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

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

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

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

Polkadot (DOT) has successfully flipped the previous resistance level into support. The price is expected to continue to rise.

Weekly outlook

DOT price broke out of the descending wedge pattern in January with a large bullish candle, helping the price approach the horizontal resistance level at $7.4.

Despite being rejected, the price has successfully flipped the wedge’s resistance line into support during the week of March 6 to 13. This suggests that DOT may have formed a bottom.

Additionally, DOT has also flipped the 20-week MA as support. Therefore, the price is expected to rise to the $7.4 level, marking a 15% increase from the current level.

Breaking out of this level will help DOT form a bullish structure, and the price may quickly rise to the next resistance level at $9.5.

DOT/USDT weekly chart. Source: TradingView

Regaining the important price zone

After being rejected by the $7.4 level, the DOT price fell below the important support level at $5.9. However, this turned out to be a false breakdown as the price quickly regained this level and confirmed it as support on March 15 (green arrow). Such a false breakdown often leads to a strong upward move.

The RSI indicator has also recovered strongly from oversold levels and is above 50, supporting continued price growth.

Therefore, DOT is likely to continue to rise to the recent high of $7.4 in the near future.

DOT/USDT daily chart. Source: TradingView

Conclusion

Overall, the most likely prospect is that DOT will continue to rise in the future, with the nearest target at $7.4.

Breaking below the $5.9 level will invalidate this scenario and indicate that the price is expected to drop to the yearly low at $4.2.

#DOT #DOTPrice #polkadot #azcoinnews #azcoin

This article was republished from azcoinnews.com

The long-awaited documentation outlining the Shibarium Layer 2 protocol and its operations is now available. Shibarium would be 10,000 times cheaper than Ethereum. Shiba Inu transaction fees are divided into base fees and priority costs.

@azcoinnews

The base charge is an important component of blockchain transaction fees. When a user does a network transaction, the base charge is locked in a Shibarium contract, while the priority fee is paid to the validator.

The SHIB community is excited because this base charge will be split into 70% burned and 30% set aside to sustain the network.

Throughout this procedure, collected BONE is transmitted to Ethereum’s L1 for an automated swap for SHIB, and this amount is burned by calling its contract function. According to the document, users can access a specific portal on Shibarium’s website for this process.

In good news, the Shibarium testnet’s chain ID has been updated from 917 to 719.

Although similarities between Shibarium’s chain ID and Rinia raised curiosity, SHIB creator Kaal Dhairya stated that a new chain ID would be issued for Shibarium beta.

Following the incidents that caused consternation in the Shiba Inu community, Shiba Inu leader Shytoshi Kusama has announced the creation of a new Discord channel for Shibarium-related conversations.

Shiba Eternity, Shiba Inu’s CCG game that debuted last October, has received a new upgrade. The onboard memory improvements, rampage scheduling, and speed changes in version 1.1.7 are designed to improving the user experience.

#ShibaInu #Shiba #Shibarium #azcoinnews #azcoin

This article was republished from azcoinnews.com

The world of finance and economics is in for a major shakeup, according to Robert Kiyosaki, author of the famous personal finance book “Rich Dad Poor Dad.” Kiyosaki has made a bold prediction on a lasted podcast on Youtube that the United States’ dominance as the world’s reserve currency will soon come to an end, and that silver and gold will take over as the new global currency.

Kiyosaki argues that the United States has long dominated the global financial position with the dollar as the world’s reserve currency. However, he cites a possible end to this dominance, due to Gresham’s law, which states that “bad money drives out good money.” According to Kiyosaki, the dollar is now turning into toilet paper, and silver and gold will be the best money to replace it.

The author asserts that the dominance of the dollar will come to an end, as other countries form economic alliances and choose to transact in other forms of currency. He points to the growing number of BRICS member states (Brazil, Russia, India and China) as an example. He further suggests that the world already has enough transactions in dollars while supplying real goods to the United States. However, he notes that now people are giving America cheap toilet paper back, indicating that the end is coming.

Kiyosaki predicts that the global economy may collapse as inflation increases, and he blames the Federal Reserve for being unable to control the situation. He warns that the collapse may happen soon, and people need to start investing in silver and gold to protect themselves.

In conclusion, Kiyosaki’s prediction of the end of the dollar’s global financial dominance is a bold one, and it remains to be seen whether it will come true. However, the world of finance and economics is undoubtedly changing, and investors should take note of these changes to make informed decisions.

#Kiyosaki #RichDadRichPoor #crypto2023 #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

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

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

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

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

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

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

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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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

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

Radix Tokens (Jersey), the issuer of the asset-oriented smart contract platform Radix, has raised $10 million in a private funding round led by DWF Labs. The investment gives Radix a $400 million valuation and arrives just in time for the launch of its Babylon mainnet, which will introduce smart contract capability to the platform for the first time.

DWF Labs, a global leader in market making and multi-stage web3 investment, led the funding round, with undisclosed blockchain VCs and angel investors also participating. The investment is a boost for Radix as it seeks to build out its high-throughput DeFi ecosystem.

The Radix platform currently hosts over 50 projects, including dApps for trading, saving, lending, borrowing, gaming, NFTs, and wallets. It is also running a grants program that provides funding and mentorship to six selected teams.

Radix’s Babylon mainnet launch has received support from DWF Labs, with the firm’s managing partner, Andrei Grachev, expressing excitement about the platform’s potential in the asset-oriented smart contract space. Radix Director Andy Jarrett also welcomed the support, calling it “fantastic.”

Backed by ten years of research and development, Radix has a global community of thousands and a network value of over $400 million. Its platform offers a full-stack for web3 without breaking atomic composability. DWF Labs, which trades almost 2,000 pairs with a daily volume that places it among the top five ranking entities trading on the world’s top 40 exchanges, seeks to invest in and support the founders who want to build the future of web3.

#DWFLabs #Radix #azcoinnews #azcoin #crypto2023

This article was republished from azcoinnews.com

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

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.

@azcoinnews

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.

#DeFiLlama #DappRadar #azcoinnews #azcoin #crypto2023

This article was republished from azcoinnews.com