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Bitcoin ATH, Binance Drama, Shiba Inu Plans

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This week in crypto, a lot happened across different ecosystems, with momentum reinvigorated by the broader market’s prevailing bullish sentiment. Besides Bitcoin’s (BTC) testing unchartered territory, the following are some of the updates you won’t want to miss.

For starters, Bitcoin established a new local top at $93,265 on Binance amid other BTC-related chatter. Other notable updates include developments on Telegram’s Hamster Kombat (HMSTR) and the Binance listing controversy.

Why HMSTR Soared Over 50%

Over the last seven days, the HMSTR token has soared over 50%, driven by the anticipated launch of the Hamster Kombat Season 2 airdrop. This play-to-earn (P2E) game rewards players in HMSTR tokens, combining engaging gameplay with tangible financial incentives.

The game’s success lies in its unique appeal, catering to the growing intersection of gaming and decentralized finance (DeFi). The rise also reflects broader trends in niche gaming tokens gaining popularity, particularly when aligned with a dedicated community. Analysts highlight the importance of timing and novel strategies in HMSTR’s unexpected ascent.

Nevertheless, some remain skeptical about season 2 of the project’s airdrop after the first one failed to impress participants.

“Hamster Kombat’s Season 2 won’t succeed unless they fix the big mistake of disqualifying 65%+ of their players. It feels like a planned move to get rid of many users after gaining from their effort. Yes, cheaters should be punished, but their system has failed to spot the real cheaters. Many who used key generators are still eligible, while honest players who spent months collecting 100-200 keys were unfairly disqualified,” said Keyur Rohit on X.

Hamster Kombat (HMSTR) Price Performance
Hamster Kombat (HMSTR) Price Performance. Source: TradingView

Shiba Inu’s S.H.I.B. Proposal

The Shiba Inu ecosystem is also featured in this week’s crypto trends, following the proposal to create a “Strategic Hub for Innovation and Blockchain” (S.H.I.B.) in the US. As BeInCrypto reported, Shytoshi Kusama, the pseudonymous lead developer of the Shiba Inu network, made the revelation.

The “S.H.I.B.” proposal seeks to transform Shiba Inu into more than just a meme coin by positioning it as a leader in blockchain innovation. The initiative emphasizes fostering a decentralized environment for developers, investors, and tech entrepreneurs.

If successful, this move could elevate the Shiba Inu ecosystem, providing long-term utility for its tokens. It could also reshape perceptions of meme coins in the crypto market.

Kusama’s proposal for a strategic blockchain hub in the US is designed to serve as a “Silicon Valley for crypto.” The estimated budget is $2.35 billion over five to ten years amid plans to establish the US as a global center for blockchain technology and sustainable development. Against this backdrop, the network plans to involve Donald Trump’s Department of Government Efficiency (D.O.G.E), which Elon Musk will co-lead.

“[It is] a visionary approach that our foundation WILL officially propose to this new administration now that this has been announced, and I believe that even a fraction of the funds gathered through D.O.G.E. will pay for these innovations,” Kusama stated.

Binance Listing Drama

Binance, the largest crypto exchange by trading volume metrics, was recently under scrutiny following its decision to list low-cap Solana-based meme coins PNUT and ACT. These tokens experienced sharp price surges post-listing, leading to accusations of market manipulation.

Critics argue that such listings often result in pump-and-dump schemes that benefit insiders. Binance, however, maintains that its listing process is rigorous and aimed at supporting diverse blockchain projects.

This controversy raises questions about centralized exchanges’ responsibilities and transparency, especially in volatile markets dominated by speculative trading.

Notably, the ACT rallied a thousand-fold in the immediate aftermath of the listing announcements. While the controversy caused the tokens to lose some of the ground covered, they are both trying to recoup some of the gains lost.  

ACT, PNUT Price Performances
ACT, PNUT Price Performances. Source: TradingView

Peter Schiff Calls Out Bitcoin

Renowned economist and Bitcoin skeptic Peter Schiff once again criticized the cryptocurrency. He recently claimed the pioneer crypto lacks intrinsic value and cannot serve as a reliable hedge in economic downturns.

Schiff argues that Bitcoin’s volatility undermines its position as “digital gold,” favoring traditional assets like precious metals instead. While Schiff’s views resonate with many traditional investors, Bitcoin proponents counter. They say that its decentralized nature and finite supply offer unique advantages, particularly in an era of uncertainty about fiat currency.

The Bitcoin skeptic also quashed hopes of a possible Bitcoin reserve in the US, contrary to Donald Trump’s previous assertions. According to Schiff, a Bitcoin reserve in the US would lead to a series of inflationary shocks that could destabilize the economy.  

“That would cause the market to crash, forcing the US government to print even more dollars to buy more Bitcoin to prevent the price from crashing, thereby diminishing the value of its Bitcoin reserve. Of course, a reserve of something you can never sell and must continuously buy is worthless as a reserve. To maintain the pretense that its Bitcoin reserve has actual value, the US government would be forced to keep buying, destroying the value of the dollar in the process,” Schiff explained.

More recently, Schiff made another quip at the Trump Media & Technology Group (TMTG), sarcastically urging them to bet on Bitcoin.

El Salvador’s Bitcoin Pivot

Meanwhile, while Peter Schiff remains skeptical about Bitcoin, El Salvador’s decision to adopt BTC as legal tender continues to yield notable benefits. Recent developments reveal that the country leveraged Bitcoin-driven economic gains to repurchase sovereign debt at a discount.

This milestone highlights the potential for cryptocurrency to bolster national finances despite initial skepticism from global financial institutions. President Nayib Bukele’s administration credits Bitcoin’s role in improving tourism, remittances, and investor confidence. This signals the success of the country’s bold experiment in integrating cryptocurrency into national policy.

El Salvador Government BTC Portfolio
El Salvador Government BTC Portfolio. Source: Arkham

According to data on Arkham, the El Salvador government now boasts a Bitcoin portfolio of 5,935 BTC, which is valued at $520.50 million at current market rates.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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XRP Bears Lead, But Bulls Protect Key Price Zone

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XRP has experienced a significant downturn in recent price action, with its value dropping nearly 15% over the past seven days as bears maintain control of the market. The coin’s technical indicators are showing mixed signals, with the RSI rebounding from oversold territory while Ichimoku Cloud patterns continue to paint a predominantly bearish picture.

Despite yesterday’s test of the critical $2.06 support level resulting in a temporary bounce, the momentum remains negative, with short-term EMAs positioned below long-term averages. The move from extreme oversold conditions suggests XRP might be entering a consolidation phase before its next significant price movement.

XRP RSI Is Up From Oversold Levels

XRP’s Relative Strength Index (RSI) is currently at 36.37, showing a notable rebound from a low of 27.49 just a few hours ago. This upward shift indicates a shift in momentum, as buying interest has started to pick up after a period of heavy selling pressure.

Although still in the lower range, this recovery suggests that traders may be stepping back in. That could mean they are potentially viewing the recent dip as an opportunity.

XRP RSI.
XRP RSI. Source: TradingView.

RSI is a widely used momentum indicator that measures the speed and change of price movements on a scale from 0 to 100. Readings below 30 typically indicate that an asset is oversold and may be undervalued, while readings above 70 suggest it is overbought and could be due for a correction.

XRP’s bounce from 27.49 to 36.37 signals that it may have just exited oversold conditions. This could mean that the recent selling phase is easing. If the buying momentum continues to build, XRP might be entering the early stages of a potential recovery.

XRP Ichimoku Cloud Shows A Bearish Scenario

XRP’s Ichimoku Cloud chart shows that the price action remains below both the red baseline (Kijun-sen) and the blue conversion line (Tenkan-sen). That indicates the prevailing momentum is still bearish.

The candles are also forming well beneath the cloud, which reflects a broader downtrend.

When the price is under all major Ichimoku components like this, it typically signals continued downward pressure unless a strong reversal breaks those resistance levels.

XRP Ichimoku Cloud.
XRP Ichimoku Cloud. Source: TradingView.

Additionally, the cloud ahead is red and spans horizontally with a downward slope, reinforcing the bearish outlook in the near term. The thickness of the cloud suggests moderate resistance if the price attempts to move upward.

However, some consolidation is evident in the recent candles, showing that sellers may be losing some control.

For any potential trend reversal, XRP would need to break above the Tenkan-sen and Kijun-sen, and eventually challenge the cloud itself — a move that would require a clear uptick in momentum.

XRP Could Rise After Testing An Important Support Yesterday

XRP’s EMA lines are clearly aligned in a bearish formation, with the short-term averages sitting well below the long-term ones and a noticeable gap between them—highlighting strong downward momentum.

Yesterday, XRP price tested the support level at $2.06 and rebounded, showing that buyers are still active at that zone. However, this support remains critical. If it is tested again and fails to hold, XRP could fall further. Its next major support sitting around $1.90.

XRP Price Analysis.
XRP Price Analysis. Source: TradingView.

If the trend begins to shift and XRP breaks above the short-term EMAs, the first key resistance to watch is at $2.22. A successful move above this level could trigger a stronger recovery, potentially pushing the price toward $2.47.

If bullish momentum continues, the next upside target would be $2.59. For now, though, the EMA structure still leans bearish. XRP would need sustained buying pressure to flip the trend and aim for those higher resistance levels.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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Market Cap Now Approaching $300 Million

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SAFE has emerged as the best-performing altcoin of the day, with its price surging 5% in the last 24 hours and its market capitalization now close to $300 million. The coin is showing strong technical indicators despite some mixed signals from momentum oscillators that suggest consolidation may be on the horizon.

Technical analysis of the EMA lines remains bullish, with short-term averages positioned favorably above long-term ones, pointing to continued strength in the immediate term. However, recent RSI and BBTrend readings indicate a potential cooling-off period could be approaching as the asset digests its recent gains.

SAFE RSI Is Back To Neutral Levels After Reaching Overbought Levels

The SAFE RSI is currently at 54.71, maintaining a neutral position for the past three days after experiencing significant momentum earlier in the week.

This moderation in the indicator suggests that the previous buying pressure has subsided somewhat, allowing the asset to consolidate following recent price movements.

The current neutral reading indicates a balanced market where neither buyers nor sellers have a decisive advantage.

SAFE RSI.
SAFE RSI. Source: TradingView.

The Relative Strength Index (RSI) is a momentum oscillator that measures the speed and change of price movements on a scale from 0 to 100. Generally, an RSI reading above 70 is considered overbought, suggesting a potential reversal or pullback, while readings below 30 indicate oversold conditions that might precede a bounce.

With SAFE’s RSI recently peaking at 87 just four days ago, the asset was in strongly overbought territory, signaling excessive buying enthusiasm. The current value of 54.71 represents a significant cooling off from those extreme levels, suggesting that SAFE’s price could be entering a period of stabilization.

This moderation may provide a healthier foundation for sustainable price action moving forward, as the previous overbought conditions have been worked through without dropping into oversold territory. This potentially indicates underlying strength in the asset despite the retreat from recent highs.

SAFE BBTrend Is Still High, But Down From Yesterday

The SAFE BBTrend is currently at 13.6, maintaining a positive position for the last two days after reaching a peak of 19.39 yesterday.

This recent positive trend suggests that the price movement has been gaining momentum, though there appears to be some moderation from yesterday’s higher reading.

The continued positive BBTrend indicates that the asset is still showing strength, despite the slight pullback from yesterday’s peak value.

SAFE BBTrend.
SAFE BBTrend. Source: TradingView.

BBTrend (Bollinger Bands Trend) is a technical indicator that measures the strength and direction of a trend by analyzing the relationship between price and Bollinger Bands.

The indicator typically ranges from negative to positive values, with readings above 0 indicating a bullish trend and readings below 0 suggesting a bearish trend. With SAFE’s BBTrend at 13.6, this suggests a moderately strong bullish trend that could indicate potential for continued upward price movement in the near term for the altcoin.

However, the decrease from yesterday’s 19.39 peak might signal some slowing in momentum, potentially leading to consolidation before the next significant move higher.

Will SAFE Uptrend Revert Soon?

SAFE EMA lines are still bullish, with short-term lines positioned above long-term ones. This positive alignment of exponential moving averages indicates continued upward momentum in the price action.

If this uptrend momentum maintains its strength, SAFE could potentially climb to test the resistance level at $0.72.

Should this resistance be successfully broken, the next target would be $0.879. The altcoin could exceed $0.90 for the first time since January 19, sustaining its momentum as one of the most trending altcoins.

SAFE Price Analysis.
SAFE Price Analysis. Source: TradingView.

On the other hand, as indicated by the RSI and BBTrend indicators, the uptrend appears to be losing some momentum. This could signal a potential reversal in the near future.

If the trend does reverse, SAFE might test the nearby support level at $0.54, which sits precariously close to the current price.

Should this support level fail to hold, further downside could see SAFE decline to test subsequent support levels at $0.48 and $0.40. In a worst-case scenario, a drop all the way to $0.35 could potentially occur.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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Trump Family Gets Most WLFI Revenue, Causing Corruption Fears

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A new report claims that President Trump and his immediate family receive most of WLFI’s revenues. The Trumps are entitled to 75% of token sale revenues, about $400 million, and 60% of other incomes.

If these numbers are even partially accurate, they raise significant concerns about potential conflicts of interest. They also raise questions about the broader implications for transparency and accountability regarding Trump’s crypto policies.

Does the Trump Family Receive WLFI Proceeds?

World Liberty Financial (WLFI), a project affiliated with President Trump, has made a lot of waves in the crypto space since the end of last year. After persistent rumors of a Binance partnership, WLFI officially launched a new stablecoin, USD1. There is no clear evidence of Binance’s involvement in this launch. However, a new report from Reuters has disclosed some disturbing details.

Essentially, it claims that it has found evidence of how much of WLFI’s revenues go directly to Trump’s family. Trump will get 75% of revenues from token sales and 60% from subsequent operations. WLFI completed its major token sale, which would, therefore, entitle the Trumps to about $400 million.

Reuters calculates that 5% of proceeds from this token sale would actually fund WLFI’s platform, with the rest going to other co-founders. Further, its buyers are not able to actually resell their tokens, and it’s unclear what governance actions they could influence. There’s not an apparent reason for the average retail trader to actually buy these assets.

If these numbers are true, they could represent a serious conflict of interest and a dire threat to the US economy. First, community leaders like Vitalik Buterin warned of corruption from political meme coins like TRUMP. If Trump gets a cut of WLFI’s token sales, that’s already a huge avenue for misuse.

Additionally, since Trump is making huge changes to US financial regulators, there may not be anyone to investigate WLFI corruption allegations. For example, TRON founder Justin Sun invested $30 million into WLFI, and the SEC settled a fraud case against him months later. The SEC has been settling all its crypto enforcement actions, but this investment still looks relevant.

“You’ve got the guy in charge who is responsible for his own regulation. WLFI tokens would be the perfect vehicle for governments or oligarchs overseas to funnel money to the president,” former regulator Ross Delston claimed.

The biggest danger might not even come from political corruption or fears of centralization in crypto. Trump recently outlined a plan to use stablecoins to promote dollar dominance, and WLFI now has its own stablecoin. It also has around $111 million in unrealized losses due to its crypto investments and claims it will use “other cash equivalents” in USD1’s reserves.

It’s hard to overstate the potential risks involved. Given Trump’s financial stake in WLFI, there’s a clear incentive to promote the firm’s stablecoin as part of his “dollar dominance” agenda. If this leads to widespread investment in USD1 and the peg doesn’t hold, the consequences could ripple across the entire crypto market.

Simply put, this sort of business arrangement is totally unprecedented for a sitting US President. A few Senators are already investigating Trump’s connections with WLFI. However, their lack of political power and defanged federal regulators may hamper their ability to change anything.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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