💥💥💥 World's largest bank #ICBC praises the evolution of #bitcoin , #Ethereum as innovative financial assets

The Industrial and Commercial Bank of China (ICBC), the world’s largest lender, recently published a detailed analysis on the evolution and diversity of digital currencies. Here are the key insights from the report:

Bitcoin: The New Gold

- ICBC likens Bitcoin to gold due to its scarcity achieved through a mathematical consensus mechanism. Despite diminishing monetary attributes, Bitcoin's value as an asset is solidifying due to its divisibility, authenticity verification, and portability.

Ethereum: Digital Oil

- The report describes Ethereum as "digital oil," crucial for driving the digital future. Its Turing-complete language, Solidity, and EVM enable complex smart contracts and decentralized apps, vital for DeFi and NFTs. Challenges include security flaws, scalability issues, and high energy usage. Ethereum 2.0 upgrade, with PoS and sharding, aims to enhance sustainability and throughput. Layer 2 solutions like state channels and rollups are also being explored for scalability.

#Stablecoins and CBDCs: Bridging Digital and Traditional Finance

- Stablecoins, pegged to fiat currencies, offer stability in crypto markets, aiding transactions and serving as a reliable store of value. They're key for integrating digital currencies into the global financial system. Central Bank Digital Currencies (CBDCs) digitize fiat, potentially boosting payment efficiency, cutting costs, and enhancing monetary policy. CBDCs could simplify cross-border transactions, reduce intermediary reliance, and foster financial inclusion, but require thoughtful handling of privacy, security, and regulatory issues.

Conclusion

ICBC concludes that digital currencies, with diverse visions, target enhancing financial inclusion, security, and payment efficiency. Balancing sustainability, security, and efficiency is crucial for fostering their widespread adoption and innovation in the financial ecosystem.

Source - cryptoslate.com

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🔥🔥🔥 Analyst Predicts Next $XRP 41% Surge Could Lead to “Legendary” Upside

An analyst has highlighted XRP's potential for a significant price increase amid its struggles around the $0.50 level. Despite underperformance, XRP has drawn attention due to ambitious price forecasts. Market observers suggest that XRP might mimic its 2017 pattern before a major surge.

Potential 41% Price Increase

- EGRAG, a chartist, predicts a 41% rise for XRP, potentially paving the way for a larger rally and crucial breakout. This forecast is based on historical data from 2017 when XRP saw a 41% increase before surging to an all-time high of $3.30 by January 2018. EGRAG's analysis indicates XRP is currently trading within a symmetrical triangle similar to that in 2017, suggesting a possible uptrend following the initial increase.

XRP Could Target $27

- EGRAG's analysis suggests XRP could achieve a $27 price target, aligning with the Fibonacci 1.618 level. The path involves breaching three key Fibonacci resistance levels: Fib. 1 ($3.31), Fib. 1.236 ($7.36), and Fib. 1.414 ($13.50). He advises a Dollar-Sell-Average strategy, allowing investors to systematically sell portions of their holdings as prices rise, due to the unpredictable nature of price movements.

Near-Term Momentum and Bullish Signals

- EGRAG also highlighted XRP's near-term momentum, pointing to a significant bullish signal from the previous month—a 75% Inverted Hammer formation often indicating an impending upward trend. He predicts XRP's price could reach $0.75 in the near term and suggests that July 2024 might be a pivotal month for substantial price movements. Currently, XRP is trading at $0.4961, struggling to maintain support at $0.50.

In summary, XRP shows potential for significant gains based on historical patterns and current analysis, with both short-term and long-term bullish signals suggesting possible price increases.

Source - thecryptobasic.com

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💥💥💥 How $100 Weekly Investments in #shibaInu Reached $641 Million

Shiba Inu, introduced in August 2020, has become a prominent #cryptocurrency investment, captivating both new and seasoned investors. Its rapid rise in just over a year highlights the volatility of the crypto market. Investors who recognized its potential early on have seen significant returns, showcasing the benefits of consistent investing.

Investing $100 weekly from August 2020 to the present would have turned into $641.78 million, boasting a growth rate of approximately 3,241,253%. Alternatively, investing until its all-time high in October 2021 would have yielded $1.239 billion, with a growth rate of 19,064,676%.

Currently, Shiba Inu is experiencing a resurgence, with an 8.43% price increase in the last 24 hours, reclaiming the $0.00025 price level. Trading at $0.00002577, it has surpassed the 50-day exponential moving average. While there was a minor setback of 7.36% over the past week, the monthly increase stands at an impressive 3.85%. Additionally, the 24-hour trading volume surged by 38.05% to $891,844,698.

Despite recent fluctuations, analysts predict a significant rebound for Shiba Inu. William, a renowned Bitcoin expert, forecasts a surge in SHIB's value to $0.05, reflecting an extraordinary increase of 193,774%.

Source - thecryptobasic.com

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🔥🔥🔥 #cardano prepares for Voltaire era with Node 9.0 launch

Cardano's founder, Charles Hoskinson, has announced that the release of Cardano Node 9.0 is anticipated for June, setting the stage for the Chang hard fork and ushering in the Voltaire Age.

In a recent post on X, Hoskinson stated, "It looks like June will be the month that Cardano Node will reach 9.0. This means that Cardano is Chang fork ready and waiting for 70 percent of the SPOs to install the new node. Then, a hard fork can occur pushing Cardano into the Age of Voltaire."

The Chang hard fork represents a major milestone for Cardano, transitioning the blockchain into a new era of decentralized governance. Hoskinson expressed his vision for Cardano's future: "Cardano will be a decentralized civilization spanning the entire world with millions of residents. We’ll have the most advanced #Blockchain governance system, annual budgets, a treasury, and the wisdom of our entire community to guide us."

The Voltaire Age will introduce a governance system that empowers the community to engage in decision-making processes. Initially, governance features will be implemented as per CIP 1694, laying the groundwork for #Decentralized voting. The subsequent phase will enhance these features, allowing for proxy participation and treasury withdrawals, thus enabling the community to propose and fund projects within the Cardano ecosystem.

Ahead of the Chang hard fork, Cardano released node version 8.9.2, addressing a critical issue in the peer-sharing networking feature, thereby bolstering the platform’s peer-to-peer networking capabilities.

Cardano's native token, ADA, stands to gain from this significant upgrade. At the time of writing, ADA is trading at $0.441 and ranks among the top ten crypto assets by market capitalization, according to CoinGecko’s data.

Source - cryptobriefing.com

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💥💥💥 #Layer2 #zkSync Token #Airdrop‬ May Be Launched Tomorrow

Key Points:

- zkSync announced a pre-game event starting tomorrow, sparking rumors of a token airdrop.

- The zkSync token airdrop, expected this month, faces a ticker controversy with Polyhedra Network.

- zkSync released the v24 upgrade, improving security and functionality for its Ethereum Layer 2 solution.

Anticipated zkSync Token Airdrop

- The #Ethereum Layer 2 network, zkSync, has unveiled a pre-game event beginning tomorrow, fueling speculation about a forthcoming token airdrop. Announced on platform X, zkSync encouraged users to enable notifications and follow the community account ZK Nation, dedicated to the protocol’s development and protection. Although specific details about the event are yet to be disclosed, the community is eagerly awaiting more information.

Airdrop Expectations and Ticker Controversy

- The community is buzzing with anticipation for the zkSync token airdrop, expected to be officially announced this month, with a total supply of 21 billion tokens. However, the choice of ticker symbol for the token has stirred some controversy. zkSync plans to use the ticker ‘ZK,’ which has already been claimed by Polyhedra Network. Despite this, zkSync may still proceed with the ZK ticker, noting that Binance has yet to list Polyhedra’s token.

- Prominent figures in the ZK proof ecosystem, including Shafi Goldwasser, Silvio Micali, Sandeep Nailwal, Brendan Farmer, and Eli Ben-Sasson, have collectively criticized zkSync’s attempt to use the ZK ticker. After extensive discussions, Matter Labs, the company behind zkSync, has decided to withdraw all trademark applications for the term ‘ZK.’

v24 Upgrade Enhancements

- In addition to the upcoming event, zkSync recently completed the v24 upgrade of its zkSync Era software on the mainnet. This latest release introduces several enhancements aimed at boosting security and functionality for the Ethereum Layer 2 scaling solution.

Source - coincu.com

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🔥🔥🔥 Is #Ethereum (ETH) Going to Lose $4,000? #Solana⁩ at $170: Was It Fakeout? $XRP Remains Stable

Ethereum appears to be facing challenges near the $4,000 mark, showing a lack of momentum to surpass or even reach this level. Currently, Ethereum is trading within a tightening range, typically indicative of consolidation preceding a potential breakout. Key levels to monitor are approximately $3,900 as resistance and $3,626 as support.

The $3,626 support level has been tested repeatedly, with bullish momentum requiring a decisive breakthrough of the $3,900 resistance. Low trading volumes suggest limited buying pressure. Ethereum's RSI at 65.88 reflects a neutral stance. A breach of $3,626 could lead to a drop towards the 50-day moving average at $3,298, while surpassing $3,900 might drive Ethereum towards $4,000 and beyond.

Solana Nears $170

Solana is approaching the $170 threshold, potentially aiming to surpass it soon. Currently, Solana is trading within a narrow range, with $165.84 serving as immediate support after retracting from $170. Key support levels to monitor are $156.52 and $151.66, historically significant for providing support.

If Solana maintains support above $165.84, it might attempt another push towards $170. However, breaking below $156.52 could indicate a bearish trend, possibly leading to a decline towards $150 or lower.

XRP Exhibits Stability

XRP has demonstrated remarkable stability lately, consistently hovering around $0.52. Currently in a consolidation phase, XRP maintains the $0.50 support level, while resistance levels stand at approximately $0.55 and $0.57.

The moving averages offer additional insights, with the 50-day acting as support and the 200-day and 100-day serving as resistance levels. Consistent trading volumes indicate sustained interest, while the RSI at 51.89 suggests a relatively stable market.

A break above the $0.55 resistance level could propel XRP towards $0.57 and higher, while a drop below $0.50 may indicate a bearish trend.

Source - u.toda

#CryptoTrends2024 #BinanceSquareTalks #cryptocurrency

💥💥💥 #BREAKING : #bitcoin Price Plummeted – Below $69,000! What Caused the Decline? Here is the Liquidation Data

Bitcoin (BTC) experienced a sudden decline, losing 3% of its value within minutes and hitting a low of $68,500. This drop is estimated to be linked to a live broadcast by RoaringKitty, a prominent influencer known for his involvement with GameStop shares. The live stream, which attracted approximately half a million viewers and was aired on major financial networks like CNBC, coincided with a sharp fall in GameStop shares. This decline resulted in a total loss of $235 million for RoaringKitty. GameStop shares can be likened to #Memecoins🤑🤑 in the #cryptocurrency world.

Additionally, data reveals that approximately $300 million was liquidated in the cryptocurrency market within the last hour, with $285 million of this being long positions and the remaining in short positions. A notable portion of these liquidations involved other altcoins such as Ethereum, Dogecoin, and Solana, as well as Bitcoin. The bulk of the liquidations occurred in low market value memecoins, with Bitcoin liquidations amounting to $44 million.

*This is not investment advice.

Source - en.bitcoinsistemi.com

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🔥🔥🔥 #Chainlink Chain Reaction: Analyst Sets Sights On $33 Target

Chainlink (LINK), the oracle network driving decentralized applications (#dApps ), is on an upward trajectory with analysts predicting a potential price surge to $33. Currently, LINK trades at $16.27, reflecting a 6.4% decline over the past 24 hours and an 11.0% drop over the past week, according to Coingecko.

Bullish Trends and Support Levels

- LINK recently broke through a key resistance level, now acting as a support zone, indicating a strong bullish trend. Over the past month, LINK’s price has risen by 25%, boosting investor confidence. Analysts, including Crypto Yapper, anticipate a retest of this new support level, which, if held, would confirm the ongoing uptrend.

Price Predictions and Market Sentiment

- Forecasts suggest a 30% increase in LINK’s price, potentially reaching $21.71 by July 7, 2024. Despite this, short-term market sentiment remains bearish, with the Fear & Greed Index at 77 ("Extreme Greed"), hinting at possible overconfidence and a potential market correction. LINK has experienced a 50% rate of green days and a volatility rate of 10.73% over the past 30 days.

The Road Ahead

- The coming weeks will be pivotal for Chainlink. Successfully overcoming technical challenges and achieving price targets could signal a broader market resurgence for the #cryptocurrency sector.

This summary is for informational purposes only and is not investment advice.

Source - newsbtc.com

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💥💥💥 #shibaInu Needs to Break This 29 Trillion Resistance to Reach $0.00006

In the current market, altcoins like Shiba Inu (SHIB) are struggling to regain momentum despite #Bitcoin's strong performance. On June 5th, SHIB saw a surge, peaking at $0.00002633, driven by Bitcoin's rise and positive market sentiment. However, it faces significant resistance at the $0.000026 level, where a major sell wall exists, hindering further gains.

Data shows that 64,320 addresses hold 69.74 trillion SHIB at an average price of $0.000026, contributing to selling pressure when SHIB approaches this level. Despite attempts to maintain support above $0.000025, SHIB has retraced its recent gains.

To surpass the $0.000026 resistance, SHIB needs to confidently close above $0.000027. However, it faces additional hurdles on its way to $0.00006, encountering five more supply walls. The largest of these walls involves 140,260 addresses holding 19 trillion SHIB tokens between $0.00003 and $0.000036.

Despite these challenges, SHIB maintains a significant number of addresses in profit, representing 63.43% of total holders. This is attributed to SHIB's spike beyond $0.00001 earlier this year. Presently, SHIB trades at $0.00002534, with efforts ongoing to reclaim $0.00003.

In summary, SHIB faces formidable obstacles in its recovery journey, with multiple sell walls impeding progress. However, bullish momentum driven by Bitcoin's resurgence and positive market sentiment could fuel SHIB's ascent if these obstacles are effectively overcome.

Source - thecryptobasic.com

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🔥🔥🔥 Data Shows That Despite Struggles, $XRP Ranks Among Top 5 Assets with Highest Profitability

The recent update highlights XRP's ongoing struggle to surpass the $0.50 level, sparking #stablecoin comparisons. Since dropping below $0.60 on April 12, XRP has failed to reclaim this key price point, despite occasional market upswings. However, XRP has maintained its $0.50 support, showcasing resilience but causing investor anxiety due to stagnant price movements.

Santiment's "Supply in Profit" metric reveals that most of XRP's circulating supply is trading at a profit. This metric compares a token's current value to its initial value on the #Blockchain , indicating whether it's trading higher or lower than its initial price.

Bitcoin ($BTC ) has the highest percentage of supply in profit at 98.3%, followed by Ethereum ($ETH ) at 95.1%, #Chainlink at 86.8%, and Dogecoin (DOGE) at 82.2%. Despite a year-to-date decline of 15%, XRP ranks fifth with a 78.8% profitability ratio.

XRP's high profitability is due to its initial low price and the timing of token releases. Ripple's monthly escrow releases, totaling 2.4 billion tokens annually, often coincide with low prices, maintaining supply profitability. For instance, 500 million XRP released on May 1 and 1 billion XRP on June 1 are now in profit, trading above their release prices.

In summary, XRP's ability to maintain its $0.50 support and high profitability ratio, despite price struggles, is largely due to strategic token releases and initial low pricing.

Source - thecryptobasic.com

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👉👉👉 #ECB Cuts Rates, #CryptoMarkets Brace for Potential #bitcoin Surge

This decision comes amidst projections of inflation at 2.5% in 2024, gradually decreasing to 1.9% by 2026. Additionally, GDP growth forecasts predict a rise of 0.9% in 2024 and 1.6% in 2026. The anticipated move, marking the first cut since September 2019 when the deposit facility entered negative territory, was expected by money markets.

The unanimous decision to cut rates was supported by all 20 national representatives, with ECB President Christine Lagarde highlighting the significance of this move. Recently, a major central bank initiated a rate cut this year, sparking speculation that the ECB might follow suit.

Amid these macroeconomic conditions in the European Union, analysts at QCP Capital suggest that today’s U.S. jobless claims report and the upcoming CPI release could potentially drive Bitcoin to new all-time highs.

QCP Capital also asserts that market momentum might intensify if potential rate cuts are taken into account. This sentiment aligns with recent actions by central banks worldwide, reflecting a collective effort to navigate economic uncertainties. Notably, the ECB is expected to implement a similar quarter-point rate cut soon.

Source - thecryptobasic.com

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Here is #XRPPrice if Total Crypto MarketCap Hits $5T as Predicted by #ripple CEO

XRP's potential to breach the $1 mark hinges on the global crypto market cap reaching $5 trillion, a prediction confidently stated by Ripple CEO Garlinghouse.

Garlinghouse's April forecast suggested a meteoric rise in the global crypto market cap to $5 trillion by the year's end. He cited macroeconomic trends and the influx of capital sparked by spot #BitcoinETFs as primary catalysts for this surge.

Reaffirming his optimism at this year's Consensus, Garlinghouse's remarks have ignited speculation about the impact on various cryptocurrencies, notably XRP.

XRP's Price Amid a $5 Trillion Market Cap

- Currently valued at $0.5237 with a market cap of $28.3 billion, XRP stands amid a crypto market cap of $2.5 trillion. Should Garlinghouse's prediction materialize, presenting a doubling in market value, XRP would encounter substantial opportunities.

- Assuming a proportional increase in XRP's market cap to match the overall market's growth, its current $28.3 billion valuation could soar to $56.6 billion. With a circulating supply of 55.35 billion tokens, XRP's price could reach $1.022—a conservative estimate aligning with broader market expansion projections.

Loftier Projections and Market Dominance

- However, some analysts foresee XRP's trajectory stretching beyond the $1 milestone. For instance, World of Charts anticipates a surge to $5, while CryptoBull envisions a market structure propelling XRP to a staggering $154.

- Such ambitious targets could catapult XRP's market cap to $276 billion if it hits $5. This would boost its market dominance from the current 1.16% to 5.3% in a $5 trillion #CryptoMarket scenario.

- In essence, XRP's journey to $1 is just the beginning, with loftier projections painting a picture of exponential growth and increased market dominance. As Garlinghouse's prediction unfolds, XRP's potential to reshape the crypto landscape remains a focal point of market speculation.

Source - thecryptobasic.com

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💥💥💥 From Disney to #Blockchain : New Web3 Game Set to Transform Online Gaming Landscape

Exciting news reverberates through the realm of web3 gaming as Immutable unveils its partnership with The Mystery Society, heralding the arrival of a groundbreaking social deduction game on its zkEVM platform, powered by 0xPolygon. Backed by a recent $3 million funding injection, The Mystery Society, spearheaded by industry veterans from Disney and Club Penguin, stands poised to reshape the landscape of social gaming.

This collaboration marks a significant milestone not only for The Mystery Society but also for Immutable, underscoring its commitment to nurturing innovative game development within the blockchain sphere. By harnessing the capabilities of #zkEVM , The Mystery Society promises a seamless and scalable gaming experience, showcasing Immutable's advanced technological infrastructure.

The brainchild of Great Big Beautiful Tomorrow Corp, led by Chris Heatherly, former Head of Games at Disney and Universal Pictures, The Mystery Society aims to foster a symbiotic relationship between developers and the community. Utilizing Immutable's zkEVM, lauded by Heatherly as the pinnacle of web3 game development, it transcends mere entertainment.

With its unparalleled capacity to facilitate intricate applications while enhancing scalability and security, Immutable's platform is poised to set a new industry standard, particularly in the burgeoning realm of blockchain-based gaming.

As The Mystery Society launches on Immutable's zkEVM, it promises to blend entertainment, intrigue, and community engagement. With seasoned industry pros and innovative blockchain tech, it's set to captivate gaming enthusiasts and decentralized gaming ecosystem enthusiasts alike.

This collaboration marks a potential gaming paradigm shift, uniting community and developer interests to enhance the gaming experience. It showcases the endless possibilities of merging traditional gaming expertise with blockchain technology.

Source - blockchainreporter.net

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