U.S. Congressman Matt Gaetz has introduced a bill to allow federal income taxes to be paid with bitcoin. Inspired by El Salvador’s success with the cryptocurrency, the lawmaker believes this move will modernize the U.S. tax system, promote innovation, and maintain America’s technological leadership. Lawmaker Proposes Bill to Allow Federal Income Taxes to Be Paid […]
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Just 3 Days Left to Invest in Viral Sealana Presale as Experts Predict Post-Listing Success
Sealana (SEAL) is the talk of the crypto market as its presale enters the last stretch. With just four days left on the clock, investors are scrambling to secure their tokens before the DEX launch. And industry experts are even eyeing SEAL as the next potential breakout star in Solana’s meme coin ecosystem. Sealana’s Unique […]
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XRP’s Roadmap To Success: Analyst Forecast A Strong Bullish Turn In 2024
Despite its recent decline, XRP, one of the largest cryptocurrencies by market cap, now holds the potential for substantial gains. Particularly, according to a recent technical analysis by Amonyx, XRP is poised for a bullish run against both the United States dollar and Bitcoin throughout 2024.
This optimism is grounded in several key technical indicators and historical price actions, suggesting that XRP might soon experience notable price movements.
Technical Forecast: XRP Path In 2024
Amonyx’s technical assessment focuses on the long-term price trends of XRP, particularly its performance within an ascending channel established in 2014. The XRP/USD pair analysis points to consistent behavior within this channel, bounded by its upper and lower trendlines.
Key Fibonacci retracement levels identified at 0.618, 0.786, 1.618, and 2.618 are seen as potential resistance and support zones. The analysis highlights these zones as pivotal areas where price reversals or consolidation might occur.
Moreover, the analyst projects a bullish surge toward the 2.618 Fibonacci level by 2024, suggesting that investors might witness a significant uptick in XRP’s value.
This ‘flip zone’ the analyst wrote on the chart at the upper end of the trend provides a theoretical point for the asset to consolidate or reverse, indicating critical trading opportunities.
Turning to the XRP/BTC chart, a similar detailed examination reveals a persistent descending trendline starting from the same base year, 2014.
This trendline has been a resistance point for XRP, with the price nearing another test of this boundary. The analysis includes observations of bullish and bearish divergences on momentum indicators such as the Relative Strength Index (RSI), suggesting potential for upcoming price movements.
The projected path on the XRP/BTC chart envisions a bullish trajectory for the 1.618 Fibonacci level, corroborating the bullish sentiments from the XRP/USD analysis.
This convergence in analysis across different currency pairs further strengthens the case for XRP’s growth potential relative to both the dollar and Bitcoin.
Current Market Position and Outlook
Despite these optimistic projections, XRP’s price currently trades at .49, having recovered slightly by 1% after a nearly 10% decline over the past two weeks.
This recovery could be the onset of the anticipated bullish trend. Insights from CryptoQuant highlight an increase in XRP’s Open Interest (OI), particularly following developments related to regulatory news involving the SEC. This surge in OI indicates a growing interest from traders, aligning with the expected price increase.
Meanwhile, Santiment has recently suggested that XRP’s current market conditions and a 30-day Market Value to Realized Value (MVRV) ratio of -3.5% place it in a mildly bullish category.
The lower a cryptocurrency’s 30-day MVRV is, the higher the likelihood we see a short-term bounce:
Bitcoin: -4.0% (Mild Bullish)
Ethereum: -4.3% (Mild Bullish)
XRP: -3.5% (Mild Bullish)
Dogecoin: -16.7% (Very Bullish)
Toncoin: -0.6% (Neutral)
Cardano: -12.6% (Very Bullish) pic.twitter.com/zHGg4t3qo1— Santiment (@santimentfeed) June 19, 2024
Featured image created with DALL-E, Chart from TradingView
Major Success For Chainlink: US Banks’ Pilot Program Propels LINK Price Up 6%, Details
The Depository Trust and Clearing Corporation (DTCC) has partnered with blockchain oracle Chainlink and several prominent banking institutions in the United States to conduct a successful pilot aimed at accelerating the tokenization of funds.
The collaboration has not only paved the way for the adoption of blockchain technology in the traditional asset management sector but has also had a significant impact on the price of Chainlink’s native cryptocurrency, LINK, which has surged past the threshold.
Major Asset Managers Join DTCC And Chainlink
The pilot, called Smart NAV, was developed by DTCC to explore the extension of its Mutual Fund Profile Service I (MFPS I), an industry-standard platform that transmits “Price and Rate” data, also known as “NAV data.”
By leveraging Chainlink’s cross-chain interoperability and blockchain abstraction capabilities, the pilot aimed to investigate the potential of on-chain price and rate data as a key enabler for new initiatives, particularly in the realm of mutual fund tokenization.
To evaluate the industry value of a DLT-based price and rate dissemination solution, DTCC collaborated with asset managers, service providers, and distributors, including American Century Investments, BNY Mellon, Edward Jones, Franklin Templeton, Invesco, JPMorgan, MFS Investment Management, Mid Atlantic Trust, and State Street.
On-Chain Data Delivery For Fund Tokenization
According to the announcement, the results of the pilot were positive. The collaboration between DTCC, the US banking institutions, and Chainlink reportedly showed that structured data can be delivered on-chain, enabling the embedding of foundational data into multiple on-chain use cases.
This capability has far-reaching implications, including supporting brokerage portfolio applications and facilitating real-time, automated data dissemination. Moreover, Smart NAV aims to provide built-in access to historical data and simplify the relay of price and rate data through new interfaces for data consumption.
Furthermore, the pilot reportedly achieved several key milestones, including validating user interfaces and applications that leverage on-chain data, establishing automation of data routing through smart contracts for dynamic data management, and preventing future fragmentation through Chainlink’s Cross-Chain Interoperability Protocol (CCIP).
Ultimately, the DTCC stated that the partnership with Chainlink has played a key role in the success of the Smart NAV use case. By providing an abstraction layer through its cross-chain interoperability capabilities, Chainlink has facilitated “seamless” transmission of data across multiple blockchains.
This approach eliminates the need for DTCC to establish individual connections to each blockchain, mitigating costs and operational complexities while ensuring data accessibility and optimization.
Bullish Momentum For LINK
As of the time of this press release, the LINK token has successfully surged above the .88 mark, experiencing a notable 6.8% increase in price since the initial announcement on Thursday.
Data from CoinGecko indicates that the token’s trading volume has also seen a significant surge of 17% in the last hours, reaching a substantial figure of 0 million.
However, for LINK to recover from its 72% losses from its all-time high of .70 reached in May 2021, it faces two key resistance levels as shown on the token’s daily LINK/USD chart above.
These resistance walls are located at .18 and .8 respectively, before potentially moving towards the mark. It remains to be seen whether the current bullish momentum will persist and further propel the price of LINK beyond these levels.
Featured image from Shutterstock, chart from TradingView.com
TOKEN2049 Dubai Hailed as an Outstanding Success, with 10,000 Attendees
PRESS RELEASE. Dubai, UAE — April 27, 2024 — TOKEN2049, the premier crypto event, saw record-breaking success for its inaugural Dubai conference, which took place from April 18-19, during TOKEN2049 Week. Throughout the event, attendees experienced an impressive range of panel discussions, keynotes, workshops, and exclusive networking opportunities, overcoming torrential rain to show up in […]
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Ethereum Blockchain’s Q1 2024 Success: Unveiling The Factors Behind The $370M Profit Surge
Not only has Ethereum (ETH) seen an impressive rise of nearly 100% in the first quarter of 2024 in terms of price action, but the Ethereum blockchain has also generated substantial profits of up to 9 million during this period. This unexpected profitability has raised questions about how a blockchain like Ethereum can be profitable.
Ethereum Revenue Potential
As noted in a recent analysis by the on-chain data platform Token Termina, the collection of transaction fees is a critical aspect of Ethereum’s business model.
All network users are required to pay fees in ETH when interacting with applications on the blockchain, which serves as an important source of revenue for Ethereum.
Once transaction fees are paid, a portion of the ETH is burned and permanently removed from circulation. This process, commonly referred to as “ETH buyback,” benefits existing ETH holders, as the reduction in supply increases the scarcity and value of the remaining ETH tokens. Thus, the daily burning of ETH contributes to the economic benefit of those holding Ethereum.
In contrast to the burning of ETH, Ethereum also issues new ETH tokens as rewards to the network’s validators for each new block added to the blockchain.
These rewards are similar to traditional stock-based compensation and are designed to incentivize validators to secure and maintain the network’s integrity.
Nonetheless, it’s important to note that the issuance of new ETH tokens dilutes the holdings of existing ETH holders.
According to Token Terminal, the difference between the daily USD value of the burned ETH (revenue) and the newly issued ETH (expenses) represents the daily earnings for existing ETH holders, essentially the Ethereum blockchain owners. This calculation allows for the determination of Ethereum’s profitability on a day-to-day basis.
Reduced Transaction Costs Drive .3 Billion Growth
In addition to the overhauled revenue model implemented by the Ethereum blockchain, the launch of the much-anticipated Dencun upgrade to the Ethereum ecosystem at the end of the first quarter of 2024 brought significant changes, including the introduction of a revolutionary data storage system called blobs.
This upgrade has reduced congestion on the Ethereum network and significantly reduced transaction costs on Layer 2 networks such as Arbitrum (ABR), Polygon (MATIC), and Coinbase’s Base.
Implementing the Dencun upgrade, alongside the adoption of blobs and Layer 2 networks, has significantly impacted Ethereum’s revenue.
According to Token Terminal data, the blockchain’s revenue has witnessed an 18% annualized increase, amounting to an impressive .3 billion. These revenue gains can be attributed to reduced transaction costs, making Ethereum a more attractive platform for users and developers.
Despite the positive revenue growth, it is essential to acknowledge the impact of market corrections and dampened investor interest in the second quarter of 2024.
Over the past 30 days, Ethereum’s revenue has declined by over 52%. This downturn can be attributed to the broader market dynamics and the temporary decrease in investor enthusiasm.
Examining the data over the past 30 days, Ethereum’s market cap (fully diluted) has decreased by 15.2% to 8.47 billion. Similarly, the circulating market cap has declined by 15.2% to reach the same value.
Additionally, the token trading volume over the past 30 days has declined 18.6%, totaling 6.14 billion.
ETH is trading at ,042, up 0.4% in the last 24 hours. It remains to be seen whether these changes and the reduction in fees will have the same effect in the second quarter of the year, and how this, coupled with a potential increase in trading volume, can push the ETH price to higher levels.
Featured image from Shutterstock, chart from TradingView.com
AVAX Rides The Crypto Avalanche To Success: Market Cap Skyrockets By 344%
Avalanche (AVAX), the blockchain platform known for its scalability and infrastructure, made significant strides in the fourth quarter (Q4) of 2023. According to a report by Messari, AVAX emerged as one of the best-performing tokens, driving the protocol to record notable gains in key metrics.
Record-Breaking Milestones For Avalanche
The report shows that AVAX experienced a notable increase in its market cap, which climbed 344% quarter-over-quarter (QoQ) and 326% year-over-year (YoY), reaching .4 billion at the end of the year. This large increase propelled AVAX’s market cap rank among all tokens from 20 to 9, up 11 spots (currently 10th behind Cardano (ADA).
One of the driving factors behind Avalanche’s significant revenue growth was the surge in inscriptions, particularly Avascriptions (ACS-20 tokens).
These on-chain call data transactions saw a significant boost, resulting in a substantial increase in revenue. From November to December, Avalanche witnessed a surge in revenue, with a 2,874% increase measured in USD, from .9 million to .5 million.
The surge in revenue was accompanied by a significant increase in daily transactions, which jumped 450% QoQ to 1.5 million. The emergence of Avascriptions also drove the majority of these transactions.
Avalanche’s C-Chain experienced a record-breaking 6.3 million transactions, with nearly 6.1 million being inscriptions. This marks the highest number of transactions ever recorded in a single day for Avalanche.
While C-Chain saw a 50% QoQ decrease in daily active addresses, this was primarily due to decreased activity on LayerZero – a bridge between different blockchains. However, the report highlights that Avalanche saw a significant increase in active validators, growing 20% QoQ from 1,374 to 1,651 validators.
According to Messari, this growth in validators, coupled with an 11% QoQ increase in AVAX stakes, indicates a promising long-term appetite for AVAX in the coming year.
Avalanche’s TVL Surges 78%
Avalanche’s Total Value Locked (TVL) denominated in USD experienced a substantial 78% QoQ increase, reaching .03 billion by the end of Q4 2023. This positioned Avalanche as the 7th chain by TVL, denominated in USD.
However, TVL-denominated in AVAX decreased by 71% QoQ, primarily due to AVAX price appreciation driving the increase in USD-denominated TVL.
The report also sheds light on the performance of various protocols on Avalanche. AAVE, the largest protocol by TVL, witnessed a 60% QoQ growth, while Benqi and Trader Joe demonstrated strong gains of 205% and 131% QoQ, respectively. Together, these three protocols accounted for 79% of Avalanche’s TVL, showcasing their dominance in the ecosystem.
Smaller-sized protocols, such as Pangolin and GMX, also showcased impressive growth, while Balancer, aided by Benqi’s sAVAX liquidity pool, attracted significant TVL on Avalanche. Additionally, Q4 witnessed a surge in average daily DEX volumes, rising by 245% QoQ.
Analysis of the 1-day chart reveals that Avalanche’s token trading pair AVAX/USD experienced significant growth during Q4, breaking free from a prolonged period of sideways price action.
However, following a notable uptrend that propelled the token to reach , its highest level in 20 months, on December 24, AVAX underwent a sharp correction, plunging to the price level.
The cryptocurrency has rebounded in response to Bitcoin’s (BTC) rally and the prevailing bullish sentiment in the market. Over the past fourteen days, AVAX has witnessed a 13% price increase, currently reclaiming the zone.
Featured image from Shutterstock, chart from TradingView.com
Rising Stars: Report Highlights 5 Solana Projects Set For Success In 2024
Solana has been on a downward trend over the past week, following a surge from multi-year low levels. The token suffered when its biggest promoter, crypto exchange FTX, fell, but the ecosystem continued to thrive, leading to the high timeframe recovery.
As of this writing, Solana’s native token SOL trades at with a 2% profit over the past 24 hours. Over the previous seven days, the cryptocurrency records a 12% correction.
Rising Stars In The Solana Landscape
According to a report from Coingecko, the Solana network is witnessing a resurgence fueled by its recovery in the cryptocurrency market, notable reductions in network outages, and a series of positive developments.
This rejuvenation has drawn the attention of investors and developers and led to a surge in the adoption of existing projects within its ecosystem. Specific projects stand out among these, poised to shape the future of decentralized finance (DeFi) and non-fungible tokens (NFTs) on Solana, Coingecko claims.
Decentralized exchanges (DEXs) such as Jupiter, Orca, and Drift are at the forefront of Solana’s innovation. Jupiter is “transforming” the landscape with its limit-order decentralized swap services, offering a DEX aggregator to ensure users get the optimal price offers.
The chart below shows that its daily trading volume, involving around 90,000 unique wallets, has reached an average of 0 million.
Orca, another DEX, has a concentrated liquidity feature, Whirlpools, which enhances returns for liquidity providers and reduces slippage for traders. With a total value of approximately 5 million, Orca’s community-driven governance model is another selling point to attract new users in the coming months.
Drift is a decentralized perpetual trading platform, allowing traders to engage with up to 20x leverage. It integrates a series of features, including a money market for decentralized lending, offering additional passive income opportunities through staking and market maker rewards.
Furthermore, Solend, Marginfi, and Kamino are making strides on the lending front. Solend, a prominent money market, enables users to lend and borrow crypto assets, with over 5 million locked in its smart contracts.
Marginfi, boasting over 5 million in tokens locked, enhances the lending experience with advanced risk management technologies.
Kamino, another lending platform, manages over 2 million in assets. It offers liquidity through CLMM-based lending vaults, allowing users to deploy tokens in yield-bearing programs.
Emerging Projects: Helium And Render Network
In addition to these platforms, the report identified projects that could benefit from the surge of interest in Solana over the long run.
These include Marinade Finance and Jito. Marinade Finance, with over billion in assets, offers maximized returns through liquid staking and immediate unstaking options. Jito, enhancing staking yields via MEV rewards, boasts about 6.7 million SOL staked across its platform.
In the world of NFTs, collections like Mad Lads and Tensorians are gaining popularity. Mad Lads, a unique collection of 10,000 artworks, reached a new all-time high in floor price, reflecting the increasing interest in Solana-based NFTs.
According to the report, Helium and Render Network are two emerging projects within the Solana ecosystem worth watching. Helium, a decentralized connectivity service provider, utilizes Solana’s blockchain to remit and administer its internet services. Its multi-token system incentivizes hotspot owners and fosters the expansion of decentralized internet facilities.
Render Network, expanding to Solana in 2023, offers GPU rendering services for creators. By renting out excess GPU power, artists can produce high-resolution graphics with the Render token (RNDR) as the network’s remittance token.
The Solana ecosystem, marked by innovation and rapid growth, solidifies its position in the smart contract blockchain space. Its diverse projects, from DEXs and lending protocols to staking solutions and NFT collections, showcase the network’s dynamic and burgeoning landscape. With the SOL token climbing the ranks, Solana’s ecosystem is poised for continued expansion and success in the years ahead.
Cover image from Unsplash, chart from Tradingview
$9.6 Billion in 3 Days — ETF Analyst Highlights Remarkable Early Success of Bitcoin ETFs
On Tuesday, the third day of trading for the U.S.-based spot bitcoin exchange-traded fund (ETF), there was a noticeable decrease in activity with trading volumes falling by 37% from the levels seen on Jan. 12, 2024. The day concluded with most funds slightly over 1% lower against the U.S. dollar, with Grayscale’s GBTC capturing the lion’s share of the trading volume.
Grayscale’s GBTC Dominates as Bitcoin ETF Trading on Tuesday Taps .94 Billion
This downturn in trading vigor was evident when compared to the initial two days for the nine newly introduced spot bitcoin ETFs, along with the recently converted GBTC ETF. Market data revealed that the total trading volume for the ten U.S.-focused spot BTC ETFs amounted to a total of .94 billion. The day prior saw .15 billion in global trade volume and to date, .63 billion has been recorded across all three days of trading.
GBTC and Blackrock’s IBIT dominated the trading volume, with GBTC registering a significant .01 billion and IBIT recording 2.31 million. The Fidelity Wise Origin Bitcoin Fund (FBTC) experienced substantial trading as well, with 2.82 million, while Ark Invest and 21shares’ ARKB ETF observed 4.52 million in trades. This means, out of the ten spot bitcoin ETFs, those four equated to .83 billion or 94.32% of the day’s volume.
At 11:59 a.m. Eastern Time on Tuesday, in the afternoon, Bloomberg’s senior ETF analyst, Eric Balchunas, remarked on the trading volume. He observed that it demonstrated a “dropoff rate” similar to that of BITO, describing BITO as “the most successful organic launch in ETF history.” Meanwhile, bitcoin prices have been rangebound over the last few days since the ETFs launched with bitcoin (BTC) down 1.2% on Jan. 17, 2024.
Later in the evening on Tuesday, Balchunas further noted how well the ten spot BTC ETFs did over the three-day run reaching nearly billion. “Let me put into context how insane b in volume is in first 3 days,” Balchunas said. “Today, they did a COMBINDED 0m in volume. The best one did m. And many have had months to get going. IBIT alone is seeing more activity than the entire ’23 Freshman Class.”
What do you think about the spot bitcoin ETF trade volume over the past three trading days? Share your thoughts and opinions about this subject in the comments section below.
Former Bitmex CEO Arthur Hayes: ETF Success’ Might ‘Destroy Bitcoin’
Arthur Hayes, former CEO of Bitmex and cryptocurrency market analyst, pondered about the success of an upcoming spot bitcoin ETF and its effect on the future of bitcoin. Hayes states that the popularity of these ETF derivatives might concentrate the custody of all the bitcoin in a few hands that won’t move it, forcing miners to capitulate due to a lack of activity in the blockchain.
Arthur Hayes Believes ETFs Might Cause the Demise of Bitcoin
Former Bitmex CEO Arthur Hayes believes that the success of an upcoming spot bitcoin ETF might endanger the existence of the Bitcoin network. In his most recent blog post, “Expression,” Hayes presents a hypothetical situation in which bitcoin is all in the hands of a few financial firms, like Blackrock.
If this happens, Hayes anticipates this will destroy bitcoin as a store of value, given that it is different from all of the assets traded in financial markets until now.
Hayes argued:
Bitcoin is the first monetary asset in human history that exists only if it moves. But if there was never another Bitcoin transaction between two entities, miners would be unable to afford the energy it costs to secure the network.
The result of this would be the shutdown of the whole Bitcoin network due to the starvation of miners who will receive fees only from bitcoin transactions after the subsidy ends circa 2140.
Hayes adds that this could happen if users come to value bitcoin as a financial asset more than a store of value, favoring the purchase of derivatives instead of the cryptocurrency. However, if bitcoin suffers this fate, Hayes anticipates the birth of a similar asset to allow people to transact in a non-state-owned financial system.
“Hopefully, the second time around, we will learn not to hand our private keys to the baldies,” he concluded.
What do you think about Hayes’ opinion on the success of a spot bitcoin ETF and its effect on bitcoin? Tell us in the comments section below.