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Tag: crypto

  • Bitcoin Whales Increase Their Holdings By $3 Billion

    Bitcoin Whales Increase Their Holdings By $3 Billion

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    It’s only been a month into 2024, and Bitcoin has already experienced a whirlwind of activity. These events range from the SEC’s approval of spot Bitcoin ETFs to the cryptocurrency’s price underperforming with a decrease over the past month and selloffs from the Grayscale BTC Trust. Amidst all these, on-chain data has revealed an interesting sentiment of strategic accumulation among whales of the largest cryptocurrency. 

    According to information provided by crypto analytics firm IntoTheBlock, Bitcoin whales have added over 76,000 BTC worth approximately $3 billion to their holdings since the beginning of the year. 

    Bitcoin Whales Increase Holdings By $3 Billion Despite Market Downturn

    The price of Bitcoin climbed shortly after the approval of spot ETFs in the US to reach a 20-month high of $48,600. However, in a surprising turn of events, the crypto has suffered a price dip, reaching as low as $38,880 during the week. 

    Despite this series of events, on-chain data suggests that the selloff is coming mostly from small-term holders and a few large whales, as the majority of whales have been taking advantage of the price dip to scoop up more Bitcoin into their wallets.

    The total balance among Bitcoin whales has jumped by 76,000 in January, with the count now nearing 7.8 million BTC. Consequently, addresses holding more than 1,000 BTC have now reached a new all-time high.

    Price Surge Incoming?

    BTC’s future price outlook looks unclear at the moment, as the crypto is currently trading at a minor resistance around the $42,000 level. According to analyst Michaël van de Poppe, Bitcoin could continue consolidating between $37,000 and $48,000 for the coming months, giving altcoins a time to shine.

    BTC is currently trading at $42,522. Chart: TradingView.com

    However, fundamentals surrounding Bitcoin point to a price growth in the longer term. Renowned economist Peter Schiff recently commented that Bitcoin has the possibility of surging to $10 million within the next decade if it becomes a hedge against the devaluation of the US dollar.

    The community and investors also like to keep an eye out for crypto whales because they can significantly influence price movements. When whales stock up on BTC, it often signals they believe the price is undervalued and ready to rise substantially in the near future.

    If the whale accumulation continues, it could lead to a change to positive sentiment among the wider Bitcoin investing market. The next Bitcoin halving is also on its way, and many analysts predict a price growth around the event.  

    Featured image from Pexels

    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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  • How To Buy, Sell, And Trade Crypto Tokens On The Cardano (ADA) Network 

    How To Buy, Sell, And Trade Crypto Tokens On The Cardano (ADA) Network 

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    The Cardano Network is a decentralized proof-of-stake blockchain platform with smart contract support and uses its own native token ADA, just like the Ethereum blockchain. Cardano is often described as the Ethereum killer. However, Cardano also considers itself the updated version of Ethereum, which is currently the king of all altcoins, including ADA.

    Cardano (ADA) The Supposed Ethereum Killer

    It has been said that Cardano has anointed itself as a third-generation crypto platform which it regards to Ethereum as the second generation. Cardano has deemed itself fit to be a threat or competitor to Ethereum as they are both similar in so many ways, including the fact that Cardano (ADA) was created by one of the co-founders of Ethereum, Charles Hoskinson.

    As Ethereum is having a hard time with high gas fees issues and slow transaction times, Cardano is all set up to take their share and make a name for themselves in the NFT, DeFI, and Stablecoin market. Cardano aims to be scalable and low-cost for users compared to Ethereum, its major competitor. 

    It enables owners of their native token ADA to help operate the network and vote on changes to the software roles. A lot of developers now use the Cardano Blockchain for Smart contracts and building decentralized applications (dApps).

    Cardano Continues To Evolve: Hard Forked From Byron To Shelley 

    Cardano has been releasing its blockchain in stages with the aim of releasing better, cleaner, and more secure codes. They continued to evolve as the Cardano blockchain hard forked from Byron, a federated and static model, to Shelley, a more dynamic and decentralized model

    A hard fork means or is described as a radical change in the blockchain, but in the case of Cardano, The blockchain hard fork was unique because instead of the blockchain radical change, it ensured a smooth transition from the old protocol to a new protocol while saving the history of the previous blocks. This means the Cardano blockchain contains the Byron blocks and after a certain transaction period, it adds the Shelley blocks.

    Shelley was upgraded, and the Shelley protocol upgrade added a new feature that enabled different kinds of Smart contract use cases, which included the creation and transactions with multi-asset tokens. It also established support for the Voltaire voting mechanism. The Shelley protocol hard fork upgrade of March 2021 called “Mary” introduced native token and multi-asset support on the Cardano Blockchain. 

    Mary allows users to create their own tokens that run on the Cardano network natively, just like Cardano’s native token ADA. Similar to the ERC20 tokens that can be created and transacted on the Ethereum network, Native tokens will open up this same functionality to Cardano.

    How Does Cardano (ADA) Work?

    The Cardano (ADA) Blockchain is made up of two main components, which are the Cardano Computational Layer (CCL) and the Cardano Settlement Layer (CSL).

    The Cardano Computational Layer (CCL):

    The Cardano Computational Layer (CCL) consist of the Ouroboros consensus protocol and Proof of stake, which are the backbone of the Cardano blockchain. They help to run smart contracts, it also ensures compliance and security. Lastly, allow other key advanced features and functionalities such as identity recognition and blacklisting.

    The Cardano Settlement Layer (CSL):

    The Cardano Settlement Layer (CSL) serves as the accounting layer of the Cardano blockchain where its native token holders can send and receive their ADA immediately with minimal transaction fees.

    Blockchain Industry Issues Cardano Aims To Solve

    • To create a secure voting mechanism for token holders. 
    • To Separate accounting and computation layers. 
    • To create an infinitely scalable consensus mechanism. 
    • To use mathematics to provide a provably secure blockchain that is less susceptible to attacks. 

    Benefits And Advantages of Cardano (ADA) Blockchain

    Decentralization: The Cardano network is designed to promote decentralization, and the founder of ADA Charles Hoskinson, is confident that the network would be 50 to 100 times more decentralized than Bitcoin.

    High scalability: The recent Cardano Blockchain Vasil hard fork solves scalability issues as it introduced critical updates that streamline transaction processing, ultimately increasing the transactions per second (tps) Cardano’s blockchain can handle to significantly boost transaction processing speeds, unlike Ethereum.

    Multilayer security measures: Cardano has a multilayer architecture that separates the computation layer from the accounting layer and also the Ouroboros proof of stake algorithm reduces the surface attack and ensures good security without falling short on decentralization.

    Low gas fees: Unlike Ethereum, Cardano has low transaction or gas fees which makes it more appealing to users and developers.

    Environmentally friendly ecosystem: Cardano is designed to be accessible to all persons, no matter their level of skill, from novices to advanced users.

    Strong Community: A project is as strong as its community and Cardano has a strong community of active users, developers, researchers, and founders all work together to make the project a very good one.

    How To Buy, Sell, And Trade Crypto Tokens On The Cardano (ADA) Network 

    To see a full picture of the Cardano ecosystem, go to CardanoCube. CardanoCude has information on the applications on the Cardano Blockchain, ranging from DEXes to Liquidity to Wallets, Marketplaces, DeFI, Infrastructure, and Launchpads, in case you want to launch a project on the Cardano Blockchain. There are also Metaverse platforms, Gaming platforms, AI tools, Community & DAO, Developer Tools, Meme Coin, and so many more.

    To buy and sell tokens on the Cardano (ADA) network, you need to get a wallet. The official wallet created by the Cardano developer IOG is called DAEDALUS. DAEDALUS is a desktop or PC secure wallet for the ADA cryptocurrency that downloads a full copy of the Cardano Blockchain, and it independently validates every transaction in its history, ensuring maximum security.

    How To Install, Set Up, and Use DAEDALUS Wallet

    Make sure you download the installation file from the DAEDALUS official website daedaluswallet.io. Once the website is open, click on “Download” and then choose your operating system: either macOS, Linux, or Windows. Start the downloading process by clicking on “Download DAEDALUS.”

    Daedalus wallet

    Install it, and once DAEDALUS is launched, you will need to configure the general settings and click on “Continue.” Read, and accept the terms and conditions. 

    Download Daedalus

    Please note that the blockchain must be completely synced before you can use your wallet.

    Syncing crypto

    To create a new wallet, click on the “Create” button, give your wallet a “Name,” and Create your “Spending password”. You will need your spending password later to make transactions. It will also Encrypt your wallet file in the dataless directory.

    Cardano crypto wallet

    After the setup, the “Recovery phase” page will pop up, and you will be given the 24-word secret phrase that you can use to recover your account in case your laptop is stolen or broken.

    Recovery phrase

    Ensure to write down your secret phrase and keep it in a safe place, after verifying your secret phrase your wallet is all set up.

    Cardano Daedalus

    Click on “Send” to send coins and Click on “Receive” to receive coins, select one of the automatic recipient addresses to receive your coins for other exchanges.

    setup crypto

    How To Use The Wallet Function On Minswap Instead Of Daedalus

    Minswap is a multi-pool decentralized exchange (DEX) on Cardano (ADA) where you can swap tokens with minimal time, cost, and maximum ease.

    Minswap

    The Minswap website is user-friendly and easy to trade on. Go to the website, click on “Trade,” then click on “Connect wallet.” 

    Connect wallet

    You might not see the DAEDALUS wallet there, so just create a “MinWallet” by clicking on it, then click on “New Wallet.” Copy your 24-word secret phrase down, write it down in a safe place, verify your secret phrase, create your MinWallet password, Now your MinWallet is ready to be used.

    Minswap Cardano wallet

    How To Buy ADA On Centralized Exchanges And Send To Your MinWallet

    You need some ADA tokens in your wallet to make your transactions. You can buy your ADA from centralized exchanges (CEX) like ByBit, Binance, OKX, and MEXC, etc. In this case, we will use Binance.

    Once the ADA is purchased, copy your MinWallet address, go to Binance, buy your ADA, and then go to “Withdraw.” Paste the MinWallet address you copied in the box to input your address, and Cardano will be automatically filled as your transfer network. Input the amount of ADA you want to transfer, then click on the “Withdraw” button.

    fund wallet

    How To Trade Crypto Tokens On MinSwap

    To buy tokens, go to Coingecko and search for the token on the Cardano Blockchain Network you want to buy. Alternatively, you can go to the social media pages of the token you want to make sure you have the correct coin. Go back to MinSwap, click on the denominator token button, input the name of the token you want to buy, and select it.

    Crypto wallet Cardano

    Input the amount of ADA you want to swap for that token and swap it. If you want to sell, just switch their positions and swap.

    Checking Prices Of Cardano-Based Tokens

    Knowing how to check the price action of tokens when trading on blockchains such as Cardano is important for investors to make the best decisions. For the Cardano network, data trackers such as TapTools is the one-stop-shop for all things Cardano charts.

    Just go to TapTools, click the Search bar, and input the name of the token you want to check. In this case, we’re using SUNDAE.

    TapTools

    Choose the correct token and click on it, and TapTools will show you the price chart for that token. By using TapTools, you will be able to keep track of the price and follow how your token is doing, as shown below:

    TapTools Sundae

    Interestingly, TapTools also has its own inbuilt decentralized exchange (DEX) for those who want to do everything in the same place. All you have to do is connect your wallet similarly to connecting to MinSwap as illustrated above, pick the token you want to swap to, enter the amount of ADA you want to swap, and click “Swap”. The DEX is visible on the right-hand side when you open the chart of a token.

    Swap crypto Cardano

    TapTools Swap

    Conclusion 

    Trading on the Cardano (ADA) network is quick and seamless due to its fast transaction speeds and low fees. However, like with any crypto trading, it does carry its own risk, which could be a partial or total loss of capital.

    Featured image from Bitcoinsensus

    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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  • XRP Price Will See 1,000% Rally When ‘Black Cloud’ Dissolves, What This Means

    XRP Price Will See 1,000% Rally When ‘Black Cloud’ Dissolves, What This Means

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    The host of the ‘Discover Crypto’ YouTube channel has boldly claimed that the XRP price could surge by 1000% from its current price range. He highlighted the Securities and Exchange Commission’s (SEC) case against Ripple as one of the factors that could spark this price surge. 

    XRP Price Could Do A 10X When Ripple And SEC Settle

    In a video posted on the YouTube channel, the analyst suggested that XRP would rise significantly once Ripple and the SEC finally settled. He described this long-running legal battle between both parties as a  “black cloud” that has continued to cause uncertainty in the XRP market.

    He further noted how investors strongly dislike uncertainty, which could explain why they have continued to trade with caution rather than doubling down on their XRP investments. Meanwhile, the ‘Discover Crypto’ host believes that irrespective of how much Ripple ends up being fined, a settlement will no doubt be ‘positive news’ and the trigger for the price surge. 

    The crypto analyst went on to break down four other reasons why he believes that XRP’s price could surge by 1000%. First, he stated that a Ripple Initial Public Offering (IPO) could also trigger a significant rally for XRP. This price pump, he claims, will be facilitated by market makers and whales who would want to create a positive sentiment around the IPO launch.

    To back up this point, he alleged that the biggest move for Bitcoin in 2021 wasn’t as a result of Bitcoin Halving or any market cycle but because of the Coinbase IPO. These same market makers are said to have pumped the flagship crypto’s price then. 

    Token price at $0.53 | Source: XRPUSD on Tradingview.com

    Other Factors That Could Spark XRP’s Parabolic Move

    The crypto analyst outlined crypto legislation as the third reason why XRP could rise exponentially from its current price levels. While admitting that the entire crypto market will benefit from this, he expects XRP to be one of the tokens that enjoy the most gains from this development. 

    Institutional adoption is also predicted to be another catalyst in XRP’s parabolic move. The ‘Discover Crypto’ host noted how the Spot Bitcoin ETFs have opened the doors to mainstream adoption. As such, he expects that more entities will want to add crypto tokens like XRP to their portfolio alongside their Bitcoin exposure.

    The fifth factor that could spark the 1000% rally for XRP is the Bitcoin Halving. The crypto analyst predicts that all crypto tokens, including XRP, are going to pump post-halving. As such, he believes that buying XRP at $0.50 now is definitely a steal. 

    Featured image from Crypto 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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  • Crypto Analyst Explains How XRP Could See Massive 4500% Jump To $27

    Crypto Analyst Explains How XRP Could See Massive 4500% Jump To $27

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    Crypto analyst Egrag Crypto has once again reiterated his prediction that XRP will hit $27 soon. This time, he provided an analysis of how that will happen using XRP’s moving average as a point of reference. 

    How Price Will Rise To $27

    Egrag suggested in an X (formerly Twitter) post that XRP could rise to $27 while analyzing the 21 Exponential Moving Average (EMA) on the monthly time frame. The analyst assessed price percentages that occur when XRP’s price is positioned either above or on the 21 EMA. Using this, he then predicted that the altcoin hitting $27 was on the cards. 

    From the accompanying chart that the crypto analyst shared, one could see that he was simply hinting at XRP replicating past percentage moves. Back in 2017, XRP had risen by over 4500%. In 2018, it rose by another 1000% and saw a 500% increase in 2021 after years of consolidation. 

    Source: X

    This isn’t the first time that Egrag is predicting that XRP will rise to $27. As part of his previous analysis of how XRP will rise to this price level, he stated that this was a “plausible target,” having the 2017 surge in mind when XRP saw a 61,000% gain in 280 days. Interestingly, Egrag’s recent chart shows that this price prediction could happen sometime this year. 

    XRP To $1.4 Before Then

    In the meantime, Egrag predicts that XRP could rise to $1.4 between March and April. According to him, once that happens, it will pave the way for “swift progression to $5 and beyond.” $5 is another price level that the XRP community has its sights on, considering that the analyst had boldly claimed that the token will hit it in 90 days.  

    Meanwhile, the crypto analyst is also aware of the fact that XRP investors are growing anxious about the crypto token’s stagnant price action despite ultra-bullish predictions. He warned these individuals against letting their emotions get in the way as the outcome of these emotions is “suboptimal” for effective trading or investing in the crypto space. 

    To be successful in such a volatile market, Egrag claims that a strategic and disciplined approach is required. In the process, one is able to build mental fortitude. This is also critical as trading in the crypto space is “indeed a mental game, demanding robust, sharp, and resilient metal skills to navigate the dynamic and unpredictable nature of these markets.”

    At the time of writing, XRP is trading at around $0.52, up over 3% in the last 24 hours, according to data from CoinMarketCap. 

    XRP price chart from Tradingview.com (Crypto analyst)

    Token price rebounds after drop | Source: XRPUSD on Tradingview.com

    Featured image from CoinJournal, 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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  • Ethereum Faces Market Tremors As Celsius Offloads $1 Billion in ETH

    Ethereum Faces Market Tremors As Celsius Offloads $1 Billion in ETH

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    Ethereum (ETH) is about witnessing a potential sell-off worth $1 billion. This significant transaction is rooted in actions by Celsius, a bankrupt crypto lender. Reports from on-chain analyst Lookonchain indicate that Celsius initiated the transfer of 459,561 ETH, estimated to be worth around $1.014 billion, to various exchanges.

    The breakdown of this large-scale distribution includes 297,454 ETH ($656.5 million) moved to Coinbase Prime, 146,507 ETH to Paxos Treasury, and smaller sums totaling 7,800 ETH ($17.2 million) sent to FalconX and Coinbase, respectively. Despite this transfer, Lookonchain disclosed that Celsius still maintains a reserve of 62,468 ETH, valued at roughly $139 million.

    This significant transfer carries significant weight in the Ethereum market. It poses a challenge as it exerts considerable pressure on Ethereum’s price, with potential implications for broader market sentiment. Ethereum could see a significant plunge if the $1.014 billion worth of ETH is sold simultaneously.

    Celsius’ Previous Ethereum Transactions

    Celsius’ latest Ethereum transactions aren’t isolated events. LookonChain has previously spotted significant transfers linked to Celsius, including a deposit of 13,000 ETH ($30 million) on Coinbase and 2,200 ETH ($5 million) to FalconX.

    While these moves indicate Celsius’ proactive strategy in managing its financial challenges, they also signal potential volatility for Ethereum’s market value.

    Furthermore, Arkham Intelligence reports that between January 8 and January 12, Celsius liquidated over $125 million worth of Ethereum. The primary objective of these sales is to fulfill obligations to creditors.

    Dune Analytics also highlighted the pattern of large-scale Ethereum redemptions, noting redemptions exceeding $1.6 billion. Since last year’s Shanghai update, this figure represents the highest Ethereum redemptions recorded.

    As part of its bankruptcy proceedings, Celsius continues liquidating Ethereum holdings to pay off debts.

    Ethereum’s Market Reaction

    In the aftermath of Celsius’s Ethereum transactions, the asset has seen a nearly 10% decline in value over the past week, dropping from a high above $2,600 to around $2,186 yesterday. However, Ethereum has slightly recovered, rising by 2.2% in the past 24 hours, with a trading price of $2,258 at the time of writing.

    ETH price is moving sideways on the 4-hour chart. Source: ETH/USDT on TradingView.com

    Amid these market developments, Michael van de Poppe, a renowned crypto analyst, has identified three key factors that could signal a bullish phase for ETH. A significant element is Bitcoin’s market behavior, often setting the tone for altcoins.

    Van de Poppe notes that Bitcoin’s indications of bottoming out usually precede rallies in altcoins, suggesting a potential upturn for Ethereum. He also emphasizes the increasing excitement around spot Ethereum ETFs, which could catalyze Ethereum’s market value in the coming weeks.

    Additionally, Ethereum’s impending network upgrades, which aim to reduce transaction costs significantly, are expected to enhance the network’s efficiency and scalability, potentially boosting its market appeal.

    Featured image Unsplash, Chart from TradingView

    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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    Samuel Edyme

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  • Hedera (HBAR) Shines: Record-Breaking 164 Million Daily Transactions, Market Cap Reaches $2.9 Billion

    Hedera (HBAR) Shines: Record-Breaking 164 Million Daily Transactions, Market Cap Reaches $2.9 Billion

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    Hedera (HBAR), the open-source Proof-of-Stake (PoS) blockchain network, has made significant strides in the fourth quarter (Q4) of 2023, according to a recent report by Messari. The network’s performance showcased notable growth in key metrics, outpacing the crypto market.

    Hedera Outpaces Crypto Market With 78% QoQ Increase

    During Q4 2023, Hedera’s circulating market cap experienced a 78% quarter-over-quarter (QoQ) increase, reaching $2.9 billion. This growth surpassed the overall crypto market’s growth rate of 54%, signifying Hedera’s growing influence. The year-on-year (YoY) change for HBAR stood at 211%, reflecting the network’s progress and adoption.

    Hedera’s circulating market cap grew by 78% during Q4. Source: Messari

    In the same line, Hedera Network’s revenue witnessed a substantial 59% QoQ increase, amounting to $1.6 million in Q4 2023, primarily driven by a 66% QoQ surge in transactions, notably propelled by the Hedera Consensus Service. 

    Furthermore, the revenue generated from Token and Smart Contract Services contributed approximately 14% of the total revenue, exemplifying a healthy distribution in Hedera’s revenue streams.

    With a fixed total supply of 50 billion HBAR, Q4 2023 saw 33.6 billion HBAR, or 67% of the total supply, in circulation. 

    The quarterly distribution of HBAR, reported through the Hedera Treasury Management Report, anticipates an additional 10% of the total supply to be unlocked in Q1 2024, including new ecosystem grants.

    While the number of addresses experienced a decline in Q4 2023, with average daily active addresses decreasing by 22% QoQ to 6,600 and average daily new addresses dropping by 39% QoQ to 5,200, there was still substantial YoY growth. Active addresses were up 90% YoY, and new addresses witnessed a 123% YoY increase.

    Hedera Network achieved a new record in transaction volume for the sixth consecutive quarter, with an impressive daily average of 164 million transactions in Q4 2023, marking a 66% QoQ surge. The Hedera Consensus Service remained the primary driver of this activity, accounting for 99% of all transactions on the network.

    DEX Trading Volume Skyrockets 164% QoQ

    In Q4 2023, the Hedera network reported 28 billion HBAR staked, representing 85% of the circulating and 56% of the total supply. 

    Entities such as Swirlds and Swirlds Labs played a significant role in staking their HBAR allocations, and the Hedera Treasury supported validators in meeting the minimum staking threshold for network consensus. 

    The Hedera network’s Total Value Locked (TVL) demonstrated positive growth, reaching $64 million by the end of 2023, reflecting a significant YoY increase of 169%. The TVL denominated in HBAR reached 733 million, indicating a 16% QoQ and YoY increase. Interestingly, Hedera’s TVL ranked among the top 40 blockchain networks.

    Moreover, Hedera Network experienced a 164% QoQ increase in average daily decentralized exchange (DEX) trading volume, reaching $1.3 million, an all-time high. SaucerSwap dominated DEX trading volume on the Hedera network, accounting for most of the trading activity, as seen in the chart below.

    Hedera
    Hedera’s DEX volume growth during Q4. Source: Messari

    Lastly, the stablecoin market cap on the Hedera network grew by an impressive 73% QoQ, culminating in a year-end total of $6.3 million. Circle’s USDC stood as the sole stablecoin available on Hedera. 

    The network’s rank in the stablecoin market cap among blockchain networks improved by four spots QoQ, solidifying Hedera’s position in the stablecoin market.

    Hedera
    HBAR’s price recovery on the daily chart. Source: HBARUSDT on TradingView.com

    Under current market conditions, the price of HBAR stands at $0.0736, showcasing substantial growth in the past 24 hours, with a 5% increase. 

    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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  • Could Bitcoin Ever Skyrocket To $10 Million? Possible, But Based On This Condition

    Could Bitcoin Ever Skyrocket To $10 Million? Possible, But Based On This Condition

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    Peter Schiff, a well-known critic of Bitcoin, recently engaged in a thought-provoking discussion about Bitcoin’s value relative to gold. Despite his longstanding skepticism, Schiff has presented a scenario where Bitcoin could reach roughly $10 million by 2031.

    However, the Bitcoin critic responded that this could happen under particular economic conditions.

    Schiff’s Extreme Hypothesis On Bitcoin’s Ascent To $10 Million

    This bold statement arises from the Economist’s comparison of Bitcoin’s potential growth trajectory to gold, highlighting the volatility of crypto assets and the spirited optimism of their proponents.

    Commenting under this post, an X user asked, “What if Bitcoin goes to $10,000,00 by 2031?” Schiff then replied with a “hypothetical” scenario that pivots on the dramatic collapse of the US dollar, akin to the fate of the German Papiermark post-World War I. During that period, Germany experienced rampant hyperinflation, devastating the value of its currency.

    Schiff suggests that only if a similar downfall of the US dollar happens does the BTC price catapult to $10 million. However, it’s important to note that this scenario is highly “hypothetical,” and the crypto critic is trying to convey that Bitcoin can only reach $10 million in an “extreme” case of economic turmoil.

    Community Reactions To Schiff’s Post

    Notably, Schiff remains a staunch critic of Bitcoin. He recently expressed concerns about potential regulatory changes under the Securities and Exchange Commission (SEC) Chair Gary Gensler. He predicted increased regulations could raise Bitcoin’s transaction costs and adversely affect its market value.

    The crypto community, however, often counters Schiff’s bearish outlook with a mix of criticism and humor. Influential figures like Samson Mow and Mike Alfred have directly responded to Schiff’s comparisons between Bitcoin and gold, often highlighting Bitcoin’s resilience and growth over the years.

    Mow, in particular, has pointed out that once Bitcoin surpasses gold’s market cap, gold could be relegated to its “industrial utility cost.”

    These responses from the crypto community showcase the strong belief in Bitcoin’s potential and its role in shaping the future of global finance.

    Meanwhile, in the current market, BTC has shown signs of recovery. At the time of writing, Bitcoin is trading above $40,000, a notable increase from its earlier values of below $39,000 earlier this week.

    BTC price is moving sideways on the 1-hour chart. Source: BTC/USDT on TradingView.com

    Featured image from Unsplash, Chart from TradingView

    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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    Samuel Edyme

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  • Ethereum Path To Recovery: Analyst Highlights 3 Key Factors Pointing To A Price Boom

    Ethereum Path To Recovery: Analyst Highlights 3 Key Factors Pointing To A Price Boom

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    Michael van de Poppe, a prominent crypto analyst, recently outlined three key factors that could herald a bullish phase for Ethereum, the second-largest crypto by market capitalization. One crucial factor he identifies is Bitcoin’s current behavior.

    The analyst pointed out that as the market leader, Bitcoin’s recent signs of bottoming out tend to precede altcoin rallies, hinting at a potential upswing for Ethereum. Moreover, Van de Poppe highlights the growing anticipation surrounding spot Ethereum exchange-traded funds (ETFs).

    According to Van de Poppe, the increasing buzz about these spot ETFs is a significant catalyst that could drive Ethereum’s value over the coming weeks.

    Additionally, Ethereum is on the cusp of rolling out critical network upgrades. These updates, aimed at reducing transaction costs by up to 90%, are expected to improve the network’s efficiency and scalability significantly.

    Latest Update On Ethereum Deacon Upgrade

    Regarding updates, Ethereum’s development team is making strides with the upcoming Dencun upgrade, a significant “hard fork” that aims to enhance the blockchain’s efficiency.

    Tim Beiko, a core Ethereum developer, updated the community earlier today on the progress. Dencun, which incorporates “proto-danksharding,” is set to reduce transaction costs on layer 2 solutions, making Ethereum more accessible and affordable for users.

    According to the developer, the upgrade is scheduled to activate on the Sepolia testnet on January 30 and the Holesky testnet on February 7, with mainnet implementation following if these tests succeed.

    Brighter Future Ahead

    Despite these positive developments, Ethereum’s market performance mirrors the overall bearish sentiment in the crypto market, led by Bitcoin. ETH has seen a 13.7% decline in the past week, currently trading at $2,216.

    ETH price is moving sideways on the 4-hour chart. Source: ETH/USDT on TradingView.com

    However, analysts like Van de Poppe urge caution, particularly regarding the impact of the Bitcoin spot ETF. While there may be short-term selling pressure, Van de Poppe remains optimistic about the long-term prospects.

    The analyst suggests that the influx of new capital from diverse market participants could propel Bitcoin, and by extension, Ethereum, to new heights.

    Featured image from Unsplash, Chart from TradingView

    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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    Samuel Edyme

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  • Crypto Carnage: OKB Flash Crash Wipes 25% Off Value In Minutes

    Crypto Carnage: OKB Flash Crash Wipes 25% Off Value In Minutes

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    Yesterday, the cryptocurrency market went through a tumultuous ride, witnessing an overall dip of 5%. However, amidst the chaos, one token stood out: OKB, the native token of the OKX exchange. It experienced a dizzying flash crash followed by a remarkable recovery, leaving investors shaken yet surprisingly hopeful.

    In a span of 30 minutes, OKB plummeted from $51.99 to a mere $39, causing widespread alarm. The sudden drop triggered a series of liquidations, resulting in a staggering $760 million loss in market value.

    OKB Crash: 25% In Value Gone In Minutes

    Social media platforms buzzed with panic, confusion, and morbid curiosity as observers watched the token seemingly vanish into thin air.

    However, OKB staged a comeback that was just as swift as its decline. The token managed to climb back to $47.34, fueled by a surge in trading volume and the OKX exchange’s prompt response.

    Source: Coingecko

    The exchange swiftly acknowledged the crash and assured users that it would compensate for all liquidation losses. This proactive approach provided a sense of stability amidst the chaotic situation.

    While the exact cause of the flash crash remains unknown, it highlights the inherent volatility of cryptocurrencies. Thin liquidity, a common challenge in the crypto space, can magnify even minor price fluctuations, making well-established tokens like OKB susceptible to sudden and dramatic drops.

    Despite the unsettling nature of this event, some investors find a glimmer of hope in the situation. OKX’s rapid response and commitment to reimbursing its users could help rebuild trust in the exchange and the broader cryptocurrency ecosystem. Furthermore, OKB’s unexpected resilience showcases the potential for rapid rebounds even in the face of extreme turbulence.

    OKBUSD currently trading at $47.2849 on the daily chart: TradingView.com

    Lessons Learned

    This volatile episode serves as a stark reminder to investors that the crypto market is a double-edged sword, offering both thrilling highs and gut-wrenching lows. Approaching any digital asset with caution and a comprehensive understanding of the inherent risks involved is crucial.

    However, events like this also demonstrate the community’s remarkable ability to adapt and recover. They leave the door open for continued growth and innovation within the ever-evolving world of cryptocurrency.

    The flash crash of OKB on the OKX exchange serves as a cautionary tale, emphasizing the importance of risk management and due diligence in the crypto market. Investors must be prepared for sudden and unpredictable price swings, which can result from various factors such as market manipulation, technical glitches, or external news events.

    To mitigate the impact of such incidents, exchanges should continually enhance their risk control measures and improve liquidity. OKX’s swift action in acknowledging the crash and offering compensation is commendable and helps restore faith in the platform.

    Featured image from Shutterstock

    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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    Christian Encila

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  • Is XRP Price At $20 Possible? Crypto Analyst Predicts Stunning Move

    Is XRP Price At $20 Possible? Crypto Analyst Predicts Stunning Move

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    Crypto analyst Jaydee has outlined a scenario in which the XRP price could rise to as high as $20 at the peak of the next bull market. According to him, this price level is possible if certain factors are considered. 

    What Will Facilitate XRP Price Rise To $20

    Jaydee mentioned in an X (formerly Twitter) post that $20 is a “possible top” for XRP using the market cap as a marker. For this to happen, he also noted that there must be a structure break on the charts.

    The analyst, however, is not holding his breath for that to happen. He further remarked that he was going to take profits once XRP was overbought on multiple higher timeframes. Interestingly, Jaydee had once shown his skepticism about XRP rising to between $10 and $15. As such, his latest analysis came as a surprise to some of his followers. 

    Meanwhile, crypto analyst Egrag Crypto recently provided an analysis of XRP’s current state. He stated that things are looking bullish on the monthly time frame. He further hinted that a major pump was “brewing,” but there could be more move to the downside before that happens. This, he says, will be “enough to spook the weak hands.” 

    The analyst also gave an insight into how low XRP could drop in another X post. He noted that XRP was currently in a critical zone and that a weekly close below the ascending triangle’s edge could trigger a price downturn to $0.34. On the other hand, if XRP were to close above $0.75, Egg believes that would invalidate his current setup.  

    In the meantime, the analyst sees these current dips in the XRP market as an opportunity to accumulate more tokens while preparing for the pump that will “roll in fast mode.”

    Token price falls to $0.5 | Source: XRPUSD on Tradingview.com

    The Bottom For XRP’s Current Trend

    The current belief among different crypto analysts seems to be that XRP is likely to decline further before it makes any parabolic move to the upside. Crypto analyst Ali Martinez had previously predicted that XRP could drop to $0.34 if it failed to hold above the $0.55 support level (which it has failed to do). 

    Now, crypto analyst XRP Shark is also echoing almost similar sentiments as he shared his belief that the price ranges between $.35 and $0.45 could be the bottom area for XRP’s move to the downside. Once the crypto token drops to that price range, he predicts that a “violent move to the upside” will follow. 

    As Egrag suggested, this move to the downside looks necessary to shake out weak hands before XRP experiences new highs. Crypto analyst Crypto Rover predicts that XRP will experience a “massive breakout” sometime in March. 

    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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  • Celsius Dump Triggers Ethereum Dive: $35 Million Sell-Off Sends ETH Price Crashing

    Celsius Dump Triggers Ethereum Dive: $35 Million Sell-Off Sends ETH Price Crashing

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    Celsius Networks, currently undergoing bankruptcy proceedings, has engaged in significant Ethereum transactions that are causing ripples within the digital currency landscape.

    In the past 10 hours, on-chain analysts at LookonChain detected noteworthy transfers, including a 13,000 ETH deposit ($30 million) on Coinbase and an additional 2,200 ETH ($5 million) on FalconX. These transactions suggest a proactive stance by Celsius in addressing its ongoing financial challenges.

    Celsius Sells $125M ETH, Maintains $1.3B Reserve

    According to Arkham Intelligence, Celsius sold more than $125 million worth of Ethereum (ETH) coins between January 8 and January 12. The primary goal of this auction is to pay off creditors.

    Dune Analytics also revealed a more widespread pattern of redemptions, with over $1.6 billion of staked Ethereum being redeemed during the same period. Since the Shanghai update last year, the amount of redemptions recorded is the highest.

    Despite facing financial constraints imposed by the court, Celsius still holds a substantial Ethereum reserve. This reserve amounts to over 557,000 coins in two staking wallets, with a total valuation of approximately $1.3 billion. The size of this reserve adds a layer of complexity to Celsius’ current financial situation and underscores the evolving narrative within the crypto space.

    Source: LookOnChain

    As part of its obligations to creditors, Celsius has been actively liquidating its Ethereum holdings. These auctions, aimed at paying off outstanding debts, are integral to Celsius’ bankruptcy proceedings.

    Source: LookOnChain

    The market has responded to these Ethereum transactions, resulting in a 4% decline in the price of ETH. The cryptocurrency slipped below the $2,350 mark, raising concerns among analysts, especially as ETH now wavers below its crucial demand zone ranging from $2,380 to $2,461.

    Analysts predict that a failure to maintain this level could lead to a potential retreat towards the $2,000 mark.

    Ethereum currently trading at $2,307.2 on the daily chart: TradingView.com

    Wealthy Investors Trigger Ethereum Profit-Taking

    Santiment’s historical data reveals that significant transactions by wealthy investors, commonly known as whales, often trigger profit-taking activities among regular ETH holders. This phenomenon intensifies selling pressure and contributes to price declines.

    Meanwhile, decreasing funding rates suggest an underlying optimism in the market, hinting at a possible cooldown in previously overheated perpetual markets. This situation leaves room for ETH to rebound once the selling pressure subsides.

    As the bankruptcy drama of Celsius unfolds, the scrutiny on its Ethereum transactions and the resulting market dynamics will persist. Investors and observers are closely monitoring the situation, eagerly awaiting further developments and anticipating the broader implications for both Celsius and the crypto ecosystem.

    Featured image from Shutterstock

    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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    Christian Encila

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  • How To Buy, Sell, And Trade Tokens on The Polygon Network

    How To Buy, Sell, And Trade Tokens on The Polygon Network

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    Polygon (formerly Matic Network) is a game-changing Layer 2 scaling solution that addresses Ethereum’s scalability challenges. It empowers developers to create and deploy scalable, interoperable decentralized applications (dApps) by utilizing sidechains, plasma chains, and innovative scaling techniques. 

    If you’re unfamiliar, sidechains are unique blockchains that are bound to the main Ethereum blockchain and are effective in supporting many Decentralized Finance (DeFi) protocols available on the Ethereum network. This enables rapid transaction speed and cost-effectiveness while maintaining the security and decentralization of the Ethereum network.

    As a Layer 2 solution, Polygon operates in parallel to the Ethereum blockchain. Rather than individually validating each transaction, batches of transactions are sent to the Ethereum blockchain, significantly accelerating the validation process and reducing fees.

    Polygon implements a proof-of-stake consensus mechanism wherein users can stake tokens for a predetermined duration to validate transactions. In return for their staking activities, participants are rewarded with MATIC tokens.

    To ensure robust security, Polygon implements the advanced technique of “commit-chain” or “checkpointing.” It securely anchors the state of Polygon chains onto the Ethereum mainnet at regular intervals, enhancing data integrity and leveraging Ethereum’s inherent security. By capitalizing on Ethereum’s proven security measures, Polygon provides users with a reliable and resilient platform for their transactions and dApps.

    The Polygon Network offers a comprehensive set of features that address scalability, security, and developer-friendliness. In this article, we will delve into the key attributes of the Polygon network and assess its substantial potential within the Ethereum ecosystem.

    Features Of The Polygon Network

    Cross-Chain Connectivity

    Polygon network offers bridges that enable smooth transfers of assets and data across diverse blockchains. This fosters interoperability between chains, empowering users to leverage the advantages of multiple blockchain networks and access a broader array of decentralized finance (DeFi) protocols and applications. 

    Polygon presents a Layer 2 scaling solution for Ethereum by leveraging sidechains to address scalability challenges. This solution facilitates quicker and more economical transactions, alleviating congestion and mitigating high fees on the Ethereum network

    Ethereum Compatibility

    Polygon seamlessly integrates with the Ethereum Virtual Machine (EVM), enabling developers to effortlessly migrate their existing Ethereum decentralized applications (dApps) to the Polygon network. This compatibility guarantees a seamless transition and adoption of Polygon while leveraging the extensive Ethereum ecosystem and developer tools.

    Commit-Chain Checkpointing 

    Polygon employs commit-chain checkpointing, securing the state of its chains by anchoring them onto the Ethereum mainnet. This approach guarantees the integrity of data, harnesses Ethereum’s robust security measures, and safeguards against any unauthorized alterations or tampering of the sidechain data.

    Ethereum Network Security 

    Leveraging Ethereum as its anchor chain, Polygon leverages the inherent security and decentralization of the Ethereum network. This integration fortifies the overall security of the Polygon ecosystem, ensuring users have access to a reliable and resilient platform for transactions and decentralized applications (dApps).

    Developer-Centric Environment

    Polygon provides an array of developer tools and infrastructure that empower developers to create and deploy decentralized applications (dApps) seamlessly. The Polygon Software Development Kit (SDK) offers a streamlined framework for building scalable applications on the network, simplifying the development process. 

    Polygon also prioritizes the needs of developers by offering extensive documentation, guides, and resources. This ensures that developers have access to the necessary information and support to comprehend and harness the platform effectively. The availability of comprehensive resources fosters a vibrant developer community, encouraging collaboration and driving innovation on the network.

    MATIC Token Utility And Exchange Availability

    Polygon’s rebranding decision resulted in the retention of MATIC as its token ticker symbol. MATIC, an ERC-20 token, ensures compatibility with numerous Ethereum projects. Within the Polygon network, users rely on MATIC to secure and govern the network and cover transaction fees.

    The MATIC token serves multiple purposes within Polygon’s ecosystem. Users can utilize MATIC for fee payments during transactions on the Polygon platform. MATIC can also be staked to contribute to the network’s security and earn rewards. 

    Furthermore, MATIC holders have the ability to engage in governance activities by voting on proposed modifications, influencing the evolution of the network.

    In terms of exchange availability, MATIC can be traded on various platforms, including prominent exchanges like UniSwap. This wide accessibility on exchanges enhances liquidity and provides individuals with convenient access to acquire or trade MATIC tokens.

    How To Get Started On The Polygon (MATIC) Network

    To engage in token transactions on the Polygon network, users must acquire a MetaMask wallet. MetaMask, a widely used browser extension wallet, provides a seamless interface for interacting with blockchain networks, including Ethereum. This user-friendly wallet is accessible as a browser extension for popular browsers like Google Chrome.

    To ensure your MetaMask Wallet is added to your browser as an extension, click on the ‘Add to Chrome’ icon located at the top right corner, as depicted below:

    After installation and setup, MetaMask enables users to effectively manage their cryptocurrency wallets, seamlessly interact with decentralized applications (DApps), and securely execute transactions on supported blockchain networks, all directly from within their web browsers. 

    Remember to diligently write down your seed phrase on a physical sheet of paper and store it in a secure location. Avoid storing it online or on any electronic device to ensure maximum security.

    For the next step, add the Polygon (MATIC) network to your Metamask wallet by following the instructions provided on the Metamask website here.

    Trading On The Polygon (MATIC) Network

    In order to execute trades on the Polygon (MATIC) network, you will need to fund your wallet with MATIC so as to enable you to cover gas fees. These fees cover the expense associated with utilizing computational resources related to transaction processing and validation.

    To purchase MATIC tokens, you can utilize centralized exchanges like Binance. Simply copy your wallet address from MetaMask and proceed to transfer MATIC tokens from your Binance account to your MetaMask wallet. 

    In addition, it is possible to acquire MATIC directly within the MetaMask wallet by utilizing conventional payment methods such as credit or debit cards and other similar options.  

    Simply click on the “Buy/Sell” button within the MetaMask interface to access the designated section. Within this interface, you can specify the desired amount of MATIC (or any other token) you wish to purchase in terms of US dollars. Additionally, you can select your preferred payment method before finalizing the transaction by clicking on the “Buy” button. 

    It’s imperative for users to be aware that when purchasing cryptocurrencies directly within MetaMask, you will be required to provide information such as your country and state. However, rest assured that this process is simple and can be completed within a minute.

    Buy MATIC Metamask

    You can expect your MATIC tokens to arrive in your wallet within a few minutes at most. Once they have arrived, you are ready to start trading tokens on the Polygon network. To begin your trading journey, navigate to UniSwap and commence your trading activities.

    How To Trade Tokens On The Polygon Network Using UniSwap

    Uniswap is an Ethereum blockchain-based decentralized exchange (DEX) protocol that enables users to trade Ethereum-based tokens from their wallets directly, eliminating the necessity for intermediaries or conventional order books. Uniswap provides users with a hassle-free method to purchase and sell various tokens.

    To safeguard your wallet against fraudulent activity, ensure that you are accessing the legitimate Uniswap website. 

    Begin by clicking on the “Launch App” button located in the top right corner, as depicted in the image below:

    Polygon Network

    Next, proceed by selecting the “connect” option located at the top right corner of the UniSwap interface, as depicted in the provided image below:

    Uniswap

    Establish a connection with your preferred wallet, as shown in the image below. In this instance, the suggested wallet is Metamask:

    Uniswap buy MATIC

    After establishing the connection, adjust your Metamask settings to the Polygon (MATIC) network. (If you are already connected to the Polygon network, there is no need to make any network switches).

    Polygon trading

    Once you have successfully connected MetaMask to the Polygon network, navigate to UniSwap to begin trading on the Polygon network through the platform.

    Moving forward, you need to choose your desired tokens within the UniSwap interface. As Uniswap operates on a token-to-token trading model, click on the “Select Token” button to designate the specific trading pair you wish to trade against.

    To illustrate, if you intend to purchase USDT using MATIC, simply choose the MATIC – USDT trading pair, specify the desired amount, and click on “Swap” or “Trade Now.” Confirm the transaction in your Metamask wallet, and you will be able to view the tokens in your wallet’s asset list.

    Trading tokens

    Buying And Selling Tokens With Metamask

    Metamask extension wallet, connected to the Polygon network, allows users to buy and sell tokens seamlessly. To proceed, ensure that you are connected to the Polygon network and possess MATIC tokens for swapping and covering gas fees.

    Then, locate the “Swap” button, as illustrated below. Clicking on it will direct you to the Swap interface within the Metamask wallet.

    Metamask Swap

    Using the image above as a guide, users can search for tokens by name or contract address, just like on UniSwap. Enter the amount of MATIC you want to swap, make sure you have the correct token, and click on “Swap”. Once the transaction is confirmed, the tokens you bought will be sent to your wallet.

    Tracking Token Prices on The Polygon  Network

    Polygon network users can equip themselves with potential on-chain tools like Dexscreener, which opens up a world of new opportunities for traders. Dexscreener provides users with extensive market insights for specific tokens, ranging from real-time price data to in-depth contract information. It also helps users make well-informed trading decisions based on reliable and up-to-date data.

    Stay ahead of the curve on the Polygon network with Dexscreener, keeping track of token metrics and market dynamics. 

    Polygon Dexscreener

    Dexscreener on the Polygon network offers invaluable features tailored to users. One standout feature is its charting functionality, which provides real-time and historical price data for various tokens.

    By utilizing these charts, users can gain valuable insights into price trends, trading volumes, and other important metrics.

    Check below for a visual representation:

    Dexscreener charts

    Conclusion

    The Polygon network provides a robust and user-friendly environment for traders to thrive. With its innovative features, growing ecosystem, and commitment to scalability, Polygon is poised to play a pivotal role in shaping the future of decentralized finance.

    As Polygon continues to experience growth and wider adoption, we anticipate a broader selection of applications and services tailored to meet the diverse requirements of traders. The network’s dedication to scalability, interoperability, and user satisfaction establishes it as a frontrunner in the ever-evolving blockchain industry.

    Featured image from Medium

    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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  • Crypto Analyst Predicts Cardano Price Will Climb 2,000% To Reach $11

    Crypto Analyst Predicts Cardano Price Will Climb 2,000% To Reach $11

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    Popular Crypto YouTuber Ben Armstrong has shared his bullish prediction for the Cardano (ADA) price. While giving his prediction, Armstrong also alluded to a recent ADA price prediction that crypto analyst Ali Martinez made. 

    Armstrong’s Bull Case For Cardano Is $11

    In a video posted on his YouTube channel, Ben Armstrong mentioned that his bull case prediction for ADA is $11. However, the crypto YouTuber didn’t share any analysis to back up his bullish sentiment. Instead, he only referred to an earlier ADA analysis that Martinez had shared as part of his prediction of ADA hitting $7. 

    In his analysis, Martinez highlighted how ADA was currently mirroring its “late 2020 behavior.” He further elaborated on how ADA could hit $7 if history were to repeat itself. According to him, if that were to happen, then ADA would resume an upward trend in April, while a pattern continuation will ultimately lead to the crypto token hitting that price level. 

    Meanwhile, Armstrong isn’t the only one who believes that the Cardano price could rise to as high as $11. Dan Gambardello, the founder of Crypto Capital Venture, had previously predicted that ADA would hit this price level at the peak of the next bull market. Unlike Armstrong, Gambardello provided deeper insights as to why he holds this belief. 

    He explained how Cardano has more functionalities now, unlike in the previous bull run. This includes the features that have allowed the DeFi landscape on the network to grow since 2021. The analyst also highlighted similarities between Ethereum and Cardano’s development while hinting that ADA could mirror the run that ETH enjoyed in the last bull run. 

    ADA Getting Ready For The Next Bull Run

    Gambardello, who once hinted that the next bull run was going to begin after the Bitcoin Halving, recently noted in an X (formerly Twitter) post that the bottoming out structure for Cardano was getting reading for this event. He highlighted how ADA cools off prior to the Halving event. According to him, this is “so bullish for ADA” as it possibly prepares for a move to the upside. 

    In the meantime, he hinted that ADA could experience a 30 to 40% move to the downside as it looks to consolidate with Bitcoin and the broader crypto market. Gambardello had previously mentioned that he wasn’t concerned by ADA’s price action and still wouldn’t be even if ADA were to drop below its current price level. 

    At the time of writing, ADA is trading at around $0.49, down over 3% in the last 24 hours, according to data from CoinMarketCap. 

    ADA price struggles at $0.49 | Source: ADAUSD on Tradingview.com

    Featured image from The Cryptonomist, 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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  • Binance Coin Blasts Off: 10% Gain Sparks $350 Price Predictions

    Binance Coin Blasts Off: 10% Gain Sparks $350 Price Predictions

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    In the volatile world of cryptocurrencies, Binance Coin (BNB) has emerged as a strong contender, decoupling from the market’s recent downturn. While other digital assets fell, BNB showcased resilience, demonstrating a price surge towards a critical level that could dictate its future trajectory in the days to come.

    At the time of writing, BNB was trading at $318, reflecting a solid 10% increase over the past seven days. With a market capitalization exceeding $47 billion, BNB’s performance overshadowed its counterparts, capturing the attention of both investors and analysts alike.

    Binance Coin On A Strong Ascent

    Prominent crypto analyst Crypto Tony recently underscored BNB’s ascent, emphasizing the coin’s trajectory toward a key resistance zone. If BNB manages to breach the $355 level, there is a high likelihood that it could establish this zone as a new support level, bolstering its prospects for further upward movement.

    However, the path to higher levels is not without its challenges. A closer examination of BNB’s liquidation heat map reveals a substantial increase in liquidations near $320.

    Moreover, several additional resistance zones loom in the near term, acting as potential hurdles on BNB’s journey to $355. These resistance levels include $320, $325, and $340, necessitating careful monitoring to gauge BNB’s ability to surmount them.

    To gain further insights into BNB’s potential, a comprehensive analysis of the coin’s daily chart was conducted. The Chaikin Money Flow (CMF), which experienced a slight downtick following a sharp uptick, offers a mixed signal.

    BNB market cap currently at $47.56 billion. Chart: TradingView.com

    Simultaneously, BNB’s Bollinger Bands indicate a shift towards a less volatile zone, suggesting a potential slowdown in price growth. However, the MACD presents a more optimistic outlook, with the possibility of a bullish crossover on the horizon.

    Binance Coin RSI Shows Strength

    The Relative Strength Index (RSI) for BNB remains high, indicating a continued uptrend in its price. Notably, despite these positive market indicators, bearish sentiment remains dominant in the market, as evidenced by a significant drop in BNB’s weighted sentiment over the past seven days.

    This dichotomy between market indicators and sentiment highlights the uncertainty and cautiousness surrounding BNB’s future prospects.

    Source: Santiment

    Nevertheless, BNB continues to maintain its popularity within the crypto space, boasting a high social volume. This sustained interest further underscores the coin’s potential and the attention it garners from enthusiasts and investors alike.

    As cryptocurrency markets remain highly unpredictable, it is crucial for investors to exercise caution and conduct thorough research before making any investment decisions.

    While BNB’s recent performance and positive indicators suggest potential upward movements, the presence of resistance zones and prevailing bearish sentiment warrant careful observation in the days ahead.

    Featured image from Shutterstock

    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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    Christian Encila

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  • How To Buy, Sell And Trade Tokens On The Avalanche Network

    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.

    Metamask wallet

    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:

    Trader Joe Avalanche

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

    Connect Metamask

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

    Trader Joe

    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:

    Avalanche Network

    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.

    Getting AVAX tokens

    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 Avalanche

    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.

    Dexscreener

    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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  • How To Buy Sell and Trade Tokens On The Arbitrum Network

    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.

    Metamask wallet

    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:

    Uniswap

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

    Arbitrum trading

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

    Uniswap trading

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

    Token trading

    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.

    Arbitrum 7

    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.

    Buying Ethereum ETH

    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

    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:

    Arbitrum Dexscreener

    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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  • Bitcoin Whale Carries Out Massive Sell-Off

    Bitcoin Whale Carries Out Massive Sell-Off

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    An anonymous Bitcoin whale may have triggered a massive sell-off panic in the crypto market recently. According to an X (formerly Twitter) post by Ali Martinez, the whale sold off a whopping 59,000 BTC totaling over $2.45 billion. 

    Bitcoin Whale Dumps 59,000 BTC

    In his X post, Martinez announced that a Bitcoin whale has initiated a large-scale dump, selling off approximately 59,000 BTC. He shared a chart displaying the Bitcoin Spend Output Age Bands which revealed that the Bitcoin whale had initially acquired 59,346.950 BTC during the last six months of 2023. 

    As per the crypto analyst’s estimate, the whale had bought this staggering amount of BTC at an average price value of $26,000. With BTC’s current value nearly doubling since the initial purchase, the whale’s 59,000 Bitcoin investment has yielded an outstanding 57.69% profit. This percentage puts the total gain at approximately $885 million. 

    This recent Bitcoin sell-off adds to a series of similar whale activities observed in the crypto space lately. Shortly after the launch of Spot Bitcoin ETFs, a Bitcoin whale sold 2,742 BTC worth $127.7 million at the time. This strategic move resulted in a substantial profit of over $74 million. Additionally, reports from Whale Alert have seen 6,621 BTC worth over $276 million being transferred from an unknown whale wallet to Coinbase, an American crypto exchange. 

    Usually, in the crypto space, small amounts of Bitcoin transactions have no effect on the market, but a transaction involving hundreds of millions, or billions of dollars worth of Bitcoin can potentially create massive selling pressure and adversely influence the price of the cryptocurrency.

    BTCUSD trading at $41,544 on the daily chart: TradingView.com

    In respect to this, popular market intelligence platform, Santiment disclosed on X that the crypto market has been consistently experiencing declines that could induce panic among traders. 

    The crypto data intelligence platform shared a chart illustrating the dip possibilities that could be triggered by Fear, Uncertainty, and Doubt (FUD) among crypto traders and investors. Santiment predicts that if bearish sentiments cause traders to panic, it may prompt major sell-offs and potentially instigate a significant bounce in the market. 

    BTC Drops Below $42,000

    Although 2024 has been heralded as the year of the crypto bull run, the price of Bitcoin has been experiencing unexpected declines recently. 

    Initially, BTC surged above $49,000, its highest level in 2023. However, currently the price of the cryptocurrency is trading below the $42,000 price mark. At the time of writing, Bitcoin’s price stands at $41,487, reflecting a 3.29% plunge over the past seven days, according to CoinMarketCap.

    Despite the bullish sentiments brought by the approval and launch of Spot ETFs, Bitcoin has failed to rally above the $50,000 price mark predicted by expert crypto analysts. Santiment has suggested that the approval of Spot Bitcoin ETFs appears to be a classic case of a “buy the rumor, sell the news event.”

    Featured image from Shutterstock

    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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  • Bitcoin Spot ETFs Approved After 14 Years- The Journey So Far

    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.

    BTC price struggles post-Bitcoin Spot ETF approval | Source: BTCUSD on Tradingview.com

    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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  • Astar Makes History, Investors Celebrate 16% Price Hike – Here's More

    Astar Makes History, Investors Celebrate 16% Price Hike – Here's More

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    Astar ( ASTR), a parachain on the Polkadot ecosystem, has been making waves recently, not with flamboyant pronouncements, but with solid numbers and genuine growth.

    Source: Coingecko

    Astar: A Community Blossoming

    Astar has made a historic achievement, boasting an impressive 650,000-strong community of ASTR enthusiasts, showcasing its growing appeal within the Web3 space. This isn’t just passive fandom; a staggering 3.4 billion ASTR tokens, over 63% of the circulating supply, are staked within the ecosystem, demonstrating remarkable faith in the network’s future.

    Astar isn’t chasing fleeting trends; its focus is firmly on tangible applications. Partnerships with industry giants like Toyota and the Japanese Railway operator are concrete steps towards integratingblockchain into real-world systems.

    DeStore Network revamps customer branding, SFY Labs crafts immersive gaming experiences, and Kekkai bolsters Web3 security – these are just a few examples of Astar’s dApps actively bridging the gap between the theoretical and the practical.

    Astar currently trading at $0.17461 on the daily chart: TradingView.com

    Steady Growth

    While ASTR enjoyed a 3.4% rise in the past 24 hours and a 15% surge over the week, its growth narrative isn’t one of manic swings. Astar’s price appreciation finds roots in consistent user adoption and ecosystem development, not speculative hype.

    ASTR seven-day price action. Source: Coingecko

    Astar 2.0: A Future-Proofing Play

    The upcoming Astar 2.0 upgrade isn’t just marketing jargon; it’s a carefully planned evolution. Enhanced network functionalities aim to attract more developers and foster further user engagement, paving the way for ASTR’s long-term aspirations.

    Astar’s narrative isn’t about pronouncements or promises. It’s about a network diligently carving its path in the Web3 landscape, one developer, one dApp, one staked token at a time.

    The numbers speak for themselves – 650,000 community members, 3.4 billion staked tokens, and strategic real-world collaborations. Astar’s journey is far from over, but the groundwork for sustained success is undeniably being laid.

    Featured image from iStock

    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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    Christian Encila

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  • Chainlink Gets Whale Backing: Eyes $20 Mark after Market Dip

    Chainlink Gets Whale Backing: Eyes $20 Mark after Market Dip

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    In the midst of the recent turbulence within the cryptocurrency market, Chainlink (LINK) has emerged as a notable outlier, demonstrating resilience against the sweeping downturn that has left major altcoins crumbling.

    Surprisingly, LINK has steadfastly clung to the $16 mark, showcasing a 14% rally in the last seven days and defying the prevailing market trends. However, investors are left to ponder whether this is a promising sign for Chainlink’s future or merely a momentary blip in the radar.

    Source: Coingecko

    Massive Chainlink Whale Purchase

    This positive signal coincides with a notable $8.9 million whale purchase, injecting a substantial dose of confidence into the market. Yet, beneath the surface, murmurs of a whale exodus are causing concern.

    This purchase also dampens some worries especially following a recent selling spree by Chainlink investors, who offloaded a significant 2.3 million tokens since January 12th.

    The positive signal also comes after recent concerns in the absence of a noteworthy uptick in fundamental growth metrics such as network usage. Without substantial real-world adoption, the coveted $20 price point for Chainlink might remain an elusive mirage.

    LINK market cap currently at $9.044 billion. Chart: TradingView.com

    Chainlink’s Strengths Persist Amid Market Uncertainty

    Meanwhile, IntoTheBlock’s global in/out of the money (GIOM) chart uses the historical entry prices of the current LINK holders to highlight critical levels of support and resistance.

    Source: IntoTheBlock

    In the near term, investors may opt for short-covering maneuvers to prevent falling into a net-loss position, a strategy that could lead to the consolidation of Chainlink’s (LINK) price just below the $15 threshold in the upcoming days.

    Conversely, bullish market participants could potentially counter this bearish scenario by successfully pushing the price beyond the $20 territory. However, a potential hurdle arises from the fact that over 94,000 holders have accumulated 51 million LINK at a minimum price of $18.8.

    This sizable accumulation suggests the possibility of bears establishing a formidable sell-wall in that price range, potentially triggering a retreat in LINK’s value.

    The interplay of these dynamics underscores the delicate balance between short-term tactical moves and broader market sentiment that currently characterizes the trajectory of Chainlink’s price.

    Despite the prevailing turbulence, the core strengths of Chainlink should not be overlooked. Its established role as a leading oracle provider within the blockchain ecosystem remains undiminished.

    If the broader crypto market stages a recovery and fundamental growth aligns, a resurgence for Chainlink is not out of the realm of possibility.

    Featured image from Freepik

    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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    Christian Encila

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