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Binance co-founder and DWF Labs speak out against market manipulation allegations

Ripple joins the Hedera and Algorand Foundations and industry players to advance a recovery standard to rival ERC-4337.

Tokenization to unlock interoperability across payments, investments

Both firms deny any involvement in the allegations brought forth by The Wall Street Journal.

‘Sic AI’s on each other’ to solve artificial intelligence threat: David Brin, author

During the TokenizeThis 2024 event, executives from Ripple and Stellar discussed the latest trends in tokenization, including the blending of payments and investments.

Ether turns inflationary for the first time since Merge

Best-selling sci-fi author David Brin says AIs could be made to police each other under threat of losing blockchain-based registration.

Taiwan proposes tougher AML measures for crypto service providers

This marks the first period of Ethereum becoming inflationary in the past year and a half since the Merge took place.

VanEck subsidiary’s memecoin index up 137% year-to-date

Taiwan’s Ministry of Justice proposed four amendments to the country’s AML regulations focused on cryptocurrency firms that plan to impose hefty penalties for noncompliance.

Ghana’s crypto stamps honor king’s Silver Jubilee

This represents a 15x increase compared to the S&P 500’s year-to-date returns.

Binance denies reports of DWF Labs market manipulation

Ghana Post launched a crypto stamp collection to showcase its king’s 25-year-long journey of persevering in traditional values and adopting new-age technology.

Stablecoins on Bitcoin coming soon, suggests Lightning Labs CEO

DWF Labs was first hit by market manipulation accusations in September 2023.

Starknet to bring on AI agents that can carry out on-chain activity

Elizabeth Stark unpacked the basics of Bitcoin Lightning at FT Live’s Crypto and Digital Assets Summit and teased a new development on Bitcoin’s leading layer 2.

EU seeks stakeholder opinions on adding crypto to 12T euro investment market

The Web3 and AI firm Giza plans to bring autonomous bots onto Starknet by the end of June.

Rwandan central bank proceeds with ambitious retail CBDC project

If approved, the EU’s UCITS funds would make way for crypto assets to gain exposure to a 12 trillion euro investment product market.

Blockchain education initiatives take off amid crypto bull market

The African country is eyeing a tokenized retail CBDC with offline transfer capabilities as it heads toward a cashless economy.

Over $20M in Bridged Ether Returns to ZKasino Wallet

Despite strong demand for crypto-savvy workers, there exists a shortage of highly-experienced employees.

Blockchain.News

Core Scientific Reports Strong Financial Performance in Q1 2023

ZKasino wallet has received over $20 million worth of bridged Ether, two-thirds of the missing amount, following an alleged exit scam, raising hopes for refunds from scammers. (Read More)

Robinhood CEO Vladimir Tenev Criticizes Wells Notice Despite Strong Q1 Earnings

Core Scientific, a Bitcoin miner firm, saw a 49% increase in Q1 2023 revenue to $179.3 million, with a net income of $210.7 million, despite facing risks from Bitcoin price volatility and debt. (Read More)

Binance Adds USDC on Its Dual Investment Service

Robinhood CEO Vladimir Tenev expressed disappointment over a recent Wells notice during the company's Q1 earnings call. Despite facing regulatory challenges, Robinhood reported a 224% increase in crypto trading volumes, contributing to nearly 40% of its transaction-based revenue. The firm recorded its second consecutive profitable quarter with a net income of $157 million. (Read More)

Tether Invests in CityPay.io to Enhance Payment Solutions in Eastern Europe

Binance, one of the leading cryptocurrency exchanges, has announced the addition of USDC on its Dual Investment platform. Users can now participate in Buy Low & Sell High products with various USDC pairs, allowing them to earn rewards on popular cryptocurrencies. (Read More)

HKMA Forms "Project Ensemble Architecture Community" to Shape Tokenization Standards

Tether Operations Limited has invested in CityPay.io, a payment processing company in Georgia, to accelerate cryptocurrency adoption and introduce advanced technologies. The strategic partnership aims to provide seamless payment experiences for customers and businesses, with a projected user base of 400,000. Tether's CEO, Paolo Ardoino, is excited about the partnership. (Read More)

Democratic Party of Korea Pushes for Reconsideration of Spot Bitcoin ETFs

The Hong Kong Monetary Authority has established the "Project Ensemble Architecture Community" to promote interoperability among WCCBDCs and tokenized assets, aiming for seamless interbank settlement. (Read More)

The Crypto Comeback: How Businesses are Cashing in on the Digital Goldrush

The Democratic Party of Korea plans to request the Financial Services Commission to review its stance on the legal status of spot Bitcoin ETFs, following opposition to its previous statement. (Read More)

UK to Introduce New Stablecoin and Crypto Laws by July

The cryptocurrency market is experiencing a bullish trend, with Bitcoin being the most popular. Businesses profit from crypto fundraising, decentralized finance, and crypto rewards, with future trends including decentralized finance and metaverse integration. (Read More)

FTX Unveils Billions Repayment Plan to Compensate Creditors

UK Economic Secretary Bim Afolami plans to introduce new laws to regulate stablecoins and crypto, addressing the rapidly growing industry with licensing requirements, tax implications, exchange platform scrutiny, and robust security measures. (Read More)

Unpacking the Power of Data-Driven Weekly Predictions in Web3

FTX has announced a repayment plan to repay creditors and compensate for time value of investments, but valuation concerns remain over its effectiveness. (Read More)

Blockchain - Hacker Moon

How to Insure Your DeFi Plays with Nexus Mutual

Discover how Weekly Predictions revolutionizes crypto investing with Karim Chaib, founder of Dopamine, offering data-driven insights for informed decisions.Read All

Biometrics: A Beacon of Trust in the Digital Media Landscape

- Decentralized insurance is a solution to protect user funds from any future attacks or problems.- Thanks to Nexus Mutual, it is possible to hedge the smart contracts used in DeFi protocols, protecting yourself from any risks.Read All

Comparative Analysis of Layer-1 Blockchain Economies

Biometrics, with its capabilities in identity verification, content authentication, mitigation of bots and Sybil attacks, and creation of personalized user experiences, offers unique advantages to restore trust, combat misinformation, and establish a secure online media ecosystem. This article outlines the potential benefits and considerations associated with integrating biometric solutions within the digital media realm.Read All

DePIN Explained: What Are Decentralized Physical Infrastructure Networks?

Layer-1 blockchains have three sources of funding for the validators supporting their networks: unlocked tokens from the total supply, minting of new tokens and network fees paid by the users. We explore major Layer-1 blockchains to find out how sustainable are their models without token subsidies, pros and cons of different approaches to crypto economy.Read All

Blockchain: Technology Basics, Cryptocurrencies and Usage

DePIN (short for Decentralized Physical Infrastructure Networks) extends Web 3--the decentralized internet built on blockchains, cryptocurrencies, and smart contracts--to physical infrastructure and services like energy networks and ride-sharing. Messari, an independent crypto research firm, estimates DePIN’s Total Addressable Market to be $2.2 trillion, growing to $3.5 trillion by 2028. However, DePIN's theoretical market size is the entire non-digital economy, which, according to the World Bank, is nearly $90 trillion.Read All

Revolutionizing AI: io.net and Aptos Labs Forge a Path for Decentralized Innovation

Blockchain technology is not only the foundation for cryptocurrencies, but also for the transformation of numerous industries. With applications in finance, healthcare, and beyond, its decentralized nature and robust data security are reshaping the way we handle information. By bringing transparency, security, and efficiency to various aspects of life and business, blockchain is revolutionizing our interactions. As this technology continues to evolve, we anticipate even more diverse applications and innovations. It's important to stay abreast of its progress and explore new opportunities across industries. Blockchain is making the world more transparent, secure and accessible to everyone.Read All

Account Abstraction Helps Web3 Founders Create Brands Users Love

Discover how io.net's partnership with Aptos Labs is setting the stage for the future of decentralized AI and blockchain integration. Learn about their efforts to make AI more accessible and the impact of their collaboration on the AI and blockchain ecosystems.Read All

Implementing NFT Escrow In ERC-721 Smart Contracts

Ethereum-based Account Abstraction technology gives ultimate power to improve UX, onboard new users to Web3, and build Love Brands in DeFi, gaming, and HoReCa.Read All

Solana Competes With BNB for the Fourth Place in the Crypto World

The ERC-721 standard and OpenZeppelin's implementation allow safe and reliable buying and selling of NFTs with escrow services. We can send an NFT to an escrow, check if an NFT has been delegated to an escrow, and remove an NFT from escrow. The escrow account holder can execute a transfer to a new owner. Using escrow allows all the parties to agree when the transfer happens when all the rules have been met.Read All

Anonymous, Accountable Contract Wallet System With Account Abstraction: Conclusion & References

Solana competes with BNB for the fourth place in the crypto world. Has the coin left all the problems behind?Read All

Anonymous, Accountable Contract Wallet System With Account Abstraction: Implementation

An academic paper about anonymous yet accountable contract wallet systems utilizing blockchain and accountable ring signatures for secure transactions.Read All

Bitcoin Traders Closing More Positions As Prices Range Above $60,000

An academic paper about anonymous yet accountable contract wallet systems utilizing blockchain and accountable ring signatures for secure transactions.Read All

Blockchain - NewsBTC

CryptoQuant CEO Predicts Where Bitcoin Price Is Headed, Is $265,000 Too Ambitious?

Bitcoin has been trending lower after failing to break above $66,000 in early May, deflating hopes of immediate price gains post-Halving. Taking to X, one analyst shared on-chain data that paints a more nuanced picture than a simple loss of confidence in recent weeks. Bitcoin Open Interest Remains Low: Bullish? The analyst, pointing to CryptoQuant data, observes that leveraged traders on perpetual trading platforms like Binance appear to be closing their positions more than opening new ones. The analyst notes that the reading is at -20% at the monthly change in Open Interest. At this level, it shows that more traders are closing more positions than opening new ones. This development suggests that most traders adopt a strategic wait-and-see, watching prices evolve. Related Reading: Bitcoin Whales Lose Interest, Is This A Precursor For A Crash To $50,000? Despite the decrease in positions opening, it’s important to note that this is not a sign of BTC’s downfall or the invalidation of a potential surge. The analyst interpreted this contraction as a strategic move by traders, who are cautiously optimistic and not exiting the market due to bearish expectations. In a separate post, the analyst added that the Bitcoin market needs the current wave of liquidation and “negativity” for accumulating short positions. All short positions opened at spot levels bet that BTC will continue trickling lower, even breaking below $56,500. However, the more short positions there are, the higher the possibility of a “short squeeze” forming. When this happens, there will be a sudden price spike, liquidating shorts and forcing sellers to buy back into the market to prevent further damage. BTC Inside A Trade Range: Will $60,000 Fail? Despite the potential upside hinted by on-chain data, prices remain confined within a narrow range. Last week, bulls failed to close above $66,000, confirming the impressive march from May 3. Bitcoin found resistance and is moving lower toward the psychological $60,000 level. From price action, losses below this line might fast-track the collapse toward $56,500 registered in early May. Going forward, traders will closely monitor how prices evolve after the all-important Halving on April 20. Considering the approval of spot Bitcoin exchange-traded funds (ETFs) and the involvement of institutions, some analysts expected prices to shoot higher immediately. Related Reading: EU Watchdog Considers Crypto Integration Into $12.88 Trillion Investment Market Nonetheless, this has not been the case. Prices continue to hang amid fluctuating inflows to spot ETFs, and the United States Federal Reserve is still not slashing interest rates. Feature image from Shutterstock, chart from TradingView

Crypto Countdown: $2.4B In Bitcoin and Ethereum Options Set To Expire, Market Volatility Ahead?

Ki Young Ju, CEO of cryptocurrency analysis firm CryptoQuant, has given an ultra-bullish prediction for Bitcoin. The crypto founder alluded to certain factors that could spark the flagship crypto’s rise to such heights. Bitcoin Could Rise To As High As $265,000 Young Ju mentioned in an X (formerly Twitter) post that “Bitcoin’s network fundamentals could support a market cap three times its current size compared to the last cyclical top.” He added that this development could help BTC rise to $265,000. The fundamental that the crypto founder was alluding to was the Hashrate/Market Cap ratio. Related Reading: Crypto Analyst Predicts 350% Surge For Shiba Inu – Here’s The Target Source: CryptoQuant The accompanying chart that Young Ju shared showed that Bitcoin’s hash rate is currently more than three times what it was at the last market cycle top. Meanwhile, BTC is still at the price level it was during that period. As such, the CryptoQuant CEO believes that Bitcoin could also see a 3x increase in its price, just like the Hash rate. Young Ju’s prediction provides a much-needed bullish outlook for Bitcoin, especially given the flagship crypto’s recent decline and talk that Bitcoin may have already attained the market top for this cycle. Tom Lee, co-founder of research firm Fundstrat, also recently shared his bullish sentiment towards BTC, stating that the crypto token will still reach $150,000 this year. Meanwhile, similarly to Young Ju’s prediction, crypto analyst MacronautBTC had previously stated that Bitcoin could rise to $237,000. The crypto analyst made this “conservative” calculation based on BTC’s demand outpacing its supply in the long run, especially with the halving further reducing Miners’ supply. A Rise To $265,000 Not Ambitious Young Ju’s prediction of $265,000 for Bitcoin is far from ambitious when considering that Samson Mow, the CEO of JAN3, predicted that Bitcoin could rise to as high as $1 million this year. He explained that this unprecedented rise was possible due to the impressive demand that Bitcoin was currently enjoying. Related Reading: Can Ethereum Reclaim $4,000? Fragile Fundamentals Threaten To Send ETH Crashing Pseudonymous crypto analyst PlanB also echoed a similar sentiment, stating that BTC hitting $1 million is possible, although he suggested that could happen in 2025 rather than this year. He made this prediction based on the Bitcoin stock-to-flow (STF) indicator, which hints at $500,000 being the average price level for Bitcoin in this market cycle. As such, the analyst believes that $1 million could be the market top for this bull run. Meanwhile, PlanB mentioned that Bitcoin hitting $100,000 this year was “inevitable.” At the time of writing, Bitcoin is trading at around $61,700, down over 1% in the last 24 hours, according to data from CoinMarketCap. BTC makes its way to $61,000 | Source: BTCUSD on Tradingview.com Featured image from CryptoRank, chart from Tradingview.com

Analyst Narrows Down Timeline For Bitcoin Peak This Bull Cycle

As the clock ticks closer to the end of today, May 3, the cryptocurrency market braces itself for potential upheavals, with roughly $2.4 billion worth of Bitcoin and Ethereum options set to expire. This significant event could catalyze notable shifts in market dynamics, steering the trajectory of Bitcoin and Ethereum prices in the near term. Notably, Options contracts in the crypto sphere allow traders to hedge against price volatility or speculate on future price movements without directly holding the assets. Typically structured as either calls or puts, these contracts enable buying (call) or selling (put) at predetermined prices within a specified timeframe. Related Reading: Bitcoin’s Make-Or-Break Moment: Trading Guru Predicts Rally Amid Market Uncertainty As the expiry date approaches, movements within these contracts tend to introduce heightened volatility into the market, given the adjustments traders make to hedge their positions or capitalize on anticipated price movements. Market Mechanics And Sentiment Indicators The mechanics of options trading offer insights into market sentiment, primarily through analyzing the put/call ratio. This ratio gauges the market’s bullish or bearish stance, depending on whether the volume of call options (betting on price rises) outweighs put options (betting on price drops) or vice versa. Presently, the put-to-call ratio for Bitcoin stands at a relatively low 0.5, suggesting a bullish sentiment as more traders bet on rising prices with the maximum pain point—a price level causing maximum trader losses—at about $61,000 and a notional value of $1.4 billion. In contrast, Ethereum’s options market is also teeming with activity, marked by the upcoming expiry of contracts valued at around $1 billion. With a put-to-call ratio of 0.37, the sentiment leans even more bullish than Bitcoin, indicating stronger trader confidence in Ethereum’s price performance. Ethereum’s designated maximum pain point sits at $3,000, aligning with key psychological and technical support levels. May 3 Options Data 23,000 BTC options are about to expire with a Put Call Ratio of 0.49, a Maxpain point of $61,000 and a notional value of $1.4 billion. 330,000 ETH options are due to expire with a Put Call Ratio of 0.36, Maxpain point of $3,000 and notional value of $1… pic.twitter.com/mEA4PV98C3 — Greeks.live (@GreeksLive) May 3, 2024 Implications And Bitcoin Insights Historically, the expiration of such a voluminous cache of options has precipitated abrupt price fluctuations in the spot markets for Bitcoin and Ethereum. This is attributed to the large-scale repositioning by institutional and retail investors in anticipation of or in response to the expiry outcomes. Related Reading: Bitcoin Hits ‘Danger Zone’: Peter Schiff Warns Of ‘Do or Die’ Scenario These strategic movements are particularly pivotal when both cryptocurrencies recover from recent pullbacks. GreeksLive noted: The current point of sustained sideways trading is unlikely, no rebound is bound to be a downward relay, the giant whale on the lack of confidence in the market, Block trading is worth strengthening attention. Meanwhile, Bitcoin appears to be recovering from the recent downturn with a 5.4% increase in the past day, momentarily piercing the $60,000 mark, signaling a potential resumption of its upward march. Similarly, Ethereum has shown resilience, climbing above the $3,000 threshold with a modest 3% gain. These upticks coincide with broader market analyses like that of Marco Johanning, a well-known crypto analyst and founder of The Summit Club, suggesting that foundational bullish sentiments remain intact despite recent corrections. Featured image from Unsplash, Chart from TradingView

What Triggered The 6,350% Spike In XRP Long Liquidations Compared To Shorts?

Rekt Capital a popular cryptocurrency expert has set aside the potential timeline that Bitcoin, the largest crypto asset is expected to peak in the ongoing bull cycle, citing historical price trends. Rekt Capital’s analysis examines the current price action of Bitcoin and how it aligns with previous bull cycle peaks following the Bitcoin Halving event. Bitcoin Peak On The Horizon Today, May 9, BTC’s price witnessed a drop below the $61,000 price level, demonstrating a potential move on the downside. However, Rekt Capital is unshaken by this move as he believes the more Bitcoin consolidates between current price levels and $70,000 following the Halving, this cycle will slow down and resynchronize with its regular historically recurrent Halving cycle. As a result, given the price movements of past trends, he expects BTC to see a bull market top between the middle of September and October next year. Related Reading: Historical Trends Unveil Bitcoin Peak Timing in Current Bull Cycle Furthermore, he noted that due to Bitcoin’s current two-month consolidation period, the present rate of cycle acceleration has dropped from 260 days to 210 days. The analyst highlighted that about 518 days after the Halving in the 2015-2017 cycle, BTC reached its market peak. Meanwhile, in the 2019-2021 bull cycle, it took the digital asset approximately 546 days after the Halving to top out. Thus, in the event that BTC reiterates these trends and the next bull market top takes place between 518 and 546 days post-Halving event, Bitcoin’s peak this cycle might occur during the aforementioned timeframes. This is the reason why the expert is confident that the more time Bitcoin takes to stabilize, the better off it will be for bringing this cycle back in alignment with the customary Halving cycle. Possible Retracement Before An Uptrend While the analyst anticipates BTC to experience a retrace large enough to persuade investors that the bull market is over, he urges investors not to be shaken out as it will turn around eventually to resume its upward movement. According to Rekt Capital, fortunate investors understand that there are moments to panic and moments to accumulate and that the two often go hand in hand. Currently, the price of Bitcoin is moving on the downside after a slight recovery on Wednesday. BTC’s price has now fallen close to $60,700 as it was unable to break above $65,500 once more. Related Reading: Bitcoin Peak Pre-Halving Doesn’t Guarantee Further Gains: Analyst At the time of writing, the digital asset in the weekly timeframe is demonstrating a positive momentum, while in the daily timeframe, it is trending on the downside. In the past week, BTC has increased by over 4% and has decreased by about 2.29% in the past day, trading at $60,860. Both the trading volume and market cap are also down by 2.45% and 2.20% respectively in the last 24 hours. Featured image from iStock, chart from Tradingview.com

Wells Notice Wallop: Robinhood Bleeds 164 Million Dogecoin In Mass Exodus

The bulls have continued to take a beating in the market, and XRP bulls, in particular, were recently in the spotlight as $1.27 million was liquidated from their long positions. This 6,350% spike in long liquidations is likely due to XRP’s recent price action, highlighting the general sentiment in its ecosystem. $1.27 Million In Longs Get Liquidated Data from Coinglass shows that $1.27 million in long positions have been liquidated in the last 24 hours. This is massive in comparison to the $19,220 liquidated in short positions during this period. This occurrence was likely due to the 3.85% drop in XRP’s price, as the crypto token dropped to as low as $0.51 in the last 24 hours. Related Reading: Bitcoin Suffers Massive Outflows Amid Crypto Market Uncertainty, Tops $284 Million XRP’s price decline during this period is believed to have been caused by the sharp correction in Bitcoin’s price, with the flagship crypto dropping below $62,000 again. However, there also seems to be a bearish sentiment in the XRP ecosystem, as data in the XRP derivatives market shows that trading volume has dropped by over 26%. Meanwhile, options trading volume has also dropped by over 46%. These figures suggest that XRP investors are choosing to remain on the sidelines, seeing as the bears look to have the upper hand at the moment. However, the bright spot is that there has been an uptick in open interest, which means some bulls are still willing to bet on the crypto token. These bulls might have a good reason to gamble on the crypto token, seeing as crypto analysts are predicting significant moves for XRP. Specifically, crypto analyst Jonathan Carter recently predicted that XRP could rise to $0.93 and further to $1.68. There is also the feeling that a rally is long overdue for XRP and could be anytime soon. When The XRP Rally Could Come An XRP rally could be on the horizon with the legal battle between the Securities and Exchange Commission (SEC) and Ripple almost coming to an end, with a ruling expected soon enough. Crypto analyst JackTheRippler predicted that the crypto token could rise to as high as $100 once this case ends. Related Reading: Fundstrat CEO Predicts When Bitcoin Price Will Reach $150,000 And $500,000 While this price level is undoubtedly ambitious, XRP could still make a significant move to the upside, considering that it also enjoyed an upward trend on the back of Judge Analisa Torres’ ruling that the crypto token wasn’t a security. At the time of writing, XRP is trading at around $0.51, down in the last 24 hours, according to data from CoinMarketCap. Token price drops to $0.5 | Source: XRPUSDT on Tradingview.com Featured image from Coinpedia, chart from Tradingview.com

EU Watchdog Considers Crypto Integration Into $12.88 Trillion Investment Market

The Shiba Inu’s reign as king of memecoins may be facing a ruff patch. Dogecoin (DOGE) prices dipped this week after news broke of the US Securities and Exchange Commission (SEC) issuing a Wells Notice to Robinhood, a popular crypto exchange. The notice, a precursor to potential enforcement action, alleges Robinhood violated multiple securities laws. This sent shockwaves through the crypto community, with many investors, particularly those holding large amounts of DOGE (often nicknamed “whales”), pulling their funds out of Robinhood. Related Reading: $20 On The Horizon For XRP? Unpacking A Potential 650x Surge And What It Means The most significant outflow involved a whopping 164 million DOGE, worth roughly $25 million at the time, being transferred out of the exchange. This mass withdrawal by a whale investor likely contributed to the market jitters surrounding DOGE. 🚀🐕 Another 164M $DOGE, worth $25M, have been transferred out of Robinhood. These transactions occurred after the platform received a Wells notice from the SEC. #DOGE #Robinhood #CryptoNews Source: MartyParty pic.twitter.com/oKxW1S8pTD — Bitcoinsensus (@Bitcoinsensus) May 8, 2024 DOGE Price Wobbles: Short-Term Blues Or Long-Term Woof? The price of DOGE tumbled 5.8% in the 24 hours following the Robinhood news. However, analysts caution against a knee-jerk reaction. While the legal troubles undoubtedly cast a shadow on Robinhood, the DOGE outflow, including the 164 million transfer, might not be the sole culprit behind the price dip. Transferring cryptocurrency from an exchange to a personal wallet is often seen as a bullish move, indicating an intention to hold for the long term. Dogecoin And Bitcoin: A Tale Of Two Blockchains Another factor influencing DOGE’s price is its tight correlation with Bitcoin (BTC). Both currencies operate on the Proof of Work (PoW) consensus mechanism, which some see as outdated compared to newer, energy-efficient models. The recent pullback in the broader crypto market, especially in Bitcoin, likely played a role in dragging DOGE down as well. DOGE market cap currently at $20.7 billion. Chart: TradingView.com Rocky Road To $0.20? DOGE Faces Support Hurdle DOGE enthusiasts were eyeing a price target of $0.20, but the recent drop presents a roadblock. The memecoin dipped below the crucial $0.15 support level, raising concerns about a further decline. Analysts point to a potential support zone between $0.143 and $0.146, but a fall below that could trigger a more significant price correction. Bullish Signs Amidst The Dip Despite the short-term pessimism, there are glimmers of hope for DOGE. The buy orders for DOGE currently outweigh sell orders by a significant margin, suggesting continued investor interest. Related Reading: Forget The Price Dip: Ethereum Network Activity Hints At Imminent Takeoff Additionally, the memecoin’s Relative Strength Index (RSI) sits at a neutral 47, indicating there’s room for new buyers to enter the market. Furthermore, DOGE managed to maintain a weekly price increase despite the daily drop, hinting at underlying resilience. Doge Day Delayed, But Not Doomed The coming weeks will be crucial for Dogecoin. The outcome of Robinhood’s legal battle with the SEC and DOGE’s ability to regain lost ground will determine its short-term trajectory. However, long-term forecasts for the memecoin remain cautiously optimistic. Featured image from Yahoo Finance, chart from TradingView

Bitcoin Whales Lose Interest, Is This A Precursor For A Crash To $50,000?

Europe’s securities regulator is seeking input from stakeholders on the potential inclusion of crypto assets in a potentially massive market. The European Securities and Markets Authority (ESMA), the regulatory authority responsible for overseeing financial markets within the European Union, has recently initiated a comprehensive review of the regulations surrounding the Undertakings for Collective Investment in Transferable Securities (UCITS) Eligible Assets Directive (EAD). This move could potentially enable the integration of cryptocurrencies into a vast investment market valued at approximately €12 trillion (roughly $12.88 trillion). On May 7, 2024, ESMA released a Call for Evidence seeking input from various stakeholders to assess the viability and implications of allowing UCITS to include a broader array of asset classes, notably cryptocurrencies. The UCITS framework, central to EU retail investment, accounts for around 75% of all retail investment in collective funds within the region. With its global reputation for strict regulation and investor protection, the inclusion of cryptocurrencies could represent a transformative shift in the investment landscape. The Next Big Catalyst For Crypto? ESMA’s review aims to address the evolving financial landscape, where the number and variety of financial instruments have expanded significantly since the UCITS framework was established nearly two decades ago. This expansion has led to uncertainties in determining asset eligibility, causing divergent interpretations and applications of the directive across member states. Sean Tuffy, a financial regulation expert, underscored the significance of this development to DL News, stating, “If ESMA is convinced, it would be the final step in mainstreaming crypto assets in Europe,” referring to it as a potential “game changer.” This sentiment is echoed by industry experts who believe that the inclusion of crypto assets could provide a robust alternative to traditional investment options, potentially enhancing portfolio diversification and returns. Related Reading: Crypto Traders Discuss Why Memecoins Have Been 2024’s Most Profitable Narrative The Call for Evidence targets a broad audience, including investors, consumer groups, UCITS management companies, self-managed UCITS investment companies, depositaries, and trade associations. These stakeholders are invited to share their insights on market practices, interpretative issues, and practical application concerns related to the eligibility criteria and other provisions of the UCITS EAD. One of the critical areas of focus is the transversal consistency of key notions and definitions used in the UCITS EAD with other pieces of legislation in the EU Single Rulebook. This alignment is crucial to ensure that any new asset classes, such as cryptocurrencies, are integrated smoothly and consistently across all regulatory frameworks. Andrea Pantaleo, a lawyer specializing in crypto regulation, highlighted several potential benefits and challenges. He told DL News, “UCITS funds have specific investment limitations depending on the type of assets. We won’t have a 100% crypto UCITS fund, but hopefully many investment funds could hold 1-2% of their liquidity in crypto.” Related Reading: This Week’s Crypto Watchlist: Top Coins Poised For Gains However, he also pointed out a significant obstacle: the coordination of custody regulations, which must align with the EU’s upcoming Markets in Crypto-Assets regulation (MiCA). MiCA is set to establish stringent rules for the segregation of assets and policies for their safekeeping, which will be pivotal in the custody of crypto assets. The potential inclusion of cryptocurrencies in UCITS comes at a time when other major economies, such as the US and Hong Kong, have begun integrating crypto assets into their financial products, notably through the approval of Bitcoin ETFs. These developments have not only validated the financial viability of cryptocurrencies but have also spurred significant investment inflows into the sector. The ESMA consultation process is set to conclude on August 7, 2024, after which the watchdog will compile the feedback and develop its technical advice to the European Commission. This advice will play a crucial role in determining whether cryptocurrencies will be included in the UCITS framework, potentially heralding a new era for crypto investment in Europe. At press time, the total crypto market cap stood at $2.202 trillion. Featured image created with DALL·E, chart from TradingView.com

Binance Megadrop vs. Traditional Airdrops: What’s the Difference?

Movement and accumulation from crypto whales are two of the catalysts for Bitcoin price increases. Although major whales are still buying the dip, on-chain data indicates a general waning accumulation momentum which suggests their conviction might actually be waning. According to IntoTheBlock, an on-chain analytics firm, Bitcoin whale accumulation volumes have declined substantially in each buying cycle over the past month. This decline in whale accumulation could be worrying for investors, especially as the price of Bitcoin is now trying to hold above $60,000. Whale Appetite For Bitcoin Dips According To On-Chain Data Whales, or large investors holding over 1,000 BTC, have accumulated strongly since the beginning of the year, especially during market dips. This accumulation has largely helped to keep Bitcoin in bullish sentiment and prevented huge price declines. However, IntoTheBlock recently revealed an interesting pattern between these whale wallets in each accumulation phase. Related Reading: Cardano Entry Of A Lifetime: Analyst Predicts 5,600% Rally To $25 The largest accumulation occurred between March 5 and March 7, when these wallets acquired over 120,000 BTC. Every succeeding price dip has, however, seen less accumulation than the one before it. Particularly, Bitcoin’s recent dip to $56,000 failed to attract notable whale accumulation. This drop in buying and selling activity indicates whales may have lost some interest or appetite for accumulating more Bitcoin in the short term. Whales are buying the dip, but is their conviction dwindling? 🛍️Addresses holding over 1000 BTC have accumulated strongly in recent months, especially during dips. 📈Prices have increased shortly following every accumulation. However, note that each spike in accumulation by… pic.twitter.com/OkbekJr5NC — IntoTheBlock (@intotheblock) May 6, 2024 Precursor For A Crash To $50,000? The waning conviction among Bitcoin whales has raised the question of whether Bitcoin could reverse back into a full bearish momentum. These concerns are particularly valid, considering some analysts are of the notion that Bitcoin might’ve reached its peak in this cycle. As IntoTheBlock noted, prices have increased shortly following every accumulation this year. While the lower whale buying activity could stall price increases in the short term, it is not a sure sign that Bitcoin is headed for a major price crash. However, if the trend continues for several more months, it could signal lower demand and a weakening bull market. Related Reading: Crypto Analyst Predicts 350% Surge For Shiba Inu – Here’s The Target According to the “In/Out Of Money Metric”, there is still a strong resistance volume between $59,000 and $61,000. A drop below this range again would push 552,220 addresses into losses. In fact, while a drop to his level would be painful for many holders, most crypto analysts remain optimistic about Bitcoin’s long-term prospects. At the time of writing, Bitcoin is trading at $61,488. The crypto recently rebounded around $57,500 and is up by 7.4% in the past seven days. According to analyst Marco Johanning, $57,000 is an important support level for Bitcoin. He noted that while a break below $57,000 could lead to further declines into $52,000, the crypto market is still very bullish for Bitcoin. BTC price struggles to hold $61,000 support | Source: BTCUSD on Tradingview.com Featured image from FameEX, chart from Tradingview.com

MicroStrategy’s Saylor Bashes Ethereum (ETH), Cardano (ADA) and Ripple (XRP); Traders See Rollblock (RBLK) as a Safe Bet

In the world of cryptocurrencies, the allure of obtaining digital assets at no cost is a powerful draw. Airdrops, a concept as intriguing as it sounds, serve as one of the primary methods through which crypto projects distribute their tokens freely to a broad audience. These events not only enrich individual portfolios but also enhance the token’s distribution and visibility across the market.However, as the crypto landscape evolves, so too do the methods of engaging users and distributing tokens. Enter Binance Megadrop, an innovative approach pioneered by one of the largest cryptocurrency exchanges in the world, Binance.This new platform reimagines the traditional airdrop mechanism by integrating it with features that enhance user engagement through tasks and deeper interaction with the projects involved.Binance Megadrop’s inaugural project is BounceBit, a platform that marks a significant departure from conventional airdrops. BounceBit introduces users to a BTC restaking chain with a comprehensive CeDefi framework, aiming to transform BTC from a passive asset into an actively managed stake within the ecosystem.But how Binance Megadrop and Traditional Aidrops compare? Let’s dive deeper.Understanding Traditional AirdropsA traditional airdrop in the cryptocurrency world involves the free distribution of new tokens to the wallets of existing cryptocurrency holders. These airdrops serve multiple purposes:Help to drive awarenessIncrease the distribution of the new tokenBroadens the user base and increase liquidityGenerate buzz and attract new investors to the projectTypes of AirdropsStandard/Raffle AirdropsThese are the most basic form of airdrops, where tokens are randomly distributed to the community members who sign up or fulfill certain simple conditions, such as joining a Telegram channel or following the project on social media.The appeal of standard airdrops lies in their simplicity and the minimal effort required from participants.Bounty AirdropsUnlike standard airdrops, bounty airdrops require participants to perform specific tasks, which may include content creation, social media promotion, or technical contributions like bug reporting.This type of airdrop aims to foster more significant engagement and contribution from the community, making the airdrop part of a broader campaign to build the project.Holder/Exclusive AirdropsThese airdrops target existing holders of a particular cryptocurrency. Tokens are distributed based on the amount and duration of holding another specific token.This method is used to reward loyal supporters and maintain or even increase their holdings without requiring additional investment.Benefits and Drawbacks for Recipients and DevelopersBenefits for Recipients:Free Tokens: The most apparent benefit is receiving free tokens, which might appreciate in value over time.Exposure to New Projects: Airdrops provide an opportunity to explore and invest in new projects without financial risk.Incentive to Learn: For newcomers, airdrops can serve as an incentive to learn more about how cryptocurrencies and wallets work.Drawbacks for Recipients:Tax Implications: In many jurisdictions, receiving airdrops can be considered taxable income, complicating the recipient’s tax situation.Security Risks: Participation often requires sharing wallet addresses and sometimes more sensitive information, which can be a target for phishing attacks.Benefits for Developers:Marketing Tool: Airdrops can be a powerful marketing tool to boost a project’s visibility and increase token distribution.Community Building: By rewarding the community, developers can foster loyalty and encourage community members to promote the project actively.Drawbacks for Developers:Costly: Distributing free tokens can dilute the value for existing holders if not managed correctly.Short-term Interest: Airdrops might attract participants who are only interested in free tokens and may sell them immediately after receiving them, which could lead to increased volatility or downward pressure on the token price.Introduction to Binance MegadropBinance Megadrop is a novel token launch platform designed by Binance to transform the conventional airdrop experience.It seamlessly integrates functionalities from Binance Simple Earn and the Binance Web3 Wallet, providing users early access to select Web3 projects before they are officially listed on the Binance exchange.This innovative platform not only facilitates token distribution but also encourages user engagement through a variety of interactive activities and educational content, making it a more immersive experience compared to traditional airdrops.How Binance Megadrop Differs from Traditional AirdropsBinance Megadrop introduces several key innovations that set it apart from traditional airdrop methods:Engagement and EducationUnlike traditional airdrops that often require minimal user interaction, Megadrop engages users through interactive tasks and educational content related to the projects. This engagement is designed to ensure that participants are not only passive recipients but also active contributors and learners in the ecosystem.Integrated PlatformMegadrop is deeply integrated with other Binance services like Simple Earn and the Web3 Wallet, allowing users to earn additional rewards by staking or locking their assets, and connecting their wallets to participate in Web3 activities.3. Merit-based RewardsInstead of distributing tokens purely based on chance or basic eligibility criteria, Megadrop rewards users based on their level of participation and the tasks they complete. This merit-based system aims to distribute tokens more fairly and to those who are genuinely interested in contributing to the project’s success.4. Enhanced User Experience:The Megadrop platform is designed to be user-friendly, providing a clear and straightforward path for users to follow from the moment they log in to when they complete tasks and receive rewards. This simplifies the process and enhances the overall user experience.Integration with Binance Simple Earn and the Binance Web3 WalletOne of the standout features of Binance Megadrop is its integration with Binance Simple Earn and the Binance Web3 Wallet. This integration provides a dual benefit:Binance Simple Earn: By subscribing their BNB or other cryptocurrencies to Binance Simple Earn’s locked products, users can earn interest on their staked assets while simultaneously boosting their score in the Megadrop program. This score determines the quantity of the new tokens they receive, effectively linking their investment to their reward.Binance Web3 Wallet: Participation in Megadrop requires the use of the Binance Web3 Wallet, which facilitates interactions with decentralized applications (dApps) and smart contracts. This requirement ensures that users are equipped to engage with the broader Web3 ecosystem, preparing them for more complex interactions beyond basic token transactions.How Binance Megadrop WorksTo participate in Binance Megadrop, users must first ensure they are eligible. Eligibility generally depends on several factors, including the user’s jurisdiction and compliance with specific regulatory requirements.It’s crucial for participants to check the Megadrop announcement on the Binance website for details about restricted countries and any other eligibility criteria.Detailed Explanation on How to Access Megadrop on BinanceAccessing Megadrop involves several straightforward steps on the Binance platform:Log into Your Binance Account: Users need to have a verified Binance account. If you don’t have one, you will need to create one using this link and verify your account first.Navigate to the Megadrop Section: Once logged in, go to the “More” menu on the Binance interface and find the “Megadrop” option. This section will list all the ongoing and upcoming Megadrop projects.Select a Project: Choose a project that is available to view more details about it, including the participation period, reward distribution, and specific conditions for participation.Steps to Participate, Including Locking BNB and Completing Web3 QuestsParticipation in Binance Megadrop is more interactive and engaging compared to traditional airdrops. Here are the steps involved:Lock BNB in Binance Simple Earn:Navigate to the “Simple Earn” section and find the “Locked Products” options.Choose the amount of BNB you wish to lock and the duration. Locking durations can vary, but longer periods typically provide higher rewards and increase your Megadrop score.It’s advisable to lock BNB for at least 120 days as this not only maximizes your potential rewards but also stabilizes your investment and enhances your commitment to the project.Complete Web3 Quests:After locking your BNB, return to the Megadrop project page and check the available Web3 quests under the “Quest” tab.These quests can range from simple tasks like connecting your Web3 Wallet to more complex activities such as interacting with a project’s protocol or dApp.Follow the instructions for each quest. This might involve reading materials, interacting with smart contracts, or completing specific transactions.Verification and Reward Allocation:After completing the quests, ensure you tap on the “Verify” button on the quest details page. This step is crucial as it confirms your participation and logs your completion of the task.Rewards are calculated based on the total score, which is a combination of your locked BNB score and the points from completed quests. The higher your score, the greater your share of the total token distribution.Monitoring Your Participation:Keep track of your participation and scores through the Megadrop interface on Binance. This dashboard will provide real-time updates and feedback on your activities and the corresponding scores.Receiving Your Tokens:Upon the conclusion of the Megadrop event, tokens will be distributed directly to your Binance spot wallet based on the final calculated score.BounceBit – The First project on Binance MegadropBounceBit is a pioneering project featured in the Binance Megadrop, designed to enhance the utility of Bitcoin through a restaking chain that leverages a CeDeFi (Centralized Decentralized Finance) framework. The platform offers several core functionalities aimed at enhancing user interaction and the token’s utility:Staking: Users can stake the platform’s native token ($BB) to participate in the proof-of-stake (PoS) consensus mechanism. This not only secures the network but also provides stakers with periodic rewards based on their contribution.Protocol Incentive: Validators who help maintain the network integrity by validating transactions and blocks are rewarded with $BB tokens. This incentive ensures that the network remains secure and efficient.Gas: All transactions and smart contract executions on the BounceBit platform require payment of gas fees in $BB tokens, similar to Ethereum’s use of ETH for gas.Governance: $BB token holders can participate in governance decisions, such as voting on protocol upgrades and changes. This democratic approach allows the community to shape the project’s future direction.Currency: Beyond its utility functions, $BB can also be used as a medium of exchange within the platform, facilitating transactions and services between users.BounceBit’s Unique Selling PropositionsBounceBit introduces several innovative features that distinguish it from traditional crypto projects:CeDeFi Framework: By blending the best elements of centralized and decentralized finance, BounceBit aims to offer the security and user-friendliness of CeFi along with the transparency and trustlessness of DeFi. This hybrid model is designed to attract a broader range of users, from crypto novices to experienced traders.Dual-Token PoS: Unlike traditional single-token systems, BounceBit’s dual-token PoS mechanism allows for more flexible and robust participation. Validators can receive and stake two types of tokens, which can help diversify the staking rewards and reduce volatility.Liquid Custody: BounceBit also introduces the concept of liquid custody, which allows users to retain liquidity even when their tokens are staked or otherwise engaged. This is achieved through the issuance of custody tokens that can be traded or used for other purposes while the underlying assets are locked.Economic Details: Token Distribution, Supply Details, Megadrop AllocationToken Name: $BBTotal Supply: 2,100,000,000 $BBInitial Circulating Supply: 409,500,000 $BB (19.5% of total supply)Binance Megadrop Allocation: 168,000,000 $BB (8% of total supply)The token distribution is carefully planned to support long-term development and community engagement:How to participate in Binance Megadrop with BounceBitThis section provides detailed instructions on how to participate in the BounceBit Megadrop on Binance, highlighting the steps involved and the benefits of each action.Stake BNB in FIXED Staking: Benefits of Staking for 120 DaysStaking BNB in FIXED staking products on Binance offers several benefits, particularly when opting for a 120-day lock-up period:Higher Interest Rates: Typically, longer staking periods come with higher interest rates, meaning more earnings over the lock-up period.Increased Megadrop Score: For Megadrop participation, the amount of BNB locked and the duration significantly influence your total score, which determines the quantity of rewards you receive. Staking for 120 days maximizes your score potential.Price Stability: Locking your assets can help mitigate the urge to sell during volatile market conditions, potentially leading to better long-term financial decisions.To stake BNB for the BounceBit Megadrop:Navigate to Binance Simple Earn and select “Locked Staking.”Choose BNB from the list of available cryptocurrencies.Select the 120-day option to maximize your potential Megadrop score and confirm your subscription.Keep BTC and BNB on Spot: Importance and AdvantagesKeeping BTC and BNB in your spot wallet on Binance is strategic for several reasons:Readiness for New Opportunities: Having assets in your spot wallet ensures you are ready to participate in new trading opportunities or other investment options without delay.Flexibility: Easily move your funds between different Binance services, such as trading pairs, without needing to wait for withdrawal and deposit processing times.Participation in Promotions: Binance frequently runs promotions and events that require users to have quick access to certain coins in their spot wallets.Completing Tasks:Participating in Web3 quests and completing tasks as part of the BounceBit Megadrop can significantly enhance your rewards:Task Variety: Tasks may range from social media promotions to more technical activities like interacting with smart contracts or participating in testnets.Earnings Multiplier: Completing these tasks not only contributes to the project but also multiplies your earnings by boosting your Megadrop score.Learning and Engagement: By engaging with these tasks, you gain a deeper understanding of the project and the broader blockchain ecosystem.To complete tasks:Visit the BounceBit page within the Megadrop section.Review available tasks under the “Quests” tab and select one to participate in.Follow the detailed instructions provided for each task to ensure proper completion and verification.Once a task is completed, verify your participation as instructed to ensure your additional earnings are accounted for in the final reward calculation.SummaryBinance Megadrop represents a significant evolution in the concept of cryptocurrency airdrops. Unlike traditional airdrops that typically distribute tokens based on simple eligibility criteria like holding a specific cryptocurrency or signing up, Megadrop introduces a more interactive and engaging approach:Engagement and Education: Megadrop requires participants to engage in educational and interactive tasks that deepen their understanding of the project and blockchain technology.Merit-Based Rewards: Rewards in Megadrop are based on the completion of tasks and the duration of asset staking, ensuring that the most engaged and committed participants are rewarded the most.Integration with Binance Services: Megadrop is seamlessly integrated with other Binance services like Simple Earn and the Web3 Wallet, offering a holistic experience that leverages the full ecosystem of Binance.The Impact of Such Innovations on the Crypto EcosystemThe introduction of platforms like Binance Megadrop could have profound implications for the cryptocurrency ecosystem:Increased User Involvement and Retention: By involving participants in tasks that require learning and engagement, Megadrop increases user investment in the success of the projects, leading to higher retention rates and more sustained interest in the crypto projects.Enhanced Market Education: The educational component of Megadrop helps demystify cryptocurrencies for the broader public, potentially leading to increased adoption and understanding of blockchain technologies.Innovation in Token Distribution: Megadrop’s approach could set a new standard for how tokens are distributed, emphasizing active participation and contribution over passive receipt. This could lead to more sustainable project launches and healthier long-term token economics.Binance Megadrop not only refines the process of token distribution but also enriches the participant’s experience by making it more rewarding and educational.Such innovations are crucial as they not only foster a deeper connection between blockchain projects and their communities but also enhance the overall health and maturity of the cryptocurrency market.