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Traders Act Fast As Binance Australia Unveils Bitcoin Discount For Limited Period

In an intriguing development for crypto traders, Binance Australia has introduced an exclusive Bitcoin discount, offering a unique opportunity for savvy investors. The platform’s recent announcement comes in the midst of a countdown to a significant payment deadline, adding a sense of urgency to the offer.

While Bitcoin (BTC) currently trades above $27,000 on several exchanges, it traded at a price of AUD34,863 on (USD22,670) Binance Australia lower than its current price on exchanges. The limited period that comes with the discount has made some traders act fast so as to take advantage of the reduced price.

Bitcoin Trading At A Discount

Recent market data has revealed an intriguing trend on Binance Australia, with Bitcoin and other digital tokens trading at a discount compared to rival exchanges within the country.

CryptoCompare data shows that Bitcoin traded at A$34,863 ($22,670) on Binance Australia, significantly lower than the average price on platforms like Independent Reserve and CoinJar. Notably, discounts of around 20% were also observed for popular tokens such as Ethereum (ETH) and Solana (SOL).

The discount on Binance Australia is closely linked to impending changes in the platform’s payment withdrawal options. Starting from 5 p.m. on June 1, users will no longer be able to withdraw Australian dollars to their bank accounts using the popular PayID service.

This follows the platform’s earlier loss of access to certain Aussie dollar deposit services, creating a series of challenges for cryptocurrency enthusiasts. 

Industry experts have weighed in on the situation, shedding light on the motivations behind the discounted Bitcoin prices. Richard Galvin, the co-founder of fund manager Digital Asset Capital Management, explains that Australian clients are selling Bitcoin at a discount to ensure they can withdraw their Australian dollars before the payment deadline. This urgency has created a unique opportunity for investors looking to acquire Bitcoin at a reduced price.

Furthermore, to ease the withdrawal process for users, Binance Australia has devised a solution. Following the payment deadline, Australian dollar balances can be converted into the Tether stablecoin, facilitating both withdrawals and trading activities.

The platform is actively seeking alternative providers to restore AUD deposit and withdrawal services, underscoring its commitment to offering a seamless user experience.

BTC Latest Price Action

Meanwhile, Bitcoin hasn’t shown any significant move in the past week. Instead, the largest crypto asset by market capitalization has recorded sluggish movement up by only 1.7% in the past 7 days. Over the past 24 hours, BTC has seen a 0.1% loss.

Bitcoin (BTC)’s price chart on TradingView

At the time of writing, Bitcoin currently trades at $27,849 after trading slightly above $28,000 on Sunday. Bitcoin’s trading volume has plunged a bit from $14 billion earlier last week to $12 billion in the past 24 hours indicating less trading activity.

However, the asset’s market capitalization has seen a more than $10 billion gain in the past 7 days. BTC’s market cap has surged from $528 billion last Tuesday to $539 billion as of today.

Featured image from iStock, Chart from TradingView

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No All-Time High For Bitcoin In 2023, Former BitMEX Head Arthur Hayes Predicts

In a recent podcast appearance, Arthur Hayes, the former head of BitMEX, delivered a sobering prediction about the largest cryptocurrency by market capitalization, Bitcoin (BTC).

Hayes believes that Bitcoin’s anticipated climb to an all-time high of $70,000 is unlikely to materialize this year, dampening the hopes of investors and traders. However, he points to a potentially bullish turn in 2024, driven by a significant event that could shape the market’s trajectory.

Bitcoin Rise To $70,000 To Be Delayed

During an episode of the ‘What Bitcoin Did’ podcast, Hayes shared his perspective on Bitcoin’s price trajectory. He indicated that breaching the $70,000 milestone is not expected to occur in 2023.

Instead, Hayes suggests that next year’s anticipated halving event will play a crucial role in determining the market’s direction. While the delay may disappoint some, he remains optimistic about a potential breakthrough in the near future.

The former head of BitMEX believes that the upcoming 2024 halving, an event that slashes Bitcoin’s block reward in half, will be a pivotal moment for the market. He suggests that crossing the $70,000 barrier will likely happen during that time.

However, his long-term forecast raises concerns about an impending “blow-off top” in 2025 or 2026, potentially signaling a significant societal event or turmoil which he calls “Armageddon.” Hayes attributes this potential turmoil to factors such as excessive money printing and growing global discontent.

Hayes noted:

We have got this halving next year, 2024. I think that’s gonna be a good year. I don’t think we get up to $70,000 this year. Next year is when we cross that barrier and then we get the blow-off top 2025, 2026. And then it’s Armageddon.

BTC Latest Price Action

Meanwhile, Bitcoin has shown a possible brewing uptick in the past week. The largest crypto asset by market capitalization has surged 4.3% in the past week. Over the past 24 hours, BTC has seen a 2.8% gain.

Bitcoin (BTC)’s price chart on TradingView

At the time of writing, Bitcoin currently trades at $27,925 after slightly trading above $28,000 on Sunday. Bitcoin’s trading volume has surged from $5 billion last Monday to $12 billion in the past 24 hours indicating a possible upward momentum.  In addition, the asset’s market capitalization has also seen a more than $20 billion gain in the past 7 days.

However, according to Hayes, the increased practice of quantitative easing, which involves injecting more money into the economy, has created a volatile situation that could explode in the third and fourth quarters of this year.

He warns of mounting geopolitical tensions and a lack of trust, asserting that these factors form a “tinderbox” that could trigger a period of immense volatility for Bitcoin. Hayes emphasizes the importance of navigating these uncertain times, both for individuals seeking financial stability and for the cryptocurrency market as a whole.

Featured image from Shutterstock, Chart from TradingView

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Ethereum’s Block Size Surges To 1-Month High – What This Means For ETH

Ethereum, the world’s second-largest cryptocurrency by market capitalization, has witnessed a significant surge in its mean block size, reaching a new 1-month high. This milestone was recently announced by Glassnode, a renowned on-chain analysis platform.

The increase in block size indicates a notable improvement in Ethereum’s network capacity and transaction throughput, potentially bringing positive implications for the ecosystem.

Breaking Down The Block Size Surge

The mean block size of Ethereum has skyrocketed, surpassing the previous 1-month high recorded on May 27, 2023. Glassnode’s data reveals that the current mean block size stands at 121.4 million.

Ethereum mean block size

This surge highlights a substantial increase in the average data volume accommodated within individual blocks of the Ethereum blockchain.

Larger block size is indicative of Ethereum’s ability to handle more data and transactions per block, effectively enhancing the network’s capacity. With a higher average data volume in recent blocks, ETH showcases its potential for improved scalability and transaction throughput.

Ethereum’s surge in block size signifies a positive development for the ETH ecosystem, as it accommodates the growing demands and usage of the network.

What This Means For Ethereum

The surge in Ethereum’s mean block size holds several implications for ETH and its community. Firstly, it signifies the network’s continued growth and adoption. As more participants engage with the Ethereum blockchain, the increased block size demonstrates the platform’s ability to handle a higher volume of transactions, leading to enhanced efficiency and reduced congestion.

Moreover, the surge in block size also contributes to improved transaction throughput. With larger block sizes, more transactions can be included in each block, resulting in faster confirmation times and smoother user experiences.

This development is crucial for applications built on the Ethereum network, such as decentralized finance (DeFi) protocols, non-fungible token (NFT) marketplaces, and various other decentralized applications (dApps). It enables them to process a greater number of transactions within a given timeframe, fostering better scalability and usability.

Additionally, Ethereum’s increased block size may have a positive impact on gas fees. Gas fees, which are transaction fees on the Ethereum network, can be influenced by block size. A larger block size allows for the inclusion of more transactions, potentially alleviating congestion and reducing gas fees. This could lead to a more cost-effective and accessible environment for users and developers utilizing the Ethereum ecosystem.

Meanwhile, Ethereum has shown a possible brewing uptick in the past week. The second crypto asset by market capitalization has surged 2.3% in the past week. Over the past 24 hours, ETH  has seen a 1.1% gain.

 

Ethereum (ETH)’s price chart on TradingView

At the time of writing, Ethereum currently trades at $1,851. Ethereum’s trading volume has, however, ranged between $3 billion and $5 billion in the past seven days indicating a possible accumulation. Regardless, in the past 24 hours, ETH has had a trading volume of $5.5 billion.

-Featured image from Shutterstock, Chart from TradingView

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Shiba Inu Network Records 2,538 New Addresses In A Day, Surpassing 3-Month Record

Shiba Inu (SHIB), the popular meme-inspired cryptocurrency, has witnessed a remarkable surge in network activity as it recently recorded an unprecedented number of new addresses. According to data shared by prominent analyst Ali Charts, 2,538 new SHIB addresses were created on May 26, marking the highest increase in three months.

This surge in address creation has propelled the total number of addresses on Shiba Inu’s Shibarium’s Puppynet testnet to a milestone of over 16 million. The significant growth in network engagement reflects the growing adoption and use of Shiba Inu within the community.

Shiba Inu Network Adoption And Activity

The Puppynet dashboard of Shiba Inu reveals that more than 16 million wallet addresses are actively interacting with the network, indicating a vibrant ecosystem. With over 1 million total blocks on the network and an average block time of just five seconds, Shiba Inu’s blockchain demonstrates its efficiency and scalability.

Furthermore, the network has processed a remarkable number of transactions, surpassing 13 million in total. These statistics highlight the increasing popularity and utilization of Shiba Inu within the cryptocurrency space.

Meanwhile, Shiba Inu’s surging network activity is closely aligned with its soaring social metrics. According to data from Lunar Crash, a reputable data aggregator, SHIB ranks among the top 10 coins by social mentions over the past week.

Shiba Inu social metrics.

Notably, SHIB’s social mentions reached 10,240, while its social engagements reached 344.8 million over the past week. Analyzing its weekly performance, SHIB’s social engagement witnessed a significant rise of 20.7%, reaching 2 billion, while its total mentions grew by 6.5% to 168,000.

It is worth noting that the token attracted an average of 1,200 unique social contributors per hour, emphasizing its strong community engagement.

Latest Update On Shibarium

According to an official statement from Lucie, a key figure in the Shiba Inu’s ecosystem, the highly anticipated launch of Shibarium’s mainnet is expected to take place before the year’s end. Lucie revealed that Shibarium developer Shibarium 1 has speculated a launch date in August, while Shiba Inu lead Shytoshi Kusama predicts a slightly earlier launch in July.

Lucie emphasized the confidence of the Shiba team in the upcoming mainnet launch and highlighted the concerted efforts of multiple teams, including the integration of artificial intelligence (AI). However, the team remains focused on sustainable growth and is not engaging in any promotional tactics. Lucie stated that thorough testing processes and security audits are of utmost importance before the official launch, ensuring the reliability and robustness of the platform.

Notably, it is evident that the Shiba Inu ecosystem is diligently working towards a successful mainnet launch, prioritizing security and long-term viability. As the project continues to progress, stakeholders eagerly anticipate the forthcoming release, which is poised to play a pivotal role in shaping the future of SHIB.

Shiba Inu (SHIB) price chart on TradingView

Meanwhile, the Shiba Inu (SHIB) market has shown a brewing uptick following a significant retracement in the past week. Over the past 24 hours, SHIB has surged 2.2% with a trading price of $0.00000879.

-Featured image from Shutterstock, Chart from TradingView

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Shiba Inu Burn Rate Surges 1500% In 24 Hours, Yet Price Continues To Struggle In Red

While Shiba Inu (SHIB) token appears to be getting rivaled by another currently hyped meme coin called PEPE, the latest update shows SHIB still has a strong community devoted to its growth. 

In the last 24 hours, the SHIB community continues to fulfill its burning commitment and surged SHIB’s burn rate by more than 1500%. However, despite the surge in burn rate, SHIB has continued to struggle in the red. 

Interestingly, the burn rate surge was executed via a single wallet burning 246.7M SHIB tokens.

Shiba Inu Burn Rate Surges

According to data from Etherscan.io, a wallet tagged “cultpunks.eth” has burned a staggering 246.74 million SHIB in a single transaction executed about four hours ago. 

In the past day, the overall Shiba Inu burn rate has skyrocketed by 1549.47%, a result of the recent move made by “cultpunks.eth.” This marks the second time in the past 30 days that this wallet has burned a significant amount of SHIB. The first instance was on April 15th, when the wallet burned a staggering 230,799,740 (230.79M) SHIB in one transaction.

The CultPunks team has committed to utilizing a portion of their raised funds upon sellout to burn SHIB tokens. In addition to this, they have also dedicated 1% of their funds to the ShytoshiKusama’s fund, which aims to empower women in blockchain, and 2% to the buyback and burn of CULT tokens.

The CultPunks is a set of 10,000 exclusive and randomly produced NFTs that were launched through a partnership with Soupsea, an NFT marketplace on Modulus. These NFTs were created on April 15th, 2023, and have become increasingly popular among NFT enthusiasts.

Despite the increase in the burn rate, the SHIB token price continues to struggle, and the cryptocurrency remains in the red. This is a significant contrast to the price rally the token experienced a few weeks ago.

Price Action: Shiba Inu Downtrend

The SHIB token price has been in a downtrend in the past few days. With the meme coin struggling to hold above key support levels. SHIB is currently trading at $0.00000996, down 12.8% over the past two weeks. The token has a market capitalization of $5.8 billion, making it the 16th largest cryptocurrency by market cap.

Shiba Inu (SHIB) price chart on TradingView

The downtrend in the SHIB token price can be attributed to the overall bearish sentiment in the cryptocurrency market. Bitcoin, the leading cryptocurrency by market cap, has been in a downtrend, which has negatively impacted the prices of other cryptocurrencies, including SHIB. 

Furthermore, the recent increase in the SHIB burn rate is yet to have a significant impact on the token price. However, with more significant tokens being burnt over time, SHIB’s price could get impacted hugely and record new highs in the long run.

 

Featured image from Unsplash, Chart from TradingView

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Whales Flock To XRP, Accumulate 52 Million Tokens In Just 3 Weeks – Here’s Why

In the world of crypto, the actions of large investors, known as whales, can often provide valuable insights into the market sentiment surrounding a particular digital asset. Recent data has revealed a common trend in the XRP market, as whales have been actively accumulating millions of tokens over a short period, particularly in the last three weeks.

This surge in whale activity has sparked intrigue and speculation among crypto enthusiasts, suggesting a strong bullish sentiment toward Ripple’s remittance token.

Whales Show Bullishness On XRP

According to data shared by renowned crypto analyst Ali on Twitter, whales are making significant moves in the XRP market. Utilizing behavior analytics resource Santiment’s data, Ali highlighted the noteworthy accumulation of XRP by whales, which indicates their strong belief in the future prospects of the token.

Over the past three weeks alone, these prominent investors have acquired 52 million XRP, representing an estimated value of over $22 million.

Notably, the accumulation trend has been primarily observed among XRP whales, specifically addresses holding 10 million to 100 million XRP. This period of intense accumulation began on May 7, following a notable selloff pressure that occurred on April 12.

During the selloff phase, Ripple’s token experienced a prolonged consolidation period, stemming from the temporary exhaustion of the rally before the latest move. However, the selloff eventually subsided, paving the way for the current accumulation trend witnessed among whales.

What Drives The Accumulation 

The sudden surge in XRP accumulation by whales has raised questions about what factors could be driving this bullish sentiment. While individual motivations may vary, several plausible explanations shed light on the underlying dynamics at play.

One significant factor could be the anticipation of positive developments within the Ripple ecosystem, such as new partnerships or advancements in the adoption of Ripple’s token for cross-border transactions. 

Last month, Ripple (XRP), Cardano (ADA), and several other cryptocurrencies received an adoption boost through a recently announced partnership between Binance Pay and CoinGate. This collaboration enables users of Binance Pay to make crypto payments to merchants powered by CoinGate. In turn, CoinGate merchants can facilitate Binance Pay payments during the checkout process.

This new feature, which will be automatically activated, caters to various digital assets available on the Binance Pay platform, including Ripple (XRP), Cardano (ADA), and many others.

Notably, such developments often drive demand for Ripple’s token, prompting investors to accumulate the token in anticipation of future price appreciation. Furthermore, the recent regulatory clarity surrounding Ripple’s legal battle with the U.S. Securities and Exchange Commission (SEC) may have also contributed to the increased confidence among whales.

As Ripple continues to make progress in the legal proceedings, the resolution of the case could potentially remove a major overhang on XRP’s market sentiment, paving the way for renewed optimism and investment.

XRP price chart on TradingView

Meanwhile, following the accumulation of whales, XRP has shown an upcoming uptick. Over the past 24 hours, Ripple’s token has seen a 1% gain. The asset currently trades at $0.47, at the time of writing.

-Featured image from Unsplash, Chart from TradingView

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JPMorgan Predicts Bitcoin (BTC) To Revisit $45,000, Here’s Why

In a recent note, JPMorgan strategists have made a prediction, suggesting that Bitcoin (BTC) could soar and revisit its former trading price of $45,000 due to the rising price of gold. This prediction comes amid Bitcoin’s price action of a blend of bulls and bears in the past week.

Meanwhile, over the past 24 hours, BTC has seen a 2.1% gain with a current trading price above $26,000. The current surge comes after Bitcoin previously fall that dropped its price below its previously ranging market price of $28,000.

Bitcoin And Gold: A Correlation

Bitcoin and gold have often been regarded as alternative investments by investors, and their prices have displayed a tendency to move in tandem.

Given this, JPMorgan analysts note that the current gold price, hovering near $2,000 per ounce, implies a Bitcoin price of $45,000. This assumption is based on the idea that BTC will reach a similar standing as gold in the portfolios of private investors.

JP Morgan wrote in a note:

With the gold price rising above $2,000, the value of gold held for investment purposes outside central banks is currently valued at around [$3 trillion]. In turn, this implies a $45,000 price for bitcoin under the assumption that bitcoin equalizes gold in private investors’ portfolios in risk capital or [volume]-adjusted terms.

One key factor contributing to JPMorgan’s optimistic prediction is the upcoming Bitcoin halving event, scheduled to take place between April and May 2024. The halving mechanism reduces the rate at which new Bitcoins are produced, effectively doubling the production cost.

The JPMorgan strategists believe this event will push Bitcoin’s production cost to approximately $40,000, acting as a lower bound and potentially driving the price upward.

Drawing from historical data, JPMorgan highlights the bullish trajectory observed during previous halving events in 2016 and 2020. These events were accompanied by significant surges in Bitcoin prices, indicating the potential for a similar outcome following the next halving.

As a result, JPMorgan sets an upper limit of $45,000 for BTC, indicating limited potential beyond the increase driven by the doubling of production costs.

Reflecting On Ethereum (ETH)

While Bitcoin takes the spotlight in JPMorgan’s prediction, the bank suggests that Ethereum (ETH) may face some selling pressure in the near term, extending beyond the Shanghai upgrade until mid-year. JPMorgan expects Ethereum to “somewhat underperform” BTC during this period.

However, it’s essential to note that Ethereum’s performance is subject to a range of factors, including market dynamics and technological developments.

Meanwhile, regardless of JPMorgan’s prediction, BTC is currently in a bullish trend recording an uptick. Over the past 24 hours, Bitcoin has seen more than a 2% gain, while the past seven days have seen a dip of 1.2%.

Bitcoin (BTC)’s price chart on TradingView

At the time of writing, the top crypto currently trades at $26,823. Bitcoin’s trading volume has, however, ranged around $20 billion in the past 7 days, indicating a possible accumulation. Bitcoin currently has a trading volume of $13.1 billion in the past 24 hours.

Featured image from Shutterstock, Chart from TradingView

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The Best Decision Is To ‘Buy Bitcoin (BTC),’ Robert Kiyosaki Urges

Renowned financial guru, entrepreneur, and bestselling author of “Rich Dad Poor Dad,” Robert Kiyosaki, has once again made headlines with his latest Twitter remarks on the importance of Bitcoin in the face of growing US debt.

As the US economy continues to deteriorate and the country’s debt ceiling discussions take center stage, Kiyosaki emphasizes the urgency of securing one’s financial future by investing in alternative assets, including the top cryptocurrency Bitcoin.

The State Of The US Economy 

Robert Kiyosaki begins by shedding light on the deteriorating state of the US economy, expressing concern over the growing national debt. With Congress currently discussing raising the US debt ceiling to $31.4 trillion to avoid blemish, Kiyosaki dismisses it as nothing more than “kabuki theater.”

Drawing attention to the dire financial situation, he asserts that the US is already bankrupt, citing unfunded liabilities, such as Social Security, which surpass $250 trillion.

Furthermore, Kiyosaki highlights the size of the financial market’s “derivative assets,” amounting to thousands of trillions of dollars. Against this backdrop, he presents his solution: investing in tangible assets like gold, silver, and digital gold – Bitcoin.

The Bestselling author of “Rich Dad Poor Dad” noted:

Politicians debating raising $30 trillion US debt limit bad comedy, “kabuki theater.” Facts are: US [is] bankrupt. Unfunded liabilities [such] as Social Security are over $250 trillion. Financial market “derivative assets” [are] measured in quadrillions…thousands of trillions. WTF. Buy G,S, BC.

Robert Kiyosaki has since been a vocal advocate for Bitcoin, emphasizing the top crypto value for several years. During the onset of the pandemic in 2020, as the US government printed trillions of dollars to stimulate the economy, Kiyosaki voiced his concerns regarding the lack of backing and the inflationary risks associated with fiat currency.

He famously referred to these newly printed dollars as “fake money,” warning of the consequences of such actions. With over $6 trillion already printed in 2020 alone, Kiyosaki anticipates that the ongoing printing spree will cause Bitcoin’s price to surge to approximately $500,000 by 2025.

Bitcoin Downtrend Amid Buy Signal

Meanwhile, despite the buy signal from Kiyosaki, Bitcoin has shown no uptick but instead a continuous decline. Over the past 24 hours, Bitcoin has experienced a 1% decline, while the past seven days have seen a dip of 3.1%.

Bitcoin (BTC)'s price chart on TradingView

At the time of writing, the top crypto currently trades at $26,412. Bitcoin’s trading volume has, however, surged in the past 7 days indicating a possible short-term downward pressure. The asset’s trading volume has spiked from a low of $15.3 billion last Thursday to a high of $17.6 billion in the past 24 hours.

Furthermore, over the past week, Bitcoin has recorded a loss of over $10 billion from its market capitalization down by nearly 4%. The asset’s market cap has plunged from a high of $528 billion last Thursday to a cap low of $511 billion as of today.

Featured image from Shutterstock, chart from TradingView.com

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Ethereum Staking Hits Over $40 Billion After Shanghai Upgrade: What It Means For ETH

The Ethereum (ETH) network has reached a significant milestone following the highly-anticipated Shanghai upgrade, as staking activity soars to new heights.

According to crypto analytics platform Cryptorank, the Ethereum deposit contract balance has exceeded $40 billion, with users depositing over 4.4 million ETH since April 12 (the date of the Shanghai upgrade launch).

This surge in staking activity marks a pivotal moment for ETH and its transition to a proof-of-stake (PoS) consensus algorithm.

Staking Frenzy: A Post-Upgrade Milestone

The recent data shared by CryptoRank reveals that the ETH deposit contract balance on May 23 stood at 22.6 million ETH, equivalent to $41.1 billion. This substantial increase in deposits can be attributed to the introduction of the latest feature allowing validators to withdraw their staked tokens.

Ethereum staking exceeds $40 Billion.

The Ethereum network has experienced a surge in interest, with users seizing the opportunity to participate in staking and earn rewards for supporting the network’s security and consensus mechanism.

Alongside the growth in deposit contract balance, Ethereum has offered attractive staking returns. As of today, the staking annualized rate of return for running an ETH validator stands at 8.66%, providing a meaningful incentive for users to engage in staking.

This figure remains significant, further driving the interest in staking among Ethereum investors seeking to maximize their returns.

Furthermore, according to recent data from Token Unlocks, since the implementation of unstaking on the Ethereum network, investors have deposited 4.68 million ETH into ETH 2.0 contracts.

Simultaneously, approximately 2.83 million ETH has been withdrawn, indicating ongoing investor engagement and confidence in the staking process.

The Future Of Ethereum Staking

With the Ethereum network surpassing the $40 billion mark in deposit contract balance, the growth in staking activity signifies a strong commitment from the community toward the PoS consensus mechanism. This development also highlights Ethereum’s transition to Ethereum 2.0, where staking will play a vital role in securing the network and achieving scalability.

As ETH continues to evolve, the surge in staking participation not only contributes to the network’s security but also offers an opportunity for ETH holders to earn passive income through staking rewards. By actively participating in staking, users can contribute to the growth and decentralization of ETH while reaping the benefits of staking returns.

Meanwhile, as ETH staking continues to surge, Ethereum founder Vitalik Buterin has warned of potentially overloading the network consensus. In a recently published blog post, Buterin noted “Don’t overload Ethereum’s consensus.”

The Ethereum founder further added that using Ethereum’s network consensus for other things could bring “high systemic risks to the ecosystem and should be discouraged and resisted.” However, following the warning, ETH staking hasn’t seen any decline so far but only an uptick.

Over the past 24 hours, ETH has seen a plunge, down by 3.6%. The second-largest crypto asset by market capitalization has dropped from a high of trading slightly above $2,000 in recent weeks to trade below $1,800, at the time of writing.

Ethereum (ETH)’s price chart on TradingView

 

Featured image from Shutterstock, Chart from TradingView

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Single Wallet Destroys 1.2 Billion SHIB, Burn Rate Surges Over 2,000%

In a display of token destruction, a single wallet has set the Shiba Inu (SHIB) community ablaze by destroying a significant amount of SHIB tokens. According to data from the Shiba Inu burn tracker, Shibburn, the Shiba Inu burn rate is currently up by 2,372% in the past 24 hours due to the burn from one single wallet.

The burn has not only surged the SHIB burn rate but can also be attributed to the current spike in Shiba Inu which is up by more than 2% in the last 24 hours.

Shiba Inu Burn Rate Surges

According to data from Shibburn, over the past 24 hours, the Shiba Inu community has transferred roughly 1.24 billion SHIB to a designated “dead wallet,” forever removing these tokens from circulation. A single wallet burned approximately 1.23 billion SHIB tokens in the past 24 hours.

Related Reading: Shiba Inu All Green Today – What’s The Energy Behind The Glow?

Notably, the identity behind the wallet which burned this huge amount of tokens has been revealed to be the Blaze token team. Out of all the SHIB tokens burned in the last 24 hours, Blaze Token burned a total of 1.23 billion tokens.

Executed approximately 12 hours ago, this colossal burn event has now propelled Blaze Token’s number of burned SHIB to about 7.9 billion in total.

While the recent burn event might have triggered a portion of excitement in the SHIB community, it is worth noting that more is still to come especially with the launch of the Shibarium.

Shibarium is an underlying blockchain technology that plays a crucial role in facilitating the burn mechanism of Shiba Inu. According to the blockchain developers in a recent series of tweets, each transaction on the Shibarium network would result in a burn of the Shiba Inu (SHIB) token.

SHIB Records Upward Momentum

Following the significant burn, the SHIB token price has picked up an upward momentum in the past 24 hours. Over this period, SHIB has surged by more than 2%. The meme coin currently trades at $0.00000905 up from a low of $0.00000885 on Monday. 

Shiba Inu (SHIB) price chart on TradingView

SHIB’s market capitalization has also recorded a slight surge. Over the past 24 hours, more than $100 million has been added to SHIB’s market cap bringing the token total cap to roughly $5.3 billion while still ranking 16th among the largest cryptocurrency by market cap.

Related Reading: Shibarium Developers Say Each On-Chain Transaction Will Burn SHIB Tokens

Interestingly, SHIB trading volume has plunged. The meme coin’s 24-hour trading volume currently stands at $156 million, a drop from the volume high of $186 million seen earlier this morning.

The price uptick from SHIB suggests that the market has responded favorably to the reduction in circulating supply. As supply decreases, the scarcity of SHIB tokens may contribute to increased demand and potential price appreciation in the long run.

 

Featured image from Shutterstock, Chart from TradingView

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Solana (SOL) Records Surge In New Active Addresses, But Onchain Activity Takes A Dive

The Solana (SOL) blockchain has recently witnessed a divergence in its on-chain activity and the number of new addresses joining its network. Despite an impressive surge in new addresses, SOL’s on-chain activity experienced a decline during May.

Meanwhile, the asset’s price has also mirrored its on-chain activity as SOL has been in a downtrend in the past week, down by nearly 10%.

On-Chain Activity Defies New Address Metrics

As of this month (May), Solana demonstrated growth in its user base, with 5.4 million new addresses joining the blockchain. This surge represents the highest number of new addresses added since October 2022, hinting at a surge in interest in the Solana blockchain.

Number of new active addresses on the Solana Network.

Typically, a surge in new addresses suggests strong fundamentals for a blockchain, reflecting growing adoption and community engagement.

However, while Solana experienced a surge in new addresses, its on-chain activity declined during the same period. Data from The Block, a prominent blockchain analytics tool, reveals that the on-chain activity on the Solana network dropped in May, contrasting the influx of new participants.

Solana on-chain activity.

On-chain activity refers to the transactions, smart contract interactions, and other operations occurring on the blockchain. The decrease in on-chain activity raises questions about the factors influencing Solana’s blockchain’s overall engagement and usage and why growth in activity has failed to impact its price positively. 

Unique Circumstances For SOL

Solana’s situation is unique due to the divergence between the increasing number of addresses and the decline in SOL’s price. While new addresses often correlate with positive growth indicators for cryptocurrencies, SOL’s price experienced a more than 10% drop since the beginning of May.

Starting the month at $21.71, SOL’s price currently trades at $19.68. Over the past week, the asset has plummeted by 8.2%. SOL has dropped from a high of $21.38 seen last Monday to trade below $20 at the time of writing. 

Solana (SOL)’s price chart on TradingView

Solana’s market capitalization has also plunged in the past seven days. SOL’s market cap has fallen nearly 10% from a cap high of $217 billion to a high of $8.4 billion last Monday. Meanwhile, its daily trading volume has surged in the past few days.

From $100 million and $150 million a few days ago to nearly $300 million in the last 24 hours. The unique decoupling between Solana’s new address growth and price performance caught the crypto community’s attention. 

Notably, Several factors could contribute to Solana’s contrasting trends. Market dynamics, investor sentiment, and external market factors may have influenced SOL’s price decline.

Additionally, while the surge in new addresses indicates growing interest, it is crucial to consider the nature of these addresses. Analyzing the activity associated with the new addresses, such as trading or long-term holding, could provide further insights into the situation.

Featured image from Shutterstock, Chart from TradingView

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Crypto Expert Predicts Ethereum (ETH) To Reach $457,000 – Here’s How

The world of crypto is filled with fascinating possibilities and unexpected growth. In a recent series of tweets, Adam Cochran, a partner at CEHV, sparked a wave of Ethereum discussions by presenting a compelling case for Ethereum’s token, ETH, to potentially surge to as high as $457,081.

Revealing The Analysis

Cochran addressed skeptics who questioned the feasibility of ETH experiencing a 20x increase, comparing it to the market capitalizations of tech giants like Apple and Amazon. He emphasized that Ethereum should not be viewed as a traditional company, but rather as a groundbreaking blockchain-based infrastructure that transcends conventional boundaries.

Cochran’s analysis took inspiration from the sheer magnitude of securities processed through clearing houses, reaching an astounding $2.5 quadrillion last year. Contemplating the possibility of conducting this process on the Ethereum blockchain with a meager 0.05% gas fee, Cochran envisioned an annual burn of $1.25 trillion worth of ETH, equivalent to 5.7 times the current market cap.

Building upon this foundation, he extrapolated a forward-looking multiple that projected Ethereum’s potential value to approach $35 trillion.

Cochran’s projection gained more momentum as he introduced the concept of a compounding burn rate. Assuming an annual compounding burn rate of 2% or more over a 20-year period, the value per ETH could potentially skyrocket to $457,081.

Moreover, Cochran acknowledged that achieving a scenario where 100% of global securities settlement occurs on Ethereum within two decades might be unlikely, but settling 10% within a decade appeared feasible.

Ethereum Value And Market Reach

Beyond the securities market, Cochran proposed that Ethereum could capture additional value-based markets, further propelling its growth. He argued that settling 10% of global securities and tapping into other value markets could realistically lead to a 30x-35x increase in value within the next decade, even accounting for a 33% margin of error.

Notably, Cochran’s analysis sheds light on Ethereum’s potential to disrupt traditional intermediaries, offering reliable and affordable settlement solutions. With trillions of dollars in annual turnover up for grabs, the prospect of eliminating trusted intermediaries become increasingly enticing for various markets worldwide.

While Cochran’s projections may seem audacious, they highlight the boundless possibilities within the crypto space. Ethereum’s unique position as a blockchain infrastructure opens doors to innovation and disruption, ultimately challenging the status quo of trusted intermediaries.

Meanwhile, Ethereum’s price hasn’t made any significant movement in the past week but a slight upward trend, up by 0.6%. ETH has surged from a low of $1,805 seen last Friday to trade at $1,815, at the time of writing. 

Ethereum (ETH)’s price chart on TradingView

Ethereum market capitalization has also recorded little gains in the past seven days. ETH’s market cap has surged nearly 1% from a cap low of $217 billion to a high of $218 billion on Friday. Meanwhile, ETH’s daily trading volume has also plunged throughout the week from a high of $7 billion last Monday to $3.6 billion in the last 24 hours.

-Featured image from Shutterstock, Chart from TradingView

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Bitcoin And Ethereum Supply Drops To Record Lows Unseen Since 2015 And 2017

Amid the tussle between the bulls and bears in the crypto market over the past week, the circulating supply of both Bitcoin (BTC) and Ethereum (ETH) has reached record lows, triggering speculation about the potential impact on the cryptocurrency market.

Data provided by Santiment reveals a significant decrease in the amount of BTC and ETH held on exchanges, suggesting a shift in investor behavior.

Bitcoin And Ethereum Supply Plummets On Exchanges

According to Santiment’s data, the circulating supply of BTC on exchanges currently stands at a mere 5.7%, marking its lowest level since December 2017 when the cryptocurrency surged to an all-time high of $20,000.

Similarly, the supply of ETH on exchanges has dropped to 10.1%, the lowest since its inception in 2015. This trend indicates that crypto investors are actively buying and withdrawing their coins from exchanges, opting for alternative storage methods.

Santiment tweeted earlier today:

Bitcoin & Ethereum both continue to quietly see more and more of their existing supplies move into self custody. Though not a perfect indicator, declining coins on exchanges generally hint at future bull runs, given enough time playing out.

Notably, one key reason behind the declining supply of BTC and ETH on exchanges, particularly in the case of Ethereum, is the increasing popularity of staking. Ethereum 2.0’s transition to a proof-of-stake (PoS) consensus mechanism has provided ETH holders with the opportunity to stake their coins and participate in securing the network while earning rewards.

Stakers lock up their ETH in specialized wallets, ensuring its active involvement in the network’s operations rather than leaving it idle on exchanges. This shift towards staking is motivated by the desire to earn passive income and contribute to the long-term growth and security of the Ethereum ecosystem.

On the other hand, the Bitcoin decrease on exchanges is not so clear, however, the possible reason can be attributed to investors looking to keep their BTC holdings for a long time. This could be due to the feared upcoming global recession which has made many turn to the idea of saving funds for the supposed “rainy days.”

Implications On The Crypto Market

The dwindling supply of Bitcoin and Ethereum on exchanges could have significant implications for the broader cryptocurrency market mostly positively. Firstly, it suggests a decreasing selling pressure as fewer coins are readily available for trading. This “hints at future bull runs,” according to Santiment.

With a limited supply on exchanges, potential buyers might face greater difficulty acquiring these digital assets, leading to increased demand and potentially driving up the prices of both Bitcoin and Ethereum.

Additionally, the reduced presence of BTC and ETH on exchanges may indicate a growing confidence among long-term holders. Investors are likely becoming more inclined to hold their coins in secure wallets or participate in staking, signaling a belief in the future potential and value appreciation of these cryptocurrencies.

This shift in behavior reflects a maturing market where participants are increasingly focused on the underlying technology and long-term prospects rather than short-term trading.

Bitcoin (BTC)’s price chart on TradingView

Regardless, both BTC and ETH haven’t made any significant movement in the past week. BTC’s price has experienced little upward trend up by 0.3%. BTC has surged from a low of $26,819 seen last Saturday to trading as high as above $27,000 on Thursday.

Ethereum (ETH)’s price chart on TradingView

In contrast, ETH’s price has experienced a slight upward trend up by 0.6% in the past week. ETH has surged from a low of $1,795 last Saturday to trading above $1,800, at the time of writing.

-Featured image from Shutterstock, Chart from TradingView

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Gas Crisis Averted: NFT Marketplaces Witness Dramatic Reduction in Ethereum Fees

Ethereum gas consumption landscape is transforming significantly as Non-Fungible Token (NFT) marketplaces no longer dominate the network’s gas usage. According to a report by Nansen, a crypto analytics platform, NFTs have fallen behind in doing the most in Ethereum gas fees. 

Notably, while Ethereum’s transition to proof-of-stake, in an event known as “The Merge,” is anticipated to address high gas prices, investors are now exploring alternatives like Cardano, which boasts greater cost-efficiency following its recent Hydra upgrade.

Ethereum’s Gas Consumption Shift

According to data revealed by Nansen on Friday, there’s currently a noteworthy shift in Ethereum’s gas consumption patterns. NFT marketplaces, which once held the top spot, now account for a mere 3% of total gas usage.

Surprisingly, decentralized exchange (DEX) Uniswap has emerged as the primary gas consumer, representing 31.99% of gas consumption. This shift indicates a diversification in Ethereum’s transactional activity and a reduction in NFT-related gas usage. Nansen noted:

Gone were the days of NFTs topping the Ethereum gas-consuming charts. This week, of the top 20 gas consumers, OpenSea and Blur accounted for less than 10% combined. And against all gas consumers, the NFT marketplaces were just over 3%. Uniswap in contrast was 10x more – 31.99%.

This substantial decline in NFT-related gas consumption can be attributed to various factors, including the network’s congestion caused by an influx of meme coin trading, notably the recently hyped frog-themed meme coin PEPE.

This surge in meme coin transactions resulted in heightened gas prices, prompting users to explore alternatives and alleviating the burden on NFT marketplaces.

Navigating the Gas Crisis

Ethereum‘s gas crisis has persisted despite The Merge, which is said to enhance scalability and reduce gas fees by migrating the network to a proof-of-stake consensus model. In response, some investors have sought solace in blockchain platforms offering cost-efficient alternatives.

With its recent Hydra upgrade, Cardano has gained attention for its ability to handle transactions more economically. The implementation of Hydra’s layer-2 scaling solution has positioned Cardano as a viable option for users seeking relief from Ethereum’s high gas prices.

The recent decrease in NFT marketplaces’ gas consumption marks a significant turning point in Ethereum’s gas crisis. As decentralized finance (DeFi) protocols and other transaction-heavy platforms take the lead in gas consumption, the burden on NFT marketplaces has lessened.

However, the broader Ethereum community anticipates the implementation of updates on the mainnet to address the persistent gas issues and improve scalability on the network. 

Meanwhile, Ethereum’s price has experienced an upward trend in the past week, up by 2.4%. ETH has surged from a low of $1,771 seen last Friday to trading as high as above $1,800 later this week. 

Ethereum market capitalization has also recorded huge gains in the past 7 days. ETH’s market cap has surged over 2% from a cap low of $215 billion to a high of $218 billion on Friday. Meanwhile, ETH’s daily trading volume has plunged throughout the week from a high of $10 billion last Friday to $5.5 billion in the last 24 hours.

Ethereum (ETH)’s price chart on TradingView

Interestingly, the asset has picked up from where it left off, rallying 1.1% in the last 24 hours. ETH currently trades slightly above $1,800 with a price of $1,811 at the time of writing.

Featured image from Unsplash, Chart from TradingView

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Lido’s ETH Deposits Reach Record High Amid Stagnant stETH Withdrawals

Lido (LDO), the leading liquid staking derivatives (LSD) protocol, recently made waves in the crypto community by enabling staked ETH (stETH) withdrawals. Expectations were high as many anticipated a surge in stakers unstaking their ETH.

However, contrary to these predictions, Lido has witnessed a remarkable increase in ETH deposits, reaching a record-breaking level. This surge has also been reflected in the protocol’s native token which has recorded a rally of more than 20% in the past week.

ETH Deposits Soar to New All-Time High

Despite the introduction of stETH withdrawals, Lido experienced a surge in ETH deposits, defying expectations of widespread unstaking. On Friday, the platform witnessed a significant milestone as the total number of ETH deposited hit an all-time high.

ETH Staked on LSDs over time

According to data provided by Lido, an astounding 6,373,289 ETH is currently staked with Lido, equivalent to more than $11.5 billion. Interestingly, while ETH deposits on Lido continue to soar, stETH withdrawals have remained stagnant around the 450,000 ETH mark, as reported by data from Nansen.

It is worth noting that these withdrawal requests have yet to be processed, contributing to the overall stability of stETH withdrawals. This trend raises questions about the anticipated unstaking frenzy, prompting a closer examination of the factors influencing stakers’ decisions.

As the most significant liquid staking derivatives protocol, Lido holds an impressive 75% market share, surpassing its competitors in the Liquid staking (LSD) space. Notably, according to data from Nansen, Coinbase and Rocket Pool trail behind, occupying the second and third positions.

Furthermore, while it may sound like positive news that ETH deposit is surging while withdrawal flattens, it is worth noting there are several reasons behind this so as not to get carried away. On the one side, the stabilized withdrawal can be attributed to the pending processing of withdrawal requests.

On the other side, it can be attributed to stakers’ long-term commitment to the protocol and the attractiveness of Lido’s offerings amidst the volatile crypto landscape.

Lido Surges 20% In The Past Week

Along with its surge in market share, Lido native token LDO’s price has experienced an upward trend in the past week up by more than 20%. Lido has surged from a low of $1.81 seen last Friday to trading as high as $2.48 on Wednesday.

LDO market capitalization has also recorded huge gains in the past 7 days. LDO’s market cap has surged 20.7% from a cap low of $1.5 billion to a high of over $2 billion on Wednesday. Meanwhile, LDO’s daily trading volume has only continued to range between $60 million and $100 million throughout the week.

Lido DAO (LDO)’s price chart on TradingView

Interestingly, the asset has plunged over the past 24 hours down by 4.4%. LDO currently trades slightly above $2 with a price of $2.18 at the time of writing with a 24-hour trading volume of $62.1 million.

Featured image from Analytic Vidhya, Chart from TradingView

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Whale Alert: 1,750 Bitcoin (BTC) Moved To Exchange, Massive Plunge Incoming?

An intriguing development has caught the crypto community’s attention as a Bitcoin whale deposited a substantial amount of BTC on the world’s largest crypto exchange, Binance.

This significant move has sparked speculation about potential selling pressure and the subsequent impact on Bitcoin’s price. Notably, the massive deposit was recorded when Bitcoin showed signs of a rebound following its recent losses in the past week.

Whale Moves BTC To Binance

According to renowned on-chain analyst Lookonchain, a notable Bitcoin whale made a deposit of 1,750 BTC which is worth over $48 Million, on the Binance exchange a few hours ago. This occurrence has raised concerns among market observers, as large transactions can indicate imminent selling pressure.

The on-chain data analyst further reveals this whale has a history of triggering sudden moves in the price action. On April 21, the same individual deposited a staggering 5,791 BTC (equivalent to $163 million), leading to a subsequent 3% drop in Bitcoin’s price within five hours.

Notably, Lookonchain says this whale has a history of buying large amounts of Bitcoin. The analyst reports that the whale initially acquired 10,000 BTC, valued at $171 million, on December 1, 2022, when Bitcoin was priced at $17,101.

And as of now, the whale has a current Bitcoin holding balance of 2,459 BTC and an approximate profit of $107 million.

Bitcoin Reaction: Analyzing the Possibilities

It is worth noting that the Bitcoin market reaction to this whale can be quite unpredictable as the large investor alone might have a different reason to move the coins besides selling them. However, given the historical evidence of price movements following whale deposits on exchanges, Bitcoin will likely experience a spike in volatility soon.

Particularly, If the past is any indication, there is a possibility of a short-term dip in Bitcoin’s price if the whale sells its BTC deposit. The sudden influx of 1,750 BTC into the exchange may trigger a cascade of sell-offs from other market participants, leading to a temporary downturn.

Regardless, Bitcoin’s price has experienced a quick spike in the past 24 hours, up by 1%. Bitcoin has shown possible signs of rebound along with the rest of the crypto market. BTC has surged from low trading below $27,000 yesterday to trading for $27,406 at the time of writing.

Bitcoin (BTC)'s price chart on TradingView

Before the bullish signs, BTC has since been in a downward trend in the past weeks, down by more than 10% in the past month. Interestingly, BTC trading volume remains below $10 billion despite the whale movement.

Featured image from, Unsplash, Chart from TradingView

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Unveiling the Mystery: Trillions of SHIB Flow Into Accounts of Large Shiba Inu Holders

In the world of cryptocurrencies, strange and unexpected events are not uncommon. The latest puzzling development revolves around Shiba Inu (SHIB), as trillions of these tokens have mysteriously found their way into large holders’ accounts, often called whales.

The influx of SHIB tokens into these wallets has caught the attention of crypto enthusiasts and analysts, sparking curiosity and speculation about the motives behind these substantial transfers. Interestingly, regardless of this activity, SHIB has only continued to move in a downward trend. 

Large Shiba Inu Holders Record Large Inflows

According to data provided by the crypto intelligence portal IntoTheBlock, the past day has witnessed an unprecedented surge in the number of SHIB tokens flowing into the addresses of large Shiba Inu holders.

The total inflow recorded amounts to a staggering 20.1 trillion SHIB tokens. To put this into perspective, this activity level has not been observed since March 23 and January of this year, suggesting that something significant may be unfolding within the Shiba Inu ecosystem.

Interestingly, previous instances of such massive inflows were accompanied by similarly large outflows. The recent surge is no exception, as more than 20.16 trillion SHIB tokens were observed to flow out of these large wallets within the same 24-hour period.

Though the exact reason behind these anomalous activities remains unclear, it is suggested that it could result from redistribution between exchange wallets.

Meanwhile, renowned crypto tracking platform Whale Alert has also reported consecutive transactions involving five trillion SHIB tokens each, totaling $43.6 million.

While the scale of these transfers might suggest internal transactions within a major crypto exchange, it is important to note that similar large SHIB transactions among Binance’s crypto wallets have been confirmed.

SHIB Remains In Red

Despite the intriguing influx of SHIB tokens into the accounts of large Shiba Inu holders, it is worth noting that the token’s price has experienced a continuous downtrend in the past week. This raises questions about the impact of these whale movements on the overall market dynamics and investor sentiment toward Shiba Inu.

Over the past 7 days, Shiba Inu has continued to move downwards, particularly in the meme coin market. The token has plummeted nearly 6% in the past week, down from a high of $0.00000911 seen last Wednesday to $0.00000871 at the time of writing.

Shiba Inu (SHIB)'s price chart on TradingView

The supposed Dogecoin Killer has also recorded a huge loss in its market capitalization in the past month. SHIB’s market cap has plunged 23% over this period, from a cap-high of above $6 billion to $5.1 billion.

It is worth noting this plummet in the asset’s market cap can be attributed to the hype in the frog-themed meme coin PEPE, which took the spotlight away from several meme coins, including SHIB.

Featured image from Shutterstock, Chart from TradingView.com

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French Regulator Extends Open Arms to Fleeing U.S. Crypto Firms

France is demonstrating its dedication to becoming a top choice for cryptocurrency companies seeking clear regulations by offering a welcoming environment for those fleeing uncertainty in the United States.

Earlier today, a report from CoinDesk stated that the French regulator, particularly the Autorité des Marchés Financiers (AMF), disclosed its open arms and invitation toward crypto companies looking to flee from their US branch and relocate to other regions with clear regulations on the sector.

Opening The Doors For Crypto Firms

As the European Union (EU) takes significant steps towards implementing the Markets in Crypto Assets (MiCA) rules, France has positioned itself as a potential hub for crypto. The country currently has 74 registered crypto companies, which is expected to rise to around 100 as more firms anticipate the implementation of the EU’s comprehensive regulatory framework.

According to several analysts, this framework is designed to provide a robust and standardized set of rules for crypto assets, ensuring greater investor protection and market integrity. 

France’s notable advantage is its defined crypto service asset provider regime, PSAN, introduced in 2019. The PSAN legislation provides clear guidelines and regulations for crypto businesses, fostering an environment of transparency and stability.

Benoît de Juvigny, Secretary General of the Autorité des marchés financiers (AMF), emphasized France’s welcoming approach by stating:

If American players want to benefit, in the very short term, from the French regime, and from the start of 2025 from European arrangements, clearly they are welcome.

The Secretary General of the IMF also highlighted the positive relationships and ongoing discussions with U.S. counterparts, demonstrating France’s commitment to international cooperation in the crypto industry.

Firms Fleeing The US

Over the past months, many crypto firms have been considering or actively pursuing relocation from the United States. Regulatory concerns and an uncertain environment have prompted these companies to explore alternative jurisdictions that offer more favorable conditions for their operations.

Crypto companies, such as Coinbase and Kraken, have expressed unease about the regulatory landscape in the United States. Various countries and regions have emerged as attractive destinations for crypto firms seeking more favorable regulatory environments.

Such destinations are France, United Arab Emirates (UAE), Switzerland, and Singapore. France has actively embraced digital assets and implemented a regulatory framework offering legal certainty.

The country’s commitment to providing clear guidelines, such as the crypto service asset provider regime (PSAN), has caught the attention of crypto firms looking for stability and regulatory clarity.

Asides from France, crypto companies such as Coinbase have also been eyeing the UAE. In a Dubai Fintech Summit on May 8, Coinbase CEO Brian Armstrong noted:

[The UAE is] exciting for us as a potential hub to build as well, an international hub for Coinbase that could serve not only in the Middle East but parts of Africa or other countries in Asia. I think the U.S. right now is a little bit behind in terms of regulatory clarity and some of the rhetoric from the top.

The fact that crypto companies are moving out of the United States highlights the negative impact of regulatory ambiguity on the country’s position in the worldwide cryptocurrency market.

While some firms may choose to maintain a presence in the United States, the departure of key players raises questions about the country’s competitiveness and ability to attract and retain crypto talent.

The total crypt market cap price chart on TradingView

Regardless, the crypto market has maintained composure despite the regulatory scrutiny on the industry. Over the past 24 hours, the global crypto market has seen a 0.4% loss, with a value sitting firmly above $1 trillion.

Chart from Tradingview

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Lido DAO (LDO) Surges Nearly 20% In The Past 7 Days, Here’s Why

In the fast-paced world of cryptocurrencies, Lido DAO (LDO) has made significant waves in the past week, experiencing an impressive surge of nearly 20%. Though the surge comes at a time the global crypto market is not deep in a downtrend, Lido’s current rally can be attributed to two notable factors.

Over the past seven days, LDO has recorded a significant spike, up by 16%. The asset has picked up from trading at a low of below $2 as of May 9 to trading at a high of $2.25, at the time of writing. Meanwhile, over the past 24 hours, the rally continues as the asset is currently up 6.3% with an increasing trading volume.

Whale Accumulation Fuels Lido’s Surge

One possible catalyst for Lido’s remarkable performance over the past 7 days is the increased buying activity by cryptocurrency whales. According to a recent report by Onchain analyst Lookonchain, three whale accounts have been observed accumulating LDO tokens.

Notably, these whales have been seen transferring their LDO assets from centralized cryptocurrency exchange Binance to personal wallets, indicating a deliberate accumulation strategy. The magnitude of these whale transactions is noteworthy.

For instance, one address withdrew a substantial amount of 724,822 LDO tokens, valued at approximately $1.52 million, from Binance for $2.01 per token. Another whale withdrew 655,641 LDO tokens, equivalent to $1.38 million, from Binance at $1.83 per token.  Additionally, a third whale purchased 570,883 LDO tokens using 974,000 USDC for $1.71 on May 12.

This influx of capital from these significant players in the market has undoubtedly contributed to the surge in Lido’s value.

Lido V2 Launch Amplifies Momentum

Another driving force behind Lido’s recent upward trend is the launch of Lido V2. This highly anticipated upgrade brings several notable features to the Lido DAO ecosystem, enhancing its appeal to investors and participants. A key highlight of the V2 release is the ability for users to withdraw their staked Ethereum (ETH).

With the new Withdrawals page, Lido users can easily deposit their staked Ethereum tokens, such as stETH or wstETH, and receive ETH in return. Lido has streamlined the withdrawal process, reducing the withdrawal period to as short as 1-5 days.

This improvement not only enhances the liquidity and accessibility of staked Ethereum but also provides users with greater flexibility and control over their assets. Additionally, the V2 upgrade introduces a modular staking router, which promotes staking diversity among several cohorts.

Solo stakers, decentralized autonomous organizations (DAOs), and Distributed Validator Technology (DVT) clusters can now participate in staking activities through Lido, further expanding the network’s staking capabilities.

Lido DAO (LDO)'s price chart on TradingView

LDO’s price has already risen nearly 20% since the upgrade, with a market currently above $2 at the time of writing. Alongside the price surge, Lido DAO’s market capitalization has also experienced a notable rise. The market cap moved from $1.4 billion last Friday to $1.9 billion today.

Moreover, the trading volume of LDO has also witnessed a significant uptick over the same period indicating the increasing accumulation of the asset. Lido’s trading volume has surged from $47.4 million last Friday to more than $104 million in the past 24 hours.

Featured image from iStock, Chart from TradingView

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BNY Mellon Embraces Long-Term Digital Asset Initiatives Across All Lines of Business

In a dynamic move towards digital transformation, BNY Mellon, one of the oldest banks in the United States, is pushing forward with its initiatives focused on distributed ledger technology, tokenization, and digital cash.

Roman Regelman, the CEO of securities services and digital, revealed in a recent interview that the bank has been prioritizing digital assets for the past two years in response to increasing client demand.

This latest disclosure comes amid the US banking crisis and United States regulators’ continuous crackdown on the crypto industry, a sector of the global digital asset market.

Notably, yesterday, the US Securities Exchange and Commission (SEC) responded to Coinbase’s complaint saying crypto rulemaking may take years and that it is “in no rush.”

BNY Mellon Embraces Digital Asset Including Crypto?

While BNY Mellon did not explicitly mention cryptocurrencies as part of its digital asset focus, the American Banker reported on the bank’s prudent motion into the crypto-verse. CEO Robin Vince, during the bank’s first-quarter earnings call, highlighted the bank’s meticulous and methodical approach, characterizing their progress as being “exceptionally slow.”

To demonstrate its commitment to digital assets, BNY Mellon is actively pursuing three key initiatives. This includes actively expanding its services to include custody and clearing solutions for digital assets, with the aim of diversifying its offerings and accommodating a wider range of asset classes.

Regelman revealed the bank’s vision for digital assets going forward, saying that “Everything that we do, we want to do for digital assets.”

BNY Mellon is also placing significant emphasis on the adoption of blockchain technology and other innovative advancements to modernize its infrastructure. This decision is aimed at improving operational efficiency, reducing costs, and enabling real-time capabilities across the bank’s systems.

Another initiative the 240-year-old bank is planning to pursue is actively exploring the concept of tokenization as a strategy to democratize investment opportunities.

By embracing tokenization, the bank seeks to unlock new avenues for investors and enable broader access to alternative asset classes, fostering a more inclusive investment ecosystem.

Leading the Digital Transformation in Financial Services

By embracing long-term digital asset initiatives across all lines of business, BNY Mellon appears to be positioning itself as a leader in the financial industry’s digital transformation.

As the demand for digital assets such as cryptocurrencies and innovative technologies continues to rise, the bank’s strategic focus on distributed ledger technology, tokenization, and digital cash highlights its commitment to meeting the evolving needs of its clients and staying at the forefront of financial innovation.

It is worth noting that BNY Mellon’s gradual approach to the crypto realm reflects the cautious stance adopted by other traditional financial institutions.

Recently, Investment bank JPMorgan announced that it will launch trial applications on blockchain technology to offer dollar-based settlement services.

Meanwhile, following the news, BNY Mellon’s stock price hasn’t made any significant movement, however, it has recorded a few gains in the past day up by 1.3%. BNY Mellon currently trades at $40.70 at the time of writing.

BNY Mellon stock price chart on TradingView

Featured image from Unsplash, chart from TradingView.com