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Tag: ETHUSD

  • LUNC Up 70% – Temporary Spike Or Sustainable Climb Ahead?

    LUNC Up 70% – Temporary Spike Or Sustainable Climb Ahead?

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    Terra has stirred considerable attention of late, experiencing an impressive surge in prices that has left market observers intrigued. The catalyst behind this upward trajectory can be largely attributed to notable advancements within the Terra Ecosystem. A recent substantial capital infusion likely instilled significant confidence among investors, acting as a driving force behind the recent upswing in LUNC prices.

    Examining The Factors Behind LUNC’s Meteoric Surge

    In the last month, LUNC has been on quite a ride, marking an impressive 90% surge in its value. This has triggered discussions, prompting questions about whether this surge is just a momentary spike or the initiation of a more enduring upward trajectory.

    The remarkable boost in LUNC’s value finds its roots in a couple of noteworthy events unfolding within the Terra ecosystem. Specifically, Terra Classic Labs strategically invested around $500,000 into TerraClassicUSD (USTC), the algorithmic stablecoin linked to the Terra platform.

    The considerable token burn that has taken place recently is another key driver of the rally. The quantity of LUNC tokens in circulation has decreased to 5.8 trillion due to the destruction of around 78.24 billion of them, which could put more pressure on the token’s price.

    The cryptocurrency industry frequently uses this process of token burning to control inflation and increase token value by lowering supply.

    LUNCUSD currently trading at $0.0001199 on the daily chart: TradingView.com

    LUNC Showing Bullish Side

    According to data from Coingecko, the price of LUNC has now surged by over 80% this month, with a 71% increase tallied this week in response to the announcement of Mint Cash and Binance’s launch of the USTC perpetual contract.

    Furthermore, the increase happens a week after Terraform Labs allocated $10 million in assets among three different liquidity pools. As of writing, LUNC is trading at $0.00011. With a $513 million daily trading volume, LUNC’s market capitalization of $661 million places it as the 79th largest cryptocurrency asset.

    LUNC’s indicators are all in very positive positions, which is not surprising given that the coin has increased by more than 30% in a single day. Before the present rally loses momentum, its relative strength index (purple) may peak at near to 90.

    The coin’s 24-hour trading volume, which has increased from less than $20 million to more than $600 million virtually overnight, is arguably the most encouraging of all. This surge implies that whales have finally made a comeback to the token, pilfering more of it and igniting a broader rally.

    Meanwhile, LUNC and USTC reported milestone price increases over the previous week, according to data from the crypto intelligence tracker Santiment. As a result of the two coins’ historic weekly gains, LUNC and USTC are now the top moving cryptocurrencies on Santiment’s tracker.

    Source: Santiment

    Santiment’s analysts predict that the milestone price rallies in both cryptocurrencies are probably signs that investors are suffering from FOMO, or the fear of missing out on these tokens’ gains, which has propelled the assets to the top of the list, surpassing both Bitcoin and Cosmos.

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

    Featured image from iStock

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    Christian Encila

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  • Crypto bulls eye $40,000 as bitcoin’s next level as the coin refreshes yearly high

    Crypto bulls eye $40,000 as bitcoin’s next level as the coin refreshes yearly high

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    Crypto bulls are eyeing $40,000 as bitcoin’s next level, with the recent rally sending the crypto to a new high for the year, as the market shakes off the news that Binance’s co-founder Changpeng Zhao pleaded guilty on Tuesday to criminal charges related to violating U.S. anti-money-laundering laws, and stepped down as head of the company.

    The largest crypto BTCUSD on Friday rose to as high as $38,294, the loftiest level since May 2022, according to CoinDesk data. It climbed over 3% over the past 24 hours. 

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  • Analyst Says Ethereum Is Seeing ‘Systemic Buying’, What This Means

    Analyst Says Ethereum Is Seeing ‘Systemic Buying’, What This Means

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    A CryptoQuant Analyst has identified a significant systemic buying trend in Ethereum, suggesting a rising influx of strategic investments into the blockchain network. 

    Analyst Reveals Ethereum Systemic Buying Trend

    A crypto market observer and a contributing analyst at CryptoQuant, Maarten Regterschot has taken to X (formerly Twitter) to publish a systemic buying trend he witnessed in Ethereum. The analyst presented a chart indicating that one or more investors have been engaging in Time Weighted Average Price (TWAP) buying on Ethereum futures. 

    Regterschot stated that the linear increase in open interest in Ethereum suggests that there has been systemic buying of ETH assets for an extended period of time. He revealed that approximately $700 million has already been added to the market. 

    “Someone(s) are TWAP-buying on Ethereum futures. This linear growth in open interest indicates systematic buying over a certain period. There is $700 million added so far,” Regterschot said. 

    Systemic buying in this context involves crypto investments made at regular and periodic intervals. TWAP on the other hand is the measure of an asset’s average price over a specific time period.

    This systemic buying trend suggests a growing demand for ETH by investors over a long period. The trend also coincides with the latest Ethereum developments in the crypto space, including the growing applications on Ethereum Spot ETFs and its potential approval by the United States Securities and Exchange Commission (SEC). 

    The analyst has not revealed insights into the motives behind this systemic buying of Ethereum. However, the developments could become a catalyst for a potential bullish momentum for Ethereum (ETH).

    ETH Price Holds $2000 Mark

    The price of Ethereum has seen multiple upticks within the last few months, allowing the cryptocurrency to finally cross the $2,000 mark. According to CoinMarketCap, Ethereum’s price is up by 2.3% and trading at $2,062 at the time of writing. Although its overall market capitalization is down by 23.31%, the cryptocurrency has been experiencing a fair amount of price increases recently. 

    As the potential approval of Ethereum Spot ETFs by the US SEC looms next year, many investors are currently holding their crypto assets as they gear up for a possible bull run. There have also been several optimistic price projections for the ETH token. Some analysts have predicted that the price of the cryptocurrency will reach $2,250 if it succeeds in crossing multiple resistance levels. 

    ETH price falls to $2,055 | Source: ETHUSD on Tradingview.com

    Featured image from Decrypt, chart from Tradingview.com

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    Scott Matherson

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  • Hashkey-Affiliated Wallet Sells Over $90 Million ETH In 10 Days – Report

    Hashkey-Affiliated Wallet Sells Over $90 Million ETH In 10 Days – Report

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    A wallet linked to Hong Kong-based crypto exchange Hashkey has reportedly sold over $90 million worth of Ethereum in the past 10 days. This massive selling activity appears to have triggered a slight decline in the ETH market, sparking speculations on the token’s price trajectory.

    Crypto Whale Conducts Massive Ethereum Sell-Off

    According to a Sunday post on X  by blockchain analytics platform, Lookonchain, a crypto wallet with the address “0xD26e ” sold off 50,115 ETH, valued at $97.7 million, within a period of 10 days. Lookonchain notes that this wallet is related to Hashkey, having received a majority of the sold-off ETH from the Hong Kong-based exchange. 

    At an average selling price of $2,047, wallet “0xD26e” conducted its ETH sell-off on the Binance and OKX exchanges, withdrawing $89.6 million USDT and $12.95 million USDC in return. 

    As earlier stated, ETH dipped by over 4% in the last week, which is likely in response to such massive selling pressure. However, the second-largest cryptocurrency has now found some stability, gaining by 0.92% in the last day, as it attempts to breach the $2000 mark again.

    What’s Next For ETH? 

    Looking at ETH’s daily chart, it appears the selling spree by wallet “0xD26e” could be a precaution against an incoming significant decline in the token’s value.  After all, the Relative Strength Index indicates that ETH just left the overbought zone and could still experience more losses in the coming days. 

    Albeit, this downward trend is likely to be short-lived, considering the high level of investor interest currently around the altcoin due to the brimming Ether spot ETF race in the United States.

    On Friday, Fidelity Investments became the seventh and the latest asset management giant to join the brawl, having submitted its “Fidelity Ethereum Fund” proposal to the United States Securities and Exchange Commission (SEC).

    In addition to the Massachusetts-based company, other asset managers looking to launch an Ether Spot ETF include prominent names like  BlackRock, Hasdhdex, Grayscale, VanEck, and 21Shares and Ark. 

    It is expected that other asset managers will join the race over the next few weeks, which will lead to a rise in positive sentiments towards Ethereum. 

    While approval by the SEC is still very subjective and uncertain, the mere influx of Ether Spot ETF applications signals an increasing interest in the altcoin from traditional finance investors, which in turn boosts investments in any cryptocurrency. 

    For example, following reports of Blackrock’s filling on November 9, ETH gained by almost 13% to trade above the $2,130 mark in response to the buying pressure that followed.

    At the time of writing,  ETH trades at $1,950, with a 0.34% gain in the last hour, according to data from CoinMarketCap. Meanwhile, the token’s trading volume is down by 32.64% and valued at $7. 32 billion.

    ETH trading at $1.494 on the daily chart | Source: ETHUSDT chart on Tradingview.com

    Featured image from Expert Investor, chart from Tradingview

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    Semilore Faleti

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  • Ethereum ETF Race: BlackRock Wants An Ether Spot ETF

    Ethereum ETF Race: BlackRock Wants An Ether Spot ETF

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    BlackRock has joined the Ethereum Spot ETF race as the asset management company has officially applied to the US SEC and is currently waiting for approval. 

    BlackRock Files For An Ethereum Spot ETF

    Following its Spot Bitcoin ETF filing, BlackRock, an American investment company has taken the proactive step by filing an Ethereum Spot Exchange Traded Fund (ETF) with the United States Securities and Exchange Commission (SEC). 

    The asset management company submitted the application on November 15, however, BlackRock has stated it formed the Trust as early as November 9. 

    According to BlackRock, the iShares Ethereum Trust would be used to facilitate the ownership of Ether through the issuance of shares, allowing investors to own a fractional undivided beneficial interest in the net assets of the Trust.

    “The Trust was formed as a Delaware statutory trust on November 9, 2023. The purpose of the Trust is to own ether transferred to the Trust in exchange for Shares issued by the Trust. Each Share represents a fractional undivided beneficial interest in the net assets of the Trust. The assets of the Trust consist primarily of ether held by the Ether Custodian on behalf of the Trust,” BlackRock said in its filing. 

    Presently, the US SEC has not approved any Ethereum Spot ETF filing as well as Spot Bitcoin ETF applications. The regulatory body has delayed multiple applications to be reviewed from January 2024. 

    The crypto community has remained enthusiastic that the regulatory agency would eventually approve the pending ETF applications, as this could significantly push the growth and development of the crypto ecosystem as well as the cryptocurrencies involved. 

    Ethereum Price Surges

    The price of Ethereum is on the rise following BlackRock’s Ethereum ETF filing. The cryptocurrency’s price climbed almost 2% moving to $2,080 at some point following the announcement of the filing.

    The sharp reaction has caused a stir in the cryptocurrency community, as investors gear up for a potential bull run if the US SEC gives its official authorization of Ethereum Spot ETFs. 

    The price of Bitcoin has also been growing steadily as new companies apply for Spot Bitcoin ETFs. Currently, Bitcoin’s price is trading at $36,408, while ETH is down from its initial surge and trading at $1,952.

    The crypto ecosystem is presently watching closely for more updates on the US SEC’s ETF filing approvals and the price changes that follow them.

    ETH price falls to $1,945 | Source: ETHUSD on Tradingview.com

    Featured image from Bitcoin News, chart from Tradingview.com

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    Scott Matherson

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  • Ethereum Bulls May Propel Price To $3,100, Analyst Suggests

    Ethereum Bulls May Propel Price To $3,100, Analyst Suggests

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    Ethereum (ETH), the second-largest cryptocurrency, has seen a significant price increase over the past month. The recent bullish rush in the crypto market, coupled with BlackRock’s involvement, has pushed ETH to its year-to-date high of $2,139.

    Ethereum Outshines Bitcoin And Altcoins

    According to market data provider Kaiko, ETH has outperformed BTC and many altcoins in recent weeks, signaling a shift in market dynamics.

    Kaiko’s report highlights how ETH struggled to gain momentum over the past year, despite successful upgrades such as The Merge in April. 

    However, the sentiment around ETH changed dramatically when BlackRock filed for a spot ETH exchange-traded fund (ETF), leading to a reversal in the ETH to Bitcoin (BTC) ratio.

    The impact on the market was substantial, with ETH prices surging above $2,000 for the first time since April. Additionally, daily spot trade volumes reached $7 billion, the highest level since the collapse of FTX. 

    ETH’s daily spot trading volume surged to $7 billion. Source: Kaiko

    The ETH ETF narrative provided further impetus to the ongoing rally, amplified by improved global risk sentiment and declining US Treasury yields.

    The dominance of altcoin + ETH volume relative to BTC has risen to 60%, marking its highest level in over a year. During bull rallies, altcoin volume typically increases relative to BTC. 

    This surge in demand has also led to rising leverage, as reflected in the recovery of ETH open interest to early August levels. Notably, BTC open interest has declined over the past month due to liquidations on Binance, resulting in the Chicago Mercantile Exchange (CME) outpacing Binance as the largest BTC futures market.

    Furthermore, ETH funding rates, a gauge of sentiment and bullish demand, have reached their highest levels in over a year, indicating a significant shift in sentiment. In November, both BTC and ETH 30-day volatility rose to 40% and 50% respectively, following a multi-year low of around 15% during the summer months.

    Crypto Expert Predicts ETH Breakout

    Renowned crypto expert Michael Van de Poppe believes that ETH is on the cusp of a significant breakthrough. According to Van de Poppe, if Ethereum manages to surpass the crucial $2,150 resistance level, it could signify the end of the bear market. 

    Drawing a parallel with Bitcoin’s critical $30,000 barrier, Van de Poppe suggests that breaching this level could pave the way for a substantial rally, potentially propelling Ethereum towards the price range of $3,100 to $3,600. 

    Ethereum
    ETH’s 2.5% price surge over the past 24 hours on the daily chart. Source: ETHUSDT on TradingView.com

    However, Ethereum has yet to touch the $2,150 resistance line, as it faces a pre-existing obstacle in the form of its yearly high of $2,139. This pivotal level has halted the cryptocurrency’s bullish momentum, acting as a formidable resistance. 

    As a result, Ethereum has been consolidating within a narrow range between $2,050 and $2,100 for the past three days.

    The forthcoming days will reveal whether Ethereum can overcome its immediate resistance levels and establish a consolidated position above them. Alternatively, it may face a fate similar to Bitcoin, which failed to surpass the $31,000 level for over seven months before reaching its current trading price of $36,000.

    Featured image from Shutterstock, chart from TradingView.com

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    Ronaldo Marquez

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  • Ethereum Bulls Keeps Pushing, Why Rally Isn’t Over Yet

    Ethereum Bulls Keeps Pushing, Why Rally Isn’t Over Yet

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    Ethereum price rallied steadily and surpassed the $2,000 resistance. ETH is consolidating above $2,000 and might start a fresh increase toward $2,120.

    • Ethereum rallied above the $2,000 and $2,050 levels before it corrected lower.
    • The price is trading above $2,020 and the 100-hourly Simple Moving Average.
    • There is a key declining channel forming with support near $2,000 on the hourly chart of ETH/USD (data feed via Kraken).
    • The pair could start a fresh increase if it clears the $2,085 resistance zone in the near term.

    Ethereum Price Holds Support

    This past week, we saw a strong increase in Ethereum above the $2,000 level. ETH outperformed Bitcoin and cleared many hurdles near the $2,050 level.

    It traded to a new multi-week high at $2,137 before there was a downside correction. The price declined below the $2,080 level. There was a move below the 23.6% Fib retracement level of the upward move from the $1,906 swing low to the $2,137 high.

    Ethereum is still trading above $2,020 and the 100-hourly Simple Moving Average. There is also a key declining channel forming with support near $2,000 on the hourly chart of ETH/USD.

    Source: ETHUSD on TradingView.com

    On the upside, the price is facing resistance near the $2,060 level and the channel region. The next major resistance sits at $2,085, above which the price could accelerate higher. In the stated case, the price could rally toward the $2,120 resistance. The next key resistance is near $2,150, above which the price could aim for a move toward the $2,200 level.

    More Losses in ETH?

    If Ethereum fails to clear the $2,085 resistance, it could continue to move down. Initial support on the downside is near the $2,025 level and the 100-hourly Simple Moving Average. It is close to the 50% Fib retracement level of the upward move from the $1,906 swing low to the $2,137 high.

    The next key support is $2,000 and the channel zone. A downside break below the $2,000 support might spark bearish moves. In the stated case, Ether could drop toward the $1,930 support zone in the near term. Any more losses might call for a drop toward the $1,850 level.

    Technical Indicators

    Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.

    Hourly RSI – The RSI for ETH/USD is now below the 50 level.

    Major Support Level – $2,000

    Major Resistance Level – $2,085

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    Aayush Jindal

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  • $9 Trillion BlackRock Files Ethereum Spot ETF, What’s So Special About It?

    $9 Trillion BlackRock Files Ethereum Spot ETF, What’s So Special About It?

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    Following BlackRock’s official filing of Spot Ethereum with Nasdaq, reports have confirmed that BlackRock’s Ether ETF plan has been confirmed by Nasdaq and is on its way to the US SEC to gain final approval. 

    BlackRock Ethereum Spot ETF Confirmed

    American multinational investment company, BlackRock has been making waves in the crypto space after news spread of NASDAQ listing the investment firm’s Ethereum Spot ETF, iShares Ether Trust in Delaware.

    “BlackRock’s Ethereum ETF confirmed. They just submitted a 19b-4 filing with Nasdaq,” Bloomberg Research Analyst, Jeff Seyffart stated. 

    While BlackRock’s Spot Bitcoin ETF proposal remains to be approved by the United States Securities and Exchange Commission (SEC), the $9 trillion asset management company has placed its focus on Ethereum Spot ETFs while it waits for the SEC’s final decision on Spot Bitcoin ETFs. 

    The news of the Nasdaq Ethereum ETF filing comes as a major development for BlackRock’s move into the ETF world. Although the investment company remains tight-lipped on the ETH ETF reports flowing through the space, the possibility of an Ether Spot ETF approval could be a sign of the SEC’s approval of Spot Bitcoin ETFs in the future. 

    Many crypto enthusiasts have predicted that the US SEC may continue its efforts to stop the growth of Spot Bitcoin ETFs by declining BlackRock’s Ether Spot ETF filing. 

    However, in the case the regulatory body does approve the asset management company’s Ethereum Spot ETF, the SEC could be faced with potential contradictions in its decision-making processes. The acceptance of ETH Spot ETFs would stand in stark contrast to the previous disapproval of Spot Bitcoin ETFs.

    Presently, the crypto community has been largely positive, as market metrics signal a potential rally for altcoins following BlackRock’s Ethereum Spot ETF confirmation. 

    A crypto member has stated that the asset management company’s move into Ether Spot ETFs indicates strategic confidence in securing approval for Spot Bitcoin ETF in the future. 

    ETH Price Skyrockets

    Following the news of NASDAQ registering BlackRock’s Ethereum Spot ETF, the price of ETH has increased by over 9% and is currently trading at $2,086.92 according to CoinMarketCap.

    Reports of the Ethereum Spot ETF filing have sparked a rally in the cryptocurrency, topping over $2,000 for the first time since April this year. ETH’s market volume has also increased by 171.53%.

    Many crypto investors are looking forward to more positive developments in the cryptocurrency regarding Ethereum Spot ETFs as an official approval may indicate a potential long-term bull run for ETH.

    ETH bulls retest $2,100 | Source: ETHUSD on Tradingview.com

    Featured image from BlockWorks, chart from Tradingview.com

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    Scott Matherson

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  • Dogecoin Chart Described as ‘Beautiful’ By Crypto Analyst

    Dogecoin Chart Described as ‘Beautiful’ By Crypto Analyst

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    Dogecoin (DOGE) enthusiasts and investors are on the edge of their seats as prominent crypto analysts forecast an imminent breakout for the popular meme coin. Pseudonymous analyst Kaleo’s recent remarks on the promising trajectory of the meme coin have ignited a sense of anticipation within the crypto community. 

    Kaleo’s assertion that Dogecoin – calling its USD price chart “beautiful” – could soon experience a surge akin to other thriving altcoins in the market has brought renewed attention to the coin’s potential for substantial growth.

    Kaleo’s optimism stems from the encouraging trends witnessed across the altcoin market, indicating a potential squeeze out of the current trading range for Dogecoin.

    With a confident outlook on the USD chart, Kaleo emphasizes the possibility of a consolidation phase preceding a significant upward surge for the popular cryptocurrency. This projection has prompted fervent discussions and debates among investors, with many eagerly awaiting the speculated breakthrough.

    DOGE Draws Attention

    Adding to the mounting anticipation, esteemed crypto analyst Ali Martinez has also voiced support for a bullish sentiment surrounding Dogecoin’s future. Martinez, in a recent tweet on the social media platform X, emphasized the critical juncture that Dogecoin finds itself in, suggesting that the current tight zone holds significant implications for the coin’s impending trajectory.

    Highlighting the presence of vital supply walls encompassing DOGE’s current position, Martinez underlines the pivotal roles of a support wall and a resistance wall in shaping the coin’s immediate market behavior.

    As investors closely monitor the developments, the current price of Dogecoin stands at $0.075 according to CoinGecko. Notably, the cryptocurrency has experienced a moderate 1.3% increase in the past 24 hours, further fueling the optimism surrounding its potential breakout. 

    DOGE market cap currently at $10.7 billion. Chart: TradingView.com

    Over the span of the last seven days, Dogecoin has witnessed a notable rally of 8.4%, indicating a gradual but promising upward trend that has caught the attention of market participants and analysts alike.

    Factors Propelling Dogecoin’s Potential Surge

    Despite recent market fluctuations and the general uncertainty surrounding the cryptocurrency landscape, Dogecoin has managed to solidify its position as a prominent player in the digital currency market. The upcoming potential breakout for DOGE is underpinned by several key factors that have instilled confidence in the minds of analysts and investors alike.

    The evolving trend of altcoins making significant strides in the market has set a favorable backdrop for Dogecoin’s anticipated surge. As other digital assets continue to garner attention and register substantial gains, the overall market sentiment appears conducive to DOGE’s upward movement.

    This growing momentum within the altcoin sector has created an optimistic atmosphere, with analysts anticipating that DOGE will capitalize on this trend to propel its own growth trajectory.

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

    Featured image from Kevin_Y/Pixabay

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    Christian Encila

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  • Altcoins Eclipse Bitcoin’s ETF Momentum in the Current Crypto Rally

    Altcoins Eclipse Bitcoin’s ETF Momentum in the Current Crypto Rally

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    Altcoins have managed to outshine the allure of Exchange-Traded Funds (ETFs) in recent months. The resurgence of risk appetite and the promise of double-digit yields are driving traders towards alternative digital assets.

    ETFs are investment vehicles that allow investors to gain exposure to a diversified portfolio of assets, such as stocks, bonds, or commodities. They are traded on stock exchanges, making them accessible to a broad range of investors. In contrast, altcoins are a category of cryptocurrencies other than Bitcoin. Prominent examples include Solana, XRP, and Chainlink, each with its unique features and use cases.

    In recent days, major altcoins like Solana, XRP, and Chainlink have experienced substantial double-digit gains, attracting traders seeking high returns. The enthusiasm for these digital assets has led to an increase in leverage, as analysts observe traders borrowing funds to amplify their investment positions.

    Altcoins: Advances And Market Activity

    The week has seen notable surges in the prices of several major altcoins. Solana, a blockchain platform known for its high-speed and low-cost transactions, has garnered significant attention. Alongside it, XRP, the digital currency associated with Ripple, and Chainlink, an oracle network, have also demonstrated remarkable price increases.

    Source: Bloomberg and CoinShares

    Investors have poured funds into Polygon and Cardano, as indicated by CoinShares data, showing an influx of $800,000 and $500,000, respectively, in the past week. Solana, in particular, has seen substantial net buying, with Coinbase leading the way. Data reveals that 2.2 million Solana tokens were market-purchased between October 18, coinciding with the start of the rally, and Nov. 6.

    As the market breadth of the crypto rally improved and a probable end to the Federal Reserve’s rate-hiking cycle offered a more supportive environment for risky assets, investment advisory firm ByteTree hinted at the early innings of an “alt season” – a prolonged phase of the wider altcoin market outpacing Bitcoin’s price.

    Total crypto market cap at $1.3 trillion on the 24-hour chart: TradingView.com

    Bitcoin’s Enduring Appeal And ETF Enthusiasm

    While altcoins enjoy renewed interest, Bitcoin remains a steadfast choice for investors. This enduring appeal is partly attributed to the recent dip in bond yields while still maintaining relatively high levels. Noelle Acheson, the author of the ‘Crypto is Macro Now’ newsletter, suggests that the sustained enthusiasm for ETFs contributes to Bitcoin’s continued attraction.

    However, it’s important to exercise caution when it comes to ETF optimism. Craig Erlam, a senior analyst at Oanda, highlights the importance of considering broader macroeconomic conditions. Investors are currently grappling with hawkish commentary from central banks worldwide, contrasting with pessimistic economic expectations and speculations surrounding potential rate cuts in the coming year.

    Market Insights

    As investors rekindle their interest in altcoins, the cryptocurrency market’s dynamics are evolving rapidly. Double-digit yields and the promise of significant returns have lured traders back into the altcoin arena. While ETFs remain a favored investment avenue, the crypto space is once again proving its resilience and potential for high-growth opportunities.

    It’s important to note that this renewed altcoin fervor is not without risks, and investors must remain vigilant in the face of shifting macroeconomic conditions and evolving central bank policies. In this ever-changing landscape, the appeal of altcoins, like Solana, XRP, and Chainlink, shows that cryptocurrency’s allure is far from fading, promising continued excitement and opportunities for savvy investors.

    Featured image from Shutterstock

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    Christian Encila

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  • Fed’s Caution On Stablecoins Risks Countered With Recognition Of Innovation Potential

    Fed’s Caution On Stablecoins Risks Countered With Recognition Of Innovation Potential

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    The use of stablecoins has recently come under increased scrutiny from the United States central bank. In a move to strengthen its supervision of banks involved in stablecoin activity, the Federal Reserve announced new guardrails in August.

    This heightened attention on stablecoins is driven by concerns that private entities are essentially creating private money, which could pose risks to the stability of the financial system. 

    Michael Barr, vice chair of the Federal Reserve for Supervision, has called for a robust federal framework to regulate stablecoins. He emphasized the importance of well-regulating private money, especially those stablecoins that are linked to fiat currencies, such as the US dollar, as they inherently rely on the trust of the central bank.

    Barr’s Assertion: Stablecoins Borrow The Trust Of The Fed

    During a recent speech at DC Fintech Week, Barr reiterated his stance on stablecoins, stating that “private money needs to be well regulated.” He explained that when an asset, like a stablecoin, is used as a means of payment and a store of value, it effectively borrows the trust of the central bank. 

    In this context, the Federal Reserve is deeply concerned about ensuring that any stablecoin offerings operate within an appropriate federal prudential oversight framework. This oversight is critical to prevent these stablecoins from posing threats to financial stability or undermining the integrity of the payments system.

    As of today, the market cap of cryptocurrencies stood at $1.308 trillion. Chart: TradingView.com

    Challenges Surrounding Stablecoin Regulation

    In the realm of stablecoin regulation, lawmakers within the House Financial Services Committee made strides over the summer with the advancement of a stablecoin bill. However, this legislative progress was not without its challenges. One of the key sticking points revolved around a provision that would potentially allow state regulators to approve stablecoin issuance without requiring the Fed’s input.

    Representative Maxine Waters of California expressed strong disagreement with this provision. She argued that state regulators should not have the authority to make such decisions independently. While this disagreement temporarily halted the legislative process, Waters recently indicated her expectation that talks on the stablecoin bill would resume.

    Congressional Role In Stablecoin Framework

    Addressing the ongoing debate, Barr suggested that it would be more advantageous for Congress to play a central role in shaping the regulatory framework for stablecoins. This approach would ensure a comprehensive and consistent oversight framework that aligns with the Federal Reserve’s goals of safeguarding financial stability and payment system integrity.

    The Federal Reserve’s increasing focus on stablecoins reflects growing concerns about the potential impact of private digital currencies on the US financial system.

    As discussions and debates continue, the path to regulating stablecoins is complex and multifaceted, with a need for careful balance between government oversight and private innovation.

    The future of stablecoin regulation in the United States remains a topic of critical importance, as the financial landscape continues to evolve in the digital age.

    Featured image from Shutterstock

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    Christian Encila

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  • ADA: Signs Point To Cardano Rally Ahead

    ADA: Signs Point To Cardano Rally Ahead

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    FOR UPDATE…

    Cardano (ADA) has been making significant strides in the cryptocurrency market, reclaiming its position at the forefront of the altcoin buzz. The digital currency’s price rally has propelled it to a multi-month high, signaling a collective effort from both retail and whale investors. 

    At the time of writing, Cardano’s trading volume stands at an impressive $380,929, reflecting a remarkable 24.8% increase overnight. This surge in trading activity serves as a testament to the robust health of the Cardano market, underlining the active participation of all ecosystem stakeholders.

    Cardano: Rallying To New Heights

    The current price of ADA, as reported by CoinGecko, stands at $0.363147, with a 4.6% gain over the past 24 hours and a notable 19.4% surge over the past week. This bullish momentum has been a welcome development for Cardano enthusiasts. 

    Crossing the crucial resistance level at $0.37 is a remarkable milestone for the protocol, as the last time ADA tested this level was in early June. This achievement signifies the growing investor confidence in the project and its potential to reach new heights.

    ADA market cap currently at $12.257 billion. Chart: TradingView.com

    Fostering A Thriving Ecosystem

    While the price action of Cardano is undeniably positive, its success is further underscored by its expanding ecosystem. The crypto protocol has launched a series of products throughout the year, and their impact is becoming increasingly evident.

    Notably, one of the latest innovations, Midnight Protocol, is poised to play a pivotal role as a privacy tool, solidifying Cardano’s position within the Web3 space.

    Midnight Protocol, one of the most recent additions to Cardano’s ecosystem, is set to address privacy concerns that have become increasingly prominent in the world of blockchain and cryptocurrencies.

    With the rise of Web3 systems, privacy has become a paramount consideration, and Midnight Protocol aims to provide a solution. This innovative tool will enable users to interact with blockchain networks while preserving their data and transaction privacy. 

    By offering enhanced privacy features, Midnight Protocol is positioned to contribute to the broader adoption of Cardano within the decentralized web.

    Cardano’s recent price surge to a multi-month high serves as a testament to the platform’s growing popularity and support from both retail and institutional investors.

    The crossing of the $0.37 resistance level marks a significant achievement, and Cardano’s flourishing ecosystem, with the introduction of products like Midnight Protocol, adds even more value to the project. 

    As Cardano continues to evolve and expand, it remains a cryptocurrency to watch in the ever-changing landscape of blockchain technology and decentralized systems.

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

    Featured image from Shutterstock

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    Christian Encila

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  • XRP Hits Critical Level – Should Traders Brace For Impact?

    XRP Hits Critical Level – Should Traders Brace For Impact?

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    XRP, the popular cryptocurrency, has been making significant strides in recent trading hours. Investors and traders have witnessed remarkable gains, with the hourly chart indicating a bullish trend despite a sharp rise. As the price of XRP hovers around $0.696533, CoinGecko reports an impressive 8.9% increase in the past 24 hours, marking a seven-day rally of 24.4%.

    Bulls are flexing their muscles on the daily time frame, underlining the cryptocurrency’s resilience and potential for further upward movement. An analysis of XRP’s price action reveals several compelling factors that suggest a bright outlook for this digital asset.

    Sustained Momentum Above Key Moving Averages

    XRP’s current price of $0.696533 is not merely a fleeting spike. It is notably trading above the 50-day and 200-day exponential moving averages (EMAs), a strong indicator of bullish sentiment. When a cryptocurrency maintains a position above these key EMAs, it typically signifies a solid foundation for a prolonged uptrend.

    The potential for a bullish cross between the 50-day and 200-day EMAs adds weight to the argument for sustained growth. This technical configuration implies that XRP may continue to climb, potentially attracting even more investors looking to capitalize on the positive price action.

    XRP market cap currently at $37.546 billion on the daily chart: TradingView.com

    RSI Confirms Strong Buyer Sentiment

    In addition to the moving averages, the Relative Strength Index (RSI) for XRP is comfortably above the 50 mark. The RSI is a momentum oscillator that measures the speed and change of price movements. When it crosses the 50 threshold, it indicates a shift towards bullish sentiment.

    With the RSI clearly in the bullish territory, it further solidifies the notion that buyers are firmly in control of XRP’s price trajectory. This heightened level of buyer confidence is a crucial driver for the cryptocurrency’s ongoing price appreciation.

    Critical Resistance Point

    While XRP’s recent performance is undeniably impressive, traders and investors should exercise caution and closely monitor the daily bar closure, particularly in relation to the resistance level at $0.6541. This price point serves as a critical juncture that could influence the direction of XRP’s price movement.

    Breaking through this resistance could propel XRP to even greater heights, possibly establishing new support levels at higher values. Conversely, failing to surpass this obstacle may lead to a temporary setback. Therefore, staying vigilant and responsive to the market’s dynamics is paramount for those considering XRP investments.

    Source: Santiment

    XRP Whale Appetite Increasing

    Meanwhile, there has recently been a notable increase in the acquisition of XRP by prominent cryptocurrency investors, referred to as “crypto whales.”

    This surge in purchasing activity has contributed to a highly dynamic commencement of the month of November this year. The XRP price surge has been significantly influenced by bullish trading activity observed within a cohort of strategic crypto whales, as indicated by recent on-chain data.

    Whales, who possess between 100,000 and 1 billion XRP, accumulated an extra 1.26 billion XRP between October 24 and November 6, setting a new record for their total holdings in 2023. The chart above illustrates how the price of XRP began to rise positively around October 24, which is when these wealthy investors started making large purchases of the cryptocurrency.

    At $0.68 per XRP, the 1.26 billion XRP obtained are worth $850 million. XRP price rose over the important resistance zone at $0.65 after this significant investment in two weeks.

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

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    Christian Encila

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  • Ethereum Long-Term Bull Crossover Imminent, What The Signal Means | Bitcoinist.com

    Ethereum Long-Term Bull Crossover Imminent, What The Signal Means | Bitcoinist.com

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    Ethereum sentiment is at extreme lows despite an ongoing recovery in the cryptocurrency market. Controversy continues to keep the top altcoin from joining in the fun.

    But a rising tide lifts all boats, and Bitcoin’s breakout could have been enough to revive Ether, albeit later than other coins. The recent rise has been enough to put the top-ranked altcoin on the cusp of a long-term bullish crossover. Here’s what the signal means.

    Ethereum Readies Monthly Bullish LMACD Crossover

    Ethereum price has consistently made higher lows throughout 2023 and since its June 2022 bottom. Nearly 18 months later, ETHUSD is poised for a bullish crossover of the 1M LMACD — the logarithmic version of the Moving Average Convergence Divergence indicator.

    This version of the tool is used to better compare historical price movements with current price action. A bullish crossover represents a major momentum shift, made even more powerful due to the crossover taking place right at the zero line in the indicator. Passing above the zero line acts as a secondary signal, showing that momentum has strengthened into bullish territory.

    Such a crossover in the past has led to a sustained bull market for Ether and altcoins, especially the DeFi space. The last bullish crossover appeared in May 2020, lasting until a bearish crossover in January 2022 caused a lengthy crypto winter.

    Is a major trend change beginning? | ETHUSD on TradingView.com

    Domino Effect Could Trigger Triangle Breakout, Revisit ATHs

    The bullish crossover in the LMACD is not confirmed, but a breakout of the 1M On-Balance Volume (OBV) indicator could hint at the eventual outcome. OBV is called the “smart money” indicator, able to help traders spot moves early by tracking subtle changes in volume.

    All of these signals point to a possible breakout from an ascending triangle pattern that ETHUSD has been trading in for nearly 18 months. The target of the chart pattern projects Ethereum price revisiting all-time highs, making a breakout especially meaningful.

    If Ether joins in the ongoing bullish price action next to Bitcoin and other altcoins, it could provide more breadth necessary for a dramatic crypto bull run.

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    Tony "The Bull" Severino

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  • Shiba Inu Whales Bet Big As Shibarium Grows, Road To $0.1?

    Shiba Inu Whales Bet Big As Shibarium Grows, Road To $0.1?

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    Shibarium has had quite the adoption and growth since its launch. The layer-2 solution has grown in various metrics over the months, demonstrating strong momentum. Shibarium is closely approaching the 4 million milestone in total transactions. At the same time, whales are increasing their activities, as large transactions spiked in the past week. 

    Shibarium Nears 4 Million Transactions

    The momentum behind Shiba Inu’s own scaling solution is growing at an incredible pace. Shibarium has taken off and become the preferred method for SHIB whales and retail investors alike to buy and sell SHIB tokens.

    According to NOWNodes, Shibarium was one of the best-performing networks this month, as the blockchain node provider reached 66 million processed requests to Shibarium. In less than three months after its launch, the network is now approaching four million total transactions and shows no signs of slowing down.

    Data from Shibariumscan puts the total transaction count at the time of writing at 3.81 million, with a total of 1.51 million blocks mined. The number of daily transactions is also at 13,700 in the past 24 hours, and the number of wallet addresses has recently surpassed 1.26 million.

    At the same time, Shiba Inu whales have upped their activity. Data from IntoTheBlock has shown the Shiba Inu ecosystem saw a 45% jump in large transaction volume, which totaled $46.12 million as October came to a close.

    SHIB market cap currently at $4.839 billion. Chart: TradingView.com

    Road To $0.1 For Shiba Inu?

    Past news around Shibarium has always positively affected the price of SHIB. Each new milestone and benchmark reached in developing Shibarium generates excitement and drives up the price of SHIB. At the time of writing, SHIB is trading at $0.000008154 and only 22.14% of holders are currently making a profit.

    A cross over the four million milestone in Shibarium could lead to another hype in the Shiba Inu ecosystem, even if only temporarily. This could propel Shiba Inu past the current resistance of $0.0000082 and towards its August high of $0.00001072.

    As more SHIB holders discover the benefits of Shibarium, like lower fees and faster transaction speeds, the rate of adoption will only accelerate. At the same time, various developments have pointed towards sustained price growth for SHIB. 

    Shytoshi Kusama, SHIB’s lead developer, recently unveiled a naming service on Shibarium to convert complex Shibarium addresses into simple human-readable names. A $0.1 price point at this moment seems very unrealistic, but updates like this indicate a starting point for sustained price growth.   

    Featured image from Pexels

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    Scott Matherson

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  • Ethereum Insider Drops Bombshell: ETH Founders’ Fraud Bigger Than FTX Fraud | Bitcoinist.com

    Ethereum Insider Drops Bombshell: ETH Founders’ Fraud Bigger Than FTX Fraud | Bitcoinist.com

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    An Ethereum insider has made allegations against Ethereum’s founders, claiming that their fraudulent activities far surpass those seen in the notorious FTX fraud case. 

    Ethereum’s Credibility Under Spotlight

    Attorney and former Advisor for ETH, Steven Nerayoff recently published a shocking piece about Ethereum in an X (formerly Twitter) post on Thursday. 

    The lawyer who has personal knowledge of ETH having worked for the blockchain network previously, has come forward with explosive allegations regarding the actions of Ethereum founders, Vitalik Buterin, and Joseph Lubin. 

    According to Nerayoff, these two Ethereum founders have allegedly orchestrated fraudulent activities regarding the ETH blockchain that exceed the scale of the actions committed by Former CEO and founder of FTX, Sam Bankman-Fried. 

    “Ethereum is the fraudulent elephant in the room in plain sight 1000x bigger than SBF,” Nerayoff stated. 

    The FTX case which has been in the headlines for about a year was one of the leading crypto fraud cases which resulted in the financial loss of many investors. About $8 billion in customer funds were found misappropriated in FTX accounts and millions were transferred into a subsidiary company, Alameda Research owned by Bankman-Fried. 

    The founder of FTX was recently found guilty on all seven charges of fraud and conspiracy on Thursday. Bankman-Fried also stands to serve potentially over 100 years in prison which is the amount the charges lead to. 

    Nerayoff has not provided any concrete evidence to support his claims against ETH founders’ alleged fraudulent activities. But this is also not the lawyer’s first time targeting ETH founders with corrupt accusations. 

    Earlier in September, the former Ethereum advisor accused Vitalik Buterin and his father, Dmitry Buterin of a combined effort to ruin his reputation by accusing him of the extortion of an ETH ICO. 

    Insider Says ETH Linked With Corrupt US Officials

    Following his statement of Ethereum allegedly being involved in fraudulent schemes higher than Sam Bankman-Fried’s FTX fraud case, Steven Nerayoff disclosed that founders Joseph Lubin and Vitalik Buterin have allegedly been colluding with corrupt US government officials from some of the highest federal agencies. 

    The former advisor mentioned prominent government figures that Ethereum may have had secret dealings with including present United States Securities and Exchange Commission (SEC) Chairman, Gary Gensler and former US SEC Chairperson Jay Clayton. 

    “Joe Lubin and Vitalik Buterin have been at the front with corrupt officials at the highest levels of federal agencies such as Clayton, Gensler & many others,” Nerayoff said. 

    Nerayoff’s allegations suggest that Ethereum’s corruption runs deep and high, allowing the platform to have an unfair advantage in the crypto space. The claims which are yet to be verified, have raised questions and concerns among many crypto community members. 

    ETH bulls maintain control | Source: ETHUSD on Tradingview.com

    Featured image from CoinGape, chart from Tradingview.com

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    Scott Matherson

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  • Michael Saylor’s Bold Forecast: Bitcoin Demand Set To Soar 10-Fold

    Michael Saylor’s Bold Forecast: Bitcoin Demand Set To Soar 10-Fold

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    Michael Saylor, the executive chairman and co-founder of MicroStrategy Inc, anticipates a substantial surge in Bitcoin’s value following the US Securities and Exchange Commission’s approval of a spot ETF, and a subsequent surge in demand for the leading cryptocurrency.

    Renowned as a Bitcoin advocate, Saylor reaffirmed his belief in the unparalleled potential for Bitcoin, foreseeing a tenfold upsurge in its value.

    This week, Bitcoin hovered near the $36,000 mark, narrowly missing it before tumbling back to $34,300. The abrupt correction followed a nearly 25% climb in the last month, prompting some traders to seize profits and market participants to re-evaluate the driving forces behind the rally.

    Resilience Of Bitcoin And SEC ETF Prospects

    Although the nearly 5% intraday retreat signaled what some analysts call a “cooling-off stage”, several market observers maintain a positive outlook on the crypto.

    Despite the volatility, Saylor remained unfazed by the erratic price action. On November 1, MicroStrategy’s announcement of purchasing 155 Bitcoins for $5.3 million showcased an unwavering commitment to the cryptocurrency, underscoring the resilience of those who continually support Bitcoin through market fluctuations and price swings.

    At present, the SEC is in the process of examining many applications for a Bitcoin ETF following a prolonged period of delay. According to numerous analysts, it is widely speculated that an approval may be forthcoming as early as January 2024.

    Image: Screen grab from CNBC

    During his discussion with CNBC, Saylor conveyed that a yearly $12 billion of natural selling is anticipated to transform into $6 billion annually, aligning with the escalating demand for bitcoin driven by spot bitcoin ETFs.

    He underlined the prevalent bullish outlook, emphasizing the upcoming 12-month period’s potential as a result of the expected rise in demand and a concurrent reduction in supply, “and this is fairly unprecedented in the history of Wall Street,” he said.

    Bitcoin currently trading at $34,835 territory. Chart: TradingView.com

    Key Factors Driving Saylor’s Conviction In Crypto’s Future

    Saylor’s conviction in the cryptocurrency is further derived from the convergence of several forthcoming Bitcoin-related developments throughout the upcoming year. Firstly, it is important to note that Bitcoin is scheduled to undergo a “halving” event in April 2024.

    This event will result in a 50% reduction in Bitcoin mining incentives, so significantly decreasing the quantity of Bitcoin that is expected to be introduced into the market by miners.

    With a valuation of $34,715 at the time of writing, based on figures by CoinMarketCap, and an impressive 24-hour trading volume of nearly $20 billion, Bitcoin is holding its ground and indicating a flurry of activity in the cryptocurrency space.

    Image: Shutterstock

    With a measly 2.1% decline, Bitcoin is still the market leader with a $678 billion market value, demonstrating its unwavering dominance. This developing narrative is fueling conversations about scarcity and value as the circulation supply of Bitcoin gets closer to the 19 million mark, which is close to its finite cap of 21 million.

    Meanwhile, a significant breakthrough occurred when Bernstein, an investment research firm that had previously expressed doubts about Bitcoin’s prospects, recently issued an optimistic prognosis. They projected that by 2025, the cryptocurrency may be worth $150,000, if there was a real chance that a spot Bitcoin ETF would acquire approval. It’s important to remember that Bitcoin reached its highest point in November 2021, briefly surpassing $69,000.

    Featured image from iStock

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    Yuna Rin

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  • US Authorities Confiscate $54 Million In Ethereum From Convicted Drug Dealer

    US Authorities Confiscate $54 Million In Ethereum From Convicted Drug Dealer

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    In recent developments, US authorities led by US Attorney Philip R. Sellinger successfully seized $54 million worth of Ethereum (ETH) from Christopher Castelluzzo, a convicted drug dealer operating in Lake Hopatcong, New Jersey. 

    Massive Crypto Bust

    The US Attorney’s Office filed a civil forfeiture action to recover previously seized cryptocurrency that was determined to be the proceeds of an illegal narcotics distribution scheme operating in and around New Jersey. 

    US Attorney Philip R. Sellinger emphasized law enforcement’s “commitment” to seizing financial gains from criminal activity, regardless of the form they take. Sellinger further stated:

    The civil action we are taking today seeks to recover millions of dollars of cryptocurrency, which the defendant allegedly obtained from drug sales. Whether it’s as simple as bags of cash or as sophisticated as cryptocurrency, we will take the steps necessary to seize financial gains defendants obtain from criminal activity. 

    According to the US Department of Justice’s (DOJ) press release on the case, the prosecution sheds light on using cryptocurrencies such as Bitcoin (BTC) and Ethereum by criminals on the darknet to evade detection.

    In addition, James E. Dennehy, Special Agent in Charge of the Federal Bureau of Investigation (FBI) in Newark, stated that the FBI played a critical role in uncovering the illegal conduct and ill-gotten proceeds.

    Drug Trafficker’s Ethereum Stash Seized

    According to court documents and the investigations conducted, Christopher Castelluzzo and his associates conspired to sell narcotics between 2010 and 2015. 

    In 2013, they allegedly began trading drugs on darknet platforms in exchange for Bitcoin. Castelluzzo, using proceeds from narcotics sales, participated in Ethereum’s Initial Coin Offering (ICO) in July 2014, acquiring 30,000 Ethereum. Additionally, Castelluzzo received 30,000 ETH Classic in 2016.

    Castelluzzo’s plan to move the funds to a tax haven in Ireland, Malta, or the Bahamas, or potentially keep them in USDT (Tether), was revealed in forfeiture documents. 

    However, a subsequent search warrant led to the raid of Brian Krewson’s residence, an associate of Castelluzzo. Police discovered the relevant crypto wallets under Krewson’s control, and after obtaining the necessary passwords, law enforcement executed the seizure of the Ethereum, valued at $31 million at the time.

    Currently serving concurrent 20-year federal and state prison sentences for drug distribution convictions, Castelluzzo attempted to evade taxes and transfer the 30,000 Ethereum out of the United States while incarcerated. 

    However, Castelluzzo’s plans were intercepted when recorded prison telephone calls exposed his efforts to launder the cryptocurrency. As a result, the United States intervened and seized Castelluzzo’s cryptocurrency holdings linked to his drug trafficking crimes.

    The current value of the 30,000 Ethereum stands at approximately $54 million, underscoring the significant impact of the seizure. 

    ETH’s bullish momentum continues, as seen in the 4-hour chart. Source: ETHUSDT on TradingView.com

    As of the time of writing, ETH is trading at $1,815, reflecting a 0.9% increase over the past 24 hours and a steady upward trend of over 2% in the past seven days, exhibiting strong bullish momentum in the market.

    Featured image from Shutterstock, chart from TradingView.com

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    Ronaldo Marquez

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  • Researcher Successfully Syncs Ethereum Node On PlayStation 4 | Bitcoinist.com

    Researcher Successfully Syncs Ethereum Node On PlayStation 4 | Bitcoinist.com

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    In a groundbreaking experiment, Mario Havel, a protocol supporter and researcher of the Ethereum (ETH) Foundation, has achieved the synchronization of an ETH node on an unlikely device – a PlayStation 4 gaming console. 

    According to a recent post, Havel’s journey began with delving into “PlayStation jailbreaking,” where he discovered vulnerabilities in older PlayStation 4 firmware that allowed for control takeover. 

    Jailbreaking refers to bypassing the restrictions imposed by the official software (firmware) of a device, in this case, a PlayStation 4 console. 

    By jailbreaking the console, the researcher, Mario Havel, gained unauthorized access to the system, allowing him to run custom software and applications and make modifications not typically allowed by the manufacturer.

    Armed with an “old PlayStation 4 machine” running firmware 9.00 or older, Havel embarked on a mission to transform the gaming console into a fully functional Ethereum node.

    From Gaming To Blockchain

    The initial challenge was to obtain a “suitable, hackable” PlayStation 4 console with the desired firmware version. Havel emphasized the importance of avoiding system updates, as newer firmware versions are incompatible with the exploit. 

    After acquiring the appropriate console, Havel manually installed the 9.00 firmware using a USB drive, ensuring the machine remained offline to prevent unwanted updates. 

    To prevent automatic updates while connected to the internet, Havel recommended using a custom domain name system (DNS) server that blocks updates and redirects the user guide homepage to an exploit host. 

    This setup allowed Havel to host a website locally or publicly, providing the necessary tools and resources for the PlayStation 4 jailbreaking process. 

    The jailbreaking process relied on an exploit discovered by comparing firmware versions 9.00 and 9.03. By exploiting a filesystem bug, Havel could trigger the vulnerability by inserting a specially formatted USB device immediately. 

    The exploit required an exfathax.IMG file, which could be downloaded and flashed onto a USB drive using software such as Balena Etcher, a cross-platform tool. Havel noted that the USB drive would be formatted during each jailbreaking session, and it was advisable to use a dedicated flash drive for this purpose.

    According to Havel, once the exploit was successfully activated, the PlayStation 4 gained new capabilities, allowing it to install various packages, tools, and games directly on the console. 

    Linux-Based Ethereum Node Hosting

    Havel mentioned the ability to install packages over a local network for a “smoother installation process.” He also highlighted the ability to run a GNU/Linux distribution – an operating system that can interact with computers and run other programs – on the PlayStation 4, turning it into a versatile personal computer.

    With Linux successfully running on the PlayStation 4, Havel set up an Ethereum node on the console. He recommended downloading portable versions or compiling Ethereum clients suitable for the PlayStation 4’s GNU/Linux environment. 

    Havel shared his experience with clients, highlighting the importance of optimizing resource consumption for smoother operations. He also mentioned monitoring applications to ensure optimal temperature and fan control.

    Having established secure shell (SSH) access over the local network, Havel could connect to his PlayStation 4 node from his laptop, treating it like any other server. 

    This setup allowed for continuous Ethereum synchronization and showcased the PlayStation 4’s potential as a dedicated node-hosting device.

    Ultimately, by repurposing a PlayStation 4 as an Ethereum node, Havel has opened up new possibilities for node hosting, decentralization, and utilizing existing hardware for blockchain network participation. 

    As the experimentation continues, researchers and enthusiasts will likely explore similar avenues, pushing the boundaries of what can be achieved with gaming consoles and decentralized technologies.

    ETH’s uptrend on the daily chart. Source: ETHUSDT on TradingView.com

    Featured image from Shutterstock, chart from TradingView.com 

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    Ronaldo Marquez

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  • Long-Term Bitcoin Metrics Reversing – ‘Explosive Phase’ Seen

    Long-Term Bitcoin Metrics Reversing – ‘Explosive Phase’ Seen

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    Bitcoin (BTC) is currently experiencing a notable surge in its value, effectively propelling the entire cryptocurrency market upwards. The recent upswing has drawn the attention of various experts in the field, one of whom is the pseudonymous crypto strategist known as TechDev. 

    In a recent post on the popular social media platform X, TechDev emphasized that Bitcoin, often referred to as the king of cryptocurrencies, is poised to enter an “explosive” phase, citing the reversal of the king crypto’s long-term metrics as evidence. 

    According to TechDev, a specific signal occurs approximately every 3 to 3.5 years, indicating an impending period of several months during which the market capitalization of Bitcoin is expected to grow significantly.

    Analyzing TechDev’s Bitcoin Insights

    Analyzing the intricate dynamics at play, TechDev’s chart highlights an intriguing correlation between China’s 10-year yield on its bond and the US dollar index, suggesting that as China’s bond yield decreases in relation to the US Dollar Index, Bitcoin’s price is predicted to rise. 

    Simplifying this, it implies that as the yield on China’s long-term bonds decreases in comparison to the strength of the US dollar, there is an increased likelihood of Bitcoin’s value escalating, possibly due to shifting investor sentiment and a growing appetite for alternative assets.

    Furthermore, TechDev underlines Bitcoin’s historical breakouts against the NASDAQ over the years, emphasizing the significance of these breakthrough moments.

    These instances serve as a strong indication for investors, signaling the importance of not overlooking Bitcoin’s potential to break out significantly against the renowned stock exchange. 

    Bitcoin currently trading at $34,610 on the daily chart: TradingView.com

    Cathie Wood’s Vote Of Confidence

    In addition to the optimistic sentiments surrounding Bitcoin, prominent financial figure Cathie Wood, the head of Ark Investment, has expressed unwavering confidence in Bitcoin as a hedge against the potential risks of deflation. 

    In a recent interview on Bloomberg’s Marin Talks Money podcast, Wood responded to a question regarding her preferred asset class to hold for a decade. Without hesitation, she unequivocally favored Bitcoin over gold or cash, highlighting its unique characteristics that make it an effective safeguard against both inflation and deflation.

    Wood emphasized Bitcoin’s inherent resilience against counterparty risk, along with its decentralized nature, which tends to discourage excessive institutional interference. Describing Bitcoin as the “digital gold” of the contemporary financial realm, Wood’s endorsement adds further credibility to Bitcoin’s position as a resilient and promising investment option.

    The current price of Bitcoin according to CoinGecko stands at $34,557, with a slight 24-hour dip of 1.8% countered by a modest seven-day gain of 1.3%. These fluctuations further underscore the dynamic nature of the cryptocurrency market and the ongoing developments that continue to shape the trajectory of Bitcoin’s value. 

    Amidst these fluctuations, the overarching sentiment remains bullish, emphasizing the growing recognition of Bitcoin’s significance in the global financial landscape. 

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

    Featured image from Freepik

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    Christian Encila

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