Cryptocurrency News by Tradecoind2

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LINK hits new yearly high amid news-filled markets​

According to data, Chainlink’s native token LINK has increased more than 60% in the past month to a yearly high of $12.65.

During the reporting period, LINK broke through key resistance levels, reaching a high not seen since April 2022.

Why did LINK increase?​

While the broader crypto market has rebounded strongly over the past month due to optimism surrounding the Bitcoin spot exchange-traded fund, Chainlink is also quietly enjoying some strong stories driving performance its price.

Data from Glassnode shows that LINK’s bullish trend is supported by an increase in the number of addresses with non-zero balances, reaching a new high this year of more than 685,000.

This signals digital assets are increasingly being adopted by investors who buy multiple crypto tokens. For context, on-chain analyst Lookonchain reported whale addresses acquired 312,901 LINK worth approximately $3.81 million on November 5.
Chainlink’s planned Staking v0.2 upgrade will attract renewed interest to its ecosystem. The upgrade will introduce flexible withdrawals, liquidity rewards, a modular structure, and dynamic rewards. These innovations aim to enhance user experience and encourage participation in the network.

Additionally, the digital asset Cross-Chain Interoperability Protocol (CCIP) is being widely adopted by large traditional institutions.

In August, global financial messaging network Swift revealed it was partnering with Chainlink and several financial institutions to conduct tokenization trials that involve transferring tokens across multiple blockchains.

CCIP technology will also be adopted by Korean gaming giant Wemade to support an interoperable Web3 gaming ecosystem in October. At that time, the gaming company also made Chainlink Labs a member. the first of a consortium focused on omnichain ecosystem development and innovation.

Furthermore, Hong Kong revealed it is using CCIP technology to exchange value in Central Bank Digital Currency (CBDC) trials.

These developments have made LINK one of the best performing digital assets in the crypto ecosystem this year. Data from TradingView shows that the asset is up 125% year-to-date.

Source:

LINK hits new yearly high amid news-filled markets - TRADECOIN D2 (BETA)

According to data, Chainlink's native token LINK has increased more than 60% in the past month to a yearly high of $12.65.

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Revealing the identity of the mysterious holder of 250,000 ETH from ICO 2014 but lost the private key​

Blockchain detective Lookonchain reported that the mysterious holder in possession of 250,000 ETH from the 2014 Ethereum ICO has been identified. The investigator cited Conor Grogan, Coinbase’s director of product strategy and business operations, on the matter.

https://twitter.com/i/web/status/1721807002832429548

$437 million in ETH locked due to lost wallet keys​

Data shared by Grogan in a recent tweet shows that he has identified the anonymous whale that purchased approximately $77,500 worth of ETH.

Grogan commented that the cryptocurrency is completely unaffected and that not a single transfer has been made from it since 2014.


Hodler turned out to be the founder of Baltic-based LHV Bank Rain Lohmus. Apparently, he lost his private key and was unable to transfer ETH or convert it to fiat money. To date, the ETH he holds is worth about 437 million USD – witnessing a growth of 5,333 times.

Grogan mentioned that if someone can help him get back these hundreds of millions, he is willing to pay a generous reward:

“If you can help him get them back somehow, he’s willing to share them with you.”

https://twitter.com/i/web/status/1721618040968900969

A total of nearly 910,000 ETH was lost forever​

Summing up his recent estimates, Conor Grogan stated that the total amount of Ethereum that has been lost forever with a very low chance of recovery is currently 886,000 ETH – equivalent to over $1.63 billion. With a few additional addresses added, the total lost Ether increases to 909,800 ETH worth over $1.73 billion – which is over 0.75% of the entire circulating supply of Ethereum on the market.

Largest ETH outflow from CEX​

As reported by onchain data provider IntoTheBlock earlier, over the past week, centralized cryptocurrency exchanges have seen their largest Ethereum outflows since August.

In total, over $210,000,000 worth of Ethereum was transferred by investors to self-custodial wallets.

One possible reason for this is that investors plan to hold ETH for the long term, which is best done in one’s own wallet rather than holding the digital currency on cryptocurrency exchanges.

From Sunday to Monday this week, the second largest cryptocurrency, Ethereum, saw a small growth of 3.13%, reaching $1,914. However, within the past 24 hours, ETH has failed to hold that level. Instead, the cryptocurrency fell 1%, currently trading at $1,875.

Source:

Revealing the identity of the mysterious holder of 250,000 ETH from ICO 2014 but lost the private key - TRADECOIN D2 (BETA)

Blockchain detective Lookonchain reported that the mysterious holder in possession of 250,000 ETH from the 2014 Ethereum ICO has been identified. The

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Evaluate the likelihood of LTC price reclaiming $100​

LTC price has struggled to find steady demand in the current crypto market landscape. However, some on-chain data trends suggest that may soon change as 2024 draws closer.

LTC funded addresses grow rapidly in the second half of 2023​

Large-cap coins like Bitcoin and SOL delivered annual gains of over 100%. Meanwhile, LTC price has only recently erased its losses and regained $70.

On-chain data shows that Litecoin’s recent price recovery is largely driven by steady growth in network demand. First, blockchain data analytics platform IntoTheBlock reports the number of funded LTC wallets has increased by 44,000 since the beginning of the second half of 2023.

The chart below illustrates that LTC now has 9.21 million non-zero addresses, up from 8.77 million on June 30.

The Funded Addresses metric is also sometimes referred to as addresses with a non-zero balance. When it increases as above, it shows increasing adoption and expansion of the blockchain network.
If the number of funded addresses continues to grow, increasing demand could push LTC prices towards the $100 mark as 2024 approaches.

The network is attracting a high number of transactions from new users​

In further confirmation of the increased network demand, the number of LTC transactions by new users increased significantly this month.

According to IntoTheBlock, the new adoption rate on the Litecoin network reached a 1-month high of 49.44% on November 4. Accordingly, this rate is much higher than the 30-day average of 44.26%.

The new Adoption Rate metric measures the percentage of active addresses that made their first transaction on a given day. This provides clear insight into the rate at which new investors are joining the Litecoin network.

In summary, the growing number of funded addresses and higher demand from new investors confirm that the Litecoin network is growing. If it develops into explosive market demand, it could push LTC price up to $100.

LTC Price Prediction: New target is $80​

From an on-chain perspective, LTC’s recent price breakout above $70 was largely driven by network growth. And with these metrics still trending upward, LTC is well-positioned to extend its rally towards $80.

Global In/Out of the Money (GIOM – grouping current Litecoin holders by their entry price) data also confirms this bullish prediction.

However, it shows that LTC must first scale the initial resistance at $76 for the bulls to confidently reclaim $80. As depicted below, 364,400 holders purchased 4.53 million LTC at an average price of $75.99. If those holders close their positions prematurely, they could slow down the price increase.

But if the bulls push that resistance aside, LTC price is likely to reclaim $80 as predicted.

Source:

Evaluate the likelihood of LTC price reclaiming $100 - TRADECOIN D2 (BETA)

LTC price has struggled to find steady demand in the current crypto market landscape. However, some on-chain data trends suggest that may soon change as 2024

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SOL outperforms ETH since September by nearly 135%​

SOL and ETH tokens are often compared for strength in the layer 1 (L1) space. Their performance over the past 2 months has been remarkable, with both ecosystems growing alongside the broader market as talks of an impending bull market continue to trend.

SOL price outperforms ETH​

SOL price is currently far ahead of ETH with a nearly 135% increase since September compared to ETH’s 23%, a 6x difference. With this move, the $41 SOL price is testing a level last seen in August 2022, while ETH returns to its July 23, 2023 high of $1,894.

Data from Kaiko highlights SOL’s outperformance, with prices up nearly 115% since mid-October. That suggests a strong recovery from FTX’s low around the $10 range in November 2022. . Research points to significant growth in network activity, especially where liquidity token staking protocols such as Jito (Second Liquid Staking Protocol on Solana) are of interest. Jito has recorded funding of up to $12 million and a total value locked (TVL) of approximately $224 million.

The research notes the ratio between Solana and Ethereum more than doubled since October 18, from 0.011 to nearly 0.025 and thus surpassing the ratio just before the collapse of Sam Bankman-Fried’s (SBF) crypto empire pour.

Coinbase exchange leads the US market with net purchases of 2.2 million SOL tokens (worth about $88.57 million at current prices) since the bull run began on October 18. Binance, the largest exchange by trading volume, trailed Coinbase in the United States until early November as the broader market saw buying pressure accelerate.

SOL also topped the list of most traded altcoins on US-based exchanges in 2023, ahead of DOGE, LTC, MATIC and XRP.

Meanwhile, South Korea’s leading exchange, Upbit, grew surprisingly well considering the cryptocurrency industry is expanding outside the United States, recording net sales of nearly 4 million SOL tokens in October.

However, it is worth mentioning that Upbit is often a controversial platform due to the typical tendency of Korean traders to pump & dump price trading. At some point in 2021, CryptoQuant CEO Ki Young Ju admitted that Korean traders especially like to pump & dump altcoins. This habit is due to “the region’s very strict capital controls, which prevent arbitrage opportunities between global exchanges.”

Overall, however, Kaiko’s research concludes a difficult year for altcoins in the United States has improved significantly throughout October, especially starting the 18th.

Source:

SOL outperforms ETH since September by nearly 135% - TRADECOIN D2 (BETA)

SOL and ETH tokens are often compared for strength in the layer 1 (L1) space. Their performance over the past 2 months has been remarkable, with both

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Could NEAR price increase soon thanks to NEARCON ’23 conference?​

NEAR, the Layer-1 blockchain token, recorded a decline in price on November 7, however, on-chain metrics indicate that it is resilient.

NEARCON 2023, an event bringing together Web3, DeFi and blockchain experts will take place today (November 7) and could prove a catalyst for NEAR’s recovery.

NEARCON ‘23​

NEARCON, considered one of the biggest Web3 events of the year, took place in Lisbon on November 7. The conference ends on November 10, and the event features a week-long hackathon.

The conference attracts developers, Web3, DeFi and blockchain experts and protocols built in the NEAR ecosystem. With the NEARCON conference taking place, NEAR prices recorded a decline of nearly 3% on the day, after rising 16% during the week.

There is a possibility that this event turns out to be a “semi-truth” transaction, however, it is also possible that NEAR price recovers according to on-chain metrics.

On-chain metrics point towards price recovery​

Three key on-chain metrics help determine NEAR price trends: Social dominance, development activity, and trading volume.

Social domination​

Social dominance is an on-chain metric that shows an asset’s dominance in conversations on platforms like X. This helps determine the demand and relevance of an asset.

Based on data from crypto tracker Santiment, NEAR’s social media dominance increased from 0.68% to 0.74% between November 4 and November 7. . The number of mentions of NEAR in conversations on social media platforms has increased and this strengthens the bullish thesis.

Development activities​

Recent development activity in the NEAR blockchain has reached a three-month high, as seen in the chart below. With NEARCON, there has been a surge in developments on the blockchain, increasing correlation with NEAR’s bullish outlook.

Trading volume​

There has been a consistent increase in NEAR trading volume over the past three months, increasing from $39.75 million on October 7 to 79.5 million on November 7. Trading volume nearly doubled in the past three months. last month, which can support the recovery thesis of NEAR price.

At the time of writing, NEAR price is $1,536, which may start to recover soon.

Source:

Could NEAR price increase soon thanks to NEARCON '23 conference? - TRADECOIN D2 (BETA)

NEAR, the Layer-1 blockchain token, recorded a decline in price on November 7, however, on-chain metrics indicate that it is resilient.

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Why PancakeSwap (CAKE) Exploded Nearly 100% in Two Weeks​

PancakeSwap’s CAKE is one of the hottest tokens in the crypto community as in just 1 short week, the token has increased by over 92%, making it one of the top gainers in the market.

CAKE saw a sudden sell-off in the early months of 2023 and remained flat throughout the rest of the year. On October 31, CAKE began to increase in price, surpassing 2.45, a price level not seen since May.

But what is driving this explosive growth? PancakeSwap has been rolling out a number of features for users, including the listing of the Cake USDⓈ-M CAKE Perpetual Contract on the Binance Exchange, giving users more exposure to the scale of the community Binance.

https://twitter.com/i/web/status/1720011771388583945

More recently, PancakeSwap announced the implementation of Location Manager – the result of a collaborative integration between the DEX and other protocol partners. This collaboration aims to make capital deployment more efficient by automating the liquidity provision process; That way, users can get higher yields compared to manual “yield farming.”

The Position Manager feature supports several coins and stablecoins, including USDT, BNB, BTC, and ETH. To encourage usage, PancakeSwap increased CAKE rewards for the first four weeks, causing the token to go even higher.

In short, most of this growth comes from recent work done by the PancakeSwap team in an effort to bring new features to its community, thereby stimulating CAKE usage. Many of these features have resulted in greater accessibility and ease of use. In September, the DEX integrated with Transak, a Web3 infrastructure provider, making it possible for the protocol to allow its users to purchase cryptocurrency with debit cards, Google Pay, and other methods through Transak.

PancakeSwap strengthens as DEXs reach 1 million growth​

Volume on top DEXs has been tepid throughout 2023. According to data from Coingecko, DEXs recorded new monthly lows starting in May, levels not seen since 2020. However, volume Transaction volume increased in October, with the TVL of most protocols in the green.

It can be seen that the volume reached monthly lows mainly due to the lack of new incentives and features on DEX (also DeFi in general). That said, DeFi users are always chasing higher returns, and one of the main areas that has been delivering returns above 10% is RWA , with some RWA-based protocols yielding 10% APY while APY DeFi’s average is unlikely to reach 3%.

Leading DeFi protocols are now stepping up and providing users with new features and tools that can benefit them, while also incentivizing the usage of their respective tokens. In that regard, Pancakeswap is one of the fastest growing DEXs.

It is worth noting that in June, CAKE increased 9% after Binance Labs made an undisclosed strategic investment.

Source:

Why PancakeSwap (CAKE) Exploded Nearly 100% in Two Weeks - TRADECOIN D2 (BETA)

PancakeSwap's CAKE is one of the hottest tokens in the crypto community as in just 1 short week, the token has increased by over 92%, making it one of the top

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CrossFi Foundation Announces $50 Million Grant Program for Ambassadors and Developers​

CrossFi Foundation ‘s grant program awards 50 million USD of XFI and MPX, two native coins of CrossFi Chain, to active users of Cross Finance ecosystem products. This funding program aims to bring together all users of CrossFi technology to create and promote products that can facilitate the interaction between cryptocurrencies and traditional financial systems.

The program includes four main types of funding for users, ambassadors, developers, testers and validators, with rewards for testing and developing solutions on the CrossFi blockchain, for registration on CrossFi’s social networks and participate in advertising campaigns, etc
The grants aim to reward users for using CrossFi Chain-based solutions and testing new products.

Creators and distributors are encouraged to create useful content about the capabilities of the Cross Finance ecosystem and its products, such as the CrossFi APP, which provides fast and inexpensive cross-border payments, Bank cards, fiat accounts, cross-chain transfers. Finally, the CrossFi Foundation encourages developers to build decentralized applications and services (dApps) on the CrossFi EVM compatible blockchain and motivates users to act as validators in the CrossFi Chain. Details of the sponsorship program are published on the CrossFit Foundation website.

As part of the funding program, on November 2, the CrossFit Foundation launched an airdrop of $100,000 in MPX coins. To participate, users need to visit the Taplink airdrop , complete all tasks, access the XFI dashboard to create a wallet, and fill out the Airdrop form.
The results will be announced on December 2, 2023. During November, the CrossFit Foundation will launch the remaining programs for ambassadors, developers and validators.

According to a CrossFi Foundation spokesperson, the organization welcomes users willing to test CrossFi Chain-based solutions, propose their own solutions, and build decentralized applications. “Community is the main value of any decentralized ecosystem,” he said. The funding program will help accelerate the creation of in-demand fintech products and clearly demonstrate to millions of users how cryptocurrency and traditional finance can coexist in one environment.” .

CrossFi Chain is a decentralized network with a modular architecture based on the Byzantine Fault Tolerant (BFT) Tendermint consensus protocol. Blockchain uses two coins, with XFI serving as the medium of exchange, while MPX serves as the unit of minting power to create XFI.
Grants for blockchain developers and users are an effective tool for growing communities around decentralized ecosystems and play a key role in promoting innovation and development.

CrossFi Foundation’s $50 million funding program aims to unite active users to create and promote products and solutions that combine cryptocurrency and traditional finance, and create opportunities Finance becomes more accessible to everyone, ensuring the continued growth of the blockchain industry.

Source:

CrossFi Foundation Announces $50 Million Grant Program for Ambassadors and Developers - TRADECOIN D2 (BETA)

CrossFi Foundation 's grant program awards 50 million USD of XFI and MPX, two native coins of CrossFi Chain, to active users of Cross Finance ecosystem

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Toncoin (TON) increased more than 10%, kicking Dogecoin out of the top 10​

Toncoin (TON), a cryptocurrency created by popular messaging app Telegram, is enjoying another bullish moment as the token gained more than 10% overnight.

At the time of writing, TON is changing hands at $2.65, a level last seen in February 2022, as the latest price action also saw the asset’s market capitalization increase skyrocketed above $10.5 billion and quickly regained the 10th position from Dogecoin (DOGE).

TON, a blockchain system based on the PoS model, was introduced by Telegram in 2018. However, due to a lawsuit from the SEC alleging that Telegram’s $1.7 billion ICO in 2018 violated the Securities regulations so the project was canceled.

The TON Foundation then assumed control of the project, allowing users to make free cryptocurrency transfers to other Telegram users. The Open Network also offers additional features, such as TON Storage and TON Proxy, which act as a decentralized VPN service.

According to data from CoinGecko, TON is also up 24.5% over the week and up as much as 32% over the past 30 days.

TON price increase time​

TON climbed into the top 10 in September thanks to news that TON Space, a self-managed digital wallet, launched on Telegram, allowing users to buy, sell and trade cryptocurrencies directly through the app. messaging app.

Last week’s token price surge came after the TON Foundation announced it had performed live performance testing of the TON blockchain “to achieve the highest transaction speeds for a blockchain in the world,” claiming to across all layer 1 blockchains and centralized payment networks such as PayPal, Visa and Mastercard.

According to the TON Foundation, the TON testnet has been deployed on 256 validators, reaching a speed of 104,715 transactions per second (TPS) under heavy load. The data generated by this test was also verified by The Open Network’s security partner, Web3 smart contract testing company CertiK.

CertiK’s audit also showed that the TON blockchain reached an average of 78,134TPS .

Established cryptocurrencies such as Bitcoin and Ethereum have faced persistent challenges related to transaction speed. Bitcoin’s speed ranges from 5 to 7 TPS, while Ethereum performs a little better at 15 TPS. Even Solana (SOL), often considered one of the fastest blockchains, reached 50,000 TPS during testing, but is currently processing an average of 4,000 TPS.

Adding to the momentum, the Dubai International Financial Center (DIFC) last week recognized TON , along with XRP, for use in the special economic zone, allowing more than 4,000 financial institutions and companies to use the two currencies. This digital asset for transactions and services.

In the most recent development, Telegram founder Pavel Durov earlier this week announced plans to give away 10,000 paid subscriptions to random subscribers of his channel. According to Durov, he purchased $200,000 worth of Toncoin subscriptions.

Source:

Toncoin (TON) increased more than 10%, kicking Dogecoin out of the top 10 - TRADECOIN D2 (BETA)

Toncoin (TON), a cryptocurrency created by popular messaging app Telegram, is enjoying another bullish moment as the token gained more than 10% overnight.

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FTX transferred 316 million USD in cryptocurrency to CEX, the most is still SOL​

According to on-chain data, FTX recently transferred approximately $316 million in digital assets to various cryptocurrency exchanges.

Over the past few weeks, the cryptocurrency exchange has been quick to divest a portion of its crypto assets, including assets like Solana (SOL) and Ethereum (ETH) — as part of bankruptcy proceedings. product.

Against this backdrop, FTX made cryptocurrency transfers worth more than $60 million between November 7 and November 8, according to details from Lookonchain.

https://twitter.com/i/web/status/1722068242037166120

These transactions have added to the selling pressure in a market affected by optimism about the possibility of approval of a Bitcoin ETF by the United States Securities and Exchange Commission (SEC).

Solana dominates FTX’s moves ​

An analysis of FTX transfers by Lookonchain has revealed that Solana (SOL) accounts for more than half of transfers made by the exchange.

As of November 8, the bankrupt exchange had transferred 4.8 million SOL tokens, equivalent to $187 million.

These transactions could add further selling pressure to the token, which has seen a recent resurgence. However, SOL’s price is still stable, trading above 40 USD.

In the past 24 hours, it even increased by 2.82%, reaching $43.18. This positive trend has been a topic of interest throughout the year, with SOL increasing more than 330% since the beginning of the year, recently reaching a peak for the year of $46.

SOL is the most important asset on FTX’s balance sheet, worth more than $1 billion.

Other assets are transferred​

In addition to its Solana transactions, FTX has made significant transfers of other digital assets. These transfers include approximately $32 million in ETH, $14.3 million in Polygon’s MATIC, and $4.46 million in Lido’s LDO.

FTX also transferred $4 million in Maker, $3.1 million in Sushi, and $1.6 million in Aave tokens, among others. These transactions are intended to compensate FTX customers and investors who suffered losses due to last year’s bankruptcy. The exchange recently sold $744 million worth of Trust assets held at Grayscale and Bitwise.

Source:

FTX transferred 316 million USD in cryptocurrency to CEX, the most is still SOL - TRADECOIN D2 (BETA)

According to on-chain data, FTX recently transferred approximately $316 million in digital assets to various cryptocurrency exchanges.

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ETH could hit $3,000 as spike in network activity causes token deflation​

Markus Thielen, head of research at Matrixport, noted in a report this week that Ether (ETH) has broken out of the downtrend and could be heading towards $3,000 amid the recent frenzied altcoin network activity. has revived.

“Ethereum ecosystem revenue is bottoming out from a low; This could signal a potential trading bottom for ETH.”

Token Terminal data shows that Ethereum’s weekly revenue – which is income from the network’s transaction fees, also known as gas – recently rose above $30 million for two consecutive weeks, up from a yearly low. was $12 million reached in early October. Fees on the 30-day timeframe are now $112.75 million, an increase of 37.18%.

“A tactical bullish trade could be worthwhile as long as weekly Ethereum fees remain above $30 million,” Thielen added, setting a $3,000 price target based on technical chart patterns.

The bullish outlook marks a change from Thielen’s bearish stance on ETH in September, when he cited declining network revenue and user activity. Indeed, ETH in early October fell to a 7-month low, while its relative valuation to BTC fell to a 15-month low.

Alongside the massive rally in Bitcoin and the rest of the crypto market since then, ETH has gained around 20%, currently trading at $1,883.

Ether (ETH) turns deflationary​

IntoTheBlock points out that the movement of capital from Bitcoin to altcoins has helped boost user activity on Ethereum, which is the foundation of many Defi and DEX protocols.

The network settled $250 billion in asset transfers last week, the highest value since the mid-March regional banking crisis and up from $105 billion at the end of August.

Due to the spike in activity on Ethereum, blockchain data shows that more ETH has been burned than added to its supply over the past week, causing the token to deflate after two months of inflation.

According to Lucas Outumuro, research director at IntoTheBlock, increased on-chain activity signals that crypto market fundamentals are improving.

Source:

ETH could hit $3,000 as spike in network activity causes token deflation - TRADECOIN D2 (BETA)

Markus Thielen, head of research at Matrixport, noted in a report this week that Ether (ETH) has broken out of the downtrend and could be heading towards

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Arbitrum DAO votes on $24 million “refund” for projects that missed out on grants​

Arbitrum DAO is currently voting on a proposal that could inject 21.4 million ARB tokens ($24 million) into approved projects that did not reach the total funding of 50 million ARB in the first funding round in last month of the Short-Term Incentive Program.

If the current request for comment process is successful, it will move to the official Arbitrum Improvement Proposal and on-chain voting before implementation.

Dubbed a one-time “reimbursement fund,” it outlines plans to increase the total STIP budget to ARB 71.4 million, funding an additional 26 protocols beyond the initial 29 successful projects.


By nearly doubling the number of projects receiving support, the proposal prepared by the Arbitrum STIP Inclusion Working Group follows a series of community calls and workshops, arguing that it represents an important opportunity to “support emerging, diverse builders” and “avoid the irreversible harm of putting pressure on small, high-potential builders.”

The majority of voter opinions, about 90.3%, currently support this proposal, with 8.3% opposing and 1.4% abstaining. Voting begins on Wednesday and is expected to end on November 14.

Gains Network, Synapse and Wormhole can benefit​

While the budget for the grants was ARB 50 million, the working group initially proposed ARB 75 million, in line with the proposal’s recommendations. If approved, this program maintains STIP 1 progress and processes, approving an additional 21.4 million ARB funding through the end of January 31, 2024.

Projects that could benefit from this proposal if enacted include decentralized exchange Gains Network, cross-chain platform Synapse, and DeFi bridge Wormhole – respectively requiring 4.5 million ARB (5 million), 2 million ARB ($2.2 million) and 1.8 million ARB ($2 million). Notably, DEX provider PancakeSwap rescinded its 2 million ARB ($2.2 million) request, citing KYC requirements.

Arbitrum’s $ 40 million initial funding​

Arbitrum’s first round of funding applications ended last month, with 29 projects receiving a total of 49.6 million ARB tokens, worth $40 million at the time. Perpetual trading protocol GMX was the biggest recipient of funding, decentralized exchange Camelot garnered the most votes, and liquidity staking solution Lido Finance was one of the biggest projects to completely miss out. .

GMX confirmed receipt of the funding yesterday. The platform then launched the GMX V2 incentive program today, with yields currently offering between 60% and 75% for Arbitrum, Solana, Uniswap, Litecoin, Dogecoin and XRP pools.

Source:

Arbitrum DAO votes on $24 million “refund” for projects that missed out on grants - TRADECOIN D2 (BETA)

Arbitrum DAO is currently voting on a proposal that could inject 21.4 million ARB tokens ($24 million) into approved projects that did not reach the total

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Coinbase, the largest cryptocurrency exchange in the United States, has announced plans to end support for Bitcoin SV (BSV) on its platform.

This decision comes more than two years after the exchange initially removed BSV from trading.

Coinbase finalizes BSV withdrawal deadline​

According to the announcement, Coinbase will stop supporting BSV assets starting early next year and users are encouraged to take action before January 9, 2024 to protect their holdings.

The notice states:

“Users can withdraw BSV until support for this asset ends completely on January 9, 2024, approximately 12:00 ET (0:00 January 10, 2024 Vietnam time) . If you do not withdraw all your BSV, Coinbase will liquidate any remaining BSV in your account.”

https://twitter.com/i/web/status/1721585359220568089

Coinbase further mentioned that the liquidated funds will be converted to the cash equivalent market value of another digital asset, warning that they may be subject to taxes.

This move by Coinbase is not entirely unexpected, as the exchange previously delisted BSV in 2021. The decision to remove BSV from its trading services was motivated by concerns about the stability of the blockchain , mainly due to the “51% attack” the network suffered.

Despite the delisting, Coinbase still allows users to retain their BSV holdings in their wallets on the platform.

Immediately after the news was announced, BSV dropped its price slightly and slid below 50 USD.

Bitcoin SV, also known as Satoshi’s Vision, emerged in November 2018 due to a hard fork of Bitcoin Cash, a spin-off of the original Bitcoin blockchain. Currently ranked as the 53rd largest digital asset with a market capitalization of $967 million, Bitcoin SV has unique and controversial origins.

Cryptocurrency developers claim that BSV is the “original Bitcoin,” with “SV” standing for “Satoshi’s Vision.” Such hard forks, where the blockchain splits into two, can occur due to upgrades or disputes between network developers. The cryptocurrency scene has seen many Bitcoin forks, but BSV is one of the most prominent and infamous alternatives.

Notably, Bitcoin SV has received support from Australian computer scientist Craig Wright, who has made unverified claims that he is Satoshi Nakamoto, the anonymous creator of Bitcoin. Wright’s aggressive stance, including legal cases against exchanges like Coinbase and Kraken that questioned his identity, contributed to BSV being delisted from various platforms.

Source:

Coinbase ends BSV support completely, causing price to slide below $50 - TRADECOIN D2 (BETA)

Coinbase, the largest cryptocurrency exchange in the United States, has announced plans to end support for Bitcoin SV (BSV) on its platform.

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This is why network activity and Ronin (RON) price are exploding​

Ronin may be best known as the Ethereum sidechain network behind Axie Infinity, the P2E monster-fighting game that brought NFT gaming into the spotlight in 2021. But now Ronin is attracting attention. attention to other games – and online activity is surging after the launch of a game called Pixels last week.

According to data shared on X (Twitter) by Alex Svanevik, founder and CEO of cryptocurrency analytics company Nansen, the number of active wallet addresses on Ronin has tripled in recent days. As of early Wednesday, it showed a jump from more than 20,000 daily active wallet users to around 70,000.

https://twitter.com/i/web/status/1722224510613778844

Meanwhile, Ronin’s native token RON is surging, marking a 14% increase in the past 24 hours to its current price of around $0.68. RON continues to grow 37% over the past week and 62% over the past 30 days, although other gaming tokens have seen similar jumps in recent weeks.


Pixels, which was previously available on the Ethereum Polygon extension network before moving to Ronin, officially launched on the Axie network on October 31. The game recreates the feel of a classic 16-bit role-playing adventure, allowing Players navigate through a pixel art world as they interact with each other, farm the land, play mini-games, and earn token rewards.

It also allows owners of select NFT profile photo (PFP) collections to use their owned avatars in-game, with projects such as Bored Ape Yacht Club and CrypToadz supported.

Ronin, developed by Axie Infinity developer Sky Mavis, has brought additional games to the Ethereum extension network, including The Machines Arena, Zoids Wild Arena and CyberKongz Play and Kollect.

The Ronin network experienced a $622 million hack in March 2022, which the US Treasury Department later blamed on the notorious North Korean state-sponsored hacking group, Lazarus. Sky Mavis eventually refunded users’ stolen funds and recovered about 10% of the stolen funds transferred through centralized exchanges.

Axie Infinity’s own tokens have also increased in price in recent weeks, with the AXS governance token increasing 42% in the past 30 days to its current price above $6.17, while the SLP reward token has increased 71% in the past 30 days. that period to $0.002.

Source:

This is why network activity and Ronin (RON) price are exploding - TRADECOIN D2 (BETA)

Ronin may be best known as the Ethereum sidechain network behind Axie Infinity, the P2E monster-fighting game that brought NFT gaming into the spotlight in

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STORJ Hits 440-Day High – Can It Rise to $1?​

STORJ price broke above the $0.50 horizontal resistance area this week. It spiked to $0.64, its highest level in 440 days.
The price has yet to reach a weekly close above this zone, which would confirm a breakout. Will the price do the same?

STORJ broke out of long-term resistance​

STORJ price has traded between $0.25 and $0.50 since the beginning of the year. During this time, both the resistance and support zones were validated multiple times (red and green symbols).

Most recently, STORJ bounced off its August low, creating a very long lower wick, which is considered a sign of buying pressure. This has catalyzed the ongoing price rally.

After another failed breakout attempt in October (black symbol), STORJ price finally broke out this week, reaching a high of $0.64. This is the highest price in 440 days.

The relative strength index (RSI) is a momentum indicator that traders use to evaluate whether the market is overbought or oversold to decide whether to accumulate or sell an asset. A reading above 50 and trending up shows that the bulls have the advantage, while a reading below 50 shows the opposite.

The weekly RSI is rising and above 50, both considered positive signs. Furthermore, the indicator created a bullish divergence at the August low (green line). Bullish divergence occurs when the bearish momentum is not supported by momentum.

STORJ Price Prediction: Can it reach $1?​

Technical analysts use Elliott Wave theory as a means to identify recurring long-term price patterns and investor psychology, helping them determine the direction of a trend.

The number of Elliott waves in the daily timeframe is increasing. It indicates that STORJ is in wave three of a five-wave upward movement.

The daily RSI supports this bullish outlook for the altcoin. The indicator is above 50 and rising, both of which are signs of an uptrend. Furthermore, the RSI broke above the bearish divergence (green line), a sign that the correction is complete.

If waves one and three are the same length, STORJ will reach a high of $0.70, 12% above the current price. If wave three lasts and is 1.61 times the length of wave one, the price could increase by 45% and reach the next resistance at $0.91.

Despite this bullish prediction, a close below the $0.50 horizontal zone would invalidate the breakout. In that case, STORJ could fall 60% to long-term support at $0.24.

Source:

STORJ Hits 440-Day High – Can It Rise to $1? - TRADECOIN D2 (BETA)

STORJ price broke above the $0.50 horizontal resistance area this week. It spiked to $0.64, its highest level in 440 days.

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The US SEC is running out of time to approve 12 Bitcoin ETFs starting today​

Starting November 9, there will be little time left for the US Securities and Exchange Commission (SEC) to approve the 12 pending Bitcoin exchange-traded fund (ETF) applications.

According to analysts James Seyffart and Eric Balchunas, it is possible that the BlackRock iShares Spot Bitcoin ETF and convertible Grayscale Bitcoin Trust will be approved among them.

Their rationale: When the SEC itself extended the deadline for pending ETF applications, it chose November 8 as the last day to submit rebuttal comments. It’s also possible that the SEC will approve several funds between now and November 17, but require all to begin trading on the same day.

Seyffart wrote on Twitter:

“The SEC issued deferral orders simultaneously to BlackRock, Bitwise, VanEck, WisdomTree, Invesco, Fidelity & Valkyrie. If the agency wants to allow all 12 filers to appear — as we think — this is the first time frame since Grayscale’s court victory was confirmed.”

The Bitcoin ETF will allow investors to gain exposure to the world’s largest cryptocurrency without having to hold the asset itself. Instead, they can buy shares backed by the Bitcoin the issuer has purchased.

Seyffart pointed out another caveat: Even if the SEC approved a rule change allowing ETFs to trade, that would be entirely separate from approving the fund’s registration statement. Both filings need to be approved before any pending Bitcoin ETF can begin trading

Even if it may take months before the Bitcoin ETF is traded, the recent price increase proves that investors are optimistic about the event. BTC rose more than 20% in October, thanks to hopes that the long-awaited approval of a spot Bitcoin ETF may finally come to fruition.

Earlier yesterday, a person familiar with Grayscale’s efforts to convert GBTC into a Bitcoin ETF said that the company is actively discussing its application with the SEC.

But a potential Bitcoin spot ETF isn’t just aimed at sending BTC prices soaring.

Analysts say that a spot Bitcoin ETF could attract capital inflows of $50 billion to $100 billion over the next five years. This will significantly change the market dynamics of the asset. That could be good news and bad news for Bitcoiners. Some of them said they would be happy if Wall Street giants were no longer sitting on their traditional favorite assets.

According to cryptocurrency manager CoinShares, in the past six weeks alone, crypto funds have attracted deposits worth $767 million.

Source:

The US SEC is running out of time to approve 12 Bitcoin ETFs starting today - TRADECOIN D2 (BETA)

Starting November 9, there will be little time left for the US Securities and Exchange Commission (SEC) to approve the 12 pending Bitcoin exchange-traded fund

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Illuvium token (ILV) skyrocketed 22% after listing on Epic Games Store​

NFT game Illuvium will be available on the Epic Games Store and the upcoming launch event appears to have brought a price jump for the Illuvium token. Indeed, after Wednesday’s announcement , ILV prices increased sharply.

Illuvium is currently listed on the Epic Games Store ahead of its Beta 3: Arena launch on November 28, focusing on player-versus-player (PVP) action. The beta will launch through the popular PC game store.

News of Illuvium entering the prominent PC gaming market that had 230 million users as of the end of 2022 appears to have had an immediate impact on the price of the Illuvium token (ILV) on Ethereum, which had previously been increasing rapidly.

ILV prices rose from around $65 before the news to a high of $80.49, adding nearly 24% in just a few hours. The price is currently stable at $78.13 at the time of writing, which still marks a 22% increase over the past 24 hours — not to mention a 103% increase over the past 30 days.

Built on the Ethereum Immutable X scaling network, Illuvium is a fantasy action game spanning multiple play styles, including open-world adventure and competitive auto-battle. The game uses various NFTs, including virtual plots of land, with one such digital land NFT sale bringing in $72 million in June 2022.

The Illuvium Overworld open-world beta in May impressed with its visual quality and fluid movement, pointing towards a blockchain game with real “AAA” rating potential. We’ll see how the game has evolved over the past few months when the latest beta launches on November 28.

The Epic Games Store has proven to be friendly to games with NFTs and tokens, with titles like Gods Unchained, Raini: The Lords of Light, and Blankos Block Party coming to the marketplace. Meanwhile, rival store Steam has rules against blockchain games, although some developers have found ways to circumvent or circumvent the rules.

Source:

Illuvium token (ILV) skyrocketed 22% after listing on Epic Games Store - TRADECOIN D2 (BETA)

NFT game Illuvium will be available on the Epic Games Store and the upcoming launch event appears to have brought a price jump for the Illuvium token. Indeed,

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October trading volume increased sharply on both CEX and DEX

October saw spot trading volume on centralized exchanges (CEX) increase for the first time in four months, CCData reported on Wednesday . The digital asset market insights provider put total trading volume for the month at $632 billion, up 87.2% from September.

Spot trading volume reached its highest level in many months​

CCData analysis shows that spot trading volume in October was at a high not seen since March this year.

“This is the highest monthly spot trading volume recorded on centralized exchanges since March 2023 and the largest monthly increase since January 2021.”

Insights report shows increased activity in digital asset markets driven by anticipation of potential Bitcoin exchange-traded fund (ETF) approval and overall bullish price action major coins in the past few weeks.


Blue-chip digital assets, such as BTC and ETH, have increased in price since mid-October. Recent positive activity has been largely led by Bitcoin, as the coin has received increased capital inflows since its emergence The “duck” news of approval of a spot Bitcoin ETF stimulated the cryptocurrency market on October 16.

CCData analysts added:

“With crypto markets approaching a potential deadline for a decision on a Bitcoin ETF spot application early next year, increasing spot volumes combined with positive price action on last month showed renewed interest in the digital asset market.”

Splitting October spot volume data between top-tier and lower-tier exchanges, the market insight report shows top-tier spot volume increased 88.7% to $426 billion dollars and lower-end spot volumes increased 84.3% to $207 billion.

Over the past month, leading exchanges such as Coinbase and Binance increased their market share of trading activity.

“Senior exchanges now account for 67.3% of total spot volume based on CCData’s latest November 2023 Exchange Benchmark Rating, compared to 66.8% last month.”

DEX trading volume increased 32% in October​

According to recent statistics, decentralized exchanges (DEX) recorded a $9.76 billion increase in trading volume in October compared to the previous month. October volume reached $39.98 billion, also slightly exceeding August’s total value of $39.52 billion.

As the first week of November 2023 ended, DEX platforms achieved $15 billion in transactions, showing stronger volumes, accounting for 37.51% of the entire October volume in just 7 days. Of October’s total DEX volume of $39.98 billion, Uniswap dominated with $26.86 billion, more than two-thirds of the month’s volume at 67%.

November figures so far show Uniswap continuing to dominate, with $9.1 billion of the $15 billion traded, accounting for 60% of volume from November 1 to November 7. 2023. During the same 7-day period, Pancakeswap scored $2.56 billion, while Curve Finance had $732 million. Notably, 57.7% of all DEX trading activity takes place on the Ethereum blockchain.

BNB accounts for just over 20% and Arbitrum a little over 15%. Last week, Maverick hit the $541 million mark, while Balancer hit $506 million and Dodo hit $360 million in trading volume.

Quickswap reached $283 million, Kyberswap $188 million, and Trader Joe finished with $152 million, completing the top 10 DEX platforms by 7-day trading volume. Although DEX trading volume increased over the past 7 days, it did not match the higher daily trading volume on October 9, 11 and 13.

Source:

October trading volume increased sharply on both CEX and DEX - TRADECOIN D2 (BETA)

October saw spot trading volume on centralized exchanges (CEX) increase for the first time in four months, CCData reported on Wednesday . The digital asset

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Yuga Labs co-founder spends $1.5 million to revive NFT market​

It appears that Wylie Aronow, co-founder of Yuga Labs, is taking it upon himself to try to revive the waning NFT market.

After teasing the idea of purchasing NFTs outside of the Bored Ape Yacht Club collection created by Yuga Labs on Monday, Aronow (aka Gordon Goner) went on perhaps one of the wildest NFT spending sprees yet since the last bullrun. After starting with the purchase of a rare CryptoPunk on Monday for 600 ETH ($1.14 million), Aronow has spent a total of more than $1.5 million, according to data from The Block Research.

Purchasing more than a dozen new tokens, Aronow spread love everywhere. He selected popular collectibles outside of the Yuga Labs universe, including NFTs from Doodles, Meebits, Pudgy Penguins, and popular digital artist Beeple.

“This week I’m buying some non-BAYC NFTs. Do not worry. I’m still a little monkey and I love you very much,” he said on Monday.

In another tweet on Wednesday, he continued to inspire:
“In all seriousness, I’ve always wanted to join more communities in the Web3 space but felt I had a limited responsibility to do that while I was still at Yuga.”

While Aronow co-founded Yuga Labs and is the most famous NFT creator, he announced his retirement earlier this year citing health issues.

More motivation​

The Block Research analyst Brad Kay said:

“Yuga Labs founder continues to purchase popular NFT collectibles to add momentum, volume and traders to the market, similar to what celebrities and big figures did when NFTs were at their peak to create FOMO. That’s definitely not normal. It’s not every day someone buys $1.5 million worth of NFTs across multiple collections.”

Aronow’s aggressive buying comes after the NFT market’s best month in some time. According to data from The Block Research, in October, NFT volume increased by more than 20%. But the sector continues to struggle with a downturn that has forced both Yuga Labs and marketplace giant OpenSea to lay off staff.

Source:

Yuga Labs co-founder spends $1.5 million to revive NFT market - TRADECOIN D2 (BETA)

It appears that Wylie Aronow, co-founder of Yuga Labs, is taking it upon himself to try to revive the waning NFT market.

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US SEC: Binance’s attempt to dismiss lawsuit has no legal basis​

The US Securities and Exchange Commission (SEC) said that Binance’s arguments used in its move to dismiss the lawsuit were based on inaccurate legal analysis and had no legal basis.

In a Nov. 7 court hearing , the SEC rejected Binance’s previous attempt to have the regulator’s lawsuit dismissed, saying that no court would accept the regulator’s “inaccurate interpretation of the law.” Binance.

The SEC sued Binance in June alleging that Binance.US and its founder Changpeng Zhao “CZ” sold unregistered securities and were not registered as an exchange in the United States.

Binance argued that the SEC failed to issue cryptocurrency guidelines, misinterpreted securities laws and applied them to cryptocurrencies, and called the lawsuit beyond its jurisdiction.


In its latest rebuttal, the SEC claims Binance “never complied” with federal securities laws, which was an “intentional choice.”

“Binance’s chief compliance officer summed up the case crudely but succinctly when he admitted that Binance was ‘operating as an unlicensed securities exchange in the United States.’ He was right.”

It adds to Binance’s argument that comparing cryptocurrencies to “supermarket items such as oranges […] is absurd” and claims the crypto exchange’s crypto sales are investment contract according to Howey test.

The regulator reiterated its statement that the BNB ICO sale violated securities laws and that Binance USD (BUSD) along with its profitable staking programs, Vault and Earn programs are investment contracts .

It also rejected Binance’s argument that the lawsuit violates the doctrine of primary questions — a 2022 U.S. Supreme Court ruling that said Congress did not delegate authority to agencies, which money companies other electronics have invoked in an attempt to push back against the SEC’s claimed authority.

The SEC claims that granting Binance’s motion to dismiss would “dismantle decades of precedent underpinning the nation’s securities laws” and would instead introduce a “rigid framework” that would enhance “the nation’s securities laws.” “broadness and flexibility” of current law.

Source:

US SEC: Binance's attempt to dismiss lawsuit has no legal basis - TRADECOIN D2 (BETA)

The US Securities and Exchange Commission (SEC) said that Binance's arguments used in its move to dismiss the lawsuit were based on inaccurate legal analysis

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Bitcoin fees skyrocketed nearly 1,000% since August​

Bitcoin fees have surged to their highest level since last May’s meme coin craze amid the rise of Bitcoin-linked NFT, Ordinals.

At $6.84 on Wednesday, average transaction fees when using the Bitcoin blockchain are now up about 970% from August’s low of $0.64, BitInfoCharts data shows.

Digital asset management firm 21Shares pointed out in a report Wednesday that the increase was driven by increased Ordinal minting, with nearly 1.9 million inscriptions uploaded to the blockchain in two weeks. via.

As Bitcoin Magazine reported, Bitcoin became the leading blockchain by NFT sales volume (excluding wash trading) over the past 24 hours, surpassing Ethereum.

Ordinals – a protocol that allows users to store NFTs on Bitcoin – saw demand spike this spring during the short-lived meme coin craze and pushed fees to a nearly 2-year high . Binance, the world’s largest cryptocurrency exchange, listed Ordinals’ ORDI token earlier this week and its price nearly doubled before erasing some of the gains on Wednesday.

21Shares analysts said:

“While Ordinals are limited in their implementation of memecoins, they act as a form of delegation to increase demand for Bitcoin block space.”
The report points out that Ordinals’ resurgence is also helping Bitcoin miners, with blockchain transaction fees now accounting for about 8.5% of their revenue.

This is especially important for miners as the quadrennial Bitcoin halving event scheduled for April 2024 approaches, which will cut block rewards in half.

Source:

Bitcoin fees skyrocketed nearly 1,000% since August - TRADECOIN D2 (BETA)

Bitcoin fees have surged to their highest level since last May's meme coin craze amid the rise of Bitcoin-linked NFT, Ordinals.

tradecoind2.com