Category: Cryptocurrency News

Bitcoin continues to range-trade and altcoin traders are starting to view BTC’s price consolidation as a positive sign for the rest of the crypto market.

A recent study by the Bank of Canada (BoC) has shown a decline in the ownership of cryptocurrencies over the two years. The BoC has attributed this decline in crypto ownership to ecosystem collapses, regulatory hurdles, and price depreciation. Bitcoin’s Decline Most Notable According to the Bitcoin Omnibus Survey, Bitcoin’s ownership across the country dipped to 10% at the end of last year. This decline has been attributed to various factors, including the significant drop from its all-time high due to the current market conditions, especially since Bitcoin’s price crashed over 50% from its all-time high of $69,044.77 last year.  Related Reading: Will Binance’s Zero-Fee Trading Help Bitcoin And Ethereum Prices The survey also cited FTX’s unexpected collapse as contributing to the decline, as it prompted enhanced scrutiny from regulators while also creating doubts in the hearts of crypto investors. The decline in Bitcoin ownership wasn’t a result of investors moving their money to other crypto assets given that altcoins also suffered a similar fate to Bitcoin, as ownership in these digital assets also experienced a downward trend last year. The report read: Investors did not appear to shift out of Bitcoin and into other cryptoassets, as we observe decreased ownership of altcoins. There are some positives for Bitcoin and the crypto ecosystem, as Bitcoin’s ownership is still higher than the 8% recorded between 2018 and 2020. Another silver lining is that many locals are aware of Bitcoin (meaning they could invest in it in the near future), as general awareness of the token has been at an impressive 90%. However, despite being aware of the term Bitcoin, many Canadians still don’t understand how the cryptocurrency operates. According to the BoC’s research methodology, 61% of non-bitcoin owners showed low crypto literacy. Meanwhile, a meager 30% of Bitcoin owners exhibited high-level crypto literacy.  Market remains highly volatile | Source: Crypto Total Market Cap on Tradingview.com Financial Literacy Doesn’t Equate To Crypto Enthusiasm Many would have predicted that persons with higher financial literacy would be more bullish on Bitcoin and other crypto assets. However, that isn’t the case in Canada, according to the survey. Interestingly, respondents with a high financial literacy were the ones who were quick to exit the crypto market. In contrast, those with a lower financial literacy remained bullish despite the market conditions and regulatory concerns.  Related Reading: CRV Price Recovers From 6-Month Lows, What’s Driving The Price? While these figures may not be so encouraging, there is enough reason to believe that the growing adoption of cryptocurrencies worldwide will impact the future of crypto ownership in the country as more locals gain crypto literacy.  Furthermore, efforts from the authorities to provide regulatory clarity could also help as it will boost investors’ confidence in the country and consequently increase crypto ownership in the country. Featured image from iStock, chart from Tradingview.com

Senator Elizabeth Warren was part of a group of lawmakers who pushed for provisions against crypto mixers and privacy coins in the National Defense Authorization Act in July.

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XRP experienced a surge after Ripple Labs’ recent legal win against the US Securities and Exchange Commission, marking a partial victory. Nonetheless, the pace of this upswing has moderated in recent weeks, encountering notable resistance and initiating a downward trajectory. With the latest data from CoinGecko, the XRP value registers at $0.658512. This shows a 1.1% contraction over the preceding 24 hours and a notable seven-day decline of 7.4%. Related Reading: All Hype? BALD Meme Coin’s Volume Shaved By 96% During the height of its price surge after Ripple Labs’ legal breakthrough, its coin encountered a rejection near the $0.95 threshold. This particular zone mirrors the level it reached back in March 2022 during its bearish decline. This prompts the question of whether XRP is retracing its steps into a former range or if this constitutes a mere temporary retreat within an ongoing upward trend. XRP Dampening Sentiment Further impacting the prevailing sentiment around XRP, US District Judge Jed Rakoff has invalidated the approach taken in last month’s ruling concerning the SEC’s lawsuit against Ripple Labs. According to an XRP price analysis, the cryptocurrency has reached its zenith and is now poised to revisit its previous resistance level. Nonetheless, several crucial factors necessitate consideration beforehand. XRP is currently trading at the upper threshold of the expansive Bollinger Bands. While this signifies the potential for a retracement, it also signifies amplified volatility, indicating that any forthcoming pullback might manifest as notably severe. XRP price at $0.65 on the daily chart: TradingView.com Furthermore, the Stochastic RSI illustrates that XRP has surged to the overbought threshold at 80. This suggests a corrective pullback is probable, given that the market’s buying strength is waning. Traders Turn To New Coin As Alternative Amid the recent challenges faced by XRP, numerous traders have shifted their focus toward an emerging alternative – XRP20. This new option has garnered attention due to its modest market capitalization and unique advantages that set it apart from the original XRP coin. According to insights shared by analyst Jacob Bury, XRP20 holds significant potential for a price surge, leveraging the ongoing situation with XRP. The conventional XRP project has faced criticism for its centralized nature and the over-the-counter sales of XRP conducted by its founders. Related Reading: Shiba Inu Price Poised To Reach $0.01 With Shibarium Upgrade, These CEOs Say In contrast, XRP20 stands out as a fully community-owned venture. It has allotted 40% of its tokens for presale, another 40% for staking rewards, earmarked 10% for DEX liquidity and plans to burn the remaining 10%. The coin is not affiliated with Ripple, XRP or their ecosystem, its website says. One of the distinctive features of XRP20 lies in its extensive marketing achievements. The project has gained notable coverage from various prominent media outlets, contributing to a successful presale round that raised a substantial $300K in two days. This rapid fundraising underscores the growing interest and enthusiasm surrounding the coin within the trading community. (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 iStock

The smart contract auditor found that operator verification could have let operators into the system without a verified ID or even being a company.

The world’s supposed first room-temperature ambient pressure superconductor already has a memecoin.

For publicly-listed Bitcoin miners, in particular, a price north of $100,000 may be more of a necessity than a forecast if their business models are to remain profitable. Bitcoin mining stocks have been on a tear this year, outperforming BTC by a wide margin in recent months. While BTC has seen reduced volatility and a…
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