Bitcoin Well Inc., a non-custodial bitcoin platform, has announced the integration of the Lightning Network into its platform, enabling customers in Canada to instantly sell bitcoin from any personal Lightning Wallet. Bitcoin Well’s founder & CEO, Adam O’Brien, stated that this innovation enhances the speed, security, and cost-effectiveness of selling bitcoin, making it more user-friendly […]
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Crypto Expert Reveals One Major Reason The XRP Price Will Do Well In The Bull Run
A crypto expert has disclosed a bullish outlook for the XRP price during the upcoming bull run, highlighting XRP’s advantage over other altcoins due to its lack of ties with China’s CCP.
Crypto Influencer Predict XRP Bull Success
A crypto influencer on X (formerly Twitter) called BoringSleuth has expressed his sentiment about XRP’s potential success in the eagerly anticipated bull run.
BoringSleuth has stated that the XRP price could stand to benefit considerably from the bull market due to its lack of affiliations with the Chinese Communist Party (CCP). He said that other cryptocurrencies like DAG which have no links with the CCP may also experience a successful bull run.
“The protocols that weren’t in bed with the CCP will be the benefactors of future bull cycles. A protocol like DAG, which works with the DOD is one example of a well-positioned protocol. XRP is another,” BoringSleuth stated.
Responding to BoringSleuth’s declaration, an X (formerly Twitter) user posted a screenshot stating that Ripple had deep ties with the IDG which is strongly backed by the CCP.
“The Protocol may or may not be clear…but Ripple has deep ties to IDG, which has strong support from the CCP. IDG are also investors in Coinbase and KuCoin,” an X member, AltarofEgo stated.
Additionally, when asked by a crypto member on X what he meant by “well positioned,” BoringSleuth responded by saying that crypto companies that have no links to the CCP are strategically positioned to become the prime beneficiaries position of retail and investment cash flows in the case CCP-linked companies ever faces scrutiny.
“If there is a crackdown on CCP-affiliated companies, then that investment and retail money will flow somewhere. The companies well positioned to get those dollars will be the ones not in bed with the CCP,” BoringSleuth stated.
XRP Price Maintains Bullish Momentum
Recently, the crypto market seems to be on a rallying trend and XRP has taken advantage of the market sentiments to push its price higher. According to a crypto analysis by ProSignalsfx on TradingView, the XRP price is on an upward trend and may continue rising.
“RIPPLE is trading in an uptrend along the rising support line and after the retest of the said support. We will be expecting a further move up,” ProSignalsfx stated.
According to CoinMarketCap, the price of XRP at the time of writing is .65 with a 24-hour trading volume of over 1 billion. The cryptocurrency’s value has recovered steadily following several partial victories during its intense legal battle with the United States Securities and Exchange Commission (SEC).
Many investors and XRP community members are looking forward to a bullish rally for the token following the conclusion of its court case with the SEC.
Crypto Analyst Lists Reasons Why Cardano (ADA) Will Not Do Well In The Bull Market
Many crypto analysts have a list of crypto tokens that they expect to make a run when the bull market returns. Sadly, Cardano (ADA) hasn’t made the list as crypto analyst Lady of Crypto has outlined five reasons why the crypto token will not perform well during that period.
Cardano’s Flaws Might Be ADA’s Downfall
In a video posted on her YouTube channel, the first reason she stated was that Cardano had a slow development pace and that it could not thrive in a fast-paced crypto industry. She alluded to the time when the blockchain network experienced a delay in the Vasil hard fork and other times when there have been network congestions and an increase in transaction fees.
According to her, Cardano is going to continue to fall behind its competition until one day when the network becomes “insignificant.”
Secondly, Lady of Crypto mentioned that no one was using the Cardano blockchain. She used data from the crypto analytics platform DefiLlama to drive home her point. Her assertion was based on the daily active users, protocols built on the network, and network’s total value locked (TVL), of which Cardano ranked 13th, 30th, and 15th, respectively, at the time of her making the video.
While these rankings might not be bad, she noted that it is bad for Cardano, which positions itself as one of the “blue-chip cryptos” as it suggests that it is underperforming.
The third reason seemed to relate to her first reason, as she noted that Cardano was slow and expensive compared to its competitors. She noted that Cardano’s average transaction speed is 20 seconds, which is slower than other networks like Ethereum, Solana, Arbitrum, Polygon, and Avalanche. Transaction fees on the network are also expensive compared to those other networks.
Cardano Is Overhyped
The Lady of Crypto went on to the fourth reason, where she stated that the network was overhyped, and although the adjective may be subjective, she doesn’t believe that applies in this case.
She noted that Cardano has a partnership with McCann Dublin, a global advertising and marketing agency, which has helped to bring about this “manufactured hype” alongside the help of the network’s “cult following.” She suggested that all this hype was just talk, as there was no substance to back it up.
The last reason is the fact that Cardano doesn’t seem to have any real-world adoption. Although the blockchain company has at different times announced partnerships with governments and institutions, the tangible results of these partnerships are non-existent.”
Despite her position on ADA, the Lady of Crypto, at different times, showed her respect for Cardano’s founder, Charles Hoskinson, and mentioned that she was down to have a chat with him where he rebuts her stance on the network’s ecosystem.
Report Says Ethereum Is Trading Well Below Fair Value, What’s The Correct Figure?
Ethereum’s price may have been dealt a massive blow as a research report on the Ethereum valuation has revealed that the cryptocurrency giant has been trading below its fair price.
Ethereum Trading Value Slips
A new on-chain research report has delved deep into the fair value of the Ethereum cryptocurrency since its inception, segregating the cryptocurrency’s value into sections and utilizing its trading activities and active addresses to evaluate the network’s worth over the past years.
Lewis Harland, an RxR analyst, revealed in the research report that Ethereum has been trading below fair value by a 27% discount. The analyst arrived at this conclusion after employing the Metcalfe law-centric valuation model which involves comparing active user base on Ethereum’s robust scaling networks and active user adoption to measure the network’s fair value.
Harland explained that Ethereum’s network valuation can be measured and tracked slightly more accurately when the active user base of the blockchain’s scaling networks is integrated into the model. He stated that if the model excludes active user bases, then Ether’s (ETH) valuation would be trading significantly below its fair value of 5 billion.
“Ethereum’s network valuation tracks the updated ML index better when the active user base of Ethereum’s scaling networks is factored into the model than when omitted,” Harland, stated in the research report.
He added that “the updated model, which does factor in these networks, puts ETH’s valuation at 5 billion (current MCAP trading at a 27% discount), assuming no further user growth in perpetuity.”
Going by Harland’s research, Ethereum should be trading at around ,300 with a market cap of 5 billion. However, Ethereum’s price is currently sitting at ,637 with a market capitalization of 7.62 billion.
Ethereum’s Worth Revealed Through Value Layers
While exploring the decline in Ethereum’s trading value, RxR disclosed its analysis of Ethereum’s supposed value using value layers. The research firm explained that Ethereum’s commodity value layer can be analyzed through the amount of ETH millions of users utilize to facilitate their crypto transactions daily.
It further stated that the annual run rate of the transaction fees is well over .6 billion presently. It also described Ethereum’s equity value, stating that “the value of ETH is the present-day value of the sum of all of its future cash flows. To date, over 3.5m ETH (.8B) has been burned by EIP-1559.”
Lastly, the research firm represented Ethereum’s network value layer, and the analysis utilized Metcalfe’s law approach to conclude the recent data that revealed that the Ethereum blockchain network was trading below fair value.
Ethereum’s price has been dealing with a series of strong declines that may push the growth of the ecosystem back a few years. The tenacity of the cryptocurrency’s native token Ether (ETH) was tested when it fell to a critical support level of ,530 earlier in September. However, the cryptocurrency later made a slight recovery which pushed it back to a more stable position.
Coinbase Launches in Canada — Executive Says Canada ‘Well Positioned’ to Be a Global Leader in Crypto Economy
Nasdaq-listed crypto exchange Coinbase has officially launched in Canada with new offerings to “make cryptocurrencies more accessible to millions of Canadians.” A Coinbase executive stated: “Canada is well positioned to be a global leader in the cryptoeconomy.”
Coinbase Officially Launches in Canada
Cryptocurrency exchange Coinbase (Nasdaq: COIN) announced its “official launch in Canada” with a series of new offerings on Monday.
Coinbase CEO Brian Armstrong tweeted announcing the launch, stating that his company’s Canadian operation has new leadership, new payment rails, new regulatory milestones, and 200 local employees. “Smart countries are embracing this technology (and creating regulatory clarity) to help update the financial system and drive economic growth,” he described.
Coinbase is launching in Canada today!
New leadership, new payment rails, new regulatory milestones, and 200 local employees.
Smart countries are embracing this technology (and creating regulatory clarity) to help update the financial system and drive economic growth.…
— Brian Armstrong
(@brian_armstrong) August 14, 2023
“Through its partnership with Peoples Trust Company, part of Peoples Group, Coinbase is now providing access to Interac e-transfers to 100% of Canadian Coinbase users,” the exchange’s announcement details, elaborating: “This will make cryptocurrencies more accessible to millions of Canadians.” The Nasdaq-listed crypto firm noted that “Depositing funds to Coinbase using Interac is free and almost instant,” adding that in the last month, over 50% of deposits have been made through Interac e-transfer.
Nana Murugesan, Coinbase’s vice president for International and Business Development, commented:
Canada is well positioned to be a global leader in the cryptoeconomy thanks to the high levels of crypto awareness, a passionate local tech ecosystem, and the progress towards a strong regulatory framework.
David Furlong, chief operating officer of Peoples Group, opined: “Peoples Group is pleased to partner with industry leader Coinbase, to enable this money movement tool for their Canadian customers and expand payment possibilities.”
According to a survey by the Ontario Securities Commission (OSC), over 30% of Canadians said they will buy cryptocurrency within the year, more than double those who say they currently own crypto assets.
Meanwhile, in the United States, Coinbase is engaged in a legal battle with the U.S. Securities and Exchange Commission (SEC). The SEC filed charges against Coinbase in June accusing the company of operating an unregistered securities exchange, broker, and clearing agency. Despite this, Coinbase has maintained that the crypto tokens listed on its trading platforms are not securities. However, SEC Chairman Gary Gensler holds the view that all crypto tokens, besides bitcoin, are securities. Coinbase has appealed to the court to dismiss the SEC lawsuit, contending that the regulatory body has exceeded its statutory authority.
What do you think about Coinbase expanding its services in Canada? Let us know in the comments section below.
Report: Well Known Crypto Firms Still Not Adhering to Basic Governance Standards
Many of the most well-known crypto firms are not adhering to basic governance standards, the findings of a Bloomberg survey have shown. Only 31 out of the 60 polled firms “currently procure a full financial audit or reserve attestations from an independent auditor.” Industry participants have said many crypto firms are not audited because the “Big Four” accounting firms are not willing to have them as clients.
Many Crypto Firms Lack Independent Boards
Some of the most influential cryptocurrency firms are not adhering to established corporate governance standards and many others are believed to be operating outside the norm, a Bloomberg study has found. The study also found that out of the 60 crypto industry firms that were polled, about 10 companies did not have a board with at least one non-executive director.
According to the study report, Tether, Huobi and Magic Eden are among those firms without independent company boards. In instances where a board actually exists, the report said these were either advisory in nature or mainly comprised of company executives, hence they cannot pass as independent boards. Binance, the largest cryptocurrency exchange by volume traded, is set to have a formal board in place by the end of the year, the report said.
Although many investors in crypto firms are said to be insisting on increased transparency and accountability following crypto exchange FTX’s collapse, the Bloomberg study found that just over half (31) of the firms “currently procure a full financial audit or reserve attestations from an independent auditor.” On the other hand, the findings showed that the audit status of some 22 out of the 60 companies is unknown. Only seven companies said they were not audited.
Blockchain Technology’s Appeal Said to Be Undermined by Opaqueness of Crypto Firms
Meanwhile, Ruth Foxe Blader, a partner at venture capital firm Anthemis, is quoted in the report lamenting the crypto industry’s opaqueness which contradicts the blockchain technology’s promise of transparency and tamperproof record-keeping.
“It’s an industry of anonymity that’s masquerading as transparency,” Blader reportedly said.
Blader argued that crypto firms should be subjected to the same basic standards — such as audits and independent boards — as other firms, because that is what any investor would expect, particularly for a company operating in the financial services industry.
While the study findings paint a picture of an industry whose participants are unwilling to be audited, some have said the real issue is the so-called Big Four accounting firms’ reluctance to take on crypto firms as clients. This argument is seemingly backed by the France-based accounting group Mazars Group’s decision to stop vouching for reserves held by crypto exchanges. As reported by Bitcoin.com News, Mazars Group ended offering such services in Dec. 2022 after citing concerns about the public’s understanding of such reports.
Meanwhile, the experts quoted in the Bloomberg report have warned that without an extensive regulatory framework in place, the crypto industry participants will not be inclined to do more to appease investors and clients that are said to be demanding greater transparency.
What are your thoughts on this story? Let us know what you think in the comments section below.
Chainlink Rally In Social Activity Hits ATH Of 44,173 – Will LINK Price Climb As Well?
There has been an expected uptick in the Chainlink protocol’s optimism recently. This is due to the fact that the BUILD program is a part of Chainlink’s next protocol upgrade, Chainlink Economics 2.0.
The initial 10 BUILD program projects were announced on Chainlink’s official Twitter account. This clearly increased the amount of online discussion on the project.
Chainlink’s native token LINK’s social activity has increased from 35,540 yesterday to 44,173, and it’s likely to continue rising in the days ahead.
Give a welcome to the first 10 #Chainlink BUILD projects:@SpaceandTimeDB@truflation@bitsCrunch@KryptonProtocol@InterestDeFi@Galaxisxyz@mycelium_xyz@Dolomite_io@caskprotocol@chainml_
Building the future of Web3? Take your dApp to the next level: https://t.co/uIUNQltMbO pic.twitter.com/29oCUSQFVP
— Chainlink (@chainlink) November 18, 2022
Connecting the Dots
Unfortunately, the price of LINK has not reflected the company’s strong social performance. CoinGecko statistics shows that LINK is still giving off critical sell signals. The token’s current price of .70 doesn’t help, either.
According to data compiled by CryptoQuant, however, the amount of tokens held in exchange have substantially dwindled during the past several days.
Oversold RSI and Stoch RSI readings, together with other positive indicators, point to a likely trend reversal in the next several days.
As the situation improves, the commodities channel index is also rising, indicating a likely improvement in asset confidence. However, LINK’s DMI remains negative with a -DMI of 25.54 and an ADX of 26.
According to the RSI and Stoch RSI readings, this indicates that the downtrend is still strong and that a little reversal is unlikely.
In spite of the negative market, these factors show what appears to be a bright near future for LINK.
LINK’s price action is located at the bottom of the central Bollinger band, indicating volatility. This means that the price will continue to decline from its current market position.
Chaikin’s money flow index indicates total bearish control at -0.13, although MFI readings follow LINK’s RSI, further indicating an imminent pullback.
The Unstable Link
Although there are numerous indicators suggesting that the token will rally, there are also numerous technical indicators pointing to a bleaker future for LINK.
Knowing this, proceeding with caution and keeping an eye on the leading cryptocurrencies can aid in making a buy-or-sell choice.
Nonetheless, investors and traders should not anticipate a relief rally at this time. Expect more pain in LINK as the bear market continues, but this little respite will give LINK holders hope for a positive long-term outlook.
LINK total market cap at .9 billion on the weekend chart | Featured image from Medium, Chart: TradingView.com
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Chainlink (LINK) Performs Well Amidst Market Uncertainty
November is starting to be an uncertain month for the crypto market. However, Chainlink (LINK) seems to be bullish as it has kept substantial gains from last week. The altcoin also performed well earlier today, establishing a local high of .96.
Chainlink’s price started a bullish trend after testing and confirming support at the .50 level. The price feed oracle token suffered a devastating October reversal, wiping away all of its September gains. However, it was able to recover around 6% before the month ended.
LINK is trading at a 1.49% gain as of writing. Its daily candle is also green and might just touch its local high before the end of today.
The DeFi Derivatives Market Has A New Oracle Solution from Chainlink
As the DeFi (decentralized finance) sector expands, Chainlink has responded by developing “ultra-low latency pull-based price oracles. The solution focuses on allowing and safeguarding this enormous on-chain market.” It forecasts that the DeFi derivatives market will expand more in the years to come. Therefore this growth will dramatically alter the way dApps create value.
According to a related blog post, “We anticipate that a testable version of this new pull-based Chainlink oracle solution will be ready by the end of the year.”
Over the years, Chainlink has been the de facto standard for receiving oracle-based price feeds. The protocol’s solutions are widely used by the crypto industry, particularly by smart contract infrastructures. Chainlink’s early entry into the DeFi derivatives market will offer it an advantage over its rivals. It might also boost the value of the network’s native token, LINK.
What LINK’s 4-Hour Chart Says About Its Future Movement
ChainLink price movement shows market volatility after closure. This means that the price of ChainLink is becoming more dynamic, with less tendency to swing wildly to either extreme. The upper bound of the Bollinger band is the most formidable barrier for LINK to break over. Bollinger’s band’s lowest limit is .5, where LINK finds the most support.
LINK/USD looks to be making positive price movement over the Moving Average. The upward trend in the market appears to be continuing. But the LINK/USD exchange rate is trending higher, suggesting the market is expanding. There are signs that the market could go up.
The Relative Strength Index (RSI) for ChainLink at its current price of 55 indicates a rather steady market for cryptocurrencies. To put it another way, Chainlink is now trading above its central-neutral value. The Relative Strength Index also seems to trend higher, suggesting a rising market. The RSI value rises when purchasing activity is on the upswing.
Where Does Link Go From Here
It’s worth noting that LINK’s daily chart readings were contradictory, indicating both a rise and a fall. For instance, the Money Flow Index (MFI) rose and approached overbought.
The negative Chaikin Money Flow (CMF) also fell near neutral. On the other hand, the Exponential Moving Average (EMA) Ribbon showed a bullish crossover when the 20-day EMA switched places with the 55-day EMA. However, LINK’s Bollinger Bands indicated substantial volatility. So, the question of where the price of LINK will go in the next few days is one that only time can answer.
Featured image from Pixabay and chart from TradingView.com
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Chainlink (LINK) Performs Well Despite Market Uncertainty
Despite facing uncertain conditions, Chainlink (LINK) has displayed a remarkable performance in the last seven days. The cryptocurrency went from .05 to testing its .9 resistance but failed. However, it left traders and investors with decent profits along the way.
Plus, some analysts are hopeful Chainlink may finally break into the zone. With October being a bullish season for altcoins and Chainlink’s recent Hebys partnership, these predictions seem practical.
Related Reading: Bitcoin Price Kicks Off the Week In Red, What Fueled The Crash?
Chainlink Meets New Resistance At
Chainlink is one of the few cryptos making profits despite the uncertainty in the market. While it experienced some turbulence during the week, Chainlink managed to hold substantial profits for alt traders. The oracle service provider started last week strong at .38 floor. However, the next day was rocky for the crypto as it fell sharply to .05.
Thankfully, it found support at that level and quickly recovered, gaining back its starting floor on Tuesday. It went on to add some decent gains the rest of the week and even tested . However, it found resistance at .9 before dropping back. As of writing, Chainlink is trading at .5.
LINK’s price is currently hovering above .50. | Source: LINKUSD price chart from TradingView.com
Chainlink’s 1D Chart Doesn’t Look So Good.
Chainlink hasn’t been performing well in the last 24 hours despite swimming in profit from last week. LINK is currently down 0.40%, but it was much worse earlier today. The open-source protocol’s token dropped from its .55 floor to .42, leaving traders with a 1.72% loss. It had earlier climbed to %7.65 and looked like it could keep up the momentum.
As of writing, it has slowly crept back to its flow. However, it’s uncertain how high the crypto will go since the day has been sluggish generally for altcoins. But on a brighter note, LINK has held its end against the two giant cryptos, Bitcoin and Ethereum. The coin has gained 0.35% and 0.43% against both tokens.
Plus, it has seen quite a lot of activity in terms of the trading volume. LINK has a trading volume of 3,395,930, an impressive over 29% increase in a week in volume. This growth suggests there might be more room for the altcoin to grow before the trading day ends.
A Good Week For Chainlink In Terms Of Partnerships
The Chainlink community has welcomed some bullish news this week. On Oct. 5, the blockchain company announced its latest partnership with Sigma Two Securities, a systematic liquidity provider and trading business. The partnership brings the latter’s high-quality market data on-chain using Chainlink’s robust decentralized oracles network.
According to the press release, Chainlink will add Sigma Two Securities’ data to its tamper-resistant oracle report. This move will help expand the number of smart-contract use cases relying on financial market aggregation services for data.
Related Reading: Ethereum Marks Highest Growth Day In 2022, Will ETH Price Follow?
In another announcement, Hebys integrated Chainlink’s Verifiable Random Function (VRF) on several NFT blockchains, including Ethereum, BNB Chain, and Polygon. This allows them to effectively distribute NFT randomly on their platform.
Featured image from Pixabay and chart from TradingView.com
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Chainlink (LINK) Performs Well Amidst Market Turning To Red
Price fluctuations are a daily occurrence in the crypto markets now. Since the fight against inflation began, the overall financial markets have tanked. Nowadays, asset prices swing without warning, and the continuing crypto winter only heightened the volatility.
The recent event expected to boost market recovery has been completed. Ethereum is now operating on a proof-of-stake mechanism as planned. But after the successful launch, crypto asset prices dipped, and losses spilled over to the next 24 hours.
Related Reading: Valkyrie Crypto Trusts Gather Nearly Million In Funding Amid Bear Market
Currently, almost all the assets are red in price movements. The leading crypto Bitcoin has lost 2.95% in 24 hours. Ethereum, the center of attention during this period, has also lost 1.70% in 24 hours and 15.73% in 7 days.
But not all hope is lost. Some cryptocurrencies are rallying impressively, and the top leader in this category is Chainlink LINK.
Chainlink LINK Gains 9.03% Amid Market Pullback
Chainlink LINK is one of the cryptocurrencies currently gaining each hour on September 16. As of the time of writing, the LINK price stands at .71, representing an 8.19% gain in 24 hours. The price movement on September 16 has been very encouraging. LINK recorded some dips in its 24 hours trading, but not the red lines. The coin saw an intraday high of .759 and an intraday low of .4948. The next low point during the day was a dip to .60 before regaining its upward momentum.
If the price continues upwards, LINK might grow considerably higher before the market closes. This gain is a welcome development for the crypto as its 7 days price growth sits at 2.23%.
LINK’s price is currently trading above .5. | Source: LINKUSD price chart from TradingView.com
What Could Be Pushing Chainlink Post-Merge
Chainlink has proven useful in the crypto space. The network has eliminated the struggle with oracles in smart contracts. It created a decentralized pool of oracles to provide real-time, accurate information for on-chain transactions. Smart contracts using Chainlink oracles can operate with reliable information.
A few months back, an analyst Austin Arnold, a crypto analyst, addressed some key factors capable of pushing a crypto project’s value. He aimed to help his 1.24 million YouTube subscribers pick the right crypto to invest in during the raging bearish trend.
The analysts picked four popular projects, of which Chainlink LINK was the first. According to Arnold, five factors will drive LINK’s future growth after the crypto winter.
The first is the right team with capable skills in controlling the network. Other factors include adequate funding, strategic partnerships, solutions for real-life problems in blockchains, and network positioning in verticals.
Related Reading: Bitcoin Whale Selling Pressure Continues As BTC Dips Under k
Arnold pointed out that the Chainlink network has these five characteristics. He noted how the Oracle network had improved BNB Chain BNB and Polygon MATIC, showing developers’ adoption.
Even during the crypto winter bloodbath in the market, Chainlink LINK maintained its price range between + and +. It recorded a spike to .28 on June 10 but later dipped to .05. The lowest price LINK recorded between May to September 16 was .97 on July 13 before bouncing back to .18 the next day.
Featured image from Pixabay and chart from TradingView.com
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