Elmnts, a new blockchain-based venture, has announced the forthcoming launch of its beta platform focused on tokenizing real-world assets (RWA), starting with oil and gas mineral rights and royalties. As part of a broader plan to expand into other commodities, the Solana-based project aims to introduce efficiency and transparency to the investment process in this […]
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Black Phoenix (BPX) Emerges As The Crypto King With Mind-Blowing 4,000,000% Growth In 24 Hours
The crypto industry has been dominated by the recovery of major cryptocurrencies and regulatory developments, but one unexpected player has taken the market by storm. Black Phoenix, a payment system protocol, and its native token, BPX, have witnessed an astonishing surge in price, outperforming the entire market with historical performance.
Notably, Black Phoenix’s BPX token reached an all-time high of .60 on May 22, propelled by a staggering 4,400,000% growth in the past 24 hours and over 6,500,000% in the past fourteen days.
This unexpected victory has caught the attention of investors, prompting them to examine the protocol’s underlying principles and design more closely.
Exploring The Black Phoenix Design
According to the protocol’s “Black Paper” released in April 2021, Black Phoenix presents a fully on-chain liquidity protocol for instant cryptocurrency token swaps in a decentralized manner on any smart contract-enabled blockchain.
The protocol’s design aggregates liquidity within each blockchain, claiming to offer “the best rates” for takers executing trades. Additionally, Black Phoenix envisions a connected liquidity network facilitating seamless cross-chain token swaps across its networks on different chains, with its token based on the Tron (TRX) blockchain.
To implement a distributed infrastructure services economy, Black Phoenix introduced its native token BPX. BPX aims to eliminate “inefficiencies” in the existing protocol and attract a broad user base, ultimately creating a marketplace for distributed infrastructure services.
Black Phoenix’s long-term and short-term goals revolve around achieving reputable exchange listings, increasing the token’s value, and expanding the user base.
Currently, BPX tokens can be traded on centralized crypto exchanges. The most popular exchange to buy and trade Black Phoenix is FameEX, where the most active trading pair BPX/USDT has a trading volume of ,809,201 in the last 24 hours, which has been the propeller of the current uptrend.
Nevertheless, Black Phoenix plans to list the BPX token on several exchanges, including Hotbit, Hitbtc, Coinex, Binance, and Coinbase Pro.
Trading Volume Skyrockets 2,800,000%
One key indicator of Black Phoenix’s recent success is the increase in trading volume. CoinGecko data shows a significant spike in trading volume for BPX on Wednesday, reaching 2,800,000%.
At the same time, Black Phoenix’s market capitalization has risen to .8 billion, a significant increase from million in hours.
The fully diluted valuation (FDV) is a statistical representation of the maximum market capitalization an asset can achieve, assuming that all available tokens are in circulation.
For Black Phoenix, the FDV currently stands at an impressive .4 billion. This valuation represents the potential growth and market cap of BPX if all 4 billion tokens were in circulation.
Following the notable surge in all key metrics for BPX, the project’s team has made a bold prediction, stating that BPX will soon become one of the top 5 cryptocurrencies in the world.
Ultimately, the potential listing of Black Phoenix’s token on top exchanges promises to propel its upward trend further. However, as is typical for all cryptocurrencies, the extent of its surge and the subsequent occurrence of a market correction remains uncertain.
Featured image from Shutterstock, chart from TradingView.com
Crypto Analyst Says XRP Price Is Headed For $27 As 2017 Pattern Emerges
Popular crypto analyst EGRAG CRYPTO, known for his very bullish stance on XRP, has predicted that the XRP price is headed for as a pattern from 2017 emerges again. The analyst made this prediction known in a recent post on social media to reflect that XRP is now mimicking a historical cross between the 20 and 50 Simple Moving Averages.
Interestingly, with XRP currently trading at .6079 amidst a lull market gain, EGRAG’s prediction represents a surge of over 4,300% from the current price levels.
Analyst Points To Similarities Between 2017 And Current Market Conditions
A detailed look into EGRAG’s technical analysis points to a cross between the 20 SMA and 50 SMA, with the former crossing above the latter. Interestingly, this cross dates 50 bars on the weekly candlestick time frame, around 350 days ago.
Now, he pointed out that this scenario has only happened twice throughout XRP’s history with two different outcomes, and XRP could now go on the path of either outcome or it could play out something new in the coming days.
Related Reading: Shiba Inu Sees A Shift: Short Term Holders Take Possession Of 23 Trillion SHIB
#XRP Is This Similar to 2017, or Are We Witnessing Something New?
The historical data reveals two crosses between the Yellow Line (20 SMA) and Blue Line (50 SMA).
A) If this resembles Cycle ‘A’, then we could expect a rapid and aggressive price surge, akin to a rocket… pic.twitter.com/o8PVCqJP14
— EGRAG CRYPTO (@egragcrypto) March 19, 2024
American publicly traded company and crypto exchange, Coinbase has revealed plans to introduce Dogecoin (DOGE) in its futures contract offerings.
The first time this type of cross happened between the two moving averages was in 2017. However, the price of XRP continued to consolidate for 49 weekly bars before going on a rapid and aggressive price surge to reach its current all-time high of .84. EGRAG called this ‘Cycle A’, likening the price action to a “rocket ship-style pump.”
The second time this type of cross occurred was in 2021. In this cycle, which he called ‘Cycle B,’ XRP went on a smaller consolidation for 32 bars before going on a lesser price surge than that of Cycle B. EGRAG believes that the current cycle, which he called “Cycle C,” mirrors that of Cycle A more than Cycle B, as there are no evident similarities in the patterns between the 20 SMA and 50 SMA.
EGRAG, in his continuous spirit of ultra-bullishness, forecasted that the current cycle might break out by a factor of 10 times bigger than the one that was seen in Cycle A, which would indicate a target of .
What’s Next For XRP Price?
EGRAG is one of the few crypto analysts who are still optimistic about XRP’s future. In a former analysis made in December 2023, he noted various scenarios of how XRP could surge past in the first quarter of 2024 amidst a bull run ushered in by Spot Bitcoin ETFs.
Although the introduction of these ETFs undoubtedly attracted capital to the cryptocurrency space and propelled Bitcoin to yet a new record high, XRP’s price hasn’t increased all that much.
XRP crossed over .73 on March 11 for the first time since November 2023 but has been on a downfall since then with the formation of lower highs and lower lows. However, things could change into a strong bullish momentum very soon if XRP bulls continue to hold above the .6 price support.
Bitcoin Emerges as ‘Flight to Safety’ Asset, Outshining Gold, Says Cathie Wood
ARK Invest’s CEO Cathie Wood believes there is a shift in investment trends, specifically, a growing preference for bitcoin over traditional gold investments. This trend has been particularly pronounced following the launch of spot bitcoin ETFs, offering investors streamlined access to the cryptocurrency.
Cathie Wood Says Investors Are Shifting From Gold to Bitcoin Amid Financial Uncertainty
In a recent video on ARK Invest’s Youtube channel, CEO Cathie Wood said there is a significant shift among investors moving from traditional gold investments to bitcoin. This shift, according to Wood, has become increasingly apparent following the introduction of spot bitcoin exchange-traded funds (ETFs), providing a less cumbersome access to the cryptocurrency.
During a dialogue with Brett Winton, ARK’s chief futurist, Wood pointed to bitcoin’s remarkable resilience and growth, especially in times of financial instability. She recalled the instance of March 2023, when the U.S. faced a regional bank crisis, leading to a 40% surge in bitcoin’s value as the regional bank index plummeted. “Bitcoin shot up 40% as the KRE, the regional bank index, was imploding. And here again, the regional bank index is acting up, and we are seeing Bitcoin catch a bid again,” Wood stated, underscoring bitcoin’s emerging role as a “flight to safety” asset.
Wood shared a compelling chart illustrating bitcoin’s price in gold, showcasing a strong, long-term uptrend. This trend, she explained, signifies bitcoin’s ongoing process of partially replacing gold as a preferred investment choice. “This chart just shows you that even relative to gold, Bitcoin has been rising. There’s now a substitution into Bitcoin, and we think that is going to continue,” she remarked.
Addressing the volatility following the launch of spot bitcoin ETFs, including ARK 21shares Bitcoin ETF on January 11, Wood explained that the subsequent price correction was anticipated. Despite a 20% drop in bitcoin’s price post-launch, Wood remains optimistic, citing that 15 million of the 19.5 million bitcoin currently in circulation have not moved in over 155 days, suggesting a strong holding pattern among investors.
ARK Invest’s strategic movements in the cryptocurrency space extend beyond bitcoin. The firm has significantly invested in Coinbase stock (COIN), although it has scaled back its holdings since June 2023. As of now, ARK holds 7.187 million shares in Coinbase, valued at 3 million, reflecting its continued bullish stance on the crypto sector despite market fluctuations.
Do you agree with Woods that investors who usually would seek gold as an investment are beginning to shift to bitcoin? Share your thoughts and opinions about this subject in the comments section below.
Celsius Emerges From Bankruptcy, Begins to Distribute $3 Billion to Creditors
Celsius has concluded its Chapter 11 bankruptcy process and is embarking on a new journey with the launch of Ionic Digital, Inc., a bitcoin mining company managed by Hut 8 Corp. This development follows a complex legal and financial restructuring, which will include over billion distributed to creditors.
Celsius Ends Bankruptcy Saga, Will Return Billion to Creditors
After an eighteen-month bankruptcy process, Celsius Network LLC has emerged from Chapter 11, marking a turnaround in the cryptocurrency industry. The company announced today that it has completed the transactions under its reorganization plan, approved by 98% of its account holders and the Bankruptcy Court for the Southern District of New York on Nov. 9, 2023.
This event concludes a long journey for Celsius, during which the company fielded legal challenges, underwent audits by regulatory investigations, and had to gain stakeholder support. The plan includes distributing over billion in cryptocurrency and fiat to creditors and establishing a new bitcoin mining entity, Ionic Digital, Inc., which will be managed by Hut 8 Corp.
“Our exit from bankruptcy is the culmination of an extraordinary team effort and extensive collaboration between Celsius, Hut 8, strategic partners, and our creditors,” said company representatives David Barse and Alan Carr.
Following the bankruptcy court’s approval, Celsius will transition to the “MiningCo transaction,” consistent with the plan to “maximize recoveries for the benefit of creditors.” The company also increased the availability of funds for creditors by nearly 0 million through altcoin conversions and previous settlements. The company has initiated distributions of liquid cryptocurrency and fiat to creditors, with Ionic Digital set to become publicly traded upon receiving necessary approvals.
Celsius has successfully emerged from bankruptcy on January 31, 2024, concluding the company’s restructuring process. You can read our official announcement here https://t.co/jqQfSzxPyg.
— Celsius (@CelsiusNetwork) February 1, 2024
Matt Prusak, Chief Commercial Officer at Hut 8, has been appointed CEO of Ionic Digital, which will operate under Hut 8’s management for the next four years.
As part of its restructuring, Celsius will wind down its operations, including discontinuing its mobile and web applications. The firm also addressed its legal challenges, including a .7 billion settlement with U.S. authorities over fraud allegations. Former CEO Alex Mashinsky, who resigned in September 2022, faces fraud charges for allegedly manipulating the lender’s CEL token price, which he denies. Mashinsky is currently out on a million bond, with his trial scheduled for September 2024.
How do you think Celsius will fare moving forward as a bitcoin miner? Share your thoughts and opinions about this subject in the comments section below.
Stunning Correlation Emerges Between XRP And XLM, What’s Going On?
On Monday, news quickly spread after a BlackRock XRP ETF filing popped up on the Delaware Corp. Commission website. The filing has since been claimed to be false. But the damage was already done as the token’s price surged quickly before reversing.
One interesting development from this event though was a curious correlation that emerged between the XRP price and the XLM price at the time. While the news was localized to XRP, XLM had surged just as much, emerging with a stunning correlation between the two.
XRP And XLM Correlation Balloons
In the wake of the rumored BlackRock XRP ETF filing pumping the token’s price, one enthusiast has noticed a significant correlation between XRP and XLM. Crypto analyst and educator Blockchain Backer took to X (formerly Twitter) to reveal what he terms as one of the “most bizarre” moves.
The chart clearly shows the XLM price surging just as the BlackRock news broke with a straight green candle. Likewise, when the news was debunked and the XRP price began to fall, so did the XLM price, in an eerily similar fashion.
In another post, Blockchain Backer revealed that XLM had followed XRP’s move in the 2-second timeframe. A chart shared with this post showed XRP’s movement and XLM’s movement on the same chart and the moves happened at almost the same time, as shown below:
“The fake news was literally XRP specific, and would impact XRP only, not XLM. If anything, you’d expect XLM sell off like the rest of the market. Instead, it mirrors. Why?” the analyst wondered.
Running A Similar Race
XRP and XLM have always seemed to run in the same circles and the correlation in their price movements has been a testament to that. One X user, in response to Blockchain Backer’s post, reasoned that the correlation was because both digital assets actually “share the same holders.”
One crypto analyst who has also closely tied the performance of XLM to that of XRP is Crypto Bilbuwoo. One of their long-running analysis includes both digital assets which the analyst expects to move toward new all-time highs in the same fashion.
In an October 15 post, Crypto Bilbuwoo posited that “The chart shows that 1.618 Fibonacci ratio(XLM: 6.5$, XRP: 26~33$) will be completed at the end of December.” The last time this happened was back in 2017 and the analyst expects a repeat of that trend, saying there would be a 6,500% surge for both assets.
Despite this correlation, Blockchain Backer still finds Monday’s simultaneous pump strange as he believes “those same holders would have dumped XLM for XRP. Not fomo bought XLM on that news story.”
However, as another X user explains, “Not if they believe XLM and XRP are brother and sister. There are some influencers peddling this for years. Doesn’t make logical sense but does with that narrative. XLM would be next!”
Solana (SOL) Price Primed For 50% Surge: Bullish Pattern Emerges
Renowned crypto analyst Josh Olszewicz recently spotlighted an extremely bullish technical pattern for Solana (SOL) price, suggesting a potential significant uptrend for the cryptocurrency against the US dollar (SOL/USD). Olszewicz shared his analysis on X (formerly Twitter), commenting, “SOL iHS alert. Chart is the chart, love it or hate. Looks a helluva lot better than spot ETH that’s for sure.”
Solana Poised For A 50%+ Rally?
After reaching a peak of 0 in November 2021, the Solana price experienced a steep decline in value, plummeting to a low of by the end of 2022. This decline mirrored the general downturn in the crypto market, which was further aggravated by the collapse of the crypto exchange FTX, with SOL being particularly affected.
However, 2023 began with a positive twist for Solana. The price of SOL rebounded from its low to almost within the first half of January, setting the stage for the formation of an inverse head and shoulders (H&S) pattern.
This inverse H&S pattern, recognized as a typical bullish reversal signal, began taking shape in mid-January and extended through October 2023. By mid-March, the left shoulder was evident, with the head forming in early June, and the right shoulder becoming prominent in October.
A significant feature of this pattern is the neckline resistance, identified at around the .81 mark. Solana’s price has already challenged this resistance multiple times, and a decisive breach above this threshold would serve as a strong indicator of a bullish trend reversal. Olszewicz, in his analysis, marked the stop loss (SL) for this trade idea just below the right shoulder, specifically around .30.
Using Fibonacci extensions, Olszewicz charted potential price trajectories for SOL, should it successfully surpass the .81 neckline. The targets are marked at the 1.618 (.85) and 2.0 (.82) Fibonacci levels. If these predictions hold, traders might be looking at potential profits ranging between 35% and 55% from the current price.
VPVR Supports This Thesis For SOL
Additional insights from the Volume Profile Visible Range (VPVR) reveal that the most substantial trading activity for SOL is clustered around the to bracket. Another volume cluster is situated between the .83 and .30 marks, aligning with Olszewicz’s stop loss placement.
Another important takeaway is that should SOL break above the inverse H&S pattern’s neckline, there is a large volume gap up to the first price target at .85 where the 1.618 Fibonacci level is situated, suggesting this area is of significant interest and potential resistance.
In conclusion, while the inverse H&S pattern’s emergence paints a super bullish picture for Solana’s price trajectory, it is essential to await a confirmed breakout above the .81 neckline, ideally supported by a substantial trading volume, before confirming the bullish projections laid out by Olszewicz.
At press time, SOL rose above 200-day EMA and traded at .81.
An Urban Farmstead Emerges From 3AC Co-Founder’s Bankrupt-Shadowed Mansion
According to a report, the spouse of Three Arrows Capital (3AC) co-founder Su Zhu has transformed their residence into a farmstead. The farm reportedly boasts numerous garden beds, a variety of composting zones, and the couple’s swimming pool has been converted into a natural pond.
Report Spotlights an Urban Farm Flourishing Amid 3AC’s Financial Ruins
After the disclosure that 3AC co-founder Su Zhu was arrested in Singapore at Changi Airport, a report from The Business Times reveals that the former crypto hedge fund manager’s dwelling has evolved into a pastoral farm haven. The homestead, valued at million when the pair acquired the bungalow, has allegedly been artistically reimagined by the 3AC co-founder’s spouse, Dr. Evelyn Tao.
The property is located in the Yarwood Avenue area in District 21 and the region showcases several Balinese-styled homes for sale. The Business Times report indicates that the sprawling property owned by Zhu and Tao now features several gardens and compost areas. Visitors can allegedly enjoy fine dining at the establishment, as well as agriculture classes and guided tours of the sprawling Good Class bungalow.
The urban farm reportedly caters to “climate-appropriate food” and is affiliated with Tao’s Abundant Cities Singapore project. The organization is “focused exclusively on urban permaculture and tropical permaculture research.” The Business Times further notes that 3AC’s liquidator, Teneo, did not comment on the farm when asked for a statement. Zhu is serving a four-month jail term following his recent arrest and his associate, Kyle Davies, remains at large.
Zhu and Davies’ 3AC collapsed after the Terra fallout in May 2022 and officially filed for bankruptcy in July 2022. The pair launched another project named OPNX in 2023 and recently, creditors in the Hodlnaut case objected to OPNX acquiring the firm. Following 3AC’s bankruptcy filing, Primitive Capital’s Dovey Wan reported on June 30, 2022, that the Yarwood Avenue Good Class bungalow owned by Zhu was in urgent need of selling.
What do you think about Su Zhu’s property in Singapore reportedly being transformed into a farmstead? Share your thoughts and opinions about this subject in the comments section below.
Revolutionizing the Cryptocurrency World: DEX BANUS Emerges as a Leader in Decentralized Futures
PRESS RELEASE. Puerto Banus Spain, September 20, 2023 – The cryptocurrency and blockchain landscape is undergoing constant evolution, marked by groundbreaking innovations. At the forefront of this movement stands DEX BANUS.
DEX BANUS: Pioneering Decentralized Trading
DEX BANUS distinguishes itself as more than a typical cryptocurrency exchange. Powered by the renowned AVALANCHE and ARBITRUM networks, it offers a secure, transparent, and highly efficient decentralized trading experience. Since its inception, DEX BANUS has achieved several remarkable milestones:
Successful Token Sale: Demonstrating unwavering community support and trust.
Full Integration with Bscscan: Ensuring complete transaction transparency.
Listing on CoinGecko and CoinMarketCap: Recognized on esteemed platforms.
Strategic Partnerships: Including a prestigious listing on LBANK exchange.
The Innovative Buyback and Burn Strategy
One of the most distinctive features of DEX BANUS is its innovative buyback and burn strategy. An impressive 50% of the platform’s fees are allocated to repurchasing and subsequently burning BANUS tokens. This deflationary mechanism effectively regulates token supply, fostering long-term appreciation and stability. It reflects not only the token’s economic health but also a commitment to investor sustainability.
The Significance of Decentralized Futures
Operating futures within a decentralized framework offers several compelling advantages. It eliminates intermediaries, slashing costs and potential bottlenecks. Decentralization ensures transparency, as operations are verifiable and immutable. DEX BANUS provides a robust operational platform that efficiently caters to users’ needs.
In Conclusion
DEX BANUS isn’t just an evolution; it’s a revolution in the world of decentralized futures. With its groundbreaking buyback and burn strategy and a dedication to delivering an unparalleled user experience, DEX BANUS is poised to redefine industry standards. In an ever-evolving market, staying attuned to innovations is crucial, and DEX BANUS unquestionably leads the way.
Key Details:
Total Supply: 500,000,000
BANUS Token Contract: 0x98999Aa1B0D17fB832FD509e13b67FE506513a6D
Token Symbol: BANUS
Exchange: banus.finance
Website: dexbanus.com
Social Media: Linktr.ee/dexbanus
Contact: support@dexbanus.com
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
Solana Eclipsing Ethereum? Wall Street Veteran’s Top Altcoin Pick Emerges
Solana (SOL) has captured the attention of former Goldman Sachs executive Raoul Pal, who recently declared it one of his standout altcoin choices and a potential contender to Ethereum’s dominance.
In a new interview, Pal highlighted Solana’s unique strengths, emphasizing its unrivaled speed and performance, qualities that have even prompted payments giant Visa to choose it as their platform of choice.
Pal unveiled his enthusiasm for SOL, dubbing it one of his foremost altcoin choices and a contender for the most promising project outside of Ethereum. The crypto luminary also shed light on the growing influence of Solana’s co-founder, Anatoly Yakovenko, popularly known as Toly, in the cryptocurrency landscape.
Pal’s bullish stance on Solana stems from its speed and exceptional performance, characteristics that have garnered attention even from giants like Visa.
Pal said:
“So, why is Visa using Solana? Because it’s fast. It’s fast, and it does a good job.”
This sentiment represents the distinctiveness of Solana in comparison to Ethereum and hints at the potential for interconnectivity between these blockchain ecosystems. Visa’s recent announcement of its foray into stablecoin settlement capabilities on Solana further bolsters its credibility in the industry.
Solana: Recent Market Performance And Outlook
Despite Pal’s optimistic outlook, the charts tell a different story for Solana. On August 5th, SOL experienced a bearish market structure as its price plummeted below the crucial .73 support level. Subsequently, in mid-August, the cryptocurrency endured a sharp decline, witnessing a staggering 23.8% drop from its recent peak.
Prevailing Bearish Momentum
As of now, Solana remains in the grip of this downtrend, with its market structure yet to show signs of a reversal. The Relative Strength Index (RSI) lingers below the critical 50-point mark, underscoring the prevailing bearish momentum. A pivotal line of defense for the bulls is the 78.6% retracement level at .94.
According to analysts, a test of this support level could offer a viable buying opportunity, potentially targeting local highs at .5, , and an ambitious . However, a dip below the .5-mark would invalidate any hopes of a bullish reversal at the 78.6% retracement level.
Market Statistics
At the time of reporting, SOL was trading at .84 at CoinGecko, reflecting a 3.7% gain in the past 24 hours. Over the course of the previous seven days, SOL had exhibited a commendable rally of 12.5%.
In contrast, Ether (ETH) was priced at ,637.25, marking a modest 0.3% increase within the past 24 hours. Over the same seven-day period, ETH had recorded gains of 5.5%.
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
Featured image from Britannica