You can’t really discuss the topic of cryptocurrency mining without getting into issues surrounding the concept of centralization. One of the greatest aspirations of cryptocurrency communities is to decentralize the monetary system and create “trustless” transactions.
While Bitcoin made a lot of headway towards a trustless currency, there are still concerns. The concentration of power among ASIC miners in a few locations make some people wonder if mining is becoming too centralized.
GPUs And Decentralization At present there are two leading forms of mining, as Crypto Briefing has previously explained. Bitcoin, Litecoin and other leading cryptocurrencies can be mined with ASICs, highly specialized devices which can only perform a specific algorithm. Monero, Zcoin and some other cryptocurrencies can only be mined by commercially-available GPUs and CPUs
GPUs are common and relatively inexpensive. A standard gaming PC has at least one GPU in it, sometimes two. These video cards, distributed all over the world, allow for a widespread and highly decentralized network.
ASICs on the other hand, are more specialized, very expensive, and much harder to find. Because they are expensive and harder to set up, ASIC networks tend to be centralized among the wealthier people who have the means to purchase them and set them up on a large scale.
Bitmain Versus Everybody Else It doesn’t just stop at individuals. Relatively few entities control the large mining pools which dominate the most popular Proof-of-Work coins, particularly Bitcoin. Bitmain, which manufactures the most popular ASICs (there are some competitors emerging on the scene) controls two of the largest Bitcoin mining pools, Antpool and BTC.com.
In fact, at one point in time, their pools controlled nearly 50% of Bitcoin hashrate, although their share has diminished over the past year.
But just because a pool is centralized, that does not necessarily mean that the miners within the pool are also centralized. If miners notice that their pool is acting maliciously, they can simply switch to another pool.
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Even a leading pool operator, like Bitmain, would still have to work in concert with a massive number of miners, which would cost much more than it would return. In an article examining Mining Centralization Scenarios, Jimmy Song points out the extreme costs of attempting to maintain such a large-scale attack.
But when a single manufacturer produces the most popular mining equipment, “back-doors” exploits become more likely. For example, Bitmain could surreptitiously install a “kill-switch” that would reduce block productivity on non-Bitmain pools. However, these back-door tricks would also run the risk of being discovered and decimating Bitmain’s balance sheet as miners switch to different equipment in the future.
So while large entities like Bitmain may be a centralizing force in Bitcoin and a number of other cryptocurrencies, free market dynamics tend toward decentralization, competition, and innovation. Due to competition and improving profitability, the distribution of ASIC mining pools is diversifying, trending away from the possibility of monopolization.
Electricity Costs Around The World There’s also a possibility of geographic centralization, as miners flourish in areas with the cheapest energy. This can be due to economic conditions or because of the availability of cheap sources such as hydro-electric dams.
In much of the United States, residential electricity rates range around the 13 cent per kilowatthour average, but can be as high as 20 cents in some regions and as low as nine cents in a few states. For larger mining operations, industrial rates are quite a bit cheaper, but it can still be pretty tough to compete against regions where electricity is much less expensive.
Because the cost of electricity is hugely important in figuring out the profitability of any PoW mining operation, high-capacity ASIC mining operations are drawn to locations where the electricity is cheap.
That’s why so much cryptocurrency mining is performed in China, where electricity is cheaper than almost anywhere else. Quebec is also attracting attention due to its surplus of hydro-electricity. This could be another weak point, as mining hashpower concentrates in certain regions.
Multi-million Dollar ASIC Farms Versus Multi-million Dollar GPU Farms But even if ASICs fell by the wayside, one could also set up a hugely expensive GPU farm. GPUs themselves do not negate the centralization problem, although they may reduce it due to their widespread availability and usage.
It would be considerably more difficult to gain control of a GPU network, simply because there are already so many GPUs distributed around the world. But if someone designed a new GPU that was highly powerful, efficient, and expensive, it could result in a similar problem.
Higher Hashrates Theoretically, the more decentralized a PoW network is, the more secure it should be, but it may sacrifice speed for safety. Miners are incentivized to increase their hashing power for more frequent block rewards, which also increases network security.
A high hashrate means that there is more competition among miners, making the network more expensive to mine. The higher the hashrate, the more expensive it is to to set up or rent the necessary hashing power to launch a 51% attack. At some point, it becomes so costly that it just isn’t worth attempting such an attack.
51% Attacks If any single entity or group of colluding entities manage to control 51% of a network, lots of bad things can happen. Most importantly, the 51% controlling entity can essentially double-spend the currency.
In a typical double-spend, attacker creates a public transaction that spends some currency, typically by moving it to an exchange. Meanwhile, they use their superior hashing power to create a secret, longer chain, which does not include that transaction, and broadcast it to the rest of the network. Since consensus defaults to the longer chain, they have effectively spent the same tokens twice.
Some lower hashrate PoW networks like Bitcoin Private and Bytecoin are susceptible to 51% attacks because it requires relatively little hashing power to take over these networks. Even bigger names like Bitcoin Cash and Ethereum Classic have fallen victim to such attacks.
ASICs can contribute to centralization if a few wealthy and powerful parties manage to gain more than 51% of a network’s hashrate. Bitmain and some of its affiliates control somewhere around 40% of all of the Bitcoin network’s hashing power. Of course, it would not be in Bitmain’s best interests to diminish the value of the Bitcoin network since they have so much invested in it. Yet, there is a degree of trust that is necessary because of the extent of their influence in the present conditions.
Still, it looks like ASICs are here to stay, with their collectively massive computational power ensuring the security of Bitcoin and a number of other PoW-based networks. In the next and final installment in this series on mining, we will take a closer look at the numbers involved in profitable mining and will conclude with an examination of the ongoing battle for greater decentralization.
This is Part 2 of a series on cryptocurrency mining. For Part 1, click here.
Disclosure: This article was edited by Darren Kleine. For more information on how we create and review content, see our Editorial Policy.
This past Thursday, the crypto community started buzzing about a whale sighting. Rumors abounded. It was a big one, one of the biggest whales they’d ever seen.
What does that mean? Well, for those of you who haven’t gotten off the trad finance boat completely yet, whales are the big movers and shakers in the crypto industry. While most daily activity that occurs on crypto exchanges is comprised of small-fry daily traders, when whales move, they have the power of changing tides in the market.
When considering role whales play in the digital economy, it is important to note that the disparity of Bitcoin distribution is remarkable. One percent of Bitcoin wallets possess 55 percent of the Bitcoin in circulation. To put that in perspective, in the US, where wealth inequality is often the subject of political debate and considered a problem that needs to be addressed, the top one percent is in possession of 35 percent of the nation’s wealth.
Now, one could rightly object that comparing Bitcoin wealth distribution to US wealth distribution is apples to oranges. They are totally different things based on circumstances and factors of an entirely different scale. However, we are talking about a lot of money, whichever way you cut it. And for an economic system that is often portrayed as a remedy to the problems associated with the traditional financial system, Bitcoin wealth inequality is nothing to scoff at.
The Four Species of Crypto Whale Now, in terms of the whales themselves, typically, crypto analysts have identified four kinds of whales. There are traders, early adopters and miners, wallets with lost private keys, and criminals.
Concerning the traders, analysts have estimated that about 33% of the whales are active traders. These traders vary from individuals who have personally accumulated massive wealth to institutions that collectively work the market. In terms of their specific trading tendencies, trader whales buy the dips. These guys have bought in to Bitcoin for the long term. This is significant because whenever there is a significant downturn in the market, the first instinct of many in the industry is to blame the whales for selling out. However, research has shown otherwise, and as it turns out, big traders tend to operate against the grain, striking when the little fish are panicking. Their effect then is a stabilizing one more often than not.
The next group of whales are the early adopters and miners, These people tend to have gotten in on the ground floor years ago. The wallets associated with these accounts were created in the early years of Bitcoin. These whales believed in Bitcoin early and were able to acquire vast sums of the currency by spending a relatively small amount of money, or mining when it was much easier. Early adopter whales tend not to trade much of their holdings. Some of them cashed out in 2017 and 18 and made huge fortunes for themselves.
The third group of whales are a sad, sad lot. The wallets tied to this group are generally classified as belonging to people who have lost their private keys for good. There are a substantial number of these people. An estimated 212,000 bitcoins are stuck in wallets that have been completely inactive since 2011. At the time of writing, that comes to over $2 billion.
The last group of whales garners the most attention. These are the cyber criminals. These people have acquired their digital fortunes via hacking and other illicit methods. Just three of the 32 largest Bitcoin wallets have been positively linked with criminal activity, but even with just three, the collective sum at press time is more than a billion dollars.
The Big Time CrooksI have used this space before to talk about how the perception of Bitcoin (and by extension all cryptocurrency) as a tool for criminals is not really justified. Since its inception, Bitcoin has been mistakenly characterized as an anonymous digital currency, which has positioned it — in the minds of the press and others who don’t know better — as the ideal solution for criminals looking to hide their tracks.
Much has specifically been made of cryptocurrency being used by terrorist organizations. When you look at the facts however, this line of thinking just doesn’t hold up. As numerous stories in the press will attest to, Bitcoin is not an anonymous cryptocurrency. Two of the whale criminal wallets have been identified as being connected with the Silk Road dark web marketplace, and the third has been linked to money laundering activities.
The prevalence of crime connected with Bitcoin is not much different than that of crime connected with the US dollar or any other asset or item of value. Criminals tend to use whatever tools are available to them in order to achieve their ends.
It is convenient for lawmakers and others whose vested interest is in keeping the current economic system in power to paint cryptocurrency as something dangerous. If it is dangerous, it is only really dangerous to the old guard, who have no problem with chaos and tragedy just as long as it happens to their neighbor and not them. Economic rights are not something a state should have the power to give and take away, not in today’s world. That is why at Bytecoin we fight to push back against the institutional overreach that has defined that has come to define modern life.
Consider the act that we can identify the biggest whales in the crypto industry and keep tabs on when and where they move their money. Can we do that in traditional finance? Are we ever allowed behind the veil?
Thursday’s SurfacingGetting back to last Thursday’s whale sighting, the party responsible moved 94,505 bitcoins which comes to just under a billion dollars at press time. There were three possibilities that emerged as sources of the transaction. The first is that the wallet is connected to the Huobi Exchange, which is tied to many of the wallet’s previous transactions. Outside of that, commentators have suggested that the funds belong to the new Bakkt Warehouse project or represent a partial cashing out of the PlusToken ponzi scheme. As of now it is still unclear what exactly happened, and it should be interesting to see what new information comes to light.
In case you missed, catch up with this story in part 1 here.
Snowden first got involved with American intelligence agencies after visiting a job fair in 2006. The CIA offered him a position as a junior employee on a computer team where he distinguished himself with his elevated abilities and was selected to be sent to the CIA’s secret school for technology specialists. After spending six months at the secret school, living in a hotel and studying full-time, Snowden was sent to Geneva with diplomatic cover where he looked after CIA computer network security.
Later, Snowden recalled that it was in Geneva that his disillusionment with the work he was doing started. In an illustrative episode from his time there, Snowden said that CIA operatives deliberately got a Swiss banker drunk and encouraged him to drive home. Once the man was arrested for drunk driving, the operatives were able to get him to cooperate in return for making his legal troubles go away.
Snowden would resign from the CIA but find a job working for Dell doing contract work for the NSA, before working for consulting firm Booze Allen Hamilton, where he also did contract work for the NSA and was stationed in Hawaii.
Snowden has described the people working on these top secret programs as a bunch of kids “thrust into a position of extraordinary responsibility, where they now have access to all your private records. In the course of their daily work, they stumble across something that is completely unrelated in any sort of necessary sense—for example, an intimate nude photo of someone in a sexually compromising situation. But they're extremely attractive. So what do they do? They turn around in their chair and they show a co-worker ... and sooner or later this person's whole life has been seen by all of these other people."
In the modern world, data is power. Snowden’s action as a whistleblower drew the curtain back on the abuses of power that are occuring in the digital space. This is what comes with centralized solutions to security. It is too much power. Intelligence agencies should not have jurisdiction over the intimate.
In the aftermath of Snowden’s disclosures, the intelligence agencies have claimed that they have changed their policies and that they no longer engage is these kinds of activities, but they obviously cannot be trusted when it comes to these things.
Snowden is back in the news today because his memoir, Permanent Record, was published yesterday, which prompted the Justice Department to sue him and his publishers for disclosing material that was protected by the contracts he signed while working as a government contractor. While the lawsuit is troubling, it has brought more attention to the book which is now the number one bestseller on Amazon.
Hopefully, the publication of Permanent Record, will stoke the coals of indignation in America and abroad. We are in the midst of a privacy crisis. Our work at Bytecoin is centered on providing users with solutions that put their data back in their hands and keep it there. If we are going to turn the tide back in favor of the individual against the major financial institutions and the far reaching arms of the government, cryptography will be key.
If you’re tuned into the workings of the financial market you may have noticed that the Fed stepped in this past week to bailout the repo market. This is the first move of its kind — the government stepping in to bail someone out — since 2008.
The repo market is one of the key structures supporting trad finance. This market exists so that banks and lenders are able to have the liquidity necessary to perform their everyday trading activities.
The way the repo market works is that banking and Wall Street big guns offer up US Treasuries and other assured assets as collateral to raise capital so that they can lend money or trade on a day-to-day basis. The bonds are usually only laid down overnight and then repoed or purchased back the next day with minimal interest. There is about $1 trillion worth of business being conducted on the repo market everyday, and the interest rate is usually in the area of the Federal Reserve’s benchmark overnight rate, but when there is not enough liquidity in the system or when banks are wary of lending it makes the repo rate soar. This is what happened in the global financial crisis ten years ago.
A high repo rate can cause problems for the global economy. Without an easy means of lending and raising capital, institutional trading is liable to to get impeded in its functioning, and if the impediment is extended it can trigger a wholesale recession.
When the great recession happened ten years ago, the borrowing rate shot up exponentially. As part of the massive government bailout, the Fed cut rates to near zero and bought over $3.5 trillion in bonds. The low rates were maintained until 2015, when the Fed, sensing that the recovery was firm, decided to raise interest rates and slim its bond portfolio.
This produced a spike in borrowing rates and a drop in reserves which, despite the fed changing course and re-lowering its rate, reached a boiling point this past week. Borrowing rates on overnight repo loans rose to as high as 10%, more than four times the Fed’s recommendation, as trading funds dried up across the board.
With grim financial consequences for the global economic system in the balance — should the rate hike continue in its trajectory — the Fed stepped in and made emergency injections totalling $278 billion so that the big banks had enough cash on hand to continue with their daily lending and trading procedures. This is the first time the Fed has engaged in such active, preventative measures since the bailout that saw the interest rate sink so low.
The question most trad finance analysts have now is, is it enough? The injections are significant both due to their size and what they signify, namely that the market is in a precarious position. There are enough signs of a downturn that the Fed thought it was necessary to act, and to act swiftly.
Fed officials tried to downplay the injections as a response to a liquidity aberration that resulted from a concatenation of circumstances in the bond markets and corporate tax payments. But the problem with this line of reasoning is that the circumstances just keep on concatenating; there are other troubling economic signs that can’t simply be dismissed, among them the trade deadlock with China, Wall Street jumpiness over possible impeachment proceedings and $17 trillion in bonds showing returns in the red.
There have been chatterings of something big coming. Global recession big. But this is not really surprising to many in the crypto community. At least not to those of us who are in it for more than just making a quick buck.
The fact that the financial stability of the globe is propped up by an overnight, white-color pawn shop that can simply stop working due to circumstance is very telling. After losing the Battle of Rossbach in 1757, King Louis XV of France is said to have remarked “Après moi, le déluge,” which has become a proverbial expression meaning “after me, let the deluge come.” This is the attitude that fuels the wild speculation of Wall Street and global finance.
Everyone knows that someday all of these riches, all of this material abundance, the excess — someday it is all going to come crashing down. It wasn’t that long ago when fissures in the foundation of the system became visible, and yet it is still portrayed as being too big to fail. By now we should all have come to grips with the fact that the only people for whom the system is too big to fail are the people profiting off of it the most. As long as these people get theirs, the hell with all the rest of us.
Crypto was born out of disgust with that attitude and intended as a corrective measure to reground finance. Cryptocurrency was about responsibility, specifically reestablishing it as an alternative to reckless speculation. Ironically, it has been labelled a threat to financial security. At this point what isn’t a threat to global financial security? A gust of wind could topple this tight-rope act.
What we at Bytecoin and other like-minded people and projects have been doing is trying to reintroduce choice into finance. I think that most people, if given the option, would like to have more say in their personal finances and have more say in how their data is used. Judging by the political turmoil around the world, the system in place right now isn’t cutting it. It is my hope that cryptocurrency will be able to make good on the promise that so many of us see in it, before the waters start getting too high.
The leading crypto exchange Binance has removed 30 trading pairs from its platform.
Binance says it axed the pairs to “improve liquidity and user trading experience among our wide range of available assets.”
The sweep included the removal of BitTorrent Token’s (BTT) relatively recent pairing with Bitcoin. BTT remains paired with Binance Coin, Tether (USDT), Paxos Standard (PAX), TrueUSD (TUSD) and USD Coin (USDC).
Here’s a look at all of the pairs on the chopping block.
Back in April, Binance delisted Bitcoin SV (BSV) from its platform entirely.
At the time, Binance CEO Changpeng Zhao denounced the rhetoric of BSV creator Craig Wright and called him a “fraud.”
The exchange also removed Bytecoin (BCN), ChatCoin (CHAT), Iconomi (ICN) and Triggers (TRIG) in October of last year, citing a broad list of criteria required for coins to remain on the platform.
Commitment of team to project Quality and level of development activity Network/smart contract stability Level of public communication and activity Responsiveness to our periodic due diligence Evidence of unethical/fraudulent conduct Contribution to a healthy and sustainable crypto ecosystem [adinserter block="1"] [the_ad id="42537"] [the_ad id="42536"]
By now, you probably know the story of CryptoKitties by heart. The trading game pioneered non-fungible tokens (NFTs) in 2017, and buyers were eager to get in on the craze. Early on, the average CryptoKitty cost $80—but then, the NFT’s trading volume and average price dropped like a rock. Today, the average CryptoKitty is worth just $1.50.
CryptoKitties market data via Nonfungible.com But although CryptoKitties are struggling, non-fungible tokens have gained traction elsewhere. Decentraland, for example, is using NFTs to represent parcels of virtual land, while companies like Enjin are using NFTs for in-game items. Even the Ethereum Name Service is using NFT tokens—in this case, tokens represent unique domain names.
However, there has been little investigation into the size of the NFT market. NFTs are not as obscure as they were two years ago, but they are still largely overlooked: most major exchanges and market aggregators have ignored the trend. To find out how big the NFT market is, we dug into the data—and the numbers may surprise you.
How Big Is the Biggest NFT Marketplace? OpenSea is the largest NFT marketplace by trading volume. It first went live in January 2018, and it has handled over 25,000 ETH, or $4.5 million, since then. Typically, the site trades about 50-150 ETH ($9000-$27,000) of NFTs per day. These numbers are even more impressive in light of the fact that most of its trading took place this year:
OpenSea trading volume (in ETH) via DAppRadar Right now, OpenSea has a daily volume of 80 ETH, or $15,000. If OpenSea were a traditional exchange, it would rank at #180 on CoinMarketCap. This isn’t massive, but it is a good start. For scale, OpenSea’s daily volume is about 1/10th of Waves DEX’s daily volume, or 1/5th of Switcheo‘s daily volume—two minor but well-known exchanges.
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OpenSea fares even better when it is compared to other NFT markets. Auctionity has slightly more users at the moment, but OpenSea beats Auctionity’s daily trading volume fifteen times over (5 ETH vs 80 ETH). There are other NFT marketplaces, such as Rare Bits, which do not publish data—but in any case, OpenSea appears to dominate.
How Big Are the Biggest NFTs? There are currently two tokens vying for the title of “most valuable NFT.” Nonfungible.org suggests that Decentraland’s land parcel tokens, which have a weekly trading volume of $42,000, lead the market by this measure. OpenSea, however, suggests that MyCryptoHeroes, a series of battle tokens, have a weekly volume of 350 ETH ($60,000).
In any case, weekly trading volumes for the largest NFT token are currently somewhere in the ballpark of $50,000. Though subject to change, this is on par with the current weekly volume of a few middling cryptocurrencies. For example, Bytecoin experienced a $57,000 trading volume this week, while Aragon traded $68,000 this week.
Meanwhile, minor NFTs have somewhat lower trading volumes—typically, they move less than 100 ETH per week. But collectively, they are impressive: if OpenSea’s top twenty NFTs were combined, they would have a weekly trading volume of 1120 ETH ($200,000), which is roughly equal to the weekly volume of Factom ($250,000/week).
The Need For Better Statistics It’s unlikely that CoinMarketCap and other market aggregators will begin to rank NFTs and NFT marketplaces any time soon. Even dedicated sites like OpenSea and Nonfungible.com only collect data for a few dozen NFTs. Plus, there are no standard practices for dealing with artificial and unusual market activity when it comes to NFTs.
There are already irregularities: for example, OpenSea’s Ethereum Name Service tokens increased in value by more than 30,000% this week. This rapid change was due to the fact that initial auctions took place over several weeks and were finalized at once. (The auction was exploited as well, but this occurred on a small scale and had no effect on price.)
More broadly, market cap may be a poor measure of an NFT’s success, as it extrapolates average NFT prices to a supply of tokens that may never sell at their listed auction price. We chose to observe trading volume, as it only concerns tokens that have been sold. To account for price changes, long-term trading volumes may be an even better measure.
Are NFTs Big Enough to Go Mainstream? NFTs aren’t as big as they are often made out to be. Reports of a multi-billion dollar annual market for cryptocollectibles are likely overblown: this estimate seems to be based on data about physical collectibles ($200 billion per year) and the video game industry ($50 billion per year). Cryptocollectibles won’t take over these markets entirely.
Still, the fact that OpenSea can handle millions of dollars in NFTs per year is a good start. Plus, the market for NFTs may get bigger: OpenSea only handles NFTs based on Ethereum’s ERC-721 standard. Other blockchains, such as EOS and NEO, already have NFT standards—which means the market may be bigger than what we’ve estimated.
To be even more optimistic, it is possible that a single NFT will become too big to ignore. Many current NFTs, such as Decentraland property, have largely speculative value, but it may only be a matter of time until a non-fungible token becomes as sought-after as leading cryptocurrencies.
Then, everyone will want a piece of the action.
Disclosure: This article was edited by Mike Dalton. For more information on how we create and review content, see our Editorial Policy.
The start of the new week came as a sad one for traders as the bears take over the cryptocurrency market, correcting Bitcoin price to below the $9600 region. At the time of writing, the coin is trading at $9,627.
The current volatility in the market could be tied to the ongoing selling pressure and transfer of 600 BTC ($5,753,286) to BitMEX, which took place at block 617782. If the bearish movement continues, Bitcoin could dip further to $9170 and even $9000. At the time of this writing, however, BTC managed to recover and is pushing up to $9,700 once again.
Our bot just picked this up. Volatility incoming 📈📉
💵 A $5,753,286 (600.0000 BTC) deposit into #BitMEX has been confirmed at block 617782.
— TokenAnalyst (@thetokenanalyst) February 17, 2020
Altcoins, on the other hand, are facing significant price crashes and recorded significant losses. Although the market has started recovering from the sudden slump, Bitcoin Cash (BCH) and Ripple (XRP) are the biggest losers in the top 10. XRP retraced to $0.281 while BCH plunged to ($404). The crash in the altcoin markets briefly pushed Bitcoin dominance to over 63%. As the market started to recover, however, altcoins seem to reclaim grounds as the dominance is currently at 62.4%.
It’s interesting to see where the market goes from here. It appears that it may have been a healthy correction as over the past couple of weeks bulls were in complete control.
Total Market Cap: $276 B | Bitcoin Market Cap: $174 B | Bitcoin Dominance: 62.7%
Major Crypto Headlines Binance Applied For Operating License In Singapore, Confirms CEO Changpeng Zhao. Just a month after Singapore released its comprehensive regulation for crypto businesses, Binance has filed for operating license in the country, CZ revealed.
You may also like: Market Meltdown: MemeCore Crashes 76% as MIM Breaks Peg to $0.50 Brutal Bitcoin Liquidation Cascade Imminent Below $59K, Warns Analyst Bitcoin Price Crashes Below $60K as Strategy’s MSTR Plunges 10% Russia’s Central Bank Completes Blockchain Pilot To Issue Tokenized Assets. The central bank of Russia has reportedly completed a pilot project for the issuance and circulation of digital rights. The platform can be used to digitize goods, services, securities, and other assets.
IOTA Releases Safe Version of Trinity Desktop But Mainnet Remains Suspended. IOTA Foundation has launched a safe version of the Trinity wallet that will enable users to see their balances and transactions on Desktop. However, the Mainnet remains suspended until the project team finalizes their remedial plans.
Significant Daily Gainers and Losers Hedera Hashgraph (19.82%) HBAR, the native cryptocurrency of the Hedera Hashgraph, emerged as the most significant winner in the top 100 with 19.82% gains on the trading session. The coin’s performance today will definitely leave HBAR day traders basking in euphoria considering the current market situation. At the time of writing, the coin is trading at $0.051 with a market cap of $164,993,621. The Hedera Hashgraph network is growing rapidly, and research shows that the platform processed over 36 million transactions over the last six months.
Centrality (9.63%) With a 9.63% gain on the trading day, CENNZ wins the spot as a top performer over the last 24 hours. The increase in value today has pushed the coin’s price to $0.100654 and its market cap to $84,797,804. CENNZ is ranked as the 72nd largest cryptocurrency in the world according to market cap. The project has made a lot of progress since its launch. Centrality recently completed its Habanero stage on its roadmap and they are moving to the next phase known as Scotch Bonnet.
Bytecoin (-11.24%) On February 15, BCN made a significant price move and traded as high as $0.000690. However, following the bear market, the coin has slumped to a current price of $0.000456.
After last week’s plunge of over $1,500, Bitcoin rattled its 2020 positive run. The question remained if the $8,500 critical support level could hold the downfall, and, so far, it has.
The largest cryptocurrency dipped below it to $8,440, but it managed to recover quickly. At the time of this writing, Bitcoin is trading at approximately $8,700.
If BTC continues to increase, the first significant resistance level lies at $8,800, followed by $9,000. The latter also serves as a major psychological line.
BTC/USD. Source: TradingView Most of the cryptocurrency market notes small upwards movements today. Ethereum, Litecoin, Tezos, and EOS are all up with around 1%.
Bitcoin Cash and Bitcoin SV are the most significant gainers among the top 10 coins by market cap. The former is up with 2.66% to $322 and the latter with 4.6% $234.
Contrary, Huobi Token records the largest decline in the top 20. HT is down with over 4% and is currently trading at $4.66.
You may also like: Brutal Bitcoin Liquidation Cascade Imminent Below $59K, Warns Analyst Bitcoin Price Crashes Below $60K as Strategy’s MSTR Plunges 10% Bitcoin’s Network Is Booming Even as Prices Remain Below Record Highs Major Crypto Headlines Breaking: Bitfinex Exchange Goes Under Unscheduled Maintenance, Suspects DDoS Attack. The popular cryptocurrency exchange, Bitfinex, went through unscheduled maintenance on Friday. Even though the company suspected a DDoS attack on its network, later, Bitfinex said that all issues had been resolved.
Interestingly, OKEx went through an unscheduled system update on the same day, as well.
Beating the Odds? Insolvent FCoin To Resume Operations And Attempt To Refund Users. FCoin exchange became insolvent in February and was unable to pay its customers an estimated amount of $115m worth of Bitcoin. A few weeks later, however, the firm promised to refund the affected users and to start operating again.
Ripple Partners With European Remittance Company Azimo But Legal Troubles Continue. Ripple partnered up with a European online remittance service company Azimo to serve customers in the Philippines. At the same time, though, the company’s legal issues with Bradley Sostack continue.
Significant Daily Gainers and Losers Bytecoin (23%) BCN skyrockets today with 23% gains against the U.S. dollar to $0.0005. It rises with 21.6% against the largest cryptocurrency, and BCN/BTC currently trades at 6 SAT.
With the most recent price increase, the total market capitalization of Bytecoin is well above $92 million.
AELF (12.32%) Elf is in the green today, as well. It rises to $0.1, after a 12% price jump. Elf trades at 1163 SAT after an 11% increase against Bitcoin.
The company recently published a comprehensive guide on how to utilize its network mechanism securely.
Kyber Network (-12.45%) On the other side of the scale sits KNC’s price. After yesterday’s surge to $0.85, KNC drops to $0.7. It also goes down to 8074 SAT, following a 13.5% drop.
Despite the most recent decrease, Kyber Network still has a total market cap of above $125 million.
The last few days were quite turbulent for Bitcoin and the entire cryptocurrency market. BTC went to retest the support at $5,800, losing $800 of its dollar value in the process. However, it has since bounced, and it’s currently trading at another important support level at $6,300.
BTC/USD. Source: TradingView This weekend saw $5,850 as the current weekly low, and that’s far from being a coincidence. As Cryptopotato reported, the $5,900 area holds very strong support as it also represents the 38.2% Fibonacci retracement level from the massive drop on March 12.
Looking at the bigger picture, Bitcoin would still have to close affirmatively above $7,168 to overcome the slump from the night of March 12. Until this happens, the cryptocurrency is likely to be considered in a bearish trend.
The rest of the market is following in Bitcoin’s footsteps. Throughout the past seven days, most of the large-cap cryptocurrencies are also in the red. ETH is down about 2.8%, EOS is down 2.19%, and so forth. Ripple (XRP) is the recent winner, as it increased by 6.7% throughout the week despite the declining market.
Cryptocurrency Market Overview. Source: Coin360 Major Crypto Headlines Russia’s Legislative Ban On Cryptocurrency Delayed Because Of The Coronavirus. The unexpected outbreak of COVID-19 has an impact on legislative procedures in Russia. According to a government official, the law which would ban cryptocurrencies from being used as a means of payment will be delayed.
Bitcoin HODLers: BTC Daily Transfer Volume Hits 15-Months Low. March has clearly been a devastating month for Bitcoin as the cryptocurrency lost almost $3,000 of its value. Moreover, on-chain transactions on the Bitcoin network have also declined to their 15-months low, according to data from Bitinfocharts.
Analysis: Gold Price Should Be $8,900 (5x Higher) And Here Is Why. The global financial markets were seriously affected by the spread of COIVD-19. This also had an impact on the price of gold, which was also unusually turbulent. According to one model, however, its fair value right now should be around $8,900.
You may also like: Market Meltdown: MemeCore Crashes 76% as MIM Breaks Peg to $0.50 Brutal Bitcoin Liquidation Cascade Imminent Below $59K, Warns Analyst Bitcoin Price Crashes Below $60K as Strategy’s MSTR Plunges 10% Significant Daily Gainers And Losers WAVES (17,06%) WAVES is currently the best performing cryptocurrency in the entire market for the past 24 hours. It’s up about 17% against the USD and 18.3% against Bitcoin. It sits on a total market cap just shy of $99 million with a daily traded volume of about $174 million. It’s the 48th largest cryptocurrency on the market.
ICON (14%) ICON (ICX) is another altcoin that marked serious gains throughout the past day. It’s up 14% against the USD and 15% against BTC. At $0.23 per coin, the cryptocurrency has a total market capitalization of $125.6 million and a daily traded volume of about $52 million. It’s the 38th largest cryptocurrency on the market.
Bytecoin (-14.4%) The past day hasn’t been particularly lucrative for Bytecoin as it becomes the worst-performing cryptocurrency over the last 24 hours. It lost about 14.4% against the USD and 13% against Bitcoin. BCN changes hands at $0.000196 and sits on a market cap of $36 million. Its daily traded volume is about $9,000, which is quite insignificant. BCN is the 85th biggest cryptocurrency on the market.
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BUSD and USDP issuer Paxos have come under New York regulators’ radar. Although there is no specific reason for the investigation, reports revealed that the New York Department of Financial Services (NYDFS) launched a probe into Paxos’ operations.
According to a recent report, someone familiar with this matter said the regulators are yet to clarify the reason behind the sudden investigation.
Why Is Paxos Under Investigation? While speaking to Bloomberg, a spokesperson for NYDFS refused to deliver a specific comment regarding the ongoing investigation. But they said the probing is part of the department’s initiative to protect consumers from the risks in cryptocurrency investments.
The spokesperson claims that NYDFS wants to understand the vulnerabilities and risks consumers and institutions might face from crypto market volatility.
Paxos became the issuer of BUSD, a dollar-pegged stablecoin, after its partnership with Binance in September 2019. BUSD is the third-largest stablecoin by market capitalization. Paxos is also the issuer of USDP (Paxos Dollar), launched in 2018, and the developer of PAX Gold (PAXG), a gold-pegged Ethereum token. According to data from CoinGecko, USDP is currently the sixth-largest stablecoin by market cap.
Paxos has been in the cryptocurrency business since 2012. That was when the firm started and launched itBit, a crypto exchange. The firm obtained its BitLicense (a New York-issued license for crypto service providers) from NYDFS in 2015, granting it legal permission to carry out cryptocurrency-related operations in New York.
Earlier, rumors circulated that the US office of the Comptroller of the Currency (OCC) might ask Paxos to withdraw its application for a full banking charter even though it obtained preliminary approval in April 2021.
However, on February 9, 2023, Paxos debunked these rumors, clarifying that it did not refuse any such order from the OCC. The firm also claimed its BUSD and USDP token reserves have 100% collateral in US dollars and Treasuries.
Paxos is seemingly a compliant firm since it has a BitLicense. So the news of its investigation by the NYDFS comes as a surprise in the crypto space.
The recent regulatory probing of the stablecoin issuer by the NYDFS may be linked with the regulator’s new regulatory guidance. However, it is still uncertain since the regulators, Binance, and Paxos have not commented on the matter.
NYDFS Previous Regulatory Activities In Cryptocurrency Space Paxos’ investigation isn’t the first move in the crypto industry by the New York regulator. Over the past year, the NYDFS has launched investigations on some crypto firms, including Coinbase.
Cryptocurrency market following bitcoin crash | Source: Crypto Total Market Cap on TradingView.com On January 4, the regulator launched an enforcement action on Coinbase, alleging that the exchange had 100,000 alerts regarding suspicious user transactions. As such, the NYDFS mandated the crypto exchange to pay a $100 million fine for NY financial services and banking laws violations and compliance deficiencies.
Featured image from Pixabay and chart from Tradingview.com
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SponsoredUpdated Feb 16, 2023, 4:23 p.m. Published Feb 13, 2023, 12:23 a.m.
2 min read
The U.S. Securities and Exchange Commission (SEC) intends to sue stablecoin issuer Paxos, which is behind the Pax dollar (USDP) and Binance USD (BUSD) tokens, over the latter stablecoin, the Wall Street Journal reported Sunday.
An SEC spokesperson told CoinDesk the commission does not comment on the existence or nonexistence of a possible investigation.
The SEC is alleging that BUSD is an unregistered security, according to the report. The news comes days after CoinDesk reported Paxos is under investigation by the New York Department of Financial Services, although the scope of NYDFS' investigation is unclear.
BUSD is a Binance-branded stablecoin issued by Paxos, a New York-regulated trust company that also enjoys a provisional charter from the Office of the Comptroller of the Currency, a federal bank regulator.
Following the news of SEC's intentions, Paxos said it would halting the minting of new BUSD tokens.
A Binance spokesperson told CoinDesk: “BUSD is a stablecoin wholly owned and managed by Paxos. As a result, BUSD market cap will only decrease over time. Paxos will continue to service the product, manage redemptions, and will follow-up with additional information as required. Paxos also assured the funds are safe, and fully covered by reserves in their banks.
“Given the ongoing regulatory uncertainty in certain markets, we will be reviewing other projects in those jurisdictions to ensure our users are insulated from further undue harm."
Sunday's news comes right after the SEC settled charges with crypto exchange Kraken, when the regulator alleged its staking services were an offering of unregistered securities. Kraken did not admit or deny the charges under the terms of the settlement, but did shut down all of its U.S. staking programs.
Binance acknowledged last month that it had not always maintained the proper balance to back Binance-Peg BUSD (PBUSD), a wrapped version of BUSD offered on non-Ethereum networks that is backed by BUSD. After Bloomberg reported that there were issues with how PBUSD's backing was displayed, Binance said "on occasion in the past, there was a timing mismatch in backing Binance-Peg BUSD with BUSD." The crypto exchange claimed in a blog post that while there were issues in "the publicly viewable data," user redemptions were not affected.
UPDATE (Feb. 13, 2023 0:35 UTC): Updates with Binance blog post from January in final paragraph.
Binance CEO Changpeng Zhao (“CZ”) has commented on Twitter about the Department of Financial Services’ (NYDFS) directive to Paxos Trust Co. to stop minting new BUSD. As reported by the Wall Street Journal today, Paxos will continue to manage redemptions of the product.Existing BUSD’s remain fully-backed and redeemable through at least February 2024.
CZ explained that Paxos is regulated by the NYDFS and BUSD is a stablecoin wholly owned and managed by Paxos. As a result, BUSD’s market capitalization will only decrease over time.
Regarding the alleged lawsuit filed by the U.S. Securities and Exchange Commission against Paxos, the Binance CEO has no inside information, although CZ did announce product changes on Binance regarding BUSD.
Binance CEO Is Puzzled Rumors are currently circulating in the crypto community that U.S. authorities SEC and NYDFS could target stablecoins, attacking a cornerstone of the crypto ecosystem. Crypto journalist Frank Chaparro tweeted:
SEC is on an absolute warpath. […] I wouldn’t be surprised if they are reviewing USDC, specifically. One senior executive at an exchange told me a few days ago that the SEC was effectively embarking on its own crypto version of the ‘Night of the Long Knives.’
Whether the situation is really as dramatic and U.S. authorities want to put an end to stablecoins per se, remains to be seen and is not really clear at the moment. Binance CEO Zhao, for example, said that while he is “not an expert on U.S. laws,” but agrees with Miles Deutscher’s opinion in a tweet that stablecoins cannot be a security themselves.
“The SEC has labeled BUSD as an ‘unregistered security,’ and is suing its issuer, Paxos. But how on earth is a STABLECOIN considered a security, when it clearly doesn’t meet the Howey Test criteria. No one has ever had ‘the expectation of profit’ when buying BUSD,” Deutscher wrote.
Are US Authorities Starting A War On Stablecoins? This argument will be difficult for the SEC to refute, which illustrates that the U.S. Securities and Exchange Commission may not have a problem with stablecoins per se, but with the issuers’ interest products.
This is further evidenced by the SEC suing Kraken over its interest product, which was not a “true on-chain” staking product, as Coinbase CEO Brian Armstrong explained. Another hint is that Paxos’ USDP stablecoin is not included in the announcement, and that the SEC’s crackdown on BUSD may be solely related to its deposit and interest product.
And Circle has a similar product that earns interest. Presumably that’s why the USDC issuer could come under SEC scrutiny, but not because of the stablecoin itself.
It is hard to imagine how a stablecoin can be classified as a security, otherwise the US dollar would have to be. But since Paxos and Circle operate on U.S. soil and offer interest products, they are easy targets for U.S. authorities.
Therefore, the current news and rumors must be considered carefully. Nevertheless, the attack by the U.S. authorities is of course a risk that stablecoin issuers will have to cope with.
In the long run, however, the current situation should pass and stablecoins should continue to flourish and serve as a cornerstone of the crypto ecosystem, even in the US.
At press time, Bitcoin was dragged down by the news and traded at $21,560. For the moment, BTC was able to stay above the support at $21,465 in the 1-hour chart, although the price saw a dip to a new February low at $21,429.
Bitcoin price, 1-hour chart | Source: BTCUSD on TradingView.com Featured image from Edwin Hooper / Unsplash, Chart from TradingView.com
Binance Coin (BNB), created and issued by the exchange Binance has suffered a massive drop in its price action. The crash follows an investigation from the U.S. Securities and Exchange Commission (SEC) against crypto firm Paxos, which supports Binance stablecoin’s BUSD.
According to a report by The Wall Street Journal, the SEC has told crypto firm Paxos that it plans to sue the company for “violating investor protection laws.” This investigation follows a last week’s settlement with crypto exchange Kraken over its staking program in what appears to be a regulatory escalation against the industry.
BNB Affected By The Ongoing SEC Enforcement Actions The US government’s watchdog has told Paxos in a Wells Notice that Binance USD is an unregistered security. SEC Chairman Gary Gensler has stated on several occasions that crypto companies must provide “full disclosure information about their financial products.”
The New York State Department of Financial Services (NYDFS) ordered Paxos in a blog posted on the official page to cease minting Paxos-issued BUSDs due to “several unresolved” issues related to Paxos’ oversight of its relationship with Binance for Paxos-issued BUSDs.
The Department of Financial Services is currently monitoring Paxos to verify the company’s redemption in an “orderly fashion subject” to enhance risk-based compliance protocols.
Paxos has informed its customers that it will no longer be minting new BUSD tokens. The regulated blockchain and tokenization infrastructure platform recently announced that it would end its relationship with Binance for the BUSD-branded stablecoin.
Effective February 21, Paxos will cease issuing BUSD tokens in close coordination with the New York Department of Financial Services. The firm stated the following in a blog post:
Paxos has always prioritized the safety of its customers’ assets. That was true at our founding and remains true today. BUSD will remain fully supported by Paxos and redeemable to onboarded customers through at least February 2024. New and existing Paxos customers will be able to redeem their funds in US dollars or convert their BUSD tokens to Pax Dollar (USDP), a regulated US dollar-backed stablecoin also issued by Paxos Trust.
In this matter, Binance CEO Changpeng Zhao “CZ” has addressed the case on social media Twitter, stating that as a result of Paxos’s recent decision against issuing BUSD, the token’s market cap will only decrease over time.
In addition, CZ said that he foresees users migrating to other stablecoins over time. For CZ, If BUSD is ruled as a security by the U.S. courts, it will have a profound impact on how the crypto industry will develop or not in the jurisdictions it’s ruled as such. The Binance CEO stated:
Given the ongoing regulatory uncertainty in certain markets, we will be reviewing other projects in those jurisdictions to ensure our users are insulated from any undue harm.
BNB retracement in the four-hour chart. Source: BNBUSDT TradingView BNB is currently trading at $285.9, representing a decline of over 11% in the last 24 hours and 13% in the last seven days.
After the latest news, BNB’s price has plummeted, and if it fails to hold the support at the $260 level, it may face a further retracement to the $219 level, which could operate as the next support line for the Binance token.
Featured image from Unsplash, chart from Tradingview.
TUSD and USDP gained popularity in market share, with TUSD leading the race. The mean dollar invested age, market capitalization, and exchange reserve metrics show TUSD and USDP’s steady growth. Recently, the stablecoin market experienced significant changes, creating an opportunity for other stablecoins, such as Pax Dollar [USDP] and TrueUSD [TUSD], to grab the market share. Since Binance’s [BUSD] decline following CFTC’s allegations, there has been a vacancy at the top of the list. Which of these stablecoins can take over the top spot?
USDP and TUSD mean dollar invested declines According to recent findings from Santiment, TUSD, and USDP have been significantly impacting the stablecoin market of late. The data revealed that TUSD’s mean dollar invested age stood at 159.39 at press time, the lowest it had been in the past 14 months. Similarly, the mean dollar invested age for USDP was 78.75, representing the lowest figure in the past 21 months.
Source: Santiment A high mean dollar invested age in the stablecoin market could be a positive sign, indicating that investors were confident in the long-term potential of cryptocurrencies and were holding onto them for extended periods. It could also imply a limited supply of sellers, leading to increased prices.
In contrast, a low mean dollar invested age may indicate new investors entering the market, driving the demand for stablecoins.
USDP and TUSD market capitalization CoinMarketCap‘s data revealed that TUSD had a robust market presence at press time, with a market cap exceeding $2 billion and a 24-hour trading volume over $531 million. During this time, TUSD ranked as the 13th-largest coin by market cap and the fifth-largest stablecoin by market cap. Interestingly, TUSD’s 24-hour trading volume surpassed that of Maker [DAI], despite DAI being the fourth-largest stablecoin by market cap.
In contrast to TUSD, USDP had a relatively smaller market presence, with its market cap exceeding $877 million and a 24-hour trading volume of over $22 million. USDP ranked as the 58th-largest coin by market cap and the sixth-largest stablecoin by market cap. While USDP’s press time market cap was impressive, its lower 24-hour trading volume suggested it may not be as actively traded as other stablecoins.
Analyzing the exchange reserve Exchange reserve is another important metric that indicates the popularity of stablecoins in the crypto space. According to CryptoQuant, USDP’s exchange reserve had seen mixed fortunes, but it has recently been on an uptrend, reaching over 115 million as of this writing.
Source: CryptoQuant CryptoQuant’s data further suggested that TUSD has had a better exchange reserve run than USDP. The stablecoin’s exchange reserve has been relatively steady since its rise in January, with its press time value exceeding 513 million. This indicated that TUSD was being traded actively and held by investors on exchanges at the time of writing, reflecting its growing popularity in the crypto market.
Source: CryptoQuant Additionally, the growth of this metric meant that more investors were using these stablecoins to trade, indicating their importance as a reliable trading pair.
TUSD leads the stable race… for now The current regulatory issues surrounding BUSD and the recent bank run that impacted USDC have led investors to look for alternative stablecoins that offer greater stability and security. In this context, TUSD and USDP have emerged as potential contenders for the top spot among stablecoins.
However, based on the metrics discussed earlier, TUSD is better positioned to take the top spot if it becomes available. TUSD’s higher market cap and trading volume, coupled with its steady growth in exchange reserve, suggest it has a more established presence in the stablecoin market.
In contrast, while USDP has shown growth in some metrics, it may not be as established as TUSD.
The MakerDAO community has voted to ditch Pax Dollar (USDP) stablecoin worth $500 million from its reserves. Maker’s treasury holds roughly half of the USDP’s $1 billion supply. New York state regulators in February forced Paxos to halt minting Binance USD (BUSD) stablecoin. The decentralized finance (DeFi) lending protocol MakerDAO’s community has voted to drop the $500 million worth of USDP stablecoin from its reserves. This is a major blow to the Pax Dollar (USDP) stablecoin since the lending protocol held half of the USDP token supply.
In total, there is a $1 billion USDP token supply and after the vote, Maker will remove all the 500 USDP tokens from its reserves.
After dropping the USDP, MakerDAO, which is the issuer of the $5 billion DAI stablecoin and the governing body of Maker, which is one of the largest lending protocols in DeFi, will boost its revenues by investing its vast reserves in yield-generating strategies.
Examples of the yield-generating strategies that MakerDAO will invest in include Gemini, which pays an incentive to MakerDAO for holding its stablecoin, the GUSD. MakerDAO is also primed to earn a 2.6% yield on the $500 million of USDC it holds from Coinbase Prime.
Impact on the embattled Paxos Paxos was in February forced by New York state regulators to halt minting Binance USD (BUSD) stablecoin. Since then, the market cap of the BUSD stablecoin has drastically declined from $16 billion to $5 billion according to data from Coingecko.
Although the Pax dollar metrics remained largely unaffected, the MakerDAO move has a significant impact on Paxos as a company.
The MakerDAO community argued that the USDP did not accrue any revenue for MakerDAO, something that hurt its capital efficiency as it plans to increase the rewards rate for DAI savings.
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On-chain data shows that stablecoin sharks and whales have been strongly accumulating recently, something that could be positive for Bitcoin.
Sharks & Whales Of Stablecoins Like DAI & USDP Are Accumulating According to data from the on-chain analytics firm Santiment, large holders of some stablecoins have been expanding their holdings recently. The relevant indicator here is the “Supply Distribution,” which measures what percentage of the total supply of an asset (in this case, a stablecoin) is being held by which wallet groups in the market.
The addresses are divided into these wallet groups based on the total number of coins that they are currently carrying in their balances. The 1-10 coins cohort, for instance, includes all addresses holding between 1 and 10 tokens of the asset.
In the context of the current discussion, the investor groups of interest are sharks and whales. These are the large investors in the market, who hold some power due to the sheer scale of coins that they can potentially move at once.
Generally, their holdings lie in the $100,000-$10 million range, so in the case of stablecoins, the relevant address group would be the 100,000-10 million coins cohort (as the stables being considered here are those pegged to the USD, one token of theirs has a value of $1).
Now, here is a chart that shows the trend in the Supply Distribution of the sharks and whales for two stables: USDP and DAI.
Looks like both the metrics have observed their values going up in recent days | Source: Santiment on Twitter As displayed in the above graph, the sharks and whales of both of these stablecoins have expanded their supplies recently. In the case of DAI, these humongous investors have bought 2% of the entire circulating supply of the stable during the last couple of weeks or so.
Following this buying spree, the combined supply of the addresses holding between $100,000 and $10 million in the stablecoin has grown to about 40% of the circulating supply.
As for USDP, the stablecoin’s sharks and whales have added 11% of the total supply to their addresses in the past eleven days. This has taken their combined holdings to 29% of the supply.
Usually, investors shift their coins into stables whenever they want to escape the volatility associated with the other cryptocurrencies in the sector. When such holders eventually feel that the time is right to jump back into the other coins, they simply exchange their stablecoins for them.
This shift naturally provides a bullish boost to the asset that they swap into. Thus, the supply of the stables may be looked at as the available “buying supply” for volatile coins like Bitcoin.
Since the sharks and whales of USDP and DAI have loaded up their supplies, Bitcoin and others may benefit from it when they use these reserves for buying (which may not be in the near future, however).
BTC Price At the time of writing, Bitcoin is trading around $30,500, down 1% in the last week.
BTC has only been moving sideways in the last few weeks | Source: BTCUSD on TradingView Featured image from Jake Gaviola on Unsplash.com, charts from TradingView.com, Santiment.net
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According to the latest on-chain data, the Layer-1 network Solana has hit a significant milestone in terms of the transfer volume of stablecoins this month.
Solana Overtakes Tron In Stablecoin Transfer Volume Data from the blockchain analytics platform Artemis shows that the stablecoin transfer volume on Solana has already surpassed $300 billion in January. This is the largest transfer volume recorded by stablecoins on the Layer-1 blockchain in a single month.
To put this figure into context, the Solana network registered $297 billion in stablecoin volume in the entire December. Meanwhile, the blockchain’s stablecoin transfer volume was about $11.56 billion in January 2023, reflecting an over 2,500% growth in the past year.
Stablecoin transfer volume across various blockchains in the past year | Source: Artemis From the chart above, it is clear that Solana’s stablecoin activity has been on a steady rise since October, increasing by more than 650% in the past few months. This growth has also impacted the network’s share in the stablecoin market, with Solana now boasting about 32% market share.
Unsurprisingly, Ethereum leads the market for stablecoins, with its transfer volume already reaching almost $317 billion in January. Meanwhile, the Tron network trails Solana in third place, with a stablecoin volume of roughly $240 billion.
On Thursday, January 18, Paxos revealed the launch of its regulated stablecoin, USDP, on the Solana network. According to DefiLlama data, USDC remains the dominant stablecoin on the Layer-1 network, with a market cap of over $1 billion.
Paxos is thrilled to share our regulated stablecoin USDP is now live on the @solana blockchain! This integration makes it easier for anyone to access and use the safest, most reliable stablecoins in the market. Learn more here: https://t.co/0j4Kj0yyPk pic.twitter.com/1doexKvVmY
— Paxos (@Paxos) January 18, 2024
SOL Price Overview Despite Solana’s burgeoning network activity, the price performance of its native token SOL has somewhat dampened in the past few weeks. As of this writing, the Solana token is valued at $92, reflecting a 0.6% decline in the last 24 hours.
This sluggish performance in the past day underscores the altcoin’s challenges since the turn of the year. After reaching a multi-month high of $124 at the end of 2023, the SOL price has largely struggled to hold above the $100 mark.
According to data from CoinGecko, the Solana token is down by more than 5% in the past week. Meanwhile, the coin has declined by about double that figure since the beginning of 2024.
Nevertheless, SOL maintains its position as the fifth-largest cryptocurrency in the sector, with a market capitalization of more than $40 billion.
Solana price faces downward pressure on the daily timeframe | Source: SOLUSDT chart on TradingView Featured image from Dreamstime/Aivaras Sakurovas, chart from TradingView
Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Blockchain security company PeckShield compiled on-chain data showing a wallet address, identified as 0x09a5…a87f, was liquidated following a significant price increase in Pax Dollar (USDP). The liquidation of the wallet address caught the attention of the crypto world, and according to the data, the investor lost approximately $529,000.
$529,000 Liquidation ProcessPeckShield reported that the wallet address holding approximately $529,000 in USD Coin (USDC) faced a shocking liquidation. The liquidation occurred after USDP’s peg to the US dollar was lost, rising from $1 to $1.18.
According to on-chain data, the wallet address was liquidated after USDP rose to $1.18, resulting in a loss of approximately $529,000 during this liquidation process.
It is assessed that the rise in USDP’s price to $1.18 likely triggered automatic liquidation mechanisms, resulting in the sale of the USDC held in the affected wallet address. While such automatic processes can sometimes lead to unexpected outcomes for individual users or wallet addresses, they are designed to maintain stability and manage risk in decentralized finance (DeFi) protocols.
Reminder of Risks in the Crypto MarketThis liquidation event serves as a new example of the high volatility and potential risks associated with sharp price movements in the crypto market. The approximately $529,000 incident uncovered by PeckShield is just one of many unsettling liquidations in the crypto market, underscoring the need for investors to always be cautious.
This particular event reminds us of the risks inherent in the crypto market, where severe price fluctuations and rapid market movements can have sudden and significant consequences for investors and users. Therefore, individuals and organizations trading in cryptocurrencies should always be cautious and adopt appropriate risk management strategies to minimize potential losses.
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.
The value of the stablecoin Pax Dollar (USDP), issued by the Paxos Trust Company, experienced a surge to a high of $1.28, triggering the liquidation of $529,000 in USDC for a market participant.
Like regular stablecoins, USDP is designed to maintain a stable value equivalent to a U.S. dollar, providing a safe haven for traders against the volatility often associated with cryptocurrencies. However, the recent unexpected increase in price, spotlighted by PeckShield, has raised concerns.
The stablecoin uncharacteristically spiked to $1.2848 yesterday at 16:10 UTC before eventually witnessing a subsequent drop to its usual price of $1 four hours later. While the depeg went unnoticed by most, it had far-reaching effects on a trader’s loan position, triggering liquidations.
USDP price – April 17 | Source: Trading View The liquidation occurred on the decentralized finance (defi) platform Aave, where the trader had used USDP as collateral to secure a loan in USDC. Notably, in the defi ecosystem, loans are backed by other assets, with mechanisms in place to manage sudden shifts in market dynamics.
On-chain data confirms that the trader lost the 529,000 USDC across sixteen uneven transactions from 16:16 to 20:09 UTC, coinciding with the period USDP lost its peg. The transaction label indicates that the liquidation process was automatically initiated by Aave’s built-in risk management algorithms.
While the USDP value spiked, the platform likely predicted a possible correction or a return to its normal pegged rate. Such a forecast can prompt preemptive liquidation to mitigate potential losses, especially if the borrower’s loan-to-value (LTV) ratio becomes unfavorable.
Issued by Paxos, USDP has faced certain setbacks in recent times, marked by occasional depegs. A 2023 research from SP Global suggested that USDP records the highest deviations from the U.S. dollar among the top stablecoins, having witnessed 7,581 mild depeg events in the 24 months leading to June 2023.
Paxos is looking to expand its presence in the European Union through a new deal for Finland-licensed e-money platform Membrane Finance.
Paxos, which issues stablecoins such as Pax Dollar, PayPal USD (PYUSD), and Pax Gold (PAXG), disclosed the potential deal in an announcement on Nov. 19. According to the update, acquiring Membrane Finance will support Paxos’ expansion efforts in the EU.
The acquisition of Membrane Finance, an electronic money institution licensed in Finland, is seen as key to Paxos’ issuance of stablecoins and tokenized assets that comply with the EU’s Markets in Crypto-Assets regulations. Paxos, which recently unveiled the yield-bearing regulated U.S. dollar-backed stablecoin Lift Dollar, plans to leverage Membrane Finance to bring its regulated products to European customers.
Commenting on the deal, Paxos head of strategy Walter Hessert stated:
“Stablecoins offer a global solution to challenges that countless people and companies feel when it comes to money movement and payments… With Membrane, we expect to extend our reach to EU customers looking to benefit from stablecoins.”
Paxos and Membrane Finance have agreed to terms for the acquisition, which is now subject to regulatory approval. Meanwhile, the Markets in Crypto-Assets regulations are set to take effect across the EU on December 30, 2024.
Paxos has already secured regulatory approval from authorities such as the New York State Department of Financial Services, the Monetary Authority of Singapore, and Abu Dhabi Global Market’s Financial Regulatory Services Authority.
The company has raised over $540 million in capital from venture capital firms, including Founders Fund, Oak HC/FT, Declaration Partners, and PayPal Ventures.
Paxos, one of the leading regulated stablecoin issuers and tokenization platforms, has filed for regulatory approval to become a national trust bank.
Summary
Paxos has applied for a national trust charter license from the Office of the Comptroller of the Currency. The crypto company eyes regulatory approval to convert its New York issued charter to a national trust charter. Paxos joins Circle and Ripple among companies seeking banking licenses in the U.S. Paxos, which issues PayPal USD (PYUSD) and Pax Dollar (USDP) stablecoins, announced that it is looking to convert its New York Department of Financial Services trust charter into a national trust bank charter.
The company’s application for a trust bank license is with the Office of the Comptroller of the Currency. Approval to convert from an NYDFS-regulated trust to a national charter would allow Paxos to manage and hold assets on its customers’ behalf. A national trust charter would also allow the Pax Dollar issuer to accept cash deposits and offer loans under applicable regulation.
“For over a decade, Paxos has set the bar for regulatory oversight and compliance,” said Charles Cascarilla, chief executive officer and co-founder of Paxos. “By applying for a national trust bank charter, we are continuing to offer enterprise partners and consumers the safest, most trusted infrastructure available.”
Circle, Ripple also eye banking licenses Paxos became the first blockchain firm to obtain a limited trust charter from NYDFS in 2015. The company first filed for a national bank license in 2020, and regulators gave preliminary conditional approval in 2021. However, the application hit a snag and expired in 2023.
Commenting further on the fresh application, Paxos CEO Charles Cascarilla, said:
“This is rooted in our belief in the transformative power of blockchain as a force for financial freedom. OCC oversight will help build on our historic commitment to maintaining the highest standards of safety and transparency.”
OCC oversight will add to regulatory milestones across Europe and Asia with the Finnish Financial Supervisory Authority, the Monetary Authority of Singapore, and Abu Dhabi Global Market’s Financial Services Regulatory Authority.
The move also sees Paxos join other top digital asset platforms and companies eyeing banking licenses in the United States.
Circle, the publicly-traded stablecoin issuer of USDC (USDC) and Ripple, the company behind the XRP (XRP) cryptocurrency and Ripple USD stablecoin, recently filed for national trust bank charters. At the moment, Anchorage Digital is the only U.S.-based digital asset platform with a national trust bank charter.
Bitcoin (BTC) price slipped below $67,000 on April 2, falling roughly 2.8% in 24 hours and extending a year-to-date decline that now sits near 23%.
The drop aligns with a pattern forming across on-chain data, chart structure, and derivatives positioning. One cohort of buyers has been steadily exiting since January, and the technical picture now threatens a 14% correction if a key level fails.
The Buyers Who Bought the Dip Are Walking AwayBTC HODL waves, an on-chain metric that tracks the percentage of supply held by different age groups, show a dramatic exit from the 1-month to 3-month cohort. On January 14, this group controlled 14.67% of the total Bitcoin supply. By April 1, that figure had fallen to 8.19%, its lowest reading of the year.
The decline accelerated in two distinct waves. The first came post mid-February, when the cohort’s share dropped from 12.72% on February 15 to single digits by February 22. A second aggressive leg down arrived around March 22, when the reading slipped from 9.44% and continued falling without recovery.
BTC HODL Waves 1m-3m Decline: GlassnodeWant more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.
This group represents participants who accumulated during the Q1 drawdown, expecting a bounce. Their persistent selling over nearly three months signals that short-term conviction has evaporated. When recent buyers distribute at a loss rather than averaging down, it typically reflects capitulation rather than healthy rotation.
That behavioral shift is visible on the Bitcoin price chart as well. Since late February, the daily timeframe has been forming a head and shoulders pattern. The pattern validates the weakness that the HODL wave data already flagged.
Head and Shoulders Formation: TradingViewHowever, whether the pattern triggers depends on how the derivatives market is positioned around the breakdown zone.
Leverage Leans the Wrong WayDespite bearish signals from both on-chain behavior and chart structure, the BTC derivatives market has not adjusted defensively. Over the past seven days on the Binance BTC/USDT perpetual pair, cumulative long liquidation leverage totals $1.44 billion in active positions.
Short liquidation leverage sits at $1.03 billion. The roughly 40% skew toward longs means the market remains positioned for upside while the technical picture deteriorates.
Binance BTC/USDT Liquidation Map: CoinglassThe Binance BTC liquidation map sharpens the risk further. Of the $1.44 billion in total long exposure, approximately $1.13 billion clusters at a single level near $64,533. That concentration means nearly 80% of all long positions opened over the past week would be forcibly closed if price reaches that zone.
Liquidation Map Key Cluster: CoinglassHigh-leverage positions using 25x and 50x multipliers dominate the cluster.
Even a modest push into that range could trigger cascading forced selling, turning a controlled decline into a liquidation-driven flush. The mismatch between bearish structure and bullish leverage is where the greatest Bitcoin price risk builds. The BTC price chart now becomes the final arbiter of whether that risk materializes.
Bitcoin Price Prediction and One Critical LineThe daily chart confirms the head and shoulders pattern with Fibonacci (Fib) levels mapping every critical zone. The Fib levels are drawn from the head of the pattern to the completed swing low.
Bitcoin currently trades near $66,425, having already lost the 0.236 Fib level at $67,510.
The measured move from the pattern projects a 14.16% decline, targeting approximately $60,024 on the way down. However, the path runs through $64,888, a level that is slightly above the neckline area for the pattern.
Losing $64,888 would place price directly into the $1.13 billion long liquidation cluster at $64,533 identified in the derivatives section. That overlap transforms the neckline break from a technical event into a leverage-driven cascade. From there the full 14% target, under $60,000 becomes realistic.
For the bearish thesis to fail, Bitcoin price needs a daily close above $69,132 to begin neutralizing the right shoulder. Strength only returns above $71,750, the 0.618 level, and a move past $75,997 would invalidate the head and shoulders entirely.
Bitcoin Price Analysis: TradingViewHead and shoulders patterns do not always resolve in the expected direction. A sudden demand surge or macro catalyst could reverse the structure before the neckline is tested. However, the convergence of capitulating short-term buyers, long-heavy leverage, and declining price structure lowers the probability of that outcome.
A daily close below $64,888 separates a measured pullback from a leveraged flush toward the $60,000 zone, while reclaiming $69,132 would be the first signal that sellers are running out of momentum.
Litecoin is showing signs of a potential breakout, as its current price structure suggests the formation of an ending diagonal, a pattern often observed near the end of a correction. With the market nearing a critical level, a confirmed move above resistance could signal the start of a new bullish phase.
LTC Forms Potential Reversal Structure On 4H Chart Providing an updated outlook for Litecoin (LTC) on the 4-hour timeframe, Elliott Waves Academy noted that recent price action is starting to exhibit signs of a potential reversal. The current structure suggests that the market may be transitioning out of a prolonged corrective phase, with momentum gradually shifting as the pattern matures.
According to the analysis, LTC appears to be forming an ending diagonal pattern, representing wave (C) within a broader flat correction. This type of formation typically appears in the final stages of a correction, suggesting that the overall corrective move may be nearing completion.
Source: Chart from Elliott Waves Academy on X A decisive move higher will be key in confirming this outlook. If price manages to break above a critical resistance level and push through the upper boundary of the diagonal structure, it would significantly strengthen the bullish case. Such a breakout could trigger the beginning of a new impulsive wave, potentially driving Litecoin toward a new high, with projected targets aligning around the 100% extension of the previous wave’s length.
However, the strength and sustainability of this potential rally will depend on broader market conditions and the level of buying momentum that follows the breakout. Continued demand and strong follow-through will be essential to validate the bullish scenario, while any failure to maintain upward pressure could delay or weaken the anticipated move.
Factors Supporting This Scenario The analyst went on to highlight several key factors supporting this outlook, starting with the development of a diagonal structure identified as wave (C) within a broader wave X. This placement within the larger corrective framework suggests that the market is likely approaching the final phase of its correction, where exhaustion typically begins to set in.
Another important factor is the presence of a well-defined reversal pattern forming near the lower boundary of the structure. Price action in this region shows signs of stabilization, indicating that momentum is shifting and selling pressure may be weakening.
The analyst also emphasized that the overall behavior of the current corrective structure aligns with the expected completion of a diagonal pattern. The way price is unfolding, marked by overlapping waves and slowing momentum, fits the characteristics commonly seen in ending formations. Taken together, these signals strengthen the case that the correction may soon conclude, potentially opening the door for a bullish reversal.
LTC trading at $54 on the 1D chart | Source: LTCUSDT on Tradingview.com Featured image from Adobe Stock, chart from Tradingview.com
The coolest Ethereum tools don't always come from startups with major VC backing.
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The most useful launches in crypto aren’t always the ones coming from VC-backed giants. Ethereum, in particular, is full of indie builders quietly shipping what they believe in.
Good tools are good tools. Here are three low-key community projects that aren’t flashy but will immediately upgrade your Ethereum wallet and portfolio management toolset.👇
An Onchain Lost & FoundSometimes I'm very active onchain, sometimes I'm more laid back.
In the 2017-2019 era, I was still getting my bearings in crypto, so I was firing off transactions left and right, cramming ETH wherever I could to try new projects. I learned a lot this way, and fast. But as happens when you're juggling many things, I straight up forgot about some of my ETH positions from this period.
Of course, I could go and manually hunt down these deposits, but that'd take a lot of effort and time. Plus, some things I'd miss because you can't track down things you don't even remember trying in the first place. The good news for us old timers is now we can have this hunting streamlined for us courtesy of Forgotten ETH by aaaaaaaaaaway.
Inspired by @cartoonitunes' work with @EthereumHistory, I've been digging into contracts from the 2015-2019 era to find ETH's still withdrawable but has no active frontend and isn't tracked by Debank or other portfolio trackers.
— aaaaaaaaaaway (@3pa15) March 31, 2026 This new platform scans more than 160 old Ethereum smart contracts (and counting), and, in the event it finds any lost ETH for your target address, it acts as a frontend you can use to easily retrieve your funds. It has helped recover 1,270 ETH so far across ancient projects like Aave v1, DigixDAO, EtherDelta, and beyond, so check the tool out if you were active on Ethereum prior to 2020.
You might have a little chunk of ETH waiting for you!
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Transactions That Make SenseEvery year around the U.S. tax deadline in April, I'm reminded of how it can be difficult to read and piece together my transaction history.
I say this mainly with regard to non-EVM chains, as Etherscan and its L2 block explorers are great. But still, there's a long way to go to making onchain info more readily understandable. Some projects, especially NFT ones, need bespoke solutions here.
That said, I was pleasantly surprised to see a new block explorer arrive last week that's working in this direction, evm.now. Created by jalil.eth and ygg, this resource is all about making it easier to inspect and decipher Ethereum transactions, contract files, functions, etc.
— jalil.eth (@jalilwahdat) April 6, 2026 So while a new block explorer might not be the sexiest of gadgets, I've really liked the UX of the platform in my initial deep dives here, and I can envision using it a lot more for future onchain analytics work. This site is also brand new, so expect more features to be revealed on a rolling basis.
An AI Wallet InterfaceThe downside of crypto wallets built by large teams is that they can be slow to advance new tech and new features. On the flip side, small indie teams can move fast and experiment more freely. This sort of indie energy is what recently drew me to WalletChan, a fully open-source browser wallet extension built by apoorv.eth.
— apoorv.eth (@apoorveth) April 2, 2026 The main pillar here is AI, namely using AI as the primary interface for taking onchain actions. WalletChan lets you use your Bankr AI agent wallet directly with any other onchain app the same way that you'd ordinarily use wallets like MetaMask, Rabby, Rainbow, etc.
The WalletChan v3 was also just unveiled, featuring a slew of fresh goodies like native swaps, batch transactions, transaction simulations, gasless USDC transfers (for $WCHAN stakers), and more. It's worth a look, especially if you're already a user and fan of the Bankr system.
XRP price today sits near $1.34, barely changed over 30 days, down just 2.5%. Yet a shift in who holds XRP (XRP) supply suggests the freeze may not last much longer.
On-chain data reveals the token’s least convinced holders have exited while two whale cohorts added 130 million tokens. With price compressed inside a falling channel, XRP technical analysis points to a convergence that could finally force a direction.
A Falling Channel Keeps Price Frozen Below Key ResistanceXRP price has traded inside a falling channel on the 8-hour chart since its March 17 peak near $1.60. Every attempt to escape since then has failed at the same ceiling.
The most recent rejection came on April 7 and 8. XRP reclaimed the 20-period and 50-period Exponential Moving Averages (EMA), trend indicators that weight recent price moves more heavily. However, the 100-period EMA rejected the advance cleanly.
That level carries weight. Around March 15, XRP reclaimed the 100 EMA and it triggered another 11% rally to the $1.60 high. The same EMA now aligns with the channel’s upper trendline, creating a double XRP resistance wall.
Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.
XRP Falling Channel: TradingViewBeInCrypto recently covered a similar setup in Zcash. The token broke above its own falling channel and surged higher. XRP price prediction models suggest a comparable move is possible if this resistance falls.
Yet an EMA alone does not confirm buyer conviction. The answer lies in who is accumulating and who is walking away.
Weakest Holders Walk Out as XRP Whale Accumulation BuildsGlassnode data shows that speculative money is draining from XRP. The 1-day to 1-week HODL Waves cohort tracks the share of supply held by the newest holders. It peaked at 1.45% on April 4. That reading has since collapsed to 0.684%.
More than half of this short-term supply exited in under a week. In isolation, that looks bearish. Yet these are the holders who typically sell into every bounce and kill rallies before they start. Their exit may actually be clearing the noise.
HODL Waves Speculative Exit: GlassnodeMeanwhile, XRP whale accumulation has picked up from two separate cohorts. Santiment data shows the 1 billion-plus XRP cohort grew from 25.80 billion to 25.83 billion tokens since April 6. The 10 million to 100 million cohort followed a day later, rising from 11.31 billion to 11.41 billion. Together, both groups added roughly 130 million XRP, and only after the speculative traders started selling.
XRP Whale Accumulation: SantimentHowever, the buying remains gradual. A Glassnode cost basis heatmap reveals roughly 420 million XRP sitting in a supply cluster directly overhead, between $1.37 and $1.38.
XRP Supply Cluster Heatmap: GlassnodeIf that cluster’s holders begin selling into strength, whale buying alone may not crack through. The price chart reveals exactly where that wall sits.
XRP Price Levels That Decide Whether the Freeze BreaksThe 8-hour Fibonacci chart maps the convergence zone. The immediate levels are $1.35 ($1.349 to be precise) and $1.36. Reclaiming and holding both would be the first sign of life.
However, $1.38 is where the freeze lives or dies. The 100-period EMA, the channel’s upper trendline, and the 420 million XRP supply cluster all converge at that level. A clean close above $1.380 would confirm the XRP breakout. It would clear the channel, the EMA, and the supply wall simultaneously. Targets then open at $1.43, $1.51, and the March 17 high of $1.60.
Yet failure to reclaim $1.35 would keep XRP price frozen inside the channel. In that scenario, $1.32 becomes the next XRP support level at risk. A deeper breakdown exposes $1.28 ($1.279 to be exact), where buyer interest has previously held.
XRP Price Analysis: TradingViewThe 30-day freeze has compressed volatility to a breaking point. A close above $1.38 favors the whale thesis and opens a path toward $1.60. A rejection sends XRP back toward $1.28 and turns the freeze into a deeper slide.
Cover image via U.Today Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
The bullish wave that began to form in late February appears to have stalled out, and XRP's recent attempt at recovery is losing structure.
The asset was able to create a series of higher lows and momentarily move closer to the $1.50 area, but there isn't any follow-through. The price is returning to hesitancy just below a significant resistance cluster rather than continuing. The rejection close to the short-term resistance trendline and the inability to maintain movement above it are the most telling indicators.
XRP/USDT Chart by TradingViewAlthough XRP broke out of a local ascending structure, it did not develop into a long-term trend. Instead of expansion, what you are currently witnessing is a flattening of momentum. Instead of committing, the market tested upside liquidity.
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Technically speaking, XRP is still below its main moving averages, such as the 100 and 200 EMA, both of which are still declining. It defines the larger trend, so it is not just a small detail. Any bullish move is, by definition, a counter-trend as long as the price remains below those levels, and they usually fail unless they are backed by significant volume and persistence.
Another flaw is the volume itself. The recent push higher did not result in any notable expansion, indicating that buyers were not sufficiently aggressive to flip market structure. Without that involvement, rallies are susceptible to swift reversals, which is precisely what appears to be occurring right now.
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The rounding bottom formation, which appeared promising, could now be invalidated. The entire recovery attempt will restart if XRP begins to lose the higher-low structure around $1.35-$1.38, and the market will probably return to consolidation or even continue the downtrend.
Although the likelihood is changing, there is still a small window of opportunity for XRP to stabilize and try another push. The bullish wave exhausted itself before regaining crucial resistance, so it did not enter a breakout phase.
Bitcoin is not yet readyWith the $80,000 mark getting farther and farther out of reach, Bitcoin's most recent price action is beginning to resemble a rejection phase rather than a recovery attempt.
Following a brief surge toward the mid-$70,000s, Bitcoin was unable to maintain its momentum and is currently stagnating just below a declining resistance trendline that has been capping the price for months.
The structure is obvious: Bitcoin is trading inside a tightening formation, but it keeps failing at lower highs rather than creating pressure for a breakout. The notion that sellers continue to control the larger trend is reinforced by the fact that every attempt to recover higher levels is sold into.
BTC/USDT Chart by TradingViewThe inability of Bitcoin to clearly break and hold above the 100 EMA is a serious warning sign for bulls, as it continues to be a significant barrier overhead.
As far as trends go, nothing has changed. Both the 100 and 200 EMAs, which slope downward, are still locked above the asset. Instead of a reversal, that alignment indicates a continuation bias.
The recent recovery from the $60,000-$65,000 range offered some short-term respite, but it has not resulted in a structural change. Nor does volume lend credence to a breakout story. Although there was some expansion during the initial rebound, there hasn't been consistent follow-through volume, indicating that the move does not have strong institutional support. In the short term, recovering $80,000 becomes increasingly implausible without that.
Expectations of a return to $80,000 should be lowered unless Bitcoin can confidently reclaim the 100 EMA and break above the declining resistance.
For the time being, BTC is essentially saying goodbye to that level. The likelihood that the market will turn its attention to consolidation or another downward leg increases with the length of time it remains below resistance.
Shiba Inu's worrisome signalAt a time when price action is still structurally weak, Shiba Inu is displaying a well-known but unsettling signal: increasing exchange netflows.
More than 10 billion SHIB are reportedly shifting toward centralized exchanges, according to the most recent data. This trend usually corresponds with rising sell-side pressure rather than accumulation.
In terms of price, SHIB remains trapped in a wider downward trend. The 100 and 200 EMAs serve as dynamic resistance overhead as the asset continues to trade below its major moving averages. The market has entered a low-volatility consolidation phase close to local lows after recent attempts to push higher were swiftly capped.
This type of compression frequently precedes a more significant move, but the likelihood of a downward continuation is skewed with increasing exchange inflows.
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Exchange netflows are important because they reveal intent. Tokens that leave exchanges typically indicate long-term holding behavior. Moving on to exchanges, particularly in large quantities, suggests getting ready to sell or reposition. Reaching the 10 billion mark is a significant liquidity event that expands the market's supply, not just noise.
The weak demand absorption is what makes this configuration more vulnerable. During recent bounces, volume has not significantly increased, indicating that buyers are not intervening forcefully enough to offset incoming supply. Even mild selling pressure can drive down the price in the absence of that demand.
This is not a time for investors to believe that the bottom is in. Although the sideways movement may appear stable, distribution rather than accumulation is more likely.
Solana (SOL) is showing early signs of recovery as price action begins to stabilize within a defined channel following its recent pullback. With selling pressure easing and buyers gradually stepping in, momentum appears to be shifting toward a potential corrective upswing.
Corrective Recovery Scenario Takes Shape Presenting a wave outlook for Solana on the 1-hour timeframe, Elliott Waves Academy highlights a potential shift in short-term structure. Momentum appears to be cooling on the downside, opening the door for a corrective phase that could reshape the near-term trend.
One of the more probable scenarios suggests a recovery unfolding through a corrective wave, potentially identified as wave (2)/(B). Such a move may develop into a double zigzag structure, a pattern often seen when the market attempts a deeper retracement with buyers gradually stepping back into the market.
A decisive breakout above the upper boundary of the current diagonal pattern would provide early confirmation of this recovery setup. Strength would be further reinforced if price manages to clear the key level associated with the previous bearish wave, signaling that selling pressure is weakening.
Source: Chart from Elliott Waves Academy on X From a Fibonacci perspective, the anticipated recovery zone lies between the 50% and 61.8% retracement levels of the prior downward move. These levels often act as magnets during corrective phases, with the potential for an extended push toward the 78.6% retracement if bullish momentum builds.
For a broader bearish wave to occur, this retracement region must act as a strong resistance zone where sellers regain control. A noticeable increase in selling pressure here could trigger the next leg of the decline. However, if Solana begins to form impulsive waves while maintaining a pattern of higher lows, without revisiting the previous bottom, it would increase the likelihood of a more sustained upside move beyond the corrective phase.
Solana Taps Reversal Zone, Early Bounce Emerges According to crypto analyst BitGuru, Solana has moved into a key reversal zone, where price is showing early signs of a bounce following its recent decline. The reaction in this area suggests that the market may be attempting to establish a short-term floor, with buyers starting to respond to the discounted price levels.
At the same time, selling pressure appears to be gradually easing, pointing to a slowdown in bearish momentum. As downside strength fades, conditions often become favorable for buyers to step in, particularly in zones historically associated with demand.
If Solana can maintain support above this level and continue forming higher lows, the ongoing bounce could develop into a more structured recovery. Such a move may pave the way for a push higher, with price potentially targeting the upper boundary of its recent range if bullish momentum continues to build.
SOL trading at $83 on the 1D chart | Source: SOLUSDT on Tradingview.com Featured image from Pngtree, chart from Tradingview.com
A crypto expert has highlighted a recurring pattern on the Dogecoin (DOGE) price chart that led to its historical 2020 price rally. At the time, the DOGE price had skyrocketed by more than 26,000%, turning many early investors into millionaires in just a few months. Now, with the current chart structure repeating the same pattern, the analyst believes that Dogecoin may be preparing for another historic rally, this time to a $2 price target.
Dogecoin Price Repeats Historic 2021 Bull Run Pattern In one of his latest Dogecoin analyses on X, market analyst Crypto Patel stated that DOGE is currently sitting within the same strong accumulation zone from 2021 that sent its price to an all-time high. He marked this zone at around $0.10, noting that Dogecoin traded around this level before jumping over 26,834% to $0.74 in the previous bull run.
Crypto Patel noted that during that time, tweets from SpaceX and Tesla CEO, Elon Musk, had acted as a major catalyst to the meme coin’s upward price action. With renewed attention on Dogecoin, the analyst now believes that the fractal pattern from that past bull market is repeating in this cycle.
He noted that the bull run between 2020 and 2022 had moved through Waves 1 to 5, with significant price fluctuations before finally peaking in the last wave. In his accompanying chart, Crypto Patel showed that in Wave 1, Dogecoin experienced its first breakout before jumping again to a new high in Wave 2. This bull run continued, with Waves 3, 4, and 5 all showing price moving higher before the peak finally triggered a bearish downtrend.
Source: Chart from Crypto Patel on X Fast forward to the current cycle, Crypto Patel’s chart shows the market mirroring the same moves. Around 2024, Dogecoin experienced two breakouts similar to those in the previous cycle. After the second breakout, the price retested the former lows before experiencing another strong rally, marking Wave 3.
Based on Crypto Patel’s analysis, the market is currently in Wave 4, following months of significant volatility and price declines. If history repeats, the analyst predicts Dogecoin could see another parabolic rally soon. His chart points to an upper price target around $2.0, representing a more than 2,767% rally from the current accumulation zone between $0.07 and $0.10.
Dogecoin Whale Activity Surges Alongside Price While analysts maintain their bullish stance on Dogecoin, the meme coin is also seeing a surge in whale activity and price. Recent data shows that whales are accumulating Dogecoin in droves.
A crypto analyst, Mando CT, reported that whale wallets holding DOGE have reached a new all-time high of 108.52 billion tokens valued at approximately $11.6 billion. He noted that large-holder activity has also spiked to its highest level in six months, reflecting renewed interest and demand for the meme coin. At the same time, CoinMarketCap data reveals that the DOGE price has risen by more than 3.4% in the last 24 hours, fueled by Bitcoin’s recent reclaim of the $80,000 level.
DOGE trading at $0.11 on the 1D chart | Source: DOGEUSDT on Tradingview.com Featured image from iStock, chart from Tradingview.com
Solana’s price action continues to flash caution signals, even as momentum indicators suggest oversold conditions. The broader market structure remains tilted to the downside, with bearish waves still unfolding and key support levels under pressure. Until a clear shift in structure and a strong bullish impulse emerge, the risk of further downside remains firmly on the table.
Bearish Structure Dominates Solana On Lower Timeframe In the current follow-up wave outlook for Solana on the 1-hour timeframe, Elliott Waves Academy highlights that bearish control remains firmly intact. The price has already experienced a strong impulsive decline, marking the first leg of a broader downward trend. This move is likely unfolding as waves 3–5 within wave (1)/(A), suggesting that the market is still in the early stages of a larger bearish cycle.
At this stage, price is approaching the 100% extension of the prior wave, aligning with a key support level of $78.33. This zone is technically significant and could act as a temporary reaction point where buyers attempt to slow down the decline or trigger a short-term bounce. If the market fails to produce a convincing reversal at this support, the bearish structure is expected to extend further through the sub-waves of wave 5, reinforcing sustained selling pressure in the medium term.
Source: Chart from Elliott Waves Academy on X From a short-term perspective, a wave 2 corrective rebound may develop before the next leg down. This bounce could take the form of a sharp, channeled recovery, often seen in counter-trend moves. However, any breakdown below key support during or after this correction would confirm that the broader bearish trend remains dominant, making it essential to monitor price action and structure at these levels closely.
Weekly RSI Mirrors 2022 Bear Market Conditions According to More Crypto Online, the weekly RSI on Solana’s chart is currently showing similarities to the conditions observed during the 2022 bear market, just before the final bottom. This resemblance has drawn attention, as it may offer clues about the market’s current position within a broader cycle.
Many market participants have pointed to the oversold RSI reading seen in February as a signal that a recovery could be underway. However, relying solely on RSI without confirmation from price structure can be misleading, especially in extended bearish phases.
The current setup closely mirrors early 2022, when the market experienced a prolonged period of sideways movement before eventually forming a final low in both price and RSI. That historical pattern suggests that more consolidation or downside could still occur before a true bottom is established. For now, the comparison remains valid until a clear impulsive move to the upside is confirmed. Furthermore, a strong bullish impulse would significantly improve the overall outlook for Solana.
SOL trading at $84 on the 1D chart | Source: SOLUSDT on Tradingview.com Featured image from Freepik, chart from Tradingview.com
Solana continues to trade within a cautious consolidation phase, with price action suggesting that a temporary recovery may develop before the market makes its next major directional move. While short-term momentum has started to stabilize, SOL still faces key resistance barriers that could determine whether the current bounce evolves into a stronger breakout or fades into another corrective wave.
Solana Corrective Recovery Scenario Begins To Take Shape Focusing on the 1-hour timeframe, Elliott Waves Academy identifies a potential short-term recovery for Solana. This corrective move is modeled as wave (2)/(B), likely taking the shape of a complex double zigzag structure as the market attempts to stabilize after recent downward momentum.
To confirm this recovery path, a decisive breakout above the upper boundary of the current diagonal pattern is key. Additionally, clearing the key resistance level tied to the previous bearish wave would significantly bolster the case for this upward correction, which is expected to evolve within the defined price channel shown on the chart.
Source: Chart from Elliott Waves Academy on X The primary target for this relief rally resides within the 50% to 61.8% retracement zone of the preceding decline, with potential for an extension up to the 78.6% level. Ultimately, the structural outlook depends on how the price interacts with this resistance zone.
If the recovery gives way to renewed selling, the area will likely act as a focal point for seller concentration. However, should the market establish higher lows and follow up with a series of impulsive waves, the trend would shift toward sustained upside potential.
Solana Remains Stuck Inside Broad Range Structure MCO Global DE noted that Solana continues to trade sideways within the same broad range structure that has controlled price action for several months. According to the analysts, the market still lacks a convincing breakout signal, while recent movement on the lower timeframes is dominated by short-term noise.
The expert explained that the leading scenario remains largely unchanged, with several important support zones continuing to hold. Immediate support is seen around $81.28, while significant support regions remain between $71.92 and $77.96. MCO Global DE added that another short-term dip cannot be ruled out before Solana attempts a renewed recovery within the larger B-wave structure.
At the same time, the analysts warned that the market remains vulnerable to deeper corrective movement as long as the key resistance around the $96 level remains intact. Overall, MCO Global DE believes Solana is still trapped inside a large range-bound structure, with no clear confirmation of a larger bullish breakout at this stage. Until buyers successfully overcome the major resistance levels, particularly near $96 and eventually $110, the broader market outlook is expected to remain cautious and neutral.
SOL trading at $87 on the 1D chart | Source: SOLUSDT on Tradingview.com Featured image from Pxfuel, chart from Tradingview.com
Solana has made history by posting an unprecedented streak of monthly losses, placing the cryptocurrency at a critical crossroads. While the trend remains bearish, similar conditions in previous cycles have preceded major recoveries.
Solana Records An Unprecedented Eight Consecutive Red Months In a recent market analysis, Crypto Patel highlighted a remarkable development in Solana’s price history. SOL has now posted eight consecutive red monthly candles, marking the first time such a streak has occurred since the cryptocurrency was launched. This rare event could provide valuable clues about where the market stands within its broader cycle.
Drawing comparisons to the previous bear market, the analyst recalled Solana’s dramatic decline from its 2021 all-time high near $260 to a low of approximately $8. During the downturn, SOL produced 9 monthly red candles in total, but they were not consecutive. Notably, the 9th red candle marked the cycle bottom, after which SOL embarked on a powerful recovery that ultimately pushed the asset to a new all-time high around $295.
Source: Chart from Crypto Patel on X Patel pointed out that the current setup shares some similarities with that of the earlier period, but with notable differences. Solana has already fallen from roughly $253 to $67 while recording 8 straight months of losses, with the 9th monthly candle currently taking shape.
While cautioning that it is still too early to draw firm conclusions, the analyst suggested that a repeat of the previous cycle’s behavior could signal the emergence of a macro accumulation zone at the $50–$80 range. A repetition of this pattern raises the possibility of SOL surging to higher levels between $500 and $1,000 during the next major market expansion.
Ending Diagonal Pattern Hints At A Potential Trend Reversal On the 4-hour timeframe, Elliott Waves Academy has identified that Solana is currently forming an ending diagonal pattern. This structure represents the wave 5 of a bearish impulse, which is nested within a larger-degree impulse sequence, suggesting the asset is nearing the conclusion of its immediate downward trajectory.
The recovery outlook will be confirmed once this pattern is finalized, specifically through a clean breakout of a key level and the upper boundary of the pattern. Once established, this confirms the beginning of an upward corrective wave. Based on the length of the preceding wave, the price is ideally projected to target the ratios outlined on the chart as it attempts to stabilize.
While the initial targets are clear, the upward movement is likely to extend further depending on evolving market developments. If the price breaks decisively above the wave peak, it would significantly strengthen the bullish scenario, paving the way for a more substantial recovery.
Other technical factors bolstering this bullish outlook are a clear five-wave impulse structure representing wave (1)/(A), alongside a strong reversal pattern forming near the diagonal’s lower boundary. Furthermore, the internal corrective movements observed are consistent with the formation of the expected diagonal.
SOL trading at $79 on the 1D chart | Source: SOLUSDT on Tradingview.com Featured image from Pixel Plex, chart from Tradingview.com
Analyst: Micron’s financial report indicates short-term fluctuations can be ignored as long as earnings prospects underpin its high valuation.
Senior Market Analyst Daniela Hathorn stated, "As Micron Technology's earnings report once again confirms that the AI investment cycle remains solid, the U.S. stock market has recouped some of its losses. This has boosted market sentiment across the entire semiconductor sector—after high-growth individual stocks underperformed earlier—indicating that as long as profit prospects continue to support high valuations, investors are still willing to overlook short-term fluctuations."
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Circle partners with Nomura Securities to enter the Japanese yen foreign exchange settlement service market.
Stablecoin issuer Circle plans to collaborate with Nomura Securities to launch instant foreign currency settlement for Japanese corporate clients as early as 2027. The initiative will enable large cross-border transactions to be completed immediately, aiming to boost cross-border investment and trade. This will mark the first entry of a major stablecoin issuer into Japan’s corporate transaction market, allowing companies to convert yen into US dollar-denominated stablecoins for investment and instant transfers.
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Institutions' Preview: Overview of US May Core PCE Price Index Monthly Rate
The US May core Personal Consumption Expenditures (PCE) Price Index monthly rate will be released tonight at 20:30 (UTC+8). Below are the forecasts from multiple institutions: Sumitomo Mitsui Banking Corporation: 0.2%; Royal Bank of Canada: 0.2%; JPMorgan Chase: 0.3%; Goldman Sachs Group: 0.3%; Bank of Montreal: 0.3%; Moody's Corporation: 0.3%; Standard Chartered: 0.3%; UniCredit: 0.3%; ING Group: 0.3%; HSBC Holdings: 0.3%; BNP Paribas: 0.4%; Wells Fargo: 0.4%; Capital Economics: 0.4%; Citigroup: 0.4%; Deutsche Bank: 0.4%; Nomura Securities: 0.4%; Pantheon Macroeconomics: 0.4%; Société Générale: 0.4%; Scotiabank: 0.4%; Morgan Stanley: 0.4%
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DA Davidson Raises Micron’s Price Target to $2,000, Retains Buy Rating
U.S. investment bank DA Davidson released a research note stating that Micron Technology has entered a new phase with one of the best performance visibility in the semiconductor industry, a stark contrast to its past standing in the sector. Driven by another quarter of results that handily exceeded expectations and positive forward guidance, Micron’s stock price surged sharply. These signals indicate that the current memory chip boom cycle is far from over. While the company is ramping up capacity investments (with capital expenditure (CAPEX) projected to hit $10 billion in the fourth quarter of fiscal 2026, which will bring additional supply), management expects the memory market to remain tight on supply and demand at least through 2027. Against this backdrop, DA Davidson reiterated its "Buy" rating on Micron and raised its price target from $1,500 to $2,000, equivalent to a 20x price-to-earnings (P/E) ratio based on the company’s 2026 calendar year expected earnings per share (EPS).
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Morgan Stanley raises Micron's price target to $1,200, maintains 'Overweight' rating.
Morgan Stanley released a report raising Micron Technology (MU.O)’s price target from $1,050 to $1,200, while maintaining an "Overweight" rating. The investment bank lifted its fiscal 2027 earnings per share (EPS) forecast for the chipmaker by roughly 40% to $168, and upgraded its free cash flow (FCF) projection from $104 billion to $140 billion. Aligning with Micron’s management, the bank holds that AI will push DRAM demand to consistently outpace supply significantly after 2027. Micron’s last fiscal quarter results matched this trend, with both its quarterly performance and outlook showing notable upside potential.
XRPL Commons, an organisation focused on nurturing a strong and vibrant XRPL ecosystem, has launched "Make Waves on XRPL," a 90-day competition offering 50,000 $XRP to developers who ship live applications on the XRP Ledger mainnet. The contest runs from June 22 to September 21, 2026.
How the Competition WorksThe format deliberately differs from a classic hackathon. Participants are expected to deploy real applications on the XRPL mainnet. No prototypes are accepted. Products must demonstrate real users and measurable on-chain volume. Weekly webinars and office hours run on Wednesdays and Fridays throughout the programme, while a weekly leaderboard evaluates user growth and blockchain activity on an ongoing basis. Target categories include payments, DeFi, developer tools, and consumer apps.
A Path Into the Aquarium IncubatorThe competition also serves as a pipeline into a longer-term programme. Teams with particularly strong projects may subsequently be admitted to the Aquarium, XRPL Commons' incubator. Since 2023, XRPL Commons has hosted the Aquarium, a unique incubator programme based in Paris, France, supporting startup projects building within the XRPL ecosystem. The organisation supports builders through training and active collaboration, with a focus on innovative XRPL projects.
The competition's emphasis on live, production-grade applications reflects a broader push across the XRPL ecosystem to move beyond theoretical development. Since 2021, ecosystem efforts have included hackathons, builder bounties, XRPL Grants, and the XRPL Accelerator, supporting nearly 200 projects worldwide across developer infrastructure, payments, DeFi, tokenization, AI, gaming, and enterprise financial applications.
Sources:
XRPL Commons – Official Website
The Aquarium Incubator – XRPL Commons
Supporting Innovation on the XRP Ledger – Ripple
