Lookonchain, a blockchain tracking platform, now reveals that one stablecoin holder lost over $100,000 after panic selling USDR, a stablecoin issued on the Polygon network, for zero USDC after it depegged on October 11. The stablecoin holder swapped 131,350 USDR for zero USDC, allowing an MEV bot to swoop in and claim $107,000 in profit. The USDR Depegging, Stablecoin Falls To $0.50 The stablecoin is issued by Tangible protocol, a decentralized finance (DeFi) protocol that claims to be tokenizing housing and other real-world assets. Due to the immutable nature of the Polygon network, the USDR holder is now at a loss. All on-chain transactions cannot be reversed unless there is a network rollback, which will unwind other transactions as a result should validators choose to do so. However, considering how public ledgers operate, it is improbable that a rollback will be done to recover funds. There has yet to be any feedback from the MEV bot operator on whether they can refund the affected user. Since the error was on the swapper’s side and not the hack, the community’s response to this mistake remains largely muted. Real USD, USDR, is a stablecoin backed by a blend of other crypto assets and real estate. Considering the stablecoin’s construction, USDT is interest-bearing, meaning holders receive rewards. It was meant to track the USD but lost its peg on October 11 after a wave of redemptions drained the project’s treasury of its liquid assets, including DAI. By the close of October 11, USDR was trading versus the USD at around $0.53, a near 50% drop, triggering panic. Moments after the rapid withdrawal of DAI and liquid assets from its treasury, the team explained that USDR fell to as low as $0.50 before recovering. Tangible Finance Working On A Recovery Plan Despite the depegging, the USDR issuer said it is working on making holders whole, saying the crisis is mainly “liquidity related.” It also attempted to assuage holders, assuring that “the real estate and digital assets backing USDR still exist and will be used to support redemptions.” Updating the community on X, the issuer said it is not “going anywhere” and is working on a “plan”: Beyond the panic selling and one holder losing over $100,000 to an MEV bot, the extent of the USDR depeg has not been fully quantified. As of October 12, Polyscan data shows over 2,400 USDR holders. In total, they cumulatively control slightly over 45.5 million of the stablecoin.

The US Commodity Futures Trading Commission (CFTC) has taken legal action against Voyager Digital and its former CEO, Stephen Ehrlich. The CFTC filed a complaint in the US District Court for the Southern District of New York, alleging fraud and registration failures related to the operation of the Voyager digital asset platform and an unregistered commodity pool. Voyager Faces Legal Action For ‘Misleading Customers’ According to the CFTC, Ehrlich falsely marketed the Voyager platform as a safe haven for high-yield returns, deceiving customers to purchase and store digital assets. Per the filing, Voyager allegedly took “reckless risks” with customers’ assets, leading to Voyager’s bankruptcy and significant customer losses. The lawsuit seeks various penalties, including restitution, disgorgement, civil monetary penalties, permanent trading and registration bans, and a permanent injunction against further violations of the Commodity Exchange Act. In a separate but related action, the Federal Trade Commission (FTC) has charged Voyager and Stephen Ehrlich with violating the FTC Act and the Gramm-Leach-Bliley Act. The FTC alleges that the company falsely claimed customers’ accounts were insured by the Federal Deposit Insurance Corporation (FDIC) and misled consumers about the safety of their deposits. The FTC’s complaint states that Voyager enticed customers to deposit funds by assuring them of the safety of their assets on the platform. However, Voyager was neither a bank nor a financial institution, and the deposits were not eligible for FDIC insurance. The FTC alleges that consumers suffered significant losses when Voyager experienced financial difficulties, including being locked out of their accounts and losing over $1 billion in cryptocurrency assets. Stephen Ehrlich Rejects Settlement Voyager and its affiliates will be permanently banned from handling consumers’ assets and offering related services as part of a proposed settlement. The companies have also agreed to a judgment of $1.65 billion, which will be suspended to allow Voyager to return the remaining assets to consumers during the bankruptcy proceedings. Stephen Ehrlich, however, has not agreed to a settlement, and the FTC’s case against him will proceed in federal court. The FTC’s complaint further alleges that Ehrlich transferred millions of dollars to his wife, Francine Ehrlich, including funds linked to the alleged unlawful conduct. The proposed settlement also prohibits Voyager and its affiliates from misrepresenting product benefits, making false representations to obtain financial information, and disclosing consumer information without consent. Both regulatory bodies are seeking to hold Voyager, Stephen Ehrlich, and other involved parties accountable for their alleged deceptive practices and violations of financial regulations. Featured image from Shutterstock, chart from TradingView.com

Taking to X on October 12, Zoran Kole, a trader, said reasonable bids for Bitcoin stand at around $17,000 and $18,000. Though Kole didn’t provide timelines for retraining these levels, the prediction means the coin could slide 35% to around December 2022 territory if the prediction comes true. Will BTC Drop To December 2022 Levels? The position the trader takes appears contrarian and opposes every optimistic preview laid out by bulls. Bitcoin finds itself in a precarious position and is primarily bearish at spot rates. Looking at the daily chart, the coin is down approximately 17% from July peaks and trickling lower at spot rates. As it is, there could be more drawdown, considering that the coin has been performing in the past few hours. To illustrate, Bitcoin breached the $27,000 support on October 11 and is edging lower at spot rates, confirming the losses from early this week. From a top-down preview, it also appears that BTC bulls are under pressure and have failed to unwind losses of August 17. The flash crash in mid-August saw the coin breach critical support–now resistance around $28,300. Bitcoin has since failed to break out above this level. There was an attempt on October 2, but bears flew in, reversing all gains. Bitcoin is within the August 17 and 18 trade range while trading volume, or participation, remains relatively suppressed. From volume analysis, this is bearish. However, how fast the coin can recover or break even lower depends on how prices react at immediate support at around $25,000 registered in mid-September. Bulls Expect Bitcoin Halving And ETFs To Drive Prices The odds of Bitcoin dropping to the $17,000 and $18,000 zone, subsequently confirming Kole’s prediction, will be elevated if sellers press on, breaching $25,000. Bulls remain confident, citing fundamental factors mostly revolving around 2024’s Bitcoin halving event, where the network will slash miner rewards by half from 6.25 BTC. At the same time, supporters expect the Securities and Exchange Commission (SEC) to approve the country’s first spot Bitcoin Exchange-Traded Fund (ETF). In a recent X post, the chief policy officer at Blockchain Association, Jake Chervinsky, expressed optimism about the SEC approving a spot Bitcoin ETF. The policy expert said there are all signs of the agency preparing for the derivatives product. This is especially considering recent revisions made by ARK Investment Management on its prospectus. Eric Balchunas, an ETF analyst, said ARK appeared to have changed its Net Asset Value (NAV), which the agency had commented on. ARK further clarifies that their Trust’s assets are segregated and stored by a qualified custodian.

SINGAPORE–(BUSINESS WIRE)–Orbit Markets, the leading institutional liquidity provider in digital asset options and structured derivatives, announced today that it was named Most Innovative Solution Provider by Hedgeweek in their prestigious APAC Digital Awards. The Hedgeweek Digital Awards are the pre-eminent awards for excellence and leadership in the digital asset fund management industry. Orbit was recognized by fund managers for providing the most innovative investment solutions, a testament to the company’s ability to consistently deliver forward-thinking solutions that cater to the evolving needs of institutional clients. Leveraging a blend of best-in-class technology and advanced financial engineering, Orbit has pioneered numerous innovative and groundbreaking products, including the industry’s first volatility swap, the first impermanent loss hedge option, the first crypto-gold hybrid derivative and the first autocallable linked to a basket of crypto underlyings. Zhiming Yang, co-founder of Orbit Markets, commented: “The recognition highlights our ability to stay ahead of market trends and provide clients with unparalleled value by proactively addressing their needs. This award is a validation of our position as a leader and innovator in the digital asset industry.” About Orbit Markets: Orbit Markets is the leading institutional liquidity provider of digital asset options and structured derivatives. Founded by a team of former executives in finance and technology, Orbit combines its expert know-how in financial derivatives with the latest blockchain technology. With a mission to develop innovative investment and hedging solutions for digital assets, Orbit Markets offers a wide range of products, including vanilla options, exotic options, and structured derivatives across major and alternative cryptocurrencies. Its services encompass structuring, trading, and market making. For more information, visit orbitmarkets.io Contacts Media Contact for Orbit: Zhiming Yang [email protected]

Stephen Ehrlich, in reaction to these accusations, has categorically refuted them. The former CEO claims that he is being made the scapegoat for the acts of others. The U.S CFTC has launched a lawsuit against former Voyager Digital Ltd. CEO Stephen Ehrlich, bringing the cryptocurrency business back into the limelight. Stephen Ehrlich allegedly broke derivatives laws and misled clients about the security of their digital assets. This has been detailed in a recent report by the Commodity Futures Trading Commission (CFTC). The agency has taken a major step towards enforcing crypto rules by filing a case in a U.S. federal court in New York. Violation of Agency Regulations During Ehrlich’s time as CEO, the CFTC claims he broke laws meant to promote openness and honesty in the derivatives market. The lawsuit also alleges that Ehrlich and Voyager Digital misrepresented the platform as a “safe haven” for users’ digital assets. Thereby enticing unwary investors into a risky scenario. Bloomberg News said that CFTC investigators had already found that Ehrlich had violated agency regulations prior to the filing of the complaint. A decision on whether to pursue enforcement measures against the former CEO was thereafter being discussed by the regulatory body’s commissioners. Moreover, Stephen Ehrlich, in reaction to these accusations, has categorically refuted them. He has made a point of highlighting the fact that he has never had any problems throughout his lengthy and spotless career in regulated markets at public firms. Ehrlich claims that he is being made the scapegoat for the acts of others inside several corporations. The claims against Ehrlich follow the collapse of Voyager Digital in July of last year. The firm failed as a result of the severe market collapse that hit the cryptocurrency industry. Highlighted Crypto News Today: Dogecoin Co-Creator Has $500 Stolen in Japan, Expresses Shame

Ethereum has struggled alongside Bitcoin through the current bear market climate but this has not stopped bullish predictions for the digital asset. The most recent bullish prediction comes from British multinational bank Standard Chartered which believes that the Ethereum price could climb higher than $8,000. Factors That Could Trigger The Rise Geoff Kendrick, Head of Digital Assets Research at Standard Chartered Bank has revealed his forecast for the Ethereum price in a research note. According to the researcher, he sees big things in the future of the digital asset which could climb higher than $8,000 in the coming years. Talking about the asset’s valuation, Kendrick points toward the many use cases for Ethereum that have emerged over the years but also sees more use cases emerging as time goes on. One of those is the much-coveted gaming and asset tokenization sector. Also, the Standard Chartered researcher said that they expect that Ethereum will see more growth than the pioneer cryptocurrency, Bitcoin. While he expects Bitcoin to rise 3.5x, they believe Ethereum will rise 5 from current levels. “We think the path higher for ETH prices may take longer than for BTC, but we see ETH eventually reaching a higher price multiple than BTC relative to current levels (5.0x versus 3.5x),” the researcher said. He also believes that Ethereum would go on to further register its dominance in the space, especially with the Layer 2 blockchains such as Arbitrum that have popped up to enhance the network. This, he believes, would lead to an increase in the Ethereum profit-earnings ratio (P/E ratio). Ethereum Could Climb Above $8,000 In terms of actual dollar values, $8,000 is not the only figure that the researcher dropped for the Ethereum price. The expectations for the digital asset exceed this four-digit figure right into the five-digit territory as Kendrick believes ETH could rise to anywhere between $26,000 and $35,000. As for when this might happen, the researcher seems to be targeting the next bull market as he expects the factors that will drive this value growth to happen between 2025-2026. “We see the $8,000 level as a stepping stone to our long-term ‘structural’ valuation estimate of $26,000-$35,000,” he said in the note. Then beyond this, the researcher expects the price to continue to rise. This is not the first time that Kendrick has released a bullish prediction for cryptocurrencies. He previously said he expects the price of Bitcoin to reach $120,000 and the entire crypto market to rise as well. However, it seems the researcher is much more bullish on ETH. Not everyone has provided bullish forecasts for ETH though. One crypto analyst actually believes that the digital asset is set for more decline. In the analyst, FieryTrading suggests that Ethereum’s price could fall as low as $900.

Recent transactions by Arca, a prominent investment firm, involving Arbitrum native token ARB, have again put them under the spotlight. According to on-chain tracking platform Lookonchain, the firm has suffered a substantial loss nearing half a million recently. Arca’s Arbitrum Shipment to Binance Lookonchain reported earlier today that Arca transferred roughly 1.49 million ARB tokens to Binance. With a value of around $1.21 million, this transaction indicates a possible liquidation of Arca’s holdings in Arbitrum (ARB). If this were the case, according to Lookonchain, it would translate into a significant loss of $465,000 for the investment firm. Notably, as significant as it seems, the ARB token transaction isn’t an isolated case of Arca’s investments not panning out as anticipated. Loononchain noted: “Arca’s investment this year appears to be terrible.” An analytical dive into the firm’s past decisions has shown similar patterns. For instance, Arca’s foray into GMX and DYDX left them with losses of $231,000 and $304,000, respectively. Their stakes in DPX and SYN further compounded their negative streak, resulting in losses of $142,000 and $107,000. Silver Linings Amid Investment Storms However, it’s crucial to note that not all is gloomy for Arca. Investment is as much about strategy as it is about timing, and while the firm has faced setbacks, they’ve also had its share of victories. An example is their investment in RDNT, which proved profitable, netting them a profit of $294,000, according to the on-chain tracking platform. Furthermore, Arca is not alone in its recent losses with Arbitrum. The ARB token has seen a decline of nearly 10% over the past week and 1.2% in just the last day, ensnaring numerous traders in its bearish trajectory. Data from Coinglass indicates that Arbitrum has witnessed total liquidations amounting to approximately $376,160 in the past 24 hours alone. A significant portion of these liquidations were long positions, valued at $282,120, compared to short positions at a mere $93,840. This data suggests that many traders were optimistic about ARB’s potential to follow a bullish trend. However, starkly contrasting their expectations, they faced significant losses. When writing, the ARB token is trading at $0.72, marking a significant drop of roughly 90% from its all-time high of $8.67 recorded just seven months ago in March. Featured image from iStock, Chart from TradingView

As a defense mechanism, the protocol froze all of its pools over the assault. This latest flash loan assault marks the third such incident involving Platypus in 2023. After another flash loan exploit on its platform, the decentralized finance (DeFi) protocol Platypus lost almost $2 million in assets. As a defense mechanism, the protocol froze all of its pools over the assault. CertiK, a blockchain security platform, reports that $2.23 million were stolen in three separate assaults on the DeFi platform. On October 12th, the platform saw its first assault, which resulted in the theft of $1.2 million. Hours later, another assault took place, this time resulting in $575,000 in stolen assets. A minute later, a third assault happened, and another $450,000 in assets were stolen. Third Similar Incident Hackers engage in a flash loan assault when they discover a loophole that might enable them to borrow cryptocurrency immediately without first putting up any collateral. According to CertiK, this latest flash loan assault marks the third such incident involving Platypus in 2023. A similar hack on February 16 resulted in a loss of $8.5 million for the protocol and caused the Platypus USD (USP) stablecoin to depeg, sending its value from $1 to $0.48. CertiK claims that in July, the protocol suffered a loss of roughly $157,000 due to a flash loan exploit. The DeFi protocol established a compensation page in March for anyone who had lost funds in the February hack. Users were able to see how much compensation they were eligible for via the site and voice any issues they had before the funds were disbursed through the portal. Highlighted Crypto News Today: Dogecoin Co-Creator Has $500 Stolen in Japan, Expresses Shame

An unknown wallet transferred 23.7 million Ripple (XRP) worth $11.5 million to Bitso, a Latin American exchange, on October 11th at 7:56 PM UTC. The transfer incurred minimal fees, approximately 0.000015 XRP, showcasing the cost-efficiency of XRP for large transactions. XRP balance of mid-tier holders (10 million to 100 million XRP) decreased by 330 million tokens since late September. According to whale monitoring resource Whale Alert, an unknown wallet transferred 23.7 million Ripple (XRP) valued at $11.5 million to major Latin American exchange Bitso on Wednesday. The large transfer occurred around 7:56 PM UTC on October 11th. Notably, the whale only spent a tiny fraction of XRP, around 0.000015 XRP, in fees to move the nearly $12 million sum. This highlights the efficiency of XRP for transferring large values at a low cost. Whale movement comes amidst drop in XRP balance The shift comes as XRP whale data shows declining balances among mid-tier holders. Those with 10 million to 100 million XRP coins saw their cumulative balance drop by 330 million tokens since late September. On August 24th, a significant whale also moved 29 million XRP, worth over $15 million at the time, to an exchange amid a price decline. Large transfers often precede increased volatility. While the motivation behind this latest transaction remains unclear, exchanges typically represent liquidation venues for major investors. However, funds could also be shifted for custody purposes. Still, the magnitude of the transfer may portend greater XRP price fluctuations ahead. Whales depositing in exchanges tend to signal conviction in further downside or upside. Their maneuvers often presage breakouts. For now, the sheer amount kept off exchanges underscores lasting conviction by long-term holders. But concentrated transfers between wallets introduce unpredictable volatility that keeps traders on guard.

Billy Markus, co-creator of Dogecoin, had $500 stolen during a visit to Japan. He expressed equal dismay over the theft and cultural shame, considering himself a Japanese-American. Markus accidentally left his fanny pack with the money in a public restroom with fancy amenities. Billy Markus, who co-created the Dogecoin cryptocurrency back in 2013, revealed via Twitter this week that he had $500 stolen from him during a visit to Japan. However, he expressed equal dismay over both the theft and the cultural shame it elicited as a Japanese-American. In a series of tweets, Markus explained that he accidentally left his fanny pack containing the cash in a public restroom after becoming distracted by its fancy amenities. When he returned minutes later, the fanny pack remained, but the money was gone. Dogecoin co-creator noted he felt an equal measure of shame While disappointed about the stolen $500, Markus noted he felt an equal measure of shame about the incident occurring in Japan as someone with Japanese ancestry. He attributed this to internalizing certain cultural expectations of honor and propriety. Many respondents were curious about the specific circumstances that led to the theft. Markus acknowledged that it resulted from carelessness while interacting with the uniquely high-tech toilet. Some observers picked up on the irony given Markus’ history of creating one of the largest cryptocurrencies, which aims to function as digital cash. Dogecoin currently has a market capitalization of over $7 billion. Nonetheless, the Dogecoin founder learned firsthand about remaining vigilant in public spaces regardless of low local crime levels. His cultural ties amplified the personal embarrassment.

Cardano is one of the most actively developed blockchains with an ambitious roadmap. Its native ADA token has seen immense growth since launching in 2017. This article explores what’s next for Cardano prices. What is Cardano (ADA)? Cardano is an open-source proof-of-stake blockchain network founded by Ethereum co-founder Charles Hoskinson in 2015. It aims to provide fast, secure, and scalable blockchain transactions through leading research and development. The Cardano blockchain is divided into layers handling different functions: Cardano Settlement Layer (CSL) handles peer-to-peer transactions using the native ADA cryptocurrency. Cardano Control Layer (CCL) runs smart contracts allowing decentralized apps and protocols. Some key aspects of Cardano include: Proof-of-stake consensus Cardano uses an Ouroboros PoS algorithm that is less energy intensive than PoW blockchains. Research-driven approach Cardano takes a science and philosophy-based approach for robust protocols. Multi-phase roadmap Cardano is being developed systematically in stages as part of a long-term strategy. Governance model ADA holders can vote on Cardano Improvement Proposals to determine future upgrades. Significant capabilities Cardano aims to rival Ethereum as the leading smart contract platform once development completes. Due to its organized development path, Cardano proponents believe it can achieve the vision of becoming the most advanced blockchain. Factors Influencing Cardano’s Price Several core factors impact Cardano prices and market outlook: Cryptocurrency Market Trends Like most altcoins, Cardano’s price depends significantly on the performance of top cryptos Bitcoin and Ethereum. Rising crypto markets lift ADA. Bullish Cardano news also can have an impact. Project Roadmap Progress Cardano hitting major roadmap milestones like launching smart contracts demonstrates real-world viability and boosts ADA price. Adoption By Developers As developers build dApps, DeFi protocols and NFT projects on Cardano, utility grows along with demand for ADA tokens. Staking Participation Higher staking uptake increases locked ADA supply reducing selling pressure and potentially raising prices. Competition Interoperability blockchains like Polkadot and Cosmos or faster networks like Solana threaten to erode Cardano’s market share which impacts growth potential. Upgrades and Governance Smooth upgrades through community governance signals stability and reliability, instilling confidence in the network and ADA price. Major Cardano Price History Developments Cardano is still early in its developmental journey. Here are key highlights so far: 2017 – Shelley Era Begins ADA tokens were first made available in early 2017, trading around $0.02 during the initial months. As the crypto market surged, ADA hit an all-time high of $1.33 in January 2018 before declining with the broader market. The Shelley phase of decentralization development began, with staking and community governance capabilities being built. This marked a major step towards realizing Cardano’s vision. 2018-2020 – Bear Market Consolidation ADA faded from the spotlight during the 2018-2020 crypto bear market, with prices falling as low as $0.027 in March 2020. However, staking adoption grew steadily, reaching over 21 billion ADA staked by August 2020 and reducing supply pressure. Despite price weakness, Cardano made major headway on technical improvements during this period away from the hype. 2021 – Explosive Growth Phase As crypto markets returned to health in 2021, ADA went on a monumental run starting from $0.18 at beginning of the year and reaching an all-time high of $3.10 in September 2021 – a surge of over 15x within 8 months! Several developments triggered this growth phase: Launch of native tokens and smart contracts functionality, allowing DeFi and dApp development. Listing on prominent exchanges like Coinbase increased investment access. Investor confidence grew in Cardano’s methodology after meeting roadmap targets. Founder Charles Hoskinson’s media interviews drove interest among retail investors. This proved a breakout year for ADA establishing itself as a leading altcoin. Cardano ended 2021 at around $1.50. 2022 – Crypto Winter Survival The 2022 crypto bear market was harsh on most altcoins including ADA, which fell to around $0.24 losing over 85% of its value from the peak. However, Cardano maintained active development throughout 2022. Over 100 projects were building on Cardano by year end despite market conditions. This demonstrated strong ecosystem fundamentals. Recent Cardano Price Analysis In 2023, ADA hasn’t fared much better, making a lower low at around $0.22. It is currently trading at around $0.24 per token but is at risk of losing support of a descending triangle pattern. Short-Term Cardano Price Prediction For 2023 With less than 90 days left in 2023, Cardano has little hope for much higher prices, and investors should focus more on what happens if support is lost. Immediate short-term price predictions could even point to more downside, possibly falling as low $0.15 before the year is over. Medium-Term Cardano Price Forecast For 2024-2025 Once ADA finds a bottom, which could go as deep as $0.15 in the new year, the cryptocurrency market could finally be poised for a rebound. If these two years are positive for the cryptocurrency market, Cardano could find itself – shockingly – as much as $20 per ADA according to the Golden Ratio 1.618 Fibonacci. Long-Term Cardano Price Prediction For 2030 And Beyond By 2030, Cardano intends to fulfill its goal of becoming the most developed blockchain platform. Assuming it achieves the vision, ADA has vast growth potential. If it maintains the long-term linear trajectory it is on, there are changes that Cardano can trade between $10 and $45 in the longer term. The next decade promises to be transformational for blockchain technology. If Cardano can cement itself as a leader, its long-term growth could be exponential. Patience and persistence are key. Conclusion: Cardano Price Prediction Cardano has established itself as a leading development-focused blockchain with the goal of becoming the backbone infrastructure for decentralized finance one day. While market conditions remain challenging currently, long-term growth prospects appear bright for Cardano by 2025 and beyond. Hitting development milestones will be crucial for justifying significant price appreciation in the future. Cardano Price Prediction FAQs Let’s look at some common questions investors have about ADA price analysis: What was Cardano’s lowest price? ADA sank to as low as $0.017 in the early stages after launch in 2017. During the 2022 and 2023 bear market, it dropped to around $0.22 which is the recent low. What was the highest price for Cardano? Cardano’s all-time high price was $3.10 reached in September 2021 at the peak of the crypto bull run. Is $10 possible for Cardano? ADA reaching $10 is achievable if crypto adoption returns to rapid growth by 2025 and Cardano executes its ambitious roadmap. But $10+ seems unlikely in the near-term given current depressed market conditions. Can Cardano crash to zero? A complete crash to zero looks highly unlikely barring an existential catastrophe given Cardano’s strong fundamentals. But an extended crypto winter could potentially push it below $0.10 until markets recover. Why is ADA so volatile? As with most cryptocurrencies, speculation and changing market sentiments contribute to ADA’s volatility. As a top-10 token, it also experiences high trading activity and price swings. When will Cardano’s price stabilize? ADA volatility should stabilize significantly if/when Cardano sees massive adoption as a blockchain solution used by enterprises, institutions and governments. But markets will likely remain turbulent for foreseeable future.

In a recent research report from JPMorgan, the financial firm has predicted a harsh drop for one Bitcoin metric, forecasting a potential decline of the Bitcoin Network Hash Rate by 20% leading up to the Bitcoin halving in April 2024. JPMorgan Expects Bitcoin Hash Rate To Drop In the report, JPMorgan stated that the Bitcoin mining industry is at a crucible stage leading all the way to the Bitcoin halving in April 2024 and beyond. This is because the approval of a Spot BTC exchange-traded fund (ETF) could spark a rally against the backdrop of record hash rates and the impending block reward halving that threatens the industry’s revenues and profitability. The report highlighted that the total four-year block reward opportunity is estimated at $20 billion, due to the current price of Bitcoin (BTC), which is 72% lower than its all-time high in 2021. This figure represents a significant drop from its peak of $73 billion in April 2021 and has fluctuated around $14 billion and $25 billion since the past year. As such, the financial firm expects the Bitcoin mining sector to see the predicted 20% hash rate drop at the next Bitcoin halving in April 2024. “We estimate as much as 80 EH/s (or 20% of the network hash rate) could be removed at the next halving (April ‘24) as less-efficient hardware is decommissioned,” the report reads. Bitcoin halving is an event that aims to control inflation and it involves the reduction of Bitcoin miners’ rewards by half, and it takes place roughly every four years after miners solve 210,000 blocks. Analysts Reginald Smith and Charles Pearce noted in the report that the bank favors mining operators that can offer the best relative value in light of the existing hash rate, operational efficiency, power contracts, and more. JPMorgan chose Bitcoin mining company CleanSpark (CLSK) as its top pick among several companies listed by the firm, highlighting that the mining company offers the best balance of scale, growth potential, power costs, and relative value. In addition, the firm highlighted the significance of other mining firms it listed. These include Marathon Digital (MARA), Riot platforms (RIOT), and Cipher mining (CIFR). According to the firm, Marathon Digital is the largest mining operator, with the highest energy costs and lowest margins. Meanwhile, Riot has lower energy costs and liquidity, but Cipher has the lowest power costs with limited growth. The firm also included an outweight rating table and price targets of the mining operators in the report. The high cost of mining and the removal of inefficient hardware have been seen as some of the factors that tend to affect the Bitcoin mining industry. Large amounts of electricity are needed for mining, and at first, this makes it too expensive for miners to continue their operation. Nevertheless, many also tend to come back whenever the next bullish cycle drives Bitcoin’s price to unprecedented levels.

Data shows the Bitcoin drop below the $27,000 level has made most investors fearful for the first time this month. Bitcoin Fear & Greed Index Is Pointing At “Fear” Right Now The “fear and greed index” is an indicator that tells us about the general sentiment among investors in the Bitcoin and broader cryptocurrency market. Alternative created the metric, and according to the website, it’s based on these factors: volatility, trading volume, social media sentiment, market cap dominance, and Google Trends data. The indicator uses a numeric scale from zero to hundred to represent the sentiment. When the index has a value greater than 54, it means that the average investor is greedy right now, while it being under 46 implies a fearful mentality is dominant. The region between these two thresholds naturally signifies a neutral sentiment among the holders. Until today, the sector had been stuck inside this region since the last couple of days of September, as the investors had been split about the trajectory of Bitcoin. The chart below shows that the market sentiment has worsened with the latest drop in the cryptocurrency’s price below the $27,000 level. After this latest drop in sentiment, the fear and greed index has hit a value of 45, meaning that investor sentiment has just entered the fear region. Historically, the market has tended to move in a way that’s opposite to what the majority of the investors believe. The likelihood of such a contrary move happening increases as this imbalance in the sentiment rises. While the holders are leaning towards one side (fear), the imbalance is small, as the fear and greed index is barely inside the territory. As such, the probability of a rebound would be pretty high right now (at least based on the sentiment). Besides the core sentiments discussed before, there are also two special zones, called “extreme fear” (at or below values of 25) and “extreme greed” (at or above values of 75). These regions are where the cryptocurrency has often turned around in the past. Naturally, bottoms have occurred in the former zone, while tops have formed in the latter area. If the Bitcoin fear and greed index continues declining in the coming days and reaches values near the extreme fear region, a bounce could become a real possibility. For now, one sign pointing to the chances of a rebound may be that the large investors have been buying recently, as an analyst on X pointed out. Since the start of October, Bitcoin investors holding between 100 and 1,000 coins have purchased a combined 20,000 BTC worth around $533.6 million at the current exchange rate. BTC Price At the time of writing, Bitcoin is trading at around $26,700, down almost 5% in the past week.

Due to the heavy selling pressure, SOL is down 8.44% in the last 7 days. If the price goes below $20.4, then it will likely test $17.7 support level. Solana co-founder Anatoly Yakovenko is citing an “obvious” use of cryptocurrencies and blockchain technology. Yakovenko cites straightforward payments as an example of an application of digital assets that may benefit everyone in a recent interview with Austin Federa, Head of strategy at the Solana Foundation. Solana validator indicators such as node count, Nakamoto Coefficient, node spread and diversity continue to rise, as reported in the latest Solana Validator Health Report. Solana has come a long way in a short amount of time as a multi-client network; now, over 31% of stake is processed through the Jito Labs client, up from 0% a year ago. There are currently two more validator clients in the works. Since a performance decline in February 2023, many new practices in software upgrading processes have been introduced, and the network has had 100% uptime ever since. Further Decline Likely? At the time of writing, SOL is trading at $21.39, down 3.77% in the last 24 hours as per data from CMC. Moreover, the trading volume is down $3.61%. Due to the heavy selling pressure, SOL is down 8.44% in the last 7 days. The price has been creating lower lows and lower highs, pointing towards further decline. Source: CoinMarketCap If the bears continue domination and take the price below $20.4, then it will likely test $17.7 support level. Further downfall will likely result in price testing $14.6 key support mark. However, if bulls drive the price above $22.4 resistance level, then price will likely go all the way till $23.9 resistance area.

The XRP price has had a rollercoaster growth trajectory which was mostly hindered by the US Securities and Exchange Commission (SEC) filing a lawsuit against Ripple. But a lot of the altcoin’s performances over the months have been rather predictable, and with its history, we can get an idea of what to expect for the XRP price this month. October Not Looking Good For XRP Price In a heat map of historical XRP price data generated by NewsBTC, we can see how the month of October has usually gone in the past. The heat map shows XRP’s performance over the last eight years and the figures for October are some of the worst historically. As shown in the image below, the month of October has historically seen more losses than gains when it comes to the XRP price. In fact, out of the last eight years, only two years have seen October record a positive return for the XRP price. In the first four years of the altcoin’s life, we can see that the month of October was characterized by losses. Then in the fifth year in 2019, XRP saw its first profitable October with a 14.84% increase. Then from there, there is an alternating trend recorded with one year being profitable and the next being filled with losses. The year 2022 was no different, seeing 3.24% losses after the previous year saw October end with 16.71% gains. So if this holds, it could be that October 2023 would end on a good note. However, as the charts show, this month is already seeing XRP prices fall, so for it to finish strong, there would have to be a massive price reversal. Otherwise, October 2023 could stick to historical performance and end in the red. October Is Not A Good Month As shown in this report from Bitcoinist, taking an average of the XRP price performance in October over the years shows that it is not a good month for the altcoin. The chart shared in the report reveals that historically, October is the third-worst month for the cryptocurrency. The only months that have seen worse performance than October are the months of February with slightly higher loss numbers. Meanwhile, June takes the crown for the month with the worst returns as the last 7 seven years have seen the month end with losses. On the other hand, December presents as the best month for the XRP price. This is followed by April being the second, with May and March snagging fourth and fifth place, respectively. January, November, and September are also profitable months but to a much lesser degree.

On-chain data shows Bitcoin has failed in its latest retest of a historically significant metric, a sign that a bearish trend might have taken over. Bitcoin Has Been Rejected From The Short-Term Holder Cost Basis As pointed out by an analyst in a post on X, BTC is currently facing resistance at the short-term holder’s realized price. The “realized price” here refers to the cost basis or acquisition price of the average investor in the Bitcoin market. When the spot price of the cryptocurrency is below this level, it means that the investors as a whole are currently in a state of net loss. On the other hand, the asset being above this metric suggests that the overall market is holding some profits right now. In the context of the current discussion, the realized price of the entire BTC sector isn’t of relevance, but of only a particular segment: the “short-term holders” (STHs). The STHs are the investors who purchased their coins within the past 155 days. The members of this group are generally weak in their conviction, and thus, they can be quite reactive to changes in the market. Now, here is a chart that shows the trend in the Bitcoin realized price specifically for these STHs over the past couple of years: As displayed in the above graph, the Bitcoin short-term holder’s realized price is valued at about $27,800 right now. During its most recent attempt at recovery, BTC retested this line but ended up finding some major resistance at it. The indicator actually has a lot of history of acting as both resistance and support for the spot price of the cryptocurrency. Generally, this line has helped the asset during bull rallies, while it has impeded it in bear markets. From the chart, it’s visible that the asset’s price had found resistance at this mark and had remained under it throughout the bear market in 2022. With the rally that started in January of this year, though, the coin had finally managed to find a break. The realized price of the STHs had then flipped towards being a support level, as it had propelled the asset during the retests in March and June. With the crash in August, however, Bitcoin once again slipped below the line and has been unable to climb back above it since. Given the significance of the line, the latest retest of the indicator was quite important, so the fact that it ended in failure could be a worrying sign for the asset, as it may mean that a shift back towards a bearish trend might have occurred. BTC Price Retests like the one of the STH realized price can sometimes take a while to properly finish, but since Bitcoin has seen a steep decline towards the $26,700 level since the rejection, it may be confirmation that the asset was indeed rejected this time.

Multiple rulings clearing outstanding motions were signed by Judge Amy Berman Jackson. Judge also accepted the assistance of amicus curiae Circle Internet Financial. A significant hearing in the continuing legal battle between Binance, and the US SEC is likely to unfold today. The action has entered a pivotal point. And Judge Amy Jackson has issued several orders to clear outstanding motions. Including an amicus brief submitted by USDC issuer Circle. Multiple rulings clearing outstanding motions in the U.S. SEC v. Binance litigation were signed by Judge Amy Berman Jackson on October 11, according to court documents. Regarding the requests to dismiss filed by defendants Binance and CEO CZ, Judge Jackson accepted the assistance of amicus curiae Circle Internet Financial, which takes the position of supporting neither side. Ongoing Legal Pursuit Moreover, Circle argued that stablecoins are not securities, that the SEC does not have jurisdiction over payment stablecoins. And that the SEC’s jurisdiction over payment stablecoins is undermined by legal and practical considerations. In addition, the court stresses that participation in oral argument by an amicus curiae is strictly discretionary. Also, Lawyers Jeremy Grey, Mark W. Rasmussen, Heath P. Tarbert, Eric Tung, and Daniel Kaleba all had requests to appear pro hac vice for their clients approved by Judge Jackson. However, attorneys or at least one member of law firms must complete CM/ECF training, register for a CM/ECF user account, and consent to electronic filing. Binance, its U.S. subsidiary, and CEO Changpeng “CZ” Zhao have all asked the court to throw out the SEC’s action against them. The defendants argued that the government body had exceeded its power. The SEC has made many claims, including that money from customers was mishandled, that investors and regulators were misled, and that securities laws were broken. Highlighted Crypto News Today: Ethereum Price Breaks Key Support Level; More Trouble Ahead?

DUBLIN–(BUSINESS WIRE)–The “19th International Conference on Web Information Systems and Technologies” conference has been added to ResearchAndMarkets.com’s offering. The objective of the International Conference on Web Information Systems and Technologies (WEBIST) is to unite a community of researchers, engineers, and practitioners who share a profound interest in the progressive technological developments and practical business implementations of web-based information systems. The conference is structured around four primary tracks, each delving into distinct facets of Web Information Systems: Internet Technology, Web Intelligence and Semantic Web, Social Network Analytics, and HCI in Mobile Systems and Web Interfaces. WEBIST places a firm emphasis on real-world applications, thus encouraging authors to illuminate the tangible advantages that Web Information Systems and Technologies offer not only in academic contexts but also within industries and service sectors. The conference provides a platform for the exchange of insights and strategies for leveraging web-based information systems and technologies to address business challenges effectively. Agenda: AREA 1: INTERNET TECHNOLOGY Application, Research Project and Internet Technology Big Data and the Web Digitalization/ Digitization Internet of Things New Trends in Internet Technology Technical Infrastructures Supporting Web Applications Web Programming Web Security and Privacy, Cyber Criminality and Internet, Dark Web Web Services and Web Engineering Web Tools and Languages Application, Research Project and Service Based IS Methodologies for Services and Architecture Technical Infrastructure for Services Web Based Integration Technologies, Web Services, REST and CRUD Services AREA 2: WEB INTELLIGENCE AND SEMANTIC WEB Applications, Research Projects and Web Intelligence Computational Intelligence on the Web Context, Adaptability and Web Intelligence Data Web Mining Deep Learning Linked Data, Big Data and Applications in Companies Natural Language Processing Web Information Filtering and Retrieval Big Data and Data Mining Methods for the Semantic Web Knowledge Graphs and Deep Semantics Knowledge Representation and Reasoning on the Web New Trends in Ontology Management and the Semantic Web Ontology Discovering, Modelling, Retrieving and the Semantic Web Semantic Interoperability AREA 3: SOCIAL NETWORK ANALYTICS Opinion Mining and Sentiment Analysis Recommendation Systems Social Media Analytics Decision Making Collaborative Filtering Social Information Systems AREA 4: HCI IN MOBILE SYSTEMS AND WEB INTERFACES Design of Web Interface Web Interfaces and Applications UX and User-Centric Systems Interaction Design, User and Web Interface Modelling Ambient Intelligence and Ubiquitous Computing Human Factors Human Computer Interaction Speakers KEYNOTE SPEAKERS Christian Bizer, University of Mannheim, Germany Yannis Manolopoulos, Open University of Cyprus, Nicosia, Cyprus Dimitris Kiritsis, EPFL, Switzerland CONFERENCE CHAIR Massimo Marchiori, University of Padua, Italy PROGRAM CHAIR Francisco Garcia Penalvo, Salamanca University, Spain For more information about this conference visit https://www.researchandmarkets.com/r/4024vc About ResearchAndMarkets.com ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. Contacts ResearchAndMarkets.com Laura Wood, Senior Press Manager [email protected] For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900

Ethereum had a solid October beginning but has since seen heavy selling pressure. Since the price broke the support level of $1585, it will now likely test the $1435 mark. According to statistics from DefiLlama, the TVL on decentralized finance (DeFi) projects fell by 30% year over year, reaching a low of $36.95 billion. The crypto sector as a whole is facing severe bearish sentiment. While the year began off well for DeFi projects with a high point of over $52 billion in April, the sector has seen six months of sustained underperformance, driving it to its present low. DefiLlama data shows that, despite widespread pessimism, liquid staking projects have prospered, increasing in value by about 300% from its 2022 low to nearly $20 billion in TVL. Severe Selling Pressure Ethereum had a solid October beginning but has since seen heavy selling pressure, dropping below $1600 earlier this week. Investors are now concerned about the near-term trajectory of ETH. The price of ETH has shown high volatility, and bulls failed to safeguard the $1585 support level. Amid this chaos, one of the most prestigious banks in the world, Standard Chartered, has made a bold prediction: Ethereum could climb to $8,000 by 2026 end. Source: CoinMarketCap At the time of writing, ETH is trading at $1546, down 1.99% in the last 24 hours as per data from CMC. Moreover, the trading volume is down 14.04%. Also, the price has witnessed 5.68% decline in the last 7 days. Since the price broke the support level of $1585, it will now likely test the $1435 mark. Further decline will likely see price testing $1140 support area. If bulls can drive the price above $1645 resistance area then a fresh rally all the way till $1735 is likely on the cards.

As the digital leaves of the Kogaea universe turn a crisp, golden hue, Pink Moon Studios, in collaboration with The Crypto App, announces the advent of WOKtober—a month-long festival ushering players into the enigmatic worlds and dynamic play of “World of Kogaea.” This October, the gaming and crypto community is in for a remarkable journey with Pink Moon Studios’ “WOKtober Campaign”, an innovative, month-long celebration of the immersive “KMON: World of Kogaea” (WoK) upcoming community preview release. Taking players and crypto enthusiasts on a novel adventure, WOKtober seeks to bridge the realms of augmented reality (AR), community, NFTs, and gaming, all within the expansive universe of the KMON Games Saga. Amidst a labyrinth of adventures, mysteries, and stratospheric rewards, WOKtober promises a confluence of strategic gaming, community interaction, and blockchain-embedded rewards in an extravaganza never witnessed before in the crypto universe. Navigating the Digital Quest with The Crypto App in WOKtober In the mythical terrains of the “KMON: World of Kogaea” (WoK), the month of October—or rather, WOKtober—is not merely a time frame but an epic event, carving the path for adventures, quests, and the grand unveiling of “Monsters Gone Wild”. But let’s delve deeper into a facet that propels this celebration into the realms of both gamers and crypto enthusiasts: The collaborative pulse between Pink Moon Studios and The Crypto App. The Collaborative Endeavor: Enchanting and Rewarding WOKtober presents an array of enticing activities, including open treasure hunts and battle leaderboards, all intricately woven with The Crypto App’s technological prowess and community reach. This blend forms a symbiotic relationship, amplifying each platform’s reach and engagement. A Shared Adventure: Unveiling Exclusive Questlines Being an integrated launch partner for WOKtober, The Crypto App isn’t just a bystander but an active participant in the revelry. The partnership brings forth: Exclusivity in Communication: Featuring prominently across all WOKtober-specific communications, PR, and even on the landing page header. Interwoven Questlines: The introduction of dedicated quests within the Zealy environment, designed to intertwine user engagement between WoK and The Crypto App’s ecosystem. For instance, users might be tasked with capturing a screenshot of the KMON token within The Crypto App and rewarded with valuable XP points, thus encouraging downloads and interactions across both platforms. Joint Prize Pools: The possibility of incorporating The Crypto App into the Pink Moon Hunt prize pool, thereby cross-pollinating the user experiences between gaming and crypto engagements. Spiraling the Growth Framework: Synchronizing Engagement The strategic interlinking of events, from the Pink Moon Hunt to the WoK Preview, aims to create viral loops or “growth flying wheels” that perpetually steer engagement back and forth between WOKtober and The Crypto App. Be it via exclusive whitelist invites, NFT rewards, or cross-community quests, each point of interaction is meticulously crafted to interact with both communities and maintain a perpetual engagement loop, ensuring constant exposure within and beyond the ecosystem. In essence, WOKtober, with its diverse array of events, seeks to blend the thrill of gaming with the dynamics of crypto engagement, made exponentially impactful through Pink Moon Studios’ partnership with The Crypto App. The strategic intertwining of user experiences, rewards, and questlines amplifies visibility and engagement for both platforms and crafts a unique, hybrid adventure for gamers and crypto enthusiasts to explore, discover, and be rewarded in the parallel realms of digital worlds and decentralized finance. And so, the quest in the World of Kogaea and the exploration within The Crypto App entwine to form a riveting adventure in the digital domain. Pink Moon Shards: Engraving Your Legacy Embedded within the strategic framework of the World of Kogaea community preview events is the introduction of “Pink Moon Shards,” epitomizing the conjunction of innovative gameplay and ERC-1125 blockchain technology. These shards are not merely digital collectibles but unfold as catalysts, activating unparalleled crafting capabilities and opportunities within the KMON Forge, a unique on-chain crafting system pioneered by Pink Moon Studios. Exclusive to the events and destined to become tradable NFTs, the shards empower their holders to sculpt unique NFTs, granting them a realm of power and advantages in the KMON Game Saga upon its full-fledged release. The exclusive digital assets, automatically airdropped into the players’ wallets in accordance with their event interactions and performance, script a saga where every tactical decision propels one’s legacy within this boundless virtual universe. World of Kogaea: A Convergence of Strategy and NFT Rewards Emerging as a paragon of blockchain-embedded gaming, the World of Kogaea orchestrates an ecosystem where players navigate through cryptic realms, alliances, and strategic battlefronts, weaving their digital legacy and reaping tangible, blockchain-backed rewards. Tomer Warschauer Nuni, CBDO and CMO of Pink Moon Studios, shared: “WOKtober is more than an event; it is a journey into a world where exploratory endeavors, conquests, and strategic mastery are immortalized within the enigmatic realms of Kogaea, validated through real-world, blockchain-validated rewards. We are thrilled to share this exclusive celebration with The Crypto App and its amazing user community”. The Crypto App: An Ally in Navigating the Cryptosphere With its rich tapestry of real-time tracking, market analytics, and crypto management solutions, the Crypto App steps into this collaboration, reinforcing the viral marketing backbone of WOKtober. Furnishing real-time data, alerts, and exhaustive cryptocurrency management, The Crypto App provides an essential toolset for participants navigating the cryptocurrency realms, ensuring that strategies, trades, and token management are informed, timely, and efficient. Innovation in the Digital and Physical Realm: Pink Moon Studios Having carved its name as a forerunner in integrating immersive gaming, NFTs, and blockchain technology, Pink Moon Studios has consistently transcended boundaries, delivering solutions at the juncture of immersive digital experiences and tangible blockchain rewards. With pioneering solutions like the Diamond Contract and NFT Forging, Pink Moon Studios elevates gaming experiences and forms a conduit between digital gameplay and physical, tangible rewards, ensuring player engagement is not merely immersive but tangibly rewarding. Experience the WOKtober Odyssey WOKtober emerges as an event and an epoch in MMO and NFT gaming, underlining the untapped potential when innovative technology, strategic gameplay, and vibrant community convergence take center stage. As the realms of Kogaea beckon, adventurers, strategists, and crypto-enthusiasts alike are invited to go on a journey where every alliance forged, battle waged, and strategy devised is a step towards tangible, rewarding outcomes in a universe where digital and tangible realms coalesce seamlessly. Disclaimer: TheNewsCrypto does not endorse any content on this page. The content depicted in this press release does not represent any investment advice. TheNewsCrypto recommend our readers to make decisions based on their own research. TheNewsCrypto is not accountable for any damage or loss related to content, products, or services stated in this press release.