SEC Chair Gensler: Crypto Represents ‘Outsized’ Share Of Scams And Fraud In Overall Markets

05-08-2024 01:00:50

In a recent interview with CNBC, Securities and Exchange Commission (SEC) Chair Gary Gensler reiterated his concerns regarding the crypto industry, emphasizing its alleged association with scams, fraud, and compliance issues within the broader market. Compliance With Securities Laws In Crypto Gensler began by acknowledging that while cryptocurrencies constitute a relatively small segment of the

Bitcoin’s Bold Bet: Options Traders Eye $100K Surge By September

05-08-2024 01:00:05

The crypto market is currently buzzing with anticipation as Bitcoin options traders position themselves for what they foresee as a “substantial price rally” in September. Particularly, the derivatives market is expressing confidence, with a significant number of traders betting on Bitcoin surpassing the $100,000 mark. Related Reading: Bitcoin’s Make-Or-Break Moment: Trading Guru Predicts Rally Amid Market Uncertainty Bitcoin Market Optimism Amidst Whale Movements Recent analysis from industry experts highlights a significant trend in Bitcoin options that points to growing optimism among traders. According to insights from QCP Capital, a noticeable shift has occurred in the risk reversals landscape, with calls (options to buy) now priced higher than puts (options to sell). QCP Capital noted that this change underscores a “stronger demand” for potential price increases rather than hedges against declines. The preference for call options, particularly those pegged at ambitious strike prices of $75,000 and $100,000 for September, underscores the bullish sentiment permeating through the market. Data from the Deribit derivatives exchange corroborates this trend, revealing that call options with a strike price of $110,000 for the end of September are currently seeing the highest volume. This enthusiasm in the options market is a strong indicator of the traders’ bullish outlook for Bitcoin, suggesting that many are betting on a significant price uptick by the end of the third quarter. However, the skies are not clear. Bitfinex analysts have pointed out actions by Bitcoin whales that might signal potential short-term volatility. The whale ratio on exchanges—a metric indicating the amount of Bitcoin large holders are moving to exchanges—has seen an uptick. This could typically suggest that these major players are considering selling, which could introduce increased sell pressure in the market. Bitfinex’s recent Alpha report revealed that while the short-term holders of Bitcoin seem to be at a pivot point with a realized price of $58,700 acting as an “important support level,” the increased activity by whales on exchanges might lead to heightened price fluctuations. Long-Term Perspectives And Market Recoveries Despite these potential short-term pressures, the broader Bitcoin market has shown signs of recovery. After a drop from its peak above $73,000 in March, Bitcoin has demonstrated resilience with a 5.8% increase over the past week and a 2.8% rise in the last 24 hours alone. This recovery has brought its trading price to around $63,791 at the time of writing. Adding to the long-term confidence in Bitcoin, Michael Saylor of MicroStrategy shared his views on the future catalysts for Bitcoin’s price. In his perspective, regulatory decisions, particularly those rejecting spot exchange-traded funds (ETF) applications for other cryptocurrencies, will further solidify Bitcoin’s standing as an unmatched digital asset. Saylor disclosed that this regulatory moat could potentially steer more institutional investments towards Bitcoin, as it remains the ‘steel’ of the cryptocurrency world—unparalleled and indispensable. Featured image from Unsplash, Chart from TradingView

Bitcoin Continues to Attract Significant Whale Investments

05-08-2024 00:01:56

Bitcoin trades between $60,000 and $70,000, showing new optimism. Whales with 100 to 1,000 BTC increased their purchases over the last two months. Continue Reading: Bitcoin Continues to Attract Significant Whale Investments

‘Last Dip Ever’ – Analyst Predicts Solana Rally, Says Three Memecoins Will Surge Alongside SOL

05-08-2024 00:00:50

A closely followed crypto trader believes that Solana (SOL) just witnessed its last major correction for this market cycle. Pseudonymous analyst Inmortal tells his 213,300 followers on the social media platform X that SOL bulls successfully defended support at around $120. The trader shares a chart suggesting that the blue-chip altcoin is now poised to The post ‘Last Dip Ever’ – Analyst Predicts Solana Rally, Says Three Memecoins Will Surge Alongside SOL appeared first on The Daily Hodl .

Shiba Inu Whale Moves 1.7 Trillion SHIB As Price Struggles, Where Are They Headed?

05-08-2024 00:00:35

The crypto community’s attention has been drawn to a Shiba Inu whale that recently moved trillions of the meme coin. Given the magnitude of these transactions, community members have sought to discover where these tokens were transferred and the motive behind them. Shiba Inu Whale Moves 1.7 Trillion SHIB On-chain data shows that the whale

BlockDAG Dominates With $23.6M In Presale, Outperforming TRON And Polygon With New Roadmap and X1 Miner App Launch

05-08-2024 00:00:18

As the cryptocurrency investment landscape thrives, BlockDAG captures significant attention with its latest roadmap release, marking a standout moment. Despite the competitive presence of established cryptocurrencies like TRON and Polygon, BlockDAG has rapidly gained traction, unveiling a detailed and comprehensive new roadmap that illustrates upcoming advancements in its blockchain technology, BlockDAG Scan, and the innovative The post BlockDAG Dominates With $23.6M In Presale, Outperforming TRON And Polygon With New Roadmap and X1 Miner App Launch appeared first on Times Tabloid - Latest Cryptocurrency News, Bitcoin (BTC) News, Ethereum (ETH) News, Shiba Inu (SHIB) News, Ripple's XRP News .

Fantom (FTM) Bull Run: 8% Price Surge And Robust Double-Digit Growth In Key Metrics

05-08-2024 00:00:12

Fantom (FTM), a Layer-1 (L1) protocol, and its native token, FTM, have experienced significant gains and notable achievements in the first quarter (Q1) of 2024. According to a comprehensive performance analysis conducted by Messari, amid the emerging crypto bull market, Fantom has emerged as one of the major beneficiaries, showing significant growth in key metrics and market capitalization. FTM Market Cap Soars 101% QoQ By the numbers, FTM’s circulating market capitalization saw a substantial 101% quarter-over-quarter (QoQ) increase, jumping from $1.3 billion to $2.6 billion, vaulting it up ten spots to 48th among all tokens (currently 58th). The token’s rally extended for two consecutive quarters, resulting in a fourfold increase since the end of Q3 2023. Related Reading: Here’s How This Ethereum Whale Made $16 Million From A Single Trade Although Fantom experienced a decrease of 53% QoQ in revenue measured in FTM, amounting to 1.8 million FTM, revenue denominated in USD exhibited a 4% QoQ increase, reaching $1.2 million. According to Messari, the revenue decline was primarily due to reduced inscription activity across all smart contract platforms in Q1. Despite this, Fantom maintained an upward trend in average daily transactions, excluding inscription-related activity, surpassing the Q3 average and reaching 247,000 daily transactions. Daily active addresses also rebounded, rising by 24% QoQ to 40,500. In Q1, the staking requirement for Fantom validators was significantly reduced from 500,000 FTM to 50,000 FTM, aiming to increase accessibility. However, the number of active validators remained unchanged at 55. Notably, the total amount of FTM staked increased by 17% QoQ, from 1.1 billion to 1.3 billion FTM, resulting in a 135% QoQ surge in the total dollar value of staked FTM, reaching $1.2 billion. Among proof-of-stake (PoS) networks, Fantom ranked 22nd in the dollar value of funds staked by the end of Q1. Memecoin Mania Boosts Fantom On-Chain Activity During the year’s first quarter, Total Value Locked (TVL) denominated in USD experienced a substantial 59% QoQ increase, rising from $810.8 million in Q4 to $1.28 billion. Conversely, TVL-denominated in FTM decreased by 21% QoQ, indicating that the surge in USD-denominated TVL was partly attributed to FTM’s price appreciation. Fantom’s average daily decentralized exchange (DEX) volume surged by 64% QoQ, from $10.2 million to nearly $176.8 million. In Q1, the “Memecoin Mania” trend contributed to elevated on-chain activity across various networks, including Fantom. Fantom’s monthly DEX volume surpassed $1 billion in March, marking the first time since March 2023. The number of DEXs on Fantom increased to 31 by the end of Q1, with no single DEX dominating more than 30% of the market share. Related Reading: Bloomberg’s Mike McGlone Reveals Why A $150,000 Bitcoin Price Target Is Far Off Lastly, following an exploit in the Multichain: Fantom Bridge, which affected stablecoins on Fantom in Q3 2023, the Fantom Foundation took steps to increase the liquidity of stablecoins. As of Q1 2024, two independent third-party bridging solutions, Axelar (axlUSDC and axlUSDT) and LayerZero (lzUSDC and lzUSDT), have emerged. USDC remains the predominant stablecoin on Fantom, accounting for 98% of the stablecoin market cap. USDT also experienced considerable growth, with an 86% QoQ increase. The FTM token is currently trading at $0.7037, reflecting an 8.7% increase in price over the past seven days. However, it has experienced a decline of nearly 20% in the monthly time frame. Featured image from Shutterstock, chart from TradingView.com

Grayscale Withdraws Ethereum Futures ETF Application to SEC

05-07-2024 23:21:15

The firm appears to sidestep an “approve futures, deny spot” ETF strategy that could have landed in the courts.

SEC Chair Blames Journalists For Asking Him About Crypto So Much

05-07-2024 23:14:10

Gary Gensler says it’s not the SEC, but journalists who seem way too focused on the crypto market.

SEC Chair Gary Gensler Calls Crypto ‘Outsized Piece of Scams, Frauds, and Problems in Our Markets’

05-07-2024 23:11:51

The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has reiterated his view that crypto is a field full of noncompliance. While noting that crypto is a small piece of the overall U.S. financial market that his agency oversees, the SEC chair emphasized that it is “an outsized piece of the scams

Key Developments in the Cryptocurrency Market

05-07-2024 23:11:46

FTX creditors to receive significant cash payments soon. FTX's collapse continues to impact the crypto market. Continue Reading: Key Developments in the Cryptocurrency Market

Bitcoin 'Epic Sat' That Sold for $2 Million Used to Inscribe Ordinals Art—With Grimes' AI Voice

05-07-2024 23:06:19

An Ordinals inscription featuring Grimes' AI-generated voice has been created as part of a Bitcoin art project—on an "epic" satoshi that cost over $2 million.

Crypto Industry Flexes Financial Muscle With $100M Super PAC War Chest For 2024 US Elections

05-07-2024 23:00:02

A recent report by OpenSecrets.org revealed that cryptocurrency industry Super Political Action Committees (PACs) have accumulated a staggering $102 million war chest to exert their influence on the upcoming 2024 US congressional elections. The data, compiled by Public Citizen, highlights the sector’s concerted efforts to sway elections in favor of pro-crypto candidates and impede regulatory

Dogecoin on the Rise: Over 5 Million Wallets Now Profitable As Potential Surge Looms

05-07-2024 23:00:00

So far, Dogecoin has emerged as a significant player among the largest altcoins, exhibiting signs of a strong comeback, particularly highlighted by the recent profitability of numerous wallet addresses. A Surge In Dogecoin Profitable Addresses Recent data from IntoTheBlock reveals a notable uptick in the profitability of Dogecoin addresses. Of the myriad wallets in the Dogecoin ecosystem, roughly 82.66%, representing approximately 5.21 million addresses, are currently profitable. Related Reading: Dogecoin Breaks Out Of Descending Triangle Like It Did In 2021, Analyst Sets $6 Target According to data from IntoTheBlock, the profitability price range remains between $0.143 and $0.150. Conversely, a smaller segment of the network, about 13.5% or 850,400 addresses, remains in the red. These addresses are positioned to turn profitable if Dogecoin’s market price is between $0.183 and $0.671. An intriguing midpoint exists where approximately 3.83% of addresses, totaling 241,340, will break even if prices reach between $0.150 and $0.167. DOGE’s Market Dynamics And Future Prospects Despite the positive sentiment, Dogecoin’s journey is not devoid of challenges and speculative dynamics. The meme coin, often buoyed by social media trends and celebrity endorsements, particularly from figures like Elon Musk, is gaining traction through technical milestones and broader ecosystem developments. Analytical experts like Ali have pointed out significant patterns on Dogecoin’s charts that echo its historical rallies. Notably, Ali identifies a recurring descending triangle breakout akin to those seen before substantial price surges in 2017 and 2021. Related Reading: Brace For Price Impact: Dogecoin Whales Move Massive 456 Million DOGE To Exchanges If historical patterns hold true, Dogecoin might revisit its all-time high and potentially exceed it, with targets set ambitiously at $1.2 and even $6 in the ongoing bull cycle. Now, in 2024, #DOGE has yet again broken out of a descending triangle! It is currently undergoing a 47% price correction, very similar to previous cycles, which could ignite the next $DOGE bull run! pic.twitter.com/ZmuHmvIwei — Ali (@ali_charts) May 1, 2024 Furthermore, sentiments from market analysts like Altcoin Sherpa reinforce the bullish outlook for Dogecoin. Sherpa’s analysis, based on long-term consolidation phases and current market positioning, suggests that Dogecoin could outperform other cryptocurrencies significantly this year. Sherpa noted: DOGE is looking good. I strongly feel like this is going to be a strong coin for 2024. I think averaging between $.12 and $.14 would be a solid play and this one should outperform many other tokens for a lot of reasons. It chopped for almost 2 years, it’s going to moon later. Meanwhile, Dogecoin’s price has recently experienced a notable uptick, rising over 10% in the past week. However, in the last 24 hours, it has slightly declined by 2.4%, trading at $0.155 at the time of writing. Featured image from Unsplash, Chart from TradingView

Bitcoin Runes Haven't Lived Up to the Hype? It's Still Too Early to Say

05-07-2024 22:37:02

The immediate hype around Bitcoin Runes tokens has cooled off, but proponents believe this is a natural and expected lull.

Insights into Buying Zones for Cardano, Shiba Inu, and XRP

05-07-2024 22:32:11

Investors find some altcoins very cheap to buy. Recent data highlights potential buying areas for ADA, SHIB, and XRP. Continue Reading: Insights into Buying Zones for Cardano, Shiba Inu, and XRP

Robinhood Prepares to Fight SEC in Court Over Crypto, CEO Reveals

05-07-2024 22:16:23

Robinhood Markets is preparing to fight the U.S. Securities and Exchange Commission (SEC) in court to defend its crypto business and establish “regulatory clarity in the United States for the benefit of our customers,” CEO Vlad Tenev said after his company received a Wells notice from the securities regulator. “The SEC’s continued attack on crypto,

Chainlink Chosen as Technology Partner for HKDR Hong Kong Dollar Stablecoin

05-07-2024 22:13:32

Blockchain oracle data provider Chainlink has partnered with RD Technologies, a firm working on a Hong Kong dollar stablecoin called HKDR.

Fundstrat Co-founder Foresees $150,000 Bitcoin Price in 2024 and $500,000 in Five Years

05-07-2024 22:01:56

During an appearance on CNBC's 'Squawk Box', Tom Lee shared his optimistic outlook on Bitcoin's price trajectory.

Crypto Billionaire Joseph Lubin Says SEC’s Anti-Crypto Agenda To Have ‘Chilling Effect’ on Ethereum Users – Here’s Why

05-07-2024 22:01:44

Ethereum co-founder Joseph Lubin is issuing a warning about the U.S. Securities and Exchange Commission (SEC), saying the regulator’s current policies on crypto will have a lasting effect on the industry. In a new interview with Wired, Lubin says that if ETH is declared a security by the SEC, people in the US won’t be The post Crypto Billionaire Joseph Lubin Says SEC’s Anti-Crypto Agenda To Have ‘Chilling Effect’ on Ethereum Users – Here’s Why appeared first on The Daily Hodl .

Ethena’s USDe To Be Integrated Into Third Largest Global Crypto Exchange Bybit

05-07-2024 22:01:38

A new Ethereum (ETH)-based USD-pegged stablecoin is getting a boost from one of the world’s largest crypto exchanges. Ethena Labs has announced that USDe, the stablecoin of the Ethena (ENA) ecosystem, is being integrated by Bybit, the third largest crypto exchange by trading volume. “We are excited to share one of the most important developments for USDe adoption to date. As of The post Ethena’s USDe To Be Integrated Into Third Largest Global Crypto Exchange Bybit appeared first on The Daily Hodl .

AI Tokens ‘Preparing For Round 2’: Industry Shows 8% Growth With RNDR And FET

05-07-2024 22:00:47

Excluding Bitcoin, memecoins were the biggest narrative of this cycle. However, Artificial Intelligence (AI) tokens also performed remarkably during the first quarter of 2024. The crypto market recovered over the weekend from the May 1st retrace, with AI tokens showing significant gains. As a result, many industry experts think that the sector is poised for a ‘Round 2’ this cycle. Related Reading: Analysts Foresee Altcoins ‘Explosive Rally’ Incoming, Is The Correction Phase Over? AI Sector Recovers By 8% Crypto analysts highlighted AI tokens alongside memecoins as the hottest topic of 2024, responsible for most of the massive gains during this cycle. According to CoinGecko’s report, AI was one of the three sectors that delivered three-digit returns in Q1. Moreover, the largest AI token by market capitalization, Fetch.ai (FET), saw gains of 378.3% during this period. As a result, some analysts deem the AI sector to be the next main narrative of the cycle. Trader John Walsh, known as CryptoGodJohn, considers “The future of AI coins preparing round 2.” Walsh added that the AI season is “extremely obvious” and will go “so much higher” based on the developments in the sectors, including Nvidia earnings, Apple AI, and Microsoft’s $100 billion AI fund. To this, crypto analyst MacroCRG replied that a massive AI growth “will be obvious in hindsight,” considering that the sector’s market capitalization is “just” $27.3 billion. AI mcap still just $27B It will be obvious in hindsight https://t.co/HH0Tb86fNY pic.twitter.com/71qgdwdM1C — CRG (@MacroCRG) May 6, 2024 According to a MacroCRG post, the AI market cap had increased 8% by Monday morning, and its daily trading volume was around $1.9 billion. On Tuesday, the market cap surged to $27.8 billion, a 2.3% increase from 24 hours ago. In comparison, memecoins $54.4 billion market cap doubles AI’s. However, its market cap decreased by 2.8% in the last day, with the top ten memecoins showing red numbers in the past 24 hours. Is Artificial Intelligence About To Bloom Or Ruin the World? Despite the remarkable performance, some figures think the sector has a more pessimistic future. According to memecoin trader Murad, the developments in the industry will “be replacing more & more jobs every year.” As a result, there will be an increase in “Anxieties and desperate attempts to ‘make it.’” To the trader, the industry will serve as a push for the memecoins sector, as “Growing AI capabilities will be one of the big forces accelerating the Memecoin Bubble.” Financial giant Warren Buffett shared a more skeptical view on Saturday. The Co-founder and CEO of Berkshire Hathaway revealed he is not sold yet by artificial intelligence. To the CEO: We let a genie out of the bottle when we developed nuclear weapons. AI is somewhat similar — it’s part way out of the bottle. Despite this, Buffet recognized the potential for AI technology to change the world positively. On The Brink Of A Millionaire Boom “The AI industry is on the brink of a multi-trillion-dollar boom,” stated Alex Wacy. The analyst believes the reasons behind this are the vast and diverse potential of applications. Moreover, the expert highlights that interest in the sector has steadily increased over the last year. A crypto and AI combination could potentially “create a market valued in the trillions.” According to the post, the market is projected to reach nearly $2 trillion by 2030, which suggests that the crypto industry should not overlook it. Tokens like RNDR showed a remarkable performance over the past week, with the price soaring by 45%. RNDR regained the $10 support zone this week after struggling to retest it over the last month. In the past 24 hours, the token’s price surged 6.4%, and its daily trading volume increased by 16.8%, with over $455 million being traded. FET is “a top performing AI coin headed into the Nvidia earnings,” as stated by John Walsh. The trader forecast that the token is “looking for a next leg higher up” after successfully retesting the $2.35 resistance level. $FET break retest now looking for next leg up higher FET will be a top performing AI coin headed into the nvidia earnings pic.twitter.com/Agl0eqB9mD — Johnny (@CryptoGodJohn) May 6, 2024 FET broke above this level over the weekend, rising to $2.5 on Monday and remaining above the $2.40 support zone since. At writing time, the token is trading at $2.42, representing a 2.4% increase in the last 24 hours and a $22.9% surge in the past week. Related Reading: Crypto Analyst Reveals 6 Must-Buy Altcoins With The Most Potential FET's performance in the weekly chart. Source: FETUSDT on TradingView Featured Image from Unsplash.com, Chart from TradingView.com

High Networth Bitcoin Whales Accumulating: Will This Buying Spree Push BTC Above $74,000?

05-07-2024 22:00:08

While Bitcoin continues to trade within the $60,000 to $70,000 range, a new wave of optimism is emerging from on-chain analysis. Willy Woo, an on-chain analyst, took to X on May 7 to point out an exciting development: high-net-worth BTC holders have been rapidly accumulating the coin. High Net-worth Whales Accumulating In a chart, the analyst

Neuralink Safety Concerns Drove Co-Founder to Break Up With Elon Musk

05-07-2024 21:36:55

While Neuralink is already testing its brain implants in humans, a scientist who helped start the company says he left to develop a less intrusive technology.

SEC’s Gary Gensler Reiterates Belief That Vast Majority Of Cryptocurrencies Are Securities

05-07-2024 21:34:09

Gary Gensler, the Chairman of the U.S. SEC, has doubled down on his view that most cryptocurrencies qualify as securities.

2 Bitcoin L2 Projects Secure Investments to Enhance Bitcoin’s Defi Capabilities

05-07-2024 21:32:31

On Tuesday, two Bitcoin-centric layer two (L2) initiatives successfully secured funding from strategic investors. Botanix Labs, a startup focused on developing a decentralized Turing-complete L2 EVM (Ethereum Virtual Machine), garnered $11.5 million. Meanwhile, the Bitcoin L2 ZKM attracted $5 million during a pre-seed investment phase. Bitcoin L2 Projects Gain Momentum With New Financing Rounds Throughout

Arbitrum Price Trends and Market Analysis

05-07-2024 21:32:12

Arbitrum's price may surpass key resistance levels with investor support. Recent price fluctuations suggest a potential rise in ARB's value soon. Continue Reading: Arbitrum Price Trends and Market Analysis

TON Network Surpasses $200 Million TVL Boosted by Open League and DeFi Growth

05-07-2024 21:24:00

The TON Network has recently crossed a major landmark, boasting a Total Value Locked (TVL) exceeding $200 million.

Continued Interest in Render Coin Drives Market Dynamics

05-07-2024 21:22:10

Render coin's price is nearing a confirmation of its rising trend. Increased investor participation could push prices higher. Continue Reading: Continued Interest in Render Coin Drives Market Dynamics

Recent Fluctuations and Withdrawals in the Cryptocurrency Market

05-07-2024 21:11:53

Significant price fluctuations occurred in cryptocurrencies last week. Grayscale retracted its application for a Futures Ethereum ETF. Continue Reading: Recent Fluctuations and Withdrawals in the Cryptocurrency Market

US SEC Pushes Back On Yet Another Spot Ether ETF Application As Key Deadline Looms

05-07-2024 21:07:30

Wall Street's top regulator has refused to make a decision on another high-profile spot, the Ethereum exchange-traded fund (ETF).

Tom Brady Roasted For His Crypto Mishap on Netflix Special

05-07-2024 21:07:21

Tom Brady featured recently in a show that was aired on Netflix as host Kevin Hart walked down memory lane on his failed crypto ventures The post Tom Brady Roasted For His Crypto Mishap on Netflix Special appeared first on Latest News and Insights on Blockchain, Cryptocurrency, and Investing .

Meme coin secret sauce: 1,000x returns on tokens in the 2024 cycle

05-07-2024 21:02:03

Meme coins are typically considered more speculative than other altcoins. In the ongoing cycle, meme coins on the Solana and Base chain, top assets by market capitalization like Dogecoin (DOGE), Shiba Inu (SHIB) have yielded massive gains for holders. Colin Wu, Chinese journalist recently reported that 138 meme coins were registered on Coinmarketcap in April

CFTC Chair Predicts Tsunami Of Crypto Enforcement Actions In Next 2 Years

05-07-2024 21:00:43

As the US Securities and Exchange Commission (SEC) continues to scrutinize crypto industry players, including Robinhood, Binance, Coinbase, and Ripple, the Chair of the Commodity Futures Trading Commission (CFTC), Rostin Behnam, warns of an impending surge in enforcement actions. Crypto Faces Inevitable Wave Of Enforcement Actions At the Milken Institute’s 27th annual Global Conference, Behnam

Can Ethereum Reclaim $4,000? Fragile Fundamentals Threaten To Send ETH Crashing

05-07-2024 21:00:35

Ethereum has put on a disappointing performance for its investors over the last few weeks, leading to concerns on whether the second-largest cryptocurrency by market cap has lost its shine. The cryptocurrency continues to skirt around the $3,100 level, not making any significant breaks upward. This points to weak fundamentals that could trigger a price decline. Ethereum Fails To Make Meaningful Moves Markus Thielen, Head of Research at 10x Research, has pointed out some worrying developments with the Ethereum price. In a new report shared with NewsBTC, he explains that despite Ethereum remaining highly correlated to Bitcoin with an R-Square of 95%, it continues to perform poorly while the latter has made new all-time highs. Related Reading: Here’s Why This Crypto Analyst Believes Bitcoin Is At A ‘Prime Buy Zone’ Thielen points back to ETH’s performance in the last bull market, which was closely tied to new sectors popping out of the network, such as decentralized finance (DeFi) and non-fungible tokens (NFTs). This caused demand to skyrocket, and in turn, the price followed as users gobbled up ETH for the high gas fee required to transact on the blockchain. However, Ethereum has failed to maintain this momentum, which can be attributed to its inability to bring the upgrades that users needed in time. Thielen explains that the Dencun upgrade which helped solved the high gas fee issues had come three years too late because by 2024 when the upgrade arrived, users had moved on to Layer 2 networks. Also, during this time, other Layer 1 networks have seen a rise in users and Solana is one example of this. Source: 10x Research The researcher further explained that the weak fundamentals of ETH are now not only affecting its price but has had a spillover effect to Bitcoin. “Ethereum’s weak fundamentals are becoming a roadblock for Bitcoin as they prevent broad fiat inflow into the crypto ecosystem,” Thielen stated. Better To Short ETH Thielen’s analysis of Ethereum also spreads to the drop in stablecoin usage on the network. Back in 2021, Ethereum had dominated stablecoin transactions such as USDT and USDC. However, it seems like, with other things, the high fees have driven users towards other networks. Blockchains such as Tron (TRX) are now dominating stablecoin transactions, leaving ETH in the dust. Additionally, there is also the fact that ETH’s issuance is turning inflationary once again. After the London Hard Fork, also known as EIP-1559, was completed in 2021, the network saw its issuance turn deflationary for the first time as ETH burned quickly surpassed ETH being brought into circulation. Related Reading: Crypto Whale Spends $10.4 Million On PEPE, Do They Know Something You Don’t? However, this has now changed in the past months as there have been more ETH issued than those burned, Thielen notes. To put this in perspective, a total of 74,000 ETH were issued compared to only 43,000 ETH burned. This inflation, coupled with the fact that staking rewards have now dropped to 3%, below the 5.1% offered by Treasury Yields, Ethereum has had a hard time maintaining bullish sentiment. Given these developments, the researcher believes it is better to be bearish on Ethereum right now. “Right now, we would be more comfortable holding a short position in ETH than a long one in BTC as Ethereum’s fundamentals are fragile, which is not yet reflected in ETH prices,” Thielen concludes. ETH price fails to hold $3,100 | Source: ETHUSD on Tradingview.com Featured image from Watcher Guru, chart from Tradingview.com

Cardano Skyrockets Past 90 Million Transactions as Bulls Crazily Eye $3 Price Landmark

05-07-2024 20:55:54

This milestone highlights Cardano's growing prominence in the blockchain space and underscores the robust ecosystem around its network.

Michelle Obama and RFK Jr. Have Equal Odds of Becoming Next President on Polymarket

05-07-2024 20:43:05

The former first lady has no plans to run for U.S. President, but oddsmakers are backing her as enthusiastically as the actual, crypto-friendly candidate.

‘Big Short’ Investor Calls Crypto One of the ‘Great Themes of Our Time,’ But He’s Not a Believer

05-07-2024 20:37:02

In a recent interview on Bloomberg Television, Steve Eisman of Neuberger Berman, who gained prominence from “The Big Short,” shared insights on the impending U.S. election and his investment strategies. Eisman identified three significant current themes, including cryptocurrency, about which he expressed skepticism. Steve Eisman’s Take: Trump’s Re-Election and the So-Called Crypto Conundrum Steve Eisman,

Poloniex Hacker Transfers Over $3.3 Million Worth of ETH to Sanctioned Tornado Cash

05-07-2024 20:21:25

The hacker who drained $125 million in crypto assets from Poloniex last year, has sent over 1,100 ETH to Tornado Cash.

Vitalik Buterin Proposes EIP-7702 to Enhance Smart Contract Sustainability

05-07-2024 20:20:00

Vitalik Buterin, co-founder of Ethereum, has put up a new suggestion to make the protocol’s smart contract push more sustainable in the long run. Notably, the new proposal has garnered intriguing remarks. The founder of Uniswap, Hayden Adams, raised attention to the Ethereum proposal known as EIP-7702. Adams offers some

Ripple’s Recent Market Performance and Technical Analysis

05-07-2024 20:12:09

Ripple shows signs of recovery, facing key resistance levels. MACD indicators suggest potential upward movement; resistance at $0.57. Continue Reading: Ripple’s Recent Market Performance and Technical Analysis

Spectral Labs Joins Hugging Face’s ESP Program To Advance the On-Chain x Open-Source AI Community

05-07-2024 20:07:50

May 7, 2024 – New York, New York Spectral is excited to announce its participation in Hugging Face’s ESP (expert support program). Spectral is collaborating with deep learning experts from Hugging Face to advance open-source models, datasets and applications for the on-chain agent economy. How to use Hugging Face Hugging Face plays a critical role The post Spectral Labs Joins Hugging Face’s ESP Program To Advance the On-Chain x Open-Source AI Community appeared first on The Daily Hodl .

Dogecoin Holders In Profit across 82%, What About Shiba Inu?

05-07-2024 20:00:34

Major cryptocurrencies have exhibited an interesting price dynamic in the past few days. According to data from Coinmarketcap, the majority of cryptocurrencies, including Dogecoin, have posted losses in the past 24 hours. On the other hand, some of these cryptocurrencies are still on a price increase when looking at a larger timeframe and many more

Independent Presidential Candidate Robert F. Kennedy Jr. Joins Consensus as a Headline Speaker

05-07-2024 20:00:10

PRESS RELEASE. May 7, 2024, Austin, TX – In less than four weeks, independent presidential candidate Robert F. Kennedy Jr. will take the stage in Austin, TX, at Consensus 2024, the world’s largest, longest-running, and most influential gathering that brings together all sides of the crypto and Web3 community. As an environmental lawyer, scion of

Polkadot To Sponsor Messi’s Inter Miami: DOT To The Moon?

05-07-2024 20:00:06

The Polkadot community has approved a proposal to sponsor Inter Miami, the football club co-owned by David Beckham and featuring superstar Lionel Messi. The move could be a strategic decision to propel Polkadot, a smart contracts platform similar to Ethereum, into the global spotlight. Polkadot To Sponsor Inter Miami The proposal, approved by Polkadot’s Open Gov community, sought 968,000 DOT (roughly $6.5 million) to secure the sponsorship. Under the “sports sponsorship fund,” the goal was to partner with Inter Miami, a team described as one of the “world’s most engaging and followed sports teams.” Related Reading: Cardano (ADA) Trading Activity Goes Quiet: Will This Drag Down The Price? While the goal is to “elevate” Polkadot’s global brand visibility, the plan is to develop other deeper integration, leveraging Inter Miami’s global fanbase. For instance, the team plans to enhance user experience through engaging non-fungible tokens (NFTs) and other gamified experiences deployed on Polkadot’s parachains. Additionally, the team plans to explore how Polkadot-based solutions can be implemented at Inter Miami, resulting in greater efficiency and improved fan engagement initiatives. While the potential deal’s specifics are confidential, the proposal emphasizes transparency. Accordingly, funds will be held in a multi-signature wallet, accessible only with community approval. Moreover, ORSEN SA, a Swiss sports marketing agency, will manage the partnership rights. Polkadot’s Plans to Scale As Polkadot enhances its global visibility, developers are also working on activating a key update: “Asynchronous Backing.” Last year, Sophia Gold, the Engineering Lead at Parity Technologies, said the technology would be a game changer. Asynchronous Backing will allow Polkadot to scale the number of Parachains from 100 to 1,000 by the end of the year. The network will boost its transaction processing capacity, with Polkadot supporting more “independent blockchains” via Parachains. Related Reading: Here’s How This Ethereum Whale Made $16 Million From A Single Trade Furthermore, improvements via techniques like “pipelining” will permit multiple parachains to process data simultaneously, halving transaction confirmation times. Though Polkadot continues to enhance its network and strike more deals, DOT prices remain under pressure. At spot rates, DOT is down 40% from 2024 highs. While CoinMarketCap data shows that the coin has risen 14% in the last week, the failure of bulls to break above $7.5 is a concern. Technically, a high volume lifting the coin above this local liquidation level would pave the road for an expansion toward $9 and March 2024 high in the coming sessions. Feature image from Unsplash, chart from TradingView

Bitcoin Rally Could Be Short-Lived if BTC Follows Stock Market, According to Analyst Benjamin Cowen

05-07-2024 20:00:01

A widely followed crypto analyst says that Bitcoin (BTC) may be acting as a “more volatile version” of the stock market. In a new video update, crypto strategist Benjamin Cowen tells his 801,000 YouTube subscribers that Bitcoin may be following in the footsteps of the Russell 2000 Index, NASDAQ and S&P 500. According to the The post Bitcoin Rally Could Be Short-Lived if BTC Follows Stock Market, According to Analyst Benjamin Cowen appeared first on The Daily Hodl .

Binance CEO Richard Teng Demands Nigeria Release Imprisoned Employee, Offers Help in Resolving Tax Issues

05-07-2024 19:55:46

Binance CEO Richard Teng is demanding the release of a top executive imprisoned in Nigeria for alleged money laundering crimes. In a new Binance blog post, Teng calls on Nigerian authorities to release Tigran Gambaryan, head of the crypto exchange’s Financial Crime Compliance team, who has been held for more than 70 days. Gambaryan was The post Binance CEO Richard Teng Demands Nigeria Release Imprisoned Employee, Offers Help in Resolving Tax Issues appeared first on The Daily Hodl .

Investment Firm Discloses Over $1.8 Billion in Bitcoin ETF Holdings in SEC Filing

05-07-2024 19:54:18

Susquehanna International Group reports owning over $1 billion in Grayscale's spot Bitcoin ETF alone.

Bitpay Partners With Moonpay to Enhance Crypto Selling Experience on App

05-07-2024 19:34:57

On Tuesday, the crypto payments processor based in Atlanta, Bitpay, revealed its collaboration with Moonpay. The partnership, Bitpay emphasized, enables users to sell bitcoin and other crypto assets directly through the Bitpay app. Bitpay Now Allows Direct Sales via Moonpay Partnership Users of the Bitpay app can now sell their crypto assets through Bitpay’s integration

House Republicans Move To Crush SEC's Anti-Crypto Banking Policy

05-07-2024 19:28:19

Congress is mulling a resolution aimed at rescinding guidance that proponents say drives U.S. banks away from holding digital assets.