Market
XRP, FTX Payouts, Satoshi Reveal
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.
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 Conditions, Privacy Policy, and Disclaimers have been updated.
Market
XRP To Hit $40 In 3 Months But On This Condition – Analyst
XRP remains one of the crypto market’s current trailblazers rising by 23.21% in the past 24 hours. Over the last two weeks, the prominent altcoin has recorded a 154% price gain establishing itself as the sixth-largest cryptocurrency with a market cap of $89.82 billion. With this current momentum and the crypto bull season still in its early stages, analysts remain highly bullish on XRP’s potential to reach lofty price levels.
Can XRP Repeat 2017 Historical Price Movement?
In an X post on November 22, an analyst with the username CryptoBull stated that XRP could trade at $40 over the next three months if the token mirrors its first prominent price surge from 2017.
Data from CoinMarketCap shows that XRP rose $0.006 to a market peak of $0.33 in early 2017, representing a 5,400% gain. Considering its recent price rally, the altcoin may be gathering momentum to reproduce such price movement in a highly anticipated crypto bull run, especially considering recent happenings.
Most notably, popular anti-crypto Securities and Exchange Commission Chairman Gary Gensler recently announced his intentions to resign on January 20, a move largely behind the current bullish sentiment among XRP investors considering the Commission’s long-lasting regulatory battle with Ripple. In fact, Gensler’s decision to leave the SEC has been described as the “best thing” for Ripple, which holds significant weight for XRP’s future.
Gensler’s resignation coincides with the inauguration of pro-crypto incoming US President-Elect Donald Trump who has promised to introduce a more friendly approach to digital asset regulation in the US. Aside from XRP finally being free from the regulatory scrutiny of the SEC, the potential introduction of a spot ETF under Trump’s pro-crypto regime also contributes to bullish sentiments on the altcoin’s profitability.
According to CryptoBull, if XRP follows its price explosion from early 2017, the token is expected to hit a price target of $1.96 in November, $6.30 in December, and $40 in January.
Price Resistance Levels In XRP’s Dream Surge
While XRP presents much potential for a high price target, CryptoBull predicts the token to face significant resistance at the $1.96 price region. If buying pressure proves sufficient to move past this level, the analyst expects XRP to confront another resistance at $3.84 which represents the token’s current all-time high price.
Considering the current robust bullish sentiments in the market, the altcoin is likely to move past these highlighted resistance levels. However, the token’s Relative Strength Index remains far in the overbought zone (91.73) indicating significant potential for a price pullback.
At the time of writing, XRP continues to trade at $1.78 reflecting a 79.57% gain in the past week. Meanwhile, the token’s daily trading volume is up by 103.57% and valued at $20.29 billion.
Featured image from Trackinsight, chart from Tradingview
Market
Kraken Eyes Token Expansion as Trump Promises Crypto Support
Kraken, one of the leading cryptocurrency exchanges, has announced plans to list 19 new tokens, including a range of popular meme coins, and to integrate three additional blockchains.
This development has sparked optimism across the crypto industry, with many anticipating a more favorable environment for token listings under the incoming Trump administration.
Kraken Plans to List 19 Tokens and Integrate 3 Blockchains
According to its recently published tradeable asset roadmap, Kraken will add the Binance Smart Chain, dYdX, and Arweave blockchains to its platform. Each integration will include support for the native tokens of these networks.
“Kraken lists BNB,” Binance founder Changpeng Zhao stated.
In addition to these three, Kraken plans to list 16 other tokens, primarily meme coins. Some of the notable additions include FWOG, TRUMP, NEIRO, DOGS, GOAT, PNUT, MOODENG, and COW, alongside eight others. These tokens belong to blockchains already integrated into Kraken’s ecosystem.
However, the exchange clarified that listing plans are not guaranteed. Funding and trading for these tokens will only begin after an official announcement through Kraken Pro’s account on X. The company warned that Depositing tokens prematurely could result in losses.
Kraken’s planned token expansion comes at a time when the exchange is navigating legal challenges. The US Securities and Exchange Commission (SEC) has accused Kraken of operating an unregistered securities exchange and offering staking services in violation of federal laws. The exchange has been actively defending itself against these allegations.
Despite regulatory hurdles, crypto industry stakeholders are optimistic that the incoming administration will ease restrictions on token listings. Many believe President-elect Trump’s pro-crypto stance could pave the way for a more supportive regulatory environment. Expectations include a clear regulatory framework, the potential establishment of a Bitcoin reserve, and a departure from the SEC’s regulation-by-enforcement approach.
Already, major US exchanges are capitalizing on the growing market optimism to expand their token listings. Coinbase recently listed PEPE and FLOKI, leveraging the ongoing meme coin trend.
Similarly, Robinhood expanded its offerings by adding tokens that the SEC previously described as securities — XRP, Cardano, and Solana. These moves reflect a broader effort by exchanges to capture market momentum and cater to diverse investor interests.
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 Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Why BTC Miners Are Selling Their Coins
Bitcoin miners have been actively reducing their holdings in recent weeks as the coin’s price continues to hover below the critical $100,000 mark. At press time, the leading coin trades at $98,535, noting a 1% decline from its all-time high of $99,860 recorded during Friday session.
As the BTC market begins to trend sideways, its miners may be prompted to further distribute their holdings for profit or to offset growing mining costs.
Bitcoin Miners Sell Their Holdings
According to CryptoQuant’s data, Bitcoin’s miner reserve has fallen to its lowest level since the beginning of the year. As of this writing, it sits at 1.81 million BTC.
This metric tracks the number of coins held in miners’ wallets. It represents the coin reserves miners have yet to sell. A decline in the BTC miner reserve indicates that miners on the Bitcoin network are distributing their coins either to take profits or to cover mining-related costs.
Moreover, readings from BTC’s miner netflow confirm the daily trend of coin sell-offs by the network’s miners. As of this writing, the metric’s value is negative at -1,172 BTC.
Miner netflow refers to the net amount of Bitcoin that miners are buying or selling. It is calculated by subtracting the amount of Bitcoin miners are selling from the amount they are buying. When it is negative, it indicates that miners are selling more coins than they are buying. This is often a bearish signal and a precursor to a short-term downward trend in the coin’s price.
BTC Price Prediction: The Bulls Remain in Control
While BTC miners have added to the coin’s selling pressure over the past few weeks, the bullish bias toward the king coin remains significant. This is reflected in the positioning of the dots that make up its Parabolic Stop and Reverse (SAR) indicator. As of this writing, these dots rest below BTC’s price.
The Parabolic SAR identifies an asset’s trend direction and potential reversal points. When its dots are positioned under the asset’s price, it suggests a bullish trend. Traders interpret this as a signal to go long and exit short positions.
If this trend persists, BTC’s price will reclaim its all-time high of $99,860 and may rally past the $100,000 psychological barrier. On the other hand, a spike in profit-taking activity will invalidate this bullish outlook. If buying pressure weakens, BTC’s price may drop to $88,986.
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 Conditions, Privacy Policy, and Disclaimers have been updated.
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