On April 20, the support level of $0.50 for Ripple XRP was lost as the bears drove a drop to $0.47. Despite this, a decreasing NVT ratio and persistent activity from large investors suggest that a rebound could be in the works. Could XRP potentially exceed a value of $0.60?

After a period of correction across the industry, XRP saw a 12% decline, failing to surpass the $0.50 support level for the first time in April 2023. However, metrics related to on-chain activity point to a potential short-lived bearish trend.

At Current Prices, XRP is Potentially Undervalued

XRP's current prices may be underestimating its true value, as suggested by the Network Value to Transaction Volume (NVT) ratio. This metric evaluates the fundamental worth of an asset by comparing the growth of its market capitalization to its transaction volumes.

The chart below highlights a downward trend in XRP's NVT ratio since the beginning of the week, represented by the red line. The ratio fell by 80% between April 15 and April 21, dropping from 355.87 to 79.85. This indicates a potential undervaluation of XRP, as the network's transaction volumes may not be accurately reflected in the asset's current market capitalization.

Ripple (XRP) Price vs. NVT Ratio. April 2023. Source: Santiment

Investors use the NVT ratio as a crucial tool to gauge the intrinsic worth of a cryptocurrency and forecast its growth potential. A significant drop in the ratio may indicate rapid adoption growth relative to transactional activity at the moment.

Presently, the XRP NVT ratio's low values suggest that the coin may be undervalued, which could be viewed as an optimal opportunity for strategic investors to purchase it.

8 Billion XRP Coins Held Firmly by Whale Investors

Despite the recent turbulence in the altcoin markets, Crypto Whales with holdings ranging from 100,000 to 100 million XRP have continued to show their support.

According to Santiment's on-chain data, these whales have sustained their combined wallet balances above 8 billion XRP coins since late March. As seen in the chart below, their total aggregate balance of 8.07 billion coins represents a rise of 250 million XRP from the 7.82 billion coins recorded on March 24.

Ripple (XRP) Price vs. Whales Wallet Balances. April 2023. Source: Santiment

At the current market value, the 250 million newly-added coins are valued at nearly $120 million. If the Crypto Whales persist with their positive outlook in the coming days, it is likely that XRP will maintain the support level of $0.45.

XRP Price Prediction

XRP holders who are bullish on the cryptocurrency have successfully defended the support level of $0.45 in the past week. Santiment's Market-Value to Realized-Value (MVRV) data suggests that a price rebound could be on the horizon.

Presently, most XRP holders who purchased within the last 30 days are experiencing a 6% loss. Based on historical trends, these holders may cease selling to avoid further losses. If this happens, the price of XRP could rebound by 13%, reaching $0.52, before Ripple investors begin to sell.

Should XRP break through this resistance level, the bullish momentum may continue and drive the rally towards the $0.60 zone before investors start booking profits.

Ripple (XRP) Price vs. MVRV Ratio. April 2023. Source: Santiment

It is important to note that the bears could reverse the momentum in their favor if the price of XRP drops below $0.45. However, some investors may offer support at this level to limit their losses within the 10% range.

If the $0.45 support level fails to hold, XRP could experience a decline towards the 18% loss range at $0.39. Nevertheless, even in this scenario, some holders may opt to cut their losses, which could unintentionally trigger a rebound.

#xrp #marketupdate #xrparmy #CDD #dyor

Source: beincrypto

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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.

In the world of cryptocurrencies, market fluctuations and price predictions are the norm, with Bitcoin often leading the way as the most talked-about digital currency. 

With the recent Federal Reserve interest rate hike impacting financial markets, many are left wondering how this move will affect Bitcoin's trajectory. 

This article delves into the potential of Bitcoin reaching the $30,000 mark in the aftermath of the rate hike, exploring factors that could drive its value and the market sentiment surrounding this popular cryptocurrency.

Banking Collapse Aids Bitcoin in Regaining Positive Momentum

Since the beginning of March, US regulators have closed and sold three mid-sized US banks: Silicon Valley Bank, Signature Bank, and First Republic.

This marks the highest number of failures to affect the US since the financial crisis of 2008.

In Europe, Credit Suisse, a major global player in financial turmoil, is being forced into a rescue plan with competitor UBS. Large-scale customer withdrawals, driven by concerns over the security of their funds, contributed to the collapses.

The banks in the USA, Europe, and the UK are facing a crisis, resulting in a loss of public trust and driving more people towards cryptocurrencies due to their decentralized nature. 

Moreover, US Secretary Janet Yellen stated that the US would reach its debt ceiling in June, which added further pressure on the US dollar and bolstered BTC/USD prices.

Bitcoin Shatters Daily Transaction Record Amid Growing Interest in New Network Technology

Bitcoin recently set a new record for daily transactions as interest in Ordinals, a protocol that expands the applications of blockchain, continues to grow.

According to data from BitInfoCharts, the daily volume of Bitcoin transactions surged to 682,009 on Monday after hitting a previous record of 568,300 the day before. 

This was approximately 78,000 higher than the previous peak reached during the 2017 bull market.

JennieNFT @jennie_nft

The majority of these transactions originated from Ordinals, as it allowed users to embed data into Bitcoin's blockchain, similar to NFT minting. 

The simplicity of investing in cryptocurrency and sending payments internationally contributed to an increase in the user base, resulting in more transactions.

Bitcoin Gains Attention Ahead of Election Cycle

Bitcoin appears to have received additional support from recent comments made by US Presidential candidate Robert F. Kennedy Jr. The Democratic candidate believes the turmoil in the US banking sector is due to the "war on crypto." 

According to him, the SEC and FDIC have no legal authority to wage an additional war on crypto that is damaging the country's major banks. 

He further stated that critics who believe Bitcoin's energy usage is bad are simply misunderstanding the concept. 

Bitcoin Magazine@BitcoinMagazine

The political attention that crypto and Bitcoin are receiving ahead of the upcoming election cycle is also contributing to the market's value.

Bitcoin Price

BTC/USD is showing a positive outlook after falling to 28,250. On the 4-hour chart, Bitcoin has created a bullish engulfing pattern and is currently progressing towards the next resistance level of 29,300.

If BTC demand rises, it may potentially surpass the 29,300 level, exposing it to the subsequent resistance at 29,975. 

On the other hand, BTC might find considerable support around the 50-day exponential moving average, likely providing support near the 28,650 level.

Bitcoin Price Chart - Source: Tradingview

In the event of a drop below the 28,650 level, the downtrend might continue until it reaches the next support level at 27,823. 

If the price declines further below 27,800, the downtrend could persist until the next support level of 27,150.

source: cryptonews

mage source: ai

#BTC #Fed #ratehike #crypto #CDD

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.

CDD data stands for Customer Due Diligence data. It is the information that businesses collect and verify about their customers in order to comply with anti-money laundering (AML) regulations. CDD data typically includes the customer's name, address, date of birth, nationality, occupation, and source of income. Businesses may also collect additional information, such as the customer's tax identification number, passport number, or employment history.

#CDD data is used to assess the risk of a customer being involved in money laundering or other financial crimes. Businesses use this information to make decisions about whether or not to open an account for a customer, and what level of monitoring is required.

Types of CDD data

There are two main types of CDD data:

Basic CDD data is the minimum amount of information that businesses are required to collect by law. This information typically includes the customer's name, address, date of birth, and nationality.

Enhanced CDD data is additional information that businesses may collect if they have a higher risk of exposure to financial crime. This information could include the customer's tax identification number, passport number, employment history, or source of income.

The importance of CDD data

CDD data is essential for businesses to comply with AML regulations. By collecting and verifying this information, businesses can help to prevent money laundering and other financial crimes. CDD data can also be used to identify and investigate suspicious activity.

How to collect CDD data

There are a number of ways that businesses can collect CDD data. One common method is to ask customers to complete a CDD form. This form will typically ask for the customer's basic and enhanced CDD data. Businesses can also collect CDD data through online questionnaires or by verifying the information that customers provide through other sources, such as public records.

How to store CDD data

CDD data must be stored securely and in accordance with applicable laws and regulations. Businesses should use a secure database or file system to store CDD data. They should also implement appropriate access controls to prevent unauthorized access to this information.

The future of CDD data

CDD data is becoming increasingly important as businesses face growing threats from financial crime. In the future, businesses are likely to collect and verify even more CDD data in order to comply with AML #regulations and protect themselves from financial crime.

Conclusion

CDD data is an essential tool for businesses to comply with #AML regulations and prevent money laundering and other financial crimes. By collecting and verifying this information, businesses can help to keep their customers and their businesses safe.

Two Ethereum (ETH) developers have voiced their criticisms of a new European stablecoin that recently launched on the top smart contract platform. The stablecoin, known as EUR CoinVertible (EURCV), is pegged to the Euro and was introduced by French financial services giant Societe Generale.

twitter foobar @0xfoobar

One of the developers, who goes by the pseudonym 0xfoobar, took to Twitter to voice their concerns about the stablecoin's transfer mechanism and coding. In a tweet to their 128,000 followers, 0xfoobar wrote that the stablecoin had "the worst code" they've ever seen, and that every ERC20 single transfer has to be approved in a separate ETH transaction submitted by a centralized registrar. They also sarcastically mocked the thinking process behind the development of such a stablecoin, asking why anyone would create an ERC20 token that still requires waiting days for back-office agencies to load up the fax machine.

twitter alephv.eth@alpeh_v

Another Ethereum developer, known as aleph_v, also expressed their criticisms of the stablecoin's transfer mechanism, noting that such tight regulations could only come from a French bank. Aleph_v further explained that the protocol requires a blockchain transaction to process approvals and that every user must be whitelisted before any transfers can be processed.

The launch of the stablecoin comes just weeks after French President Emmanuel Macron called for Europe to lower its dependence on the US dollar. Societe Generale's introduction of a Euro-pegged stablecoin on the Ethereum platform is seen by some as a step towards this goal.

However, the criticisms from the Ethereum developers suggest that the stablecoin may not be as efficient as hoped. Ethereum is known for its fast settlement times and low transaction fees, and any token that operates on the Ethereum platform is expected to reflect these characteristics.

Despite the criticisms, it remains to be seen how EURCV will fare in the market. Stablecoins have become increasingly popular in recent years due to their ability to maintain a stable value relative to a fiat currency. If EURCV can provide this stability while also maintaining the efficiency of the Ethereum platform, it may find success in the growing stablecoin market.

In conclusion, the launch of the EUR CoinVertible stablecoin by Societe Generale on the Ethereum platform has drawn criticisms from two prominent Ethereum developers. The developers have raised concerns about the inefficiency of the stablecoin's transfer mechanism and the quality of its coding. While the stablecoin is pegged to the Euro and is seen by some as a step towards reducing Europe's dependence on the US dollar, its critics argue that its slow transaction process may hinder its success. Despite the criticisms, the stablecoin's ability to maintain a stable value relative to the Euro may attract interest from users in the growing stablecoin market.

#ETH #euro #Stablecoins #crypto2023 #CDD

Source: dailyhodl

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A further $375 million that users tried to transfer out of interest-bearing accounts after Nov. 10 still belongs to the estate, Bankruptcy Judge Michael Kaplan said

BlockFi custodial wallet users can be returned nearly $300 million, as a New Jersey judge ruled on Thursday May 11 that assets sitting in the wallets belong to clients rather than the estate of the bankrupt crypto lender.

Bankruptcy Judge Michael Kaplan ruled against repaying a further $375 million in funds that clients tried to withdraw from BlockFi’s interest-bearing accounts, known as BIA, after the company froze funds last year, as ripples from the collapse of FTX spread through the crypto ecosystem.

“The court finds that all digital assets held by the debtors in custodial omnibus wallets are indeed client property, and not property of the bankruptcy estates, subject, of course, to possible avoidance and clawback rights,” Kaplan said, but had less happy news for BIA customers.

“No transfer request by customers between the BIA and the custodial wallet accounts initiated after 8.15 pm on November 10, 2022 were effectuated and completed,” Kaplan said, despite the crypto company's user front-end appearing to confirm that they had successfully shifted funds.

“BIA account holders deposited their assets into these accounts with the full knowledge that they were undertaking certain risks in exchange for the chance of greater returns,” he said, but custodial wallet holders “did not share this risk or return and should not have their ownership of non estate property diluted by those who took on such risks.”

Under bankruptcy law, funds which are deemed to belong to customers can be returned immediately, rather than being divided up among creditors of the company’s estate.

In this case reimbursement was held up by a dispute over the status of funds held in BIA which customers tried to liquidate after Nov. 10, when BlockFi paused transfers, and Nov. 18, when it made corresponding changes in the app.

At a hearing held Monday, Deborah Kovsky-Apap of law firm Troutman Pepper argued that her clients – who all attempted to transfer BIA holdings in that interim period – should be included in any repayment.

It’s “not fair to be able to ignore the plain language of the terms of service” that promises transactions will happen instantly, Kovsky-Apap said, adding that BlockFi was effectively trying to discriminate in treatment among customers who were all in the same situation.

Michael B. Slade, representing BlockFi, said that no sale of the assets had been completed, even though those clients received email confirmation that it had, as the user interface had been “deliberately divorced” from underlying transactions.

BlockFi filed for Chapter 11 bankruptcy on Nov. 28, 2022, a few weeks after FTX, from which the crypto lender had sought a bailout in June.

source: coindesk

image source: ai

#blockfi #CDD #CryptoDailyDigest #crypto #dyor

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.

Hong Kong and Singapore have emerged as the leading cryptocurrency hubs in Asia, attracting numerous international crypto firms to set up their operations in both cities.

One such example is Amber Group, a digital asset firm with a multi-billion dollar valuation that is headquartered in Singapore but maintains a significant presence in Hong Kong. According to Annabelle Huang, the managing partner of Amber Group, the company is preparing to apply for Hong Kong's new virtual asset trading platform (VATP) license, demonstrating its commitment to both markets.

While Hong Kong is currently leading the way, Huang emphasized that both markets are equally important for the firm. She also noted that Singapore is not closing its doors and remains a strong contender in the competition for the title of Asia's crypto capital.

Contrasting Retail Trading Regulations in Two Major Crypto Hubs

The divergent regulatory approaches to crypto assets in Singapore and Hong Kong are becoming increasingly apparent.

Singapore initially attracted crypto businesses with its lenient licensing regime. However, the Monetary Authority of Singapore (MAS) has recently adopted a more stringent stance towards trading platforms.

In particular, MAS has prohibited crypto exchanges from advertising their services to the public and has issued multiple warnings to individual investors about the volatility of cryptocurrency assets.

This year, MAS proposed additional regulations that may limit retail investors' access to certain crypto offerings. The proposed regulations would prohibit investors from borrowing money to purchase cryptocurrencies and restrict companies from loaning or staking their currencies for returns.

Despite the different regulatory approaches, both Singapore and Hong Kong remain attractive destinations for cryptocurrency firms.

In Singapore, while the Monetary Authority of Singapore has tightened regulations for trading platforms and cautioned individual investors about cryptocurrency's volatility, interest in digital assets remains high.

Hong Kong, on the other hand, has created a regulatory framework that allows crypto exchanges to operate with the VATP license. Instead of banning specific activities, the new regime requires exchanges to register with the Securities and Futures Commission and provide stronger safeguards for retail investors.

With the new VATP laws, retail trading platforms must conduct onboarding procedures to evaluate individuals' risk profiles and perform strict token due diligence to ensure stronger protection for investors.

Although Singapore and Hong Kong may attract the most attention as Asia's leading crypto hubs, other markets in the region are also developing their own cryptocurrency scenes.

Last year, Amber Group entered the Japanese market with its acquisition of the cryptocurrency exchange DeCurret. However, the firm is currently focused on serving institutional clients and may sell DeCurret to a potential buyer.

Despite this, Amber Group is not planning to exit the Japanese market. According to Huang, "Japan is still booming, especially in terms of the different Web3 applications that are coming out of it."

While Japan's strict regulatory environment for crypto exchanges has made it difficult for businesses to turn a profit, advocates argue that the country's approach works. For example, FTX Japan has been able to allow its users to withdraw all their fiat and crypto funds, even as the platform's customers elsewhere may never be able to recover their assets.

#hongkongweb3 #singapore #crypto2023 #CDD #crypto

Source: beincrypto

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The Helium (HNT) Network has officially completed its migration to the Solana (SOL) blockchain, marking a significant upgrade for the project's scalability and reliability. According to the CEO of the Helium Foundation, Abhay Kumar,

"Migrating the Helium Network to Solana offers significantly more utility for the network, including faster transaction speeds and new smart contract capabilities. And now that core developers will no longer have to maintain a layer-1 blockchain, the Helium Foundation and other contributing organizations can direct more resources towards our shared goals of accelerating the growth of decentralized wireless networks and bringing new applications that create economic efficiencies and close the digital divide."

blog.helium.com

Helium focuses on building a network for the Internet of Things (IoT) powered by physical hotspots. The HNT token rewards participants for validating coverage and providing wireless hotspots. HNT is currently trading at $1.78, representing an 11% surge over the past seven days. On the other hand, SOL is trading at $21.96, down 5% over the past 24 hours and more than 11.5% over the past week.

The migration of Helium to Solana is expected to bring faster and more efficient transactions, benefiting both Helium and Solana in the future. With this significant milestone achieved, Helium is set to continue its focus on expanding its network and bringing new applications that enhance economic efficiencies and close the digital divide.

#hnt #helium #crypto2023 #dyor #CDD

Source: dailyhodl

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Bitcoin's outperformance during the banking crisis indicates the cryptocurrency is the anti-dollar liquid play for investors, one portfolio manager said.

Bitcoin's (BTC) dominance rate, measuring the cryptocurrency's share in the broader market, has risen sharply since the onset of the ongoing U.S. banking sector instability almost two months ago.

Since early March, the dominance rate has increased from 42% to 22-month highs near 49%, indicating the top cryptocurrency's outperformance relative to the broader market, according to data tracked by the charting platform TradingView.

The SPDR S&P regional banking ETF, which seeks to replicate the performance of an index derived from the regional U.S. banks, has tanked by 35% over the same time frame.

In March, three U.S. banks – Silicon Valley Bank (SVB), Signature Bank (SBNY) and Silvergate Bank (SI) – failed, triggering fears of a full-blown banking crisis. First Republic Bank (FRCB) became the latest victim of the banking crisis and to complicate matters, shares in Los Angeles-based lender PacWest Bancorp (PACW) plummeted over 60% on Wednesday.

However, Federal Reserve Chairman Jerome Powell said the banking sector is "sound and resilient."

According to Decentral Park Capital's Portfolio Manager Lewis Harland, bitcoin's growing market dominance amid the banking sector instability and the slide in banking stocks is evidence of the cryptocurrency's strengthening appeal as anti-U.S. dollar play or bet on the dollar weakness just as gold and oil.

"You see outperformance of BTC within the crypto market when regional bank share prices collapse. This signals that BTC is the high-quality anti-dollar liquid play for investors as the crisis unfolds further," Harland told CoinDesk.

Expectations for renewed liquidity easing by the Federal Reserve (Fed) have strengthened amid the banking crisis, signal dollar weakness ahead. On Wednesday, the Fed raised interest rates by 25 basis points and opened the doors for a potential pause in June.

The dominance rate stood at 48.5% at press time, having recently set a high of 48.9%. (Decentral Park Capital) (Decentral Park Capital)

BTC's dominance rate is now probing the upper end of the multi-year range. A breakout would mean continued BTC outperformance, according to Harland.

"Bitcoin dominance is looking to break its 3-year oscillation pattern," Harland said. "A break of 50% would likely signal a new market regime of prolonged BTC outperformance within the market."

Bitcoin picked up after regulators Silicon Valley Bank of March 10 and has rallied 48% to $29,100 since then, CoinDesk data show. The run higher is reminiscent of the positive performance during the 2013 Cyprus banking crisis.

source: coindesk

mage source: ai

#BTC #bitcoin #dominance #news #CDD

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.