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Max Keiser Urges Argentina to Rethink Ethereum in it Crypto Strategy

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2 weeks ago

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Bitcoin proponent Max Keiser has voiced concerns over Argentina’s policy to support multiple cryptocurrencies, including Ethereum (ETH). Keiser, an influential figure in the Bitcoin(BTC) community, highlighted potential pitfalls in embracing a broad array of digital currencies. He specifically targeted Ethereum, labeling it problematic, and cautioned Argentinian President Javier Milei to reconsider this inclusion to maintain the integrity of the country’s digital currency advancements.

Max Keiser Critiques Argentina’s Ethereum Crypto Strategy

Keiser asserts that Ethereum‘s integration into Argentina’s financial strategy could hinder progress rather than foster it. His critique stems from his belief that Ethereum, unlike Bitcoin, may not provide a stable or reliable framework for economic growth.

He argues that Bitcoin offers a solid foundation due to its established status and broader acceptance. Furthermore, Keiser emphasizes that the cryptocurrency community initially experimented with various digital currencies but gravitated towards Bitcoin as the preferred standard over time due to its robustness and reliability.

Moreover, Keiser’s past critiques of Milei’s broader cryptocurrency policies, such as the mandated registration of crypto platforms, reflect his ongoing concerns about the approach’s execution. He suggests that such regulations could stifle innovation and deter the decentralized ethos of cryptocurrencies. His warnings reflect a broader skepticism among Bitcoin purists, who often favor minimal regulatory interference.

Cardano Eyes Expansion in Argentina’s Tech Sector

Despite Keiser’s criticisms, Argentina continues to show significant interest in expanding its cryptocurrency framework. Earlier this year, the country made a decisive move by eliminating taxes on Bitcoin transactions, widely perceived as a positive step toward fostering a more crypto-friendly environment. This policy change coincides with increasing interest from major players in the crypto industry, indicating a potential shift towards Argentina as a hub for digital asset innovation.

 

Charles Hoskinson, co-founder of the Cardano ecosystem, has also expressed optimism about Argentina’s tech potential. Following a notable interaction on social media regarding the country’s tech capabilities, speculation has risen about Cardano’s plans to expand its operations within Argentina. This development could bring substantial-tech and knowledge growth to the region, leveraging Argentina’s skilled developers who have contributed significantly to blockchain technology advancements in the country.

Also Read: Argentina Takes the El Salvador Route, President Javier Milei Promotes Bitcoin

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Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. I write extensively on topics such as blockchain, cryptocurrency, tokens, and more for many publications. My goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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LayerZero ZRO Jumps 40% Amid Market Recovery, What’s Happening?

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16 mins ago

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July 6, 2024

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LayerZero’s native token, ZRO, has seen a significant 40% price increase amidst a broader cryptocurrency market recovery. This unexpected surge has drawn attention from both investors and analysts, who are now trying to understand the reasons behind this sudden price movement.

The surge is particularly noteworthy as it comes at a time when the overall crypto market is showing signs of recovery. Bitcoin, the leading cryptocurrency, has reclaimed a price level above $56,000 after several days of price downturn.

Price Analysis and Statistics

The current price of ZRO stands at $4.41, with a substantial 24-hour trading volume of $713,879,507.62. This represents a significant 44.80% price increase in just 24 hours. The token’s circulating supply is 110 million ZRO, resulting in a market capitalization valued at $457 Million.

ZRO’s performance over the past week has been particularly impressive, with a 53.90% price surge over 7 days. This rally has pushed its market cap to over $450 million. The token’s trading volume has reached as high as $700 million, indicating strong investor interest.

It’s worth noting that while the current price is 24.58% lower than ZRO’s all-time high, it’s still 45% higher than its all-time low of approximately $2.5, which was recorded on June 27. These statistics demonstrate ZRO’s volatile yet generally upward trajectory in recent times.

Recent Developments & Partnerships

A key factor potentially driving ZRO’s price increase is the project’s focus on strategic collaborations. LayerZero recently announced a significant partnership with Flare, a layer one (L1) blockchain. This collaboration will connect LayerZero to 75 other blockchains, substantially expanding its reach and interoperability.

As part of this partnership, Flare will gain access to over 50,000 decentralized applications (dapps) that utilize LayerZero’s cross-chain messaging standards. This move is likely to enhance LayerZero’s utility and appeal within the cryptocurrency ecosystem.

Such partnerships demonstrate the project’s commitment to growth and innovation, which may be contributing to the increased investor interest in ZRO, despite its current circulating supply of 110,000,202 out of a maximum supply of 1 billion.

Price Movement & Market Sentiment

ZRO’s price journey has been eventful, beginning with intense selling pressure following an airdrop. However, after this initial volatility, which likely eliminated less committed investors, the price has shown a strong recovery. Currently, ZRO is trading just 15% to 17% below its all-time highs, indicating a robust bounce-back. The token is experiencing a minor pullback after its significant recovery, but this is expected to be limited in scope.

Short-term price action suggests that ZRO is facing some bearish pressure as it attempts to continue its upward trend. Despite this, bulls appear to be strongly defending recently gained support levels, which could set the stage for ZRO to reach even higher price targets in the near future. This resilience in the face of selling pressure suggests a positive market sentiment towards ZRO.

Also Read: XRP Flashes Buy Signal For $0.50 Price As Whales, Notable Investors Buy The Dip

Technical Analysis & Future Outlook

Technical indicators are providing bullish signals for ZRO’s future price movement. The StochRSI (Stochastic Relative Strength Index) has reached the upper threshold and is preparing for a reversal, which could indicate a potential price correction or consolidation. Meanwhile, the Ichimoku cloud, another important technical indicator, has recently turned bullish after withstanding some bearish pressure.

Based on these technical factors, analysts believe that the LayerZero (ZRO) price could maintain a healthy ascending consolidation pattern, potentially reaching the $4 mark. Following this, a more significant upswing could drive the price beyond $4.5, possibly leading to a new all-time high around $4.74.

However, as with all cryptocurrency predictions, it’s crucial to remember that the market is highly volatile and unpredictable. While ZRO has shown strong performance and positive indicators, only time will tell if it can meet investors’ expectations and maintain its upward trajectory in the ever-changing crypto market.

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CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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6 Cryptos To Stay Cautious Of As $177M Token Unlocks Approach

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1 hour ago

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July 6, 2024

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The latest update from the Token Unlocks App has sent shockwaves across the dynamic world of cryptos. Notably, the prices of 6 altcoins brace for a substantial turbulent movement ahead. This is primarily attributable to $177 million worth of looming token releases, staging as a bearish market factor.

Here’s an in-depth report on these upcoming token unlocks and why their future implications remain negative.

$177M Worth Crypto Unlocks Ignite Investor Concerns

Notably, the $177 million worth of unlocks encompasses cryptos such as Aptos (APT), Xai (XAI), Immutable (IMX), Ethena (ENA), io.net (IO), and Hashflow (HFT). These token unlocks mainly stage as a bearish factor, as previously locked tokens are released into the market, thereby increasing the supply.

Reportedly, unlocking more or equivalent to 1% of the circulation supply significantly impacts a crypto’s price action. Let’s delve deeper.

Aptos (APT)

As per data from the Token Unlocks app, Aptos is to witness a cliff unlock of 11.31 million APT on July 12. This equals 2.49% of the circulating supply, worth $63.33 million.

APT price rested at $5.59 today, up 4.02% over the past day. Its 24-hour bottoms and tops were $5.39 and $5.74, respectively.

Xai (XAI)

Xai token prepares to face an unlock of a whopping 198.40 million XAI on July 9. This is equivalent to 71.59% of the total circulating supply, worth $56.55 million.

XAI price traded at $0.2835, down 0.83% despite the broader uptrend. Its 24-hour lows and tops were $0.2738 and $0.2986, respectively.

It’s worth noting that XAI’s token unlock process is currently at 12%, hinting future turbulency might be possible.

Immutable (IMX)

Simultaneously, the Immutable crypto will witness an unlock of 32.47 million IMX on July 12. This totals 2.15% of the token’s circulating supply, worth $40.59 million, posing a threat to the price.

IMX’s price stood at $1.26 today, an upswing of 4.33%. The coin’s daily bottoms and peaks were $1.20 and $1.32, respectively.

Also, data indicated that 76% of the unlock process had been completed for the crypto.

io.net (IO)

Similarly, io.net is set to experience an unlock of 2.87 million IO on July 11. The amount of the unlock is equivalent to 3.02% of the circulating supply, worth $5.98 million.

IO traded at $2.08, up 0.09% at press time. The crypto’s 24-hour lows and peaks were $2.06 and $2.21, respectively.

Also Read: Ethereum Outflows Climb To $60.7 Million As Institutional Investors Continue To Favor Bitcoin And Solana

Hashflow (HFT)

Hashflow readies to take the heat of an unlock of 13.85 million HFT on July 7. This unlock equals 3.28% of the circulating supply, worth $2.41 million.

HFT traded at $0.1742, an 11.38% upswing over the past day. Its 24-hour lows and tops were $0.1568 and $0.176, respectively.

Ethena (ENA)

At last, although not 1%, the Ethena crypto will witness an unlock of 14.89 million ENA, worth 0.87% of the circulating supply on July 7. This could bring slight volatility in price.

Intriguingly, CoinGape Media previously spotlighted massive token unlocks of specific cryptos, and this week saw a plunge in those cryptos’ prices. Market participants should try steering clear of trading these tokens in the upcoming week.

Also Read: Grayscale Removes Polygon (MATIC) And Retains These Crypto Assets In Funds

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CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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XRP Flashes Buy Signal For $0.50 As Whales, Notable Investors Buy The Dip

Published

2 hours ago

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July 6, 2024

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The Ripple Labs-backed cryptocurrency, XRP, has again turned heads across the broader crypto market. On-chain data revealed that a whale has accumulated 30 million coins in the past 24 hours, stirring speculations over the XRP’s future price movements.

Notably, a recent optimistic buzz surrounding the token is its potential to scale $0.50. The whale activity, emerging amid significant price growth raises market interest.

XRP Whale Activity

Recent on-chain data has revealed significant whale activity in the XRP market, capturing the attention of crypto enthusiasts. A whale address, identified as rDA…Pxr, transferred a staggering 29.7 million XRP coins, valued at approximately $12.7 million, from Binance to an unknown wallet (rfQ…Cvi).

This movement of tokens has coincided with speculation about XRP’s potential to reach the $0.50 price target. The timing of this whale activity is particularly noteworthy, as it coincides with XRP’s recent breakthrough of the $0.42 resistance level.

This combination of large-scale accumulation and price growth has reignited interest in the Ripple Labs-backed cryptocurrency, with many investors closely monitoring the token’s performance for signs of further upward momentum.

Recent Price Movements and Market Sentiment

XRP experienced a tumultuous period in early July, with its price dropping to its lowest level since March 2023. On July 5, amid a broader crypto market crash, XRP plummeted by 12%, reaching a daily low of approximately $0.38. However, the token showed resilience as bulls managed to recover some of the lost ground.

The recovery continued into July 6, with XRP recording minor gains. Market analysts are now contemplating two potential scenarios: If the bullish trend persists, XRP could rally towards the $0.45 resistance level before targeting the much-anticipated $0.50 mark.

Conversely, if selling pressure intensifies, the token might test support levels around $0.407 (aligning with the 38.2% Fibonacci retracement) and potentially drop further to $0.369 (corresponding to the 23.6% retracement). These price movements have created a mix of caution and optimism among XRP investors, who are closely monitoring these key support and resistance levels.

Also Read: Ripple CTO Explains Why Celsius Sued Users Who Pulled Funds Ahead Bankruptcy

Notable Investors and Market Indicators

Amidst the market volatility, prominent figures in the XRP community have made notable moves. Pro-XRP lawyer Bill Morgan has seized the recent downturn as a buying opportunity, purchasing additional XRP at just over $0.40. Morgan’s optimistic stance extends further, as he hinted at plans to acquire more tokens if the price reaches $0.375.

This show of confidence from a key market participant has not gone unnoticed by the XRP community. On the technical analysis front, the Relative Strength Index (RSI) for XRP has entered the overbought territory with a score of 58.8 on the daily charts, suggesting potential bullish momentum.

As of the latest data, XRP is trading at $0.4336, representing a 7.79% increase in the last 24 hours, despite an 8.72% decline over the past week. With a circulating supply of 56 billion XRP, the token’s market capitalization stands at $24.1 billion.

The 24-hour trading volume of $1.1 billion further underscores the active interest in XRP trading. These metrics provide a comprehensive snapshot of XRP’s current market position and the mixed signals investors are grappling with as they assess the token’s short-term prospects.

Also Read: Bitcoin Mega Whale Holdings At Six-Year High After Recent Accumulation

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CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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