China’s crypto market and investors refuse to bow down to regulatory bans, remaining resilient and even thriving underground. Despite the Chinese government’s stringent ban on cryptocurrency trading and mining since 2021, a growing number of Chinese investors are creatively navigating the restrictions to funnel millions daily into digital assets.
However, it’s worth noting that this defiance comes as a response to a sagging domestic economy and a turbulent stock market. Meanwhile, crypto enthusiasts, both retail investors and financial institutions, are capitalizing on Hong Kong’s more crypto-friendly environment, pushing the boundaries of China’s stringent regulations.
Chinese Investors Shift Focus Towards Crypto Amid Market Challenges Dylan Run, a finance executive from Shanghai, exemplifies the trend of spending in cryptos, shifting his investment focus due to the economic downturn in China. In other words, as China’s economy and traditional markets face challenges, Chinese investors, like Dylan Run, are turning to cryptocurrencies as safer havens, Reuters reported. Notably, despite the government’s ban, investors utilize loopholes, such as trading through grey-market dealers with bank cards from rural banks, keeping transactions discreet to avoid scrutiny.
Meanwhile, operating in a grey area, Chinese investors employ creative methods to access cryptocurrencies. Although trading tokens like Bitcoin is prohibited in mainland China, investors utilize crypto exchanges such as OKX and Binance, along with over-the-counter channels to streamline the trading process.
In addition, Hong Kong’s endorsement of digital assets has spurred the use of annual forex quotas, allowing Chinese citizens to invest in cryptocurrency accounts in the territory. Notably, Chainalysis, a crypto data platform, reports a surge in crypto-related activities in China, despite the ban.
According to the data, the country recorded an estimated $86.4 billion in raw transaction volume between July 2022 and June 2023. This robust activity dwarfs Hong Kong’s $64 billion in crypto trading during the same period. Notably, the proportion of large retail transactions in China exceeds the global average, indicating substantial involvement from retail investors.
Also Read: Ripple Sends Letter To Judge Netburn Over SEC’s “Factual Mischaracterization”
Thriving Underground Market In Hong Kong China’s ban has led to the emergence of brick-and-mortar crypto exchange stores in Hong Kong, lightly regulated and catering to the demand of Chinese investors. For instance, offline shops, like Crypto HK, allow customers to purchase cryptocurrencies without stringent identity verification, contributing to the thriving underground crypto market.
Meanwhile, observers believe that Chinese officials are strategically endorsing crypto trading in Hong Kong, understanding both the disruptive potential and immense opportunities in the cryptocurrency market. Hong Kong, as a special administrative region, acts as a testing ground for potential shifts in the Chinese government’s stance towards digital assets.
As Chinese investors defy the crypto ban, the landscape of cryptocurrency trading continues to evolve. The resilience of investors, coupled with creative strategies and a growing market in Hong Kong, challenges the notion that the ban has curtailed China’s involvement in the crypto space. Notably, the coming months will likely witness further developments as investors explore the complexities of the cryptocurrency market amidst economic uncertainties in China.
Also Read: SatoshiVM Whales Accumulate More Tokens As SAVM Price Crashes 30%
Updated Mar 8, 2024, 8:29 p.m. Published Jan 25, 2024, 2:58 p.m.
6 min read
Magnus Resch argues in his latest book NFTs could reshape how art markets operate, and potentially bring in new buyers. (Phaidon)Magnus Resch has been called many things: an art collector, a storyteller and at least once, by CNN, “the world's leading art market economist." He’s run galleries, taught in the Ivy League and has tried to quantify the often opaque world of art collecting.
In his new book, “How to Collect Art,” which will be published by Phaidon in February, Resch tries to give an objective answer to the very subjective question of what artworks are right for me? Beyond the mantra of “buy what you like,” Resch attempts to offer a systemic approach to actually turning a profit by collecting.
Resch writes there is a lack of art buyers. (Phaidon)Some of the advice is obvious, like researching and classifying the artists, galleries, art fairs, auction houses and rival collectors that create the market. Other lessons can only be learned by sifting through mountains of data or forming personal connections with artists and curators.
It turns out, it’s easy to overpay for work in an industry that can find value in a scribble if scribbled the right way. Nowhere is this more evident than in the world of non-fungible tokens (NFTs), which has been dominated by cartoon figures (typically animals) meant to be used as social media avatars.
While Resch does not see many NFT projects, rocked by the market downturn, rebounding, he does believe the technology itself will profoundly reshape how the art market economy functions. “[I]nformation on provenance will become clearer and more accessible, eliminating much of the historical mystique that the art industry has, to some extent, fostered,” he writes.
That’s important considering some of Resch’s earlier research, analyzing sales information from nearly half a million artists around the world, which found there is a “network of interconnected galleries and museums” that essentially determines whether an artist succeeds in their lifetime. NFTs help by allowing artists to form closer relationships with collectors, breaking down barriers and making it easier for interested collectors to enter the market.
See also: Magnus Resch — The Art World Underestimates the Power of NFTs | Opinion
“The opacity of the art market benefits a tiny elite of collectors, gallerists and artists, but makes it harder for most artists and art lovers to connect,” he wrote.
CoinDesk spoke with Resch about the biggest lessons for people looking to get into art collecting, how new technologies like blockchain are changing the practice and why he thinks the biggest problem in the contemporary art scene is a lack of buyers. The interview has been lightly edited and condensed.
Do you expect the NFT market to bounce back? And if so, in what ways – will it be driven by the launch of new projects or is there hope for NFTs that have dropped to $0?
I expect that most NFTs will retain their current status, which is often significantly lower than during the peak of their hype. Historically, digital art has not played a significant role in the art market and is unlikely to surpass paintings as the primary medium dominating the market. Nevertheless, five to 10 digital artists, such as Refik Anadol, will continue to be relevant, as they have successfully integrated themselves into the traditional art market and its institutions.
What are the primary insights that your book offers to aspiring art collectors?
It's twofold: My book helps you identify artists that suit your preferences. For instance, if you are buying for investment reasons, I provide guidance on how to identify artists with investment potential. Secondly, it provides insights into how the mysterious art market truly operates, guiding you on which galleries to buy from, which curators to follow, which fairs to visit — so you never overpay. In essence, the aim is to transform you into an informed and discerning buyer.
How do you perceive the current obstacles faced by the art market?
The art market has been grappling with a shortage of new buyers for an extended period. Despite the global number of millionaires doubling in the last decade and a surge in attendance at art events, the value of the art market has remained stable. This disparity underscores a conversion problem, as the newly affluent are not seamlessly transitioning into art buyers. I believe a combination of education, entertainment and transparency can play a pivotal role in converting more art enthusiasts into active buyers. My new book is a contribution towards this goal, and I've observed similar initiatives emerging from galleries, museums and auction houses. An increase in the number of buyers is crucial for supporting the endeavors of artists, gallerists, advisors, and museums in the art world.
Digital art is poised to play a more substantial role in the future, and there is hope that it will gain increased representation in museums and established art institutionsWhat lessons can the art market draw from the NFT hype in 2021, and what enduring effects remain?
The three key takeaways are: Firstly, artists have the capability to build their own following and cater to these buyers. Secondly, a larger market with increased liquidity is created through price transparency, verifiable provenance and low transaction costs. Thirdly, traditional art institutions still maintain value and won't disappear.
Similarly, what won't be repeated by the NFT space following the market collapse? (i.e. lessons learned?)
Being an artist is challenging. Lasting value is primarily established when works are showcased in reputable institutions. The physical presence still holds importance for digital art. To succeed as a digital artist, it still requires the endorsement and support from established traditional institutions.
Where do you anticipate the trajectory of the art market, and what significance do NFTs hold in shaping it?
The introduction of blockchain technology and the various ways of using it has the potential to change the art market in a way that could not be accomplished otherwise. The convergence of digital art, crypto money and blockchain technology will bring about a profound structural shift in the art ecosystem. Collectors won’t buy if a work is not registered on the blockchain. Artists will exert more control over their work and earn royalties from resales. More collectors will populate a transparent market. And the art market will become more regulated — for the better. This won't happen immediately, and initially, other luxury industries need to adopt it. The art market usually follows rather than taking the lead as a first mover.
The art market is rife with money laundering. Do you expect the same to metastasize in NFTs?
It's important to dispel this misperception: While, like any other industry, there may be criminal elements, it's crucial to recognize that such instances are not representative of the entire art market. Instances of money laundering are present across various sectors, and the art market is not uniquely prone to this issue. Additionally, these occurrences primarily impact the top end of the market, involving less than 0.1% of all exhibiting artists.
Personal favorite artists working with NFTs?
Kevin Abosch, Operator, Refik Anadol, Claudia Hart, Vera Molnár, Sasha Stiles, IX Shells
See also: What You Own When You Own an NFT
Should "crypto art" be considered a unified category? As distinct from other fine arts?
Certainly not. In the past, when photography and video emerged in the art market, they faced challenges in being recognized as part of the traditional art landscape. Similarly, digital art is poised to play a more substantial role in the future, and there is hope that it will gain increased representation in museums and established art institutions. The Buffalo AKG Art Museum, for instance, is leading the way in this movement. Distinguishing "crypto art" from "fine art" could spark an unnecessary debate about defining crypto art. In my perspective, it is simply art.
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure
Data suggests users on Reddit were calling to buy the recent Bitcoin dip while other social media platforms were either bearish or indecisive.
Bitcoin Social Volume Reveals How Different Social Media Platforms Reacted To Dip According to data from the analytics firm Santiment, the different major social media platforms have been split on how to react to the recent price action in the cryptocurrency.
The indicator of interest here is the “social volume,” which keeps track of the total unique amount of posts that make mentions of a specific topic or term on a given social media platform or group of platforms.
This metric tracks the number of posts/threads/messages rather than the mentions themselves, as the latter methodology can provide an inaccurate representation of the actual amount of discussion taking place related to the topic.
This is naturally due to the fact that sometimes discussion around a topic can be limited to a couple of threads, but with each of them making a considerable amount of mentions.
This trend is obviously not representative of what the wider community thinks, as only the users participating in these threads are interested in the topic. Thus, counting the posts makes more sense, as this number would only go up when there is genuine interest across the platform.
Now, what Santiment has done here is that it has filtered the social volume related to Bitcoin/cryptocurrency for bearish and bullish terms for each of these four major social media platforms: Telegram, Reddit, 4Chan, and X (formerly Twitter).
Here is a chart that shows the trend in these social volumes for all these websites:
How the different social media userbases reacted to the dip | Source: Santiment on X The bullish terms chosen by the analytics firm here are keywords like buy, bottom, and bullish. Similarly, the keywords related to bearish sentiment are sell, top, and bearish.
From the graph, it’s visible that during the recent Bitcoin plunge towards the $38,500 level, the Telegram users were mostly bearish as the social volume for terms pertaining to this mentality spiked. X users had also turned bearish, although the bullish social volume wasn’t much lower.
4Channers had seemed completely split on the trajectory of the asset, as both the social volumes were at about the same levels for the platform. Redditors appear to have been on the other end of the spectrum from Telegram and X users, as calls for buying the dip had spiked on the platform.
So far, the bets of the Redditors would have paid off, as BTC has made some recovery since the dip that they made potential buying moves at, although the scale of the surge has so far not been too much.
Historically, Bitcoin has tended to move against the expectations of the majority. Since these platforms are all split on the direction of the coin, it’s hard to say anything about where BTC would go based on the sentiment alone.
“When Telegram, Reddit, X, and 4Chan are all in an extreme level of bullish or bearish sentiment, this is the ideal time to be a contrarian and go against the crowd’s uniform presumptions about the markets,” explains Santiment.
BTC Price At the time of writing, Bitcoin is floating around the $40,200 level, down more than 5% over the past week.
Looks like the price of the coin has made some recovery in the last couple of days | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Santiment.net
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
CryptoQuant analyst MAC_D in a new report, suggested that a sharp decline in Bitcoin‘s (BTC) price and funding rates could present a buying opportunity that might increase the cryptocurrency’s value.
Leveraged Trades in BitcoinThe senior analyst argued that following investors piling into leveraged long positions, the token’s funding rates soared to a high level of 0.049% on January 2nd. This occurred while the market was anticipating the decision of the U.S. Securities and Exchange Commission on the BTC Spot ETF.
According to data from 21milyon.com, when the article was written, BTC’s funding rate was 0.001%. Therefore, despite the token’s recent price movement, the market continued to show a bullish trend. According to MAC_D, for the current downtrend to end, a capitulation event that results in the mass liquidation of these long positions needs to occur. The analyst stated the following in his remarks:
If there are sharp price drops and the funding rate turns negative on the 1-hour chart, it could mean that leveraged investors are overly pessimistic about the market, which could be a good opportunity to buy back BTC.
Funding Rate in BTCThis could mean that two things need to happen for BTC to witness an upward price correction. A sharp decline in the value of the cryptocurrency and a negative funding rate on the 1-hour chart could lead to significant pessimism among leveraged investors, yet offer a potential buying opportunity for those with a longer-term investment horizon. At the time of writing, BTC was trading at $39,956. According to data from CoinMarketCap, since the BTC ETFs started trading on January 10th, the token’s value has dropped by 13%.
The mentioned price drop could be due to an increase in profit-taking activity, which led to an increase in the token’s exchange reserves. Since January 10th, the total number of BTC held on exchanges increased by 0.47%. According to CryptoQuant, at the time of writing, there were 2.1 million BTC on exchanges. As token sales increased, the profitability of daily BTC transactions also decreased. According to Santiment data, since January 10th, the daily profit/loss ratio of BTC transaction volume has dropped by 10%.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Ethereum price managed to hold the $2,200 support as the crypto market downturn intensified this week, on-chain signals highlight rising whale demand.
On Jan. 22, the crypto market suffered significant bearish headwinds as Bitcoin (BTC) prices wobbled below $40,000 for the first time in 50 days. At press time on Jan. 25, the global crypto market capitalization has shrunk 7%, with $108.5 billion in valuation wiped out within the weekly timeframe.
Ethereum (ETH) vs. Crypto Market Cap Performance | Source: TradingView Losing 5% in Ethereum (ETH) price has maintained a relatively more resilient performance than the industry average between Jan. 22 and Jan. 24.
Ethereum whale activity remains high despite downtrend Ethereum price has managed to keep losses below the 5% threshold this week, while Bitcoin and the global crypto market cap shrunk by up to 7%, respectively, before making a mild rebound. On-chain data trends suggest that the rising level of whale trading activity recorded on the Ethereum network this week has been pivotal to ETH’s resilient price performance.
Santiment’s Whale transaction count metric tracks the daily number of transactions involving a particular cryptocurrency that exceeds $100,000.
On Jan. 23, the Ethereum Whale Transaction Count surged above 1,190. A closer look at the chart below shows this was the highest recorded since the ETH price raced to a 20-month peak of $2,690 on Jan. 11.
Ethereum (ETH) Price vs. Whale Transaction Count | Source: Santiment Corporate entities accumulate ETH at significantly high volumes despite the broader market retreat. This could be attributed to investors and fund sponsors looking to acquire Ethereum ahead of a looming ETH spot ETF verdict.
During market downtrends, an increase in whale transactions impacts the price of a crypto asset positively in two major ways. Firstly, it provides market liquidity, enabling bearish panic sellers to execute their trades at favorable prices. It also reinforces confidence among small-scale retail traders.
These factors have played a vital role as ETH battles to hold above the $2,200 support level amid market-wide sell-offs this week.
Ethereum investors opt for long-term storage Furthermore, Ethereum has also recorded a steady decline in exchange reserves this week, which could be linked to the rise in whale activity.
Corporate entities and whales are known to be value investors who tend to hold for longer periods. Unsurprisingly, the rising volumes of whale transactions on the Ethereum network in recent months have coincided with a rapid decline in supply deposited on exchanges.
At the start of the week on Jan. 22, Ethereum supply on exchanges stood at 10.5 million ETH. But interestingly, that figure has dropped sharply to 10.4 ETH by Jan. 25.
Effectively, this means that investors have shifted 150,000 ETH worth approximately $330 million from exchanges and trading platforms into long-term storage or staking contracts.
Ethereum (ETH) Supply on Exchanges vs. Price | Source: Santiment Despite bearish headwinds, Ethereum Supply on Exchanges dropped by 150,000 ETH in the last four days, signaling a dominant preference for long-term holding and passive income staking among current holders.
Notably, Ethereum exchange supply has been in a downtrend since the Proof of Stake (PoS) transition in May 2023, a move that has coincided with an extended period of price uptrend.
ETH price prediction: Can Ethereum Price Stay Above $2,000? As the downward trend in exchange supply persists, fewer ETH coins are readily available to be traded in spot markets. This appears to have decelerated the selling pressure on Ethereum this week relative to the broader altcoins market. Combined with the steady rise in whale transactions, Ethereum price is in a prime position to defend the $2,000 territory.
IntoTheBlock’s in/out of the money around price data, which groups all existing ETH holders by their entry prices, also affirms this stance.
It shows that 8.3 million addresses, the largest cluster of ETH holders, had acquired 46.5 million ETH at the maximum price of $2,078. If Ethereum price slides toward $2,100, many of these holders could make frantic covering purchases to defend their positions to avoid slipping into net-loss positions. This could effectively trigger an instant Ethereum price rebound.
Ethereum (ETH) Price Forecast, Jan 2024 | Source: IntoTheBlock On the upside, Ethereum bulls could overturn the bearish pressure if it reclaims the $2,500 territory. But this looks unlikely within the current market dynamics. As seen above, a significant cluster of 3.7 million addresses had acquired 7.1 million ETH at an average price of $2,400.
If they engage in mild profit-taking as prices hit their break-even point, Ethereum could slide into another correction phase.
Home ›Best Stocks Dividends provide a steady return stream. Set and forget dividends stocks for risk-averse investors.
Tim Fries Tim Fries is the cofounder of
Jan 26, 2024 4 min read
Image courtesy of 123rf.com Editorial disclosureRead more All reviews, research, news and assessments of any kind on The Tokenist are compiled using a strict editorial review process by our editorial team. Neither our writers nor our editors receive direct compensation of any kind to publish information on tokenist.com. Our company, Tokenist Media LLC, is community supported and may receive a small commission when you purchase products or services through links on our website. Click here for a full list of our partners and an in-depth explanation on how we get paid.
Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our website policy prior to making financial decisions.
For companies to elicit support from investors, being successful is just the first step. Companies with a proven track record of paying and raising dividends over the years elicit the most vital shareholder loyalty.
This is especially noteworthy if they can power through economic downturns without cutting dividend payouts. Here are three dividend stocks under $50 per share that fit the bill in 2024 and beyond.
Verizon Communications, Inc. (NASDAQ: VZ) 6.72% dividend yield, annual $2.66 per share
There are few investment thesis as clear as Verizon. Telecommunications power modern civilization. And the infrastructure supplier for that need gets to receive stable recurrent profits.
Per the Q4 2023 earnings report, Verizon is ahead of schedule to gain 4 – 5 million subscribers by the end of 2025. The quarter brought 413,000 net broadband subscribers, making it the fifth consecutive quarter with over 400k net additions.
The company broadened its wireless service revenue by 3.2% year-over-year to $19.4 billion. For the sector, Verizon achieved 1,460,000 retail postpaid net additions. Although Verizon’s full-year operating revenue of $134 billion is down 2.1% compared to 2022, its cash flow increased by 1% to $37.5 billion.
Verizon’s free cash flow is up 32.6% to $18.7 billion compared to FY 2022. Due to the higher interest rate environment that is heading for cuts this year, Verizon’s adjusted EPS is $4.71 compared to the full-year EPS for 2022, which is $5.18.
Based on 22 analyst inputs pulled by Nasdaq, VZ stock is a “buy.” The average VZ price target is $41.64 vs the current $42.32. The high estimate is $47, while the low forecast is $31 per share.
Altria Group, Inc. (NASDAQ: MO) 9.68% dividend yield, annual $3.92 per share
Despite a negative reputation, tobacco companies have a large and loyal customer base. According to WHO, there are 1.25 billion tobacco users, and their numbers are not likely to decline to under one billion during the decade. Tobacco companies have a large and loyal customer base despite a negative reputation
In addition to owning iconic smokeable brands like Marlboro and Camel, Altria multinational expanded to smokeless products and e-cigarettes, such as IQOS and MarkTen. Altria has mastered the economy of scale, marketing, and distribution as one of the top tobacco companies.
The company is yet to deliver its Q4 2023 earnings report on February 1st. In prior Q3 earnings, Altria’s full-year guidance was set to a 1.5% – 3% earnings per share (EPS) growth rate, from 2022’s $4.84 to the EPS range of $4.91 – $4.98 per share.
In the quarter, Altria repurchased $260 million worth of shares at an average price of $44.26. Based on 13 analyst inputs pulled by Nasdaq, MO stock is a “buy. ” The average MO price target is $43.59 vs. the current $40.31. The high estimate is $50, while the low forecast is $36.1 per share.
Wells Fargo & Company (NASDAQ: WFC) 2.88% dividend yield, annual $1.40 per share
Although on the lower dividend yield side than the others, this Global Systemically Important Bank (G-SIB) is one of the safest bets. On January 18th, Bloomberg reported that the Office of the Comptroller of the Currency (OCC), Federal Reserve, and Federal Deposit Insurance Corp. (FDIC) are crafting a plan to require banks to access the Fed’s discount window.
By proactively demanding the Fed’s discount window use, the central bank has greater space to prevent a financial crisis. After all, Fed Governor Neel Kashkari once noted that “there is an infinite amount of cash at the Federal Reserve.”
As covered in January, Wells Fargo is a solid banking stock on its own. It netted $3.48 billion in income, a 3.45% YoY uptick. Based on 21 analyst inputs pulled by Nasdaq, WFC stock is a “buy.”
The average WFC price target is $54.39 vs. the current $48.67. The high estimate (12 months ahead) is $66, while the low forecast is $50.27 per share.
Do you favor individual stocks or ETFs as market exposure? Let us know in the comments below.
Disclaimer: The author does not hold or have a position in any securities discussed in the article.
Tim Fries Author · Tokenist
Tim Fries is the cofounder of The Tokenist. He has a B. Sc. in Mechanical Engineering from the University of Michigan, and an MBA from the University of Chicago Booth School of Business. Tim served as a Senior Associate on the investment team at RW Baird's US Private Equity division, and is also the co-founder of Protective Technologies Capital, an investment firm specializing in sensing, protection and control solutions.
Toncoin (TON) and Ripple (XRP) both digital currencies have experienced downtime and in today’s market declined. Toncoin (TON) witnessed a 0.56% downward spiral and Ripple (XRP) had a 1.40% increase. On the other hand Pushd (PUSHD) has become an alternative for investors who are seeking to buy into new coins with potential. Pushd (PUSHD) basic utilities stand the token out from others. With a debit card that allows users to spend on their funds revenue fees for presale investors proportional to their holdings, swap services, a reward program, decentralized governance and a VIP program Pushd (PUSHD) has become investors favorite.
Toncoin (TON) price has declined leaving the coin trading at $2.09 with a trading volume of $27,904,315 and Ripple is at $0.5025 with a 24 hour trading volume of $845,853,957. While Toncoin (TON) and Ripple (XRP) pose a market danger there could be some positivity in their price action in the future. The crypto market is highly volatile and external or internal forces could boost Toncoin (TON) and Ripple (XRP) in the future. As a future market blue chip crypto Pushd (PUSHD) shows a positive market future in the coming bullish market.
Will Toncoin (TON) Ever Stay Stable in the Crypto Market?In November 2021 Toncoin spiked past $4 but in January 2024 it’s trading at half of its 2021 market price. Toncoin (TON) market run has always shown inconsistencies and could ruin investors who are not good market experts. The coin went below $1 in the mid year of 2022 before rising to $2.40. Throughout 2023 the token navigated around $2 to $3 going through bearish and bullish trends.
Five days ago Toncoin (TON) witnessed a 5% loss leaving the coin at a 6% loss in 7 days. Toncoin (TON) against its peers has been underperforming. The Q4 of 2023 saw the coin in the top ten of cryptocurrency market capitalization which is lower than it’s currently at 14.
Despite a Successful SEC Win Ripple (XRP) is Still on a Downward SpiralAnalysts believe that there is a turnaround for Ripple (XRP) but holders and investors are looking for quick profits. Ripple (XRP) began 2024 bearish, plummeting in its market chart. The token is ranked 6th by market cap but it doesn’t seem like the market cap is enough to get the coin out of its bearish zone despite its dedicated community.
After its partial SEC victory Ripple (XRP) has yet to recover posting a 16% loss in the past month and underperforming in terms of returns on investment. Rippe’s (XRP) downward trend has cost the coin its place in the top five cryptos in terms of size leaving its 5th position for Solana (SOL) and now ranked 6th.
Pushd (PUSHD) Buying Rave is Not Letting DownPushd (PUSHD) market expectations are looking better than Toncoin (TON) and Ripple (XRP). Investors are taking advantage of Pushd (PUSHD) market price in its presales stage which is situated at $0.075. Pushd (PUSHD) offers rewards that are user centric like governance rights and platform shares.
In the $6 trillion crypto world Pushd (PUSHD) brings an innovative idea that offers not just a short term goal but also a long term one. Pushd (PUSHD) is built in a way that allows investors market activities to be fast and easy.
Website
Disclaimer: This article is a press release. COINTURK NEWS is not responsible for any damage or loss related to any product or service mentioned in this article. COINTURK NEWS recommends that readers carefully research the company mentioned in the article.
Thanks to a generous airdrop campaign, a Solana (CRYPTO: SOL) memecoin called Wen (CRYPTO: WEN) exploded to more than $150 million in market capitalization within the first three days of trading.
What Happened: Wen is currently being airdropped to over a million users, with the claim window open to users on Solana's Jupiter (CRYPTO: JUP) exchange, Solana Saga phone owners and owners of certain Solana-based NFT projects until the morning of Jan.30.
At the time of writing, 59% of the airdrop has been claimed, based on Dune data.
The WEN airdrop follows Solana's biggest decentralized exchange aggregator, Jupiter, planning an airdrop of JUP tokens on Jan. 31. The token’s first airdrop is open to 955,000 eligible users who met the $1,000 swap volume requirement by the snapshot date in November 2023.
Why It Matters: In the first three days of trading, Wen’s market cap of $150.9 million has already managed to surpass another Solana memecoin, Myro (CRYPTO: MYRO), which has a market cap of $132 million.
Crypto market analyst Julius Elum tweeted, “I'm considering adding $WEN as the Solana top meme into my Top 10 meme holding.”
He noted the pump was "mad," and the community was "growing massively."
Also Read: This Is Solana's New Dogcoin Superstar: From Zero To Over $100M Market Cap In 60 Days
Rags To Riches: Lookonchain data reported a trader who accumulated more than $1.6 million in gains after jumping on the Wen bandwagon. Immediately after Wen opened for trading, the unknown trader spent 125,500 USDC to buy 20 billion Wen and later sold 12.5 billion Wen for 807,000 USDC leading to a profit of $682,000.
Cryptocurrency traders are keeping a close eye on the Bitcoin market as a potential “bargain-buying” window opens up ahead of the upcoming Bitcoin halving, scheduled for April. Prominent pseudonymous crypto trader Rekt Capital has outlined a five-stage market pattern, signaling that investors may have just two weeks to make the most of favorable prices before a pre-halving rally begins.
Bitcoin halving: A catalyst for bullish sentiment The Bitcoin halving occurs approximately every four years and involves cutting mining rewards in half for miners. This event has historically been regarded as a bullish catalyst for Bitcoin’s price.
Rekt Capital highlights that the previous Bitcoin halvings have been characterized by steep price dips in the months leading up to the event, ultimately generating substantial returns for investors. The upcoming halving in 2024 appears to be following this historical pattern.
Rekt Capital points out that Bitcoin has already undergone an approximately 18% retracement in January, suggesting that there is currently a two-week window during which Bitcoin may undergo another significant pullback. According to the trader, this period could represent one of the final opportunities for investors to buy Bitcoin at attractive prices before the pre-halving rally begins.
#BTC
5 Phases of The Bitcoin Halving
1. Pre-Halving period
Approximately 77 days remain until the Bitcoin Halving in April 2024
Historically, any deeper retraces that occur during this orange period tend to generate fantastic Return On Investment for investors in the several… pic.twitter.com/8JC8qX2IVm
— Rekt Capital (@rektcapital) January 29, 2024 Pre-halving rally phase Following this potential short-term pullback, Bitcoin typically enters what Rekt Capital terms the “pre-halving rally” phase approximately 60 days before the halving event. During this phase, short-term traders aim to capitalize on the growing anticipation and “buy the hype” leading up to the halving. However, as the halving date approaches, a “sell the news” sentiment tends to set in, often occurring one to three weeks before the halving.
In the previous two Bitcoin halvings, Rekt Capital notes that a significant price dip occurred during the weeks preceding the halving. 2016, there was a 38% price dip, while in 2020, a 20% drawdown was observed. This pre-halving retrace is common as traders take profits, resulting in a temporary price decline.
Post-halving : Sideways price action Once the halving event has successfully transpired, Bitcoin enters a relatively “boring” phase characterized by sideways price action. This period can last an average of 150 days, often disappointing investors who expected immediate price surges following the halving. Many investors get “shaken out” during this time due to the lack of significant price movements.
Finally, Rekt Capital highlights the “parabolic uptrend” phase that follows months of accumulation and sideways trading. Bitcoin experiences accelerated growth during this phase and often reaches new all-time highs.
While Rekt Capital emphasizes the importance of the halving in shaping Bitcoin’s price action, not all experts agree. Some argue that the impact of halving on price is diminishing, with other factors taking precedence.
Ralph Zagury, Chief Investment Officer of Swan Bitcoin, suggests that liquidity is more integral in influencing Bitcoin’s price in 2024. He contends that flows and market dynamics are the primary drivers of price, rendering the halving less impactful than previously thought.
If you are looking to buy Toncoin (TON), the native cryptocurrency of “The Open Network”, the present blog post assists you in the process. Before learning the platforms where you can buy Toncoin, you need to learn the multiple ways of buying it. Here, we cover everything from the ways of buying TON to the platforms that support buying TON in detail.
Let us first go through the Toncoin in brief in case you are new to this cryptocurrency, before walking you through various platforms to buy Toncoins in 2024.
Toncoin Overview Toncoin or TON is the cryptocurrency of layer1 blockchain called “The Open Network”. Similar to multiple other blockchains, Toncoin works based on the Proof-of-Stake (PoS) consensus mechanism to save resources.
The blockchain network underlying the Toncoin was originally developed by Telegram social media platform in 2018. “Telegram Open Network” was the initial name of the blockchain and “Gram” cryptocurrency was supposed to be the native crypto of it.
However, the developer team from Telegram abandoned the project when it faced trouble from the US Securities and Exchange Commission. The SEC considered Gram tokens securities, which eventually caused the token to stop circulating in the market.
Even though the Telegram team gave the network a full-fledged form, they left the project and handed it over to supporters and independent crypto enthusiasts. The new group of people formed the TON Foundation, which currently runs the Toncoin project.
“The Open Network” is a best-suitable platform for developing decentralized applications (dApps) and for making digital transactions at high speeds. The less-energy consuming nature of its PoS mechanism combined with its high performance capabilities make The Open Network one of the noteworthy projects in the industry.
Where Can I Buy Toncoin? When it comes to buying Toncoins, there are numerous platforms. Here, we will discuss all of them to help you find the platform that is convenient for you.
Centralized Exchanges Centralized crypto exchanges (CEXs) are the best places to get started with buying any cryptocurrencies. They offer simple-to-use interfaces and lowest possible fees and play a great role in introducing cryptocurrencies to new audiences. If you are also new to the crypto space, then centralized exchanges are the right choice for you to buy Toncoins.
Popular crypto exchange platforms such as OKX, KuCoin, and Bybit allow you to buy and sell Toncoins. You can choose either of the platforms and create an account to start buying Toncoins. MEXC Global, Huobi, BitMart, LBANK, BingX are few other centralized crypto exchanges that also help you interact with Toncoins.
However, it is important to consider the supported payment methods of a centralized exchange before choosing it and creating an account. Most of the CEXs support bank transfers, credit and debit card payments. But, you need to make sure whether your preferred fiat currency and the payment method is supported by the platform.
Decentralized Exchanges While centralized exchanges are best for user-friendliness, decentralized exchanges (DEXs) are preferred to have complete control over your assets.
If you are more into DEXs and would like to buy Toncoins on a decentralized platform, there are two types of DEXs. You can either use Ton-native DEX platforms like Megaton, DeDust, and STON.fi or you can also go for renowned DEXs like Uniswap, PancakeSwap, and 1inch.
When you choose to buy TON on DEX platforms, having stablecoins in your wallet is necessary. Stablecoins like USDC and USDT help you make the process of buying smooth. Additionally, Uniswap and PancakeSwap support BTC and ETH as well apart from stablecoins.
Crypto Swapping Platforms Crypto swapping sites have emerged in the last few years to serve the growing demand of crypto investment. Several popular crypto swapping platforms like Changelly, ChangeNOW, and SimpleSwap help you exchange USDC, USDT, BTC, ETH coins with Toncoins.
Even though the process of acquiring TON is similar in CEXs and crypto swapping sites, there is a difference in how they enable the purchase. Crypto swapping sites only allow you to convert one crypto into another and enable swaps within a few minutes.
Telegram Bots Apart from the above platforms, Telegram bots also help you buy TON in a simple manner. While CEXs allow you to buy TON with different payment methods, DEXs use liquidity pools to ensure buying and selling of tokens. However, when it comes to Telegram bots, a new process of buying called peer-to-peer trading comes into picture.
CryptoBot, TON Rocket, and @wallet are the top Telegram bots that help you buy Toncoins in a peer-to-peer market. In this process, you will connect with a seller and you both will agree on the fiat currency and payment method. When the payment is done, the seller will transfer Toncoins to your wallet.
However, this is a risky method to follow because it could involve counterparty issues. So, you must choose how and where to buy Toncoins wisely after a thorough research and understanding of the pros and cons to avoid the risks. A thorough research and awareness of the security and reliability of the platform is essential before investing funds and buying Toncoins.
