Category: Cryptocurrency News

Some Twitter users posted transactions showing large inflows of MULTI and FTM to Gate.io, leading them to perceive a connection between the two organizations.

XRP, one of the top cryptocurrencies by market capitalization, has been bullish since May 26th, outperforming most of the top 10 cryptocurrencies. This surge in price comes as investors have high expectations for the outcome of the ongoing SEC vs. Ripple Labs case. Related Reading: Trader Joe Goes All-In On Auto-Pools: Game-Changer For DeFi Investors? XRP Shatters 2-Year Trendline The recent uptrend in XRP is particularly significant as the cryptocurrency has just broken through a two-year trendline, a key technical indicator for traders and investors, according to the trader Jaydee. Per the analysis of Jaydee, In 2017, XRP experienced a significant breakout when it surpassed a two-year trendline. This breakout led to a massive increase in value for the cryptocurrency, with XRP seeing a surge of 504x over just one year. This means that if an investor had purchased XRP at the start of 2017, they would have seen a return on investment of more than 50,000% by the end of the year. If XRP were to experience a similar surge in value today, with the cryptocurrency currently trading at $0.5116, it could reach a value of $258 by 2024. However, it’s important to note that predicting future price movements in cryptocurrency markets is highly challenging, and many factors could impact the value of XRP. For example, the ongoing SEC vs. Ripple Labs case could significantly impact the token’s future price movements. If the case is resolved in Ripple Labs’ favor, it could lead to increased adoption and investment in XRP. On the other hand, if the case is decided against Ripple Labs, it could lead to a decrease in demand for the cryptocurrency and a drop in its value. However, Jaydee believes that the cryptocurrency will not experience a surge of 504x shortly. According to the analyst, XRP’s market cap is too high to support such a significant increase in value. The token has a market cap of over $26 billion, making it the sixth-largest cryptocurrency by market capitalization.  Despite these uncertainties, many investors remain bullish on XRP’s prospects. The cryptocurrency has already seen significant adoption within the financial industry, with many major banks and payment processors using XRP for cross-border transactions.  Key Indicators Point To Significant Growth Potential According to the Average Sentiment Oscillator (ASO), the current set-up for XRP is highly bullish, with several key indicators pointing toward a strong upward trend in price. One key factor contributing to this bullish sentiment is the high volatility of XRP’s market depth, indicating significant interest and demand for the cryptocurrency.  Additionally, the current trend’s strength is strong, with a bullish cross indicating that XRP is likely to continue its upward trajectory, per a recent analysis by Egrag Crypto. While XRP has been ascending in the price for almost four months, there is still a major resistance level known by Egrag as the ‘Final Wake Up Line’ that XRP has yet to break through. However, even if the token experiences a minor correction after a 20% pump, there are still possible support levels at $0.4810 and $0.4277 that could prevent a significant drop in value, according to Egrag Crypto’s latest analysis.  Related Reading: Coinbase CEO Drops Bombshell Prediction – Is China Set To Dominate Crypto? If XRP does dip below these support levels, it is considered normal and not necessarily a cause for concern as long as it respects its below lines as strong support in the near term. This support box could act as a key area of stability for XRP, allowing it to continue its upward trend in price. Featured image from iStock, chart from TradingView.com 

The prosecution and FTX Debtors already have access to the documents, which concern 11 topics and may contain material favorable to SBF.

Eric Horvitz penned a blog post lauding the transformative nature of AI on the same day he cosigned a document warning it could kill us all.

A bearish chart pattern suggests that PEPE could shave off another 70% in value, especially if the wider market continues to trend down.

The amount of funds flowing through the Avalanche Bridge is down 70% in the last 24 hours, DeFiLlama data on May 31 shows. 70% Drop In Activity In The Avalanche Bridge To Ethereum Over the past day, the bridge has facilitated $2,634,828 worth of transactions and processed $22.4 million in transfers in the last week. The bridge has processed 278 transactions in the past day, totaling around $2.6 million. It shows a sharp decrease in activity between Ethereum and Avalanche, among the world’s largest smart contract platforms. Related Reading: Trader Joe Goes All-In On Auto-Pools: Game-Changer For DeFi Investors? The Avalanche Bridge connects the Avalanche’s C-Chain, one of the three interoperable blockchains defining the low-finality platform, with Ethereum.  Since C-Chain is compatible with the Ethereum Virtual Machine (EVM), assets can be smoothly transferred from Avalanche to Ethereum and vice versa.  The compatibility with the EVM coupled with the decentralization of the bridge means users can move funds between the two blockchains securely.  Avalanche, unlike Ethereum, is explicitly designed for decentralized finance (DeFi) dApps. It boasts high processing speeds, relatively low fees, and is decentralized. However, it lags Ethereum in activity, judging from the total value locked (TVL).  According to DeFiLlama data, over $26.5 billion of the approximately $48 billion of all DeFi TVL is managed by dapps on Ethereum. More Assets Moved Between Avalanche And Bitcoin Notably, while there is a worrying contraction in the number of transactions and value between Avalanche and Ethereum, the Avalanche Core Bitcoin Bridge is booming.  On May 31, there was a significant increase in transfers and value, with a spike of 2,726%. Within 24 hours, assets worth over $6.5 million were transferred through the bridge. This is roughly half the average weekly transfers which stand at $13.81.  Bitcoin transferred to the Avalanche C-Chain from the Bitcoin network is tokenized and is compliant with the ERC-20 standard. In that case, it can be moved to Ethereum and used to participate in DeFi. Related Reading: Coinbase CEO Drops Bombshell Prediction – Is China Set To Dominate Crypto? Scanning the activities stemming from Avalanche to Bitcoin and Ethereum, the disparity could suggest that more users are moving their assets to and from Bitcoin.  However, no direct fundamental event could explain why more users are bridging tokens from Bitcoin and cutting down engagement with Ethereum. In the last 24 hours, Bitcoin, Ethereum, and Avalanche prices have been under pressure, falling from recent highs. To illustrate, AVAX is down 6% from May 28 highs, extending losses from mid-April. AVAX is down 35% in the last six weeks and retesting March 2023 lows.  AVAX may slip below a critical multi-week support level if sellers double down. In that case, it could drop to December 2022 lows at around $10. Feature Image From Canva, Chart From TradingView

“The number of crypto transactions associated with Chinese fentanyl brokers increased by 450% just last year alone,” said the Massachusetts senator, citing an Elliptic report.