected growth in retail sales that clouded possible US Fed rate cut. This, coupled with an unexpected drop in new jobless claims gives a potential, short-lived boost to the economy and crypto market.
Meanwhile, the ECB resorted to a third rate cut this year influenced by the weak growth outlook and the inflation scare.
Mixed Economic Signals Keep US Fed Rate Cut on the Table, ECB Follows Suit
The outlook for the next US Fed rate decision was clouded by stronger-than-expected retail sales and a decline in jobless claims. This signaled resilient economic activity despite mixed data. Meanwhile, the European Central Bank’s recent rate cut to 3.25%, its third of the year.
These factors contribute to a complex backdrop for the crypto market. Lower rate typically support risk assets like Bitcoin. Yet, persistent uncertainty leads to temporary downward pressure on digital asset prices.
The S&P 500 managed to inch higher at the opening bell following that news. The market was acting optimistic, but there were caution signals as the trends were not likely to last longer.
Stronger-than-expected retail sales data raised some questions. most of them were regarding the Fed possibly holding off on easing rates at December meeting. Those concerns were tempered as a weak industrial production report clouded the overall economic outlook. Mixed signals on the economy’s momentum haven’t stopped markets from betting on a near-term rate cut.
US Treasury yields climbed Thursday after good economic signals emanated from fresh data. The 10-year Treasury yield was up over 5 basis points to 4.071%, while the 2-year yield added five basis points to 3.993%.
However, claims for jobless benefits fell to 241,000 in a week. This is well below the forecast that continued to show labor markets’ resilience. The data underpinned an underlying economic vitality that contradicts the expectations of impending US Fed rate cuts, which officials had raised several times this week.
Some expert think the fact that inflation was up, might also help Bitcoin to rocket. Just recently reports showed that inflation has come in hotter than expected at 1.8% in September, as compared to market expectations of 1.6%.
ECB Cuts Rates, Maintains Optimistic Inflation Outlook
Similar to the US Fed rate cut, the European Central Bank cut its key interest rate to 3.25% at an October meeting. This was the third 0.25% cut this year. The move had been expected after policymakers had indicated that the economic outlook was weakening and inflation pressures were easing. In a statement, the ECB’s Governing Council said the disinflation process was “well on track”. This represents the most optimistic outlook during this cycle.
Inflation in the euro zone slowed to 1.8% in September—below the ECB’s target of 2% for the first time in three years. Even so, the central bank still sees a risk of temporary increases that could temporarily push inflation above the target. This is the first consecutive rate cut from the ECB since December 2011.
ECB President Christine Lagarde said the central bank discussed only a 25bp cut and not a larger 50bp cut. This contrasts with the US Federal Reserve’s decision in September to cut by 50bps.
Crypto Market Stalls Despite Rate Cuts
The market hasn’t reacted positively despite the ECB recent rate cut to 3.25%, which is typically a favorable condition for cryptocurrencies. Several macroeconomic factors are contributing to this unexpected trend.
September’s stronger-than-expected retail sales and a drop in the US jobless claims signal continued economic resilience. This has led to a rise in Treasury yields, which makes traditional investments more attractive. However it dampens demand for alternative assets like crypto.
Additionally, concerns persist about the sustainability of the economic recovery. While lower rates generally support growth and may eventually benefit digital assets, uncertainty about future Fed policy create a cautious environment for investors.
This could result in temporary pressure on crypto prices even in the face of easing monetary policy. As markets digest these factors, the potential for a rebound remains. This will happen if future economic indicators align with expectations of continued US Fed rate cuts or if inflation shows signs of further decline in the US and the eurozone.
The post US Fed Rate Cut of 50 Bps Clouded By Retail Sales and Jobless Claims; ECB Cuts Rate appeared first on CoinGape.
17 Oct 2024, 8:41 amThe European Union (EU) has warned Elon Musk’s social media platform X sternly, indicating that it could face substantial fines. These penalties may extend to revenue generated from X and Musk’s other enterprises, such as SpaceX and Neuralink. This measure could amplify the financial risks for Musk’s businesses under the EU’s Digital Services Act (DSA).
European Union Targets Elon Musk’s Empire with Potential Revenue-Based Fines
Recent reports reveal that the European Union (EU) is contemplating imposing fines on Elon Musk’s X platform, potentially including revenues from his myriad other business ventures in the calculations. This approach comes under the Digital Services Act, which empowers the bloc to fine online platforms up to 6% of their annual global revenue for violations such as inadequate content moderation and transparency failures.
Hence, the potential fines could incorporate earnings from Musk’s companies like Space Exploration Technologies Corp. and Neuralink Corp., escalating the financial stakes. This approach suggests an aggressive regulatory posture in which Musk himself could be considered the liable entity rather than just the X platform.
However, it is important to note that Tesla Inc. remains outside the purview of these potential fines, as it is a publicly-traded company not under Musk’s full control.
Navigating EU Regulations: X Platform Avoids DMA Scrutiny
These developments come even as Musk’s X platform managed to evade regulations under the EU’s Digital Markets Act last month due to its minimal market impact. However, the platform continues to face scrutiny for its content moderation practices.
Moreover, the ongoing scrutiny stems from the platform’s struggles with controlling harmful content and misinformation. These challenges are magnified by the platform’s global reach and the high visibility and influence of its owner, Elon Musk.
Despite bypassing the requirements of the Digital Markets Act, X is still in the regulatory spotlight. The European Union’s Digital Services Act (DSA) is still a major regulatory concern, especially with the recent revenue-inclusion warning. The DSA ensures that digital platforms operate transparently and are held accountable for the content they host.
In addition, Elon Musk’s Tesla recently transferred its Bitcoin holdings, aggregating to a value of $760 million. The move involved reallocating its publicly known Bitcoin stash across multiple transactions, marking the company’s first such financial activity in over two years. These movements sparked speculation regarding the intentions behind them.
In spite of the Tesla CEO’s continued troubles with the EU’s Digital Services Act (DSA), Musk has maintained strong support for Trump in the coming US elections. This has led Musk to offer a substantial $75 million donation to America PAC, boosting Donald Trump’s presidential campaign.
The post Elon Musk’s Companies Revenue Under Risk As EU Warns Heavy Penalties appeared first on CoinGape.
17 Oct 2024, 8:22 amExpert analyst says a massive rally is brewing for Ethereum price as it enters the final phase of a fractal. This outlook coincides with Ethereum co-founder Vitalik Buterin revealing the roadmap for ETH.
Analyst: Ethereum Price is “Ready,” Edges Closer to Breakout
According to analyst CryptoYodha, Ethereum price action is repeating a fractal that was last see over five years ago. This fractal contains four phases – a cycle bottom after the end of a bear market followed by a correction that forms a higher low, relative to the cycle bottom, a breakout and retest that confirms the start of a bull run and the bull run.
Between 2019 and 2021, the price of ETH formed a cycle bottom below $100 and rallied to form a local top around $300. This move was followed by a pullback that formed a higher low under $100, signaling that the market is bullish. Following the initial two phases, Ethereum price formed a bottom around $300, which was a significant move that led to a bull rally and an all-time high just shy of $5,000.
The analyst assumes that if history is repeating then Ethereum price is currently in the third phase, where it is forming a stable foothold that should be followed by a bull rally.
Although the fractal is likely, the analyst’s Ethereum price forecast targets anywhere between $12,000 to $15,000 per ETH. This would mean ETH needs to pentuple or roughly 4.8X from the current level of $2,500.
Is this possible? Only time will tell.
Vitalik Buterin Reveals Ethereum’s Roadmap
In a recent blog, Vitalik Buterin penned a detailed Ethereum roadmap that outlines what to expect next in terms of blockchain development. But on a high level, this blog focuses on improving Ethereum’s security and scalability, division of labor between Layer 1 and Layer 2 chains, decentralization and trustlessness among other topics.
Here’s Buterin’s timeline for Ethereum roadmaps.
- Generalized Plasma (Short-Term)
- Improve plasma scalability
- Implement Merkle root-based scaling
- Maturing L2 Proof Systems (Medium-Term)
- Formal verification for rollups
- Multi-prover systems for security
- Data compression for efficiency
- Cross-L2 Interoperability Improvements (Medium-Term)
- Standardized addresses
- Chain-specific payment requests
- Cross-chain swaps and gas payment
- Light clients for trustless verification
- Keystore wallets for unified key management
- L1 Scaling Strategies (Long-Term)
- Improve technology to raise gas limit
- Make specific operations cheaper
- Native rollups (parallel EVM copies)
- Ecosystem Development (Ongoing)
- MEV (Maximal Extractable Value) management
- Division of labor between L1 and L2s
- Community cooperation and standardization
- Decentralization and security enhancements
Regardless of the short-term uncertainty the higher time frames are showcasing a bullish outlook. Additionally, Vitalik Buterin’s roadmap also showcases how strong Ethereum will become in the coming days, after the aforementioned plans are implemented. While the investor interest might have slowed down for Ether due to Solana, it is likely to soar as the bull run kickstarts in the fourth quarter.
The post Expert Says Ethereum Price Is “Ready” As Vitalik Buterin Confirms ETH’s Future appeared first on CoinGape.
17 Oct 2024, 7:59 amThe cryptocurrency world is buzzing with high hopes as certain Solana coins show great potential for massive gains. Investors aiming for substantial returns see opportunities to grow a $100,000 investment into $1 million by December 2024.
The crypto market trades sideways as Solana’s price remains firm, hovering around $152. Bitcoin is steady above $67,000, while Ethereum trades near $2,600.
3 Solana Coins Poised to Turn $100K Into $1M
Bonk (BONK)
Bonk (BONK), a Solana-based meme coin, has attracted attention by distributing half of its tokens to Solana users. Over the past year, BONK’s price surged 11,857%, sparking predictions that it could turn a $100,000 investment into $1 million by December 2024.
Currently, the value of BONK is at $0.00002291, with a slight 3% dip, but it still shows a 40% increase over the past month, indicating potential for further growth.
Crypto analyst has highlighted a potential breakout for Bonk, predicting a surge of 180% soon. According to the chart shared by the analyst, BONK is forming a bullish pattern, indicating a strong upward trend.
Dogwifhat (WIF)
Dogwifhat (WIF), a meme coin in the Solana ecosystem, has gained attention for its impressive growth. Since its launch, WIF has skyrocketed over 1,429%, positioning itself as a potential game-changer.
This rapid surge suggests a $100,000 investment could turn into $1 million by December 2024. Despite a minor 0.16% drop, WIF’s current price is $2.58, showcasing its growing influence and popularity within the crypto community.
According to the santiment data, the percentage of stablecoin supply held by whales, with more than $5 million, has seen a notable increase. As these large holders gain more control over the supply, analysts closely monitor the potential effects on liquidity and volatility. This trend could be crucial in shaping the next phase of market growth and price behavior.
Popcat (POPCAT)
Popcat (POPCAT), a cryptocurrency on the SOL blockchain, has experienced a remarkable surge, rising by 7935% recently. This increase has positioned POPCAT as a strong contender for significant portfolio gains, with a $100,000 investment potentially reaching $1 million by December 2024.
The current price of the Cat themed-based coin is $1.34, reflecting its ongoing bullish trend. If POPCAT surpasses its current resistance levels, it may soon climb to $2. The cryptocurrency’s upward trend mirrors broader market movements, indicating a strong potential for continued growth.
With the current market trends, three Solana coins could turn a $100,000 portfolio into $1 million by the end of 2024. While the market remains volatile, the potential upside in Solana-based projects makes them attractive for investors looking to maximize returns in the next year.
The post 3 Solana Coins To Turn Portfolio of $100K to $1M By December 2024 appeared first on CoinGape.
17 Oct 2024, 7:52 amThe ongoing lawsuit between the US Securities and Exchange Commission (SEC) and Ripple Labs Inc has continued to take new twists. Against the highly publicized speculation that the US SEC missed the deadline to file Form C for its appeal, one of the regulator’s spokespersons has confirmed nothing has changed.
US SEC To Proceed With Ripple Lawsuit
According to an update from Fox Business Journalist Eleanor Terrett, a spokesperson with the regulator, “The appeal is proceeding normally, and the documents will be filed publicly soon.”
The document in question here is the Form C which many claimed the regulator ought to have filed since October 16. However, the uncertainty lies in the exact timeline to file the document. The official docketing of the Appeals with the Court came on October 4. Based on this timeline, Terrett and other pro-crypto lawyers highlighted October 18 as the deadline for the Form C filing at 11:59 PM.
There is a massive implication for missing out on the Form C deadline. If confirmed, the US SEC would have forfeited its chances of pursuing the case against Ripple further. However, experts highlighted a caveat, which is the leniency the regulator might receive even if it missed the deadline.
With the Form C not yet made public, the speculation on which aspect of the lawsuit the US SEC plans to appeal. By expert’s guess, the Gary Gensler commission could content the $125 million Ripple penalty and even XRP’s securities status on secondary exchanges.
Much of these clarification will come when the regulator makes the filing, giving Ripple Labs an opportunity to file its response before month end.
Brad Garlinghouse Reacts To New Update
Ripple Labs CEO Brad Garlinghouse has responded to the new update from the US SEC spokesperson. According to his post on X, he seem unsurprised that the regulator decided is is “Proceeding normally” with the appeal. He implied ironically that the agency chose normalcy when indeed, it makes up its own rules as events shapes up.
Proceeding normally for an agency that makes up their own rules as they go!
— Brad Garlinghouse (@bgarlinghouse) October 17, 2024
Considering the instability the appeal will cause for XRP, many in the community are against the move from the regulator. Infact, protests have broken out in the form of petition against the markets regulator.
Some even considers the push for XRP ETF from Bitwise and Canary Capital as a viable protest from institutional investors.
The post US SEC Spokesperson Confirms To Proceed With Appeals in Ripple Lawsuit appeared first on CoinGape.
17 Oct 2024, 7:12 amAfter Bitcoin gained a significant rhythm in the crypto market, investors are waiting for an altcoin season to witness the same for others. Even at present, a few cryptocurrencies are on the rise, but XRP and a few others are still awaiting a bullish push to get them out of the slump. However, with the anticipation around the Uptober, this Ripple token has also gained slight momentum, which might push it to new highs when the right time begins.
Altcoin Season To Push XRP 10x-500x
The Ripple token is one of the best cryptos, and despite its struggles, investors are still focusing on this crypto. It is because of the long-awaited rally that might push its value to new highs so many can recover their losses. Interestingly, a market analyst and Iron Key Capital advisor, Kevin Cage, predicted that the altcoin season might push the Ripple native token by 10-500x.
In a recent X post, Cage shared two charts to back his crypto prediction. With these, he revealed that the last two times the market witnessed the XRP price rally happened during the alt seasons. More importantly, Bitcoin was drawing a higher high first at that time. The two rallies mentioned here are from 2017 and 2021, where a 500x surge was seen in the first and a 10x surge in the second.
The Last 2 Times $XRP Pumped
Was during the previous 2 Alt Seasons when #Bitcoin was drawing higher highs first.
2017: Over 500X (over 300x with Monthly Candle Bodies)
2021: 10x (During Lawsuit & Exchange Delistings)
Will history rhyme or will the future be different?… pic.twitter.com/V8nb9yh8qR
— Kevin Cage (@Kevin_Cage_) October 16, 2024
In diving deep, during 2017, the Ripple price lifted from $0.006 to $3.50, managing a surge of 500x. Interestingly, Bitcoin’s dominance faced a major drop at the same time. It was around 95.91% in the beginning, but it dropped to 35.46, leading to this XRP price rally. The main reason is that an altcoin season started with a drop in BTC dominance.
Moving ahead, everything was against the Ripple token in 2021, as it was the time when the Ripple Vs SEC lawsuit took a serious turn. Even the token got delisted from multiple cryptocurrency exchanges. Despite that, the token had a 10x rally, pushing its price from $0.18 to $1.96. Interestingly, there was another drop in Bitcoin’s dominance from 73.51% to 39.54% over months, confirming the relation between the dominance/alt season and the XRP price rally.
If the BTC dominance begins to decline, bringing an altcoin season, the same rally might form this time as well
XRP Price Might Rise To $278
Kevin Cage’s X post also hints at the upcoming altcoin season, which could boost the Ripple token to new highs as it did in the 2017 and 2021 cycles. If considered, the price can range between $5.5 to $278 based on 10x-500x possibility. However, as this token has suffered heavy losses for years, currently trading at $0.556, there is uncertainty as to how the candles will play on the charts. Moreover, with its peak performance at $3.84, the anticipation around $278 is too big for now. Not to forget, the Bitcoin price is rising, strengthening its dominance. However, if the Ripple Vs SEC lawsuit ends in the blockchain service provider’s favor, such a goal might become achievable, as this is the only limiting factor for this token.
The post How High XRP Could Surge in Altcoin Season? Analysts Predict 10x-500x appeared first on CoinGape.
17 Oct 2024, 6:56 amXRP price is slowly sneaking its way upward toward the three-month resistance around $0.65. While this is good, the asset is geared for potential volatility following the speculation of dismissing the U.S. SEC’s appeal. This development has sparked optimism among investors.
Ripple price today increased by 1.7% and is trading at $0.5538. This happened against a market-wide crypto asset price slump instigated by Bitcoin dropping to $66,835. XRP is currently among the five best-performing altcoins in the top 100 in the last 24 hours.
XRP Price Is Up Amid Twist In Legal Battle
The U.S. Securities and Exchange Commission (SEC) could potentially fail to file an appeal in the Ripple case with only one day left until deadline. This has , sparked debate about a potential implications in the event of a dismissal. Local rules suggest that missing the deadline could result in the appeal being dismissed.
Attorney Jeremy Hogan shared on X that the SEC appeal “was due today and…it’s not showing up on the docket. If it wasn’ filed, the appeal “will” be dismissed…”
I'm trying to figure out how we got the timeframe wrong but…I can't see any flaw in the logic. The C was due today and…it's not showing up on the docket. If it wasn' filed, the appeal "will" be dismissed (is what it says). Those are the facts as we know 'em. I'm hesitant… pic.twitter.com/jHVWZ3mNF4
— Jeremy Hogan (@attorneyjeremy1) October 17, 2024
Hogan proceeded to say he was going to “buy 10k XRP” before sleeping, just in case his suspicion was correct.
However, Fox Business’s Eleanor Terret shared a new document showing the notice of appeal was filed on Oct. 2 but not docketed until Oct. 4. This means the deadline might be extended to Oct. 18 at 11:59 PM EST.
NEW: According to this document filed in the Second Circuit, the @SECGov’s notice of appeal was filed the 2nd but not docketed until the 4th.
So, it seems the real deadline is actually Friday, October 18th at 11:59PM.
H/T to a follower for sending me this. pic.twitter.com/H7TWIgGBl6
— Eleanor Terrett (@EleanorTerrett) October 17, 2024
This gives the SEC less than 6 hours to file their appeal. If the SEC misses the deadline, it would have substantial implications for the XRP price. The ongoing SEC v. Ripple lawsuit has been a great obstacle to Ripple’s price movement. XRP price is currently snaking its way up a rising channel, which is bullish and points to further gains in the future.
XRP Price If SEC’s Failed Deadline is Confirmed
If the SEC does indeed miss the deadline for filing the appeal, this would mean a couple of things:
- It implies case dismissal, which means the court won’t hear the SEC’s arguments against the previous decision.
- It also means Judge Analisa Torres’s final judgment would stand, and the SEC would have to comply with the court’s orders, which means accepting the $125 million settlement and ending the lawsuit permanently.
This would ultimately be one of Ripple’s largest wins against the SEC since July 2023 when Judge Torres ruled XRP not a security.
For comparison, in July 2023, following the pro-XRP ruling, the Ripple price spiked 101% from $0.46 to $0.93. If XRP were to repeat the same performance, it would soar from $0.55 to $1.12, coming dangerously close to displacing Solana from rank 5.
XRP price has the potential to rise higher than the 101% implied on the charts since the market conditions are different. Here are two reasons why the XRP price may surge higher than $1.12:
- The U.S. November 5 elections are a few weeks away, and polls show that Trump is leading with a high chance of winning. The speculation around this has kept the market green for the better part of October.
- Historical data shows that the bull run usually begins right after the elections, even if the crypto-community’s favoured candidate didn’t win.
That said, the market awaits for tomorrow to see whether the SEC will file the appeal before the deadline.
Ripple Can Explode
XRP price is positioned for a potential rally as the SEC’s appeal appears to have been dismissed, sparking investor optimism. If confirmed, this development could mark a significant win for Ripple, potentially driving the price beyond its current resistance levels. Given the favorable market conditions and the upcoming U.S. elections, XRP might surge even higher than its previous peaks, setting the stage for further gains. Investors should stay tuned for official updates, as confirmation of the SEC’s missed deadline could be a critical catalyst for XRP’s next big move.
The post XRP Price Ready to “Go” With One Day Left to SEC Appeal Deadline appeared first on CoinGape.
17 Oct 2024, 6:53 amShiba Inu coin once again caught the eyes of crypto market enthusiasts as the SHIB team confirms that the ecosystem is eyeing a transformative shift ahead. On Thursday, the marketing lead highlighted that the Shib Doggy DAO and Foundation launch remains imminent. This announcement comes just days after the team announced the Meme Coin’s partnership with Mass Finance.
Meanwhile, SHIB price saw a pullback, although broader charts hinted at a rally sparking investor speculations amid the looming ecosystem development.
Shiba Inu Coin Eyes Shib DAO Foundation Launch
In an X post dated October 17, the top dog-themed meme coin‘s marketing lead, Lucie, stated, “Shib’s DAO and Foundation are coming soon.” The introduction of the “Shib Doggy DAO Foundation” lies shortly ahead, marking the “next chapter for Shib State and setting the stage for a fully decentralized and autonomous future.”
The upcoming DAO for the Shiba Inu coin stages as a governance system where SHIB, BONE, LEASH, and TREAT holders have the right to influence crucial decisions. This allows token holders to vote on everything, ranging from community projects to technology advancements.
“The Shib Doggy DAO Foundation will legally wrap around the DAO, ensuring that the decisions made by the community are properly executed.”.
Moreover, the governance is set to be divided into four key areas based on the ecosystem tokens. Notably, SHIB governs the community itself, whilst BONE powers the technology. LEASH offers protection and exclusivity within the ecosystem, while TREAT focuses on community projects, as pointed out by Lucie.
Overall, the announcement gained significant traction across the broader market, indicating game-changing developments for the Shiba Inu coin’s ecosystem looming over the horizon. This announcement comes following the team’s recent partnership with Mass Finance, with the TradFi firm serving as the “financial layer” for the Shiba State.
SHIB Price Performance Today
However, despite the abovementioned development, SHIB price traded in the red today, down almost 4% to $0.00001781. Its intraday low and high were recorded as $0.00001786 and $0.00001899, respectively. Nonetheless, broader charts for the token underlined a price rally.
The weekly chart showcased gains worth 4%, while monthly gains totalled nearly 35%, sparking investor optimism. This upswing, coupled with Shiba Inu coin’s looming ecosystem development, garnered substantial attention to the crypto.
Besides, it’s also worth mentioning that the coin’s recent gains align with a whopping surge in the SHIB burn rate, as reported by CoinGape Media previously. With nearly 300 million coins burned, the supply took a hit, bolstering the meme token’s market dynamics.
Also, lead developer Shytoshi Kusama highlighted a game-changing partnership for SHIB recently, further reverberating market optimism for the asset. Overall, the coin rides bullish waves despite today’s downturn, painting an optimistic picture of long-term prospects.
The post Shiba Inu Coin Set For A Transformative Shift, Here’s How appeared first on CoinGape.
17 Oct 2024, 6:14 amIn a recent update, the leading crypto exchange Kraken has announced the launch of Wrapped Bitcoin, kBTC, sparking market optimism. This new ERC-20 token is expected to boost the BTC’s utility across decentralized finance (DeFi) platforms. Besides, it also comes after another top exchange, Coinbase, has launched its Wrapped BTC cbBTC.
Notably, this Wrapped BTC will be fully backed 1:1 by Bitcoin, securely stored in the exchange’s custody solution.
Kraken Launches kBTC Sparking Market Optimism
The leading crypto exchange, Kraken recently announced the launch of Wrapped Bitcoin, kBTC, boosting BTC’s appeal in the market. The launch would bring the crypto’s value into blockchain networks like Ethereum and OP Mainnet, a former version of Optimism.
Notably, this ERC-20 token would allow BTC to be used on DeFi platforms. It could enhance the utility of the crypto beyond its traditional role as a store of value. Notably, the product, which is fully backed 1:1 by BTC held in Kraken’s US-based custody solution, from one of the top crypto exchanges comes with an added focus on security and transparency.
Meanwhile, the exchange said that the new product is designed to maximize BTC’s strengths like security, and scarcity, while also allowing it to integrate into DeFi seamlessly. Besides, the smart contract behind kBTC underwent a strict audit Trial of Bits, ensuring users’ safety.
According to the update, the users can verify kBTC on-chain at any time, enhancing market confidence in the token’s legitimacy. Wrapped Bitcoin tokens like kBTC enable BTC to be traded, lent, or used as collateral on DeFi platforms, a feature that was previously unavailable on these networks.
Wrapped BTC Competition Rises
Kraken’s entry into the wrapped Bitcoin market follows closely behind Coinbase’s recent launch of its own Wrapped Bitcoin token, cbBTC. These moves come as major exchanges seek to strengthen BTC’s integration into decentralized finance, providing users with greater flexibility in how they utilize their BTC holdings.
While wrapped Bitcoin tokens like WBTC have already established a significant presence in the market, kBTC aims to stand out with its transparent and secure backing. It could further solidify BTC’s role in the DeFi space.
Besides, the decision comes amid soaring institutional interest in BTC. For context, the US Bitcoin Spot ETF has recorded an inflow of over $20 billion to date, with BlackRock alone accumulating 5,805 BTC in a day. It also comes a day after Bitcoin hits $68k, indicating a growing market confidence towards the crypto.
The post Just-In: Kraken Rolls Out Wrapped Bitcoin kBTC To Boost BTC Adoption appeared first on CoinGape.
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