Altcoin
Ethereum Suffers Most Liquidations In Panic Selling
With the Bitcoin price crashing all the way to $55,000, panic selling in the altcoins market remains even more pronounced. Ethereum and almost all of the top ten altcoins have crashed anywhere between 10-20% with the ETH price losing the crucial support of $3,000.
Altcoin Market Crash, Ethereum Faces Most Liquidations
In a significant shakeup in the crypto market, 221,704 traders were liquidated in the past 24 hours as per data from Coinglass. The largest single liquidation order occurred on Binance in the ETH/USDT trading pair, valued at $18.48 million.
On the hourly chart, the Ethereum liquidations have exceeded that of Bitcoin as well. In the past hour, the total Ethereum liquidations have shot up to $44.5 million, while the 24-hour ETH liquidations are at $107 million. Liquidations for other altcoins have also shot up singificantly.
Despite all the developments hinting at a spot Ethereum ETF coming by July end, the ETH price has reacted negatively and is largely in tune with the broader market correction.
Ethereum developer Anthony Sassano has expressed his views on the current market overhang for ETH, pointing to potential outflows from Grayscale’s ETHE. Sassano noted that ETHE has been trading at a discount of less than 2% for months and is now at a premium, raising questions about how many investors are waiting for its conversion to an ETF before selling.
Sassano also highlighted the uncertainty surrounding ETHE’s fee structure post-conversion. He suggested that fees could be much lower than anticipated or even waived temporarily to attract investors to Grayscale’s mini-trust.
Also Read: Ethereum Leads Bitcoin By 2x In Network Fee Revenue
FUD Reaches Historic Levels
As the crypto market continues to decline with more intensity, there’s major fear, uncertainty, and doubt (FUD) across social media platforms. On-chain data provider Santiment reported that the “sell” mentions have outnumbered the “buy” mentions every passing hour.
There have been several instances of this trend in the past 24 hours with the ratio of negative to positive comments reaching its highest in 2024. Santiment suggests that for bold traders, this period of heightened negativity could present an opportunity to adopt a contrarian strategy and buy into the market amidst widespread anger and frustration.
Among the altcoins, the entire memecoin sector has tanked even more heavily with all of the top memecoins losing between 17-25%. It will be interesting to see whether these meme coins bounce back or if this would be the end of the meme coin mania.
Also Read: Ethereum Whale Faces Liquidation, ETH Price Nosedive
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.
The Ronin Network has announced the integration of PHPC, a Philippine peso-pegged stablecoin, onto its platform. This development was shared on Ronin’s X (formerly Twitter) account, highlighting the technical collaboration with Coins.ph, a prominent Philippine crypto trading platform.
The introduction of PHPC follows its approval by the Central Bank of the Philippines in May, with the primary goal of facilitating more affordable remittances. Coins.ph, a Filipino crypto exchange, has partnered with Sky Mavis to launch PHPC on the Ronin blockchain.
This stablecoin is fully regulated and endorsed by the Bangko Sentral ng Pilipinas (BSP), the Philippine Central Bank. As part of its rollout, Coins.ph will pilot PHPC under the BSP’s Regulatory Sandbox Framework, ensuring a controlled and monitored introduction to the market.
Impact and Potential of PHPC in the Philippine Crypto Ecosystem
The introduction of PHPC marks a significant milestone for the Ronin blockchain, as it becomes the second stablecoin available on the platform alongside USDC. This development is particularly noteworthy given the Philippines’ substantial role in blockchain gaming, especially in popularizing Sky Mavis’ Axie Infinity game in late 2021.
Coins.ph, founded in 2014, boasts an impressive user base of over 18 million accounts, including 7 million monthly active users – representing about 6% of the Philippines’ 116 million population. Sky Mavis envisions PHPC on Ronin as a valuable financial asset for millions of web3 gamers in the Philippines, enabling them to cash out in-game earnings, transfer funds, and make in-store payments using crypto.
The implementation of PHPC is already underway, with deposits and withdrawals now active on both Coins.ph and the Ronin Wallet. Future plans include a potential listing of PHPC/RON on Katana, the Ronin-based decentralized exchange. PHPC is backed by cash and equivalents from Philippine banks, ensuring its stability and reliability. Initially launched on the Coins.ph platform, there are plans to expand its availability to other platforms, positioning PHPC as a peso-backed stablecoin for retail use, offering round-the-clock real-time transactions.
Also Read: XRP Whale Moves 37M Tokens As Lawyer Reveals Ripple Vs SEC Timeline
Regulatory Landscape and Government Oversight in Philippine Crypto Market
While the crypto market in the Philippines is experiencing growth and innovation, it’s also facing increased regulatory scrutiny. In March, the National Telecommunications Commission (NTC) of the Philippines initiated efforts to restrict access to crypto trading platforms operating without proper licenses. This action was prompted by the Securities and Exchange Commission (SEC) and demonstrates the government’s commitment to protecting investors and combating illicit financial activities within the country.
The regulatory crackdown began on February 21st when the NTC ordered internet service providers to block websites and apps associated with MiTrade and OctaFX. These companies were accused of conducting investment activities without obtaining the necessary licenses from regulatory authorities. This move signifies a tightening of control over the crypto market regulation in the Philippines, aimed at ensuring a safer and more compliant digital asset ecosystem.
Ronin Software Update
Ronin has rolled out version 2.4.0 of its Mobile Wallet for iOS and Android devices, introducing significant new features. The update includes custom RPC, gas fee, and nonce settings, giving users more control over their transactions. It also adds support for manual NFT addition and a new single-chain mode for streamlined usage.
The release enhances user flexibility and customization options, reflecting Ronin’s commitment to evolving its platform. Along with these major additions, the update includes various improvements and bug fixes to boost overall performance. Users are encouraged to download the latest version to access these new features and enhancements, improving their experience with the Ronin ecosystem.
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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.
Astar Network recently announced a significant development on their X (formerly Twitter) platform. Following a community vote, the network has successfully destroyed 350 million ASTR tokens, representing 5% of the total supply of their multi-chain smart contract network.
This decision came after careful consideration and a governance process that involved the entire Astar community. The news of this token burn has had an immediate impact on the market, with ASTR’s price seeing a 3% increase in response.
Astar Network’s Token Burn, Community Governance and Implementation
The Astar Network token burn proposal underwent a thorough deliberation process before being put to a community vote. The high level of community participation demonstrated a strong interest in shaping the network’s future. The voting period lasted for one week, resulting in a clear victory for the burn proposal, with over 66 million ASTR tokens used in the voting process.
This burn of 5% (350 million ASTR) of the Astar genesis allocation showcases the effectiveness of community-driven governance in blockchain projects. The Astar Foundation executed the burn, marking a significant step in optimizing the network’s tokenomics.
In addition to the token burn, approximately 70 million ASTR tokens, which had accumulated as rewards, will be staked in the Community Treasury. This move will support the Unstoppable Community Grants initiative, further reinforcing the network’s commitment to community-driven development.
Also Read: EtherFi Foundation Buys ETHFI, Passes Major Staking Proposal On Ethereum Mainnet
ASTR Price & Future Market Outlook
Following the token burn, Astar (ASTR) is trading at $0.06574, with a 24-hour trading volume of $42.1 million. This represents a 3.14% price increase over the last 24 hours, although there’s been a 7.77% decline over the past week. With a circulating supply of 6.1 billion ASTR, the network currently has a market capitalization of $404.7 million. Also, the open interest of ASTR has surged by 6.47% and a current valuation of $6.1 Million.
This strategic move sets a strong precedent for future initiatives within the Astar ecosystem and emphasizes the importance of community involvement in the network’s development. Astar’s unique dApp staking mechanism continues to be a key feature, offering support to decentralized applications by distributing staking rewards directly to dApp developers and stakers. Through innovative staking models and tier systems, Astar aims to ensure fair and substantial rewards, driving ongoing growth and engagement within the network.
Also Read: German Govt Moves 1000 Bitcoin To Coinbase & Other Addresses
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.
Ripple’s XRP has witnessed significant whale movements in the past 24 hours. These movements come at a pivotal moment as the legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) approaches its conclusion. Moreover, it sparks speculations of further activity by XRP whales.
XRP Whale Shifts 37M Tokens
According to Whale Alert, an XRP large holder, also known as whale, transferred 37.39 million XRP tokens to Bitstamp, a popular crypto exchange. This transaction was valued at approximately $16.06 million and was made via an unknown wallet. This exchange dump comes ahead of the anticipated conclusion of the Ripple Vs SEC case.
Fred Rispoli, a well-known advocate for Ripple and its native token, has provided insights into the possible end dates for the ongoing SEC vs. Ripple case. Rispoli has suggested that the case could be resolved by either July 31 or July 13. The latter date holds particular significance, as it marks the anniversary of a key ruling by Federal Court Judge Annalisa Torres.
On July 13, 2023, Judge Torres concluded that XRP is a commodity when sold to the general public. In her Summary Judgment, she stated, “Therefore, having considered the economic reality and totality of circumstances surrounding the Institutional Sales, the court concludes that Ripple’s Institutional Sales of XRP constituted the unregistered offer and sale of investment contracts in violation of Section 5 of the Securities Act.”
This decision was a landmark moment for the Ripple community, leading to a surge in XRP’s price by over 100%. Furthermore, it also set a precedent that continues to influence other legal battles in the cryptocurrency space. In addition, Judge Amy Berman Jackson of the US District Court for the District of Columbia recently dismissed some of the SEC’s charges against Binance.
These charges pertained to the sales of BNB tokens on the secondary market. Judge Jackson’s ruling emphasized the inconsistency and ambiguity that arises from litigating digital assets on a “case by case, coin by coin, court after court” basis.
She stated, “The court ruled that the SEC failed to allege facts indicating that secondary market sales of BNB tokens on crypto exchanges were securities transactions. The SEC’s claim that Binance’s fiat-backed stablecoin, BUSD, qualifies as an investment contract was likewise denied by the court.”
Moreover, Ripple has used this ruling to boost its defense, submitting a notice of supplementary authority to highlight the regulatory uncertainty that prevails in the crypto industry. This argument aims to show that Ripple did not act with “reckless disregard” for the law, given the ambiguous regulatory environment.
However, the XRP whale’s exchange dump signals that the bullish sentiment toward the SEC case settlement is waning. The crypto market is witnessing a significant downturn currently with XRP price dipping nearly 4%. Hence, the whale might have made the move to limit losses.
Also Read: Ripple XRP Case Update: Court Sets Deadlines For Motions And Hearings
Current XRP Market Analysis
Amid these legal developments, XRP’s market performance has been under scrutiny. Ripple’s XRP has to maintain its position above the crucial $0.4250 resistance zone. As of now, XRP is trading below both the $0.4250 mark and the 100-hourly Simple Moving Average (SMA). This reflects a bearish market sentiment.
An analysis of the XRP/USD hourly chart reveals a bearish trend line with resistance around $0.4250. For XRP to initiate a significant recovery, it needs to break through this resistance. However, even if it succeeds, it faces additional hurdles at $0.4350 and $0.450, limiting its near-term upside potential.
Today, the XRP price managed to surpass the $0.4220 level despite the bearish trend and the next target could be the $0.4380 mark. Beyond this, the $0.450 level stands as a formidable resistance point. Any gains above this could potentially propel the price toward the $0.4650 resistance. However, current technical indicators do not support such a bullish scenario.
Recent trading sessions have seen XRP fail to overcome the $0.450 resistance, triggering a fresh decline. This pattern mirrors the price movements observed in Bitcoin and Ethereum. As bears dominate, XRP has dropped below critical support levels, including $0.4320 and $0.4250.
Also Read: Celsius Network Resurfaces With Creditor Lawsuit, Here’s What To Know
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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