Coin overview
MAJORPOINTS
Mapped
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Last price (USDT)
27.44K
24h total (USDT)
338.41K
Total vol (USDT)
2024-08-08 11:00:00 ~ 2024-11-14 06:00:00
Trading time (UTC+0)
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Delivery time (UTC+0)
Introduction
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Ethereum Price Under Pressure: Struggles Could Signal Rising Risks?
Ethereum price started another decline below the $3,150 zone. ETH is struggling and might decline further below the $3,000 support zone. Ethereum is slowly moving lower below the $3,150 zone. The price is trading below $3,100 and the 100-hourly Simple Moving Average. There is a connecting bearish trend line forming with resistance at $3,080 on the hourly chart of ETH/USD (data feed via Kraken). The pair could extend losses if there is a close below the $3,000 support zone. Ethereum Price Struggle Continues Ethereum price attempted an upside break above the $3,200 resistance but failed unlike Bitcoin . ETH started a fresh decline below the $3,150 and $3,120 support levels. There was a move below $3,080 and the price tested $3,040. A low is formed at $3,033 and the price is now consolidating. It tested the 23.6% Fib retracement level of the recent drop from the $3,225 swing high to the $3,033 low. Ethereum price is now trading below $3,000 and the 100-hourly Simple Moving Average . On the upside, the price seems to be facing hurdles near the $3,080 level. The first major resistance is near the $3,120 level or the 50% Fib retracement level of the recent drop from the $3,225 swing high to the $3,033 low. The main resistance is now forming near $3,180. A clear move above the $3,180 resistance might send the price toward the $3,220 resistance. Source: ETHUSD on TradingView.com An upside break above the $3,220 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,450 resistance zone. More Losses In ETH? If Ethereum fails to clear the $3,100 resistance, it could start another decline. Initial support on the downside is near the $3,030 level. The first major support sits near the $3,000 zone. A clear move below the $3,000 support might push the price toward $2,920. Any more losses might send the price toward the $2,880 support level in the near term. The next key support sits at $2,740. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 zone. Major Support Level – $3,030 Major Resistance Level – $3,100
XRP Price Targets Its Next Move: Will It Break Higher Again?
XRP price is consolidating gains above the $1.00 zone. The price might start a fresh increase if it clears the $1.150 resistance zone. XRP price started a downside correction below the $1.120 level. The price is now trading below $1.120 and the 100-hourly Simple Moving Average. There is a short-term contracting triangle forming with resistance at $1.1380 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could gain bullish momentum if it clears the $1.150 resistance. XRP Price Holds Support XRP price struggled to start a fresh increase above the $1.150 and $1.180 levels. It started a downside correction and traded below the $1.120 level. It underperformed Bitcoin and struggled like Ethereum in the past two sessions. The price is now trading below $1.120 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $1.1380 level. There is also a short-term contracting triangle forming with resistance at $1.1380 on the hourly chart of the XRP/USD pair. The first major resistance is near the $1.150 level. The next key resistance could be $1.1680 or the 61.8% Fib retracement level of the downward move from the $1.2747 swing high to the $0.9988 low. Source: XRPUSD on TradingView.com A clear move above the $1.1680 resistance might send the price toward the $1.200 resistance or the 76.4% Fib retracement level of the downward move from the $1.2747 swing high to the $0.9988 low. Any more gains might send the price toward the $1.2250 resistance or even $1.2320 in the near term. The next major hurdle for the bulls might be $1.250 or $1.265. More Downsides? If XRP fails to clear the $1.1380 resistance zone, it could continue to move down. Initial support on the downside is near the $1.100 level. The next major support is near the $1.0650 level or the triangle’s lower trend line. If there is a downside break and a close below the $1.0650 level, the price might continue to decline toward the $1.020 support in the near term. The next major support sits near the $0.980 zone. Technical Indicators Hourly MACD – The MACD for XRP/USD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level. Major Support Levels – $1.1000 and $1.0000. Major Resistance Levels – $1.1680 and $1.2000.
Shiba Inu Whale with $2.5 Billion in Assets Stirs Curiosity
A recent investigation by blockchain analytics firm Bubblemaps has uncovered a significant Shiba Inu (SHIB) whale controlling $2.5 billion worth of the popular cryptocurrency. This entity, which holds about 10% of SHIB’s total supply, operates across approximately 150 separate addresses. The discovery has sparked intrigue regarding the whale’s identity and its origins. Shiba Inu, which launched on July 31, 2020, began as a fair launch project, providing equal access to anyone wishing to participate. Initially, the deployer wallet (0xb8f2) controlled half of the total supply. However, by late 2020, another major player emerged under the address “0x1406,” acquiring a staggering 103 trillion SHIB tokens—roughly 10% of the total supply—at the low cost of 38 ETH (about $10,000 at the time). Thanks to SHIB’s explosive rise in value, that initial investment has now ballooned by 25 million percent, reaching a current valuation of $2.5 billion. The whale’s activity shows a highly strategic approach to asset management. As the value of SHIB surged to $5 billion, “0x1406” consolidated its holdings into a single address before diversifying it into 14 separate wallets in November 2021. By 2024, these holdings were spread across roughly 150 addresses, a move that likely aims to mitigate risk and maintain privacy. Although these transactions are visible through advanced blockchain visualization tools, they remain hidden from conventional platforms. READ MORE: Major XRP Transfers Spark Speculation on Upcoming Market Shifts The sophisticated management of this wallet and its long-term holdings have led to speculation that “0x1406” could be the mysterious Ryoshi, the pseudonymous creator of Shiba Inu. Ryoshi withdrew from the public eye in 2021, adopting a strategy reminiscent of Bitcoin’s elusive founder, Satoshi Nakamoto, further fueling these theories.
21Shares Launches Low-Fee Ethereum Staking ETP in Europe
21Shares AG, an asset manager based in Switzerland, has upgraded its Ethereum Core exchange-traded product (ETP) by incorporating staking features, now rebranded as the Ethereum Core Staking ETP. Launched on Tuesday, the updated product is available on prominent European exchanges such as the SIX Swiss Exchange, Deutsche Börse Xetra, and Euronext Amsterdam. This move underscores 21Shares’ commitment to broadening access to staking for both retail and institutional investors in Europe, offering innovative, low-cost solutions in the growing digital asset sector. The Ethereum Core Staking ETP, traded under the ticker ETHC, is physically backed by Ethereum and charges a management fee of just 0.21%, making it one of the most affordable options on the market. This fee structure is designed to attract a diverse investor base seeking staking opportunities. READ MORE: Major XRP Transfers Spark Speculation on Upcoming Market Shifts Hany Rashwan, CEO of 21Shares, emphasized the significance of this enhancement, stating that it aligns with the company’s goal to bring advanced digital asset products to the European market while keeping staking accessible and cost-efficient. Currently, Ethereum staking offers an average return of 3.17%, according to Staking Rewards. The ETHC ETP enables investors to earn staking rewards while avoiding the complexities of direct staking.
Bitcoin Nears Major Breakout as RSI Hints at Market Shift
The token’s shows price syndication with a possible rally on the horizon. RSI divergence signals weakening momentum despite recent price highs. Key price levels may decide Bitcoin’s next move upward or downward. Bitcoin is trading at $91,606.68 after achieving three all-time highs in the past week, but technical indicators now suggest possible volatility. The Relative Strength Index has shown a declining trend, and a triangle shape on the chart indicates that a major value movement could be approaching. RSI Divergence Signals a Loss of Momentum While Bitcoin’s value continues to rise, the RSI is moving in the opposite direction, which is often a warning sign. This divergence shows that buying momentum may be slowing down even though rates remain near record highs. Traders often see RSI divergence as an early indication of a potential market correction. Bitcoin ATH Warning: RSI Says "Be Careful Recent Action: #Bitcoin has hit a new ATH 3 times in the last 7 days. However, the RSI is dropping, signaling caution. Risk Alert: ▫️ A triangle pattern is forming on the LTF. ▫️ Wait for a clear breakout before making any moves. Key… pic.twitter.com/IQb0L4cDYM — Crypto Patel (@CryptoPatel) November 20, 2024 The RSI on the 4-hour chart highlights lower highs, which indicates weakening market momentum that could affect Bitcoin’s short-term price movement. This is an important signal to monitor because momentum plays a crucial role in sustaining upward trends. Moreover, the divergence between price and RSI emphasizes the need for caution, especially as Bitcoin nears key resistance and support levels. Triangle Pattern Hints at a Breakout The triangle arrangement forming on Bitcoin’s chart shows a period of consolidation where price movements are becoming narrower over time. These patterns often precede a breakout, although the direction of the breakout remains uncertain at this stage. The triangle structure highlights a balance between buyers and sellers, which suggests that a decisive price move is on the horizon. Traders often wait for clear confirmation of the breakout before taking positions in the exchange to minimize risk. If Bitcoin breaks out upward, the bullish momentum could accelerate, while a downward breakout could lead to significant losses. This pattern makes the current price range critical for traders to observe. Key Price Levels Hold the Market’s Focus BTC’s important support resistance at $90,600 is critical because falling below this level could lead to a drop near $75,000. Alternatively, if Bitcoin surpasses $93,400, it could pave the way for a rally toward the highly anticipated $100,000 milestone These levels represent hypothetical turning points that traders are closely monitoring to predict the economy’s next major move. Whether BTC continues its upward trend or experiences a serious pullback depends on how it interacts with these valuations. disclaimer read more Crypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
Ripple & Cardano Tease Major Move—Here’s What to Expect
Ripple’s Garlinghouse and Cardano’s Hoskinson have held promising talks. Speculation has risen about a potential Ripple-Cardano partnership. Recent interactions have sparked rumors of a game-changing collaboration. The crypto community is buzzing with speculation as Ripple’s CEO, Brad Garlinghouse , and Cardano’s founder, Charles Hoskinson , have been engaging in friendly dialogues. These interactions have ignited rumors of a potential partnership between the two blockchain giants. Could this be the beginning of a groundbreaking collaboration that reshapes the landscape of decentralized finance? While details remain under wraps, the recent exchanges between Garlinghouse and Hoskinson have caught the industry’s attention. XRP & ADA: Hoskinson Teases Power Alliance Earlier this month, Charles Hoskinson revealed that he had a conversation with Brad Garlinghouse, describing him as “a great CEO” and “extremely collaborative.” Sponsored Garlinghouse confirmed the discussion, thanking Hoskinson for the kind words and emphasizing that “now is the time for the crypto community to come together, push for a level playing field and clear rules of the road.” While the exact subject of their conversation remains undisclosed, the crypto community interprets this as a sign of a future collaboration between Ripple and Cardano . The potential partnership could leverage the strengths of both platforms, combining Ripple’s expertise in cross-border payments with Cardano’s focus on smart contracts and scalability. Adding fuel to the fire, Hoskinson recently had another conversation with Ripple’s CTO, David Schwartz. He mentioned they discussed Cardano’s privacy-focused sidechain, Midnight, and Ripple’s native token, XRP . “Wonderful technical conversation,” Hoskinson remarked. Schwartz responded, saying it was a pleasure and that “Midnight sounds extremely interesting.” Hoskinson’s XRP U-Turn Some may be surprised by the warming relations between Ripple and Cardano, considering Hoskinson’s previous criticisms of the XRP community. In 2022, he labeled the Ripple community as “toxic and petty,” even declaring he would no longer discuss XRP-related topics. However, in a recent development, Hoskinson apologized and expressed interest in building bridges between the two ecosystems. “I would love to find ways to build bridges and work with them just like we are building bridges with the Bitcoin ecosystem,” Hoskinson stated. He hinted at potential collaborations ranging from “Midnight interoperability with Ripple up to perhaps participating in this stablecoin that the Ripple ecosystem has been creating.” The mention of Ripple’s stablecoin project aligns with Ripple’s broader efforts to expand its offerings, including the yet-to-be-launched RLUSD stablecoin . A partnership with Cardano could provide mutual benefits, such as enhanced interoperability and shared technological advancements. On the Flipside Past tensions between Hoskinson and the XRP community could pose challenges to collaboration. Technical differences between the two platforms may complicate integration efforts. Without official confirmation, the rumored partnership remains speculative. Why This Matters A collaboration between Ripple and Cardano could have significant implications for the crypto market. By combining their respective strengths, the two platforms could accelerate innovation, drive adoption, and set new industry standards. Such a partnership could also signal a trend toward greater cooperation among major blockchain projects. Explore how Cardano and Ripple are mending ties and what their collaboration could mean for blockchain innovation: Cardano and Ripple Bury the Hatchet as Collab Rumors Heat Up Discover the mixed reactions to Ripple’s CEO championing XRP and CBDCs, and the controversy it has stirred: Ripple CEO’s Move to “Shill XRP and CBDC Implementations” Faces Criticism
SEC Distributes $4.6 Million to BitClave ICO Investors After Lawsuit
The SEC has announced the distribution of millions of dollars to investors affected by the collapse of BitClave, an online advertising blockchain startup. The reimbursement amount is over $4.6 million. The payments include principal amounts and interest for eligible investors. BitClave ICO Raised over $25 million in 2017 In 2020, the SEC filed a lawsuit against BitClave, accusing the company of violating federal securities laws during its $25.5 million fundraising campaign in 2017. The startup launched its Consumer Activity Token (CAT) through an initial coin offering (ICO) that attracted thousands of investors. The targeted funds were raised in under a minute. The BitClave Fair Fund was established by the SEC to compensate affected investors. According to today’s statement, it has now distributed $4.6 million to participants in the 2017 BitClave ICO. “The checks are in the mail. We are sending out more than $4.6M to investors harmed by BitClave, PTE Ltd.’s unregistered ICO of digital asset securities,” the SEC wrote on X (formerly Twitter) According to SEC filings, BitClave agreed to pay nearly $29 million to the fund. However, only $12 million had been contributed as of February 2023. Eligible investors were required to file claims by August 2023. The SEC completed the review process and notified claimants of their eligibility status in March. This marks a significant step in providing restitution to those impacted by the ICO’s fallout. Major Changes Expected Under Trump’s Presidency Despite its approval of Bitcoin ETFs, the SEC has notoriously maintained a harsh grip on the US crypto market. However, the agency is poised to undergo significant changes after President-elect Donald Trump takes office in January 2025. Recent reports suggest SEC Chair Gary Gensler could announce his resignation following Thanksgiving. Gensler has faced criticism from the cryptocurrency community for his enforcement-focused stance on digital assets. As BeInCrypto reported earlier, Trump is considering three pro-crypto candidates to replace him. Scott Bessent, a known crypto advocate, is also emerging as a leading contender for Treasury Secretary. Additionally, Trump is reportedly planning to establish a permanent crypto advisor role within the White House. This position would serve as a liaison between Congress, regulators, and the administration on cryptocurrency policy.
SEC Distributes $4.6 Million to BitClave ICO Investors Amid Ongoing Restitution Efforts
The SEC’s recent decision to distribute $4.6 million to investors affected by the BitClave ICO underscores the ongoing scrutiny of cryptocurrency fundraising practices. The case highlights the importance of regulatory compliance and investor protection in the rapidly evolving crypto landscape, as BitClave originally raised $25.5 million in just minutes. “The checks are in the mail. We are sending out more than $4.6M to investors harmed by BitClave, PTE Ltd.’s unregistered ICO of digital asset securities,” noted the SEC in a recent communication. This article delves into the SEC’s distribution related to BitClave’s ICO fallout, bringing to light critical developments and investor implications in the crypto sector. BitClave ICO Raised Over $25 Million in 2017 In 2020, the SEC filed a lawsuit against BitClave, alleging the company violated federal securities laws during its significant fundraising effort that yielded over $25.5 million in 2017. The startup’s ICO, which introduced the Consumer Activity Token (CAT), attracted a broad base of investors and remarkably reached its funding targets in less than a minute. To address the fallout from this unregistered offering, the BitClave Fair Fund was established by the SEC, aimed at compensating affected investors. The recent distribution of $4.6 million is a significant milestone for those impacted, denoting the agency’s commitment to restoring investor confidence and accountability. Transparency and Accountability: SEC’s Role in ICO Compliance Throughout its operation, BitClave faced allegations of misrepresentation and non-compliance, which ultimately led to the SEC stepping in. The agency’s regulators are working actively to ensure that future ICOs adhere to rigorous standards of transparency and accountability. This event serves as a wake-up call for investors and startups alike, emphasizing that regulatory compliance is imperative in the digital asset space. Major Changes Expected Under Trump’s Presidency The crypto landscape in the U.S. is anticipated to undergo substantial changes with the upcoming presidency of Donald Trump, particularly regarding SEC policies. Following the elections, there are growing speculations that SEC Chair Gary Gensler may resign due to mounting criticisms of his regulatory approach towards cryptocurrencies. The future SEC leadership under Trump may adopt a more favorable stance towards digital assets, with reports indicating that Trump is evaluating several pro-crypto candidates for roles within the administration. Notably, Scott Bessent, a known proponent of cryptocurrency, is being considered for the position of Treasury Secretary. Implications of a New Crypto Advisory Role in the White House The potential establishment of a permanent crypto advisor role in the White House reflects a significant shift in how cryptocurrency policy may be approached at the federal level. This new position would act as a bridge between Congress, regulatory bodies, and the administration, ensuring clearer communication and policy development concerning digital assets. Such advancements could foster a more welcoming environment for the crypto industry, prompting innovation while safeguarding investor interests. However, it is essential for all stakeholders to remain vigilant and proactive in understanding the implications of these changes. Conclusion In summary, the SEC’s actions regarding the BitClave ICO illustrate the critical need for regulatory oversight in the emerging digital asset market. As regulatory dynamics evolve under the Trump administration, the focus on fostering a balance between innovation and investor protection is paramount. Stakeholders should closely monitor these changes as they unfold, ensuring that they remain informed about relevant regulations and market practices. In Case You Missed It: Bitcoin Surpasses $94,000 Amid BlackRock ETF Launch, Analysts Suggest Potential for $100,000 Price Target
U.S Space Force Officer Pushes for Bitcoin’s Role in National Security
Major Jason Lowery, a US Space Force officer and author of Softwar: A Novel Theory on Power Projection and the National Strategic Significance of Bitcoin, has applied for a position as a military advisor within the Department of Defense. His work challenges conventional views on Bitcoin , proposing that its Proof-of-Work (PoW) mechanism could serve as a powerful cybersecurity tool, vital for national defense. Lowery’s research goes beyond viewing Bitcoin as merely a decentralized payment system. He introduces the concept of “Power Projection Theory,” suggesting that Bitcoin’s PoW could act as a form of “electro-cyber power projection.” This would involve using Bitcoin’s hashing power to secure critical information and deter cyberattacks by making such attacks prohibitively expensive for adversaries. His proposal to create a “US Hash Force” aimed at enhancing the country’s cybersecurity has garnered attention from military and political leaders. In addition to his theoretical framework, Lowery has called on the Pentagon to recognize Bitcoin’s strategic value, particularly its potential for securing data and strengthening the nation’s digital infrastructure. READ MORE: Binance Expands Spot Trading with New Pairs and Trading Bot Features He has already submitted an application to serve as a military advisor on the National Security Council (NSC) or the White House Office of Science & Technology Policy (OSTP), where he hopes to offer policy recommendations on the national importance of Bitcoin’s PoW technology. Lowery, who has over a decade of experience in the military, has previously advised senior defense officials on defense systems. His research aims to highlight Bitcoin’s role not only in economic terms but as a vital element of national security in the digital age. SHARE: 0 SHARES
Cardano (ADA) Sets Sights on New Gains: Is a Surge Imminent?
Cardano price started a consolidation phase above the $0.700 zone. ADA is holding gains and might aim for a fresh increase above $0.7880. ADA price started a downside correction after a strong rally toward $0.8200. The price is trading above $0.740 and the 100-hourly simple moving average. There was a break above a short-term contracting triangle with resistance at $0.7550 on the hourly chart of the ADA/USD pair (data source from Kraken). The pair could start another increase if it clears the $0.7880 resistance zone. Cardano Price Holds Gains Above Support In the past few days, Cardano saw a major increase above the $0.50 resistance. ADA outpaced Bitcoin and Ethereum . There was a move above the $0.650 and $0.750 resistance levels. It even cleared the $0.800 level. A high was formed at $0.8199 before there was a pullback. The price tested the $0.6880 support and is currently rising. There was a move above the $0.740 resistance. The price climbed above the 50% Fib retracement level of the downward move from the $0.8199 swing high to the $0.6893 low. Besides, there was a break above a short-term contracting triangle with resistance at $0.7550 on the hourly chart of the ADA/USD pair. Cardano price is now trading above $0.740 and the 100-hourly simple moving average. On the upside, the price might face resistance near the $0.7750 zone. The first resistance is near $0.7880 or the 76.4% Fib retracement level of the downward move from the $0.8199 swing high to the $0.6893 low. The next key resistance might be $0.8180. Source: ADAUSD on TradingView.com If there is a close above the $0.8180 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $0.8800 region. Any more gains might call for a move toward $0.950. Are Dips Supported in ADA? If Cardano’s price fails to climb above the $0.7880 resistance level, it could start another decline. Immediate support on the downside is near the $0.750 level. The next major support is near the $0.740 level. A downside break below the $0.740 level could open the doors for a test of $0.6880. The next major support is near the $0.600 level where the bulls might emerge. Technical Indicators Hourly MACD – The MACD for ADA/USD is gaining momentum in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is now above the 50 level. Major Support Levels – $0.7400 and $0.7200. Major Resistance Levels – $0.7880 and $0.8180.
XRP Price Signals Downside Correction: Is a Pullback Coming?
XRP price is correcting gains from the $1.185 resistance zone. The price might revisit the $1.00 support before the bulls appear. XRP price started a downside correction below the $1.120 level. The price is now trading below $1.100 and the 100-hourly Simple Moving Average. There was a break below a key bullish trend line with support at $1.110 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could retest the $1.00 support zone before the bulls take a stand. XRP Price Dips Again XRP price struggled to extend gains above the $1.180 and $1.20 levels. It started a downside correction and traded below the $1.150 level. It underperformed Bitcoin and Ethereum in the past two sessions. There was a drop below the 50% Fib retracement level of the upward move from the $0.9988 swing low to the $1.1860 high. Besides, there was a break below a key bullish trend line with support at $1.110 on the hourly chart of the XRP/USD pair. The price is now trading below $1.100 and the 100-hourly Simple Moving Average. It is now approaching the 76.4% Fib retracement level of the upward move from the $0.9988 swing low to the $1.1860 high. On the upside, the price might face resistance near the $1.100 level. The first major resistance is near the $1.140 level. The next key resistance could be $1.1850. Source: XRPUSD on TradingView.com A clear move above the $1.1850 resistance might send the price toward the $1.200 resistance. Any more gains might send the price toward the $1.2250 resistance or even $1.2320 in the near term. The next major hurdle might be $1.250. More Downsides? If XRP fails to clear the $1.140 resistance zone, it could continue to move down. Initial support on the downside is near the $1.040 level. The next major support is near the $1.00 level. If there is a downside break and a close below the $1.00 level, the price might continue to decline toward the $0.980 support in the near term. The next major support sits near the $0.920 zone. Technical Indicators Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level. Major Support Levels – $1.1040 and $1.0000. Major Resistance Levels – $1.1400 and $1.1850.
Bitcoin Price on the Rise: Is There More Fuel for the Rally?
Bitcoin price is consolidating gains near the $91,000 zone. BTC is holding gains and might soon aim for more upsides above the $94,000 level. Bitcoin started a fresh increase above the $91,000 zone. The price is trading above $91,000 and the 100 hourly Simple moving average. There is a key bullish trend line forming with support at $90,800 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could gain bullish momentum if it clears the $93,200 resistance zone. Bitcoin Price Could Rally Again Bitcoin price remained supported above the $90,000 level . BTC formed a base and started a fresh increase above the $91,000 level. It cleared the $93,000 level and traded to a new high at $94,000 before there was a pullback. There was a move below the $93,000 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $89,400 swing low to the $94,000 high. However, the price is stable and consolidating near the $92,000 level. Bitcoin price is now trading above $91,000 and the 100 hourly Simple moving average . There is also a key bullish trend line forming with support at $90,800 on the hourly chart of the BTC/USD pair. The trend line is close to the 61.8% Fib retracement level of the upward move from the $89,400 swing low to the $94,000 high. On the upside, the price could face resistance near the $92,600 level. The first key resistance is near the $93,200 level. A clear move above the $93,200 resistance might send the price higher. The next key resistance could be $94,000. Source: BTCUSD on TradingView.com A close above the $94,000 resistance might initiate more gains. In the stated case, the price could rise and test the $98,000 resistance level. Any more gains might send the price toward the $100,000 resistance level. Another Pullback In BTC? If Bitcoin fails to rise above the $94,000 resistance zone, it could start a downside correction. Immediate support on the downside is near the $91,700 level. The first major support is near the $90,700 level. The next support is now near the $89,500 zone. Any more losses might send the price toward the $87,500 support in the near term. Technical indicators: Hourly MACD – The MACD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $91,700, followed by $90,700. Major Resistance Levels – $92,600, and $94,000.
Ethereum Price Faces Challenges: Will It Find Traction Soon?
Ethereum price struggled to extend gains above the $3,220 resistance zone. ETH is slowly moving lower and approaching the $3,060 support. Ethereum is consolidating and facing hurdles near $3,200. The price is trading below $3,120 and the 100-hourly Simple Moving Average. There is a connecting bullish trend line forming with support at $3,070 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a fresh increase if it clears the $3,120 resistance zone. Ethereum Price Dips Again Ethereum price attempted an upside break above the $3,220 resistance but failed unlike Bitcoin . ETH started a fresh decline below the $3,150 and $3,120 support levels. There was a move below $3,100 and the price tested $3,070. A low is formed at $3,069 and the price is now consolidating . It tested the 23.6% Fib retracement level of the recent decline from the $3,224 swing high to the $3,069 low. Ethereum price is now trading below $3,120 and the 100-hourly Simple Moving Average. However, there is a connecting bullish trend line forming with support at $3,070 on the hourly chart of ETH/USD. On the upside, the price seems to be facing hurdles near the $3,120 level. The first major resistance is near the $3,150 level or the 50% Fib retracement level of the recent decline from the $3,224 swing high to the $3,069 low. The main resistance is now forming near $3,220. Source: ETHUSD on TradingView.com A clear move above the $3,220 resistance might send the price toward the $3,350 resistance. An upside break above the $3,350 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,500 resistance zone. More Losses In ETH? If Ethereum fails to clear the $3,150 resistance, it could start another decline. Initial support on the downside is near the $3,060 level or the trend line. The first major support sits near the $3,000 zone. A clear move below the $3,000 support might push the price toward $2,880. Any more losses might send the price toward the $2,740 support level in the near term. The next key support sits at $2,650. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 zone. Major Support Level – $3,060 Major Resistance Level – $3,150
Grayscale updates Bitcoin ETF prospectus after OCC approves options trading
Grayscale’s Bitcoin Covered Call ETF integrates options trading strategies to generate income, leveraging exposure to Bitcoin and the Grayscale Bitcoin Trust (GBTC). The OCC’s approval of Bitcoin ETF options marks a pivotal regulatory milestone, enabling funds like Grayscale’s to explore innovative investment tools. Grayscale’s updated prospectus underscores its broader strategy to diversify cryptocurrency ETFs and attract institutional investors. Grayscale Investments has filed a new prospectus for its Bitcoin Covered Call ETF, which was listed after the Options Clearing Corporation (OCC) approved Bitcoin ETF options. This fund’s goal is to allow investors to invest in Bitcoin directly and in Grayscale Bitcoin Trust (GBTC) indirectly and earn via options trading. Grayscale’s Strategy and Fund Objectives The Bitcoin Covered Call ETF, initially mentioned in January 2024, integrates actively managed exposure to GBTC and Bitcoin. The fund operates by buying and selling calls and puts options on ETPs linked with Bitcoin. According to the filing, this approach aims to generate income using GBTC as the reference asset for these options contracts. The covered call strategy involves selling call options while holding Bitcoin or GBTC as collateral, enabling the fund to achieve steady income in a volatile asset class. The fund’s prospectus specifies its intent to utilize a combination of options trading methods to align with its investment goals. Bloomberg ETF analyst James Seyffart highlighted the significance of Grayscale’s updated filing, emphasizing its swift response to the regulatory approvals. The SEC’s earlier green light for Bitcoin ETF options trading and the OCC’s clearance have collectively paved the way for funds like this to explore innovative investment avenues. UPDATE: @Grayscale wasting no time after BTC ETF options approval. They've filed an updated prospectus for their #Bitcoin Covered Call ETF (no ticker yet) The fund will offer exposure to $GBTC & $BTC while writing &/or buying options contracts on Bitcoin ETPs for income pic.twitter.com/7psSyLSU8Z — James Seyffart (@JSeyff) November 19, 2024 Broader Context of Regulatory Approvals The OCC’s approval comes amidst growing regulatory milestones for Bitcoin-focused investment products. Major exchanges, including Cboe, the New York Stock Exchange (NYSE), and Nasdaq, have actively pursued rule changes to list options on Bitcoin ETFs. However, in late September, the SEC approved options trading for BlackRock’s iShares Bitcoin Trust (IBIT), with Nasdaq targeting options listings for this fund. These regulatory advancements are penetrating the next phase to grow the number of investment instruments accessible by Bitcoin ETF managers and issuers. Options contracts give the investor an advantage in that it gives the holder the ability to sell or buy this asset at a certain price in the future. This makes options an essential risk management tool, particularly for the performing funds navigating Bitcoin’s inherent volatility. Grayscale and its Potential for ETF Growth Grayscale is now using its argument to promote a Bitcoin Covered Call ETF to diversify its digital currency investment products. In addition to the fund dedicated to Bitcoin, the company requested to change the status of its Digital Large Cap Fund and work with NYSE Arca to list ETFs associated with digital assets beyond Bitcoin. All these initiatives highlight Grayscale’s mission of offering institutional-quality financial products in the crypto market. The ability to integrate options strategies into Bitcoin ETFs could transform the investment landscape by appealing to a wider audience. Covered call ETFs, in particular, offer a combination of steady income and exposure to Bitcoin, potentially driving increased interest from traditional and institutional investors. disclaimer read more Crypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
Altcoin Leads With $123.5 Million Presale & Surprising 100% Bonus, Rexas Finance Struggles to Compete
Finding a new crypto project in its presale stage is always exciting, yet people are careful about whom to trust. A project’s early stage doesn’t guarantee its success. While Rexas Finance (RXS) presale is reaching a peak in coin value and traders question its sustainability, BlockDAG (BDAG) marks achievements of its own amid the crypto market’s surge by introducing a special limited-time deal! A 100% bonus plus early access to the coins with the code: BULLRUN100. Rexas Finance Presale Hits New Peak Rexas Finance (RXS), a cryptocurrency on the Ethereum network focused on representing real-world assets, has achieved a noteworthy milestone by selling out its fourth presale stage weeks ahead of schedule. This quick sellout, involving 45 million units at $0.06 each, has pushed RXS to a new peak, now priced at $0.07 in its fifth presale stage. To this point, Rexas Finance has amassed over $5.4 million, showing strong confidence from the community. Yet, as RXS expands, it must navigate regulations about real-world assets in various regions to stay compliant, which could pose significant challenges for the currency’s future growth. BlockDAG Achieves Major Goals with Each Step Since its initial launch in March, BlockDAG has consistently gathered momentum, quickly evolving into a significant crypto venture. From its early concept to concrete achievements, BlockDAG’s progress has enthralled the crypto community. With more than $123.5 million collected and 15.3 billion coins distributed, its current presale is at batch 25, setting the BDAG price at $0.022. Early participants have seen an impressive 2100% return, underscoring its growth potential. The testnet rolled out in September, introduced tools like the Blockchain Explorer and Faucet, demonstrating BlockDAG’s practical applications to developers. Coupled with a website overhaul, the project has boosted its online presence, simplifying access to information for potential participants. To mark its progress and the broader crypto market’s surge, BlockDAG has recently launched the BULLRUN100 promo code, offering a 100% bonus on coin purchases and early access for airdrops into digital wallets. As the project moves forward, excitement builds for the upcoming mainnet launch, which will test the technology’s robustness. BlockDAG’s Presale Success Bolstered by Breakthrough Technology BlockDAG’s adoption of DAG (Directed Acyclic Graph) technology distinguishes it in a saturated presale market by providing an advanced blockchain structure. Unlike typical blockchains, which form a single sequence of blocks, DAG allows multiple blocks to connect at once, significantly enhancing transaction speed and network scalability. This cutting-edge approach enables BlockDAG to handle transactions quicker than many existing blockchains while ensuring robust security and decentralization. Integrating traditional blockchain benefits with DAG’s efficiencies, BlockDAG is emerging as a strong solution to common crypto problems, like transaction delays, positioning itself as a lasting force in the industry and delivering reliable, advanced solutions to both crypto users and developers. Wrapping up BlockDAG’s Progress Crypto presales offer enticing opportunities for early participation, generally launching at less than $0.01, making them accessible to even novice traders. Rexas Finance represents one such opportunity, with its coin reaching new highs due to strong holder interest. Meanwhile, BlockDAG has matched coin sales and exceeded fundraising expectations in its presale, innovatively engaging the community with new promotional offers while showcasing its unique DAG technology to the industry. As traders flock to take advantage of BlockDAG’s latest offer, the project stands out for its appeal and potential. Website: https://blockdag.network Presale: https://purchase.blockdag.network Telegram: https://t.me/blockDAGnetworkOfficial Discord: https://discord.gg/Q7BxghMVyu Disclaimer and Risk Warning This article is a sponsored press release and is for informational purposes only. Crypto News Land does not endorse or is responsible for any content, quality, products, advertising, products, accuracy or any other materials on this article. This content does not reflect the views of Crypto News Land, nor is it intended to be used for legal, tax, investment, or financial advice. Crypto News Land will not be held responsible for image copyright matters. Readers are advised to always do your own research before making any significant decisions.
Polygon Price Targets Major 50% Breakout as POL Whale Activity Surges
Polygon’s price surged 7%, reaching $0.4442, with market cap exceeding $3.5B and daily trading volumes up 53% to $434M. POL whales accumulated 140M tokens, worth $56M, reinforcing bullish sentiment; key support is between $0.375 and $0.386. Polygon broke a multi-year cup-and-handle pattern, signaling potential gains; rising on-chain activity indicates strong investor interest. Polygon (POL) is experiencing notable bullish momentum. The altcoin recently joined the market rally, with key indicators supporting a potential 50% breakout. On the technical chart, Polygon’s price movement has broken through a critical resistance level, which many analysts believe will sustain its upward trajectory. At present, the POL price has increased by 7% over the past 24 hours, currently trading at $0.4442. The market capitalization has crossed $3.5 billion, driven by heightened investor interest. Furthermore, daily trading volumes have surged by 53%, reaching $434 million, signaling strong market sentiment. #POLYGON has not yet printed big moves,,, soon it'll be https://t.co/EwCvDaXRK5 — CryptoBull_360 (@CryptoBull_360) November 18, 2024 Whale Activity Supports Upward Trend Large POL investors, commonly referred to as whales, have been particularly active in recent days. Over the last four days, these whales have accumulated 140 million POL tokens, valued at over $56 million. According to popular crypto analyst Ali Martinez, this accumulation phase indicates growing confidence among large investors. He identified the crucial support zone between $0.375 and $0.386. If the price holds above this level, Polygon may experience higher levels in the near term. #Polygon is experiencing an important spike in on-chain metrics, with daily active addresses, transaction volume, and whale activity. These are all signs of growing interest and market participation, which typically suggest a bullish outlook for $POL . pic.twitter.com/yWVcudubVL — Ali (@ali_charts) November 19, 2024 Additionally, resistance appears weak, further supporting the bullish case for POL. Consequently, these factors are driving optimism among market participants. On-Chain Activity Reinforces Bullish Sentiment More so, Polygon has also witnessed a rise in on-chain activity, which supports the current upward trend. Metrics such as daily active addresses and transaction volumes have increased, showing growing market participation. Analysts interpret these signals as indicators of a healthy and engaged user base. Moreover, heightened on-chain activity suggests that more investors are entering the market. This development aligns with broader crypto market trends, as several altcoins have rallied significantly. Analysts are closely monitoring whether Polygon can sustain this momentum and emerge as a leading performer among altcoins. Technical Patterns Signal Further Gains Besides, technical analysis reveals that Polygon has broken out of a multi-year cup-and-handle pattern. This pattern typically indicates the potential for substantial gains. Traders are now focusing on whether POL can consolidate above the new resistance level of $0.44. Hence, a strong consolidation phase above this level could open the door for further price increases. Analysts also emphasize the importance of sustained volume to support these price movements. The combination of technical patterns, whale activity, and increasing on-chain metrics has led to a growing sense of anticipation within the market. disclaimer read more Crypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
a16z 2024 Crypto Industry Report: From Regulatory Breakthroughs to Infrastructure Upgrades, 7 Major Trends Interpreting the New Era of Crypto
Original Title: "State of Crypto Report 2024: New data on swing states, stablecoins, AI, builder energy, and more" Authors: Daren Matsuoka & Robert Hackett & Eddy Lazzarin Compiled by: Deep Tide TechFlow Two years ago, when we released the first annual “State of Crypto Report” , the world was very different from now. At that time, cryptocurrency was not a priority for policymakers. Bitcoin and Ethereum's exchange-traded products (ETPs) had not yet received SEC approval, and Ethereum had not yet transitioned to a more energy-efficient proof-of-stake model. Second-layer (L2) networks aimed at increasing capacity and reducing transaction costs were essentially inactive, and the transaction fees on them were far higher than they are now. Today, things have changed, as shown in our newly released 2024 “State of Crypto Report.” Our report covers the rise of cryptocurrency as a hot policy topic, numerous technological improvements in blockchain networks, and the latest trends among cryptocurrency builders and users. The report also: Delves into the emergence of key applications, such as stablecoins—considered one of the "killer applications" of cryptocurrency; Explores the intersection of cryptocurrency with other technological trends, such as AI, social networks, and gaming; Provides new data on swing states' interest in cryptocurrency ahead of the U.S. elections, and more. The 2024 “State of Crypto Report” also reveals a historic high in crypto activity and analyzes the maturation of blockchain infrastructure, particularly following recent upgrades that significantly reduced on-chain transaction costs, leading to the rise of Ethereum L2 and other high-throughput blockchains. This year, we also launched a new tool: a16z Crypto Builder Energy Dashboard . For the first time, we share proprietary data based on our unique perspective, including where "builder energy" is located. The dashboard integrates thousands of data points that have been aggregated and anonymized, sourced from our investment team's research, our CSX startup accelerator program, and other industry tracking. With this tool, anyone can understand the activities and interests of cryptocurrency builders—from which blockchains they are building on to the types of applications they are developing, as well as the technologies and locations they are using. We plan to update this data annually as a key component of our annual “State of Crypto” . 7 Key Takeaways Cryptocurrency activity and usage have reached historic highs Cryptocurrency has become a key political issue ahead of the U.S. elections Stablecoins have found product-market fit Infrastructure improvements have increased capacity and significantly reduced transaction costs Decentralized finance (DeFi) remains popular and is growing Cryptocurrency can address some of AI's most pressing challenges More scalable infrastructure unlocks new on-chain applications 1. Cryptocurrency activity and usage have reached historic highs The number of active cryptocurrency addresses reached unprecedented levels in September, with 220 million addresses interacting with the blockchain at least once, a figure that has more than tripled since the end of 2023. (As a metric, active addresses are easier to manipulate than other measures. For more on this point, see here .) This surge in activity is primarily attributed to Solana, which has about 100 million active addresses. Following Solana are NEAR (31 million active addresses), Coinbase's popular L2 network Base (22 million), Tron (14 million), and Bitcoin (11 million). Among Ethereum Virtual Machine (EVM) chains, the most active after Base is Binance's BNB chain (10 million), followed by Ethereum (6 million). (Note: EVM chains calculate the total of 220 million through public key deduplication.) These trends are also reflected in our Builder Energy Dashboard . The largest growth in total builder interest is seen in Solana. Specifically, the total share of founders indicating they are building or interested in building on Solana increased from 5.1% last year to 11.2% this year. The total share for Base grew from 7.8% last year to 10.7%, followed by Bitcoin, which increased from 2.6% last year to 4.2%. In absolute numbers, Ethereum still attracts the most builder interest, accounting for 20.8%, followed by Solana and Base. Next are Polygon (7.9%), Optimism (6.7%), Arbitrum (6.2%), Avalanche (4.2%), and Bitcoin (4.2%). Meanwhile, in June 2024, the number of monthly active mobile crypto wallet users reached a historic high of 29 million. The U.S. accounts for 12% of monthly mobile wallet users, making it the largest market, but its share has declined in recent years due to the growth of global cryptocurrency adoption and more projects seeking compliance by geo-fencing out the U.S. The use and influence of cryptocurrency continue to expand globally. Outside the U.S., the countries with the most mobile wallet users include Nigeria, which has achieved significant growth in bill payments and retail purchases through a clearer regulatory environment provided by regulatory incubation projects. India has become another important market due to its large population and smartphone penetration, while in Argentina, many residents have turned to cryptocurrency, especially stablecoins, due to currency devaluation. While active addresses and monthly mobile wallet user numbers are easy to tally, accurately measuring the number of active cryptocurrency users is more complex. We estimate that there are approximately 30 million to 60 million monthly active cryptocurrency users globally, accounting for only 5-10% of the 617 million global cryptocurrency holders estimated by Crypto.com in June 2024. (For more information on the methods behind our estimates, see here .) This gap highlights the enormous potential for engaging with passive cryptocurrency holders. As significant improvements in infrastructure bring new, engaging applications and user experiences, more dormant cryptocurrency holders may become active. 2. Cryptocurrency has become a key political issue ahead of the U.S. elections In this election cycle, cryptocurrency has become a focal point of national discussion. We measured the level of interest in cryptocurrency in swing states. In two key battleground states—Pennsylvania and Wisconsin—cryptocurrency search interest ranked fourth and fifth, respectively, in total search volume on Google Trends since the last election in 2020. Michigan's growth ranked eighth, while Georgia remained unchanged. Meanwhile, interest in Arizona and Nevada has slightly declined since 2020. The listing of Bitcoin and Ethereum exchange-traded products (ETPs) may have boosted interest in cryptocurrency this year. These ETPs have expanded investor participation and may increase the number of Americans holding cryptocurrency. Currently, Bitcoin and Ethereum ETPs have $65 billion in on-chain assets. (Note: Although commonly referred to as ETFs, these products are actually registered as ETPs using SEC Form S-1, indicating that the underlying portfolio does not contain securities.) The SEC's approval of ETPs marks an important milestone in cryptocurrency policy. Regardless of which party wins the election in November, many politicians expect bipartisan cooperation on cryptocurrency legislation to make progress. An increasing number of policymakers and politicians across both parties are taking a positive stance on cryptocurrency. This year, the cryptocurrency industry has also sparked other significant policy movements. At the federal level, the House passed the Financial Innovation and Technology for the 21st Century (FIT21) Act with bipartisan support, with 208 Republicans and 71 Democrats voting in favor. If approved by the Senate, this bill could provide much-needed regulatory clarity for cryptocurrency entrepreneurs. At the state level, Wyoming passed the Decentralized Nonprofit Corporation (DUNA) Act , which grants legal status to decentralized autonomous organizations (DAOs), allowing blockchain networks to operate legally while maintaining decentralization . The EU and the UK have been the most proactive in engaging the public on cryptocurrency policy and regulatory issues. Compared to the U.S. Securities and Exchange Commission, various European agencies have issued more requests for comments. Meanwhile, the EU's Markets in Crypto-Assets (MiCA) Act is the first comprehensive cryptocurrency-related policy to pass legislation, expected to come into full effect by the end of the year. Stablecoins have become one of the most popular cryptocurrency products and a hot topic of policy discussion. Several bills are currently under discussion in Congress. In the U.S., one of the factors driving this trend is that stablecoins can reinforce the international position of the dollar, even as the dollar's status as a global reserve currency has declined. Currently, over 99% of stablecoins are dollar-denominated, far exceeding the second-largest currency, the euro, which accounts for only 0.20%. In addition to showcasing the dollar's strength globally, stablecoins may also enhance the country's financial foundation domestically. Despite being only a decade old, stablecoins have become among the top 20 holders of U.S. debt, surpassing countries like Germany. While some countries are exploring central bank digital currencies (CBDCs), the opportunity for stablecoins in the U.S. has matured. Given the number of well-known politicians currently commenting on cryptocurrency issues, we expect more countries to begin seriously refining their cryptocurrency policies and strategies. 3. Stablecoins have found product-market fit Stablecoins have become one of the most significant "killer applications" in the cryptocurrency space by enabling fast, cheap global payments. As New York Congressman Ritchie Torres stated in a September op-ed in the New York Daily News, the proliferation of dollar stablecoins could represent humanity's largest experiment in financial empowerment, thanks to the ubiquity of smartphones and blockchain's cryptographic technology. Major scaling upgrades have significantly reduced the cost of cryptocurrency transactions, especially stablecoin transactions, with reductions exceeding 99% in certain cases. For example, on Ethereum, the average gas fee for USDC (a popular dollar-pegged stablecoin) transactions this month was $1, down from $12 in 2021. On Coinbase's L2 network Base, the average cost of sending USDC is less than one cent. In contrast, the average cost of sending an international wire transfer is $44. Stablecoins simplify the process of value transfer. In Q2 2024 (ending June 30), their transaction volume reached $8.5 trillion, involving 1 billion transactions. The transaction volume of stablecoins is more than double that of Visa's $3.9 trillion during the same period. Stablecoins are on par with well-known payment services like Visa, PayPal, ACH, and Fedwire, demonstrating their utility. Stablecoins are not just a fleeting trend. A comparison of stablecoin activity with the volatile market cycles of cryptocurrency reveals that the two seem to have no correlation. In fact, even as spot cryptocurrency trading volumes decline, the number of addresses sending stablecoins monthly continues to rise. In other words, people seem to be using stablecoins not just for trading. The results of these activities are reflected in usage statistics. Stablecoins account for nearly one-third of daily cryptocurrency usage, reaching 32%, second only to decentralized finance (DeFi) at 34%, as measured by the share of daily active addresses. The remaining cryptocurrency usage is distributed across infrastructure (such as bridges, oracles, maximum extractable value, account abstraction, etc.), token transfers, and some other areas, including emerging applications like gaming, NFTs, and social networks. 4. Infrastructure improvements have increased capacity and significantly reduced transaction costs One reason stablecoins have become so popular and easy to use is the progress in infrastructure. First, the capacity of blockchains is growing. Thanks to the rise of Ethereum L2 networks and other high-throughput blockchains, the number of transactions processed by blockchains per second is over 50 times what it was four years ago. Ethereum's most notable upgrade this year, " Dencun ," also known as " protodanksharding " or EIP-4844, implemented in March 2024, significantly reduced fees on L2 networks. Since then, even as the value denominated in ETH on L2 continues to rise, the fees paid on Ethereum for L2 have significantly decreased. This means that blockchain networks have not only become more popular but also more efficient. Zero-knowledge (ZK) proofs are also showing similar trends, as this technology has significant implications for blockchain scalability, privacy, and interoperability. While the monthly costs for verifying ZK proofs on Ethereum have decreased, the value on ZK rollups denominated in ETH has been increasing. In other words, the costs of ZK proofs are decreasing while their popularity is rising. (Here, we use zero-knowledge as a general term for cryptographic technology that can succinctly prove that computations offloaded to rollup networks are executed correctly.) ZK technology holds great potential, offering developers a new way to achieve cheap, verifiable blockchain computation. However, the performance of ZK-based virtual machines (zkVMs) still has a long way to go to catch up with traditional computers, which is a humbling observation. With improvements in infrastructure, blockchain infrastructure has become one of the most popular categories among developers, and L2 has become one of the top 5 hot subcategories we track. 5. DeFi's popularity continues to grow The only category attracting developers more than blockchain infrastructure is decentralized finance (DeFi), which also accounts for the largest share of cryptocurrency usage, at 34% of daily active addresses. Since the emergence of DeFi in the summer of 2020, decentralized exchanges (DEXs) have captured 10% of spot cryptocurrency trading activity, whereas four years ago, all of this activity occurred on centralized exchanges. Currently, over $169 billion is locked in thousands of DeFi protocols, with some major DeFi subcategories including staking and lending. Since Ethereum completed its transition to proof-of-stake just over two years ago, the network's energy consumption and environmental footprint have significantly decreased. Since then, the share of staked Ethereum has risen from 11% two years ago to 29%, greatly enhancing the network's security. While still in its early stages, DeFi offers a hopeful alternative to address the trends of centralization and power concentration in the U.S. financial system, where the number of banks has decreased by two-thirds since 1990, with fewer and fewer large banks dominating assets. 6. Cryptocurrency can address some of AI's most pressing challenges AI is one of the hottest trends this year, not only in the broad technology space but also in the cryptocurrency sector. AI is one of the trends widely discussed by cryptocurrency influencers on social media. More surprisingly, chatgpt.com has a high overlap in visitors with top cryptocurrency websites, indicating a close connection between cryptocurrency and AI users. The connection between cryptocurrency developers and AI is also strong. According to our Builder Energy Dashboard , about one-third of cryptocurrency projects—34%—indicate they are using AI, regardless of the category they are building in, an increase from 27% a year ago. The most popular category for applying AI technology is blockchain infrastructure projects. Given that the cost of training cutting-edge AI models has quadrupled annually over the past decade, we believe AI may lead to further concentration of power on the internet. Without intervention, only the largest tech companies may have the capability to train the latest AI models. The centralization challenges faced by AI are almost the opposite of the decentralization opportunities offered by blockchain. Currently, some cryptocurrency projects are attempting to address these challenges, such as Gensyn (democratizing AI computing usage), Story (compensating creators through intellectual property tracking), Near (running AI on open-source, user-owned protocols), and Starling Labs (validating the authenticity and provenance of digital media). In the coming years, the intersection of cryptocurrency and AI may become even closer. 7. More scalable infrastructure unlocks new on-chain applications As transaction costs decrease and blockchain capacity increases, many potential cryptocurrency consumer applications become possible. For example, the NFT market has undergone significant changes. A few years ago, due to high cryptocurrency transaction fees, people traded NFTs on secondary markets for billions of dollars. As transaction fees have decreased, this activity has diminished, giving rise to a new trend of minting low-cost NFT collectibles on social applications like Zora and Rodeo. Social networks are another example. Although they currently account for only a small portion of daily on-chain activity, they have attracted significant attention from developers. According to our Builder Energy Dashboard , 10.3% of cryptocurrency projects in 2024 are social-related. In fact, projects related to social networks, such as those associated with Farcaster, are among the top five hottest developer subcategories this year. As developers and consumers explore more social experiences, on-chain gaming is challenging the scalability of blockchains. For example, the rollups used by the role-playing game Pirate Nation from Proof Of Play consistently consume the most gas among Ethereum rollups. With the November elections approaching, cryptocurrency-based prediction markets are rising, despite being illegal in the U.S., while the overall prediction market is gaining momentum. For instance, Kalshi, a non-cryptocurrency prediction market registered with the U.S. Commodity Futures Trading Commission, recently won support from a lower court in a federal lawsuit attempting to list election contracts. (As of now, registered exchanges are allowed to offer traditional futures contracts based on elections.) Consumers are beginning to exhibit new behavior patterns. When blockchain infrastructure is cumbersome and transaction costs are high, these emerging experiences are difficult to realize. With improvements in blockchain along the classic technology price-performance curve, these applications are expected to thrive. Where does this leave us? Over the past year, cryptocurrency has made significant progress in policy, technology, consumer adoption, and more. Policy advancements include the rapid approval and listing of Bitcoin and Ethereum ETPs, as well as the passage of important bipartisan cryptocurrency legislation. Major improvements in infrastructure include scaling upgrades and the rise of Ethereum L2 and other high-throughput blockchains. New applications are also continuously being developed and utilized, from the growth of mainstream products like stablecoins to explorations in emerging areas like AI, social networks, and gaming. Whether we have entered the fifth wave of the price-innovation cycle remains to be seen. Regardless, as an industry, cryptocurrency has made undeniable progress over the past year. As demonstrated by ChatGPT, it only takes one breakthrough product to change an entire industry.
Grayscale files updated prospectus for its Bitcoin Covered Call ETF
Key Takeaways Grayscale has updated its prospectus for a Bitcoin Covered Call ETF after OCC's approval. The ETF offers exposure to Bitcoin and Grayscale Bitcoin Trust while using options trading strategies. Grayscale Investments has filed an updated prospectus for its Bitcoin Covered Call ETF, just a day after the Options Clearing Corporation (OCC) cleared the path for the launch of Bitcoin ETF options, according to Bloomberg ETF analyst James Seyffart. The fund, first proposed on January 11, will provide investors with exposure to the Grayscale Bitcoin Trust and Bitcoin, while implementing a strategy that involves writing and/or buying options contracts on Bitcoin exchange-traded products (ETPs) to generate income, Seyffart explained. “The Fund seeks to achieve its investment objective primarily through actively-managed exposure to Grayscale Bitcoin Trust (BTC) (“GBTC”) and the purchase and sale of a combination of call and put option contracts that utilize GBTC as the reference asset,” the prospectus wrote. Grayscale’s move comes at a time when interest in Bitcoin ETFs is surging after the SEC greenlit multiple spot Bitcoin ETFs earlier this year. Major exchanges including Cboe, the New York Stock Exchange (NYSE), and Nasdaq have submitted rule change proposals to list options on spot Bitcoin ETFs, with Nasdaq specifically targeting options listings for BlackRock’s iShares Bitcoin Trust (IBIT). The SEC approved options trading for IBIT in late September, and the OCC’s clearance on Monday enabled IBIT options to begin trading today. Options contracts provide investors with the right, but not the obligation, to buy or sell an asset at a predetermined price within a specific timeframe, commonly used as risk management tools.
XRP’s Edge: What Sets This Cryptocurrency Apart?
XRP powers fast, low-cost cross-border payments, boosting global trade efficiency. Robinhood listing and regulatory clarity fuel XRP’s 50% price surge. XRP Ledger enables tokenization and stablecoin innovations, driving institutional adoption. XRP is rapidly gaining traction in the financial world. Known for its fast and affordable cross-border payments, XRP is being recognized for its innovative uses across various industries. XRP was designed to fix inefficiencies in traditional payment systems. It acts as a bridge currency for global transactions. Ripple’s On-Demand Liquidity service allows financial institutions to avoid pre-funding accounts in multiple currencies, reducing costs and improving liquidity management. The XRP Ledger also supports a decentralized exchange, enabling users to trade various digital assets. XRP’s low transaction fees and flexibility make it attractive for small transactions and international trade. XRP’s Price Surge: Key Catalysts XRP recently experienced a price increase of nearly 50%, driven by several developments. Its listing on Robinhood raised its availability to retail investors. Additionally, regulatory clarity has strengthened investor confidence. Organizations like the European Corporate Governance Institute have recognized XRP as a utility token rather than a security. Ongoing legal battles with the SEC that sly the outcome in favor of Ripple have also been a positive sentiment shifter. Expanding Applications: A Focus on Trade Finance and More Ripple’s technology is finding increasing use across industries. Crypto analyst SMQKE highlights XRP’s potential in trade finance. SMQKE notes that Ripple’s blockchain solutions are well-suited for digitizing trade documents, improving efficiency in cross-border trade. RippleNet, powered by XRP , is used by institutions like SBI Remit to provide affordable remittance services in countries like the Philippines, Vietnam, and Indonesia. Major players like Santander and American Express also use Ripple’s network to improve liquidity in international payments. Tokenization and Stablecoin Integration The XRP Ledger’s tokenization capabilities allow financial institutions to create digital representations of real-world assets. A common initiative is Societe Generale-FORGE’s plan to launch a MiCA-compliant stablecoin on the XRP Ledger by 2025. Read also: XRP Ledger Activity Spikes as Ripple’s SEC Fight Continues This highlights the ledger’s efficiency for cross-border payments. Markus Infanger from RippleX emphasizes the importance of stablecoins like EURCV in driving institutional adoption. Ripple’s secure custody solutions further enhance the ability to tokenize and manage real-world assets alongside cryptocurrencies. This opens up new opportunities for asset-backed tokens and financial products. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
BitGo launches Singapore subsidiary to bolster services in APAC region
The digital asset services firm BitGo launched a subsidiary in Singapore to broaden services Asia-Pacific region. In addition to other services, BitGo Singapore offers cold storage for over 1,100 digital assets, voice trading, automated settlement and token management for foundations, protocols and other organizations, according to a release shared with The Block. "Our team is committed to providing our clients with the highest quality products and services while maintaining strict regulatory standards. We look forward to further strengthening the APAC digital assets ecosystem," said BitGo Singapore CEO Youngro Lee in a statement. The official launch of BitGo Singapore comes after its parent firm obtained a Major Payment Institution License from the Monetary Authority of Singapore (MAS) in August of this year. The license allowed BitGo to offer digital asset services in Singapore. In January, BitGo received in-principle approval for Major Payment Institution License from the MAS, The Block previously reported.
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