Binance CEO highlights USDT growth amidst rival issues - cyptoranking.com

2024-05-09

Popular crypto exchanges(2023 Update) 2024-05-09
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So let’s have a look at what these cycles are forecasting for Bitcoin and how we potentially could prepare for these outcomes. First of all, it's interesting to note that one date is forecasting the same outcome in the regular 4-year cycle, the 16-year cycle. Source: Getty ImagesChina Daily, a prominent English-language newspaper owned by the Publicity Department of the Chinese Communist Party, has allocated a substantial 2.813 million Yuan ($390,000) to build its own metaverse and a non-fungible tokens (NFT) platform.China Daily has called for a public tender, seeking bidders to respond before October 17. The media outlet has called for a third-party contractor, both domestic and international blockchain firms, to develop the marketplace.The “qualified bidder” must possess the capacity to handle more than 10,000 transactions per second, China Daily said in a document. Selected contractors will have 3months time to bring the platform live.Further, once the form of the digital collectibles is confirmed, “a single digital collection must be developed and launched for online distribution and promotion within one month,” a translated document read.China Daily NFT marketplace aims to support multimedia and other types of collections, including pricing and bidding, limited-time features and multiple currency support for settlements to ensure a reliable and robust experience.Project Has Four Key AspectsAccording to the announcement, the project would include four key service components including1. The construction of China Daily’s “Digital Collection Issuance Platform,”2. Domestic and international creative development and promotion of NFT digital collectibles,3. Fostering the development and promotion of AR and VR content and4. The conceptualization, development, and promotion of creative spaces within the metaverse.The project stressed that it does not accept joint bids and companies must apply individually to be considered.The ambitious plan comes at a time when global interest in these nascent technologies is on the rise. A report from blockchain analytics firm Nansen predicted an $80 million market capitalization by 2025 and rapid growth of the NFT market.China Daily’s initiative highlights the relevance of the metaverse and NFTs in shaping the future of journalism and content.Brazilian Police Arrest ‘Gunpoint Crypto Thieves’ Binance CEO highlights USDT growth amidst rival issuesPEPE/USD Analysis The failure of the bears to sink Bitcoin’s price below $25,000 support ignited buying interest last week. The positive momentum picked up further at the start of the new week, and buyers are trying to sustain Bitcoin’s (BTC) price above $27,000.Market participants seem to be buoyant on expectations that the Federal Reserve will not hike rates again this year. The CME FedWatch Tool shows a 58% probability that the Fed funds rate will remain at the current level even in the December meeting.Daily cryptocurrency market performance. Source: Coin360That could be one of the reasons why the strength in the United States Dollar Index (DXY) has not adversely impacted the price of Bitcoin. However, traders need to be careful, as the last 10 days in September are known to favor the bears. According to the Carson Group, the S&P 500 Index (SPX) has been positive on average only for two days between Sept. 20 and 30 since 1950.Could Bitcoin and select altcoins extend their recovery further, or will bears pull the price lower? Let’s analyze the charts to find out.S&P 500 Index price analysisThe S&P 500 Index broke above the moving averages on Sept. 14, but the bulls could not keep up the momentum and clear the overhead hurdle at the downtrend line.SPX daily chart. Source: TradingViewThe bears sold aggressively at the downtrend line and pulled the price back below the moving averages on Sept. 15. Sellers will try to further strengthen their position by pulling the price below the next support.If bulls want to gain the upper hand, they will have to quickly drive the price above the downtrend line. There is a minor resistance at 4,542, but if this level is crossed, the index could sprint toward 4,607.U.S. Dollar Index price analysisThe U.S. Dollar Index has continued to grind higher in the past few days, but it is likely to face stiff resistance at 106.DXY daily chart. Source: TradingViewIf buyers do not allow the price to dip below the 20-day exponential moving average (EMA) at 104, it will enhance the prospects of a rally above 106. If that happens, the index could pick up momentum and soar to 108.Alternatively, if the price turns down sharply from 106, it will suggest that bears are defending this level aggressively. A drop below the 20-day EMA could sink the price to the 50-day simple moving average (SMA) of 102. That could keep the price stuck between 101 and 106 for some more time.Bitcoin price analysisBitcoin has maintained above the 20-day EMA ($26,394) since Sept. 14, indicating that the bulls have flipped the level into support. Buyers are trying to strengthen their position further by pushing the price above the 50-day SMA ($27,255).BTC/USDT daily chart. Source: TradingViewThe bears are expected to pose a strong challenge in the zone between the 50-day SMA and the overhead resistance at $28,143. If the price turns down sharply from this zone, it will indicate that the BTC/USDT pair may stay range-bound between $24,800 and $28,143 for a few days.On the other hand, if bulls drive the price above $28,143, it will clear the path for $30,000 and $31,000 as the next targets. Overall, time is running out for the bears. If they want to regain control, they will have to quickly yank the price back below the 20-day EMA. Ether price analysisAfter struggling near the 20-day EMA ($1,639) for the past few days, the bulls succeeded in pushing Ether (ETH) above the overhead resistance on Sept. 18.ETH/USDT daily chart. Source: TradingViewThe 20-day EMA is flattening out and the relative strength index (RSI) is near the midpoint, indicating that the bulls are on a comeback. If buyers sustain the price above the 20-day EMA, the ETH/USDT pair could first rise to the 50-day SMA ($1,712) and thereafter to $1,750. A break above this level will signal a short-term double bottom. The pattern target of this bullish setup is $1,959.However, the bears are likely to have other plans. They will try to tug the price back below the 20-day EMA and trap the aggressive bulls. A break below $1,600 could start a downward move toward presumably strong support at $1,531.BNB price analysisBNB (BNB) rose above the 20-day EMA ($215) on Sept. 17, indicating that the bearish momentum is weakening. The price could next reach the 50-day SMA ($224).BNB/USDT daily chart. Source: TradingViewThe bears are likely to offer stiff resistance in the zone between the 50-day SMA and $235. If the price turns down from this zone, it will signal that the BNB/USDT pair could remain range-bound between $200 and $235 for a while. The flattish 20-day EMA and the RSI near the midpoint also suggest a consolidation in the near term.Instead, if the bears sink the price below the 20-day EMA, the pair could again retest the vital support near $200. The repeated retest of a support level within a short interval tends to weaken it. If this level cracks, the pair may tumble to $183.XRP price analysisXRP’s (XRP) recovery is facing selling near the 20-day EMA ($0.50), but the bulls have not given up and are trying to push the price above the resistance.XRP/USDT daily chart. Source: TradingViewIf buyers kick the price above the 20-day EMA, the XRP/USDT pair could attempt a rally to $0.56. This level could prove to be a difficult barrier for the bulls to overcome.Contrarily, if the price turns down from the current level, it will suggest that the bears are fiercely protecting the 20-day EMA. There is a minor support at the uptrend line but if this level cracks, the pair risks sliding to $0.45 and eventually to $0.41.Cardano price analysisCardano (ADA) continues to be squeezed between the 20-day EMA ($0.25) and the critical support at $0.24. This tight-range trading is unlikely to continue for long, and a breakout may be around the corner.ADA/USDT daily chart. Source: TradingViewThe positive divergence on the RSI suggests that the selling pressure is reducing. If the uncertainty resolves to the upside, it will pave the way for a possible rally to the overhead resistance at $0.28. On the contrary, if the price plummets below $0.24, it will signal that the bears have asserted their supremacy. That could signal the start of the next leg of the downtrend. The ADA/USDT pair may then slump to $0.22.Related: BTC price hits $27.4K as Bitcoin open interest matches Grayscale peakDogecoin price analysisDogecoin (DOGE) has been stuck between the 20-day EMA ($0.06) and the horizontal support at $0.06 for the past few days.DOGE/USDT daily chart. Source: TradingViewGenerally, a squeeze in volatility is followed by a range expansion. If the DOGE/USDT pair soars and closes above the 20-day EMA, it will suggest that bulls are attempting a comeback. The pair could then rally to $0.07. Buyers will have to overcome this roadblock to start an up move to $0.08.This positive view will be invalidated if the price turns down and dives below the $0.06 support. That could pull the price down to the next support at $0.055. The bulls are expected to guard this level with vigor.Toncoin price analysisThe long wick on Toncoin’s (TON) Sept. 16 and 17 candlesticks shows that traders are booking profits near the overhead resistance at $2.59.TON/USDT daily chart. Source: TradingViewThe overbought level on the RSI suggests a possible correction or range formation in the near term. However, the bulls have not given up and are again trying to propel the TON price above $2.59. If they can pull it off, TON/USDT could pick up momentum and skyrocket to $3.The important support to watch for on the downside is $2.25. If this level gives way, the pair could start a deeper correction to the next support at $2.07.Solana price analysisAfter trading near the 20-day EMA ($19.47) for the past few days, Solana (SOL) broke above the resistance on Sept. 18.SOL/USDT daily chart. Source: TradingViewThe 20-day EMA is flattening out and the RSI is near the midpoint, indicating that the bears may be losing their grip. Buyers will try to cement their position further by pushing the price to the overhead resistance at $22.30. This level is likely to attract sellers.If the bulls fail to hold the price above the 20-day EMA, it will suggest that bears are selling at higher levels. The first support on the downside is $18.50, and if this level is violated, SOL risks descending toward the next major support at $17.33. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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The CryptoPunks floor price has trended sideways since April of this year, sitting at 45.19 ether (ETH) or around $75,000 at the time of writing. What Are Blockchain Platforms? 8 Ways to Earn Extra Money with Cryptocurrency and NFTs for Cyber MondayIn blockchain technology, mining algorithms are necessary for transaction verification and network security. A mining algorithm instructs miners’ computers to follow a set of rules to generate a valid block. Ethereum is known for its high gas fees, which have been a significant roadblock to mainstream adoption. Yet, Ethereum gas prices have dropped to all-time lows in recent days, with the average Ethereum gas price reaching 8.8 gwei this week, surpassing the previous record low of 8.9 gwei set in January 2020, according to Etherscan data.

To illustrate this point with a hypothetical scenario, consider a private company issuing a token on a sidechain that enables illicit activity. If that private entity later scams investors and users, as has unfortunately occurred multiple times in the wider crypto industry, who bears responsibility? Can miners claim plausible deniability when they can’t truly opt out since the sidechains are pegged to bitcoin? They remain miners on the bitcoin network, to which these sidechains are linked, of which they may have collected revenue from a sidechain associated with the project. The notion of being able to disregard something only exists in a world where you can do so until something goes wrong. Much like the swimming test during witch trials, miners are presumed guilty by default, even if they choose to opt out of sidechains. Given the massive amount of capital, time, and resources miners pour into their operations, it’s a hard tradeoff to consider. Source: PixabayBitMex co-founder and former CEO, Arthur Hayes, has set his sights on a futuristic concept that could revolutionize the decentralized finance (DeFi) industry: self-sovereign AI DAOs (Decentralized Autonomous Organizations). Hayes, known for his bullish stance on DAOs, in his latest blog envisions a world where AI-powered entities operate independently, scaling their operations by raising capital and acquiring computational resources, while disrupting traditional finance and building trust through transparency on the blockchain.At the center of Hayes' futuristic scenario lies PoetAI, an AI-driven DAO that writes poems for people and leverages its revenue to continuously improve its writing skills. Operating on the Ethereum blockchain, PoetAI's financial history and ability to repay debts are fully transparent, attracting investors eager to support a groundbreaking venture free from the inefficiencies and expenses of traditional finance.AI DAO’s and Their Immunity to GovernmentAs per Hayes, one of the key advantages of these AI DAOs is their immunity to government intervention, particularly in regions where harsh regulations stifle innovation and economic growth. By operating on Ethereum, PoetAI and similar entities can bypass the jurisdictional restrictions that plague traditional companies, allowing them to grow unhindered and potentially create monopolies in their respective domains. Furthermore, the trustless trading of tokens and debt products on decentralized exchanges (DEXes) contributes to their accelerated growth.Hayes' optimism extends to the potential of Ethereum, suggesting that the platform is well-positioned to capture significant value in the forthcoming trustless DeFi landscape.Ethereum-based layer 2 solutions and rollups, such as Arbitrum, Optimism, zkSync Era, and Polygon zkEVM, are deemed vital in supporting the growth of DeFi projects, with their Ethereum Virtual Machine (EVM) compatibility offering greater appeal to developers and companies.The sentiment shared by Hayes resonates with many in the DeFi space. Traditional finance's inefficiencies and the opacity surrounding financial reporting are known widely, and the prospect of DeFi replacing such practices is gaining traction. Transparent and decentralized practices, coupled with the potential for greater returns on DEXes compared to centralized exchanges, underscore the allure of self-sovereign AI DAOs and their potential to revolutionize the financial industry.However, skeptics remain cautious about the viability of Hayes' dystopian vision. While the DeFi space is undoubtedly evolving, concerns persist about the risks and complexities associated with fully autonomous AI DAOs. Consensus on AI DAOs Remains a ChallengeAchieving a consensus within the community remains a challenge, as some have opined that the current DeFi landscape is far from its final form.Nevertheless, industry players are actively preparing for a future where transparency and permissionless qualities are fundamental attributes of DeFi. Projects like WOOFi, with a strong focus on building trustless DEXes and exploring self-sovereign AI DAOs, are leading the charge towards this ambitious DeFi evolution.As the DeFi space continues to mature and evolve, the path forward remains uncertain. However, one thing is clear: DeFi's transformation is far from complete, and the emergence of innovative concepts like self-sovereign AI DAOs could potentially shape the future of finance in ways we are only beginning to imagine.Curve Finance Vulnerability Exposes $100M+ Worth of Crypto; CRV Token Plummets Orderbook.io – Reviews, Trading Fees & Cryptos (2023)Currently, dApps are not for those who aren’t tech savvy. It’s not a download away, users need dApp supported browsers, send the required crypto to that wallet and interact from there. Related Reading: Here’s Why The Ethereum Price Fell Toward $1,500

Calling blockchain and its associated technologies an “industry” is, to some, still an insult. To call it a “sector” is too dismissive, an “asset-class” too reductive. How about: Prophets of a new sacred social covenant? Defenders of libertarian finance? Acolytes of a decentralized faith? Trustees of the trustless? A belief in the wisdom of crowds. The image above illustrates how four whale wallets withdrew 40.59 million STORJ worth $20 million from exchanges in the past month. When whale investors start moving tokens from exchanges, they opt for long-term self-custody, potentially for future gains. Cryptocurrency: The Opportunities, Problems and PotentialDespite this week’s sales being 11.65% lower than the previous week, there’s a silver lining: the count of NFT purchasers surged by 17.77%, while the tally of sellers jumped by 15.82%. Data sourced from cryptoslam.io reveals that NFT sales on the Ethereum platform took the lion’s share, accounting for $38.10 million of the week’s turnover. There are predictions that the future will be a mix of centralized, decentralized, account-based, token-based, stablecoins, and cryptocurrencies along with digital currency and physical currency. However, with most countries looking to go ahead with wholesale CBDC, which involves less risk as opposed to retail, we can only expect CBDC to give a boost to digital currencies.

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