Crypto Portal

2023-08-09 18:31:01 “Enough,” says Elon Musk’s lawyer as Dogecoin lawsuit escalates

Lawsuit also claims market manipulation and insider trading
The lawsuit, initially filed in June of the previous year, initially sought a staggering $258 billion in damages. It accuses Elon Musk of orchestrating market manipulation, insider trading, and deliberate courses of action linked to the cryptocurrency Dogecoin.

Musk’s affinity for Dogecoin dates back to an April 2019 tweet in which he claimed Dogecoin as his favorite cryptocurrency. With the acquisition of Twitter, his vocal support for Dogecoin has been further amplified.

A notable instance of his endorsement happened around April Fools’ Day, when Twitter temporarily swapped its logo for Dogecoin’s Shiba Inu mascot.

The dismissal motion reflects a point of contention, where Musk’s legal team decries the tactics of the opposing side as “abusive and belligerent,” revealing the intensity of the battle. As the legal proceedings continue, both sides await the unfolding outcome.

At the time of writing, Dogecoin was trading at $0.07573, up 2.32% in the last 24 hours. Open / Comment

2023-08-03 19:01:32 Are Ethereum traders turning bearish?

Putting it all on the line
According to Greeks live, Ethereum experienced a surge in bearish options trading activity. The traders carried out significant put options trades involving more than 56,000 contracts, totaling over $100 million in nominal value.

Uncertainty ahead?
The rise in bearish sentiment among traders could be attributed to the growing Implied Volatility (IV) of ETH options. According to The Block’s data, the IV of ETH options witnessed an uptick in the last few days.

At press time, Ethereum was trading at $1834.31. Despite the decline in its price, the number of addresses holding ETH continued to rise. Open / Comment

2023-07-30 19:01:13 I asked ChatGPT to predict Solana’s Q3 performance, it gave me this figure

Can we coax ChatGPT into a Solana price prediction if we give it enough information?
ChatGPT has been a remarkable chatbot and the updates of the past month have made ChatGPT 4.0 quite impressive. It is a powerful tool for learning and well-trained on a vast array of topics. Yet, we must remember that the bot is engineered to mimic a human, and is not necessarily guaranteed to be factually accurate. The jailbreak version of ChatGPT would likely be even more inaccurate, as it is specifically instructed not to say no to anything the user requests.

FTX, where the freefall began
Sam Bankman-Fried was one of the most vocal proponents of the Solana network. The community saw him as a credible and smart entrepreneur who was the CEO of one of the largest crypto exchanges, FTX. Even though Binance reigned supreme in terms of volume and token pairs, FTX was giving it a run for its money. Competition is also good for the industry and serves the customers. Open / Comment

2023-07-27 17:00:32 Will Ripple’s expansion be thwarted by macro-economic factors?

Winners and losers
Congressman Lynch recently claimed that the SEC “half-won” the lawsuit against Ripple while retaliating against the claim that the SEC has been exercising regulation by enforcement. He later stated that due to guidelines imposed upon crypto firms, the SEC has been in the clear in its recent legal proceedings.

The situation so far
For the uninitiated, Judge Analisa Torres issued a ruling on 13 July, stating that XRP was not considered a security during its public sale on cryptocurrency exchanges. However, the judge also determined that XRP could be regarded as a security when sold to institutional investors.

Ripple remains confident
Ripple’s chief legal officer, Stuart Alderoty, dismissed concerns about a possible appeal by the SEC regarding the significant Ripple ruling from earlier this month. Alderoty was of the opinion that if the SEC does decide to appeal, the court may go on to strengthen Ripple Labs’ partial triumph even more. This indicated Alderoty’s confidence in the potential for further favorable outcomes in the ongoing legal proceedings.

On the regulation front
However, the minutia of the SEC’s appeal won’t be the only factor that would be impacting Ripple’s future. On a macro level, the larger regulatory framework created by the U.S. government will also play an important role.

Ripple continues to make progress
Despite the regulatory uncertainty in the U.S., Ripple continued its efforts to expand in various regions. Recently, Ripple announced that its stablecoin project with the Republic of Palau has entered a Phase One pilot. Open / Comment

2023-07-24 21:00:20 U.S. FSC to discuss regulatory clarity for crypto assets

Patrick McHenry (Rep.), the chairman of the House Financial Services Committee (FSC), announced the markup of legislation aimed at providing regulatory clarity around crypto assets on 22 July.

McHenry is a Congress Representative from North Carolina.
The Committee will hold a meeting on 26 July to mark up three legislations about regulatory clarity. They would cover cryptocurrency, stablecoins, and blockchain networks.

The crypto industry wants clarity and our collaborative bill gives both the CFTC and SEC a seat at the table. Our bill establishes clear principles to ensure financial security and certainty as digital asset developers continue to innovate.

SEC’s legal setback spurs a Republican flurry of crypto legislations
The recent enforcement actions of the U.S. Securities and Exchange Commission (SEC) against crypto platforms have polarized the political climate of the U.S. Republican members of the Congress have brought forward a number of legislations around crypto regulations recently. Open / Comment

2023-07-21 19:01:38 SOL outclasses ADA, ETH, but here’s why a breakout remains elusive

Set to break higher
However, Bloomberg Intelligence’s market analyst, James Coutts, noted that there has been a change in SOL’s technical structure. According to Coutts, the previous $26.31 support level has turned into resistance.

The SEC-induced selloff was not enough for the asset to trade below the 2022 low. Price is now consolidating vs ETH but the setup for break higher is there.

SOL tops ADA
But the analyst was quick to mention that Ethereum had more solid fundamentals than Solana despite the latter’s faster speed and lower transaction costs. Hence, he deemed it fit to compare Solana with another Proof-of-Stake (PoS) blockchain— ADA.

While Cardano’s market cap is slightly higher than Solana’s, the same cannot be said for its Total Value Locked (TVL). The TVL measures the rate of unique smart contract deposits into protocols under an existing chain. Open / Comment

2023-07-18 18:30:38 Binance: Lawsuit, layoffs, and price corrections galore – will BNB recover?

The domino effect of the lawsuit
When the news of the SEC going after Binance first hit the market, BNB faced a major price correction. However, that was only the first of many troubles that Binance would have to face.

The Binance lawsuit saga continues
According to recent data, a Nevada-based legal entity named Eeon filed a motion to intervene on behalf of customers, as detailed in a filing with the District Court for the District of Columbia. The petitioner argued that both the SEC and Binance attorneys had represented their own interests and had not made any efforts to advocate on behalf of the customers.

The show must go on
Despite all the ongoing troubles being faced by Binance, the protocol has managed to make progress on various fronts. In an attempt to attract more users, Binance launched a new feature enabling users to obtain multiple deposit addresses for a single network.

How is BNB doing?
At press time, Binance’s token, BNB, had recovered from the price correction brought on by the market’s FUD. However, over the last few days, the price declined from $255 to $248. Open / Comment

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2023-07-15 21:10:04 PEPE drops to key bullish zone – Will bulls defend it?

Will this bullish zone hold?
BTC’s price pump on 13 July saw it grace a new high of $31.8k, pulling up PEPE to aim at the recent price ceiling at $0.00000190. But PEPE faltered near the resistance, inviting short-sellers to seek gains towards immediate support of $0.00000150.

When zoomed out on the daily chart, the above immediate support aligns with a bullish order block (OB) of $0.00000136 – $0.00000162 (cyan). So, the area could act as a bullish stronghold. It could allow bulls to inflict a corrective rebound targeting the local high of $0.00000190.

Recently accumulated tokens were unmoved
According to Santiment, the 90-day Mean Coin Age metric has risen since early June, implying wide-network accumulation of PEPE in the same period. Open / Comment

2023-07-11 19:30:01 Bitcoin holders hoping to make profits should read this before their next move

Bitcoin accumulation at different range
As we examine the price movements of Bitcoin over the past year per Glassnode, an interesting pattern emerged. Initially, the cryptocurrency began the year at around $16,500, and during that period, approximately 637,000 BTC were purchased. The purchase accounted for roughly 3.71% of the total BTC in circulation.

Long and short-term Bitcoin holders hold at profit
Analyzing the Bitcoin 30-day Market Value to Realized Value revealed an interesting trend. As of this writing, the 30-day MVRV was approximately 4.78%. This indicated that holders within this timeframe were currently holding their assets at a profit. This metric further suggested that even those who purchased their holdings at the current price range were still in a profitable position.

BTC sees a positive trend
As of this writing, Bitcoin was trading at approximately $30,600 on a daily timeframe. While it had a profit of less than 1%, it was noteworthy that this marked the second consecutive day of trading in profit. Presently, Bitcoin was exhibiting an upward trend following its recent price movement. Open / Comment