Category: Cryptocurrency News

Cryptocurrency investment products saw inflows for the second consecutive week, totaling $78 million, according to CoinShares.

Shiba Inu (SHIB) investors have been caught in a whirlwind of uncertainty for the past month as the cryptocurrency’s price has stubbornly clung to a narrow range between $0.0000075 and $0.000007. This protracted period of stagnation has left traders and enthusiasts alike scratching their heads, wondering when the next significant move might occur. The current SHIB price, as reported by CoinGecko, hovers at $0.00000715, representing a modest 1.4% decline over the last 24 hours. Over the span of seven days, the meme coin has dipped by nearly 6%, indicating a gradual erosion of value.  This pattern of price fluctuations within such a confined range underscores a lack of decisive action from both buyers and sellers, painting a picture of market ambivalence. Related Reading: XRP Journey To $0.55: Is A Breakthrough Imminent In The Coming Days? Implications Of A Range-Bound Market For Shiba Inu One can’t help but wonder about the implications of this seemingly stuck range. Given the broader crypto market’s recent slump, it wouldn’t be surprising to see SHIB test the lower echelon of this range, potentially signaling an extension of its bearish undertones. With the larger market sentiment in a state of flux, SHIB’s fate remains intertwined with the broader crypto landscape. SHIB market cap hitting $4.17 billion today. Chart: TradingView.com The ongoing downtrend in SHIB’s price can be visually traced to the formation of a falling wedge pattern on the weekly chart. This pattern is characterized by two converging trendlines that serve as dynamic resistances and supports. While such patterns can sometimes hint at an impending bullish breakout, the prevailing market sentiment suggests that investors should remain cautious and prepared for any outcome. Declining Whale Activity: What Does It Mean? Another noteworthy development in the SHIB ecosystem is the decline in large network transactions. The number of significant transactions on the SHIB network has dwindled to a mere 20, marking one of the most inactive periods for the meme coin, especially concerning the activity of its large holders. Several factors could be contributing to this sudden drop in whale activity. Related Reading: Bitcoin Price Ready For Blast-Off As Key Metrics Signal A Bull Run: Top Analyst One of the potential reasons might be the waning interest in highly volatile assets like SHIB, particularly as Bitcoin’s dominance continues to rise within the crypto sphere. As the flagship cryptocurrency asserts its dominance, many investors appear to be realigning their portfolios, moving away from riskier assets to more established ones. This shift in investor sentiment could explain the reduction in significant SHIB transactions as market participants seek more stability in their cryptocurrency holdings. The formation of a falling wedge pattern and the decline in large network transactions underscore the challenges facing SHIB’s price trajectory. SHIB holders and enthusiasts must remain vigilant and adaptable to navigate the ever-changing tides of the digital asset market. (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 Shutterstock

Negotiators in the EU are reportedly considering additional restrictions for large AI models – like OpenAI’s GPT-4- as a component of the forthcoming AI Act.

In the past, many have argued whether or not the XRP token was deflationary or not. In support of the former, pro-XRP crypto analyst Panos Mekras has provided data that suggests that the token has deflationary characteristics.  Number Of Tokens Burned So Far In a tweet shared on his X (formerly Twitter) platform, Mekras referenced another tweet showing that over 11 million tokens had been burned. This stat undoubtedly suggests that the token is deflationary since its total supply has decreased over time due to the burn mechanism. Related Reading: 39-Month Cycle Says XRP Price Is Poised For Breakout To $1,000, Here’s When However, another X user (@hasen_van) argued that the token was only deflationary in “respect to all XRP in existence” and that the token will continue to be inflationary as long “as Ripple keeps on selling into the open market.” true with respect to all XRP in existence, but from a holders point of view – given that mostly all exchanges are using circulating supply (x price) to measure market cap, XRP is inflationary as long as ripple keeps on selling into the open market. #fridayfacts — VanHasen (@hasen_van) October 6, 2023 In response, Mekras tried to correct the belief that some XRP tokens were not yet “in existence” as he stated that XRP’s total supply of 100 billion has existed since “day 1,” meaning that 100% of its supply has been circulating from the beginning and some XRP tokens cannot be classified as ‘non-existent’ yet.  This debate seems to stem from the fact that Ripple has an escrow system in place. As such, some (like VanHansen) believe that the XRP in escrow lockups does not fall under its circulating supply and that this escrow system affects XRP’s deflationary status. However, people like Mekras argue that the escrow system doesn’t change the fact that the token is deflationary. VanHansen further argued that the token cannot be deflationary (except technically) as XRP’s circulating supply gets inflated every time “Ripple releases XRP from the escrow.” Both sides seemed to look at it from different angles, with Mekras abiding by what deflationary meant in the strict sense while VanHansen was trying to provide a context.  Bulls continue to fight to hold support | Source: XRPUSD on Tradingview.com Is XRP Deflationary Or Not? It is worth mentioning that the XRP Ledger doesn’t exactly have a built-in mechanism to decrease the token’s total supply, unlike some other networks. For instance, Ethereum implemented the London hard fork, which introduced a fee-burning mechanism with some Ether burned immediately after processing a transaction. Related Reading: When Are AMMs Coming To XRP Ledger? Ripple CTO Gives Clear Answer However, in XRP’s case, these token burns have occurred coincidentally rather than being a deflationary model on the network. In July, an engineer at Ripple explained that the monumental increase in the burn rate was mostly because of the XRPL account deletions. He mentioned that 2 XRP are usually burned when an account is deleted.  He further noted that 85,556 old accounts on the Ledger were deleted in June, which led to over 100,000 XRP being burned. Hence, the burned token figure rises every time an account is deleted. Featured image from Facts.net, chart from Tradingview.com

The roadmap is based on a bottom-up approach that suggests providing businesses with tools to prepare for future requirements before adopting any laws.

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Bitcoin price analysts are pointing to a combination of high timeframe indicators that suggest the bear market for the leading cryptocurrency may be over, hinting at an impending upward surge. TechDev, a prominent crypto analyst known for insightful market analysis, recently shared a compelling perspective on social media platform X. Drawing parallels to historical trends, TechDev contends that Bitcoin is currently in a familiar position, reminiscent of the preludes to the 2016 and 2020 bull markets. Related Reading: XRP Journey To $0.55: Is A Breakthrough Imminent In The Coming Days? Bitcoin Price Analysis: Volatility Contraction Signals Imminent Breakout To illustrate this perspective, TechDev presented a chart featuring monthly candles, Bollinger bands, and a specialized indicator showcasing the logarithmic width between the bands in relation to the 200-month moving average. What is particularly intriguing about this chart is how Bitcoin’s Bollinger bands, which gauge relative volatility, have significantly contracted, implying a forthcoming breakout to the upside. What #bitcoin has looked like before heading north… pic.twitter.com/aDCCAKSDli — TechDev (@TechDev_52) October 6, 2023 This influential analyst further points out that Bitcoin is not alone in its quest for a bullish breakout; the broader altcoin market is also in contention. To make this comparison, TechDev references the “OTHERS” chart, measuring the collective market capitalization of all cryptocurrencies except Bitcoin and Ethereum (ETH). In TechDev’s analysis, Bitcoin has forged crucial support levels at the inception of a long-term bullish momentum. Simultaneously, the “OTHERS” index has managed to break through a long-standing downward resistance. These developments collectively indicate that both Bitcoin and the altcoin market are primed for significant moves, potentially marking the end of the bear market phase. As of the latest data from CoinGecko, Bitcoin’s price stands at $27,916 with a 24-hour price movement of 0.0% and a marginal 0.1% decline over the past week. This relative stability suggests that investors are holding their positions, awaiting the anticipated breakout. BTCUSD selling at $27,826 today. Chart: TradingView.com Whale Activity Sparks Speculation Meanwhile, in a surprising turn of events, a dormant Bitcoin address that had remained inactive for three years suddenly sprung back to life. Approximately 5,000 Bitcoins, valued at around $140 million, were transferred from this address. Notably, this substantial transfer was divided among three different addresses, as highlighted by PeckShield, a renowned blockchain security firm. #PeckShieldAlert A dormant $BTC address 1LH1dY…ztTz (which has been inactive for 3 years) has transferred ~5K $BTC (~$140M) to 3 addresses bc1q5rpq5wppf5tua2yd97nscp8gpz8fq0w740g22c 34aed6ryXt6ZCHv6k2WPiyy7ap5VbyHr8D… pic.twitter.com/kLj1SeEQSh — PeckShieldAlert (@PeckShieldAlert) October 8, 2023 The implications of this significant whale movement on Bitcoin’s price remain to be seen. Such sizeable transactions often draw attention and can have varying effects on market sentiment. Traders and investors will be closely monitoring how this unexpected development plays out in the coming days and weeks. Related Reading: Trillions In Shiba Inu On The Move: What Lies Ahead For The Meme Coin? The convergence of multiple high timeframe indicators suggests that Bitcoin may be on the cusp of a bullish resurgence, reminiscent of previous market cycles. As Bitcoin continues to vie for an upward breakout alongside the broader altcoin market, the crypto community eagerly anticipates the potential end of the bear market and the start of a new phase in the digital asset landscape.  (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 The Drive

Crypto firms such as Binance, OKX and MoonPay have announced they’ve been working to comply with the United Kingdom’s new financial promotion rules.