Category: Cryptocurrency News

A proposal to change the blob gas target and max values on Ethereum comes seven months after blobs were introduced in the blockchain’s Dencun upgrade in March.

The Kenyan Revenue Authority (KRA) is tightening its grip on cryptocurrency by proposing a real-time tax system integrated with exchanges. This system would track all crypto transactions, capturing details like time and value for tax collection purposes. Beyond real-time taxation, Kenya is considering AI and machine learning to combat tax evasion. These technologies would improve […]

PRESS RELEASE. Solcex, a popular centralized crypto exchange, has recently gained significant traction due to its impressive efforts to enhance the experience of crypto enthusiasts through its platform. The introduction of exciting new features, strategic partnerships, and anticipation of upcoming developments drive the surge in popularity. As a result of these advancements, the project has […]

Cardano price started a fresh decline below the $0.3565 zone. ADA is consolidating above $0.3420 and might attempt a recovery wave. ADA price started a downward move below the $0.3520 support level. The price is trading below $0.3500 and the 100-hourly simple moving average. There was a break above a key bearish trend line with resistance at $0.3460 on the hourly chart of the ADA/USD pair (data source from Kraken). The pair could attempt a recovery wave if it clears the $0.3520 resistance zone. Cardano Price Consolidates Losses After testing the $0.3700 resistance, Cardano struggled to continue higher. ADA formed a short-term top and started a fresh decline, unlike Bitcoin and Ethereum. There was a move below the $0.3550 and $0.3500 support levels. The price even declined below $0.3450 before the bulls appeared. A low was formed at $0.3394 and the price is now consolidating losses. There was a minor move above the $0.3420 level. The price cleared the 23.6% Fib retracement level of the downward move from the $0.3705 swing high to the $0.3394 low. Besides, there was a break above a key bearish trend line with resistance at $0.3460 on the hourly chart of the ADA/USD pair. Cardano price is now trading below $0.350 and the 100-hourly simple moving average. On the upside, the price might face resistance near the $0.3515 zone. The first resistance is near $0.3550 or the 50% Fib retracement level of the downward move from the $0.3705 swing high to the $0.3394 low. The next key resistance might be $0.3620. If there is a close above the $0.3620 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $0.3700 region. Any more gains might call for a move toward $0.3880. More Downsides in ADA? If Cardano’s price fails to climb above the $0.350 resistance level, it could start another decline. Immediate support on the downside is near the $0.3420 level. The next major support is near the $0.3400 level. A downside break below the $0.3400 level could open the doors for a test of $0.3220. The next major support is near the $0.3100 level where the bulls might emerge. Technical Indicators Hourly MACD – The MACD for ADA/USD is losing momentum in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is now below the 50 level. Major Support Levels – $0.3400 and $0.3220. Major Resistance Levels – $0.3500 and $0.3550.

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On-chain data shows around 95% of all Bitcoin holders are in profit following the latest bullish action that the asset’s price has seen. Very Few Bitcoin Addresses Are Still Underwater In a new post on X, the market intelligence platform IntoTheBlock has shared an update on how the Bitcoin holder’s profitability is currently looking. The analytics firm has made use of on-chain data to determine this. IntoTheBlock has gone through the transaction history of each address on the network to check the average price at which it acquired its coins. Wallets with a cost basis below the current price are assumed to carry some net unrealized profit. Related Reading: Bitcoin Whale Transfers See Massive Spike: Sign Of Profit-Taking? Similarly, addresses of the opposite type are considered to be loss holders. The analytics firm terms the former investors “in the money,” while the latter are “out of the money.” Naturally, the wallets with their average acquisition price equal to the latest spot price of the cryptocurrency would be just breaking even on their investment. They would be said to be “at the money.” Now, here is how the address distribution on the Bitcoin network is like right now across these three categories: As is visible above, around 95% of the existing Bitcoin holders currently have a net profit. About 3% of the remaining are at their break-even level, while the rest 2% are underwater. Thus, the market distribution is currently overwhelmingly skewed towards profit holders. The reason behind this is the recent price rally the asset has gone through. “With 95% of Bitcoin addresses now in profit, market sentiment is booming,” notes IntoTheBlock. “Historically, such levels have signaled strong bullish momentum but can also indicate a potential overextension.” Generally, investors in profit are more likely to sell their coins at any point, so a large amount of them being in the green can raise the chances of a mass selloff occurring with the motive of profit-taking. This is why a high profitability ratio can suggest potential overheated conditions. A huge amount of addresses are in the money right now, so it’s possible that another profit-taking event could happen. It remains to be seen whether demand would be enough to absorb the selling or if a top would take place for Bitcoin. Related Reading: Bitcoin Coinbase Premium Is Negative Despite $68,000 Rally: What It Means On a more bullish note, the Bitcoin inflows to “accumulation addresses” have spiked recently, as CryptoQuant community manager Maartunn has pointed out in an X post. The accumulation addresses refer to the wallets that have no history of selling on the network. These perennial HODLers have just added a massive 56,700 BTC to their wallets, which could suggest they may be starting another phase of accumulation. BTC Price At the time of writing, Bitcoin is trading around $67,400, up more than 11% over the past week. Featured image from Dall-E, IntoTheBlock.com, CryptoQuant.com, chart from TradingView.com

Praxis, an organization devoted to developing the first network state, has raised $525 million to finance the construction of its first city. The funding will streamline the construction of Praxis’ vision of a network state, a group of individuals with coordinated values settled in a metropolis. Praxis Announces $525 Million Financing to Build a Network […]

BitMEX co-founder Arthur Hayes predicts Bitcoin’s price will rise alongside surging oil and energy prices if tensions between Iran and Israel boil over.

XRP price is holding gains above the $0.5450 zone. The price seems to be eyeing more gains above the $0.5550 and $0.5650 levels in the near term. XRP price is consolidating above the $0.5400 zone. The price is now trading above $0.5420 and the 100-hourly Simple Moving Average. There is a connecting bearish trend line forming with resistance at $0.5465 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could gain bullish momentum if it clears the $0.550 and $0.5550 resistance levels. XRP Price Eyes Upside Break XRP price remained stable above the $0.5320 support zone like Bitcoin and Ethereum. The bulls even tried to push the price above the $0.5550 resistance zone. A high was formed at $0.5659 before there was a fresh decline. The price tested the $0.5400 zone. A low was formed at $0.5398 and the price is now consolidating losses. It is trading near the 23.6% Fib retracement level of the downward move from the $0.5659 swing high to the $0.5398 low. The price is now trading above $0.540 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $0.5465 level. There is also a connecting bearish trend line forming with resistance at $0.5465 on the hourly chart of the XRP/USD pair. The first major resistance is near the $0.5550 level or the 61.8% Fib retracement level of the downward move from the $0.5659 swing high to the $0.5398 low. The next key resistance could be $0.5650. A clear move above the $0.5650 resistance might send the price toward the $0.5800 resistance. Any more gains might send the price toward the $0.5880 resistance or even $0.5925 in the near term. The next major hurdle might be $0.6000. Another Drop? If XRP fails to clear the $0.550 resistance zone, it could start another decline. Initial support on the downside is near the $0.540 level. The next major support is near the $0.5345 level. If there is a downside break and a close below the $0.5345 level, the price might continue to decline toward the $0.5280 support in the near term. The next major support sits near the $0.5220 zone. Technical Indicators Hourly MACD – The MACD for XRP/USD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level. Major Support Levels – $0.5400 and $0.5345. Major Resistance Levels – $0.5500 and $0.5550.

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