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Top 5 cryptocurrencies to watch in April

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The past seven days were quite the roller coaster in the cryptocurrency market, which, fortunately, ended well.

The total market capitalization is currently more or less at the same level as where it was one week ago, despite having lost almost $100 million on Thursday when Bitcoin’s price collapsed to $50K.

With this said, we take a look at the top 5 cryptocurrencies to keep a close watch over the next few weeks.

Bitcoin (BTC)

It goes without saying that, for the most part, wherever Bitcoin goes, the market follows. While the rate might not be equal, BTC has dictated the direction of the market for most of the current bull run.

Last week, we saw a major announcement from Tesla – the giant electric vehicle manufacturer revealed that users can now pay for a Tesla with BTC. Elon Musk tweeted it, and, consequently, the market surged.

Unfortunately, the rally was unsustainable, and shortly after, BTC plunged and decreased to roughly around $50,000. This is where it found solid support and started increasing as it’s currently trading at around $56,500.

BTC already broke above the first serious resistance at $55,000 and looks primed to take on $57,700 after that. If it’s successful, we can expect it to test the coveted $60K mark and the ATH at around $62K after that.

Cardano (ADA)

Next on our watchlist is Cardano’s ADA. It has been a top performer for the past two months. Now, many claim that ADA’s surge is purely speculative because Cardano doesn’t really have smart contract capabilities yet.

Charles Hoskinson, the founder of Cardano, took it upon himself to disprove the argument that Cardano lacks fundamentals, outlining the numerous partnerships they already have, as well as the solid, peer-reviewed foundation of the protocol. He also put a timeline for a testnet that will allow users to build and deploy smart contracts on Cardano.

With all of the above in mind, the price is exactly where it was a week ago. However, it declined to $1.06 and recovered swiftly and decisively. Over the past few days, ADA has been sort of consolidating, and it’s interesting to see the direction of the next breakout.

Binance Coin (BNB)

Binance Coin has been a headliner this year, charting some absolutely impressive gains, having surged to around $350.

Over the past couple of weeks, the cryptocurrency has been trading in a range between $290 and $240. With one exception that took place this Thursday, that’s the general course of BNB so far.

If history is any indication, however, cryptocurrencies don’t really like to trade in a range for a long period of time. In other words, a breakout can take place rather soon.

Also, the first quarterly burn for 2021 is approaching, which may act as a catalyst. The last few months have been particularly volatile, and chances are that Binance has seen massive revenues. This means that the burn is likely to be substantial. Reducing the supply of the third-largest cryptocurrency by market cap does sound like something to keep in mind, going in the last days of March and the beginning of April.

Also, Binance Smart Chain shows no signs of slowing down. Given that BNB is the base cryptocurrency that users transact with, this creates additional demand.

Uniswap (UNI)

Uniswap is currently the leading decentralized exchange and automated market maker with the most value locked in it, according to DeFi Pulse as of the time of this writing.

Its governance token, which was airdropped to people who used the exchange last year, is currently trading at $28, meaning that the 400 UNI tokens that most of the people received are currently worth almost $12,000.

uniusd_chart
UNI/USDT. Source: TradingView

Over the last seven days, UNI has lost some of its value, dropping from around $32. However, on March 24th, we had a first glimpse at the specifications of the long-awaited Uniswap v3. It’s a core update that aims to turn the DEX into the most flexible and capital-efficient automated market maker.

Layer-one Ethereum mainnet launch has a target of May 5th, with L2 deployment on Optimism set for shortly after that. This is definitely a huge milestone for the project, and it might not be so surprising if it starts to get reflected in its total valuation.

Solana (SOL)

Solana brings forward a scalable blockchain infrastructure that boasts a very large number of transactions per second and very low transaction fees.

Compared to Ethereum’s sky-high fees and slow transaction processing, many are looking for alternatives, oftentimes landing on Solana. This is perhaps the reason for which it is one of the most trending projects in 2021.

In terms of price, its native token, SOL, is one of the best performers in 2021.

On January 1st, the cryptocurrency traded at around $0.55. Its current price is around $18.6. This gives a total return of almost 3,200%.

It shows no signs of slowing down, and with the current euphoria around DeFi and NFTs, it’s definitely worth taking a look at.

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Shiba Inu: Celebration for the Burning of 176 Million SHIB in a Historic Transaction

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In an exciting development for the Shiba Inu community, September 20 marked a significant milestone as Shiba Inu’s official burn tracker announced that over 176 million SHIB tokens had been burned in a single transaction. But that’s not all; in the last 24 hours, a total of 135,933,606 SHIB tokens were burned, adding up to an impressive total of 521,814,163 tokens burned in just 7 days.

Impact on SHIB Price

As expected, this exceptional event has captured the attention of the cryptocurrency community and Shiba Inu investors worldwide. In the latest hourly update provided by Shibburn, the current price of the meme coin stands at $0.0000073, with a slight 0.15% decrease in the last hour. Although there has been a 1.34% decrease in the price in the last 24 hours, Shiba Inu’s market capitalization remains strong, valued at $4,297,527,749.

Lucie: The Voice of the Shiba Inu Community

On September 18, a key member of the Shiba Inu team, known as Lucie, addressed the community to answer burning questions about the highly anticipated SHIB token burn in Shibarium. Lucie emphasized that token burns are scheduled per transaction, meaning they occur based on the level of community participation. In a passionate plea, she urged SHIB holders to support this effort, stressing that SHIB burns are the result of close collaboration between developers and the community.

Lucie also pointed out that while it’s exciting to see enthusiasm for token burns, it’s crucial for the community to understand that SHIB burns are a community-driven initiative and not a call for developers to take immediate action.

Shibarium’s Focus: Strengthening BONE ShibaSwap

Amidst this backdrop of token burns, the Shibarium team has shifted its focus to strengthen the Bone ShibaSwap token, also known as BONE. Lucie emphasized that the implementation of BONE aims primarily to safeguard the interests of investors. To achieve this goal, the team has implemented a temporary locking contract along with a decentralized multi-signature wallet, ensuring maximum protection for Shiba Inu investors.

Shibarium’s Success with NOWNodes

Recently, Shibarium achieved an impressive feat by processing over 7 million RPC requests for the network in just one week. This achievement sets a new record for the platform and underscores the growing importance of Shibarium in the cryptocurrency ecosystem. NOWNodes, a node service provider supporting more than 80 blockchain networks, reported on this noteworthy accomplishment, highlighting Shibarium’s increasing relevance in the world of cryptocurrencies.

The Shiba Inu community is excited about these recent developments and the massive SHIB token burn, further bolstering their confidence in the project. With Shibarium gaining momentum and active community engagement, the future of Shiba Inu appears bright in the world of cryptocurrencies.

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Crypto Enforcement Funds Under Scrutiny: Congressman Emmer Calls For Restrictions On SEC

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In a recent statement, Congressman Tom Emmer, a prominent figure in the GOP and a staunch advocate for crypto, expressed his concerns regarding the actions of Securities and Exchange Commission (SEC) Chair Gary Gensler. 

Emmer accused Gensler of abusing his authority, leading to the expansion of the Administrative State while “disregarding the interests of the American people”. 

To address these concerns, Emmer plans to sponsor an appropriations amendment aimed at restricting the SEC’s use of funds for crypto enforcement until clear rules and regulations are established.

Emmer Advocates For Clear Rules In The Crypto Industry

Emmer’s criticism of Chair Gensler centers on what he perceives as the weaponization of taxpayer dollars. Emmer argues that Gensler has utilized his position to further centralize regulatory control without ensuring a transparent and regulatory-friendly environment for the crypto industry. 

By proposing to restrict the SEC’s funds for digital asset enforcement, Emmer seeks to emphasize the need for clear guidelines that protect both investors and innovators in the crypto space.

Addressing Senator Elizabeth Warren’s stance on cryptocurrencies, Emmer refers to her as a “control-freak senator” with an inclination towards centralized control. 

He suggests that Warren favors a government-owned banking system and desires to retain the centralized power that comes with central banking. Emmer acknowledges the importance of central banking’s role but emphasizes the need for its evolution to adapt to the 21st century.

Emmer further asserts that attempts to suppress digital assets and cryptocurrencies are futile. He cites China’s unsuccessful ban on mining activities as evidence that even authoritarian regimes struggle to control decentralized technologies. 

Emmer believes that a country like the United States, which “cherishes freedom”, cannot impede the progress of digital assets and cryptocurrencies.

The congressman’s remarks shed light on his perspective as an advocate for the crypto industry and his concerns regarding regulatory overreach. Emmer emphasizes the necessity of clear and balanced regulations that foster innovation while protecting investors. 

By sponsoring an appropriations amendment, he aims to use the legislative process to ensure that the SEC’s enforcement actions align with well-defined rules and regulations.

As Emmer’s proposed amendment gains attention, it reflects the ongoing debate surrounding crypto regulations in the United States. The crypto industry seeks regulatory clarity to foster growth and innovation, while regulatory bodies like the SEC aim to protect investors and maintain market integrity. 

Finding the right balance between oversight and innovation remains a key challenge, and Emmer’s efforts contribute to shaping the future of crypto regulation in the United States.

It remains to be seen how Emmer’s appropriations amendment will progress through the legislative process and how it will be received by his colleagues. 

As the nascent industry continues to evolve, the role of Congress and regulatory agencies in establishing a clear and balanced regulatory framework will be crucial for its long-term success and widespread adoption.

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The total crypto market cap slides below the $1 trillion mark on the daily chart. Source: TOTAL on TradingView.com

Featured image from iStock, chart from TradingView.com

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US Forces Young Hacker To Forfeit $5.2 Million In Bitcoin

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Last month, Ahmad Wagaafe Hared, a young hacker based in the United States, was ordered to forfeit approximately $5.2 million worth of Bitcoin (BTC), Stellar (XLM), and a BMW sports car to the government. According to a report, this order was made last week due to Hared’s involvement in a SIM-swapping scheme that targeted crypto executives in North California and the Bay Area.

The Bitcoin SIM-Swapping Hack

The SIM-swapping scheme, orchestrated by Hared–who went by the alias “winblo” — began in 2016 and was stopped by local authorities in 2019.

Hared and his accomplices obtained their victims’ contact information before entering a plea agreement with law enforcement agencies. They would then contact cellphone service providers, manipulating company representatives into believing they were the legitimate owners of the targeted phone numbers. 

After that, they swapped cards, illegally taking control of their victims’ phone numbers. With this scheme, the hacker gained unauthorized access to their victims’ email and other crypto accounts before transferring coins. 

The success of this scheme is evident in the significant amount of assets ordered for forfeiture. Hared must surrender 119.8 BTC, valued at $5.2 million, and 93,420 XLM, worth $11,770. A 2017 BMW sports car, believed to be proceeds of crime, must also be surrendered to the state. 

Bitcoin price on September 11| Source: BTCUSDT on Binance, TradingView
Bitcoin price on September 11 on the 4-hour chart | Source: BTCUSDT on Binance, TradingView

The young hacker has been under arrest for over three years now. As mentioned, in 2019, Hared entered a plea agreement, though many case documents remain sealed, and the deal has not been disclosed to the public. Hared will be sentenced in January 2024 after pleading guilty to conspiracy to commit wire fraud.

According to details, this case is tied to another SIM-swapping scheme, which saw the indictment of Anthony Francis Faulk, also known as “shade,” who pleaded guilty to conspiracy to commit wire fraud in 2019. 

Hackers Have Stolen Over $200 Million In 2023 Alone

In a recent report, blockchain intelligence firm Chainalysis claimed that hackers linked to North Korea have stolen over $200 million worth of cryptocurrencies to finance their nuclear weapons program.

In August, Lazarus Group said to be sponsored by the North Korean regime, was linked to the $34 million CoinsPaid hack. They were also reportedly behind the Stake.com hack, the FBI claims. The hit on the crypto casino saw over $40 million of coins robbed.

As part of their activities, hackers employ several tactics to steal Bitcoin and coins, including SIM-swapping, phishing, supply chain attacks, and infrastructure hacks.

Feature image from Canva, chart from TradingView

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