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How To Buy, Sell And Trade Tokens On The Avalanche Network
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The Avalanche (AVAX) network has gained prominence as a leading blockchain platform, providing users with a robust infrastructure for token transactions. It is a Layer 1 blockchain protocol that provides a high-performance platform for decentralized applications (dApps) and smart contracts.

Avalanche strives to provide users with a fast, secure, and scalable ecosystem for token transactions. It is a blockchain platform that aims to address the blockchain trilemma of scalability, security, and decentralization, thanks to its unique Proof of Stake (PoS) mechanism. Avalanche is commonly regarded as a viable alternative to Ethereum.

Avalanche serves as a leading light in the Web3 ecosystem by innovating a secure network that doesn’t compromise scalability or decentralization. The network possesses a remarkable characteristic in the form of its consensus protocol, referred to as Snow.

This protocol employs an innovative method known as “Snow consensus”, which enables the network to achieve nearly instantaneous transaction finality. Utilizing the “Snow consensus” method enables the network to achieve rapid confirmation times and efficient throughput by collectively validating transactions through a network of validators, overcoming the limitations of the blockchain trilemma. By addressing the challenges posed by the blockchain trilemma, Avalanche is actively working towards providing robust security and stability to the dynamic advancements in Web3.

This prominent network provides developers and investors with an advantageous blend of cost-effectiveness, high transaction speeds, dependability, and the scalability necessary for widespread acceptance. Avalanche’s commitment to sustainability and environmental consciousness further enhances its appeal. Consequently, it comes as no surprise that Avalanche has emerged as a prominent force in the Web3 ecosystem, commanding a significant presence.

How does Avalanche Work?

Avalanche’s platform sets itself apart from other blockchain projects through three fundamental design aspects: its distinctive integration of subnets, consensus mechanism and utilization of multiple built-in blockchains.

Subnetworks (subnets)

One capability that makes Avalanche innovative is Subnets, a game-changing technology that empowers developers to create projects on networks that they can design to fit their needs. Subnets are deeply customizable and inherit speed and security from Avalanche’s Primary Network.

Subnetworks, composed of groups of nodes, play a crucial role in achieving consensus on the chains within Avalanche’s platform. Each subnetwork is responsible for validating a specific set of blockchains. Additionally, all validators within a subnetwork must also validate Avalanche’s Primary Network.

It is also important to note that the Avalanche blockchain can reportedly process 4,500 transactions per second (depending on the subnet), a significant improvement over Ethereum’s less than 20. Avalanche’s native token is AVAX, which is used to secure the network and pay transaction fees.

Avalanche Consensus

Avalanche Consensus is a novel protocol that builds upon Proof of Stake (PoS) to achieve agreement among nodes in a blockchain network. When a user initiates a transaction, it is received by a validator node that randomly selects a subset of validators to check for consensus.

Through repeated sampling and communication, validators reach an agreement. Validator rewards are based on Proof of Uptime and Proof of Correctness, which consider staked tokens and adherence to software rules. Avalanche’s consensus resembles an avalanche, where a single transaction grows through repeated sampling and agreement.

Built-in Blockchains

Avalanche is built using three different blockchains in order to address the limitations of the blockchain trilemma. Digital assets can be moved across each of these chains to accomplish different functions within the ecosystem.
- i. The Exchange Chain (X-Chain) is the default blockchain on which assets are created and exchanged. This includes Avalanche’s native token, AVAX.
- ii. The Contract Chain (C-Chain) allows for the creation and execution of smart contracts. Because it is based on the Ethereum Virtual Machine, Avalanche’s smart contracts can take advantage of cross-chain interoperability.
- iii. The Platform Chain (P-Chain) coordinates validators and enables the creation and management of subnets.
Unique Features of Avalanche Network

The Avalanche ecosystem has experienced consistent growth, drawing the attention of a considerable number of projects, developers, and users. This expanding ecosystem fosters a dynamic and diverse trading environment, granting traders the opportunity to access an extensive range of assets and trading prospects. Participating in trading activities on the Avalanche network provides a multitude of significant advantages derived from the platform’s exceptional and unmatched features and capabilities. These include:

Enhanced Liquidity

The liquidity on the Avalanche network is strengthened as it continues to attract an expanding user base and an ever-growing assortment of projects. This heightened liquidity is important to traders, as it guarantees the presence of ample buyers and sellers within the market. Consequently, this diminishes slippage and fosters price stability, empowering traders to execute trades at their desired prices with minimal adverse effects.

Cross-chain Interoperability

Avalanche facilitates cross-chain interoperability through its support for the Ethereum Virtual Machine (EVM), enabling smooth interaction and compatibility with assets and decentralized applications (dApps), built on the Ethereum network.

This cross-chain interoperability broadens the horizons of trading opportunities, granting traders access to a wider selection of assets and the ability to leverage the liquidity present in other blockchain networks.

Security

Security is a top priority for the Avalanche network, and it implements robust Byzantine fault tolerance (BFT) mechanisms. These measures safeguard the network against malicious attacks and guarantee the integrity of transactions.

As a result, users can confidently participate in token transactions and interact with dApps on the Avalanche network, knowing that their security remains uncompromised.

Ecosystem Expansion

The expanding market depth on Avalanche empowers traders to broaden their asset selection, granting them access to a more extensive array of trading options. As adoption gains momentum, an increasing number of projects and tokens are introduced on the platform, enriching the diversity of available assets.

This diverse assortment of assets facilitates portfolio diversification and facilitates the exploration of various investment opportunities, accommodating a wide range of trading strategies and individual preferences. Avalanche works with a wide variety of Ethereum DApps and infrastructure projects, including Trader Joe and UniSwap.

How To Get Started On The Avalanche Network

In order to engage in token transactions on the Avalanche (AVAX) network, users are advised to acquire a Metamask wallet. Metamask is a widely utilized browser extension wallet that facilitates interactions with blockchain networks such as Ethereum. It can be easily accessed and installed as an extension on popular web browsers like Google Chrome.

To add your Metamask Wallet to your browser as an extension, simply click on the ‘Add to Chrome’ icon located in the top right corner, as depicted below:

After you have installed and set up MetaMask, you can use it to manage your cryptocurrency wallets, interact with decentralized applications (DApps), and safely perform transactions on supported blockchains directly from your browser.

Remember to write down your seed phrase on paper and keep it in a secure place. Avoid storing it online or on your device.

Afterwards, you can add the Avalanche (AVAX) network to your Metamask wallet by following the instructions provided on the Metamask website here.

Trading On The Avalanche (AVAX) Network

In order to execute trades on the Avalanche Network, users will need to fund their wallet with AVAX tokens. AVAX is the native cryptocurrency for the Avalanche Network, and it functions as the primary medium of exchange for transactions, gas fees and liquidity provision on the platform. Hence, users should ensure a sufficient amount of AVAX tokens in their wallet to cover the cost of trading on the Avalanche network.

Users have the option to purchase AVAX on centralized exchanges like Binance. Once you have obtained AVAX, you can copy your wallet address from Metamask and proceed to send the AVAX tokens from Binance to your Metamask wallet.

You can also buy AVAX directly from your Metamask wallet. Click on the buy/sell button within Metamask to open the interface. Here, you can put how much AVAX token you intend to buy in terms of dollar amounts, pick your payment method, and then click “Buy”.

Kindly note that if you wish to buy cryptocurrencies directly within Metamask, you will need to provide information such as your country and state of residence. Rest assured, the process is quick and uncomplicated, typically taking just a minute to complete.

The arrival of your AVAX tokens in your wallet should take no more than a few minutes. Once they are successfully deposited, you are ready to commence trading tokens on the Avalanche network.

Now, it’s time to visit Trader Joe, and embark on your trading journey.

How To Trade Tokens On The Avalanche Network Using TraderJoe

Trader Joe is a decentralized exchange (DEX) on the Avalanche network. It allows users to trade tokens directly from their wallets using liquidity pools. Trader Joe prioritizes user control, security, and privacy while providing a user-friendly trading experience.

Make sure to be on the right Trader Joe website so as to protect your assets from malicious activities. The first step on the website is clicking on the “Connect Wallet” option at the top right corner, as shown in the image below:

Connect to the preferred wallet option (Metamask) as presented in the image below:

Once connected, switch Metamask to AVAX (no need to switch if you’re already on the AVAX network):

After connecting MetaMask to the Avalanche network, go to Trader Joe, and then you can start trading on the Avalanche (AVAX) network using Trader Joe.

Once you reach the Trader Joe interface, you can proceed by choosing your desired tokens. Since Trader Joe follows a token-to-token trading model, simply click on the “select token” button to pick the trading pair you wish to trade against. Users can search tokens by name, symbol or contact address:

Buying and Selling Tokens With The Metamask Wallet

Users of the Avalanche (AVAX) Network have the option to purchase and sell tokens directly through the Metamask extension wallet, which is already connected to the Avalanche network.

To proceed, ensure that you are connected to the Avalanche network and possess AVAX tokens for swapping and paying transaction fees. Next, locate the “Swap” button, illustrated below, and click on it. This action will redirect you to the Swap interface within Metamask.

Using the image above as a guide, you can also search for tokens using the name or the contract address, just like on Trader Joe. Input the amount of AVAX you want to swap, confirm that you have the correct token, and then click “Swap.”

Once the transaction is confirmed, the tokens you just bought will be sent to your wallet.

Tracking Token Prices on The Avalanche Network

Utilizing on-chain tools such as Dexscreener, users of the Avalanche network can access extensive market insights for specific tokens. These insights encompass crucial data like price information and contract details, equipping users with reliable and up-to-date information. By leveraging these insights, users can make informed trading decisions and engage in the market with confidence.

Dexscreener also allows Avalanche users can stay updated on token metrics and market dynamics, thereby improving their trading strategies and enhancing their overall trading experience. It provides valuable information such as price data, market cap, token supply, contract details, etc, that empowers users to make more informed decisions and navigate the market properly.

Dexscreener provides a range of beneficial features specifically designed for users on the Avalanche network. One standout feature is its advanced charting functionality, which offers real-time and historical price data for a diverse selection of tokens.

Through these charts, users can access valuable information about price trends, trading volumes, and other essential metrics. This empowers them to identify optimal entry and exit points for their trades with accuracy and certainty.

Conclusion

In conclusion, the Avalanche network provides a robust ecosystem for decentralized finance (DeFi) and token trading. With its fast transaction speeds, low fees, and high scalability, Avalanche offers an efficient and user-friendly platform for buying, selling, and trading tokens.

The network supports various decentralized exchanges, such as Trader Joe, and provides on-chain tools like Dexscreener to empower users with market insights. It is important for users to stay informed, exercise caution, and adapt to the evolving landscape of the Avalanche network to make the most of its features and opportunities.

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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Scott Matherson

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January 21, 2024
How To Buy Sell and Trade Tokens On The Arbitrum Network

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The Arbitrum (ARB) network is a Layer 2 scaling solution for Ethereum that aims to address the scalability and high transaction fees. It is developed by Offchain Labs and utilizes a technology called Optimistic Rollups to achieve its objectives.

Optimistic Rollups work by processing most transactions off-chain and then periodically submitting a summary of those transactions to the Ethereum mainnet. This approach reduces the transaction costs significantly and increases the throughput of the network while maintaining the security guarantees of the Ethereum mainnet.

In other words, the optimistic rollup feature allows Ethereum smart contracts to scale by passing messages between smart contracts on the Ethereum main chain and those on the Arbitrum second layer chain. Much of the transaction processing is completed on the second layer, and the results of this are recorded on the main chain — drastically improving speed and efficiency.

One of the key features of the Arbitrum network is its compatibility with existing Ethereum smart contracts. Developers can deploy their contracts on the Arbitrum network with minimal modifications, allowing for easy migration of decentralized applications (dApps) from Ethereum to Arbitrum.

Also, the arrival of the Ethereum network introduced a groundbreaking transformation in the realm of blockchain technology, providing a platform for the creation of decentralized applications (dApps) and propelling the growth of decentralized finance (DeFi). Nevertheless, as Ethereum’s preeminence soared, it encountered hurdles related to scalability and exorbitant transaction fees.

This is where the Arbitrum network enters the picture as a Layer 2 scaling solution, poised to tackle these challenges while ensuring seamless integration with Ethereum’s ecosystem. In this article, we will explore the core features of the Arbitrum network and examine its immense potential in the Ethereum ecosystem.

Features Of Arbitrum Network

The promise of Scalability:

Scalability has long been a bottleneck for Ethereum, causing network congestion and skyrocketing transaction fees during times of high demand. Arbitrum tackles this challenge by implementing Optimistic Rollups, a technology that allows for most transactions to be processed off-chain. By aggregating multiple transactions into a single summary, ARB achieves significant scalability improvements, enabling faster confirmation times and a higher throughput. This scalability boost unlocks the potential for a more efficient and seamless user experience on the Ethereum network.

Ecosystem and Adoption:

The Arbitrum network has garnered significant attention and interest within the Ethereum ecosystem. Several prominent projects and protocols have announced plans to deploy on Arbitrum or explore integrations. This growing ecosystem includes decentralized exchanges (DEXs), lending platforms, gaming applications, and more.

The increased adoption of Arbitrum provides users with a wider range of options for interacting with decentralized applications (DApps) and accessing various DeFi services.

Smart Contract Execution:

Arbitrum Network makes use of a technique called optimistic execution to process smart contracts. It assumes that most transactions are valid and executes them off-chain. This enables the network in providing fraud proofs, which allows anyone to challenge invalid transactions by submitting evidence to the Ethereum mainnet. This approach enables efficient and secure smart contract execution.

Decentralization and Security:

While Arbitrum relies on the Ethereum mainnet for final settlement and security, it maintains a high level of decentralization and security. By leveraging Ethereum’s robust consensus mechanism, Arbitrum benefits from the security guarantees of the Ethereum network. The periodic submission of transaction summaries to Ethereum ensures that any potential fraudulent activity can be detected and resolved.

Seamless User Experience:

Using the Arbitrum(ARB) network is designed to be seamless for users. They can continue using their existing Ethereum wallets, such as MetaMask, to interact with the Arbitrum network. This familiarity and compatibility make it easier for users to transition from Ethereum to Arbitrum and enjoy the benefits of improved scalability and reduced transaction fees without significant changes to their workflows.

What Makes Arbitrum Unique?

The Arbitrum (ARB) network is designed to provide an easy-to-use platform developers can use to launch highly efficient and scalable Ethereum-compatible smart contracts. It offers a range of exciting possibilities for developers and users alike. Some examples of what can be done on the network include:

High EVM compatibility

Arbitrum(ARB) is considered to be one of the most EVM-compatible rollups. It’s compatible with the EVM at the bytecode level, and any language that can compile to EVM works out of the box — such as Solidity and Vyper. This makes it easy to build on since developers do not need to get to grips with a new language before building on Arbitrum.

Decentralized Finance (DeFi) applications:

The Arbitrum (ARB) network can be used to build and run DeFi applications, such as decentralized exchanges (DEXs), lending and borrowing platforms, and stablecoin systems. These applications can benefit from the network’s fast transaction processing times and low gas fees, enabling efficient and affordable transactions.

Low transaction fees

As a Layer 2 scaling solution for Ethereum, Arbitrum isn’t just designed to boost Ethereum’s transactional throughput, it also minimizes transaction fees at the same time.

Thanks to its extremely efficient roll-up technology, Arbitrum is able to cut fees down to just a tiny fraction of what they are on Ethereum, while still providing sufficient incentives for validators.

Well-developed ecosystem

Arbitrum is already working with a wide variety of Ethereum DApps and infrastructure projects, including the likes of Uniswap.

Cross-Chain Interoperability

The Arbitrum (ARB) network can also be used to enable cross-chain interoperability between different blockchains. This could allow for the seamless transfer of assets and data between different blockchain ecosystems, enabling greater interoperability and connectivity across the entire blockchain space.

The Arbitrum network’s fast transaction processing times, low fees, and security and decentralization features make it a compelling choice for a wide range of use cases.

How To Get Started on The Arbitrum Network

To buy and sell tokens on the Arbitrum (ARB) network, you must first get a metamask wallet. MetaMask is a popular browser extension wallet commonly used for interacting with blockchain networks like Ethereum. It is available as a browser extension for popular browsers such as Google Chrome.

Ensure your Metamask Wallet has been added to your browser as an extension by clicking on the ‘Add to Chrome” icon on the top right as shown below:

Once installed and set up, MetaMask allows users to manage their cryptocurrency wallets, interact with decentralized applications (DApps), and securely execute transactions on supported blockchain networks directly from their browsers. (Make sure to write down your seed phrase on a piece of paper and keep it in a safe place. Do not store it online or on your device).

Next, add the ARB network to your Metamask wallet by following the instructions provided on the Metamask website here.

Trading On the Arbitrum (ARB) Network

In order to execute trades on the ARB network, you will need to fund your wallet with Ethereum (ETH) so as to enable you to cover gas fees even though the majority of the trading activity takes place on the Arbitrum layer 2 solution. This is because the Arbitrum network periodically submits transaction summaries and proofs to the Ethereum mainnet, which requires paying Ethereum gas fees.

You can buy ETH on centralized exchanges such as Binance, copy your wallet address from Metamask, and then send the ETH from Binance to your Metamask wallet.

You can also purchase ETH directly within the Metamask wallet using traditional payment methods such as credit or debit cards, etc.

Just click on the “Buy/Sell” button within Metamask to open the interface. Here, you can put how much ETH (or any other token) you want to buy in terms of dollar terms, pick your payment method, and then click “Buy”.

Note that to buy crypto directly within Metamask, you will need to provide info such as your country and state. However, it is a straightforward process that only takes a minute.

It’ll only take a couple of minutes at most for your ETH to arrive in your wallet. Once the ETH arrives, you are all set to begin trading tokens on the ARB network. So, head over to UniSwap to get started on your trading journey.

How To Trade Tokens On The ARB Network Using UniSwap

Uniswap is a decentralized exchange (DEX) protocol built on the Ethereum blockchain. It allows users to trade Ethereum-based tokens directly from their wallets without the need for intermediaries or traditional order books. Uniswap offers users a simple and straightforward way to buy and sell a wide variety of tokens.

Endeavour to be on the right Uniswap website to protect your wallet from any fraudulent activity. The first step is clicking on the “launch app” button at the top right corner, as shown in the image below:

The next step is clicking on the connect wallet option on UniSwap at the top right corner, as shown in the image below:

Connect to your preferred wallet as shown below. (In this case, it’s Metamask):

Once connected, switch Metamask to the ARB network. (If you’re already on the ARB network, you do not need to switch):

After connecting MetaMask to the ARB network, go to UniSwap, and then you can start trading on the ARB network using UniSwap.

The next step is to select your preferred tokens on the UniSwap interface and since Uniswap operates on a token to token trading model, click on the “select token” button to select the trading pair you want to trade against.

For example, if you want to buy USDT using ETH, select ETH – USDT, enter the amount, then click on “swap” or “trade now” and confirm the transaction in your Metamask wallet. You can view the tokens in your wallet’s asset list.

Buying and Selling Tokens with the Metamask Wallet

ARB Network users can also buy and sell tokens using the Metamask extension wallet already connected to the ARB network.

To do this, make sure you’re connected to the ARB network and have ETH to swap and pay for gas fees. Then, navigate to the “Swap” button as shown below. This will take you to the Swap interface inside Metamask.

Using the image above as a guide, you can also search for tokens using the name or the contract address, just like on UniSwap. Input the amount of ETH you want to swap, confirm that you have the correct token, and then click “Swap.” Once the transaction is confirmed, the tokens you just bought will be sent to your wallet.

Tracking Token Prices on The Arbitrum Network

Users of the Arbitrum (ARB) network can take advantage of on-chain tools like Dexscreener to gain access to comprehensive market insights for specific tokens. These insights include price data and contract information, empowering users to make well-informed trading decisions based on reliable and up-to-date information.

With Dexscreener on the Arbitrum network, users can stay informed about token metrics and market dynamics, enhancing their trading strategies and overall trading experience.

Dexscreener offers a variety of advantageous features tailored to users on the Arbitrum network. Among these features, an exceptional one is the charting functionality, which delivers both real-time and historical price data for a wide range of tokens.

By utilizing these charts, users gain valuable insights into price trends, trading volumes, and other pertinent metrics. This enables them to pinpoint potential entry or exit points for their trades with precision and confidence.

Take a look at the example below:

Conclusion

In conclusion, the Arbitrum network offers a compelling ecosystem for buying, selling, and trading tokens, providing several notable advantages over other platforms. With its seamless integration of on-chain tools like Dexscreener, users gain access to detailed market insights, real-time price data, and historical charts, enabling them to make informed trading decisions with confidence.

Additionally, Arbitrum’s scalability and low transaction fees enhance the overall trading experience, ensuring quicker and more cost-effective transactions. By leveraging the power of the Arbitrum network, traders can enjoy a secure, efficient, and feature-rich environment that empowers them to navigate the world of token trading with ease.

Featured image from CoinMarketCap

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Scott Matherson

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January 21, 2024
Bitcoin Spot ETFs Approved After 14 Years- The Journey So Far
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The year 2024 marks the dawn of a new era, not just for technology but for finance, as a major victory was achieved for Bitcoin Spot ETFs (Exchang-Traded Funds). It’s now the era where the past will be appreciated for its foresight and doggedness.

When the pioneer cryptocurrency and digital currency, Bitcoin launched in January 2009, it was nothing like a real-world asset or of an ‘agreed’ digital value, but an almost neglected bag of gold as it faced enough rejection from all phases. Even with Satoshi’s Whitepaper, Bitcoin wasn’t given a cordial welcome in the world of finance.

However, for all its promise, BTC remained shrouded in an air of mystery and skepticism. It took several years for Bitcoin to cement its value in the world of technology, finance, and the digital economy, assuming a giant role amidst many other cryptocurrencies.

However, On January 10, 2024, the SEC, in its official filing, approves all 11 Bitcoin Spot ETFs. This long-awaited green light from the US SEC marked a watershed moment, not just for Bitcoin, but for the entire cryptocurrency industry.

The 14-year journey to this point was arduous and paved with skepticism; regulatory hurdles loomed large, with the SEC citing concerns about market manipulation and investor protection as justification for repeated rejections. Attempts like Bitcoin futures ETFs offered limited exposure, failing to capture the true essence of a spot ETF’s direct price tracking.

Bitcoin Spot ETF Explained

The recent approval of Bitcoin spot ETFs has stirred excitement across the financial landscape. But what exactly are these instruments, and what impact will they have on the future of BTC and, more broadly, on the investment landscape?

Bitcoin “Spot” ETFs (exchange-traded funds), unlike their futures-based counterparts, don’t track the price of Bitcoin futures contracts. Instead, they take a more direct approach, holding the underlying asset – Bitcoin itself – in secure digital custodians.

This eliminates the potential for “basis risk,” a phenomenon where futures prices deviate from the actual cash price of Bitcoin. Simply put, Spot ETFs offer a more straightforward and transparent way to gain exposure to BTC’s price movements, akin to traditional gold-backed ETFs.

Bitcoin Spot ETFs function similarly to their traditional counterparts, such as those tracking stock market indices. They pool investor capital, purchasing Bitcoin and holding it securely. Each share of the ETF represents a fractional ownership of the pooled Bitcoin, allowing investors to participate in the market without directly holding or managing the cryptocurrency themselves. This eliminates technical complexities and potential security risks, particularly for those with limited crypto experience, potentially broadening the base of Bitcoin investors.

The Genesis Of Bitcoin ETFs (Early Days and Conceptualization – 2013-2017)

The earliest sparks of a Bitcoin ETF concept date back to 2013, when the Winklevoss twins first proposed their Gemini ETF. Winklevoss twins, Cameron and Tyler, both tech entrepreneurs with a vision in 2013, submitted the first application for a Bitcoin ETF, the Gemini ETF, sparking the decade-long journey to regulatory approval.

This audacious proposal was outrightly rejected by the SEC during the tenure of its former chairman, Jay Clayton, who later resigned in 2020 and became a supporter of cryptocurrency. Interestingly, Clayton is now actively involved in crypto regulations when he joined the advisory board of Fireblocks, a crypto custody platform.

The following years were a crucible of innovation and uncertainty. While Bitcoin’s market capitalization surged, attracting both fervent supporters and cautious observers, the SEC remained hesitant. The regulator’s concerns about market manipulation, price volatility, and the nascent state of blockchain technology were cited as justifications for repeated rejections of subsequent ETF proposals, including Grayscale’s attempt to convert its Bitcoin Investment Trust into a spot ETF.

Yet, amidst the rejections, there were flickers of progress. Technological advancements improved blockchain security and custody solutions, addressing initial concerns about vulnerability and potential wash trading. The global adoption of Bitcoin, particularly in Canada with its approval of Spot ETFs in 2021, served as a compelling case study for increased accessibility and market stability.

This period also saw the SEC’s stance slowly evolve. The appointment of Gary Gensler as SEC Chair in 2021 brought a newfound openness to dialogue and exploration of potential regulatory frameworks for cryptocurrencies. The approval of the first US-listed futures-based bitcoin ETF in October 2021, despite its limitations, offered a glimpse of what could be.

The Turning Point: A Decade Of Persistence Pays Off (2018-2023)

While the 2017-2018 crypto boom and subsequent crash sent shockwaves through the industry, it also served as a crucible, forging resilience and fueling a renewed focus on compliance and innovation. Industry figures like Grayscale, undeterred by previous rejections, continued to refine their proposals, incorporating crucial safeguards and addressing regulatory concerns.

This relentless pursuit of approval finally yielded results in 2023. In May, Cathie Wood’s ARK Investments filed for a spot bitcoin ETF, setting a definitive deadline for the SEC’s decision.

Then, in June, BlackRock’s entry into the arena with its own Spot Bitcoin ETF application sent ripples of excitement through the financial world. This move by a traditional financial giant signalled a crucial shift in sentiment, demonstrating growing institutional confidence in BTC’s potential.

The months that followed were a whirlwind of activity. A flurry of applications from firms like Fidelity and Invesco poured in, fueled by the momentum of BlackRock’s move and the prospect of imminent approval. In August, a pivotal legal victory for Grayscale in the D.C. Circuit Court further strengthened the case for spot ETFs, forcing the SEC to re-examine its previous rejections.

Finally, the SEC, in a historic decision, greenlighted 11 spot bitcoin ETF proposals, including those from BlackRock, Fidelity, and VanEck. This moment marked the culmination of a decade-long struggle, signifying the mainstream acceptance of investor participation in the cryptocurrency space.

Ripples Across The Crypto Landscape: Implications Of Bitcoin Spot ETFs (2024)

The arrival of spot ETFs has cast a wide net, sending ripples across various spheres of the financial world. There are a lot of potentials and challenges presented by spot ETFs, vital impact on market stability, institutional adoption, and regulatory oversight. There are positive predictions that the Bitcoin market cap could rise above $1 Trillion after the launch of Bitcoin Spot ETFs.

Let’s contemplate the broader significance of this pivotal moment, what it means for the future of finance, and its relationship between technology and traditional financial systems here.

Investor Crossroads

For retail investors, Spot ETFs offer a convenient and familiar way to participate in the Bitcoin market without directly holding the cryptocurrency. This opens the door to broader adoption and increased liquidity, potentially leading to smoother price discovery and reduced volatility. The influential American magazine, Forbes predicted the BTC price will trade as high as $80,000 as a result of Bitcoin Spot ETFs’ approval.

The year 2024 is also shaping up to be a good one, if not one of the best seasons for cryptocurrency, especially Bitcoin, as it’s the season for Bitcoin halving, which will have another mega impact on the crypto industry.

However, the inherent risks of Bitcoin, including price fluctuations and potential exposure to fraud, must not be underplayed. Investors should approach spot ETFs with cautious optimism, ensuring a proper understanding of the technology, market dynamics, and associated risks before venturing in.

Institutional Embrace Bitcoin

The arrival of spot ETFs marks a significant step towards institutional acceptance of Bitcoin. The involvement of established financial institutions like BlackRock and Fidelity lends credibility to the cryptocurrency and paves the way for further integration with traditional financial products and services.

Concerns remain about the impact of institutional involvement on market manipulation and potential conflicts of interest. However, regulatory oversight and robust compliance frameworks will be crucial in ensuring a fair and transparent market for all participants.

Market Redefined

Spot ETFs could potentially lead to greater market stability by introducing institutional investors and their risk management expertise. This could mitigate some of the inherent volatility of the cryptocurrency market, attracting a wider range of investors and fostering sustainable growth.

The SEC’s approval represents a cautious acceptance, not a blank check. Further regulatory clarity and potential adaptation of existing frameworks might be required to effectively address the unique challenges posed by the integration of cryptocurrencies into mainstream financial systems.

Beyond Bitcoin

Spot ETFs could act as a gateway for investors to explore the broader crypto landscape. Their familiarity and ease of access might encourage exploration of other promising blockchain-based projects, accelerating the overall growth and development of the cryptocurrency ecosystem.

The success of spot ETFs will hinge on the continued evolution of blockchain technology and associated infrastructure. Scalability, security, and user experience will remain key areas of focus for ensuring the smooth functioning and widespread adoption of crypto-based financial products.

The 11 Spot Bitcoin ETFs products (with their ticker symbols) approved on January 10, 2024, are:
- Blackrock’s iShares Bitcoin Trust (IBIT)
- ARK 21Shares Bitcoin ETF (ARKB)
- WisdomTree Bitcoin Fund (BTCW)
- Invesco Galaxy Bitcoin ETF (BTCO)
- Bitwise Bitcoin ETF (BITB)
- VanEck Bitcoin Trust (HODL)
- Franklin Bitcoin ETF (EZBC)
- Fidelity Wise Origin Bitcoin Trust (FBTC)
- Valkyrie Bitcoin Fund (BRRR)
- Grayscale Bitcoin Trust (GBTC)
- Hashdex Bitcoin ETF (DEFI)
Conclusion

The approval of Bitcoin spot ETFs is a watershed moment, not just for the cryptocurrency itself, but for the entire financial landscape. It marks a new chapter in the saga of Bitcoin, one where its disruptive potential can be harnessed within the framework of established financial systems.

Also, this path forward is paved with both opportunities and challenges. Navigating regulations and addressing investor risk concerns are important to ensure seamless integration with traditional financial systems and regulatory bodies, which will be crucial in determining the ultimate success of this technological leap.

Final Thoughts

The approval of Bitcoin spot ETFs is not merely a regulatory green light; it’s a resounding declaration of Bitcoin’s arrival on the main stage of finance.

Related Reading: Celestia Network: How To Stake TIA And Position For 5-Figure Airdrops

However, the journey is far from over. This approval is a milestone, not a destination. As we stand at this turning point, it’s important to remember the spirit of defiance that birthed BTC. It was born from a desire for autonomy, for freedom from centralised control, and for a more equitable financial system.

While ETFs offer a bridge between this decentralized world and the established financial order, it’s crucial not to lose sight of these core principles.
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BTC price struggles post-Bitcoin Spot ETF approval | Source: BTCUSD on Tradingview.com
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Featured image from Cryptopolitan, chart from Tradingview.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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Scott Matherson

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January 20, 2024
Injective On A Roll: Crypto Analyst Predicts Massive Breakout Against Bitcoin
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Crypto analyst The Crypto Dog has provided a bullish narrative for the Injective (INJ) token. As part of his insights, the analyst hinted that the crypto token could outperform Bitcoin soon enough.

Injective To Breakout Against Bitcoin

In an X (formerly Twitter) post, The Crypto Dog shared an INJ/BTC chart while hinting that an “incredibly bullish structure” was forming on the charts for Injective against the flagship crypto token. From the chart, it was obvious that the analyst was suggesting that the INJ token could soon make a massive move against Bitcoin.

However, he didn’t provide details as to when this move could occur and what price levels INJ will hit once this impending breakout happens. Just like Solana’s SOL, INJ was another standout crypto token in 2023, as it rose to almost $40, enjoying a gain of about 3,000% in the process. This was more commendable, considering that it happened in an ongoing bear market.

Interestingly, INJ’s run continued into the new year, with the crypto token hitting its current all-time high (ATH) of $45 on January 9. One of the narratives that is believed to have brought INJ this far is the one around artificial intelligence (AI) tokens, with AI projected to be one of the leading themes in the next bull run.

Injective, a layer-1 blockchain, also prides itself as the first blockchain to offer auto-executing smart contracts and happens to be one of the fastest blockchains out there. With such features, there is no doubt that the demand for the INJ token could continue to be on the rise as Injective’s utility increases.
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INJ begins another recovery trend | Source: INJUSD on Tradingview.com
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Other Narratives That Could Lead To INJ’s Rise

The Injective blockchain happens to be interoperable with Ethereum through its cross-chain infrastructure. This could be significant especially as Ethereum continues to see its dominance surge. Once ETH begins to run, INJ could be one of the biggest benefactors since some of the liquidity in the Ethereum ecosystem could easily flow into Injective.

Injective’s distinct burn mechanism is another feature that could be a big plus for INJ’s price. The network is known to carry out a weekly on-chain buy-back-and-burn auction where 60% of fees generated on its protocols are auctioned, with users only being able to bid in INJ. The INJ tokens made from these auctions are then burned and removed from circulation.

These weekly burns are expected to be effective, considering that the token has a maximum supply of only 100 million. So far, close to 6 million of this supply have been burned. Meanwhile, at the moment, there are only just 83.7 million INJ tokens in circulation.

At the time of writing, INJ is trading at around $38, down over 4% in the last 24 hours, according to data from CoinMarketCap.

Featured image from Coinpedia, chart from Tradingview.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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Scott Matherson

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January 18, 2024
Regulatory Victory: Gemini Receives Digital Asset Service Provider Registration In France

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Cryptocurrency exchange Gemini, founded by the Winklevoss twins, has been granted crypto registration by the French markets watchdog Autorite des marches financiers (AMF).

According to a recent announcement made by the exchange, this approval allows Gemini to offer its services as a virtual asset services provider in France. The company plans to roll out its products to both retail and institutional clients in the coming weeks.

Gemini Seizes Growth Opportunities In Europe

As announced, Gemini customers in France will gain access to a wide range of cryptocurrencies for trading, as well as “advanced” trading platforms such as ActiveTrader. Institutional clients will also benefit from Gemini eOTC, an electronic over-the-counter trading solution.

Gemini’s regulatory approval in France marks a milestone in the company’s European expansion strategy. According to the exchange’s statement, with a strong sense of regulatory support for the cryptocurrency industry in Europe, Gemini sees growth opportunities in the French jurisdiction.

The founders of Gemini recognized the need for regulatory clarity, which is on the horizon with the European Union (EU) Markets in Crypto-Assets Regulation (MiCA). MiCA allows crypto companies to obtain licenses in one EU country and operate across the entire EU.

Interestingly, Gemini chose Ireland as its European headquarters, joining other major US crypto companies that have selected Ireland as their regulatory hub. On this matter, Gillian Lynch, Gemini’s Head of Ireland and EU stated:

We are delighted to welcome customers based in France onto the Gemini platform in the coming weeks as we further expand access to crypto across Europe. France is a global innovation leader and has a vibrant crypto community as showcased by the success of Paris Blockchain Week. We are excited to soon be able to provide French customers with compliant and secure access to the future of finance as we continue on our mission to unlock the next era of financial, creative, and personal freedom

US Crypto Companies Seek Regulatory Haven In Europe

According to a CNBC report, major US crypto companies are increasingly looking to expand their operations in Europe driven by regulatory challenges in the United States.

The crypto industry has faced scrutiny from US regulators, including the Securities and Exchange Commission (SEC). Gemini and Genesis, a crypto lender, were charged by the SEC last year for allegedly selling unregistered securities. Gemini is contesting the lawsuit, asserting that its interest-bearing products do not qualify as securities.

Per the report, the European Union offers a “more favorable” regulatory environment, and the MiCA regulation provides a framework for companies to operate across EU member states.

While the US has yet to approve comprehensive federal-level crypto regulation, recent developments indicate a growing acceptance of cryptocurrency trade. The SEC’s approval of the first-ever spot Bitcoin exchange-traded funds (ETFs) is seen as a significant step toward integrating crypto into traditional finance.

Despite initial concerns about market manipulation, the approval of Bitcoin ETFs by the SEC is a positive development for the industry. At the same time, several bills related to crypto regulation are making their way through the US House of Representatives.

The 1-day chart shows the total crypto market cap’s valuation at $1.6 trillion. Source: TOTAL on TradingView.com

Featured image from Shutterstock, chart from TradingView.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Ronaldo Marquez

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January 17, 2024
Crypto Analyst Says A Solana Price Will Climb To $750, Here's When
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Crypto YouTuber Jake Gagain has shared his “insane price prediction” for Solana (SOL) as he said that the crypto token will climb to $750. The crypto analyst didn’t stop there as he also provided a timeframe for when this price level would be attained.

Solana Price To Rise To $750 In 2025

Gagain said that he expects Solana to hit this price level by 2025 in an X (formerly Twitter) post. In the accompanying video, he outlined several reasons for this bullish sentiment. For the first, he alluded to the fact that the Solana network happens to be “quicker, safer, and much more affordable” than Ethereum.

According to him, more users from Ethereum and other networks are likely to migrate to the Solana network as more projects get built on it. This is based on his expectation that Solana will be the “top competitor” for Ethereum in the next bull run. Gagain further asserted that SOL will end up becoming the third largest token by market cap, only behind Bitcoin and Ethereum.

The second reason why the analyst is bullish on SOL is because of how it has impressively recovered from the FTX scandal. Solana was at the heart of it as the crypto exchange’s founder, Sam Bankman-Fried (SBF), was one of the token’s biggest backers. SOL dropped below $10 as a result of this while being in the middle of a bear market.

However, it has recovered nicely since then, climbing above $100 towards the end of last year. That is why Gagain believes that the crypto token could go as far as hitting its all-time high of $260 and surpassing it.
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SOL price drops to $95 | Source: SOLUSD on Tradingview.com
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SOL Is Also Making Its Way Into The Traditional Market

Jake Gagain also highlighted the fact that Solana was making its way into the traditional market as another reason he was so bullish on SOL. Solana’s entry into the traditional market is said to be happening through its partnerships with notable brands. One of them, which the crypto analyst mentioned, was its partnership with Shopify.

Back when the partnership was confirmed, NewsBTC highlighted how it could help onboard more users into crypto and specifically into the Solana ecosystem. The network was projected to see more activity, considering the number of users Shopify already has.

Interestingly, the number of transactions Solana records daily is another reason why Gagain is most bullish on SOL. Network activity is known to be another factor that can affect a token’s price.

At the time of writing, SOL is trading at around $95, down over 2% in the last 24 hours, according to data from CoinMarketCap.

Featured image from Analytics Insight, chart from Tradingview.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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Scott Matherson

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January 15, 2024
Bitcoin To Reach $1 Million In Days To Weeks, Crypto Analyst
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The CEO of Jan3 and Bitcoiner, Samson Mow, has once again reiterated his ultra-bullish prediction for Bitcoin. The Bitcoin advocate noted that the ‘Max Pain Theory’ was still in play, and this is one of the reasons why he isn’t backing down from his assertion that Bitcoin will hit this price level sooner rather than later.

Bitcoin’s Rise To $1 Million To Happen “In Days To Weeks”

Samson Mow stated in an X (formerly Twitter) post that his “main prediction” is that Bitcoin’s run to $1 million will happen in “days to weeks.” However, he further claimed that the starting point for this meteoric rise has yet to be decided.

The analyst’s bullish prediction for Bitcoin stems from his belief in the max pain theory, which relates to a Bitcoin price that could cause most options traders to experience maximum loss. In Mow’s opinion, Bitcoin bulls have experienced this loss following the approval of the Spot Bitcoin ETFs, and the bears could experience “some pain soon.”

Right before the approval order came in, Mow had predicted that Bitcoin was going to surge to $1 million in “days to weeks” and that most people were going to experience “max pain.” These ETFs also form part of the basis for why he believes that Bitcoin will hit this price level soon enough, as Mow foresees a huge demand for btc following this.

Mow says that the Bitcoin market is getting to a point where the existing supply will not meet current demand. He also alluded to the upcoming Bitcoin Halving, hinting that it could be one of the catalysts that will spark this parabolic rise in Bitcoin’s price. Interestingly, he had before now mentioned that Bitcoin will hit a new all-time high (ATH) before the Halving event takes place.
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BTC bulls struggle to reclaim control | Source: BTCUSD on Tradingview.com
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A Market Adjustment Is Currently Ongoing

Mow also gave his opinion on the reason for Bitcoin’s recent decline as he noted that the market was simply adjusting. He further explained that GBTC holders were currently rotating out, which was pushing Bitcoin’s price down. He also alluded to how MicroStrategy’s stock was “trading below BTC par value.”

Therefore, the crypto community needs to be patient as “time is needed for everything to recalibrate,” Mow says. It shouldn’t be long for that to happen, though, as the crypto analyst claimed that the GBTC sell pressure “won’t be a long drawn out process.”

He believes that many of GBTC’s investors won’t be able to offload their stocks because the “tax hit is too big” and that Grayscale will eventually capitulate on its fees. The asset manager currently has the largest fee among all Spot Bitcoin ETF issuers, and this is believed to be the reason why its investors are offloading their shares and rotating to other funds.

Featured image from Bitcoin News, chart from Tradingview.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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Scott Matherson

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January 15, 2024
How To Buy And Trade Tokens On The SEI Network
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In the dynamic trading world where time is of the essence and you are looking for a combo of speed and low fees, the SEI Network is the fastest decentralized Cosmos-based L1 blockchain that is trading-based with the availability of decentralized exchanges (DExs).

The SEI Network has been optimized to handle large volumes of transactions quickly and efficiently while keeping costs low. This makes it an attractive option for businesses and individuals looking to exchange value in a fast, efficient, and cost-effective manner.

The network has an in-built order book that allows smart contracts to easily access shared liquidity. This shared liquidity feature makes it possible for smart contracts to interact with each other and exchange value without third-party interference.

The way SEI is structured makes it possible for decentralized exchanges and trading applications in areas such as DeFi, NFTs, and gaming to provide the best possible user experience.

In this easy-to-follow guide, we will explore the main features of the super-fast SEI Network, how to set up a trading account, and the different ways to obtain and trade the SEI token. By the end of this guide, you will have a good understanding of how the SEI Network works, its advantages, and how to get started.

Features of SEI Network

Speed:

The most unique feature of the SEI network is its speed. It is currently the fastest chain to finality, boasting an impressive lower bound of 300 milliseconds. With unparalleled speed and efficiency, SEI allows for transactions to be immutably recorded on the blockchain in record time using an on-chain order book.

It is superior in terms of finality and is indisputable. When using SEI, users experience the near-instantaneous confirmation of their transactions, providing a seamless and efficient blockchain experience.

The network’s ability to achieve finality rapidly sets it apart from other blockchain platforms, making it an attractive choice for those seeking very fast and secure transaction processing.

Frontrunning protection:

The SEI network provides robust frontrunning protection, effectively combating the malicious practices that plague most of the other ecosystems. With advanced algorithms and stringent safeguards, SEI ensures secure and fair transaction processing, free from manipulation and unfair advantages.

By prioritizing integrity and trust, SEI sets a high standard for ethical conduct and fosters a level playing field for all participants to engage and experience a secure and reliable platform where transactions are protected, and investments are safeguarded.

Twin Turbo Consensus:

One standout feature of the SEI network is the twin-turbo consensus. This innovative consensus mechanism harnesses the power of two turbocharged engines working in sync to allow SEI to achieve exceptional speed and throughput, surpassing industry standards.

SEI’s twin-turbo consensus is designed to handle a lot of transactions at once without slowing down or compromising reliability. It has the ability to adjust and allocate resources as needed when transaction volumes increase.

This means that the SEI network can keep up with growing demands and perform at its best without compromising speed or dependability. So no matter how many transactions are happening, SEI is able to ensure smooth and efficient processing all the way.

Native Matching Engine:

SEI’s native matching engine is a valuable asset for exchange teams, offering rapid order matching and execution capabilities. It empowers exchanges to handle high volumes of transactions efficiently, catering to active traders on the network.

The engine’s flexibility allows customization to meet specific trading requirements, ensuring a tailored and user-friendly experience. With strict enforcement of matching rules, it upholds transparency and fairness in the trading process. Exchange teams leveraging SEI’s native matching engine can optimize their operations, enhance user experiences, and build a trustworthy trading ecosystem.

SEI Network: The Layer 1 For Trading

Trading is undeniably the most widely adopted use case for cryptocurrencies. However, it is a common misconception among crypto enthusiasts that trading is solely limited to decentralized finance (DeFi) applications. In reality, the need to exchange digital assets is fundamental to every aspect of the crypto ecosystem, ranging from social applications to non-fungible tokens (NFTs) and gaming.

Recognizing the significance of trading across the crypto space, SEI Networks has developed a Layer 1 blockchain specifically tailored to meet the diverse trading needs of users. SEI’s primary objective is to provide a robust, scalable, and seamless trading experience. By optimizing every layer of the technology stack, SEI ensures that users can efficiently exchange digital assets across various sectors while maintaining reliability and scalability.

SEI Networks addresses the scalability challenges associated with trading by building the first Layer 1 blockchain specialized for trading. This approach enables SEI to offer the most efficient infrastructure for the exchange of digital assets.

By focusing on the unique requirements of trading, SEI Networks aims to enhance the overall trading experience for users and facilitate the seamless flow of digital assets across different applications and use cases.

With its emphasis on scalability, reliability, and user experience, SEI Networks is well-positioned to serve as a foundational blockchain platform for the trading of digital assets. Whether it’s DeFi protocols, NFT marketplaces, gaming platforms, or other crypto-based applications, SEI Networks provides a solid infrastructure to support the exchange of assets and foster the growth of the broader crypto ecosystem.

SEI Token

The rise in popularity of EVM-compliant blockchains and the parallelization process is driving the growth of the sei Network’s SEI token. SEI token serves as the native cryptocurrency within the SEI ecosystem, SEI token fulfills a variety of roles, which include:
1. Transaction Fees: SEI token is utilized to cover transaction fees incurred on the Sei Network. These fees serve as incentives for validators and contribute to the network’s security.
2. Staking: SEI tokens can be staked by users to accrue rewards and bolster the overall security of the SEI Network.
3. Governance: SEI tokenholders possess the ability to actively participate in the governance of the SEI Network. This participation encompasses voting on proposals and the election of validators.
SEI token presents itself as a promising cryptocurrency with a diverse range of potential applications, positioning itself at the forefront of blockchain innovation tailored for trading purposes.

How To Configure Your Wallet To Begin Trading On The SEI Network

To trade tokens on the SEI Network, you would first need to connect your wallet to the SEI Network. Keplr is a popular browser extension wallet that can be used to interact with the SEI Network.

Ensure your Keplr wallet extension has been added to your browser as shown below:

Once connected to your Keplr wallet, go to Keplr using the extension on your Chrome browser, click on the hamburger sign in the top left corner, and select “Manage Chain Visibility”:

Click on the search bar, next type in SEI, Enable it, and Save it:

How To Buy And Trade SEI On Centralized Exchange Platforms

To embark on the journey of acquiring SEI, one can explore various prominent exchanges where SEI is listed. Platforms such as Binance, Kucoin, and COINEx offer a convenient gateway for purchasing SEI.
1. Create or log in to an account with any of the exchanges listed above.
2. Deposit Funds: After logging in, using the image below click on “deposit” to deposit funds into your account using any supported cryptocurrencies or deposit methods available on the exchange. Having funds in your account enables you to execute trades seamlessly.
3. Navigate to SEI Trading Page: Once your account is funded, go to the dedicated SEI trading page or type “sei” in the search bar for easy navigation. Here, you can find various trading pairs with SEI tokens.
4. Choose a Trading Pair: Select the desired trading pair that matches SEI with another cryptocurrency. For instance, you may choose SEI/USDT if you wish to trade SEI against USDT (Tether).
5. Specify the Purchase Amount: Determine the quantity of SEI tokens you want to purchase. Input the amount in the trading interface, which will calculate the corresponding cost based on the current market price.
6. Execute the Trade: With the specified amount, proceed to execute the trade. Confirm the details, and if you are satisfied, submit the order. By following these comprehensive steps, you can easily trade SEI on CoinEx, taking advantage of the available trading pairs.
Related Reading: Celestia Network: How To Stake TIA And Position For 5-Figure Airdrops

Once you’re done, go to your Keplr wallet, click on Deposit, and copy your SEI wallet. Then go over to your centralized exchange account, click on Withdraw, and then send your SEI tokens to your Keplr wallet address you copied earlier. (Always double-check to make sure you have the correct wallet address).

The SEI network is quite fast so the tokens should arrive in your Keplr wallet in a matter of minutes. As soon as the SEI tokens arrive in your wallet, you’re ready to start trading tokens on the network.

How To Trade Tokens On SEI Network Using Keplr Wallet

To start trading on the SEI network, navigate to the Astroport decentralized exchange (DEX). Visit the site’s homepage and click on “Start Trading” as indicated in the top right corner in the image below:

The next step is selecting the SEI Network and clicking on the “Connect Wallet” option on Astroport at the top right corner as illustrated below:

Connect to your preferred wallet, in this case, it’s Keplr wallet:

Once connected and the SEI network is enabled you can now trade on the SEI network by navigating to the DEX (decentralized exchange) in this case using Astroport and selecting the token pair you wish to trade.

You can search for the token you want to trade using the name or the contract address obtained from the project’s website or official social media handles. Select the amount of SEI tokens you want to convert to the new token and click “Swap.”

Once the transaction has been confirmed, your tokens will be transferred to your connected (Keplr) wallet. Rinse and repeat to buy and sell tokens on the SEI network.

Tracking SEI Token Charts

Users can also utilize Coinhall to check charts, providing valuable market insights. Coinhall offers two distinct advantages: comprehensive charting tools that provide in-depth market analysis, and real-time access to valuable insights for making informed trading decisions.

Conclusion

SEI network offers a fast, efficient, and cost-effective platform for buying and trading tokens. With its optimized infrastructure, SEI can handle large transaction volumes quickly and at low fees. It is the first sector-specific Layer 1 blockchain, specialized for trading to give exchanges an unfair advantage.

The SEI token has been able to maintain strong investor support on their platforms including a seven-day rally leading to over 43% surge. The network’s features, such as its speed, frontrunning protection, twin-turbo consensus mechanism, and native matching engine, make it an attractive choice for trading enthusiasts.

SEI’s native cryptocurrency, SEI token, serves various purposes within the ecosystem, including covering transaction fees, staking for rewards, and participating in governance.
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SEI price rises over 600% in one year | Source: SEIUSD on Tradingview.com
```
Featured image from Medium, chart from Tradingview.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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Scott Matherson

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January 14, 2024
How To Bridge And Trade On The Injective (INJ) Network
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Injective is a blockchain designed specifically for finance. It is an interoperable and environmentally-friendly layer 1 blockchain that supports advanced DeFi applications, including crypto trading dApps, like spot and derivative exchanges, and lending protocols.

That being said, in the fast-paced world of cryptocurrency, the Injective Network has emerged as a trailblazing force, revolutionizing the landscape with its innovative approach to scalability and seamless trading experiences. In my opinion, I will say that Injective is trying to follow the Solana path in terms of progressive growth in the ecosystem and price value.

In this in-depth guide, we’ll navigate through the essential features of the Injective (INJ) Network, unravel the intricacies of initiating your trading journey, and explore various methods to acquire and trade the coveted Injective Coin (INJ).

Solving Scalability: The Essence of Injective (INJ) Network

The scalability challenge has long been a hurdle for widespread crypto adoption, and Injective Network steps up to the task as a groundbreaking solution. Scalability is the reason some people don’t trade certain coins. For instance, I avoid making certain Ethereum transactions because of the high gas fees. If I want to make any monetary transaction, I prefer to use a more scalable coin like injective (INJ).

Scalability isn’t just about transaction costs but also about the speed of transactions. Injective Network boasts a remarkable transaction speed of 0.8 seconds, leaving competitors, including Ethereum and its layer 2 counterparts, in the rearview mirror. What more can you ask for with their gas fees as low as $0.01, Injective Network brings unparalleled efficiency to the world of blockchain transactions.

Injective (INJ) gives you a better DeFi experience, this is because you are not scared of exploring the DeFi space due to high gas fees and slow annoying transaction speed. If you have transacted on the Ethereum chain or done any past DeFi activity on the Ethereum chain, you will be conscious of your exploration because each activity will incur a transaction fee whether the contract signed is successful or not and it’s not cheap.

Initiating Your Injective Trading Journey

Embarking on your trading journey within the Injective Network involves meticulous steps to ensure a seamless experience. The choice of a compatible wallet is paramount, and here, we delve deeper into two main types:
1. EVM Based Wallets:
EVM compatibility is the bedrock for smooth integration with Injective Network. While Metamask is a popular choice, it’s essential to understand its intricacies, especially when it comes to the EVM chain. Exploring alternative EVM-based wallets can provide tailored solutions for optimal user experience.

It is preferable to use an EVM wallet like Metamask if you are bridging from an EVM chain to an injective chain. As we go further into this post, you will learn how to bridge from EVM to the injective chain. EVM wallet like metamask makes your Defi experience on the injective easier but you can’t compare it to that of the cosmos-based wallet.
1. Cosmos Based Wallet:
For a user-friendly experience on your PC, consider Cosmos-based wallets like Leap and Keplr. These Chrome extensions are tailor-made for Injective Networks, ensuring not just compatibility but also enhanced security features. Using a Cosmos-based wallet makes interaction far easier than EVM-based wallets. But you can’t have EVM-based assets on this wallet, this means that you can’t bridge EVM assets to injective using this wallet, you need to use Metamask.

These wallets, the EVM-based wallets, and the Cosmos-based Based Wallets are great for your smooth Defi experience when interacting on the injective chain.

Acquiring Injective Coin (INJ)

Once your wallet is set up, the next crucial step is acquiring the prized Injective Coin. INJ is prominently listed on various centralized exchanges, including Binance, Coinbase, Kucoin, Bybit, OKX, and Gate.io. Each exchange offers its unique advantages, and strategic users may explore multiple platforms for optimal trading conditions.

Consider securing your INJ in a Keplr wallet for efficient portfolio management. When you are sending INJ from centralized crypto exchanges to your Keplr wallet, make sure you choose the Injective network and paste your Injective network address from your Keplr wallet.

Setting Up Keplr Wallet for Injective Chain Visibility

Creating a Keplr wallet is a straightforward process through the Chrome extension. Get your Keplr wallet, and create a new wallet, you will be given a seed phrase, save the seed phrase, usually a 12 or 24-word seed phrase. Do not forget to save them, in order not to lose your account permanently.

To make the Injective chain visible in your Keplr wallet, follow these steps:
1. Click on the hamburger sign in the top left corner.
2. Navigate to “Manage Chain Visibility.”
This will take you to where you can view the chain visibility on the Keplr wallet, this is essential as it helps you select other chains on the Keplr wallet.
1. Search for “Injective” or “Inj” and click on “Add Token.”
By enhancing Injective-related keywords in your wallet setup process, you not only optimize for search engines but also ensure clarity for users seeking to manage their INJ effectively.

It is important to know that every address on the injective chain starts with the “inj” prefix, this helps you identify the injective chain easily. Congratulations you are about to begin your Injective DeFi journey.

Defi means Decentralised Finance, this is a type of transaction that doesn’t require a centralized platform like Binance, Bybit, OKX, or whatever centralized exchange you know. All you need to perform a DeFi transaction is a DEX (Decentralised Exchange) wallets like Keplr and a Dapp (Decentralised Application).

We have a wallet now, we need to fund it with INJ before interacting with a Dapp on the Injective wallet. You can get INJ tokens from an exchange like Binance Binance. You can deposit on your Binance in whatever way you are used to depositing on your Binance, you can deposit USDT with fiat. Trade the USDT for INJ. The next step is to withdraw the INJ to your Keplr wallet. Withdraw the INJ on the Injective wallet.

Withdrawing INJ coin and Bridging Tokens:

The withdrawal process after acquiring INJ involves selecting the coin, choosing the Injective chain, and pasting your Keplr Injective address. Remember the address has to start with “INJ”. This step is crucial for securing your assets, and benefits from additional details regarding security measures, transaction confirmation times, and potential challenges users might encounter. This is just one method to get INJ from a centralized exchange, you can also get INJ by bridging.

Bridging, an alternative method for bringing tokens to Injective, is an essential strategy, especially for users keen on optimizing their portfolio across multiple chains. Bridging from an EVM-based wallet requires a metamask and INJ on an EVM chain. For instance, if you have INJ on the ETH chain in your metamask, all you need to do is connect your metamask to the Injective Bridge platform. This will help you bridge from the ETH chain to the injective chain.

Bridging Tokens in the Cosmos-Based Wallet Ecosystem:

An intriguing method to diversify your portfolio involves bridging tokens from the Cosmos-based wallet ecosystem to Injective. For example, bridging TIA (Celestia) to Injective and swapping TIA (Injective) to INJ (Injective) using Astroport opens up opportunities within the Cosmos ecosystem.

You will have to go to the Injective Bridge platform, connect to your cosmos-based wallet, select whatever cosmos-based wallet token you have like TIA (Celestia), and bridge from the Celestia chain to the injective chain. Emphasizing this integration showcases the versatility of Injective Network and its compatibility with other blockchain ecosystems. Now you have TIA(Injective) you need to swap it to INJ, trading or swapping can be done Astroport.

Trading INJ on Astroport

Astroport, the decentralized exchange (DEX) on the Injective chain, serves as the epicenter for token swaps. After successfully bridging tokens, users can initiate trades on Astroport, leveraging the platform’s decentralized nature for portfolio diversification. Whatever you are swapping here is expected to be on the injective chain, you can swap INJ for all the available tokens, and now you can trade as easily as you like.

How To Trade on Coinhall

Coinhall is a site where you can bridge directly and swap. It is a multi-token bridge swap DEX that you can use to bridge and swap at the same time but only for Cosmos-based tokens and coins. It serves as a smart chart for all cosmos-based tokens including injective and also for swapping and bridging.

You can see all the available coins and tokens with their respective prices here, it’s a good DEX dApp to use. You can scroll here and search for the token you are looking for. You can also search by using the search bar.

If you want to trade a token and you can find it on the list, all you have to do is go to Coinhall and type the name of the token, as well as search using a contract address.

Coingecko is also a good site that has the details of coins. Here, you can search for the name of the coin or token you are looking for, and get the contract address directly.

Go to the info section and search for the contract, copy the smart contract from Coingecko, and paste it into the coinhall market search button.

Like this:

This will take you to where you will be able to trade any token based on the dex.

Let’s explore Coinhall as A Bridge Swap DEX

To explore Coinhall this way, you need to navigate to the Swap section. This section will give you the opportunity to bridge and swap at the same time. For instance, if you want to swap TIA (Celestia) to INJ (Injective) you can do this at ease with one click.

Instead of bridging TIA (Celestia) to TIA (Injective) then swapping it to INJ. You can do it as shown below:

Conclusion

With your INJ Coin securely stored in your wallet, you’re now poised to explore the exciting world of trading on the Injective Network. The scalability, low transaction fees, and swift processing times position the blockchain as a promising platform for crypto enthusiasts and traders alike. In the dynamic realm of decentralized finance (DeFi), Injective Network stands tall, offering innovative solutions for seamless and efficient trading experiences.

As you navigate this multifaceted landscape, remember that the Injective Network isn’t just a platform; it’s a gateway to transformative technology shaping the future of cryptocurrency. These steps, when taken with a strategic mindset, offer not only trading opportunities but also a deeper understanding of the evolving crypto ecosystem.

Stay informed, trade wisely, and harness the full potential of the Injective Network, where every transaction is an opportunity to redefine your crypto journey.

In summary, this comprehensive guide provides an extensive roadmap for mastering the Injective Network, ensuring that users, from beginners to seasoned traders, can navigate the intricacies of this innovative blockchain ecosystem with confidence and clarity.
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INJ price grew rapidly in 2023 | Source: INJUSDT on Tradingview.com
```
Featured image from Crypto Briefing, chart from Tradingview.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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Scott Matherson

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January 7, 2024
Crypto Analyst Predicts Dramatic Rise In Cardano (ADA) Price, Here’s The Target
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Crypto analyst Guy Turner has predicted that Cardano (ADA) could experience a significant price surge soon enough. The analyst also gave an insight into what price levels the crypto token could hit when this happens.

Cardano To Rise To $1

In a video posted on his YouTube channel, Turner mentioned that ADA could rally to as high as $1 as that is the next significant level of resistance. The analyst’s projection is based on the fact that ADA’s weekly chart suggests that the crypto token is in the process of painting a bull flag.

A rise to $1 doesn’t seem impressive to the analyst as he alluded to SOL’s price, which has seen incredible gains from its past lows. The crypto analyst highlighted Cardano’s fundamentals as one reason why it has continued to underperform. According to him, the supply of the token seems to be outweighing the demand for it.

He also singled out Cardano’s founding entities, IOG, EMURGO, and the Cardano Foundation, for contributing to a lot of sell pressure for the crypto token. These organizations are said to be selling a huge chunk of their ADA holdings to fund their operations. The silver lining is that this supply and demand dynamics doesn’t look to have impacted ADA’s price too much, Turner said.

Meanwhile, he sounded bullish on Cardano in the long term as he noted that the interest rates, which have had more impact on ADA’s price, are likely to keep declining. As such, the crypto analyst believes that the crypto token could continue to rally alongside the rest of the broader crypto market despite its poor fundamentals.
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ADA price at $0.51 | Source: ADAUSD on Tradingview.com
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Will ADA Hit New All-Time Highs This Year?

Turner further stated that whether or not ADA will hit new all-time highs this year will depend on its upcoming milestones. One of them happens to be the CIP 1694, a proposal that has been in focus in the Cardano ecosystem over the last year. Having been voted upon and passed, the CIP 1694 is set to be implemented with the Chang Hard Fork set to take place early this year.

Another milestone, which Turner considers the most important of them all, is the likely introduction of Cardano’s first fiat-backed stablecoin this year. IOG is said to be working on their stablecoin project, which could be released soon enough. Mehen Stablecoin’s USDM, which Turner referenced in his video, is also billed to launch in the first quarter of this year.

Following the release of Turner’s video, Mehen provided further updates on the USDM launch. They stated that the stablecoin is currently at the final stage of the audit. Once that is done, they plan to announce a final launch date.

The introduction of Cardano fiat-backed stablecoin is an important milestone as it can further boost the DeFi landscape on the network. The crypto analyst highlighted that it is “very difficult” to grow decentralized applications (dApps) on the network without the help of liquid fiat stablecoins.

Featured image from FX Empire, chart from Tradingview.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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Scott Matherson

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January 6, 2024
Crypto Analyst Predicts 100% Surge For Shiba Inu, But There’s A Roadblock
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Through the rips and dips of the crypto market, the Shiba Inu price has been able to maintain a rather consistent bullish momentum, something that cannot be said for a lot of cryptocurrencies. Given this sustained bullish sentiment, the meme coin is primed to be one of the assets to see a massive rally as the market inches toward another bear market. In the short term alone, pseudonymous crypto analyst MMBTtrader is predicting that the price will mount a 2x rally.

Shiba Inu Price Ready To Rise 100%

In a recent analysis, crypto analyst MMBTtrader reveals why they believe that the Shiba Inu price is set to double. As the chart shows, there has been a steady uptrend in the Shiba Inu price over the last few months, and even when the uptrend seemed to have come to an end, the SHIB price maintained a relatively high price compared to its October lows.

This outperformance has continued into the new year as SHIB was able to still maintain the $0.00001 level despite dips rocking the crypto market. This suggests that bulls have been able to successfully turn $0.00001 into support. In this scenario, it could easily become a launchpad for the price.
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Source: TradingView.com
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The crypto analyst’s prediction suggests that it could begin to range at its current price. However, once this ranging ends and accumulation is complete, this is where the real fun begins for the SHIB price when the rally is expected to begin.

A bounce from here would see SHIB easily clear the $0.000014 level with no hassle. However, the first roadblock lies just above here. In the event that Shiba Inu is quickly able to surmount the resistance at $0.0000143, another pump is expected that could lead up to $0.000018.

Since there is no such thing as a single continuous upward movement, resistance is expected just below $0.000018. Nevertheless, this is the last resistance and if Shiba Inu climbs above this level, then it is expected to shoot above $0.00002, completing a 100% move from its current price.
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SHIB price at $0.0000094 | Source: SHIBUSD on Tradingview.com
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SHIB Sways Amid Market Uncertainty

In the weeks leading up to January, confidence around the potential approval of a Spot Bitcoin ETF was at an all-time high, with experts giving it a 95% chance of approval. However, this sentiment has begun to sway especially as BlackRock revealed it will be delaying its $10 million BTC purchase.

As a result, the price of cryptocurrencies across the space declined rapidly and the Shiba Inu price was not left out. SHIB finally lost its footing at $0.00001 for the first time in over two weeks, falling to the $0.000009 region once again.

However, this is not out of the ordinary and could lead to the SHIB ranging and accumulation that the crypto analyst outlines. In such a case, this could present a setup for a bigger price rally as expectations for a bull market grow high.

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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Best Owie

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January 3, 2024
Crypto Analyst Blasts $20,000 XRP Price Target, Reveals Why It's Impossible
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XRP YouTuber Moon Lambo has hit out at those who believe that the XRP price could be worth $20,000 in the future. The analyst believes that this price level is unattainable for the crypto token as he highlighted reasons why he holds this belief.

Why The XRP Price Cannot Rise To $20,000

In a video on his YouTube Channel, Moon Lambo explained that XRP’s market cap will need to run into quadrillions of dollars if it were to achieve that price level based on its current market cap. However, from his calculation, there is not enough money in the world for such an occurrence, as at least $100 trillion will need to flow into the XRP ecosystem for that to happen.

According to the YouTuber, there is a “0% chance” that this will happen. He dismissed any argument that some assets could be sold off to fund this amount of inflows into the XRP ecosystem. This is unlikely to happen as those assets will need to go to zero to get the amount of liquidity needed to get the XRP price to $20,000, Moon Lambo argued.

XRP being worth that amount would also mean the crypto token having a market cap worth over ten times more than the value of the US stock market. Moon Lambo says that it is “utter nonsense” to think that this will happen. He believes there is no way that XRP can be more valuable than all the foremost companies in the US put together.

He also alluded to arguments that XRP can attain this price by becoming the currency for the global reserve. He says that swapping out the dollar, which currently accounts for a huge chunk of the global reserve, won’t still see the crypto token get the required liquidity to hit $20,000.
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XRP price at $0.63 | Source: XRPUSD on Tradingview.com
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Enough Reason To Still Be Excited As An XRP Holder

Despite his stance, Moon Lambo is still bullish on the XRP price. He stated that the crypto token doesn’t need this “crazy hype nonsense” for one to be excited as an XRP holder. The crypto analyst believes that as far as XRP is widely adopted, there is enough money that can flow into it, which could cause its price to hit three digits.

Unlike a price prediction of $20,000, XRP’s price hitting three digits is still within the “realm of possibilities.” However, Moon Lambo doesn’t see that instantaneously happening as he says that it could take “many market cycles.” The good news is that anyone who has been in on XRP for some time is already well-positioned for such a multiplier effect.

Meanwhile, analysts who have in the past made such “impossible” price predictions of $20,000 were not spared in the crypto analyst’s rant. Moon Lambo mentioned that such people only make baseless claims and do not provide justification for such assertions.

He provided insight into why these analysts make such predictions as he suggested that they were doing this to get more audience. He remarked that he would probably get more subscribers if he jumped on this “bandwagon.” However, he has no intention to do that as he says it will be “intellectually dishonest” to do that.

Featured image from Tekedia, chart from Tradingview.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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Scott Matherson

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January 3, 2024
3 Under The Radar Altcoins Expected To Hit $100 Before The Bitcoin Halving
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With the Bitcoin halving expected to happen today, crypto enthusiasts are already starting to take positions in various altcoins. Among these, there are a number of coins that have shown a lot of promise when it comes to reaching the $100 price mark and this report takes a look at three.

MoonRiver (MOVR) Tops Lists Of Altcoins To Reach $100

The MoonRiver (MOVR) token has been one that has flown under the radar for quite a while now. This has to do with the fact that the price of the altcoin fell from its all-time high of $485 to as low as $5 earlier in 2023. However, this has not eradicated the bullish narrative for the asset.

So far, as the crypto market has recovered, the MOVR token has seen one of the most significant rallies. In the days leading up to Christmas, the price would go from around $6 to as high as $44 in a couple of days, notching 700% gains during this time.

Since then, the price has since retraced and fallen around 50%. But with the price still holding above $20, it shows a lot of promise for the coin. Given its low supply of around 11 million coins and a tendency to rise quickly in a short time, MoonRiver is one of the coins poised to break the $100 mark.
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MOVR price at $24 | Source: MOVRUSDT on Tradingview.com
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Litecoin (LTC) Slow Movement Coming To An End

The Litecoin price rallied tremendously in 2023 leading up to its halving and was among some of the best-performing altcoins. However, once the halving was completed, the LTC price would crumble and fall into a slow and steady decline. However, this has changed as the coin’s price has begun to pick up steam once again.

With the Bitcoin reversal, the Litecoin price is on the up once again, briefly crossing $75 in the early house of Tuesday. The altcoin, which is often referred to as the digital silver, could be poised to see firmer rallies, especially as the Bitcoin halving draws closer, which is often a catalyst for the bull market. If this continues, then LTC could easily cross $100.

Avalanche (AVAX) Sees An Awakening

Just like Solana (SOL), the Avalanche network has undergone an awakening that has brought investors back to the chain. As a result, the AVAX price has rallied, going from its 2023 low of around $9 to as high as $47 in December 2023.

As the new year rolled around, the Avalanche network has continued to enjoy attention from crypto investors and this has helped it maintain its bullish momentum. Just like MoonRiver (MOVR) and Litceoin (LTC), Avalanche (AVAX) is another token expected to cross the $100 mark.

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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Best Owie

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January 2, 2024
Crypto Expert Shares Ultimate Crypto Portfolio Guide To Make It In 2024
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The crypto industry is now set for a strong bullish run in 2024, with most analysts predicting assets to reach new all-time highs. As a result, investors are always on the lookout hoping to jump on cryptocurrencies that offer the potential for substantial returns.

A recent social media post by a crypto analyst known pseudonymously as Emperor Osmo listed the best cryptocurrencies to get on in 2024 across various trends and market niches.

Expert Shares Ultimate Crypto Portfolio Guide

The analyst’s crypto recommendations for the year were based on an analysis by CryptoKoryo Research on the Dune Analytics platform. Each recommendation was placed into an investing risk curve depending on the sentiment of the general population of market participants.

Building the ultimate crypto portfolio for 2024 necessitates the selection of a mix of assets across the risk curves. Some more established blue chip cryptos provide stability and steady gains, while higher-risk assets have the potential for huge gains.

Recommendations on the left curve predominantly consisted of attention-grabbing cryptocurrencies. The cryptos included BONK, the first dog-themed coin on Solana, COQ, the first meme coin on Avalanche, CTXC, and PYR, the native token for Vulcan Forged, a blockchain game studio, and NFT marketplace.

These cryptos went on astounding price surges in the last quarter of the year and mostly thrived on hype among investors. According to CryptoKoryo, the five cryptocurrencies made an increase of 1,571% in the past three months. If the hype continues in 2024, we could see them reach new highs, particularly in the first quarter.

Here’s your portfolio guide to make it in 2024. 📊

** Left Curve**
– $BONK
– $COQ
– $CTXC
– $PYR

** Mid Curve**
– $AVAX
– $BCB
– $STEAK
– $GNX
– $ILV
– $KUJI
– $METIS
– $MPL
– $ORAI
– $PYR
– $SOL

** Right Curve**
– $INST
– $JOE
– $LINK
– $METIS
– $ORAI
– $SKL
– $SOL… pic.twitter.com/6ZsyjT4EuE

— Emperor Osmo🧪 (@Flowslikeosmo) January 1, 2024
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Total market cap at $1.7 trillion | Source: Crypto Total Market Cap on Tradingview.com
```
On the other hand, the mid-curve portfolio assets included less volatile layer-1 tokens, AI tokens, DeFi tokens, and layer-2 tokens. The 11 cryptocurrencies highlighted were AVAX, BCB, STEAK, GNX, ILV, KUJI, METIS, MPL, ORAI, PYR, and SOL, each going through a moderate price surge throughout 2023. According to CryptoKoryo, the five cryptocurrencies made an increase of 260% in the past three months.

Lastly, the right curve consisted of very stable assets with a higher potential for stable price growth in 2024. The cryptocurrencies highlighted were INST, JOE, LINK, METIS, ORAI, SKL, and SOL with a combined 253% performance in the past three months.
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Source: X
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While the recommendations on the left and middle curves are very volatile and have a higher chance of dumping, the right curve cryptocurrencies have created a proven track record over the years, and many analysts project continued price growth throughout 2024.

On the other hand, cryptocurrencies on the middle curve are a bit more volatile but still relatively safe as far as cryptos go, while those on the left curve have the highest volatility risk but could lead to massive returns if they take off.

Featured image from StormGain, chart from Tradingview.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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Scott Matherson

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January 2, 2024
Record Crypto Options Volume Expires Pre-Bitcoin ETF Deadline: Analyzing BTC And ETH Reactions

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The recovery of the overall crypto market this year has spurred a surge in the digital-asset derivatives market as institutional investors seek exposure to the crypto space.

According to a recent Bloomberg report, the deadline for US regulators to approve or reject Bitcoin (BTC) exchange-traded funds (ETFs) has prompted traditional investors to turn to crypto options and futures, leading to unprecedented trading volumes.

Crypto Options Trading Hits Record High

Before the options expiry on Friday morning, crypto options trading volume reached a new all-time high, with options worth a notional value of $11 billion, as highlighted by Bloomberg. Of this total, Bitcoin contracts accounted for $7.7 billion, while Ethereum (ETH) options represented $3.5 billion.

Despite the expiration of many options, the impact on the major cryptocurrencies has been limited. With its strong support floor at $42,000, Bitcoin has maintained its position for a potential uptrend once bullish momentum returns and buying pressure increases.

Over the past 24 hours, Bitcoin has traded within the same range as the previous day, at $42,200, experiencing only a 0.4% decline. Nevertheless, Bitcoin has yet to fully recover from its 3.4% drop over the past seven days.

In contrast, ETH was hit by the expiration of options contracts. Ethereum, the second-largest cryptocurrency on the market, fell more than 2%. EHT dropped to $2,316 after hitting an annual high of $2,445 on Thursday.

However, while heightened trading activity may accompany the expiration of options, it is unlikely to impact spot market prices, according to Luuk Strijers significantly, Deribit’s chief commercial officer.

Strijers notes that clients are rolling their positions to 2024 expiries, and additional activity is anticipated after the expiry. The focus of attention and trading activity will primarily be on the impending ETF decision, Bloomberg notes.

Surge From Traditional Asset Managers

The cryptocurrency market has undergone a strong rally this year, with Bitcoin surging nearly 160% following a turbulent 2022 marked by industry scandals and price declines.

The recovery has been fueled partly by the optimism surrounding the potential approval of spot Bitcoin ETFs, which would attract a broader range of investors to the asset class.

Ryan Kim, head of derivatives at digital-asset prime brokerage FalconX, highlights the growing participation from crossover macro accounts, referring to large traditional asset managers allocating a small percentage of their portfolios to cryptocurrencies and crypto-focused hedge funds.

In addition, according to Bloomberg, perpetual futures, a favored tool for leveraging crypto trades, are trading at a significant premium compared to spot prices, indicating rising demand for such products.

Overall, the surge in the cryptocurrency derivatives market, driven by options expiry and the pending decision on Bitcoin ETFs, reflects the growing interest of institutional investors in the crypto space.

The record-breaking trading volumes and increased participation from traditional asset managers highlight the evolving landscape of digital assets.

As the market awaits the regulatory verdict on Bitcoin ETFs, it remains to be seen how these developments will shape the future trajectory of the crypto market and its integration with traditional financial systems.

Featured image from Shutterstock, chart from TradingView.com

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Ronaldo Marquez

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December 29, 2023
Binance 2023 Report Reveals: 40 Million New Users Added, Total Registered Users Reach 170 Million

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In its recently released 2023 review report, Binance, the world’s leading cryptocurrency exchange, showcased significant growth despite facing legal disputes and regulatory scrutiny.

The report highlighted the evolving crypto market, increasing institutional interest, and the company’s commitment to compliance and user experience.

Binance’s 2023 Review

Despite a volatile year for the market, Binance emphasized that digital asset regulation had taken a direction toward greater clarity and harmonization in some regions.

The exchange acknowledged the challenges but noted that Web3 adoption and institutional interest continued to grow steadily, demonstrating the industry’s resilience and long-term potential.

Regarding growth within the company, Binance Square, formerly known as Binance Feed, was introduced as a social platform designed to be the central hub for Web3 content.

According to the report, the platform experienced substantial growth, expanding from 1,200 to 11,000 creators and attracting over 1.6 million active daily users. Binance Square aimed to facilitate conversations and enable users to generate “compelling content,” fostering engagement within the Web3 community.

In October, Binance Futures launched its Copy Trading feature, allowing users to replicate the trading strategies of expert lead traders. This feature provided a monetization avenue for trading experts and added a social aspect to the trading experience of the platform users.

Binance’s users surpass 170 million. Source: Binance 2023 report

Furthermore, Binance continued its support of fiat currencies, reaching 69 supported fiat currencies with 30 fiat channels available globally.

Binance P2P, the peer-to-peer trading platform, expanded the number of supported payment methods to 970 and fiat currencies to 112. The report highlights that the platform facilitated 18% more trades with 39% more users than the previous year.

The report further noted Binance’s commitment to compliance, with a significant investment of $213 million in its compliance program, a 35% increase from the previous year.

Binance allocated substantial resources to develop in-house compliance tools, including a case management system and an internal transaction monitoring engine.

Is Binance Leading The Way In Crypto Venture Funding?

Per the report, in 2023, Binance focused on enhancing user experience by partnering with localized KYC (know-your-customer) vendors and implementing various electronic ID (eID) solutions globally.

The exchange added support for 298 new ID and proof-of-address documents across 64 countries, streamlining the onboarding process for users.

To make Web3 “more accessible,” the report notes that Binance launched its Web3 Wallet, which aims to provide a “secure” gateway into the world of decentralized finance (DeFi). The platform aimed to address usability barriers and attract new users by offering improved product and user experience across DeFi, blockchain gaming, and SocialFi.

Ultimately, while the crypto venture funding market faced challenges in 2023, Binance Labs emerged as one of the most active participants in the crypto venture capital (VC) space, particularly in the DeFi and Web3 gaming sectors, according to the exchange.

Overall, Binance’s 2023 Review Report highlights the company’s focus on compliance, user experience, and expanding Web3 offerings as key to continued growth despite ongoing legal issues and regulatory enforcement actions.

The 1-day chart shows BNB’s uptrend. Source: BNBUSDT on TradingView.com

As of the current update, Binance Coin (BNB) demonstrates a significant upward trend in price action, surging to $330. This surge represents a 21% increase over the past seven days.

Featured image from Shutterstock, chart from TradingView.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Ronaldo Marquez

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December 28, 2023
The Crypto Bulls Are Back: Digital Asset Inflows Cross $103 Million In One Week
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Inflows into crypto investment funds have resumed after a brief hiatus two weeks ago, as evidenced by CoinShares’s latest analysis. According to James Butterfill, Head of Research at CoinShares, digital assets saw a net inflow of $103 million last week, as the wider crypto industry went through a few days of bullish sentiment. This is particularly exciting, as it signaled a change from the net outflows in digital asset investment funds witnessed two weeks ago.

Crypto Fund Inflows Surge To $103 Million

Crypto asset investment funds witnessed a minor net outflow of $16 million two weeks ago, bringing an end to 11 consecutive weeks of inflows since September. However, according to a social media post by Butterfill, these investment funds attracted a $103 million net inflow last week. As expected, Bitcoin, again, led the charge, attracting 85% of the total inflow. Bitcoin saw an inflow of $87 million last week, bringing its total net inflow this year to $1.758 billion.

Ethereum led the altcoin market with a net inflow of $7.9 million, bringing its total net inflow this year to $23 million. Solana followed suit with a $6 million net inflow. At the time of writing, Solana’s total inflow this year stands at $162 million, reflecting the better sentiment Solana has seen with institutional investors this year.

On the other hand, Litecoin and Avalanche investment products were the only ones registering a net outflow during the week, with $0.4 million and $2.6 million respectively.

In terms of geographical location, Germany had the most inflows with $41.6 million, Canada with $25.8 million, USA with $20.4 million, and Switzerland with $15 million. On the other hand, Sweden had a net outflow of $8.7 million.

Total assets under management now stand at $52 billion, representing 31% of the entire crypto market cap of $1.65 trillion. Most of this is traded in the United States, with US-based investment funds holding $37.8 billion worth of assets under management.

US$103m inflows in digital assets last week, no report on Monday. Merry Christmas! pic.twitter.com/xAVzCrPPkQ

— James Butterfill (@jbutterfill) December 23, 2023
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Total market cap rises above $1.6 trillion | Source: Crypto Total Market Cap on Tradingview.com
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State Of The Market

Investment in digital asset funds is largely tied to the sentiment among the spot market prices. As a result, the net inflows last week were a mirror of the price surge led by Bitcoin, with the crypto crossing over $44,000 multiple times during the week. Bitcoin has since corrected and is now trading at $42,390.

Ethereum’s lead in the altcoin market has been overshadowed by Solana since October. The crypto is up by 53% in a 7-day timeframe, hitting a yearly high of $124.92 on Christmas day. At the time of writing, Solana is trading at $114.

Featured image from Business Insider, chart from Tradingview.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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Scott Matherson

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December 26, 2023
VeChain Skyrockets By 77% To Reach New Yearly High, Analyst Bullish On VET Targeting $1.6

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In a remarkable display of bullish movement, the smart contract blockchain VeChain, and its native token VET have emerged as significant players in the altcoin rally, experiencing an impressive surge of 77% since the end of November.

Over the past seven days, VET has recorded a substantial 33.5% increase, with an additional 5.4% surge in the past 24 hours, propelling the token to reach a new yearly high of $0.03806, a level unseen since May 2022.

This surge in VET’s value has generated substantial excitement among crypto analysts, who predict promising days and months for the token, noting a clear bullish momentum across various time frames.

VeChain Potential Breakthrough

Rekt Capital, a renowned crypto analyst, highlights the progress VeChain has made in closing the “Volume Gap” between $0.01728 and $0.02694.

Rekt Capital suggests that VeChain is now primed to test the resistance wall between $0.0500 and $0.0600. This analysis indicates that VeChain’s momentum is strong and positions the token for potential further growth.

VET’s next resistance wall to overcome on the 1-W chart. Source: Rekt Capital on X.

However, while the bullish prospects for VET appear promising, significant resistance lines must be overcome to achieve further gains.

In the event of a continuation of the VET rally above $0.0600, the token will face resistance walls at $0.06170 and $0.06450 before reaching the $0.0700 level on its path towards the coveted $1 mark.

VET’s Potential Surge To $1.6 Based On Historical Patterns

In addition to Rekt Capital’s analysis, Egrag Crypto, another respected crypto analyst, offers an optimistic outlook for VeChain’s future.

Egrag Crypto believes that VeChain has the potential to reach an impressive target of $1.6. To support this projection, Egrag Crypto examines VeChain’s previous price movements and identifies patterns that indicate the potential for significant growth.

VET’s historical patterns. Source: Egrag Crypto on X.

By analyzing a similar move ‘A’ from VeChain’s launch point at around $0.90, which resulted in a threefold increase from the previous all-time high, Egrag Crypto suggests that VeChain could replicate a similar move, leading to a surge towards the $1.6 mark or even Fib 1.618.

Egrag Crypto’s analysis aligns with VeChain’s historical performance and reinforces the notion that the token has the potential for substantial growth.

With VeChain’s previous all-time high standing at $0.27, achieving the projected $1.6 mark would require a relatively modest 6X surge. Egrag Crypto’s analysis suggests that VeChain could easily experience a 50X to 100X climb from its bottom, presenting an enticing opportunity for investors and traders.

The 1-day chart shows VET’s surge in the past 30 days. Source: VETUSDT on TradingView.com

The future trajectory of VET’s uptrend remains uncertain, as it faces the possibility of a correction. The potential risk lies in gainers selling off their tokens, which could jeopardize the bullish momentum of the token.

However, the analyses provided by both Egrag and Rekt indicate that VET is well-positioned to reach and even surpass its previous all-time high.

Featured image from Shutterstock, chart from TradingView.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Ronaldo Marquez

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December 25, 2023
Crypto Veterans Team Up With New Proposal To Send LUNC And USTC To $1
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The LUNC community has received a proposal from Genuine Labs, a group of experienced developers who aim to contribute to the Terra Classic ecosystem, something that could help revive the USTC and LUNC tokens.

What The Latest LUNC Proposal Is About

According to the proposal titled ‘Genuine Labs Terra Classic Development Proposal,’ the developers who boast extensive experience in Cosmos stacks aim to work with L1 teams to improve the IBC Hooks and Packet Forward Middleware (PFM) features. They will also enhance the “end-to-end testing and interchain testing for the fee tax charging mechanism.”

These plans, if implemented, apparently come with a lot of benefits for the Terra Classic ecosystem. For one, the IBC Hooks is said to be capable of enhancing liquidity and cross-chain DeFi applications. IBC-hook token transfers will also help facilitate direct dApp interaction. Meanwhile, the PFM will enable multi-hop transfers and robust interchain applications.

Improving and integrating testing mechanisms also comes with its benefits. This will ensure that the tax mechanism is efficient and reliable and developers will be able to simulate real-world scenarios for thorough testing. Lastly, implementing this will also help accelerate development in the Terra Classic ecosystem.

If the proposal gets approved, Genuine Labs will carry out these plans in two phases. The developers also mentioned that implementation will last for for six weeks and will cost $16,000. So far, most validators seem to be in support of the proposal, as 57.32% of the total votes cast have voted in support of it.

The quorum is, however, yet to be met as just over 8% of those meant to vote have actually voted. Voting for the proposal will end on December 30. Therefore, there is still enough time for the proposal to scale through.
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LUNC price at $0.00015 | Source: LUNCUSDT on Tradingview.com
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Update On The Plan To Burn 800 Million USTC

Bitcoinist had previously reported the LUNC community’s proposal to burn 800 million USTC from the Luna Classic treasury. Voting on the proposal had begun, and then, it looked more likely than not that the proposal was going to scale through. However, things have taken a drastic turn since then.

Data from the voting forum shows that more validators have voted against the proposal since then. In fact, some of these validators have gone as far as voting against the proposal with their veto power. This is significant as the veto votes currently stand at 24.55% of the total votes cast so far, and the veto threshold is 33.40%.

Validators seem to be against this move due to the legal repercussions. This proposal was said to have legally absolved them, but they might still not think so and are choosing to be cautious. Voting ends on December 27, and it will be interesting to see how that plays out.

Featured image from Block Builders, chart from Tradingview.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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Scott Matherson

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December 25, 2023
Crypto Analyst Says Ignore FUD, XRP Is Headed To $5.85
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Crypto analyst Dark Defender has also weighed in on the recent narratives revolving around the XRP tepid price action. The analyst is choosing not to listen to any of those as he is confident that the future trajectory of the XRP token is bullish.

No Need To Listen To FUD

In a post on his X (formerly Twitter) platform, Dark Defender mentioned that he doesn’t listen to the FUD (Fear, uncertainty, and doubt). He also seemed to be urging the XRP community to ignore the FUD as he stated that the token is still proceeding according to “our plan” based on the weekly time frame.
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Source: X
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He alluded back to several comments and analyses he had made about XRP’s price action. One of them was on June 4, when he had set Wave 1 on the charts to $0.89. On June 21, he also detailed the target levels that XRP could attain. Meanwhile, he had set the limit for Wave 2 to $0.46 and Wave 3 to $1.88 on September 13.

Dark Defender noted that nothing has changed since then, as the targets “were and are the same.” The crypto analyst was basically suggesting that there was no need to be worried about XRP’s price action as everything was going according to plan from a technical analysis perspective.

XRP Still Headed To $5.85

As to XRP’s future trajectory, Dark Defender reaffirmed that the upcoming target is still $1.88 and $5.85 based on the Elliot Waves, which he had highlighted months back. From the accompanying chart that he shared, Dark Defender focused more on the $5.85 price level.
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Source: X

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He is confident in XRP hitting that price because he foresees the token touching the “261.80% Fibonacci Level at $5.85.” It won’t, however, be up from $1.88 as the crypto analyst predicts that there will be a correction from that price level.

Going by Dark Defender’s past price predictions, $5.85 won’t be the peak, as one can still expect upward price movement. The crypto analyst had previously mentioned that XRP would hit $18 soon enough. He noted then that XRP was likely going to face a strong resistance at $1.08. However, he projects that it will be “kaboom” once XRP is able to break from that level.

In the meantime, many will be hoping that XRP can at least experience a significant rally to end the year. At the time of writing, XRP is trading around $0.61, up over 1% in the last 24 hours, according to data from CoinMarketCap.
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Token price at $0.61 | Source: XRPUSD on Tradingview.com
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Featured image from U.Today, chart from Tradingview.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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Scott Matherson

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December 21, 2023