In the past week, Stellar (XLM) experienced a decline in price, moving from $0.1 to $0.096. This represents a decrease of -13.42% in value. Furthermore, in the past 24 hours, XLM recorded a minor drop of -0.61%. These price movements indicate a slight bearish sentiment prevailing in the crypto market, with XLM being influenced by the broader market conditions. The recent downtrend in XLM’s price suggests that bears currently have the upper hand, while the scope for bullish activity appears limited. What Could Be Responsible For The Recent Price Dip? The Stellar ecosystem has been rife with developments in recent months, with the biggest being the launch of the Spacewalk bridge that connects the blockchain to Polkadot. The bridge was meant to enable smooth transfer of the USDC stablecoin between the two blockchains fostering increased utility and potential demand within Stellar’s ecosystem. However, this has not gone to plan, as Stellar’s price has failed to match the positive advancements in its ecosystem. Instead, bearish sentiment has engulfed XLM, which has contributed to the recent downward price movement. Related Reading: XRP Next Step: Here’s Why An Upward Move Could Be Likely The bearish sentiment indicates that market participants are cautious about XLM, leading to selling pressure and a lack of significant buying interest. It is important to consider the impact of market sentiment on short-term price fluctuations, as it can create challenges for price recovery and limit the potential for bullish momentum in the near term. What’s Next For Stellar (XLM)? Although XLM is currently experiencing a bearish sentiment, the long-term prospects for the cryptocurrency remain positive. Stellar’s roadmap for 2023 focuses on enhancing network utility through strategic initiatives. This includes making innovation easy and scalable through Soroban development, scaling and decentralization endeavors, and improving developer wallet tools. Stellar aims to win over builders by accelerating the growth of widely-used assets, promoting accessibility and user-friendly apps, and leveraging smart contracts for sustainable use cases in the DeFi ecosystem. Related Reading: Circle Intervenes, Freezes $63 Million From Multichain Hack Furthermore, Stellar’s focus on utility and building trust involves engaging in public policy, raising platform awareness, and maintaining high-quality wallet products. These initiatives are designed to strengthen Stellar’s position in the market and drive future growth. While short-term price movements may be influenced by market sentiment, the long-term success of Stellar relies on the execution of its strategic initiatives and the adoption of its network utility. As a result, XLM’s value could potentially increase in the future, with projections indicating the possibility of reaching $0.11 by 2024. Investors and traders should closely monitor the progress of Stellar’s roadmap and evaluate market conditions when considering the future prospects of XLM. At press time, XLM was trading at $0.09691 per coin with a 1-hour price increase of 1.1%. (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, chart from TradingView

More than 590 fellowships and scholarships have been given via UBRI. Seven of the top ten university blockchain programs in the world are UBRI partners. Ripple’s University Blockchain Research Initiative (UBRI) was the first of its kind when it was created five years ago. Pledging $50 million in charitable funding to top universities across the globe in order to promote blockchain and cryptocurrency education, research, and development. Blockchain’s position in the inevitable digital-first future has been strengthened by this dedication. More than 590 fellowships and scholarships have been given via UBRI. And the institute has helped fund the publishing of over 1,000 research publications and presentations across six continents. Expanding Career Opportunities Given blockchain technology’s central role across a wide variety of sectors. UBRI’s portfolio of research and activities encompasses a wide range of topics. Many of which are debated among academics in the award-winning All About Blockchain podcast. Research highlights from UBRI’s 2021 and 2022 university partners have been compiled and are available. Moreover, seven of the top ten university blockchain programs in the world are UBRI partners. Providing cutting-edge research and new ideas to the blockchain industry’s leading companies and institutions. Academic research is being used by professors at institutions like UPenn Wharton, Georgetown, University College London, Kyoto University, and many more to produce articles that will shape policy, implementation, and widespread acceptance of this exciting new technology throughout the world. The influence of UBRI over the last five years is proof of the expanding opportunities for careers in the blockchain space. Also, academic research is essential in giving the industry a road map for the future to take things to the next level. As acceptance of real-world applications of blockchain and digital assets rises. Highlighted Crypto News Today: SHIB To Surprise the Whole World, Check Why!

SHIB is surging at 1.94% compared to the previous day. Shiba Inu is yet to surprise the whole world with an update loading. Shiba Inu (SHIB) exhibits a bullish environment as crypto investors tend to have a look at the upcoming surprise getting loaded. Enthusiasts are hitting crazy that the upcoming hype on SHIB holding would probably rise. Yet, over the past week, a significant transaction of SHIB tokens in huge billions occurred. It is reported that the crypto broker Voyager made 3 transactions in which a total of 90B Shiba Inu tokens are transferred. Furthermore, these transfers are sent to anonymous addresses as per Etherscan data records. Current SHIB Status At the moment, the global crypto market capitalization is increasing by 0.80% compared to the previous day. However, the Shiba Inu has given its part of the surge by 1.94% over the last 24 hours. Now, SHIB prices at $0.000007345 according to CoinMarketCap. SHIB 24H Price Chart (Source: CoinMarketCap) Meanwhile, the trading volume has seen a fall state by 40.67% at the time of writing. Also, the Shiba Inu market capitalization is surging by 1.78% in its statistics more than $4B with the 589T SHIB tokens in circulating supply. Abruptly, the SHIB market is at its peak with the surge in its price. Yet, the traders remained quiet and recorded nearly $76M over the last 24 hours. As the newer update on Shiba Inu is loading, there could a chance of bringing back its popularity with the enormous active investors in the market. Highlighted Crypto News Today: Shibarium Token BONE Sets the Spectacular Record Surpassing Shiba Inu

Millionaire ADA holders have increased their holdings by 3.19% in the last 30 days. XRP has dropped 5.49 percent in value since July 2. After a recent bear push that affected the crypto market, popular on-chain data aggregator Santiment tweeted that XRP and ADA had strong possibilities of a return in the near future. Santiment reports that after last week’s spike in gains, several cryptocurrencies including XRP and ADA being sold at a loss. The likelihood of a return for XRP and ADA, however, is rising because they are being sold off more than others at low prices. Last week on Friday, ADA printed a huge red candle on the hourly chart, reflecting a 6.83% decline from the previous day. Whales on Buying Spree Despite a little recovery during the following several days, it’s down 3.27 percent since June 5. However, at the time of writing, it witnesses some positive momentum and is up 0.45%. Overall, prices have dropped by 4.43% since last Friday. Cardano’s native currency, at the time this was written, was trading at $0.2866 as per data from CMC. Despite the recent sideways price movement witnessed on ADA, data from on-chain analytics company IntoTheBlock reveals that Cardano millionaire addresses are accumulating. Millionaire Cardano holders (those with 100 million to 1 billion ADA) have increased their holdings by 3.19% over the last 30 days. Since last week, XRP has plummeted more than Cardano. The decline started on July 2nd, after an increase of 4.72%. On Wednesday, however, XRP dropped by 3.62 percent, and it has continued to fall, losing about 2 percent of its value so far. At its current price of $0.4683 as per CMC, the token has dropped 5.49 percent in value since July 2. Similar to ADA is it slightly up by 0.83% in the last 24 hours. Highlighted Crypto News Today: Ripple vs SEC New Update: XRP Holders at Risk?

Warren Davidson (R-Ohio) questioned the long-term viability of crypto in the U.S economy. Powell said that cryptocurrencies seem to be here to stay. Recently, U.S. Federal Reserve Chairman Jerome Powell expressed optimism about the cryptocurrency market. In his testimony before Congress, Powell defended the sustainability of cryptocurrencies as an investment category in the United States. Witnessing before the House Committee on Financial Services about the Federal Reserve’s Semiannual Monetary Policy Report, Powell made this remark. Throughout the meeting, Rep. Warren Davidson (R-Ohio) questioned the long-term viability of cryptocurrency in the United States economy. The overall market value of all cryptocurrencies, according to Davidson, is close to $1.1 trillion, and he questioned Jerome Powell on whether or not he believed in the long-term sustainability of the cryptocurrency. Powell said that cryptocurrencies seem to be here to stay, but noted that their market value has dropped over the last year. As an interesting side note, Nasdaq defines “staying power” as the ability to sustain exposure to a market notwithstanding a fall in the value of assets. If Powell agrees that crypto possess staying power, it’s because he sees potential in it. Increased Regulatory Scrutiny When the FTX exchange crashed in November, the whole market value of cryptocurrencies took a major hit. Once FTX collapsed, the total market capitalization dropped below $1 trillion. The industry was rocked to its foundations and now started to worry about the security and regulation of cryptocurrency exchanges. There has been increased regulatory scrutiny in the U.S especially by the SEC. Representative Davidson brought up the topic of crypto volatility throughout the session, attributing it in large part to the current legal uncertainty. Authorities have increased their monitoring and pressure on the crypto industry in recent months. Highlighted Crypto News Today: Is Justin Sun Holding Huge ETH Count?

Hillmann will likely be replaced by Brad Jaffe, the current VP of Communications. Eleanor Terrett, a reporter for Fox Business reported about the new role. Binance, the largest cryptocurrency exchange in the world, has long been a prime focus of regulatory attention in the United States. It was suggested that the abrupt departure of numerous key executives from the US branch of the exchange was related to aggressive enforcement activities, especially by the SEC. While some have made it clear they are not going for such reasons, others have not. General Counsel Han Ng, Chief Strategy Officer Patrick Hillmann, and Senior VP of Compliance Steven Christie have all announced their plans to leave the firm. Christie said he needs a break to spend time with his family, while Hillmann claimed he was going on good terms. In the meanwhile, it has been theorized that Hillmann’s successor has been found at Binance. Struggle Continues Eleanor Terrett, a reporter for Fox Business, claims the cryptocurrency exchange may have found Patrick Hillmann’s successor. Hillmann will likely be replaced by Brad Jaffe, the company’s current vice president of Communications. Meanwhile, the replacement of Steve Christie, the exchange’s VP of compliance, is still apparently being sought out. Binance CEO Changpeng Zhao was quoted earlier on the growing panic about the abrupt withdrawals. He called the unexpected events a ‘turnover’ and connected them to the SEC case that was recently filed. Binance recently exited the Netherlands as it was denied a VASP license. Bitcoin’s price resiliency, however, is a key lesson from the current governmental assault on the crypto sector in the United States. Although the value of crypto assets fell following the resignation announcement, the loss was rather minor. At the time of writing Bitcoin is trading at $30,286 and is up 0.80% in the last 24 hours as per data from CMC. Highlighted Crypto News Today: Is Justin Sun Holding Huge ETH Count?

The current price of Arbitrum (ARB) is $1.13. Over the past day, ARB has experienced a 3.70% increase in value. The cryptocurrency sphere is experiencing a rapid evolution characterized by ongoing developments and transformative innovations. Arbitrum (ARB), as a layer-2 solution, has emerged as a major player in the ever-changing cryptocurrency landscape. With a current trading price of $1.13, ARB has garnered considerable attention from investors worldwide. ARB price chart (source: TradingView) As a layer 2 scaling solution on the Ethereum network, Arbitrum offers enhanced scalability. The platform’s native token, ARB, is utilized for governance purposes and serves as a means of payment within the network. And the latest recorded price of ARB stands at $1.13, accompanied by a 24-hour trading volume of $187,051,218. Over the past day, ARB has experienced a 3.70% increase in value. Looking at the trading movements in the cryptocurrency market, Arbitrum’s RSI (Relative Strength Index) is currently at 51.21. This suggests that ARB is in neither an overbought nor oversold state. Arbitrum’s Implications: Analyzing the Impact Highlighting recent news in the realm of Arbitrum, the Arbitrum DAO has taken a notable stride to overcome a challenge. By committing to lock 700 million ARB tokens, which hold an approximate value of $770 million, into a vesting contract, the DAO aims to foster transparent governance and establish a framework for enhanced accountability. The recently introduced initiative, known as AIP 1.1, effectively resolves recent disputes related to Arbitrum’s internal governance. Earlier this year, the project faced controversy surrounding a proposed ‘special grants’ program. Furthermore, the implications of this move could extend to the ARB token’s market dynamics. With a notable portion of tokens being locked up, the resulting decrease in supply could potentially exert an influence on the token’s price. This recent development in the Arbitrum ecosystem not only underscores the project’s maturity but also highlights its steadfast dedication to democratic principles. Additionally,By effectively managing significant resources with transparency and accountability, it sets a noteworthy precedent for other similar organizations operating within the crypto ecosystem. Highlighted Crypto News Today Arbitrum (ARB) Price Prediction 2023

PEPE, once riding the waves of a bullish surge, finds itself in a precarious position as the price correction of Bitcoin (BTC)] reverberates across the market. Over the past 24 hours, the signs of exhaustion have become increasingly apparent, casting a shadow of doubt on PEPE’s recent gains. The critical resistance hurdle at $0.00000172 looms large, presenting an insurmountable challenge for the bullish forces that once propelled PEPE’s ascent. As the crypto realm holds its breath, all eyes are fixed on the fate of this whimsical digital asset, wondering if it can break free from the grip of resistance and soar to new heights. PEPE Faces Bearish Pressure As Prices Experience A Slump PEPE’s price on CoinGecko currently stands at $0.00000157. Over the course of the past seven days, PEPE has experienced a slight decline of 2.5%. These recent figures have raised concerns among investors and analysts alike, as PEPE’s bullish momentum appears to be waning. For the past three weeks, PEPE had been enjoying a bullish fervor, displaying impressive price surges. The trend even persisted through the first week of July, as PEPE managed to break past the critical resistance level at $0.00000172. However, this triumph proved to be short-lived as declining trading volumes paved the way for bearish forces to seize control, putting a halt to the buying pressure. A PEPE price report further confirmed the recent weakening in PEPE’s performance. The Moving Average Convergence Divergence (MACD) recently displayed a bearish crossover, with a series of red bars appearing below the zero level. This signal indicates a potential shift in momentum towards the bearish side. Seeking A Rebound: PEPE’s Future Prospects While Bitcoin’s current correction has undoubtedly influenced PEPE’s recent performance, it is important to remember that the cryptocurrency market is highly dynamic and subject to rapid changes. As Bitcoin stabilizes or regains momentum, it can inject renewed optimism and buying pressure into the market, potentially benefiting tokens like PEPE. Furthermore, PEPE’s fate also depends on its own fundamentals and developments within its ecosystem. Positive news, partnerships, or adoption initiatives specific to PEPE can have a considerable impact on its price trajectory, even in the face of a broader influence of Bitcoin. (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 Guardian

Justin Sun transferred nearly 67,500 Ethereum over the past year. Today, TRON’s founder transferred around 23K ETH worth $43M to Poloniex. The Founder and Chief Executive Officer (CEO) of TRON, Justin Sun has transferred a huge amount of Ethereum (ETH). As per Etherscan, it is reported that the transfer of 23,000 ETH to Poloniex, the cryptocurrency exchange just earlier. However, this transaction is worth $42,845,090 according to the current market price of ETH. Meanwhile, such a huge transfer exhibited a $0.60 transaction fee upon a keen look. It is suspicious that TRON’s founder getting involved in a huge whale transfer of ETH. Justin Sun & His ETH Transactions As long as the transfer of ETH is happening to Poloniex, the crypto exchange, it resembles that TRON‘s founder holds a huge number of Ethereum There could be chances that Justin Sun plans to execute certain critiques by transferring ETH holdings to Poloniex. Considering the recent transfer records of Justin Sun, it is evident that he has accounted for a total of 67,500 ETH. And, this amounts to $126 million in the last seven transactions over the previous year. Being the second most cryptocurrency next to Bitcoin (BTC), ETH is surging at 0.11% in the current crypto market. Alongside, in the last 20 days, Justin Sun has received a minimum amount of ETH such as 0.00005799 and 0.00069696 with negligible transaction fees, says Lookonchain reports. Moreover, CoinMarketCap shows that the value of ETH is $1,863.04 at the time of writing. On one side, the market capitalization is curating at a 0.16% surge whereas the trading volume has dropped predominantly with a 42.48% fall. Related Crypto News: Ethereum Network Activity Fails to Shine Amidst Price Hike

Bone ShibaSwap (BONE) and Doge Killer (LEASH) record price hikes outperforming Shiba Inu (SHIB). BONE is designated as the primary gas and governance token of Shibarium. Shibarium mainnet launch in August is triggering price gains in almost all Shiba Inu ecosystem tokens. Impressively, Bone ShibaSwap (BONE) registered a jaw-dropping rally, noting a 110% recovery spike. Almost all cryptocurrencies observed a steep decline during the SEC crypto crackdown since the beginning of June. Likewise, BONE dropped to its 6-month-low at $0.6650 on June 10. But the ongoing Shibarium hype among the Shiba community favors a great recovery for Bone ShibaSwap. During the Asian morning hours, this token attained its 112-day-high of $1.399. Also, in the last 24 hours, BONE surged more than 20% in price and 41.5% in daily trading volume. Bone ShibaSwap (BONE) Price Chart (Source: TradingView) The daily price chart clearly highlighted the rise of BONE’s RSI to the positive overbought territory. The increasing buying pressure relatively supports the ongoing price hike. Currently, the count of wallets that hold BONE sum up to 82,848. On the other hand, the Chaikin Money Flow (CMF) rose to +0.27 and highlighted the token’s current bullish outlook and strong capital inflows. Shiba Inu Tokens Warming Up Before Shibarium Among the three prime native tokens of the Shiba Inu ecosystem, BONE did stage an impressive rally since June 10. How did the other two cryptocurrencies perform? In the last 24 hours, the ecosystem’s core crypto Shiba Inu (SHIB) registered an uptick of 1.29% to trade at $0.0000073. But SHIB’s daily trading volume declined by over 38%. Meanwhile, Doge Killer (LEASH) recorded a 24-hour gain of more than 8% and at the time of writing, it traded at $330. Unlike SHIB, LEASH displayed a surge of 15.2% in daily volume. The Thursday blog post released by SHIB developer Shytoshi Kusama clearly laid out the utilities of these tokens. Firstly, SHIB will continue to serve as the central governance token of the entire Shiba Inu ecosystem. Secondly, BONE will be the primary governance and gas token of Shibarium. Thirdly, LEASH will be the token that upholds community protection. Additionally, another token called TREAT will be responsible for governing community projects. Thus, the Shiba community bets on the bullish impact of the Shibarium mainnet launch in August. There is high anticipation of this memecoin’s ecosystem expanding with upgraded utilities. Furthermore, the following crypto events happening in Canada in August — Blockchain Futurist Conference, ETHToronto, and ETHWomen hackathons — will be the epicenter of groundbreaking announcements on Shibarium. Highlighted Crypto News Today: Breaking: Shibarium Launch Date Confirmed, Shiba Inu Fans Wait Is Over!

XRP’s price performance has been underwhelming recently, with a notable decline from its previous highs. Regulatory uncertainties surrounding Ripple Labs, the company behind XRP, have played a significant role in dampening investor sentiment. The ongoing legal battle between Ripple and the US Securities and Exchange Commission (SEC) regarding the classification of XRP as a security has raised concerns about the asset’s long-term viability. However, despite these challenges, there are reasons to remain cautiously optimistic about XRP’s future. XRP Shows Potential For A Reversal Despite Recent Declines XRP, currently priced at $0.467053 according to CoinGecko, has experienced a marginal decline of 0.5% over the past 24 hours and a slight drop of 0.3% over the past seven days. However, despite dropping toward the $0.46 level, which serves as the lower border of a descending price channel, there are indications that a likely upward shift may be on the horizon. Up until a breakout to the upper border, which denotes a potential trend reversal, descending price channels are often bearish patterns. In line with this downward trend, XRP has been trading at regularly lower highs and lows. The currency is currently experiencing a significant decline in its value, and it is approaching the lower limit of a trading channel. This decline has created an environment that holds the potential for a potential recovery to take place. When a currency approaches the bottom border of a trading channel, it suggests that it has reached a support level, a point at which there is increased demand for the currency, which could lead to a reversal in its downward trend. According to an XRP price report, when a cryptocurrency reaches the lower border of a descending channel, it often signifies a critical juncture where buying pressure may overcome selling pressure, leading to a reversal in the price direction. While past performance is not indicative of future results, this development suggests that XRP may be poised for an upward movement in the foreseeable future. Ripple Labs’ UBRI Thrives With Global Expansion Meanwhile, Ripple has achieved significant milestones in its University Blockchain Research Initiative (UBRI), a key operational initiative. With a philanthropic commitment of $50 million, the program has successfully onboarded 50 partners from various sectors, Ripple announced on Twitter. The UBRI program, focused on academic research related to blockchain technology, has made remarkable progress. It has awarded 590 fellowships and scholarships, providing support to aspiring researchers and students. Additionally, the initiative has played a vital role in facilitating the publication of over 1,000 research articles and presentations, contributing to the advancement of knowledge in the field. The success of the UBRI program is further highlighted by its global reach, as it is now active on six continents across the world. (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 Shutterstock

Circle, the official issuer of USDC, the second largest stablecoin by circulating supply, has frozen $63 million from the Multichain hack. Compiled Etherscan data on July 7 shows that the stablecoin issuer froze $27.65 million, $30.1 million, and $5.5 million in three transactions, hampering the hacker’s cash-out efforts. Multichain Hacked, Circle Intervenes Multichain, a cross-chain protocol router, was hacked on July 7, resulting in the loss of over $126 million worth of various tokens. The exploit came after the attacker illegally accessed Multichain’s Multi-Party Computation (MPC) address, which stores funds locked between blockchains. Subsequently, the hacker withdrew funds from the address and moved them to an externally controlled wallet. The Fantom Bridge was adversely affected by this outflow as the hacker withdrew various tokens, including wBTC, USDC, and USDT. There were a handful of other altcoins that the hacker stole. Funds were also stripped from the Moonriver Bridge, with observers noting that at least $6.8 million worth of various coins, including USDC, were moved to an external address. It is also reported that an address associated with Multichain connecting with Dogecoin also lost over $600,000. The stolen USDC has now been frozen and cannot be moved, a relief for the community. However, it is not clear whether Circle will reverse funds to Multichain. In the past, Tether Holdings and Circle, the centralized issuers of the world’s most liquid stablecoins, have intervened to prevent bad actors from cashing out. Hack Compounding Multichain’s Woes, Bitcoin Firm Peckshield, a blockchain security firm, was the first to pick out the unusual transfers of over $118 million worth of assets from Multichain’s Fantom and Moonriver bridges. The firm went on to tag the team behind the cross-chain protocol, who immediately acted. In response to the hack, Multichain said the outflow was “abnormal” and halted all activity while recommending users pause their protocol and revoke all contracts approval. Although the Multichain team had assured the community that the private keys controlling asset movements through the bridge are secure and stored on-chain, their technology appears to have flaws, resulting in the hack. The hack marks what has also been a tumultuous past few weeks. Besides delayed transactions and what the team described as “multiple issues,” the founder is missing. Despite the attack, Bitcoin prices are firm when writing. The coin is above the $30,000 psychological support, rejecting bear pressure from July 6. However, FTM, the native currency of Fantom, is free-falling, dumping 20% from July highs.

Polygon Labs, the company behind the Polygon blockchain, has announced management changes as it undergoes a rebrand to the next chapter of its corporate development, known as “Polygon 2.0.” The company has promoted its chief legal officer, Marc Boiron, to the position of CEO, while President Ryan Wyatt will step down at the end of July and serve in an advisory role. Major Leadership Shake-Up According to a press release shared with CoinDesk, Boiron’s appointment signals the company’s commitment to nurture and expand the global Polygon community of developers, builders, and users. Boiron, who has been with the firm since 2020, has extensive experience in the blockchain and cryptocurrency space, having worked in various legal and regulatory roles. Furthermore, Rebecca Rettig, who joined the company in February as chief policy officer, will assume Boiron’s former role as chief legal officer. Co-founder Sandeep Nailwal will serve as executive chairman, overseeing the company’s strategic direction and partnerships. In a tweet announcing his departure, CEO Ryan Wyatt stated: Polygon runs two of the most closely watched networks for scaling Ethereum transactions, and its rebrand to “Polygon 2.0” signals a new phase of growth and development for the company. The management changes are part of a broader restructuring effort at the blockchain firm, aimed at positioning the company for long-term success in the rapidly evolving blockchain and cryptocurrency space. The expected focus of the rebrand to “Polygon 2.0” is to expand the company’s user base and developer community and enhance the platform’s features and capabilities. This will involve a renewed focus on community-building and innovation as the company seeks to position itself for long-term success. The rebrand is expected to signal a new phase of growth and development for Polygon as it continues to run two of the most closely watched networks for scaling Ethereum transactions. Polygon 2.0 Architecture Revealed On the 29th of June, the firm already gave a hint of what to expect from Polygon 2.0. According to Polygon’s blog post, this new chapter aims to provide “unlimited” scalability and unified liquidity. The proposed architecture consists of four protocol layers, each designed to operate together and enable an important process within the network. These layers include the Staking Layer, the Interop Layer, the Execution Layer, and the Proving Layer. The Staking Layer is a Proof of Stake (PoS)-based protocol that leverages Polygon’s native token (MATIC) to provide decentralization to participating Polygon chains. On the other hand, the Interop Layer facilitates secure and seamless cross-chain messaging within the Polygon ecosystem. At the same time, the Execution Layer enables any Polygon chain to produce sequenced batches of transactions. With these developments, Polygon 2.0 is expected to offer a more robust and versatile platform that can support a wider range of use cases and applications while providing a more seamless and user-friendly experience for developers and users alike. Featured image from Unsplash, chart from TradingView.com

Matrixport, a crypto financial services platform, has always been bullish on Bitcoin, especially in 2023. So its latest prediction for the digital asset comes as no surprise to investors. This time around, Matrixport analysts have predicted that the price of BTC will push forward to as high as $125,000 by the end of 2024. A 310% Increase For Bitcoin? The current forecast by Matrixport analysts for Bitcoin will see the cryptocurrency rally as high as 310% if it does come to pass. This prediction, however, was not just thrown around without expected catalysts that would trigger such a rally, which is outlined in the report. For BTC to reach as high as $125,000 by the end of 2024, Matrixport expects that the potential approval of the Bitcoin Spot ETFs filed by investing giants such as BlackRock and Fidelity Investments, among others, could be the push it needs. 2024 is important for these Bitcoin Spot ETF filings because the final date for a decision from the United States Securities and Exchanges Commission (SEC) is in 2024. This is because the SEC gets three opportunities to postpone its decision, which it likely will. So a decision on whether or not investors will be able to trade a Spot BTC ETF is expected in February 2024 at the latest, as outlined in this Bitcoinist report. “With the potential approval of the BlackRock Bitcoin ETF and other institutional providers, the demand for Bitcoin could continue to support prices into our $45,000 year-end target,” Matrixport says in the report. “There is no obvious indication of what will drive the next bull market, but the data indicates that Bitcoin could continue to rally into the 2024 halving.” BTC Multiple Bullish Catalysts For BTC In 2024 As Matrixport mentions in its report, the Bitcoin Spot ETF filings are not the only bullish events that could drive a bull market in 2024. Another important event is the BTC halving event which is less than a year away now. This event will see the block rewards for the blockchain cut down in half from 6.25 BTC per mined block to 3.125 BTC per mined block. This decrease in the rate at which new BTC is being brought into circulation, coupled with the fact that the digital asset possesses a very limited supply, has always triggered each bull market. So even if expectations for the Spot ETFs do not play out and the SEC does reject the filings, it will likely only be a short-lived bearish momentum as the halving will take place only a few months after. Related Reading: BlackRock CEO Larry Fink Says Bitcoin Is Digital Gold, So What’s The Digital Silver? Going by historical performance, the BTC price has been known to rise more than 100% as expectations around the halving event grow. Given this, it is possible that BTC does reach a price of $125,000 by the end of 2024, according to the Matrixport report.

In an interview with the Digital Pound Foundation, Ripple Head of Policy Susan Friedman shared her positive outlook on London’s potential as a crypto hub, highlighting its dedication to developing ecosystems for crypto assets and Central Bank Digital Currencies (CBDCs). Ripple Advocates For Encouraging CBDC Ecosystem Development Friedman noted that Ripple’s goal is to advocate for global policy frameworks that encourage ecosystem development for crypto assets, including CBDCs. She expressed excitement for what is happening in the UK, as London and the government have taken a proactive approach to fintech and CBDCs. She cited the work of the Bank of England with the digital pound and the government’s consideration of all viewpoints when implementing a CBDC. According to Friedman, digital currencies and CBDCs are a natural evolution of how individuals and countries exchange value, given that current currencies were created in a less globalized world. She also believes CBDCs can offer the same protection as fiat and that most countries looking to implement CBDCs are exploring CBDs to solve specific domestic challenges. Ultimately, she believes all countries must develop a strategy to implement CBDCs to efficiently interact with the global market. Ripple’s head of policy also sees CBDCs and cryptocurrencies as encouraging financial inclusion, increasing access to financial services for under and unbanked populations, and increasing the speed and efficiency of payments. She believes that digital currencies can also help reduce energy use and environmental resources by reducing the printing of paper money and minting coins. However, Friedman acknowledged that central banks globally are struggling to encourage this technology while maintaining financial stability and control of their monetary systems. She believes that there can be interoperability between these currencies in a way that maintains financial stability for all countries. In conclusion, Friedman’s positive outlook on London’s potential as a crypto hub reflects Ripple’s dedication to advocating for global policy frameworks that encourage ecosystem development for crypto assets and CBDCs. Her insights into the comparable security and protections of CBDCs and their potential to encourage financial inclusion and reduce energy use highlight the benefits of this technology. As countries worldwide explore the implementation of CBDCs, interoperability and maintaining financial stability will be critical factors to consider. XRP Enters Crucial Phase Market analyst Egrag Crypto has shared his insights on the next 100 days for XRP, highlighting key levels of support and resistance for investors to watch. As the market enters the third quarter of 2023, he believes this will be a make-it-or-break-it phase for XRP, with the potential for significant price movements. According to Egrag Crypto, XRP’s support levels are currently at $0.4570, $0.4250, and $0.4200, with major support at $0.3850. On the other hand, the resistance levels for XRP are currently locked at $0.48 and $0.50, with major resistance at $0.54 and $0.58. These levels may provide investors with an indication of where XRP’s price may move in the coming months. However, Egrag Crypto also notes that the ongoing legal proceedings between Ripple and the U.S. Securities and Exchange Commission (SEC) regarding XRP’s status as a security could significantly impact the cryptocurrency’s price. The decision by Judge Torres could sling-shot the price of XRP in either direction, depending on the verdict and subsequent actions. Despite this uncertainty, Egrag Crypto advises investors to stay level-headed and maintain a long-term perspective. Short-term volatility can be unpredictable, and emotions can run high. He recommends continuing with a dollar-cost averaging (DCA) strategy, as he believes in the potential of XRP and utility in the evolving digital economy. At the time of writing, XRP is trading at $0.4657, following the overall trend of the market, experiencing a 0.4% decline in the past 24 hours Featured image from Unsplash, chart from TradingView.com

Due to the anonymity cryptocurrencies provide, the crypto industry is known to be targeted by hackers and other malicious players. This has left many wondering just how much digital currency has been pilfered from right under the nose of the industry over the years. Now, the latest report by blockchain security firm SlowMist seems to have the answer. According to the recently released report, hackers and scammers have made off with a staggering $30 billion in cryptocurrency since 2012. Details Of The Report The SlowMist team analyzed 1,101 hacking incidents to determine how much crypto has been stolen to date and how they were stolen. Their findings show that hackers and scammers employ a variety of methods, with the top ones being contract vulnerability attacks, rug pulls, flash loan attacks, scams, leaking of private keys, and good old phishing attacks to gain access to people’s crypto accounts and wallets. The most lucrative year for malicious players came in 2021 during the extended crypto hype, with over $9.7 billion stolen in 236 attacks. In total, the amount stolen in the last decade came up to a little over $30 billion. And given that the overall market cap of all cryptocurrencies is now at $1.14 trillion, the amount reported stolen is over 2.5% of the total market cap. Exchanges And Ethereum Ecosystem Hit The Most Exchanges have always long been a prime target for hackers looking to steal crypto due to their large holdings and the SlowMist report reflects that. In total, over 118 attacks were carried out on exchanges, resulting in over $10.9 billion being lost. The biggest of these could be traced back to the $534 million lost in the 2018 Japanese exchange Coincheck hack and the 2014 Mt. Gov hack resulting in a loss of over $473 million. In terms of attacks on blockchain ecosystems, Ethereum came out on top with 217 attacks and over $3.1 billion being pilfered away. This should come as no surprise, considering Ethereum is home to most Web3 projects. The BSC and EOS ecosystems followed closely with 162 and 119 attacks, respectively. Additionally, over $200 million were lost in NFT attacks, while bridge attacks led to $2 billion in losses. What’s Next For The Crypto Industry? The staggering numbers in SlowMist’s report are a reminder that crypto, for all its promise, also has a dark side. However, attacks seem to have been slowing down as many projects have started to improve their security. With more than a trillion dollars at stake, reducing theft should be a collaborative effort across the entire crypto landscape. According to the latest report by Beosin, a blockchain security firm, losses from Web3 scams and hacks dropped dramatically in H1 2023. Data from SlowMist’s report also shows that the total amount of money lost to blockchain hackers has been declining since 2021.

Arbitrum DAO recently took a step toward addressing an obstacle. The DAO has committed to locking 700 million ARB tokens, valued at an estimated $770 million, into a vesting contract to foster transparent governance and accountability, per a community proposal. The approval for this commitment came from an improvement proposal introduced during a contentious period within the Arbitrum ecosystem. The specifics of this commitment involve gradually releasing these funds to the Arbitrum Foundation over four years. Details Of The Vesting Contract The new initiative, aptly termed AIP 1.1, solves recent disagreements concerning Arbitrum’s internal governance. Earlier this year, the project was embroiled in controversy due to a proposal for a ‘special grants’ program. This controversial program was originally designed to assign more than 700 million ARB tokens directly to the Arbitrum Foundation. These funds, representing $1 billion at the time, were proposed to be directed toward backing projects utilizing Arbitrum’s advanced technology. The sheer magnitude of the allocation sparked concerns about the transparency of a project whose ethos is grounded in collective decision-making. This resulted in an alternate proposal to redirect the funds from the Foundation back to the DAO, which was subsequently rejected. To satisfy the concerns of the community, the proposal AIP-1.1 was introduced. This strategic proposal aimed to impose stricter controls on the allocation of the DAO’s treasury. This plan empowers the DAO with the authority to modify the vesting period, allowing them to lengthen, shorten, or even halt the vesting process entirely. This move towards financial transparency marks a milestone for Arbitrum’s DAO, reinforcing its commitment to its decentralized and democratic ethos. It not only provides a check on the arbitrary allocation of funds but also ensures that decisions align with the interests of the Arbitrum community. Implications for Arbitrum Securing $770 million in ARB tokens through a vesting contract is a significant event for Arbitrum’s DAO. By taking this action, the Arbitrum Foundation can establish a consistent source of funding and demonstrate to the community at large their dedication to transparency and accountability. The measure could also impact the market dynamics for the ARB token. With a significant amount of the tokens locked up, the reduced supply could potentially influence its price. This further underscores the importance of this step by the Arbitrum DAO, as its ramifications extend beyond governance to directly influencing the ecosystem’s dynamics. Furthermore, this development within the Arbitrum ecosystem signifies the project’s maturity and commitment to its democratic ideals. It exemplifies how DAOs can effectively manage significant resources while maintaining transparency and accountability, setting a precedent for other similar organizations in the crypto ecosystem. Meanwhile, over the past 24 hours, Arbitrum’s native token ARB has witnessed an upward trend of 2.3%. This bullish trend comes after the asset has seen slight retracement in the past week, dropping by nearly 2%. ARB currently has a market price of $1.12 at the time of writing. Featured image from iStock, Chart from TradingView

Sega has no plans to include blockchain or cryptocurrency in its products in the near future. The firm allegedly made its first venture into blockchain gaming in November of last year. To prevent what it sees as a devaluation of its content, gaming giant Sega has declared a deliberate withdrawal from its blockchain activities. Co-chief operating officer Shuji Utsumi has said that the Tokyo-based company, known for games like Sonic the Hedgehog and Virtua Fighter, has no plans to include blockchain or cryptocurrency in its products in the near future. Blockchain Games Are Boring According to Utsumi, Sega has also put on hold ambitions to create blockchain-based video games. A lot of people thought they’d start dabbling with blockchain technology, NFTs, and maybe even cryptocurrency like competitors Ubisoft and Square Enix. Shuji Utsumi stated: Moreover, the COO said that Sega is now awaiting confirmation that blockchain goods are “really going to take off” in the gaming industry. Sega registered “Sega NFT” in Japan in December 2021, just around the time crypto markets peaked, after the company started investigating blockchain’s potential usage in its games and franchises the previous year. Sega allegedly made its first venture into blockchain gaming in November of last year when it collaborated with Japanese company double jump.tokyo to create a blockchain-powered card game on Oasys. At this point, it is not known whether the game will finalize. Many believe blockchain technology will change the gaming industry by facilitating player-to-player asset trading and ownership transfers, but skeptics remain. Over-commercialization and “pay-to-win” settings, artificial scarcity, technological concerns, bad design, and the inaccessibility of restricted content are all sources of worry. Highlighted Crypto News Today: Breaking: Shibarium Launch Date Confirmed, Shiba Inu Fans Wait Is Over!

The Cardano Foundation has recently announced a technical partnership with Epoch Sports and Merchandise. Epoch Sports is a prominent US-based sports brand, and Merchandise, a comprehensive full-stack apparel ecosystem. This alliance aims to introduce a limited edition jersey that will be authenticated using blockchain technology. During the 2023 World Lacrosse Men’s Championship, 6000 Limited Edition Commemorative Jerseys had already been distributed. The limited run of commemorative lacrosse jerseys showcases a near-field communication (NFC) Epoch branded patch. This patch includes a digital jersey version embedded as a non-fungible token (NFT). By leveraging this technology, the physical garment becomes intrinsically connected to a secure blockchain, providing proof of the jersey’s authenticity. Epoch Sports and Merchandise have outlined their plans to release the remaining NFC-enabled Commemorative Jerseys, accompanied by connected NFTs, on the official web store of the 2023 World Lacrosse Championship. The NFC patches incorporated into the jerseys serve a dual purpose. They also grant the consumers access to a range of exclusive rewards and special offers. Cardano’s Collaboration Aims To Enhance IP Protection And Tackle Counterfeiting The technical collaboration between the Cardano Foundation, Epoch Sports, and Merchandise aims to promote blockchain adoption within the licensed merchandise industry while bolstering the protection of licensed intellectual property (IP). By securely linking NFC chips to a blockchain record in the form of non-fungible tokens (NFTs), traditional licensed IP hologram tags on sports apparel will be replaced. According to the press release, this guarantees authenticity for purchasers and empowers license owners to combat counterfeiting effectively. For real-time visualization of all on-chain records on the Cardano blockchain, Pool.pm serves as a reference tool. Pool.pm provides an overview of the blockchain, allowing users to access the on-chain records. Frederik Gregaard, the CEO of the Cardano Foundation, said: Merchandise’s CEO, Alex Phelan, expressed enthusiasm about collaborating with the Cardano Foundation, highlighting it as a milestone in the licensed apparel industry. He emphasized that the partnership sets new intellectual property protection benchmarks and fosters fan engagement. James Micelli, Principal of Epoch Sports, acknowledged the immense potential of blockchain deployment in empowering consumers. James Micelli, Principal of Epoch Sports, acknowledged the immense potential of blockchain deployment in empowering consumers.

The complaint claimed that DCG and Silbert defrauded creditors by keeping their money. Cameron claimed Barry Silbert had misled about the state of Genesis’ finances. Cameron Winklevoss, the co-founder of Gemini, has declared that he has sued the Digital Currency Group (DCG) and its CEO, Barry Silbert, in his personal capacity. The complaint claimed that DCG and Silbert defrauded creditors by keeping their money. This comes after Winklevoss, earlier this week, made the last offer to DCG to restore nearly $1 billion of its clients’ assets. Misled Over Firm’s Finances Cameron Winklevoss said in the document that in October of 2022, Gemini was prepared to cease offering the Earn product. Silbert, aware that Genesis was “massively insolvent,” persuaded them to go forward with the project anyhow. The Winklevoss brother claimed that Barry Silbert had misled them about the state of Genesis’ finances. In June of 2022, when Three Arrows Capital (3AC) collapsed, Genesis’ problems really began. Cameron stated: According to Cameron, Barry Silbert has meticulously constructed a lie. He further elaborates that DCG incurred no losses and contributed no real money. DCG issued a false 10-year promissory note to Genesis for $1.1 billion, but it was only worth a fraction of that since the interest rate was merely one percent. Genesis’ financial situation was dire. Barry, DCG, and Genesis conspired to create phoney financial reports to deceive Gemini and its creditors. According to Cameron, one of these papers lied about the 10-year promissory note by labelling it a “Current Asset,” which was an intentional distortion of the truth. Highlighted Crypto News Today: Canada Securities Administrators (CSA) Releases New Crypto Guidelines