Cryptocurrency - Page 149 of 151

US SEC Threatens to Sue NFT Marketplace OpenSea

OpenSea, one of the growing NFT marketplaces, is in trouble with the US SEC.

On August 29, CEO of OpenSea Devin Finzer took to social media to share that the SEC sent them a Wells notice, indicating that they may get sued soon.

Reason? The SEC thinks some NFTs on the OpenSea platform could be considered securities. This highlighted the drama between the SEC and the crypto world over whether digital assets like NFTs should be treated as securities.

Fizner is not happy, but he says OpenSea is ready to stand up for creators and artists. Crypto companies debate that the current rules don’t abide by digital assets. They feel that SEC is being unrealistic and getting too involved. While, the SEC claims it’s just trying to protect investors

It is not sure if the SEC is officially investigating OpenSea , but the hit is real.

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Ethereum’s $3,000 Price Breakout Likely Postponed to Q4 2024

So, the much-anticipated surge of Ethereum (ETH) to hit $3,000, is estimated to be delayed until the fourth quarter of 2024. Despite having consistent testing of key resistance, Ether experiences distinct challenges around the $2700 mark.

Crypto analyst, Poseidon emphasized that Ethereum has shown resilience. Will ETH take time some time to break the $3,000 threshold, likely until later in the year? The 50-day Exponential Moving Average (EMA) can be a critical factor in sustaining the current levels. Else, it might fall to $1,750!

Other analysts expect macroeconomic factors and general market sentiment to be the reasons for the delay! The broad market remains relatively conservative. The traders will be observing actions in the US Federal funds rate. Similarly, the economic signals across the world may also influence Ethereum.

However, investors must continue to be patient with Ethereum. Here, we expect the fundamental drivers of the Ethereum price to remain firm and positive due to further network upgrades. This will result in increasing usage cases. However, short-term oriented fluctuations together with $250-300 resistance levels may remain a barrier for Ether reaching $3,000 until Q4 of 2024.

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Bitcoin NVT Golden Cross Struggles to Reach New Highs

Bitcoin NVT Golden Cross struggles to reach new highs indicating further problems in the Bitcoin market. The inactivity in the NVT Golden Cross shows concerns about trust and certainty. In the present time, the problems that Bitcoin can face are more volatile and challenging, especially with existing regulatory pressures.

The Bitcoin NVT (Network Value to Transactions) fails to hit new records. The NVT Golden Cross is at an early stage where market value overcomes transactions and has recently become flat. The challenges on the NVT Golden Cross to create new highs is an indication that things might be tougher for Bitcoin onwards. Traders and investors are advised to closely study the volatility in the market.

Bitcoin faces additional challenges in the current market due to factors such as regulatory pressures and macroeconomics. The flatting of NVT Golden is an early warning that it may face challenges in achieving sustainable growth. The NVT Golden Cross has to keep abreast with the current market and implement new strategies to overcome the problems.

As the market risks persist, the NVT Golden Cross will be critical to knowing the next move of Bitcoin. For now, all investors should keep their eyes on the metric as it could signal early signs of changes to the market landscape.

Base Solidifies Lead as Ethereum’s Top Layer-2 Network

Base, a Layer-2 (L2) scaling solution on Ethereum has surged its competitors behind. It has become successful in leading in key metrics that indicate its rate of growth and popularity in the market.

In the past month, Base reported a 19% rise in activity levels of addresses reaching 13.2 million. This growth was faster than major competitors such as Arbitrum One, Optimism, and zkSync, which experienced a decline in their active user bases.

The Base also leads in 30-day transaction count with 110.28 million transactions, surpassing the other Ethereum L2 networks. This figure is more than double that of Arbitrum One, which recorded the most transactions with 52.41 million during the same period.

Factors such as the successful completion of the “basenames” service on the Base network can explain the growth of active addresses and the number of transactions. This new feature attracted over 200,000 new Base.eth usernames within the first week of launch.

Base, introduced in July 2023, by Coinbase aims to increase the scalability of Ethereum while preserving the security. Its exponential growth is not only the great success story that Coinbase has to offer but is also a positive sign for Ethereum’s ecosystem. Base is growing and it has the potential to be a major player in the future of DeFi and blockchain.

Activity on Base can also increase the price of Ethereum because users gather ETH for paying gas fees. Currently, Ethereum is at $2,625, which is a common situation with the fluctuation of the crypto market.

To explore the article on Base Network surpassing 1 million daily active adressess, click here.

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Bitcoin’s 10% Drop: Concerns Over Cryptocurrency Volatility

The article examines the volatility of Bitcoin, the world’s largest cryptocurrency by market capitalization. The digital currency experienced a terrible crash of over 10%, within a single trading session, during a market crash. Its downturn resonated with cryptocurrencies such as Ethereum, Binance Coin, and Solana with similar value drops.

The crash relies on an increase in regulatory activities from the American authorities. The government agencies have intensified their analysis of cryptocurrencies. Moreover, factors such as increased interest rates and inflationary pressures have reduced investors’ confidence in risk in cryptocurrencies.

The recent crash shows the level of risk that is still prevalent and reminds investors of the risks within cryptocurrencies. Though Bitcoin has many times bounced back from similar falls, the recent plunge has now questioned the sustainability of crypto coins in the market.

Industry experts warn that the current crash in the market may be upsetting. It can also be a good time for long-term investors who trust that decentralised finance is a promising industry. However, they need to be prepared for further uncertain states in the short term as the global economy is unstable.

Before the market becomes stable again, the investors are requested to stay updated, have some patience and understand that there is much risk is involved in this new market. The next few days will be decisive to see if Bitcoin has the chances to start a recovery or if it will remain below the average price.

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Solana Sees 40% Surge in Trading Volume

Solana (SOL) has perceived a 40% boost in trading volume and that might be on the path of recovery. This surge occurred after a period of inactivity of SOL, dealing with issues concerning network outages and market competition.

The recent rise in trading volume shows a fresh demand for Solana indicating the platform is a high throughput and low transaction costs. Market analysts suggest that the spike was led by different factors like:

Recovery in the cryptocurrency market
Increased activities of developers in the Solana Network
Growing interest in Decentralized Finance (DeFi) and Non-Fungible Tokens (NFT) build on Solana’s infrastructure

Solana has maintained a strong developer community and a robust ecosystem. The network can handle thousands of transactions per second at very low fees. This makes Solana a viable alternative to Ethereum for their operations. This surge depicts the recovery of Solana as the trading volume increases. However, while the volume has gone up it is yet to be seen if this will bring about steady rises in the prices of the various products.

As Solana will be experiencing such important weeks, people in the market will closely watch the activities. The increased traffic means the comeback of SOL revival or new troubles while there could arise further challenges.

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Bitcoin Enters the “Banana Zone”: Analyst Predicts Wild Market Swings

Bitcoin is moving into what one analyst has termed the ‘Banana Zone’, where prices could revolve randomly. The term sums up the unpredictable and chaotic character of the present Bitcoin market.

As per the analyst, stable phases have ended in Bitcoin. The market is showing signs of returning to its unpredictable behavior, with frequent ups and downs. The “Banana Zone” is a chart plot where the price of Bitcoin could fluctuate very erratically. The investors are not sure of the next course of action.

Fluctuations in the macroeconomic environment, improvements or regulation changes, and changes in investors’ attitudes cause such instability. At this point, Bitcoin is floating close to the support and resistance levels. The traders for the rate that may greatly spike and cause substantial gains, as well as consequential losses.

The term has quickly entered the mainstream technical lexicon associated with bitcoins and the future speculation on how long it will last in this state. Some view it as a profit-making opportunity due to short-term price fluctuations. But some view it as a lot of danger due to its volatility.

Only time will tell if BTC will remain range-bound in this “Banana Zone” or if the market will continue to swing in a huge fashion. As seen in the unpredictable periods of the cryptocurrency markets, investors bear high levels of risk and ought to be ready to make the most of the threats in addition to opportunities available.

Kaspa Faces Potential 50% Price Drop as Market Uncertainty Grows

Kaspa (KAS), a cryptocurrency that grabbed attention as a possible next-generation blockchain, has experienced a significant price drop. The trader has warned predicting KAS could lose up to 50% of its value with the token being at its worst month.

The warning comes as a challenge for Kaspa as the token shows signs of a decline in the cryptocurrency market. The major reasons recognized are rising volatility levels, decreasing volumes of trading activities, and uncertainty in the cryptocurrency market. Traders analyze that if this continues, Kaspa can face a drastic fall and lose recent gains. This can cause investors at vulnerable to significant losses.

Kaspa gained a lot of attention in the initial phase due to its innovative approach to the blockchain. It experienced massive growth and adoption in recent months. However, the current market is testing the resilience of the token and its community. The potential drop of 50% could discourage new investors and shatter the assurance of existing investors. This has created sinking pressure on the price.

Thus, as long as the crypto market remains indeterminate, Kaspa’s traders & investors are advised to remain alert. Also, they need to keep abreast of the latest inclinations to seek possibilities. Hence, the following weeks will be critical in understanding whether Kaspa can recover, or if other difficulties may arise.

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Base Network Surpasses 1 Million Daily Active Addresses for the First Time

The Base Network crossed 1 million daily active addresses, creating a significant milestone in the decentralized finance (DeFi) landscape. This is the first time that Base Network has reached this milestone. The milestone signifies the beginning of the next phase in the rapid evolution of Base Network.

Base Network is an Ethereum Layer 2 scaling solution developed by Coinbase. The Base Network is a cost-effective and scalable alternative to the Ethereum mainnet. This has led to the increasing number of daily activities of the Base Network. It shows that interest of users are growing in the Layer 2 solutions. Diverse users are attracted to it due to the high transactions at low fees. From retail traders to investors, are seeking possibilities to capitalize on benefits from Layer 2 technology.

The rise in the activities also depicts the vast uptrend in DeFi. The users are inclined toward decentralized solutions for trading, lending and more. Thus, with the advanced technological platform and support of Coinbase, Base Network has become prominent for the further development of decentralized Finance.

As the Base Network gains more popularity, there are chances of innovations in the DeFi environment. Therefore, the achievement made in the daily active addresses by reaching 1M points to the bright future of Layer 2 solutions in the blockchain market.

SEC Charges Brothers in $60M Crypto Ponzi Scheme

The U.S. Securities and Exchange Commission(SEC) charged brothers Jonathan and Tanner Adam with running a $60 million Ponzi scheme using sham crypto trading bots. The scam affected nearly 80 investors who invested in the said company.

He and Tanner conducted their business through two firms namely GCZ Global LLC and Triten Financial Group LLC. They vowed to help investors earn big profits by employing use of automated crypto bot to hunt for revenue making opportunities. However, the cooperatives utilized the money on personal expenses and for to pay others who had invested in the scheme, which is characteristic to a Ponzi scheme.

The scheme was between January 2023 and June 2024. The brothers tendered themselves that they would give the investors a 13. 5% monthly return rates of their investment. They said that they were using the money to fund smart contracts as well as arbitrage trades. However the SEC was to discover that there was no such thing as a trading pool. The investors’ capital was embezzled thus used to cater for personal needs.

In its complaint, the SEC said that Jonathan Adam, who previously had securities fraud convictions. He deceived customers through providing fake credentials. The scam raised $61. 5 million. Of this, $53,The staff spent $9m on compensations and stole US$2m. They utilized the cash to buy a condominium in Miami worth $30m, a house in Texas worth $1.8m, and $480 000 on cars and other luxuries.

They left $400,000 in the accounts yet spent the big deal of the funds. From this result, it is clearly seen that they did not use the money as stated. Also, they invested the money but did not protect it.

It shows that the occurrence of crypto scams is becoming higher with the expanding of trading in cryptocurrencies. The SEC’s actions prove that there is a need to introduce higher standards in the crypto industry as a way of safeguarding investors from con artists.

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