Category: Cryptocurrency News

Bitcoin bulls have failed to step in, increasing the chance for a retest of the $29,500 support.

The crypto exchange reportedly stopped offering reimbursement to employees for certain expenses including use of mobile phones, fitness, and working from home.

In the wake of a favorable court ruling in the Ripple vs. SEC case, XRP has witnessed an extraordinary surge in demand and trading activity. With over 1 million trades per minute globally, XRP has become the center of attention for investors worldwide.  This unprecedented growth comes after a period of legal uncertainty and trading restrictions, positioning XRP for potential success in the cryptocurrency market. XRP’s Milestone: Over 1 Million Trades Per Minute Sparks Growth Visionary entrepreneur and self-proclaimed “Crypto Crusader,” known as Nick on Twitter,  swiftly recognized the unparalleled growth potential inherent in XRP. Related Reading: Why Ripple’s Victory Against The SEC May Be Short-Lived: Legal Expert Taking to social media, Nick expressed his awe at the surging demand for XRP, emphasizing its relentless upward trajectory in a tweet. With unwavering confidence, Nick firmly believes that this remarkable milestone is merely the inception of XRP’s extraordinary journey. Also, XRP experienced a significant surge in trading volume, reaching $10.4 billion on July 13. However, while this figure appears impressive, it is worth noting that it only ranks as the 76th largest volume in XRP’s history.  This observation highlights the immense potential that XRP possesses, suggesting that the recent surge in volume may be just the beginning. A tweet from Leonidas, the host of the popular crypto YouTube channel XRPArcade, underscores this point, stating, “On July 13th, XRP’s volume spiked to $10.4 billion. Even though this seems like a big number, historically, this was XRP’s 76th largest daily trading volume recorded on CoinMarketCap (CMC). The highest was almost $37 billion on April 6th, 2021.”  This historical context emphasizes that XRP has achieved even higher trading volumes in the past, indicating the potential for further growth.  XRP price sitting at $0.73 | Source: XRPUSD on TradingView.com Daily Volume Surges 18-Fold Following Court Ruling And Exchange Relisting The court ruling that declared XRP as not a Security favored the altcoin as XRP witnessed a dramatic surge in trading volume, increasing from $613 million to $11.2 billion within a single day.  The ruling by the Southern District Court of New York has reignited investor interest in XRP, leading major exchange platforms such as Coinbase, Kraken, and Crypto.com to relist the asset.  The market responded with XRP’s value soaring by 85% from $0.47 to $0.87, with the token currently trading at $0.78 despite the market drawdown. Related Reading: Ark Invest Sells Over $50 Million Worth of Coinbase Shares Amidst Stock Rally Moreover, XRP’s market capitalization also experienced a substantial boost, reaching $40.8 billion within the past 24 hours. This surge propelled XRP to become the fourth largest cryptocurrency in terms of market capitalization, trailing only Bitcoin (BTC), Ether (ETH), and Tether USD (USDT).  The derivatives market also witnessed increased interest, with funding rates and open interest for XRP derivatives reaching the highest levels of the year, indicating growing confidence among traders. Featured image from Outlook India, chart from TradingView.com

A variety of macro factors propelled the recent rally across several asset classes, but analysts are at odds regarding the sustainability of the current bullish trend.

We all know that there are two kind of markets, bull market and bear market, but this year and the past year happen to show to us that there is a third market too, the Crab Market. Which refers to a market that usually just moves sideways over long durations and that on literally the…
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Circle’s Patrick Hansen provided an overview of the euro-denominated stablecoin market at EthCC: It all looks rosy, he said.

zkSync, a blockchain network that aims to make digital self-ownership universally accessible, has announced a major cryptographic upgrade to its proof system.  The upgrade involves transitioning to a new STARK-based proof system called Boojum, which, according to the announcement, offers world-class proving performance and reduces hardware requirements for decentralization. zkSync Era Moves To Boojum Boojum is a Rust-based arithmetization and constraint library that implements the upgraded version of the ZK circuits for zkSync Era and the ZK Stack. The library offers several compelling properties, including PLONK-style arithmetization. PLONK-style arithmetization refers to the use of PLONK (Permutation-based Linear-based SNARKs for transparent, universal, and upgradable proofs) as the underlying zero-knowledge proof system.  PLONK is a relatively new proof system that provides several advantages over previous systems, such as Sonic and Halo. Specifically, PLONK is designed to be more transparent, universal, and upgradeable, making it a good choice for zkSync’s upgraded proof system. Related Reading: Celsius Is Selling, More Pain For BNB, LINK, And SNX? According to the announcement, the move to a STARK-based proof system represents a dramatic performance improvement and will help ensure low latency for finality and support for increased levels of activity on zkSync Era and other ZK Stack-based systems.  The GPU provers used for Boojum require just 16 GB (GygaByte) of RAM, a significant reduction from the hundreds of GBs of RAM needed by prevalent proof systems.  By reducing the amount of RAM required to run the GPU provers from hundreds of GBs to just 16 GB, zkSync will be able to use cheaper machines for increased horizontal scalability. This will likely have a positive impact on the cost of using zkSync. This means that more people will be able to participate in the network and contribute to its decentralization, ultimately leading to a healthier and more robust network. Furthermore, to ensure a smooth transition, zkSync is running the new proof system alongside the existing one in a testing phase called mainnet shadow mode.  The network is generating and verifying “shadow proofs” for Mainnet blocks to further test and optimize the system with real production data from zkSync Era’s user activity. This testing is being done off-chain to find edge cases and bugs, and to continue reviewing the implementation. zkSync is also open-sourcing the Boojum codebase to allow anyone to use the new proofs and verify them using a command-line interface (CLI) tool.  Related Reading: Polkadot (DOT) Price Momentum Builds As Open Interest Climbs – Details The network is confident that Boojum and its commitment to innovation and user-first design are the next steps forward for a more secure, scalable, and efficient zkEVM. However, according to the announcement, the migration to the new proof system will only happen after further audits and security reviews are completed. Overall, the move to Boojum is a significant step towards a future of user-powered, decentralized proof generation. The increased performance and reduced hardware requirements will help zkSync and other ZK Stack-based systems achieve greater scalability and accessibility, making digital self-ownership more accessible to everyone. Featured image from Unsplash, chart from TradingView.com