Category: Cryptocurrency Market News

Lisk Foundation To Convert 1,000 Bitcoin To ETH, Reason To Worry?

Max Kordek, the co-founder and CEO of Lisk recently announced via Twitter that the Lisk Foundation will convert 1,000 Bitcoin (BTC) to Ethereum (ETH) in the next 10 weeks, which will be held as part of the foundation’s long-term treasury. As Kordek explained in a commentary, the Lisk Foundation wants to stake its ETH, “but it won’t happen right away.”

The project gained wider notoriety during the Initial Coin Offering (ICO) craze in 2016 and 2017. At the time, the decentralized apps platform raised 14,000 Bitcoin. That sum was worth about $5.7 million at the time, making the campaign the second most successful cryptocurrency crowdfunding to that point.

With a market cap of $106 million, the Lisk Token (LSK) ranks 195th among the largest cryptocurrencies according to CoinMarketCap today. At press time, LSK was trading at $0.828 and is down 5.7% in the last 24 hours.

Reasons Why Lisk Is Converting Bitcoin To ETH

Lisk Foundation will sell 1,000 BTC in chunks of 100 BTC per week to reduce risks with related third parties. Subsequently, the purchased ETH will be deposited into a 2-of-3 multisig account, with each Lisk Foundation board member holding one key each.

Notably, the project will keep 500 BTC, which the co-founder said will be used to pay expenses in 2024 and 2025. Moreover, Kordek added that the Lisk Foundation has “about enough fiat until the next Bitcoin halving.”

According to Kordek, there are three reasons for this move: first, the tweet states that Ethereum is the largest blockchain platform in the world. “Treasury-wise we want to go where blockchain applications are being built,” Kordek wrote, emphasizing as a second reason that ETH has “acceptable risks” from a Treasury wise point of view.

Third, he said, it allows for a sustainable, long-term return (via staking). “Treasury-wise it makes sense to go into an appreciating, deflationary, yield-generating asset,” Kordek said.

The Lisk Foundation is exchanging 1000 BTC into ETH over the next 10 weeks and will hold onto them as part of its long-term treasury.

Continue reading to learn more..

How:

The 1000 BTC are being sold in chunks of 100 BTC per week to reduce risks with associated…

— Max Kordek (@maxkordek) May 11, 2023

Will It Have An Impact On BTC Price?

Even though the Bitcoin and crypto market is very illiquid due to Operation Choke Point 2.0 in the United States at the moment, the impact on the Bitcoin price should be marginal due to the 1,000 BTC split over 10 weeks.

100 BTC is an order size that the market can easily digest. In the last 24 hours, the trading volume of BTC was approximately 19.4 billion.

At press time, the Bitcoin price was at $26,388. For now, the key support is at the 100-day Exponential Moving Average (EMA), located at $26,227. Over the next few hours, it remains to be seen if this support can be held, if not, the area at $25,200 comes into focus.

Bitcoin price

Ethereum Loses Grip On $1,800: Will The Bulls Barge In To Save The Day?

Ethereum (ETH), the world’s second-largest cryptocurrency by market capitalization, has been experiencing a period of volatility in recent days.

After hitting the $2,000 mark last month, the price of Ethereum has dropped sharply, falling below the $1,800 level on multiple occasions.

This has left investors wondering whether the bulls will step in to save the day and push the price back up.

The cryptocurrency market as a whole has been experiencing a period of uncertainty, with many investors questioning the sustainability of the recent bull run.

Despite these challenges, Ethereum has remained a key player in the cryptocurrency ecosystem, with many investors remaining bullish on its long-term prospects.

Ethereum (ETH) Value Drops As Market Volatility Persists

According to CoinGecko, Ethereum’s current price has taken a sharp dive, plunging to $1,760. This marks a significant 24-hour decline of 3.2% and a week-long decrease of 7.2%. This comes after Ethereum made a new high in mid-April, surpassing $2,100.

Although it experienced a retracement, the $1,800 support level prevented further decline and has remained stable for the past two weeks, provided Bitcoin does not drop below $27,000.

If Ethereum experiences aggressive demand at its current levels, the $1,800 support level may come to the bulls’ rescue. However, if Bitcoin drops to $26,000, Ethereum’s support level could crack, exposing it to further selloffs.

In such a scenario, Ethereum could retreat to lower support levels at $1,700 or even $1,500. It’s worth noting that upper resistance levels to consider are at $2,000 and $2,100.

Market-Wide Selloff Blamed For ETH Retreat

As the cryptocurrency market continues to experience volatility, investors are keeping a close eye on Ethereum’s price movements. With the current drop below $1,800, many are wondering where Ethereum is heading next.

Some analysts believe that Ethereum’s decline is a result of a market-wide sell-off, driven by concerns over Bitcoin’s regulatory crackdowns.

Others suggest that the recent decline in Ethereum’s price could be attributed to concerns over its high transaction fees and network congestion.

Looking ahead, its current support level remains a critical factor in Ethereum’s price trajectory. If the bulls step in to save the day and push the price back up, Ethereum could reclaim its previous support levels and continue its upward trend.

However, if the bears continue to dominate the market and push the price below the $1,800 support level, Ethereum could experience further declines.

The cryptocurrency market remains unpredictable, and investors should exercise caution when making investment decisions.

While Ethereum’s long-term prospects remain positive, short-term price movements are subject to a range of factors that could impact its value in the near term.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk)

-Featured image from BuzzFeed

SHIB Holders, Get Ready: Latest Shiba Inu Update Could Be A Game Changer

Shiba Inu (SHIB) experienced a decline in social dominance over the past week, indicating a decrease in popularity for the meme coin. Despite being oversold based on its Relative Strength Index (RSI), other indicators were bearish, suggesting a potential further decline in price.

However, SHIB has a history of responding rapidly to updates within its ecosystem, and a forthcoming Shibarium update could potentially reverse the downward trend.

With the release of the Shibarium update, there may be a potential opportunity for the coin to regain its footing and improve its market performance.

Shiba Inu’s Shibarium Update Makes Progress

In a tweet, Shiba Inu-focused account Lucie unveiled new details about the much-anticipated Shibarium update for Shiba Inu. According to the tweet, the Shiba Inu team is currently working on implementing VOR and OoO on the Shibarium beta testnet. The next step will be to deploy the 0o0 and VOR Router smart contracts on Shibarium Layer 2 and then activate the Oracle applications to fulfill data requests.

#ShibariumBETA UPDATE May 2023

OoO& VOR Deployment on Shibarium testnet

“We are currently in the process of deploying both VOR and OoO on Shibarium beta testnet.
To date, we have deployed the FUND Test token on Shibarium beta testnet, and have successfully bridged L1 to L2. We… pic.twitter.com/CWwgC4j0ht

— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) May 10, 2023

Furthermore, the team has made headway in transferring FUND test tokens between L1 (Goerli) and L2, which is a significant development. As of now, the FUND Test token has been deployed on the Shibarium beta testnet, and L1 has been successfully bridged to L2.

This update indicates that the Shibarium project is making steady progress towards its launch. With the deployment of smart contracts and the successful transfer of test tokens, the team is one step closer to bringing the full potential of the Shibarium to the Shiba Inu ecosystem.

Shiba Inu Price Reaction

Investors and analysts had hoped that the Shibarium update would provide the much-needed boost to Shiba Inu’s market performance. However, it appears that the market sentiment towards SHIB has not changed, and the downward trend in its value has persisted.

Shiba Inu suffered a decline not just in its price but also in its popularity within the crypto space, as evidenced by its dwindling social dominance.

According to data from CryptoQuant, SHIB’s exchange reserve has also been on the decline, suggesting that the token is not currently under any significant selling pressure.

Meanwhle, Shiba Inu’s value, as per CoinGecko, currently stands at a modest $0.00000865, marking a 2.5% drop in the past 24 hours and a 13.3% decrease over the last seven days.

-Featured image from

Why Is Bitcoin And The Crypto Market Down Today?

Bitcoin price continues to fall, dragging the broader crypto market down with it. BTC is down 4.52% in the last 24 hours, while ETH is down 4.10%. With a current price of $26,289, Bitcoin records its lowest value since March 14 this year, when the price dipped as low as $26,544.

Why Is Bitcoin And Crypto Down?

As always, the reasons for the deep pullback of the Bitcoin price are complex. Remarkably, there was actually good news on Wednesday, May 10, as the CPI continued to fall causing the Bitcoin price to rise as high as $28,317.

However, then fake news about an alleged sale of 9,800 BTC by the U.S. government shook the market. The Bitcoin price flash crashed as a result and has seemingly not been able to recover since. But this narrative is only half the story.

A variety of other factors are currently weighing on the crypto market: the dollar index (DXY) is currently experiencing a bounce and was recently able to hold above the historically important support, the liquidity issue intensified once again with the departure of US market makers Jump and Jane Street, BTC formed a (supposed) head and shoulders pattern in the 1-day chart, the congestion of the Bitcoin and Ethereum blockchains and last but not least a lot of FUD (US government selling, Binance US and Grayscale).

Not surprisingly, uncertainty in the Bitcoin and crypto market is currently quite high. The Dollar Index (DXY) is currently hovering above historically crucial support at 101.8. Since early April, DXY has already been suspiciously close to support, but has so far been able to fend off any attack from the bears.

As Christopher Inks of Texas Wet Capital writes, the DXY saw another move higher yesterday (to 102.056) and is currently preventing a rally in risk assets:

The $DXY rally is making longs difficult this morning. So, if you’re trying to get long on risk-off assets it’s best to wait and watch for a bit.

Liquidity Issues, A Bearish Chart Pattern And FUD

Another bitter blow to the crypto market on Tuesday was the news of Jump and Jane Street’s departure from the U.S. crypto market. The move by the two major market makers comes as a result of regulatory uncertainty in the US.

As NewsBTC reported, liquidity has been a huge problem before, which could now get worse. Due to low liquidity, higher volatility is likely as larger buy and sell orders move the market faster.

In addition, a (supposed) head and shoulders pattern on Bitcoin’s 1-day chart is currently causing fear among traders. The pattern may signal a crash to $25,000.

A clean H&S reversal pattern that could send #Bitcoin to $25k or lower in no time. 2D time frame. pic.twitter.com/FllMuJZlQP

— PROFIT BLUE (@profit8lue) May 6, 2023

Adding to the uncertainty has certainly been the congestion of the Bitcoin blockchain by Ordinals and the controversial BRC-20 meme coins, which are seen as a DDoS attack by part of the community. Although 300,000 transactions are still waiting for confirmation in the mempool, the problem is slowly easing.

The popularity of Bitcoin Ordinals transactions is declining. Trading volume has dropped for three consecutive days after reaching an all-time high of $18.13 million on May 8. Yesterday, trading volume fell to $4.86 million. The number of transactions has also dropped from 17,000 to 6,000. UniSat’s market share has dropped from 80-90% to 50-60% currently.

#Bitcoin block size war 2.0?

According to Dune data, transactions through Unisat have grown exponentially since the beginning of May.

Unisat, the core wallet of BRC20, is developed by a Chinese development team of the BSV community. pic.twitter.com/DfW46mbhZb

— Jake Simmons (@realJakeSimmons) May 11, 2023

Last but not least, there are currently some unconfirmed rumors (FUD) circulating about Binance US and Grayscale. Binance US caused a stir in the last few days because the Bitcoin price showed a high price premium. The reasons have been the subject of much speculation.

Grayscale is currently being hotly debated because DCG supposedly owes bankrupt crypto lender Genesis Trading about $575 million in May, with the loans coming due next week. The rumor says that Grayscale may be selling something on Coinbase to cover the capital needed to repay the loan.

At press time, the Bitcoin price stood at $26,289, initially receiving support from the 100-day EMA.

Bitcoin price

Justin Sun Will Now Publicly Trade Meme Coins Like PEPE, Best Time To Copy Trade Him?

Justin Sun, the vocal crypto supporter and co-founder of Tron and chief executive officer (CEO) of BitTorrent, says he will begin actively trading meme coins like PEPE.

Justin Sun Eying Meme Coins

In a tweet on May 11, Sun, known for being a crypto whale, actively holding and transferring colossal sums of coins in the past, said he would begin actively trading meme coins and promising projects straight from his public cryptocurrency address.

However, as a disclaimer, all profits will be donated to charity.

I've decided to begin actively trading meme coins and promising projects through my public address. Please note, I will personally bear all potential losses from these trades, and any profits made will be donated entirely to charity.

— H.E. Justin Sun 孙宇晨 (@justinsuntron) May 11, 2023

He also added that though he might decide to buy certain coins and get exposure to a promising meme coin project, the said coin or project, regardless of its potential, may not be listed on Huobi or Poloniex. These are some of the early and most liquid cryptocurrency exchanges listing hundreds of tokens that Sun occupies an influential executive seat.

It is still unclear which project Sun has an eye on. At the same time, it could not be determined which of his crypto addresses the co-founder will use when trading meme coins.

Although Sun might be the co-founder of Tron, he has not shied from engaging in other projects deployed on public networks like Ethereum and others.

Tron Co-founder Warned By Binance

Following a warning from Changpeng Zhao, the CEO of Binance, the world’s largest exchange by client count and trading volumes, Sun reversed a $56 million transfer he had made in early May. There were concerns that Sun was planning a token grab of SUI, the native currency of the Sui Network.

Our team told Justin, if he uses any of these to grab the LaunchPool Sui token, we will "take action against it". SMH.

Binance LaunchPool are meant as air drops for our retail users, not just for a few whales.

On the bright side, blockchains are transparent… https://t.co/8Xs1oXjfVd

— CZ Binance (@cz_binance) May 1, 2023

WhaleAlert flagged Sun’s bulk $56 million transfer in TUSD. Before Zhao said, Binance would take action if he block-bought SUI from the Binance Launchpool. The exchange clarified that it wanted a fair airdrop to include active retailers and not “just a few crypto whales.”

Through the Launchpool, users can stake their crypto assets like SUI, providing liquidity, before receiving staking rewards.

Sun later apologized for the huge transfer, saying it was in error. The real intention, he clarified, was in the market-making of TUSD, a stablecoin. The Tron founder said:

Regrettably, some of our team members were not fully aware of the intended purpose for these funds and inadvertently used a portion of them to participate in exchange campaigns. Upon realizing this error, we immediately contacted the exchange team and arranged for a full refund of the funds.

It is not immediately clear how Sun will proceed in trading and how the community will react to his purchases once he starts picking out worthy meme coin projects. Even so, what’s clear is that his addresses, like those of other influential crypto founders like Ethereum’s co-founder Vitalik Buterin, will be actively tracked and copied.

SPONGE Lists On 2 Major Exchanges: Will It Beat Pepe’s Solid Price Performance?

SPONGE, the latest addition to the world of meme coins, has been making waves since its launch. With recent listings on popular cryptocurrency exchanges like Poloniex and MEXC, the Spongebob coin has attracted the attention of traders and investors alike.

But the question on everyone’s mind is: will it surpass the impressive price performance of meme coin darling, Pepe?

As the cryptocurrency market continues to grow, meme coins have emerged as a popular trend among traders and investors. These coins often feature fun and quirky designs that appeal to the younger demographic, making them a hit among social media users.

And SPONGE is no exception. With its unique sponge-shaped logo and playful marketing, it has quickly gained a following in the crypto community.

SPONGE: The Rising Star Among Meme Coins?

SPONGE, a brand new Ethereum-based ERC-20 meme token, has quickly become a rising star among the highly-stacked field of meme coins, with its unique branding and impressive price performance.

Currently priced at 0.000452, the token has already made a name for itself as one of the most successful meme coins this year, despite being down 43.53% in the last 24 hours.

The token made its debut on the decentralized exchange Uniswap on May 4, and within just 48 hours, it was listed on CoinW and Toobit. This lightning-fast listing process is in stark contrast to PepeCoin (PEPE), which took three weeks to list on its first centralized exchange.

In fact, following its listings on various exchanges, SPONGE came incredibly close to reaching a $100 million market cap, and was ranked in the top 275 cryptocurrencies by market cap, according to CoinMarketCap data.

One impressive feat that SPONGE achieved was its trading volume on Uniswap. Within just four days of its launch, its 24-hour trading volume exceeded $100 million, outpacing the trading volume of PEPE by a significant margin.

This made SPONGE the most-traded coin on Uniswap, excluding wrapped Ethereum. With such impressive numbers, many are wondering if SPONGE will be able to surpass the success of its meme coin rival, Pepe Coin.

Meme Coin Craze Sweeps The Crypto Market

SPONGE’s impressive price performance is part of a larger trend in the crypto market: the meme coin craze. In recent months, these tokens have gained immense popularity among traders and investors, with many hoping to strike it rich with the next big meme currency.

The success of meme coins like SPONGE and Pepe Coin is a reminder that the crypto market is not solely driven by technology and fundamental analysis. Rather, it is a reflection of human behavior and sentiment, which can be just as unpredictable and volatile as the market itself.

As the meme coin mania continues to sweep the crypto market, it will be interesting to see which tokens rise to the top and which fall by the wayside.

-Featured image from Business 2 Community

XRP Holds Above Key Support As Ripple CEO Predicts Delay Of Verdict

XRP price has shown a strong reaction after the (fake) news of the alleged sale of 9,800 BTC by the US government and the subsequent sell-off across the crypto market, staying above the key support. However, XRP investors have yet another damper to digest today.

Ripple CEO Brad Garlinghouse said during the Dubai Fintech Summit that he expects a ruling in the legal battle with the U.S. Securities and Exchange Commission (SEC) by the end of the third quarter of 2023. In a previous statement in January at the World Economic Forum, Garlinghouse still expressed his optimism that a ruling will come in the first half of 2023 (by the end of the second quarter).

Ripple CEO Lowers His Expectations For A Verdict

During the interview at the Dubai Fintech Summit, the Ripple CEO emphasized the protracted nature of the legal battle with the SEC, stressing that the case has been ongoing for two and a half years. While this is a long time, Garlinghouse pointed to a silver lining:

So it has certainly been frustrating and slow, But the good news is we are at the end of that journey. While others in the crypto might be beginning their journey, the silver lining is that Ripple is now at the end.

Furthermore, Garlinghouse revealed that he “expects a resolution in the next two or six months.” The Ripple CEO conceded Judge Analisa Torres has additional deliberation time, as she has extensive information to process and make a decision based on it.

Ultimately, Garlinghouse indicated that, like everyone else, he can only guess how long Judge will need to make her decision:

A federal judge can operate on whatever timeline, in this case, she would like, but I am optimistic we can see a resolution, I believe, before the end of Q3.

XRP Price Holds Key Support

The XRP price is following the current market sentiment today and is slightly in the red today, down -0.34% over the last 24 hours. At press time, XRP was trading at $0.4253, holding above key support at $0.4131.

The support is key because a break to the downside would knock the XRP price back down the trading range from early November 2022 to mid-March 2023. XRP had spent over four months in this trading range before an impulsive move higher on March 21. If XRP closes below $0.4131 on the 1-day chart, it would be an extremely bearish signal.

On the upside, XRP first faces the 200-day Exponential Moving Average (EMA) at $0.4353 again. The indicator is often referred to as the “bull boundary” and is accordingly of great importance to subsequently break through resistance at $0.4402 and regaining bullish momentum.

XRP price

Bears Drive Binance Coin Toward $300 Level As Bull Run Fizzles Out

Binance Coin (BNB), the native cryptocurrency of the Binance exchange, has been facing a tough time in the crypto markets lately.

Despite a strong push from the bulls to drive the coin’s price higher from the $320-$325 region, the bears took over and sent the price tumbling down.

Now, BNB is looking to find support around the $300 mark as the market remains volatile.

As one of the top cryptocurrencies by market capitalization, Binance Coin has been a favorite among traders and investors alike. However, the recent price action has left many wondering about the coin’s future prospects.

While some analysts remain optimistic about the coin’s long-term potential, others are cautious and suggest that the current market conditions could lead to further downside for Binance Coin.

Binance Coin Price Analysis

Binance Coin’s price on CoinMarketCap stands at $312.46, with a slight dip of 0.29% in the past 24 hours. Unfortunately, this trend has persisted over the last seven days, with a decline of 4.35%, leaving investors anxious about the future direction of Binance Coin’s value.

Binance Coin’s value has been fluctuating between the $320 and $340 price points since its surge to $350 in mid-April.

However, over the past few days, the lower trendline support has been breached by the coin’s price, indicating a bearish trend in the market.

This breach was followed by a swift drop from $324 to $311, resulting in a loss of 4.39% in just 32 hours.

The current market conditions suggest that bears are in control of the Binance Coin’s price, which is a cause for concern for investors. The $309 and $301 price levels have been significant support cushions since February.

Binance Coin’s price movement analysis shows that the market remains volatile and unpredictable, leaving investors uncertain about the future direction of the coin’s value.

How BNB Bulls Are Reacting

Despite the recent bearish trend in the market, there is still hope for Binance Coin bulls to take control of the market and drive the coin’s value higher.

The first step towards a bullish trend is to reclaim the $320 price point, which has acted as a resistance level in recent weeks. If bulls manage to push the price above this level, the next resistance point would be at $340.

To regain bullish momentum, Binance Coin needs to see a significant surge in trading volume, which could signal renewed interest from investors.

Furthermore, positive news surrounding Binance exchange, such as the launch of new products or partnerships, could also provide a boost to the coin’s value.

-Featured image from Adventure Magazine

Is It Time To Buy Shiba Inu? Investors Take Notice Of Lowest SHIB Price In Months

Shiba Inu (SHIB) coins have been creating a buzz in the cryptocurrency market, particularly with the recent surge in popularity of meme coins. However, the popular meme-inspired token has experienced a downtrend in its price recently, leaving investors wondering about its future prospects.

With the uncertainty surrounding SHIB coins, the question on many investors’ minds is whether now is the right time to invest in this cryptocurrency.

Let’s explore the potential of Shiba Inu coins and whether now is the right time to jump on board.

Shiba Inu (SHIB) Hits ‘FTX Low’ After Weeks Of Freefall

Shiba Inu token has been experiencing a continuous downward trend for almost four weeks now, leading to its value dropping to what is commonly known as the “FTX Low.”

This refers to the price range of around $0.0000082 per SHIB, which was last seen in November 2020 after FTX, one of the biggest cryptocurrency exchanges then, announced its insolvency.

Amid the volatility of the cryptocurrency market, Shiba Inu coins continue to make headlines. As of the latest update on CoinGecko, the price of SHIB stands at $0.000008896, down 1.19% over the last 24 hours. However, the coin has experienced an 11.56% slump in the past seven days, reminding us of the unpredictable nature of the market.

Despite showing a promising 94% increase in value over the past six months, SHIB has now crashed to its current all-time low. This has raised concerns among investors regarding whether the token is still a viable investment option.

Positive Signs Amid A Turbulent Market For The Meme Coin

In the wake of the recent downward spiral of the Shiba Inu token, there are still some positive indicators that investors should take note of. According to a report by IntoTheBlock, large holders are showing a high level of buying activity amidst the current market turbulence.

The report shows there has been a significant increase in net inflow from large holders since Sunday. The data shows that the net inflow has risen by 1.35 trillion SHIB, indicating that investors who hold more than 0.1% of the coin are actively accumulating the token.

Increased Buying Activity

This buying activity from large holders suggests that they have confidence in the long-term prospects of the token. It also implies that they are anticipating a potential rebound in value in the near future.

While the current market conditions may be challenging for SHIB, investors may find some comfort in these positive signs.

-Featured image from Pixabay

Tether Smashes Records, $1.48 Billion Profit In Q1- Surplus Over Reserves Hits All-Time High

Tether Holdings Limited, the issuer of the world’s largest stablecoin, USDT, has published its Q1 2023 Assurance Report, attested to by BDO Italia, a top five-ranked global independent public accounting firm. The report re-affirms the accuracy of Tether’s Consolidated Reserves Report (CRR), which details the assets held by the group as of March 31, 2023.

The CRR includes additional categories for the first time, including physical gold, overnight repo, corporate bonds, and Bitcoin ownership, which aim to increase transparency into Tether’s reserves reporting. Furthermore, the report reveals an increase in Tether’s excess reserves, reaching an all-time high of $2.44 billion, up from $1.48 billion in the previous quarter.

Tether Q1 Net Income Surpasses Blackrock, Leading Hedge Fund Manager

The recently released Q1 2023 Assurance Report highlights the stablecoin’s impressive performance in the year’s first quarter. The report shows that Tether’s net profit for the quarter was a staggering $1.48 billion, contributing significantly to strengthening its reserves. Moreover, the report reveals that the token in circulation increased by 20% during the quarter, indicating the high trust that Tether’s customers have in the stablecoin.

In addition, the company ended the first quarter of 2023 with consolidated total assets of $81.8 billion, with most of its reserves invested in U.S. Treasury securities. Tether is also taking steps to reduce its reliance on pure bank deposits as a source of liquidity. It utilizes the repo market as an additional measure to ensure a higher protection standard for its users by maintaining the necessary liquidity.

The report demonstrates Tether’s commitment to transparency, with most of its investments being held in cash, cash equivalents, and other short-term deposits (approximately 85%).

It also highlights a 25% reduction in secured loans from 8.7% to 6.5% of this asset class within the overall reserves and the highest percentage of assets allocated in US Treasury Bills to date. Gold and Bitcoin represent 4% and 2% of the total reserves, respectively. All new issuance of tokens has been invested in US Treasury bills or placed in overnight Repo.

Last but not least, Tether has outperformed BlackRock, one of the world’s leading providers of investment, advisory, and risk management solutions, in terms of net income in Q1 of 2023. While BlackRock reported a net income of $1.16 billion for the quarter, Tether reported a net income of $1.48 billion, highlighting the confidence investors had in the stablecoin issuer and the crypto market as a whole.

Cementing Its Position As Leading Stablecoin

Tether’s report reveals that its consolidated total liabilities amount to $79.4 billion, of which $79.3 billion relates to digital tokens issued. Despite this, the group’s consolidated assets exceed its consolidated liabilities, demonstrating the strength and stability of the platform.

Tether’s success in Q1 2023 is evident, with its reserves’ surplus reaching an all-time high of $2.44 billion and net profits for the quarter of $1.48 billion. Paolo Ardoino, CTO of Tether, attributes this success to the strength and stability of the platform, as well as the company’s ongoing risk management processes.

Per the report, Looking ahead to Q2, Tether has an extremely positive outlook. It evaluates the global economic environment to ensure its customers’ funds are not exposed to high-risk scenarios. With its reserves remaining extremely liquid and diversified across various asset classes, Tether remains a leading stablecoin issuer in the cryptocurrency market.

Tether

Featured image from Unsplash, chart from TradingView.com

Render (RNDR) Poised To Weather Market Storm With Solid AI Prospects

The governance token of Render has been performing poorly in the past few days as the bears took control of the market.

According to CoinGecko, RNDR is down 7% in the past 24 hours, indicating that the general market downturn affected its upward momentum. However, external developments might help a bullish scenario to form.

In the case of Render, its entry to the AI space earlier this year will inevitably help the token reverse the bearishness surrounding the crypto market.

Stable Diffusion is LIVE on the #RNDR site! @ProTharan‘s awesome thread shows you how you can give it a try!

This is definitely a game-changer for the way AI technology will be used and deployed in the coming years! @RenderToken & @StabilityAI https://t.co/ytHk7jth9M

— Render Network | RNDR (@RenderToken) April 17, 2023

Big Tech Invests In Blockchain and AI – Here’s What We Know

The new wave of AI announcements by corporate heavyweights may help revive prices of AI-based crypto assets like Render, SingularityNET, and Fetch.ai.

Recently, tech giant Microsoft experienced a bout of bullishness a few months after announcing its $10 billion investment in OpenAI, the creator of the popular AI tool, ChatGPT.

This was part of Microsoft’s expansion into the artificial intelligence industry, with the company releasing an AI chatbot for Bing, its in-house search engine.

Microsoft is also planning to enter the crypto industry along with major players in the finance space. Bitcoinist has reported yesterday that Goldman Sachs, Microsoft, and Deloitte are partnering up for a major blockchain partnership. Over 30 other companies will participate in this project set to be launched later this year.

Recent announcements from major US corporations including Meta, Humane, IBM, and Wendy’s have also bolstered the narrative surrounding AI tokens.

If these innovative endeavors prove to be successful, the realm of AI on Render stands poised to undergo a profound transformation, whereby the emergence of AI-generated media, with its strikingly realistic and captivating attributes, shall undeniably become increasingly prevalent over the course of time.

Render’s Foray Into AI Positions It For Long-Term Success

While the impact of major corporations investing in blockchain and AI technology can be observed, the financial market is currently grappling with challenges.

The US economy is approaching a potential default on its loans, leading some investors to anticipate a dampening of market sentiment due to forthcoming consumer price index data.

At the time of writing, the bears have temporarily broken through the $1.76 support level. However, the bulls are picking up the slack, but short buyers still dominate the market by a small margin.

However, investors and traders can find reassurance in the Render Network’s underlying fundamentals, which are poised to shape a bullish outlook.

With its venture into the AI realm and its utility in media creation, RNDR is poised to gain a significant advantage in the long term. However, on a broader scale, if the CPI data enters negative territory, the token might encounter additional market challenges.

-Featured image from Invezz

Short Or Long PEPE? Whales Seem To Favor The Upside

The meme coin craze surrounding PEPE has cooled down for now. PEPE peaked shortly after Binance announced the listing of PEPE. Since then, the meme coin has fallen 57% from it’s all-time high.

However, PEPE madness could go into overtime, as the latest whale transactions show. As reported by on-chain data service Lookonchain, whales are adding to their PEPE holdings in hopes of another furious price rally.

Whales Favor Longs On PEPE?

On-chain analytics service reported Tuesday that three whales began accumulating Pepe tokens earlier this week amid a price drop of nearly 50%. One address withdrew $1.4 trillion worth of PEPE from Binance when the price was $0.000002054.

Another large investor bought PEPE with 223 ETH worth $429,000, at a price of $0.000001942. A third whale acquired 424 trillion PEPE worth $864,000, at a price of $0.000001957.

3 whales started to buy $PEPE after the price dropped.

0x50C1 withdrew 1.4T $PEPE($2.76M) from #Binance when the price was $0.000002054.

0x2Baa bought 212B $PEPE($429K) with 223 $ETH($412K) at $0.000001942.

0x3AE8 bought 424B $PEPE($864K) with 450 $ETH($831K) at $0.000001957. pic.twitter.com/Y3wFOshkDI

— Lookonchain (@lookonchain) May 9, 2023

However, not all whales share this opinion. As crypto intelligence firm Arkam reports, user “pepeworldorder.eth” sold $800,000 of PEPE on Uniswap today.

“With an $800M market cap, pepeworldorder only needed to sell 0.1% of the supply to receive this. His account still holds 1T PEPE, or $1.92M,” Arkham wrote via Twitter. In addition, data from the last few days shows that other whales are also having doubts about the continuation of the meme coin rally.

On May 8, Lookonchain reported that Master Ventures sold all of PEPE, WOJAK, and SPONGE. In total, the company sold 352 billion PEPE for $770,000 USDT at $0.000002185, making a profit of about $470,000. It also sold $194,000 worth of WOJAK ($34,000 profit) and 15 million worth of SPONGE for $15,663 USDT ($10,000 profit).

On the other hand, another well-known crypto whale, Machi Big Brother, bought 6 billion PEPE again today. The crypto entrepreneur, whose real name is Jeffrey Huang, has bought a total of 66 billion PEPE with 73.4 ETH worth $137,000 in the last 3 days, with an average buying price of $0.000002082.

Yet another whale has bought 962.3 billion PEPE (over $2 million) with 70 WBTC and 470 ETH since May 5, with an average buy price of $0.000003122, currently posting a huge loss.

All in all, a slight majority of large investors seem to prefer longs. Small investors should still be cautious. As NewsBTC reported, meme coins are a “game” of whales.

Moreover, Lookonchain reported on Monday that the top 15 holders of PEPE (excluding exchanges and contract addresses) hold a total of 38.07 trillion PEPE, 9.05% of the total supply. They all made extreme profits on PEPE, with a total profit of $92.6 million and an average purchase price of just $0.0000000853.

Popular analyst @ApeDurden is short PEPE. His first target price is $0.0000001406.

If you’re having Pepe problems I feel bad for you son, I got 99 problems but your scam ain’t one. pic.twitter.com/vYH7h61Uas

— Tyler (@ApeDurden) May 8, 2023

At press time, the PEPE price stood at $0.000001890. Currently, the key support is the 38.2% Fibonacci level at $0.000001808. The key resistance to the upside is at $0.000002328 (50% Fibonacci).

PEPE price

Dogecoin Limps In A Bearish Market: What Traders Should Watch Out For

Dogecoin (DOGE) has recently experienced a rather rough ride. The daily chart of Dogecoin was overly bearish, with trading volumes stunted and negative sentiment growing among investors.

In the face of the recent downturn in Dogecoin’s fortunes, many investors are grappling with the question of whether it’s time to cut their losses and move on.

The bearish trend in the Dogecoin daily chart has cast a cloud of uncertainty over the future of this once-popular cryptocurrency.

As the popular meme coin struggles to regain its footing, investors are left to ponder what factors have contributed to its decline.

Uncertainty Looms As Dogecoin Faces Price Slump

DOGE has experienced a bearish breakout from its previous price consolidation range since May 8, according to TradingView. This comes after DOGE hit the price ceiling near $0.1000 on April 18, after which it sustained a price dump.

The current DOGE price of $0.0731 on CoinGecko suggests a mixed bag of fortunes, with a slight 1.07% rally in the past 24 hours and a slump of 6.8% over the past seven days.

However, the overall trend indicates a depreciation of over 20% since the second half of April.

Investors are now questioning whether the price dip is temporary or a sign of more trouble ahead for the meme-inspired cryptocurrency.

DOGE has always been a volatile investment option, with its price going through several cycles of surges and crashes.

However, the recent slump in the coin’s price has been particularly worrying, as it appears to be part of a larger trend of bearishness in the cryptocurrency market.

On Low Trading Volumes And Sudden Price Swings

The recent bearish breakout and price slump of Dogecoin has raised questions among traders about what lies ahead. With the cryptocurrency market in a state of flux, it’s important to keep a close eye on the factors that could influence DOGE’s price movements in the coming days and weeks.

One key factor to watch out for is trading volume. Low trading volumes can make DOGE vulnerable to sudden price swings, which could either trigger a sharp price increase or a steep decline.

In addition, negative sentiment towards DOGE could exacerbate its current bearish trend, as more traders become wary of investing in a cryptocurrency that seems to be losing its momentum.

Another factor to consider is the broader cryptocurrency market. DOGE’s performance are often closely tied to the overall market sentiment, so any major changes in the market could have a significant impact on the coin’s price movements.

In particular, news or developments related to major cryptocurrencies such as Bitcoin and Ethereum could influence DOGE’s price trends.

While there is always the potential for DOGE to bounce back, sellers could gain more ground if low trading volumes and bearish sentiment persist in the coming days and weeks.

-Featured image from PetHelpful

PEPE Whale Who Earned $14.5M Turns To Turbo, Is This The Next Big Thing?

A whale recently transferred $14.5 million of PEPE to Binance and is now buying TURBO, Lookonchain data on May 9 shows.

Pepe coin (PEPE) is a meme token and one of the top-performing assets after rallying by over 10x in recent days pushing its market capitalization to over $1 billion. PEPE’s performance and trading activity saw it flip mainstream coins, including Bitcoin.

Whale Exiting PEPE

Trackers on May 9 now indicate that the PEPE whale is actively accumulating TURBO, doubling down on the token.

Because of the address’ past success, traders are closely watching his actions, with some speculating that TURBO might be the next “big thing” after PEPE’s success.

On-chain records show that between April 24 and 27, the whale bought 4.23 trillion PEPE from 422 ETH and 200K USDC.

On May 5, the whale transferred all tokens to Binance, a cryptocurrency exchange, possibly earning a profit of approximately $14.5 million.

This giant whale who bought 4.23T $PEPE ($15.6M) with 422 $ETH ($871K) and 200K $USDC deposited all $PEPE to #Binance 30 mins ago.

His average buying cost is $0.0000002535, and the profit is ~$14.5M now!

He may sell after opening trading, watching out for the price change. pic.twitter.com/7UoNYG9PJb

— Lookonchain (@lookonchain) May 5, 2023

By exiting at PEPE peaks, observers suspect the whale could be an experienced trader or entity.

Nonetheless, though PEPE surged in the first part of last week, the meme token’s price has been cooling off days after listing on Binance’s Innovation Zone and derivatives exchange.

PEPE is ranked 57 on the market cap leaderboard, according to CoinMarketCap data. The meme token has gained significant traction at this valuation, attracting interest from speculators and traders.

Focus on TURBO

With PEPE looking fragile, dropping 55% from May’s high, the whale seems to have identified an opportunity in TURBO.

The whale bought 1.38 billion TURBO with $977,000, worth $1.1M at the time of writing. The last time the whale bought TURBO was on May 8.

A smart whale who earned ~$14.5M on $PEPE has been buying $TURBO since May 3.

He bought a total of 1.38B $TURBO ($1.1M currently) with $977K, the average buying price is $0.0007055.

The last time he bought $TURBO was 7 hours ago. pic.twitter.com/eawQWEivKq

— Lookonchain (@lookonchain) May 9, 2023

The Turbo meme coin is created entirely using artificial intelligence (AI) with Chat GPT-4, the generative AI protocol, taking charge, building the project from scratch and issuing the token.

Fueled by the current rage of AI projects and platforms, the TURBO community is expanding, further propping prices.

As of writing, TURBO is up 45% in the last 24 hours, with trading volumes exceeding $140 million. The founder has meticulously recorded the entire process from the project’s documentation while strictly adhering to the AI’s guidance.

Still, it is not clear whether TURBO will replicate PEPE’s success and soar to record highs. Bitcoin prices are relatively lower at spot rates, which could be a hurdle for the token’s price action.

Despite recent double-digit gains, TURBO has resisted selling pressure and separated from the broader market. However, the success of meme tokens relies heavily on hype and FOMO-driven demand, as they generally lack any practical utility. Consequently, their prices tend to collapse rapidly once the hype subsides.

Crypto Whale Suffers $500,000 Loss As PEPE Price Plummets

Unsurprisingly, the recently hyped frog-themed meme coin PEPE is now beginning to suffer a price decline, impacting late investors negatively. According to LookOnChain’s recent report, a large investor or whale who purchased a large amount of the token amid its rally has now suffered a huge loss.

This loss follows the memecoin ongoing downtrend after the recent rally, which seemed to be never-ending. PEPE experienced a significant spike during its rally, up by more than 3,000% from its all-time low. This spike resulted from the growing interest and hype for the frog-themed token.

Taking A Huge Hit

On May 7, popular on-chain analyst LookOnChain reported that a notable investor of PEPE, who bought approximately 962.3 billion of $PEPE worth $2.46M at the time, had lost $541,000. According to LookOnChain, the whale bought the token “with 70 $WBTC ($2.07M) and 470 $ETH ($937,000) at an average buying price of $0.000003122.”

This purchase was during PEPE’s hype when the token traded in the green. At the time of writing, the token currently trades at $0.00000188, bringing the whale’s total loss to roughly $607,000.

Notably, while some whales recorded losses in their PEPE investment, other investors made huge profits from their purchases. As recently reported by NewsBTC, a PEPE wallet holding 2.5 trillion tokens reportedly turned $27 into over $4 million.

It’s crucial to recognize that some investors made a profit while others experienced losses with PEPE. Latecomers suffered losses, while early adopters who bought the token before its widespread popularity profited.

Aftermath Of The PEPE Rally

It is no more news PEPE recorded huge gains in the past week due to significant hype from the crypto community. Despite the token not having any potential utility, the frog-themed memecoin enjoyed a remarkable spike pushing it to appear among the top 100 cryptocurrencies in the crypto market.

Aside from the hype, several other factors, including listing on major crypto exchanges such as Binance, contributed to the token’s massive surge. However, following the spike and the dying down of the hype of the token, PEPE has begun to see a major retracement.

PEPE price chart on TradingView

The asset is currently down 54% from its peak and has declined by over 10% in the past 24 hours. PEPE’s market cap has recorded a huge loss of $5.2 billion in the past 4 days. Meanwhile, its trading volume has seen a significant surge indicating a violent sell-off from investors.

Featured image from Unsplash, Chart from TradingView

Cryptocurrency Exchange Bittrex Files For Bankruptcy Amid SEC Probe

The popular crypto trading exchange Bittrex filed for Chapter 11 bankruptcy protection in the US Bankruptcy Court for the District of Delaware. This move comes three weeks after the United States Securities and Exchange Commission filed a lawsuit against it.

The US SEC charged Bittrex and its co-founder and former CEO, William Shihara, for allegedly operating an unregistered national securities Exchange, clearing agency, and broker house. It also filed another charge against Bittrex Global.

Bittrex Trading Platform Bankruptcy Details

According to the filing, the crypto exchange has over 100,000 creditors. Its assets were between $500 million and $1 billion, while the liabilities were between $500 million and $1 billion.

The bankruptcy filing covered different entities under Bittrex, including, Seattle-based entity Bittrex Inc, Bittrex Global GmbH, 2 entities in Malta, and an affiliated entity Desolation Holdings LLC. But Bittrex’s global entity based in Liechtenstein was not part of the bankruptcy filing.

BREAKING: @BittrexExchange has filed for Chapter 11 bankruptcy.

The move comes less than a month after the @SECGov charged Bittrex and its CEO for operating an unregistered national securities exchange, broker, and clearing agency.

— Eleanor Terrett (@EleanorTerrett) May 8, 2023

Regarding its creditors, the bankruptcy filing revealed that OFAC topped the list among others with a claim of $24.2 million. Other Bittrex creditors include a crypto wallet with a claim of $14.5 million.

Cryptocurrency Exchange Bittrex Files For Bankruptcy Amid SEC Probe

Notably, FinCen is the top 50 creditor with a claim of $3.5 million, while the US SEC has an “undetermined amount of claims.”

SEC Lawsuit And Bankruptcy Filing Follows Bittrex Plans To Wind Down

Bittrex exchange has had it very rough in 2023. The firm first reduced its workforce in February, laying off 83 employees. According to the trading platform, the market crash and the collapse and bankruptcy of many crypto firms in 2022 affected its operations.

Some of the crypto exchanges and lending platforms that were also affected by the market were Celsius, Voyager Digital, and the FTX exchange crash that wreaked havoc in the industry.

Later in March, Bittrex announced plans to wind down its US operations by April 30 due to regulatory uncertainty. In the announcement, Bittrex assured customers their funds were safe but advised US customers to withdraw them before the slated date.

By April 17, the US SEC filed a lawsuit against the firm, alleging it operated an exchange for buying, selling, and trading crypto asset securities without proper registration. Three weeks after the lawsuit, the crypto exchange filed for bankruptcy.

Notably, while responding to a Twitter post about the lawsuit, the lawyer representing thousands of XRP holders, John Deaton, blamed the SEC Chair Gary Gensler for Bittrex’s decision.

Think of all the investors @GaryGensler just protected. He will go down as quite possibly the worst SEC Chairman in history. It’s not even that difficult to come up with a regulatory scheme that would offer more protection to investors than exists today, and foster innovation. https://t.co/xxW9yLAGsY

— John E Deaton (@JohnEDeaton1) May 8, 2023

Featured image from Pexels and chart from Tradingview.com

Ethereum Gas Fees Skyrocket: What Does It Mean For Investors?

Ethereum, the world’s second-largest cryptocurrency by market capitalization, is currently facing a significant issue: soaring gas fees.

Gas fees, also known as transaction fees, are payments made to miners on the Ethereum network for processing transactions. These fees have been rising steadily over the past few months, reaching record highs in recent days.

The situation has left traders and investors concerned about the long-term viability of the Ethereum network, as high fees could discourage users from utilizing the platform.

High Gas Fees On Ethereum Network Despite Transition To PoS

Based on a recent report by crypto analytics provider WhaleAlert, a single transaction on the Ethereum network cost a trader approximately $118,600 in fees, which translates to 64 ETH.

A fee of 64 #ETH (119,121 USD) has just been paid for a single transaction!https://t.co/3w4UD0AZbw

— Whale Alert (@whale_alert) May 8, 2023

While high gas fees are not a new phenomenon on Ethereum, they have become relatively rare since the network’s transition from the proof-of-work (PoW) to the proof-of-stake (PoS) protocol through The Merge.

This shift was expected to reduce congestion on the network, but the current high gas fees suggest otherwise.

Possible Cause: Meme Coin Hype, Network Congestion

The recent spike in network activity is said to be a result of the meme coin craze, which has created intense network activity, causing congestion during the weekend. This activity reached its peak when Binance, a popular crypto exchange, listed PEPE tokens and Floki Inu for trading on its platform.

The resultant congestion, coupled with panic selling by whales, has contributed to the soaring prices and may eventually lead to reduced gains for retail traders.

Impact On Ethereum Prices

Despite a 0.5% dip in the last 24 hours, Ethereum has maintained a steady seven-day rally of 0.5%, with its current price at $1,842.37 according to CoinGecko. However, high gas fees on the network may negatively affect Ethereum’s long-term prospects and discourage users from utilizing the platform.

The high gas fees on the Ethereum network could have a significant impact on ETH prices in the long run. If the network congestion persists, users may start looking for alternatives to Ethereum, leading to reduced demand for the cryptocurrency. This could eventually result in lower prices, affecting investor sentiment and leading to a market sell-off.

Moreover, the current high gas fees may also hinder the growth of decentralized finance (DeFi) applications on Ethereum. DeFi protocols heavily rely on the Ethereum network to execute transactions and provide liquidity, and high gas fees could limit their growth and adoption. This, in turn, could affect the overall demand for ETH and its price.

-Featured image from Freepik