The latest quarterly report from Fidelity Digital Assets (FDA) Research reveals key insights into the bitcoin and ethereum markets as of Q1 2024. With a detailed analysis of market conditions and future outlooks, FDA’s research report provides several predictions for short and long-term trends. Fidelity Digital Assets Spotlights Bitcoin and Ethereum Market Shifts in New […]

With the crypto market on the rise once again, XRP has seen positive headwinds and this has triggered an improvement in sentiment among investors. This positive recovery has seen more crypto investors move to acquire the altcoin, pushing a very important holder cohort toward new all-time high levels. Wallets Holding More Than 1 Million XRP Nears ATH Over the last year, there has been a lot of selling among XRP investors as the price continued to struggle. This poor performance continued despite Ripple securing multiple partial victories against the United States Securities and Exchange Commission (SEC), prompting investors to jump ship. Related Reading: Shiba Inu Whales Move Over 3.19 Trillion SHIB, Where Are They Headed? One XRP holder cohort that witnessed a lot of selling is the addresses holding at least 1 million XRP tokens. At current prices, it would mean that these wallets are holding at least $500,000 on the lower end of the cohort, making this the cohort that includes the dolphins and whales. The number of addresses holding at least 1 million tokens had hit its all-time high back in June 2023. But with the price falling, these large holders began to sell, and at one point, the number of wallets sat around 50 wallets below its all-time high of 2,014. However, with the crypto market moving toward another bull market, expectations are that the price of XRP will follow the rest of the market, prompting large investors to return. Data from Santiment, an on-chain data aggregation platform, shows that over the course of 2024, the number of wallets holding 1 million tokens or more rose steadily and by April, this figure is now sitting at 2,013, one wallet away from reaching its previous all-time high, and two wallets away from setting a new record. Why Are Large Investors Returning? One reason why large investors are returning to XRP could be that the indicators are finally turning bullish for the altcoin. There was also an opportunity for these investors to buy the tokens for cheap when the market crashed and altcoins like XRP suffered almost 40% losses. Related Reading: 3 Major Metrics To Watch Out For That Can Impact Ethereum Prices Popular crypto analyst TonyTheBull took to X (formerly Twitter) to reveal the significance of this price crash. According to the analyst, it was the final capitulation shakeout for the altcoin. Comparing it to a similar shakeout in 2017 shows that after this, XRP could go on a massive rally. No, this was the final capitulation shakeout in $XRP https://t.co/Z0uQ2GhS7v pic.twitter.com/qfWC6H8DNv — Tony “The Bull” Severino, CMT (@tonythebullBTC) April 23, 2024 The large investors could be expecting this rally as well, hence, why they have been buying up large amounts of coins. If the 2017 rally is anything to go by, then the XRP price could quickly barrel through $1, printing significant returns for investors. Price trends toward $0.6 | Source: XRPUSDT on Tradingview.com Featured image from U.Today, chart from Tradingview.com

The world’s largest asset manager with $10.5 trillion in assets under management, Blackrock, has seen 70 consecutive days of inflows into its spot bitcoin exchange-traded fund (ETF). This achievement places Ishares Bitcoin Trust (IBIT), which has amassed approximately 274K bitcoins since its launch, among the top 10 ETFs with the longest daily inflow streaks. IBIT: […]

Cardano (ADA), the tenth largest cryptocurrency by market capitalization, has been a rollercoaster ride for investors in recent months. After a steep price decline in March, ADA has seen a minor uptick, leaving analysts divided on its future trajectory. Could a repeat of a historical price pattern propel ADA to new heights in 2024, or are there warning signs lurking beneath the surface? Related Reading: Is The Bitcoin Bloodbath Over? Analysts Say $60,000 Is The Cycle’s Bottom Cardano Mimics 2020: Bullish Echo Or False Hope? Hopeful investors are clinging to a familiar chart pattern. According to popular crypto analyst Milkybull, ADA’s price movement appears to be mirroring its action in 2020. Back then, an “Adam and Eve” double bottom pattern preceded a significant price surge. If history rhymes, a breakout from this pattern could see ADA revisit its all-time high this year. $ADA It’s following the same path of 2020 that initiated an explosive rally. pic.twitter.com/rI5FDzcn4P — Mikybull 🐂Crypto (@MikybullCrypto) April 21, 2024 However, historical comparisons are a double-edged sword. While past trends can offer some insight, blindly relying on them can be misleading, especially in the ever-evolving cryptocurrency market. Technical Indicators Flash Green, But Network Activity Sputters Technical indicators often used to gauge market sentiment seem to be painting a bullish picture for Cardano. The Relative Strength Index (RSI) and Chaikin Money Flow (CMF) are both trending upwards, suggesting a potential price increase. Total crypto market cap currently at $2.3 trillion. Chart: TradingView Related Reading: Solana Meme Coin Massacre: 12 Projects Gone In 30 Days, $27 Million Vanished Meanwhile, a crucial metric paints a contrasting picture. Cardano’s daily active addresses, which reflect the number of unique users interacting with the network, have dipped slightly in the past few days. This decline in network activity could be a cause for concern, as it might indicate dwindling user interest in the Cardano ecosystem. Cardano’s Future: A Balancing Act The outlook for Cardano remains uncertain. While the potential for a bull run based on historical patterns and bullish technical indicators exists, the decline in network activity raises questions about its long-term sustainability. Investors should carefully consider these conflicting signals before making any investment decisions. Source: Santiment Further developments within the Cardano ecosystem, such as the successful rollout of smart contracts or increased adoption of decentralized applications (dApps) built on the Cardano blockchain, could significantly impact its price. Additionally, the overall performance of the broader cryptocurrency market will also play a role in determining ADA’s future trajectory. Featured image from Pexels, chart from TradingView

Crypto.com has postponed the planned launch of its app in
South Korea due to scrutiny by the regulators on the exchange’s anti-money laundering
practices. According to a local media publication Segye Ilbo, Korean financial
authorities have initiated an emergency on-site inspection of the crypto exchange.

Anti-Money Laundering Concerns

The inspection, conducted by the Financial
Intelligence Unit under the Financial Services Commission, followed the
discovery of anti-money laundering-related issues in the data submitted by
Crypto.com.

Crypto.com has emphasized its commitment to
maintaining proper anti-money laundering standards, according to a report by
Coindesk. The firm mentioned that it adheres to the “highest”
standards. However, it intends to postpone the launch of the new service to
ensure that Korean regulators are fully apprised of its policies, procedures,
systems, and controls.

The exchange had announced plans to launch a local
mobile application facilitating coin trading next week. According to the firm,
the service promises competitive pricing and support for various virtual asset
transactions. Crypto.com obtained approvals to operate in South
Korea in 2022. However, regulatory hurdles have proved challenging for
the crypto exchange.

Early this month, Crypto.com announced the decision to debut the new app in South Korea, describing it as a specialized trading platform specifically designed for the Korean market. Commenting about the launch, Eric Anziani, the Chief
Operating Officer of Crypto.com, highlighted Korea’s tech-savvy population and
its adoption of innovation as key factors driving this decision.

Anziani mentioned: “The first product we will be launching in Korea is the
crypto.com app, which is our most popular product globally. It’s a fully mobile
product offering a convenient and safe way to buy, sell, and store digital
assets, including non-fungible tokens, enabling Korean customers to access
global prices in a regulated manner.”

Navigating Korean Crypto Regulations

Moreover, the company aims to support Korean creators
and artists through potential partnerships, leveraging the country’s influence as a
cultural powerhouse. With ongoing discussions with local banks, Crypto.com plans to establish partnerships for account authentication, a regulatory requirement
in Korea.

Presently, the Korean cryptocurrency market has five
won-based exchanges authorized by financial authorities. By entering this
market, Crypto.com will offer users an alternative trading platform while
fostering competition and innovation in the local cryptocurrency sector.

This article was written by Jared Kirui at www.financemagnates.com.

Paypal, in collaboration with Energy Web and DMG Blockchain Solutions Inc., has introduced an approach to promote environmentally sustainable practices in bitcoin mining. This research-backed initiative encourages miners to utilize low-carbon energy sources by offering financial incentives. Paypal Blockchain Research Team Advocates for Low-Carbon Mining With Financial Incentives The rise of the Bitcoin network has […]

In the midst of the dramatic changes that have occurred in the cryptocurrency space after the Bitcoin halving event, Bitfinex provides a perceptive analysis that reassures investors that the market dynamics of BTC have remained positive in the post-halving period. Bitfinex examines the on-chain data and finds encouraging signs for Bitcoin in spite of the United States economy’s current state of uncertainty in its most recent Alpha report, which was released on April 22. Bitcoin Market Dynamics Remains Bullish According to the Hong Kong-based crypto platform, exchange withdrawals of Bitcoin are currently at levels not seen since January 2023. This simply indicates that a lot of investors are putting their assets in cold storage in expectation of price rises. Related Reading: Bitcoin Halving: Anticipating Price Impact, Miner Challenges, And Long-Term Outlook Also, the exchange noted that long-term investors’ aggressive selling has not yet caused the usual pre-halving price decline, which suggests that new market participants are absorbing the selling pressure quite well, highlighting the tenacity of the present market structure of Bitcoin. The Bitfinex Alpha report revealed that the average daily net inflow from spot Bitcoin Exchange-Traded Funds (ETFs) is $150 million. Given the ETFs’ inflows far exceeding the $30 and $40 million daily issuance rate of BTC following the halving, this significant supply and demand imbalance could encourage further price appreciation. Bitfinex further claims the massive purchases of spot Bitcoin ETFs, which have dominated the entire year’s market narrative, may decline. However, recent ETF outflows have shown that ETF demand may be starting to stabilize. It is important to note that the recently concluded Halving cut down miners’ reward from 6.25 BTC to 3.125 BTC. As a result, miners are now modifying their operating tactics in order to sustain their activities against the decline in reward following the Halving. Thus, the amount of Bitcoin that miners are sending to exchanges has significantly decreased, which may indicate that they are selling ahead of time or collateralizing their holdings to upgrade infrastructure. Consequently, this could possibly lead to a gradual increase in selling pressure rather than a sudden drop in value at the Halving. New BTC Whales Surpassed Old Whales Since the conclusion of the fourth Halving, on-chain data shows a significant rise in new Bitcoin whales. CryptoQuant Chief Executive Officer (CEO) Ki Young Ju, reported the development, noting that the initial investment made by the new whales in Bitcoin is nearly twice that of the old whales combined. Related Reading: Crypto Expert Predicts A Narrative Shift Post-Bitcoin Halving According to the data, the total holding by these new whales, which are short-term holders, is valued at $110.6 billion. Meanwhile, the old whales, which are long-term holders, own a whopping $67 billion worth of BTC. This change in whale demographics may impact Bitcoin’s future course and the dynamics of the cryptocurrency landscape as a whole. Featured image from iStock, chart from Tradingview.com

The second-largest crypto token by market cap, Ethereum (ETH), looks set to make a massive market recovery following recent buys suspected to be made by Tron’s founder, Justin Sun. Sun’s accumulation spree again highlights crypto whales’ recent bullishness on Ethereum despite fluctuating prices.  Sun Allegedly Buys $405 Million Worth Of ETH In an X (formerly Twitter) post, the on-chain analytics platform Lookonchain drew the crypto community’s attention to a mysterious wallet suspected to belong to Justin Sun. This wallet is said to have bought 127,388 ETH ($405.19 million) from Binance and decentralized exchanges (DEXs) since April 8 at an average price of $3,127.   Related Reading: Brazil Wants BTC: 7,400 Bitcoin Futures Contracts Created On First Day Of Trading Source: Etherscan Meanwhile, Lookonchain tried to prove further its theory that this wallet likely belonged to Justin Sun. The platform alluded to a previous tweet mentioning that a suspected Justin Sun wallet bought 168,369 ETH at $2,894 from Binance and a DEX between February 12 and 24. It noted that the “transaction behavior” of both wallets was similar, which suggests that they are both likely owned by Justin Sun.  If indeed both wallets are owned by Justin Sun, that means the Tron founder has accumulated 295,757 ETH ($891 million) at an average price of $3,014 since February 12. Like every whale activity, Sun’s alleged transactions have caught the crypto community’s attention, with many wondering why he is gaining so much exposure to the second-largest crypto token.  Ethereum Whales Are Bullish Sun’s actions highlighted the bullish sentiment that Ethereum whales have towards the crypto token despite its recent unimpressive price action. Bitcoinist recently reported about an Ethereum whale who, despite already losing $4.5 million, opened another long position on the second-largest crypto token.  Related Reading: Crypto Analyst Predicts Cardano Recovery After ABC Wave Completion, Here’s The Target This whale also borrowed 17.3 million USDT just to increase their exposure to the crypto token. In a recent X post, Lookonchain again highlighted how Ethereum whales are still making bullish moves in the market. On-chain data shows a fresh wallet (0x9EB0) that withdrew 7,182 ETH ($23.06 million) from Binance, which suggests long-term holding by this whale.  Another wallet (0x1958) withdrew 5,181 ETH ($16.28 million) from Binance and put their ETH holdings to work by staking it into Bedrock and Pendle while anticipating further price gains in the crypto token. Such bullish sentiment towards Ethereum could be good for ETH’s price as whales are known to have a significant impact on a token’s price discovery. It could also prove crucial during this period when Ethereum is experiencing declining network growth, which means that the rate at which new users come into the ecosystem has slowed.  At the time of writing, Ethereum is trading at around $3,170, down over 1% in the last 24 hours, according to data from CoinMarketCap.  ETH price moves toward $3,200 | Source: ETHUSDT on Tradingview.com Featured image from Bitcoin News, chart from Tradingview.com

Coinex has launched the auction for the ‘epic satoshi’ from the fourth halving, originally mined by the mining pool Viabtc. This event, marking Sat # 1,968,750,000,000,000, commenced with a starting bid of 1 bitcoin. Following ten subsequent bids, the highest offer has reached 2 bitcoins ($132,298). This heightened interest in the rare satoshi is tied […]

Following a peak in onchain fees, bitcoin miners experienced a significant decline in the hashprice, which fell from a daily rate of $114 per petahash on Sunday to a markedly lower $79 per petahash by Tuesday. To date, the network’s hashrate has experienced a modest decline, though nothing too substantial yet, following the completion of […]

Amidst a rather quiet altcoin market, Akash Network (AKT) has emerged as today’s standout performer among the top 100 cryptocurrencies by market capitalization, recording a significant 46% increase in price over the past 24 hours. This surge has propelled AKT to the forefront, well ahead of its peers such as Core (CORE) and Arweave (AR), which posted gains of 7% and 6%, respectively. As of this writing, AKT is trading at $6.03. This increase in price has pushed its market cap to approximately $1.4 billion, positioning it as the 68th-largest cryptocurrency. Additionally, Akash Network’s trading volume has seen a dramatic rise of 2,790%, reaching $116 million today. Earlier today, AKT reached a new all-time high of $6.84 on the cryptocurrency exchange Kraken, though it has since adjusted to around $6.03, below its previous peak of $6.49. Catalysts For The Akash Network Surge The primary driver behind today’s price escalation appears to be an announcement from Upbit, a major South Korean cryptocurrency exchange. Upbit has confirmed that it will list AKT, offering trading pairs in South Korean Won (KRW), Bitcoin (BTC), and Tether (USDT) starting at 10:00 UTC today. Related Reading: Akash Who? Lesser-Known Altcoin Rules Weekend’s Top 100 List With 40% Rally Further fueling investor interest, data from Santiment, a market intelligence platform, shows that Akash Network’s social media volume has spiked by 200% in the last 24 hours. This surge in social activity, predominantly on platforms like Reddit and Bitcointalk, has played a significant role in AKT’s market performance. Future Price Trajectory Looking ahead, if AKT’s price can record a daily close above the previous all-time high of $6.49 (set on March 11, 2024) today, the next target could be $7.46, corresponding to the 1.272 Fibonacci extension of the overarching price movement. Should the buying pressure continue, a move towards $8.64, marked by the 1.618 Fibonacci extension, might be on the horizon. Here, traders should anticipate potential profit-taking. A breakthrough beyond this level could pave the way to medium-term targets at $10.92 (2.272 Fibonacci extension) and potentially even $12.13 (2.618 Fibonacci projection), contingent on continued bullish sentiment across the broader crypto market. Related Reading: AI Crypto Tokens Like Render, WorldCoin Are ‘Overvalued’: Coinbase Research Conversely, if AKT fails to uphold its new highs and closes below $6.48, a downward correction towards the $5.74 zone (0.786 Fibonacci level) could occur, where new buying opportunities might arise. A further dip below this level could see retests of the $5.16 (0.618 Fibonacci level) and $4.75 (0.5 Fibonacci level) support zones. The trajectory of AKT, like that of many cryptocurrencies, could be influenced by broader market conditions, including potential downturns triggered by accelerating US inflation, the US Fed’s favorite inflation gauge, the Personal Consumption Expenditures Price Index (PCE) is set for release on Friday, April 26, or other macroeconomic factors. Nevertheless, the 200-day exponential moving average (EMA), currently at $3.24, remains the most critical long-term support level for AKT. Featured image from MetaNews, chart from TradigView.com

Karam Lakshman, CEO of Wifi Dabba, asserts that a country like India, which is the world’s fifth-largest economy, needs enhanced connectivity and innovation. He suggests that Decentralized Physical Infrastructure Networks could be the solution for the country, which currently trails other major economies in fixed broadband connectivity. Using Blockchain to Establish Transparent Networks Lakshman supports […]

The legal battle between Ripple and the Securities and Exchange Commission (SEC) is getting heated and, following recent developments, looks far from over. This is due to the disagreement between both parties on the appropriate remedy for Ripple’s violation of securities laws.  Ripple Proposes $10 Million Fine Instead In opposition to the SEC’s motion for remedies and entry of final judgment, Ripple has proposed that the court should not impose a civil penalty of not more than $10 million. This figure represents a far cry from the SEC’s proposed judgment. The Commission had earlier asked the court to order Ripple to pay the sum of $1,950,768,364 as a pecuniary fine for violations relating to its institutional XRP sales. Related Reading: Crypto Analyst Predicts Cardano Recovery After ABC Wave Completion, Here’s The Target Specifically, the SEC proposed that Ripple pay a civil penalty of $876,308,712 alongside a prejudgment interest of $198,150,940 and disgorgement of $876,308,712, which represents the profits from its violation of the Securities Act. However, Ripple asked the court to deny the requests for disgorgement and pre-judgment interest and only focus on the civil penalty, which shouldn’t be more than $10 million.  Ripple’s lawyers also laid out arguments as to why the civil penalty should not exceed $10 million. Firstly, they stated that the first tier of the statutory maximum penalties is what applies to this case “because the SEC has never alleged fraud, deceit, or manipulation and has failed in its belated attempt to show that Ripple recklessly disregarded the law.” Therefore, Ripple argued that the Commission’s request for a civil penalty of over $876 million isn’t the appropriate remedy for the first-tier structure. They added that the company’s revenue from pre-complaint institutional sales should be the only earnings considered when deciding on a remedy, which makes a civil penalty of not more than $10 million more appropriate.  Accounting Error From The SEC Ripple suggested that the SEC made an error in calculating the company’s earnings while deciding on the right amount for which the crypto firm should be fined. According to the company’s lawyers, the Commission failed to “analyze or even consider any other categories of Ripple’s expenses.” Meanwhile, they allege that the SEC didn’t offer any evidence or explanation “for why cost if revenue is the only category of Ripple’s deductible expenses.” Simply put, Ripple argues that the regulator, while calculating Ripple’s earnings, didn’t consider how much the company expended before deciding that almost $2 billion was an appropriate fine.  Ripple’s lawyers made this argument while stating that the SEC also erred in relying on the declaration of Andrea Fox, an accountant at the agency. They claim that the SEC never disclosed Fox as a fact or expert witness and that she wasn’t deposed during the initial discovery or supplemental remedies discovery. Therefore, they moved to strike her declaration as an “untimely disclosed expert report.” Ripple Also Opposes SEC’s Proposed Injunction As part of its entry for final judgment, the SEC had asked the court to “permanently” restrain and enjoin Ripple from “directly or indirectly conducting an unregistered offering of Institutional Sales.” Understanding how this could affect their ODL transactions, Ripple has asked the court to deny the request for an injunction.  Related Reading: 3 Major Metrics To Watch Out For That Can Impact Ethereum Prices The crypto firm argues that the Commission has failed to show why an injunction is warranted. Injunctions are usually granted when there is a fear of future violations. Ripple claims that the SEC has failed to show a “reasonable likelihood of future violations.”  The crypto firm’s lawyers further revealed that Ripple has “changed the way it sells XRP and changed its contracts to avoid any future violations.” To show good faith, they submitted a declaration by Ripple’s President, Monica Long, which describes the steps the company has taken to avoid future violations.  XRP price recovers above $0.54 | Source: XRPUSDT on Tradingview.com Featured image from Coinpedia, chart from Tradingview.com

Vitalik Buterin, co-founder of Ethereum, reportedly has over $1 million trapped in the Optimism bridge, a situation highlighted in a broader analysis by Arkham, which exposes numerous wallets with significant funds locked on various bridge contracts. Among these, a wallet associated with Bofur Capital has $1.8 million in wrapped Bitcoin stuck on an Arbitrum bridge […]

The Central Bank of Mauritania (CBM) has partnered with Giesecke+Devrient (G+D) to develop and launch a digital version of the national currency. The Germany-based security technology firm is expected to assist the CBM in outlining the prerequisites for a national Central Bank Digital Currency (CBDC). Outlining Prerequisites for a Central Bank Digital Currency The Central […]