On Wednesday, Cardano (ADA) and Solana (SOL) both experienced significant gains, with ADA reaching its highest level in six days. The relative strength index (RSI) broke through a barrier of resistance at 53.00 and is currently tracking at 55.12. A potential target for bulls is the upcoming ceiling of 58.00. Currently, Solana is about to hit its long-term ceiling of $23.00. News Sorce
On April 26, the market intelligence platform Arkham Intelligence refuted claims that it had misled some users. It recommended that DB, also known as tier10k, set two alerts for Bitcoin transactions worth more than $10,000 and give them the names “Mt Gox” and “US Gov.” When it became apparent that no such transactions had occurred, DB claimed Arkham made a mistake. The alerts were sent to DB correctly, according to Arkham, who also claimed that “no one received inaccurate alerts.” Arkham denied all wrongdoing. The incident happened around the same time that Bitcoin’s value dropped significantly, falling 6% from $29,472 to $27,696. News Sorce
After experiencing a sharp decline on the well-known Singapore-based cryptocurrency exchange Bitrue, the price of $XRP plunged to $0.0001. Customers reported that no buy orders were filled at the price point of $0.0001, preventing shady traders from profiting from the apparent error. Due to its high level of enthusiasm, support, and transparency towards XRP, Bitrue has quickly become a favourite among members of the XRP community. After partnering in 2018, Ripple and Bitrue have since worked together on a number of projects. News Sorce
As First Republic Bank shares fell more than 50% on April 25, the price of Bitcoin increased by more than 3% over the previous day. The correlation between Bitcoin and the S&P 500 may be eroding, according to data from crypto analytics company Santiment, as the idea that Bitcoin is a safe haven keeps spreading. Early in March, First Republic started to experience problems, which led to $30 billion being deposited at the struggling bank by 11 of the biggest financial institutions. In its first quarter earnings call, First Republic Bank stated that total deposits had decreased by more than $100 billion and that it would be “pursuing strategic options” to improve its financial position.The bank intends to reduce its office leases, reduce executive salaries, and eliminate 20% to 25% of its workforce in Q2 in order to reduce its balance sheet and reduce costs. According to U.S. Treasury Secretary Janet Yellen, the country’s banking industry is still strong and stable. News Sorce
Since March 31, 2023, the stablecoin economy has lost $2.4 billion in value, with net redemptions occurring in four of the top five stablecoins. There have been redemptions for USDC, BUSD, DAI, and TUSD, with USDC and BUSD seeing the most redemptions. Tether’s (USDT) market capitalization increased by 2.3% to $81.39 billion. The Frax dollar (FRAX) fell by 3.8%, the circulating supply of the USDD decreased by 1%, and the Pax dollar (USDP) increased by 33.9%. Both equity usd (LUSD) and magic internet money (MIM) saw increases of 2.4% and 5.9%, respectively. The $1.19 trillion net value of the cryptocurrency market is made up of 11.02% by the stablecoin market as a whole. News Sorce
The IMF has forecast a sluggish global economy, while the US Federal Reserve has predicted a recession. With a 65% price increase since the year’s beginning, Bitcoin has had a promising year thus far. With a 53% increase, Ethereum has also had a successful year. Is it a good idea to purchase Bitcoin and Ethereum now that there are clouds in the sky? By the end of 2023, Bitcoin is anticipated to be worth $40,000, while Ethereum is anticipated to fluctuate between the support and resistance levels of $19,592-$48,700. Various market analysts have predicted different prices for Ethereum in 2023, with Raoul Pal predicting it may reach $20,000. According to Twitter analyst Wolf, it may reach $3,500 by the end of the summer of 2023. The total value locked (TVL) of Ethereum, the top platform for creating smart contracts and DeFi applications, recently reached record highs of almost $10 billion. News Sorce
Before the SEC vs. Ripple lawsuit is resolved, Edoardo Farina, CEO of Alpha Lions Academy and head of Social Adoption at XRP Healthcare, has issued a warning against selling XRP. The crypto and XRP communities have responded to this, with some siding with Farina and others claiming that it is a waste of time for investors to wait for summary judgement in the ongoing lawsuit. The majority of cryptocurrency analysts and influencers think that the lawsuit hindered XRP’s development and slowed its growth. Several influential members of the cryptocurrency community, including BitBoy and Peter Brandt, have backed XRP. With a $3 minimum target price, Peter Brandt forecast a bullish price movement for the asset. The price of XRP is currently trading in opposition to these optimistic statements, having fallen by 0.91% over the past 24 hours and giving up its 7. day price increase by 10.9%. Technical indicators indicate a bearish trend for the token, with Edoardo Farina indicating a buy signal while the Oscillators indicate a sell. News Sorce
On Tuesday morning in Asia, Bitcoin dropped below the US$27,500 support level, with Ether and the majority of the top 10 non-stablecoin cryptocurrencies trading lower. The lone gainer in the top 10 was Litecoin, while XRP was the biggest loss. Prior to the release of first-quarter earnings reports and economic indicators, U.S. equities futures inched lower in Asia. According to Standard Chartered Bank, recent failures of conventional banks, a rise in mining income, and the probable end of the U.S. monetary tightening cycle might all contribute to Bitcoin reaching US$100,000 by the end of 2023. The cryptocurrency market has lost 11.09% during the last seven days, with a 1.20% decline in total market capitalization and a 28.71% increase in trading volume. In the 24 hours leading up to 9:00 a.m. in Hong Kong, the Forkast 500 NFT index fell 0.57% to 3,755.63, dropping 7.23% for the week. The Dow Jones Industrial Average futures lost 0.04%, the S&P 500 fell 0.10%, and the Nasdaq Composite Index dipped 0.09% as U.S. stock futures traded sideways to lower. Real GDP in the United States is forecast to expand by 2.5% annually, while interest rates are now ranging from 4.75 to 5%. News Sorce
In the global Bitcoin (BTC) mining market, Russia has overtaken the US to take second place. Sanctions concerns and regulatory ambiguity in the US are to blame for this. The American mining industry is experiencing challenges as a result of rising electricity prices, declining profitability, tax issues, and over-leveraged firms. The ranking is based on the amount of power used in cryptocurrency mining operations. The Biden Administration has suggested levies that would be equal to 30% of the price of the electricity utilised in operations for mining digital assets. News Sorce
Wrapped beacon eth (WBETH), the newest staking offering from Binance, has been launched. It was constructed on the Ethereum network and will start trading on Binance on Thursday. By depositing 1 Ether, users will be able to create WBETH, and vice versa. Each WBETH token will also daily earn ETH Staking incentives. The ‘Wrap’ and ‘Unwrap’ operations will be momentarily suspended to accommodate the daily changes of the BETH/WBETH conversion rate. News Sorce
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