Category: Cryptocurrency News

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Forge will have a right to custody digital assets, to purchase and sell them for legal tender, and to trade them against each other.

A pre-mined stash of Ethereum, dormant for nearly eight years and now valued at roughly $116 million, has been moved abruptly. This transaction raises questions about potential market implications and whether it could trigger a notable price dip for Ethereum. Eight years ago, during Ethereum’s pre-mine period, the wallet accumulated a total of 61,216 ETH. Back then, the value of the tokens was around $18,976, but due to Ethereum’s exponential growth, the value has now escalated over a thousandfold. Stirring From Dormancy The ETH in question, stashed in a single wallet address, has remained untouched since it was pre-mined. But in an unexpected move, all 61,216 ETH were transferred to an address associated with the Kraken crypto exchange. This transfer marks the end of an eight-year-long dormancy. 💤 💤 💤 💤 💤 💤 💤 💤 💤 💤 A dormant pre-mine address containing 61,216 #ETH (116,396,127 USD) has just been activated after 8.0 years!https://t.co/f79T0fYa7b — Whale Alert (@whale_alert) July 18, 2023 Rewinding to June 2014, the Ethereum network staged a unique sale event. As the network was yet to begin generating tokens autonomously, this event served as an opportunity for early team members and co-founders to accumulate pre-mined ETH. Related Reading: Ethereum Four Straight Days Down: Bullish Or Bearish? At this point in time, ETH was trading at the price of $0.31, thus valuing this particular collection of 61,216 ETH  at an estimated $18,976. Fast forward to the present day, and the value of these same tokens has skyrocketed to approximately $116.9 million. This dramatic surge in ETH’s price over the years underscores the substantial growth and adoption of Ethereum’s network. Consequently, the recent movement of this significant ETH stash has piqued the interest of the crypto community, eager to understand the potential implications of this action. Major Ethereum Dip Imminent? Typically, large transfers of a cryptocurrency to an exchange can indicate an intent to sell, and this can potentially put downward pressure on the price if the amount being sold is significant compared to the overall trading volume. However, it is worth noting that not all large deposit into the exchange means a potential fall for the crypto being transferred as the person or entity transferring the ETH might not sell immediately or might decide to sell gradually to minimize market impact. Related Reading: Ethereum Price Is Showing Early Signs of Fresh Increase, But This Resistance Is Key Also, it is worth analyzing how the whale ended up depositing its pre-mined ETH into the exchange. Etherscan data verifies the transaction, which occurred on July 18. The operation of moving is $116.9 million in ETH and required a negligible fee of $1.68 and 25.475673161 Gwei in gas price. The identity of the wallet owner remains a mystery and their cautious approach is noteworthy, as they ensured to avoid human errors that could result in substantial loss. They did this by first sending a small test transaction of 0.05 ETH to the Kraken address before moving the entire lot. The transaction has also highlighted the value of HODL-ling, a strategy that emphasizes the long-term accumulation of crypto tokens. It underscores how patience can lead to significant gains in the volatile world of crypto. Nonetheless, Ethereum price is up 0.7% in the past 24 hours, indicating that the whale might be yet to make any move with its deposited ETH. The second largest asset currently trades at a price of $1,910, at the time of writing with a 24-hour trading volume of $7.4 billion Featured image from Unsplash, Chart from TradingView

China looks at Web3 as a powerful tool to challenge the United States’ technological and economic hegemony, the Animoca co-founder said.

Ripple’s token price is moving higher from $0.6650 against the US Dollar. XRP price might gain bullish momentum if it clears the $0.8065 resistance zone. Ripple’s token price is moving higher toward the $0.8065 resistance against the US dollar. The price is now trading above $0.75 and the 100 simple moving average (4 hours). There is a key bullish trend line forming with support near $0.760 on the 4-hour chart of the XRP/USD pair (data source from Kraken). The pair might continue to rise if it clears the $0.8065 resistance in the near term. Ripple’s Token Price Starts Fresh Rally After a strong rally, Ripple’s XRP saw a downside correction from the $0.9500 resistance against the US Dollar. It dipped below the $0.820 support zone. The price even spiked below the $0.70 support. A low is formed near $0.6655 and the price is now rising, unlike Bitcoin and Ethereum. There was a move above the $0.70 and $0.72 resistance levels. XRP surpassed the 23.6% Fib retracement level of the downward move from the $0.9479 swing high to the $0.6655 low. XRP price is now trading above $0.70 and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support near $0.760 on the 4-hour chart of the XRP/USD pair. Initial resistance on the upside is near the $0.8065 zone. It is close to the 50% Fib retracement level of the downward move from the $0.9479 swing high to the $0.6655 low. The next major resistance is near the $0.840 level. Source: XRPUSD on TradingView.com A successful break above the $0.84 resistance level might send the price toward the $0.90 resistance. Any more gains might call for a test of the $1 resistance. Fresh Decline in XRP? If ripple fails to clear the $0.8065 resistance zone, it could start another decline. Initial support on the downside is near the $0.75 zone and the trend line. The next major support is near $0.70. If there is a downside break and a close below the $0.70 level, XRP’s price could extend losses. In the stated case, the price could retest the $0.62 support zone. Technical Indicators 4-Hours MACD – The MACD for XRP/USD is now gaining pace in the bullish zone. 4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level. Major Support Levels – $0.75, $0.72, and $0.70. Major Resistance Levels – $0.8065, $0.84, and $0.95.

Dixon called for creditors to fight to get out of the bankruptcy proceedings before BTC and ETH prices hit the estimated number to avoid another rug pull by the crypto lender.

Going against Bitcoin is a tough pill to swallow for investors in one of the oldest altcoins.

The Shiba Inu price has established a promising uptrend in the 1-day chart since June 10, which could catapult the price 24% higher. However, SHIB investors should remain cautious, as NewsBTC reported a few days ago. A downward break of the said uptrend could push the SHIB price back into the longer-term downtrend, which has been in place since early February. A decision is likely to be forthcoming by the end of the month! Shiba Inu Price Prediction From a technical perspective, Shiba Inu has established a new uptrend over the last month which has pushed the price up 29% from the local low at $0.00000597. As can be seen in the 1-day chart, SHIB has so far defended this trend with flying colors. The expectations for the launch of Shibarium at the ETHToronto conference in mid-August could certainly play a role in this. In the meantime, however, SHIB is currently struggling with support at the 20-day EMA line. Over the last two days, SHIB has always managed to close above the support at the end of the trading session. In case the altcoin closes above the technical indicator today as well, the uptrend (black line) would be defended once again. Related Reading: Shiba Inu Encounters Familiar Resistance, Prompting Concerns About Bull Run A new bounce towards the 23.6% Fibonacci retracement level could be possible. So far, SHIB has failed to close above the $0.00000832 resistance on a daily basis in three attempts. But, as explained at the beginning, a decision could be forthcoming by the end of the month. At that time, the resistance line of the 23.6% Fibonacci level and the rising trend line meet. Both lines form an ascending triangle formation, which signals a weakening resistance and an imminent breakout to the upside. The higher lows indicate that bulls are gaining the upper hand in the market. If confirmed, SHIB could rise towards the 200-day exponential moving average (EMA), which currently sits at $0.00000953, close to the psychologically important resistance level of $0.00001. At that point, greater selling pressure should be expected. Based on the current price level, SHIB might have a 24% rally. Related Reading: Shiba Inu (SHIB) Shows Strength With 5% Rally, Reversal Confirmed? If the breakout above the $0.00000832 resistance fails in another attempt, the bulls would have time until around the end of July / beginning of August to validate the ascending triangle formation. Otherwise, a plunge towards support at $0.00007, where the upper line of the longer-term downtrend channel is located, could be imminent. Defending this price level would be crucial. Otherwise, the yearly low at $0.00000597 could be once again on the table. However, with the imminent launch of Shibarium in less than a month, this seems to be the less likely scenario. Disclaimer: The information provided in this article is for informational purposes only and should not be considered as financial or investment advice. Cryptocurrency investments carry inherent risks, and readers are advised to conduct their own research. Featured image from Coin Cloud, chart from TradingView.com

BNB Chain, a distributed blockchain network upon which developers can build decentralized applications (DApps), has taken a remarkable stride forward by introducing updates for its Beacon Chain and the latest layer-2 opBNB.  This announcement has sent waves of anticipation throughout the crypto community, igniting curiosity about the response of the BNB token to this highly positive development.  With the impending launch of the BNB Beacon Chain Mainnet ZhangHeng Upgrade scheduled today (July 19), all eyes are eagerly fixed on the cryptocurrency’s performance as investors and enthusiasts brace themselves for what lies ahead. BNB Chain Set For Hard Fork Upgrade  BNB Chain is gearing up for an eagerly anticipated hard fork upgrade at block height 328,088,888. This upgrade holds significant potential for the network’s future growth and development. BNB Chain has partnered strategically with NodeReal, a leading provider of scalable, reliable, and efficient blockchain solutions.  ⚡ BNB CHAIN NEWS: Hackvolution Edition! ⚡ Time to catch-up on everything that happened on our blockchain this past week. Read ahead for the latest updates about: 🔸New projects on BNB Chain 🔸Our brand-new hackathon 🔸Tech and security updateshttps://t.co/yPry7rusXc — BNB Chain (@BNBCHAIN) July 16, 2023 As part of this collaboration, NodeReal’s platform now grants users access to opBNB’s explorer, offering enhanced visibility and transparency into the thriving opBNB ecosystem. According to Coingecko, BNB is priced at $241.15. However, recent market fluctuations have resulted in a slight 0.7% decline within the last 24 hours and a modest 2.4% decline over the past seven days.  Related Reading: XRP Flexes Muscles: Ripple Token Unfazed By Crypto Turmoil With 68% Rally Analyzing BNB Chain’s on-chain metrics indicates a potential continuation of this downward trend. The general mood surrounding BNB has been predominantly negative recently, and the 1-week price volatility has experienced a significant decrease, indicating a bearish market sentiment. Source: Santiment Interestingly, BNB’s MVRV Ratio has remained relatively stable despite the weakening in price, according to a recent price report. BNB Blockchain Thrives With Impressive Usage Metrics In a positive turn of events, BNB’s weekly report highlights the blockchain’s exceptional performance in terms of usage metrics. The blockchain’s fees remained remarkably low throughout the previous week, providing users with cost-effective transactional experiences. The weekly average users of the platform surpassed an impressive 4-million milestone, reflecting the blockchain’s popularity and widespread adoption. Moreover, the weekly transactions on BNB exceeded a staggering 22 million, demonstrating the significant activity occurring on the blockchain. BNB market cap currently at $37 billion. Chart: TradingView.com Looking closely at daily metrics, BNB’s average daily active users surpassed 1 million, indicating a thriving user base actively engaging with the platform’s offerings daily. Furthermore, the daily transactions soared to an impressive 3.82 million, showcasing the immense transactional volume and the blockchain’s ability to handle such high throughput. Related Reading: This Under-The-Radar Coin Just Beat The Top 100 Cryptocurrencies With 120% Explosion Source: YCharts Data supporting these impressive usage metrics reveals that BNB’s Total Value Locked (TVL) has experienced a notable upward momentum over the past few weeks. This surge in TVL further signifies the growing confidence and trust users have in the blockchain ecosystem. These metrics paint a vivid picture of BNB’s immense usage and adoption, highlighting its position as a prominent blockchain platform catering to a vast and active user base. (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 BNB Chain