Former U.S. congressional candidate and Gokhshtein Media founder David Gokhshtein, who frequently tweets about major cryptocurrencies and meme coins, has touched on Ethereum. The prophecies are seen on Crypto Twitter last year and earlier about ETH approaching $10,000.

Gokhshtein questions in his tweet whether the community of the second largest digital currency still feels it can achieve the previously announced high price level. He remarked that he had not lately heard anyone discussing Ethereum reaching $10,000 on Twitter.

The much-anticipated Ethereum update in Shanghai was revealed on Twitter around a week ago. The Ethereum network will undergo a critical hard fork on April 12.

Stakeholders can then withdraw their ETH from the Ethereum 2.0 deposit contract. This upgrade and another known as Capella will complete the blockchain’s move to the proof-of-stake consensus mechanism.

Several whales anticipate a drop in the Ethereum price following this since significant quantities of ETH are expected to be removed from the aforementioned staking contract. ETH is currently trading at $1,755, having just surpassed $1,800.

@azcoinnews

As the banking crisis in the United States persists, Ethereum has exceeded $1,800 numerous times this month. It all started with the failure of three large banks: Silvergate, Silicon Valley Bank, and Signature Bank. This quickly lifted the Bitcoin price to $28,000, allowing Ethereum to reclaim $1,800.

First Republic Bank and Credit Suisse have just suffered the same fate. Deutsche Bank may be the next possibility for insolvency, if not of severe difficulties, as its share price has been falling. On Friday, the cost of credit default swaps on this financial giant’s debt increased significantly. This is causing the prices of Bitcoin, Ethereum, and the rest of the cryptocurrency market to climb.

#ETH #Ethereum #crypto2023 #azcoinnews #azcoin

This article was republished from azcoinnews.com

BlockFi, a cryptocurrency asset lending platform that filed for bankruptcy in November last year, has received approval from a New Jersey bankruptcy court to sell its assets to US Farms for approximately $4.7 million. The sale includes BlockFi’s coin miners.

Voluntary bankruptcy, under Section 11 of the U.S. Bankruptcy Act, is a method for companies to rebuild by reducing their debts while continuing business operations. In this case, BlockFi is selling its assets to maximize recovery for its creditors during its voluntary bankruptcy proceedings.

The sale of BlockFi’s assets, including the mining machines, was approved by the bankruptcy court on January 30, 2023. The court deemed the sale plan fair, reasonable, and appropriate to recover the business and maximize the realizable value for the company.

BlockFi has put up a total of 68,000 bitcoin miners as guarantees for the bond, and there is a possibility that the drop in mining machine prices may lead to a lack of collateral for BitFi creditors.

BlockFi is currently in the process of selling loans worth $155 million. However, the company has temporarily suspended its proceedings until the criminal case of Sam Bankman Fried, former CEO of FTX, is concluded. The US prosecutors are concerned that a Robinhood stock ownership lawsuit could impact the criminal proceedings against SBF.

BlockFi’s decision to sell its assets and restructure its debts through voluntary bankruptcy reflects the challenges that cryptocurrency companies face in the current economic climate. The volatility of digital assets can lead to a lack of collateral, and companies must navigate the legal and financial complexities of the industry to remain viable.

#BlockFI #FTX #azcoinnews #azcoin #crypto2023

This article was republished from azcoinnews.com

Binance has announced a partnership with MrPay, a licensed software provider, to make Binance Gift Card available in 5000 locations across major cities in Italy. This is the first time the Binance Gift Card will be introduced via physical outlets in the region, offering convenience for users who wish to purchase crypto offline with cash and top up on Binance easily.

Through kiosks and local shops, users can buy cryptocurrencies in the format of Binance Gift Card with different supported payment methods including cash (within the limits prescribed by the law). Users will receive the 16-digit redemption code of the Binance Gift Card printed on the receipt, which they can redeem via the Binance website with 0 fees.

MrPay, a licensed software provider with over 15 years of digital transformation experience, is registered in Italy as a VASP with the Organismo Agenti e Mediatori (OAM). The partnership holistically enhances MrPay’s crypto deposit service and reinforces Binance Italy S.R.L. as a Virtual Asset Service Provider (VASP) registered with the Organismo Agenti e Mediatori (OAM).

For users who are interested in buying crypto via offline kiosks in Italy, they can contact Binance Italy Customer Support to retrieve information on where to get access to Binance Gift Card via MrPay kiosks. Users may look for AM kiosk machines and stickers that say “Acquista crypto” with a Binance Gift Card logo. Binance Gift Card will be visible under the category of “Crypto”. If the crypto category is not available on the kiosk, then they can ask at the cashier inside the shop to buy a Binance Gift Card. However, gift card availability may vary per kiosk machine or local shop.

To redeem Binance Gift Cards, users can either paste their redemption code and redeem via the Gift Card Website or go to Profile – Gift Card – Redeem in the Binance App, select the redeem option and enter the 16-digit redemption code to redeem.

#Binance #BNB #MrPay #azcoinnews #azcoin

This article was republished from azcoinnews.com

ConsenSys, the leading Web3 company, has announced that MetaMask, the world’s leading self-custody wallet, and MoonPay, the leading web3 infrastructure company, have expanded their offerings in Nigeria.

This move aims to provide Nigerian users with an easier and more efficient way to access digital assets, as buying and selling crypto in the country has been challenging due to the lack of localized payment methods.

With the new feature, users of MetaMask in Nigeria can now use instant bank transfers to purchase crypto directly within the MetaMask mobile app and the Portfolio Dapp, making the experience cheaper, faster, and more efficient. This integration will reduce decline rates and provide a user-friendly experience, allowing Nigerian users to obtain tokens conveniently without setting up an account with a centralized crypto exchange.

The collaboration between MetaMask and MoonPay will enable Nigerian users to fund their self-custody wallet through a simplified user experience. This feature is a significant step towards achieving a seamless on-ramp experience in Nigeria and other African countries such as Kenya, Botswana, and South Africa.

The increasing adoption of crypto in Nigeria is evident as the country has been climbing the charts regarding grassroots crypto adoption, with almost 12.4 million people estimated to own crypto assets, according to the Chainalysis 2022 Global Crypto Adoption Index. Nigeria is among MetaMask’s top markets globally, ranking third in mobile active users, and among the top ten countries regarding visitors to metamask.io.

Lorenzo Santos, Senior Product Manager at MetaMask, said, “This is an essential next step in a critical market that has embraced crypto and web3 but faces serious challenges when using fiat to crypto on-ramp. We are reducing friction and bringing down barriers to keep supporting Nigerians as they onboard into web3.”

Zeeshan Feroz, Chief Product & Strategy Officer of MoonPay, added, “Our partnership with MetaMask will enable us to provide Nigerian users with Bank Transfers, a widely used payment method across Nigerian e-commerce businesses. We hope this integration opens the doors for Nigerians to fund their self-custody wallet through a simplified user experience.”

This integration is expected to boost the Nigerian crypto market, as a widely accepted and real-time payment infrastructure obstacle for crypto transactions in Nigeria would make purchasing crypto an easy solution. Moreover, MetaMask users can become their own bank through self-custody, directly controlling their assets.

To fund your MetaMask wallet with MoonPay in Nigeria, users can log in to the MetaMask mobile app or Portfolio Dapp, click or tap the Buy button, select Nigeria as their region, choose Instant Bank Transfer, enter the amount desired and the token they wish to purchase, select the MoonPay quote, and checkout inside MoonPay widget.

In conclusion, this collaboration between MetaMask and MoonPay is an excellent initiative for Nigerian users, as it will provide them with a more convenient on-ramp experience, reducing friction and bringing down barriers to access web3. This move is a significant step towards achieving the digital economy of tomorrow, as ConsenSys enables developers, enterprises, and people worldwide to build next-generation applications and access the decentralized web.

#Metamask #moonpay #Nigeria #azcoinnews #azcoin

This article was republished from azcoinnews.com

Bitcoin has been on a downward trend since mid-2021, causing concern among investors and analysts alike. However, it appears that the cryptocurrency has finally broken the $20,000 barrier and is holding steady at $27,000. While this news has generated excitement among investors, there are still conflicting opinions on the direction of the market.

One analyst who remains bearish on the market is ‘Capo,’ who accurately predicted the fall of Bitcoin when it sharply dropped in the past. Capo has been inactive on Twitter for over a month but has recently returned to provide an update on his analysis of the market.

According to Capo, despite the recent increase in Bitcoin’s price, altcoins have not followed suit and are still holding at major resistance levels. His analysis indicates that the recent rally of Bitcoin might be due to high price manipulation, particularly with BUSD and USDC. He remains bearish and fully out of the market, stating that new lows are still likely to happen.

Capo’s analysis is not shared by all, as many investors are optimistic that the recent increase in Bitcoin’s price could signal the beginning of a bullish trend. However, Capo’s accurate analysis in the past suggests that his perspective should not be ignored.

The current state of the cryptocurrency market remains uncertain, with conflicting opinions on the direction it will take in the coming months. While some analysts are optimistic about Bitcoin’s recent increase in price, others like Capo remain cautious, warning of the potential for price manipulation and new lows.

Despite this uncertainty, the popularity and adoption of cryptocurrencies continue to grow, with many individuals and companies investing in digital assets. As more people enter the market, it will be interesting to see how the price of Bitcoin and other cryptocurrencies will evolve in the coming months.

In conclusion, while the recent increase in Bitcoin’s price has generated excitement among investors, the market remains uncertain, with conflicting opinions on its direction. Only time will tell whether Bitcoin’s recent increase in price is sustainable, or if Capo’s prediction of new lows will come true.

#Capo #BTC #Bitcoin #azcoinnews #azcoin

This article was republished from azcoinnews.com

Eleanor Terrett, a Fox Business correspondent, sees three outcomes for summary judgment in the Ripple-SEC case.

“For those not in the XRP community: If Judge Torres comes back with a decision on summary judgment in the Ripple case this week, one of three things could happen: She could side with Ripple, she could side with the SEC, or she could decide the case should go to trial,” Terrett tweeted.

According to CryptoLaw founder John Deaton, Judge Torres will favor Ripple CEO Brad Garlinghouse and Chris Larsen. He believes Judge Torres will declare that no reasonable jury could conclude that the two executives were irresponsible in failing to recognize XRP as a security when the SEC did not.

In the most recent developments in the case, Ripple defendants have presented Judge Michael Wiles’ decision in the Voyager bankruptcy case, which rejected the SEC’s concerns, in support of its fair notice defense.

Messari’s Ryan Selkis convinced XRP Ledger deserves to go global

Messari co-founder and CEO Ryan Selkis have joined Ripple as a new supporter. Turning to his preferred communication channel, Selkis stated that, despite his previous criticism of Ripple for various reasons, he wants the company to prevail in its ongoing litigation against the Securities and Exchange Commission (SEC).

Selkis believes the XRP-SEC lawsuit is “overreaching,” joining other loud critics criticizing the market regulator for going after crypto businesses. Selkis stated in a Messari thread that “XRP Ledger should be afforded the opportunity to compete fairly on digital payments infra globally” due to the availability of demand.

Despite the SEC litigation, Ripple has constantly extended its operations beyond the borders of the United States. With strategic collaborations signed across the board, XRP Ledger’s payment infrastructure is now being used for remittance purposes in more regions than ever. According to the Messari update, XRP Ledger is poised to deliver financial services to people and established financial institutions such as central banks.

One critical question is whether Messari’s new assistance from Ryan Selkis will make a difference in the trajectory of the litigation moving forward. Since the beginning of the legal battle, Ripple has supported pro-crypto lawyers like John Deaton and James K. Filan, who have helped shape the impressions of both the court and the public.

While Messari’s voice will help legitimize the Ripple business model and technology among the general public, it may have little to no weight on the lawsuit, especially when the summary judgment phase is likely.

#Ripple #XRP #Messari #azcoinnews #azcoin

This article was republished from azcoinnews.com

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Tesla CEO Elon Musk has called for the US Federal Reserve System (Fed) to cut interest rates by 50 basis points. Responding to a tweet from billionaire investor Bill Ackman, who suggested that the Fed should keep rates unchanged, Musk urged that the central bank should take action.

Musk’s call comes at a time when the banking industry is grappling with a series of crises, including the recent collapse of Silicon Valley Bank and Signature Bank, and the liquidation of Silvergate Bank. While Ackman has highlighted the challenging economic situation, he has also argued against raising interest rates, suggesting that doing so would be unlikely to help.

In the lead-up to the Fed’s March meeting, which ended on Wednesday, Ackman had called for a pause in the central bank’s rate hikes, indicating that inflation remained a concern. However, CME’s FedWatch tool indicated that the majority of interest rate traders expected a hike from the meeting.

Musk has been vocal in the past about the Fed’s interest rate policy, using his Twitter account and Tesla earnings calls to express his views.

While Musk’s call for lower rates may be welcomed by some, others may be concerned about the potential impact of such a move on the economy. The Fed’s decision on interest rates is closely watched by investors and can have a significant impact on financial markets.

The debate over interest rates highlights the ongoing challenges facing the US economy, as it seeks to recover from the COVID-19 pandemic. As the situation continues to evolve, it remains to be seen what steps the Fed will take to support the economy and how this will be received by the business community and investors.

#Fed #FederalReserve #ElonMusk #azcoinnews #azcoin

This article was republished from azcoinnews.com

The Ethereum developers held their 105th All Core Developers Consensus (ACDC) call on March 23, 2023, to discuss and coordinate changes to the consensus layer of Ethereum.

During the call, representatives from Ethereum client teams updated the status of their final releases for the upcoming Shanghai/Capella upgrade, which is scheduled to activate on April 12, 2023, at 6:27 PM (ET). All node operators on Ethereum are encouraged to upgrade their nodes in advance of the upgrade.

Prysm, Teku, Lodestar, and Lighthouse clients will have their final releases ready early next week, while Nimbus and Geth clients have already published their final releases. Once all final client releases for the Shanghai/Capella upgrade are published, Ethereum Foundation researcher Alex Stokes will compile them into a blog post on the Ethereum Foundation website.

Paritosh Jayanthi, a DevOps Engineer for the Ethereum Foundation, said that once the final client releases are out, developers will launch one final mainnet shadow fork to test these releases. In addition, the maximum bug bounty for identifying a vulnerability in the Shanghai/Capella upgrade has been doubled from $250,000 to $500,000 between now and the time of the fork.

On the call, developers also discussed the Deneb upgrade, which introduces a new transaction type called “blobs” through Ethereum Improvement Proposal (EIP) 4844, also known as proto-danksharding. Developers discussed decoupling blob transactions from blocks to improve network performance, and this week, they discussed an additional optimization that can be made due to the decoupled design of blobs from blocks.

Gajinder Singh, a developer for the Lodestar (CL) client, explained that due to the decoupling, the execution layer (EL) of Ethereum can now pass along proofs about blobs to the consensus layer (CL) that the CL can easily validate. Marius van der Wijden, a developer for the Geth (EL) client, mentioned that test executions for Deneb and EIP 4844 take a couple of seconds to start up and initialize the appropriate libraries. Van der Wijden recommended that developers work on optimizations to reduce these initialization costs so that tests on the code can be performed more efficiently.

Etan Kissling, a developer of the Ethereum Nimbus (CL) client team, gave a shout-out for ongoing efforts around SSZ formatting, which refers to updating the serialization scheme used by Ethereum’s EL so that it is consistent with the scheme used by Ethereum’s CL. However, Beiko explained that these efforts would be put on hold until a decision is made by the larger Ethereum core developer group.

#Ethereum #ETH #shanghaiupgrade #azcoinnews #azcoin

This article was republished from azcoinnews.com

Matt Hamilton, a former director of developer relations, has taken on prominent YouTube blogger Mark Moss on XRP and Bitcoin.

Moss first questioned the XRP community’s bullish thesis, which he linked to the assumption that the cryptocurrency will be in demand because it “helps banks transfer money faster.”

The blogger frowns as they accept XRP instead of Bitcoin, the freedom currency. Yet, in Hamilton’s opinion, Moss does not fully comprehend XRP, as he openly asks. According to the former Ripple official, XRP is required to move value precisely without using banks. That is the entire idea of cryptocurrency, Hamilton concludes.

At the same time, Moss believes that the notion that banks or other significant financial organizations require XRP is absurd. Why would the Fed or IMF utilize XRP when they could simply build its own counterpart, such as FedNow?

Several followers were dissatisfied with the opinion and accused Moss of inciting discord in the crypto community when the industry is under growing regulatory pressure.

In contrast, the YouTuber believes that the crypto community should unite around technologies that promote private ownership and people’s power, like Bitcoin. Moss concludes that BTC is your bank while XRP is for banks.

#Ripple #XRP #RippleSEC #azcoinnews #azcoin

This article was republished from azcoinnews.com

The Token Securities (STO) market is gaining traction in South Korea, as financial industry leaders and experts recognize its potential for the digital transformation of finance. This was emphasized by Seo Yoo-seok, head of the Financial Investment Association, at the STO policy seminar held on the 20th of March, co-hosted by National Assembly Vice Speaker Jung Woo-taek.

Seo Yoo-seok believes that almost all assets, including real and intangible assets, can be expanded into tradable assets through STO. He also stated that as existing standard securities and numerous non-standard investment contract securities become tokenized, token securities are expected to have infinite scalability in the future. However, Seo emphasized the importance of striking a balance between innovation and investor protection for the healthy development of the market.

The policy seminar was supervised by the Korea Virtual Asset Evaluation and Certification Authority and supported by the Korea Financial Investment Association, Songgok University, Korea App, and Healand. The event featured presentations from academic and industry experts, including a plan to reorganize the STO market by Hoseo University Professor Kim Hyeong-joong, an evaluation model presented by Professor Park Soo-yong of Sogang University, and the opinion of Kim Byeong-gyu, CEO of the Korea Virtual Asset Rating Authority, on the STO announcement plan.

The seminar also included presentations from Lee Yong-jae, Mirae Asset Securities team leader, Lee Jun-hee, Yulchon lawyer, and Heo Seong-min, CEO of Hillland, on the preparation status of STO market participants. Additionally, Lee Kang-wook, CEO of KNK Patent & Law Firm, and Yoo Shin-jae, CEO of Textlight Tax Firm, discussed measures to protect investors in terms of related laws and taxation.

The panel discussion on the STO market was attended by Jeong Hak-soo, a professor at Songgok University, Lee Jun-young, a representative lawyer at KNK Patent & Law Firm, and Park In-kyu, vice president of Korea Virtual Asset Evaluation and Certification Authority.

Overall, the STO policy seminar was a significant step towards promoting the growth of the STO market in South Korea. The active involvement of various stakeholders, including industry experts, policymakers, and market participants, highlights the potential of STO in revolutionizing the traditional finance sector while ensuring investor protection.

#southkorea #STO #crypto2023 #azcoinnews #azcoin

This article was republished from azcoinnews.com

The listing of Arbitrum (ARB) on Binance, which was previously scheduled for 2023-03-23 17:00 (UTC), has been moved up to 2023-03-23 15:00 (UTC). At present, the top four major trading volumes are Bybit OKX Uniswap and KuCoin. Nansen shows that 188 million ARBs have been claimed by 21,235 addresses, accounting for 16% of the total airdrops.

#ARBITRUM #ARB #Binance #azcoinnews #azcoin

Hong Kong is aiming to become a leading hub for Web3 in Asia and beyond, with the government providing a comprehensive support system to enterprises passionate about pioneering and start-ups in this area.

The government has a high-level commitment to developing the sector and is providing a facilitating environment with timely and necessary guardrails to mitigate actual and potential risks in accordance with international standards, in order to promote the sustainable and responsible development of the virtual asset (VA) and Web3 sector in Hong Kong.

The Hong Kong Monetary Authority is working on a regulatory regime for “stablecoins” with an aim to implementing the relevant regulation in 2024. As of end-February 2023, Invest Hong Kong has received expressions of interest from over 80 virtual asset-related companies interested in establishing their presence in Hong Kong, including VA exchanges, blockchain infrastructure companies, blockchain network security companies, virtual currency wallets and payment companies, as well as other projects on building the Web3 ecosystem.

As of end-February 2023, 23 companies from the Mainland, Canada, EU (European Union) countries, Singapore, the UK (United Kingdom) and the US (United States) have indicated to Invest Hong Kong that they planned to establish their presence in Hong Kong.

The Hong Kong Government is also establishing a licensing regime for VA service providers which will commence operation in June 2023. Through the establishment of a comprehensive and clear regulatory system, they are expecting more quality VA enterprises to set up businesses in Hong Kong or to seek development opportunities in Hong Kong.

On market development, the securities rules in Hong Kong have been advanced to allow regulated intermediaries to offer trading of eligible VA Futures ETFs to retail investors, making Hong Kong a pioneer in the Asian market. Three VA Futures ETFs have already been listed and traded on the Hong Kong Stock Exchange.

Furthermore, the Hong Kong government is collaborating with the Mainland on testing the use of digital Renminbi for making cross-boundary payments in Hong Kong, and working with a number of central banks on a multiple central bank digital currency bridge project to expedite cross-border payments. The Hong Kong government is also looking into the issues pertinent to possible issuance of e-Hong Kong dollar.

The Cyberport in Hong Kong has housed a community of start-ups and technology companies, including a number of Web3-related technology companies in areas including financial technology, smart living, and digital entertainment. In light of the development of Web3, Cyberport established the Web3 Hub@Cyberport early this year.

In addition, the Hong Kong government has proposed a fintech internship scheme for post-secondary students in the 2023 Budget. Subsidies will be provided to participating students in Hong Kong and the GBA (Guangdong-Hong Kong-Macao Greater Bay Area). The scheme facilitates eligible students to acquire practical work experience in fintech enterprises in Hong Kong or the wider GBA, and helps them develop an early interest in pursuing a career in fintech after graduation.

The Financial Secretary announced in this year’s Budget that the government will set up a Task Force on VA Development to examine the market situation, development opportunities, regulation needs and ecosystem of the VA sector in Hong Kong, aiming to formulate proposals on how to promote the sustainable and responsible development of the sector. Also announced in this year’s Budget, $50 million will be allocated to expedite the Web3 ecosystem development.

#hongkong #Stablecoins #hongkonghub #azcoinnews #azcoin

This article was republished from azcoinnews.com

On March 19th, 2023, six major central banks across the world, including the US Federal Reserve System and the European Central Bank, announced that they would work towards making liquidity supply more smooth. This joint effort is being interpreted as an attempt to ease the rising concerns around the stability of the global financial system following the recent bankruptcy of Silicon Valley Bank (SVB).

The central banks of the United Kingdom, Canada, Japan, and Switzerland have also joined the effort, which will involve the strengthening of liquidity supply through existing dollar liquidity swap agreements. The joint statement issued by the central banks stated that those providing dollar operations have agreed to increase the frequency of seven-day maturity operations from weekly to daily to enhance the efficiency of swap lines that provide US dollar funds.

The US Federal Reserve explained that this move was aimed at improving liquidity supply through the US dollar liquidity swap line agreement. Meanwhile, a currency swap agreement is an arrangement between two countries that involves exchanging different currencies at an agreed exchange rate.

This joint effort by the central banks is being seen as a significant step towards stabilizing the global financial system amidst the growing concerns over its instability following the SVB bankruptcy. The move is expected to improve the efficiency of the existing swap lines, which should ensure that the supply of US dollar funds is more readily available, leading to increased stability in the global financial system.

The decision by the central banks to work together is also being viewed as a positive development towards building trust and confidence among the major players in the global financial system. This joint effort is expected to create an environment of cooperation and collaboration that could lead to more concerted efforts towards ensuring the stability of the global financial system.

Overall, this move by the six major central banks is being seen as a positive step towards stabilizing the global financial system amidst growing concerns over its instability. With the increased efficiency of the swap lines, the supply of US dollar funds is expected to be more readily available, which should ensure greater stability in the financial system.

#bank #azcoinnews #azcoin #crypto2023 #BTC

This article was republished from azcoinnews.com

In the world of cryptocurrency, a flurry of activity has been detected on Twitter as multiple crypto projects have posted the same image and message about an event happening on March 24th.

The tweet contains a rectangular image with the date of March 24th inscribed vertically, indicating that some important event is scheduled to take place on that day.

Liquity Protocol, the developer of the stablecoin LUSD, was the first project to tweet this content at 4 PM on March 23rd (UTC). Shortly after, a slew of crypto projects followed such as Rocket Pool, SushiSwap, SyncSwap, Argent, and many more.

Many members of the crypto community believe that this event is related to zkSync, a layer 2 scaling solution built on Ethereum using zk Rollup technology. Several projects have tweeted about zkSync, such as Argent, SyncSwap, SpaceFi, and Orbiter.

Twitter: @azcoinnews

The @mingoairdrop account even suggests that the zkSync Era will launch its mainnet this week, which has many people excited about the possibility of another layer 2 project to airdrop for users after Arbitrum.

As reported by AZCoin News, Arbitrum recently airdropped tokens to users on March 23rd at 11 AM (UTC). The ARB token is currently trading at around $1.35 with a market capitalization of $1.7 billion, according to CoinMarketCap.

The simultaneous posting of the same image and message by multiple crypto projects on Twitter is not a new phenomenon. In February, major decentralized finance (DeFi) projects posted a picture of their arms crossed with the word “Monday” inscribed below, indicating that a big event was scheduled for that day. They later announced a collaborative campaign to spread awareness about the nature of the industry.

With the crypto world constantly evolving, it remains to be seen what this event on March 24th will bring. Nonetheless, the Twitter activity and speculation surrounding it have certainly stirred up the community’s curiosity and excitement.

#Twitter #ARBITRUM #sushiswap #azcoinnews #azcoin

This article was republished from azcoinnews.com

As the world of cryptocurrency continues to captivate investors and enthusiasts alike, market analysts are always on the lookout for innovative ways to gauge the supply and demand dynamics of the most prominent digital assets. According to Glassnode, a leading on-chain analytics firm, the analysis of Whale Netflow to Exchanges has emerged as a potential proxy for understanding the cohorts’ influence on the supply and demand balance in the Bitcoin market.

Whale-to-exchange netflows, which represent the movement of large amounts of Bitcoin from whale wallets to exchanges, have exhibited an interesting pattern over the last five years. Specifically, these netflows have oscillated between ±5,000 BTC per day, indicating a balanced movement of funds between large holders and exchanges. However, recent data for June and July 2023 is suggesting a departure from this historical trend, with Whale inflows showing a sustained elevated inflow bias of between +4.0k to +6.5k BTC per day.

Source: Glassnode

To better comprehend the implications of this intriguing trend, analysts have turned their attention to the “Average Age of Unspent Transaction Outputs” (UTXOs) flowing into exchanges, and its correlation with Bitcoin prices. This metric tracks the average age of Bitcoin transactions being moved from wallet to wallet or, in this case, to exchanges. By applying a 21-day Simple Moving Average (SMA) to the data, Glassnode aims to uncover potential insights.

Upon analyzing the chart depicting the average age of UTXOs flowing into exchanges and the average price of Bitcoin over the period from January 1, 2023, to the present, the researchers observed an interesting similarity in movements between the current timeframe and that of January to February 2023. While there may be some short-term fluctuations, a broader perspective indicates that Bitcoin’s strength appears set to continue.

Source: CryptoQuant

The research presents an intriguing opportunity for investors and analysts to explore the potential relationship between the age of UTXOs and the average price of Bitcoin. If the age of UTXOs moving into exchanges correlates with market prices, it could serve as a useful indicator for understanding market sentiment and predicting potential price movements.

One possible interpretation of the sustained elevated inflow bias of Whales to exchanges could be that larger investors anticipate further price appreciation in Bitcoin and are taking advantage of the current bullish momentum to realize profits. Conversely, this trend might also indicate that institutional players are actively entering the market, signaling increased interest in Bitcoin’s long-term potential.

It’s essential to highlight that while the correlation between UTXO age and Bitcoin prices is intriguing, it’s not a definitive or foolproof indicator of future price movements. Cryptocurrency markets are highly complex and influenced by a myriad of factors, including macroeconomic events, regulatory developments, and global sentiment.

#bitcoin #azcoinnews #azcoin #Binance #BTC

Source: https://azcoinnews.com/bitcoins-bullish-run-continues-as-whale-netflow-analysis-reveals-key-insights.html

The XRP price has deviated dramatically from the broader cryptocurrency market, with the token benefiting further from the continuing legal battle between Ripple and the Securities and Exchange Commission (SEC).

The newly discovered XRP momentum has resulted in the cryptocurrency reclaiming a previously held support position. We can predict the price of XRP on Easter Sunday, 2023, using CoinCodex’s technical analysis indicators.

According to data gathered on March 22, XRP is expected to break over resistance at $0.50 on April 9. The expected price is $0.509, even though it is set to fall a month from April 21 to trade at $0.444.



PricePredictions, a machine learning algorithm-based crypto tracking platform, is another tool that provides a peek at the token’s price trend. According to the tool’s price estimate, XRP investors could anticipate a lesser asset valuation rise to $0.464 on April 9.

XRP is trading at $0.4385, down 3% in the last 24 hours and up 21% over the previous seven days on the weekly chart.

While XRP has primarily followed the overall market’s upward trend recently, the remarkable rise may be attributable to growing optimism that Ripple would eventually prevail in the SEC litigation. This follows a series of beneficial occurrences for the blockchain company leading up to the summary decision.

XRP investors became thrilled again when the defendants in this litigation recently filed a Letter Notice of Additional Authorities. On March 20, attorney James Filan tweeted a copy of a court document that appears to suggest the defendants tried to strengthen their fair notice position by citing another case in which U.S. Bankruptcy Court for the Southern District of New York Judge Michael E. Wiles rejected an SEC argument because it was too broad.

According to Ripple, the market is in disarray due to the SEC’s lack of openness over applying securities rules to digital assets. As a result, market participants are unsure of what they must do to be in compliance with the law. Ripple CEO Brad Garlinghouse stated that the company is confident that the conclusion of the year’s first half will resolve the litigation.

#XRP #Ripple #Prediction #azcoinnews #azcoin

This article was republished from azcoinnews.com

According to Messari, the XRP Ledger (XRPL), backed by Ripple, is aiming to provide a digital payment infrastructure not only for individuals but also for central banks and other financial institutions. This comes despite the external pressure being applied by U.S. regulatory authorities.

The XRPL uses a unique Proof-of-Association (PoA) consensus algorithm, where each node sets a list of trusted nodes to rely on for consensus. Validators participate in reaching consensus and voting on improvement proposals, while stock nodes receive, relay, and process transactions. The nodes rely on their UNL to finalize the state, with new blocks created every 3-5 seconds through consensus and validation stages that require 80% thresholds.

One of the key features of XRPL is its Issued Currencies (IOUs), which allow for functionality with multiple assets. The Authorized Trust Lines feature enables issuers to choose which wallets can interact with their tokens, and a central limit order book supports low-liquidity IOUs.

Despite the ongoing scrutiny and regulatory pressure, the XRPL’s potential to provide digital payment infrastructure for traditional financial entities remains a significant advantage. However, it remains to be seen how the regulatory landscape will develop and impact the future of the XRPL and other digital payment infrastructures.

#Ripple #XRP #XRPL #azcoinnews #azcoin

This article was republished from azcoinnews.com

According to a recent report from CryptoQuant, the BTC – Unrealized Loss Model has shown a breakout of the buy zone. This particular model provides on-chain data that reveals how many investors are currently experiencing unrealized losses in Bitcoin. When in a bear market, the unrealized loss indicator tends to rise as it approaches the bottom.

However, as the volume of the crypto market has increased, the peaks and lows of Bitcoin have become smaller over time, causing the top of this model to also decrease with each cycle. During this current cycle, the unrealized loss indicator peaked during the 2022 FTX exchange bankruptcy and has recently broken out of the buy zone due to Bitcoin’s strong rally.

This development suggests that the likelihood of Bitcoin renewing the low has decreased, which is a positive sign for investors. The model predicts that investors who purchase Bitcoin during significant drops in 2023 are likely to see positive results in 2024 and 2025.

For cryptocurrency investors, this news is crucial, and it’s essential to keep track of on-chain data like the BTC – Unrealized Loss Model to make informed investment decisions. By analyzing these indicators, investors can better understand the current state of the market and make more informed decisions about buying or selling Bitcoin.

In conclusion, the breakout of the buy zone in the BTC – Unrealized Loss Model is an important development for cryptocurrency investors. It suggests that the likelihood of Bitcoin renewing the low has decreased, and investors who purchase during significant drops in 2023 could see positive results in 2024 and 2025.

#bitcoin #BTC #onchain #azcoinnews #azcoin

This article was republished from azcoinnews.com

A new report from DappRadar on the state of DeFi shows that the industry has had a successful quarter despite facing challenges since late 2022. While the overall cryptocurrency market saw a downtrend in 2022, which affected the number of users interacting with DeFi applications, the industry has witnessed a considerable increase in Total Value Locked (TVL).

According to the report, the number of daily active wallets (dUAW) decreased by almost 10% compared to the previous quarter.

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However, this is in line with the overall decline in dUAW across all cryptocurrency sectors since Q4 2022. Most of these users are active on Binance, reaching 449,000 dUAW in Q1 2023. However, this still represents a 28% decrease compared to the 629,000 dUAW in the last quarter of 2022. This indicates a decline in DeFi’s market share of users.

Currently, the trading platform Wax ranks second in terms of the number of daily active wallets with nearly 400,000, increasing 9% in the past three months. In addition, Polygon has seen a surge of 25% in dUAW, surpassing 197,000 unique wallets per day.

While most other blockchain platforms have shown slight growth in the number of active users, Arbitrum has achieved an impressive milestone with a 125% increase in dUAW compared to the previous quarter.

The growing interest in Arbitrum has also driven the TVL of this layer 2 blockchain to a new high of $2.25 billion. Currently, the TVL of the DeFi industry is holding at $83.3 billion after the end of Q1 2023, according to DappRadar. This figure represents a 37% increase compared to Q4 2022. The Arbitrum airdrop has stirred up the cryptocurrency community, attracting a large number of users to this platform. This is also one of the driving forces behind the development of the entire DeFi industry.

On March 16, the Arbitrum Foundation announced that ARB, Arbitrum’s new token, would be airdropped to community members on March 23. The project has distributed over 1 billion ARB to around 600,000 user wallets, pushing the number of transactions on this layer 2 blockchain to a record 2.7 million, surpassing both Ethereum and Optimism.

The decline in the number of active users in DeFi may be a concern, but the industry’s TVL growth and the success of platforms like Arbitrum suggest that DeFi is still a significant force in the cryptocurrency world. With the growing popularity of layer 2 blockchain platforms and the increasing adoption of DeFi in traditional finance, the future of DeFi looks promising.

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This article was republished from azcoinnews.com