Crypto Portal

2023-02-16 18:00:31 ​Whales move $60 million in FET as prices rise by this %, details inside

According to a 15 February tweet by Santiment, Fetch AI [FET] saw its largest transaction in nearly two years. Approximately $61.2 million, worth 135 million FET, was transferred to an existing whale address on 14 February. The same whale address is said to have 224 million Ethereum [ETH] as well.

This most recent event added to the tremendous price movement that FET has experienced over the past few weeks. Its market cap has grown because of the price upswing, bringing it closer to the top 100 cryptocurrencies.

Dawn of the AI…tokens?
The crypto community’s recent embrace of AI systems has stoked even more interest in blockchains and tokens dedicated to AI, such as Fetch AI. This is due mainly to the popularity of ChatGPT among the crypto community. In addition, the potential future use of AI blockchains in emerging AI platforms like BARD and ChatGPT has increased interest in their respective projects and tokens.

Netflow reads negative as FET remains bullish
The token’s Netflow indicator revealed that there had been more exchange outflows than inflows. The Netflow metric that was noticed also showed the whales’ most recent large movement. Traders had removed over a million FET from exchanges as of the time of writing. A higher rate of token removal from exchanges is a sign of hoarding by traders and may signify a speculative rise in value.

As of this writing, Fetch AI was trading at about $0.44 and had lost value by just over 1%. The token had increased by over 330% from the start of its rally, according to the price range tool used at the current price range. It was also clear that the token’s value had increased by over 17% during the previous trading period.

The Bollinger band confirmed that the coin has high volatility, given the current price movement. On a daily timeframe, the Relative Strength Index (RSI) showed that it was in a bull trend at the time of writing.

The whale’s behavior, as shown by the Netflow measure, was consistent with HODLing. Despite the widespread interest in AI, the effect on blockchains that provide AI-related services remains to be seen. Open / Comment

2023-02-13 19:30:01 ​FUD for thought: Can Coinbase’s clarification help Ethereum stakers?

Coinbase, of late, has been found at the heart of the massive FUD surrounding the crypto market. The FUD was stirred due to SEC’s investigation into Coinbase’s rival firm, Kraken.

Now, after the Kraken incident panned out, questions around Coinbase started to arise.

Recently, Coinbase came out with a statement clarifying its stance on staking and securities, amidst SEC’s increasing litigations.

According to the exchange’s statement, staking is not a security under the U.S. Securities Act, nor under the Howey test. The Howey Test is a framework used by the SEC to determine whether an asset is a security or not.

Coinbase stated that superimposing these securities laws onto a process like staking will be detrimental to users. According to Coinbase, these actions could force U.S. consumers to move to offshore unregulated markets.

These statements will likely reduce the amount of FUD around the matter.

Ethereum validators unaffected
Even though these developments occurring before the Shanghai Upgrade could prove to harm Ethereum, the validators on the network have remained undeterred.

According to Staking Rewards, the number of validators on the Ethereum network continued to rise. Over the last 30 days, it increased by 3.54%.

One of the reasons for the interest from validators was the revenue generated by them. Consider this- In the past month alone, the revenue generated by the validators increased by 32.81%.

Recently, Coinbase came out with a statement clarifying its stance on staking and securities, amidst SEC’s increasing litigations.

According to the exchange’s statement, staking is not a security under the U.S. Securities Act, nor under the Howey test. The Howey Test is a framework used by the SEC to determine whether an asset is a security or not.

Coinbase stated that superimposing these securities laws onto a process like staking will be detrimental to users. According to Coinbase, these actions could force U.S. consumers to move to offshore unregulated markets.

These statements will likely reduce the amount of FUD around the matter.

Ethereum validators unaffected
Even though these developments occurring before the Shanghai Upgrade could prove to harm Ethereum, the validators on the network have remained undeterred.

According to Staking Rewards, the number of validators on the Ethereum network continued to rise. Over the last 30 days, it increased by 3.54%.

One of the reasons for the interest from validators was the revenue generated by them. Consider this- In the past month alone, the revenue generated by the validators increased by 32.81%.

Even though stakers were positive about the state of Ethereum, traders remained pessimistic. It appeared that the FUD was enough to sway traders’ opinions.

At press time, the number of short positions taken against ETH increased. According to coinglass, 51.24% of traders had taken short positions against ETH. Open / Comment

2023-02-10 23:30:00 ​HBAR handles itself well amid market turmoil: Here are potential reasons why

The crypto market has responded to the SEC’s latest push against crypto staking by lending favor to the bears. Most of the top cryptocurrencies were discounted in the last 24 hours. However, Hedera [HBAR] was among the few that somehow evaded this FUD-induced sell pressure.

The global crypto market cap was down by 4.02% in the last 24 hours, confirming the bearish outcome courtesy of the SEC’s anti-staking sentiments. Meanwhile, HBAR managed a 7.2% rally during the same period.

Thus, HBAR might break above the press time resistance level, especially if the rest of the market recovered.

Hedra’s NFT future looks bright
Hedera has made multiple announcements this week, notably the launch of a new metaverse fund worth $1 million through the AfroFuture DAO.

The fund, which primarily targeted the African market, would onboard more projects onto the Hedera network. It had already launched its first project at the time of writing, which would reportedly allow high-profile artists to take advantage of HBAR NFTs.

How did HBAR fare?
As a result of these announcements, Hedera maintained strong development activity in the last few weeks, peaking on 8 February.

Most of Hedera’s growth came as a result of its NFT advancements. Therefore, unsurprisingly, the total NFT trades volume metric confirmed a significant increase on a YTD basis.

HBAR experienced a major volume surge in the last few days, with its weekly peak on 8 February. However, it slowed down since, until the last 24 hours, when it experienced another surge – albeit not as strong as it was formerly.

A look at HBAR’s market cap revealed that the above volume surge represented an influx of capital. Hedera’s market cap gained by slightly over $200 million in the last 24 hours alone. Thus, whether it would continue rallying or lend favor to the bears would largely depend on the market. Open / Comment

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2023-02-07 19:30:00 ​Coinbase manager accused of insider trading moves to dismiss charges

Ishan Wahi, the former Product Manager at Coinbase, accused of insider trading in July 2022, has moved to drop the charges filed against him by the Securities and Exchange Commission. Brother and alleged accomplice Nikhil Wahi joined him.

Motion to dismiss filed by the Wahi brothers
According to a motion filed in the U.S District Court for the Western District of Washington, lawyers representing the Wahi brothers want the SEC’s charges dismissed on the grounds that the tokens that the due allegedly traded were not securities.

10 attorneys from five different law firms signed the 80-page motion. It stated that the charges brought by the securities watchdog were “wrong.” Allegedly, the definition of an “investment contract” did not fit the tokens traded by the Wahi brothers.

Lawyers for the former Coinbase employee argued that the tokens were equivalent to buying a baseball card. To that end, they argued that the brothers had no obligations to buyers in the secondary market.

While highlighting that the utility of the tokens in question, their lawyers argued:

“None of the tokens were like stock. The very object of each token was to facilitate activity on the underlying platforms and, in so doing, enable each network to develop and grow.”

Nikhil Wahi serving a 10-month prison sentence
As per the SEC’s press release from July 2022, Ishan Wahi was directly involved in the public listing announcement process for crypto tokens that would be made available for trading on Coinbase. Between June 2021 and May 2022, Wahi disclosed confidential information to his brother and one Sameer Ramani regarding the timeline of at least 14 different token listings.

Wahi and Ramani used anonymous exchange accounts and Ethereum [ETH] wallets to buy said tokens shortly before their listing, resulting in total gains of approximately $1.5 million. Nikhil Wahi pleaded guilty to the SEC’s charges and was sentenced to 10 months in prison in January 2023. His brother pleaded not guilty in August 2022. Open / Comment

2023-02-04 18:00:15 ​Cardano (ADA) Price Prediction 2025-2030: Can the Vasil update boost ADA to $1?

The Vasil update, named after a notable Cardano community member, was designed to improve the ecosystem’s efficiency and block delay speeds. In terms of node compliance and exchange preparedness, the parent company’s website, Input Output Global, reported that over 75% of staking pool operators are running the required node versions.

Cardano developers will benefit from additional Plutus decentralized application (dApp) development support. The developers also stated in a blog that the majority of projects will be unaffected by the change.

The impending debut of Djed, the network’s stablecoin, is possibly the main factor driving Cardano’s ascent this month. Djed is an algorithmic stablecoin that is overcollateralized and pegged to the US Dollar. Additionally, it employs a rigorous verification procedure, making it one of the first stablecoins in the market. This indicates that it can be verified quantitatively and does not cause a bank’s audit of its collateral reserves.

Djed’s project’s creators disclosed that traders and investors will get extra benefits when they stake ADA to get Djed. This might be driving up demand for ADA, which has led to advances over the previous several weeks.

Despite a challenging year for prices, Cardano has succeeded significantly in growing the number of new cryptocurrency wallets, adding more than 22,000 new staking addresses each month for 13 months.

Although the 1-week gauges’ technical outlook is gloomy, traders may be more upbeat in the long run if they consider how the network is developing. In fact, over 20,000 new staking addresses have been added to Cardano on average monthly for more than a year.

Additionally, despite the collapse of FTX, Cardano’s wallet growth accelerated and added 30,000 wallets in a week. Additionally, over 300% growth was seen in the number of Cardano-based smart contracts, which for the first time topped 4,000.

According to CryptoCompare, the action increased the platform’s average daily active user base. The total number of Cardano’s daily active users increased by 15.6% last month to 75,800, the highest figure since May.

After multiple delays, Cardano’s Vasil mainnet upgrade, which promised to raise the network’s capacity and enhance the scalability of the blockchain, was released on 22 September. The same was first announced via a tweet by the Cardano Foundation.

On 27 September, Vasil’s full capabilities became available. Additionally, the Plutus V2 cost model was enabled by the Cardano blockchain, resulting in lower transaction costs for smart contracts.

It is anticipated that these modifications would increase ADA’s value. As of press time, however, this hasn’t happened. This, is mostly because of the financial unpredictability around the world, according to Andy Lian, Chief Digital Advisor at the Mongolian Productivity Organization.

Interestingly, ADA has outperformed Bitcoin and Ethereum in terms of performance, having appreciated by 1100%. Cardano (ADA) is a relatively new coin. It is still a network with a lot of potential though. Due to its modifications, the money transfer system is expanding without any problems in 2022, despite the crypto world crisis.

Cardano’s ADA reached its peak in the bull market in 2021. ADA’s price rose to a value of above $3 in September 2021. The price was forced to take losses once more as a result. Before the significant bear market began, these losses occurred between September and November of 2021.

The past few months have seen enormous losses for Cardano. Starting in September 2021, ADA lost a lot of its value. Prior to the same, the price had greatly increased as a result of the creation of smart contracts on the Cardano blockchain at the time. As a result, ADA’s price was able to rise significantly to $3.

Long favoured by long-term investors, ADA has suffered during much of 2022 and is down more than 80% from the year’s beginning when it traded at $2.28. Open / Comment

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2023-02-01 12:00:15 ​Polygon network keeps booming, but can zkEVM save MATIC from loss

Polygon [MATIC] published Polygon zkEVM’s latest statistics on 31 January. As per the data, zkEVM’s growth over the last week looked promising for the Polygon network.

For example, the total number of wallet addresses reached 82,484, with an average block time of 1.1 minutes. Furthermore, the total number of deployed contracts registered over 17% growth, while total blocks increased by 12.6%.

Polygon also partnered with Genso to help improve the latter’s offerings. As a part of this collaboration, Genso will create game worlds that are more detailed and alive than ever before, including landscapes, characters, dynamic weather, and more.

Will these help MATIC?
Despite these developments, MATIC’s price shocked investors by declining by over 6% in the last 24 hours. According to CoinMarketCap, at the time of writing, MATIC was trading at $1.09, with a market capitalization of over $9.4 billion.

Interestingly, despite the recent negative price action, MATIC remained one of the top choices for whales. WhaleStats pointed out that MATIC made it to the list of cryptos that the top 500 Ethereum [ETH] whales were holding.

Investors might have more reasons to worry as MATIC’s exchange reserve increased, which was a negative signal as it indicated higher selling pressure. Santiment’s chart revealed that MATIC’s MVRV Ratio registered a downtick, further increasing the chances of a continued downtrend.

MATIC’s one-week price volatility also spiked, making MATIC value vulnerable to an unprecedented change. However, active wallets used to send and receive coins have increased by 25.00% compared to yesterday, which was positive.

Bears outperform the bulls
A look at MATIC’s daily chart further established that the bears gained an advantage in the market over the bulls. The MACD displayed the possibility of a bearish crossover soon. MATIC’s Relative Strength Index (RSI) registered a decline, which was a development in the sellers’ favor.

The Money Flow Index (MFI) also declined and was hovering near the neutral mark. As per the Bollinger Bands, MATIC’s price was in a high volatility area, which raised the probability of a price decrease. The Exponential Moving Average (EMA) Ribbon gave investors much-needed hope, as the 20-day EMA was still above the 55-day EMA. Open / Comment