Features Crypto News by Thebittimes.Com

XRP faces sizable headwinds in the coming months, according to both technical and on-chain signals, suggesting the embattled token risks notable price erosion.  The downbeat projections come even as the broader crypto market attempts to stabilize from recent lows. For XRP, already lagging among the top majors, a confluence of metrics tilts risks to the downside, barring an unforeseen positive catalyst. Bear Flag Threatens Downside Break The first red flag for XRP spotlights a potential bear flag breakdown on weekly timeframes. XRP is delicately clinging to the pattern’s lower trendline support, with violations opening up targets toward the $0.24 zone for a 55% drop. Also read: Ripple: XRP Historical Patterns Suggest Potential Price Explosion Meanwhile, neutral readings on its relative strength index offer little evidence that buyers are poised to reverse momentum. So with little confirmation of overextended selling, the risk skews decidedly bearish on the chart. ...

Electricity demand worldwide could double over the next three years, mainly due to cryptocurrency mining and artificial intelligence. How will crypto keep up? AI and cryptocurrencies accounted for almost 2% of global electricity demand in 2022, which illustrates the scale of their energy impact. This increase is mainly due to the growing complexity and volume of computing operations for artificial intelligence and the ever-increasing number of cryptographic transactions. According to a recent report from Bloomberg, which cites the International Energy Agency, global demand for electricity from data centers, cryptocurrencies, and artificial intelligence could more than double over the next three years , amounting to the equivalent of Germany’s entire electricity demand . Source: International Energy Agency AI’s appetite to grow Artificial intelligence (AI) has become an integral part of modern life, streamlining various aspects. However, its extensive integration ...

Coinbase’s chief legal officer, Paul Grewal, has criticized the U.S. Securities and Exchange Commission (SEC) for its minimalistic legal response regarding the exchange’s request for clearer cryptocurrency regulations. In a Jan. 30 X post, Grewal highlighted the inadequacy of the SEC’s documentation, which formed the basis of its decision to reject Coinbase’s petition for digital asset rulemaking. Below is the administrative record of @SECGov's decision rejecting our petition for digital assets rules. See for yourself whether it's even close to complete or sufficient to justify their decision. Our brief is due 3/11; the SEC brief is due 4/10, and our reply is due 5/1. 1/3 — paulgrewal.eth (@iampaulgrewal) January 30, 2024 The saga began in June 2022 when Coinbase submitted a petition urging the SEC to establish more transparent rules for the burgeoning crypto industry. However, the SEC dismissed this request in December 2023, maintaining that...

Terra Luna Classic’s Proposal 12013 aims to eliminate confusion, but preliminary votes show a divided community. LUNC’s burn campaign surpasses 95 billion tokens, with hopes of reaching 100 billion in February. LUNC price consolidation near the upper Keltner Channel band suggests the potential for an upside breakout. Terra Luna Classic ecosystem validator LuncLive has proposed the repeal of controversial pay-per-job Proposal 11889. This move, encapsulated in Proposal 12013, aims to eliminate the confusion and uncertainty that the initial proposal generated among validators, developers, and the broader community. The proposal seeks to pave the way for a more conducive environment for development and decision-making processes by removing the existing barriers that have hampered progress. $LUNC army due to recent events and uncertainties involving proposal #11889 Pay-per-job and governance- ruled job list, the @Luncliveorg validator has submitted pro...

South Korean crypto exchange Upbit suspended deposits and withdrawals for SSX tokens after the project’s team alarmed about a $10.2 million heist. Upbit says in a Jan. 29 press release that it is suspending deposits and withdrawals of Somesing (SSX) token following a report that 730 million SSX tokens (over $10.2 million) were hacked and withdrawn to unknown wallets. Upbit, in its announcement, stated that it flagged SSX token s due to a change in the distribution volume of SSX token s compared to the previously submitted distribution plan. The exchange intends to collaborate with the Somesing Foundation to investigate the incident and verify details related to the fund movement. As of press time, the method employed by the hackers to withdraw millions of dollars’ worth of SSX token s remains unclear. You might also like: Crypto investors lost nearly $2b over 600+ incidents in 2023, data shows As crypto.news reported earlier, Somesing Foundation stressed that t...

The U.S. Securities and Exchange Commission (SEC) accuse s the founders of the HyperFund crypto project of running a fraud operation that took more than one million form unwitting investors. Information about this appeared on the regulator’s website. According to the SEC, the scammers offered investors the opportunity to invest in highly profitable mining operations. They created a cryptocurrency exchange that attracted investments for Bitcoin (BTC) mining and launched a metaverse project. However, the organizers made payments from funds raised from new investors. In total, the attackers managed to collect $1.7 billion in assets from unsuspecting investors. In addition to fraud, the founders of HyperFund are accused of illegally offering securities. Despite the scale of the scam, organizer Sam Lee, an Australian citizen, faces a maximum sentence of five years. Burton, known as Bitcoin Rodney, will receive the same amount. The third defendant (Bitcoin Beautee), Brenda Chunga, will...

The layer-2 (L2) scaling solutions ecosystem is booming. Can crypto achieve scalability without sacrificing decentralization? The congestion and high transaction fees in established blockchains like Ethereum (ETH) and Bitcoin (BTC) have sparked a need for additional solutions to handle the increased demand. The L2 sidechains such as Arbitrum (ARB), Optimism (OP), and Polygon (MATIC) emerged as an attempt to enhance transaction capabilities while ensuring smooth and orderly operations. In short, layer-2 solutions are additional protocols or frameworks constructed on existing blockchains to improve scalability and transaction throughput. They come in various forms, such as rollups, state channels, and sidechains.  They alleviate the computational load on the main chain by offloading it to a secondary layer while ideally ensuring security and decentralization. Optimistic rollups, like Arbitrum and Optimism, take a trust-but-verify stance, treating transactions as valid unless a chal...

A trader printed more than $1.6 million in gains after getting in early on one of the latest memecoin trends on the Solana (SOL) blockchain, on-chain data shows. First reported by blockchain tracking firm Lookonchain, one trader made huge profits going long on Wen (WEN), a memecoin built on Solana. Lookonchain says the trader made $682,000 in USDC and has an additional $941,000 in unrealized profits still sitting in their wallet. “In just 14 hours, this trader made over $1.6 million trading MEME coin WEN! He spent 125,500 USDC to buy 20 billion WEN when WEN opened trading, and sold 12.5 billion WEN for 807,000 USDC, realizing a profit of 682,000. And currently holds 7.6 billion WEN ($941,000), with an unrealized profit of $941,000.” Source: Lookonchain/X At time of writing, WEN is trading at $0.000142 with a market cap of $142.34 million. Following Solana’s massive 2023 rallies, memecoins have been in the spotlight, with several coins within...

Leading global investment bank Morgan Stanley published a new report predicting the future of the U.S. dollar. The prediction comes at a time when BRICS is looking to dethrone the U.S. dollar as the world’s reserve currency. Morgan Stanley weighed in on the threat from BRICS, CBDCs, Bitcoin, and stablecoins that are aiming to uproot the U.S. dollar’s hegemony. A handful of contenders, apart from BRICS, are in the race to cut ties with the U.S. dollar and make their currency supreme, said Morgan Stanley. Also Read: Saudi Arabia To Decline BRICS Membership? Read here to know how many sectors in the U.S. will be affected if BRICS stops using the dollar for trade. The move will hamper the U.S. dollar’s prospects leading to hyperinflation and job cuts in the homeland. BRICS: Morgan Stanley Predicts U.S. Dollar’s Future Amid Global Scrutiny Source: Watcher Guru The report from Morgan Stanley stressed that the U.S. dollar “is being increasingly scrutinized,...

OpenSea chief executive officer Devin Finzer has disclosed that the New York-based market place for non-fungible tokens (NFTs) is open to M&A opportunities. In an interview with DLNews, Finzer revealed that OpenSea has been charting new waters, openly expressing interest in acquiring and potentially being acquired, amid the fluctuating fortunes of the NFT world. According to DL News, OpenSea CEO Devin Finzer revealed that OpenSea has received acquisition intentions and remains open to potential acquisitions, but did not specify when and who would acquire it, and said that OpenSea is not actively looking for acquirers at present.… — Wu Blockchain (@WuBlockchain) January 27, 2024 “We think that if the right partnership comes along, then that’s something we should certainly consider,” Finzer said in the interview. However, while acknowledging that OpenSea is receptive to such prospects, Finzer did not provide details on the timing or the interest ed parties. He also emphas...

Shiba Inu finally broke below a pivotal support level this week that had held firm since mid-January, raising the risk of an extended selloff toward further depths. SHIB collapsed below $0.000009 support amid a broader cryptocurrency meltdown that has Bitcoin hovering around $39,000. The meme token has shed nearly 8% over the last seven days, with technically significant support levels now in danger. The breakdown quashed hopes that embattled SHIB bulls could use the $0.000009 level as a launchpad once markets eventually turn. Instead, price erosion opens the door to testing new support tiers highlighted by analysts. Also read: Dogecoin (DOGE) February Price Prediction Will Shiba Inu plunge lower? For now, SHIB is clinging above its 0.5 Fib line around $0.0000087. However, continued pressure risks breaching that support to feed additional capitulation toward the highly symbolic $0.000008 figure, which represented resistance last November. To avoid that outcome, Shiba Inu ...

Coin Bureau host Guy Turner is predicting that a top-50 altcoin by market cap could appreciate by triple digits. Turner tells the 2.39 million subscribers of the Coin Bureau YouTube channel that the novelty of Celestia (TIA), a decentralized network that allows anyone to deploy their own blockchain easily and at a minimal cost, could be a bullish catalyst. “Celestia is a brand new cryptocurrency with an Innovative technology that could truly shake up the crypto ecosystem. The speculation around this fact alone could be enough to pump tier by up to 10x even with a much larger market cap.” Celestia is trading at $15.74 at time of writing, up by around 658% from a price of $2.08 reached on October 31st of 2023. According to Turner, Celestia’s price trajectory will depend on achieving the crypto project’s product road map which includes introducing on-chain governance as well as enabling scaling solutions for the blockchain to be independent and thus rend...

Several top media companies now restrict AI bots on their platforms.  A survey reveals that 88% of top-ranked news outlets in the US have initiated such blocks.  The restrictions come as AI companies come under heat for copyright infringement and content use. Several media companies in the United States now block web crawlers used by artificial intelligence (AI) companies as the battle over copyright infringement and uncompensated content use prolongs. According to a Wired report, 88 percent of top-ranked news outlets in the US have devised means to restrict data collecting activities of AI companies. The data collected by the crawlers is used by the companies to train their chatbots and other AI projects.  The report stated that a survey by Ontario-based AI detection startup Originality AI noted this growing trend amongst media companies. Per that report, nearly all 44 top news sites surveyed block AI web crawlers. That includes outlets li...

Spot Bitcoin ETF fever spread outside the U.S., with Hong Kong regulators open to the product and local firms racing to become the first movers on the scene.  Value Partners Group and Venture Smart Financial Holdings (VSFG), two Hong Kong-based asset s managers , reached a memorandum of understanding to collaborate on offering traditional investment vehicles underpinned by digital asset s to local retail and institutional investors. Top of the list for both firms is the possible introduction of ETFs that track spot Bitcoin (BTC) ETFs, per a statement shared with crypto.news.  Value Partners CEO June Wong said the asset managers hope to capitalize on Hong Kong’s crypto-friendly regulatory approach, drawing on a combined experience and expertise spanning decades to provide transparent and liquid access to Bitcoin as an asset class. The pair also plan to capture first-mover advantages in what Lawrence Chu, Chairman at VSFG, described as a rapid financial evolution in Hong Kong and...

The Dogwifhat price has pumped 47% in the past 24 hours to trade at $0.334 as of 10:36 p.m. EST on trading volume that plunged 16% to $53 million. Dogwifhat Price Forms A Bullish Pennant Pattern WIFUSDT Chart Analysis. Source: Tradingview.com The Dogwifhat price has experienced a decrease from $0.33, forming a descending triangle pattern and reaching a low of $0.06  However, a sudden surge in bullish momentum led to a new all-time high (ATH) of $0.53.  The price then started declining, forming a bullish pennant, suggesting a potential continuation of the bullish trend. The price remains above the 200-day Simple Moving Average (SMA), providing immediate support for the Dogwifhat price within the pennant. The Relative Strength Index (RSI) indicates a rebound around the 30 oversold level, surpassing the 50 neutral position, indicating intense buying pressure.  If the bulls gain additional strength, there is potential for the RSI to recover and enter the overbought ...

Details of the supposed hack were being discussed in real time as members of the decentralized autonomous organization (DAO) mulled involving U.S. law enforcement.  The so-called Saga DAO lost a chunk of its treasury. Around $60,000 in Solana (SOL) was lost following a “remote hack” suffered by one of the DAO’s founders, known by the pseudonym zkRedDevil. They claim hackers attacked their home PC and drained assets belonging to the Solana mobile fan club and personal funds. Due to this incident, 700 SOL of the Saga DAO’s money and a separate 50 SOL were transferred from a wallet with multi-signing security measures.  The funds were then sent to another address that many believe is controlled by zkRedDevil. Hello everyone Today is the worst day of my life. Quick summary of the facts. I was the victim of a remote hack (don't know the exact term for this kind of hack) on my pc at home All my personal funds were drained. As far as dao is concerned, I set up a mul...

The Ethereum price rose 1% over the past 24 hours to trade at $2,232.87 as of 8:40 am EST.  Goldman Sachs Confident ETH ETFs Will Receive Approval During an interview with CNBC , the head of digital assets at Goldman Sachs, Mathew McDermott, said he expects spot Ether (ETH) ETFs to be approved in coming months.  He added that a major factor in the approval decision hinges on whether ETH is classified as a security. He said he’s ”positive that they will” gain approval. Daily chart for ETH/USDT (Source: TradingView ) Ethereum Price Retesting Support Level The Ethereum price nosedived out of a descending price channel throughout the past 72 hours to also lose the support of the $2,295 price point. Should it close today’s daily candle below this support level, it may continue dropping in the next 48 hours. This could lead to the Ethereum price retesting the subsequent support level at $2,130. This bearish thesis may be invalidated if ETH manages to...