The natural evolution of Game Finance (GameFi) from Web2 to Web3 has been a journey that has yielded crucial lessons. The bear market that intensified in 2022 provided a boost for innovators and builders in the space to experiment with new paradigms. Ultimately, users are getting the opportunity to explore the evolving trends of Web3 gaming. How far have we progressed from day zero when the transition was initiated until now? Are the current market dynamics healthy? What challenges are being tackled when it comes to trading NFTs, the core class of in-game assets? To get a clear picture and understand how the Web3 gaming ecosystem is progressing, we had a candid conversation with Siddharth Menon, co-founder of Tegro and WazirX. Delivering simplified insights, he guided us through the behind-the-scenes of in-game economies and Web3 marketplaces. The talk also encompassed the story of WazirX and the evolving crypto regulatory landscape. TheNewsCrypto: How does Web3 gaming differ from Web2 gaming and what sets apart this paradigm shift? Siddharth Menon (SM): We are in a transition to tokenizing the world and moving into the digitalization of things. One aspect that excites me is reimagining games. We’ve witnessed games becoming more realistic over time. When I started, playing a flight simulator felt like a near-real experience of flying a plane. Sounds have become more lifelike, and simulations have become increasingly real. Up until now, we’ve played games with virtual in-game currency. The next big experiment, or rather, evolution, is going to be the monetization of games. It’s a very natural progression, and it’s something people desire. We’re simply waiting for the right set of tools to become available. When the internet emerged, multiplayer gaming became a reality. It allowed people to play with others from anywhere in the world. I believe that blockchain empowers us to add a financial layer on top of virtually anything. I’ve identified a strong use case for crypto in this space — games, a natural fit. Until now, games have primarily been played for entertainment and leisure. There’s also a growing presence of esports, which injects more money into the gaming ecosystem. However, what’s even more important is the emergence of a dynamic market for in-game assets within the gaming economy. This demand and supply for virtual assets are evident in platforms like Steam stores and Counter-Strike (CS) marketplaces. These serve as early signs of what the future might hold. Nevertheless, there is a need for a new evolution, one that grants access to everyone. This is where blockchain gaming comes into play. The most significant difference I noticed was this: in the Web2 gaming landscape, players only play the games. Web3 opened up opportunities for players to become investors and traders as well. This shift transformed the gaming industry. Suddenly, there was a growing demand for specific in-game assets, and players began participating in this new marketplace. If I spent hours playing a game, I could potentially earn money from it. This transition aligns with discussions about the metaverse and the idea of living within a virtual world becoming more tangible. We are in these early days. People were surprised to learn that games like Candy Crush generate about $300 to $400 million annually, despite being relatively simple. Financializing gaming in the Web3 world will revolutionize the way we approach and enjoy gaming. We are still in the early stages of this transformation, but it will be fascinating to see how it unfolds. TheNewsCrypto: How do you see the user traction in Web3 gaming? Do we have an ample user base? SM: It’s a pattern seen in any industry that starts early, where you have people excited about it at the beginning, but the excitement tends to wane. Eventually, builders start contributing to the industry’s growth. , a fundamental shift has occurred. Until now, players were only consumers in the market, spending money on games. However, we see a fundamental shift in Web3 gaming from a revenue perspective. Now, players are actively participating in the success of the projects. They are not just consumers but are also becoming contributors to the community. The success of a game depends on how well it engages its community. Unlike traditional games, where players were merely consumers and developers made all the profits, Web3 gaming follows a more community-driven approach. Players now have a stake in the project’s success and provide constant feedback to shape how the game evolves. This is a significant departure from games like Counter-Strike, where only developers reaped the rewards. We are currently in an experimental phase. Concepts like inflation and deflation play a crucial role in the Web3 gaming ecosystem. In Web 2 games, inflation was not a significant concern because there was no secondary market for in-game assets. But in Web3 gaming, everything operates within an open market. Excessive inflation can lead to plummeting prices, as we’ve seen with Axie Infinity’s Axies, which were once valued at thousands of dollars and are now worth less than a dollar due to inflation. Developers are now in a phase of realization, understanding that they not only have to create great games but also maintain a balanced in-game economy for sustainable growth. This involves experimenting with various economic models to ensure that the game’s success aligns with a stable in-game economy. The next generation of games will likely be more fun and economically sound. For example, a game may be entertaining, but if the economic aspect is constantly unstable, causing players to lose money, it won’t attract a sustainable player base. This poses a new challenge for developers and players alike, and it’s an exciting phase we are entering. In the next two years, we can expect to see remarkable games emerge in this evolving landscape. TheNewsCrypto: What are your thoughts on the evolving paradigms – play-to-earn (P2E), move-to-earn (M2E), and other “x”-to-earn models – and the development of in-game economies? SM: I believe that fundamental models are crucial. I’ve been developing a model called Tegronomics, which addresses some of the key issues. It doesn’t matter if you’re a player or a spectator in the Play-to-Earn, Move-to-Earn, or any x-to-Earn models, but there’s an underlying economy that needs attention. In the Web2 gaming space, only a small percentage, probably 1-2%, of the user base makes in-app purchases. However, in Web3, the goal is to make everyone part of the economic cycle. In the real world, nothing comes entirely for free. There’s a cost, even for basics like food and water. Building a balanced economy where everyone participates is essential. The concept of this economy draws inspiration from what exists today, following models like Maslow’s Hierarchy of Needs. At the bottom, there’s the “Need Economy,” which covers essentials that everyone requires to participate in the game, such as bullets or certain items. Developers must ensure these assets are affordable. Next is the “Want-Based Economy,” similar to real-life items like cars or houses. These are desirable but not essential for gameplay. At the top is the “Achievement-Based Economy,” where rare and status-symbol items come into play. In Web2, there’s often an excessive focus on rare items, while the rest of the economy is neglected. For a sustainable in-game economy, it’s crucial to balance the need, want, and achievement aspects. This balance determines factors like supply, demand, pricing, and rarity. If the top-tier elements aren’t genuinely rare, it can affect the entire ecosystem, as seen in the case of Axie Infinity. The “Tegronomics” approach provides a framework to help game studios make informed decisions and create a more sustainable economy. TheNewsCrypto: How do you view the current market dynamics of NFTs? SM: When I started WazirX in 2017, it was during the peak of the previous bull market. There were only a few hundred thousand users, and when the bear market hit, many thought it was dead. However, we kept building, and the next market cycle brought growth. NFTs did exist in 2017, but they were so small that nobody talked about them. I got introduced to them when CryptoKitties entered the space. This is considered the first bear market for NFTs, but in reality, it’s the second market. Bear markets mostly affect those focused on price action, but true believers in the technology remain excited. WazirX had a similar experience, growing from 200K to 18 million users during the bull market. Each cycle brings more people into the crypto space. Today, the market is expanding exponentially, offering opportunities for anyone involved. This is the time to create and keep building. TheNewsCrypto: Could you share your personal perspective on the decision to shut down the WazirX NFT marketplace in February 2023? What’s your comment on the regulatory landscape and user base back then? SM: WazirX was one of the first in Asia to launch a large NFT marketplace, driving innovation. However, from a regulatory perspective, things were quite unclear. The government didn’t fully understand decentralized platforms with no KYC on a DEX exchange. This complexity made it challenging to do business in this space. Our perspective was that NFTs are undoubtedly promising, but it might make more sense to approach them differently. This is one of the reasons we decided to pull back. Nonetheless, we firmly believe it’s something worth fighting for. WazirX is already engaged in numerous battles to promote crypto adoption in India and pioneer regulatory advancements. The NFT market is just a small part of our efforts, and we plan to revisit it later. TheNewsCrypto: Is there a plan to relaunch the NFT marketplace? SM: Firstly, we need to ensure basic user needs are met, such as facilitating access to crypto with fiat currency. Back in 2018, this was a challenge due to a banking ban. At that time, only through WazirX’s P2P platform could people buy even small amounts of crypto. Our primary goal remains to give people fundamental access to crypto, from which many other businesses can flourish. TheNewsCrypto: There are both pros and cons associated with centralized exchanges (CEX) and decentralized exchanges (DEX). Platforms like Tegro are upholding a hybrid model combining features of CEX and DEX. How will this approach benefit users? SM: WazirX is a centralized exchange (CEX) that provides access to cryptocurrencies using Indian Rupees (INR) and various other methods. WazirX is focused on achieving regulatory compliance. Establishing regulatory compliance for a financial institution involves a multitude of tasks, including taxation, reporting, and other necessary measures to ensure everything is in order. A considerable effort has been dedicated to making the platform secure and safe for all users. In the realm of decentralized exchanges (DEXs), we are essentially discussing the creation of a ‘metaverse exchange.’ Here, users can harness the power of their own wallets and avoid scenarios where they surrender their asset custody to third parties, as seen with platforms like FTX. Tegro’s mission is to upgrade crypto trading to the next generation. We aim to bring scalability to DEXs, providing a trading experience that mirrors what you would expect from a CEX. CEXs are far more efficent than DEXs, in terms of users’ protection against MEV (Miner Extractable Value) attacks and reduced risk of users losing their funds due to various issues, such as poor liquidity. For instance, numerous users lost millions of dollars in MEV attacks. Our objective is to establish a trusted DEX where anyone can participate, from retail traders to institutions, enabling high-volume and high-frequency trading without the associated risks. We seek to recreate the success we achieved at WazirX, where we brought numerous Indian institutions into the cryptocurrency sphere. These institutions still face barriers when transitioning to DEXs because the current DEX landscape isn’t tailored to their needs. Our goal is to bridge this gap, making the transition to efficient DEX trading as seamless as possible. This is the final piece of the puzzle – how to create an efficient market that bridges the gap between CEXs and DEXs. We are committed to addressing this challenge from the ground up and systematically working to solve it. TheNewsCrypto: How does Tegro stand out from WazirX in terms of its approach? SM: Tegro is a completely independent venture. Currently, I’m primarily involved with WazirX in an advisory role. With Tegro, we are tackling a completely different challenge that extends beyond India. It’s a global problem that needs to be addressed. Tegro is designed as a global product, catering to users worldwide. It will operate in a more decentralized manner, allowing anyone, whether they are institutions or retail traders, to engage in high-volume trading. Our primary focus is on solving this problem and making it accessible to a wide audience on a large scale. TheNewsCrypto: By integrating the NFT20 protocol, how is Tegro enhancing the NFT trading for users, and what advantages does this integration bring? SM: One of the biggest challenges with NFTs, in general, is liquidity. If the secondary market lacks sufficient liquidity, it becomes challenging for buyers to enter and exit positions. Buyers can only purchase items if they are confident they can later sell them with ease. Even today, buying and selling NFTs in bulk is a difficulty within the NFT space. Thanks to innovative products like Blur, the landscape is evolving. We initially began with platforms like OpenSea, which catered more to retail traders. But now Blur has taken a more institutional and pro-trading approach. However, there’s still room for further advancement, enabling users to buy and sell at larger quantities and higher frequencies. This is where NFT20 comes in—it aims to streamline high-volume buying and selling. Institutions, accustomed to trading millions in Bitcoin, sometimes hesitate to explore NFT trading due to its perceived complexity. Our goal is to simplify NFT trading to the point where it’s as straightforward as trading Bitcoin, making it more accessible to institutions. The objective is to bridge the gap between these two worlds, ensuring both liquidity for institutions and convenience for traders. Non-fungibility does bring friction into trading, but as seen with assets like Board Apes, most items are traded at prices that make them almost fungible. TheNewsCrypto: What role does Tegro play in fostering the developer ecosystem in Web3? SM: Building in Web3 involves a collaborative approach, where if the project succeeds, everyone involved should reap the benefits. It’s not just about financial profit; it’s also about gaining knowledge and other valuable outcomes. Our focus is on creating structures where developers, traders, and influencers can all benefit from being a part of our ecosystem. We help developers to create business models around them. Many institutions are eagerly waiting for high-frequency trading solutions, for instance, and developers can easily build and offer these solutions, generating revenue by selling them to more institutions. There’s immense potential in developing software development kits (SDKs) and other tools on top of our API. We are gradually opening up access to our API, which is currently in beta testing, and we expect it to be fully ready later this month or early next month. From a developer’s perspective, we also have a champion program for those who want to refer more people and traders to join our platform. This program offers various incentives for individuals willing to put in the work. TheNewsCrypto: Lastly, what are your thoughts on the spot Bitcoin exchange-traded fund (ETF) approval and its impact on the crypto market? SM: In any new market or industry, it’s typically the retail investors who enter first. Whether it’s AI or crypto, it starts with smaller developers experimenting and gradually gains institutional acceptance. In the crypto space, we’ve seen a similar evolution, from individuals casually mining in 2010-12 to large corporations investing millions in mining today. The same goes for trading, starting with people at home and now involving institutions and major players. The introduction of ETFs represents another big milestone, making the crypto market more institutional-friendly. This transition from retail to institutional participation has occurred in various industries in the past, particularly in the US, where there is abundant capital but a lack of clear regulatory pathways. ETFs will open up more opportunities for adoption. We eagerly await their arrival, and while it may take some time, it’s inevitable. Recently, there was a surge in excitement in the market, possibly due to unverified news or other factors. It demonstrates how ready people are for this shift, and the anticipation is real. The hype surrounding it can quickly sway the market, as we’ve seen. Many people believe in the potential for more institutions to onboard the crypto space. Disclaimer: The information provided in this interview article is for informational purposes only. It is not intended to be, nor should it be construed as, investment advice, financial guidance, or a recommendation to make any specific decisions. Readers are encouraged to conduct their own research.

The cryptocurrency known as Injective (INJ) has exhibited a remarkable increase in price, exceeding 900% since the commencement of the year, even in the face of a general downward trend in the digital currency market. The price of INJ has remained unaffected by the extensive consolidation observed in the cryptocurrency market since Thursday. On Friday, it had a 10% increase, reaching a trading value of $13.15. The current market valuation of the coin stands at over $1 billion. This places the cryptocurrency at the 44th position in terms of rankings based on market capitalization. Injective Nears Historical Peak Amidst Strong Partnerships The interoperable Layer-1 blockchain, which facilitates the operation of decentralized finance apps (DApps) in the future generation, is approaching its historical peak value of $31.40, positioning it as one of the top-performing cryptocurrencies in the current year. Prominent blockchain protocol Injective has the support of Dallas Mavericks owner and billionaire Mark Cuban. At the time of writing, INJ was trading at $13.55, and registered a solid 59% increase in the last week, according to figures by crypto market tracker Coingecko. The price range of Injective hit a peak value of nearly $12.8 during a 24-hour period. This represents the highest value observed in almost two years. The rise in the value of the token cannot be attributed entirely to the recent surge in Bitcoin prices. The increase is also influenced by Injective’s efforts to strengthen its position in the market through its relationship with Google and the introduction of a new product by Helix exchange. Unlike other blockchains like Ethereum, Solana, and Cardano, Injective’s focus is entirely on the financial industry. Provides developers with the tools they need to build dApps for a wide range of financial use cases, from lending and savings to derivatives trading and even oracles. The Injective network is notable for its lightning-fast processing speeds and low transaction fees. Nexus Integration With Google Cloud Expands Accessibility For Users The Injective development team made an announcement last week regarding the integration of “Injective Nexus” with Google Cloud. This integration signifies a major development, as it enables the larger mainstream world to access core chain data through the Analytics Hub in BigQuery. The Google team said via a blog post: Meanwhile, a bullish trend in the near and medium term is confirmed by a golden confluence in the Exponential Moving Averages (EMAs) on the daily chart. Moreover, the bullish crossover of the MACD lines supports this optimistic feeling and improves the picture. Moreover, the implementation of pre-launch futures for forthcoming tokens by Helix DEX, a decentralized exchange on Injective, has sparked considerable attention. Injective witnessed a significant surge in staked INJ, surpassing the $400 million mark on Monday. (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 Kate Trysh/Unsplash

Over the last month, Bitcoin’s price has seen a significant surge. Its price has increased by 30%, reaching a new yearly high of $35,000, 10% above its previous peak this year. Interestingly, while the growth of Bitcoin is clear to see, the broader cryptocurrency market hasn’t quite managed to keep up. Altcoin Market Cap The Altcoin market cap, which is the total cryptocurrency market cap excluding Bitcoin, has been trading within a descending triangle. This pattern, characterized by its lower highs and equal lows, often indicates a bearish trend in the market. This pattern suggests sellers are gradually overtaking buyers. A breakout from such a pattern is typically seen as a bullish indicator, with the target being the first peak. In this case, the Altcoin market cap would potentially see another 15% increase, matching the yearly highs in April. A similar pattern was seen in the previous cycle, where the Altcoin market cap was trading within a descending wedge. After the breakout, the Altcoin market cap saw an increase of 90%. Such historical trends show the importance of closely monitoring these patterns as potential indicators of market shifts. Contrastingly, as the Altcoin market cap is forming lower highs, Bitcoin’s price is forming new yearly highs. This dynamic suggests that Bitcoin is gaining market share from the rest of the crypto market. This is often referred to as ‘Bitcoin Season’. Bitcoin Season Bitcoin’s market share is at 54%, which is the highest it has been in over two years. The last time Bitcoin’s market share was at this level was during the bull market in 2021. As that year progressed, the asset began losing market share, as investors turned their attention to coins with lower capitalization, enticed by the prospect of higher returns. Now the trend seems to be reversing. Investors are gravitating back towards Bitcoin, lured by its higher returns than the rest of the crypto market. The next resistance is at 58%, so if Bitcoin breaches this mark, it stands to gain an additional 5% in market share. Historical trends have shown that in the initial phases of bull markets, Bitcoin often takes charge, as it pushes on to create new all-time highs. This is typically driven through Bitcoin-centric narratives such as the halving which reduces the new supply of Bitcoin being mined. This year, heightened anticipation surrounds the potential approval of a Bitcoin ETF. If approved, it could pave the way for a wider range of investors to engage with the asset. Standout Altcoins Performers Even during the dominant ‘Bitcoin Season’, certain Altcoins have still managed to show even more impressive returns. Some notable ones are the following: Injective: +74% Solana: +68% PEPE: +67% RENDER: +45% Chainlink: +45% Predycto is the author of a cryptocurrency newsletter. Sign up for free. Follow @Predycto on Twitter.

After rallying over 170% from June 2023 lows, there are signs that Maker (MKR) bulls are losing momentum, looking at price action and decisions by various whales acting via an intermediary. At spot rates, MKR is changing hands at near 2023 highs but is down 16% from October highs. Maker (MKR) Is Selling Off: The Bull Run Is Over? MKR is dumping at an unexpectedly faster pace, reversing gains posted in early Q4 2023, a concern. According to The Data Nerd, Falcon X sent 5,690 MKR worth $8.52 million to multiple exchanges, mainly OKX and Binance, at an average price of $1,497. Typically, whenever crypto whales begin sending tokens to centralized ramps, as currently is the case, it can be interpreted as bearish. That whales are moving their coins to exchanges could indicate that they are planning to liquidate and exit their position. Subsequently, this can dent sentiment, forcing the token to dump. However, the timeliness of the transfer also matters. In some instances, tokens can be moved to exchanges and interpreted as bullish. This is because, depending on the situation, whales could move them to provide liquidity for other traders. This can be the case with Falcon X. The platform provides institutional investors access to liquidity and execution services. Notably, Falcon X has, in the past, been used by other crypto exchanges and liquidity providers to offer other services. Since it acts on behalf of institutions and whales, it cannot be ascertained which of its clients is selling MKR. As of October 27, The Data Nerd statistics show that the platform holds 10,150 MKR worth $14.17 million at spot rates. Following the transfer, the tracker also shows that MKR is down 4%. The “End Game” Pumps MKR To New Highs, A Pull Back Incoming? Presently, MKR remains under pressure. As mentioned earlier, the token, though in an uptrend, rallying 170% in four months, is down 15% from October’s peaks. At the same time, there is a double top, a technical formation that may signal a local top. This pattern will only be invalidated if there is a sharp expansion above $1,650. Conversely, losses below $1,350 at the back of high participation levels could catalyze the sell-off. In May 2023, MakerDAO, the issuer of MKR–the governance token of the underlying borrowing and lending protocol, announced the launch of the “End Game.” Herein, the protocol plans to deploy on its independent blockchain, introduce new features, and launch two tokens. In addition, Maker has introduced a smart burn mechanism that involves purchasing MKR tokens from the open market and burning them without needing to close any collateralized debt positions (CDPs).

Santiment, a leading blockchain intelligence platform, has recently provided insights pointing to a favorable short-term scenario for Bitcoin (BTC). However, according to other signals that seem ‘hidden,’ there’s a catch. These on-chain metrics can serve as the north star for investors looking to strategize their next steps. However, according to another metric, though recent revelations by Santiment might hint at continued positive momentum for Bitcoin, there’s also a possible contrary move that could play out. Bitcoin Sentiments Bullish On-Chain Indications Santiment’s recent post revealed a positive narrative for BTC’s immediate future. One of the key metrics supporting this bullish outlook is the significant number of active Bitcoin addresses. It is worth noting that an increase in active addresses can indicate enhanced adoption, investor interest, and overall network health. Furthermore, a surge in previously dormant tokens moving actively hints at a renewed trader interest. According to Santiment, such activity has often coincided with bullish trends, making this an essential metric to monitor. Given these disclosed metrics by Santiment, Bitcoin may still have more rallies to squeeze out. However, to add another layer of intrigue to the current market scenario is the behavior surrounding meme coins, especially PEPE. According to Onchain Capital co-founder and Crypto Banter host, Ran Neuner, meme coins, with their viral nature and swift price movements, sometimes act as a barometer for market sentiment, albeit unconventional. PEPE’s Performance: A Market Temperature Check? While Santiment’s report offers optimism, some market observers utilize unique indicators to sense potential market shifts. PEPE, a meme coin, has recently caught the attention of several prominent crypto figures. Ran Neuner recently mentioned that PEPE might act as an indicator of an overheated market. The logic? When traders and investors flock to such tokens, and they see significant price pumps, it might be a sign of excessive optimism in the market. An event to walk with caution. Notably, PEPE has surged by more than 80% in the past week. The meme coin has soared from a low of $0.00000650 seen last Friday, to as high as $0.00000118 at the time of writing. Following the recent increase in price, PEPE is currently down 1.1% in the past 24 hours. Furthermore, in what seems to complement Neuner’s proposed indicator, Bitcoin has seen quite a notable retrace from its recent spike above $35,000. The asset currently trades at $33,620, at the time of writing down by 1.1% in the past hour. Featured image from ShutterStock, Chart from TradingView

Changpeng Zhao, widely known as CZ and the founder of Binance, one of the largest cryptocurrency exchanges, has suffered a significant blow to his fortune. According to a recent Bloomberg report, CZ’s wealth plummeted by $12 billion due to the ongoing slump in crypto-trading activities. Per the report, this decline was primarily attributed to a sharp drop in trading volumes at Binance throughout the year. CZ’s Financial Losses The Bloomberg Billionaires Index revised its revenue estimates for Binance, slashing it by 38% after data revealed a decline in trading volumes at the exchange. As a result, CZ’s net worth now stands at $17.2 billion, marking a significant reduction from his previous valuation. According to Bloomberg, CZ’s involvement in recent events that led to the bankruptcy filing of FTX further impacted his financial situation. In November, CZ announced the liquidation of a token linked to FTX (FTT) after reports emerged that Alameda Research, the hedge fund owned by Sam Bankman-Fried, the founder of FTX, held a large position in it. The announcement triggered a rush among FTX customers to withdraw funds, overwhelming the exchange’s infrastructure. As a consequence, FTX declared bankruptcy within a week, erasing Bankman-Fried’s fortune, which had peaked at $26 billion in March the previous year. To estimate Binance’s revenue, the Bloomberg Billionaires Index relies on spot and derivatives trading data from crypto-tracking services Coingecko and Coinpaprika. Binance had witnessed a significant gain in market share earlier this year, reaching 62% of total on-exchange crypto trades during the first quarter. However, after a promotional zero-fee period for popular trading pairs ended, Binance’s market share slid to 51% by the end of the third quarter, as reported by research firm CCData. Binance Value Plunges As Lawsuits And Allegations Take A Toll Binance has also faced increasing regulatory scrutiny, isolating itself from the traditional financial system. The Securities and Exchange Commission (SEC) filed a lawsuit against Binance in June, accusing the exchange of violating regulations. Earlier this year, the Commodity Futures Trading Commission (CFTC) also took legal action against Binance for non-compliance with rules that allowed US users to access the platform. Allegations against Binance include inadequate money-laundering controls, inflated trading volumes, and mishandling of client assets. Binance has strongly disputed these claims and is currently contesting them in court. In June, Bloomberg’s wealth index reduced the value of Binance’s US exchange to zero after it announced the discontinuation of dollar transactions, resulting in a significant decline in trading volumes. Binance.US had previously been valued at $4.7 billion during a funding round in March 2022, while CZ’s net worth peaked at $96 billion in January. The challenges faced by Binance are not unique, as regulatory uncertainties and rising interest rates have made alternative investments more appealing. Coinbase Global, another leading cryptocurrency exchange, experienced a 52% decline in spot trading volume in the third quarter compared to the previous year, according to Bloomberg. Despite the personal wealth challenges CZ faces, Binance Coin (BNB) has capitalized on the overall market recovery, showcasing substantial gains across various time frames. Currently, the token is trading at $225.2, maintaining its upward trend with a 2.2% increase over the past 24 hours. Furthermore, BNB has demonstrated significant gains of 5.8%, 9.6%, and 6.1% over the seven, fourteen, and thirty-day time frames, respectively. These positive trends highlight the token’s strong performance in recent weeks. Featured image from Binance, chart from TradingView.com

Trellor (TRB) has been one of the winners of the recent crypto market rally after going from a monthly low of $43 to over $115 in less than two weeks. This impressive rally has triggered heightened interest in the cryptocurrency leading to more momentum for the digital asset. However, not everyone is buying into this bullish fantasy as one crypto analyst has predicted a rapid decline in price for the digital asset. Why The Price Of Trellor Will Crash A TradingView crypto analyst has given reasons for why they see the Trellor (TRB) price crashing in the coming days. The post which included a chart of TRB depicted the price falling back down below the $60 mark once more. According to the analyst, the first indicator of the coming crash is the fact that there has been a decline in the trading volume of TRB. They showed this in the chart, which showed that the volume drop is happening amid the price rally that the coin still seems to be undergoing. Also, the crypto analyst believes that this coin has now entered the “extremely overvalued and overbought” level. Now, usually when a coin is overvalued and overbought, it often precedes a crash in price as investors rush to secure profits. This could be what happens in this case, especially given the fact that the majority of holders are in heavy profits. The analyst points out that the TRB profitability is incredibly high, with 95% of holders in profit at the time that the analysis was posted. This is corroborated by data from IntoTheBlock, which showed a small drop in the number of profitable holders at 93% but with 0 holders in a loss. The remaining 7% are shown to be sitting at neutral which means they purchased their coins at the same prices as the current market price. This lends credence to the analyst’s expectation of a price decline, especially when these investors who are in profit begin to sell their coins. How Far Will The TRB Crash Go? When it comes to how far the crash can go, the crypto analyst sees an incredible drop in price coming. They believe that there is no way for the bulls to sustain the current momentum which has gone on for days “without heavy CORRECTION.” The analyst believes that the price of Trellor (TRB) will see at least 50% crash from the current level. However, the expectations are not given only for a crash. They explain that there is the possibility that the price will continue to go up, in which case it reaches as high as $135 to $155. But still maintain the expectation of a crash. In a follow-up comment, the analyst revealed that they had decided to start shorting the TRB coin. Their price entry is shown to be $110 with three take profit targets set for $70, $52, and $41, and a stop loss placed at $161. The Trellor (TRB) coin, despite falling around $9 in the last day, is still up a significant amount. It is currently sitting at $111 at the time of writing, but its daily trading volume is down over 35% in the same time period.

This complaint follows a similar one filed by NYAG Letitia James a week earlier. Gemini has launched an action to acquire possession of the GBTC shares. In a lawsuit against Genesis Global, crypto exchange Gemini seeks to recover 60 million shares of the Grayscale Bitcoin Trust (GBTC) that were committed as collateral for the Gemini Earn product. To access the funds that were frozen when Genesis temporarily stopped processing withdrawals last year, Gemini has launched an action as part of Genesis’ bankruptcy case to acquire possession of the GBTC shares, which, according to Gemini, “would completely secure and satisfy the claims of every single” Earn client. The lawsuit alleged: Uncertainty for Investors This complaint follows a similar one filed by New York Attorney General Letitia James a week earlier, which accused Gemini, Genesis, and DCG of scamming over 230,000 investors out of over $1 billion. After the failure of crypto hedge fund Three Arrows Capital and Sam Bankman-Fried’s FTX in early 2022, both Gemini and Genesis found themselves in financial distress. Customers of Gemini Earn were promised to be “nearly whole” under a planned compensation agreement announced by Genesis and DCG in September. Unsecured creditors may receive a baseline recovery of 70–90% under this arrangement. However, it would be much greater for Gemini Earn users. Regretfully, Gemini asserted that this was an inaccurate assertion. The Genesis and Gemini have also reached a consensus on another issue, strongly rejecting claims made by the United States SEC that Earn was an unregistered security. In May, the corporations formally requested that a judge throw out a complaint filed by the SEC against the initiative. Highlighted Crypto News Today: South Korea’s Crypto Market Surges with Altcoin Dominance

Gareth Soloway, an analyst and Chief Market Strategist at InTheMoneyStocks.com and President of VerifiedInvesting.com, has recently dived deep into the dynamics and offers a glimpse into Bitcoin and its future. Bitcoin’s rally, which boasts a 30% uptick in the past fortnight, has reignited the bullish sentiments within the crypto community. This performance has been linked to the anticipation surrounding the potential approval of a spot Bitcoin Exchange-traded fund (ETF). What happens once this approval is granted? The Power Of Speculation And Potential Spot Bitcoin ETF Impact Gareth Soloway believes the approval, which might see daylight by the end of this year or early 2024, could trigger a price correction. “If Bitcoin is still up here, you may not go higher,” Soloway posits. Soloway argues that the crypto space might already be factoring in the spot Bitcoin ETF approval. This implies that the news, once official, might paradoxically catalyze a sell-off, dampening the current momentum. Soloway’s projection sees the “maximum upside” of Bitcoin in this bull phase reaching around $47,000 – potentially the next resistance level. The expert hints that many institutional ETF players might have pre-emptively accumulated Bitcoin, anticipating an eventual spot ETF approval. This could mean fewer buyers once the spot Bitcoin ETF comes to life. Soloway elucidated: A Glimpse Into 2024: Economic Predictions And Crypto While Bitcoin’s immediate future is in the limelight, Soloway takes a broader macroeconomic stance for the coming year. The analyst paints a cautious picture, predicting an impending economic recession in 2024. This, coupled with a stock market correction of around 35%, might significantly impact Bitcoin. Soloway noted predicting a possible plunge to $15,000: Backing his bleak economic prediction, Soloway further highlights soaring credit card debts, skyrocketing interest rates, and the “risky” state of several banking institutions. The expert stressed the lurking dangers within the banking sector, many of which he called “zombie banks,” operating with unsustainable “dead paper on their balance sheet.” Despite the grim financial outlook, Soloway shared his bullish sentiment on gold, anticipating new all-time highs. The analyst underscores the importance of aligning with “smarter money,” referring to central banks that oversee and implement monetary policies. Soloway concluded: Featured image from iStock, Chart from TradingView

Bullish GALA price prediction for 2023 is $0.02118 to $0.03534. Gala (GALA) price might reach $0.05 soon. Bearish GALA price prediction for 2023 is $0.00872. In this Gala (GALA) price prediction 2023, 2024-2030, we will analyze the price patterns of GALA by using accurate trader-friendly technical analysis indicators and predict the future movement of the cryptocurrency. TABLE OF CONTENTS INTRODUCTION Gala (GALA) Current Market Status What is Gala (GALA)? Gala (GALA) 24H Technicals GALA (GALA) PRICE PREDICTION 2023 Gala (GALA) Support and Resistance Levels Gala (GALA) Price Prediction 2023 — RVOL, MA, and RSI Gala (GALA) Price Prediction 2023 — ADX, RVI Comparison of GALA with BTC, ETH GALA (GALA) PRICE PREDICTION 2024, 2025, 2026-2030 CONCLUSION FAQ Gala (GALA) Current Market Status Current Price $0.01729 24 – Hour Price Change 3.91% Down 24 – Hour Trading Volume $142,935,050 Market Cap $436,231,264 Circulating Supply 25,260,712,285 GALA All – Time High $0.8367 (On Nov 26, 2021) All – Time Low $0.000151 (On Dec 28, 2020) GALA Current Market Status (Source: CoinMarketCap) What is Gala (GALA) TICKER GALA BLOCKCHAIN Ethereum CATEGORY Gaming Cryptocurrency LAUNCHED ON September 2021 UTILITIES Governance, Fast Transactions, gas fees & rewards GALA, the native cryptocurrency of Gala Games, has emerged as a prominent digital asset at the intersection of blockchain and gaming. As the heart of the Gala Games ecosystem, GALA offers users a versatile utility token for in-game transactions, securing digital assets, and supporting game development. Gala Games distinguishes itself by championing decentralization, providing players and developers greater autonomy and ownership in their gaming experiences through blockchain integration. GALA’s connection to the gaming industry and innovative use cases has drawn attention, with active trading on various cryptocurrency exchanges. Nonetheless, GALA’s value is subject to the volatile nature of the cryptocurrency market, necessitating careful research for potential investors. Gala 24H Technicals (Source: TradingView) Gala (GALA) Price Prediction 2023 Gala (GALA) ranks 78th on CoinMarketCap in terms of its market capitalization. The overview of the Gala price prediction for 2023 is explained below with a daily time frame. GALA/USDT Descending Channel Pattern (Source: TradingView) In the above chart, Gala (GALA) laid out a descending channel pattern. Descending channel patterns are short-term bearish in that a stock moves lower within a descending channel, but they often form longer-term uptrends as continuation patterns. The descending channel pattern is often followed by higher prices. but only after an upside penetration of the upper trend line. A descending channel is drawn by connecting the lower highs and lower lows of a security’s price with parallel trendlines to show a downward trend. Within a descending channel, a trader could make a selling bet when the security price reaches its resistance trendline. An ascending channel is the opposite of a descending channel. Both ascending and descending channels are primary channels followed by technical analysts. At the time of analysis, the price of Gala (GALA) was recorded at $0.01729. If the pattern trend continues, then the price of GALA might reach the resistance levels of $0.02037, $0.02896, and $0.03704. If the trend reverses, then the price of GALA may fall to the support of $ 0.01308. Gala (GALA) Resistance and Support Levels The chart given below elucidates the possible resistance and support levels of Gala (GALA) in 2023. GALA/USDT Resistance and Support Levels (Source: TradingView) From the above chart, we can analyze and identify the following as resistance and support levels of Gala (GALA) for 2023. Resistance Level 1 $0.02118 Resistance Level 2 $0.03534 Support Level 1 $0.01317 Support Level 2 $0.00872 GALA Resistance & Support Levels Gala (GALA) Price Prediction 2023 — RVOL, MA, and RSI The technical analysis indicators such as Relative Volume (RVOL), Moving Average (MA), and Relative Strength Index (RSI) of Bitcoin (GALA) are shown in the chart below. GALA/USDT RVOL, MA, RSI (Source: TradingView) From the readings on the chart above, we can make the following inferences regarding the current Gala (GALA) market in 2023. INDICATOR PURPOSE READING INFERENCE 50-Day Moving Average (50MA) Nature of the current trend by comparing the average price over 50 days 50 MA = $0.01431Price = $0.01798 (50MA<Price) Bullish/Uptrend Relative Strength Index (RSI) Magnitude of price change;Analyzing oversold & overbought conditions 71.53745 <30 = Oversold 50-70 = Neutral>70 = Overbought Overbought Relative Volume (RVOL) Asset’s trading volume in relation to its recent average volumes Below cutoff line Weak volume Gala (GALA) Price Prediction 2023 — ADX, RVI In the below chart, we analyze the strength and volatility of Gala (GALA) using the following technical analysis indicators — Average Directional Index (ADX) and Relative Volatility Index (RVI). GALA/USDT ADX, RVI (Source: TradingView) From the readings on the chart above, we can make the following inferences regarding the price momentum of Gala (GALA). INDICATOR PURPOSE READING INFERENCE Average Directional Index (ADX) Strength of the trend momentum 25.22306 STrong Trend Relative Volatility Index (RVI) Volatility over a specific period 57.16 <50 = Low >50 = High High volatility Comparison of GALA with BTC, ETH Let us now compare the price movements of Gala (GALA) with that of Bitcoin (BTC), and Ethereum (ETH). BTC Vs ETH Vs GALA Price Comparison (Source: TradingView) From the above chart, we can interpret that the price action of GALA is similar to that of BTC and ETH. That is, when the price of BTC and ETH increases or decreases, the price of GALA also increases or decreases respectively. Gala (GALA) Price Prediction 2024, 2025 – 2030 With the help of the aforementioned technical analysis indicators and trend patterns, let us predict the price of Gala (GALA) between 2024, 2025, 2026, 2027, 2028, 2029 and 2030. Year Bullish Price Bearish Price Gala (GALA) Price Prediction 2024 $0.08 $0.0085 Gala (GALA) Price Prediction 2025 $0.14 $0.0083 Gala (GALA) Price Prediction 2026 $0.31 $0.0081 Gala (GALA) Price Prediction 2027 $0.4 $0.0075 Gala (GALA) Price Prediction 2028 $0.47 $0.0071 Gala (GALA) Price Prediction 2029 $0.59 $0.0066 Gala (GALA) Price Prediction 2030 $0.65 $0.0059 Conclusion If Gala (GALA) establishes itself as a good investment in 2023, this year would be favorable to the cryptocurrency. In conclusion, the bullish Gala (GALA) price prediction for 2023 is $0.03534. Comparatively, if unfavorable sentiment is triggered, the bearish Gala (GALA) price prediction for 2023 is $0.00872. If the market momentum and investors’ sentiment positively elevates, then Gala (GALA) might hit $0.05. Furthermore, with future upgrades and advancements in the Gala ecosystem, GALA might surpass its current all-time high (ATH) of $0.8367. and mark its new ATH. FAQ 1. What is Gala (GALA)? GALA, the native cryptocurrency of Gala Games, has emerged as a prominent digital asset at the intersection of blockchain and gaming. 2. Where can you purchase Gala (GALA)? Gala (GALA) has been listed on many crypto exchanges which include Coinbase, Binance and UniSwap 3. Will Gala (GALA) reach a new ATH soon? With the ongoing developments and upgrades within the Gala Platform, GALA has a high possibility of reaching its ATH soon. 4. What is the current all-time high (ATH) of Gala (GALA)? On Nov 26, 2021, Gala (GALA) reached its new all-time high (ATH) of $0.8367. 5. What is the lowest price of Gala (GALA)? According to CoinMarketCap, GALA hit its all-time low (ATL) of $0.000151, On Dec 28, 2020. 6. Will Gala (GALA) reach $0.05? If Gala (GALA) becomes one of the active cryptocurrencies that majorly maintain a bullish trend, it might rally to hit $0.05 soon. 7. What will be Gala (GALA) price by 2024? Gala (GALA) price is expected to reach $0.08 by 2024. 8. What will be Gala (GALA) price by 2025? Gala (GALA) price is expected to reach $0.14 by 2025. 9. What will be Gala (GALA) price by 2026? Gala (GALA) price is expected to reach $0.31 by 2026. 10. What will be Gala (GALA) price by 2027? Gala (GALA) price is expected to reach $0.4 by 2027. Top Crypto Predictions Fantom (FTM) Price Prediction 2023, 2024, 2025-2030 Bitcoin (BTC) Price Prediction 2023, 2024, 2025-2030 Toncoin (TON) Price Prediction 2023, 2024, 2025-2030 Disclaimer: The opinion expressed in this chart is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.

Zodia Markets may now provide OTC crypto services to institutional customers. Before the MiCA goes into force, Ireland is shaping up to be a major crypto hub. Zodia Markets, a platform for trading and exchanging digital assets backed by Standard Chartered has been granted a Virtual Asset Service Provider (VASP) license by the Central Bank of Ireland. In July 2022, Zodia was approved as a cryptocurrency exchange by the UK’s Financial Conduct Authority (FCA), and in September 2023, the ADGM gave its In-Principle Approval (IPA). In a statement published on October 27th, Standard Chartered-backed Zodia Markets announced that it has been granted a Virtual Asset Service Provider (VASP) license by the Central Bank of Ireland (CBI). Eyeing MiCA Compliance Moreover, thanks to this approval, Zodia Markets may now provide over-the-counter (OTC) crypto trading and exchange services to institutional customers. Also, this strengthens the exchange’s standing in Europe as a reliable platform for exchanging digital assets. Zodia intends to maintain its cooperation and conformity with European authorities. Furthermore, after the European Union (EU) enacted the Markets in Crypto assets Regulation (MiCA), the decision was made to take this action. It is anticipated that the MiCA would enter into force by the close of 2024. Providers of crypto services will soon be required to register with the MiCA so that they may market their products inside the European Union as a whole. Zodia Markets has been awarded a VASP license by the Irish regulators, and Minister of State at the Department of Finance Jennifer Carroll MacNeill TD has expressed her congratulations. Also, before the MiCA goes into force, Ireland is shaping up to be a major hub for European crypto companies. Highlighted Crypto News Today: South Korea’s Crypto Market Surges with Altcoin Dominance

If the XRP price falls below the $0.54 support level then it will likely test the $0.52 level. At the time of writing, XRP is trading at $0.5403, down 2.31% in the last 24 hours. Experts have predicted that, despite XRP’s success in the litigation between Ripple Labs and the U.S. SEC, it is still significantly undervalued in comparison to other leading cryptocurrencies. Now, XRP is likely to play a pivotal part in projects funded by Ripple Labs, such as international payments and settlements. With this in mind, Ripple and Uphold recently signed a collaboration wherein Uphold will become Ripple’s liquidity partner in international settlements. Its significance in international money transfers and settlements is bolstered by its partnerships, notably its latest one with Uphold. XRP is positioned to play a critical role in Ripple Labs’ growing worldwide alliances. Since the SEC litigation has hampered the firm’s ability to expand in the United States, it has been recruiting more partners from abroad. Indecisive Trend Despite a little price fall XRP has shown endurance. After a strong month of expansion, many see this correction as a necessary step before continuing upward momentum. The RSI is now rising but is indecisive about the direction of the trend as it remains close to the 50 level. Source: CoinMarketCap At the time of writing, XRP is trading at $0.5403, down 2.31% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is down 27.29%. If the price manages to go past the $0.56 resistance area then it is likely to rally further to test the $0.58 mark. Breaking this level will likely see price testing $0.65 resistance level. However, if the price falls below $0.54 support level then it will likely test $0.52 level.

The price of Bitcoin stands firm around the critical area of $34,000, hinting at further bullish potential. However, market analysts wonder if enough clues point to the upside or if BTC will return to $20,000. As of this writing, BTC trades at $34,150 with sideways movement in the last 24 hours. The cryptocurrency recorded a 15% profit the previous week and remains a top coin performer by market cap. Bitcoin On-Chain Activity Rises Hinting At A Bull Run? Data from the analytics platform mempool.space shows an increase in on-chain activity on the Bitcoin network. This spike occurred in February 2023, when BTC transactions rose above 50 Mega Virtual bytes (MvB). According to the analytics platform, the above metric measures the size of transactions and blocks on the BTC network. The larger the transaction, the more space they required. As seen in the chart below, each time there is a rise in the price of BTC, there is a surge of activity leading to the rally. This happened in 2017, and 2021, and it is happening this year, which suggests the ecosystem is blooming, onboarding more users, and preparing for a more significant rally like in the previous year. In addition to the increase in activity, it is possible to see the decline in the metric during the bear market and conclude bull markets record high activity. In contrast, the bear market records much less user activity, and they are generally cheaper to transact. However, unlike 2017 and 2021, this year, this ecosystem saw the implementation of non-fungible tokens (NFTs) and new applications boosting these metrics. Thus, it is harder to determine if the current rally can reach similar levels than in previous years as the BTC DeFi ecosystem attracts more users looking to leverage the network for utility rather than long-term investing. BTC DeFi Makes A Difference In Key BTC Metric? A Chat With The Team Behind “Leather” The surge in BTC on-chain activity could be attributed to the cyclical nature of the crypto market. When the price of BTC and others rise, or there is an expectation of further profits, more users on-board the network. As a result, the number of transactions recorded increases. However, many believe that with the implementation of NFTs in the BTC ecosystem, transaction activity can no longer be attributed to a new bullish cycle. If so, rising activity metrics could become useless when measuring the sustainability of a BTC rally. To answer this question, we spoke with Mark Hendrickson, a General Manager at Trust Machines, a company working on a Bitcoin DeFi wallet. This is what he told us: What is “Leather,” and what is your goal in the Bitcoin ecosystem? A: Leather is a web3 wallets built around Bitcoin based technologies and applications. And so you can think of Leather, simply put as MetaMask for Bitcoin in the sense that we want to provide a robust user experience for connecting to applications built with Bitcoin and Bitcoin layers in which users can do a lot of the same sort of things that they can concurrently only do on smart contracts enabled L1 chains, but to do them actually on Bitcoin. So, Leather has the ability to connect the applications, identify yourself to those applications based on your Bitcoin addresses and your associated assets with those applications prompts for signed transactions that are essentially actions for those applications and to do so across layers. (…) We also want to facilitate the movement of liquidity between L1 and L2 (networks) and do so in a very seamless manner. A lot of people, for many reasons, are unfamiliar with the Bitcoin DeFi ecosystem. Can you tell us more about it, and what is Leather’s role in it? Also, what do you say to users who want Bitcoin to remain unchanged, the way it has been since its inception in 2009? A: Bitcoin based DeFi, I’d say is generally taking place these days or sort of emerging in two places. You have primitives for Bitcoin based divide on Bitcoin itself. That’s an L1 (Layer one), mostly driven by Ordinals and within Ordinals fungible token standards like BRC 20. And then you have also Bitcoin related taking place on Layer2 like Stacks that have smart contract functionality. (…) most of that’s taking place via Ordinals on the layers. It’s taking place mostly through the native smart contracting capabilities of those layers. To the question of people who want Bitcoin to remain unchanged, I think that the folks who are working on Bitcoin-related functionality, I’d say Bitcoin web3 in general, which includes DeFi. We’re trying actually to do more with Bitcoin without having to change Bitcoin really at all. So actually our general approach is to try to extend what you can do with Bitcoin without having to change it fundamentally because we do, of course, want to respect all the work that’s gone into Bitcoin to date and we’d love the security profile of Bitcoin. And that has to do with taking a relatively conservative approach. And so if you look at Ordinals, for example, which is really an innovation based on taproot introduced fairly recently, there’s a lot of innovation going on as a result of taproot ordinals without having really changed anything else about Bitcoin. It is a design space that is actually quite respectful of Bitcoin as blockchain. There is a theory that every bull run is preceded by an increase in on-chain activity, with fees following prices on their way to new highs. What do you think of network activity right now? Do you think much of it can now be attributed to Ordinals and other applications? A: Going back to the start of the year, Ordinals has been a huge exception to the general rule of the crypto bear market because we’ve experienced essentially two bull runs inside of Ordinals itself, which I think have boosted Bitcoin’s position and definitely has boosted network activity on Bitcoin and fee rates have gone up as a result of it. And really shown that this idea of storing data on chain on Bitcoin beyond just simple transactions and applying those primitives to various web3 applications, whether it’s art or whether it’s new token standards, that can have a huge effect on just how Bitcoin is used and also valued. (…) it’s hard for me to really pinpoint any given reason why any given month the Bitcoin may have gone up in price because of other factors, but it, it’s pretty clear that it has an overall effect (on network activity). Ordinals has been a positive influence on the interest in Bitcoin. ETFs, store of value, Gold 2.0, Halving, and now Bitcoin DeFi, what is the current narrative dominating the BTC market? And which narrative will gain more prominence in the long run? A: I think the dominant narrative around Bitcoin is probably that in the wake of the last crash, really it’s a spillover from last year. I think there are a lot of weaker technologies, weaker platforms and assets that were shaken out and people ran away from and they’ve taken more safe harbor and Bitcoin come back to Bitcoin as really the one that’s stood the test of time. So that combined with the fact that people, since the start of the year with Ordinals in particular have opened up to that there are more frontiers to what you can do with Bitcoin. I think that combination has really driven sort of a renewed enthusiasm around Bitcoin. It’s a combination of, it’s been around the longest, it’s the most secure, plus it’s not a dinosaur that can’t evolve still. It actually has a lot of potential. It actually has both of those qualities that are very attractive, secure and conservative in one way, but it’s also more innovative and there’s more potential than people had realized before on the other hand. Cover image from Unsplash, chart from Tradingview

Litecoin (LTC) whales are making their way back into the market once more as the bull market establishes itself. A number of large transactions have been flagged which suggests that these millionaire accounts are coming out to play. Litecoin On-Chain And Whale Activity Hit 4-Month High The Litecoin on-chain and whale activity has been on the rise recently, as reported by the on-chain analytics platform Santiment. In the report posted to X (formerly Twitter), Santiment revealed that there had been a big spike in the Litecoin on-chain activity. The chart shared by the tracker showed the spike taking place in line with the price recovery, which would be the reason why investors are awakening once more. Santiment noted that this recovery in on-chain activity saw address activity on the blockchain, as well as whale activity reaching levels not seen since June, representing a 4-month high in this metric. A total of 319,000 daily addresses were active on the network after this metric dropped drastically in the last few months Additionally, weekly whale transactions, that is transactions carrying more than $100,000 rose and touched a new 4-month high of 7,418. These are not the only metrics that saw a spike as the dormant LTC address started seeing movement again. These addresses which had previously not seen movement for a while began to move coins around, adding to the current number of coins in circulation. LTC Ready For A Shoot To $100? The revival of on-chain activity for Litecoin is a welcome development for the network but it is not exactly bullish. The reason for this is how the LTC price has reacted since this activity commenced, which is not very encouraging. As the dormant LTC started to move once more, the price began to decline. This suggests that this subset of holders may be selling their coins after holding and waiting for better prices. In this case, the selling pressure has outweighed the demand for the coin. A continuation of this will likely see the price continue to fall further, and a recovery to $100 is still far off on the horizon. So this recent bout of activity may just be investors choosing to sell rather than coming back to participate in buying. The LTC price already fell from its $69 level on Thursday to as low as $67 on Friday before mounting a small recovery. Presently, the Litecoin price is sitting at $67.8, representing a 2.14% decrease in the last day.

Bitcoin (BTC) enthusiasts and investors have their eyes fixed on the potential launch of a spot Bitcoin exchange-traded fund (ETF), eagerly awaiting its impact on the cryptocurrency market. With predictions of substantial inflows, industry experts are delving into the potential ramifications of such a development, exploring its capacity to transform the landscape of digital assets. Matt Hougan, the CEO of Bitwise, the world’s largest crypto index fund manager, shared his insights on the promising future of a spot BTC ETF, projecting a surge of around $50 billion within the first five years of its launch. The Potential Impact Of A Spot Bitcoin ETF The concept of a Bitcoin exchange-traded fund centers around the idea of a fund that tracks the price of Bitcoin and can be traded on a stock exchange. This financial product allows investors to gain exposure to the price movements of Bitcoin without needing to directly own the cryptocurrency. The introduction of a spot BTC ETF is anticipated to pave the way for an influx of institutional and retail investors, catalyzing a significant flow of capital into the crypto market. Hougan’s projections foresee an impressive $5 billion inflow in the initial year alone, setting a solid foundation for the anticipated five-year influx of $50 billion. Considering the potential impact of a spot Bitcoin ETF, market analysts remain cautiously optimistic about its influence on the value of Bitcoin. While Hougan suggests an increase in demand for Bitcoin, the exact magnitude of this effect remains uncertain. The current market conditions, marked by a recent 1.1% dip in Bitcoin’s price following a week-long surge of 17.0%, underscore the sensitivity of the cryptocurrency market to external economic indicators. Inflation, Interest Rates, And The Crypto Market Amidst the anticipation surrounding the potential launch of a spot BTC ETF, the looming release of the United States Core Price Consumption Expenditure (PCE) data by the US Bureau of Economic Analysis (BEA) poses a significant concern for the crypto market. This widely watched inflation measure is closely monitored by the Federal Reserve, with expectations of a rise in the upcoming report. If the PCE data aligns with projections, the ramifications for the crypto market could be notably bearish. The potential for higher inflation to indicate a prolonged period of elevated interest rates could prompt a shift in investor sentiment, leading to a reduction in the allocation of funds towards riskier assets such as Bitcoin and other cryptocurrencies. The perceived stability and security offered by traditional assets like Gold might lure investors away from the volatility of the crypto market, adding a layer of complexity to the already intricate dynamics of digital asset investments. (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 iStock

NEAR Protocol, a Blockchain Operating System (BOS), demonstrated notable growth in the third quarter of 2023, defying the challenging conditions of the overall cryptocurrency market. According to a recent report by Messari, key metrics for NEAR Protocol surged significantly over the past month, buoyed by recent price increases across the crypto market. Surge In Transactions Drives Revenue Growth For NEAR Per the report, despite a moderate downturn in the crypto market, with XRP and Grayscale facing court rulings in their favor, NEAR Protocol showcased resilience. The total crypto market capitalization dipped by 5.8%, with Bitcoin (BTC) and Ethereum (ETH) experiencing declines of 7.5% and 10.0% respectively. Within this context, NEAR’s circulating market capitalization decreased by 14% quarter-over-quarter (QoQ) to $1.08 billion, while its fully diluted market capitalization decreased by 17% QoQ to $1.12 billion. Nevertheless, NEAR Protocol maintained its position as the 40th largest crypto protocol by market capitalization by the end of the quarter. One of the highlights in Q3 ’23 for the protocol was the revenue growth, which increased by 9% QoQ from $98,000 to $108,000. The average transaction fee remained at a low $0.001 throughout the quarter. Regarding network activity, NEAR recorded substantial growth in addresses during Q3 ’23. Active addresses increased by 350% QoQ, reaching 260,000 daily active addresses, while new addresses saw a 274% QoQ increase, totaling 51,000 daily new addresses. This growth was primarily fueled by the launch of KAIKAINOW, NEAR’s leading application, and supported by contributions from the Web3 health and fitness app, Sweat Economy, and Aurora, a solution that allows the execution of Ethereum contracts in a “more performant environment” in the NEAR ecosystem. TVL Drops To $52 Million In Q3 2023 According to Messari, NEAR’s Total Value Locked (TVL) experienced a 13% QoQ decrease, amounting to $52 million by the end of the quarter. NEAR ranked approximately 35th among blockchains in terms of TVL. Within the NEAR Network’s TVL, NEAR’s contribution accounted for $41 million (80%), while Aurora contributed $11 million (20%). Regarding DEX trading volume, NEAR reported an average daily volume of $1.3 million, maintaining stability compared to the previous quarter. NEAR ranked approximately 30th among DEX trading volumes. NEAR’s stablecoin market capitalization experienced a 27% QoQ decline, primarily driven by reductions in USDC and USDT. However, the native USDC was launched on NEAR during this period, while USN, the winding-down stablecoin from Decentral Bank, remained unchanged. NEAR Token’s Bullish Momentum Continues Regarding price action, as observed in the 1-day chart below, NEAR Protocol’s token, NEAR, has broken a prolonged downtrend that commenced on July 20 and concluded on August 18, leading to a phase of accumulation. However, on October 19, the token initiated an uptrend, resulting in significant gains of 12% over the last 30 days, 22% within the fourteen-day timeframe, and 22.3% in the past week. Presently, the token continues its rally, exhibiting a 2.6% surge in the past 24 hours, bringing the current trading price to $1.23. When considering the year-over-year period, the token remains significantly below its high in 2022, experiencing a decline of 60% over this duration. Furthermore, for NEAR to reclaim its 2023 yearly high, which stood at $2.83 and was achieved in April, the bullish momentum must persist. It remains to be seen whether the token can sustain its current bullish momentum and establish a new yearly high, capitalizing on the rallies witnessed by the largest cryptocurrencies in the market in the upcoming months to generate further profits. Featured image from Shutterstock, chart from TradingView.com

London, United Kingdom, October 27th, 2023, Chainwire Fans Can Compete to Win a $1,000,000 Jackpot with Roobet.fun’s free NPB Pick’em Contest Roobet, the pioneering entertainment company and next-generation crypto brand, is thrilled to announce its official launch in the Japanese market. This exciting expansion coincides with the highly anticipated season opening of the Nippon Professional Baseball League (NPB) on October 28. As the season kicks off, Roobet is ready to bring a fresh wave of innovation and excitement to Japanese sports and esports enthusiasts. To celebrate, Roobet is hosting a $1,000,000 Pick’em contest on Roobet Picks, the company’s free-to-play platform. Baseball and esports fans can participate to test their sports knowledge, make predictions, and compete for life-changing prizes – at no cost, other than perhaps a bruised ego. The Roobet brand has a proven commitment to fostering crypto and web3 innovations, curating a strong sense of community empowered by competitive connections, and leveraging cutting-edge technologies to make experiences seamless and fun. Roobet.fun, as a pillar brand, exemplifies this mission by providing a player-centric, free-to-play experience on an immersive and secure platform. The million-dollar Pick’em contest is set to become a highlight in the Japanese gaming calendar, but Roobet Picks has more to offer – with a wide array of predictor quizzes covering various competitive sports globally, including the Nippon Professional Baseball League (NPB), the US’ National Football League (NFL), Ultimate Fighting Championship (UFC), boxing, the English Premier League (EPL), and esports such as the Roobet Cup and a Daily Game, with more leagues and competitions to be added soon. With Roobet.fun catering to those trying out crypto or simply enjoying free-to-play games, and Roobet.com continuing its industry-leading innovation in the crypto gaming space, the Roobet brand is redefining the entertainment landscape and leading the way in inclusive and creator-led gaming. ABOUT ROOBET Roobet is creating a space for every type of gamer. What started as a haven for crypto enthusiasts has hit the mainstream: with over 300M views on TikTok, the drumbeat from Gen Z and Millennials is building – Roobet is a brand “for the internet, by the internet.” Roobet.fun catering to those trying out crypto or simply enjoying free-to-play games, and Roobet.com continuing its industry-leading innovation in the crypto casino space, the Roobet brand is redefining the entertainment landscape and leading the way in inclusive and creator-led gaming. *Roobet.fun is available in Japan and worldwide except the United Kingdom, Australia, North Korea, Ukraine, Romania, Serbia, India, Philippines, Malta, and Iran, and in all US states and territories except Kentucky, Florida, New York, Washington and Nevada. Contact Roobet [email protected]

South Korean investors have a strong preference for altcoins and local tokens in their crypto portfolios. South Korea now boasts 6 million crypto investors, comprising 10% of its population. South Korea has solidified its position as a crypto trading hotspot, with local exchanges surpassing global competitors in trading volume. A recent report from DeSpread Research sheds light on the country’s crypto passion, showcasing a strong preference for altcoins and local tokens among Korean investors. According to the report, the number of cryptocurrency investors in South Korea has surged to approximately 6 million, equivalent to a remarkable 10% of the entire population. The report derives this statistic from a survey conducted by the Korea Financial Intelligence Unit (KoFIU). Altcoin’s Dominance in South Korea What sets South Korea apart in the global crypto landscape is the dominance of centralized exchanges. The report notes that a significant majority of Korean investors are actively involved in investment activities concentrated around these centralized platforms. This phenomenon has had considerable influence on centralized exchanges within the Korean crypto market. Trade Volume Share (Source:DeSpread) In contrast to the global trend of declining trading volumes on centralized exchanges since March, local exchanges in South Korea have defied expectations. Leading the pack is Upbit, the nation’s largest exchange, which has consistently outperformed market leader Binance in terms of trading volume growth. While Binance exhibited relatively stable trading volumes in July compared to the previous month, the four major Korean exchanges experienced an explosive reaction to developments related to Ripple. Trading volume on these exchanges, which collectively recorded $27 billion in June, skyrocketed to $37 billion in July, marking a staggering 37% increase in just one month. In Upbit’s user base, most individual investors prefer altcoins that promise big profits, even though they come with higher risks. This is a major reason why altcoin trading is so popular in the Korean crypto market. One key factor contributing to this remarkable feat was the 80% surge in XRP’s price and trading volume, triggered by a favorable ruling in the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC).

A prominent Shiba Inu team member has come forward to shed light on the proper processes involved in burning the SHIB token. Shiba Inu Burn Process Demystified In a brief X (formerly Twitter) post on Thursday, Lucie, a popular Shiba Inu marketer provided a detailed guideline on how SHIB users and investors should burn their SHIB tokens. Lucie stated that before sending the SHIB token into a dead wallet, users should bridge the SHIB token back to the Ethereum network first. “To ensure the proper process, if you are a part of the Shibarium project and wish to burn Shib, please make sure to bridge your Shib back to the Ethereum network and then send it to the dead wallet,” Lucie stated. She stressed the importance of this initial step, stating that bridging the SHIB token first on Ethereum before burning it on Shibarium, allows the original SHIB to be locked in the bridge contract while a minted version of the SHIB token is sent to Shibarium to be burnt. “When you initially bridge your SHIB to Shibarium, the original Shib tokens are locked in the bridge contract, while a version of the token is minted on Shibarium. This means that when you decide to burn your Shib on Shibarium, you are actually burning the minted version, while the original tokens remain locked in the bridge contract,” Lucie explained. Presently, Shib burn rates have been increasing as the Shibarium layer 2 network keeps growing. According to Shibburn, Shib burn rates are up 193.46% in the last 24 hours and continue to rise. There have also been approximately 56,436,887 SHIB tokens burned at the time of writing. Shibarium Surges 493% In Transactions Shibarium, an Ethereum Layer 2 blockchain network for Shiba Inu, has recently experienced a staggering increase in transactions. The Shibarium network recorded a 493% upsurge in transactions sometime on October 26. A prominent SHIB X account, Kuro SHIBArmy JPN also shared a chart of Shibarium’s daily transactions hitting a 62,560 mark on Thursday. “Shibarium Daily transactions are on the rise! This is just the beginning,” Kuro SHIBArmy JPN stated. Presently, the total number of transactions on the Shibarium network is approximately 3,665,371 and the active wallet addresses on the layer 2 network are over 1,2656,600. The daily transactions on Shibarium have also hit approximately 13,550. The Shib community members are currently celebrating the recent milestones achieved by Shibarium which emphasize the strength of the growing network and its widespread adoption.

NEW YORK–(BUSINESS WIRE)–VanEck celebrates taking home three trophies at last night’s unveiling of the winners of the 2023 ETF Express US Awards. At a well-attended awards ceremony in Manhattan, the firm received awards for: Best Commodity ETF Issuer ($100 million – $1 billion) Best Crypto Linked Issuer Best Mixed-Allocation ETF Issuer ($1 billion+) “My colleagues and I are thrilled and honored to receive these awards from the ETF Express team and their readers,” said Ed Lopez, Head of ETF Product with VanEck. “We’re equally excited about the fact that these awards cover a wide range of priority areas for our firm; areas where VanEck has long been a leader not only in developing funds but also in educating the marketplace about the roles these approaches can play in a range of portfolios.” Launched in 2019, the ETF Express US Awards are designed to recognize the leading asset managers and service providers in the fast-growing American ETF marketplace. About VanEck VanEck has a history of looking beyond the financial markets to identify trends that are likely to create impactful investment opportunities. We were one of the first U.S. asset managers to offer investors access to international markets. This set the tone for the firm’s drive to identify asset classes and trends – including gold investing in 1968, emerging markets in 1993, and exchange traded funds in 2006 – that subsequently shaped the investment management industry. Today, VanEck offers active and passive strategies with compelling exposures supported by well-designed investment processes. As of September 30, 2023, VanEck managed approximately $76.4B in assets, including mutual funds, ETFs and institutional accounts. The firm’s capabilities range from core investment opportunities to more specialized exposures to enhance portfolio diversification. Our actively managed strategies are fueled by in-depth, bottom-up research and security selection from portfolio managers with direct experience in the sectors and regions in which they invest. Investability, liquidity, diversity, and transparency are key to the experienced decision-making around market and index selection underlying VanEck’s passive strategies. Since our founding in 1955, putting our clients’ interests first, in all market environments, has been at the heart of the firm’s mission. Important Disclosures This is not an offer to buy or sell, or a recommendation to buy or sell any of the securities, financial instruments or digital assets mentioned herein. The information presented does not involve the rendering of personalized investment, financial, legal, tax advice, or any call to action. Certain statements contained herein may constitute projections, forecasts and other forward-looking statements, which do not reflect actual results, are for illustrative purposes only, are valid as of the date of this communication, and are subject to change without notice. Actual future performance of any assets or industries mentioned are unknown. Information provided by third party sources are believed to be reliable and have not been independently verified for accuracy or completeness and cannot be guaranteed. VanEck does not guarantee the accuracy of third party data. The information herein represents the opinion of the author(s), but not necessarily those of VanEck or its other employees. All investing is subject to risk, including the possible loss of the money you invest. As with any investment strategy, there is no guarantee that investment objectives will be met and investors may lose money. Diversification does not ensure a profit or protect against a loss in a declining market. Past performance is no guarantee of future results. © Van Eck Associates Corporation Contacts MEDIA Chris Sullivan Craft & Capital 212.473.4442 [email protected]