Category: Cryptocurrency News

Prominent cryptocurrency XRP remains among the major talking points in crypto over the last few months. Following Ripple’s partial victory over the US Securities and Exchange Commission (SEC) in July, analysts have continued to weigh in on XRP’s future, mostly predicting a bullish price trajectory for the altcoin. In the latest development, a crypto analyst, EGRAG CRYPTO on X, predicts that XRP could be set for massive gains in 2024 based on historical price data.  Related Reading: Pro-XRP Lawyer John Deaton Reveals The Countries Topping The 75,000 Holder List XRP To Repeat Price Rally In 2024? According to an X post on September 12, EGRAG CRYPTO describes XRP as possessing “incredible potential.” Using data from the altcoin chart on Tradingview, the analyst projects a possible market gain of 2500% in 2024. EGRAG CRYPTO’s bullish prediction on XRP is based on the token’s price history. Between 2016 and 2018, XRP embarked on a strong bullish run upon forming a symmetrical triangle pattern, which appears again on the token’s monthly chart. For context, a symmetrical triangle chart pattern represents a period of consolidation that can result in either a price breakout or a breakdown. If the bullish prediction holds, the XRP token could experience a similar price breakout as in previous times. In line with EGRAG CRYPTO’s prediction, Sharon Thorp, a crypto analyst and business development executive at Wells Fargo, recently forecasted that XRP could trade at $500 in 2027.  This prediction is based on the anticipated growth of the cross-border payment industry, which is expected to reach $250 trillion in valuation by 2027. However, while these predictions may encourage the XRP community, they are individual speculations and should not be considered financial advice. Related Reading: Crypto Analyst Predicts Where Bitcoin Price Will Be By End Of Year Pain Before Gain? Although there may be a bullish sentiment towards XRP’s potential adoption in the coming years, some analysts believe the token could struggle in the remainder of 2023.  According to a recent X post by a pro-XRP analyst, Jungle Inc 2.0, the rest of 2023 does not bode well for XRP or the general crypto market. The crypto analyst hinges this prediction on “tough financial times” marked by increasing interest rates by the US Federal Reserve. Furthermore, investors should remember that Ripple remains in court with the SEC. The US securities watchdog recently submitted a petition urging the court to approve its request to appeal the recent ruling in its case against Ripple. At the time of writing, XRP trades at $0.4805, dipping by 4.32% in the last week. Meanwhile, the altcoin remains the fifth-largest cryptocurrency with a market cap value of $25.46 billion. XRP trading at $0.4830 on the hourly chart | Source: XRPUSDT chart on Tradingview.com Featured image from CoinMarketCap, chart from Tradingview.

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Trading volumes associated with CRV, the governance token of Curve, a stablecoin decentralized exchange (DEX), is down 97% barely two months after it was hacked in late July 2023. According to Kaiko, CRV’s trading volume in centralized exchanges, especially Binance, where the token is actively traded, fell from nearly $300 million in late July to $7 million as of September 12.  Trackers show that CRV is available for trading in multiple centralized and decentralized exchanges, including Binance, Uniswap, and Curve. However, considering the popularity and liquidity standing of Binance, most CRV trading was concentrated on the world’s popular crypto exchange. To illustrate, Binance’s share of CRV trading is about 20% when writing, while Bitbox is next with a dominance of around 7%.  Curve’s TVL, Price, And Trading Volumes Collapse In crypto, a drop in trading volume often indicates waning interest in a digital asset or general caution practiced by investors. With falling volume, the asset’s liquidity takes a hit as traders or investors opt out, even liquidating the coin as they choose stability and refuge. Sometimes, they can adopt a wait-and-see approach, evaluating how the token will react in light of changing market conditions.  Related Reading: Stake’s Hacker Moves $328,000 Worth Of Crypto From Stolen Funds According to DeFiLlama, Curve has a total value locked (TVL) of approximately $2.17 billion, down from $3.25 billion when the protocol was hacked. The decline in TVL and trading volumes comes amid the general lull in the decentralized finance (DeFi) scene. The drop in CRV valuation and trading volumes was worsened by the July exploit, which saw the protocol lose over $50 million worth of assets. Although Curve recovered most of those funds, the effect of the exploit called into question the general state of security. The Hack And Erogov’s CRV Disposal In the July hack, malicious actors exploited various Curve stablecoin pools using older versions of Vyper, a programming language used to create smart contracts on Ethereum. All Curve’s pools are automated, and this feature allowed hackers to drain multiple pools through a re-entrancy attack.  CRV reacted to this hack by dropping, falling sharply on July 30 from around $0.74 to $0.48. It has since exceeded halved, crashing to $0.40, a new 2023 low.  During this time, Curve’s CEO, Michael Egorov, had to sell CRV holdings he had used to back his loans via over-the-counter (OTC) to entities and individuals such as Justin Sun when prices started falling. Egorov had taken out loans on Aave and Frax Finance secured by CRV.  Related Reading: BREAKING: Crypto Exchange CoinEX Reportedly Hit By Massive Hack, Losses Exceed $27 Million Feature image from Canva, chart from TradingView

U.S. prosecutors, meanwhile, want to ask prospective jurors their beliefs on how cryptocurrency should be regulated.

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Token deployers and liquidity providers wash-traded over $2 billion worth of crypto on Ethereum-based DEXs since 2020, a Solidus Labs report claims.

Bitcoin (BTC) has welcomed another noteworthy decision from the global investment firm Franklin Templeton. With a portfolio spanning various financial instruments, the company is now setting its sights on one of the most sought-after financial products in the digital currency realm: a spot Bitcoin exchange-traded fund (ETF). This development signifies the firm’s progressive stance on digital assets and underscores the increasing mainstream acceptance of cryptocurrencies, particularly Bitcoin. Following the news, BTC has surged 4.2% in the past day, breaking above $26,000, as of this writing.  Related Reading: GBTC’s Discount Narrows Amid Bitcoin’s Downturn, But A Bullish Trend Is Coming? Details Of The Franklin Spot BTC ETF Based on recent filings, the proposed offering has been dubbed the “Franklin Bitcoin ETF.” One of the fundamental characteristics of this ETF would be its primary assets—essentially constituted of Bitcoin. Coinbase Custody Trust Company, a subsidiary of one of the world’s leading cryptocurrency exchange platforms, will serve as these assets’ custodians. Such a collaboration could provide the proposed fund an extra layer of credibility and security, given Coinbase’s longstanding reputation in the crypto space. Another critical aspect to consider is the chosen trading platform. If the Securities and Exchange Commission (SEC) approves, Franklin Templeton’s Bitcoin ETF will see its shares being traded on the Cboe BZX Exchange. In determining Bitcoin’s pricing, the filing indicates a reliance on the Chicago Mercantile Exchange (CME) CF Bitcoin Reference Rate, specifically the New York Variant. Bitcoin Begins Rally After Bouncing Off $24,900 Following the Franklin Templeton spot Bitcoin ETF filing disclosure, Bitcoin has shown signs of recovery. The top crypto experienced a slight surge, breaking the downward trend that had dominated the market in recent weeks. Over the past 24 hours, Bitcoin has surged by nearly 3%, trading for $26,185 as of this writing. Particularly, the asset broke away from the stagnant price zone of around $25,000 observed over the past week.   Complementing its price movement, Bitcoin’s trading volume experienced a significant uptick. A comparison reveals that while the trading volume was as low as $1.7 billion last Wednesday, it increased to $18.4 billion in the past 24 hours. Notably, the financial industry’s anticipation for the first-ever spot crypto ETF is palpable. Franklin Templeton’s decision, while bold and promising, enters a domain where the SEC has shown consistent reticence. Related Reading: JPMorgan Adjusts Bitcoin’s Production Cost: What This Means For BTC And Its Miners? Over the last month, the regulatory body decided to postpone its decisions concerning proposals for spot Bitcoin ETFs. This delay can be attributed to the SEC’s current process of sifting through the influx of recent applications in this category. There hasn’t been a single spot crypto ETF that has secured the SEC’s endorsement. Featured image from iStock, Chart from TradingView

The staff cut and departure comes amid legal action from United States regulators.

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