The treasury has no DAI and the only liquid assets are an insurance fund. The popularity of the token was boosted by its incorporation into Aerodrome Finance. After its reserves of DAI were depleted, the value of the polygon-based stablecoin Real USD (USDR), which is backed by real estate holdings, plummeted to almost $0.51 within a few hours yesterday. On-chain data revealed by USDR’s creator, Tangible DAO, shows that the treasury has no DAI and that the only liquid assets are an insurance fund worth around $6.2 million on a circulating supply of 45 million USDR, or about $45 million at the current peg rate. Rapid Fall Even as of today, the Real USD (USDR) stablecoin, which was partly backed by hundreds of real estate items in the UK, no longer has a 1:1 peg to the U.S. dollar. Both USDR and its “balance” token TNGBL lost more than half their value in less than three hours. Source: CoinMarketCap The stablecoin, issued by TangibleDAO, was backed by a collection of assets, including Dai (DAI) stablecoins, cryptocurrencies, and more than 250 pieces of UK real estate. Also, some DeFi customers may have noticed that all Dai (DAI) collateral was withdrawn today; the website now claims that homes are liable for 60% of USDR collateral. Users of USDR began a mass asset exchange because of the illiquid nature of the balance portfolio. Thus, the value of USDR on Polygon’s DeFi Pearl platform fell to $0.51. Moreover, the popularity of the token was boosted by its incorporation into Aerodrome Finance, a yield farming protocol built on the cutting-edge L2 platform Base. Over 60% of the incentives on the Tangible website are being distributed in TNGBL tokens, and the platform continues to deliver a return of over 15% on USDR. Highlighted Crypto News Today: Bitcoin Continues to Fall Amidst Geopolitical Tensions What’s Next?

Bitcoin price lost support yesterday at around $27,000 and is now below a critical level that the last two times it was lost, resulted in a 50% or more decline. Will this signal returning once again forecast sudden doom and cause crypto prices to rain down another 50% lower? Bitcoin Forecast Is Suddenly Cloudy The last several weeks of resilience in Bitcoin price action have been seemingly erased this week, as price fell below support at $27,000. While the rounded psychological number is important by itself, BTCUSD has now pushed below the bottom of the Ichimoku cloud on the weekly timeframe. According to historical performance after falling out of the cloud, the top cryptocurrency by market cap continued to tumbled significantly lower to the tune of 50%. Will Crypto Crash Another 50%? The Ichimoku cloud acts as dynamic support and resistance, and expands and contracts with volatility. Losing this support level in the past has had dangerous consequences. In March of 2020, falling out of the cloud on the same weekly timeframe resulted in a 50% flash crash over the next two weeks during the onset of COVID in the US. Later in May 2022, the LUNA collapse caused Bitcoin to lose the weekly Ichimoku cloud. It took over 20 weeks later to reach a bottom and a full 55% lower. $12,000 Or $42,000: BTCUSD Levels To Watch Another 55% crash in BTCUSD would take the price per coin to around $12,000. More importantly, it would be disastrous for altcoins that remain down by 90% or more from all-time highs. The major difference between now and the last two times the cloud was lost, and that’s the Tenkan-sen and Kijun-sen in blue and maroon respectively (pictured below). Unlike the two past instances, these spans are crossed bullish whereas previously they were during a bearish crossover. If for some reason Bitcoin manages to hold inside the bottom of the cloud, it could next target the top of the cloud at around $42,000 per coin. If it doesn’t, “look out below.” Charts initially appeared in Issue #23 of CoinChartist VIP. Subscribe for free to learn more about the Ichimoku cloud and what might happen next in Bitcoin.

The XRP price continues to trade sideways on low timeframes as the crypto market faces a spike in selling pressure. While major cryptocurrencies will likely bleed into critical support, one analyst believes there is hope for the XRP Ledger native token. As of this writing, the XRP price trades below the critical psychological level of around $0.5 and stands at $0.47 with a 2% loss in the last 24 hours. Over the previous week, XRP was one of the worst performers, recording a 9% loss. Bitcoin Dominance Declines, XRP Price Will Come Out On Top? A pseudonym analyst on social media platform X recently shared a chart showing a decline in Bitcoin Dominance (BTC.D). This metric measures the amount of the total crypto market capitalization represented by BTC. When the Bitcoin Dominance declines, the altcoin sector benefits as the metric suggests investors could move away from the number one crypto into other assets. The analyst indicated that the BTC.D stands at a critical level, facing substantial resistance. In that sense, the metric could return below 50% of the total crypto market cap. The last time the BTC.D stood at current levels, the XRP price rallied above two major obstacles at $0.60 and then at $0.70. The analyst stated: Altcoin Season Looming? But Something Needs To Get Out Of The Way According to this analysis, an altcoin season might be on the horizon for the XRP price and other similar cryptocurrencies. However, the analyst believes the US Securities and Exchange Commission (SEC) needs to decide on the spot Bitcoin Exchange Traded Fund (ETF). The narrative around this financial product has been gaining influence on the nascent sector, and if the SEC approves it, there will be much less uncertainty around the nascent sector. In the last 24 hours, some movement has been around the spot Bitcoin ETF applications. This movement coincides with a spike in volatility across the board and could set the stage for fresh news that will trigger the altcoin season or push the XRP price back to critical levels. On the possibility of the SEC approving the ETF, the best scenario for XRP and other token, expert Eric Balchunas said: Cover image from Unsplash, chart from Tradingview

Netcracker’s Chairman and CEO, Andrew Feinberg, to Present Main Stage Keynote on the Importance of Data and AI to the Telecommunications Industry at Dubai Event WALTHAM, Mass.–(BUSINESS WIRE)–Netcracker Technology announced today that it will participate in a number of high-profile activities – including a main stage keynote given by Chairman and CEO, Andrew Feinberg – during GITEX Global at the Dubai World Trade Centre next week. Netcracker will exhibit in Hall 21, Stand H21-A20 where attendees can see the recently launched Netcracker GenAI Telco Solution and experience the TM Forum Catalyst, “Closing the Metaverse Chasm: Monetizing the Ecosystem,” which won the Best Moonshot Catalyst – The Web3/Metaverse Challenge award at DTW23 last month. Netcracker will also have executives available to discuss key issues such as the real-world benefits of digital transformation, how to quickly adapt to current and future business requirements and what CSPs can do to transform into self-sufficient techcos. Feinberg will present his views on how data, analytics and AI will reshape the telecommunications industry and deliver knowledge, value and improved customer experiences to telecom operators around the world. Keynote Presentation: Harnessing the Power of AI to Benefit Society Tuesday, October 17 | 11:40 GST | Hall 25, GITEX Global Main Stage Andrew Feinberg, Chairman and CEO, Netcracker and BostonGene Moderator: Amanda Drury, Anchor, CNBC Australia About Netcracker Technology Rapid digitization is disrupting the status quo of today’s communications markets. Constantly evolving customer needs and behaviors require service providers to adapt quickly and diversify their businesses to deliver the outcomes that their customers expect. Building digital ecosystems, anticipating customer requirements and delivering a digital-first experience are essential for service providers to accelerate innovation, expand into new markets and become the disruptors in the 5G era. Netcracker Technology, a wholly-owned subsidiary of NEC Corporation, has the expertise, culture and resources to help service providers around the world transform their businesses to thrive in a digital economy. Our innovative solutions – including our flagship cloud-native Netcracker Digital Platform – value-driven services and unbroken delivery track record of three decades help service providers to achieve their digital transformation goals, drive the telco to techco evolution within their organizations and realize business growth and profitability. For more information, visit www.netcracker.com. Contacts Media Anita Karvé Netcracker Technology [email protected]

A new report from Glassnode, an on-chain analytical firm, has buttressed recent data indicating Bitcoin holders are adding to their holdings. These long-term Bitcoin investors, often known as “HODLers,” don’t appear to be phased by the recent volatility in Bitcoin’s price. According to on-chain data, long-term holders have been rapidly amassing Bitcoin, adding more than 50,000 BTC each month to their holdings. Monthly Accumulation Of BTC Worth $1.35 Billion Bitcoin is currently showing signs of slowing down, as its price just dipped below $27,000. It would appear that short-term speculators are mostly to blame for the persistent selling pressure, as data shows whale investors are seeing this opportunity to buy more BTC at a discount rather than secure profits. According to Glassnode’s HODLer Net Position Change metric, long-term holders are purchasing an average of 50,000 BTC worth $1.35 billion at the current price of Bitcoin every month. Another metric, the Long-Term Holder Supply, which measures the amount of BTC’s market cap with holders, also reached an all-time high of 14.859 million BTC. This means 76.1% of the total circulating supply has not moved in the past five months. Consequently, 94.8% of the total Bitcoin supply has not moved in the past month. To back up this data of increased accumulation, popular crypto analyst Ali Martinez shared chart data from Santiment showing Bitcoin whales have purchased around 20,000 BTC since the beginning of October, worth roughly $550 million. At this rate, the number of BTC vaulted by holders is poised to pass 50,000 in October. This increased accumulation suggests that long-term holders remain confident in Bitcoin’s long-term potential and see this price correction as temporary. Bitcoin Supply Tightens According to Glassnode, only 11.5% of BTC’s circulating supply changed hands in the last 3 months, indicating a prolonged inactive period of on-chain activity. That there are fewer transactions suggests that investors are unwilling to sell at the current price as the industry awaits approval of spot Bitcoin ETFs. If this current trend holds, then the current downtrend could be short-lived, especially if sentiment among smaller traders also turns toward buying. A predominantly hold mentality would give the asset time to recover and establish significant support that serves as a bounce-off point for another rally. Bitcoin is currently trading at $26,766 and is down by 1.31% in a 24-hour timeframe as it approaches the next major support near the $26,500 level. If enough large players accumulate at these lower prices, it may establish a price floor as bulls push the price back up. As crypto analyst James Straten points out, Bitcoin could jump 50% as part of the correlation between the Grayscale Bitcoin Trust and the price of BTC.

Bitcoin (BTC) experienced a four-day decline, falling below $26,600. Ex-Alameda Research CEO unveils SBF plans to maintain Bitcoin below $20,000 by selling customer-held BTC. Bitcoin (BTC) has experienced a significant downturn, marking its fourth consecutive day of losses. The world’s largest digital asset by market value fell below $26,600, a level not seen since the beginning of October. Several factors have contributed to this decline, including concerns related to the ongoing conflict in the Middle East. On October 11th, Bitcoin suffered its most substantial single-day drop in a month, plummeting as much as 3.2% to $26,561. Analysts have drawn parallels to a similar reaction witnessed during the Ukraine conflict’s eruption last year, indicating how geopolitical tensions can influence investor sentiment in the cryptocurrency market. Despite the recent decline, Bitcoin is still trading 62% higher since the beginning of the year. While the crypto is far from its all-time high of $68,000 reached during the 2021 bull market, its resilience remains noteworthy. Will BTC React SBF Trail? Amidst these developments, Sam Bankman-Fried, also known as SBF, faces legal scrutiny in court. Testimonies have revealed intriguing details about his actions, including alleged efforts to suppress Bitcoin’s price below $20,000 artificially. According to ex-Alameda Research co-founder Caroline Ellison, SBF instructed the hedge fund to sell BTC acquired from FTX customer funds strategically to stabilize prices. This revelation sheds light on the complexities of the crypto industry and its regulatory challenges. However, Credible Crypto, a closely followed figure in the cryptocurrency community, believes that Bitcoin is poised for a rebound after dipping below the $28,000 level. Despite the possibility of a brief pullback below $27,000, the analyst maintains an optimistic view, setting a target of at least $27,100 and emphasizing that to uphold the bullish trajectory over a longer time frame, Bitcoin should not fall below $24,800. Bitcoin (BTC) Price Chart (Source: TradingView) At the time of writing, Bitcoin is trading at $26,835, experiencing a slight decline in the last 24 hours and a 2.8% decrease over the past week. Nonetheless, daily trading volume has increased by 7.5% in the last 24 hours, reaching $12.4 billion.

Real-world assets (RWAs) are emerging as one of the next mega trends in the crypto space, and according to a recent study by K33 Research, Chainlink could profit in a big way from this trend. In a recent study, the research firm projected that LINK would be the “safest bet” to capitalize on this impending boom. This sentiment reflects the broader industry outlook, especially given BlackRock CEO Larry Fink’s earlier comments in May where he noted the potential of tokenization in securities. “The next generation for markets, the next generation for securities, will be tokenization of securities,” remarked Larry Fink during a New York Times DealBook event. He further elucidated that tokenization, which is the creation of a digital representation of an asset on a blockchain, would facilitate “instantaneous settlement” and notably reduce transactional fees. What Makes Chainlink The Go-To Choice? The growing interest in the tokenization of RWAs, which includes traditional financial instruments like private equity, credit, and bonds, has paved the way for the increasing valuation of LINK. Tokenization is no longer a buzzword but a mechanism to optimize financial transactions by reducing costs, streamlining operations, and enhancing transparency and accessibility. David Zimmerman, an analyst at K33 Research, mentioned, “If we wish to have exposure to the RWA narrative and avoid being sidelined when it takes off, LINK is the safest bet.” Global financial institutions and emerging cryptocurrency platforms are gearing up to leverage this trend. A testament to this is JPMorgan’s recent announcement about its first live blockchain-based collateral settlement transaction, which involved industry giants BlackRock and Barclays. Chainlink, as a project, has strategically positioned itself in this domain, acting as a bridge between blockchains and the external world. The project’s unique system of oracles and an expansive list of partnerships emphasize its pivotal role. “Chainlink, with its system of oracles and wide partnerships, is well-positioned to connect blockchains with real-world data, making it a strong player in the RWA narrative,” stated renowned crypto analyst Scott Melker, echoing Zimmerman’s insights. Zimmerman further opined that while Chainlink might not record the highest gains in this RWA movement, its robust infrastructure and pivotal role in the ecosystem make it one of the most well-placed projects to harness the potential benefits. Despite the undeniable potential and traction that RWAs have gained, Zimmerman highlighted potential challenges in realizing their full potential. Yet, the prevailing narrative’s allure is so compelling that we might witness “an isolated RWA crypto bubble” even before its tangible real-world impacts become ubiquitous. Zimmerman’s advice to potential investors is to be patient. The recommendation is to wait for the token to hit the long-term support level of around $5.70 before diving into long positions. LINK Price Remains Trapped In Trend Channel The Chainlink price has been trading within a descending trend channel since June last year. Even the recent hype around the partnership with Swift and the SmartCon was not enough to push LINK out of the trend channel. In total, LINK has been rejected at the upper trendline six times, last on October 1. A bullish sign at the moment is that Chainlink is holding above the 50% Fibonacci retracement at $7.19 despite the sharp correction in the broader crypto market. If this holds over the next few days, LINK could attempt a retest towards the upper resistance line. If the support breaks, K33 Research’s scenario could come true and Chainlink could fall below the $6 price again. Thus, the support is instrumental in determining whether Chainlink is currently a buy or sell.

FinDaS a prominent tokenomics consulting company, today announced the launch of three new products designed to help crypto startups with their financial planning and tokenomics design. Tokenomics calculator: This automated tool revolutionises the process of designing and evaluating token economies. It requires no prior expertise in tokenomics, guiding users through a series of business-related questions. Utilising advanced AI techniques, it suggests optimal token economy setups within predefined constraints. The tool is accessible for free, with premium features available. Key features include: Performance score for crucial aspects of the token economy Multiple tokenomics scenarios depending on the company focus Full customization of proposed scenarios (in the premium version) Detailed business explanation of generated tokenomics Token price projections Business valuation: This tool aids companies, both crypto and non-crypto, in determining a fair valuation, crucial for fundraising efforts. Employing eight distinct valuation techniques and a weighted average, it provides a robust valuation of the company. The tool generates: Income statement Cashflow statement Balance sheet statement The tool is available for free, with advanced features requiring a one-time payment. MiCA-ready token economy papers: The Markets in Crypto-Assets Regulation (MiCA) institutes uniform EU market rules for crypto-assets. FinDaS offers MiCA-ready token economy papers/whitepapers following the standard and requirements as defined by the regulation. “We are thrilled to launch our tokenomics calculator and business valuation tools, offering startups an efficient way to understand their financials and token economies.” said Hristo Piyankov, CEO and Lead Token Economist of FinDaS. “While these tools cannot replace dedicated financial and tokenomics experts, they serve as invaluable aid in validating ideas in the initial stages of a project, within minutes. For comprehensive support, FinDaS can assist companies with their full tokenomics design and modelling, ensuring their token economies are sustainable and tested. This includes preparation for the upcoming MiCA regulations set to be enforced next year.” About FinDaS. FinDaS has been a leading tokenomics service provider since 2017. The company has consulted on more than 250 projects in the crypto space, which in turn have raised over one billion USD. The company adopts a unique data-driven approach to tokenomics development, focusing on robust strategies rather than fleeting trends. FinDaS also offers Markets in Crypto-Assets Regulation (MiCA) compliant token economy papers. Tokenomics by FinDaS. Data-driven. Tested. Sustainable. Media Contact Company Name: FinDaS Ltd Contact Person: Hristo Piyankov Contact Person Title: CEO and Lead Token Economist Company Website: https://www.findas.org/ Company Email: [email protected] Social Media Contact LinkedIn Telegram YouTube 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.

FTX’s massive $10 billion loan remained concealed in the documents. Alameda’s former CEO implicates SBF in discussions with the Saudi Crown Prince. In November 2022, the crypto world witnessed a shattering chapter in its history with the collapse of FTX, a once-prominent crypto exchange. What initially appeared as a mere accounting oversight soon unveiled itself as a massive fraud, resulting in the loss of billions of dollars for customers and investors. Shockingly, it was revealed that customer funds had been redirected to accounts controlled by Alameda Research, a cryptocurrency trading firm based in Hong Kong, instead of FTX. This revelation sent shockwaves throughout the crypto market. The aftermath of this revelation has been a never-ending saga of lawsuits and trials. In recent developments, on October 10, an ex-Alameda engineer disclosed an unpublished tweet thread from Sam Bankman-Fried (SBF), the face of FTX, discussing the potential shutdown of Alameda Research in 2022. SBF expressed his frustration with the persistent “FUD” surrounding Alameda’s connection with FTX, attributing it to competition-driven misinformation. The thread also revealed his desire to transform Alameda into an investment firm and infrastructure developer while clarifying that it would cease active trading. Notably, Alameda Research once played a pivotal role in providing liquidity and investments to various tokens and crypto firms. Long after, it was plagued by rumors, now seemingly validated, of trading against FTX clients and enjoying unfair advantages. Caroline: A Partner in Crime? Caroline Ellison, the former CEO of Alameda and allegedly SBF’s ex-girlfriend, is going viral among crypto netizens. Testifying during SBF’s trial in New York, she admitted to manipulating financial data. It is for review by Genesis, a major crypto trading firm. Also, Ellison revealed that SBF instructed her to create “alternative” balance sheets regarding Alameda’s use of FTX’s funds. She admitted to providing seven different spreadsheets, one of which was presented to Genesis. But it did not disclose Alameda’s $10 billion borrowing from FTX. Moreover, in a surprising turn of events, Ellison disclosed that SBF had explored the possibility of raising equity for FTX by considering an investment from Saudi Crown Prince Mohammed bin Salman (MBS). She revealed that discussions about hedging Alameda’s investments had taken place in 2022. SBF mentioned MBS as a potential investor in FTX before its eventual collapse in November. Meanwhile, MBS is known for his considerable wealth and previous investment in blockchain gaming through the nation’s sovereign wealth fund. Finally, as the trial unfolds, the FTX saga remains a riveting tale of deceit and intrigue in the crypto world. The shocking revelations and legal battles leave us with more questions than answers. The crypto community watches with bated breath as the story of FTX continues to evolve.

Cardano founder Charles Hoskinson recently gave his thoughts on whether the US Securities and Exchange Commission (SEC) had given Ethereum a regulatory free pass as recent rumors suggest. Cardano Founder Alleges Favoritism Toward Ethereum In an AMA session shared on X (formerly Twitter), Hoskinson mentioned that the Himman emails and other revelations expose the thought process of the SEC and show that there was unequal application, which he doesn’t see anything wrong with. Furthermore, he believes that none of the Commission’s actions presupposes corruption but only favoritism. It is worth mentioning that Hoskinson happens to be a co-founder of Ethereum. However, he was forced to exit the team after he suggested that Ethereum be run as a commercial entity rather than a nonprofit, but this idea didn’t seem to resonate with others on the team. As such, one can easily assume that there could be some form of bias in his statement, as he could feel endeared to Ethereum despite the circumstances surrounding his exit. Reacting to the clip, One X user stated that Hoskinson’s “old ETHGATE buddies” may have convinced him to make such statements. Meanwhile, others in the crypto community criticized his statement, emphasizing that there was really no difference between favoritism and corruption, especially when a government agency is involved. Some went as far as alleging that Hoskinson could well have been involved in the scandal and that he was talking “like a defendant.” Himman Emails And Other Revelations A Big Deal While Hoskinson may have tried to downplay the Himman emails and other revelations, they undoubtedly lay a foundation as to possible wrongdoings of the Commission. For one, the email showed that Bill Hinman had interacted with Ethereum’s co-founder, Vitalik Buterin before he gave his speech, where he mentioned that ETH wasn’t a security. With this in mind, Buterin could have possibly influenced Hinman’s speech. There have also been revelations of how the SEC had close ties with Ethereum, which instantly presupposes a conflict of interest as it becomes harder to regulate or deal fairly with such a body without being influenced by external factors. Meanwhile, Steven Nerayoff, who was an active participant during Ethereum’s Initial Coin Offering (ICO), continues to allege that the SEC was corrupt in its dealings with Ethereum and that he has evidence to back up his claims. Pro-XRP legal expert John Deaton has also confirmed Nerayoff’s claims as he has seen this supposed evidence under the attorney-client relationship. In his announcement last month, Deaton mentioned that Bill Himman’s cross-examination would be of “epic proportions” and even offered to handle that personally if the SEC’s case against Ripple were to go to trial.

In the vast, ever-evolving world of cryptocurrencies and blockchain technology, decentralized exchanges (DEXs) have emerged as pivotal players. Bypassing the traditional centralized gatekeepers, DEXs have democratized access to crypto-assets, offering direct peer-to-peer trading. They’ve redefined the very essence of trading, ensuring greater security, transparency, and control for users. Yet, amidst a sea of platforms, a new hidden gem stands out – RubyDex. What is RubyDex? At its core, RubyDex is not just another decentralized derivatives exchange. The platform stands out for its ambition to bridge the divide between the crypto world and traditional financial markets. Imagine an exchange where you can dive into the volatility of cryptocurrencies in one moment and tap into the stability of commodities or forex in the next. One of the standout features is its multi-chain approach. Unlike many DEXs that remain anchored to a singular blockchain, RubyDex embraces an expansive network, encompassing multiple chains. Such a scope not only broadens its reach and enhances interoperability, but also demonstrates an astute ability to adapt to the fluctuating terrains of the blockchain universe. Furthermore, RubyDex’s diverse selection of offerings, covering everything from stocks, ETFs, and commodities to NFT perpetual contracts, makes it a fountain of opportunities. Whether you’re a traditional investor keen on forex or a modern trader fascinated by NFTs, RubyDex caters to your aspirations. Unique Features That Define RubyDex Distinct features illuminate RubyDex’s path, showcasing its innovative spirit: Multichain Approach: RubyDex integrates support for multiple chains including Arbitrum, BNB Chain, zkSync Era, Ethereum, Optimism, Polygon, Mantle, and Avalanche. This enables users to trade flexibly across various blockchain ecosystems, promoting interoperability and safeguarding against chain-specific vulnerabilities. Diverse Asset Offering: RubyDex’s extensive asset menu includes traditional financial assets, a spectrum of trending cryptocurrencies, and the pioneering sector of NFT perpetuals. Contracts available range from popular cryptos like BTCUSDT and ETHUSDT, to forex pairs such as GBPUSDT and EUROUSDT, and even NFT and commodity contracts like BAYCUSDT and GOLDUSDT. Such depth ensures investors of all risk appetites find their desired market. High Leverage Trading: RubyDex offers an astounding 1000x leverage on forex pairs like GBPUSDT and EUROUSDT. Such high-leverage trading opportunities attract experienced traders eager to amplify their profits. Seamless User Experience: Embracing a global user base, RubyDex’s no-KYC trading allows anyone to connect a wallet and begin trading without having to create an account or sacrifice privacy. It paves the way for a fluid and welcoming platform accessible to users worldwide. Diving Deep into RubyDex’s Advanced Security and Hybrid Structure RubyDex prides itself on a security-first approach while ingeniously incorporating a hybrid exchange model. While debates around centralized versus decentralized platforms continue, RubyDex uniquely positions itself at the crossroads, ensuring users experience the best of both worlds. RubyDex’s unique hybrid architecture marries the efficiency, liquidity, and speed of centralized exchanges with the security and transparency of decentralized platforms. Users’ wallets interact exclusively with the decentralized zones, ensuring their funds are always in their control or within transparent smart contracts. On the flip side, the centralized zones host the core trading engines on cloud servers, rivaling the performance of traditional centralized exchanges. This duality ensures not just the safety of user funds but also offers an optimized trading experience. Forced Exit Safety Mechanism & Update Contract At the heart of RubyDex’s security protocols is the “Forced Exit Safety Mechanism”. Simply put, if platform functionalities, like the Update Contract, don’t undergo a refresh within a specific period, users can activate a safeguard mechanism. This design guarantees that users always have agency over their funds, allowing for hassle-free withdrawals in any situation. To bolster trust and credibility, RubyDex has subjected its smart contracts to a comprehensive audit by Certik, an industry titan in blockchain security. This external verification stands as a testament to RubyDex’s commitment to ensuring a safe and secure environment for its community. A Focus on Users Exploring RubyDex reveals an impressive commitment to user education and support, ensuring that every visitor, be it a seasoned trader or a crypto newbie, finds their footing on the platform. Unlocking Knowledge with RubyDex Academy and User Guides: RubyDex Academy serves as a treasure trove of knowledge, offering a plethora of educational resources. From in-depth articles to tutorials, the Academy is designed to demystify the complexities of trading and blockchain technology. It’s a testament to RubyDex’s dedication to fostering an informed and enlightened trading community. Understanding that a smooth user journey is crucial for user retention, RubyDex offers comprehensive step-by-step guides. These guides meticulously explain the platform’s functionality, ensuring that users can leverage all the features RubyDex has to offer with confidence and ease. Trade Anywhere, Anytime with Mobile Support In today’s mobile-centric world, the ability to trade on the go is non-negotiable. RubyDex stands tall in this regard, providing robust mobile platform support, enabling users to seamlessly execute trades, monitor markets, and manage their portfolios from the palm of their hands. Celebrating the RubyDex Community RubyDex doesn’t merely acknowledge its early supporters; it celebrates them. With the RubyDex Pioneer Gem NFT, a one-of-a-kind digital collectible crafted especially for the explorers of this revolutionary platform. Owners of this prestigious NFT can look forward to an array of privileges such as premium trading fee discounts, priority access to new features and launches, invitations to exclusive community events, and more. This is RubyDex’s salute to those who believed from the outset, ensuring their loyalty doesn’t go unnoticed. In its commitment to growing together with its community, RubyDex has also rolled out the Airdrop Missions Campaign. This isn’t just another airdrop; it’s a journey into the heart of RubyDex’s expansive ecosystem. The campaign is a golden opportunity to deepen your engagement and, in the process, garner generous rewards. Glimpse into the Future: RubyDex’s Roadmap RubyDex’s current offerings are just the beginning, with a promising roadmap ahead. TradFi Perpetual Contracts: The platform’s roadmap hints at listings of more traditional financial perpetual contracts, including Stocks, ETFs, and Indices. This integration promises to offer traders unparalleled versatility in their portfolio. Multilingual Outreach: With plans to roll out multi-language support, the platform is set to become truly international, catering to users from diverse linguistic backgrounds. Permissionless Listings: In line with the true ethos of decentralization, RubyDex envisions a future where the community gets a more significant say. Permissionless contract listings will democratize the listing process, giving the power back to the users. Innovative Liquidity Pool System: Perhaps one of the most exciting prospects is the introduction of a unique liquidity pool system. This system aims to lend assets to professional market makers, ensuring richer order books. In tandem, Market Makers will access immediate liquidity for the DEX, while Liquidity Providers in these pools can look forward to potentially lucrative APYs based on interest rates set by MMs. In essence, the road ahead for RubyDex isn’t just about expansion but evolution, transforming to offer its users more choices, more power, and more opportunities in the decentralized financial world. Final thoughts In the ever-evolving world of DeFi, it’s not about who arrived first, but who brings something new to the table. And with its unique offerings and visionary roadmap, RubyDex promises a revolution that blends the best of traditional finance and decentralized wonders. 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.

It’s often stated that Web3 technologies such as blockchain, cryptocurrency, NFTs, and smart contracts will revolutionize just about every industry on the planet, but for all of the belief, there is little sign that this will happen soon. One of the major obstacles in the path of glory for Web3 is the distinct lack of skilled developers to build out the decentralized applications and services that will change the world. The Web3 developer shortage has been widely publicized. A 2022 report from McKinsey & Co. found that while the metaverse alone – just a subset of Web3 – has the potential to create $5 trillion in value by the end of the decade, it will only do so if it’s able to recruit more developers. But Web3 developers are an extremely rare breed, with McKinsey saying they make up just 1% of all coders globally. Clearly, there’s an urgent demand for many more developers to build out the Web3 ecosystem. The problem is that it’s not easy to encourage existing developers to take the plunge into what remains very unfamiliar territory for many. Developers must commit hours of their time to educate themselves about the decentralized industry. That’s because it’s plagued by a lack of accessible programming languages, frameworks, and tools. This problem is a big obstacle in the way of getting more developers involved. The Web3 Education Barrier One of the most significant concerns for developers is the lack of formal education and training resources that are focused on Web3 technologies. A survey of 1,056 developers by Versatus found that 32% of respondents decided to stop working in Web3 due to a lack of resources and support tools available. Another 14% cited their unfamiliarity with blockchain coding languages, while 7% complained that their existing toolset is not compatible with Web3. That said, Versatus’ survey found that almost two-thirds of those developers are willing to consider building in Web3 in the future, even with their existing concerns around a lack of tooling. The size of the Web3 skills gap became all too apparent in Stack Overflow’s 2022 developer survey, when just 1.45% of respondents said they are familiar with the Solidity programming language associated with Ethereum, the most popular blockchain platform. The finding shows that Solidity is about as far from being mainstream as it’s possible to be. On the other hand, 65% of developers said they’re familiar with and able to work in JavaScript, one of the most widely used languages for Web2 development. The results of these studies are overwhelming evidence that the lack of familiarity with Web3’s coding languages creates a massive hurdle for developers who are otherwise intrigued by the possibilities of decentralized applications. The fact is that Web3 significantly raises the bar, as developers who are accustomed to the seamless tooling within Web2 are forced to contend with an ecosystem that’s not only more complex but far less mature. Easing Access To Web3 The Web3 industry needs to recognize this dilemma and come up with an alternative solution to onboarding developers, one that doesn’t ask them to dedicate numerous unpaid hours to learning it. Luckily, there are some projects that have already realized this and are actively working on ways to enable developers to enter the space using their existing skills, without learning anything new. Versatus is a decentralized compute stack, where developers can create applications in any programming language they desire, for any blockchain. It does this through the use of an innovative technology called Unikernels, which combines app-specific runtimes and virtual machine monitors to create a powerful “compute agent” that abstracts away the process in which applications are built and run. In this way, developers can use the programming languages and tools they’re most familiar with to build an unlimited array of decentralized applications that can be hosted on any blockchain. By enabling such a seamless experience for Web2 developers in the Web3 world, Versatus believes it can potentially emerge as the most popular compute layer for decentralized applications. It aims to ignite a “Cambrian explosion” within the world of Web3 development, not only by simplifying the learning process but by nurturing fresh ideas and facilitating smoother connectivity across the entire Web3 ecosystem. The responses in Versatus’ survey support these statements, with more than 39% of developers signaling they would be more likely to build in Web3 if they could easily utilize the programming languages, tools, and technology stacks they’re already familiar with. Following In The Footsteps Of AI There is a precedent for what Versatus is trying to achieve in the artificial intelligence industry that has, in 2023, emerged as the biggest buzzword in technology. It was only a few years ago, less than a decade in fact, that AI development was restricted to a limited number of domain experts. AI development became more accessible with the emergence of open-source frameworks such as TensorFlow, PyTorch, and OpenCV. Then, we saw the rise of AI model repositories such as Hugging Face and MidJourney, followed this year by companies such as OpenAI and Anthropic, unleashing the power of their pre-trained generative AI models that can easily be customized on proprietary datasets. With the prevalence of these tools and services, suddenly it has become much easier for developers to create sophisticated applications that leverage the capabilities of incredibly powerful AI models. With its simple API, OpenAI has opened the doors to a flood of AI-capable applications and Versatus is now looking to do the same for Web3. By eliminating the barriers to Web3 development, in the same way the likes of Hugging Face and OpenAI did with AI, Versatus believes it can make the industry accessible to thousands of new developers. Keep It Simple & The Developers Will Come A strong developer community will be necessary to accelerate the Web3 ecosystem. By establishing a thriving community, the industry will be much better placed to attract yet more talent as it will be able to provide the essential support and resources that newcomers require. There’s a precedent here too in the well-established communities around programming languages such as JavaScript. Those who are new to JavaScript can access extensive resources including tutorials, code samples, and even mentorship from more experienced coders via online platforms. By building up a similar community, the Web3 industry will be able to help its own newcomers navigate its evolving technology landscape. Moreover, a strong community results in more partnerships and collaboration that can address the skill shortages at individual organizations. Web3 wants to become the next iteration of the internet and onboard billions of users. For this to happen, more developers are required, and that will only occur if the onboarding process becomes much simpler than it is today. Web3 can do this by speaking to Web2 developers in the language they understand, initiating the dialogue that’s necessary to get the industry to where it wants to go.

A meticulous analysis of the XRP/USD trading pair by renowned crypto analyst, Jaydee, has shed light on some compelling technical patterns and indicators. With the crypto community eagerly anticipating XRP’s next major move, Jaydee offers insights that hint at two critical price thresholds before a potential rally toward $5. What’s Next For The XRP Price? The analyst today shared the following 1-week chart of XRP and explained: “XRP – PATIENCE & ignoring the news is key! Let’s take a step back and look at a more macro view! Though short term may look scary (even w/all these irrelevant news), the weekly chart still creating ‘hidden bullish divergence’ on RSI/SRSI.” Central to Jaydee’s analysis of the logarithmic scale chart of XRP/USD is the identification of a symmetrical triangle pattern. This pattern on a chart signifies a phase of consolidation, after which the price will either break out or break down. A breach of the lower trendline signals the onset of a fresh bearish trend, whereas a surge past the upper trendline suggests the commencement of a new bullish trend. Jaydee highlights the significance of the $0.4797 support level within this pattern for the XRP price. The chart suggests robust support at this price level which aligns with the 61.8% Fibonacci retracement level. The analyst also brings attention to the 78.6% Fibonacci retracement level which he sees as the lower end of the dip area. The chart implies that XRP could further drop significantly towards this area below $0.35. In the event of such a short-term pullback, this lower Fibonacci level could very well delineate a critical support area. As remarked by Jaydee in the tweet, the Relative Strength Index (RSI) and the Stoch RSI have both formed hidden bullish divergences. The RSI of XRP/USD in the 1-week chart currently stands around 45.53, and is in neutral territory, not signaling any immediate overbought or oversold conditions. Yet, the divergence in the RSI presents a captivating narrative. Jaydee highlights the hidden bullish divergence, where the price charts higher lows while the RSI is trending with lower lows, typically an indication of diminishing bearish momentum. This is usually seen as a bullish sign as it suggests that the downward momentum is weakening and could well be a precursor to a bullish phase. The Stochastic RSI stands at 7.66 and shows the same pattern. Overall, Jaydee’s forecast for XRP is bullish in the medium to long term. In conclusion, the convergence of these technical indicators and the unwavering support at $0.4797 shows strong bullish undercurrents for the XRP price. Still, it is conceivable that XRP might face a further short-lived drawdown before launching into a significant bullish ascent. Assuming these patterns persist, a leap to a $5 pricing (green arrow) seems plausible as per Jaydee. Feedback From The XRP Community Delving into the commentary, Jaydee added nuances, stating, “Scary on the daily chart (glad we knew that 12% correction was coming). The weekly chart is way different compared to daily.” When queried by a user named Steven about the potential implications of Bitcoin ETF approvals and increased adoption and utility, Jaydee responded, “Charts will still play out. May even have a ‘wick’ at higher levels on higher time frames. But the body candle close on the macro view is the true value, rather than any wicks. Wicks would just be “noise” caused by news. Didn’t all these bullish news REKT many already?” On the timing of the $5 forecast, Jaydee candidly remarked, “Nobody can predict timeframe or knows when we would start getting the next impulse move up. I just placed an arrow wherever. Wait a minute… You really think we are God?” Responding to a user’s inquiry about XRP potentially dipping to $0.35 creating a lower low, Jaydee clarified, “It would if a body candle closes there. But possible wicks can head down there.” At press time, XRP traded at $0.4821.

Ethereum price is consolidating above the $1,550 support against the US dollar. ETH could decline heavily if the bulls fail to protect $1,550 and $1,540. Ethereum is struggling to start a recovery wave from $1,550. The price is trading below $1,585 and the 100-hourly Simple Moving Average. There are two bearish trend lines forming with resistance near $1,565 and $1,590 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a recovery wave if the bulls defend the $1,550 support zone. Ethereum Price Faces Resistance Ethereum remained in a bearish zone below the $1,600 resistance zone. ETH is still consolidating above the $1,550 support and showing bearish signs, like Bitcoin. The recent low was formed near $1,542 before the price started a consolidation phase. The price spiked once above the 23.6% Fib retracement level of the key decline from the $1,665 swing high to the $1,542 low, but upsides were limited. Ethereum is now trading below $1,585 and the 100-hourly Simple Moving Average. There are also two bearish trend lines forming with resistance near $1,565 and $1,590 on the hourly chart of ETH/USD. On the upside, the price might face resistance near the $1,565 level and the first trend line. The first major resistance is near the second trend line, $1,590, and the 100-hourly Simple Moving Average. The next resistance is near $1,600 or the 50% Fib retracement level of the key decline from the $1,665 swing high to the $1,542 low. Source: ETHUSD on TradingView.com A clear move above the $1,600 resistance might start a short-term recovery wave. In the stated case, Ether could rise and recover toward the $1,665 resistance. Any more gains might open the doors for a move toward $1,750. More Losses in ETH? If Ethereum fails to clear the $1,600 resistance, it could continue to move down. Initial support on the downside is near the $1,550 level. The next key support is $1,540. A downside break below the $1,540 support might spark another strong decline. In the stated case, the price could drop toward the $1,420 level. Any more losses may perhaps send Ether toward the $1,350 level. Technical Indicators Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 level. Major Support Level – $1,540 Major Resistance Level – $1,600

Cardano’s price started a fresh decline below $0.250. ADA is testing important support at $0.2450 and might start a recovery wave. ADA price started a fresh decline below the $0.255 and $0.250 levels against the US dollar. The price is trading below $0.250 and the 100 simple moving average (4 hours). There is a key declining channel forming with resistance near $0.2480 on the 4-hour chart of the ADA/USD pair (data source from Kraken). The pair must stay above the $0.2420 support to start a fresh increase in the near term. Cardano’s ADA Price Revisits Support After a steady increase, Cardano failed to clear the $0.2650 resistance zone. The price formed a short-term top at $0.2668 and recently started a fresh decline, like Bitcoin and Ethereum. There was a drop below the $0.255 support level. Besides, there was a break below a key bullish trend line with support near $0.259 on the 4-hour chart of the ADA/USD pair. The pair even declined below the $0.250 support and the 100 simple moving average (4 hours). A low is formed near $0.2450 and the price is now consolidating losses. Cardano is now trading below $0.250 and the 100 simple moving average (4 hours). On the upside, immediate resistance is near the $0.248 zone. There is also a key declining channel forming with resistance near $0.2480 on the 4-hour chart of the ADA/USD pair. The first resistance is near $0.250 or the 23.6% Fib retracement level of the downward move from the $0.2668 swing high to the $0.2450 low. Source: ADAUSD on TradingView.com The next key resistance might be $0.2560 and the 50% Fib retracement level of the downward move from the $0.2668 swing high to the $0.2450 low. If there is a close above the $0.256 resistance, the price could start a decent increase. In the stated case, the price could rise toward the $0.285 resistance zone. More Losses in ADA? If Cardano’s price fails to climb above the $0.250 resistance level, it could continue to move down. Immediate support on the downside is near the $0.245 level. The next major support is near the $0.242 level. A downside break below the $0.242 level could open the doors for a sharp fresh decline toward $0.220. The next major support is near the $0.200 level. Technical Indicators 4 hours MACD – The MACD for ADA/USD is losing momentum in the bearish zone. 4 hours RSI (Relative Strength Index) – The RSI for ADA/USD is now below the 50 level. Major Support Levels – $0.245, $0.242, and $0.220. Major Resistance Levels – $0.250, $0.255, and $0.285.

Bitcoin price is sliding and trading below $27,000. BTC is still at risk of more downsides below the $26,500 and $26,200 support levels. Bitcoin is moving lower and showing bearish signs below $27,000. The price is trading below $27,000 and the 100 hourly Simple moving average. There are two bearish trend lines forming with resistance near $26,950 and $27,400 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could continue to move down toward the $26,000 support in the near term. Bitcoin Price Extends Losses Bitcoin price struggled to start a recovery wave above the $27,500 resistance. BTC remained in a bearish zone and declined further below the $27,000 level. There was a drop below the $26,800 level and the price tested the $26,500 support. A low is formed near $26,551 and the price is again attempting a recovery wave. There was a minor increase above the $26,800 level. However, the price is still facing many hurdles. Bitcoin is now trading below $27,000 and the 100 hourly Simple moving average. There are also two bearish trend lines forming with resistance near $26,950 and $27,400 on the hourly chart of the BTC/USD pair. Immediate resistance is near the $26,950 level and the first trend line. It is close to the 23.6% Fib retracement level of the downward move from the $28,284 swing high to the $26,551 low. The next key resistance could be near the $27,400 level and second the trend line. The second trend line is near the 50% Fib retracement level of the downward move from the $28,284 swing high to the $26,551 low. The first major resistance is $27,500 and the 100 hourly Simple moving average, above which Bitcoin might test $27,800. Source: BTCUSD on TradingView.com The main hurdle is still $28,500. A close above the $28,500 resistance could start another increase. In the stated case, the price could rise toward the $30,000 resistance. More Losses In BTC? If Bitcoin fails to recover higher above the $27,000 resistance, there could be more losses. Immediate support on the downside is near the $26,650 level. The next major support is near the $26,500 level. A downside break and close below the $26,500 support might send the price further lower. The next support sits at $26,000. Technical indicators: Hourly MACD – The MACD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $26,650, followed by $26,500. Major Resistance Levels – $27,000, $27,400, and $27,500.

During the trial of Sam Bankman-Fried, the founder of crypto exchange FTX, shocking revelations emerged from the testimony of former Alameda Research CEO Caroline Ellison. According to a TechCrunch report, Ellison testified that the crypto trading firm paid Chinese officials to unlock their Alameda trading accounts on OKX and Huobi in China. Judge Lewis Kaplan clarified that Bankman-Fried was not charged with bribery in this case. Still, the evidence was presented to demonstrate trust, confidence, and motive between Bankman-Fried and Ellison. Alameda Research Former CEO Exposes Hidden Payments To Chinese Officials According to Ellison’s testimony, while Bankman-Fried was CEO in 2020, the accounts valued at approximately $1 billion were frozen. In November 2021, Bankman-Fried claimed that a colleague, David Ma, who had connections in China, found a way to unfreeze the accounts. Ellison, who had become co-CEO of Alameda by then, made crypto transfers totaling around $100 million to $150 million to reopen the accounts, unaware that the payments were made to Chinese officials. Ellison stated that Bankman-Fried and Sam Trabucco instructed her through a Signal chat to make the payments. Before the accounts were reopened, Ellison revealed that Alameda employees explored various strategies to unlock the accounts, including involving lawyers and government officials. Ellison testified that they even considered using Thai prostitutes to open accounts on the exchanges to facilitate fund transfers, but these efforts were unsuccessful. One Alameda trader, “Handi,” resigned in early January 2022 due to her objection to paying bribes to Chinese officials, as her father held a government position. Courtroom Clash Ellison testified that Handi had a heated argument with Bankman-Fried about the matter, during which he allegedly told her to “shut the fuck up.” A month after Handi’s resignation, Trabucco asked in a Signal chat if Handi’s father had immediately reported them, to which Bankman-Fried responded with “lol.” Ellison shared a list with prosecutors containing notes, one of which referred to a payment of “150m from the thing?” about the money transferred to regain the accounts. Per the report, Ellison explained that she did not want to explicitly state in writing that the payment was made to China to unlock the accounts, fearing that it could be leaked and used against Alameda Research in court. Bankman-Fried’s defense lawyer, Mark Cohen, attempted to strike Ellison’s statement about avoiding written evidence of the payments, but Judge Kaplan overruled the request. The trial continues to uncover new details and allegations, shedding light on the actions and motivations of the individuals involved, and the cryptocurrency community eagerly awaits further developments and the subsequent outcome of the trial. Featured image from Shutterstock, chart from TradingView.com

Following the Terra LUNA network collapse back in 2022, the price of Ethereum followed the general market downtrend. As a result of this, the ETH price had fallen to a new cycle low of $900, before recovering once more. However, now that the altcoin is still deep in the throes of the bear market, questions have arisen once more about the chances of the price returning to its 2022 lows. Crypto Analyst Says Ethereum Could Drop To $900 In an analysis posted on TradingView, crypto analyst FieryTrading presents a scenario in which the price of Ethereum could fall back toward its 2022 lows. The analysis in question takes into account the multiple bullish trend lines that the digital asset’s price had fallen through over the last year. According to FieryTrading, Ethereum had one last remaining bullish line which had emerged on the chart back toward the bottom of the June 2022 sell-offs. However, the digital asset hasn’t been able to hold this trend line and they point out that “it’s well over a year old and must carry some weight.” Due to this, the crypto analyst believes that the digital asset has entered into a long bearish stretch. As this bear stretch continues, which the analyst expects to be even longer, they see a high possibility of the Ethereum price reaching as low as $900 once more, as shown in the chart below. Despite being seemingly convinced about ETH’s price decline, the analysis still needs confirmation. Their explanation which is shown in the chart as well asks to wait for the price to break below the $1,510 level for this to take place. Bearish Going Into The Bitcoin Halving As the analyst explains, the bearish expectation is not localized to just the Ethereum price alone. It seems to encompass the whole market which the analyst believes has finished out its half bullish stretch and has now entered into the bearish half that often leads up to the halving. As the analyst puts it, this indicates “that it’s the turn of the bears by now.” This school of thought is not new and is actually backed up by historical data. When looking at the charts of cryptocurrencies such as Bitcoin and Ethereum, it shows that there was a bearish stretch leading up to the Bitcoin halving. After the event, this trend tends to reverse, which then signals the start of the bull market. In the months leading up to the 2020 halving event, the price of Ethereum saw a sharp decline that put its price in the $120 region before picking back up. So if there is a repeat of this, then FieryTrading’s analysis for ETH could play out.

Alon Muroch, the founder of SSV Network, has been drafted into the Israeli Army, according to an X post shared on October 10. Following this news, SSV, the native token of the SSV Network, fell 5%, dropping below the $14 mark. At this pace, SSV is moving closer to its all-time low of around $13.40, registered in September 2023. SSV Founder Getting Drafted In response to the ongoing crisis in the Middle East, Muroch stated that the situation on the ground is “much worse than described.” The founder said that being drafted into the army might help “tip the scale” and improve the situation on the ground. The escalation in the Middle East as of this week has created a humanitarian crisis leading to loss of lives and destruction of property. As of writing on October 11, it is unclear whether Muroch has been mobilized and actively serving in the military. Although this news didn’t immediately impact sentiment, blockchain analysis platform Lookonchain picked out two notable transfers. Two addresses, “ikuvc.eth” and “0xF447,” deposited 18,055 SSV worth over $250,000 to Binance, a leading exchange. Transfers to centralized exchanges usually indicate a potential intention to sell. Even so, it still needs to be determined whether these addresses have liquidated their tokens for other currencies, usually USDT or more liquid and stable tokens such as Bitcoin (BTC) or Ethereum (ETH). SSV remains under pressure at spot rates. The token is down 5% on the last trading day, extending losses, collapsing from its all-time highs of nearly $100 when it first listed on Binance. Currently, SSV is down by over 95% from its peak, highlighting the dicey state of the token and how unfavorable the markets have been in the past eight months. SSV Network Still Under Development The SSV Network aims to strengthen Ethereum by allowing anyone to become a validator without necessarily operating a node. Ethereum is a proof-of-stake network reliant on a web of validators for security. The SSV Network uses the Distributed Validator Technology (DVT). This system distributes the validator key among a network of non-trusting nodes. The platform allows anyone to stake ETH without running a full validator node, earning rewards. In doing so, SSV Network aims to make staking more decentralized and accessible while enhancing security and reliability. Currently, SSV Network is still in development and permissioned. However, they plan to update via a Permissionless Launch, broadening their base of operators and validators.

Traditional remittance routes frequently include high fees and long transaction timeframes. The Philippines is one of the major beneficiaries of remittances in the world. Coins.ph is a leading cryptocurrency exchange and digital wallet service in the Philippines, and on October 10th, Circle announced a strategic relationship with them. With this new cooperation, Circle, the issuer of the USDC stablecoin, will be able to expand its operations in the Philippines. Coins.ph and Circle have announced a collaboration to promote USDC payments, which would allow Filipinos to save money on international wire transfers and get their funds more quickly. More Accessible Remittance Option They also noted that in 2022, using World Bank figures, it will cost an average of 5.7% of a $200 payment to be sent to Asia. According to the Philippines Central Bank, in 2021, 44% of the population over the age of 18 was unbanked, making the already difficult situation with remittances even more so. Moreover, traditional remittance routes frequently include high fees and long transaction timeframes. Circle and Coins.ph noted this in their joint statement. Citing the astonishing $36.1 billion in remittance transactions in 2022 as evidence. Coins.ph CEO Wei Zhou stated: Also, the Philippines is one of the major beneficiaries of remittances in the world. And this new alliance between the companies hopes to enhance the current remittance scenario there. The goal of the project is to teach Filipinos living abroad how to send money home via USDC. By implementing educational campaigns and community involvement activities. Highlighted Crypto News Today: Hoskinson Confirms Cardano Stake Pools to Validate Midnight