Memecoins rally, and PEPE hits a new all-time high shortly after GameStop stock trader Keith Gill posts to his Roaring Kitty X account for the first time in 3 years.

Tether CEO Paolo Ardoino has responded to remarks made by Ripple CEO Brad Garlinghouse, branding him as an “uninformed CEO” and accusing him of fostering uncertainty about stablecoin USDT amid a U.S. Securities and Exchange Commission (SEC) investigation into his company. In reply, Garlinghouse clarified that his comments were not an attack on Tether but […]

A crypto analyst has predicted a substantial bullish surge for the the XRP price in the future. According to the analyst, XRP is gearing up for a substantial increase to $33.5 from an initial price of $0.50. He expects the price of the cryptocurrency to explode by 6600% in this current market cycle. Analyst Forecasts Exponential Rise In XRP Price In a recent X (formerly Twitter) post, a crypto analyst identified as ‘Egrag Crypto,’ revealed a series of bullish price targets for XRP in the near future. The analyst focused his predictions on a technical analysis called “the Line of Hestia.”  Related Reading: US Mega Banks JP Morgan And Wells Fargo Unveil Bitcoin Exposure As BTC Drops To $60,000 Egrag Crypto’s latest findings suggest that XRP could rise to $33.5 if it touches the Line of Hestia, a technical indicator featuring an ascending trend line which signals a potential upsurge for the price of a cryptocurrency. According to the analyst, “Historical data indicates that every time the XRP price touches the “Line of Hestia,” it experiences significant price pumps.”  This implies that there may be a correlation between XRP’s bullish price movements and the ascending trend line. Egrag Crypto also revealed that following this historical pattern, XRP has witnessed pumps ranging from 6600%,1444%, 100%, 80%, and 171%.  Given the established trend, Egrag Crypto predicts XRP’s ascent to new all-time highs. He calculated the average percentage increase of XRP’s price each time it touched the Line of Hestia, dividing the sum by the total number of occurrences, which is five.  Using this data, the crypto analyst estimates that if XRP were to experience a 6600% increase, its future price would be $33.50. Similarly, he calculated new prices for XRP based on the previous percentages. It’s important to note that the price of XRP, at the time of writing, is trading at $0.5. The cryptocurrency has been recording considerable declines over the past year, consolidating around the $0.5 price mark for months. According to CoinMarketCap, XRP has also recorded a 7.35% decrease over the past seven days and a 0.08% decline in the last 24 hours.  Although Egrag Crypto has remained optimistic about XRP’s future price, other crypto community members have expressed skepticism over the analyst’s ambitious forecast. A few community members have denied the prediction, emphasizing that the cryptocurrency’s surge to $33.5 during this cycle was highly unlikely.  Possible Price Correction Ahead Of Projected Surge In one of his most recent X posts, Egrag Crypto disclosed that XRP could witness a major price correction before experiencing a significant rally. The analyst has urged crypto investors to remain cautious of the cryptocurrency unless the XRP/BTC ratio closes above the $0.00010 threshold.  Related Reading: Is The Bitcoin Bottom In? Buy The Dip Sentiment Erodes Amid Drop Toward $60,000 Egrag Crypto anticipates a potential 45% decline for XRP/BTC, emphasizing that this substantial price drop could indicate a bottom between $0.0000055 and $0.0000077. However, he also disclosed that overcoming resistance at $0.00001 would be crucial for a rebound in XRP.   Token price at $0.5 | Source: XRPUSDT on Tradingview.com Featured image from Watcher Guru, chart from Tradingview.com

According to a report by Messari, Layer 1 (L1) blockchain Aptos experienced substantial gains in key metrics during the first quarter (Q1) of the year. The growth was driven by the surge in Bitcoin prices to new record highs and increased capital inflow in the market.  However, Aptos’ native token, APT, has struggled with price performance, recording modest gains compared to other top cryptocurrencies. Aptos Network Activity Surges The report highlighted that Aptos’ circulating market cap increased 127% quarter-on-quarter (QoQ) to $6.6 billion. This growth outpaced other projects with similar market caps, improving market cap rank from 33 to 22. Despite this growth, APT’s price experienced a more modest increase of 76% QoQ.  Aptos revenue, which encompasses all fees collected by the protocol, grew by 37% to $475,000. However, when denominated in APT, the revenue decreased by 10%. All revenue generated by Aptos is burned, but these burned tokens have not significantly reduced inflation.  Related Reading: Is The Bitcoin Run Over? Analyst Anticipates Further Upside APT inflation started at a 7% annualized rate and is set to decrease by 1.5% each year until it reaches 3.5%. By mid-October, the inflation rate had reduced to just under 6.9%. Additionally, there was inflationary pressure from the genesis supply unlocks, with almost 31% of the genesis supply distributed by the end of Q1. Looking at network activity, Aptos witnessed a significant increase in transactions and active addresses in Q1. Average daily transactions and addresses saw 66% and 97% QoQ growth rates, respectively.  Despite the increased transaction activity, the average transaction fee decreased by 45% QoQ to 0.0006 APT ($0.007). Furthermore, average daily new addresses grew by 91% QoQ to 44,000, and the weighted average one-month retention rate increased by 82% QoQ to 14%. APT Staked Tokens Decrease 5% Regarding staking, APT staked decreased by 5% to 861 million tokens. However, when denominated in USD, the staked market cap grew by 68% QoQ, surpassing $14 billion.  As seen in the chart above, Aptos also experienced growth in its decentralized finance (DeFi) total value locked (TVL), which increased by 376% QoQ to $573 million. According to Messari, this increase was not solely due to APT price appreciation; TVL also grew by 170% QoQ in APT terms. Additionally, Aptos’s stablecoin market cap nearly doubled QoQ, reaching $97 million. APT Struggles To Break $8.80 Resistance Despite these positive developments, APT’s price performance has faced challenges. The native token has declined over 16% in the past month, resulting in a modest 2.7% surge year-to-date. This contrasts with the double or triple-digit gains seen by other top cryptocurrencies. Related Reading: Analyst Predicts Injective (INJ) Breakout: $50 Price Range On The Horizon Currently trading at $8.46, APT has struggled to surpass its nearest resistance wall at $8.80, leading to a consolidation phase between $8.20 and $8.70 over the past month.  Featured image from Shutterstock, chart from TradingView.com 

Bitcoin’s strong rebound of the $60,000 level is encouraging but it still could be a hint that BTC’s range-bound action could continue for some time.

President Joe Biden has issued an order that blocks Mineone Partners Ltd., a Chinese-backed cryptocurrency mining company, from owning land near Wyoming’s Francis E. Warren Air Force Base, which is a strategic missile base. This measure requires the divestment of land used for crypto mining and the removal of surveillance-capable equipment, citing national security risks. […]

Antonio Juliano, the founder of dYdX Trading Inc., has announced his decision to “step down” as Chief Executive Officer (CEO), citing a mix of “personal and professional reasons.” This move marks a significant change for the company behind the decentralized derivatives exchange dYdX. Juliano will transition to the roles of Chairman and President, with Ivo Crnkovic-Rubsamen set to take over as CEO. Related Reading: dYdX Founder Skeptical Of Current Bull Run, Cites Low Participation Juliano Reflects On His Tenure And The Evolution Of dYdX Juliano’s tenure as CEO saw dYdX grow into a prominent player in the decentralized finance (DeFi) sector, especially in derivatives trading. Reflecting on his journey since the dYdX whitepaper in 2017, Juliano shared in the announcement that moments of “overwhelming” pressure made him consider stepping aside. Juliano noted: For my own part in this journey, I too have come far. I feel as though I’ve been gifted (and endured) a lifetime’s worth of adventure and growth since solo founding dYdX at 24. Chris Dixon once told me “founding is an emotional challenge disguised as an intellectual one”. I have now lived this, and know it to be true. dYdX has given me the rollercoaster of intense experiences from ibar, to excitement, to elation, to desolation. There have been times, many of them, when l’ve felt so overwhelmed I wanted to leave. Notably, Juliano’s decision to change roles, as highlighted in the announcement, comes from a place of “personal satisfaction” and the “realization” that while he is irreplaceable as the founder, the role of CEO can be handed over to someone else. Today, @AntonioMJuliano, announced that he is transitioning from CEO of dYdX Trading Inc. to the role of President and Chairman. Antonio’s product vision, leadership, and relentless dedication over the past 7 years have transformed dYdX from an idea into one of the largest DeFi… https://t.co/iUdSmjtQ5T — dYdX (@dYdX) May 13, 2024 Impact Of The CEO Transition – Token Sees Sudden Drop Ivo Crnkovic-Rubsamen, a long-time friend and collaborator of Juliano, is set to become the new CEO. Juliano expressed confidence in Crnkovic-Rubsamen’s ability to lead, noting that he has been “progressively” stepping back over the past two years, preparing for this transition. Juliano will continue influencing “major decisions” and strategy at dYdX, working closely with the new CEO to oversee day-to-day operations. He emphasized that dYdX’s mission is far from complete, pointing to the growing importance of DeFi and derivatives in the crypto landscape, noting: dYdX is not finished. Not even close. The opportunity is bigger than ever now. It’s becoming incredibly obvious that DeFi will be the dominant way crypto is used, and derivatives will pily a large part in that. Following the announcement of Juliano’s step-down, the price of the dYdX’s token experienced a decline, dropping by approximately 1.2% in the past 24 hours to a trading price of $2.01, with a 24-hour low of $1.94. This downturn contrasts with the general recovery in the crypto market, highlighted by a 2.8% increase in Bitcoin over the same period. Related Reading: dYdX to Unlock Over 33 Million Tokens: Will Price Crash? Despite the dip in token price, dYdX’s total value locked (TVL) has remained stable, with a slight increase of 2.37% over the past month. It has maintained a level above $130 million since March. Featured image from Unsplash, Chart from Tradingview

Steven Nerayoff, a former adviser to the Ethereum network, has publicly denounced Joseph Lubin, co-founder of the Ethereum Project and the founder of Consensys, and other “bad actors” for their detrimental actions in the cryptocurrency market. In a tweet, Nerayoff clarifies that his dispute is not with Ethereum as a whole, but specifically with Lubin […]

Historical Bitcoin performance data and investors’ expectation that the Fed will “pump our bags” have traders anticipating a strong BTC price rebound.

The cryptocurrency exchange Rain, which focuses on the Middle East, was likely exploited for $14.8 million on April 29, according to online crypto investigator Zachxbt. Zachxbt says he traced the stolen funds to a bitcoin address with 137.9 bitcoins and an ethereum address holding 1,881 ether. Crypto Exchange Yet to Confirm Attack According to online […]

The regulator reported the firm voluntarily improved its practices after the CFTC’s civil suit with Binance and its former CEO Changpeng Zhao.

Bitcoin is moving sideways, posting drab price action, forcing participation to taper. But amid this consolidation and even fear of more losses, one analyst has shared data suggesting that long-term holders are accumulating at spot rates.  Are We Back To 2021? Bitcoin Long-Term Holders Accumulating In a post on X, the analyst noted that this re-accumulating pace is picking up momentum, mirroring a welcomed trend that preceded the impressive 2021 bull run. Therefore, if long-term holders, or HODLers, accumulate, the probability of BTC rallying in the sessions ahead is elevated. Thus far, BTC has been trending above $60,000, up 10% from the May 2024 lows.  For clarity, the data shared by the analyst uses Unspent Transaction Outputs (UTXOs) to classify long-term and short-term holders. Analyzing the age of UTXOs makes it easier to gauge the behavior of different investor groups.  Related Reading: Analyst Predicts Injective (INJ) Breakout: $50 Price Range On The Horizon Usually, UTXOs older than 155 days have “diamond hands” or long-term holders. Meanwhile, those who hold BTC for less than 155 days are short-term holders or often classified as “weak” hands. They are usually traders or speculators interested in riding on price volatility, like in the first half of Q1 2024.  When long-term holders stopped distributing BTC in 2021, prices rose sharply. By November 2021, the coin had peaked at around $70,000, lifting prices by nearly 1,500% from 2020 lows. It is unclear if BTC is ready for another 15X surge from spot rates, a move that would propel it to over $700,000. BTC Has Strong Support At $60,000, Analyst Urges Patience While the on-chain data paints a bullish picture, some analysts advocate caution. Taking to X, one analyst notes that Bitcoin has strong support at around the psychological $60,000 mark. The coin could stabilize if bulls soak in selling pressure and reject attempts for lower lows. However, if prices dump below $60,000, triggered by a news event, BTC may fall to as low as the $52,000 to $55,000 zone. Despite the potential for short-term volatility, the analyst encourages investors to maintain a long-term perspective. Accumulating Bitcoin at these levels and exercising patience could be a winning strategy, the analyst says. Related Reading: DOGE Price Prediction – Can Dogecoin Bulls Overcome This Hurdle? This preview would be especially true now that on-chain data shows that long-term holders are accumulating.  Before then, traders should watch price action. The coin is moving sideways, finding rejection at $66,000. Even though prices are lower, the last day’s series of higher highs is encouraging and might spark demand. Feature image from DALLE, chart from TradingView

Brazil recorded a 30% increase in crypto trading volume in the first months of 2024, outpacing USD weekly trading volume since mid-January.

David Marcus, CEO of Lightspark, a company that offers lightning network (LN) related services, has stated that LN will become the “interoperability neutral settlement layer” for the world. Marcus declared that only Bitcoin is “neutral enough” to be implemented as the enabler between national payment systems, granting companies and institutions adopting it an edge for […]

In his latest technical analysis, veteran crypto analyst Christopher Inks offers a detailed look at the current Bitcoin market structure through a comprehensive chart analysis. The chart, recently shared on X, shows Bitcoin’s price movements alongside several key technical indicators and levels that could signal a potential reversal from its bearish trend. The analyst illustrates Bitcoin’s price action with daily candlesticks over the past few months, pinpointing significant support (S1, S2) and resistance (R1, R2) levels. As of press time, Bitcoin traded at around the $63,000 mark, encapsulated by two descending trend lines which represent a bearish market structure. The Bottom Signal For Bitcoin “We still want to see a breakout above the noted level to signal a break in the bearish market structure that began at the ATH,” Inks stated. This level is of paramount importance because it serves as a junction of multiple technical elements: the daily pivot point, the upper descending green resistance line, and the two-month range equilibrium. Related Reading: Bitcoin On-Chain Activity Nearing Historic Lows – What This Means For BTC Price According to Inks, “an impulsive breakout and close above the daily pivot/descending green resistance/2-month range EQ confluence area will signal that the low is likely in.” This suggests that overcoming this barrier could herald the end of the bearish market structure that commenced from the all-time high. If this resistance breaks, the next major resistance is located at $65,541. Afterwards, $68,000 could be on the cards. “Breaking above this level breaks the bearish market structure from March 13th,” according to Inks. Then, R1 at $69,000 and R2 at around $78,000 could be the next targets. On the downside, the most crucial support is at $56,522. It represents the lower boundary that Bitcoin needs to maintain to prevent a new low, which would exacerbate the bearish sentiment. Related Reading: US Mega Banks JP Morgan And Wells Fargo Unveil Bitcoin Exposure As BTC Drops To $60,000 Inks articulates the importance of this support, noting, “If we can print a higher low now, which would require a breakout above the $65.541 level without printing a new low below $56,522, then that would really add support for the idea that the bottom is in and a new ATH is incoming.” This statement underlines the necessity for Bitcoin to hold above this support to avoid further declines and stabilize within its current range. If BTC breaks below the pivotal support, the price could be headed below $56,000 (S1) and $50,90 (S2). Notably, the analysis is supported by a variety of technical indicators. The Relative Strength Index (RSI), hovering around the neutral 50 mark, suggests a balancing act between bullish and bearish forces. The RSI’s position indicates that the market is neither overbought nor oversold, leaving room for potential upward movement if bullish signals strengthen. The Moving Average Convergence Divergence (MACD) currently shows that the MACD line is below the signal line, a traditional bearish sign. However, the proximity of these lines also hints at a possible upcoming bullish crossover, should the momentum shift. The Stochastic RSI also indicates potential for movement in either direction but is particularly useful for identifying when Bitcoin might be entering overbought or oversold territories, which are critical for predicting short-term price reversals. Inks also commented on the market’s dynamics, stating, “The positives of the range are that supply has continued to decrease throughout the bearish market structure.” This observation suggests that diminishing supply, paired with maintaining key support levels, could help stabilize and potentially increase Bitcoin’s price. At press time, BTC traded at $62,902. Featured image created with DALL·E, chart from TradingView.com