Category: Cryptocurrency News

Ethereum (ETH), the world’s second-largest cryptocurrency by market capitalization, is experiencing a surge in optimism in the cryptocurrency market. The emergence of two new whales, according to crypto tracking platform Spot On Chain, further adds to the bullish sentiment surrounding Ethereum. Related Reading: PEPE In Peril? Dwindling Exchange Supply Raises Price Jitters These whales have collectively withdrawn a substantial amount of ETH, totaling nearly 11,700 coins, worth approximately $40 million, from leading cryptocurrency exchange Binance. Their significant purchase, made when ETH was priced around $3,450, indicates their confidence in the potential for further price appreciation. The $ETH price sharply rebounded by ~4% in the past 2 hours, now beyond $3,500! During this period, our system detected two more whales, 0x666 and 0x435, that withdrew a total of 11,657 $ETH ($40.28M) from #Binance at ~$3,455! Follow @spotonchain and set alerts for $ETH now so… https://t.co/Tz4or4Pzc0 pic.twitter.com/ZoVXTtDWZq — Spot On Chain (@spotonchain) April 8, 2024 Ethereum Trading Volume Soars The cryptocurrency market is experiencing a surge in optimism, fueled by a strong performance from Ethereum (ETH) and the looming Bitcoin halving event. ETH has seen its price jump nearly 10% in the past 24 hours, reaching $3,679 as of today. This impressive gain is accompanied by a significant rise in trading volume, which has spiked by nearly 70%, surpassing $15 billion. Source: Coingecko Whale activity, closely monitored by market analysts due to its potential to offer valuable insights into investor sentiment, plays a pivotal role in shaping the cryptocurrency landscape. ETH price action in the last week. Source: Coingecko. When whales engage in large-scale purchases, it often triggers a ripple effect throughout the market. This phenomenon sees smaller investors and traders being influenced to emulate similar actions, thereby amplifying the positive momentum. However, amidst the excitement of heightened market activity, it’s essential to acknowledge the potential consequences of increased concentration of assets in the hands of a few entities. While large purchases by whales may initially boost prices, they also pose risks to market stability. Ethereum market cap currently at $1.3 trillion. Chart: TradingView.com Specifically, such concentration can lead to reduced market liquidity, making the price of assets like Ethereum more susceptible to sudden and significant fluctuations in the future. Thus, while whale activity can serve as a barometer of market sentiment, it also underscores the need for cautious consideration of its broader implications on market dynamics. Bitcoin Halving Hype Fuels Marketwide Rally Meanwhile, Ethereum’s impressive rally is not an isolated event. The broader cryptocurrency market is experiencing a period of bullish momentum. Bitcoin, the undisputed leader, has also witnessed a significant surge, climbing above the $72,000 mark. This upward trend is largely attributed to the anticipation surrounding the upcoming Bitcoin halving, scheduled for approximately 11 days from now. Related Reading: Bitcoin Dips, But Don’t Panic: ETFs See Three Days Of Bullish Inflow The Bitcoin halving is a pre-programmed event that occurs roughly every four years. It reduces the number of new Bitcoins awarded to miners for verifying transactions on the network. Historically, these halving events have been followed by substantial price increases for Bitcoin, as the reduced supply often leads to increased demand and scarcity. Investors are hoping for a similar outcome this time around, contributing to the current marketwide rally. Renewed Optimism Grips Crypto Investors The recent surge in prices and trading volumes across the cryptocurrency market suggests renewed optimism and bullish sentiment among investors. Analysts and experts are anticipating further price gains for both Ethereum and Bitcoin in the coming days and weeks. Featured image from Pexels, chart from TradingView

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BV Bank, a Brazilian bank leader in vehicle loans, is running a pilot that uses tokenization to manage vehicle financing and sales operations. The first phase of the tests involves automating consumer-to-consumer vehicle sales processes, including the delivery of tokenized money in exchange for the ownership of the vehicle. Brazilian BV Bank Pilots Tokenization Model […]

Hey everyone, I've been examining Coinbase's handling of stablecoins like USDC and USDT, and I'm concerned about a potential antitrust issue that's impacting users. As many of you know, Coinbase owns USDC, and it offers multiple networks for depositing and withdrawing USDC. However, when it comes to USDT, which is arguably the more popular stablecoin,…
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In a detailed analysis shared on X, Miles Deutscher, a renowned crypto analyst, cast a spotlight on the burgeoning sector of Real World Assets (RWA) within the crypto market. Deutscher’s discourse comes in the wake of BlackRock’s groundbreaking venture into tokenized funds, signaling a seismic shift in the digital asset landscape. With projections indicating that tokenized assets are poised to reach a valuation of $10 trillion by 2030, Deutscher’s enthusiasm is palpable. “If you’re still sleeping on this sector, now is the time to wake up,” he declares, laying the groundwork for a deep dive into RWAs and their associated investment opportunities. The Genesis And Essence Of Real World Assets (RWA) Real World Assets (RWA) serve to bridge the tangible with the digital, tokenizing physical commodities such as gold, real estate, and various other commodities, thereby enhancing their efficiency and accessibility. This digitization process eliminates the need for traditional brokers, reduces entry barriers, and significantly cuts down on associated costs. “RWAs represent a revolutionary step forward in democratizing access to investment in major assets,” Deutscher asserts. He further explains that RWAs not only unlock vast markets for participation—such as global bonds and gold—but also integrate real-world, income-generating assets into the DeFi yield ecosystem. At their core, RWAs embody ownership rights over physical assets through the digital tokenization on blockchain platforms. Through smart contracts, issuers can mint these tokens, defining their value and the mechanics of their trade. This innovative approach has seen the market capitalization of tokenized public securities surpass $700 million, with the tokenized gold market nearing a $1 billion valuation, according to a report by Bank of America. Related Reading: Crypto Expert Reveals What To Expect For Bitcoin, Dogecoin, And XRP In 12-16 Months This growing demand underscores the sector’s potential, significantly buoyed by BlackRock’s recent foray into RWA with its digital asset fund focused on bonds. Within a mere fortnight, this fund ballooned to a $274 million market cap, capturing a 37.53% market share. BlackRock’s pivot towards RWAs is not an isolated trend but a bellwether for the industry’s trajectory. “Larry Fink’s bullish stance on tokenization heralds a new era for securities,” Deutscher notes, highlighting the BlackRock CEO’s long-maintained belief in the transformative power of tokenization. This movement is gaining momentum, with heavyweight TradFi players such as Citi, Franklin Templeton, and JPMorgan exploring RWA avenues. “The convergence of traditional finance and blockchain through RWAs is a testament to the sector’s viability and growth potential,” Deutscher adds, underlining the legitimization of RWAs by these financial titans. Deutscher’s Curated List Of Top RWA Altcoins Delving deeper into the specifics, Deutscher categorizes his top picks within the RWA ecosystem: Layer 1 and Layer 2 Blockchains: Highlighting the significance of foundational blockchain platforms, Deutscher points to L1 and L2 chains that are pivotal in hosting RWA protocols. He emphasizes the strategic advantage of these chains in attracting liquidity and users, albeit noting the nuanced investment approach needed to maximize RWA-specific gains. Related Reading: Crypto Analyst Predicts Shiba Inu Price To Rise 5000% To $0.001 – Here’s When “Hyped narratives often drive a lot of liquidity and users to the main chain that powers the underlying dApp. […] The issue with this style of investing, despite its ability to hedge against downside, is the lack of direct upside. If you want capture more RWA-specific upside, RWA-focused chains like Redbelly Network & MANTRA offer more direct exposure,” Deutscher argues. Oracles as the Backbone of RWA Tokenization: Oracles play a crucial role in ensuring the accurate reflection of real-world asset values on the blockchain. Deutscher is particularly bullish on Chainlink (LINK), citing its foundational role in secure, cross-chain information bridging. “Chainlink is indispensable for the RWA sector, offering real-time data verification that’s critical for the integrity of tokenized assets,” he explains. Moreover, the crypto analyst points to Pyth Network (PYTH) if investor want to “move further down the risk curve.” He added, “whilst Chainlink serves more broader sectors, Pyth is interesting as a DeFi-centric bet, due to its wide L1 compatibility.” RWA-Specific Protocols: Projects like Ondo Finance, Pendle Finance, and Frax Finance are lauded by Deutscher for their direct engagement with RWAs, each offering unique solutions to leverage real-world assets within the DeFi space. Deutscher applauds Ondo Finance for addressing liquidity challenges, Pendle Finance for its innovative yield-tokenization approach, and Frax Finance for its multifaceted DeFi offerings that include traditional investment avenues. Emerging Stars in the RWA Space: Deutscher also sheds light on upcoming projects like Lingo and Truflation, earmarking them as ones to watch. With Lingo’s unique model of funding RWA pools for brand partner rewards and Truflation’s infrastructure play in decentralizing economic data, these platforms are at the forefront of RWA innovation, according to him. At press time, ONDO had a market capitalization of $1.12 billion and was the 94th largest cryptocurrency by market cap. The price stood at $0.80. Featured image created DALL·E, chart from TradingView.com

MATIC price is up over 5% and it tested the $0.950 resistance. Polygon bulls are in full control, and they might aim for more upsides above $1.00. MATIC price started a fresh increase above the $0.920 resistance against the US dollar. The price is trading above $0.925 and the 100 simple moving average (4 hours). There was a break above a key bearish trend line with resistance at $0.9150 on the 4-hour chart of the MATIC/USD pair (data source from Kraken). The pair could continue to move up if it clears the $0.9720 resistance. Polygon Price Starts Fresh Increase After forming a base above the $0.8620 level, Polygon’s price started a fresh increase. MATIC cleared many hurdles near $0.880 and $0.8950 to move into a positive zone, like Bitcoin and Ethereum. There was also a move above the $0.90 resistance and the 100 simple moving average (4 hours). The bulls pushed the price above the 23.6% Fib retracement level of the downward move from the $1.0854 swing high to the $0.8612 low. Besides, there was a break above a key bearish trend line with resistance at $0.9150 on the 4-hour chart of the MATIC/USD pair. MATIC is trading above $0.9250 and the 100 simple moving average (4 hours). Immediate resistance is near the $0.960 zone. The first major resistance is near the $0.9720 level or the 50% Fib retracement level of the downward move from the $1.0854 swing high to the $0.8612 low. If there is an upside break above the $0.9720 resistance level, the price could continue to rise. Source: MATICUSD on TradingView.com The next major resistance is near $1.00. A clear move above the $1.00 resistance could start a steady increase. In the stated case, the price could even attempt a move toward the $1.100 level or $1.150. Are Dips Limited in MATIC? If MATIC’s price fails to rise above the $0.9720 resistance level, it could start a downside correction. Immediate support on the downside is near the $0.915 level and the same trend line. The main support is near the $0.880 level. A downside break below the $0.880 level could open the doors for a fresh decline toward $0.8620. The next major support is near the $0.8250 level. Technical Indicators 4 hours MACD – The MACD for MATIC/USD is gaining momentum in the bullish zone. 4 hours RSI (Relative Strength Index) – The RSI for MATIC/USD is now above the 50 level. Major Support Levels – $0.9150 and $0.880. Major Resistance Levels – $0.9720, $1.00, and $1.15.

ZA Bank, a virtual bank in Hong Kong, will offer cash custody accounts for institutions that want to issue stablecoins. The organization is in talks with several parties seeking to issue their stablecoins, and this service would be available for them after receiving a license from the Hong Kong Monetary Authority (HKMA). ZA Bank to […]