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XRP, FTX Payouts, Satoshi Reveal

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The crypto markets are gearing up for a news-packed week, with several key events on the horizon. 

Meanwhile, Bitcoin (BTC) flipped green after climbing above $63,000, signaling that “Uptober” might be in play again.

FTX Court Hearing

The deadline for the court hearing related to FTX creditor repayments is on October 7, amid chatter that the exchange will begin distributing $16 billion to its creditors sometime this month. BeInCrypto reported on the controversy, with creditors angry about the abysmal compensation coming their way.  

FTX creditor activist Sunil Kavuri explained expectations in a recent post on X. He said that if the court approves the repayment plan, claimants expecting amounts below $50,000 could start receiving payments by late 2024. However, those owed larger sums may have to wait until mid-2025.

Read more: FTX Collapse Explained: How Sam Bankman-Fried’s Empire Fell

However, FTX token FTT recorded significant volatility amidst buzz about the upcoming hearing. Token deposits increased as traders positioned for potential exits amid volatility ahead of a crucial hearing.

OKX Delists These Five Tokens

OKX exchange also makes it to the top crypto news this week, with five tokens up for delisting, according to a late September announcement. On October 8, the exchange will delist spot trading for REN, TAKI, LEASH, ORB, and KINE tokens.

“We advise users to cancel orders on these trading pairs (REN/USDT, REN/USDC, TAKI/USDT, LEASH/USDT, ORB/USDT, and KINE/USDT) before the delisting. Otherwise, the system will automatically cancel these orders. The cancellation may take 1-3 working days,” the exchange said.

Token delisting typically causes a drop in trading volume and liquidity, making it harder for holders to sell at fair prices. It often leads to sharp price declines as investors panic sell or lose confidence in the token. Consequently, holders may face significant losses in the value of their assets.

EIGEN and APT Token Unlocks

EIGEN token holders should brace for volatility ahead of a $35.75 million worth of unlocks on Tuesday. An official announcement from the Eigen Foundation said this unlock event would bring new opportunities for participation across the EigenLayer ecosystem. Notably, this will mark the network’s first cliff unlock event.

On Friday, October 11, the Aptos ecosystem is set to unlock 11.31 million APT tokens, valued at $97 million based on current prices. These tokens will be distributed among the foundation, community, core contributors, and investors.

Tokens allocated to the community and investors may enter the market quickly as holders cash in for short-term profits. This influx could potentially impact APT’s price, creating downward pressure.

APT Unlock as part of top crypto news this week
APT Unlock. Source:  Source: token.unlocks

HBO’s Big Satoshi Nakamoto Reveal

Satoshi Nakamoto’s identity may become public information this week, with American television network HBO due to premiere its much-awaited documentary on Tuesday. Opinion polls on Polymarket suggest Len Sassaman may be the creator of Bitcoin.

Sassaman, now late, was an American technologist, cryptographer, and privacy advocate, a befitting profile for the pseudonymous Satoshi Nakamoto. He is said to be the biggest crypto billionaire ever, holding 1.1 million BTC tokens worth almost $67.5 billion at current rates.

“Len Sassaman’s wife had direct communication with the “creator” of Bitcoin After he died she was “thinking about” fundamentally altering Bitcoin She still has access to his “old hard drives” which means she has access to 1 million Bitcoin (5% of all Bitcoin, worth nearly$65 billion),” one X user commented.

Stacks Nakamoto Hard Fork

Nakamoto is making headlines twice in crypto news this week, with the second being the upcoming Stacks hard fork on October 9. It is a major upgrade on the Stacks network designed to bring several benefits, the main ones being increased transaction throughput and 100% Bitcoin finality.

With this upgrade, the Stacks blockchain would realize new capabilities and improvements, focusing on key advancements. These include improved transaction speed, enhanced finality guarantees for transactions, mitigated Bitcoin miner MEV (miner extractable value) opportunities that affect PoX, and enhanced robustness against chain reorganizations.

PEPPER Airdrop Snapshot

After the first snapshot on September 30, fan engagement Web3 project Chiliz (CHZ) has another airdrop of its PepperChain (PEPPER) token to CHZ holders on October 10 across major exchanges outside the US.

PEPPER airdrop is part of a continued strategy to expand and diversify the Chiliz ecosystem. The ecosystem is popular for its fan token platform and is deeply involved in the sports and entertainment industries.

Read more: What are Crypto Airdrops?

The addition of PepperChain positions Chiliz for community-centric initiatives that will reward active participation and engagement.

Upbit Suspends MKR and DAI Trading

Korea’s largest exchange, Upbit, will suspend trading pairs for MKR/BTC and DAI/BTC from 14:00 local time on October 11, 2024. This will support brand reshaping as Maker transitions to Sky Protocol and its MKR token changes to Sky.

Similarly, Dai stablecoin will change to USDS. The suspension will last until the rebranding and token exchange is completed.

The DeFi community has its reservations about the rebranding. Some laud the move as a necessary evolution in response to market demands. Meanwhile, others are concerned that it shifts away from the decentralized principles that originally defined MakerDAO. 

“MakerDAO was an OG DeFi protocol aiming to build an autonomous, decentralized stablecoin with low volatility against fiat currency, backed by ETH. DAI is now migrating to USDS, a stablecoin that goes against its original vision,” Lumberg, one of the prominent DeFi community members, commented.

Still, others say the change could have long-term effects on the DeFi sector, as introducing USDS and SKY could lead to a centralization trend within the space.

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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Binance Managed 94% of All Crypto Airdrops and Staking Rewards

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A new report shows that Binance almost has a monopoly in the CEX market in terms of crypto airdrop distribution and staking rewards. In 2024, the exchange received $2.6 billion of a total of $2.7 billion in rewards, amounting to 94% of the entire market segment.

In an exclusive press release shared with BeInCrypto, Binance also revealed that it’s making substantial changes to its airdrop services to improve user experience and make participation easier.

Binance Leads the Market in Crypto Airdrops

Binance, the world’s largest crypto exchange, has become the go-to platform for airdrops and staking rewards. It launched the HODLer airdrop program less than a year ago, providing many new projects with a comprehensive platform to reward early adopters.

In the past year, the exchange has become synonymous with the latest airdrops, as most users are accessing their rewards through the platform.

Exchanges with Most Launchpool Rewards and Airdrops in 2024
Exchanges with Most Launchpool Rewards and Airdrops in 2024. Source: CoinMarketCap

Based on this impressive performance in the airdrop sector, Binance has substantially upgraded a few of its services. The platform has revamped its Launchpool and BNB Earn pages, making it easier for users to both track and participate in airdrops.

“With these upgrades, we’re making it easier than ever for users to unlock the full potential of BNB and participate in high-quality token launches. The redesigned Binance Launchpool and BNB pages reflect our commitment to user education, simplicity, and maximizing rewards,” said Jeff Li, VP of Product at Binance.

The updated BNB page will give Binance users key benefits, such as real-time information on airdrops across its platforms, including Launchpool, Megadrop, and HODLer Airdrops.

Users will also see features like trading fee discounts, VIP perks, and a historical rewards section. These improvements are designed to help the firm maintain its significant dominance while continuing to focus on integrity.

Hopefully, these improvements will allow the firm to maintain its significant dominance while maintaining its usual integrity. Last month, Binance Research identified some systemic problems with airdrops in general, and the exchange seems particularly concerned with its reputation.

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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Pi Network Price Falls To Record New Low Amid Weak Inflows

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Pi Network (PI) has experienced a significant downtrend recently, with price declines that have left many holders facing losses. 

The altcoin has failed to break free from this negative momentum, and the market conditions continue to worsen. As a result, investors are losing confidence, and the price may continue to drop further.

Pi Network Continues To Suffer

The Chaikin Money Flow (CMF) continues to show bearish signs, remaining well below the zero line. This indicates that the network is suffering from outflows, meaning that investors are moving their funds out of Pi Network. Despite a bullish start, Pi failed to sustain interest, leading many holders to sell off their positions.

The outflow trend is concerning for investors, as the lack of positive momentum suggests a prolonged downtrend. The market sentiment remains bearish, with sellers outweighing buyers. As the CMF stays in the negative zone, it signals that Pi Network’s price could struggle to find stability in the short term.

PI Network CMF
PI Network CMF. Source: TradingView

The Ichimoku Cloud, a widely used technical indicator, is hovering well above the candlesticks, signaling that the bearish trend is gaining strength. This indicates that there is little upward momentum in the market, and Pi Network is likely to face more downward pressure. 

Additionally, broader market conditions are still negative, which suggests that Pi Network may fail to recover in the immediate future. With bearish technical indicators and a lack of support from investors, the outlook for Pi Network remains grim for now.

PI Network Ichimoku Cloud
PI Network Ichimoku Cloud. Source: TradingView

PI Price Hits A New Low

Pi Network is currently priced at $0.61, having formed a new all-time low of $0.60 after dropping by nearly 14% over the last 24 hours. The altcoin continues to struggle under the weight of negative sentiment and is not showing signs of reversal in the near term.

Based on the ongoing outflows and bearish technical indicators, Pi Network will likely continue its decline. It could fall further to $0.50, potentially forming new all-time lows. The current market conditions suggest that recovery is unlikely without a significant shift in sentiment.

PI Network Price Analysis.
PI Network Price Analysis. Source: TradingView

However, if Pi Network can bounce off the $0.60 level, it might regain some support and climb back to $0.87. This would help recover some of the recent losses and potentially give the altcoin another chance at a bullish move. But, without a strong catalyst, it may struggle to break through the 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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TRUMP Token Hits Record Low Due To Liberation Day Tariffs

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TRUMP token has faced a significant downturn, failing to recover after a recent decline. The altcoin’s price has been further pressured by the announcement of US President Donald Trump’s Liberation Day Tariffs. 

As a result, bearish sentiment has grown, leading traders to capitalize on the negative market conditions.

Trump’s Announcement Took A Toll

The funding rate for TRUMP turned negative over the last 24 hours, signaling increased bearish activity. Traders are shifting to short contracts, betting that the price will decline further. This shift in sentiment follows the announcement of the tariffs, which, despite being a policy move, had a negative impact on TRUMP’s price.

This negative market reaction highlights traders’ skepticism about the future prospects of TRUMP. While the tariff announcement was meant to stimulate market reactions, it instead spurred fear, driving a wave of sell-offs. 

TRUMP Funding Rate.
TRUMP Funding Rate. Source: Coinglass

Looking at the broader momentum, technical indicators such as the Relative Strength Index (RSI) reveal that TRUMP is far from recovering its recent losses. The RSI remains firmly in the bearish zone, well below the neutral 50.0 mark. With no signs of reversal or bullish momentum, the token is likely to continue facing declines in the short term.

The oversold conditions are not yet reached either, indicating there is still room for further declines. With the RSI not showing any substantial recovery signals, the current downtrend could persist until market sentiment shifts or a new catalyst sparks renewed interest in the token.

TRUMP RSI
TRUMP RSI. Source: TradingView

TRUMP Price Suffers 

TRUMP’s price hit a new all-time low of $8.97 before recovering slightly to $9.29. Over the last 24 hours, the token has seen a 10% decline. This drop has added to its month-long 45% slide, as the token lost crucial support levels, including $12.57 and $10.29.

The ongoing bearish trend suggests that TRUMP could continue to slide, with the next key support around $8.00. If the broader market conditions remain weak and the bearish sentiment continues to dominate, the price could dip further, reaching new lows before any potential recovery.

TRUMP Price Analysis.
TRUMP Price Analysis. Source: TradingView

However, if TRUMP manages to reclaim $10.29 as support, it could mark the beginning of a recovery attempt. Successfully breaching $12.57 could invalidate the current bearish outlook and signal a potential rally, but this would require a significant shift in investor sentiment and market conditions.

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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