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AI news: Sam Altman’s OpenAI is nearing the launch of a new artificial intelligence tool, named Operator, designed to automate tasks for users, including activities like writing code and booking travel. Slated for release in January 2025, the tool will first appear as a research preview and will be available through OpenAI’s application programming interface (API) for developers.
AI News: OpenAI Set to Launch ‘Operator,’ New AI Tool to Automate Tasks for Users
According to sources close to the matter, OpenAI plans to introduce Operator, an advanced AI agent designed to handle complex user tasks, including coding in January 2025. Operator is set to be released as a research preview and will be accessible through OpenAI’s API for developers.
The Operator AI agent builds on a broader push in the tech sector to enable artificial intelligence to execute tasks directly on user devices. As tech giants like Microsoft and Google explore similar technologies, AI news surrounding the Operator’s launch reflects a commitment to advancing autonomous task automation tools.
Microsoft recently launched agent capabilities to assist users in managing records and emails, while Google is reportedly preparing similar tools. More so, earlier this month, the tech giant Microsoft announced it will invest roughly $10 billion until 2030 to an AI startup, CoreWeave.
With Operator, OpenAI enters this field with an emphasis on enabling comprehensive, multi-step task automation on personal devices. This feature will appeal to users seeking streamlined productivity.
Sam Altman’s OpenAI Unveils Key Developments
In addition to Operator, OpenAI has expanded its capabilities with ChatGPT Search, which integrates real-time web search into its ChatGPT platform. Leveraging the GPT-4o model, ChatGPT Search provides immediate access to information on current events, sports scores, and stock data. This feature allows users to retrieve information quickly, bridging the gap between traditional search engines and conversational AI.
Moreover, recently, OpenAI introduced SimpleQA, an open-source factuality benchmark to enhance accuracy. SimpleQA will test the model’s response correctness to short, fact-focused questions, addressing issues like “hallucination” in AI outputs. As an AI news highlight, SimpleQA offers a tool to improve fact-checking in AI responses. This new benchmark measures factual consistency by ensuring high alignment with verified answers in its dataset.
However, these developments come amid growing concerns about AI safety within the industry. According to recent AI news, OpenAI’s Vice President of Research and Safety, Lilian Weng, announced her resignation after seven years with the company.
Her departure follows a wave of exits from the company’s safety team, including other senior figures involved in AI safety initiatives. Weng’s exit reflects ongoing concerns over the company’s evolving priorities, as OpenAI intensifies its commercial focus.
The post AI News: Sam Altman OpenAI To Launch Operator, Task-Automating AI Tool appeared first on CoinGape.
13 Nov 2024, 4:39 pmPro-crypto Florida Congressman Matt Gaetz has been nominated by US President Donald Trump to serve as the Attorney General of the United States. Gaetz, a Republican representative known for his strong stance on justice reform and cryptocurrency advocacy, has garnered attention in recent years for his outspoken views on federal oversight and digital currency policies.
Donald Trump’s nomination of Matt Gaetz underscores his commitment to reshaping the Department of Justice (DOJ) and pushing back against what he calls “weaponized government.”
Matt Gaetz Nominated As Donald Trump’s Attorney General
In a statement, US President Donald Trump described Gaetz as a deeply gifted and tenacious attorney who has dedicated his efforts in Congress to the reform of the Department of Justice. Gaetz has been outspoken in his efforts to reduce what he perceives to be political motivations within the Justice Department and has accused the Biden administration of weaponizing the justice system.
If confirmed, Gaetz will focus on rebuilding the reputation of the DOJ and restoring its credibility by ensuring the department is more transparent and acts within the law.
President Trump noted that Florida Congressman, Gaetz has been focusing on justice issues while serving in the House Judiciary Committee and overseeing the DOJ. Trump called Gaetz a champion for the Constitution who will ensure the rule of law while working to introduce the changes that are needed.
Advocacy for Cryptocurrency and Blockchain in Government
In addition to his stance on DOJ reform, Matt Gaetz has recently emerged as an advocate for cryptocurrency, proposing legislation to allow federal income taxes to be paid with Bitcoin. His bill was submitted in June and seeks to modify the Internal Revenue Code to allow the U.S. Treasury to accept Bitcoin as a form of tax payment.
In Gaetz’s opinion, this could ‘lead to more innovation, better efficiencies, and provide more options for Americans.’
The bill would mandate the Treasury secretary to come up with rules for the processing of Bitcoin payments for specific federal taxes. The law outlines that any Bitcoin received would be converted into US dollar as soon as the payment is made.
His actions are in line with recent trends promoted by Trump to encourage the use of cryptocurrencies and reduce the level of restrictions on the activities of crypto companies.
Trump’s Pro-Crypto Agenda Gains Momentum
Florida Congressman Matt Gaetz nomination is part of a wider trend within Trump’s insider circle of supporting cryptocurrency within the United States. Trump has earlier vowed to put an end to Biden’s war on crypto and make cryptocurrencies an essential part of the US economy. To this end, Trump has proposed filling key posts in his administration with crypto supporters, as well as working on the creation of conditions under which the crypto business will be more comfortable.
More pro-crypto figures are said to be under consideration for positions in Trump’s transition team including Howard Lutnick, the CEO of Cantor Fitzgerald as a potential treasury secretary. Crypto advocates see these appointments as an opportunity to end regulatory crackdowns on the industry and establish the U.S. as a global leader in digital finance.
Concurrently, Donald Trump has created a new Department of Government Efficiency (DOGE), to be led by Tesla CEO Elon Musk and entrepreneur Vivek Ramaswamy.
The post Pro Crypto Matt Gaetz Nominated As Donald Trump’s Attorney General appeared first on CoinGape.
13 Nov 2024, 3:53 pmPeter Schiff, a long-time Bitcoin critic, has recently presented an unconventional plan suggesting that BTC could be the key to addressing the Social Security funding issue in the United States. Schiff, known for his skeptical views on crypto, has proposed that the Social Security Trust Fund should sell off its $2.7 trillion in U.S. Treasury holdings and use the proceeds to purchase Bitcoin. This move, he argues, could resolve Social Security’s projected funding shortfalls and secure its future.
Bitcoin to the Rescue? Peter Schiff’s Bold Plan for Social Security’s Financial Stability
In a lengthy post on X, Peter Schiff shared his new perspective on how Social Security’s financial issues could be addressed through Bitcoin. Peter Schiff proposed that the Social Security Trust Fund divest its $2.7 trillion in U.S. Treasuries and reinvest the amount into the cryptocurrency.
He projected that such a move could raise the Trust Fund’s assets to over $100 trillion if BTC price reached $20 million per coin. This would create a surplus large enough to cover the program’s anticipated $23 trillion funding gap over the next 75 years.
Under Schiff’s plan, as the Social Security Trust Fund acquires Bitcoin, this buying pressure could drive BTC price up sharply. He suggested that with a 25% stake in the crypto’s total supply, the Trust Fund could establish a sustainable asset base.
The financial analyst added,
“The Trust Fund could then use all the Social Security payroll taxes it collects to buy more Bitcoin, supporting the price of Bitcoin and maintaining the value of its only asset.”
Collateral for Social Security Payments
To address liquidity concerns, Peter Schiff acknowledged the challenges of selling Bitcoin holdings without impacting the market. Therefore, he recommended that the government classify the digital currency as a reserve asset.
In this scenario, the Trust Fund’s BTC holdings could serve as collateral at the Federal Reserve, allowing it to secure cash needed to fulfill Social Security obligations without selling off the cryptocurrency itself. This approach will provide cash flow for benefits while preserving the crypto on the Fed’s balance sheet.
According to the analyst, this would be advantageous for the government. He explained,
“This arrangement is better for the government than the Fed holding Treasuries, as it doesn’t have to pay interest on Bitcoin, nor is there principal to repay. The Fed can simply HODL Bitcoin on its balance sheet indefinitely—the ultimate diamond hands. After Bitcoin fixes Social Security, the government can move on to fixing everything else with Bitcoin.”
In contrast, the financial analyst had earlier expressed strong opposition to President-elect Donald Trump’s proposal to establish a U.S. Bitcoin reserve. Peter Schiff argued that the plan could devalue the U.S. dollar in the long term and potentially destabilize the economy.
Moreover, the BTC critic, known for his support of gold, previously labeled Bitcoin as “anti-gold,” emphasizing that, unlike gold, it lacks value and stability. However, Peter Schiff’s latest proposal reflects a change of heart on the crypto. He stated, “I am finally coming around.”
The post Peter Schiff Says Bitcoin Can Fix Social Security, Here’s How appeared first on CoinGape.
13 Nov 2024, 2:37 pmThe FBI confiscated Polymarket CEO Shayne Coplan’s phone and electronics early Wednesday morning, just a week after the platform accurately predicted Donald Trump’s presidential victory.
According to the sources, law enforcement officers arrived at the 26-year-old entrepreneur’s Soho residence at 6:00 a.m., demanding his devices.
FBI Raids Polymarket CEO’s Home After Platform Accurately Predicted Trump Election Victory
In an early morning raid on Wednesday, the FBI seized the phone and electronics of Polymarket CEO Shayne Coplan, just a week after the platform’s election betting correctly predicted President-elect Donald Trump’s victory.
[] FBI seizes Polymarket CEO’s phone, electronics after betting platform predicts Trump win according to sources: NYP
— Tree News (@News_Of_Alpha) November 13, 2024
At 6:00 a.m., police appeared at the 26-year-old entrepreneur’s Soho residence and commanded his devices. A source close to the matter described the raid as “political theatre” because law enforcement could have requested what they asked for through attorneys.
Polymarket is a free public prediction market meant to shine light on events like elections. The spokesperson said: “We do not collect any fees, do not take positions in any markets, and publish our markets’ data for free.”.
For his part, the source said that Coplan was not arrested at the time of the incident.
Acting As a Key Indicator Ahead of Official Election Call
When polls closed one election night, Polymarket had the odds of a Trump victory at roughly 58%. As the night wore on, his odds began to climb. By 11:43 p.m., nearly six hours before the Associated Press called the election-his odds sat at 95%.
Coplan posted on X early Wednesday, saying reports indicated the Trump campaign knew of their victory through Polymarket’s prediction. For a month before the election, Trump led Vice President Kamala Harris in prediction markets, with his odds at 67%. Conventional polls never showed a clear leader, with neither candidate breaking the margin of error in key states.
Coplan called the result a “vindication” of prediction markets, proving the site as “the most accurate way to follow the election.” This election marked the first time Americans could legally bet on the outcome. In early October, a federal court ruled in favor of Kalshi, allowing election event contracts.
Be it as it may, this is not the first problem Polymarket has with the government. Recently it was announced it is likely for it to be prohibited by France’s gambling regulator, the ANJ, after a huge amount of bets were placed on the 2024 US presidential election.
The post FBI Raids Polymarket CEO Following Donald Trump’s Victory Prediction appeared first on CoinGape.
13 Nov 2024, 1:32 pmSolana price has been in a bullish rally over the last week, fueled by a recent surge in the crypto market, with Bitcoin price reaching new all-time highs above $93,000. Despite a slight pullback today, analysts suggest that Solana’s price momentum could continue upward, potentially reaching $300.
At press time, SOL price was trading at $213.73, a 0.65% decline from the intra-day high of $220.
1. Analysis Suggests a “God Candle” Solana Price Rally
According to technical analysis by the crypto trader Inmortal (@inmortalcrypto), Solana is primed for a “god candle” event. According to the analyst, SOL recently pierced through the $211 level, a crucial resistance level that usually indicates a bullish trend that may lead to price increase.
The term ‘god candle’ stands for a large bullish candle which can push prices up substantially in a short while. At the same time, another crypto analyst known as the Moon pointed out that Solana has recently broken the symmetrical triangle pattern, which is considered bullish, with the breakout level at $211.
This pattern is followed by a strong upward trend, and if the momentum is sustained, Solana’s price may rise to the $300 level.
The breakout may also convert previous resistance at $220 into a new support level, providing a solid base for further upward movement. If the trading volume rises in tandem with the breakout, the bullish thesis may be further strengthened, thus providing more grounds for SOL price appreciation.
2. SOL Strong Market Performance Against Ethereum
Over the past year, Solana has given investors a return of 188.42%, which is much better than Ethereum that returned 39.03% in the same period. Subsequently, Antony Pompliano has also pointed out the growth of Solana as a possible competitor to Ethereum for the development of decentralized applications.
This is a positive sign as MV Capital recently surveyed venture and liquid capital allocators where more than 30% believe that Solana is going to be a top performer in the current market cycle.
The survey shows a rising institutional adoption of Solana based on the network’s fast and scalable transactions. Thanks to this, Solana has gained the recognition of being an ‘Ethereum killer’ and many projects across various sectors such as DeFi, NFTs and even decentralized physical infrastructure networks (DePIN).
3. Potential Regulatory Shifts Under New US Administration
The recent election of Donald Trump has brought renewed optimism within the crypto community. President-elect Trump has expressed a positive stance toward cryptocurrencies, attending Bitcoin-related events and pledging to support digital innovation.
This shift in political climate could lead to a more crypto-friendly regulatory environment, benefiting Solana and other digital assets.
Market participants are hopeful that a change in leadership at the Securities and Exchange Commission (SEC) may lead to clearer regulatory guidelines for the crypto industry. Solana, previously impacted by SEC actions against exchanges, could see renewed interest as regulatory uncertainty diminishes.
4. Anticipation of a Spot Solana ETF
Another factor fueling Solana’s price optimism is the possibility of a spot Solana exchange-traded fund (ETF) listing in the United States. In July, Cboe filed a request with the SEC to list Solana ETFs from VanEck and 21Shares, though the application is still pending approval.
If a crypto-friendly SEC chair replaces Gary Gensler, the chances of approval for Solana ETFs may increase.
The launch of a spot Solana ETF would provide investors with easier access to the asset through traditional financial markets, likely boosting demand for SOL. Such a development could increase institutional inflows and contribute to further price appreciation.
5. Robinhood Relists Solana Amid Rising Retail Interest
Concurrently, Robinhood has expanded its cryptocurrency offerings for U.S. customers, relisting Solana (SOL) along with Cardano (ADA), XRP, and Pepe (PEPE). This move brings the total number of cryptocurrencies on Robinhood’s platform to 19, following a period last year when the platform halted support for Solana and other tokens after they were mentioned in an SEC lawsuit.
Robinhood’s decision to reintroduce Solana reflects growing retail demand for diverse digital assets and marks a renewed confidence in SOL’s future. Johann Kerbrat, VP and GM of Robinhood Crypto, commented,
“We’ve consistently heard from our customers that they want access to more digital assets, and we’re excited to continue expanding our crypto offering.”
With Solana now accessible on a mainstream retail platform like Robinhood, more users may engage with SOL, potentially driving up demand and price.
The post 5 Key Reasons Why Solana Price May Rally To $300 Soon appeared first on CoinGape.
13 Nov 2024, 1:12 pmThe Arkham Exchange is finally live with an initial trading of Bitcoin (BTC), Ethereum (ETH) and some top altcoins. After weeks of preparation, the trading platform which many believe might challenge Coinbase Exchange is finally launched. Notably, Arkham Exchange chose the heart of the bull market cycle to launch score maximal hype in the market.
The Arkham Exchange – The Starting Pairs
Branded as a derivatives exchange, the Arkham trading platform has a big shoe to fill in the market. Notably, it chose some of the top coins with the right market liquidity and community. As announced, it is starting with BTC/USDT, ETH/USDT, SOL/USDT, ARKM/USDT, DOGE/USDT, PEPE/USDT, WIF/USDT, TON/USDT, AVAX/USDT, and FET/USDT.
Majority in the market first heard of Arkham Exchange earlier in October. With this launch, the trading platform revealed that users can now access both spot and perpetuals offerings tied to these pairs.
ARKHAM EXCHANGE: DAY 1 SUPPORTED ASSETS
The following assets are available to trade on the Arkham Exchange, for both Spot & Perpetual pairs:
BTC/USDT
ETH/USDT
SOL/USDT
ARKM/USDT
DOGE/USDT
PEPE/USDT
WIF/USDT
TON/USDT
AVAX/USDT
FET/USDT pic.twitter.com/systoIHaIJ— Arkham (@ArkhamIntel) November 13, 2024
Competing in the crypto ecosystem entails many things. The first is adhering to regulatory provisions. While most firms circumvent this by denying services to users in stric areas like the United States, things are changing. Besides launching during the bull market cycle, Arkham launched the trading platform at a time the country has voted in a pro-crypto President – Donald Trump.
With this move, the expectation is that more regulatory clarity will be achieved. If achieved, this will help in leveling the playing field for Arkham to take on rivals like Coinbase and Binance.
Building on Current Influence
As a brokerage spun out of Arkham Intelligence, the platform occupies a very pivotal position in the crypto industry. It helps in breaking many of the core data insights relating to onchain wallet activities.
The protocol first flagged the Mt Gox Bitcoin transfers. Also, the protocol hinted at the compromise on the US Government’s wallet last month.
Though there are many data services firm in the market, Arkham Intelligence has managed to carve a niche for itself. The firm is now building on this momentum to scale the crypto trading platform accordingly.
The post Bitcoin, Dogecoin and Solana Live As Arkham Exchange Commence Trading appeared first on CoinGape.
13 Nov 2024, 1:04 pmDuring Wednesday’s U.S. market session, the Ethereum price winessed signal down below $3,200. This bearish turnaround is likely a post-rally pullback, allowing buyers to recuperate the exhausted bullish momentum. With Bitcoin’s continued surge driving the broader market recovery, here are three reasons why ETH buyers could regain strength for a rally to $4,000
With the crypto market today, ETH price had traded at $3,181, with an intraday loss of 2.15%. According to Coingecko, the asset market cap holds at $382.4 Billion with a 24-hour trading volume of $50.6 Billion.
3 Reasons Ethereum Price Could Surge to $4,000 Before November Ends
In the last two weeks, the Ethereum price witnessed a massive inflow, triggering its breakout from 3-months accumulation. Amid the post-breakout rally, whale buying, Ethereum ETFs inflow, and reversal pattern are three key reasons supporting a rally to a $4,000 high.
Whale Accumulation Signals Confidence in Ethereum’s Growth
The Ethereum price recovery is backed by whale accumulation. According to lookonchain data, a fresh whale wallet accumulated 7,389.5 ETH( worth approximately $23.44 Million) in the last 4 hours.
In the past three days, this smart money has purchased a staggering 18,049 ETH (worth approximately $59.3M) from the crypto exchange Binance. These transactions indicate that the large holders are accumulating at market dips with confidence in Ethereum’s future growth.
Historically, whale accumulation has conceded with a major market bottom and a catalyst for sustained recovery.
ETH ETFs See $210M Inflows as Institutions Ramp Up Exposure
The recent victory of Donald Trump in the U.S. presidential election has reignited institutional interest in cryptocurrency ETFs. According to data from Lookonchain, nine Ethereum ETFs registered a net inflow of 63,701 ETH ($210.34M) on November 13.
BlackRock alone accounted for 39,987 ETH inflows worth $132.04 million, bringing its total Ethereum holdings to an impressive 569,536 ETH, valued at $1.88 billion.
This strong institutional backing suggests increased adoption of Ethereum as a long-term investment vehicle.
Nov 13 Update:
10 #Bitcoin ETFs
NetFlow: +9,098 $BTC(+$844.47M)#Blackrock inflows 8,691 $BTC($806.7M) and currently holds 467,347 $BTC($43.38B).9 #Ethereum ETFs
NetFlow: +63,701 $ETH(+$210.34M)#Blackrock inflows 39,987 $ETH($132.04M) and currently holds 569,536… pic.twitter.com/jAS2iqnkqW— Lookonchain (@lookonchain) November 13, 2024
ETH Price Analysis Signals Wedge Breakout Rally to $4,000
Since late March 2024, the Ethereum price prediction has recorded a sharp correction in the daily chart, resonating with a falling wedge pattern. Theoretically, this chart setup drives a temporary downtrend within two converging trendlines for buyers to recuperate the buying momentum.
In the last nine days, the ETH price witnessed a massive surge of $2,378 to $3,177, accounting for a 33.7% surge. The rally offered a decisive breakout from the pattern’s key resistance trendline, signaling the end of the prevailing correction.
If the pattern holds true, the Ethereum price could rally another 28.5% to hit a high of $4,100.
On the contrary note, the ETH price is currently witnessing a post-rally pullback. If the bearish turnaround breaks below the 200-day EMA, the sellers could strengthen their grip over this asset for a renewed correction trend.
The post 3 Key Reasons Why Ethereum Price Could Hit $4,000 by November End appeared first on CoinGape.
13 Nov 2024, 12:50 pmCrypto analyst Master Kenobi has revealed the factors that could lead to a Dogecoin price rally to $2 and cause the meme coin to flip Solana and BNB in the process. This came as the analyst outlined a scenario where Dogecoin becomes the third-largest crypto by market cap.
Why Dogecoin Price Can Rally To $2
In an X post, Master Kenobi stated that the Dogecoin price could easily climb to $2 or even higher with the rapid flow of capital and the frenzy in the market. The analyst made this prediction while explaining how Dogecoin could become the third-largest crypto by market cap, flipping Solana and BNB. He noted that it won’t be easy since SOL and BNB would likely keep advancing, but it remains possible since DOGE can rally to $2 or even higher.
Master Kenobi also highlighted how the Dogecoin price is currently experiencing significant bullish momentum, placing the top meme coin above these other coins. For context, DOGE is up 100% in the last seven days. Meanwhile, the Solana price and BNB price have recorded meager gains of just over 12% and 4%, respectively.
The analyst noted that this parabolic rally for DOGE has been partly thanks to several factors, including ones stemming from the White House. This is in reference to Elon Musk’s Department of Government Efficiency (D.O.G.E), which has become official following Donald Trump’s appointment of the world’s richest man to head the department.
Master Kenobi added that this bullish momentum for Dogecoin’s price will further increase when the foremost meme coin reclaims a $100 billion market cap and reaches its current all-time high (ATH) of $0.73. The analyst is confident that it won’t be long before DOGE hits $1 and has a market cap of $148 billion, surpassing Tether and going head-to-head with Solana and BNB.
A Price Correction Might Happen Before Another Leg Up
In an X post, crypto analyst Kevin Capital suggested that the Dogecoin price may experience a correction before it witnesses another leg up. He said he was surprised that the price decline hadn’t happened yet. The analyst added that history and the current technical indicators support a correction to cool off indicators before DOGE heads higher.
In another X post, the analyst reaffirmed that the Dogecoin price correction was likely to happen soon, with his earlier prediction playing out to perfection. He earlier predicted that DOGE could go higher if the Bitcoin price hits $94,000 to $95,000. However, once that is done, Dogecoin could drop to as low as $0.26 before heading higher.
The post Analyst Reveals Why Dogecoin Price Can Rally To $2 And Flip Solana, BNB appeared first on CoinGape.
13 Nov 2024, 12:41 pmBonk (BONK) price, a Solana-based meme coin, has recently experienced a significant price surge, breaking crucial resistance levels. This rally has boosted market interest, with BONK now eyeing a potential new all-time high this November. The excitement around the BONK/USDT trading pair fueled the surge recently debuting on Binance.US. BONK has witnessed a remarkable percentage gain, making it one of the top-performing tokens in the market.
Bonk Price Jumps 12% After Binance.US Listing
Bonk price surged by 12% following its new listing on Binance.US. The popular exchange announced that BONK deposits on the Solana network opened, fueling excitement and increased trading activity.
With Binance.US known for its low fees and attractive rewards, the addition of BONK brought a wave of attention to the meme coin. This listing marks a significant step for BONK, further expanding its accessibility and appeal among cryptocurrency traders in the U.S.
BONK Price Experiences Strong Surge Amid Market Activity
The Bonk price has grown strongly, climbing to $0.00003603, marking a 7.5% increase within 24 hours. This price movement reflects growing interest and volatility in the Bonk cryptocurrency market, especially over the short term.
Within the last day, Bonk traded between a low of $0.00003119 and a high of $0.00004186, showcasing notable price fluctuations. This increase in trading activity highlights Bonk’s resilience in a competitive market as it approaches its all-time high of $0.00004704 recorded in March 2024.
The memecoins soared today, showing impressive double-digit growth alongside Dogecoin’s rally, reaching unseen levels since 2021. Meanwhile, Bitcoin’s recent all-time high of $92,000 has energized the crypto market. With this momentum, BONK’s price might target $0.000042, while sustained bullish sentiment could push it to an all-time high of $0.00004704, marking a 10% potential increase.
The Relative Strength Index (RSI) is at 64, close to the overbought threshold of 70, signaling high but sustainable buying pressure. The Moving Average Convergence Divergence (MACD) displays a bullish crossover. The MACD line has moved above the signal line signal of potential upward momentum.
Bonk’s price surge shows strong market support, fueled by the Binance.US listing. With technical indicators favoring upward momentum, BONK may approach its previous all-time high. Continued positive sentiment could lead to further gains, attracting more interest from traders.
The post Bonk Price Spikes 12% Amid Binance.US Listing; Is ATH Imminent? appeared first on CoinGape.
13 Nov 2024, 12:31 pmGary Gensler, the current Chair of the U.S. Securities and Exchange Commission (SEC), has recently come in the lime light again. Exacting his advice via Twitter, John Reed Stark, a former official of the SEC, called on Gensler to resign so as to enable change on how the agency goes about regulating crypto. Stark’s comments come after Donald Trump won the 2024 presidential election amid opinions that the leadership could evolve soon.
Ex-SEC Official John Reed Stark Calls for Gensler’s Resignation
John Reed Stark, who formerly served with the SEC, has urged Chair Gary Gensler to resign. The former SEC official emphasized the need to halt ongoing crypto-related investigations and policy initiatives. Stark proposed that SEC staff compile a comprehensive list of all active cryptocurrency cases to ease the transition for any incoming chair.
Moreover, when Stark was asked by one of his followers if he was “trolling,” he clarified that he was simply advocating for respect of the public’s will. He noted, “I’m too old for trolling” emphasizing that his stance is rooted in a genuine belief about the role of regulatory agencies.
Additionally, Stark expressed that, given recent election results, the SEC’s crypto-enforcement efforts should be paused to let other agencies handle crypto-related oversight. This recommendation aligns with a perceived shift in public sentiment regarding regulatory practices, John Reed Stark added,
“SEC Chair Gary Gensler should respect the landslide victory of Big Crypto and the SEC staff should not partake in any sort of deep state subversion. The people have spoken, it’s crypto-caveat emptor going forward . . . and let the chips fall where they may.”
Stark made the statement in the wake of aggressive discussions about the SEC’s stand on cryptocurrencies. In the recent years, the agency has ramped up its crackdown measures on crypto entities engaging in legal battles to effect the measures. Stark’s call is in line with an emerging voice from industry players who want fair regulation under new leadership.
Will Gary Gensler Resign This Week? Who’s Next Chair?
In light of the recent concerns, XRP attorney James Murphy has also predicted that Gary Gensler may step down soon. Murphy pointed out a historical pattern where SEC chairs often resign following a new presidential administration. For instance, Mary Jo White’s departure in 2016 after Trump’s first election and Jay Clayton’s exit in 2020 after Biden’s win.
Murphy’s observations suggest that Gary Gensler may follow suit as the new administration begins.
Richard Farley, a Wall Street lawyer with extensive experience in finance, has emerged as a potential candidate for SEC Chair under the incoming administration. Farley is known for his work with financial institutions like Goldman Sachs and UBS. More so, his legal expertise aligns with a potential shift towards a more crypto-friendly SEC. Farley’s appointment would signal a policy shift, with a likely emphasis on fostering balanced approach to crypto regulation.
This potential appointment underscores Trump’s intention to take a different approach to digital assets.
In addition, as Trump assembles his new administration, insiders reveal that the President-elect is inclined to let Jerome Powell complete his term as Federal Reserve Chair, which runs until May 2026. Although Trump has previously criticized Powell, his decision to retain Powell would ensure continuity in monetary policy.
In recent reports, another pro-crypto figure, CEO of Cantor Fitzgerald, Howard Lutnick, is considered a leading candidate for the role of U.S. Treasury Secretary under President-elect Donald Trump. Known for his support of Tether, Lutnick is actively lobbying for the position, intensifying speculation about Trump’s pro-Bitcoin administration.
The post Former SEC Official Asks Gary Gensler To Resign, Here’s Why appeared first on CoinGape.
13 Nov 2024, 11:39 amThe recovery momentum in the crypto market continues to accelerate as Bitcoin hits another high of $92,500 during Wednesday’s U.S. market session. The U.S. Consumer Price Index (CPI) report fueled this surge in buying pressure, which revealed a year-over-year increase of 2.6%. Following the trend, the XRP price shows sustainability after a major breakout from 38 months of accumulation, signaling a rally to $1.5 insight.
By press time, the Ripple coin price trades at $0.71 with an intraday gain of 1.63%. While the asset’s market cap is at $40.78 Billion, and its 24-hours trading volume is at $9.18B.
XRP Price Breakout from Multi-Year Consolidation Signals a Rally to $01.5
Over the past three years, the XRP price has traded sideways, resonating within the formation of a symmetrical triangle pattern. This pattern is defined by two converging trendlines that act as dynamic resistance and support, gradually narrowing the price range and creating a squeeze in the altcoin’s price movement.
Amid the ongoing Ripple vs. In The SEC case, this prolonged consolidation indicates a lack of clear dominance from either buyers or sellers in determining the asset’s price direction. However, the crypto market witnessed renewed interest in bullish momentum following Donald Trump’s victory in the U.S. presidential election.
Thus, the XRP price rallied sharply from $0.49 to $0.715— a 44% increase— in the last 10 days. The recovery trend gave a decisive breakout from the triangle pattern key resistance on November 10th, projecting an early sign of major trend reversal.
If the pattern holds true, the XRP price could rally 33% to reach $0.92, followed by an extended rally to $1.5.
HODLers Take Control as XRP Supply on Exchanges Falls
Since early February, the XRP supply on crypto exchanges has drastically dropped from 3.3 Million to 2.6 Million coins, according to Santiment data. This decline indicates that investors are moving their assets from exchange wallets to private wallets, highlighting a growing “HODL” sentiment among investors.
This trend suggests that holders are opting for long-term storage rather than engaging in short-term trading, which could reduce selling pressure on the market.
However, a unidirectional uptrend in a financial asset is unlikely to be sustained without a steady stream of positive news. From a technical analysis perspective, no trend remains unchanged indefinitely.
As a result, the XRP price is expected to pull back to recover and recharge its exhausted bullish momentum.
The post Will XRP Price Breakout from 40-Month Accumulation Drive a FOMO Rally to $1.5? appeared first on CoinGape.
13 Nov 2024, 11:18 amMicroStrategy stock has surged this month, propelling the U.S. convertible bond market to its highest returns in three years. The company’s February 2027 convertible bonds climbed 60 cents on the dollar in November, marking their best monthly performance since issuance in 2021.
This growth is driven by Bitcoin’s recent rally, with the cryptocurrency reaching a historic high of over $93,000 on Wednesday.
MicroStrategy Stock Fuels 3-Year Convertible Bond Peak
MicroStrategy’s stock is leading the charge in the U.S. convertible bond market, which has reached a total of $310 billion. A Bloomberg index tracking 500 US convertible bonds is set for its best month this year, with MicroStrategy contributing to almost 25% of the increase. The company’s bond market has also been under focus due to its February 2027 notes which rose in value in November.
MicroStrategy’s tactical emphasis on Bitcoin has added value to its convertible bonds. The company has more than $24 billion worth of Bitcoin and its bondholders have been enjoying the increasing value of the cryptocurrency.
Convertible bonds, which let investors get a constant yield while having the possibility to exchange the bonds for shares, have also been attractive to MicroStrategy given the growth of its stock in tandem with Bitcoin.
MicroStrategy Expands Bitcoin Holdings Amid Price Surge
Some of the recent actions undertaken by the company are acquiring about 27,200 Bitcoins at an approximate value of $2.03 billion. This acquisition, which was made between October 31 and November 10, is the company’s biggest in the past two years.
As of now, with more invested in Bitcoin and the asset valuing more than ever, MicroStrategy’s holdings are now worth nearly $24 billion.
MicroStrategy’s co-founder and chairman Michael Saylor began the company’s Bitcoin acquisition back in 2020 with the aim of protecting against inflation. At first, the firm bought Bitcoin using cash but has since funded its purchases through selling stock and issuing convertible debt. This has enabled MicroStrategy to get the most out of its Bitcoin buys, strengthens the company’s status as one of the biggest corporate owners of the cryptocurrency.
Bitcoin Price Rally Boosts Market Standing
Bitcoin’s recent surge has had a direct impact on MicroStrategy stock, which is up 46% this month alone. The software company’s stock has risen over 2,500% since August 2020, far outpacing traditional tech stocks. Bitcoin’s latest peak, driven by increasing U.S. investor interest and expectations of a crypto-friendly administration under President-elect Donald Trump, pushed the BTC price above $93,434 on Wednesday.
This rally has helped MSTR stock hit a record high of $335 on Monday, surpassing its previous peak from the dot-com boom in 2000. MicroStrategy’s market performance now exceeds that of major U.S. tech players, including Nvidia, underscoring the impact of its cryptocurrency-driven strategy.
As MicroStrategy and other crypto-related firms like Coinbase and Core Scientific gain traction in the convertible bond market, industry experts are cautioning about sector concentration. Dorian Carrell, a portfolio manager at Schroder Investment Management, noted that the rise in convertible issuance tied to cryptocurrency could lead to increased volatility in the asset class.
Similarly, Pierre-Henri de Monts de Savasse of RBC BlueBay Asset Management highlighted the challenges for portfolio managers who must now consider crypto volatility. The convertible bond market, still recovering from the tech stock downturn in 2022, faces new risks as it becomes more intertwined with the cryptocurrency sector.
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13 Nov 2024, 10:42 amDogwifhat (WIF) price, a digital asset on the Solana blockchain, has recently seen a sharp surge, capturing the attention of both investors and market analysts. Over the past 24 hours, WIF has posted impressive gains, signaling a potential upward trend that has sparked widespread speculation. With this newfound bullish momentum, experts believe WIF might reach an all-time high (ATH), driving optimism for further market growth.
Dogwifhat Price Eye ATH after Bitcoin Broke $93,000 level.
Bitcoin’s surge past $93,000 has ignited a wave of enthusiasm across the crypto market, pushing altcoins like WIF to new heights. Investors speculate that Bitcoin’s rally could trigger further growth for other digital assets as several altcoins ride this momentum to potential all-time highs.
Over the past 24 hours, the WIF price has surged by 25%, reaching $3.65. This remarkable rise highlights strong interest in the digital asset, climbing from its daily low of $2.89 to a peak of $3.82. The WIF price has been trending upward, showing a notable breakout during the evening hours, suggesting growing momentum among investors.
Dogwifhat’s current value sits well below its all-time high of $4.85, recorded on March 31, 2024, reflecting a 24% decline. However, compared to its all-time low of $0.0677 from January 8, 2024, WIF has surged by an astounding 530%, marking a robust return for early adopters.
Meme coin has surged by 60% in the past week, placing it among the top-performing meme coins. If it breaks the $4 resistance level, a renewed bullish trend could drive its price closer to its previous high of $4.85.
The Relative Strength Index (RSI) has climbed to 73, moving into overbought territory. This suggests a potential cooling off or reversal if demand decreases.
The Chaikin Money Flow (CMF) indicator, marked at 0.30, reflects solid buying pressure and indicates bullish market sentiment.
Dogwifhat’s recent rally shows strong investor interest and potential for further growth. However, caution is advisable due to overbought signals. A break past $4 could trigger an uptrend toward ATH. Sustained momentum will depend on broader market conditions.
The post Will Dogwifhat Price Hit ATH This Week? appeared first on CoinGape.
13 Nov 2024, 10:39 amCrypto market seems to be little overheated, some industry leaders say that amidst the ongoing parabolic rally the crypto market crash could happen before the next surge.
Historically, there are key indicators that can help predict an impending crypto market crash. Some of these warning signs are already visible, such as the meme coin frenzy, sky-high crypto futures funding rates, and extreme greed among investors.
Crypto investor sentiment from the alternative blew out to 84, or “extreme greed,”on the Crypto Fear & Greed Index.me on November 13, one day after Bitcoin surpassed its $93,300 record high. The last time it posted so high greed was in April. Bitcoin experienced an 18% correction over three weeks, dropping from $69,135 to $56,500 by May 1. This suggests another correction could happen soon, though most analysts remain bullish on Bitcoin’s 2025 outlook.
Bitcoin rose to almost $90,000 on November 12, after its best week since the US banking crisis earlier this year. In just one week, the cryptocurrency has added more than US$413 billion to its market capitalization.
According to Kris Marszalek, co-founder and chief executive of Crypto.com, the current leveraged ratios—or the amount of borrowed funds for trading positions—are reaching unsustainable levels.
In a post on X today, November 12, Marszalek cautioned that leverage needs to be cleaned up before attack on $100k. He also urged investors to manage their risk carefully.
Leverage needs to be cleaned up before attack on $100k. Please manage your risk carefully.
— Kris | Crypto.com (@kris) November 12, 2024
CryptoQuant data showed that Bitcoin’s estimated leverage ratio across all cryptocurrency exchanges reached 0.215 on November 13, but previous day was 0.217, a high last seen in October 2023.
How To Spot The Crypto Crash Before It Happens?
Meanwhile, spates of warning shots suggest that cryptocurrencies are a risk. One such warning flag signals: meme coin madness. Coins like Pepe had wild rallies-in this case, 700% before crashing. Now, some analysts predict Pepe could soar over 1500%. Meme coins are projects that lack utility and only have speculated hype, hence unreliable to assure market stability.
The reason for caution includes sky-high futures funding rates. Perpetual futures let traders use leverage, but rising funding rates signal unsustainable speculation. Recent extreme rates on a heatmap reveal risks of mass sell-offs if prices drop.
The RSI heat map blinks red with a warning. Bitcoin and other assets’ RSI indicates increased buying pressure, but when the RSI level goes beyond 70, it only means that the market has gone overbought, and it will eventually result in a sell-off. At the time of writing it stood around 60.
Greed is another cause for concern: the Crypto Fear and Greed Index recently hit a reading of 84, describing “extreme greed” among investors. Historically, such readings have been followed by significant market corrections, though the past may not be a prologue.
All this uncertainty is further compounded by wild volatility. High volatility often signals a market preparing for a big move but also risks rapid corrections. The Bollinger Band Width Percentile Indicator shows increased volatility, suggesting the market is ready for a sharp drop.For now, realized volatility stands around 50%.
The post 3 Warning Signs Indicating Crypto Market is Going to Crash appeared first on CoinGape.
13 Nov 2024, 10:17 amWith President-elect Donald Trump currently making important appointments, reports have projected the name of Howard Lutnick, the CEO of financial services firm Cantor Fitzgerald as a top contender for US Treasury Sec role. With the push to do something different under the incoming Trump administration, the speculations around Lutnick is driving conversations on crypto X.
Howard Lutnick and the Treasury Sec Fit
As reported by Fox Business, the Cantor Fitzgerald CEO is working hard behind the scenes to get the job. Prior to this time, many speculated strongly that hedge fund manager Scott Bessent is the top pick for the job. Per the Fox Business report, the lobbying effort from Lutnick possibly account for the delay in announcing the pick for the position.
The Cantor Fitzgerald CEO, known for his strong backing of USDT issuer Tether Holdings is part of Trump’s pro-Bitcoin transition committee. As media reports pointed out, his bid for the Treasury Secretary role came at the 11th hour, placing pressure on the chances of Scott Bessent.
Interestingly, as a transition team member, Howard Lutnick gives a solid recommendation on who to appoint to different positions in the administration. As it stands, Fox Business noted that his nomination for the Treasury sec role might be to himself. However, the final decision lies in the hands of President Donald Trump.
Bessent raised a significant sum for the Trump campaign. He also served as economic advisor in the runup to the general elections. While Lutnick is more attuned to the Bitcoin vision of the incoming government, he is also an old Trump friend. What the actual factor to choose Janet Yellen’s replace boils down to President Trump.
The Right Pick For Crypto
The broader digital currency ecosystem has complained relentlessly about strict regulations. With a new administration, many believe all these will change.
While US regulators cracked down on Tether, Howard Lutnick often defends the stablecoin issuer’s reserve. This is because Cantor Fitzegerald manages most of the firm’s issuers. At the Bitcoin Conference 2024 event, the Cantor CEO made an appearance.
Some of the early conversations around Bitcoin Reserve came from Howard Lutnick. As such, he might have a profound industry impact if he serve in the Trump amidnistration.
The post Tether Advocate Howard Lutnick Eyeing US Treasury Sec Job: Report appeared first on CoinGape.
13 Nov 2024, 9:41 amDogecoin co-founder Billy Markus has revealed how to make DOGE deflationary. The foremost meme coin’s total supply is unlimited, as it has a fixed yearly issuance of 5 billion coins, which could ultimately impact its value over time.
Dogecoin Founder Reveals How To Make DOGE Deflationary
In an X post, Billy Markus shared the GitHub code to remove Dogecoin’s inflation. He mentioned that anyone who was looking to make DOGE deflationary could simply make a pull request and convince the community and miners to use the new version.
The top meme coin currently has a total supply of 146.78 billion DOGE. That figure is bound to grow over time since 5 billion coins come into circulation yearly through mining rewards. However, this inflation rate decreases yearly compared to the coin’s total supply.
Billy Markus’ revelation came following criticisms about Dogecoin’s ‘infinite’ supply. Interestingly, he likened DOGE to Bitcoin while defending the former’s inflationary status. Markus claimed that DOGE and BTC are the “same with very minor parameter changes.”
He made this statement because Bitcoin’s total supply can increase from 21 million if the community and miners agree. Meanwhile, Markus also noted that based on its 21 million supply, BTC will continue to witness a supply shock until 2140.
Meanwhile, in another X post, The DOGE co-founder again highlighted the community’s power in determining the meme coin’s inflationary status. He remarked that the community is literally in control and has always been since Dogecoin is an open-source proof-of-work (PoW) cryptocurrency, and miners agreed to the code.
Elon Musk Says Inflationary Status Is A Feature Not A Bug
Following Billy Markus’ revelation on how to make DOGE deflationary, Elon Musk responded that he thinks Dogecoin’s flat inflation is a feature, not a bug. Flat inflation refers to how the meme coin’s inflation percentage decreases over time.
Markus agreed that Dogecoin’s inflationary status is ideal since it is intended to be used as a currency. He added that this meme coin’s inflation status is steady and predictable, with a percentage that goes down over time. He suggested that this makes DOGE better than the Dollar as a currency since its inflation rate is much lower.
Musk’s statement comes after Donald Trump appointed him to lead the Department of Government Efficiency (D.O.G.E). It is worth mentioning that the world’s richest man coined the department’s name. The similarity between D.O.G.E and DOGE is believed to be deliberate since Musk is known for indirectly shilling the foremost meme coin.
The post Dogecoin Co-Founder Reveals How To Make DOGE Deflationary appeared first on CoinGape.
13 Nov 2024, 9:24 amCoincheck, a Tokyo-based cryptocurrency exchange and a subsidiary of Monex Group, is the first Japanese crypto exchange to debut on Nasdaq. This historic move follows the approval by the United States Securities and Exchange Commission (SEC) on November 13, 2024.
Through a merger with Thunder Bridge Capital Partners IV (TBCP), a special purpose acquisition company (SPAC), Coincheck will list on Nasdaq under the ticker symbol CNCK, with trading expected to begin on December 11.
Coincheck Set to Become First Japanese Crypto Exchange Listed on Nasdaq
According to the latest SEC filing, Coincheck is on track to become the first Japanese cryptocurrency exchange listed on Nasdaq, with trading scheduled to begin on December 11. The listing will be facilitated through a merger with TBCP, allowing Coincheck to remain a subsidiary of Monex Group post-listing.
This development follows the SEC’s approval of the exchange’s draft registration statement on Form F-4, which was submitted on November 7 and became effective on November 12.
The listing will pave the way for more exchanges from Japan and other regions to enter the U.S. markets. Concurrently, a shareholder vote in December will finalize the merger and complete the steps for entry.
As part of the merger, the combined Coincheck-Thunder Bridge entity will have access to approximately $237 million held in trust by Thunder Bridge Capital Partners. This capital injection aims to support growth and expansion efforts as Nasdaq welcomes its first Japanese crypto exchange.
Gary A. Simanson, CEO of Thunder Bridge Capital, will assume leadership of the merged company, which will operate under the ticker CNCK. Monex Group, the parent company of Coincheck, will retain an 82% majority stake. This will ensure the exchange remains under Japanese ownership despite its U.S. listing.
Implications for Global Crypto Markets and Exchanges
The SEC approval and subsequent listing reflect a significant step toward increased market integration between the U.S. and Japan in the cryptocurrency sector. With this listing, Nasdaq establishes a precedent for Japanese crypto firms and others eyeing expansion into U.S. markets. Industry analysts suggest that the listing may inspire similar moves by other exchanges looking to leverage U.S. capital markets.
Following the SEC’s approval, Thunder Bridge Capital has scheduled a shareholder meeting on December 5. In the meeting, stakeholders will discuss vote on finalizing the merger. The exchange debut on Nasdaq marks the culmination of a years-long effort to list on a U.S. stock market.
More so, the partnership signifies the growing acceptance and integration of digital asset firms within the traditional financial market.
The post Nasdaq To List Japanese Crypto Exchange Coincheck Following SEC Approval appeared first on CoinGape.
13 Nov 2024, 9:08 amBNB price remained in a tight range on November 13 even as Bitcoin made a strong bullish breakout to a new all-time high. Binance Coin was trading at $635.35, a few points below this week’s high of $666.60 as some analysts predicted that it was on the verge of a multi-year breakout, potentially to $2,000.
BNB Price Could Be Ripe For A Bullish Breakout
Crypto analysts are unfazed by the ongoing Binance Coin consolidation, with some expecting it to ultimately have a strong bullish breakout. In an X post, one analyst predicted that it would soon surge to $2,000 in this bull run. Such a move would imply a 220% jump from the current level.
In another post, YoungCryptoWolf noted that the BNB coin price was consolidating and slowly making its way toward an all-time high resistance. He expects that the coin will make a strong bullish breakout when it flips the resistance level at $722.
Binance Coin Is Forming A Cup And Handle Pattern
Meanwhile, the weekly chart also shows that the BNB price was forming a cup and handle pattern, which is one of the most bullish signs in the market. C&H is characterized by a rounded bottom, followed by a lengthy consolidation or a pullback.
A key challenge with the C&H pattern is that it can take weeks or months to form. In BNB’s case, the handle section has been forming since March this year.
A complete break above the all-time high of $720 will mean that bulls have prevailed, which will push it significantly higher than where it is today. By measuring the distance between the upper and bottom sides of the cup, we can estimate that the next target will be at least $1,145. For this to happen, BNB will need to first flip the crucial resistance at $1000.
The bullish view will become invalid if the coin drops below the key support level at $400, its lowest level in August, and the lower part of the handle. A drop below that level will point to more downtrend, potentially to $187.
The top catalyst for Binance Coin price will be the ongoing crypto bull run, which has pushed Bitcoin to $91,000. In most periods, altcoins like the BNB coin rally when Bitcoin is in an uptrend.
The post BNB Price Gear Up for Multi-Year Breakout; Is $2,000 Next? appeared first on CoinGape.
13 Nov 2024, 9:04 amDuring Wednesday’s Asian market session, the Bitcoin price recorded a slight pullback to $88,000. The bearish turnaround triggers a relief retracement in the altcoin market, allowing investors to recuperate the bullish momentum. As a post-correction rally could push the BTC price to $100,000, investors can consider these altcoins to buy with the potential to offer a 5X return.
3 Altcoins to Buy Now for Explosive Growth if Bitcoin Hits $100K
Bitcoin’s potential surge to $100,000 is more than just a milestone—it’s a catalyst for the entire crypto market. Historically, the major altcoins entered a high momentum rally following the BTC price surge to a new height. This is a perfect time for savvy investors to consider which altcoins to buy that could deliver a 5x rally or more.
Toncoin (TON)
Toncoin, the native cryptocurrency of The Open Network (TON) blockchain, stands at the top of our list of altcoins to buy. Currently, the asset trades at $5.2 while boosting a market cap of $13.44 Billion. Over the last 4-months, the TON price has witnessed a steady correction under a downsloping trendline.
As the Bitcoin price edged close to the $100,000 milestone, the Toncoin price gave a decisive breakout from the overhead trendline, signaling its readiness to join the bull run.
Despite the recent correction trend, the top TON holders have maintained a steady accumulation trend, holding 28.5% of the circulating supply. This indicates a strong confidence among whales in the long-term potential of Toncoin.
Aureal One (DLUME)
AurealOne is an emerging blockchain platform tailored for the metaverse and gaming industries. The platform addresses common blockchain hurdles, such as high transaction fees and slow processing times, using Zero-knowledge Rollups (ZK- Rollups).
AurealOne has recently launched its presale, which raised over $100,000 within minutes, accentuating the market demand for specialized blockchain solutions in gaming and virtual environments. DLUME, the native cryptocurrency of AurealOne, is currently available at an exchange rate of $1 for 2,000 tokens, facilitated in the transaction within the ecosystem.
The platform also boosts immersive digital experiences with its flagship programs like DarkLume Metaverse and Clash of Tiles Game. As the game industries continue gaining traction in the crypto space, cryptocurrencies such as DLUME could witness a massive demand.
Pepe Coin (PEPE)
In the last nine days, the dog-themed meme cryptocurrency, PEPE, showcased a massive surge from $0.0000079 to $0.0000148— an 87.75% increase. This recovery trend empowered buyers to break through the resistance trendline of a symmetrical triangle pattern, ending a 5-month consolidation phase.
This breakout marks a significant shift in market sentiment, positioning the asset for a renewed recovery trend. According to Santiment data, PEPE supply held on crypto exchanges has drastically dropped from 226.2 trillion to 188.5 trillion coins over the last 7 months.
This declining trendline indicates a HODL behaviour from inventors as they move their assets from exchanges to private wallets.
Conclusion
As Bitcoin gears up for a potential $100,000 breakout, Toncoin (TON), Aureal One (DLUME), and Pepe Coin (PEPE) are top altcoins to buy with incredible opportunities for high returns. While the crypto market remains volatile, the historical correlation between Bitcoin’s success and altcoin performance makes this an exciting time for investors.
The post 3 Altcoins to Buy for 5x Gains If Bitcoin Hits $100,000 This Week appeared first on CoinGape.
13 Nov 2024, 8:46 amOn Wednesday, the Cardano Foundation- a not-for-profit entity responsible for developing and maintaining the Cardano network- released its first-ever Financial Insights Report.
It detailed how it spent funds in 2023, totaling $19.22 million across operations, education, and adoption. Furthermore, the foundation spent another $4.55 million on its core operational expenses.
Cardano Foundation Invests $19 Million in Ecosystem Growth
The Cardano Foundation has just released its first Financial Insights Report for 2023, a milestone in its drive for transparency, integrity, and community engagement.
The report, along with the Activity Report published earlier this year, outlines how the foundation deployed its funds. It highlights the tangible value created across three focal areas: operational resilience, education, and adoption.
The Cardano Foundation’s Financial Insights Report 2023 is here!
This report highlights our commitment to transparency and details investments in operational resilience, education, and adoption to strengthen the Cardano ecosystem.
Read the report: https://t.co/AzaFHJJlkY pic.twitter.com/U8CYPTft4L
— Cardano Foundation (@Cardano_CF) November 13, 2024
The Foundation’s 2023 Financial Insights Report reveals it invested $19.22 million in education, operational resilience, and adoption. Of this, $12.92 million was allocated to adoption, aiming to drive institutionalization and facilitate business integrations for utility.
As part of its adoption effort, the foundation released Alken, an open-source programming language to simplify smart contract development on the blockchain.
Other initiatives include optimizing rewards for SPOs and working with the United Nations and Switzerland for the ‘Global Climate Challenge’.
Year Ends with Nearly $500 Million in Assets
The 2023 Financial Insights Report from the Cardano Foundation shows key investments in leading industries, educating with a financial commitment of $4.18 million. These investments further support research and programs that have been instrumental in educating the stakeholders about blockchain technology.
The foundation invested $2.12 million in operational resilience, strengthening the blockchain infrastructure for institutional-grade use. These investments ensured the network operated without interruption for over five years. The University of Zurich tested the decentralized governance mechanism. Additionally, the Valentine hard fork enhanced interoperability.
The foundation also allocated $4.55 million to central operational expenses, expanding its capacity to support key initiatives. Despite significant spending, the foundation closed the year with $478.24 million in assets. Of these, 82.5% ($394.54 million) was in ADA, 10.1% ($48.3 million) in Bitcoin, and 7.4% ($35.38 million) in USD liquidity.
Planning, the foundation projects to publish its Activity Report for 2024 at the end of the first quarter of next year.
ADA Price Explodes, Eyes $1 Target
The project has been developing gradually and organically over the past couple of years; its native token, ADA, has been performing excellently in the ongoing bull run. Over the weekend, ADA was an outperformer, almost doubling in price. The Cardano price has surged by 71% in the last week, breaking several key hurdles and forcing analysts to revise the token’s target at $1.
The rally is fueled by a spike in ADA whale activity. This indicates large investors are loading up on the asset. With such building momentum, market watchers are now looking will ADA break $1 this month, especially after its founder Charles Hoskinson hinted at a potential collaboration with Ripple, sparking excitement across the crypto community.
At the time of writing ADA price was up by 5.89% to $0.59.
The post What’s Inside the Cardano Foundation’s First Financial Report? appeared first on CoinGape.
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