Fake Ripple Stablecoin Scam Scammers are taking advantage of the hype surrounding Ripple’s upcoming stablecoin, RLUSD. They’re circulating fake RLUSD tokens on the XRP Ledger (XRPL). Real RLUSD Not Yet Released Ripple has not yet launched the official RLUSD. It’s expected to come out later in 2024. How to Spot Fake RLUSD Tokens Account Ancestry:…
Technical Analysis A respected crypto analyst, Bluntz, believes the memecoin WIF is poised for a 50% rally. Despite his long-term bearish outlook, he sees a short-term bounce coming. Bluntz uses Elliott Wave theory, which predicts price action based on crowd psychology. He believes WIF has completed a five-wave downtrend and is now ready for a…
Digital asset manager CoinShares reports that crypto products experienced a significant outflow of $600 million last week. FOMC Meeting Raises Concerns Institutional investors are believed to be reacting to a more aggressive-than-expected Federal Open Market Committee (FOMC) meeting. The FOMC’s dot plot, which reflects members’ views on interest rates, suggests that rates are unlikely to…
A renowned on-chain analyst, Checkmate, predicts a significant move for Bitcoin (BTC) following a rare period of low volatility. Volatility on the Horizon Over the past month, BTC has fluctuated by only 8.3%, a rarity for the cryptocurrency. This suggests two potential outcomes: Bitcoin remains stable, becoming a “stablecoin.” Volatility is imminent. Sell-Side Risk Low…
Altcoins have plummeted further this week, continuing their months-long decline. The total value of all cryptocurrencies has dropped from $2.39 trillion to $2.32 trillion, losing a staggering $70 billion. Liquidations Hit Altcoin Traders According to Coinglass, over $242 million worth of altcoin positions have been liquidated, primarily due to traders attempting to profit from long…
Exchanges Required to Review Assets South Korea’s new crypto law, effective July 19, requires registered exchanges to review the status of over 600 listed cryptocurrencies. Exchanges must assess if the listed tokens meet criteria related to issuer reliability, user protection, technology, and regulatory compliance. Consequences of Non-Compliance Exchanges that fail to comply with the new…
Bitcoin has been on a rollercoaster ride lately, despite the surge in buying from spot exchange-traded funds (ETFs) and institutional investors. Here’s what’s behind the recent bearish momentum: Long-Term Holders Selling One reason for the selling pressure is the long-term holders (LTHs) who have been holding onto their coins for a long time. When the…
The US Supreme Court will review a case involving Nvidia’s crypto mining revenue, potentially shaping shareholder lawsuits. Nvidia’s Alleged Misleading Statements Shareholders claim that Nvidia’s CEO, Jensen Huang, concealed the significant role of crypto mining in the company’s revenue growth in 2017-2018. They argue that Nvidia downplayed the dependence on mining sales, exposing the company…
Current Price Action Ethereum has been trading sideways, but is up 5% from last week’s lows. It needs to break above $3,700 for further gains. Spot ETF Approval The SEC is expected to approve the first spot Ethereum ETF soon. This has created optimism among investors. Impact on Prices Some analysts believe that the spot…
Memecoin Sell-Offs As the cryptocurrency market experiences a downturn, blockchain tracking firm Lookonchain has observed significant sell-offs by memecoin traders. One trader with a substantial position in Pepe (PEPE) liquidated their holdings for 366.5 ETH ($1.27 million) after holding for only a month. Despite initially seeing a profit of $670,000, the trader held on until…
