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The Price of Bitcoin Surpassed $28,000 on Major Exchange. The world's largest cryptocurrency exchange, Binance, is dealing with an SEC lawsuit. The major exchange was sued by the U.S. Securities and Exchange Commission (SEC) on Monday. As news of the lawsuit spread, Binance users wasted no time in withdrawing their cryptocurrencies from the exchange, causing a significant shift in the crypto market. Adding to the chaos, the price of Bitcoin on Binance US started diverging from other exchanges late last night. This created more confusion and uncertainty among investors. #CryptoDailyDigest #Binance #btc
The Price of Bitcoin Surpassed $28,000 on Major Exchange.
The world's largest cryptocurrency exchange, Binance, is dealing with an SEC lawsuit. The major exchange was sued by the U.S. Securities and Exchange Commission (SEC) on Monday. As news of the lawsuit spread, Binance users wasted no time in withdrawing their cryptocurrencies from the exchange, causing a significant shift in the crypto market. Adding to the chaos, the price of Bitcoin on Binance US started diverging from other exchanges late last night. This created more confusion and uncertainty among investors.
#CryptoDailyDigest #Binance #btc
Bitcoin to Exceed $35K by Summer as 1 Million Wallets Hold 1 BTCThe number of wallets that own up to 1 whole #BTC has topped the 1 million mark for the first time. Centralized exchanges remain king holding over 1.89 million of the circulating 19 million supply of BTC in the market.  The adoption of digital assets, specifically the two market leaders #bitcoin (BTC) and #Ethereum (ETH), continues to grow with gains recorded this year and a potential pause in interest rate hikes. According to recent data from on-chain analytics firm, Glassnode, the number of wallets with at least 1 BTC has surged past the 1 million mark for the first time. This is a huge milestone as the top cryptocurrency attempts to reclaim $28,000 after losing that mark earlier this month. The market downturn of 2022, which saw BTC lose over 55% of its value, lured many investors to add to their holdings. Wallets holding more than 1 Bitcoin surged in mid-June and November after the crash of FTX. Overall, 190,000 wallets grew their portfolio above 1 BTC from Nov 2021 till date. It should be pointed out that the fact that 1 million addresses own over 1 BTC does not represent 1 million users, as several big investors have more than one crypto address, and digital asset exchanges also hold large amounts of assets. Data from CoinGlass show that of the 19 million BTC in circulation, about 1.89 million are held on major exchanges. Glassnode sees a bull run on the horizon Glassnode’s co-founder @Nengentropic urged his followers on the best time to acquire cryptocurrencies in the wake of the new statistics. According to him, users should accumulate “when there is blood in the streets,” signifying a bearish market on the brink of a surge.      #Glassnode also estimated BTC to hit $35,000 in summer as bulls look to capitalize on the current banking sector woes and the signal from the Feds to pause the hike in interest rates, a move which has repeatedly hurt the market as investors move on from risky assets. BTCUSD Chart by TradingView On the other hand, BTC seeing fresh dives below $26,700, marking two months’ lows, have left pundits pointing to a correction below $25,500. Despite last week’s fall, BTC already looks stronger after reclaiming $27,300. source: zycrypto image source: ai #CryptoDailyDigest Disclaimer The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Bitcoin to Exceed $35K by Summer as 1 Million Wallets Hold 1 BTC

The number of wallets that own up to 1 whole #BTC has topped the 1 million mark for the first time.

Centralized exchanges remain king holding over 1.89 million of the circulating 19 million supply of BTC in the market. 

The adoption of digital assets, specifically the two market leaders #bitcoin (BTC) and #Ethereum (ETH), continues to grow with gains recorded this year and a potential pause in interest rate hikes.

According to recent data from on-chain analytics firm, Glassnode, the number of wallets with at least 1 BTC has surged past the 1 million mark for the first time. This is a huge milestone as the top cryptocurrency attempts to reclaim $28,000 after losing that mark earlier this month.

The market downturn of 2022, which saw BTC lose over 55% of its value, lured many investors to add to their holdings. Wallets holding more than 1 Bitcoin surged in mid-June and November after the crash of FTX. Overall, 190,000 wallets grew their portfolio above 1 BTC from Nov 2021 till date.

It should be pointed out that the fact that 1 million addresses own over 1 BTC does not represent 1 million users, as several big investors have more than one crypto address, and digital asset exchanges also hold large amounts of assets. Data from CoinGlass show that of the 19 million BTC in circulation, about 1.89 million are held on major exchanges.

Glassnode sees a bull run on the horizon

Glassnode’s co-founder @Nengentropic urged his followers on the best time to acquire cryptocurrencies in the wake of the new statistics. According to him, users should accumulate “when there is blood in the streets,” signifying a bearish market on the brink of a surge. 

   

#Glassnode also estimated BTC to hit $35,000 in summer as bulls look to capitalize on the current banking sector woes and the signal from the Feds to pause the hike in interest rates, a move which has repeatedly hurt the market as investors move on from risky assets.

BTCUSD Chart by TradingView

On the other hand, BTC seeing fresh dives below $26,700, marking two months’ lows, have left pundits pointing to a correction below $25,500. Despite last week’s fall, BTC already looks stronger after reclaiming $27,300.

source: zycrypto

image source: ai

#CryptoDailyDigest

Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Crypto Funds Lose Millions for Fifth Week as $LTC and $XRP Attract InvestorsInstitutional investors have kept on moving funds out of cryptocurrency investment products over the past week, marking a fifth consecutive week of outflows that has now reached a cumulative $232 million. The outflow represents a 0.7% decrease in total assets under management. According to CoinShares’ latest Digital Asset Fund Flows report, the volume of cryptocurrency investment product transactions amounted to $900 million over the past week, a significant 40% decline from the year’s average. Similarly, trading volumes across trusted exchanges in the broader market plunged to a new low since late 2020, standing at a mere $20 billion for the week. CoinShares’ report details that Bitcoin, the flagship #cryptocurrency , was at the epicenter of negative sentiment, and experienced $33 million in outflows that represent a continuation of the trend observed over the past five weeks. Surprisingly, there were also minor outflows of $1.3 million from Short-bitcoin – an investment strategy that benefits from falling #bitcoin prices. Combined, these two types of investment products have seen outflows totaling $235 million over the last five weeks. The reason behind the negative sentiment toward both long and short investment products remains a topic of speculation among analysts. While some attribute this trend to ongoing regulatory concerns and market volatility, others point toward broader macroeconomic factors that may be influencing investor sentiment. Interestingly, amidst this downturn, altcoins – cryptocurrencies other than Bitcoin – have managed to buck the trend, albeit with one notable exception. Ethereum, the second-largest digital currency by market capitalization, reported an outflow of $1 million. However, other altcoins, including Avalanche and Litecoin, registered inflows of $700,000 and $300,00, respectively. #blockchain equity ETFs, investment funds that track a basket of blockchain-based companies’ stocks, recorded their second consecutive week of minor outflows, shedding $2 million last week. As CryptoGlobe reported  Mike McGlone, senior macro strategist at Bloomberg Intelligence, recently revealed he considers there’s potential for a significant Bitcoin downturn that could see the cryptocurrency’s price drop back down to $7,000. Meanwhile, Tether, the firm behind the leading #stablecoin USDC, has made a strategic decision to invest a significant portion of its operating profits into Bitcoin. According to Tether’s announcement, the company will initiate a policy of consistently allocating up to 15% of its net realized operating profits toward purchasing Bitcoin (BTC). source: cryptoglobe image source: ai #CryptoDailyDigest Disclaimer The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Crypto Funds Lose Millions for Fifth Week as $LTC and $XRP Attract Investors

Institutional investors have kept on moving funds out of cryptocurrency investment products over the past week, marking a fifth consecutive week of outflows that has now reached a cumulative $232 million. The outflow represents a 0.7% decrease in total assets under management.

According to CoinShares’ latest Digital Asset Fund Flows report, the volume of cryptocurrency investment product transactions amounted to $900 million over the past week, a significant 40% decline from the year’s average. Similarly, trading volumes across trusted exchanges in the broader market plunged to a new low since late 2020, standing at a mere $20 billion for the week.

CoinShares’ report details that Bitcoin, the flagship #cryptocurrency , was at the epicenter of negative sentiment, and experienced $33 million in outflows that represent a continuation of the trend observed over the past five weeks.

Surprisingly, there were also minor outflows of $1.3 million from Short-bitcoin – an investment strategy that benefits from falling #bitcoin prices. Combined, these two types of investment products have seen outflows totaling $235 million over the last five weeks.

The reason behind the negative sentiment toward both long and short investment products remains a topic of speculation among analysts. While some attribute this trend to ongoing regulatory concerns and market volatility, others point toward broader macroeconomic factors that may be influencing investor sentiment.

Interestingly, amidst this downturn, altcoins – cryptocurrencies other than Bitcoin – have managed to buck the trend, albeit with one notable exception. Ethereum, the second-largest digital currency by market capitalization, reported an outflow of $1 million. However, other altcoins, including Avalanche and Litecoin, registered inflows of $700,000 and $300,00, respectively.

#blockchain equity ETFs, investment funds that track a basket of blockchain-based companies’ stocks, recorded their second consecutive week of minor outflows, shedding $2 million last week.

As CryptoGlobe reported  Mike McGlone, senior macro strategist at Bloomberg Intelligence, recently revealed he considers there’s potential for a significant Bitcoin downturn that could see the cryptocurrency’s price drop back down to $7,000.

Meanwhile, Tether, the firm behind the leading #stablecoin USDC, has made a strategic decision to invest a significant portion of its operating profits into Bitcoin.

According to Tether’s announcement, the company will initiate a policy of consistently allocating up to 15% of its net realized operating profits toward purchasing Bitcoin (BTC).

source: cryptoglobe

image source: ai

#CryptoDailyDigest

Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Celsius withdrawing nearly $800 million of Ether from LidoBankrupt lender Celsius is trying to withdraw $779 million worth of ETH from #Lido The ETH represents 7% of the total amount staked with Lido Celsius has $4.7 billion of debts with creditors, and sent the market into a tailspin last year after it got caught up in the Terra contagion Celsius also staked $75 million of ETH with staking provider Figment last week Celsius is the temperature unit of choice for all bar three countries: Liberia, Burma and the United States. Celsius is also the name of a popular energy drink beginning to make rounds on social media. But utter the word “Celsius” around a cryptocurrency investor, and they will think of neither of these things. Rather, they’ll likely shudder and picture nothing but lost cash. Celsius, of course, is the #crypto lender which suspended withdrawals on June 12th, 2022. Getting caught up in the contagion that followed the spectacular death spiral of the Terra ecosystem a few weeks prior, it did not have the necessary funds on deck to honour the flood of withdrawal requests.  It was forced to declare bankruptcy, a gruesome $4.7 billion owed to creditors.  Source: @DanniiAshmore, CoinJournal Now, it is trying to withdraw 428,000 ETH from Lido, equivalent to $779 million at current market prices. Transaction data on the blockchain can be seen here (withdrawn in increments of 1,000).  Lido is a liquid staking platform, where ETH stakers have been able to lock up their ETH in return for stETH tokens, receiving a yield in the process. Until the Shanghai upgrade (also known as Shapella) went live in April, the any ETH staked, regardless of platform, was locked and could not be withdrawn. This changed once the upgrade went live, and last week, Lido opened up withdrawals. Looking at the total amount of ETH staked on the network, it sits at 21.8 million, equivalent to 18.15 of the total circulating supply.  Source: @DanniiAshmore, Glassnode Celsius’ requested withdrawal of 428,000 ETH constitutes 0.36% of the entire ETH supply (it also represents 2% of the total staked ETH).  Looking at the amount of ETH staked with Lido specifically, Celsius’ withdrawal of 428,000 ETH represents nearly 7% of all the ETH staked with Lido. Lido has a 28% market share with regard to Ethereum staking.  Source: @DanniiAshmore, Glassnode The ETH withdrawals will all be processed, but such is the size of the outflux that it may take time, especially if others move to withdraw from Lido. In this event, validators could exit which would slow down the process.  What is more interesting is the reasons behind this #Celsius withdrawal. The locked ETH was cited as one of the reasons that Celsius was unable to honour withdrawal requests last summer, although with $4.7 billion in debts, it is hardly the only one. And to be clear, this was very much an insolvency crisis rather than a liquidity crisis.  The funds may be getting moved to prepare for a (partial) repayment of creditors in future. The bankruptcy process is notoriously slow, however, with Mt Gox users still awaiting compensation, despite the exchange succumbing in 2014.  The intriguing aspect to this is the inherent volatility of the underlying assets. When Celsius suspended withdrawals, #ETH sat close to where it is now, around $1,800, but the road in between has been far from smooth. It nearly halved in the ten-day period following the news last June, dropping to $990. During the pandemic bull run, it came close to breaching $5,000. This means creditors awaiting payment are subject to the wild volatility – against their own will. This could also be a reason that Celsius is withdrawing the underlying ETH.  On the flipside, according to data released by blockchain analytics firm Arkham Intelligence, Celsius staked $75 million worth of ETH last week with the staking provider Figment. This is surprising for multiple reasons. Most notably, Celsius operates its own staking pool with nearly $300 million in assets under management, so it is curious why it decided not to funnel the ETH into its own pool.  Perhaps this suggests that the ETH withdrawn from Lido will be sent there, but that pure speculation. Either way, the entire process is confusing, although that has been the case with many of Celsius’ actions in the past.  One thing crypto investors may fear is the ETH being monetised quickly. Were Celsius to flood the market with the $779 million of ETH it is withdrawing from Lido, this would have a tangible effect on prices, especially as liquidity continues to thin in crypto markets.  source: coinjournal image source: ai #CryptoDailyDigest Disclaimer The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Celsius withdrawing nearly $800 million of Ether from Lido

Bankrupt lender Celsius is trying to withdraw $779 million worth of ETH from #Lido

The ETH represents 7% of the total amount staked with Lido

Celsius has $4.7 billion of debts with creditors, and sent the market into a tailspin last year after it got caught up in the Terra contagion

Celsius also staked $75 million of ETH with staking provider Figment last week

Celsius is the temperature unit of choice for all bar three countries: Liberia, Burma and the United States. Celsius is also the name of a popular energy drink beginning to make rounds on social media. But utter the word “Celsius” around a cryptocurrency investor, and they will think of neither of these things. Rather, they’ll likely shudder and picture nothing but lost cash.

Celsius, of course, is the #crypto lender which suspended withdrawals on June 12th, 2022. Getting caught up in the contagion that followed the spectacular death spiral of the Terra ecosystem a few weeks prior, it did not have the necessary funds on deck to honour the flood of withdrawal requests. 

It was forced to declare bankruptcy, a gruesome $4.7 billion owed to creditors. 

Source: @DanniiAshmore, CoinJournal

Now, it is trying to withdraw 428,000 ETH from Lido, equivalent to $779 million at current market prices. Transaction data on the blockchain can be seen here (withdrawn in increments of 1,000). 

Lido is a liquid staking platform, where ETH stakers have been able to lock up their ETH in return for stETH tokens, receiving a yield in the process. Until the Shanghai upgrade (also known as Shapella) went live in April, the any ETH staked, regardless of platform, was locked and could not be withdrawn. This changed once the upgrade went live, and last week, Lido opened up withdrawals.

Looking at the total amount of ETH staked on the network, it sits at 21.8 million, equivalent to 18.15 of the total circulating supply. 

Source: @DanniiAshmore, Glassnode

Celsius’ requested withdrawal of 428,000 ETH constitutes 0.36% of the entire ETH supply (it also represents 2% of the total staked ETH). 

Looking at the amount of ETH staked with Lido specifically, Celsius’ withdrawal of 428,000 ETH represents nearly 7% of all the ETH staked with Lido. Lido has a 28% market share with regard to Ethereum staking. 

Source: @DanniiAshmore, Glassnode

The ETH withdrawals will all be processed, but such is the size of the outflux that it may take time, especially if others move to withdraw from Lido. In this event, validators could exit which would slow down the process. 

What is more interesting is the reasons behind this #Celsius withdrawal. The locked ETH was cited as one of the reasons that Celsius was unable to honour withdrawal requests last summer, although with $4.7 billion in debts, it is hardly the only one. And to be clear, this was very much an insolvency crisis rather than a liquidity crisis. 

The funds may be getting moved to prepare for a (partial) repayment of creditors in future. The bankruptcy process is notoriously slow, however, with Mt Gox users still awaiting compensation, despite the exchange succumbing in 2014. 

The intriguing aspect to this is the inherent volatility of the underlying assets. When Celsius suspended withdrawals, #ETH sat close to where it is now, around $1,800, but the road in between has been far from smooth. It nearly halved in the ten-day period following the news last June, dropping to $990. During the pandemic bull run, it came close to breaching $5,000.

This means creditors awaiting payment are subject to the wild volatility – against their own will. This could also be a reason that Celsius is withdrawing the underlying ETH. 

On the flipside, according to data released by blockchain analytics firm Arkham Intelligence, Celsius staked $75 million worth of ETH last week with the staking provider Figment. This is surprising for multiple reasons. Most notably, Celsius operates its own staking pool with nearly $300 million in assets under management, so it is curious why it decided not to funnel the ETH into its own pool. 

Perhaps this suggests that the ETH withdrawn from Lido will be sent there, but that pure speculation. Either way, the entire process is confusing, although that has been the case with many of Celsius’ actions in the past. 

One thing crypto investors may fear is the ETH being monetised quickly. Were Celsius to flood the market with the $779 million of ETH it is withdrawing from Lido, this would have a tangible effect on prices, especially as liquidity continues to thin in crypto markets. 

source: coinjournal

image source: ai

#CryptoDailyDigest

Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Ripple Looking To Deploy $1 Billion To Expand Offerings Beyond Liquidity, CEO SaysAt the just-concluded Dubai Fintech Summit, Ripple CEO Brad Garlinghouse revealed that his firm is looking to expand its services beyond liquidity provision. A prominent #XRP influencer, Eri, shared the speech clip with her Twitter followers. In the clip, Garlinghouse emphasized that the firm started as an enterprise-based cross-border settlement service provider. But now, the San Fransisco-based fintech firm is looking to evolve beyond the walls of liquidity and payment services. Ripple’s Expansion Plans In addition, the #Ripple chief noted that blockchain has four cardinal points, including liquidity, custody, compliance, and tokenization.  The CEO stressed that Ripple aspires to become more than a cross-border liquidity provider. According to Garlinghouse, Ripple is long overdue to expand to other blockchain areas.  The team isn’t just thinking but is also strategizing its plans to achieve this feat. The firm may pursue organic expansion or M&A (mergers and acquisitions).  M&As require Ripple to buy other firms to expand its services, while the former involves leveraging existing resources and expertise to diversify its offerings. However, Garlinghouse made it clear that his firm is considering acquisitions. He said Ripple is looking to acquire firms in blockchain and crypto-friendly markets.  Talking about crypto-friendly markets, the CEO pointed at the UAE, and Switzerland, who had representatives at the Summit, as countries with regulatory clarity for #crypto entrepreneurs.  “On the Previous pane, you had representation from the UAE. You had representation from Switzerland. These countries are providing the clarity for entrepreneurs to invest,” Garlinghouse said. Garlinghouse confirmed that Ripple has over $1 billion in cash on its balance sheet and is willing to invest it into growth in other areas of blockchain technology.  Again, he affirmed that the company would deploy this money into acquiring other firms and improving its internal infrastructure.  Ripple Expanding To Jurisdictions With Regulatory Clarity The firm has already started its expansion moves. According to reports, Ripple recently acquired Metaco, a prominent Switzerland-based digital assets custody and tokenization firm. The US-based fintech firm shared the news via tweet. XRP price trades in red zone l XRPUSDT on Tradingview.com It is worth noting that Metaco’s business focuses on tokenization and custody, part of the fundamental areas of #blockchain technology mentioned by Garlinghouse.  Ripple’s expansion move in Switzerland isn’t surprising, considering the firm’s ordeal with US regulators over the past two years.  More so, Metaco operates from Switzerland, an area with better crypto regulatory clarity that is obtainable in the US. Garlinghouse even highlighted that fact during his speech at the Fintech Summit. Meanwhile, in April, Ripple’s chief legal officer, Stuart Alderoty, revealed the firm plans to expand into London. Also, it recently opened a new office in Dubai to increase its presence in the Middle East and North Africa (MENA) region. source: bitcoinist image source: ai #CryptoDailyDigest Disclaimer The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Ripple Looking To Deploy $1 Billion To Expand Offerings Beyond Liquidity, CEO Says

At the just-concluded Dubai Fintech Summit, Ripple CEO Brad Garlinghouse revealed that his firm is looking to expand its services beyond liquidity provision. A prominent #XRP influencer, Eri, shared the speech clip with her Twitter followers.

In the clip, Garlinghouse emphasized that the firm started as an enterprise-based cross-border settlement service provider. But now, the San Fransisco-based fintech firm is looking to evolve beyond the walls of liquidity and payment services.

Ripple’s Expansion Plans

In addition, the #Ripple chief noted that blockchain has four cardinal points, including liquidity, custody, compliance, and tokenization. 

The CEO stressed that Ripple aspires to become more than a cross-border liquidity provider. According to Garlinghouse, Ripple is long overdue to expand to other blockchain areas. 

The team isn’t just thinking but is also strategizing its plans to achieve this feat. The firm may pursue organic expansion or M&A (mergers and acquisitions). 

M&As require Ripple to buy other firms to expand its services, while the former involves leveraging existing resources and expertise to diversify its offerings.

However, Garlinghouse made it clear that his firm is considering acquisitions. He said Ripple is looking to acquire firms in blockchain and crypto-friendly markets. 

Talking about crypto-friendly markets, the CEO pointed at the UAE, and Switzerland, who had representatives at the Summit, as countries with regulatory clarity for #crypto entrepreneurs. 

“On the Previous pane, you had representation from the UAE. You had representation from Switzerland. These countries are providing the clarity for entrepreneurs to invest,” Garlinghouse said.

Garlinghouse confirmed that Ripple has over $1 billion in cash on its balance sheet and is willing to invest it into growth in other areas of blockchain technology. 

Again, he affirmed that the company would deploy this money into acquiring other firms and improving its internal infrastructure. 

Ripple Expanding To Jurisdictions With Regulatory Clarity

The firm has already started its expansion moves. According to reports, Ripple recently acquired Metaco, a prominent Switzerland-based digital assets custody and tokenization firm. The US-based fintech firm shared the news via tweet.

XRP price trades in red zone l XRPUSDT on Tradingview.com

It is worth noting that Metaco’s business focuses on tokenization and custody, part of the fundamental areas of #blockchain technology mentioned by Garlinghouse. 

Ripple’s expansion move in Switzerland isn’t surprising, considering the firm’s ordeal with US regulators over the past two years. 

More so, Metaco operates from Switzerland, an area with better crypto regulatory clarity that is obtainable in the US. Garlinghouse even highlighted that fact during his speech at the Fintech Summit.

Meanwhile, in April, Ripple’s chief legal officer, Stuart Alderoty, revealed the firm plans to expand into London. Also, it recently opened a new office in Dubai to increase its presence in the Middle East and North Africa (MENA) region.

source: bitcoinist

image source: ai

#CryptoDailyDigest

Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
XRP is a ‘smart play’ that could double to $1, says crypto expertWith the eagerly anticipated verdict on the ongoing legal dispute between #Ripple and the United States Securities and Exchange Commission (SEC) on the horizon, renowned #crypto analyst DonAlt believes that  XRP is positioned for a substantial price upswing. In a June 1 analysis on his YouTube channel, TechnicalRoundup, he expounded on the potential for XRP to witness a noteworthy surge, possibly even doubling or tripling its current value. This optimistic forecast hinges on a positive outcome, or even a moderately favorable one, of the SEC case, drawing upon the perceived strength observed in XRP’s market dynamics. He stressed that even with a carefully placed stop-loss order, the potential upside of investing in XRP appears highly lucrative, offering the chance to amplify one’s investment two or threefold. He did, however, acknowledge that the downside risk should not be disregarded, as it could vary depending on the extent of a potential setback, estimated to be within the range of 10% to 15%. “I think the XRP narrative could come rolling in again. The SEC case is getting closer and closer and I think basically if you have a stop loss on this thing the upside is like a double to a triple and the downside depends on how much you slip but like 10%-15%.” He added:  “Even if the outcome of the case is just barely positive news right? It doesn’t even have to be the final outcome even if there’s just a frown on the judge’s face while the SEC is talking. Basically you’re gonna see quite a massive pump. I think it’s just a smart play. I think there’s probably better altcoin plays around but this just seems pretty straightforward, betting on $1 XRP doesn’t seem unreasonable to me.” XRP price analysis While DonAlt expounded that even a verdict favoring XRP to a minimal degree, such as a hint of disapproval manifested by the presiding judge while the #SEC presents its arguments, could catalyze a considerable price surge in XRP the token is currently trading at $0.515.  Over the past 24 hours, it has experienced a moderate increase of 1.96%, indicating a slight upward movement in price suggesting a positive sentiment among traders and investors in the short term.  XRP 1-day price analysis. Source: Finbold Examining the support and resistance levels, we find that #XRP has a support level at $0.48428. This level represents a price point at which buying pressure has historically been significant, potentially acting as a psychological level where traders may consider entering new positions or adding to existing ones. On the other hand, XRP faces a resistance level at $0.54011. This level indicates a price point where selling pressure has historically intensified, potentially slowing down or halting further upward movement. Traders often closely monitor this level as it can act as a barrier to continued price appreciation. It’s important to remember that support and resistance levels are not definitive boundaries but rather zones where market dynamics can come into play. Token dynamics Looking at the broader picture, XRP has demonstrated a notable growth of 10.77% over the past week. This signifies a significant upward trend and implies that the cryptocurrency has been gaining traction and attracting increased attention from market participants.  Indeed the token is among the top 3 most trending cryptocurrencies as of June 2 and its social volume hit a 1-year high on optimism and network activity surge leading to an increase of $3 billion in the last week to its market cap which now stands at $26.7 billion.  source: finbold image source: ai #CryptoDailyDigest Disclaimer The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

XRP is a ‘smart play’ that could double to $1, says crypto expert

With the eagerly anticipated verdict on the ongoing legal dispute between #Ripple and the United States Securities and Exchange Commission (SEC) on the horizon, renowned #crypto analyst DonAlt believes that  XRP is positioned for a substantial price upswing.

In a June 1 analysis on his YouTube channel, TechnicalRoundup, he expounded on the potential for XRP to witness a noteworthy surge, possibly even doubling or tripling its current value. This optimistic forecast hinges on a positive outcome, or even a moderately favorable one, of the SEC case, drawing upon the perceived strength observed in XRP’s market dynamics.

He stressed that even with a carefully placed stop-loss order, the potential upside of investing in XRP appears highly lucrative, offering the chance to amplify one’s investment two or threefold. He did, however, acknowledge that the downside risk should not be disregarded, as it could vary depending on the extent of a potential setback, estimated to be within the range of 10% to 15%.

“I think the XRP narrative could come rolling in again. The SEC case is getting closer and closer and I think basically if you have a stop loss on this thing the upside is like a double to a triple and the downside depends on how much you slip but like 10%-15%.”

He added: 

“Even if the outcome of the case is just barely positive news right? It doesn’t even have to be the final outcome even if there’s just a frown on the judge’s face while the SEC is talking. Basically you’re gonna see quite a massive pump. I think it’s just a smart play. I think there’s probably better altcoin plays around but this just seems pretty straightforward, betting on $1 XRP doesn’t seem unreasonable to me.”

XRP price analysis

While DonAlt expounded that even a verdict favoring XRP to a minimal degree, such as a hint of disapproval manifested by the presiding judge while the #SEC presents its arguments, could catalyze a considerable price surge in XRP the token is currently trading at $0.515. 

Over the past 24 hours, it has experienced a moderate increase of 1.96%, indicating a slight upward movement in price suggesting a positive sentiment among traders and investors in the short term. 

XRP 1-day price analysis. Source: Finbold

Examining the support and resistance levels, we find that #XRP has a support level at $0.48428. This level represents a price point at which buying pressure has historically been significant, potentially acting as a psychological level where traders may consider entering new positions or adding to existing ones.

On the other hand, XRP faces a resistance level at $0.54011. This level indicates a price point where selling pressure has historically intensified, potentially slowing down or halting further upward movement. Traders often closely monitor this level as it can act as a barrier to continued price appreciation.

It’s important to remember that support and resistance levels are not definitive boundaries but rather zones where market dynamics can come into play.

Token dynamics

Looking at the broader picture, XRP has demonstrated a notable growth of 10.77% over the past week. This signifies a significant upward trend and implies that the cryptocurrency has been gaining traction and attracting increased attention from market participants. 

Indeed the token is among the top 3 most trending cryptocurrencies as of June 2 and its social volume hit a 1-year high on optimism and network activity surge leading to an increase of $3 billion in the last week to its market cap which now stands at $26.7 billion. 

source: finbold

image source: ai

#CryptoDailyDigest

Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Bitcoin difficulty hits record high as hash rate surges to 350 TH/sBitcoin's difficulty hits an all-time high and hash rate surges as the #cryptocurrency 's network and mining dynamics evolve. #bitcoin difficulty ticks to an all-time high, a positive adjustment of over 3%, currently at 49.55T. The #hashrate has also started to climb again, hitting 350 th/s for the first time on a 30-day moving average. The has rate has been fairly flat for the past 30 days, but the hash rate has started to climb in the last few days. Difficulty: (Source: Glassnode) Hash Rate: (Source: Glassnode) source: cryptoslate image source: ai #CryptoDailyDigest Disclaimer The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Bitcoin difficulty hits record high as hash rate surges to 350 TH/s

Bitcoin's difficulty hits an all-time high and hash rate surges as the #cryptocurrency 's network and mining dynamics evolve.

#bitcoin difficulty ticks to an all-time high, a positive adjustment of over 3%, currently at 49.55T.

The #hashrate has also started to climb again, hitting 350 th/s for the first time on a 30-day moving average.

The has rate has been fairly flat for the past 30 days, but the hash rate has started to climb in the last few days.

Difficulty: (Source: Glassnode)

Hash Rate: (Source: Glassnode)

source: cryptoslate

image source: ai

#CryptoDailyDigest

Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Solana blockchain integrates ChatGPT plugin, launches AI acceleratorThe Solana Foundation released a ChatGPT plugin that integrates AI with the Layer 1 blockchain.  ‘Every developer building consumer-oriented apps should be thinking about how their app is going to be interacted with through an AI model,’ says Solana co-founder Anatoly Yakovenko. The Solana Foundation said Tuesday that it has created an open-source reference implementation that lets users interact with the Solana network directly from ChatGPT with a plugin that's available for download on Github.  "This integration from Solana Labs serves as a reference for how AI can make it easier to understand Solana data and protocols, or surface data about Solana's computing infrastructure and #DeFi projects," the Solana Foundation said in a statement, adding that the plugin can be used to buy NFTs, transfer tokens, inspect transactions, interpret public account data and find #NFT collections by floor price. Solana co-founder and #Solana Labs CEO Anatoly Yakovenko said that AI would make the Solana blockchain more usable and understandable. "Every developer building consumer-oriented apps should be thinking about how their app is going to be interacted with through an AI model because this is a new paradigm for telling computers what to do," Yakovenko said. Solana sees surge in activity Solana has seen a surge in activity this month, as higher fees on Ethereum and Bitcoin have pushed some users to explore alternatives. The network saw the seven-day moving average of new addresses hit 323,000 last week, the highest number since June 2022, according to data from The Block. More new addresses have already been added so far this month than protocol saw in each of the past six months, the data shows. Solana's native #SOL token, which saw dramatic declines last year amid the collapse of the FTX crypto exchange, has staged a recovery since, rising 101% year-to-date. It rose 2.6% on Tuesday to trade at $20.03, according to data from TradingView. The Solana Foundation, meanwhile, said that it had increased the amount available in a previously announced AI-focused strategic grants program from $1 million to $10 million. The foundation has already received 50 applications, and it is continuing to accept them for new projects. "The Solana Foundation also kicked-off a 3-month long accelerator program for university students that has a full cohort dedicated to experimenting with blockchain and AI," it said in the statement. source: theblock image source: ai #CryptoDailyDigest Disclaimer The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Solana blockchain integrates ChatGPT plugin, launches AI accelerator

The Solana Foundation released a ChatGPT plugin that integrates AI with the Layer 1 blockchain. 

‘Every developer building consumer-oriented apps should be thinking about how their app is going to be interacted with through an AI model,’ says Solana co-founder Anatoly Yakovenko.

The Solana Foundation said Tuesday that it has created an open-source reference implementation that lets users interact with the Solana network directly from ChatGPT with a plugin that's available for download on Github. 

"This integration from Solana Labs serves as a reference for how AI can make it easier to understand Solana data and protocols, or surface data about Solana's computing infrastructure and #DeFi projects," the Solana Foundation said in a statement, adding that the plugin can be used to buy NFTs, transfer tokens, inspect transactions, interpret public account data and find #NFT collections by floor price.

Solana co-founder and #Solana Labs CEO Anatoly Yakovenko said that AI would make the Solana blockchain more usable and understandable.

"Every developer building consumer-oriented apps should be thinking about how their app is going to be interacted with through an AI model because this is a new paradigm for telling computers what to do," Yakovenko said.

Solana sees surge in activity

Solana has seen a surge in activity this month, as higher fees on Ethereum and Bitcoin have pushed some users to explore alternatives. The network saw the seven-day moving average of new addresses hit 323,000 last week, the highest number since June 2022, according to data from The Block.

More new addresses have already been added so far this month than protocol saw in each of the past six months, the data shows.

Solana's native #SOL token, which saw dramatic declines last year amid the collapse of the FTX crypto exchange, has staged a recovery since, rising 101% year-to-date. It rose 2.6% on Tuesday to trade at $20.03, according to data from TradingView.

The Solana Foundation, meanwhile, said that it had increased the amount available in a previously announced AI-focused strategic grants program from $1 million to $10 million. The foundation has already received 50 applications, and it is continuing to accept them for new projects.

"The Solana Foundation also kicked-off a 3-month long accelerator program for university students that has a full cohort dedicated to experimenting with blockchain and AI," it said in the statement.

source: theblock

image source: ai

#CryptoDailyDigest

Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
LIVE
--
Bullish
A Bitcoin wallet address that had been dormant for 10.2 years woke up today at 08:23 (GMT) and sent 1432.93 BTC to a newly created wallet address. The wallet address made its first BTC purchase on April 9, 2013, when the price of Bitcoin was $195.40 #News #btc #CryptoDailyDigest
A Bitcoin wallet address that had been dormant for 10.2 years woke up today at 08:23 (GMT) and sent 1432.93 BTC to a newly created wallet address.

The wallet address made its first BTC purchase on April 9, 2013, when the price of Bitcoin was $195.40
#News #btc #CryptoDailyDigest
No, MetaMask Will Not Withhold Your Crypto for Taxes"Legal terminology can be complex," the company admitted but called the claim false and inaccurate. ConsenSys, the makers of the popular #MetaMask browser-based crypto wallet, called out "tweets circulating with inaccurate information about ConsenSys' terms of service," asserting for the record that "MetaMask does not collect taxes on #crypto transactions and we have not made any changes to our terms to do so." "The tax section in our terms of service falls under the 'fees and payment' section, and it exclusively pertains to products and paid plans offered by ConsenSys," the company explained. "Legal terminology can be complex, but it's crucial to emphasize that this section does not apply to MetaMask or any other products that don't involve sales tax." ConsenSys@ConsenSys The company was responding to a number of Twitter posts that highlighted section 4.2 of the MetaMask terms of use, describing it as a change that will allow the company to withhold taxes. The claim quickly spread to r/CryptoCurrency on Reddit, where it has already amassed 450 upvotes and over 500 comments, to several crypto #news sites, and to YouTube. "DECENTRALIZATION IS DYING," declared one viral tweet. Ash Crypto@Ashcryptoreal Many compared the rumored change to the recent controversy over Ledger's new Ledger Recover feature for its hardware wallets, described by some as a "backdoor" to its ostensibly secure design. "Why should Ledger have all the fun?" asked Kashif Raza, founder of #bitcoin education provider Bitinning. "Meta Mask joins the party now!" Many within the crypto community were quick to push back on the claim. "Everyone blindly tweeting about the MetaMask tax clause in TOS but not actually reading it," admonished @printer_brrr, curator of the Toddler Art NFT collection. "If you buy a product from them, they can withhold taxes like sales tax for that product. Just like Amazon does when you buy from them." moneyprintergobrrr.eth@printer_brrr The top-voted comment on Reddit also sought to dispel the rumor. "This should be referring to sales taxes and not capital tax," wrote pseudonymous user Mr. Literal under the username thinkingperson. "So when you buy anything online via your credit/debit card, different countries and states may have different sales tax regulation." "We believe in transparency and accuracy when it comes to sharing information with our users," ConsenSys tweeted. "Our commitment to combat misinformation about our products and services remains unwavering." source: decrypt image source: ai #CryptoDailyDigest Disclaimer The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

No, MetaMask Will Not Withhold Your Crypto for Taxes

"Legal terminology can be complex," the company admitted but called the claim false and inaccurate.

ConsenSys, the makers of the popular #MetaMask browser-based crypto wallet, called out "tweets circulating with inaccurate information about ConsenSys' terms of service," asserting for the record that "MetaMask does not collect taxes on #crypto transactions and we have not made any changes to our terms to do so."

"The tax section in our terms of service falls under the 'fees and payment' section, and it exclusively pertains to products and paid plans offered by ConsenSys," the company explained. "Legal terminology can be complex, but it's crucial to emphasize that this section does not apply to MetaMask or any other products that don't involve sales tax."

ConsenSys@ConsenSys

The company was responding to a number of Twitter posts that highlighted section 4.2 of the MetaMask terms of use, describing it as a change that will allow the company to withhold taxes. The claim quickly spread to r/CryptoCurrency on Reddit, where it has already amassed 450 upvotes and over 500 comments, to several crypto #news sites, and to YouTube.

"DECENTRALIZATION IS DYING," declared one viral tweet.

Ash Crypto@Ashcryptoreal

Many compared the rumored change to the recent controversy over Ledger's new Ledger Recover feature for its hardware wallets, described by some as a "backdoor" to its ostensibly secure design.

"Why should Ledger have all the fun?" asked Kashif Raza, founder of #bitcoin education provider Bitinning. "Meta Mask joins the party now!"

Many within the crypto community were quick to push back on the claim.

"Everyone blindly tweeting about the MetaMask tax clause in TOS but not actually reading it," admonished @printer_brrr, curator of the Toddler Art NFT collection. "If you buy a product from them, they can withhold taxes like sales tax for that product. Just like Amazon does when you buy from them."

moneyprintergobrrr.eth@printer_brrr

The top-voted comment on Reddit also sought to dispel the rumor.

"This should be referring to sales taxes and not capital tax," wrote pseudonymous user Mr. Literal under the username thinkingperson. "So when you buy anything online via your credit/debit card, different countries and states may have different sales tax regulation."

"We believe in transparency and accuracy when it comes to sharing information with our users," ConsenSys tweeted. "Our commitment to combat misinformation about our products and services remains unwavering."

source: decrypt

image source: ai

#CryptoDailyDigest

Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Synthetix founder wants to buyback and burn millions of SNX tokensKane Warwick, the founder of Synthetix, has come up with twelve proposals to incentivize the next phase of the project. Among these included a “SNX split and buyback” proposal that involves a 3:1 split of SNX, followed by a buyback and burn. Kane Warwick, founder of #decentralized derivatives trading protocol Synthetix, proposed 12 substantial governance proposals to propel the platform into its next phase. These initiatives strive to broaden Synthetix’s capabilities and stimulate increased participation from its community members, as outlined in Warwick’s “State of Synthetix” post. A significant proposition is the “ #SNX split and buyback” proposal in the post. Warwick suggested a 3:1 split of SNX, followed by a buyback and subsequent burn using the Treasury’s fee yield. “Should we proceed with a 3:1 split, we would have approximately 90 million additional tokens for buyback and burn, with a market price of $60 million,” Warwick explained. The founder further clarified that the funds required to burn these tokens would be sourced from the treasury fee yield. Introducing quarterly bonuses Another proposal, termed the “core contributor alignment,” seeks to incentivize project contributors by distributing #Synthetix Network Tokens (SNX) as quarterly bonuses. Warwick believes this strategy could secure ongoing commitment to the protocol’s success from the platform’s contributors. Additionally, Warwick proposed the allocation of SNX for trading incentives. This aims to stimulate trading volume and foster increased market activity on the Synthetix platform. Beyond this, he suggested giving SNX to stakers to boost their involvement and commitment to preserving the platform’s stability. The Synthetix platform supports decentralized derivatives trading within its liquidity pools, which currently boast a total value locked (TVL) of over $420 million on Ethereum and the Optimism Layer 2 network. The purpose of presenting proposals, Warwick said, was to start a conversation and ensure the Synthetix community is kept in the loop about potential directions for the platform. The proposals will be put to a vote by the Treasury Council (TC), Synthetix’s four-member governance body, which is responsible for resource allocation for the protocol’s expansion and growth. Currently, these suggestions remain in the conceptual stage, needing votes to progress. “Nothing has been confirmed by a Treasury Council vote yet; however, many of these proposals have garnered support within the [council],” Warwick commented.  source: theblock image source: ai #CryptoDailyDigest #token Disclaimer The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Synthetix founder wants to buyback and burn millions of SNX tokens

Kane Warwick, the founder of Synthetix, has come up with twelve proposals to incentivize the next phase of the project.

Among these included a “SNX split and buyback” proposal that involves a 3:1 split of SNX, followed by a buyback and burn.

Kane Warwick, founder of #decentralized derivatives trading protocol Synthetix, proposed 12 substantial governance proposals to propel the platform into its next phase.

These initiatives strive to broaden Synthetix’s capabilities and stimulate increased participation from its community members, as outlined in Warwick’s “State of Synthetix” post.

A significant proposition is the “ #SNX split and buyback” proposal in the post. Warwick suggested a 3:1 split of SNX, followed by a buyback and subsequent burn using the Treasury’s fee yield.

“Should we proceed with a 3:1 split, we would have approximately 90 million additional tokens for buyback and burn, with a market price of $60 million,” Warwick explained. The founder further clarified that the funds required to burn these tokens would be sourced from the treasury fee yield.

Introducing quarterly bonuses

Another proposal, termed the “core contributor alignment,” seeks to incentivize project contributors by distributing #Synthetix Network Tokens (SNX) as quarterly bonuses. Warwick believes this strategy could secure ongoing commitment to the protocol’s success from the platform’s contributors.

Additionally, Warwick proposed the allocation of SNX for trading incentives. This aims to stimulate trading volume and foster increased market activity on the Synthetix platform. Beyond this, he suggested giving SNX to stakers to boost their involvement and commitment to preserving the platform’s stability.

The Synthetix platform supports decentralized derivatives trading within its liquidity pools, which currently boast a total value locked (TVL) of over $420 million on Ethereum and the Optimism Layer 2 network.

The purpose of presenting proposals, Warwick said, was to start a conversation and ensure the Synthetix community is kept in the loop about potential directions for the platform. The proposals will be put to a vote by the Treasury Council (TC), Synthetix’s four-member governance body, which is responsible for resource allocation for the protocol’s expansion and growth.

Currently, these suggestions remain in the conceptual stage, needing votes to progress. “Nothing has been confirmed by a Treasury Council vote yet; however, many of these proposals have garnered support within the [council],” Warwick commented. 

source: theblock

image source: ai

#CryptoDailyDigest #token

Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
XRP Aims For $0.50, Hinges on Breaking Through This Price LevelDespite the prevailing bearish sentiment in the market last week, #Ripple (XRP) bulls showcased their resilience by securing gains. #XRP stood out among the top 20 cryptocurrency assets, recording impressive weekly gains of over 8%. Although the daily chart displayed a relatively modest increase of more than 1%, it was enough to maintain the bullish momentum. The technical outlook for XRP revealed an improvement in buying strength, with demand and accumulation indicators reflecting a recovery on the daily chart. However, the price movement of major altcoins remained uncertain as Bitcoin slipped back into the $26,000 price level. The future trajectory of XRP will depend on the performance of #BTC in the upcoming trading sessions. Buyers will gain further strength if BTC exhibits improvement, leading to increased demand for XRP. Conversely, if demand fails to rise significantly, it could impede the growth of the XRP price. Another positive sign was the recovery of market capitalization, indicating increased demand and buying strength. XRP Price Analysis: One-Day Chart XRP was priced at $0.46 on the one-day chart | Source: XRPUSD on TradingView As of the time of writing, Ripple (XRP) was trading at $0.46. The altcoin demonstrated a significant breakthrough by surpassing the crucial resistance level of $0.44, increasing demand for the asset. Moving forward, the next obstacle for XRP lies at the overhead resistance of $0.48, which is expected to pose a tough challenge for the coin. However, if the altcoin manages to overcome this resistance level, it could potentially target the $0.50 mark. Conversely, a decline from the current price level would bring XRP down to $0.44, potentially even below the $0.42 price mark. The recent session witnessed a positive momentum for XRP, as indicated by the green volume bar of the altcoin traded. Technical Analysis XRP noted an uptick in buying strength on the one-day chart | Source: XRPUSD on TradingView Upon the price breakthrough above the $0.44 level, buyers swiftly entered the market, exhibiting a surge in demand for the altcoin. This heightened interest is further supported by the Relative Strength Index (RSI), which currently positions itself above the half-line, just below the 60-mark. This indicates that buying strength outweighs selling strength at the present moment, underlining the positive sentiment surrounding the altcoin. Furthermore, the asset’s price has risen above the 20-Simple Moving Average (SMA) line, suggesting that buyers were driving the price momentum in the market. XRP noted buying signal on the one-day chart | Source: XRPUSD on TradingView The increase in demand for the altcoin is reflected in the buy signals observed on the one-day chart for XRP. The Awesome Oscillator determines price direction and momentum. It generated small green signals closely tied to buy signals for the altcoin. This suggests a positive price action for the coin, highlighting the potential for further upward movement. Additionally, the Bollinger Bands, which measure price volatility and potential fluctuations, maintained a wide range. However, the parallel alignment of the bands indicates that the altcoin may trade within a relatively narrow range in the upcoming trading sessions. source: newsbtc image source: ai #CryptoDailyDigest #technicalanalysis Disclaimer The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

XRP Aims For $0.50, Hinges on Breaking Through This Price Level

Despite the prevailing bearish sentiment in the market last week, #Ripple (XRP) bulls showcased their resilience by securing gains. #XRP stood out among the top 20 cryptocurrency assets, recording impressive weekly gains of over 8%. Although the daily chart displayed a relatively modest increase of more than 1%, it was enough to maintain the bullish momentum.

The technical outlook for XRP revealed an improvement in buying strength, with demand and accumulation indicators reflecting a recovery on the daily chart.

However, the price movement of major altcoins remained uncertain as Bitcoin slipped back into the $26,000 price level. The future trajectory of XRP will depend on the performance of #BTC in the upcoming trading sessions.

Buyers will gain further strength if BTC exhibits improvement, leading to increased demand for XRP. Conversely, if demand fails to rise significantly, it could impede the growth of the XRP price. Another positive sign was the recovery of market capitalization, indicating increased demand and buying strength.

XRP Price Analysis: One-Day Chart

XRP was priced at $0.46 on the one-day chart | Source: XRPUSD on TradingView

As of the time of writing, Ripple (XRP) was trading at $0.46. The altcoin demonstrated a significant breakthrough by surpassing the crucial resistance level of $0.44, increasing demand for the asset.

Moving forward, the next obstacle for XRP lies at the overhead resistance of $0.48, which is expected to pose a tough challenge for the coin. However, if the altcoin manages to overcome this resistance level, it could potentially target the $0.50 mark.

Conversely, a decline from the current price level would bring XRP down to $0.44, potentially even below the $0.42 price mark. The recent session witnessed a positive momentum for XRP, as indicated by the green volume bar of the altcoin traded.

Technical Analysis

XRP noted an uptick in buying strength on the one-day chart | Source: XRPUSD on TradingView

Upon the price breakthrough above the $0.44 level, buyers swiftly entered the market, exhibiting a surge in demand for the altcoin. This heightened interest is further supported by the Relative Strength Index (RSI), which currently positions itself above the half-line, just below the 60-mark.

This indicates that buying strength outweighs selling strength at the present moment, underlining the positive sentiment surrounding the altcoin.

Furthermore, the asset’s price has risen above the 20-Simple Moving Average (SMA) line, suggesting that buyers were driving the price momentum in the market.

XRP noted buying signal on the one-day chart | Source: XRPUSD on TradingView

The increase in demand for the altcoin is reflected in the buy signals observed on the one-day chart for XRP. The Awesome Oscillator determines price direction and momentum. It generated small green signals closely tied to buy signals for the altcoin.

This suggests a positive price action for the coin, highlighting the potential for further upward movement. Additionally, the Bollinger Bands, which measure price volatility and potential fluctuations, maintained a wide range. However, the parallel alignment of the bands indicates that the altcoin may trade within a relatively narrow range in the upcoming trading sessions.

source: newsbtc

image source: ai

#CryptoDailyDigest #technicalanalysis

Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Over $2.2B worth of options for Bitcoin set to expire on May 26Explore the potential effects of Bitcoin and Ethereum options expiring on May 26, and how this may cause short-term volatility in the crypto market. Quick Take #bitcoin has approximately 85,000 options awaiting expiry on May 26, according to Deribit data as of May 23. The leading #crypto currently has a 0.38 Put Call Ratio, whereas the maximum pain point is near the $27.0K mark. Converting the contracts in dollars results in a substantial figure. The BTC contracts up for expiry are valued at around a staggering $2.2B. #Ethereum has a Put Call Ratio of 0.49, with approximately 700,00 options expiring on May 26, according to Deribit data as of May 23. This puts a notional value of just over $1.2B, with a max pain price of $1,800. Short-term volatility is expected for both #BTC and ETH price action and will have a ripple effect on the entire industry. BTC Options Expiry: (Source: Deribit) ETH options expiry: (Source: Deribit) source: cryptoslate image source: ai #CryptoDailyDigest Disclaimer The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Over $2.2B worth of options for Bitcoin set to expire on May 26

Explore the potential effects of Bitcoin and Ethereum options expiring on May 26, and how this may cause short-term volatility in the crypto market.

Quick Take

#bitcoin has approximately 85,000 options awaiting expiry on May 26, according to Deribit data as of May 23.

The leading #crypto currently has a 0.38 Put Call Ratio, whereas the maximum pain point is near the $27.0K mark.

Converting the contracts in dollars results in a substantial figure. The BTC contracts up for expiry are valued at around a staggering $2.2B.

#Ethereum has a Put Call Ratio of 0.49, with approximately 700,00 options expiring on May 26, according to Deribit data as of May 23.

This puts a notional value of just over $1.2B, with a max pain price of $1,800.

Short-term volatility is expected for both #BTC and ETH price action and will have a ripple effect on the entire industry.

BTC Options Expiry: (Source: Deribit)

ETH options expiry: (Source: Deribit)

source: cryptoslate

image source: ai

#CryptoDailyDigest

Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
The Jimbos Protocol, built on #Arbitrum , suffered a major exploit shortly after the release of its version 2, resulting in a loss of $7.5 million worth of #ETH . The protocol's susceptibility to reverse swaps due to inadequate slippage control allowed the hacker to exploit liquidity imbalances. The incident has had a significant impact on the token's price, which plummeted by 40%. Jimbos Protocol has taken swift action, engaging with law enforcement and security professionals to address the breach and ensure the security of its platform. #CryptoDailyDigest
The Jimbos Protocol, built on #Arbitrum , suffered a major exploit shortly after the release of its version 2, resulting in a loss of $7.5 million worth of #ETH . The protocol's susceptibility to reverse swaps due to inadequate slippage control allowed the hacker to exploit liquidity imbalances. The incident has had a significant impact on the token's price, which plummeted by 40%. Jimbos Protocol has taken swift action, engaging with law enforcement and security professionals to address the breach and ensure the security of its platform.

#CryptoDailyDigest
#CryptoNews #CryptoDailyDigest : European football franchise FC Barcelona is teaming up with #NFT collection "World of Women" to release the second digital collectible in its ten-piece “Masterpiece” collection. ⚽️ #FrelinorMedia
#CryptoNews #CryptoDailyDigest : European football franchise FC Barcelona is teaming up with #NFT collection "World of Women" to release the second digital collectible in its ten-piece “Masterpiece” collection. ⚽️
#FrelinorMedia
Jeremy Allaire, Co-founder and CEO of Circle, stated the following regarding the matter: "Singapore is an integral part of Circle's global expansion and our mission to elevate global economic prosperity through frictionless value exchange. We are honored to receive the MPI license from MAS and are committed to being a part of Singapore's dynamic economy by advancing the future of financial technology innovations, revitalizing the emerging technology and fintech sectors, and fostering the growth of Singapore as a hub for innovation." #News #KriptoTerimleri #BinanceTournament #CryptoDailyDigest
Jeremy Allaire, Co-founder and CEO of Circle, stated the following regarding the matter: "Singapore is an integral part of Circle's global expansion and our mission to elevate global economic prosperity through frictionless value exchange. We are honored to receive the MPI license from MAS and are committed to being a part of Singapore's dynamic economy by advancing the future of financial technology innovations, revitalizing the emerging technology and fintech sectors, and fostering the growth of Singapore as a hub for innovation."
#News #KriptoTerimleri #BinanceTournament #CryptoDailyDigest
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