The landscape for altcoins appears notably bleak, with most experiencing consistent declines since March and with bitcoin’s dominance escalating, it diminishes the likelihood of a resurgence altcoin run-ups. On June 20, the X account ‘Altcoin Sherpa’ highlighted two prerequisites for an ‘Altcoin Season’ to emerge. Crypto Analyst Altcoin Sherpa Foresees Challenging Times for Altcoins The […]
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Vitalik Buterin Outlines Improvements for Ethereum’s Decentralized Future
Ethereum co-founder Vitalik Buterin has proposed several enhancements aimed at improving the network’s permissionlessness and decentralization. The proposed changes focus on tackling issues such as miner extractable value (MEV), hardware requirements, and staking dynamics. Ethereum Co-Founder Proposes Enhancements to Boost Ethereum’s Decentralization Vitalik Buterin, Ethereum co-founder, recently shared his vision for the future of Ethereum’s […]
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Analyst Outlines XRP Price Scenarios Ahead Of Ripple-SEC Case Update
In a chart analysis shared via X, the crypto analyst Dark Defender provided insight into the potential price movements of XRP ahead of this week’s Ripple-SEC case update. The analysis, conducted on a monthly time frame, reveals that XRP has been holding above a critical support trend marked in blue. With the crypto community’s eyes set on the new Ripple filings expected next week, there’s a mix of anticipation and caution.
XRP Price Enters Potentially Crucial Week
Dark Defender notes that although market news does not typically have a direct correlation with price movements, the “last puzzle piece” pertaining to the Ripple case may add a layer of enthusiasm to the market sentiment surrounding XRP. The question posed is: What could happen if XRP fails to maintain its position above the blue support line?
According to the analysis, if XRP breaks below this blue support line, it will likely approach the two critical Fibonacci retracement levels at .4623 (38.2% retracement level) and .3917 (23.6% retracement level). These figures are derived from the swing high and low points on the chart, traditionally considered potential support levels where the price could stabilize or bounce back.
In the context of the current chart, a drop below these levels, particularly if the price closes under .3917 for two to three days consecutively, would invalidate the bullish five-wave structure that Dark Defender suggests could propel XRP to a high of .85. On the flip side, should XRP reclaim the 61.8% Fibonacci level at .6044, it could signify a first step towards a strong upward move.
Between the price range of .6649 and .3917, any price movement is considered a sideways trend. A breakout above the 70.2% level at .6649 would likely confirm a bullish trend, with the analyst highlighting this as a significant threshold for a positive price trajectory. Above this level, XRP would then eye the next Fibonacci extension levels of .8815 (161.8% extension) and potentially .8563 (261.8% extension), which are ambitiously projected targets.
The chart also highlights a “Main Resistance Trend” line that has capped the price since the peak of early 2018, and the current price action is pinched between this descending resistance and the ascending support trend lines, forming a converging pattern that traders often interpret as a potential breakout signal.
A breakout could be the first bullish indication of a larger rally, with at least one monthly close above the line required. In the past, several attempts at a breakout have failed, and even one monthly close was followed by a fall back below the trendline the following month.
Ripple Vs. SEC: What To Expect This Week
Ripple Labs is gearing up to file its response to the US Securities and Exchange Commission’s (SEC) remedies briefing on April 22, a pivotal moment in their protracted legal battle. This response from Ripple is in reaction to the SEC’s briefing that put forth potential remedies including disgorgement of profits derived from XRP sales and civil penalties. The financial stakes are high, with the SEC calculating fines that could reach around billion, claiming that Ripple engaged in an unregistered securities offering with its XRP sales.
The legal and financial communities expect Ripple to mount a formidable defense against the SEC’s claims. Key to this counter-argument will be undermining the SEC’s assertion of the necessity for disgorgement, given the alleged lack of demonstrable financial harm to XRP purchasers. Furthermore, Ripple is likely to leverage favorable recent legal decisions and regulatory developments, aiming to weaken the SEC’s position.
According to the schedule, Ripple is expected to submit a public redacted version of its opposition brief along with associated declarations and exhibits today, if these materials are devoid of any SEC-designated confidential information. If confidentiality is a concern, Ripple will file the documents under seal and submit a redacted public version by April 24. Following this, the SEC will have the opportunity to reply, with their response anticipated to be filed under seal by May 6.
At press time, XRP traded at .53.
Bitcoin Halving RoadMap: Analyst Outlines 3 Phases For Market Dynamics
Bitcoin is now hovering around the ,000 threshold after a notable recovery it witnessed a few days ago. Due to the recent momentum, crypto enthusiasts are becoming less pessimistic about the digital asset’s growth prior to the halving event. With the fast approaching much-anticipated Bitcoin Halving, Rekt Capital, a well-recognized cryptocurrency analyst and aficionado, has offered his market insights mapping out three distinct stages of the event for investors.
3 Distinct Aspects Of The Bitcoin Halving
Rekt Capital’s analysis delves into Bitcoin‘s movement before and after the halving takes place, which is expected to happen this month. In the seven days leading up to the occurrence, the crypto analyst underscored three stages to observe for a successful outcome.
These three phases include the final pre-halving retrace, the re-accumulation phase, and the parabolic uptrend phase. Emphasizing on the first aspect, Rekt Capital noted that the pre-halving retrace is documented in the books and has already manifested.
During this period, Bitcoin experienced an 18% pullback compared to 2016 and 2020’s retracement of 38% and 19%, respectively. The expert believes that the concluded pre-halving Retrace was the last chance to purchase a deal during the pre-halving phase.
Following the conclusion of the retrace, Rekt Capital has confirmed the development has laid the groundwork for the Re-accumulation range. It is important to note that the aforementioned range occurs a few weeks ahead of the halving, and it ends with a breakout from it a few weeks later.
Specifically, the period could last for several weeks and up to 150 days or five months. Given the manifestation of the range, sideways movement through the halving and beyond is the major purpose of BTC.
Thus, the analyst has stressed the need to be patient around this phase, as many investors get frustrated, bored, and disappointed here because their Bitcoin investments lack significant returns. As a result, they lose confidence and get shaken out of the market before the event.
BTC’s Post-Halving Rally Might Mirror Previous Trend
As for the parabolic uptrend, Rekt Capital claims the phase will begin when Bitcoin breaks out from the re-accumulation range. He further stated that the price of BTC tends to grow more quickly and enters a parabolic upsurge during this stage.
According to the expert, this area has typically lasted about a year or a little more, particularly around 385 days in the past. However, with the possible accelerated cycle that is currently in development, the period could be halved within this bull market cycle.
Rekt Capital’s key perspectives came amidst Bitcoin demonstrating strength to revisit its current all-time high of ,000. BTC has managed to amass gains of more than 6% in the past few days.
It recovered to the ,000 level after plunging as low as ,000 on Wednesday and is getting close to ,000. At the time of writing, BTC was trading at ,854, indicating over 6% increase in the past week.
Its market capitalization is up by 1% and its trading volume has plummeted by more than 21% over the past day. Given the current trend in the coin market, BTC could be in a position to see even bigger gains in the months to come.
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SEC Chair Gary Gensler Outlines ‘Very Real Economic Difference’ Between Bitcoin and US Dollar
U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler has outlined a “very real economic difference” between crypto like bitcoin and fiat currencies like the U.S. dollar. “You have a whole central bank, and support for one currency, generally per economic region,” the SEC chief noted, adding that we don’t have the same in bitcoin. […]
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Bitcoin Halving Prep: Analyst Outlines Key Points Ahead Of Event
Anticipations for the upcoming Bitcoin halving event are high in the cryptocurrency community, with hopes of BTC witnessing a massive rally post-event. Nonetheless, several key factors should be considered prior to the halving.
Important Considerations Ahead Of The Impending Bitcoin Halving
Ali Martinez, a famous cryptocurrency analyst has revealed the major key points investors need to watch out for ahead of Bitcoin halving. The analyst shared his opinions on the subject through the social media platform X (formerly Twitter).
In the X post, Martinez pointed out just four important factors to consider as the event drew near. The upcoming halving, expected to take place by April this year, will be the fourth time it has been done.
One of the first and key areas highlighted by Martinez to spot is the post-Bitcoin halving corrections. Martinez stated that within a month following the 2020 and 2026 halvings, BTC saw substantial corrections, which preceded this price surge.
He explained that within a month after the 2016 event, the price of Bitcoin fell by 30%. He also said a similar scenario played out in the 2020 halving, which saw price plummet about 7%.
The Bitcoin halving has always been viewed as a bullish development that leads to a significant rise in the price of BTC. This is primarily due to the fact that as demand increases, the quantity of fresh BTC coming into the market declines.
For the second key point to look out for, Martinez has underscored massive post-halving rallies. According to him, there is typically a sharp increase in the price of Bitcoin after the post-halving drop.
In particular, the expert asserted that after the halvings in 2012, 2016, and 2020, the price of Bitcoin surged by 11,000%, 2,850%, and 700%, respectively. Due to this, many experts anticipate that BTC’s price will reach a new all-time high after the event is concluded.
Significant Change In The Market
Martinez’s third crucial aspect to consider is the bull market durations. As is widely known, every previous halving event often ushers in a bull market.
He then shared a calculative time of how long the market rallied during all the previous halving. Martinez stated that the 2012, 2016, and 2020 bull market lasted for 365 days, 518 days, and 549 days, respectively.
Meanwhile, the last part pointed out by the expert is the next market top. He believes that Bitcoin will get to a new peak by April or October 2025. Martinez anticipates this to take place if only the upcoming event follows historical patterns. So, he has urged the crypto community to be vigilant and observe these patterns.
As of now, BTC is trading a little above ,000, showing a decrease of almost 2% in the past 24 hours. Its trading volume has increased by 14% today, while its market cap is down by 1.90%.
US Presidential Candidate Outlines Plan to Shut Down FBI if Elected — ‘This Is Much More Practical Than It Sounds’
Presidential candidate Vivek Ramaswamy has outlined his plan to shut down the Federal Bureau of Investigation (FBI) if he is elected President of the United States. “56% of the bureau that are professional bureaucrats should be fired immediately,” he stressed, adding that 44% of FBI employees are special agents and intelligence analysts who “should be reassigned to serve under the narrow focus of other federal law enforcement agencies doing the same specialist work.”
’This Is Much More Practical Than It Sounds’
U.S. presidential candidate Vivek Ramaswamy outlined how he would shut down the Federal Bureau of Investigation (FBI) if he is elected President of the United States in several posts on social media platform X.
“We need to cure the cancer that is the administrative-police state,” the presidential hopeful explained, adding that the FBI is among the “toxic” government agencies that he will shut down. Emphasizing that the bureau cannot be reformed, he wrote on X Saturday:
Shut down the FBI. And yes, this is much more practical than it sounds.
The FBI can’t be “reformed.”
The right answer is: Shut It Down.
Yes, the President can do it.
I will.
— Vivek Ramaswamy (@VivekGRamaswamy) December 31, 2023
Noting that the FBI has about 35,842 employees, the presidential hopeful stated that “56% of the bureau that are professional bureaucrats should be fired immediately.” He added: “Just 44% of FBI employees are special agents and intelligence analysts — these 15,770 specialists should be reassigned to serve under the narrow focus of other federal law enforcement agencies doing the same specialist work.”
Ramaswamy then highlighted where some FBI specialists and analysts should be transferred to. Firstly, he said 821 should be reassigned to the U.S. Marshals Service to fight crimes against children, and 4,159 should be transferred to work at the Department of Defense’s Intelligence Agency.
Moreover, 4,663 should be transferred to the Department of Homeland Security to focus on national security and terrorism while 856 should be reassigned to the U.S. Secret Service to fight “political corruption,” the presidential candidate stated.
Furthermore, 2,555 FBI specialists and analysts should be transferred to the Department of Justice, “within a specialized sub-agency rather than a sprawling investigative bureaucracy,” the presidential candidate emphasized. They should be reassigned to focus on “civil rights, organized crime, violent crime, science and technology, including crime laboratory analysis across agencies,” Ramaswamy described. Lastly, 856 should join the Department of the Treasury and the Financial Crimes Enforcement Network (FinCEN) to fight “white collar crime,” he noted.
Ramaswamy recently unveiled his crypto policy. He has promised that if he is elected President of the U.S., he will ensure that innovative sectors, including crypto, are “liberated from the shackles of the unconstitutional shadow government.” He expects to rescind most, if not all, of the U.S. Securities and Exchange Commission (SEC) regulations that apply to cryptocurrencies.
Do you think the FBI should be shut down? Let us know in the comments section below.
XRP Price Poised To Hit $20,000: Chad Steingraber Theory Outlines How
Chad Steingraber, a professional game designer and a prominent figure in the XRP community, recently updated his theory, originally posted in August 2022, about the potential future price of XRP. Dubbed “The Chad Steingraber Theory,” it presents an intricate roadmap predicting XRP’s journey towards a staggering ,000 mark.
Central to Steingraber’s argument is the principle of asset scarcity in relation to supply and demand. He explains how scarcity, much like in an auction where numerous bidders vie for a limited asset, can escalate the asset’s value.
“Asset Scarcity, part of supply and demand, is also an issue, like an auction bid where many people are bidding on a limited set of assets that only some of them may own. This can drive up value, it ONLY stops when no one else is willing to pay a higher price,” he notes, underlining how this scarcity could be a driving force for XRP’s valuation.
Steingraber also delves into the realm of market appreciation and ‘phantom money’. He elucidates how the current price of an asset can reflect its anticipated future value, a concept akin to selling the idea of a future desirable house on a valuable plot of land at today’s perceived value. He further introduces the notion of ‘Phantom Money’, indicating that market caps often mirror perceived, rather than actual, invested value.
“Today XRP market cap is billion.. but wait, that doesn’t mean there is actually B of money that has been put into XRP. […] There’s far less as the market cap is just a reflection of the current value anyone is willing to pay. Phantom Money, remember?, Steingraber explained.
Drawing parallels with unique and limited assets like the Mona Lisa, Steingraber highlights the perception of value. He points out that value is often ascribed based on uniqueness and societal significance, stating, “The Mona Lisa is valuable because it’s the only one… That value is in our minds.” This analogy serves to emphasize the perceived value of the coin in the cryptocurrency market.
“The Chad Steingraber Theory” – The Road to a K #XRPA Thread
from The Future (UPDATED)
It’s been a year and a half since I wrote this original thread and A LOT has happened, including some parts of this theory.
Grab a drink, grab a snack and let’s take a ride, shall we? https://t.co/TU7CLwwh1T
— Chad Steingraber (@ChadSteingraber) December 30, 2023
Banks Will Drive The XRP Price To ,000
Central to Steingraber’s theory is the idea of banks holding XRP as a reserve asset, akin to gold. He explicitly states, “Banks holding XRP, that’s the Holy Grail,” emphasizing the potential shift in how financial institutions perceive XRP. This change would elevate the cryptocurrency’s status, positioning it not just as a transactional cryptocurrency but as a foundational asset in banking operations.
Steingraber envisions a future where banks will create private ledgers for internal operations, necessitating substantial XRP reserves. “Banks will create a Private Ledger and HOLD XRP as a reserve asset like how a central bank will hold Gold as a backing asset,” he explains. This approach to using XRP mirrors the traditional banking system’s reliance on gold, suggesting a paradigm shift in digital asset management.
The theory also highlights the crucial role of liquidity hubs, like Metaco, in this new banking ecosystem. Steingraber points out that these hubs would need to maintain large XRP balances to facilitate transactions between banks. “The LHs also hold a balance of XRP because they ARE the 3rd Party exchange that requires a transfer on the XRPL of the issued IOU Derivative into another IOU Derivative,” he notes, underlining the importance of XRP in this process.
A pivotal aspect of Steingraber’s theory is the ensuing scarcity of XRP in the public market as banks accumulate it. He predicts a significant shift in the public supply, stating, “The circulating public supply of XRP on crypto exchanges is far less than people realize… The banks, when ready, are coming for the public XRP supply and once they have it… IT’S GONE.” This anticipated scarcity is expected to trigger a FOMO among financial institutions, leading to a rapid depletion of XRP’s public availability.
Steingraber’s theory culminates in the projection of a massive increase in XRP’s price, driven by the combined effects of banks treating it as a reserve asset, the creation of private ledgers, the crucial role of liquidity hubs, and the resulting public supply scarcity. He posits a future where the value of the cryptocurrency could skyrocket due to these factors, potentially reaching up to ,000.
At press time, XRP traded at .61406.
Binance CEO Richard Teng Outlines the Path Ahead; Puts Innovation, Users and Web3 at the Forefront
Richard Teng, the new CEO of Binance, has explained his vision for the company, outlining the challenges the exchange faces ahead and the areas on which the company will focus. In a blog post, Teng explained that innovation, users, and Web3 will be at the forefront of Binance in the new era of the company.
Richard Teng Outlines Binance’s Future
Richard Teng, the new CEO of Binance, has published a blog post describing the challenges that the exchange will face, and the company priorities moving forward, after the .3 billion settlement with the U.S. Department of Justice (DOJ).
Teng, who has now to fill the void left by Changpeng Zhao (CZ), considered one of the most influential men in crypto, explained that he intends to turn the page on Binance’s historical challenges, praising the efforts that the company has made to “recruit, hire, and retain the right personnel to strengthen Binance’s compliance program and culture.”
The new CEO acknowledged the need for cryptocurrency businesses and policymakers to interact to create a global regulatory framework for crypto. He stated:
As an industry, we require more focus than ever on collaborating with policymakers. Only then may we effectively contribute to the development of a globally harmonized regulatory framework that will foster innovation while providing critical consumer protections.
Innovation, Users, and Web3 Expansion
Teng mentioned three significant elements that will remain part of Binance’s strategy. The first one is innovation, with Teng explaining that the company was able to bring value to its users since its beginnings through innovating. In this sense, Teng assured that Binance will “remain committed to product excellence as we continue to blaze the trail of financial innovation.”
He referred to the exchange users as a vital part of the company, reinforcing that the exchange has a solvent economic position, maintaining a 1:1 backing of all the assets under custody. Teng stressed:
You have my word that I will do everything in my power to ensure that you remain the center of all that we do. You should feel confident in the financial strength, security, and safety of the company.
Also, Teng hopes to empower and foster innovation through the promotion of decentralized applications and the adoption of Web3; nonetheless, he acknowledges that this “will be impossible without promoting regulatory innovation in a collaborative way,” having helmed the Abu Dhabi Global Market and collaborated with the creation of the UAE’s Web3 regulatory framework.
What do you think about Richard Teng’s first blog post as Binance CEO? Tell us in the comments section below.