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Since last weekend, the crypto market witnessed a renewed recovery trend as Bitcoin bounced from $60,000 to $67,000. ETH, the second-largest cryptocurrency, led this bullish momentum in the altcoin market, fueled by the debut of a spot Exchange Traded Fund (ETF) in Australia. As Uptober progresses, these five Ethereum tokens potentially help investors reach the $1 million mark.
Turn Uptober into $1M with These 5 Ethereum Tokens
The first half of the Uptober rally was hindered for crypto participants, primarily due to geopolitical tensions in the Middle East. However, market buyers have begun showing resilience to these events, as evidenced by Bitcoin’s sharp recovery to $67,000.
As Ethereum’s price is set to recover from recent market retracements, emerging tokens like SHIB, UNI, Pepe, IMX, and WLD could fuel a sustained rally.
Shiba Inu (SHIB)
Shiba Inu (SHIB), the second-largest meme cryptocurrency, has traded sideways for the past two weeks, stabilizing above the $0.000016 line. A reversal from this support has uplifted the asset 15% up to trade while the market cap boosted to $10.61 Billion.
An analysis of the daily chart shows the upswing asset is forming a bullish reversal pattern called the inverted head and shoulder. Generally, the pattern is developed in a major market bottom and drives a sustained rally post-neckline breakout.
The Shiba Inu price prediction shows a 13.5% distance before the buyers provide the decisive breakout from neckline resistance.
Uniswap (UNI)
Uniswap (UNI) stands second in our list of Ethereum tokens currently trading at $7.7 and holding a market cap of $4.64 Billion. An ascending trendline in the daily chart drives the current recovery trend in UNI price, providing buyers with dynamic support to recuperate the bullish momentum.
Moreover, the UNI supply on exchange has steadily plunged from the April top of 82.6 Million to 77.8 Million coins, accounting for a 5.8% loss. The reduced available supply on exchange decreases the risk of market selling pressure and eventually helps to maintain a steady uptrend.
Pepe Coin (PEPE)
The Frog-themed meme coin showed a notable upswing from $0.00000833 to $0.0000105 in the last two weeks, accounting for a 21.85% surge. The reversal displayed the buyer’s sustainability above the 200-day exponential moving average, suggesting buyers hold the upper hand to drive this asset.
Moreover, Santiment data reveals that wallets holding between 10 million and 100 million PEPE have significantly increased their holdings from 3.27 trillion to 3.72 trillion coins over the past five months.
This accumulation by large holders suggests growing confidence in PEPE price long-term potential and may indicate that institutional or whale investors are positioning themselves for a potential price surge.
Immutable X (IMX)
Among the other Ethereum tokens, the Immutable X (IMX) shows a steady recovery resonating within two converging trendlines of wedge patterns. A recent reversal from the pattern’s lower trendline has updated the asset from $1.36 to $1.56, registering a 14.3% increase while the market cap surged to $2.54 Billion, as per Coingecko.
While the chart setup typically recuperates the bearish momentum for the next breakdown, the buyers could invalidate the thesis if they challenge the overhead trendline. The IMX price is 25% away from surpassing the upper resistance trendline and drives a sustained recovery trend.
Worldcoin (WLD)
Contrary to other Ethereum tokens, the Worldcoin (WLD) daily chart shows a smooth transaction from downtrend to sideways, utilizing the $1.27 floor. The bottom support has boosted the price by 77% to trade at $2.27 and shows a well-known reversal pattern called rounding bottom.
Under the pattern’s influence, the WLD price gave a decisive breakout from the $2.17 resistance yesterday, providing buyers with sufficient support to drive a higher rally. Additionally, the 24-hour active addresses on the Worldcoin network surged to 795, signaling increased network activity and engagement.
The chart pattern backed by on-chain activity showed drive a sustained rally for the WLD coin,
The post Make $1M This Uptober with These 5 Ethereum Tokens appeared first on CoinGape.
15 Oct 2024, 3:13 pmElon Musk’s Tesla has moved all its Bitcoin holdings, worth $760 million, from its public wallet, marking its first BTC transactions in two years. This has raised questions about the reason for these transactions, with a potential sale of these coins likely to impact the market significantly. However, there is the possibility that the company might not just be moving these coins to another cold wallet.
Tesla Moves $760 Million From Bitcoin Wallet
Arkham Intelligence data shows that the automotive company transferred all its BTC holdings, worth $760 million, from its current wallet in several transactions. The first three major transactions occurred within close intervals, with the automotive company transferring $75.18 million, $76.08 million, and $77.16 million, respectively.
Tesla sent the $75.18 million to an unknown wallet (1Gxup…Zo2XM), while the company sent $76.08 million and $77.16 million to the same anonymous wallet (1D6Vh…NsLvn). Shortly after, the company transferred the remaining bitcoins from the public wallet to several other wallets.
The first of these remaining transactions was the transfer of $39.82 million worth of BTC to another unknown wallet (1G5kZ…hGW8W). Tesla then transferred $31.92 million to another unknown wallet (1Phab…Vr6Vj). The company also sent $56.76 million to this same wallet. Meanwhile, this wallet (15RdK…MjGER) received $86.18 million and $60.55 million from Tesla in two separate transactions.
After those transactions, the company transferred $56.30 million to this unknown wallet (1E8E3…VaTWm). This wallet (1MGM8…LxSje) also received some of Tesla’s Bitcoin stash in nine transactions. The most significant was the $46.95 million and $55.25 million it received from the automotive company. Tesla also transferred $102.36 million in a single transaction to this wallet (1CJRc…Tbwev)
These transfers come amid the Bitcoin price rally to as high as $67,000, which has raised concerns about how much selling pressure it could put on the flagship crypto if Elon Musk and his company plan to sell these coins.
The post Breaking: Elon Musk’s Tesla Transfers $760M Bitcoin Stash appeared first on CoinGape.
15 Oct 2024, 2:44 pmThe crypto industry’s largest asset manager, Grayscale Investments, has applied to convert its Digital Large Cap Fund into an ETF product. The Grayscale Large Cap Fund comprises of Bitcoin, Ethereum, Solana, XRP and Avalanche as its components.
Grayscale and the Crypto ETF Backing
The firm has sent its 19b-4 form to the United States Securities and Exchange Commission (SEC), requesting permission to convert the fund. The Digital Currency Group-affiliated firm is one of the major influences behind the emergence of spot Bitcoin ETF in the US. Barely a year after it won the SEC in a suit to convert GBTC into spot Bitcoin ETF, it is pioneering a new ambitious move.
It also converted its Ethereum Trust into spot ETFs in July after the Commission approved the product in the U.S. The proposed conversion of the Grayscale Digital Large Cap Fund to ETF comes after Canary Capital made a push for Litecoin ETF. In its S-1 registration, the latter highlighted Litecoin as one of the longest running blockchains with 100% uptime. It believes in the coin’s capacity to offer investors access to enterprise-grade use cases.
Per the current outlook, there is a clear evidence that institutional investors on Wall Street want more exposure to crypto. Even ETF Store President Nate Geraci outlined the growing demand for more crypto-based ETFs. While the prospect of these new ETF filings remain unknown, the broader industry has grown quite optimistic.
XRP And LTC ETF Filings on SEC’s Desk
A week ago, Canary Capital filed to list XRP ETF. Bitwise initially lodged the first of such applications with the regulator a few days before.
Notably, Canary Capital attributed its new interest to the “progressive regulatory environment coupled with growing demand from investors for sophisticated access to cryptocurrencies beyond Bitcoin and Ethereum.”
Meanwhile, Grayscale’s move to have this Digital Large Cap Fund converted to ETF products supports Canary’s stance. So far, Bitwise and Canary Capital are yet to receive any notification of acknowledgement from the SEC on their respective XRP ETF filings. It is not yet clear how the Commission would respond to these multiple filings.
Should it not go in favor of Grayscale, the investment asset management firm may employ the same approach it used with its GBTC conversion, featuring lawsuit.
The post Breaking: Grayscale Files To Convert SOL, XRP and AVAX Trust Into ETF appeared first on CoinGape.
15 Oct 2024, 2:27 pmThe Dogecoin price nosedived back on Tuesday and covered some gains made on Monday. According to Santiment on-chain metrics, the number of Dogecoin holders is well down, with a net loss of around 106,600 non-empty wallets since October 8th.
This trend has come as a reason for increasing frustration among traders over the performance of the leading meme coin. It also prompted many to look for quicker opportunities elsewhere. The sentiment seems to be changing in the wider crypto market. Participants are reassessing their portfolios in the face of volatile prices and reduced activity in DOGE.
Dogecoin Price Plummets as MVRV Metric Signals Overvaluation
According to data from Santiment, the number of active addresses first soared to a six-month high of 133,880 on October 10. At the time of writing, however, the Dogecoin price lost 2.5% to $0.1131, and the number of active addresses has fallen off a cliff. This indicates that the user activity is nosediving lower.
Dogecoin holders are rapidly falling in number. Since October 8th, there has been a net drop of -106.6K non-empty DOGE wallets. Traders have expressed frustration toward the largest meme coin's performance, and have been increasingly looking elsewhere for quick pumps. pic.twitter.com/elpv0T71Ma
— Santiment (@santimentfeed) October 15, 2024
Still, market analysts have been diverting more attention to the $0.20 price level for DOGE lately. They consider that recent trends show favorable indications for an upward trend. Currently, DOGE trades at $0.113, while trading volumes have jumped by more than 100%. This may serve as fuel to push the Dogecoin price toward its immediate higher target. One of the reasons for the volume incline could be the fact that Grayscale recently hinted towards a potential listing for DOGE on its platform,
The MVRV metric signifies when a particular cryptocurrency, such as DOGE, is undervalued or overvalued. Currently, DOGE represents a 30-day MVRV of 4.93%, suggesting that the token is overbought.
This might be a sign that this positive value of MVRV could mean overvaluation of the cryptocurrency and lead to a potential sell-off. This ramps up selling pressure across crypto exchanges. Indeed, every time MVRV spikes historically, there is usually a correction afterward, meaning a trader should be cautious.
Potential for Moderate Growth in 2024, Significant Upside in 2025
Dogecoin price would see a somewhat fair appreciation this 2024, with predictions ranging between the higher $0.12 and the higher $0.25, considering the recovery of the overall crypto market. The positivity in sentiment, active community support, and revived interests may drive its price higher, but such growth may be dampened by prevailing market consolidation.
With a much better bull market and huge tech breakthroughs, DOGE’s valuation could increase meaningfully by 2025. Forecasts show it reaching $0.22 to $0.50. This would be thanks to increased adoption, momentum, and partnerships that drive up demand and price action accordingly.
The post Dogecoin Price At Risk As DOGE’s Adoption Continues To Decline appeared first on CoinGape.
15 Oct 2024, 2:09 pmThe cryptocurrency market is experiencing renewed bullish momentum, with Bitcoin recently surpassing the $65,000 mark. Despite minor corrections, many crypto coins are witnessing a surge in demand. Experts suggest that the market’s current trajectory may turn small investments into massive returns within just 60 days, further fueling optimism.
3 Crypto Coins to Turn $10 into $100K
Shiba Inu Coin (SHIB)
Shiba Inu Coin (SHIB), a meme-inspired cryptocurrency, continues to gain traction in the decentralized finance (DeFi) space. Built on the Ethereum blockchain, SHIB has seen a remarkable surge of 159% over the past year, making it a coin of interest among investors. It could be a potential game-changer, with the ability to turn $10 into $100,000 in just 60 days.
However, despite its impressive growth, the SHIB price recently experienced a 0.91% decline, bringing its current price to $0.00001807. Despite this dip, the coin’s increasing market presence demonstrates its continued relevance in the evolving crypto landscape.
A closer look at the charts reveals possible bullish signals for Shiba Inu. If whale transactions over $100,000 increase, as seen during a spike in mid-July, it could indicate renewed interest from major holders.
This surge in large transactions might signal a potential price increase. Traders are closely monitoring this whale activity, anticipating that it may lead to a trend reversal and a possible upward momentum for SHIB.
Sui (SUI)
Sui (SUI), a Layer 1 blockchain platform, has seen remarkable growth thanks to its emphasis on fast, secure, and private digital asset management. Offering scalable solutions, Sui’s Total Value Locked (TVL) has surged to $1.09 billion. Recently, the SUI price hit $2.09, though it faced a 7% decline in a single day.
Despite this, the coin has gained 7% over the past week and soared 85% over the last month. In the last 30 days, SUI’s value skyrocketed by an impressive 409%, positioning it as one of the top-performing assets. Sui is gaining recognition for turning small investments into substantial returns in a short time.
TRON (TRX)
TRON (TRX) has surged by 84% over the past year, with its current price at $0.1585. The impressive growth is driven by TRON’s token burns and rising interest in meme coins, such as SUNDOG. Increased network participation and investor confidence have also contributed to TRX’s strong performance.
According to Coinglass data, a significant increase in trading volume and open interest highlights heightened market activity and investor engagement. With this momentum, TRX shows promising potential for further gains in the next 60 days. Investors eye it as a high-potential opportunity, seeking substantial returns on their investments.
With the expert’s insights on three promising cryptocurrencies, investors have a potential opportunity to achieve extraordinary returns in a short period.
The post Top Expert Reveals 3 Crypto Coins to Turn $10 into $100K in Just 60 Days appeared first on CoinGape.
15 Oct 2024, 1:43 pmAccording to an October 15 crypto market report from Coinbase and Glassnode, the rapid adoption of stablecoins and further development of Ethereum layer-2 scaling solutions are additional catalysts for the market maturation.
Billions of dollars have continued to pour into the cryptocurrency market this year. They appeared as spot crypto ETFs, increasing blockchain transaction volume.
Significant trading volumes, vigorous on-chain activity, and thriving spot ETFs show a deepening, increasingly liquid, and access-widening marketplace.
Crypto Market Shows Remarkable Growth and Maturity in 2024
A crypto market report from Coinbase and Glassnode has recorded phenomenal growth and maturity for the crypto market. The market went into spot ETFs that massively increase market liquidity and accessibility. Running parallel to this inflow has been an unprecedented increase in blockchain activity.
That makes the crypto market less volatile in 2024 as investors focus on higher-quality assets. For instance, three-month spot price volatility for Bitcoin has fallen below 60%. This is way lower than the nearly 130% peak reached in 2021. This transition signals a more stable environment for the leading cryptocurrency.
More importantly, stablecoins and Bitcoin market capitalization make up more of the total cryptocurrency market capitalization in the Q3 than in the Q2. This suggests a flight to safer asset classes because of the changing market dynamics.
The introduction of spot Bitcoin ETFs in the US in January 2024 catalyzed this movement. According to Bloomberg and Coinbase, such ETFs lured about $5 billion into Bitcoin in Q3, partly reflecting investor interest in regulated, exchange-traded exposure to the digital asset.
During the third quarter of 2024, the total market capitalization of stablecoins reached an all-time high of about $160 billion, reflecting their continued adoption for a wide range of use cases in the crypto economy. Just today, speculation in the crypto market surged following Ripple’s announcement of key updates on its stablecoin, RLUSD.
It included the reveal of the first exchange and platform set to support its upcoming launch, drawing significant market attention.
Ethereum Ecosystem Flourishes Amid ETF Outflows
Meanwhile, Ether ETFs saw net outflows as investors pulled their money from the Grayscale Ethereum Trust, ETHE. This trust had actually existed since 2017 under another construction type until its conversion to an ETF this year, 2024. The change in trend epitomizes a shift in investor attitude through the shifting dynamics of the market.
While Ether’s spot price performance has lagged that of Bitcoin, strong growth is being unveiled within the Ethereum ecosystem. It is driven by a class of innovative Layer-2 scaling solutions that are scaling the network and extending its functionality. This crypto market report shows that growth in the greater ecosystem suggests a greater adoption of applications and services based on Ethereum, even as its price movements trail behind Bitcoin.
In 2024, daily active addresses and the volume of Ethereum transactions began to grow, with on-chain activity fivefold from the beginning of 2023. Experts say this is because of the expansion of layer-2 scaling solutions, such as Coinbase’s Base network, which improves the network’s efficiency by settling more transactions at a cheaper rate, making the ecosystem more approachable.
In addition, Ethereum’s share of total fee generation among the fee-earning layer-1 blockchains has recovered substantially. It rose from 9% at the end of August to 40% at the end of September, with a resurgence in network demand and usage driven by DeFi activity and layer-2 adoption. Fee recovery underlines the network’s relevance in the wider crypto landscape despite changes in market dynamics.
Coinbase co-worked with Glassnode in making of this crypto market report even though it has its own issues. On Tuesday, the company filed a motion with the US District Court for the District of Columbia, via its consultant History Associates Inc., requesting the court to compel the SEC to produce documents clarifying how securities laws apply to cryptocurrencies.
The post Glassnode Report Shows The Crypto Market Is Maturing, Here’s How! appeared first on CoinGape.
15 Oct 2024, 12:33 pmDuring Tuesday’s U.S. market session, the Aptos price analysis shows a 5% jump to hit a 6% month high of $10.7. The uptick offers APT buyers the next stepping stone for a potential extended rally, fueled by a golden crossover between the 50- and 200-day exponential moving averages. Could this altcoin follow SUI’s price rally and see an 80% surge in Q4?
Missed the SUI Rally? Aptos Price Analysis Hints at an 80% Surge Ahead
Since mid-September, the Aptos price analysis showcased a high momentum rally from $5.65 to $10.55, accounting for 86% growth. The bullish trajectory managed to surpass crucial horizontal resistances such as $7.5 and $10.2, paving the way for further gains.
Maintaining this breakout would confirm that Aptos has escaped a 6-month consolidation phase, mirroring the pattern observed in SUI’s September rally. After its breakout, SUI saw a remarkable 102% price surge, reaching a new high of $2.36. With Aptos price analysis showing similar pre-breakout consolidation patterns, its recent breakout is expected to trigger a significant rally.
With sustained buying, the APT price could rally 80% to hit the $19.5 high resistance. Moreover, the daily chart analysis also shows a surge above key exponential moving averages (20, 50, 100, and 200), suggesting a positive shifting market sentiment.
APT Futures Open Interest Hits $250M as TVL Soars
According to DefiLlama data, Aptos’ total value locked (TVL) has surged from $328 million in early August to $739 million, marking a significant increase of over 125%. Generally, the rise in TVL indicates the investor’s confidence strengthening as more assets are locked into decentralized applications.
The Aptos network activity soaring should further boost user activity and drive natural demand for native cryptocurrency APT.
Within this period, the derivative market shows the APT future open interest surged massively from $54.58 to $250 Million— an increase. This increase signals heightened trader activity in speculation for future price movement.
These indicators suggest a bullish outlook for Aptos coin with the potential to drive a higher rally.
On the contrary note, if the Aptos price analysis failed a $10.2 breakout, the sellers would accelerate the bearish momentum to drive a major reversal. The potential downsizing could signal the continues to symmetrical triangle pattern.
The post Missed the SUI Rally? Aptos Price Analysis Signals Next 80% Surge appeared first on CoinGape.
15 Oct 2024, 12:31 pmBitwise’s Chief Investment Officer (CIO) Matt Hougan has predicted that the Bitcoin price could reach a new all-time high (ATH) even before the US election. The Bitwise CIO’s prediction came as he acknowledged the impact Kamala Harris’ support could have on the market as the US presidential elections draw closer.
Bitwise Predicts New Bitcoin ATH Before US Elections
Matt Hougan suggested in his latest weekly memo that BTC could hit a new ATH before the US elections. In the weekly memo released last week, the Bitwise CIO implied that market participants might have to wait until after the elections before Bitcoin runs to $80,000, representing a new ATH for the flagship crypto.
However, Hougan stated that after the Monday BTC rally to $67,000, he was no longer sure that market participants would have to wait that long before the price rally to that target occurred. He claimed the rally showed that many people don’t want to be left behind if and when crypto takes off.
He added,
There is a lot of dry powder on the sidelines. As soon as we get any whiff of clarity, I think we go higher fast.
Matt Hougan indicated that Monday’s Bitcoin rally was primarily thanks to Kamala Harris declaring her support for crypto. CoinGape reported that Harris finally affirmed her support for crypto, as she promised to protect black men who invest in and own cryptocurrencies.
Although this wasn’t the kind of support many in the crypto industry hoped for, the Bitwise CIO stated that it is still good news as it shows that Kamala Harris knows that crypto exists and isn’t going away.
According to him,
…That little sliver of good news was enough to send bitcoin up 5%. Enough to push more than $500 million into bitcoin ETFs. Enough for people to start wondering if crypto is finally going to make an assault on all-time highs.
Standard Chartered Makes Similar Prediction
Standard Chartered also made a prediction similar to the Bitwise CIO. The Bank’s Head of Research, Geoff Kendrick, predicted that Bitcoin could rise to $73,800 before the November 5 US elections. He explained that this could happen due to several factors, including the increased interest in the Spot Bitcoin ETFs and Donald Trump leading in the polls.
Like Matt Hougan, Kendrick raised the possibility of BTC rising to $80,000, noting that there are currently call options at that price target. Kendrick had earlier in the year predicted that the flagship crypto could reach $150,000 by year-end if Trump wins the election. The latest Polymarket data shows that Donald Trump has a 57.7% chance of becoming the next US President.
Meanwhile, based on trading firm QCP Capital’s analysis, Bitcoin is unlikely to reach a new ATH until January of next year. QCP Capital noted that the Monday BTC rally indicates that the crypto is again following historical trends. In the 2016 and 2020 election years, the crypto began its price rally about three weeks before the elections but didn’t reach a new ATH until January next year.
The post Bitwise CIO Predicts Bitcoin Could Hit New ATH Before US Election appeared first on CoinGape.
15 Oct 2024, 12:15 pmTikTok has come under scrutiny after being accused of potentially operating as an unlicensed cryptocurrency exchange in the UK. The allegations were made public by the US attorney’s office in a letter sent to the UK’s Financial Conduct Authority (FCA) from a former compliance consultant for a leading private bank.
The letter claims that TikTok’s reward system may allow users to indirectly exchange virtual currency for fiat, raising concerns about the platform’s compliance with financial regulations.
UK Exposes TikTok As Potential Unregulated Crypto Platform
The accusations center around TikTok’s virtual currency, TikTok Coins, which can be bought by users and used to send virtual gifts to content creators. These gifts are then converted into diamonds, which creators can cash out for real money.
However, the former compliance consultant argues that this system facilitates money transmission and the exchange of crypto-like assets without the necessary licensing from the FCA.
The letter recommends that the uk should regulate TikTok under the anti-money laundering and terrorist financing law Act due to its current structure posing a high risk. The worries suggest that TikTok may facilitate financial transactions that can avoid oversight, including swapping virtual coins for fiat currency.
Concerns Over Anti-Money Laundering Regulations
The complaint also argues that TikTok’s system may not even have adequate anti-money laundering (AML) controls in place. In the letter, the FCA also warned that the platform could be used for money laundering or other criminal purposes if it is not properly registered with the FCA.
If the FCA steps in, the platform’s financial activities may be audited, especially concerning the virtual currency system and the regulations on digital currencies and money transmission services.
Though TikTok coins cannot be considered as cryptocurrency in a strict sense, their application in exchange for other virtual assets and their further exchange for fiat money raises questions on the legal framework of tokens. This lack of clear structure of the system leads to the questions of how the application of TikTok meets the current laws on finance in the UK.
Previous Legal Scrutiny and Investigations
TikTok has come under legal scrutiny in the past as well. The platform is also under investigation in Australia where the authorities are concerned with money laundering risks. The Australian Transaction Report and Analysis Centre (AUSTRAC) is currently investigating allegations that TikTok’s payment system was used to transfer the funds from the alleged crimes, particularly after Turkey said large transactions on the social media platform were related to criminal activities. Such allegations have resulted in enhanced focus by regulators across the globe.
Furthermore, TikTok has been banned and has faced legal consequences in several countries including the United States. The platform was blocked by the US authorities, and the issue of the protection of user’s privacy and their data was one of the reasons for this. Robert F. Kennedy Jr., a US presidential candidate, has come out against the ban, saying it is an attack on freedom and that the government’s worries are overblown.
TikTok has yet to respond to the latest allegations from the UK. In previous cases, the platform has consistently denied any involvement in illegal activities and emphasized its commitment to compliance with local regulations. A spokesperson for the company has stated that TikTok takes its legal obligations seriously and has implemented strong controls to prevent any misuse of its financial features.
The post Just In: UK Exposes TikTok As Potential Unregulated Crypto Platform appeared first on CoinGape.
15 Oct 2024, 11:42 amBinance Coin (BNB) price hints at a potential surge as bulls regain momentum. Following a recent rally, BNB is pushing towards a key resistance level, signaling a possible bullish breakout. Analysts are now eyeing a potential rise to $1000 with market conditions improving. As the rally continues, the Binance price shows strong signs of a significant breakout, suggesting more upward movement in the near future.
BNB Price Surges as Analyst Eyes $1000 Target
A crypto analyst shared an X post providing insights about the potential for BNB prices. According to the chart he posted, the Binance Coin shows signs of a breakout, with the price pushing towards a significant resistance level.
If this breakout succeeds, the analyst predicts BNB could rally toward the $1000 mark. The recent uptrend has sparked optimism among traders, with market conditions becoming increasingly favorable for a bullish move. Analyst suggests that BNB momentum is gaining strength, signaling a possible surge in the near future.
The crypto market witnessed a surge today, driving substantial investor optimism. Bitcoin (BTC) soared past the $65K mark, fueling excitement across the market. Ethereum (ETH), Solana (SOL), and XRP followed suit with significant price increases over the past 24 hours.
This upward momentum also benefited top altcoins, including Binance Coin, which saw a notable boost. The broad market rally suggests growing confidence in cryptocurrency as prices continue to climb, reinforcing bullish sentiment among investors.
Binance Coin Price Edges Higher Amid Market Optimism
Over the past 24 hours, the BNB price has modestly increased, climbing 0.51% to reach $590.60. The price fluctuated throughout the day, with lows around $578.49 and highs near $598.89.
If these indicators hold, BNB could continue to rise in the short term. However, investors should watch for price fluctuations near the current resistance levels as the market remains unpredictable.
The Moving Average Convergence Divergence (MACD) indicator signals a possible upward trend, with the MACD line crossing above the signal line. Additionally, the Chaikin Money Flow (CMF) is in positive territory, reflecting mild buying pressure.
BNB price shows signs of a bullish trend, with whales holding stablecoins valued over $5 million, accumulating more supply. This uptick aligns with a gradual recovery in the top altcoin price since mid-September, as market participants closely monitor whale activity. The potential for continued upward momentum remains strong amid these developments.
The BNB price shows strong potential for further growth as market momentum builds. Analysts anticipate a significant breakout, potentially pushing BNB to $1000 in 2024. Whale accumulation of stablecoins adds to this bullish outlook, indicating further upward movement. Investors are optimistic, keeping a close eye on key resistance levels.
The post Binance Coin Prediction: Analyst Predicts BNB Price to Hit $1000 in 2024 appeared first on CoinGape.
15 Oct 2024, 11:29 amCanary Capital, a US-based asset management firm has applied to list a Litecoin spot Exchange Traded Fund (ETF). According to the Form S-1 lodged with the US Securities and Exchange Commission (SEC), the firm named the product the Canary Litecoin ETF.
Litecoin ETF: Can It Make the Difference
For one reason most do not know, Litecoin is rarely regarded as a security by the US SEC. Notably, the digital currency is one of the oldest assets in the industry with complete utility status. This push for an LTC ETF product is the first of its kind filed in the United States.
Canary Capital has a high praise for Litecoin as an asset. The firm reiterated in its S-1 filing that Litecoin is one of the longest running blockchains with 100% uptime. It believes Litecoin will offer investors access to enterprise-grade use cases.
The push for a Litecoin ETF succeeds the XRP ETF application filed by Canary Capital earlier this month. With this product, the number of digital currencies linked directly to regulated funds is now growing.
First, 21Shares and VanEck filed applications for Solana ETF with the US SEC earlier this year. Though both application saw their removal from the Cboe Website, it remains on the horizon for proponents in the digital currency ecosystem.
Notably, the chances of approval for these products is considered slim, until Litecoin ETF joined the list. While there are exising ETP products in Switzerland and Germany, the United States’s only institutional LTC exposure is from Grayscale. This is considered a stepping stone for the asset to finally gain regulatory approval for the ETF demand.
With Litecoin generally considered a commodity, it remains to be seen how the US SEC will approach application from Canary Capital filing.
Implication for LTC
Litecoin is one of pioneering Proof-of-Work (PoW) assets whose influence has faded in recent times. Notably, the coin celebrated its 13th year anniversary recently. Despite this, the coin has lost its ranking to newer projects as its price fell by more than 83% from its All-Time High of $412.96.
Already, the impact of the Litecoin ETF product is showing as LTC price has soared 6.5% in 24 hours to $69.70. Should the Canary Capital proposal gain greenlight from the US SEC, it might trigger a new milestone for Litecoin.
An earlier Litecoin price analysis hinted that the coin might finally be ready for a bull run. This ETF offering might help accelerate this price action in a bid to return the coin to its previous ATH.
The post Breaking: Canary Capital Files For Litecoin ETF In The US appeared first on CoinGape.
15 Oct 2024, 9:34 amCardano Founder Charles Hoskinson has provided insights into what could be the next upgrade for the network following the unveiling of the Ouroboros Peras protocol. This came as Hoskinson admitted this potential upgrade is long overdue and added that it will “massively improve” the Cardano network.
Cardano Founder Hints At What Next For Network
Charles Hoskinson hinted in an X post that Cardano developers could soon proceed with an upgrade regarding validation zones following the Peras upgrade. This came following a statement in which he agreed with Cardano blockchain developer Andrew Westberg that this upgrade should be a dev priority for Cardano.
The Cardano founder said Westberg was correct as this upgrade is a long overdue enhancement that will “massively improve” the network. Westberg stated in an X post that the Cardano Improvement Proposal (CIP) is an “elegant solution” to many long-standing issues. He added that this proposal will introduce composability and ‘Babel Fees’ on the network.
The Cardano developer also said this solution allows the eUXTO model to “shine” and perform efficiently. Westberg also shared a GitHub page, which provided further insights into what this upgrade will entail. According to the page, this upgrade will involve making certain changes around validation zones.
The validation zones refer to constructs that allow certain kinds of underspecified transactions. Furthermore, the Babel-fees use case will involve permitting transactions that specify part of a swap request.
This recent CIP and potential network upgrade comes just days after the Cardano founder defended his network following growing criticism. Hoskinson believes that the transition to the Voltaire era will help address long-standing issues the network faces. The crypto founder added that those criticizing the network misunderstand the blockchain’s developmental trajectory and the shifts required for growth.
The Unveiling Of The Ouroboros Peras Protocol
The potential upgrade to the validation zones comes amid the release of the Ouroboros Peras on the Cardano network. Cardano development company Input Output said that Peras is an extension of the Ouroboros Praos protocol that addresses the problem of transactions’ settlement horizon. This ensures that the likelihood of a transaction being reverted becomes minimal.
According to Input Output,
The key concept behind Peras is the use of stake-based voting to boost the weight of blocks on which a majority of stake pool operators (SPOs) agree. The chain selection rule is then modified to select the heaviest chain instead of the longest one.
Cardano Founder Charles Hoskinson also commented on the Peras release. He said that Ouroboros Peras is “one of the best-prototyped protocols.” This upgrade and solutions like the Leios proposed upgrade are part of the plans to help scale the Cardano network.
At the time of writing, the ADA price is trading at around $0.35, down over 2% in the last 24 hours. Trading volume is up by over 48%, with $376.8 million traded during this period.
The post Cardano Founder Hints At What Next For Network Amid Peras Release appeared first on CoinGape.
15 Oct 2024, 8:52 amShiba Inu (SHIB) has recently experienced a notable price surge, drawing attention to the meme-based cryptocurrency. However, analysts remain doubtful about its future, with one labeling SHIB a “relic of the past.” While still popular, concerns about its long-term sustainability continue to grow in the evolving crypto market.
The crypto market today has sparked renewed optimism among investors, with Ethereum showing strong upward momentum. Currently trading around the $2,600 mark, ETH has seen a significant bullish trend over the past week. This rise, amounting to an 8% increase, reflects growing confidence in the market.
The bullish trend is also spreading to other coins within the Ethereum ecosystem. Notably, Shiba Inu Coin is among the tokens benefiting from Ethereum’s surge, further bolstering market sentiment.
Shiba Inu Price Fumbles as Analyst Calls SHIB Relic
According to Murad, a cryptocurrency expert who shared an X post, meme coins are experiencing a shift in relevance this cycle. In a recent list, Murad highlighted the top 20 non-idiotic meme coins that stand out among the top 100 coins listed in CoinGecko’s meme category.
14/16 I went ahead and made a list of the Top 20 “non-idiotic” Memecoins among the Top 100 coins on the first page of CoinGecko’s “Meme” list, and disincluded DOGE, SHIB and FLOKI, as I consider them relics of the past and no longer relevant to the current cultural zeitgeist pic.twitter.com/b07uP18hxt
— Murad (@MustStopMurad) August 22, 2024
He noted that coins such as DOGE, SHIB, and FLOKI, which once dominated the space, are now viewed as relics of the past. These coins no longer represent the cultural moment and have been disqualified from his selection of meme coins that are more aligned with the current trend.
This suggests moving away from older, more established meme coins favoring newer projects.
Shiba, launched in August 2020, is losing relevance as the market grows more competitive. While an upcoming bull run may briefly boost SHIB’s value, its long-term viability is uncertain. Like earlier meme coins, SHIB may struggle to retain liquidity and relevance in future cycles.
Shiba Inu Coin Signals Bullish Momentum Amid Key Metrics
A significant decline in SHIB’s supply on exchanges, indicated by the red line in the chart, suggests reduced selling pressure. This lower availability often points to a bullish market, as fewer tokens are available for immediate sale. With the supply on exchanges stabilizing around 145 trillion tokens, this trend could pave the way for a price surge if demand increases.
As these major investors move tokens off exchanges, it reduces selling pressure and supports the possibility of a price rally. Combined with SHIB’s recent price rebound, these indicators suggest that Shiba Inu may experience a bullish trend in the near future.
SHIB Price Forecast: Is $0.00003 Possible By the End Of October?
At the time of writing, the SHIB price is trading at $0.00001799, showing a slight upward trend of 0.30% over the past day. The token has recently been fluctuating near the $0.000018 support level, which serves as a critical point in the market.
If bullish momentum continues, the SHIB price forecast could rally towards $0.00002 in the short term. The ongoing buying pressure may even push the price as high as $0.00003 later this month, signaling a potential breakout.
Shiba has shown resilience and short-term gains, but its long-term prospects remain uncertain. The increasing competition and shift in meme coin trends may challenge SHIB’s relevance. However, as bullish momentum grows, SHIB could see further gains in the near future, but its sustainability is yet to be determined.
The post Shiba Inu Price Forecast As Analyst Calls SHIB a “Relic of Past” appeared first on CoinGape.
15 Oct 2024, 8:39 amCoinbase stated on Tuesday that it wants the court to compel the US Securities and Exchange Commission (SEC) to produce documents explaining how securities laws describe cryptocurrencies.
Through its consulting firm, History Associates Inc., the exchange filed a motion with the US District Court for the District of Columbia for leave to file a partial summary judgment.
Coinbase Demands SEC Internal Documents on Crypto Enforcement
Coinbase filed a motion in DC court seeking a judge to issue a partial summary judgment in its ongoing lawsuit against the SEC. The exchange is seeking internal documents behind crypto enforcement.
The company’s legal team argued that the SEC has been obstructing its attempt to obtain these documents through FOIA requests ever since the lawsuit was filed. The SEC is now proposing a three-year delay just to decide whether it can release the requested information.
NEW: This morning @coinbase filed a motion in a DC court asking a judge to grant a partial summary judgment in its lawsuit suing the @SECGov to gain access to internal documents relating to #crypto enforcement.
Coinbase lawyers say the SEC has been stonewalling its attempts to…
— Eleanor Terrett (@EleanorTerrett) October 15, 2024
This legal maneuver follows the exchange’s June filing of a lawsuit against the SEC and the Federal Deposit Insurance Corporation. It is over a “failed Freedom of Information Act request”. The FOIA legally permits the public to request access to federal agency records. However, the company claimed the agencies haven’t released the requested information regarding their position on crypto regulations.
The exchange requested both internal and external communications regarding, amongst other things, the SEC’s investigations. In particular it needs to know whether certain assets, including Ether (ETH), are securities. This could be a big deal for the crypto industry. It’s because the way in which Ether gets classified might affect many projects and platforms. The SEC is leading a similar fight regarding security definition with Ripple. Just recently, ex-SEC official Marc Fagel indicated that the SEC may appeal the court ruling regarding secondary sales of XRP.
The Coinbase lawsuit came after blockchain firm ConsenSys filed suit against the SEC in April. It claimed the Commission had overreached its authority. The suit pointed out that, in March 2023, the then-former SEC Director of the Division of Enforcement, Gurbir Grewal, authorized an investigation into “Ethereum 2.0”. He allegedly wanted to determine whether the buying and selling of Ether had constituted a security.
ConsenSys later said that the SEC had closed this investigation. Still, the question of how the regulator views Ether remains highly controversial.
SEC Faces Criticism for Delaying Document Release
This puts it into a more significant regulatory push. Coinbase said the SEC has stepped up its enforcement actions against a number of different crypto businesses and services. Last year, the SEC filed a separate lawsuit against the company. It alleged it had offered some products without registering as an exchange. Meanwhile, The outcome may be highly influential for how the US regulates crypto assets.
The case comes amid an ongoing spat between the exchange and the SEC over greater regulatory clarity. This happened after the agency repeatedly took enforcement action against various crypto companies for unregistered operations.
The exchange initially faced pushback from the SEC, which said it was exempt from complying with Freedom of Information Act requests. Recently, it ceded ground, acknowledging it may not entirely be the case.
Having conceded that ground, the SEC now says it will take roughly three years to re-review and potentially release the documents the exchange is requesting. History Associates Inc., a consultant firm hired by this company, has assailed that timeline in a complaint. it accused the SEC of dragging its feet in producing the documents.
Is the SEC Hiding Something?
Coinbase’s FOIA requests seek records pertaining to two closed probes. One involves Enigma MPC, a startup that settled with the SEC in 2020 over allegations that its token sale violated securities laws.
One of them concerns Zachary Coburn, the founder of the decentralized trading platform EtherDelta,. He settled charges with the SEC in 2018 for failing to register as an exchange. The exchange seeks documents on how that investigation went. That could be persuasive in current crypto regulation.
It also also filed identical FOIA requests with the FDIC related to “pause letters” to financial institutions for the 2022-2023 year. The letters purportedly called on the banks to delay expanding crypto-related activities. It also seeked more information that might be part of the so-called “Operation Choke Point 2.0.”
Under that legal process, the next step is a judge’s decision on whether the exchange can file a motion for partial summary judgment. If the motion is allowed, the SEC could reply. Still, a final ruling is unlikely before the end of the year, according to Coinbase’s CLO Paul Grewal.
Coinbase isn’t the only one who decided to sue the SEC. Just recently, Crypto Com took it a step further and filed a lawsuit against the SEC as well.
The outcome of this case will be a landmark judgment that will have very significant effects on the legal landscape surrounding cryptocurrencies, mainly because it squarely deals with some fundamental questions relating to regulatory clarity about the nature of digital assets under securities law.
The post Coinbase Seeks Partial Summary Judgment In US SEC Lawsuit appeared first on CoinGape.
15 Oct 2024, 8:37 amDuring Tuesday’s U.S. market session, the ADA coin plunged 0.4% to a trading value of $0.36. The slight downtick signals the continuation of a five-month sideways trend and price sustainability above the $0.3 line. However, will the consolidation build sufficient momentum for Cardano price to hit ATH again?
Cardano Price Correction from ATH of $3
The layer-1 cryptocurrency Cardano has witnessed a significant correction trend since hitting its all-time high (ATH) of $3.10 in September 2021. Over the past year, the altcoin lost nearly 88% in value to settle at $0.364, while the market cap plunged by $12.78 billion.
However, the Cardano price has shifted the prevailing downtrend to a sideway, projecting the asset’s sustainability above the $0.2 line. If the buyers plan to utilize the bottom support for reversal, the 4th quarter of the year could be a suitable time.
Historical trends show that the crypto market often witnesses a highlighted investor activity at the end of the year. Generally, the bullish trajectory gains momentum in what market participants called the ‘Uptober,’ allowing most major cryptocurrencies to drive renewed recovery.
For this detailed analysis, check out the top Layer 1 crypto article.
ADA Price Analysis: Cardano Fractal Hints New ATH
The Cardano price analysis shows the history of staging pre-bull market rallies during the fourth quarter, which often precede larger, sustained bull runs in the following months. An observed from 2019 price behavior signals an initial from the prevailing downtrend, which drives a bait or temporary recovery for crypto buyers.
After a notable period of consolidation, the buyers managed to build sufficient momentum for a sustained bull run. This post-breakout rally topped the current ATH of $3.1.
Thus, the ADA price showed a similar pre-bull market breakout in late 2023, which reached a high of $0.81 in March 2024. While the last seven months’ correction has significantly evaporated gains from prior rallies, the ongoing Quarter could offer the next breakout.
Based on the current fractal pattern, the coin price should breach the overhead trendline (marked in black) to kickstart its next bull run. With sustained buying, the altcoin is set to surpass the current ATH resistance and hit the $5 psychological level.
As the Cardano price currently trades at $0.36, the crypto buyers need to drive a 1288% rally to reach the desired target of $5.
ADA Faces New Challenges Despite Bullish Fractal
While the fractal pattern offers an optimistic view, it is important to note that Cardano is an older altcoin. As new emerging coins and innovative projects enter the market, the Cardano coin could crash as it struggle to attract investors’ attention.
Therefore, potential investors must remain cautious and remember that past performance does not guarantee future results.
Conclusion:
Cardano’s historical fractal patterns suggest a potential bull run after a major breakout in Q4. If history repeats, the ADA price could target $5, but the bullish momentum could struggle considering the alternative investment options in the market.
The post Will Cardano Price Ever Make it to ATH? appeared first on CoinGape.
15 Oct 2024, 8:35 amSingularityDAO, Cogito Finance, and SelfKey have announced a strategic merger to form Singularity Finance. This new entity will enhance the tokenization of the artificial intelligence economy through a specialized Layer-2 network. The unified platform will introduce the SFI token as its core network token, consolidating the three existing tokens, SDAO, CGV, and KEY, into a single currency to streamline transactions and governance within the ecosystem.
SingularityDAO, Cogito, SelfKey Merge to Form Singularity Finance, SDAO Price Rally 19%
The collaboration between SingularityDAO, Cogito Finance, and SelfKey has resulted in the creation of Singularity Finance. This platform will transform the AI sector by tokenizing real-world assets and integrating AI into the decentralized finance (DeFi) landscape.
Moreover, the merger leverages each company’s strengths to create a robust Layer-2 solution on the Ethereum blockchain. It aims to democratize access to AI technologies and financial products. Following the merger announcement, SingularityDAO’s token, SDAO price, experienced a significant uptick, rising 19% to a trading price of $0.34.
The new entity will deploy Cogito’s advanced tokenization frameworks as the merger progresses. SelfKey’s identity solutions will also be integrated to ensure compliant user participation. This strategy will offer enhanced liquidity and improved access to AI-driven financial tools.
Token Consolidation and Future Plans
In addition, the creation of Singularity Finance will consolidate SDAO, CGV, and KEY into the new SFI token. This move will unify the economic structure of the merged entities and simplify the user experience across its platforms.
However, the token conversion will take place based on different ratios, with consideration on the trading history of each tokens. In particular, the SDAO tokens will be exchanged for SFI at 1:80.353, CGV at 1:10.890, and for KEY token at 1:1 ratio. Selling of the SFI token will commence on the Ethereum and BNB Chain, but the expansion will be done on other blockchains after the mainnet scheduled for early 2025.
Before these changes occur some form of governance will be put in place to addresses them. As such, token holders will exercise their voting rights in several rounds of voting to take place before the end of October. This will create a community-based approach in the new financial environment.
Moreover, the merger will introduce decentralized marketplaces and financial instruments that leverage Artificial Intelligence to optimize asset management, risk assessment, and investment strategies. More so, Singularity Finance will facilitate the tokenization of physical assets like GPUs and extend to computational resources and AI models, thereby broadening the scope of assets available onchain.
SingularityDAO will revolutionize AI and DeFi through this merger, paving the way for a tokenized future in artificial intelligence.
The post SingularityDAO To Form AI-Focused Merger For New SFI Token appeared first on CoinGape.
15 Oct 2024, 8:32 amThe popular Tap to earn game, HMSTR token, joined the crypto market a few weeks ago, but the Hamster Kombat price has failed to adhere to the user’s expectations. A mini-game launched on Telegram, gaining 300 Million users, has still failed to perform well in the crypto market. To many surprises, this downfall began days before the HMSTR airdrop. However, the token is slowly attempting recovery, raising holders’ expectations from the HMSTR price to hit $1 in 2024.
Analyzing the Hamster Kombat Price Performance
This telegram mini-game was launched at the beginning of the year, but its native token, HMSTR, entered the crypto market in the previous month. Because of this delay, the hype around the token was uncontrollable as the demand has grown exponentially. However, that faded away soon, as the HMSTR airdrop team blocked millions of users (found cheating in the game) from the token distribution. It resulted in a major backlash, whose impact is clearly visible in the Hamster Kombat price.
The token had a price of 0.0118 USDT just a day before listing, but it declined to $0.009496 on the listing day. However, the HMSTR price is struggling below $0.1 to this day after its continuous downtrend ever since then. At the time of writing, its price is $0.004226 with a market capitalization of $272.49M after facing a 52% drop in value. However, the user’s interest is rising in this token as the trading volume of $89.78M is up by 90% in the last 24 hours. The Hamster Kombat price might recover from the ongoing consolidation if the demand increases.
More importantly, the HMSTR airdrop season 2 is already in the queue, where the team has promised new features. If that fulfills the user’s expectation, a recovery is assured.
Will HMSTR Price Hit $1 in 2024?
The recent surge in Hamster Kombat’s TV is due to the users becoming active in the market with the anticipation around Uptober. More importantly, the ongoing Bitcoin price rally has boosted the entire crypto market, turning user sentiments from fear to neutral. As a result, many altcoins are performing quite well, including HMSTR, as it is also up by like 1%.
Interestingly, the HMSTR price is creating a pattern similar to Notcoin’s recovery pattern, as pointed out by many analysts. This Hamster game itself is based on Notcoin’s properties like tap-to-earn, so there are high expectations from the holders to see this token boost just like Notcoin did. However, the NOT price peaked at an ATH within two weeks of the airdrop, but that is not the case with HMSTR, disappointing many.
Moreover, it is difficult to see the Hamster Kombat price around the $1 mark because the token has already failed on the charts despite the hype. Now, with its investors losing interest and its biggest competitor entering the market, the chances are declining, especially after the Hamster Kombat Vs X Empire debate.
The post Hamster Kombat: Will HMSTR Price Hit $1 in 2024? appeared first on CoinGape.
15 Oct 2024, 7:47 amThe President of the ETF Store, Nate Geraci, recently revealed what would increase the odds of the US Securities and Exchange Commission (SEC) approving the XRP ETF applications. Asset managers Bitwise and Canary Capital have applied with the Commission to offer this fund, providing institutional investors with exposure to XRP.
What Will Increase The Chances Of An XRP ETF Approval
Nate Geraci mentioned during an interview on the Thinking Crypto podcast that Donald Trump winning the US presidential elections in November will improve the chances of the US SEC approving the XRP ETFs. This is because Trump has already promised to create a more crypto-friendly environment in the US if elected.
Geraci added that if that happens, the odds of the market witnessing these XRP ETFs and other crypto ETFs will improve. While he warned that Donald Trump winning the elections doesn’t automatically mean these funds will see the light of day, he noted how the current administration has been hostile towards crypto.
Therefore, this explains why the chances of the ETFs being approved are higher under a potential Donald Trump administration than one led by Kamala Harris. He added that things could be different under Harris’ administration, but her being the Vice President under this current administration suggests that this is unlikely to happen.
This comes amid Kamala Harris finally declaring her support for crypto. However, there was a twist as her campaign promise only focused on protecting black men who invest in and own cryptocurrencies.
Why An Approval Is Still Not Straightforward
Nate Geraci further provided insights into why a US SEC approval of an XRP ETF is still not straightforward even if Donald Trump wins. He noted that there are currently no CME-traded XRP futures contracts. This might be a problem considering that the Spot Bitcoin and Ethereum ETFs came into the market because they both had a CME futures market.
In the Grayscale case against the US SEC, the court ruled that futures and spot markets are correlated. This ultimately forced the SEC to approve the Spot Bitcoin and Ethereum ETFs since they both had a futures market and futures ETFs.
However, that isn’t the case with XRP, which still makes the approval of an XRP ETF dicey. The market expert said he doesn’t believe a futures market is necessary. However, that is how the SEC has operated, which is why there is a need for a regulatory framework if the Commission is to operate any other way.
Meanwhile, Geraci noted that the SEC would also require a surveillance-sharing agreement to approve this fund to curb market manipulation. The issue is that all the exchanges that XRP is currently trading on are unregulated.
In line with this, the ETF Store President believes the best path forward for the whole industry is for Congress to implement a regulatory framework that clearly states which crypto assets aren’t securities and the ones that are.
Despite the crypto industry looking more in support of Donald Trump, Ripple’s co-founder Chris Larsen holds a different opinion. Larsen revealed that his reason for backing Kamala Harris is because of the Vice President’s understanding of the innovation economy.
The post XRP ETF: Expert Reveals What Will Increase The Odds For A US SEC Approval appeared first on CoinGape.
15 Oct 2024, 7:29 amAccording to data, World Liberty Financial, backed by Donald Trump and his family, has started selling tokens on its site.
The launch occurred at 12:40 UTC, and within the first twenty minutes, over 220 million WLFI tokens had been purchased. From the perspective of blockchain analytics, the sale attracted great interest since it mobilized more than 1,700 unique wallets.
Donald Trump-Backed Crypto Token Raises Millions in Minutes
World Liberty Financial, the crypto project that Donald Trump and his sons are sponsoring, started token sale at 12:40 UTC. In twenty minutes of token sale, blockchain data revealed that over 220 million WLFI tokens have been sold. The sale gained traction at a record rate, as already over 1,700 unique wallets have participated.
Nevertheless, the website is not live as of this writing. According to the site’s official explanation, it is under maintenance. Recently, the project registered more than 100,000 accredited US investors for its WLFI token launch.
A blockchain wallet hooked to the WLFI sale maintains close to $3 million in Ether. It has less than $1 million each in Tether and USD Coin. Per the statement, WLFI is a governance token. It gives holders the right to use the platform for various DeFi activities, such as borrowing and lending.
The fundraising goal is $300 million, which would put the venture’s overall valuation at around $1.5 billion. Funding this venture is expected to accelerate the development and expansion of several DeFi services that aim to attract users with governance capabilities and access to financial operations within the ecosystem.
WLFI Token Faces Criticism Amid Lack of Transparency
In a post over the weekend, former President Donald Trump shilled the World Liberty Financial, WLF, token sale to his followers on X, characterizing it as the chance to be in at the beginning of “shaping the future of finance.” For all the fanfare, would-be investors need more substantial information regarding the project.
Insiders have described WLF as a form of “crypto bank,” which users can borrow from, lend to, and invest in within the cryptocurrency universe. However, no official white paper or structured business plan has been released.
The only public information about the venture states that WLFI token holders will be given voting power on the future WLF platform. This lack of transparency raises concerns for prospective investors about the project’s roadmap and functionality, given the absence of concrete details on how the platform will operate or generate value.
Donald Trump-backed WFL project has created growing furor, not only for its political linkages but also for the potential regulatory risk linked with the sale of the token. According to Charles Hoskinson, the founder of the Cardano blockchain, the project was highly exposed to regulatory scrutiny.
The post Donald Trump’s World Liberty Financial Launches WLFI Token Public Sale appeared first on CoinGape.
15 Oct 2024, 7:25 amTerra Luna Classic price has been trending upward since July, making higher highs except for the unexpected market-wide August 5 crash. However, following the development of the Terraform Labs (TFL) case and the subsequent liquidation of the company, Avalanche is seeking to buy back all the $60 million AVAX tokens that the Luna Foundation Guard (LFG) purchased as part of its portfolio to strengthen the UST algo-stablecoin.
While the AVAX price performed well after the announcement, jumping 17.5%, the LUNC community speculates how the inbound $60 million could impact the token’s price. Will it be used in a LUNC buy-back and burn?
Terra Luna Classic Price If $60M AVAX Is Used to Burn LUNC
The AVAX token buyback plan by the Avalanche Foundation provides the LFG with $60 million in funds to use as bankruptcy court orders. Meanwhile, the Terra Luna Classic community has taken full control of the blockchain’s leadership as TFL and LFG approach their final days.
If the community uses this $60 million to buy back and burn LUNC, the price of Terra Luna Classic will likely see a significant impact. The LUNC price is currently trading at $0.00008931, down 0.7% in the last 24 hours. A $60 million purchase of LUNC would equate to 671 billion coins, or about 12% of the total circulating supply, with a current market cap of $510 million. To maintain this market cap with 12% of the supply gone, the price would need to adjust 17% upward, reaching $0.0001.
The hype from the coin burn, combined with the potential 17% increase, could fuel Fear of Missing Out (FOMO), leading to a cascading effect that drives LUNC prices higher than $0.0001.
LUNC Price Action Looks Ready For A 53% Rally
The Terra Luna Classic price chart reveals a clear ascending channel pattern, indicating a gradual uptrend within well-defined support and resistance lines. This trend is bullish as the price is consolidating near the middle of the channel, suggesting a potential upward move to $0.00015
Key Support and Resistance Levels
- 0.00008400: The lower boundary of the channel is acting as a strong support. This level has held multiple times in the past and offers a good entry point for traders looking to buy dips.
- 0.0001500: The upper boundary of the channel is a key resistance zone. This is also near the projected Fibonacci extension target.
The long-term outlook for Terra Luna Classic price remains bullish as long as the price remains within the ascending channel or breaks above it. Targeting the $0.0001500 area provides a good risk-to-reward ratio, with the potential for extended gains if the broader market sentiment turns highly bullish.
If the LUNC price falls below the channel ($0.000084), it may signal market weakness, invalidating the current bullish thesis. LUNC may find further support below around $0.000073 and $0.000054.
AVAX BuyBack Can Send LUNC Flying
The $60 million AVAX buyback creates a significant opportunity for the Terra Luna Classic (LUNC) community. If the community uses these funds for a buyback and burn, the reduction in circulating supply could push LUNC’s price upward, potentially reaching $0.0001 or higher as crypto market sentiment shifts and FOMO develops.
Currently, the Terra Luna Classic price bullish ascending channel indicates a potential rally toward $0.00015 as long as it maintains support at $0.000084. However, a drop below this level could signal weakness and lead to further declines. The next few weeks will be critical in shaping LUNC price action in light of the AVAX buyback announcement.
The post How The $60M AVAX Buyback Could Impact Terra Luna Classic Price appeared first on CoinGape.
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