The appeal filed by the SEC requests that the whole case be put on hold. The SEC requested permission to appeal Judge Analisa Torres’ decision last month. As part of its move to certify its interlocutory appeal in the XRP lawsuit, the U.S SEC issued a 20-page reply memorandum of law yesterday. The SEC is seeking to preserve face by appealing the inquiries asked in the lawsuit, on the grounds that it has an institutional interest in settling the matter, while Ripple is trying to extend the case so that it may keep selling XRP. The appeal filed by the SEC requests that the whole case be put on hold in order to conserve the Court’s and the parties’ time and energy. Ongoing Legal Pursuit The SEC makes the bold claim that none of the opinions addressing Howey in which a court came to the conclusion that the interlocutory order did not contain a legal issue was cited by Ripple, the Defendants. The regulatory body further says that Ripple is incorrectly asserting that the judgement was based on proven facts about the marketing and selling of XRP. Last week, Ripple contended that the SEC hadn’t produced a strong enough case to merit an appeal; Friday’s filing strongly disagreed. The SEC requested permission to appeal Judge Analisa Torres’ decision last month in U.S. District Court. The court heard the SEC’s arguments and gave Ripple until September 1 to respond. The submission on Friday is in reaction to the opposition document filed by Ripple. The SEC will have to argue its case before the Second Circuit Court of Appeals if Judge Torres grants the regulatory body’s request. Highlighted Crypto News Today: Ethereum (ETH) Price Likely to Decline Further Amid Bear Dominance

PEPE, the meme coin that has garnered a cult following in the cryptocurrency world, made headlines once again as an anonymous whale, rumored to go by the name “Alleged Mattfurie,” executed a huge transaction. According to a new PEPE price update, this enigmatic figure exchanged a staggering 726 billion PEPE tokens for approximately 345.7 Ethereum (ETH). What’s more, the acquired ETH swiftly found its way to the Coinbase exchange, adding intrigue to an already sensational move. As of the latest data from CoinGecko, PEPE is currently valued at $0.00000078, with a 24-hour slump of 2.8% and a marginal seven-day loss of 0.1%. However, the impact of this whale behavior is sending ripples through the meme coin’s market dynamics. PEPE’s price saw a brief 3.48% rise on September 7th, but it quickly dropped back to $0.0000007857. This likely indicates that a significant PEPE holder sold their 762 billion tokens at a loss. PEPE Price Conundrum: Caught In A Triangle PEPE’s journey in the world of cryptocurrencies has been nothing short of remarkable. It has not only become a symbol of internet culture but also a fascinating experiment in the world of decentralized finance. While the PEPE token continues to capture the imagination of traders, its price appears to be tightly ensnared within a converging triangular pattern. A separate report suggests that as long as this pattern remains intact, the coin’s price may persist in moving laterally over the coming days. This predicament leaves traders in a precarious position. For traders with a bearish outlook on PEPE, the recent whale transaction may present an enticing opportunity. Some are considering the possibility of short-selling the coin, anticipating a potential breakdown. If this bearish sentiment takes hold, the report notes that PEPE’s price could tumble by as much as 10%, potentially retesting the psychological support level at $0.0000007. Insights And Speculation Abound The sudden influx of PEPE coins into the market has raised several questions about its potential impact. The cryptocurrency market, known for its unpredictability, continues to offer intrigue and speculation, with events like Alleged Mattfurie’s massive PEPE token exchange sparking intense discussions. While some view it as a simple profit-taking move, others see it as a signal of larger market shifts. The meme coin space, in particular, thrives on such dramatic twists, and PEPE enthusiasts remain divided on the implications of this whale’s actions. In the world of cryptocurrency, where every move is scrutinized and analyzed, the PEPE whale’s exchange of 726 billion tokens for Ethereum serves as a reminder of the volatility and excitement that come with these digital assets. As PEPE continues to occupy a unique niche in the crypto landscape, observers and traders alike eagerly await the next chapter in this ever-evolving story. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from The Currency Analytics

Bitcoin (BTC) price struggles between $25,500 to $26,000 range. Bitcoin declined by 2% in the last 24 hours. The world’s leading cryptocurrency, Bitcoin (BTC), is navigating turbulent waters as it grapples with a series of setbacks, causing concern among traders and investors alike. Enthusiasm surrounding the swift approval of SEC’s spot Bitcoin ETFs has dwindled, and the Bitcoin value hovers precariously below the $26,000 mark, raising questions about its future trajectory. Bitcoin’s recent price struggles have seen it slip below the $26,000 threshold, erasing gains made when it briefly surged past $28,000 following Grayscale’s legal victory against the SEC. The situation took a further dip over the weekend, with prices sinking below $25,500. This downturn coincided with the SEC’s decision to postpone its ruling on several Spot Bitcoin ETF applications. While optimists anticipate approvals by year-end, buoyed by Grayscale’s success, skeptics warn of potential new reasons for the SEC to deny these applications. Also, JPMorgan, a prominent financial institution, appears to downplay the significance of SEC approval, as Bitcoin continues to trade below $26,000 with no clear catalysts on the horizon. Bitcoin (BTC) Current Market Status The prevailing sentiment suggests that further declines are more likely, with the possibility of a drop to $25,000 if the ETF situation does not materialize as expected. At the time of writing, Bitcoin is trading at $25,868, with a 24-hour trading volume of $9 billion. BTC’s price has dipped by 2% in the past 24 hours. Bitcoin (BTC) Price Chart (Source: TradingView) Technical analysis reveals that Bitcoin’s price is currently positioned below both the 50-day and 200-day moving averages (MAs). Additionally, the Relative Strength Index (RSI) stands in an oversold zone at 39.58. Notably, the 50-day MA is approaching the 200-day MA, a potential signal of market instability that further adds to the uncertainty surrounding Bitcoin’s future. The current landscape paints a precarious picture: a bearish scenario could potentially drive Bitcoin below $20,000, while a bullish reversal might see it regain the $26,000 mark.

Binance Coin (BNB) has experienced a notable setback, retracing from its overhead resistance for the third time in just two months. This downward trajectory has formed a falling wedge pattern, a technical indicator characterized by declining peaks and troughs confined within two converging trend lines. As of the latest data from CoinGecko, BNB is currently trading at $214.94, with a 24-hour decline of 0.9% and a modest seven-day gain of 0.6%. On August 31, the BNB price dipped below the critical $220 local support level, signaling the possibility of further bearish movement. However, amidst the prevailing market uncertainty, BNB’s price has turned sideways, leaving both buyers and sellers in a state of indecision. The falling wedge pattern, often referred to as an ending diagonal pattern, can be seen as a potential signal of exhaustion within a prevailing bearish phase, hinting at a potential trend reversal. If the recent breach below $220 fails to sustain, it could open the door for buyers to challenge the overhead resistance. Binance Coin Potential For Turnaround Price analysis suggests that a successful breakout from this falling wedge pattern would signify a bullish turnaround for BNB. This could potentially propel the coin’s price to target levels of $234, and if momentum continues to favor buyers, it may even reach heights of $247 or even $263. In a parallel development, PancakeSwap (CAKE) has achieved a significant milestone in the cryptocurrency ecosystem. According to a post by glebk.eth, PancakeSwap’s monthly revenue has surpassed that of BNB Chain over the last 30 days. PancakeSwap operates on BNB Chain due to its lower transaction costs, which allow users to swap tokens with significantly reduced fees compared to Ethereum (ETH). Token Terminal data reveals that, as of September 6, PancakeSwap generated fees totaling $96,237, indicating a substantial increase in user transactions compared to the previous day. In contrast, BNB Chain’s 30-day revenue stood at $931,700 on September 7. PancakeSwap’s revenue during the same period, however, exceeded expectations, reaching $970,800. Implications For The Crypto Market These developments in the crypto market highlight the ongoing battle between various blockchain platforms and decentralized exchanges. BNB’s struggle with overhead resistance underscores the challenges faced by cryptocurrencies in maintaining upward momentum amid market volatility. As the crypto landscape continues to evolve, investors and enthusiasts will closely monitor these trends to assess the potential impact on the broader market and the long-term viability of different blockchain ecosystems. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from Fortune

Shiba Inu (SHIB) seems to have hit a rough patch in recent times, as its price struggles to gain traction in the volatile crypto market. Investors who witnessed a major rally between mid-June and mid-August are now grappling with the harsh reality that these gains have been almost entirely wiped out. As we enter the final quarter of the year, Shiba Inu’s price has exhibited a rather lackluster performance. The token has teetered dangerously close to its July/August lows, casting a shadow of doubt over the optimism that once surrounded it. In fact, a recent price analysis indicates that SHIB has given up over 70% of its gains achieved during its summer surge. Currently, SHIB is trading at $0.00000762, as reported by CoinGecko. Over the last 24 hours, it has experienced a modest 0.3% decline, while the seven-day chart shows also shows an insignificant loss of 2.8%. These figures underscore the prevailing bearish sentiment that has engulfed the Shiba Inu token since mid-August, with the Relative Strength Index (RSI) remaining below the crucial 50-neutral level. Shiba Inu Large Holders Up Amidst the challenging period of price volatility that Shiba Inu (SHIB) has been experiencing, there has been a noteworthy development that has captured the attention of market observers within the Shiba Inu network. According to data sourced from IntoTheBlock, a prominent analytics platform, there has been a notable surge in the concentration of SHIB tokens held by large investors. This shift in ownership dynamics is indeed a significant development in the Shiba Inu ecosystem and may hold the potential to influence the trajectory of the token’s price. The data presented in the chart below clearly illustrates this compelling trend, with a striking 77% increase in the number of holders of this meme coin. This surge in the number of holders represents a noteworthy uptick in the distribution of SHIB tokens among a broader spectrum of participants in the market. Such an increase in the holder base suggests a growing interest and participation in the Shiba Inu project, which in turn could serve as a catalyst for renewed optimism and potential price appreciation. SHIB Outlook Meanwhile, as the fate of Shiba Inu remains uncertain in the short term, the increased attention from whales adds an element of intrigue to the story. As the crypto community watches with bated breath, the question remains: Are the whales positioning themselves for a resurgence of SHIB, or is there more to this story than meets the eye? (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from Zipmex

Floki trading volume is up 555% in the past 24H. Floki targets global recognition with Asia-Pacific partnerships Floki, one of the popular memecoins has experienced a monumentary significant surge in the past 24 hours. Its price has risen from 0.0000172 to 0.0000197, and while it has seen a slight decline, it currently stands at $0.00001756. What sets this surge apart is that while Floki is on the rise, other top meme coins like Shiba Inu, Dogecoin and Pepe are seeing declines in their charts. The reason behind this surge can be attributed to a recent tweet from the Floki team. Just hours ago, they addressed the FUD circulating within the community. In their tweet, the Floki ecosystem clarified that the network does not have a founder or co-founder. This statement was made in response to claims that “PetabyteCapital” was the network’s executive. The network emphasized that it is a “community project” at its core, with no history of any top executives whatsoever. The report further highlighted that individuals sometimes falsely associate themselves with the network to generate hype to promote their own scams. It also underscored the importance of community members conducting thorough research and making informed investment decisions. Meanwhile , @100viking, a co-contributor at Floki, also distanced themselves from being the project’s founder or co-founder. Even though they played a significant role in reviving the project single-handedly. Notably, @100viking used their own resources to breathe new life into the project after a developer pulled a rug, and then they handed it over to the community. What Does Floki Have in Store? Floki has ambitious plans for global recognition and has made substantial progress in the vast Asia-Pacific (APAC) region through strategic partnerships. The cryptocurrency’s ecosystem includes the NFT metaverse game Valhalla, set to launch on the mainnet later this year. This innovative game is poised to make a significant impact in China, given its gaming population of over 700 million. Moreover, Floki is its marketing campaign in collaboration with Badminton Asia, aiming to reach an audience of over 600 million people, including 250 million households in China and Hong Kong. Additionally, Floki has strengthened its presence by partnering with ITTF World Table Tennis. It connects with more than 500 million enthusiasts of the sport. FLOKI Price Chart, Source: TradingView An analysis of FLOKI’s recent price movements reveals a prevailing intense battle between bears and the bulls. The short-term 9-day exponential moving average (EMA) currently stands at $0.00001764, indicating a slippery bullish sentiment. The Relative Strength Index (RSI) sits at 43, suggesting that oversold conditions may be on the horizon. And the trading volume of Floki has surged by an impressive 546.07% in the last 24 hours, reaching $51 million.

Steakhouse, a decentralized autonomous organization (DAO)-focused financial advisory firm, in collaboration with Phoenix Labs, a research and development company, has put forth a proposal urging the MakerDAO community to consider allocating up to $100 million from its reserves for investment in tokenized US Treasury Bill (T-Bill) products. The proposal, currently in the discussion phase, aims to explore new avenues for financial innovation within the decentralized finance (DeFi) ecosystem. Unlocking Liquidity Efficiency for MakerDAO? MakerDAO, renowned as the issuer of the DAI decentralized stablecoin, has already made significant investments in US Treasuries through off-chain structures since 2022, amounting to over a billion dollars. By venturing into tokenized T-Bills, MakerDAO seeks to bolster its balance sheet by gaining exposure to low-risk, liquid traditional assets. This move aligns with their long-term strategy of strengthening the stability and sustainability of the protocol. Tokenized T-Bills offer several potential benefits to MakerDAO and its community. Firstly, they provide higher transparency than off-chain structures, simplifying the auditing process and reducing the need for internal resources. With tokenized T-Bills, daily attestations can be streamlined, providing real-time visibility on investment performance. Additionally, tokenized products enable simpler accounting procedures by leveraging daily price feeds, eliminating manual profit returns associated with off-chain investments. Furthermore, tokenized T-Bills offer the potential for increased automation. Asset-liability management, a manual and slow process for MakerDAO, can be automated through tokenized products. This automation would improve efficiency and reduce operational overhead, enabling MakerDAO to focus on other strategic initiatives. In terms of liquidity, tokenized T-Bills present advantages over traditional off-chain investments. Redeeming stablecoins through on-chain tokenized products can be faster than selling off-chain and converting them back into stablecoins. This can provide MakerDAO with greater flexibility and responsiveness to market dynamics. Maximizing Returns? Despite the potential benefits, the adoption of tokenized T-Bills introduces certain considerations. One such consideration is the exposure to higher counterparty risk. However, a competitive market is expected to favor the more secure options, mitigating this risk to a certain extent. Tokenized T-Bills also offer diverse liquidity and yield profiles, providing opportunities for MakerDAO to diversify its investment strategy. Products range from super liquid non-volatile options, which act more like lending protocols with collateralized T-Bills, to frictionless products that offer better rates but require longer subscription and redemption processes. According to the announcement, these options allow MakerDAO to leverage different trade-offs without reinventing the wheel and cater to varying needs within the DeFi ecosystem. Steakhouse, Phoenix Labs, and BlockAnalitica will contribute their expertise in legal, financial, technical, and risk assessment domains to move forward with the proposal. Overall, the proposed allocation of up to $100 million for developing and experimenting with tokenized T-Bill products reflects MakerDAO’s commitment to continuous innovation and exploring new possibilities within the DeFi landscape. As the discussions progress, the community’s collective wisdom and insights will shape the future roadmap of MakerDAO’s investment strategy and contribute to the evolution of decentralized finance. As of the time of writing, the native token of MakerDAO, MKR, is currently trading at $1,113, reflecting a decrease of 0.7% over the past 24 hours. However, over the past seven and fourteen days, the token has demonstrated substantial performance, surpassing most cryptocurrency markets with gains of 2.5% and over 12%, respectively. Featured image from iStock, chart from TradingView.com

Inspect forms a strategic alliance with Ronin Network to enhance web3 gaming. Ronin’s blockchain uniquely caters to gamers, emphasizing inclusivity and easy onboarding. A new ranking system and curated collections like CyberKongz Genkai are among Inspect’s upcoming features. Inspect has announced its alliance with the Ronin Network, marking a new chapter in the web3 gaming world. This partnership signifies more than a technological collaboration; it represents a shared vision to bridge the gaming community, emphasizing inclusivity and facilitating a seamless user onboarding experience. Ronin Network is not an average blockchain. It is designed with gamers in mind, offering a unique ecosystem that fosters inclusivity and smooth user onboarding. The partnership aims to create a more unified gaming community by leveraging Ronin’s specialized features and services. Spotlight on Curated Collections and New Ranking System Inspect is introducing a new ranking system on its platform as part of the alliance. Collections like CyberKongz Genkai will be prominently featured, allowing users to explore curated profiles and projects. This initiative stems from the capabilities of Ronin’s Network, which has been a significant player in the NFT world and is home to the legendary web3 game Axie Infinity. The collaboration between Inspect and Ronin Network is not merely a feature update. It represents a significant leap forward, redefining the capabilities of Inspect’s platform to align with the rapid evolution of the web3 space. The partnership is seen as a game-changer by many in the community, setting a new standard for what can be achieved when two innovative platforms come together. Ronin Network’s native token, RON, is now trading at $0.5126 as per data from CMC. The token faces a support level at $0.5134 and a resistance level of $0.5271, with a 24-hour trading volume of $153,642.

For Bitcoin (BTC), the largest cryptocurrency in the market, the month of September has seen a lack of definitive strength from both bulls and bears, resulting in a period of sideways chop and rapid bouts of volatility. Material Indicators, a prominent crypto analysis firm, sheds light on the prevailing market conditions and highlights the intricacies of short-term price action (PA) against the backdrop of the macro sentiment. Unpredictable Market Conditions Prevail As BTC Seeks Direction Despite a bearish macro sentiment, where a broader downtrend is anticipated, short-term price action often deviates from the macro trend. This phenomenon explains the occasional short-term pumps and rallies observed even within a prevailing downtrend. Material Indicators emphasizes the importance of understanding these dynamics and the potential implications they hold for Bitcoin. Yesterday’s performance of the leading cryptocurrency may have come to a close, but Material Indicators point to indications that another rally could be on the horizon. The firm highlights the Trend Precognition A1- indicator developed and used to spot micro, and macro trends by the firm- continues to exhibit a slight uptick in bullish momentum across the daily (D), weekly (W), and monthly (M) charts, as seen above. This trend suggests the possibility of a resurgence in Bitcoin’s value, albeit with the need for caution and further analysis. As of the time of writing, Bitcoin is currently trading at $25,800, continuing its prolonged period of sideways price movement since the start of the month. However, it is worth noting that Bitcoin has been unable to regain the critical $26,000 level, which holds significant importance for the cryptocurrency. Reclaiming this level is crucial in order to invalidate any potential bearish pressure and mitigate the possibility of Bitcoin experiencing a further decline in its price. Surge In New Bitcoin Addresses Signals Growing Interest Amidst ongoing uncertainty and sideways price action, an intriguing trend has emerged that sheds light on the expanding interest in Bitcoin. Notably, approximately 527,000 fresh Bitcoin addresses are being created on a daily basis, reaching a new yearly high. Renowned crypto analyst Ali Martinez delves into the significance of this surge and its implications for the cryptocurrency market. The surge in new Bitcoin addresses suggests a growing curiosity and engagement with the digital currency, even during a period when its price has witnessed occasional drops. This surge in address creation indicates that an increasing number of individuals are showing interest in Bitcoin, potentially attracted by its underlying technology, decentralized nature, and potential for financial independence. For long-term investors and advocates of Bitcoin, this surge in address creation serves as a positive sign, reflecting sustained interest and trust in the cryptocurrency’s network. It demonstrates that individuals are not deterred by short-term price volatility and are committed to participating in the Bitcoin ecosystem for the long haul. By actively creating new Bitcoin addresses, individuals are essentially establishing a connection to the network and positioning themselves to engage in various Bitcoin-related activities, including sending and receiving funds, participating in decentralized applications (DApps), and exploring the broader cryptocurrency ecosystem. Ali Martinez emphasizes that this upward trend in address creation is significant as it suggests an expanding user base and a potential influx of new participants into the Bitcoin market. As more individuals join the network, it strengthens the overall resilience and legitimacy of Bitcoin, further solidifying its position as a prominent player in the global financial landscape. Featured image from iStock, chart from TradingView.com

Siu notes that Saudi Arabia is making an attempt to enter the next generation of the internet. Saudi Arabia has poured $38B into the gaming industry through its Public Investment Fund. Saudi Arabia’s aspirational Vision 2030 has fueled a surge in the country’s attempts to diversify its economy. The kingdom has welcomed new technology like blockchain and AI, and entered lucrative new areas like the gaming industry in an effort to reduce its reliance on oil. However, Web3 experts believe that the country’s efforts in the gaming business might have far-reaching effects, even if it has yet to make a big impression on the global game and AI development. Animoca Brands co-founder Yat Siu stated: Siu notes that Saudi Arabia is making an attempt to enter the next generation of the internet by forming collaborations with companies like The Sandbox and even Animoca. Siu further added: Driving Expansion in Middle East Saudi Arabia, along with the UAE, is driving the expansion of the Middle Eastern gaming sector due to the desire of its youthful, tech-savvy populace. A Boston Consulting Group study estimates the regional market to be worth about $1.8 billion, with the kingdom accounting for 45% of it. The Saudi Esports Federation (SEF) was created in 2017 with the goal of developing and regulating esports in the kingdom. According to a Bloomberg article from April, Saudi Arabia has poured $38 billion into the gaming industry through its Public Investment Fund in an effort to establish the country as a major player on the international stage. Highlighted Crypto News Today: Coinbase Targets Global Expansion Searching for Regulatory Clarity

Bitgert’s native token, BRISE, has seen a remarkable 25.32% price increase in the last 60 days. Recent 24-hour trading data shows a bullish sentiment for BRISE, with a 0.19% price uptick and a 1.53% rise in trading volume. The RSI line’s current reading is 42.10, and it’s moving above its Simple Moving Average, indicating sustained bullish momentum. Bitgert has been making buzz in cryptocurrency market in the past few days. According to a recent Twitter (X) post by Bitgert to its 553.3K followers, BRISE, the native token of Bitgert, has recorded a price increase of 25.32% in the past 60 days. In the last 24 hours, BRISE is currently trading in a bullish sentiment where the bulls have led the price to increase by 0.19% and is currently being traded at $0.0000001868 with intraday highs of $0.0000001893 and intraday lows of $0.0000001842. The trading volume has also increased by 1.53%, suggesting that the current bullish trend might continue in the hours ahead. BRISE/USD 24-hour price chart (source: CoinMarketCap) BRISE Technical Analysis In the last 24-hour technical analysis of BRISE, the Relative Strength Index (RSI) exhibits a bullish sentiment in the hours ahead. This is indicated as the RSI line is moving above its Simple Moving Average (SMA) suggesting that the bullish trend might continue in the hours ahead. The current reading of the RSI line is 42.10. The Moving Average Convergence Divergence (MACD) line is currently trending above its signal line, signaling a bullish market trend. This upward movement suggests that buying pressure is rising, making it an opportune time to consider going long. Adding to this bullish outlook, the trajectory histogram has positioned itself in the positive zone, further reinforcing market optimism. BRISE/USD 24-hour price chart (source: TradingView) Bitgert’s native token, BRISE, is showing strong bullish indicators in terms of price movement and technical analysis. The MACD line and RSI suggest that the bullish trend will likely continue, supported by a slight increase in trading volume.

The U.S. SEC has filed a complaint against the cryptocurrency exchange. As part of its growth strategy, Coinbase is focusing on several new priority markets. Given the relative clarity of national crypto legislation, Coinbase has identified many nations outside the United States as potential future hubs for its business. On September 6th, Coinbase’s international VPs Nana Murugesan and Tom Duff Gordon wrote a blog post identifying the European Union (EU), United Kingdom (UK), Canada, Brazil, Singapore, and Australia as “near-term priority markets.” Strategic Expansion Plan Moreover, they noted that these nations are “enacting clear rules” and promised that Coinbase will make these nations a priority by expanding in these regions. They also said the United States influence in the crypto industry is at danger since it is “sidelining itself” on regulatory matters. The U.S. SEC has filed a complaint against the cryptocurrency exchange, accusing it of offering unregistered securities and conducting unlawful business. Also, as part of its growth strategy, Coinbase is focusing on several new priority markets. It detailed its aims to form alliances with international and domestic banks and payment processors to increase its fiat ramps and guarantee that its governance systems are in accordance with applicable regulations. It will also step up its lobbying and public relations operations in anticipation of the European Union elections next June. Moreover, it said that it would maintain a “scorecard” on the development of each country’s crypto regulation efforts and that it aims to work with the G20 in an effort to build global crypto standards. Also, it seems like Coinbase is directing the bulk of its G20 lobbying efforts at Brazil, which will preside over the G20 in 2024. Highlighted Crypto News Today: Bitcoin’s Price Analysis: Relief Rally on the Horizon?

A recent report by IntoTheBlock offers new insights into the profitability of meme coin holders, including Dogecoin, highlighting variations in the percentage of holders in profit and whale concentration. Dogecoin, the forerunner in this category, continues to hold its own, with new data underscoring its dominance in terms of profitability for its holders. Dogecoin Holds The Lead According to the report by blockchain data analytics platform IntoTheBlock, Dogecoin outpaces its counterparts, with 42% of its holders being in profit. It is worth noting that this appears to solidify its position as a frontrunner in the meme coin domain and emphasizes its growing importance in the broader crypto space. The analysis, which took into account the top six meme coins including Dogecoin (DOGE), Pepe (PEPE), Doge Killer (LEASH), Dogelon Mars (ELON), Shiba Inu (SHIB), and Floki (FLOKI), positioned PEPE and LEASH in second and third places, with 21% and 19% of their holders respectively turning a profit. Whale Concentrations And Other Tokens In addition to highlighting profitability, the study delved into the concentration of whales within these meme coins. Interestingly, 44% of Dogecoin tokens are held by whale accounts, while nearly half of the PEPE tokens (49%) are whale-owned. The report also shows that whale concentration for LEASH rests at 42%. Dogelon Mars and Shiba Inu, although popular names in the meme coin sphere, are fourth and fifth in terms of holder profitability, with 14% and 11%, respectively. Floki, on the other hand, sees 10% of its holders in profit with a 59% whale concentration, indicating the large players’ influence in the meme coin market. Notably, whale concentrations can significantly impact the price movements of cryptocurrencies, making large holders create substantial market swings just with their trading decisions. Furthermore, while Dogecoin has put roughly 44% of its holders in profit, the meme coin has not been exempt from the market’s volatile swings. In the past month alone, DOGE has seen a more than 16% decline. It took a dip from its previous high of $0.77 to a low of $0.62, at the time of writing. Dogecoin (DOGE) price is moving sideways on the 4-hour chart. Source: DOGE/USDT on TradingView.com In addition, despite the market downtrend, DOGE’s trading activity has surged. The daily trading volume for the meme coin currently stands at $201 million, a considerable increase from the $128 million recorded late last month. Featured image from Unsplash, Chart from TradingView

On-chain data shows Litecoin has reached another milestone as the total number of HODLers on the network now exceeds five million. Litecoin Long-Term Holders Have Continued To Rise In Number Recently According to data from the market intelligence platform IntoTheBlock, LTC has seen its long-term holder count hit a new record this week. The firm defines “long-term holders” (LTHs) or HODLers as investors holding onto their coins since at least one year ago. Note that this cutoff for the LTHs differs from what some other analytics platforms use, usually around five to six months. The chart below shows how the number of addresses owned by these LTH HODLers has changed over the past few years. As displayed in the above graph, the Litecoin HODLer count has significantly increased during this period. Since the start of last year, in particular, the indicator has seen exponential growth. Following this sharp rise, the number of addresses carrying coins since at least one year ago has now broken the five million mark, a new record for the cryptocurrency. Interestingly, while the LTHs have grown in number during this period, the cryptocurrency price has mostly struggled. This shows that despite the poor price action, there has been growing confidence among a subset of holders who believe that the asset would be a profitable investment in the long term. This is naturally a positive development for the cryptocurrency, as more LTHs mean more supply that’s locked inside the wallets of these resolute hands, which in turn implies a lesser possibility of selling occurring in the market. LTC Price Has Continued To Struggle Recently Since Litecoin finished its plunge in mid-August, its price has only moved sideways. When writing, the cryptocurrency is trading at around $63. While the Litecoin HODLers only going up in number through this slide since July is a constructive sign for the asset, it may not mean much in the short term. Where the LTC price could go next from here depends on several factors, one of which could be on-chain resistance and support levels. IntoTheBlock has shared the concentration of the investors at the different LTC cost basis price ranges. The “cost basis” here refers to the price at which the investors bought their coins. In the above data, the dot for the $64.9 to $69.29 range, for instance, represents the percentage of Litecoin investors who bought at prices lying inside this range. Generally, when the price surges to cost basis levels with a high amount of investor concentration, there is a chance that the asset could feel some resistance. This is because these investors, previously in losses, come into the green with the surge, which may entice them to sell and exit the market. The range ahead of the current one looks to be not that concentrated with holders, which may mean that Litecoin wouldn’t find too much resistance if a surge toward the $69 mark has to happen. However, there are notable percentages of holders in the following few price ranges, making a further surge difficult.

SAN FRANCISCO & LAS VEGAS–(BUSINESS WIRE)–Ripple, the leader in enterprise blockchain and crypto solutions, announced today it has agreed to acquire Fortress Trust, a subsidiary of Fortress Blockchain Technologies. Fortress Trust is a financial institution that provides licensed Web3 financial, regulatory and technology infrastructure for blockchain innovators. Through its technology and licensing, Fortress Trust provides critical infrastructure to address the growing enterprise crypto market that complements Ripple’s business and product roadmap. This news follows Ripple’s recent acquisition of crypto custody provider Metaco for $250M – one of the largest deals in the space in 2023. “As an early investor in Fortress Blockchain Technologies, we’ve had a chance to get to know the team, its vision and technology. Since their launch in 2021, they’ve built an impressive business with recurring revenue and a strong roster of both crypto-native and new-to-crypto customers,” said Brad Garlinghouse, CEO of Ripple. “We’re excited to bring on this team and its technology to accelerate our business and continue pressing our advantage in the areas critical to crypto infrastructure.” With this acquisition, Ripple’s growing portfolio of regulatory licenses expands, as Fortress Trust holds a Nevada Trust license. Ripple and its other subsidiaries collectively hold a NY BitLicense, more than 30 Money Transmitter Licenses across the U.S., and an in-principle Major Payment Institution License from the Monetary Authority of Singapore, the country’s Central Bank. “Licenses are a powerful enabler to build and deliver best-in-class customer experiences for enterprises using Ripple’s crypto infrastructure across our payments and liquidity solutions,” said Monica Long, President at Ripple. “Acquiring Fortress Trust affords us a lot of optionality to both improve the current customer experience in our existing products and explore new, complementary products – all in service of becoming the one-stop shop for enterprises looking to convert, store, and move value on blockchain around the world.” Best known for its flagship payments products, Ripple was the first company to address the multi-trillion dollar pain points in cross-border payments utilizing blockchain and cryptocurrency. The company focused on building blockchain-enabled payments infrastructure from the ground up, before expanding its product offerings to address new use cases like liquidity management, tokenization and Central Bank Digital Currencies (CBDCs). Today, Ripple serves hundreds of customers in over 55 countries and 6 continents with payout capabilities in 70+ markets. “We’re extremely pleased that Fortress Trust will be acquired by Ripple, one of the largest and most innovative companies in the industry – it’s a testament to the team and business that we’ve built in a short period of time. Furthermore, we look forward to continuing to collaborate and deepening our partnership with our Web3 payments solution,” said Scott Purcell, CEO of Fortress Blockchain Technologies. Ripple became a minority investor in Fortress Blockchain Technologies in 2022 as part of its seed funding. Following the closure of the deal, Ripple plans to invest in parent company, Fortress Blockchain Technologies and its FortressPay services, which will leverage the global technology Ripple has built to deliver new and innovative payment solutions to B2B customers around the world. The deal closure is subject to due diligence and regulatory approvals. About Ripple Ripple is the leader in enterprise blockchain and crypto solutions, transforming how the world moves, manages and tokenizes value. Ripple’s business solutions are faster, more transparent, and more cost effective – solving inefficiencies that have long defined the status quo. And together with partners and the larger developer community, we identify use cases where crypto technology will inspire new business models and create opportunity for more people. With every solution, we’re realizing a more sustainable global economy and planet – increasing access to inclusive and scalable financial systems while leveraging carbon neutral blockchain technology and a green digital asset, XRP. This is how we deliver on our mission to build crypto solutions for a world without economic borders. About Fortress Trust Fortress Trust Company is a financial institution that provides Web3 financial, regulatory and technology infrastructure for blockchain innovators from Fortune 500 businesses to fintech startups who are building blockchain-based services that will transform the world. Fortress is the back-end infrastructure layer for payments, asset tokenization, regulated custody, compliance, and other services that enable B2B clients to launch quickly and scale effortlessly. For more information, visit Fortress.io. Contacts Megan Katz [email protected]

AUSTIN, Texas–(BUSINESS WIRE)–$CORZQ #bitcoin—Core Scientific, Inc. (OTC: CORZQ) (“Core Scientific” or “the Company”), a leader in high-performance blockchain data centers and software solutions, today announced that CEO Adam Sullivan will present at the H.C. Wainwright Global Investment Conference in New York City on September 12 at 12:30 PM ET. A link to the presentation webcast will be available in the Investors section of the Core Scientific website: https://investors.corescientific.com/investors/events-and-presentations/default.aspx A replay of the webcast will be available for 90 days. ABOUT CORE SCIENTIFIC, INC. Core Scientific (OTC: CORZQ) is one of the largest blockchain computing data center providers and miners of digital assets in North America. Core Scientific has operated blockchain computing data centers in North America since 2017, using its facilities and intellectual property portfolio for self-mining and colocated digital asset mining. Core Scientific operates data centers in Georgia, Kentucky, North Carolina, North Dakota and Texas. Core Scientific’s proprietary Minder® fleet management software combines the Company’s colocation expertise with data analytics to deliver maximum uptime, alerting, monitoring and management of all miners in the Company’s network. To learn more, visit http://www.corescientific.com. For additional media and information, please follow us: https://www.linkedin.com/company/corescientific/ https://twitter.com/core_scientific Contacts Investors: [email protected] Media: [email protected]

In a recent series of tweets, Vetle Lunde, Senior Analyst at K33 Research, delved deep into the potential ramifications of the US Bitcoin (BTC) spot ETFs. Lunde’s analysis suggests that the broader market might be significantly underestimating the transformative power of these financial instruments. Lunde’s assertion is rooted in five core reasons. He began with a bold proclamation: “The market is wrong – and dramatically underestimates the impact of US BTC ETFs (and ETH futures-based ETFs).” Why The Market Is Wrong On Bitcoin Firstly, Lunde believes that the current climate is ripe for the approval of US spot ETFs, suggesting that the odds have never been more favorable. As NewsBTC reported, Bloomberg experts Eric Balchunas and James Seyffart recently raised their Bitcoin spot ETF approval odds following the Grayscale judgment to 75% this year, 95% by the end of 2024. Secondly, Lunde pointed out that BTC price has retraced to pre-BlackRock announcement levels. The third reason revolves around the potential competition and the simultaneous launches of multiple US spot ETFs. Lunde anticipates that these, if approved, could lead to robust inflows, potentially surpassing the initial trading days of both BITO and Purpose. For context, he highlighted that Purpose saw inflows of 11,141 BTC, and in its wake, subsequent ETF launches in Canada resulted in a whopping 58,000 BTC worth of inflows within a mere four months. Given the vastness of the US market compared to Canada, the inflow potential is considerably higher. The fourth reason Lunde presented is based on historical data from the past four years. He emphasized a noticeable correlation between strong BTC investment vehicle inflows and appreciating BTC prices. This relationship becomes even more pronounced during periods of extreme inflows, which have historically contributed to significant market uplifts. The last crucial point for Lunde is that on August 17 the market got rid of from excess leverage, as NewsBTC reported. By The Numbers In conclusion, the research firm posits that US BTC spot ETFs could see at least 30,000 BTC worth of inflows in their first 10 days. Over a span of four months, the combined inflows into BTC investment vehicles could range between 70,000 to 100,000 BTC, driven by US spot ETFs and growing inflows to ETPs in other countries. Based on these flow assumptions and data from the past four years, Lunde suggests a potential 66% BTC rally, targeting a price of $42,000. However, he also cautioned that this projection is based on a “naïve assumption” and doesn’t account for other market-moving events. At press time, BTC traded at $25,865.

Stellar (XLM) has experienced a robust resurgence, bouncing off a crucial support level at $0.11. Chart indicators are pointing towards a promising outlook for bullish investors, marking a significant shift in momentum since mid-August. This second rebound from the same support level underscores the formidable strength exhibited by bulls, hinting at the potential for further gains. A price analysis notes that the $0.11 support level has emerged as a steadfast defense line for XLM enthusiasts. Recent price action has illustrated that bears would need to work diligently to flip this level in their favor, extending the bearish momentum. However, the bulls have displayed unwavering determination, as evidenced by the latest retest of the support on Sept. 4, which triggered a notable price pump. As of the latest data, XLM is trading at $0.124 according to CoinGecko, reflecting a 2% rally over the past 24 hours and an impressive 10% surge in the last seven days. These gains are indicative of growing optimism among XLM investors. XLM Chart Indicators Favor Bulls The on-chain indicators are aligning with the bullish sentiment surrounding XLM. The Relative Strength Index (RSI) hovers around the neutral 50 mark, suggesting a healthy demand for XLM. Additionally, the Chaikin Money Flow (CMF) stands at +0.10, indicating an influx of capital into XLM. This influx is typically a bullish sign, pointing towards the growing confidence among investors in the cryptocurrency. Despite the resurging optimism, XLM faces a battleground in the long/short ratio on exchanges. The tight margins indicate that sellers are actively trying to thwart the bullish rally. While long positions are inching closer to the critical 50% flip point of the long/short ratio, sellers currently maintain the upper hand, exerting pressure on XLM’s upward trajectory. What Lies Ahead For XLM? With the $0.11 support level proving to be a formidable stronghold for bulls and chart indicators hinting at further gains, XLM enthusiasts are eyeing a target range of $0.17 to $0.19, aiming to revisit the highs last seen in July. The crypto market remains dynamic and volatile, so investors should remain vigilant and stay tuned for developments that could impact XLM’s price trajectory. XLM has staged an impressive rebound, bolstered by strong support and positive chart indicators. While challenges persist in the form of bearish resistance in the long/short ratio, the bullish momentum remains intact, with investors setting their sights on recapturing the July highs. The cryptocurrency market continues to evolve, and XLM’s resurgence is a testament to its resilience in the face of market fluctuations. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from Stellar

Bitcoin has dipped 11% in the past 30 days. Traders eye historical rally parallels amid the 2023 bear market. In Q4 2023, Bitcoin, the largest market capitalization holder, faced a relentless bearish pressure that sent shockwaves throughout the market. As September rolled in, BTC found itself locked in a battle for stability, with prices oscillating between $26,409 and a low of $25,404, marking its lowest point in nearly five months. This led to a decline of 11% in the past 30 days. Even in the face of adversity, Bitcoin continued to captivate the world’s attention with anticipation for 2024. As the impending Bitcoin halving and the awaited SEC approval of Bitcoin ETFs hold the promise of reshaping the cryptocurrency landscape. Meanwhile, Traders and investors drew parallels between the current downtrend and Bitcoin’s historical dips in 2015-16 and 2019-20, where the cryptocurrency orchestrated impressive comebacks, sparking optimism among the faithful investors. Adding to it, some experts predict that the April 2024 block subsidy halving could be a turning point for Bitcoin’s price performance. It’s speculated that BTC/USD might soar to $46,000 by then, although potential losses loom. Meanwhile, According to Bitcoin’s monthly returns chart, BTC has had six “negative Septembers” in a row since 2016. Within these six years, 2019 witnessed the greatest loss of 13.47%, while 2022 losses were relatively lower at 3.12%. This historical context makes the community speculate whether the bears will get stronger. Recent insights from the analytics company IntoTheBlock shed light on the activities of major Bitcoin holders. Addresses owning at least 0.1% of all circulating Bitcoin, valued at over $500 million, have witnessed a staggering $1.5 billion increase in their holdings within the final fortnight of August. Where is The Price of BTC Headed ? An analysis of Bitcoin’s recent price movements reveals an underlying bearish trend on the daily chart. The 50-day exponential moving average (EMA) now hovers at $27,428, underscoring the prevailing bearish sentiment. With the daily relative strength index (RSI) at 42, Bitcoin edges closer to oversold territory. Meanwhile, it has experienced a modest uptick in trading volume, rising by 4.68% in the past 24H. BTC/USD Daily Price Chart — MA, RSI (Source: TradingView) This suggests that the bears are capitalizing on rallies near $1,650, and this narrow-range trading may not persist for long. If the price continues to decline below $1,600, it could signify the bears taking control, with minor support at $1,550. And a potential further drop to $1,368. On the upside, the bears are expected to fiercely defend the zone between $1,650. If buyers manage to overcome this barrier, there is potential for the pair to surge toward the 50-day SMA at $1,772. Will BTC Break its Bearish Pressure? Share your thoughts by tweeting us at @The_NewsCrypto

On-chain data shows the Cardano whales have sold more than a billion ADA during the past week, a sign that pain may not be over for the asset yet. Cardano Whales Have Participated In Some Distribution Recently Cardano didn’t have the best time in August, as the cryptocurrency registered a more than 18% drop. This new month of September hasn’t been any better for ADA, as the asset has only continued to struggle sideways around its lows so far. At present, the asset is trading just under the $0.26 level. The chart below displays the recent price action in the cryptocurrency. Cardano’s flat returns over the past week aren’t anything different from what has been happening in the wider sector, as Bitcoin (BTC) and Ethereum (ETH) have also been similarly stale recently. That said, a bearish signal exclusive to the asset appears to have emerged, as Ali, an analyst on X, has pointed out in a new post. According to on-chain data, the ADA whales have participated in a selloff over the past week. The above chart shows the trend in the combined supply of the Cardano investors holding at least 10 million and at most 100 million ADA in their wallets. At the current exchange rate, this range converts to about $2.6 million at the lower end and $26 million at the upper bound. The holders of this vast amount of the token are called “whales.” Due to their massive holdings, they are among the most influential entities on the network. The graph shows that these large investors have seen their holdings go down sharply recently. This ADA holder group has distributed a net amount of 1.02 billion ADA (worth around $260 million) in this latest selloff, which is a pretty significant figure. The whales shaving off their supply is naturally not a positive sign for the cryptocurrency, as it suggests that some of these humongous holders don’t think the asset will recover shortly, so they are cutting their losses and exiting the coin. ADA Continues To Be 7th Largest Coin In Sector Despite its decline, Cardano is still the seventh-largest asset in the cryptocurrency sector in terms of market cap, as the table below shows. However, the gap between ADA and the 8th place Dogecoin (DOGE) is down to less than $100 million now, meaning that the asset is at risk of dropping down from its spot. Unless things change fast for Cardano, it may be inevitable that the cryptocurrency would slip below the memecoin shortly, given the bearish movement from the whales.