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

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

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

Coinbase’s L2 blockchain Base has recently announced that its Base Ecosystem Fund will extend a Request for Builders to work on several critical areas that are crucial for onchain economy growth.

The fund aims to invest in early-stage projects building on Base, offering them a pool of capital combined with dedicated support from the Base team to help teams succeed.

One of the critical areas that Base is interested in exploring is the development of stablecoins that track the rate of inflation, enabling users to have stability in purchasing power while also having resiliency from the economic uncertainty caused by the legacy financial system. Base also welcomes other forms of ‘flatcoins’ that do not peg to fiat but rather fill the space between fiat pegged coins and volatile crypto assets.

Base is also interested in exploring the development of onchain reputation protocols that natively support onchain entities. These reputation protocols could include FICO or Google page rank type score on ENS names, ratings/reviews for merchants, and other measures that help build trust onchain.

Moreover, Base is curious to see how builders approach designing decentralized LOB exchanges on or around Base that can offer the throughput needed for a more advanced exchange while also eliminating counterparty risk through self-custody. Base believes that existing exchange offerings, such as AMMs, are incredibly useful and a critical DeFi primitive, but LOBs have a role, particularly for professional traders and institutions.

Lastly, Base believes that we need better tools to keep up with the pace of innovation while keeping funds safe in the DeFi ecosystem. This includes tools that can protect against smart contract code vulnerabilities or protocol logic errors, threat prevention, circuit breakers, incident response systems, and onchain insurance and cover protocols.

Recipients of funding from the Base Ecosystem Fund will have a first look at new product features on Base, along with direct support from the Base core development and Ecosystem team members in the Base developer Discord.

In conclusion, Base’s Request for Builders is an excellent opportunity for builders around the world to be a part of the Base Ecosystem Fund and explore these critical areas. The fund’s capital pool combined with dedicated support from the Base team will undoubtedly help early-stage projects succeed and bring the next billion users onchain.

#Coinbase #Base #Layer2 #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

Twitter recently announced its rebranding as X, a name that has sparked speculation about the platform’s future direction. The mastermind behind this transformation is none other than #ElonMusk the renowned entrepreneur and CEO of Tesla and SpaceX.

Musk plans to transform #X into ‘The Everything App’ for the financial world, a concept that has drawn mixed reactions from the public. As rumors circulate about the potential integration of cryptocurrencies, particularly Dogecoin, into the platform’s payment system, the crypto community is closely following the developments with keen interest.

Elon Musk has never shied away from ambitious ventures, and his plan to turn Twitter into ‘The Everything App’ for the financial world is no exception. By combining the vast reach and influence of Twitter with the functionalities of a comprehensive financial platform, Musk aims to provide users with seamless access to various financial services. However, such an endeavor comes with significant risks, considering the regulatory complexities and ever-changing dynamics of the financial industry.

As news of Twitter’s rebranding to X emerged, popular crypto influencer Scott Melker voiced his concerns about Elon Musk’s background as the co-founder of PayPal, a prominent payments company. Melker speculated whether the new platform, X, would primarily focus on payments and how this could impact the future of cryptocurrencies, particularly Dogecoin. Dogecoin, initially created as a meme coin, has surged in popularity and value, leading some to believe that it could play a role in X’s payment system.

David Duong, #Coinbase’s Head of Research, weighed in on the discussion during a Twitter spaces session. He acknowledged the natural connection between finance and payments, suggesting that incorporating a unit of account like Dogecoin for payments on X could lead to a potential price jump in the meme-based cryptocurrency. However, he warned that it remains uncertain whether Elon Musk would adopt Dogecoin as the payment currency, given the complexities and regulatory challenges of such an implementation.

Duong further emphasized that while X might function as a payments app similar to Apple Pay, it might not necessarily involve cryptocurrency payments. The surge in Dogecoin’s value could present difficulties for its practical use within the X platform, as its increasing worth may hinder its feasibility for everyday transactions. This observation raises questions about the types of currencies that X might incorporate and how it will navigate the evolving financial landscape, especially amid the recent surge in cryptocurrency interest and the regulatory developments in the industry.

Twitter’s rebranding as X has ignited discussions about Elon Musk’s ambitious vision of creating ‘The Everything App’ for the financial world. With the potential integration of cryptocurrencies, particularly Dogecoin, into X’s payment system, many eagerly anticipate how this move will impact the cryptocurrency market and whether it will bring more mainstream adoption to digital currencies.

#azcoinnews #azcoin

Source: https://azcoinnews.com/coinbases-head-of-research-elon-musk-currently-unable-to-use-doge-for-payments-on-x.html

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

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

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

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

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

Xapo Bank, the world’s first international private bank to combine traditional banking with Bitcoin, has announced an increase in its interest rates for both USD deposits and Bitcoin.

As of March 21, 2023, Xapo Bank’s members worldwide will earn an interest rate of 4.1% on US Dollar deposits, which doubles the rate the bank previously offered and is significantly higher than the industry average. Additionally, Xapo Bank has introduced a 1% interest rate on Bitcoin, divided over the year and paid out daily.

This increase in interest rates is part of Xapo Bank’s interest rate restructuring, which aims to ensure that members can continue to earn sustainable returns on their deposits, based on market conditions. Xapo Bank’s 4.1% interest rate on US dollars and 1% interest rate on Bitcoin is available to all new and existing members around the world.

Xapo Bank, which is based in Gibraltar, also provides protection on fiat deposits up to 100,000 US Dollars through the Gibraltar Deposit Guarantee Scheme, which is equivalent to that provided by leading banks in Europe and the UK. This level of protection, combined with Xapo Bank’s market-leading interest rates, makes the bank’s proposition particularly attractive to consumers.

Seamus Rocca, CEO of Xapo Bank, said that the bank is committed to helping its members grow and protect their wealth in a responsible manner, and offering a market-leading interest rate is just one of the ways that it does this. Rocca also stated that Xapo Bank’s decision to introduce GBP payments comes in reaction to uncertainty and turbulent markets, which could push players to look for alternative jurisdictions and currencies in which to operate.

Xapo Bank’s recent partnership with Lightspark and integration with the Lightning Network enables lightning-fast Bitcoin payments for its customers, which allows members to pay for small purchases of up to $100 instantly to any vendor who accepts Lightning payments without suffering high transaction fees and long blockchain confirmation waiting times.

#Xapobank #Bitcoin #azcoinnews #azcoin #crypto2023

This article was republished from azcoinnews.com

According to CryptoQuant, there has been a significant decrease in the realized cap of Bitcoin due to the over spending by short-term currency holders. The realized cap is a measurement of the value of a cryptocurrency based on the amount that is actually being used on the network. This measurement takes into account lost or unmoved currencies on the network, and removes them from the overall value.

CryptoQuant’s analysis found that the market cap of Bitcoin is significantly higher than its realized cap. This suggests that many Bitcoin holders may be making a profit at any given moment, but this profit may not be realized until they sell their Bitcoin. The over spending by short-term currency holders has led to a decrease in the realized cap, as they are selling off their Bitcoin in large amounts.

@azcoinnews

The report by CryptoQuant indicates that the main reason for the decrease in the realized cap is due to short-term currency holders who hold Bitcoin for periods of one week to one month, and then again from six months to 18 months. These holders have spent a total of $11 billion, which has contributed to the decrease in the realized cap.

@azcoinnews

This news is significant for those who are invested in Bitcoin, as it suggests that the market may be experiencing a temporary decrease in value. However, it is important to note that the long-term value of Bitcoin remains strong, and that the market is expected to recover over time.

In conclusion, the over spending by short-term currency holders has led to a significant decrease in the realized cap of Bitcoin. While this news may be concerning for some investors in the short-term, it is important to remember that the long-term value of Bitcoin remains strong. As with any investment, it is important to take a long-term perspective and not be swayed by short-term fluctuations in the market.

#bitcoin #azcoinnews #BTC #crypto2023 #azcoin

This article was republished from azcoinnews.com

Despite regulatory pressure and falling prices, long-term hodlers of BNB remain optimistic about the future of cryptocurrency. According to data from crypto analytics platform Santiment, the average duration of BNB usage has increased significantly since March 9, indicating that long-term hodlers are unfazed by recent fear, uncertainty, and doubt (FUD) surrounding Binance.

The average coin usage period for BNB increased by nearly 52% from 44.30 days to 67.30 days between March 9 and April 4, as per Santiment. This suggests that long-term BNB holders are confident in the cryptocurrency’s potential and are holding onto their coins despite the recent negative news.

@azcoinnews

Should the trend of long-term BNB holders holding onto their coins persist, it may cause a decline in supply relative to demand, leading to a possible increase in the cryptocurrency’s price. Nonetheless, Binance’s recent legal problems with the US Commodity Futures Commission (CFTC) have already affected the price of BNB, as it dropped by 7% following the CFTC’s accusations of misconduct against Binance.

Despite this setback, the fact that long-term BNB holders remain optimistic is a positive sign for the cryptocurrency’s future. As of the afternoon of April 5, BNB was trading at $313 up 1.35% from 24 hours ago, according to CoinMarketCap data. It will be interesting to see how BNB performs in the coming weeks as long-term holders continue to hold onto their coins and the cryptocurrency market continues to react to regulatory pressures.

#Binance #BNB #BTC #azcoinnews #azcoin

This article was republished from azcoinnews.com

KILT Protocol (KILT) is in the process of creating a long-term bullish reversal pattern. Confirmation could help the token rise by over 230% from its current level.

Interest in the decentralized identity (DID) field is increasing, as Binance’s recent Launchpad projects Galxe (GAL) and Space ID (ID) are both related to this area.

KILT is a parachain in the Polkadot ecosystem that provides secure, scalable, and decentralized digital identity solutions. On March 28, the KILT Protocol partnered with Bitcoin Suisse to make it easier for institutional investors to access the project.

Inverse Head and Shoulders Pattern

The KILT Protocol (KILT) price has been on a long-term downtrend since reaching an all-time high of $15 in November 2021. The decline led to a low of $0.21 at the end of November 2022.

The price has since risen and tested the $0.75 resistance level. Although rejected, KILT appears to have created a higher low in the week of March 6-13 and is currently forming the right shoulder of an inverse head and shoulders pattern. This is a bullish pattern that typically appears at the end of a downtrend.

This pattern will be completed when the price breaks above the $0.75 resistance level. The weekly RSI indicator supports this possibility by creating a significant bullish divergence and the divergence line remains intact.

If so, the price could rise to the pattern target of $1.3, marking a 233.1% increase from its current level.

KILT/USD weekly chart. Source: TradingView

20-day MA

The KILT price has respected the 20-day MA line for over four months. KILT typically begins a new trend when the price breaks above or breaks below this MA.

After bouncing from the horizontal support level of $0.33, the KILT price has created a higher bottom and is currently retesting the 20-day MA. As mentioned above, a successful breakout could help KILT start a new uptrend. The nearest target is $0.75.

The RSI indicator supports the possibility of a breakout as it has broken above the downtrend line. Such breakouts typically occur before a price breakout.

This outlook will be invalidated if the price breaks below the support level of $0.33. If so, it could fall to the annual low of $0.21.

KILT/USD daily chart. Source: TradingView

Conclusion

The most likely prospect shows that KILT will break above the 20-day MA and rise to at least $0.75.

Breaking the $0.75 level would help KILT complete the inverse head and shoulders pattern with a target of $1.3.

#KILTprotocol #KILT #crypto2023 #azcoinnews #azcoin

This article was republished from azcoinnews.com

Arbitrum, the largest layer-2 blockchain protocol, has announced the release of its native token, ARB, and an airdrop for platform users. According to AZCoin News, the airdrop will take place on block #16890400, around 12:47 on March 23rd (UTC).

The total initial supply of ARB is 10 billion tokens, with the majority owned by the community. Specifically, 12.75% of the total supply, equivalent to 1.75 billion tokens, will be airdropped on March 23rd. “The community will own most of the tokens (about 56%). Of that, 12.75% will be distributed through the airdrop on March 23,” according to Arbitrum’s announcement.

However, the Token Unlock website, which tracks token unlocking schedules, shows that the initial circulating supply of ARB is much higher than other projects. The recipients of the token distribution on March 23rd, according to Token Unlock, include DAOs in the Arbitrum ecosystem (113 million tokens), the airdrop (1.162 billion tokens), and the Arbitrum DAO treasury (4.278 billion tokens). Based on these figures, about 55% of the total supply will be released on the market on launch day (March 23rd). This number is much higher than Optimism, Arbitrum’s main competitor, which has released around 400 million OP tokens, equivalent to 9% of the total supply.

Schedule of ARB token distribution. Source: Token.unlocks

However, the amount of ARB tokens released on the market may not be as high as the figures suggest. Specifically, the tokens in the Arbitrum DAO treasury may not be immediately released on the market. Token Unlock notes that its figures are based on the project’s smart contract to determine token unlocking schedules. Although the tokens in the Arbitrum DAO treasury will be unlocked at the TGE, they will need to be voted on by the DAO to be released on the market.

“The amount of tokens in the DAO Treasury needs to be voted on by a decentralized vote to be sold on the market,” according to @s4mmeth, a researcher at OrginsNFT.

2Cu4, a member of Arbitrum’s Discord channel, stated that the initial circulating supply of ARB tokens would depend on the number of tokens received by airdrop recipients. This means that the DAO treasury will not sell or release any tokens on the market.

The initial circulating supply will have a significant impact on the price of ARB tokens. With its position as the largest layer-2 blockchain protocol, the community is predicting a market capitalization of $2 billion for ARB tokens, with a price of $1.9 per token. ARB is currently trading at nearly $1 per token OTC. After the airdrop announcement, the community became excited about the free money from this layer-2 blockchain project. However, many users have traded their ARB tokens OTC to profit before March 23rd.

Jack, an anonymous user, has sparked a frenzy of ARB short selling in the decentralized markets. According to him, ARB tokens can be sold for as high as $1, but many are also selling them for $0.5 to enable buyers to earn a profit.

Moreover, a Twitter account named @cole0x has shared the sale of ARB at an average price of $0.98 via OTC.

OTC trading allows direct buying and selling of cryptocurrencies, which is convenient and quick, with the funds transferred to the seller’s bank account. However, OTC stock trading, though profitable, carries risks and is suitable mainly for investors who are willing to take risks.

#arbitrum #arbitrumairdrop #arb #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.

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This article was republished from azcoinnews.com

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.

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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