Category: Cryptocurrency News

Yesterday, BKEX put of a statement regarding withdrawals from their platform. ​ https://preview.redd.it/u5v93v9r403b1.png?width=729&format=png&auto=webp&s=9523f036cfa69670b66536dc1c3608262a01ceb8 BKEX has suspended all withdrawals due to cooperating with a police investigation that pertains to money laundering that either directly or indirectly affects their platform. .That must be frightening for users. Ironically, they state that the rights of users are protected even…
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After reporting the vulnerability to Tron in February, the researchers highlighted that the issue was promptly addressed and resolved within a few days.

Shiba Inu (SHIB) finds itself amidst a contrasting scenario. Holders of the meme coin and newly emerging addresses are taking conflicting positions, leading to a state of uncertainty. Some long-standing holders remain steadfast in their belief in the token’s potential, having weathered its volatile journey thus far. On the other hand, fresh addresses, intrigued by the recent buzz surrounding SHIB, bring with them a mix of skepticism and curiosity. This contrasting sentiment within the community creates a dynamic landscape, ripe with possibilities. However, there remains a glimmer of hope as the trust of whales and the potential for wider adoption may play crucial roles in shaping the future of the token. Related Reading: Pepecoin Eyes Rebound As It Finds Support In Strong Algorithm Data Score New Addresses Up, Signaling Growing Interest In SHIB The Shiba Inu ecosystem recently witnessed a notable development as the number of new addresses on the SHIB network reached 2,538 on May 26, according to Glassnode. This figure represents the highest influx of new participants or investors into the SHIB ecosystem since February.  Such a surge in new addresses indicates a growing interest in the SHIB token and potentially impacts the market dynamics. Furthermore, it serves as evidence of increased demand for the token within the crypto community. Source: Glassnode Long-Term Shiba Inu Holders Face Challenges While the entry of new participants is a positive sign for the SHIB ecosystem, the same cannot be said for long-term holders of the token. IntoTheBlock data reveals that approximately 78% of SHIB holders currently find themselves in a position of loss.  Source: IntoTheBlock This indicates that the majority of long-term SHIB holders have seen a decline in the value of their investments, which can be disheartening for those who have been holding onto the token for an extended period. Source: Coingecko At present, the price of SHIB stands at $0.00000877, as per CoinGecko. However, recent market movements have caused some fluctuations in its value. Over a span of 24 hours, SHIB experienced a subtle decline of 0.8%, followed by a week-long decline of 3.0%.  SHIB total market cap at $5.07 billion on the daily chart at TradingView.com Long-Term Value In The Meme Coin The current surge in new addresses and sustained interest from Ethereum whales in SHIB reflects a contrasting narrative to its abysmal performance over the past year and in the preceding months.  Despite this historical underperformance, insights from a crypto market analysis platform revealed that a staggering 80% of SHIB holders possess significant amounts of tokens in their portfolios. Additionally, data from WhaleStats demonstrated that SHIB remained the most frequently traded token by Ethereum whales within the past 24 hours. Related Reading: Floki Inu: Does Meme Coin Have What It Takes To Re-Enter Top 100 Spot? These findings suggest that despite SHIB’s lackluster performance, there remains considerable interest and confidence among influential market players, such as Ethereum whales. This sustained interest from these cohorts implies that they view SHIB as a potentially valuable asset to hold in the long term.  (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk) -Featured image from MIT Sloan Management Review

On-chain data shows the XRP active addresses metric has spiked to historical levels recently, a sign that may turn out to be bullish for the asset. XRP Daily Active Addresses Has Observed An Uplift Recently According to data from the on-chain analytics firm Santiment, address activity on the network reached its second and third-highest values ever during the last couple of days. The “active addresses” indicator tracks the total number of unique addresses that are participating in some kind of transaction activity on the XRP blockchain daily. This metric accounts for both senders and receivers. As the indicator only measures the unique number of addresses, it means that even if there are some addresses making multiple transfers on the network in a single day, their contribution toward the metric remains only one unit. Unique addresses can be thought to be the same as the unique users visiting the blockchain, so the active addresses indicator can tell us about the degree of traffic that the network is observing at the moment. When the value of this metric is high, it means that a large number of addresses are taking part in transfers on the chain right now. Such a trend suggests that traders are active in the market currently. Related Reading: Bitcoin Shows Recovery: Did This Historical Line Act As Support Again? On the other hand, low values imply the network isn’t observing that much activity right now. This kind of trend can sometimes be a sign that there isn’t much interest in the cryptocurrency among general investors. Now, here is a chart that shows the trend in the Bitcoin daily active addresses over the last few months: Looks like the value of the metric has been quite high in recent days | Source: Santiment on Twitter As shown in the above graph, the XRP active addresses had been at relatively low values during the past few weeks, but in the last couple of days, the indicator has suddenly burst into life. Around two days ago, the metric saw its second-highest-ever daily spike, registering a value of around 490,000. This means that 490,000 unique addresses had been interacting on the chain during this surge. Related Reading: Bitcoin Rally Hopes Still Alive, If This Metric Is To Go By Yesterday, the metric observed a slowdown and has since dropped down to a value of 281,000. This level, however, is still the third largest in the history of the cryptocurrency, meaning that activity still continues to be at historically high levels right now. The only instance where a higher value than these spikes was observed (that is, the all-time high of the indicator) was back on the 18th of March. In the chart, Santiment has highlighted this particular surge. Interestingly, the price of XRP went on to rally around 45% following the occurrence of this spike, suggesting that the high user activity may have provided the fuel for the rise. Currently, as users continue to remain highly active on the network, the price is also going up. It’s unclear, though, whether this ongoing surge will grow into anything like what was seen earlier in the year, but it’s an optimistic sign nonetheless. XRP Price At the time of writing, XRP is trading around $0.5, up 8% in the last week. The coin seems to have been going up recently | Source: XRPUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Santiment.net

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The BRC-721E token standard was launched by the Ordinals market along with Bitcoin Miladys to make way for traders to transfer their ERC-721 NFTs onto Ordinals.

On-chain analytics platform Spot on Chain reported that Wintermute has already sold these tokens for $1.63 per OP.

In an intriguing development for crypto traders, Binance Australia has introduced an exclusive Bitcoin discount, offering a unique opportunity for savvy investors. The platform’s recent announcement comes in the midst of a countdown to a significant payment deadline, adding a sense of urgency to the offer. While Bitcoin (BTC) currently trades above $27,000 on several exchanges, it traded at a price of AUD34,863 on (USD22,670) Binance Australia lower than its current price on exchanges. The limited period that comes with the discount has made some traders act fast so as to take advantage of the reduced price. Bitcoin Trading At A Discount Recent market data has revealed an intriguing trend on Binance Australia, with Bitcoin and other digital tokens trading at a discount compared to rival exchanges within the country. Related Reading: No All-Time High For Bitcoin In 2023, Former BitMEX Head Arthur Hayes Predicts CryptoCompare data shows that Bitcoin traded at A$34,863 ($22,670) on Binance Australia, significantly lower than the average price on platforms like Independent Reserve and CoinJar. Notably, discounts of around 20% were also observed for popular tokens such as Ethereum (ETH) and Solana (SOL). The discount on Binance Australia is closely linked to impending changes in the platform’s payment withdrawal options. Starting from 5 p.m. on June 1, users will no longer be able to withdraw Australian dollars to their bank accounts using the popular PayID service. This follows the platform’s earlier loss of access to certain Aussie dollar deposit services, creating a series of challenges for cryptocurrency enthusiasts.  Industry experts have weighed in on the situation, shedding light on the motivations behind the discounted Bitcoin prices. Richard Galvin, the co-founder of fund manager Digital Asset Capital Management, explains that Australian clients are selling Bitcoin at a discount to ensure they can withdraw their Australian dollars before the payment deadline. This urgency has created a unique opportunity for investors looking to acquire Bitcoin at a reduced price. Furthermore, to ease the withdrawal process for users, Binance Australia has devised a solution. Following the payment deadline, Australian dollar balances can be converted into the Tether stablecoin, facilitating both withdrawals and trading activities. The platform is actively seeking alternative providers to restore AUD deposit and withdrawal services, underscoring its commitment to offering a seamless user experience. BTC Latest Price Action Meanwhile, Bitcoin hasn’t shown any significant move in the past week. Instead, the largest crypto asset by market capitalization has recorded sluggish movement up by only 1.7% in the past 7 days. Over the past 24 hours, BTC has seen a 0.1% loss. At the time of writing, Bitcoin currently trades at $27,849 after trading slightly above $28,000 on Sunday. Bitcoin’s trading volume has plunged a bit from $14 billion earlier last week to $12 billion in the past 24 hours indicating less trading activity. Related Reading: JPMorgan Predicts Bitcoin (BTC) To Revisit $45,000, Here’s Why However, the asset’s market capitalization has seen a more than $10 billion gain in the past 7 days. BTC’s market cap has surged from $528 billion last Tuesday to $539 billion as of today. Featured image from iStock, Chart from TradingView