Category: Cryptocurrency News

Chainlink (LINK) has been one of the top trending tokens in recent weeks due to a combination of an overall positive price movement as well as exciting on-chain developments.  Following a recent buying spree in the LINK market, crypto analyst Ali Martinez has taken to social media platform X, providing some insights on the token’s potential price action. Related Reading: LINK Price Prediction: Chainlink Turns Attractive On Dips 29,000 Wallets Purchase 295 Million LINK Forming Major Support Level On August 11, Ali posted on X stating that Chainlink has established a strong support zone between $6.63 and $6.88 as about 29,000 addresses purchased over 295 million LINK at this price range based on data from analytics firm IntoTheBlock. Moving on, he postulated that as long as the altcoin was trading above this price zone, investors were likely to continuously remain bullish, especially as Soon-chain data shows that there are no significant resistance levels ahead.  Source: IntoTheBlock According to Ali, a good number of LINK whales have already recognized the $6.63-6.88 zone as “robust” price support and are actively accumulating more tokens. He highlighted that in the past 14 days, LINK whales have purchased an estimated 13 million LINK worth around $91 million.  However, while these developments may be considered indications of a bullish LINK market, Ali states that traders anticipating a market breakout may still need to exercise some patience. Using data from IntoTheBlock, the crypto analyst draws attention to the declining network activity on the Chainlink network in the last three weeks.  Ali stated that during this period, the number of large LINK transactions had gone down from 527 to 118. He concluded his market report by stating a boost in this metric is likely to precede any market breakout. At the time of writing, LINK is exchanging hands at $7.44, with a 1.36% decline in the last day, according to data from CoinMarketCap. However, the token is up 3.66% and 17.67% in the last seven and thirty days, respectively. Related Reading: Chainlink (LINK) Holds Above 14% Gains As Crypto Market Slumps Heavily More Good News For Chainlink Aside from Ali’s market analysis, there has been other positive news about Chainlink in recent days. Also, on August 11, market intelligence firm Santiment reported LINK had experienced its highest level of dormant coin movements in the last six weeks. According to Santiment, this represented a decline in LINK’s mean dollar invested age curve, pointing to a decrease in the token’s time in wallets which is usually a precursor for a rise in market cap. In addition, Chainlink has maintained a rise in its development activity over the last few months. Based on data from Santiment, development activity on Chainlink went up from 1579.12 on May 31 to 1706.48 on August 3.  LINK trading at $7.432 on the daily chart | Source: LINKUSD chart on Tradingview.com Featured image from Stockhead, chart from Tradingview

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The dynamic world of cryptocurrencies has once again witnessed a fascinating turn of events, this time with THORChain (RUNE) taking center stage. Over the past seven days, THORChain has experienced a substantial surge in its price, marking an impressive increase of 20.19%. This resurgence has sparked intrigue and excitement among crypto enthusiasts and investors, prompting a closer examination of the factors contributing to this rapid upward movement. The Catalysts Behind The Surge RUNE has made a resurgence in recent months from its lows in June to its recent highs gaining 40% during this period. However, its price is still 10% down from the start of the year and there are expectations that this could be an extended bullrun.  Related Reading: Shiba Inu Keeps Energy Alive, Snags 26% Gain – Here’s The Inside Scoop The surge in THORChain’s price invites a deeper investigation into the underlying dynamics and catalysts that have propelled this substantial price rally. While a myriad of factors often influences the cryptocurrency market, several key drivers may have played a role in THORChain’s recent surge: Substantial progress in THORChain’s underlying technology, protocol enhancements, and ecosystem expansion has triggered renewed interest and investment. Positive fundamental developments often align with price surges as investors anticipate potential long-term growth prospects. Cryptocurrency markets are renowned for their inherent volatility. While volatility can create risks, it allows traders to capitalize on price swings. The recent surge in THORChain’s price may be driven, in part, by heightened market volatility. THORChain (RUNE): Forecasting Future Trajectories Considering THORChain’s recent surge, attention naturally turns to the future prospects of this cryptocurrency. Various experts and analysts have offered their insights into THORChain’s potential trajectory. Related Reading: GMX Drops 24% in 1 Month, Whales Rapidly Selling: What’s Going On? According to short-term prediction, THORChain’s price could experience a minor retracement to $1.02 by August 16, followed by a recovery to $1.24 by September 9. This prediction underscores the inherent volatility of short-term price movements. Looking ahead to 2023, divergent forecasts paint a range of possibilities. CaptainAltCoin suggests a potential dip to $0.6726 by October, with the year closing at $0.8817. However, if the bull run continues to persist there could be a spike to $2.12 by the year’s end.  Navigating The Unpredictable Path Ahead As THORChain continues its remarkable surge, the crypto community remains captivated by its price movement. The convergence of various factors, including market sentiment, technical indicators, fundamental developments, and overall market volatility, has likely contributed to this recent rally. However, the cryptocurrency landscape is known for its unpredictability, and the path ahead for THORChain remains uncertain. (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, chart from TradingView

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Token Converter Token Converter is a smart-contract based service which is designed to make ERC-20 and ERC-223 tokens interchangeable. With this service users will be able to exchange ERC-20 tokens for ERC-223 1:1 anytime. In the same way ERC-223 tokens can be exchanged back to ERC-20 version. Formal specification: EIP-7417 Source code: TokenConverter.sol More info…
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North America could see its share in the global trading volume for crypto-related exchange-traded funds (ETFs) grow even further if spot Bitcoin ETFs are approved in the United States, a Bloomberg analyst said. This comes after the US Securities and Exchange Commission (SEC) issued a delay letter regarding Ark Invest’s application for a spot Bitcoin ETF. In a widely-anticipated delay, the SEC is asking for new written comments on the spot Bitcoin application. Some of the issues raised by the commission include the suitability of Bitcoin as an underlying asset of an exchange-traded product, and the resistance of Bitcoin to price manipulation, amongst other things. The Ark Invest spot ETF, proposed by leading asset management firm ARK Invest in conjunction with Swiss-based 21Shares, would give investors indirect exposure to Bitcoin, the largest cryptocurrency in the market.  This recent setback has raised questions about the fate of the spot Bitcoin ETF applications of other asset management companies, including Blackrock, Valkyrie, WisdomTree, etc. Related Reading: Black Swan Author Warns Of Bitcoin Volume Slump As BTC Fails To Breach $30,000 North America’s Share Of Global ETF Trading Volume To Reach 99.5%? In the event that the spot Bitcoin ETF applications get greenlighted by the SEC, Bloomberg ETF analyst Eric Balchunas said that the North American region may see its percentage of the crypto ETF trading volumes reach 99.5%. According to his post on X (formerly Twitter), North America currently accounts for 97.67% of the total crypto ETF trading volume in the world. “If/when spot ETFs come out in the US this will likely go to like 99.5%,” Balchunas noted. In another post, the Bloomberg analyst disclosed that most of the best-performing equity ETFs in 2023 are crypto-related. At the top of this list is $WGMI, the Valkyrie Bitcoin Miners ETF, with a year-to-date return of 227%. This actively-managed fund invests in public companies in the Bitcoin mining industry, including Riot, Bitdeer, Cipher Mining, etc. Given the positive performance of these mining firms’ stocks, it is no surprise that investment products, like $WGMI, are doing well. Other top-performing crypto-related exchange-traded products on this list include the VanEck Digital Transformation ETF, with a YTD return of 182%; the Global X Blockchain ETF, which has returned 168% so far in 2023; and the Bitwise Crypto Industry Innovators ETF, also up by roughly 168% year to date. Pending Grayscale Lawsuit To Be Pivotal To Bitcoin ETF Approval In 2022, Grayscale Investments sued the SEC for rejecting the application to convert its flagship product, GBTC, into a spot Bitcoin ETF.  According to Nathan Geraci, president of the ETF Store, the final judgment in this lawsuit could prove pivotal in the race for Bitcoin exchange-traded fund.  Geraci commented on the delay of Ark Invest ETF:  It all comes down to the outcome of the Grayscale lawsuit & SEC’s view of question #4 here (referring to the fourth subject the commission is seeking comments on). Related Reading: San Francisco’s SoFi Bank Reveals Significant Holdings In BTC, ETH, And DOGE Earlier in March, Grayscale argued against the commission, questioning the logic behind allowing Bitcoin futures ETFs while disapproving similar spot Bitcoin funds. Subsequently, the Grayscale legal team submitted a letter in July, urging the Securities and Exchange Commission to approve all eight applications for Bitcoin spot ETF. BTCUSDT trading at $29,418 | Source: daily BTCUSDT chart on TradingView Featured image from iStock, chart from TradingView