Category: Cryptocurrency News

The ongoing spat between the United States and China over emerging tech like AI continues as U.S. President Joe Biden restricts investments.

PEPE has emerged as a symbol of resilience in the face of uncertainty in the broader meme coin market. A timely intervention by a deep-pocketed investor, an anonymous whale, has breathed new life into the frog-themed token, giving it a shot in the arm.  In the unpredictable flow of the crypto space, the influence of well-to-do cryptocurrency whales has come into focus. These influential investors hold the power to sway market dynamics, often leaving smaller traders in their wake. The recent resurgence of PEPE is a striking illustration of the impact these whales can exert.  Related Reading: Cardano False Breakdown: Could It Set The Stage For A 26% Climb? According to Lookonchain’s data, a substantial investment of 1 million USDC secured a staggering 807 billion PEPE tokens, all acquired at an ostensibly modest price of $0.000001239 per token. This calculated move was spurred by a noticeable surge in PEPE’s market valuation. A whale spent 1M $USDC to buy 807B $PEPE at $0.000001239 7 hrs ago after the price of $PEPE increased.https://t.co/P03KsDrzFi pic.twitter.com/0hjW6ewDjp — Lookonchain (@lookonchain) August 9, 2023 Whales: Catalysts Of PEPE’s Reawakening Notably, such substantial investments serve not only as a financial injection but also as a confidence boost within the PEPE community. The actions of this anonymous whale have ignited a renewed sense of hope, accentuating the noteworthy role that these influential figures play in steering the course of the cryptocurrency landscape. As PEPE tries to go up, there’s an important point coming up: the 50-day moving average resistance. This point is really important because it shows how strong PEPE is and where it might go next. If PEPE can go past this point, it could start climbing even more, bringing lots of positivity and interest to PEPE. PEPE sees a slight increase in price. Chart at TradingView.com CoinGecko data currently places PEPE’s price at $0.00000124, down 1.5% in the last day, but managed to sustain a weekly gain of 2.3%. These measured yet consistent advances underscore the inherent resilience that PEPE continues to exhibit, even in the face of broader market fluctuations. Source: Coingecko PEPE & Community Engagement’s Impact Lunarcrush’s data cited in a recent price analysis demonstrates a 1.9% increase in social interactions and an impressive surge of 28.25% in social mentions. This surge in online discussions underscores the vital role that community engagement plays in shaping the trajectory of meme coins like PEPE. Further enhancing the narrative, weighted sentiment, a pivotal marker of market sentiment, has recently experienced an upward swing. This shift indicates a heightened degree of positivity surrounding PEPE in online dialogues. Such shifts in sentiment often foreshadow broader market movements, potentially setting the stage for a notable resurgence of the token. Related Reading: Shiba Inu Investors Jubilate As Meme Coin Jumps 18% Ahead Of Shibarium Debut With the noteworthy juncture of the moving average resistance level ahead, and the amplifying impact of community interactions and sentiment shifts, all eyes are on PEPE as it navigates its path forward. (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 New York Times

The task force is a part of the Bank of International Settlements’ Committee on Payments and Market Infrastructure.

FTX strongly criticized the UCC’s pursuit of asset control, as it recommended that debtors allocate nearly $2.6 billion from cash reserves into short-term Treasuries.

Apple developing AI to run locally on your phone, researchers ‘hypnotize’ GPT-4 to turn it evil, and Google negotiates a deep fake music deal.

We applied three months ago and haven't got an answer. Is there something wrong with Circle u think? 😕 submitted by /u/mwhc00 [link] [comments]

The crypto verse has recently witnessed a massive splash as an unidentified entity dove deep into the Ethereum ecosystem. A recent report from Lookonchain reveals that in a span of 24 hours, the whale has purchased $10 million worth of Lido Staked Ethereum (stETH). The Big Purchase And Past Activities Lookonchain, an on-chain analytics firm, broke the news earlier today on their X (formerly known as Twitter) account revealing that a whale address was responsible for the withdrawal of 10 million Dai (DAI) from Maker. The smart whale withdrew 10M $DAI from @MakerDAO and bought 5,403 $stETH again at an average price of $1,851 6 hrs ago.https://t.co/rIWyjsfRpf pic.twitter.com/aGwmc46gmc — Lookonchain (@lookonchain) August 10, 2023 According to the firm, this withdrawal wasn’t without purpose as the whale used the funds strategically invested to purchase 5,403 Lido Staked Ethereum, each at an average price of $1,851. Related Reading: Lido’s ETH Deposits Reach Record High Amid Stagnant stETH Withdrawals For those tracing the activities of this whale, this isn’t a maiden voyage into the stETH seas. As reported by Lookonchain, this exact address recorded two hefty transactions on 24 July 2023. The first transaction saw the whale dispensing 5.17 million USD Coin (USDC) to acquire 2,802 stETH at a rate of $1,844 each. Not stopping there, the whale converted a subsequent 10 million USDC into 5,421 ETH, which was then fully transitioned to stETH. Possible Reasons For Buying stETH While the motives of crypto whales, just like their real-world counterparts, often remain beneath the surface and obscured from the prying eyes of small investors, given the nature of this particular whale’s stETH acquisitions, it’s plausible to hypothesize some reasons behind its latest move. Strategic staking could be a reason behind the whale’s $10 million stETH purchase. Ethereum’s transition to a proof-of-stake mechanism through ETH 2.0 has opened doors for staking returns. Acquiring stETH, a representation of staked ETH, could be a strategic move by the whale to earn rewards while maintaining liquidity. Another plausible hypothesis could be speculation for price appreciation. It is worth noting that the whale might anticipate a significant price appreciation in the near future and investing a sizable amount can yield substantial returns if the price moves in the favored direction. Related Reading: Ethereum: Is Lido (LDO) Doomed To Repeat Three Arrows Capital’s Fate? Diversification of their portfolio can also be a possible reason behind the whale’s substantial stETH purchase, especially given the significant amounts of USDC previously deployed by the whale, so moving some of these holdings into stETH may be a calculated strategy to achieve diversification. However, despite the large buys, stETH hasn’t seen any significant movement. Particularly, the asset has only declined by 0.5% with a current trading price of $1,850. Featured image from Unsplash, Chart from TradingView