Category: Cryptocurrency News

Grayscale Investments has created a new trust for XRP, allowing accredited investors to gain exposure to the cryptocurrency known for facilitating cross-border transactions. The Grayscale XRP Trust functions like other single-asset crypto investment vehicles, holding only XRP. Grayscale’s head of product highlighted the potential of XRP to transform financial infrastructure. Grayscale Launches XRP Trust for […]

submitted by /u/Mr_Hodlerr [link] [comments]

The on-chain analytics firm Santiment has pointed out how these three altcoins may be more likely to see price jumps in the coming future. These Altcoins Are Being Heavily Shorted On Binance Right Now In a new post on X, Santiment has discussed about some altcoins that could be worth keeping an eye on because of a trend forming in their Binance Funding Rate. The Funding Rate here refers to an indicator that tracks the periodic amount of fees that traders on a given derivatives exchange (in this case, Binance) are paying each other right now. Related Reading: Dogecoin Vs Shiba Inu Vs Pepe: How Do The Top Memecoins Compare In Investor Profits? When the value of this metric is positive, it means the long investors are paying a fee to the short holders in order to keep their positions. Such a trend suggests the majority of the derivatives users share a bullish sentiment. On the other hand, the indicator being negative implies the shorts are outweighing the longs, so a bearish mentality could be assumed to be the dominant one in the sector. Now, here is the chart shared by the analytics firm that shows the trend in the Binance Funding Rate for three altcoins, Aave (AAVE), The Graph (GRT), and Decentraland (MANA), over the past week: As is visible in the above graph, the Binance Funding Rate has recently switched from green to red for all three of these altcoins. This would suggest that the investors have opened a large amount of short positions on the exchange related to these assets, thus shifting the balance. Interestingly, this heavy shorting from the investors has come as the cryptocurrency market as a whole has been rebounding, led by Bitcoin’s recovery back above $58,000. It would appear that derivatives users don’t expect AAVE, GRT, and MANA to continue the bullish wave. This pessimism around the altcoins, however, can actually play into the benefit of their prices. This is because mass liquidation events are more likely to affect the side of the market with the most positions. At present, the dominant side is the bearish one, so mass short liquidations could likely occur in the coming days. Whenever a large amount of liquidations take place at once (an event that’s popularly known as a squeeze), the price can see a burst of volatility arising out of all this fuel. As such, Santiment believes that should these shorts get caught in a liquidation event, the altcoins could see big price jumps. Related Reading: Bitcoin Recovery: Has BTC Prevented A Fall To $41,000 With This Surge? It only remains to be seen, though, whether Aave and others would show price surges from here and punish these investors betting on a bearish outcome. Aave Price Aave has been enjoying bullish momentum during the last few days as its price has risen to $147 after witnessing a surge of over 11% in the last seven days. Featured image from Shutterstock.com, Santiment.net, chart from TradingView.com

Celestia, a top network and one of the few modular blockchains, is building. Less than a year after transiting to the mainnet after months of testing, the platform is taking bold steps to scale the base layer and further boost data availability. Celestia Plans For 1 GB Blocks For Scaling In a recent announcement, the platform’s core developers said it was preparing for the next phase, which will see the blockchain introduce 1 GB blocks. The decision to unleash 1 GB blocks will be a major move to scale on-chain and push throughput even higher. Related Reading: Dogecoin Vs Shiba Inu Vs Pepe: How Do The Top Memecoins Compare In Investor Profits? It will only make sense. Celestia uses a modular architecture that allows the network to scale. Unlike Ethereum, which is struggling to scale on-chain and heavily reliant on off-chain platforms like Base and StarkNet, Celestia remains scalable and flexible, circumventing challenges legacy networks encounter. With 1GB blocks and scaling increased, Celestia said developers would be free to build whatever they wish. Exemplifying progress made by modern chains, developers are not confined to deploying smart contracts using a single programming language like struggles to scale on-chain, which is Solidity or Rust. Instead, they can choose what they are comfortable with. To achieve the 1 GB blocks, Celestia plans to introduce innovations such as content-addressable mempools and compact blocks. Moreover, plans will be made to deploy internally sharding nodes and improve its data availability sampling protocol. TIA Down 80%, Will The Supply Uptick Fast-Track The Dump? Impressive as this could be, TIA, the native currency, has been on a free fall. Price data shows that bears have been in control after prices soared to as high as $21 in February, forcing the coin down by over 80%. At spot rates, the coin remains under intense selling pressure. If anything, sellers could unwind all progress made after listing on Binance in early November. Related Reading: XRP Price Stalls in Range: Will a Breakout Come Soon? The immediate concern is the upcoming token unlock set for October 30. Usually, token unlocks are considered bearish due to the expected spike in supply. Today, the platform will release 175 million TIA or 16.5% of the total supply. Afterward, a daily release of 1 million TIA will be from November 1. By next year, Token Unlocks, a monitoring platform, projects that TIA’s supply will be up by nearly 4X. If demand remains low, as is currently the case, prices could plunge below November 2023 lows due to the deluge in supply. Feature image from Shutterstock, chart from TradingView

Former U.S. President Donald Trump has announced the launch of his family’s cryptocurrency platform, World Liberty Financial, positioning it as an alternative to traditional banks. He encouraged users to join a live event on X next Monday. “We’re embracing the future with crypto and leaving the slow and outdated big banks behind,” Trump said. Donald […]

After a long time waiting, it’s finally happening! Nimiq is transitioning to PoS! submitted by /u/vx117 [link] [comments]

Chinese crypto noobs are being tricked into laundering funds for ‘rewards’ — and pig butchering scammers are kidnapping kids: Asia Express.

Zano blockchain partnered with Confidential Layer to enable secure and private transactions across different blockchains. This allows users to keep their original assets (like ether or bitcoin) while adding Zano’s strong privacy features. Both the Zano and Confidential Layer teams see this as a significant step towards a digital economy where users have control over […]

Geoff Kendrick, the Head of Crypto Research at Standard Chartered Bank, has put forth bullish predictions regarding the Bitcoin price trajectory in the event of the 2024 US presidential election.  Bitcoin Price Predictions Soar According to a CNBC report, Kendrick posits that a potential re-election of Donald Trump could propel Bitcoin to a staggering $125,000 mark. However, he also indicates that Bitcoin is poised to reach new all-time highs regardless of the election outcome, with an anticipated value of $75,000 if Vice President Kamala Harris secures the presidency. Elaborating on the election’s implications on the cryptocurrency landscape, Kendrick highlights that while the political scenario will undoubtedly influence the Bitcoin market, the perceived risks associated with a Harris presidency might be exaggerated.  Related Reading: Challenges Mount For Bitcoin Miners As Difficulty Surges To Record High According to Kendrick’s analysis, the Bitcoin price is projected to conclude 2024 at record highs under either election scenario, nearing the $125,000 threshold under a Trump victory or hovering around $75,000 in a Harris administration.  In the wake of a potential Harris win. However, an initial price dip could occur, Kendrick asserts that market participants would likely view such declines as buying opportunities, given the expectation of continued regulatory advancements. Contrary to industry apprehensions regarding Harris potentially adopting a stringent stance towards Bitcoin, Kendrick contends that her administration would likely exhibit a more favorable outlook towards digital assets than a potential second term under President Biden.  Moreover, Standard Chartered remains optimistic about the Bitcoin price future, maintaining a bullish stance by forecasting a surge to $200,000 by the conclusion of 2025, irrespective of the election outcome this year. Potential Q4 Rally For BTC Evaluating the current state of the Bitcoin market, crypto analyst Daan Crypto Trades shed light on BTC’s historical performance trends in September.  Despite the general observation that Bitcoin tends to face challenges in September, Daan assesses that whether at the beginning of a bullish trend, in the later stages of previous market cycles, or even in a bearish phase, September typically marks a local bottom followed by a subsequent up move in the fourth quarter. Recently, Bitcoin encountered two significant downturns, notably on August 5, when it dropped nearly 25%, causing the price to plummet to as low as $49,000.  Subsequently, another retracement occurred on September 6, pushing the price to $52,000. However, amidst these fluctuations, Bitcoin has shown resilience by trading at $58,360, indicating strong support along the macro uptrend line. Related Reading: Shiba Inu Accumulation: Whales Pull Out $4 Million From Exchanges, Can SHIB Recover? Moreover, Daan Crypto Trades emphasizes that a considerable portion of BTC’s liquidity remains at higher levels. This observation aligns with the price effectively clearing out historical levels from approximately the past six months during the sharp decline witnessed in early August. Highlighting a pivotal level to monitor, the analyst underscores the significance of surpassing the $65,000 mark. Breaking this level would signify the formation of a local higher high, potentially paving the way towards targeting the liquidity at $70,000.  Featured image from DALL-E, chart from TradingView.com