Ripple CEO Brad Garlinghouse expressed his view on the political landscape in the U.S. regarding cryptocurrency regulation on social media platform X on Monday. “You’ll hear this a lot more in the next few months in the U.S. — candidates will only gain votes for being pro-crypto, and absolutely lose them for being anti-crypto. There’s […]
Bitcoin News
Former House Speaker Paul Ryan: Stablecoins Can Help Fight an Upcoming US Debt Crisis and China’s Growing Influence
Paul Ryan, a former speaker of the House of Representatives, has assessed the possible role that stablecoins will play in fighting an upcoming U.S. debt crisis. According to Ryan, the demand derived from the increasing relevance of dollar-backed stablecoins, which use U.S. treasuries as backing, will help keep a healthy demand on U.S. debt and […]
Bitcoin News
Red Hot Chiliz: Analyst Predicts 4x Your Money With Upcoming Breakout
Chiliz (CHZ), the cryptocurrency powering fan engagement tokens for sports and entertainment, is stirring excitement with a potential breakout predicted by popular analyst Javon Marks. Marks forecasts a staggering 351% surge for CHZ, sending its price soaring to a projected .63.
This bullish prediction comes amidst a recent upswing for CHZ, marked by a decisive break above a key resistance level. Marks interprets this technical indicator as a sign of a sustained uptrend, potentially setting the stage for a significant price run.
$CHZ (Chiliz) price has returned here with major strength and continues to hold free and broken out of a key resisting trend which can imply a much larger run to be developing!
With this breakout holding, a near +351% run from here to .63755 could be a matter of time and still… https://t.co/w25MaWhxm5 pic.twitter.com/zSE2kPnfd0
— JAVON
MARKS (@JavonTM1) May 25, 2024
Fan Power On The Blockchain: A Unique Selling Proposition
CHZ’s unique value proposition lies in its innovative approach to fan engagement. By leveraging blockchain technology, CHZ empowers fans to forge deeper connections with their favorite teams and personalities through fan tokens.
These tokens grant fans exclusive voting rights on certain club decisions, access to unique content and merchandise, and a chance to participate in the ever-evolving world of digital collectibles.
CC
This approach has resonated with sports fans globally, propelling CHZ to the forefront of the crypto market. The potential for increased fan engagement through CHZ tokens has attracted a loyal following, further bolstering the token’s potential.
Investor Confidence on the Rise
Marks’ optimistic outlook has ignited a wave of investor confidence in CHZ. The prospect of a 351% surge has captivated both seasoned crypto veterans and newcomers seeking a lucrative entry point into the market.
Maintaining The Momentum
However, Marks emphasizes the importance of maintaining the current breakout level for CHZ. He believes that staying above this resistance level is paramount to sustaining the bullish trend and maximizing potential gains.
Chiliz: 35% Yearly Climb Signals Strong Growth Outlook
The asset’s price has experienced a 35% increase over the past year, indicating strong performance and upward momentum. This positive trend is further supported by its current trading position above the 200-day simple moving average, a key technical indicator suggesting sustained bullish sentiment and potential for continued growth.
Additionally, the asset’s high liquidity, as evidenced by its substantial market capitalization, ensures that it can be traded efficiently without significant price volatility. This combination of recent price appreciation, favorable technical indicators, and robust liquidity positions the asset as a potentially attractive investment opportunity.
Featured image from National Agricultural Advisory Services, chart from TradingView
Upcoming Token Releases: These Altcoins Are Set To Inject Billions Into The Crypto Market By May
May 2023 is poised to become a landmark month for the crypto market, with major token releases slated to inject substantial liquidity and potentially catalyze shifts in market dynamics.
Key developments from AEVO and PYTH and significant contributions from other projects are set to channel over billion into the sector.
Substantial Crypto Releases Set the Stage
Token Unlock, a platform dedicated to tracking the release schedules of digital assets, indicates that May will witness one of the most substantial influxes of tokens into the cryptocurrency market this year.
At least 20 crypto projects are preparing to unleash tokens worth more than million each, cumulatively amounting to .661 billion. These releases underscore the activity and continuous growth within the crypto sector, even amid fluctuating market conditions.
Among the tokens set to be released, AEVO and PYTH stand out with their billion-dollar injections, underscoring their strong market presence and investor confidence.
AEVO, a decentralized exchange, is scheduled to release 827.6 million AEVO tokens on May 15, which surpasses .25 billion at current valuations. This release will dramatically increase AEVO’s circulating supply by 757.95%
PYTH Network, known for providing decentralized market data, plans to follow suit with its considerable token release. On May 20, PYTH will distribute 2.13 billion tokens, valued at around .21 billion, representing 141.67% of its existing circulating supply.
Such movements are pivotal for the projects and the broader market, influencing liquidity and potentially price stability.
In addition to AEVO and PYTH, Wu Blockchain reports that Token Unlock has identified several other cryptocurrencies set for significant releases in May.
These include DYDX, ENA, SUI, MEME, GAL, MAVIA, APT, STRK, ARB, APE, IMX, ROSE, PIXEL, and AVAX. ID, YGG, OP, and PRIME are poised to release tokens valued at over million each, rounding out a comprehensive list for the month.
According to TokenUnlocks, the large-amount unlocks in May (unlocked amount greater than m) include DYDX ENA SUI MEME GAL MAVIA APT STRK AEVO ARB APE IMX ROSE PIXEL PYTH AVAX ID YGG OP PRIME, etc., with an unlock value of over 3.661 billion US dollars. Among them, the unlocked… pic.twitter.com/tZmihAom3c
— Wu Blockchain (@WuBlockchain) April 30, 2024
Anticipating An Altcoin Surge
Meanwhile, El Crypto Prof, a prominent crypto analyst on X, recently projected a significant rally for the altcoin market based on historical market cycles. He notes that post-Bitcoin halving periods, like those in 2016 and 2020, typically lead to a phase of accumulation in altcoins, followed by a market rally.
Anyone who is bearish here obviously hasn’t done their homework.
Altcoins about to enter the parabolic curve, if we repeat 2016 and 2020.
History doesn’t repeat itself, but It often rhymes.
-Accumulation1⃣
-Backtest2⃣
-Send it3⃣Months of glory ahead imo. pic.twitter.com/uUrKj8qau1
— 𝕄𝕠𝕦𝕤𝕥𝕒𝕔ⓗ𝕖
(@el_crypto_prof) April 28, 2024
The analyst suggests the current market mirrors these past cycles, indicating a potential upcoming surge. He believes this could result in the altcoin market cap potentially doubling from its current estimate of around trillion to trillion.
Additionally, Daan Crypto Trades, another analyst, supports the view that the ETH/BTC ratio is a more accurate measure of altcoin market sentiment than the SOL/BTC ratio, signaling positive prospects for altcoins.
Featured image from Unsplash, Chart from TradingView.
SEC Anticipated To Reject Spot Ethereum ETFs In Upcoming Decision, ETH Price Takes 5% Hit
Over the past 24 hours, Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has experienced a significant 5% price drop. This drop comes amid growing speculation that the highly anticipated Ethereum ETFs will likely be rejected by the US Securities and Exchange Commission (SEC) in the upcoming May deadline.
US Bitcoin ETF Issuers Brace For SEC’s Expected Denial
According to a recent Reuters report, various US Bitcoin ETF issuers and firms anticipate the SEC’s denial of their applications to launch ETFs tied to the price of ETH.
These expectations have been fueled by “discouraging meetings” between the applicants and the regulatory agency in recent weeks, as disclosed by four individuals familiar with the matter.
Prominent investment firms such as VanEck, ARK Investment Management, and seven other issuers have submitted filings with the SEC to list ETFs that would track the spot price of Ethereum.
As the first in line, VanEck’s and ARK’s applications are subject to the SEC’s decisions by May 23 and May 24, respectively.
The sources involved in the meetings between Bitcoin ETF issuers and the SEC have reported that the discussions have been primarily “one-sided,” with agency staff not engaging in substantive details about the proposed products.
This starkly contrasts the intensive and detailed discussions between issuers and the agency before the SEC’s landmark approval of spot Bitcoin ETFs in January.
The issuers argued during the meetings that the approval of spot Bitcoin ETFs and Ethereum futures-based ETFs by the SEC in October set a precedent for the spot ETH products. They also made efforts to address potential regulatory concerns.
Despite their arguments, the report notes that the SEC staff did not clarify specific concerns or engage in meaningful dialogue, further indicating a possible denial of the requests.
Setback For Crypto Industry
If these expectations materialize, it would be a setback for the cryptocurrency industry, which had hoped that the approval of spot Bitcoin ETFs would pave the way for similar products and contribute to the mainstream adoption of cryptocurrencies.
According to Todd Rosenbluth, head of ETF analysis at data firm VettaFi, the likely delay in approval or rejection until later in 2024 or beyond has left the regulatory landscape uncertain.
While some issuers have expressed their intention to submit additional disclosure paperwork to continue the conversation with the SEC, the overall sentiment indicates a growing belief that the applications will be rejected.
VanEck CEO Jan van Eck has already stated that the company’s application will likely be rejected, while ARK Investment Management has yet to comment.
Rejected Ethereum ETFs Could Spark Potential Court Battles
Several applicants expect the SEC to cite broader issues, such as the nature and depth of statistical data on the underlying ETH market, as reasons for their decision in the event of ETF rejections.
Matt Hougan, chief investment officer at Bitwise Asset Management, which has filed for a spot in Ethereum ETF, believes that the SEC may require more time to observe Ethereum futures and gather additional data.
Industry insiders further speculate that rejecting Ethereum ETFs could potentially lead to legal action, with one source suggesting that the courts may get involved before Ethereum ETFs eventually become a reality.
The anticipated rejection has already influenced the price of Ethereum, with Hong Fang, president of the crypto exchange OKX, stating that the cryptocurrency is experiencing downward pressure as market participants factor in the likelihood of a negative outcome.
Currently, ETH is trading at ,100, further highlighting the cryptocurrency’s persistent downtrend over broader time frames. Over the past fourteen and thirty days, the token has experienced significant declines of 12% and 14%, respectively.
Featured image from Shutterstock, chart from TradingView.com
Tether Announces Upcoming Release Of Multi-Chain Tokenization Platform
Tether is preparing the release of an in-house developed tokenization solution. Paolo Ardoino, CEO of Tether, announced on social media that the company is on the verge of releasing a white-label, multichain tokenization platform available for everyone. Ardoino explained that this platform would allow tokenizing bonds, stock, funds, or reward points. Tether Announces Release of […]
Bitcoin News
Severe Impact Expected for Miners With Outdated Hardware in Upcoming Bitcoin Halving
Following the downturn in bitcoin’s price on Friday, the hashprice of bitcoin has declined from slightly above 9 per petahash per second to marginally over 6 per PH/s on a daily basis. Should the prices remain low leading up to the forthcoming halving event scheduled for next week, certain mining devices may only be viable […]
Bitcoin News
Bitcoin Cash Rallies Ahead of Upcoming Halving and Upgrade
The Bitcoin Cash network stands on the brink of its forthcoming halving event, set to take place a week from now. This milestone will see mining rewards on the network notably reduced from their current levels. Currently, Bitcoin Cash ranks as the 15th largest by market capitalization among over 10,000 cryptocurrencies, having risen 91% against […]
Bitcoin News
Alchemy Pay and Polyhedra Network Announce Upcoming Collaboration for Seamless Ramp Solution
PRESS RELEASE. Alchemy Pay has announced that it has entered into a partnership with Polyhedra Network, a Web3 ZK infrastructure provider that aims to revolutionize interoperability and scalability through Zero-knowledge (ZK) proof technology. Through this collaboration, Alchemy Pay will integrate Polyhedra Network’s ZK infrastructure to improve the interoperability, security, and user experience of its global […]
Bitcoin News
Coinbase Institutional Analyzes Upcoming Bitcoin Halving, Drawing Parallels to 2018-2022 Cycle
In its latest “Halving Handbook,” Coinbase Institutional draws striking comparisons between the upcoming Bitcoin halving and the market cycle from 2018-2022, offering insights into the potential impacts on the crypto economy. Coinbase’s Halving Handbook The next Bitcoin halving, set for mid-April 2024, is poised to slash miner rewards from 6.25 BTC to 3.125 BTC, a […]
Bitcoin News