Month: August 2023

“Cryptocurrency market sees minor gains led by altcoins HBAR, with Hedera integration into the US Federal Reserve’s payment service, FedNow, signaling promising trajectory, and RNDR token. Interest also looms over ApeCoin’s potential rally. Crypto presales emerge as a promising, yet high-risk, investment avenue.”

Bernstein predicts that SEC approval of a Bitcoin ETF application could stimulate enormous expansion for crypto markets, impacting the stablecoin market and prompting fresh capital inflows. This potential approval could legitimize cryptocurrency and increase investment in crypto infrastructure and tokenization of traditional assets.

“The price of Bitcoin (BTC) has reached a four-day high nearing $29,600, hinting at changes in volatility. However, a critical resistance zone needs to be flipped for continuation. The U.S. dollar index receding and strict action from Chinese authorities add layers of complexity and uncertainty in the global cryptocurrency landscape, blurring the line between risk and opportunity.”

“In the ever-dynamic world of cryptocurrency, U.S. mining company TeraWulf reported an increase in its Bitcoin yield due to expanded mining capacity. Meanwhile, Hut8 reported a BTC decrease linked to operational challenges. These contrasting examples demonstrate the potential risks and rewards involved in large-scale mining operations, pointing to the importance of resources, strategy, and execution in the volatile crypto landscape.”

Coinbase is expanding its reach to Canada with new features like a month-long free use of Coinbase One and zero trading fees. Partnering with Peoples Trust Company, Coinbase now facilitates Interac e-Transfers for Canadians, making cryptocurrencies more accessible and driving up sales through meaningful interactions with customers. These significant moves align with Coinbase’s global growth ambitions and the trend of high cryptocurrency awareness in Canada.

XRP20, a ‘Version 2’ blockchain coin, raised $2.74 million in its high-energy presale with buyers staking 22.7% of supply. The coin offers a bountiful Annual percentage yield (APY) of 109%, while its auditing by 0xGuard provides added security. Despite a minor gas fee issue, XRP20’s decentralized approach contrasts Ripple’s control over XRP’s release, attracting investors with community-centric visions. With its price set 30x lower than XRP’s all-time low, it stirs high anticipation in the crypto space.

“Major tremors are rocking the DEX markets with ZKSync DEX stablecoin USD+ undergoing tumultuous highs and lows, sparking extraordinary price fluctuations. Amid the turbulence, the Wall Street Memes token ($WSM) has garnered interest, amassing +$23.7m in its presale funding.”

“Crypto exchange platform Coinbase expands its services in Canada, in partnership with the Peoples Trust Company. However, other crypto exchanges faced difficulties in the Canadian market due to a tightening regulatory environment set by the Canadian Securities Administrators.”

The Sandbox Metaverse project recently unlocked $133M worth of its native SAND tokens, increasing its circulating supply. However, such token unlocks often cause a downward trend in prices due to increased market liquidity. Meanwhile, The Sandbox is also focused on expanding its metaverse ecosystem, recently partnering with the British Museum. Concurrently, the US Federal Reserve’s instant payment system, FedNow, included a Hedera-based micropayments platform called Dropp, reflecting gradual acceptance of DLTs.

“Hedera Hashgraph’s HBAR token saw a 15% surge following its integration into the U.S. Federal Reserve’s instant payment solution, FedNow. Meanwhile, Bitcoin and Ethereum remained stable, highlighting how different tokens react uniquely to market factors. Also, Bank of America believes PayPal’s new stablecoin, PYUSD, may struggle to gain adoption due to competition and changing market conditions.”

“The present crypto market displays a quiet trend, with major tokens like Bitcoin and Ethereum maintaining stability. There’s a shift in focus to meme coins like Shiba Inu and Pepe, possibly indicating an ‘overheated’ market on the horizon. The market awaits a strong catalyst, like the decision on the viability of launching an ETF, to bring back infamous volatility.”

The imminent Q3 Shibarium launch is exciting the Shiba Inu crypto community, with new utilities for LEASH holders driving SHIB’s price upward. Meanwhile, Launchpad XYZ (LPX), a new crypto trading platform, is set to redefine access to Web 3.0 with user-friendly tools, insights, and analytics.

“RUNE, a decentralized liquidity protocol token, has seen a significant 46% growth, fuelled by increased protocol use. The growth of THORChain’s liquidity pools directly impacts RUNE’s value due to its over-collateralization structure. However, high-volatility in crypto arena necessitates a prepared mindset when investing.”

GambleFi is impacting crypto markets, with attention on the Rollbit coin (RLB), experiencing a 40% drop prompting concerns about its value. However, indicators suggest potential consolidation of the coin’s value. In contrast, Ethereum-compliant XRP20 is attracting interest, promising income from staking and capital appreciation potential, introducing a transaction burn mechanism for added appeal.

The mysterious creator of the BALD token recently moved around $12 million in ETH back to the Ethereum network. This follows BALD’s impressive surge to an $80 million market cap followed by a 90% plunge in prices. The BALD token creator also transferred 2,100 ether to crypto exchange Kraken. Despite the market turmoil, the creator maintains that BALD is a “memecoin” with no intrinsic value.

“Ethereum retains support level around $1,800 hinting an impending rebound due to strong fundamentals. Crypto-enthusiasts anticipate a rally with Ethereum’s valued role in the DeFi sector, highlighted by PayPal launching its stablecoin on Ethereum. Emerging altcoins, like Launchpad.xyz, offer potential for aggressive rise.”

“Bitcoin’s low volatility and current narrow trading range below $30,000 suggests a potential major breakout phase could be imminent. This speculation is fuelled by increased Bitcoin accumulation by ‘whales’ and comparable low volatility periods in Bitcoin’s past. However, reduced market volatility also raises questions about Bitcoin’s future.”

Meme-based digital coin, PEPE’s recent surge by 5% over the past day, and 23% in the preceding week, has outpaced the wider cryptocurrency market. Its rally is backed by a 24-hour trading volume peaking over $100 million and substantial purchases by notable investors. Despite its highly speculative nature, it is speculated that PEPE may continue to ascend in the upcoming months.