Cryptocurrency Market News From tradecoind2.com

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FTX’s claim price increased 57% after Sam Bankman-Fried’s conviction

FTX’s current claim price has skyrocketed by a staggering 57%. For comparison, Celsius hovers around 35-40%, Genesis hovers around 50%, Alameda is set at 10-15%, and 3AC hovers around 7%-9%.

In essence, a claim represents a right to a certain amount of money. In cases where companies encounter financial difficulties or even bankruptcy, creditors will make claims in the hope of recovering some of their investment. Now, where there is uncertainty, there is opportunity. Investors often trade these claims based on their prediction of the ultimate recovery amount. As claim prices increase, it indicates that recovery values ​​are expected to increase.

https://twitter.com/WuBlockchain/status/1720324244436086831

The unexpected increase in FTX’s claim price may be related to its initial successful investment in AI start-ups. As the valuations of these AI companies skyrocket, the potential recovery value of FTX claim holders also increases. Essentially, thanks to FTX’s foresight in investing early in these promising startups, claimants are now looking at the opportunity to receive significantly more than initially anticipated.

For example, let’s say there is a claim worth $1,000 with an expected recovery of 40%, or $400. Now, thanks to FTX’s strong investment in AI companies, the recovery is expected to increase to 57%, giving you $570 – a clear increase of $170, based on trading activities alone. the company’s fundamental business success.

This entire scenario highlights the complex web of financial opportunities that exist even in seemingly bleak situations. FTX claim holders, who were once skeptical about their returns, now find themselves in an enviable position, especially after the FTX co-founder was convicted on all seven counts.

Source:
https://tradecoind2.com/ftxs-claim-price-increased-57-after-sam-bankman-frieds-conviction/

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In a day marked by significant developments in the cryptocurrency sector, Trust Wallet Token (TWT) took center stage with a massive 22% increase in value. The driving force is the long-awaited listing of TWT on Binance futures . The move immediately pushed the token price to $1.3568, its highest level since April 2023.

Trust Wallet, the popular non-custodial cryptocurrency wallet closely associated with Binance, recently rebranded and completely redesigned its interface. While it has been available for spot trading for several years, TWT entering the futures market on Binance marks an important moment for the token.

Notably, Bybit is the first exchange to introduce TWT futures contracts.


TWT / USD | Source: CoinMarketCap

TWT’s immediate price increase after listing on Binance futures is not unusual in the cryptocurrency space. Major exchanges like Binance and Upbit have a history of triggering double-digit price increases for tokens when launching futures trading.

This model emphasizes the immediate influence of news on the valuation of digital assets.

Cryptocurrency investors are certainly closely watching developments surrounding the Trust Wallet token, as it still has untapped potential. On one hand, it belongs to the wallet category along with the long-awaited MetaMask token.

On the other hand, due to its close association with Binance, this opens the door for TWT speculation to go the way of BNB. And if you look at the BNB chart, you will understand that.

Source:
https://tradecoind2.com/trust-wallet-token-twt-skyrocketed-22-after-a-new-listing-on-binance/

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Bitcoin has grown and outperformed since the 2022 – 2023 crypto winter at a faster rate than most assets. And perhaps people are wondering: “What will happen to Bitcoin in 2024?”, in response we will only answer: “Bitcoin Halving event, halving the supply in 2024”.

In today’s article, Bitcoin Magazine will share about Bitcoin halving and related concepts and meanings, such as when it takes place, whether this event has positive or negative meanings, and whether Halving will help Bitcoin increase in price. and whether the event will promote a reduction in BTC supply… 

Information about Bitcoin Halving

First, to understand the event, you must understand Bitcoin. Bitcoin is a decentralized cryptocurrency so anyone can create it through a digital mining process. This involves using computers with sophisticated algorithms to decode complex mathematical problems encrypted through Proof-of-Work (PoW) – the algorithm used for verification. transaction and add it to the blockchain. Successful miners, also known as miners, receive a pre-set Bitcoin reward amount. In essence, the block subsidy reward that miners receive will be reduced by 50% due to the Halving event.

Satoshi Nakamoto, the pseudonym of the person (or group) who developed Bitcoin, created the Halving event to control the Bitcoin inflation rate. Reducing mining rewards will reduce the incentive to mine even more, increase Bitcoin scarcity, and increase the coin’s circulation rate. Furthermore, creating scarcity makes BTC more valuable, aiding in maintaining and increasing value over time, especially if demand continues to increase.

History of the Bitcoin Halving event
When the Bitcoin network went live in 2009, the mining reward (or Bitcoin mining subsidy) was at 50 BTC per block. Satoshi Nakamoto worked on a miner reward reduction protocol and added it to the Bitcoin code as part of his monetary policy. Therefore, the block subsidy halving code will automatically execute every time miners complete 210,000 blocks. It is estimated that cuts in the rewards granted to miners will occur every four years.

Since its launch in 2009, there have been three Bitcoin Halving events, the first occurred in 2012, followed by 2016 and the most recent in 2020. Therefore, the second Halving event The fourth will occur in 2024 with a block height of 840,000, the fifth is expected to occur in 2028.

Bitcoin Halving Cycle
It is almost impossible to determine the exact date or time that the Halving event will take place because everything depends on the completion of 210,000 blocks. Since confirming or adding a new block to the Bitcoin network takes about 10 minutes, the schedule for Halving is estimated to be approximately every four years.

The Bitcoin Halving cycle is significant, as it drives innovation and resilience in the native cryptocurrency code, setting it apart from fiat. This 2024 event is also extremely meaningful because it will have an impact on the speed at which new BTC circulates into the market. This event will reduce the reward from 6.25 BTC to 3.125 BTC, potentially motivating miners to increase their efficiency. To remain profitable, miners must find ways to optimize their operations as rewards dwindle. This could spur technological advances in mining hardware, leading to the creation of mining rigs that are both more energy efficient and more powerful.

Bitcoin’s limited supply policy ensures no more than 21 million BTC can exist, unlike fiat currencies which have no limit.

Economic significance of the Bitcoin Halving event in 2024
Bitcoin Halving events have historically caused cryptocurrency scarcity in the market, putting upward pressure on prices while also explaining the surge in prices expected after each halving.

Based on past appearances, popular social media pundit and commentator BitQuant has predicted that Bitcoin price could reach an all-time high before or after the halving event in 2024. Confirmed This is hardly surprising, as all past events occurred before Bitcoin’s all-time high price. BitQuant speculates that the price could reach $250,000 – nine times the current value.

Bitcoin Halving in 2024 is also important because it is after the 2022 crypto winter and 2023 recession. By slowing down BTC creation, it will limit Bitcoin supply over time . This scarcity is similar to the scarcity for gold. Bitcoin’s deflationary nature will appeal to investors trying to retain their capital in a world where inflation devalues ​​traditional currencies.

Having events are predetermined, transparent and predictable, unlike arbitrary central bank rulings in traditional monetary systems. Investors are reassured by this regularity, especially in unpredictable economic times. Bitcoin’s tightening monetary policy, enforced by the Halving event, will appeal to those who are concerned about unclear, unplanned actions and policy changes by central banks.

Many gold enthusiasts consider Bitcoin a valuable asset. Gold always protects us from inflation and is a safe haven during economic downturns. Bitcoin, in its digital form, has similar characteristics. Gold investors love Bitcoin Halvings because they reduce supply, similar to gold mining. The concept of “digital gold” suggests that Bitcoin could play an equivalent role in the digital age. The Bitcoin halving event is notable for long-term gold investors because both Bitcoin and gold are deflationary in nature.

The impact of the Halving cycle on Bitcoin price
Since the Bitcoin Halving event reduces the incentive to mine Bitcoin, it creates scarcity and thus also raises a pertinent question: Will the Bitcoin Halving event increase the price of BTC?

Looking at historical data, from past halving events will give us valuable insights as they all follow a similar pattern. This is mainly due to reduced mining rewards and reduced inflation as the amount of BTC circulating in the market will be tightened.

1. Accumulation phase

Bitcoin users often accumulate BTC before the halving, causing stagnation or affecting the price of BTC, causing a slight bullish trend. This phenomenon occurs before the first three Halvings, lasting from 13 to 22 months.

2. Price increase phase

Past halving events have typically triggered bull market periods lasting 10-15 months, with prices steadily increasing and reaching all-time highs afterward. Only once (in 2016) did Bitcoin suffer a short-term retracement, but it recovered and followed its characteristic bullish trajectory.

3. Bear market period

All previous price increases ended in pullbacks or price corrections that lasted about 600 days, although the last one only lasted about a year.

Impact of the Bitcoin Halving event on miners
Bitcoin mining consumes a lot of resources and energy. According to some estimates, it takes 1,449 kilowatts of electricity per hour to complete one Bitcoin transaction. That’s the amount of energy a typical American household will use in 55 days. The halving of Bitcoin mining rewards will impact miners as mining costs remain high while rewards decrease.

The standard for measuring profitability in the BTC mining industry is dollars per terahash (TH) per second. This number refers to the amount of money generated by a mining rig that generates one trillion hashrate per second. One can use a mining calculator to calculate hashrate and evaluate profitability.

While Bitcoin prices are volatile, Bitcoin mining at its peak in 2017 earned $3.39 per TH/s, but by mid-2022, it had dropped to $0.104 per TH/s . The reward halving will continue to impact miners’ profits, so most of them can only hope to profit during the bull run.

Is Bitcoin Halving good or bad?
Bitcoin Halving has its own pros and cons. For example, the Halving event affects the rate of new BTC issuance, creating a scarcity of capital that can cause BTC prices to increase. This comes at the cost of short-term Bitcoin price volatility, fueled by the uncertainty and hoarding created by the halving.

On the other hand, Bitcoin halving will reduce profits, meaning miners will only have half of what they earn to confirm new blocks while they have to spend the same amount on electricity costs. math and energy.

The halving could also negatively impact Bitcoin network security, as fewer miners would continue to mine due to reduced profits. That could theoretically expose the network to a 51% attack, as mining power would consolidate among fewer participants.

Source:
https://tradecoind2.com/heres-what-you-need-to-know-about-bitcoin-halving-2024/

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In a recent exchange on X (formerly Twitter), Charles Hoskinson, founder of Cardano, commented on the criticism and misunderstandings that have arisen in the ADA community. As for user exasperation at the apparent internal criticism, Hoskinson strongly defended IOG’s strategy and commitment to growth.


https://twitter.com/IOHK_Charles/status/1719826983415156970

Cardano founder promises growth

“I seem to be noticing a lot of this lately. Nami, Midnight, etc. Lots of great people are building and bringing new users, capabilities, and experiences into the ecosystem. IOG is a builder. We are no different from any other DApp company in Cardano,” Hoskinson replied.

He expressed confusion at the criticism IOG has faced for deploying significant capital into the ADA ecosystem, especially as the group has “always been open, direct and transparent about its plans and projects.” ”.

This statement comes after IOG’s recent acquisitions and launches, which have been questioned by some community members. He addressed concerns about IOG’s recent actions, stating:

“We have products and services and are here to attract millions of people into the ecosystem. I don’t understand why when we started doing that and putting in millions of dollars, some were hostile.”

Hoskinson also expressed frustration with misunderstandings regarding IOG’s transparency about its plans. He specifically mentioned CIP 1694, which he said had been misinterpreted by some as an attempt to establish a hierarchy of powers. The founder of Cardano has vehemently denied this.

He also emphasized the important role of recent acquisitions, stating:

“Lace is here to be the best wallet in the entire crypto space and helps all Bitcoin and Ethereum users gain access to the Cardano ecosystem over time. So when we bought Nami to help accelerate a wonderfully simple user experience, was this bad for Cardano? Midnight making Cardano the leader in data security technology is somehow abandoning Cardano!?”

In his next message, Hoskinson provided a more detailed roadmap for platform user growth.

“ Midnight will bring tens of millions of users into the Cardano ecosystem, Lace will retain them, giving them a space to chat with each other, CIP 1694 gives them a voice in the future. Yes, this is exactly what is happening,” he added.

Latest advances
Two days ago, the highly anticipated Cardano protocol Midnight onboarded the first group of pioneers to its devnet. Input Output Global (IOG) tweeted about the milestone, revealing that they have chosen the best for the Midnight devnet.

Midnight aims to provide a data protection sidechain designed to facilitate the creation of secure and regulatory compliant smart contracts and decentralized applications (dApps). Furthermore, the Midnight protocol will introduce its token – DUST. The first phase of the devnet is expected to include approximately 100 #DevelopmentTeam s.

In another important move that highlights IOG’s ambitions to expand and strengthen the Cardano ecosystem, Nami, a leading independent wallet known for ADA transactions, has been acquired by input Output Global (IOG). Since its founding over two years ago, Nami has been a favorite among ADA users. Its acquisition signifies a strategic step by IOG to enhance its suite of products and services in the Cardano universe.

Source:
https://tradecoind2.com/cardano-founder-promises-growth-after-criticism/

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As confirmed by the company on Friday, popular NFT marketplace startup OpenSea has laid off about half of its employees.

 

A company representative said that about 50% of the workforce across the company was affected but did not specify the number.

A spokesman said:

“Today, we are making important organizational and operational changes as we focus on building a more agile and ultimately better version of OpenSea. With these changes, we are better positioned to serve the community, deliver high-impact efforts, and stay relevant at the pace of growth in this space.”

OpenSea co-founder and CEO Devin Finzer detailed the announcement on Twitter, highlighting how the company is streamlining its team in an effort to launch the next-gen market release.

“We heard your feedback loud and clear: sometimes, OpenSea feels like a follower, not a leader. And that’s not what we’re aiming for. We want to move with speed, quality and conviction to make bets more meaningful.

Currently, we are reorienting the team around “OpenSea 2.0”, a major upgrade to our product, covering the underlying technology, reliability, speed, quality and experience.”

OpenSea will adopt an organization-focused approach going forward, the spokesperson added. Employees affected by layoffs will receive four months’ worth of severance pay, six months of health care and mental health services, as well as faster vesting time. and issue tokens, to create leverage to enter the market) shares.

OpenSea was the largest marketplace during the NFT market boom throughout 2021 and 2022, regularly achieving billions of dollars in monthly trading volume for artwork, profile photos, and collectibles another tokenized range during that time period.

The startup has parlayed that success into significant funding, most recently raising $300 million at a $13.3 billion valuation in January 2022 for its Series C round. That funding was co-led by Paradigm and Coatue.

However, the NFT market started losing momentum in mid-2022 along with falling cryptocurrency prices. When rival marketplaces began denying creators royalties—or in other words, a small fee from secondary market sales that was returned to the project creator—OpenSea came under harsh criticism. late last year for considering a similar move.

OpenSea decided not to change its royalty policy at the time, following significant pushback from creators, but this summer it finally announced it would stop enforcing payments Mandatory royalties on most NFT sales as of August 31.

At the time, OpenSea fell behind market leader Blur in terms of NFT trading volume, due to Blur’s token-based trading incentives, although OpenSea still boasted the most traders of any market any.

According to data from Dune , OpenSea had over 32,000 unique wallets between the standard and Pro markets in the past week, more than double that of Blur. But Blur took about 70% of the total market share of NFT sales over the past week with more than $51 million worth of sales.

OpenSea previously laid off about 20% of its staff in July 2022, with Finzer citing an “unprecedented combination of crypto winter and widespread macroeconomic instability” in the face of a “protracted recession.” long” potential.

Source:
https://tradecoind2.com/the-nft-market-is-in-trouble-opensea-cuts-50-of-its-workforce/

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Cardano shows an unprecedented level of dominance in the top 10 crypto markets

Cardano (ADA) has proven its strength in a competitive market landscape. A close look at its recent chart dynamics will provide investors with a comprehensive view of the ongoing development, highlighted by a series of positive indicators.

Starting with Cardano’s increasing performance, there has clearly been a notable upward trajectory. It is on a steady growth path, increasing with each successive candle. Such consistent bullish price behavior typically indicates strong investor confidence, and with ADA, this sentiment appears to be strongly supported.

Along with the rising price, Cardano’s trading volume also shows an escalating trend. Increasing trading volumes, in tandem with rising price movements, often indicate that the rally is not just a mere blip but that there is solid ground beneath it. Increased volume indicates a larger number of traders participating in activity, providing greater liquidity and potentially bringing stability to the asset.

The relative strength index (RSI), a momentum oscillator that measures the speed and variability of price movements, remains stable for Cardano. A stable RSI amid an uptrend signals that the asset is neither overbought nor oversold, suggesting its current performance is sustainable.

An important point to note in Cardano’s journey is the breakout to the 200-day Exponential Moving Average (EMA). Crossing this key indicator often acts as a bullish sign, attracting a flood of new investors looking to ride the trend.

However, every protest must have a cooling-off period. While Cardano’s performance is commendable, it is very likely that this price increase will stop at the current price level. Such stability is essential to prevent the asset from entering overbought territory, ensuring an extension of its bullish phase.

Source:
https://tradecoind2.com/cardano-shows-an-unprecedented-level-of-dominance-in-the-top-10-crypto-markets/

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QCP said in its latest report that Bitcoin’s recent rally is mainly driven by macroeconomic factors, such as US Treasury supply estimates and US Federal Reserve predictions. United States (Fed) will end its monetary tightening campaign, rather than expect the possibility of approving a spot Bitcoin ETF.

“This latest rally has less to do with spot ETF developments and more to do with macro forces. This is because yesterday’s Treasury Q1 supply estimate was smaller than expected and a dovish FOMC sent bond yields tumbling and risk assets in turn soaring.”

The report adds:

“Whether this marks the start of a new global equity and bond bull trend remains to be seen.” QCP analysts are bullish on the digital asset, arguing that only regulatory pressure can bring Bitcoin price back below $32,000.

Fed temporarily suspends interest
rates
to support risky assets
 
CoinShares Research analyst Max Shannon sees most of Bitcoin’s recent price move due to weaker-than-expected U.S. payroll data. “This data shows weakening economic conditions, with investors thinking Bitcoin acts as a hedge,” he said.

Shannon agrees with some of the analysis from the QCP report and claims the Fed’s recent pause in interest rates, a less hawkish tone rather than suggesting a peak in interest rates, could end the tightening cycle.

He shared:

“This is supportive for riskier assets, and at the same time, yields have fallen across the board.”

The Bitcoin ETF spot story
remains a market driver
However, according to Ryze Labs Managing Partner Matthew Graham, the current rally is still largely driven by anticipation of impending spot ETF approval. He emphasized that “some TradFi companies support this view”.

“The false alarm in October caught the attention of many allocators who did not want to be left out of the bull run as prices improved,” the Ryze Labs managing partner said. On October 16, a false report that a spot Bitcoin ETF had been approved sparked a weeks-long price rally for the world’s largest digital asset by market capitalization.

YouHodler Market Director Ruslan Lienkha commented that Bitcoin investors are following the model of “buying rumors, selling the truth”. “Once spot ETFs are approved, it will be the right time to sell and take profits,” he added.

Optimism towards Bitcoin is increasing
According to Bitnomial exchange President Michael Dunn, optimism towards Bitcoin is increasing.

“This is reflected in the futures and options markets, where open interest (OI) has reached an all-time high. We also see volatility well beyond the lows, suggesting the market may be positioned for more upside.”

The world’s largest cryptocurrency by market capitalization is up 0.12% in 24 hours, currently trading at $34,717.

Aside from a spike on Thursday that almost hit the $36,000 mark, Bitcoin has been trading in a narrow range between $34,000 and $35,000 for about a week now.

Source:
https://tradecoind2.com/qcp-bitcoins-rally-is-primarily-driven-by-macroeconomic-factors-rather-than-etfs/

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JOE (JOE) price bounced from the long-term support zone and broke above the short-term pattern. It is expected to increase sharply in the near future.

Arbitrum DAO has started distributing incentive tokens to winning projects in the ecosystem.

In particular, Trader Joe is the first project in the ecosystem to implement an incentive program. This could stimulate community attention to the JOE token.

Weekly outlook

JOE (JOE) price has been moving lower since reaching a yearly high of $0.716 in mid-April 2023. This move sent the price down towards the long-term support zone at $0.20 during the week of August 14-20 Price has remained above this zone since then.

During the week of October 16 to 22, JOE price created a doji candlestick and formed a morning star pattern (blue ellipse) the following week. This is a bullish pattern, which often leads to a trend reversal to the upside.

Indeed, the price has continued to rise and is now in the process of creating another bullish candle.

The weekly RSI broke above the descending and upward-sloping resistance line, supporting the possibility of continued growth.

If the bullish momentum continues, JOE price could rise to the long-term horizontal resistance area at $0.45.

Break out of bullish price pattern
The daily chart shows that JOE price has broken above a descending wedge, which has been in place for 173 days. This is a bullish signal that the previous correction has ended and a new price increase is possible.

This outlook was further strengthened when JOE price flipped the previous horizontal resistance area at $0.26 as support over the past 2 days (blue arrow).

The RSI indicator is sloping up and approaching the oversold zone, showing that the bulls have the advantage.

Therefore, JOE price could rise to the next resistance area at $0.35, a 24% increase from the current price level.

Conclude
The most likely outlook suggests JOE prices will continue to rise in the near term. The nearest target is found at $0.35 and above it up to $0.45.

Source:
https://tradecoind2.com/will-the-price-of-joe-joe-increase-sharply-when-the-incentive-program-is-implemented/

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Coinbase announces temporary trading suspension of CRPT, MXC, QSP, REN and TONE

In a recent announcement, cryptocurrency exchange Coinbase made the decision to temporarily suspend trading of five specific altcoins on its platform. The move is aimed at enhancing the security and integrity of trading activities on their platform.

Coinbase revealed that trading for a select group of cryptocurrencies has been temporarily disabled. Affected altcoins include Crypterium (CRPT), MXC (MXC), Quantstamp (QSP), Ren (REN) and TE-FOOD (TONE). However, it is important to note that users’ funds remain accessible and they still have the freedom to withdraw at any time during this pause.

https://twitter.com/CoinbaseAssets/status/1720503315333517316
 

The decision to suspend trading for these specific altcoins comes as Coinbase proactively evaluates its services to ensure the highest level of security and trust for its user base. Such actions are not uncommon in the cryptocurrency industry, where security concerns are paramount.

During this time, users will maintain full control of their holdings and can initiate withdrawals whenever they see fit. Coinbase has assured customers that the measure is designed to protect the security and integrity of transactions conducted on the platform, underscoring their commitment to maintaining user trust. .

Security and integrity are two of the biggest concerns in the world of cryptocurrency, where billions of dollars worth of digital assets change hands every day. By temporarily suspending trading for specific altcoins, Coinbase aims to prevent any potential vulnerabilities or security risks associated with them. This is a responsible step to ensure that users’ investments remain safe and protected.

The suspension will also allow Coinbase to conduct a thorough review of these altcoins and assess whether they meet the exchange’s strict listing and security standards. While the specific reasons behind the suspension of these five altcoins have not been publicly disclosed, Coinbase is known for its rigorous review process before listing or delisting any digital asset.

Source:
https://tradecoind2.com/coinbase-announces-temporary-trading-suspension-of-crpt-mxc-qsp-ren-and-tone/

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A new security proposal is introduced for the BRC-20 token on the Bitcoin blockchain

In a recent development in the Bitcoin blockchain community, Domo, the originator of the BRC-20 token standard, revealed a new proposal called “Fraction” that aims to increase security for users. This update is set to address inherent vulnerabilities in the current BRC-20 framework, allowing the creation and transfer of inscriptions to any address without restriction – something that has put users at risk. opportunity to be exploited by nefarious entities.

 

The “Fraction” proposal advocates incorporating strict transfer validity requirements into the BRC-20 code. It seeks to erect barriers that prevent malicious actors from harming users. This protection, although such attacks are rare, is a proactive step to increase user protection and prevent exploits.

Furthermore, the proposal details how users can apply code to secure the addresses that hold their assets. As this modification is intended for a one-time implementation, it is anticipated that most users will experience minimal disruption, if any, in their normal interactions with the BRC-20 token.

Additionally, since its launch at the beginning of the year, the BRC-20 token has introduced a set of functions to the Bitcoin network, renowned for its robustness. These tokens have given enthusiasts fresh perspectives on Bitcoin’s capabilities, fostering a vibrant and dynamic ecosystem.

The introduction of the “Fraction” proposal is expected to rekindle interest in these novel digital assets, which have seen a decline following a surge of excitement towards Ordinal inscriptions. Potential updates promise to revitalize the scene and maintain Bitcoin’s competitive edge amid the diverse digital collectibles sector.

The community reaction to Domo’s proposal was quite positive. Notably, Shrink, an active community member, confirmed the update, highlighting the broader impact the enhanced security will have, not only on individual users but also for businesses that grow around BRC-20 innovation.

The BRC-20 token standard continues to be a hotbed for innovative ideas. Proposals like UniSat’s Runes Module and Modular Proposal represent only a partial, forward-looking contribution to expanding Bitcoin’s functionality.

The “Fraction” proposal represents a significant step forward in the ongoing evolution of Bitcoin’s capabilities. As it attracts support and moves toward implementation, the Bitcoin community watches with anticipation, ready to embrace a more secure and robust framework for the BRC-20 token.

Source:
https://tradecoind2.com/a-new-security-proposal-is-introduced-for-the-brc-20-token-on-the-bitcoin-blockchain/

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Whales stir up the market by transferring 20,775 BTC to Binance and Coinbase

In a dramatic development for the cryptocurrency world, a significant amount of Bitcoin, the world’s leading digital currency, is being moved. According to Whale Alert, a cryptocurrency tracking service, approximately 16 hours ago, an anonymous wallet made a significant transfer of 10,000 BTC to Binance, the largest cryptocurrency exchange by volume. This transaction was worth a staggering $345,041,344 at the time it happened.

https://twitter.com/Token_Unlocks/status/1691648214553014458
 

The purpose of this large transfer appears to be to sell and it comes on the heels of a change in market sentiment. On Friday, the Bitcoin Fear and Greed Index, a key gauge of market sentiment, moved into the Greed zone with a score of 65. This change indicates the potential for market overheating. , where investors may be looking to secure a profit by selling their assets.

Before this monumental 10,000 BTC transfer, another notable Bitcoin transaction took place on Friday, in which 7,000 Bitcoins were transferred to the Bitfinex exchange. This transaction was also conducted by an anonymous whale, adding to the intrigue surrounding large-scale movements in the cryptocurrency space.

Coinbase, one of the largest and most reputable cryptocurrency exchanges based in the United States, has also received significant amounts of Bitcoin. A total of 10,775 BTC were sent to Coinbase in five separate transactions, for an impressive amount of $374,025,032. These transactions, carried out by anonymous investors, further contribute to increased speculation in the cryptocurrency community.

https://twitter.com/whale_alert/status/1720518603861090340
 

The sudden influx of Bitcoin into major exchanges and the change in the Fear and Greed Index have raised questions about the potential implications for cryptocurrency markets. When market sentiment shifts into Greed territory, it typically indicates that investors are increasingly driven by a desire to take profits, potentially signaling an impending correction.

The cryptocurrency market has been characterized by volatility and rapid price fluctuations in recent years. Large-scale transfers of Bitcoin to exchanges could cause significant price fluctuations and increased trading activity. Such actions are closely monitored by traders, investors and analysts as they can have a far-reaching impact on overall market stability.

Source:
https://tradecoind2.com/whales-stir-up-the-market-by-transferring-20775-btc-to-binance-and-coinbase/

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Polkadot 2.0 is almost here – Is it time to buy DOT?

This year marks an important turning point for Polkadot (DOT). A closer look at performance in the third quarter reveals both the network’s strengths and weaknesses.

Polkadot 1.0 is complete

According to recent analysis conducted by Messari, Polkadot made significant progress in the third quarter of the year, with key developments highlighted.

The report shows a number of important developments, including the completion of the Whitepaper. The completion of the Whitepaper also marks the completion of Polkadot 1.0.

Furthermore, this has led to the initiation of discussions about Polkadot 2.0. Additionally, the network introduces various enhancements, such as Asynchronous Backup.

Additionally, the notable metric that has improved is the DOT staking rate. This rate increased 12% quarter-on-quarter, reaching 49%.

However, this increase leads to a decrease in staking rewards. In addition, it also caused annual nominal yields to fall 12% from the previous quarter to 15%.

Despite these positive developments, the report also revealed a trend regarding decreasing active addresses on the network.

Daily active addresses have been decreasing quarter-on-quarter, with 6,900 addresses at the end of the first quarter. It dropped to 5,800 at the end of Q2 and further dropped to 5,200 in Q3.

Developer activity maintains momentum
According to analysis of the development activity graph, Polkadot has consistently maintained strong levels of developer contributions.

The chart shows the history of high developer activity on the network. Even so, a slight decline can also be noticed at the time of this writing.

Furthermore, there is a high possibility that development activity may increase. The increase is possible due to ongoing discussions about the new version of the network. It is likely that developer activity will increase once this new iteration is activated.

Polkadot’s fortunes improved
A look at Polkadot’s daily price trend chart shows that its value decreased towards the end of Q3. During this period, DOT lost significant value, falling by more than 22%.

At the beginning of July, DOT was trading at around $5.35 but fell to around $4.11 by the end of September.

However, in the current quarter, Polkadot’s performance has improved. A notable increase in value of over 9% has been recorded so far. At the time of writing, it is trading at around $4.70, with a slight increase of less than 1%.

Additionally, DOT is currently in an uptrend, as indicated by the Relative Strength Index (RSI). It is trending slightly below the 80 level, signaling a very strong uptrend.

Source:
https://tradecoind2.com/polkadot-2-0-is-almost-here-is-it-time-to-buy-dot/

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SHIB Whales Refuse to Trade – What’s Next for Price?

Shiba Inu (SHIB) price momentum weakened this week after the bulls failed to break the resistance at $0.000009. On-chain analysis reveals key data points that could determine SHIB price action in the coming days.

SHIB price entered a consolidation phase this week as bullish momentum weakened. Will the 2nd largest memecoin by market capitalization break down and recover?

SHIB whale
refuses
to trade

SHIB price increased by double digits as the Bitcoin market rally spread to memecoin markets in the last week of October. However, on-chain data shows that whales have reduced trading activity since SHIB price rejected $0.000008 on October 24.

According to IntoTheBlock, Shiba Inu whales made a two-month high of 69 large transactions on October 24. But as of November 2, that number had gradually decreased to 39 whale transactions, representing a decrease of 44%.

Daily transaction figures provide the total number of daily transactions valued in excess of $100,000. Typically, a sharp decline in whale trading is considered a bearish signal.

It shows that large institutional investors are increasingly indifferent. Importantly, it can also influence strategic retail traders to have a negative attitude. If this argument holds, SHIB will have low market demand in the coming days.

SHIB sell order exceeds current market demand
The aggregated order book is another important on-chain chart that is currently pointing towards weakening demand in the SHIB spot markets. As depicted below, SHIB traders have placed orders to sell 6.5 trillion tokens. And worryingly, this number is higher than the 6 trillion SHIB purchase order currently listed on 10 exchanges.

Exchanges’ aggregated order books show a snapshot of the total number of active market orders for an asset. Logically, when demand is lower, many sellers may have to compete by lowering prices.

Therefore, a decline in whale trading activity and weakening market demand could combine to push SHIB prices down in the coming days.

SHIB Price Prediction:
G
Drops to
$ 0.000005
?
Based on current on-chain statistics, Shiba Inu is likely to see a further price drop to $0.000006 in the coming days.

The Global In/Out of the Money chart, depicting the input price distribution of current SHIB holders, also supports this bearish narrative. Shiba Inu losing critical support at $0.00007 could trigger larger losses.

As shown below, 52,920 addresses purchased 19.37 trillion SHIB at a maximum price of $0.000007. Considering this is the largest cluster of support below the current price, they will likely make a frantic effort to HODL.

But if whale demand continues to decline, the price of the Shiba Inu will fall even further to $0.000005.

Additionally, the bulls could negate that bearish prediction if the Shiba Inu reclaims $0.00001. But that now seems far-fetched, as 153,700 addresses holding 68.5 trillion SHIB were purchased at an average price of $0.000008. If you take profits early, SHIB price may fall again.

But if that resistance is removed, the price could rise to $0.00001.

Source:
https://tradecoind2.com/shib-whales-refuse-to-trade-whats-next-for-price/

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Radiant Capital (RDNT) price broke out strongly, this is the next target

Radiant Capital (RDNT) price has broken above a long-term pattern and flipped the previous horizontal resistance area as support. It is expected to continue to increase in the near future.

Long-term model

Radiant Capital (RDNT) price has been trading inside a descending wedge since making a lower high at $0.44 in late April 2023. This is a bullish pattern, which typically leads to a breakout for the most part cases.

Indeed, after bouncing from the long-term horizontal support at 0.20 on October 20, RDNT price broke out above a descending wedge pattern on October 27.

This is a bullish development, suggesting that the previous downtrend has ended and a new bullish run has begun.

The daily RSI has crossed above the 50 level and sloped up, showing that the bulls have the advantage.

Therefore, RDNT price is likely to continue rising towards the next resistance area at $0.33, an increase of 23.36% from the current price level.

Important price zone
The daily chart also shows that the $0.24 zone is an important price zone, which has acted as both support and resistance since early June 2023 (except for the deviation created in early October – ellipse green).

On November 3, RDNT price flipped this zone as support and created a growth engulfing candlestick pattern (blue arrow).

This is a bullish signal, showing that the trend has now turned to up. This favors a continuation to the $0.33 region, as outlined above.

Conclude
The most likely outlook suggests that RDNT prices will continue to increase in the near term. The potential target for this movement is $0.33.

This view could be invalidated when the price breaks and closes the daily candle below the key zone at $0.24.

Source:
https://tradecoind2.com/radiant-capital-rdnt-price-broke-out-strongly-this-is-the-next-target/

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Mysterious mega transfer: $35.82 million worth of SHIB tokens being moved

In a shocking turn of events, the on-chain momentum of the SHIB token has increased dramatically, marked by an unprecedented increase in significant transactions. Blockchain analytics platform IntoTheBlock has revealed a notable spike in transactions valued at $100,000 or more, signifying a drastic shift in the cryptocurrency ecosystem.

Over the past 24 hours, large SHIB-related transactions have seen explosive growth, soaring by a staggering $33.78 million, representing a staggering 420% increase. This sudden increase resulted in a staggering 4.11 trillion SHIB being exchanged, bringing the total daily transactions to a phenomenal 5.44 trillion.

The main catalyst behind this incredible rise on the blockchain was the transfer of 4.4 trillion tokens from one anonymous wallet to another, valuing SHIB at a whopping $35.82 million. The bustle of these giant transactions raises intriguing questions about the motives and goals of those involved in these giant transactions.

Notably, this significant increase in SHIB transactions coincided with a sharp increase in token prices. Currently trading at 0.00000815, SHIB price suggests a breakout could be imminent, following a period of consolidation over the past 10 days. This is the highest token price since late August when the Shibarium project was launched, emphasizing the significance of the recent price increase.

The surge in large transactions and subsequent price surge raises questions about the motivation behind the phenomenon. One possible explanation is that institutional investors or high net worth individuals may be entering the SHIB market, leading to these significant transfers and skyrocketing prices. The exact identities and motives of those involved remain a mystery due to the anonymous nature of cryptocurrency transactions.

It is important to note that the cryptocurrency market is highly volatile and price movements can be influenced by many factors, including market sentiment, news events and investor speculation. SHIB market traders and investors will closely monitor these developments to determine whether this increase in trading and prices is sustainable.

In short, the SHIB token has seen a significant increase in the number of large on-chain transactions, accompanied by a significant increase in price. The cryptocurrency market, with its unique blend of excitement and unpredictability, continues to be a source of appeal for both seasoned investors and newcomers. As the SHIB story unfolds, the crypto community eagerly awaits deeper insights into the motives and identities behind these important transactions as well as the implications for the future of the token.

Source:
https://tradecoind2.com/mysterious-mega-transfer-35-82-million-worth-of-shib-tokens-being-moved/