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Crypto venture capital firm Digital Currency Group (DCG) is looking to promote the development of Bittensor (TAO), a decentralized Artificial Intelligence (AI) protocol. The firm aims to achieve this goal through Yuma Group. This outfit will join its list of subsidiaries, including Grayscale Investments.

The Major Bittensor Catch

As the companies announced, Yuma is dedicated to driving development on Bittensor. It hopes to empower developers to create, train, and access AI. The DCG founder and CEO Barry Silbert will also lead the new subsidiary in driving its vision to promote AI and crypto integration.

Although the Digital Currency Group first invested in Bittensor in 2021, its relationship has grown deeper since then. The firm said it named Yuma to conform with Bittensor’s “Yuma Consensus” protocol. This smart contract protocol makes it possible to incentivize creator’s participation with the TAO, a token known to weather geopolitical storms.

Through Bittensor, innovators can create Subnets, a marketplace for unique AI/ML services including but not limited to data storage. As a functioning ecosystem, the protocol hosts both miners and validators. While the former contributes computational power to protocol, the latter asseses contibution quality and shares the rewards.

Yuma Group has created an early subnet incubator program from which it can help firms looking to create new AI-focused solutions. Thus far, it has partnered with Sturdy, Masa and Infinite Games. The Yuma subnet program entered the limelight in collaboration with Foundry.

1/ I’m incredibly proud to introduce @YumaGroup, a new subsidiary of DCG that will support and drive development in the #bittensor $TAO ecosystem by providing builders with everything they need to do so – capital, technical resources, and operational support.

Decentralized AI… https://t.co/CvieGC9fpE

— Barry Silbert (@BarrySilbert) November 20, 2024

Notably, Barry Silbert said he considers the innovations around Bittensor to the early days of crypto.

Digital Currency Group in The Crypto World

DCG is known as one of the biggest crypto project investors in the industry. While the crypto winter took a toll on the firm through Genesis, it has remained largely operational.

Grayscale Investments played a crucial role in bringing spot Bitcoin ETF products into the market. While its Bitcoin ETF and Ethereum ETF products are less popular considering their regular outflows, they are still a favorite of top institutional investors.

As reported earlier, the Michigan Pension Fund disclosed its exposure to Grayscale’s Ethereum ETF products. Digital Currency Group has weathered enough storms over the past years and Silbert reiterated his confidence in helping Bittensor “transform our the world with open access to intelligence.”

The post Digital Currency Group Names New Subsidiary To Promote Bittensor’s Development appeared first on CoinGape.

The Cardano price has surged more than 8% to an intraday high of $0.837. This bullish momentum is supported by a combination of rising on-chain activity and technical indicators pointing to further potential gains. On-chain data reveals that ADA’s daily trading volume has hit a seven-month high of $52.26 billion, while whale transactions have reached a six-month peak.

Further supporting the crypto rally, futures’ open interest (OI) on ADA has also climbed significantly. OI at exchanges surged to $735 million on Wednesday. This current price rally has led some analysts to weigh in on future price targets for the cryptocurrency.

Key Targets for Cardano Price Growth

As Cardano price continues to gain momentum, analysts are projecting a range of potential targets based on its historical price patterns and technical indicators. The first target focuses on the $1.00 psychological level, which aligns with the 61.8% Fibonacci retracement level. Closing above this mark would signal the possibility of further gains.

Beyond $1.00, analysts have outlined several bullish scenarios. The least optimistic outlook suggests Cardano price may retest its previous all-time high of $3.12. In a more favorable scenario, ADA could double its all-time high, reaching $6.00, driven by increased adoption of the Cardano blockchain ecosystem.

The most bullish case points toward a price range of $12.00 to $15.00 if the current crypto rally continues and market conditions remain favorable.

Another prominent analyst shared insights into ADA’s potential by highlighting its consistent movement within an ascending price channel over several years. According to the chart, Cardano price has rebounded off the lower boundary of the channel before surging to test upper levels. 

The chart also illustrates a pattern of accumulation and breakout phases, suggesting robust investor activity. The analyst emphasized that ADA is currently testing support within this channel. More so, he predicted the crypto would hit $3.5 on the low side and a possible rally to $10 on the upside. 

On-Chain Metrics Supporting Cardano’s Momentum

Cardano’s futures Open Interest (OI) has surged significantly, reflecting increased market activity and bullish sentiment. According to Coinglass, OI rose from $585.37 million earlier in the week to $735 million on Wednesday, marking its highest level since November 2021. This rise in OI indicates a notable inflow of capital and growing confidence among investors in ADA price trajectory.

The current Cardano price rally is underpinned by strong on-chain metrics indicating heightened investor activity. According to Santiment, ADA whale transactions have surged 145% over the past month, reflecting increased interest among large holders. Wallets holding $10 million or more in ADA have expanded their positions significantly, boosting confidence in the cryptocurrency’s growth trajectory.

Additionally, Cardano price gains coincide with rising decentralized finance (DeFi) activity on its network. Data from DeFiLlama reveals that Cardano’s Total Value Locked (TVL) has climbed to $490.7 million, nearing its all-time high. The uptick in DeFi engagement, combined with increased trading volume and whale activity, reinforces the bullish sentiment surrounding ADA.

ADA Technical Indicators 

Meanwhile, the MACD indicator on the 24-hour chart demonstrates a bullish momentum for Cardano (ADA), with the MACD line crossing above the signal line, supported by a rising histogram. This setup typically indicates increasing buying pressure and a continuation of upward price movement, as seen in ADA’s recent surge.

Source: TradingView

In addition, the Bull Bear Power (BBP) indicator shows a positive trend, with values above zero, signaling that buyers are currently dominating the market. The rising BBP reflects increasing strength in bullish momentum, further reinforcing the crypto rally.

The post Analyst Reveals How High Cardano Price Can Rise, Here Are The Targets appeared first on CoinGape.

Cardano founder Charles Hoskinson has endorsed Coinbase CEO Brian Armstrong for the reported White House crypto role Donald Trump is considering. Hoskinson explained why he believes Armstrong is the “only one” candidate who stands out in the crypto industry for this role.

Cardano Founder Endorses Brian Armstrong For White House Crypto Role

In an X post, Charles Hoskinson endorsed Coinbase CEO for the White House crypto role. He stated that he feels the role needs to be filled with someone neutral who works with all the protocols and deeply understands why crypto is special. He added that the ideal candidate also needs to understand what the US government under Biden has done wrong.

In line with this, the Cardano founder remarked that the Coinbase CEO is the only candidate he believes stands out in this industry for this role. Hoskinson further mentioned that Coinbase has grown into one of the pillars of crypto. He added that the top crypto exchange has also endured the unfair tactics of a government committed to regulation through enforcement. This is in relation to the US SEC’s legal battle against Coinbase.

Having been at the helm of affairs while Coinbase has achieved all this, Charles Hoskinson believes that Brian Armstrong is the right person to advise Donald Trump’s administration on the right steps to take concerning the crypto industry moving forward. The Cardano founder is confident that the Coinbase CEO could build a broad tent coalition to bring the industry together and help get the government to rally behind real action, including new laws.

Hoskinson’s statement followed a Bloomberg report that Donald Trump is considering creating the first-ever White House crypto role. The President-Elect is reportedly already speaking with industry leaders about who can take up this role, and his team is already vetting potential candidates.

Hoskinson Doing His Part

In his post, the Cardano founder also highlighted his role in helping move the crypto industry forward. He said he is focusing on the US Congress to help facilitate legislative efforts that will forever remove the abuses of the current federal government and open the floodgates for the legacy world to enter crypto.

The Cardano founder further revealed that he is flying to Washington to begin formally meeting and advising several lawmakers. He added that he would kickstart a project in January 2025, out of the Input Output (IO) Policy called ‘Operation Baseline,’ to survey the US crypto industry to identify waste, abuse, and missed opportunities.

Charles Hoksinson highlighted the importance of transmitting this information to the new White House crypto advisor and lawmakers so that the policy has clear business requirements.

He further noted Trump’s goal to make the US the crypto capital and called on industry leaders to come together to make it happen. Hoskinson also looks to foster ties with industry leaders, as he recently discussed Cardano’s Midnight Protocol and XRP-related topics with Ripple Chief Technology Officer David Schwartz.

The post Cardano Founder Endorses Coinbase’s Brian Armstrong For White House Crypto Role appeared first on CoinGape.

The United States Department of Justice (DOJ) has charged five individuals in connection with a crypto hacking scheme that allegedly stole $6.3 million in cryptocurrency and breached sensitive corporate data.

The charges, announced on Wednesday, stem from a multi-year phishing and hacking operation that targeted employees of major tech firms, telecommunication companies, and cryptocurrency platforms.

US DOJ Charges Five Hackers In $6.3M Crypto Hack

The US DOJ identified the defendants as Ahmed Hossam Eldin Elbadawy, 23, of Texas; Noah Michael Urban, 20, of Florida; Evans Onyeaka Osiebo, 20, of Texas; Joel Martin Evans, 25, of North Carolina; and Tyler Robert Buchanan, 22, a UK citizen arrested in Spain earlier this year. All five have been charged with conspiracy to commit wire fraud, aggravated identity theft, and related offenses.

According to prosecutors, the group used phishing text messages to steal employees’ credentials, enabling unauthorized access to corporate systems and cryptocurrency accounts. Buchanan faces additional charges of wire fraud, which carries a potential 20-year prison sentence.

The defendants are accused of targeting at least 45 companies in the U.S., Canada, the UK, and other nations between September 2021 and April 2023. The alleged crypto hack scheme involved spoofing legitimate portals of companies such as Okta and compromising two-factor authentication to obtain sensitive information.

Phishing Attacks and Cryptocurrency Thefts

The hacking operation reportedly involved sending fraudulent SMS messages to employees of victim companies, warning them that their accounts were at risk of deactivation. These messages contained links to phishing websites designed to mimic the companies’ legitimate login portals. Employees who entered their credentials unwittingly gave the hackers access to their accounts and corporate systems.

Once inside the systems, the hackers stole intellectual property, proprietary data, and sensitive personal information. They also used SIM-swapping techniques to bypass additional account protections and reset passwords. The US DOJ stated that one victim alone lost $6.3 million in cryptocurrency due to these attacks.

Akil Davis, Assistant Director of the FBI’s Los Angeles Field Office, emphasized the dangers of phishing scams, saying, “These types of fraudulent solicitations are ubiquitous and rob American victims of their hard-earned money with the click of a mouse.”

US DOJ Links to Notorious Hacking Groups

Security researchers have linked the accused individuals to cybercrime groups known as “0ktapus” and “Scattered Spider,” which are believed to be responsible for previous high-profile attacks. 

These groups reportedly breached hundreds of companies, including Twilio, Coinbase, and Doordash, during a hacking campaign in 2022. They later expanded their operations to target gaming companies such as Riot Games in 2023.

The court documents describe the group as a loosely organized, financially motivated cybercriminal network. Law enforcement officials believe other individuals involved in the operation remain unidentified, with the indictment mentioning unnamed co-conspirators.

Potential Sentences and Ongoing Investigations

If convicted, the defendants face severe penalties. Each could receive a maximum of 20 years in prison for conspiracy to commit wire fraud, up to five years for conspiracy, and an additional mandatory two-year sentence for aggravated identity theft. Prosecutors also revealed that Urban faces fraud charges in a separate federal case in Florida.

Concurrently, former FTX executive Gary Wang recently avoided prison time despite his role in the collapse of the cryptocurrency exchange. Wang admitted to helping write the code that enabled FTX founder Sam Bankman-Fried to misappropriate $8 billion in customer funds. Judge Lewis Kaplan ruled that Wang’s cooperation with authorities and lack of personal financial gain justified leniency.

The US DOJ continues to investigate the matter, warning companies to remain vigilant against phishing attempts. U.S. Attorney Martin Estrada stated, “If something about the text or email you receive or the website you’re viewing seems off, it probably is.”

The post Just In: US DOJ Charges Five Hackers In $6.3M Crypto Hack & Corporate Data Breaches appeared first on CoinGape.

Brad Garlinghouse, the CEO of blockchain payments firm Ripple Labs Inc., has shared new insights into what the future holds for the crypto industry under Donald Trump. In an interview with Fox Business, Garlinghouse noted that the Biden Administration waged an unlawful war against crypto. He added that in barely two weeks, the market has started unlocking the potential the Trump Presidency has to offer.

Ripple CEO on What The Future Holds

Notably, the Ripple CEO said he is optimistic about the future. Since Kamala Harris’s defeat, industry leaders have become more confident that Donald Trump will help boost clear crypto regulations. Brad Garlinghouse said he is convinced that the crypto industry can finally “move past the unlawful war and shameful political tactics of the Biden Administration.”

The Ripple CEO said, “Crypto embraced Trump,” and this is evident in how the market has responded thus far. Fielding questions from Maria Bartiromo, Brad Garlinghouse shared insights into XRP’s prospects moving forward. He said the US SEC lawsuit against the firm over XRP’s status froze market opportunities for the company.

He said while 95% of the company’s market is outside the United States, he could see a future where the crypto industry thrives in the country. Notably, he reiterated that the US is not necessarily lacking laws, but that the current regulation are unclear and do not fit into the new crypto economy.

Joined @MorningsMaria to discuss a new dawn for crypto in the largest economy in the world under the Trump Administration. The industry has been asking for clear rules of the road for years – and I’m incredibly optimistic for what’s next as we move past the unlawful war and… https://t.co/DEuy0PW462

— Brad Garlinghouse (@bgarlinghouse) November 20, 2024

Lastly, the Ripple CEO said he is confident that the Make America Great Again (MAGA) plan is potentially a Make Crypto Great Again campaign.

Donald Trump is Walking the Talk

Prior to his election victory, Trump formed a pro-crypto transition committee. Tether advocate Howard Lutnick, the co-chair of the committee, will serve as Commerce Sec in the Donald Trump administration.

Most of the appointments from the Trump-Vance duo have largely leaned toward crypto. While the successor to Gary Gensler is yet to be announced, the general expectation is that the US SEC will get a pro-crypto Chairman this time.

President Donald Trump has walked the talk thus far. In line with this, many in the crypto community are also hopeful that the US President-elect would create the Strategic Bitcoin Reserve, which is one of the major highlights of his campaign promises to the community.

The post Ripple CEO Brad Garlinghouse Predicts Future of Crypto Under Donald Trump appeared first on CoinGape.

Bitcoin spot and futures ETFs remain blocked in South Korea, with financial authorities maintaining strict regulatory controls over cryptocurrency-related investment products. In a move that has raised eyebrows, the Financial Supervisory Service (FSS) has also barred the launch of ETFs that invest in companies tied to virtual assets, including major global firms such as Coinbase.

South Korea Authorities Block Bitcoin Spot and Futures ETFs

The South Korean Financial Supervisory Service has maintained its stance against Bitcoin spot and futures ETFs, frowning upon attempts to launch funds tied to firms with exposure to cryptocurrencies. Asset management companies trying to take advantage of the increasing demand for virtual assets have encountered many challenges.

An executive in one of the firms added, “We were planning to roll out an ETF that would be investing in Coinbase but the FSS said we can’t for the time being.” The asset manager said that the ETF had been designed and was waiting to be approved but regulatory issues prevented its launch.

As of now, any ETF in South Korea has to undergo securities review by the FSS. However, industry insiders say that no cryptocurrency-related fund has been able to get approval from the government to start its operations due to the current policy regime. This decision comes despite BTC’s price prediction to hit $200k after hitting an all-time high of $94,250.

Legal Basis for Restrictions Questioned

Critics have also accused the FSS of blocking Bitcoin spot and futures ETFs as well as funds investing in virtual asset companies without legal justification.
The restrictions come after the “Virtual Currency Emergency Measures” that were put into place in 2017 that barred financial companies from participating in virtual asset business.

According to legal professionals, this type of regulation is no longer effective and is also too general. Jeong Su-ho, a lawyer at Renaissance Law Firm, said: “Restricting investments in listed companies such as Coinbase is beyond the jurisdiction of the Capital Markets Act.”

Subsequently, this move differs from the U.S. Commodities and Futures Trading Commission (CFTC) decision for the approval of spot Bitcoin ETF options trading. Critics also argue that the government’s justification of investor protection is insufficient without proper legislative backing.

Global Markets Embrace Crypto ETFs

While South Korea tightens restrictions, global financial markets are making strides in cryptocurrency-related investment products. In the United States, Bitcoin spot and futures ETFs are not only operational but continue to expand in scope. For instance, Nasdaq recently launched options trading for BlackRock’s iShares Bitcoin Trust ETF, creating new investment opportunities for traders.

Leveraged ETFs tied to cryptocurrency firms, such as Coinbase, have also gained traction in the U.S. In 2022, one such fund was approved, recording strong trading volumes. Financial analysts believe these developments reflect a maturing global market for Bitcoin and related financial products.

Todd Sohn, an ETF strategist, noted, “The rapid development of cryptocurrency ETFs globally demonstrates investor demand and the potential for market growth.”

The FSS’s continued opposition to Bitcoin spot and futures ETFs, as well as funds tied to virtual asset companies, has raised concerns about South Korea’s position in the global financial landscape. Critics worry that the nation’s restrictive policies could leave it lagging behind more progressive markets like the U.S. and Europe.

The post South Korea Authorities Block Bitcoin Spot and Futures ETFs, Here’s Why appeared first on CoinGape.

XRP price has surged past the $1 mark, marking a significant milestone since November 2021. The cryptocurrency’s value has doubled within a week, driven by a broader market rally that has reignited investor interest. This impressive performance highlights XRP as a key player in the ongoing resurgence across the crypto sector. However, experts are urging caution, citing potential warning signs of a price downturn amidst the current bullish momentum.

XRP Price Crash: 5 Risk Indicators Ahead

According to technical indicators on the daily chart, XRP’s price shows warning signs of a potential correction. The Relative Strength Index (RSI) has surged above 81, signaling the asset is significantly overbought. Historically, RSI levels above 70 often suggest a likelihood of price pullbacks.

Adding to the bearish sentiment, the Moving Average Convergence Divergence (MACD) exhibits a potential crossover. The MACD line converges downward with the signal line, indicating weakening momentum. This formation often acts as a precursor to downward price movement.

XRP faces uncertainty as open interest has risen since November 16, yet its price remains stagnant. This unusual trend signals potential instability. Traders should monitor market conditions closely to anticipate possible fluctuations and make informed decisions. 

Cumulative Volume Delta (CVD) is declining as XRP’s price increases. This divergence signals potential bearish momentum, cautioning traders to anticipate a possible cryptocurrency sell-off.

Volume has dropped significantly, now standing at $6,561,072,311. This decline suggests reduced market activity, signaling potential caution among investors.

After a sharp rally exceeding 20% in a week, XRP’s price shows signs of cooling as profit-taking begins. Investors are likely capitalizing on recent gains, sparking a cautious sentiment. The cryptocurrency’s recent momentum is facing headwinds, raising concerns about its sustainability. 

Over the past 24 hours, the XRP price has seen a minor decline in value, slipping 0.54% to reach $1.09. XRP’s daily price range has fluctuated between a low of $1.06 and a high of $1.15. At present, the token is trading significantly below its all-time high of $3.84, recorded on January 4, 2018. This represents a 71% decrease from its peak value.

XRP’s recent surge above $1 showcases impressive growth but raises caution due to overbought signals and declining volume. Investors should closely monitor technical indicators and market trends, as profit-taking and bearish signals could impact its short-term trajectory.

The post XRP Price Crash: 5 Warning Signs to Watch appeared first on CoinGape.

Shiba Inu (SHIB) price, a popular meme coin, has recently captured significant attention with a remarkable 30% price surge over the past month. Despite brief market corrections, SHIB’s robust momentum signals strong potential for sustained growth in 2024. Market sentiment remains optimistic, highlighting key trends and opportunities for investors. This surge underscores SHIB’s evolving position in the cryptocurrency market, making it a focal point for traders seeking promising returns.

Shiba Inu Price Prediction: 4 Reasons to Hold Onto SHIB

Shiba Inu price remains a topic of interest as the meme coin season gains traction across the crypto market. The recent frenzy around Solana-based meme coins, coupled with a wave of enthusiasm for digital assets like BONK and WIF, has set the stage for notable price movements. 

Several meme coins have achieved all-time highs, showcasing strong investor confidence and speculative activity in this niche sector. Shiba Inu, a well-known contender in this space, could benefit from the ongoing rally, drawing attention from both new and seasoned crypto enthusiasts. The surge in meme coins highlights their resilience and potential for quick gains, reaffirming their appeal during bullish market cycles.

Shiba Inu’s price momentum may find support in recent developments tied to the meme coin narrative. Reports suggest former U.S. President Donald Trump plans to establish the “Department of Government Efficiency” (DOGE) as part of his potential second-term advisory initiatives. This announcement has sparked interest, particularly among cryptocurrency enthusiasts.

The proposed department aims to streamline governmental processes, indirectly emphasizing the cultural significance of meme coins like Shiba Inu and Dogecoin.

Shiba Inu price is gaining traction as the ongoing crypto bull run boosts major coins like Bitcoin and Ethereum. Bitcoin’s climb beyond $90,000 and Ethereum’s surge past $3,000 have sparked optimism in the crypto market, driving Shiba Inu’s upward momentum.

Shiba Inu price could follow Dogecoin’s trajectory, given its reputation as a “Doge-killer,” suggesting potential gains if market trends align. With Dogecoin tripling after significant rallies, SHIB might exhibit similar upward momentum, presenting opportunities for investors to consider closely.

SHIB Set for Significant Move as Burn Rate Skyrockets 940%

The price of Shiba Inu (SHIB) appears poised for a significant surge as its burn rate experiences an extraordinary 940% increase. This remarkable burn activity indicates a tightening of SHIB’s circulating supply, potentially fueling upward momentum in the market. At the time of writing, the SHIB price hovers at $0.00002385, eyeing more gains ahead.

The recent analysis highlights a promising technical setup for SHIB. The price chart reveals a rounded bottom formation, signaling potential bullish sentiment. The Shiba Inu price prediction has been testing critical resistance levels around $0.00003045. If this threshold is breached, the next significant target could be the $0.00004559 level, marking a potential 76% rally.

Shiba Inu’s recent price surge, market trends, and increasing burn rates underscore its strong growth potential. With technical indicators and meme coin momentum aligning, SHIB presents compelling reasons for investors to hold and capitalize on future gains.

The post Shiba Inu Price Forecast: 4 Reasons Why You Should Not Sell SHIB appeared first on CoinGape.

Solana (SOL) price has surged by 42% since November, showcasing strong bullish momentum amid a recovering cryptocurrency market. The prominent Layer 1 blockchain is gaining investor confidence by breaking multiple resistance levels. This rally aligns with broader market improvements, fueling speculation of a potential breakout. Market enthusiasts now watch closely as Solana eyes a significant milestone, potentially reaching $500 this month.

Bitcoin’s remarkable rally past $90,000 has reignited optimism across the crypto market, driving gains in major altcoins like Solana. Over the past week, SOL surged over 10%, fueled by speculation around a potential Solana ETF debut in 2025.

Could Solana Price Hit the $500 Mark in November?

Following the success of Bitcoin and Ethereum ETFs earlier this year, experts predict Solana may be next to gain approval. The possibility of an SEC green light has drawn increased institutional and retail interest toward SOL. This growing demand continues to boost Solana’s price momentum, with analysts projecting it could reach the $500 mark.

As enthusiasm spreads across the crypto sector, the spotlight remains firmly on Solana’s potential future in the ETF landscape. At the time of writting, the SOL price is trading at $234, with a slight decrease of 2% in the past 24-hours. Solana price continues to climb, the top altcoins ATH of $260 with only a 10% surge needed.

The Solana price prediction trajectory remains firmly bullish, with market sentiment hinting at the potential for unprecedented highs in the near future. If current upward trends persist, the cryptocurrency could target the significant $300 mark in the coming months. With strong bullish sentiment, the price could surge by 110%, potentially reaching an impressive $500 milestone.

The Moving Average Convergence Divergence (MACD) shows bullish momentum. The MACD line remains above the signal line, supported by positive histogram bars, signaling continued buying interest.

Solana has hit a remarkable achievement, with its Total Value Locked (TVL) surpassing $8.421 billion. This highlights the blockchain’s growing traction in decentralized finance (DeFi).

The market capitalization of stablecoins on the Solana network has reached $4.522 billion. This reflects the increasing adoption of stablecoins for transactions and liquidity within its ecosystem.

Solana’s bullish momentum, fueled by market optimism, DeFi growth, and ETF speculation, positions it for significant gains. While $500 remains ambitious, sustained demand and favorable conditions could drive SOL toward this milestone.

The post Will Solana Price Hit $500 In November? appeared first on CoinGape.

Russian President Vladimir Putin has approved new measures to restrict cryptocurrency mining in several regions to address energy supply concerns. These restrictions are part of Russia’s broader efforts to regulate the industry while conserving electricity during peak winter months.

Russia Crypto Mining Restrictions Enforced in 13 Regions

Russia will introduce the crypto mining restrictions in 13 regions including the occupied territories of Ukraine between December 2024 and March 2031. The affected regions are the Irkutsk region, the Zabaikalsky Krai and some parts of the Republic of Buryatia in Siberia. 

Furthermore, between 2012 and 2031, annual emission standards shall be maintained in the heating season in the Republic of Dagestan, the Republic of Ingushetia, North Ossetia-Alania, Chechnya, Kabardino-Balkaria, and Karachay-Cherkessia regions.

According to the local report, the measures will also affect the occupied territories of Donetsk and Luhansk, Zaporizhzhia, and Kherson regions. Such measures were considered during a government commission meeting chaired by Deputy Prime Minister Alexander Novak. The meeting discussed energy saving as power consumption in the country is likely to rise in the winter season.

Energy Limits for Individual Miners

In order to control energy consumption even more, the government has set a maximum power usage of 6,000 kWh per month for unregistered miners of cryptocurrencies. Anyone who goes beyond this ceiling will have no option than to obtain an entrepreneurs license to continue crypto mining legally. The government said this would help guard against unregistered miners, further straining the power infrastructure. It will be legal to carry out mining activities, but the operations must adhere to reporting and taxation norms.

Consequently, the fresh measures may have a significant impact on Russia’s crypto mining sector, especially in areas such as Irkutsk. Irkutsk region is famous for its relatively low electricity tariffs, cold climate, and powerful hydropower resources which attract mining activities. This facility is home to BitRiver’s largest data center, opened in 2019 in Bratsk, near one of the biggest hydroelectric power stations in the world.

These conditions have therefore made the Siberian regions to be suitable regions for mining companies. Nevertheless, due to the restrictions on energy supply by the government, the working in these areas will be curbed and the crypto mining output will decline.

While Russia is implementing crypto mining restrictions, another country, the US, could become a crypto hub under Donald Trump thanks to his crypto promises, including the Strategic Bitcoin Reserve. Interstingly, Bitcoin advocate Anthony Pompliano recently urged the US to print $250 billion for the strategic reserve.

Crypto Taxation Introduced for Mining Activities

In addition to mining restrictions, Russia has introduced tax regulations for cryptocurrency transactions and mining operations. Under the new laws, cryptocurrencies will be classified as property for tax purposes. Income from mining and trading will be taxed based on market value at the time of receipt.

Miners will be allowed to deduct operational expenses from their taxable income, and crypto transactions will remain exempt from value-added tax. Operators of mining infrastructure will be required to submit regular reports on the miners they serve, ensuring compliance with tax regulations.

The Ministry of Finance stated that these steps aim to balance the state’s interests with those of businesses. The measures reflect Russia’s growing efforts to regulate the crypto sector and manage its energy demands effectively.

The post Russia President Vladimir Putin Approves Crypto Mining Restrictions appeared first on CoinGape.

In a rug pull attempt, a GenZ kid created the QUANT token and sold it within a few hours to bag $30K in profit. However, to his surprise, the crypto community came together and pumped the token to new highs. As a result, the token grew by 71, 000%, making it the rarest crypto trading experience in the industry.

The crypto market has a global market cap of $3.11T, where millions of investors come together to participate in crypto trading, so unique incidents happen almost daily. However, something like this is seen for the first time, making it the biggest crypto scam fail.

GenZ Rug Pull Scam Failed & Crypto Trading Community Won

A GenZ kid’s token creation and mass selling became the highlight of the day when he live-streamed the process, gaining both laughs and anger from the crypto trading community. This amateur trader launched a Solana memecoin, QUANT on the pump.fun, the famous memecoin launcher site, and sold all his 51M QUANT holding for 128 SOL, worth $30K. However, the same 51M token became $4M after the crypto community pumped the token in revenge.

A kid created a coin $Quant while live-streaming and sold all of it for 128 $SOL($30K), making a profit of $29.6K!

The 51M $Quant he sold is now worth $4M!

He then created $lucy and $sorry, selling all of them for another profit of 103 $SOL($24K)!

Address:… pic.twitter.com/TYbS6psUYp

— Lookonchain (@lookonchain) November 20, 2024

Though the creator has bagged $29.6K in profit, he lost millions. Interestingly, other holders had the full advantage of the pump, as the QUANT price surged 71386% in just six hours per Lookonchain post. With that, the token peaked at its ATH, where one token became equivalent to $0.07876. More importantly, it gained a trading volume of $213.7M, impressing the netizens.

Scammer Created Two More Tokens, Making Another $24K

With a $30k profit, the GenZ scammer created two more tokens, LUCY and SORRY. He termed the coin LUCY after his dog and SORRY in sarcasm for his crypto scam. More importantly, he went for another rug pull scheme, making 103 SOL, worth $24K at the time.

As it was all in the public’s eye, viewers expressed their wishes to take strict action against the kid. This is because crypto scams are rising exponentially in the market, and many have lost their life savings with such scams. In one scam, South Korean police arrested 215 people after they embezzled $232M.

Some recalled the kid from a past event and were shocked by his actions. After an extensive search, the crypto community tracked the kid’s whereabouts and even commented on his mother’s social media post to inform of this scamming incident.

How Is QUANT Token Performing Now?

All three of GenZ’s rug-pull crypto tokens have created a sensation in the crypto trading community, but things are slowing down again. It has been quite a few hours since the incident, and the QUANT token’s performance is declining with time. This is common for newly popular memecoins as they pump with hype and drop once the trend ends. It is now worth $0.03075 after losing more than 50% of its value. Additionally, its market capitalization has dropped to $28.4M, but the trading volume is still high at $317.5M.

Interestingly, despite the decline, many crypto investors made decent gains while selling at high. Besides, the token is still up by 28,000% and is trending all over social media, which could help in recovery in the future.

The post GenZ Rugs QUANT For $30K Profit But Community Revenge Propels Token By 71,000% appeared first on CoinGape.

Fhenix, the Layer 2 utilizing Fully Homomorphic Encryption (FHE), has launched its latest testnet, Nitrogen. The upgrade adds advanced decryption capabilities and marks a significant step toward the network’s mainnet deployment.

The release of Nitrogen will make it easier for developers to explore the possibilities Fhenix offers in terms of data handling, particularly when it comes to computing encrypted data, the major differentiator between its FHE implementation and traditional ZKPs.

According to Fhenix CEO Guy Itzhaki, “The Nitrogen testnet is a major step towards providing a permissionless, censorship-resistant platform for confidentiality with FHE. The introduction of the Threshold Network, along with new features such as Parallel Decryptions and Security Zones give developers the tools they need to create powerful confidential applications on Ethereum and bring us one step closer to the Fhenix mainnet launch.”

Decentralization Meets Decryption

The Nitrogen testnet enhances network decentralization through the implementation of a Threshold Network. This mechanism manages decryption processes in a trust-minimized manner, bolstering the security and integrity of the Fhenix ecosystem and making it a “true” blockchain that isn’t reliant on centralized dependencies.

To address the computational demands of FHE schemes, meanwhile, Nitrogen introduces Parallel Decryptions. This feature employs asynchronous decryption to expedite operations, ensuring users experience swift and seamless interactions. The benefits Nitrogen introduces will be felt by developers at this stage, but once its mainnet launches, it will be end users who benefit by the sorts of features that Nitrogen has debuted.

Multiple Security Zones and Randomicity

Developers can now utilize Security Zones within the Nitrogen testnet, offering a customizable approach to dapp security. This is another major feature that will prove invaluable, both when testing applications and when it comes to deploying them in a live environment, where dapps will be configured to meet the needs of specific user groups.

Two distinct zones are available on Nitrogen: Zone 0 is the default setting, prioritizing security and minimizing user trust requirements, while Zone 1 emphasizes performance, utilizing a single local keyset managed by the sequencer to streamline decryption processes. This flexibility allows developers to tailor their applications based on specific security and performance needs.

Having incorporated Celestia for data availability, the Nitrogen testnet also reduces transaction costs and enhances price stability. This integration supports a more efficient and cost-effective user experience. Finally, Nitrogen introduces a native function, FHE.rand(), enabling automatic generation of random numbers. This addition simplifies development processes and broadens the potential for creating diverse applications within the Fhenix ecosystem.

Fhenix Moves Into Gear

Fhenix is the best-known blockchain project working on Fully Homomorphic Encryption, an advanced cryptographic technique that allows computations to be performed directly on encrypted data without requiring decryption. This capability ensures data remains confidential throughout processing, offering robust security for sensitive information. By integrating FHE, Fhenix enables developers to build confidential smart contracts on Ethereum, preserving privacy and integrity in decentralized applications.

The Nitrogen testnet represents a significant milestone in Fhenix’s journey toward establishing a Layer 2 for onchain confidentiality. With substantial improvements in security, performance, cost-efficiency, and user experience, Nitrogen lays the groundwork for a vibrant ecosystem of confidentiality-focused applications on Ethereum.

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MicroStrategy Incorporated has announced an increase in its previously disclosed offering of convertible senior notes. The company will now offer $2.6 billion in zero-interest convertible senior notes, a significant upsizing from the initially proposed $1.75 billion. These notes are set to mature on December 1, 2029, with the offering expected to close on November 21, 2024.

MicroStrategy Expands Convertible Notes Offering

According to a recent press brief, MicroStrategy has increased its private offering of convertible senior notes from the initially proposed $1.75 billion to $2.6 billion. The zero-interest notes will be available exclusively to qualified institutional buyers and select non-U.S. investors under the Securities Act.

The notes, which mature on December 1, 2029, are convertible into cash, MicroStrategy’s Class A common stock, or a combination of both, depending on the company’s discretion. The initial conversion price is set at $672.40 per share, representing a 55% premium over the November 19 stock price of $433.80. 

Net proceeds from the offering are estimated to be $2.58 billion, which could rise to $2.97 billion if the option for additional notes is exercised.

Moreover, the proceeds from this offering will largely support the company’s ongoing Bitcoin acquisition strategy. The company plans to use the funds to purchase more Bitcoin and for other corporate purposes. Since adopting a Bitcoin treasury strategy in 2020, MicroStrategy has accumulated 331,200 BTC, valued at approximately $30 billion based on current market prices.

This aggressive approach aligns with MicroStrategy’s broader vision of leveraging Bitcoin as a core treasury asset. The company’s leadership views this as a long-term strategy to enhance shareholder value and corporate positioning.

Most recently, the company chairman, Michael Saylor, explained how a U.S. Bitcoin reserve of one million BTC could reduce the national debt by up to 45%. In response to today’s announcements, Saylor added,

“Given the high demand, we upsized our $MSTR offering of 0% convertible bonds due 2029 from $1.75 billion to $2.6 billion, including a $400 million greenshoe option, and priced it at a 55% conversion premium.”

Entry Into The Top 100 U.S. Public Companies

Following this upsized offering and Bitcoin’s recent price surge, MicroStrategy has entered the top 100 publicly traded companies in the U.S. by market capitalization. With a valuation nearing $100 billion, the company’s stock has gained 528% year-to-date.

As Bitcoin reached new all-time highs of over $94,000, MicroStrategy’s stock also experienced a significant rally. Shares surged 12% on Tuesday and continued to climb, trading at $471.00 as of November 20, 2024. This performance has positioned the company as a key player in the cryptocurrency and corporate finance sectors.

The post MicroStrategy Upsizes Private Offering Amid Bitcoin Acquisition Plans appeared first on CoinGape.

Chainlink price is currently facing resistance after breaking out of an extended consolation zone. LINK price is down 2.1% in the last 24 hours and is trading at $14.71. After surging to an intra-day high of $15.15, Chainlink encountered rejection. However, a key historical pattern on the LINK chart promises a potential 167% rally in the coming days. Can LINK deliver on this promise?

Historic Pattern Repeats: What It Means for Chainlink Price

During the previous market cycle, Chainlink price soared to a high of $53 before the bear market began. LINK price dropped to a low of $3.66 before entering a period of consolidation that lasted over 1 year. This was followed by a 167% breakout in late 2023, when the early phase of the 2025 bull market began. 

Over the past 8 months since March 2024, LINK price action has repeated the above pattern; on November 4, Chainlink broke out of the consolidation zone. If history repeats, the price of LINK is expected to surge by 167%, which would put it at around $35.

Chainlink Price Analysis: Bullish Signals or Warning Signs?

Chainlink price forecast shows the asset is struggling below the $15.35 resistance level. This zone was tested twice before and proved to be a strong resistance. Chainlink will need extra juice to break through. 

Key resistance levels to watch for include $15.35, $16.73, and $18.50. On the flip side, Chainlink will likely find support around $13.40; below that, the price would drop into the $10-$13 range. 

The Chainlink relative strength index (RSI) is at 56.20 and rising, signaling that buying pressure is increasing. There is a short resistance around 57, but if it rises higher than this, Chainlink price could blow past the $15.35 resistance. 

The trading volume dropped by 28% in the last 24 hours, which means market activity has dropped. This could be because the $15.35 resistance level serves as a profit-taking zone, resulting in a pullback.

Can LINK Realistically Reach $40?

A Chainlink price rally to $40 is possible since the crypto asset has hit those prices before. The rising RSI shows the buying pressure is increasing on the asset. The historical pattern also suggests Chainlink returning to $40 and beyond is possible.

Additionally, the monthly total value enabled soared to $17 billion in November, up from $16 billion in October. With such a huge number, the demand for LINK is bound to surge in the future. This means a price increase to $40, and even $100 is possible.

The post Chainlink Price Analysis: Can LINK Soar to $40 As Historic Pattern Repeats? appeared first on CoinGape.

Gary Wang, a former top executive at the now defunct FTX Derivatives Exchange will not face jail term in the trading platforms fraud case. In a rare form of leniency, Judge Lewis Kaplan of the US District Court ruled in Federal Court in Manhattan.

Gary Wang Escape FTX Wrath

Prior to this sentencing hearing, Wang pleaded guilty to his role in the FTX bankruptcy. Despite writing the code that created the backdoor that permitted Sam Bankman-Fried (SBF) steal about $8 billion in customer funds, Judge Kaplan lean on Prosecutors who insisted that Wang did not spend a dime of customers’ money.

SAM BANKMAN-FRIED’S FORMER DEPUTY GARY WANG SPARED PRISON TIME BY U.S. JUDGE OVER HIS ROLE IN FTX CRYPTO FRAUD

— *Walter Bloomberg (@DeItaone) November 20, 2024

Also, Ilan Graff, Gary Wang’s lawyer appealed to Judge Kaplan to spare him jail term for his cooperation with prosecutors. Drawing on this support, Prosecutors put in good word for him. They noted that he had previously built a software that is helping the US government fight fraud in the stock market.

The plead to avoid jail term also hinges on his ongoing work to design a software that can help detect related fraud in the crypto industry. As the prosecutors argued on his behalf, he would get the time to complete this work if spared jail term.

Notably, the persuasion of Judge Kaplan also hinges on the dependency of his young family on him.

Fate of FTX and Other Former Executives

While Gary Wang might feel lucky to escape jail term, he is not the only one. This ruling aligns with that of Nishad Singh, another top FTX insider whom Judge Lewis Kaplan also spared jail term last month.

However, SBF, Caroline Ellison and Ryan Salame did not bagged different prison terms. Judge Kaplan handed SBF a 25-year jail term, however, he has chosen to appeal the ruling. Ryan Salame started his 7.5 years term weeks ago while Caroline Ellison will serve a 2-year penance.

Meanwhile, FTX Derivatives Exchange is in the last stages of its bankruptcy proceedings as it has secured approval to repay creditors. In the firm’s last bid to recoup mismanaged funds, it has sued Anthony Scaramucci and SkyBridge Capital for overbloated investments. The company hope to recoup about $63 million through this lawuit.

The post Breaking: Gary Wang Spared Prison Time In FTX Fraud Case appeared first on CoinGape.

The Cardano (ADA) price has been outperforming the rest of the crypto market today with more than 12% gains while extending the rally to $0.83. This comes amid a staggering 145% surge in the Cardano whale accumulation over the past month. Over the last week, ADA has gained nearly 54% being among the top-performing altcoins, with investors soon eyeing a rally to the crucial milestone of $1.0. Crypto analyst Ali Martinez has also predicted that ADA price could reach $6 in this market cycle.

Cardano (ADA) Whale Accumulation Triggers Price Rally?

Crypto analyst Ali Martinez pointed out a significant surge in the Cardano whale activity and accumulation. This shows growing confidence in Cardano’s native token ADA. According to Martinez, wallets holding over $10 million worth of ADA have increased their positions by an impressive 145.72% over the past month.

Furthermore, the Cardano blockchain has also witnessed a healthy uptick in decentralized finance (DeFi) activity on the network. Cardano’s Total Value Locked (TVL) has surged to $479.8 million, approaching its all-time high as the blockchain continues to gain traction, as per the data from DeFiLlama.

This growth comes amid ADA’s rising price and increased activity across decentralized exchanges (DEXes), lending platforms, and other protocols within the Cardano ecosystem. The momentum underscores the expanding utility and adoption of Cardano’s DeFi infrastructure.

This surge in the DeFi activity along with bullish Cardano on-chain metrics shows that the ADA price rally can continue further from here.

Is ADA Preparing for a Mega Rally to $6?

Blockchain analytics platform Santiment reported that ADA is already decoupling from the altcoin pack with the price approaching an 8-month high. The ADA-to-Bitcoin price ratio is also nearing an 8-month peak, reflecting growing strength against the leading cryptocurrency. Santiment noted that current ADA transaction and whale activity levels were last observed in June, just before a 26% surge in the ADA/BTC pair.

As of press time, the ADA price is trading at $0.786 with a market cap of $27.54 billion and daily trading volume surging by 25% to $2.27 billion.

On the other hand, crypto analyst Ali Martinez noted that the Cardano price is showing very similar patterns to the 2020 bull run. Sharing a chart earlier in November, he showed that ADA could be heading for a 2000% rally all the way to $6 while hitting a new ADA all-time high. Martinez wrote:

“I believe Cardano is following a similar pattern to 2020. If history repeats, we might see a pump around November 18—about two weeks after the US elections—and a potential market top by September 2025”.

In a recent X post, Martinez reaffirmed his $6 prediction while remarking that he doesn’t understand the hate towards Cardano. He noted that the coin is already up over 140% since the end of last month and suggested that the rally isn’t stopping anytime soon.

On the other hand, Cardano founder Charles Hoskinson is putting some focus on their partnership with XRP. Hoskinson recently engaged in a technical exchange with Ripple CTO David Schwartz, capturing the blockchain community’s attention.

The conversation delved into Midnight, Cardano’s privacy-focused blockchain initiative, and XRP, Ripple’s digital asset, sparking excitement about potential collaborations ahead.

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Recent on-chain data indicates that the leading meme coins like Dogecoin, Shiba Inu, and others are poised to rally in the coming days, sparking market optimism. IntoTheBlock has recently highlighted a trend, saying that the investors haven’t fully entered the crypto space yet, especially in the meme coins segment, which suggests that these crypto could witness further rallies ahead. Besides, a flurry of other market trends also hints at a potential rally for DOGE and SHIB ahead.

Dogecoin & Shiba Inu Likely To Continue Rally

The latest rally in the top meme coins indicates that the investors are shifting their focus towards the sector. Notably, Dogecoin has noted monthly gains of nearly 175%, while Shiba Inu records around 33% gains in the same time frame, indicating the positive sentiment hovering in the market.

Amid this, leading on-chain analytics platform IntoTheBlock highlights that meme coin activity is still lower than previous peaks, despite rising market caps. In a recent post on X, the platform has witnessed this disparity. Notably, the data indicates that retail investors are yet to fully re-engage with the meme coin market.

Meanwhile, this divergence, coupled with the recent price surge, suggests that top meme coins like DOGE, SHIB, PEPE, and others, could rally further. As market sentiment continues to improve, retail enthusiasm is expected to drive trading volumes higher. This aligns with IntoTheBlock’s analysis, which views meme coin trends as strong indicators of retail investor activity.

Moreover, the growing confidence in the broader cryptocurrency market after Donald Trump’s election win adds fuel to the bullish outlook for these tokens. If retail investors increase their participation, DOGE and SHIB prices may climb to new heights alongside Bitcoin, marking another parabolic run.

What’s Next For DOGE & SHIB Prices?

Dogecoin’s role as a pioneer in the meme coin space, coupled with Shiba Inu’s ecosystem developments, positions both tokens as favorites for another rally. Analysts believe that the combination of untapped retail interest and growing market confidence could sustain the upward momentum for these top dog-themed meme coins.

DOGE Price

In a recent X post, Ali Martinez said that Dogecoin whales are on a buying spree, predicting the crypto to hit $2.40 in the coming days. Further fueling sentiments, he indicates that the crypto could hit $18 in the coming days.

However, amid the optimism, it appears that the investors are taking a pause. DOGE price today was down nearly 1.5% and traded at $0.3903, while its trading volume soared 6% to $10.91 billion. Despite that, a recent Dogecoin price analysis hints at a potential 5100% rally for the meme coin, sparking market optimism.

SHIB Price

SHIB price today also followed the same path as DOGE, noting a decline of nearly 3% to $0.00002446, while its trading volume soared 20% to $1.51 billion. However, a recent Shiba Inu price analysis hints at a potential rally for the meme coin to $1 in the coming days.

In addition, Martinez in a recent X post said that 1.67 trillion SHIB has been withdrawn from exchanges in the last 24 hours. It indicates a strong market confidence in the crypto. Besides, Martinez cited historical trends, saying that a similar spike in transactions has previously sparked a 62% rally in SHIB price, boosting market optimism.

Besides, the Shiba Inu burn rate has also noted a massive spike recently, further bolstering market confidence. Notably, the burning of tokens indicates reduced supply in the market, which in turn could push the assets’ prices higher.

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Ethereum (ETH) price today trades at No data found for ethereum on 8 hours ago as of No data found for ethereum on 8 hours ago. Ether prices hit a daily high of No data found for ethereum on 8 hours ago today after rising No data found for ethereum on 8 hours ago% on November 21.

Ethereum Price is Up Today: Why?

The Ethereum price trades at No data found for ethereum on 8 hours ago after recovering nearly 4% from the daily low of $No data found for ethereum on 8 hours ago. This uptick is in line with Bitcoin’s 0.90% gain today. If this trend keeps up the New York trading session could propel the value of ETH higher.

*Ethereum price updated as of No data found for ethereum on 8 hours ago.

Ethereum’s innovative smart contract technology has made it a standout altcoin since its inception in 2015. Continuous major network upgrades ensure Ethereum stays ahead in smart contract innovation. The latest upgrade, Cancun, launched on March 13, 2024.

Ethereum Price History

The year-to-date (YTD) performance of ETH is 8.17%, after dropping form double digits at the start of the week. As of November 21, 2024, if you invested $10,000 in ETH on January 1, 2024, your portfolio, after 299 days, would be worth nearly $10,817. Regardless of Ethereum’s lackluster performance its market capitalization stands at No data found for ethereum on 8 hours ago.

Ethereum Market Cap: The Second-Largest Cryptocurrency

Ethereum ranks second in market capitalization, valued at No data found for ethereum on 8 hours ago, after Bitcoin’s $1.85 trillion. Together, they comprise 83% of the crypto market.

Despite this recent downtick and recovery, the 24-hour trading volume of Ethereum is No data found for ethereum on 8 hours ago.

Ethereum Trading Volume

The 24-hour trading volume of Ethereum is No data found for ethereum on 8 hours ago. Binance is the largest contributer to this trading volume – about 11% is contributed by spot trading and nearly 40% from futures trading. Exchanges like OKX, Bitget, ByBit follow Binance.

Ethereum Blockchain Upgrade to PoS

The London hard fork is a significant Ethereum blockchain upgrade. It changed the network from Proof-of-Work (PoW) to Proof-of-Stake (PoS). Ethereum co-founder Vitalik Buterin recently shared his thoughts on X (formerly Twitter). He explained how Proof-of-Stake (PoS) is more decentralized than Proof-of-Work (PoW).

Ethereum Blockchain Upgrades in The Last 5 Years

Here are some of the critical upgrades in the past 5 years that have shaped and kept Ethereum as the second-largest crypto by market capitalization.

2024

• Cancun-Deneb (“Dencun”)

2023

• Shanghai-Capella (“Shapella”)

2022

• Paris (The Merge)
• Bellatrix
• Gray Glacier

2021

• Arrow Glacier
• Altair
• London
• Berlin

2020

• Beacon Chain genesis
• Staking deposit contract deployed
• Muir Glacier

Influence of ETH Gas on Ethereum Price

Ethereum’s upgrade aims to solve the blockchain trilemma: balancing decentralization, security, and scalability. The switch to Proof-of-Stake (PoS) enhanced these aspects. Post-upgrade, Ethereum’s transaction fees (gas fees) plummeted, drawing more investors. Gas fees are like taxes, measured in Gwei, required for secure transactions.

As of November 21, the gas fee for a transaction on the ETH network as of No data found for ethereum on 8 hours ago is 9.825 Gwei.

When Ethereum’s on-chain value grows, presenting opportunities, investors flock, driving gas fees up. This typically occurs during market upswings, peaking at all-time highs.

Ethereum Price Prediction & Trends

Despite crypto’s bullish outlook Ethereum price performance remains lackluster especially when comparing to top altcoins. Perhaps, if Bitcoin price overcomes the $100K hurdle, ETH could trigger a massive rally.

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In an unprecedented move, biopharmaceutical company Hoth Therapeutics announced on Wednesday that it plans to buy $1M worth of BTC, sparking market discussions globally. The company’s Board of Directors approved the abovementioned purchase, primarily in an effort to strengthen the firm’s treasury reserve. This announcement has further gained significant traction as the flagship crypto continues to witness soaring institutional interest post-U.S. elections.

Hoth Therapeutics Announce Bitcoin As Treasury Reserve Asset.

According to an official press release dated November 20, Hoth Therapeutics’ Board of Directors approved the purchase of $1M worth of the crypto as the firm’s treasury reserve asset. Notably, Hoth Therapeutics CEO, Robb Kine, stated, “As Bitcoin continues to grow, gaining investor attention and acceptance as a major and primary asset class, we believe that Bitcoin will serve as a strong treasury reserve asset.”

Kine takes the stage to further add that “With recent approval of Bitcoin ETFs and increasing activity from institutional investors, it is a strong addition to our treasury strategy. We believe its inflation-resistant characteristics may make it a reliable asset as a functional store of value.”

Overall, this announcement echoed notable optimism surrounding the leading crypto by market cap, underscoring rising market demand.

Soaring Institutional Interest Propels Further Market Optimism

The flagship crypto leverages further market optimism as institutions rush to accumulate more BTC post-U.S. elections. Notably, BTC ETFs continue to record robust inflows, as seen by Bitwise hitting $10 billion in assets under management.

Primarily, this rising demand comes against the backdrop of Donald Trump’s win in the U.S. elections. Trump’s reelection also ignited positive sentiments around establishing a strategic U.S. Bitcoin reserve.

Furthermore, in light of the BTC ETF Options launch today, a bolstered market sentiment is much awaited by market participants. Simultaneously, the flagship crypto also hit a new ATH at the $94,600 level intraday, adding to investor optimism surrounding the asset. Coupled with Hoth Therapeutics’ BTC buying plan, recent market events paint a highly optimistic scenario for the crypto.

Moreover, BTC miner MARA’s plans to raise $700 million for further purchasing the coin have added to market bullishness on future movements.

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With Bitcoin price breaking records at over $94,000, the cryptocurrency market is preparing for an exciting altcoin season. Investors are now turning their attention to other digital currencies that could bring substantial profits. XRP, Dogecoin (DOGE), and Rexas Finance (RXS) are highlighted as the altcoins to watch to amid the many choices available. Here’s the reason they should be noticed as the market becomes more competitive.

Altcoins to Watch as Altcoin Season Nears

1. XRP: Altcoin Leading the Charge in Cross-Border Payments

XRP remains strong as Ripple’s legal dispute with the U.S. SEC sees positive development. The ongoing case, lasting for years, is approaching its end, with many predicting a positive result. The possibility of Ripple overcoming legal battles have boosted market confidence, and the growing adoption of XRP in international payments has positioned it as one of top altcoins to watch.

Currently at $1.13, XRP price has experienced an increase of 2.04% over the past day, and rising 66.15% in the past week. With a market capitalization of $64.29 billion and a yearly performance of 81.2%, the token is well positioned as a leading competitor for the approaching altcoin season due to its resilience and innovation.

Analysts forecast the value of XRP could hit $1.7 soon due to increased interest from institutions and growing transaction volumes.

2. Dogecoin (DOGE): Beyond the Meme Status

Dogecoin goes beyond being just a meme—it represents a community-led phenomenon with genuine possibilities. Ali Martinez, the analyst, cites increasing Google search trends as a sign of growing public interest in DOGE, which has not reached its highest point yet. This indicates that the altcoin has potential for further growth, establishing it as one of the meme coins to buy this season.

DOGE’s technical charts reveal a bullish flag pattern, hinting at a possible price breakout. If the hourly close surpasses $0.40, experts predict DOGE could soar to $0.85, surpassing its previous all-time high of $0.74.

Although Dogecoin price shows a decline of 2.14%, over the past day, it has demonstrated an increase of 173% over the past one month, backed by a robust market cap of $57.18 billion. Its growing adoption, increasing popularity and strong community, make it one of the best altcoins to watch before altseason begins.

3. Rexas Finance (RXS): A Trailblazer in Real-World Asset Tokenization

For investors looking for innovation, Rexas Finance (RXS) presents a revolutionary method for tokenizing real-world assets (RWAs). Having recently finished its Stage 5 presale, RXS raised $7.9 million out of the intended $8.6 million with a price of $0.08. The RWA token is expected to see a price increase upon entering Stage 6, with a projected growth forecast of 267% by the end of 2024.

The project’s focus on increasing accessibility to valuable assets such as real estate and commodities makes it one of the most interesting altcoins to watch.

RXS’s user-friendly tools, including the Rexas Token Builder and QuickMint Bot, simplify asset tokenization, making it accessible even to non-technical users. Its strong foundation, with listings on CoinMarketCap and CoinGecko and a Certik security audit, has earned it credibility among early adopters. Investors interested in early-stage cryptocurrencies can expect returns of up to 2.5x when the token launches, further enhancing its appeal.

Why These Altcoins Matter

As Bitcoin leads the way with its historic surge, XRP, DOGE, and RXS are carving their niches in the crypto market. Whether through revolutionary technology, community-driven momentum, or innovative use cases, these altcoins represent the altcoins to watch as the market anticipates an altcoin season.

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