Vitalik Buterin, co-founder of Ethereum, took to social media platform X to commend Celo’s growth.

The blockchain network recently outpaced Tron in daily active addresses for stablecoin usage.

Celo’s Growth

In his post, Buterin expressed enthusiasm for the achievements, stating:

“This is amazing to see. Improving worldwide access to basic payments and finance has always been a key way that Ethereum can be good for the world, and it’s great to see Celo getting traction.”

At the time of writing, CoinGecko data showed that the price of the CELO token had jumped 22% as the market reacted to the endorsement. It was the third-best performance of the day after Sei (SEI) and Mythos (MYTH), which had risen 23.9% and 23.5%, respectively.

According to blockchain data provider Artemis.xyz, Celo outperformed Tron in daily active addresses for stablecoin transactions in September 2024. Artemis analysts also noted that Tether pre-minted an additional $200 million in USDT on the network, indicating a rise in future demand.

Furthermore, applications like Minipay and Valora have played an important role in driving stablecoin adoption on the platform. Between its launch in 2023 and the end of the first half of 2024, Minipay has reportedly amassed three million activated wallets.

The stablecoin wallet has built a presence in four African countries, namely Kenya, South Africa, Ghana, and Nigeria. Incidentally, Nigeria is ranked second globally in terms of crypto adoption, a factor that may have helped push up Minipay’s numbers.

In his post, Buterin also noted that Celo will transition from a standalone Ethereum Virtual Machine (EVM)-compatible layer 1 (L1) blockchain to an Ethereum layer 2 (L2) solution. This change marks a shift from a foundational blockchain protocol to a third-party protocol designed to enhance network capabilities and integrate functionality with Ethereum.

Cardano Founder Criticizes Media Coverage

In other developments, during an interview with Cointelegraph at the Token2049 event in Singapore, Cardano founder Charles Hoskinson allegedly likened Ethereum to a “dictatorship.”

According to the news outlet, Hoskinson claimed Buterin controls the blockchain’s “entire vision.” He explained that the 30-year-old holds too much sway over the direction of the decentralized network.

However, the Cardano leader seems displeased with the report, implying his views were misrepresented. Responding to an X post by the crypto publication, he disclosed his intention to stop engaging with them, expressing frustration over “dramatic headlines and wasted interviews.”

The post Vitalik Buterin Endorses Celo for Surpassing Tron in Stablecoin Addresses appeared first on CryptoPotato.

Ethereum (ETH), the second largest cryptocurrency, has failed to reclaim the $3,000 price mark since early August. However, things could begin looking positive for the asset once again.

An analyst from the blockchain analytics platform CryptoQuant has shared a chart explaining how a continued cash inflow into the Ethereum futures market could elevate the biggest altcoin.

Source: CryptoQuant Funding Rates to Drive ETH’s Price Rebound

According to the analyst, the perpetual futures market contributes to the price movement of underlying digital assets. More buy actions in the futures market indicate investors’ interest in the crypto asset, hence projecting its value to higher prices. Conversely, more sell actions are subsequently accompanied by a price decrease.

The chart above shows Ethereum’s moving average of funding rates, an indicator used to ascertain whether futures traders buy or sell. Within the past 30 days, the ETH funding rates reveal that futures traders have gradually leaned towards more buying activities than selling, indicating that they are more bullish about the second-leading crypto asset.

But There’s a Catch

While the CryptoQuant analyst expressed optimism that ETH could unlock higher prices, they revealed that there is a catch:

“For Ethereum to continue its recovery and target higher price levels, the demand in the perpetual futures market must keep rising in the coming weeks. A sustained uptrend in the funding rates could drive further price surges in the mid-term.”

This implies that ETH perpetual futures traders must remain bullish for the leading altcoin to gain momentum. Any significant drawback in the funding rates metric will stall ETH’s price in the near term.

Meanwhile, ETH continues trading at around $2,600, representing a 16% price decrease from early August when the asset sold for $3,100. The crypto’s price has remained in this range for nearly two months despite the continuous outflows recorded in the United States spot Ethereum exchange-traded fund (ETF) market.

The post Ethereum (ETH) Will Reclaim $3,000 If This Happens appeared first on CryptoPotato.

Ethereum used to dominate almost all non-Bitcoin blockchain sectors in the industry but has gradually lost some of its grip over certain markets to competitors like Solana.

VanEck’s research department, MarketVector, decided to delve deep into the battle between the two layer-1 behemoths to see what’s what.

Solana Vs. Ethereum

The report, authored by Martin Leinweber, highlights some major differences between the two. In some cases, such as the number of transactions, daily active users, and transaction fees, Solana takes the lead with a massive margin and predicts a bright future for the blockchain.

“When comparing Ethereum and Solana, the data is striking. Solana processes 3,000% more transactions than Ethereum, has 1,300% more daily active users, and its transaction fees are nearly 5 million percent cheaper. These are monumental differences that showcase Solana’s potential efficiency and scalability advantages.

Given these statistics, it’s hard not to wonder why we haven’t seen a larger migration toward Solana from Ethereum, particularly from institutions.”

Still, Ethereum has the edge in other metrics, such as the total value locked. In fact, the TVL on the world’s second-biggest blockchain is over 56%, according to data from DefiLlama, while Solana’s share is just 6%.

In terms of institutional adoption, Solana trails behind its older competitor, which received further validation in July this year when the US SEC greenlighted nine spot Ethereum ETFs. Although their adoption rate has struggled, the approvals still show that institutional investors have more appetite for ETH for now.

The landscape around a Solana ETF is quite controversial in the States. While other countries, like Brazil, have already greenlighted such products, BlackRock execs recently said, “It will be a while before we see” a Solana ETF in the US.

Is SOL Undervalued?

Based on some of the metrics and developments listed above, MarketVector’s analysis suggested that SOL’s price could be undervalued compared to that of ETH. Leinweber asserted that if Solana “continues to outperform in transaction volume and user engagement,” its market capitalization could reach 50% of Ethereum’s.

Should that is to transpire, SOL could surge to $330 given ETH’s current price and market cap of $2,620 and $315 billion, respectively.

The post Here’s How Solana Can Reach 50% of Ethereum’s Market Cap: VanEck Research appeared first on CryptoPotato.

Ethereum’s bullish momentum has weakened after breaching the middle trendline of a multi-month descending channel, resulting in muted sideways price action.

This consolidation phase could lead to a pullback, potentially setting up the stage for the next leg of the bullish trend.

Technical Analysis

By Shayan

The Daily Chart

Ethereum experienced a surge driven by increased buying activity in the perpetual and spot markets, breaking above the crucial $2.5K resistance level. This breakout signals buyers’ intent to push ETH toward its yearly high of $4K despite the prevailing bearish sentiment over the past few months.

Currently, Ethereum’s price is consolidating in a sideways pattern, hinting at a potential pullback toward the recently broken trendline. If the price retraces to the $2.5K level and finds strong support, the pullback will likely conclude, positioning Ethereum for a renewed push toward the channel’s upper boundary, around the $3K mark.

The 4-Hour Chart

On the 4-hour chart, Ethereum’s upward momentum stalled upon reaching the significant resistance zone near the 0.5 Fibonacci retracement level ($2.6K). This area presents a supply zone that has consistently acted as a barrier for buyers aiming for the $3K resistance level.

Although ETH may face a period of sideways consolidation or corrective retracements in the short term, a resurgence of bullish momentum could lead to a breakout above this resistance zone. A short-squeeze event may follow if this occurs, driving further price gains. However, for now, a consolidation phase is expected before Ethereum makes its next impulsive move.

Onchain Analysis

By Shayan

The perpetual futures market plays a significant role in driving overall price movements, making it essential to assess the sentiment of futures traders for clues about potential trends. This analysis focuses on Ethereum’s 30-day moving average of funding rates, a key metric that provides insight into whether buyers or sellers are more aggressive in executing market orders within the futures market.

The 30-day moving average of ETH funding rates has recently shown a slight bullish shift after a prolonged decline. This shift has coincided with a broader market rebound and an uptick in ETH’s price, suggesting a possible change in overall sentiment. The rise in funding rates indicates increased buying activity among futures traders, signalling that market participants may be turning more bullish.

For Ethereum to continue its recovery and target higher price levels, the demand in the perpetual futures market must keep rising in the coming weeks. A sustained uptrend in the funding rates could drive further price surges in the mid-term. However, this bullish sentiment will need consistent follow-through from buyers to maintain momentum, as any significant reversal in funding rates could stall Ethereum’s price growth.

The post ETH’s Path to $3K Involves Maintaining This Critical Support (Ethereum Price Analysis) appeared first on CryptoPotato.

Sources familiar with the living arrangements of the Metropolitan Detention Center (MDC) in Brooklyn have revealed interesting facts about two popular inmates. The recently arrested American rapper and celebrity Sean Combs, popularly known as Diddy, is in the same cell with Sam Bankman-Fried (SBF), the convicted founder of the bankrupt crypto exchange FTX.

According to a New York Times report, Combs and SBF live in the same unit with other high-profile inmates, including Mexico’s former secretary of public security, García Luna, and former president of Honduras, Juan Orlando Hernández.

Combs in Cell With SBF

SBF has been at the MDC since August 2023 after a judge revoked his bail after he attempted to tamper with witnesses. Earlier this year, he was sentenced to 25 years in prison for multiple counts of fraud and for his role in the scheme that facilitated the theft of billions of dollars from FTX customers. The crypto mogul has asked to remain at the MDC to appeal the court’s decision in his case.

While SBF was first arrested in December 2022, U.S. authorities apprehended Combs about a week ago. Federal authorities raided Combs’ home and arrested him on September 16, after which an indictment charging the rapper with sex trafficking and racketeering conspiracy was unsealed. The U.S. government has accused the celebrity of participating in a pattern of sexual and physical abuse and violence for decades.

Combs pleaded not guilty to all charges brought against him, and despite his lawyers’ efforts to have him released on bail, the rapper has remained detained at the MDC. A judge turned down a proposal to release Combs on a $50 million bond bail and have him monitored by a security team 24/7 due to concerns about the defendant tampering with witnesses.

Living Conditions at the MDC

While Combs’ lawyers are pushing for a speedy trial, they initially complained about the MDC’s living conditions, insisting they were too terrible for a defendant waiting for trial. SBF’s attorneys made similar complaints last year, highlighting the poor jailhouse internet and the center’s failure to provide their client with his appropriate diet and medication.

However, the MDC’s living conditions appear to have improved, as Combs’ lawyer, Marc Agnifilo, spoke highly of the center on Tuesday while talking to the New York Times. Agnifilo said he was grateful for the professionals at the MDC who have been helping Combs prepare his defense ahead of the trial.

The post Sean ‘Diddy’ Combs Shares the Same Prison Cell With FTX’s Sam Bankman-Fried: Report appeared first on CryptoPotato.

XRP’s volatility decreased this week, and the price has been moving sideways.

Key Support levels: $0.54

Key Resistance levels: $0.60, $0.68

1. Price Consolidates

XRP is consolidating in a flat trend under 60 cents. So far, buyers failed to break this level and turn it into a key support. While momentum remains neutral, bulls could attempt to take this cryptocurrency higher in the days to come.

Chart by TradingView 2. Momentum is Flat

If we look at the MACD and RSI indicators, we can see that momentum has been flat since mid-September. The price also remained in a tight range with little volatility as it continued to move sideways.

Despite this, the daily MACD is on the positive side, which favors buyers.

Chart by TradingView 3. Volume is Declining

The lack of volatility has pushed market participants away from XRP.

Since the spike in August, the volume has been in constant decline. Due to this, the price failed to make any major moves, and until the 60 cents resistance is broken, buyers are unlikely to return.

Chart by TradingView

The post Ripple (XRP) Price Prediction and Outlook for This Week appeared first on CryptoPotato.

TL;DR

Shiba Inu (SHIB) surged 4% in an hour, reaching $0.00001542, and its market cap exceeded $9 billion.

The rally could be potentially linked to reduced exchange supply and Shibarium’s milestone of processing 7 million blocks.

Shiba Inu (SHIB) has gained momentum lately as its price continues to reach new local tops. It has spiked 4% in the past hour, making it the best-performing cryptocurrency from the top 100 list for that period.

SHIB currently trades at around $0.00001542, a figure last observed at the end of August. Its market capitalization surged above $9 billion, making it the 16th-biggest in the entire cryptocurrency sector.

SHIB Price, Source: CoinGecko

Its latest revival coincides with the decreased supply of SHIB tokens on crypto exchanges. According to CryptoQuant, the figure plummeted to a seven-month low on September 25, with approximately 141 trillion coins held. 

This could be seen as a bullish factor since it suggests a shift toward self-custody methods and reduced immediate selling pressure.

Another element potentially playing a role for SHIB’s uptick could be the further progress of Shibarium. CryptoPotato reported that the layer-2 blockchain solution recently reached a major milestone of over 7 million processed blocks. 

Somewhat expectedly, the price rally has benefited SHIB holders. IntoTheBlock data shows that 50% of those exposed to the token are currently sitting on paper profits, while 43% are underwater.

The situation seemed less optimistic in September last year when almost 90% of the Shiba Inu holders were in the red. 

The post Shiba Inu (SHIB) Explodes to a One-Month High as Most Investors Turn Profitable appeared first on CryptoPotato.

Bitcoin’s correlation with one of the oldest and arguably the safest investment instruments, gold, has risen to a five-month peak, according to data from IntoTheBlock.

At the same time, Ethereum’s numbers point to precisely the opposite, even though ETH is supposed to be ultra-sound money following some of its updates in the past few years.

BTC, Gold Correlation Rises

Due to many of the similarities between the two, such as limited supply and lack of central authority behind them, gold and bitcoin have been frequently compared, albeit mostly by supporters of the digital asset. In fact, they even argue that BTC has one up on the precious metal due to its existence in the digital world and its known hard supply of 21 million ever to exist.

However, bitcoin is a newer asset with less history, a smaller market cap, and a highly volatile nature. This has been the most vocal criticism of BTC doubters, such as Peter Schiff. Their performances tend to deviate in certain times but should follow a similar trajectory in times of economic uncertainty, wars, etc.

Data from IntoTheBlock shows that this has been the case on a few occasions this year. At first, both went toward uncharted territory simultaneously in March and April but parted ways in May and July. However, the trend has been on a positive uptake since the summer and reached a peak of 0.75 yesterday, which is the highest level since April.

Bitcoin’s correlation with gold has been on a rising trend, now reaching its highest level since March.

In contrast, $ETH‘s correlation with gold remains minimal and largely insignificant.

Key Takeaways

Bitcoin’s rising correlation over the past months aligns with… pic.twitter.com/fGstlFiAT6

— IntoTheBlock (@intotheblock) September 24, 2024

CryptoPotato recently compared the two asset’s YTD performances, concluding that BTC has done a lot better, even though it is far from its all-time high (registered in March), while the precious metal keeps charting new peaks. The latest came earlier today at $2,670/oz.

Ethereum, Gold on a Different Path

ITB’s post highlighted that while investors’ behavior highlights “bitcoin’s evolving role in macroeconomic hedging,” the same cannot be said about the second-largest cryptocurrency.

“Ethereum’s limited correlation with gold points to its position as a more speculative, growth-driven asset. Its price movements are less influenced by external economic factors and more driven by the underlying ecosystem, such as DeFi activity & staking.”

While this casts doubt over the ultra-sound money narrative for ETH, it just shows that Ethereum has a different role in the crypto market.

The post Bitcoin’s Correlation With Gold Reaches 5-Month Peak, But What About Ethereum? appeared first on CryptoPotato.

TL;DR

ADA’s price surged to almost $0.40, potentially driven by positive metrics such as an increase in large transactions.

However, its RSI recently spiked to 81, suggesting overbought conditions and a potential correction despite predictions of further rallies from analysts.

ADA’s Resurgence

Cardano’s ADA has been among the top-performing leading digital assets in the last 24 hours, with its price hitting a one-month peak of over $0.39. Its market capitalization pumped to $14 billion (and retraced a bit since), making it the 11th-largest cryptocurrency. 

ADA Price, Source: CoinGecko

Its revival aligns with three important metrics that have been on the rise. The first (somewhat expectedly) is the “In the Money” indicator, which, according to IntoTheBlock, is up 10.5% on a daily scale. It measures the change of ADA investors currently sitting on paper profits. As of now, 31% of those are in the green, while 66% are underwater.

The stats looked much worse during the crypto market crash at the beginning of August. Back then, ADA’s price plummeted to a seven-month low of $0.27, while only 0.35% of its holders were sitting on some profits on their initial investments. 

The second bullish factor is the large transaction volume (where each on-chain ADA transaction exceeds $100,000). The figure reached $6.6 billion on September 25, representing a 12% increase in 24 hours.

Last but not least, we will focus on ADA’s NVT (network value to transactions) ratio. The metric is currently set at around 2.7, which is considered low. It indicates that the token is undervalued and, hence, ready for a potential rally.

One popular analyst who recently predicted a further pump for Cardano’s native token is the X user CryptoBullet. The trader expects the price to reach a lower high of around $1.80 sometime next year. However, they assumed it may later head south to roughly $0.15.

The Bearish Element

Conversely, ADA’s Relative Strength Index (RSI) suggests the asset could be poised for an imminent correction. The analysis tool measures the change and speed of price movements, varying from 0 to 100.

Readings above 70 signal that the token might be overbought, while anything below 30 is considered bullish since it indicates oversold conditions. Currently, the RSI is hovering around 70, briefly spiking to 81 on September 24.

The post Cardano Reaches 1-Month High: 3 Bullish Signs Point to a Potential ADA Bull Run appeared first on CryptoPotato.

The bitcoin bulls drove the asset to another monthly high of $64,800, but it ultimately failed to continue upward and has retracted by around a grand.

Chainlink has popped as today’s top performer from the larger-cap alts, while SUI continues its ascend with another double-digit surge.

BTC’s Path to $65K Halted Again

It was last Wednesday when the primary cryptocurrency faced massive volatility as the US Federal Reserve met to discuss and eventually lower the key interest rates in the country by 50 basis points. BTC went up and down on several occasions, but the bull prevailed in the end and pushed the asset north to $64,000 on Friday morning.

After a relatively sluggish weekend, bitcoin went on the offensive once again on Monday and neared $65,000. However, the bears were quick to intercept the move and pushed the cryptocurrency south by more than two grand.

The bulls didn’t stay down for long, though, as they initiated another leg-up in the past 12 hours or so that propelled BTC to $64,800 again. However, as it happened with the previous attempt, bitcoin couldn’t break through $65,000 and now trades below $64,000.

Its market capitalization has remained at around $1.260 trillion on CG, but its dominance over the alts has lost some more ground and is down to 53.8%.

Bitcoin/Price/Chart 25.09.2024. Source: TradingView SUI in the Headlines

Many of the larger-cap alts stand quietly today. Ethereum and Binance Coin have retraced by 1-2%, and so has Tron. In contrast, SOL has increased by that percentage and trades at $150. Similar minor gains come from the likes of DOGE, SHIB, TON, and BCH.

ADA has increased by 3% and has neared $0.4. LINK has jumped by 7% and now trades above $12. However, SUI stands out as the top performer from the mid-cap alts, having added more than 12% of value daily. Moreover, the asset is up by 45% in the past week and a whopping 80% on a monthly scale. As such, it now sits at $1.75 and is the 26th-largest cryptocurrency.

Other notable daily gainers include SEI (24%), POPCAT (9%), and NOT (8%).

The total crypto market stands close to $2.350 trillion, which is basically the same as yesterday.

Cryptocurrency Market Overview. Source: QuantifyCrypto

The post SUI Explodes by 12% Daily, Bitcoin Stopped at $65K Again (Market Watch) appeared first on CryptoPotato.

TL;DR

XRP Ledger’s fixAMMv1_1 update was activated on September 24 to improve the Automated Market Maker (AMM) feature.

XRP’s price remained steady around $0.58 following the development.

The First Out of Three

Earlier this month, the team behind XRP Ledger (XRPL) announced that a major update under the code fixAMMv1_1 will be implemented within two weeks. The development was approved to proceed after 28 votes in favor (out of 35).

According to XRPScan, the working group enabled it on the XRPL mainnet on September 24. The upgrade primarily focuses on the Automated Market Maker (AMM) functionality and aims to enhance the its efficiency, performance, and usability. 

For its part, the AMM is a decentralized mechanism that allows users to exchange assets directly on the XRPL without needing intermediaries. The main goal of the improvement is to streamline the trading process and minimize potential risks for liquidity providers.

The team said the implementation of fixAMMv1_1 is one of the three amendments to be activated this week. The XRP Ledger has witnessed several other updates recently. Last month, its main Testnet underwent a reset, becoming temporarily unavailable to users. The effort aimed to improve stability and reduce the cost of running a node.

A few weeks before that, OpenEden – a fintech firm connecting traditional finance with decentralized finance (DeFi) – announced plans to introduce tokenized US Treasury bills (T-bills) to the XRP Ledger for the first time. Ripple also revealed it will establish a fund to invest $10 million in these products.

“Institutions are increasingly looking at where to tokenize their real-world assets, and the arrival of T-bills on the XRPL powered by OpenEden reinforces the decentralized Layer 1 blockchain as one of the leading blockchains for real-world asset tokenization,” Markus Infanger – Senior Vice President at RippleX – commented at the time. 

XRP Price Reaction?

Ripple’s native token -XRP – experienced little to no volatility following the aforementioned upgrade announcement and continues to trade at around $0.58 (per CoinGecko’s data). 

Meanwhile, it is up 10% on a two-week scale after positive developments such as Grayscale’s launch of a dedicated Ripple Trust and the US Fed’s decision to lower interest rates by 0.5%.

XRP Price, Source: CoinGecko

Those willing to explore some optimistic price predictions related to the token can check our dedicated article here.

The post Ripple (XRP) Enables an Integral Update to the XRPL Mainnet: Details appeared first on CryptoPotato.

On Sept. 25, the founder of Lyn Alden Investment Strategy announced that her recently commissioned research paper has measured global money creation relative to other asset classes.

Alden’s paper revealed that bitcoin moves in the direction of global money supply (M2) 83% of the time and more than other assets.

Bitcoin has demonstrated a strong correlation with global liquidity, making it a potential “liquidity barometer,” the research noted.

Bitcoin Liquidity Barometer

As global liquidity expands, measured through metrics like M2 money supply, bitcoin’s price typically rises; conversely, it tends to decline when liquidity contracts.

Over a study period from May 2013 to July 2024, the research showed a correlation coefficient of 0.94 with global liquidity, indicating a highly sensitive relationship.

I commissioned a research report, written by @samcallah, to quantify bitcoin’s correlation to measures of global money creation relative to other asset classes.

Result: bitcoin moves in the directional of global M2 83% of the time; more than other assets.https://t.co/ODKNqvzdis pic.twitter.com/8710g6NKqr

— Lyn Alden (@LynAldenContact) September 24, 2024

M2 money is a measure of the money supply that includes cash, checking deposits, and easily convertible near money. It encompasses M1 money, including physical currency, savings accounts, and short-term deposits. It is also used as an indicator of the money available in the economy, influencing inflation, interest rates, and overall economic activity.

When comparing other assets, Alden commented that stocks have earnings that can affect their correlation, and gold has “defensiveness,” which can affect its correlation.

“Bitcoin is treated like risk-on gold, basically. So it has the highest correlation.”

The researchers found that bitcoin’s strong correlation with global liquidity is influenced by its high volatility, which can distort its shorter-term correlations.

The paper concluded that this correlation with global liquidity makes bitcoin “a valuable macroeconomic barometer for investors and traders.”

“One can think of Bitcoin as a mirror reflecting the rate of global money creation and the relative strength of the dollar.”

Earlier this year, Lyn Alden predicted that BTC prices would reach $200,000 within two years.

M2 Increasing

Earlier this week, market analyst ‘Game of Trades’ told his 247,000 X followers that the M2 money supply was entering expansion after reaching the deepest contraction level since 1960.

ALERT: M2 money supply has now entered expansion

After reaching the deepest contraction level since 1960 pic.twitter.com/DX8eXo1ytC

— Game of Trades (@GameofTrades_) September 23, 2024

According to the St. Louis Federal Reserve, the M2 money supply started contracting in March 2022 and began increasing again in March 2024. It is currently $21.17 trillion in the United States, up 2% over the past six months.

The implications for bitcoin prices are extremely bullish, as many analysts have predicted that a crypto market bull run will begin in the fourth quarter.

The post Bitcoin Emerges as Key ‘Liquidity Barometer,’ Correlating with Global Money Supply Trends: Research appeared first on CryptoPotato.

TL;DR

Shibarium has processed over 7 million blocks, signaling growth in the Shiba Inu ecosystem.

SHIB’s price has risen 14% weekly, supported by reduced supply on exchanges and a sharp increase in token burns.

Making the Headlines Again

Shiba Inu’s layer-2 blockchain solution – Shibarium – took center stage today (September 25) due to reaching yet another important target. Data shows that the network has processed over 7 million blocks, whereas the number of total transactions is inching toward the 420 million mark. 

The L2 witnessed the rise of other essential metrics. New contracts spiked from only two on September 23 to 16 the following day (a 700% increase). New verified contracts and new accounts have also recorded a substantial surge.  

Shibarium officially saw the light of day in August 2023. It is specifically designed to reduce the fees associated with transactions on the SHIB network, support decentralized applications projects in the Shiba Inu ecosystem, and enhance scalability. For more updates on the ecosystem, make sure to check out our Shibarium news.

According to some industry participants, its further progress could play a vital role in a potential price rally for the meme coin. SHIB is well in the green, with its valuation jumping by 14% on a weekly scale and currently trading at around $0.00001497. Its market capitalization is just south of $9 billion, making it the 16th-biggest cryptocurrency.

SHIB Price, Source: CoinGecko The Rally is Nowhere Near Its End?

One important on-chain indicator signaling that SHIB’s price could experience a further uptick in the near future is the decreasing amount of tokens on cryptocurrency exchanges.

According to CryptoQuant, the figure fell to a seven-month low on September 25, with approximately 141 trillion coins held on such platforms. 

The development could be interpreted as a shift from centralized exchanges toward self-custody methods and indicates diminished immediate selling pressure.

Another factor is the Shiba Inu burn rate, which skyrocketed by over 7,000% in the past 24 hours, resulting in almost 8 million tokens being sent to a null address.

The USD equivalent might be insignificant, but continuous efforts in that field can have a positive impact on the SHIB value by reducing the circulating supply. 

The post Shiba Inu (SHIB) Hits Another Major Milestone: Details appeared first on CryptoPotato.

On Sept. 24, Minnesota Representative Tom Emmer took aim at Gary Gensler over his “disastrous record” as Chairman of the SEC. The grilling came during a House Financial Services Committee congressional hearing.

Emmer accused Gensler of expecting political allegiance from SEC staff, including civil servants; however, the SEC chair denied this claim despite email evidence to the contrary.

“The way you hire and the culture you require encourages your staff to have loyalty to you, above the law, and above the mission of the SEC.”

Gary Gensler Under Fire

The lambasting continued with Tom Emmer accusing Gensler of abusing the agency’s enforcement tools.

“You’ve even baited companies eager to comply with you only to hit them with enforcement actions.”

Over the past few years, the SEC has brought legal action against several high-profile fintech and crypto companies, including Ripple, Coinbase, Kraken, BlockFi, Telegram, Celsius, Binance, and others, in its ongoing war on the industry.

“You’ve retaliated against businesses and people who have come before this committee to talk about the next generation of American finance,” Emmer continued.

.@GaryGensler has been the most destructive and lawless SEC Chairman in history. pic.twitter.com/HUV3HVI1FL

— Tom Emmer (@GOPMajorityWhip) September 24, 2024

He mentioned the Debt Box case where the SEC was sanctioned for material misrepresentation in court, noting that this resulted in the agency paying nearly $2 million in legal fees with taxpayer money.

Emmer mentioned Vice President Harris’s reported plans to create clear rules for digital assets, criticizing Gensler’s approach to regulating the industry, citing confusion in the marketplace and numerous court cases.

“Do you think she’s rebuking you because she doesn’t think you’ve done a good enough job establishing these clear rules over the last three years of her administration?” he asked.

Gensler replied with the same answer: laws are already in place, and it is his job to enforce them.

Fabricated Terminology

Finally, the Republican congressman took umbrage at Gensler, making up terms to suit the agency and its heavy-handed approach to the crypto industry.

“And perhaps somehow worst of all you’ve made up the term “crypto asset security.” This term is nowhere to be found in statute. You made it up.”

“You made the broad proclamation that you believe a majority of tokens are ‘crypto asset securities,’” he said before concluding that this was an intentional effort as part of the SEC’s war on crypto and “enforcement crusade” over the past three years.

Tom Emmer, who called for clarity on crypto airdrops earlier this month, wrapped up with this final conclusion:

“Your inconsistencies on this issue, sir, have set this country back. We could not have had a more historically destructive, or lawless, Chairman of the SEC.”

The post Gary Gensler Lambasted as Most ‘Historically Destructive and Lawless’ SEC Chair appeared first on CryptoPotato.

Matt Hougan, Chief Investment Officer of Bitwise Asset Management, has reported a shift in crypto adoption among the country’s top financial advisors.

Reflecting on his speech at the Barron’s Advisor 100 Summit last Friday, Hougan noted that 70% of the attending financial advisors now personally hold cryptocurrency, a noteworthy increase from just two years ago when only 10% to 20% owned such assets.

70% of Advisors Now Hold Crypto

According to him, this shift shows growing confidence in digital assets among the financial elite. “A wave of the most powerful people in finance are finally allocating to crypto,” Hougan wrote in a memo to clients on Tuesday.

The summit brings together the top financial advisors in the U.S. Hougan was invited to speak following the launch of spot Bitcoin exchange-traded funds (ETFs), including Bitwise’s BITB product, earlier this year.

In his speech, Bitwise’s CIO gauged the room by asking how many advisors owned Bitcoin or another crypto asset in their personal portfolios. “Nearly every hand in the room went up,” he noted, estimating that about 70% of the attendees held digital assets.

Having posed the same question at the summit over the last three years, he observed that previous responses were in the 10% to 20% range.

“There’s a very sophisticated technical word that economists use for this kind of year-over-year phenomenon: whoa.”

Client Allocations

Despite this personal interest in crypto, the number of advisors allocating cryptocurrency to client portfolios remains low. “When I asked how many had allocations to Bitcoin in client accounts, very few kept their hands raised,” Hougan observed. This is largely due to restrictions from broker-dealers that do not yet allow advisors to purchase spot Bitcoin ETFs for clients.

However, he believes this will change soon. He explained that advisors typically start by allocating to crypto in their personal portfolios before extending the opportunity to clients. Drawing from his experience at Bitwise, the CIO predicted that “client allocations typically follow 6 to 12 months later.”

The memo also highlighted several bullish factors currently supporting the cryptocurrency market, including the U.S. Federal Reserve’s first rate cut in four years and the SEC’s approval of options on spot Bitcoin ETFs.

He also pointed to the recent approval of these ETFs by one of the country’s largest wirehouses in Morgan Stanley as a sign that the financial infrastructure for crypto is steadily improving. But in his opinion, the raised hands at Palm Beach represented “one of the most powerful signs of the times.”

“Buying a little bit of Bitcoin is incredibly powerful for people,” Hougan noted, explaining that once individuals hold and track the asset, curiosity replaces fear, leading to a deeper engagement with digital assets.

The post 70% of Top US Financial Advisors Now Hold Crypto, Client Adoption Could Follow Soon: Bitwise CIO appeared first on CryptoPotato.

TL;DR

Bittensor (TAO) led crypto discussions on September 23, driven by an 80% weekly surge, while the lesser-known Hamster (HAM) gained attention after its airdrop controversy.

Near Protocol (NEAR) ranked third in trending assets, experiencing a 30% price spike in a week.

What Drives the Interest?

The crypto market started the week on the right foot, with numerous assets witnessing substantial price increases or capturing investors’ attention for other reasons.

Bitcoin (BTC), Ethereum (ETH), and many more leading cryptocurrencies have been at the forefront of gains on a weekly scale, but according to analytics platform Santiment, they did not see the highest increase in discussions on Monday (September 23). The entity estimated that the token topping that ranking is Bittensor (TAO).

The AI-related blockchain protocol has been trending due to the impressive price surge of its native token. TAO is up a whopping 80% on a weekly scale and 100% in the past 14 days, currently trading at around $565 (per CoinGecko’s data).

TAO Price, Source: CoinGecko

The lesser-known altcoin Hamster (HAM) was placed second. The project caught the eye of industry participants after the team promised to distribute a substantial amount of tokens to its community. However, it turned out that the majority of users were not eligible for the airdrop which has caused a huge frustration.

Near Protocol (NEAR) rounded up the top three list. The price of the token spiked by almost 30% in the last week, which could be one reason for the increased interest. According to Santiment, another element is the “excitement surrounding the NEAR community and its activities.”

One such effort is the promotional event called the Olympiad campaign. It includes competitions where participants can earn rewards, such as tokens or trips, by completing tasks like promoting the Near Protocol on social media platforms. The campaign is mainly designed to boost community participation, strengthen the user base, and increase engagement within the ecosystem.

Is TAO Ready for Further Gains?

The asset’s significant uptick was noted by numerous analysts who envisioned this could be the starting point for a more aggressive rally. X user CryptoWizardd predicted that TAO could enter the top 10 crypto club before the end of 2024. Currently, it is placed on the 30th spot with a market capitalization of around $4.1 billion, while the 10th place belongs to Toncoin ($14.1 billion). 

Conversely, Defi_Mochi claimed that “everyone is bullish on TAO because no one actually checks its emissions.” The crypto enthusiast maintained that the asset’s circulating supply will substantially increase within the next year, meaning its price could head south (should demand not catch up with the pace).

Everyone is bullish $TAO because no one actually checks it’s emissions lol.

50% of circulating supply hitting the market within a year.

An additional $2.2B worth of $TAO at current prices will be issued within this H1 (Ends at 16 November 2025) pic.twitter.com/KjXKkQ0rcW

— Defi_Mochi (@defi_mochi) September 24, 2024

TAO’s current circulating supply stands at around 7.3 million tokens, while the maximum it will ever reach is 21 million (just like Bitcoin).

The post Top 3 Most Trendy Altcoins Amid Price Rallies and Airdops appeared first on CryptoPotato.

According to a Sept. 23 report by tech outlet The Information citing ‘people familiar with the matter,’ the blockchain prediction platform is in talks to raise $50 million in funding.

The New York-based company is also considering issuing its own token to run its betting market, with potential funding round investors receiving warrants to buy these coins, according to the report.

Polymarket would use the token “as a way for users to validate the outcome of real-world events.” If it goes ahead, it would be one of the most “high-profile token debuts” since the 2022 bear market, it added.

Polymarket Growth Surges

Polymarket previously raised $70 million in two funding rounds, including a $45 million Series B led by Peter Thiel’s Founders Fund.

The platform is particularly popular for U.S. presidential election betting, with nearly $1 billion staked on this event representing 85% of its volume. It has also been used to bet on Taylor Swift’s engagement prospects and Superbowl Winners.

Kamala Harris’ lead is down to 3% in the odds.

43 days until the election. pic.twitter.com/Ua6UvlAVLK

— Polymarket (@Polymarket) September 23, 2024

The platform uses layer-2 blockchain technology from Polygon and oracle services from UMA Protocol and settles bets in the USDC stablecoin. However, due to regulatory restrictions, Polymarket blocks U.S. IP addresses, though some users reportedly bypass this using VPNs.

US regulators are not happy with the platform, however. CFTC Chairman Rostin Benham has previously warned about offshore election-betting platforms serving U.S. customers, implying potential regulatory action.

Polymarket has seen significant growth, with monthly trading volume reaching $472 million in August, according to Dune Analytics. It is on track to break that record for September, which has already seen $400 million.

Moreover, monthly volumes have surged by 774% since the beginning of this year. Monthly active traders on the platform have already peaked at 64,524 in September.

Crypto Funding Ticks Up

According to DeFiLlama, there was $634 million in crypto funding in August. This represents a gain of 130% over the same month in 2023.

However, crypto venture funding remains down from its peak at the end of 2021, when more than $3 billion was invested in blockchain startups every month.

Two of this month’s larger raises were for DeFi “superapp” LogX, which raised $4 million, and cross-chain liquidity platform Prime Protocol, which raised $1.25 million.

The post Polymarket Seeking $50M New Funding, Plans Token Launch: Report  appeared first on CryptoPotato.

A group of Republican lawmakers, headed by Rep. Patrick McHenry and Sen. Cynthia Lummis, have raised concerns over the Securities and Exchange Commission’s (SEC) approach to regulating crypto custody.

In a letter addressed to SEC Chair Gary Gensler, the lawmakers demanded the agency “rescind” its Staff Accounting Bulletin No. 121 (SAB 121).

Critique of SAB 121

The letter, shared by Fox reporter Eleanor Terrett via an X post, highlights several issues with SAB 121. The Republicans claim that the SEC issued the guidance without consulting key regulators or following the formal rulemaking process, causing confusion and exposing consumers to greater risks.

The rule requires digital assets custodians to recognize a liability and hold a corresponding offset on their balance sheets, valued at the fair market price of their crypto. This method deviates from traditional accounting practices and could put consumers at greater risk by inaccurately reflecting custodians’ legal and economic obligations.

Rescinding SAB 121 is the only appropriate action and well within the SEC’s authority. There is ample precedent for revisiting a staff accounting bulletin.

The letter also cites a decision by the Government Accountability Office (GAO), which ruled that SAB 121 qualifies as a “rule” under the Congressional Review Act, meaning it should have been subject to the formal notice and comment process under the Administrative Procedure Act (APA). Instead, the regulatory body bypassed this process by framing it as staff guidance.

Closed-Door Deals

The GOP legislators also drew attention to confidential consultations between SEC staff and select financial institutions, where exemptions from reporting requirements were granted on a case-by-case basis.

Terrett addressed this in a separate post questioning the SEC commissioners for allowing accounting staff to “pick winners and losers in the crypto custody space” while bypassing the APA and official rulemaking process.

One of the beneficiaries of this treatment is BNY Mellon, which has been identified as the first bank to receive an exemption from the rule. During a public hearing in Wyoming, Chris Land, general counsel to Sen. Lummis, revealed that the SEC had allowed the financial institution to bypass some of the bulletin’s more burdensome requirements.

In 2022, the bank started accepting crypto deposits following approval from relevant authorities. However, as it has been for players in the crypto custodial space, complying with the accounting requirements contained in SAB 121 proved onerous, even as BNY sought to make greater inroads into the crypto market.

“BNY is looking to get more involved in the crypto custody business,” Land said. “They had some problems with SAB 121, and the SEC has apparently given them some kind of variance to move forward.”

The lawmakers seem to have an issue with this act of cherry-picking who gets to avoid reporting the balance sheet requirements. They say it fails to provide any transparency or assurance that SAB 121 is being applied in the same way to different institutions.

They also warned that the SEC’s approach undermines investor protections, as inconsistent application of rules across institutions prevents “enhanced” disclosures.

The post Republicans Request SEC to Rescind ‘Disastrous’ SAB 121, Decry Crypto Regulatory Confusion appeared first on CryptoPotato.

TL;DR

The SHIB community has been warned about fake Treat tokens being promoted by scammers.

The ShibArmy is urged to stay vigilant, verify information through trusted sources, and report any suspicious activity.

Beware of Fake Tokens

The popular meme coin Shiba Inu (SHIB) has one of the largest communities in the crypto world, encompassing millions of investors and proponents. As such, it is no wonder that some members are often targeted by bad actors who come up with original ways to drain their funds.

Shibarmy Scam Alerts (an X account focused on the security of the SHIB community) recently warned “Shibarians, Shibizens, and all members of the wider crypto space” to be extra cautious due to fake Treat tokens that are endorsed by scammers. The team reminded that TREAT is not released yet:

“This is a reminder that some groups are pushing a fake Treat token claiming to be part of the Shiba Inu Ecosystem. Please remember, the official Treat token has NOT been released yet. Any token claiming otherwise is a scam designed to deceive you.”

The working group assured there will be an official announcement once TREAT sees the light of day. In the meantime, the SHIB community should stay vigilant and avoid any interaction with those non-existing tokens.

“If you’re unsure about any information or token, always verify through trusted sources within the Shiba Inu Ecosystem. Stay safe and protect your assets, ShibArmy. Let’s continue to support one another and keep our community secure,” the team concluded.

The Previous Alert

Earlier this month, Shibarmy Scam Alerts warned that some scammers have been misusing the name of Ryoshi to attract attention and thus deceive members within the ecosystem. Ryoshi is believed to be the anonymous creator of the meme coin, with their true identity still a mystery.

“We urge all ShibArmy members to remain vigilant, stay alert, and question anything that seems suspicious. Always verify information through official channels, and if you encounter any fraud or misuse of the Ryoshi name, report it immediately,” the warning reads.

It is worth noting that Ryoshi did not stay in charge for long, passing the torch to another anonymous developer using the nickname Shytoshi Kusama. Not long ago, the latter took part in an interview, wearing a mask and having their voice modulated.

They stated that they have no intention of disclosing their identity, emphasizing that SHIB’s strength doesn’t rely on a small group of people.

Kusama also committed to stepping down by year’s end, handing control over to the community, thus reinforcing the goal of achieving true decentralization.

 

 

The post Watch Out: Shiba Inu Team Issues a Major Warning About This Dangerous Scam appeared first on CryptoPotato.

The yellow metal recently broke past the $2,630 mark, registering a new record high, but Peter Schiff, the well-known gold advocate, is concerned that investors aren’t paying attention.

According to him, the market’s obsession with Bitcoin (BTC) has overshadowed the critical signals gold is sending about the state of the economy.

Schiff Decries Bitcoin Attention

“With so much attention focused on Bitcoin, investors are missing out on gold’s gains and the significance of its rise,” Schiff tweeted on September 23, adding that inflation is poised to escalate due to loose monetary policy.

Often touted as “digital gold,” the number one cryptocurrency has recently seen modest gains. However, the veteran stockbroker remains unimpressed, arguing that the cryptocurrency is far from reaching its previous highs and is continuing to trade in a narrow range.

Additionally, he suggested that the largest cryptocurrency was unwittingly helping cover economic strategy errors allegedly made by the U.S. Federal Reserve. “Bitcoin is the best thing to have happened to the Fed, as it takes the spotlight off gold, which would otherwise expose their policy mistakes,” the trader said.

Despite the BTC critic’s warnings, many in the market see it as a legitimate alternative to gold. For example, in response to Schiff’s assertions, one crypto analyst known only as “Noodles” said that there is a special “accordion-like” relationship between the two commodities. It means that a correction in the precious metal could indicate a rally in the cryptocurrency.

Gold a Better Hedge Against Inflation Than Bitcoin?

The crypto detractor is adamant, though, that BTC is not a good hedge against inflation because of its volatility and speculative nature. He noted that while gold has been on track for its best year since 1979, the crypto asset has yet to retest its previous all-time highs.

Gold is rising not just because of the inflation the Fed created in the past, but in anticipation of the much greater inflation the Fed will create in the near future.

In his opinion, cryptocurrency is more of a distraction than a solution. The proponent of free markets has urged investors to pay closer attention to the historical significance of gold’s movements.

This is not Schiff’s first attempt to downplay BTC. However, the founder of Euro Pacific Capital has a patchy record when it comes to his BTC predictions.

In May, he claimed that spot Ethereum ETFs would be bad for the trillion-dollar crypto as investors would use their BTC allocations to buy into the ETH ETFs. At that time, Bitcoin was trading above $70,000, which at the time was the highest level it had been at in six weeks.

Another time, he referred to BTC as “fool’s gold,” following the coin’s stumble in the market as it reacted to geopolitical tensions between Iran and Israel.

The post Peter Schiff Questions Market’s Bitcoin Obsession as Gold Hits Record Highs appeared first on CryptoPotato.