News sources report that a user on X has posted a favourable prediction that Bitcoin is allegedly on its way up for an indefinite amount of time. The post comprised a hyperbolic graph, indicating extraordinary growth for Bitcoin. This gained massive traction as more Bitcoin enthusiasts joined the clan of Bitcoin’s seemingly bright future. However, Peter Schiff has issued a warning to people asking them to sell Bitcoin after this. 

Peter Schiff’s Criticism of Bitcoin

Peter Schiff is a dominating critic of Bitcoin who promptly responded to the post. Schiff reportedly said that posts like these give yet another reason to sell Bitcoin. His comment gave way to an animated discussion with several netizens joining in. In reply to Schiff, the original poster referred to a 2018 tweet from Schiff, where he cautioned against buying Bitcoin at $3,800, saying it would fall even further.

Schiff’s forecast, obviously, did not come true, as Bitcoin’s worth has exponentially increased since then. It was supposedly deduced that Schiff’s constant disapproval of Bitcoin might not always be based on accurate market research. Instead, it seemed like he just wanted the limelight, sources report. 

Schiff has been found to be one of the most avid critics of Bitcoin in the past years. He often states that gold is a more dependable store of value. While many believe in Schiff’s understanding of the financial world, some argue whether his aversion to Bitcoin is solely based on market analysis. Critics reportedly state that he may be channelling Bitcoin’s fame to drive his social media presence rather than giving well-researched learnings.

Why Peter Schiff Urges You to Sell Bitcoin Today

Regardless of his repeated criticisms, Bitcoin has continued to grow, and those who overlooked Schiff’s warnings in 2018 have supposedly come across huge returns on their investments. This further solidifies the controversial idea of whether Schiff’s opinion on Bitcoin is derived from concern or is a mere feat to stay relevant in the current debate between Bitcoin and gold.

Quite intriguingly, sources alleged that Schiff had formerly admitted that if he knew about Bitcoin’s price hiking up, he might have bought the crypto. This statement makes his stance doubtful and difficult to believe.

Impact of Schiff’s Warnings

Even with Schiff’s warnings, Bitcoin’s value has exponentially inflated. His suggestion in 2018 to not buy Bitcoin did not come close to true when several people who did not believe his suggestion reportedly made sizeable gains. This scenario highlights the possible risks of trusting market predictions too blindly, especially when it comes to assets as unpredictable and dynamic as cryptocurrencies.

Whether Schiff is right or wrong in his current aversion, one fact remains that his comments consistently spark a debate within the cryptocurrency community. His voice resonates in the market despite the increasing number of people who choose to sell Bitcoin and those who remain undeterred in their belief in its potential.

To Sell or To Not?

The avid argument between Bitcoin and gold as the superior store of value keeps on aggravating with the passing day. While Schiff remains persistent in saying that gold is a more secure investment, Bitcoin enthusiasts argue that cryptocurrency gives unique advantages that make it a better long-term asset. Schiff’s advice to sell Bitcoin often meets opposition from cryptocurrency advocates who believe it could redefine the financial landscape.

Why Peter Schiff Urges You to Sell Bitcoin Today

Conclusion

Peter Schiff’s argument against Bitcoin is quite famous, and his critiques often gain traction, fueling debate in cryptocurrency and financial communities. Sources suggest that his persistent suggestions to sell Bitcoin may not always be driven by market realities, as seen in his 2018 prediction, which failed to materialize. Regardless, Schiff’s hold cannot be ignored, as his opinions continue to start conversations about Bitcoin’s future. Whether his opposition comes from unbiased concern or is only there to keep him relevant, his voice remains a leading one in the crypto discourse. Learn more about Bitcoin price predictions with TheBITJournal. 

 

South Korea is to Strengthen CBDC Testing in December 2024. But, in what appears to be South Korea finally putting up some dukes in the bitter fight for Central Bank Digital Currency (CBDC) supremacy, the Asian powerhouse is set to begin a trial of the digital currency product with the country’s central bank The Bank of Korea (BOK) at month-end March 12th couple of years from now i.e. The test will permit citizens to pay at domestic stores and convenience stores with the CBDC token, through this trial 100,000 participants will be enabled. The move showcases South Korea’s increasingly open-minded approach to overhauling finance in line with an era of digital economy.

CBDC Token At Supermarkets

A Leading-edge CBDC Initiative

The Bank of Korea’s CBDC Token trial emerges as remarkable progress in the nation for entering into digital currency. The pilot will be conducted by six lenders starting in December. These banks will turn customers’ deposits into digital tokens that can be spent at specific retailers. This test will record the capacity of a CBDC introduced to replace or enhance the current process in which banks hold deposits at the central bank for transactions and settlements.

The test isn’t just limited to supermarkets, with partnerships completed at convenience stores as well for integration within everyday life. This new process may improve the efficiency concerning payments and could even serve as a cash/credit card/Debit Card Alternative. In addition, the CBDC tokens will act as a voucher by which customers can purchase goods but meanwhile also serving as testing tools for the central bank to monitor and assess the suitability of this system in actual application.

Retailers and Banks on Board

Among other retailer partnerships, the trial will see NH Nonghyup Bank include its affiliate Hanaro Mart in the project. Some other banks are hashing things out with a few major supermarket and convenience store chains to have all systems straightened out until CBDC is in place. Trust is a key consideration, as the technology needs to work seamlessly at point-of-sale terminals, and collaboration is important.

The Bank of Korea will also pilot the use of digital tokens for cross-border payment systems. The scheme is part of Project Agora, a global project where six major Korean banks are interested in tokenising international transactions. If successful, the component of the trial could help streamline and reduce costs in how cross-border payments are made.

CBDC’s Launch At Supermarkets In December

Project Goals and Broader Implications

The experimentation with this CBDC has focussed on determining if CBDC tokens can deliver a more efficient and secure option relative to what currently constitutes the financial infrastructure. While this will only be limited to commercial banks, the Bank of Korea looks to modernize payments and settlements as well as transactions by issuing wholesale CBDC, which will then be converted into deposit tokens for participants. A Move towards smoother and more transparent financial operations that, as a corollary, will be cheaper in the case of fraud or process​ inefficiency.

However, a Bank of Korea official said, “Although it may seem to have been slightly late from the prospectus, we are making preparations to initiate a pilot for the CBDC with 100 thousand deposit tokens as early as the end of this year,” and that it is significant in world terms. This comment shows how important this case is not only to South Korea but to the financial community worldwide.

South Korea’s Supermarkets

Building Bridges to a High-Tech Future

South Korea still plans to trial CBDC tokens in supermarkets and convenience stores with everyday consumers, and the experiment will validate how central bank digital currencies can impact the financial industry. The Bank of Korea pilot program is one of the most significant to date, and by extension, its findings could offer an important harbinger for the future of money. Whether or not this ends up successful, the fact that a CBDC could potentially replace current payment systems and bring a more secure, faster and transparent option for both consumers and businesses alike is worth noting.

The contribution of this pilot goes well beyond South Korea in that the Bank of Korea partners with other countries as part of initiatives such as Project Agora, aiming to create new international payment systems. This trial could potentially influence other countries to rethink their digital currency initiatives and set the stage for more widespread adoption of digital currencies.

With the whole world closely watching, will the CBDC Token trial unabashedly be a new level in the history of digital payments and financial systems in years to come?

Stay tuned to TheBit Jouranal.

Bitcoin miners are grabbing new opportunities to boost their earnings by getting connected with Fractal Bitcoin’s sidechain merged mining. In recent times, Fractal Bitcoin’s FB token has crashed by 61.9% of its all-time high, but mining pools benefit highly from collaborating with the Bitcoin network.

According to crypto sources, a relatively new blockchain protocol, Fractal Bitcoin, benefitting from merged mining, which utilizes the hashrate of Bitcoin to mine for FBC, remains rewarding for miners. Although concentrating exclusively on Bitcoin mining is still considered an unfavourable period, recent data have shown that the network has been mining a hashrate of 226 exahash per second (EH/s) of Bitcoin.

Fractal Bitcoin’s Growth and Token Dynamics

Fractal Bitcoin protocol is seeking the attention of Bitcoin miners with the feature to merge hash power from the Bitcoin blockchain. The sidechain currently has 226.19 EH/s of mining power for permissionless mining pools like Antpool and the predominant F2pool. These pools have realized this potential for extra income, earning them handsome profits in the process.

Bitcoin Miners

The hashpower distribution reveals that Antpool contributes 82.34 EH/s to Fractal Bitcoin, while F2pool gives 25.48 EH/s. Other recognized participants, such as the Spiderpool, have also entered the competition and committed 7;72 EH/s to the network. Altogether, the mentioned activities resulted in the creation of 40,354 Fractal Bitcoin blocks and the initiating circulation of approximately 2,068,925 FB tokens.

At the moment, they estimate that one FB token is equal to $12.91, even though in the past, it reached the maximum of $38.80 only six days ago. This reduction, however, has significantly brought down Fractal Bitcoin’s market capitalization to $26.8 million, and the token is ranked 674 in the entire cryptocurrency market.

Bitcoin Miners Benefit From Fractal Bitcoin’s Extra Revenue

To the miners, Fractal Bitcoin has been a great addition to another form of income source apart from the subsidy from the surface area of the Bitcoin. Every block in the Fractal Bitcoin creates between 32 and 34.5 FB tokens, which will cost almost $495 per block based on the current market rate. This additional cash flow comes at the backdrop of challenges arising from declining Bitcoin mining profitability because of the harsher conditions set in mining activities and competition within the network.

Bitcoin Miners

Among the biggest MINING POOL beneficiaries of this additional revenue is, therefore, F2pool, which possesses a wallet with a value of $388,000 in Fractal Bitcoin tokens amounting to 30,128.73 FB. The F2 mining pool also has another wallet containing 10,318.35 FB, which is equivalent to $150,000. Similarly, Antpool is benefiting as one of its addresses gets the coinbase reward of 22,922.6 FB; it is equivalent to $335,000 in today’s value.

Price Volatility Doesn’t Stop Bitcoin Miners

However, the situation does not seem to discourage the mining pools, as the price of FB tokens has dropped by 61.9% of its all-time high. March 15, 2022, the FB token had hit a high of $38.80. On September 15, 2024, the FB token value was high in the morning at $38.80 but by the following day dropped to $12.91 just after 6 days. Despite this significant decline, the overall trading volume of FB tokens has been approximated within the last 24 hours to be $18.79 million, which is 0.03523% of the total crypto market volume of $53.352 billion.

It is quite peculiar to observe how the FB tokens are distributed in different wallets: At the moment, 32.3% of the general FB tokens which make up the circulating supply are located in 5 different wallets, out of which 1 wallet has 15.7% of the general FB tokens. As this high concentration might be alarming for some, the constant attention of the mining pools indicates that the profitability of mining Fractal Bitcoin, at the moment, can compensate for the fluctuations in the token’s price.

Another factor that may have an impact on mining sidechains is the high volatility that often comes with tokens, particularly when young.

Final Takeaway on Bitcoin Miners

Fractal Bitcoin is a relatively new company in the mining ecosystem and has gained prominence by providing BTC miners with the opportunity of an additional source of income in the sidechain. Even while the price of its native token is falling rapidly, there are large mining pools like Antpool and F2pool interested in mining XRP for extra income. While the climate of the blockchain industry remains dynamic, Fractal Bitcoin could represent a model for miners within a scenario where they engage in multipronged operations across several networks. Keep following TheBITJournal and keep an eye on Bitcoin miners’ activity.

The approval of the crypto exchange Quidax license marked a historic moment for crypto as the Nigerian government reversed its anti-crypto move.

After the depreciation of the Nigerian currency, the government brought in remedies to reinstate financial credibility within the region. These included authorizing enforcement action for non-compliant exchanges and businesses.

Leading crypto exchanges Path Binance out of the market and others decided to work with legislation.

Nigeria Approves Quidax License

Months after a crackdown on the non-compliant crypto exchange, the West African country greenlighted an in-principle license to the local exchange Quidax. The approval of the Quidax operating license demonstrated that the local government had reversed its decision to clamp down on crypto operations.

However, to become the leading crypto epicentre in Africa, the government agreed to embrace a pro-crypto move to support the growth of digital space.

In an exclusive interview, the chief executive of Quidax, Buchi Okoro, highlighted the benefits of receiving the in-principle license. The executive confirmed that the approval of the Quidax license aligns with the government’s objective of promoting financial inclusivity.

However, Mr Okoro advised the government to develop a comprehensive framework for digital assets to foster growth in the crypto industry. The CEO explained that amending the crypto rules would allow the local authorities to take complete charge of digital space.

Reflecting Quidax’s journey to comply with the country’s Securities and Exchange Commission (SEC) requirements, the CEO admitted that the exchange actively collaborated with the market regulators. 

Okoro added that Quidax’s position in the West African market made it easy for the regulators to approve its license. 

Factors Undermining the Growth of the Nigerian Crypto Market

However, Okoro noted that crypto adoption in the region had plummeted due to a lack of clear rules. He urged young adults in the region to be open to innovation and emerging technologies such as crypto and blockchain technology. 

In an interview with the Bitcoin.com News, Okoro reflected on the country’s incredible crypto journey. He recalled that sometimes the government restricted Deposit Money Banks (DMBs) from facilitating crypto transactions. Okoro noted the recent impact of Nigerian authorities clamping down on crypto exchanges to protect consumers from exploitative business activities. 

The executive explained that the prohibitive measure safeguards the Nigerian government’s interests. However, as the crypto sector evolves, Okoro noted that the government has embraced public dialogues to understand crypto concepts better. 

He noted that the Nigerian regulators are abandoning restrictive measures to support the crypto industry’s growth. Okoro admitted that the crypto sector has not been perfect, even in offshore markets such as the US and Europe.

He remained optimistic that the country will witness mass adoption of digital assets through collaboration and the development of clear rules. Leading the best-performing exchange in West Africa, Okoro admitted that crypto adoption has been on the rise due to the benefits offered by this asset. 

The CEO noted that some are embracing crypto as a measure of value while others are a source of generating income. He believes crypto will promote financial inclusivity in Sub-Saharan Africa, where traditional financial products are no longer accessible.

Quidax Reveals Next Move

Moreover, Okoro told the Bitcoin.comNews that the crypto market offers unmatched opportunities to businesses and the government. The executive urged the government to develop clear crypto rules to tap into unrealized economic opportunities. 

The CEO admitted that Quidax had focused its operation in Sub to deliver quality goods and services to the people of West Africa. As Quidax seeks to deepen its roots in the vibrant Nigerian crypto market, Okoro confessed that the exchange has actively supported the government. 

For the last six years, Quidax has focused on meeting the customer’s needs and boasts of having a track record of integrity. Okoro admitted the approval of the license demonstrated Quidax’s commitment to providing customers with cutting-edge solutions. 

He explained that Quidax offers customers a seamless platform to exchange crypto with fiat currency. The Quidax team also supports crypto swapping and order book transfers. For more updates on Nigerian crypto regulation, follow  The Bitjournal.

As Bitcoin continues its recovery efforts, analysts in the cryptocurrency market are increasingly turning their attention to meme coins, known for their volatile and speculative nature. Despite the risks, some meme coins offer significant profit potential. In a recent analysis, the prominent cryptocurrency analyst Ansem has shared his top 10 meme coins, highlighting those with the potential for substantial returns. This list signals promising investment opportunities in the meme coin sector, which is known for its rapid gains and high risk.

Ansem’s Top Meme Coin Picks

Leading Ansem’s list is Dogwifhat (WIF), the largest meme coin on the Solana blockchain with a market capitalization of approximately $1.7 billion. According to Ansem’s projections, WIF could see a massive leap, with a market cap reaching up to $100 billion. This would firmly establish WIF’s leadership in the meme coin market.

Following closely is Mogcoin (MOG), currently valued at $460 million and ranking 12th among meme coins. Ansem expects MOG to experience significant growth, potentially reaching a $50 billion market cap—a 100x increase. In third place, Cat in a Dogs World (MEW) stands out with a market cap of $450 million, and like MOG, it could grow to $50 billion, according to the analyst’s forecasts. MEW has already gained considerable attention among crypto enthusiasts.

The fourth coin on the list is Gigachad (GIGA), with a market value of $195 million. Ansem predicts GIGA could surge to a $50 billion valuation, representing an impressive 250x growth. In fifth place is Michi (MICHI), currently valued at $85.5 million. However, Ansem believes MICHI could grow to a $10 billion market cap.

Ansem’s top 10 Memecoins Conviction List$WIF $1.7B | target: $100B$MOG $460M | target: $50B$MEW $450M | target: $50B$GIGA $193M | target: $50B$MICHI $88M | target: $10B$MOTHER $70M | target: $5B$SCF $42M | target: $5B

other ones are microcaps https://t.co/ktZwExeShI

— Ansem (@blknoiz06) September 23, 2024

Rising Stars and Hidden Gems

In sixth place is Mother Iggy (MOTHER), launched by Australian rapper Iggy Azalea, with a market capitalization of $71 million. Ansem sees significant potential here, projecting a $5 billion valuation. Smoking Chicken Fish (SCF), the seventh coin, starts at a smaller $44 million valuation, but Ansem is optimistic about its future, predicting it could reach $5 billion.

Interestingly, Ansem chose to keep the last three meme coins on his list a secret, citing their small market caps and extreme volatility. He warns that these coins pose significant risks for investors and advises caution.

Meme Coin “Super Cycle” on the Horizon?

Despite the inherent risks of the meme coin market, some analysts foresee major opportunities ahead. Industry expert Murad predicts that a “meme coin super cycle” could occur as early as 2024, driven by historical market trends and investor sentiment. However, while meme coins can offer high rewards, the risks are equally substantial. Statistics show that 97% of meme coins fail shortly after launch, underscoring the importance of careful consideration when investing in this sector.

Alvin Kan, COO of Bitget Wallet, shared insights into the speculative nature of meme coins, emphasizing that many are launched to capitalize on short-term hype. Kan advises investors to be cautious and implement robust risk management strategies, only investing what they can afford to lose. Additionally, he stresses the importance of balancing excitement with a practical, level-headed approach to market fluctuations.

While the meme coin market presents substantial potential for high returns, it also comes with significant risks. Investors should prioritize careful risk management and remain cautious amid the speculation surrounding these coins. With analysts forecasting both opportunity and danger, navigating the meme coin space will require prudence and attention to market signals.

The crypto world continues to experience exciting developments. The latest announcement that caught investors’ attention comes from the 4E platform, which made an important announcement regarding UNI coin, RENDER, and other cryptocurrencies. Additionally, RabBitcoin (RBTC) has been listed on multiple exchanges, causing significant movement in the crypto market.

4E Platform Lists UNI Coin and 10 Other Altcoins

On September 23, the 4E platform, known for its crypto and derivatives products, announced that it will be listing 11 new crypto assets. These include 1000BONK, DYM, TIA, ENA, UNI Coin, INJ, CRV, STX, ZRO, PEOPLE, and RENDER. Starting from September 25, 4E will enable USDT-based perpetual contract trading for these assets. With this addition, the platform now supports contracts for 47 popular cryptocurrencies and offers leverage of up to 125x, allowing traders to take both long and short positions.

The 4E platform provides six main functionalities, including limit and market orders, full and position-based modes, preset take-profit and stop-loss points, and one-click position closing, making it a versatile option for investors.

RabBitcoin Gains Multiple Exchange Listings

Beyond UNI coin, another notable development in the crypto space involved RabBitcoin (RBTC). As of September 23, RBTC has been listed on major exchanges including MEXC, KuCoin, BingX, and Gate.io. This wide-scale listing demonstrates the growing interest in RabBitcoin, as it began trading against USDT pairs across these exchanges.

This multi-exchange listing, which started at 8:00 UTC on September 23 on MEXC and KuCoin, was later followed by BingX and Gate.io. With RabBitcoin reaching a broader global audience, investors are also looking forward to the coin’s future projects and partnerships.

Additional Altcoin Listings in Play

Alongside UNI Coin and RabBitcoin, many other cryptocurrencies have made their way onto various exchanges on September 23. Coins like Epep (EPEP), Dent (DENT), Dor (DOR), Kitten Haimer (KHAI), Neiro (NEIRO), Undeads Games (UDS), and Catamoto (CATA) have been listed on platforms like BitMart, MEXC Global, AscendEX, and Bitrue. These listings expand the portfolio available to crypto investors, especially with the inclusion of gaming-focused tokens like Neiro and Undeads Games, which are gaining traction in the NFT and gaming sectors.

For more updates on altcoin listings, stay tuned to The Bit Journal.

At TOKEN2049 one of the largest cryptocurrency events in the world, held in Singapore, an unsavoury incident happened that caused heated discussions within the community. As per media sources, Controversy began when the Australian rapper Iggy Azalea openly dissed Ethereum co-founder Vitalik Buterin for his spontaneous singing in what can be considered as two entirely different universes—hip hop and blockchain.

Although she didn’t call Vitalik Buterin by name, her words were quite direct. “I don’t complain about watching you all mumble around on conference stages singing songs about crypto or other loser s— I’d be embarrassed as f— to post,” Azalea said on her social media, which is a clear reference to Buterin’s performance.

Iggy Azalea and Vitalik Buterin Recent Spat

Azalea Defends Her Las Vegas Crypto Event

The rapper made the comment recently after her own crypto-themed party in Las Vegas was met with controversy. The live performance that took place in order to popularise Azalea’s meme coin, **MOTHER**, and her new casino project, Motherland, stirred controversy in multiple realms of the crypto space.

As for the criticism, Azalea, who is known in real life as Amethyst Amelia Kelly, took several shots at the bashers on Twitter. Many have also questioned how she managed to get an invite to the event; she tweeted, “You’d cry if you knew who was in that building”. I also stood up for my activities in the cryptocurrency market, stating that I am equally qualified to promote my projects as everyone else.

Iggy Azalea and Vitalik Buterin Recent Spat

Her meme coin, **MOTHER**, has fluctuated a lot since it began trading in May 2024. Its value, which first rose to more than 1400% within the first week, has since receded more than 70% from its peak point. Still, the coin registered a growth of over 22 per cent popular by the attention generated by Azalea’s event and her social media posts, as retrieved from crypto sources.

Iggy Azalea Prefers Solana Over Ethereum

However, it did not end with ridiculing Vitalik Buterin’s performance, where Azalea also took the time to share her opinion about Ethereum. She also chose Ethereum and attacked it by stating that she uses Solana much better for performance reasons and for retail growth. Azalea recalls informing a “tradfi guy” of his intention to invest in Solana instead of Ethereum while on a flight.

To further cement her stance for the Solana ecosystem over Ethereum, Azalea tweeted that their network is better at dealing with congestion. For instance, she took a screenshot of a Google search that read that Solana had a more efficient network than Ethereum, a fact she used to support the use of the Solana blockchain.

Iggy Azalea and Vitalik Buterin Recent Spat

Some of this support might come from the fact that the rapper is a supporter of the Solana ecosystem because her meme coin is the **MOTHER** token which is on the Solana network.

Crypto Community Divided Over Celebrity Involvement

The event has somehow reignited the now-familiar discussion about celebrities in cryptocurrency investment. Some people in the crypto world supported Azalea, but others expressed doubts. Take, for example, when Andrew Saunders, the Chief Marketing and Growth Officer for Skale, a blockchain that uses Ethereum Virtual Machine (EVM), said the following: “I am from Hollywood, and I would never invest in a celebrity memecoin, and you are going to get dumped on,” Saunders told crypto media outlet during TOKEN2049.

However, even senior people like Vitalik Buterin have also opined that celebrities have no business investing in the crypto market. Earlier in June, he voiced his concern on X.com (formerly Twitter), writing: Well, I must say that I am quite unhappy about this cycle’s celebrity experimentation so far. What can we do to make things better?

Iggy Azalea and Vitalik Buterin Recent Spat

Despite her beef with Vitalik Buterin, which potentially led people to focus on the rapper’s activities in the field of cryptocurrencies, the rapper’s words have contributed to the emergence of a discussion related to the participation of celebrities in the formation of public opinion within the cryptocurrency industry.

Final Take on Iggy Azalea and Vitalik Buterin’s Recent Spat

This article also brings an example of the conflict between Iggy Azalea and Vitalik Buterin, which shows the difference in working between celebrity and global blockchains. Although Azalea’s comments have been met with some reception in the crypto community, there are issues with increasing celebrity participation, especially in an industry primarily associated with technicality. Continued discussions about celebrity endorsements and their outcomes have one point—that is, cryptocurrency is still a very risky business, even for influential personalities. Keep following TheBITJournal and keep an eye on the latest crypto updates and developments.

Interest in crypto asset investment products continues to rise as capital flows into the market, especially following the recent Federal Reserve rate cut. According to the weekly crypto asset flows report by CoinShares, a total of $321 million was invested in Bitcoin and altcoin products this week. The U.S. Federal Reserve’s decision to cut interest rates by 50 basis points was a key factor behind this significant increase.

Bitcoin and Short Bitcoin Lead the Way

Bitcoin led the pack, attracting $284 million in new investments, making it the most favored crypto asset among institutional investors. Recent price volatility has also driven investors towards short Bitcoin positions, with $5.1 million flowing into short BTC products. The interest in these products reflects a cautious approach by investors looking to hedge against market fluctuations and minimize risks in an uncertain environment.

Ethereum Sees Five Straight Weeks of Outflows

In contrast to Bitcoin’s inflows, Ethereum has seen continued outflows for five consecutive weeks. Last week alone, Ethereum products experienced $29 million in outflows. This is largely attributed to ongoing withdrawals from the Grayscale Trust and weak demand for newly launched exchange-traded funds (ETFs). The declining interest in Ethereum raises questions about its long-term future. However, Solana has seen a steady inflow of $3.2 million, highlighting growing interest in alternative cryptocurrencies and Solana’s potential as an investment.

Regional Differences in Fund Flows

Fund flows into crypto asset products varied by region. The United States attracted the most capital, with $277 million in inflows, followed by Switzerland, which recorded its second-largest weekly inflow of the year at $63 million. However, Germany, Sweden, and Canada all saw outflows, with $9.5 million, $7.8 million, and $2.3 million leaving their respective markets.

These regional differences reflect how local market conditions and investor sentiment can vary significantly. While the U.S. and Switzerland continue to attract investors, other European regions are taking a more cautious stance.

As noted by The Bit Journal, these fund flows demonstrate both the growing interest in the crypto market and the shifting dynamics between various regions and investment products.

Large-scale whale transactions in blockchain-based projects often trigger significant market fluctuations. Recently, two major whale movements involving Illuvium (ILV) and Ethereum (ETH) have caused considerable price drops in these altcoins. Following these transactions, ILV saw a sharp decline, while the Ethereum Foundation’s sales also sparked notable volatility in ETH prices.

Whale Movement Affects Illuvium’s Price

In the past few days, Illuvium’s native token ILV experienced a price drop of more than 7% following a whale transaction. According to TradingView data, ILV’s price plummeted from $40.25 to $37.14 within minutes, marking a 7.7% decline. This drop is believed to be directly linked to a whale transaction reported by the on-chain analysis platform Lookonchain. The whale, known as Luggis.eth, withdrew 70,764 ILV (roughly $2.86 million) and sold 40,000 ILV (about $1.54 million), causing short-term volatility in ILV prices.

luggis.eth withdrew 70,764 $ILV($2.86M) from #Illuvium and dumped 40,000 $ILV($1.54M) 45 mins ago, causing the price of $ILV to drop by ~7.8%.

luggis.eth still holds 221,046 $ILV($8.25M).https://t.co/HcnYOc5xcl pic.twitter.com/MH7Khygb2J

— Lookonchain (@lookonchain) September 23, 2024

Despite the recent sell-off, the whale still holds a significant amount of ILV. Etherscan data shows that the whale’s wallet contains 221,046 ILV, valued at approximately $8.2 million. The market is now watching closely to see if this whale or other large investors will take similar actions, as whale movements typically have a profound impact on the market. If more whales reduce their positions, ILV could face further fluctuations.

Interestingly, this is not the first time Luggis.eth has caused turbulence in ILV prices. In June, the same whale sold $2.72 million worth of ILV, resulting in a 5% price drop. These large sales raise questions about investor confidence in the project and continue to draw attention from market participants.

Ethereum Foundation’s ETH Sales Continue

In addition to the Illuvium whale transaction, the Ethereum Foundation’s recent sales have been a critical factor in the market. On September 23, on-chain data revealed that the foundation completed a sale via the CoW Protocol, offloading 200 ETH (worth around $530,000). While this did not immediately impact Ethereum’s price, the Foundation’s increasing sale activity has sparked concern among market participants.

The same day, the Ethereum Foundation sold another 100 ETH, valued at $264,500. In total, the foundation has sold 1,050 ETH in September, with a total value of $2.53 million. These sales occurred at prices ranging between $2,301 and $2,645.

Market Reactions to Ethereum Foundation’s Sales

The Ethereum Foundation’s ongoing sales trend has been viewed by some as a potential factor for creating downward pressure on Ethereum’s price. While it is not uncommon for projects to sell their own tokens, these actions can erode investor confidence and cause price volatility. However, with a project as established as Ethereum, the market impact is typically more limited and short-term.

As reported by The Bit Journal, these developments have raised questions about how the market will react to further large-scale transactions. Investors are keeping a close eye on both Illuvium and Ethereum, anticipating possible price movements in the near future.

The crypto-based online travel platform Travala took a big step by integrating Solana into its payment system, allowing users to save on flight bookings, hotel bookings, and much more using SOL, USDT, and USCD tokens. Known for prioritizing the use of cryptocurrencies, the move expands Travala even more but will further entrench its place in Decentralized Finance (DeFi). As the initial step in a series of strategic moves, this partnership with Solana’s blockchain will offer increased speed, scalability and a reduction in cost.

Travala’s integration of Solana

Solana Integration Fuels Travala’s Growth Strategy

With their latest integration with Solana, Travala has proven they are far from finished in expanding what the company has to offer. Solana’s blockchain completes the travel trifecta with high throughput and low fees that make payments easier and massively scalable transactions to support a growing user need — all matching Travala.com’s vision of frictionless travel booking experiences powered by digital currency. “Solana’s scalability and efficiency will be huge factors in Travala expanding to new audiences,” said Travala CEO Juan Otero at the Solana Breakpoint event in Singapore. This integration marks an important step in bringing more emerging technological advancements to the surface of our lives and ultimately enabling more mainstream cryptocurrency payments.

Thanks to its ability to send transactions faster and cheaper than most other blockchain platforms, Solana is quickly becoming one of Travala’s blockchain networks of choice as it gears up for a new growth phase. On the other hand, Travala enables users to deposit and withdraw SOL, USDT, and USDC on the Solana network for a seamless travel journey at low costs for crypto users. This enables users to book accommodation with zero fees, incentivizing more crypto travel enthusiasts to use Travala natively.

Travala’s Loyalty Program Offers 10% in SOL Rewards

The upgrades to Travala’s loyalty program come as part of the Solana integration, allowing its users to earn up to 10% travel rewards in SOL. It is part of Travala’s suite of initiatives to promote the use of cryptocurrency for travel bookings. Previously integrated into Ethereum and BNB Chain, the AVA token by Travala is expanding its multi-chain presence with Solana.

Many would argue that a loyalty program of this nature is a game changer for Travala users, providing a clear reason for crypto holders to activate and utilise the platform as much as possible. Otero added, “This promotion serves as a fantastic offer to incentivise Travala users and increase the exposure of Solana and AVA through promotions on the Travala platform.

The goal is not only to provide rewards but also, through integration, to motivate and demonstrate to consumers that cryptocurrency can also be an efficient method of payment when it comes to everyday transactions such as booking flights or hotels. It is all about making crypto payments to be as easy as, or even better than, normal electronic payment mechanisms… but with extremely low costs and speed of processing.

Partnership with Skyscanner Broadens Travala’s Reach

This integration with Solana is one component of their larger strategic vision for hybrid blockchain projects and the move to make AVA a first-class citizen on both networks. A major development for future growth, Travala has integrated with Skyscanner — one of the world’s largest travel marketplaces with over 110 million monthly users, including many first-time cryptocurrency users. By joining forces with this machine, Travala will be able to offer its customers access to its own arsenal of 2.2 million hotels. The relationship even includes the top online travel companies (OTAs) – such as Expedia and Booking.com, which will showcase Travala to travellers around the globe.

“Collaborating with Skyscanner is a proud moment for us,” Otero told TNW. “Integration opens the door for crypto payments to expand broadly within the travel. We want to take play a role in making travel more accessible and convenient by allowing global travellers to utilise their digital assets when booking things like the holidays of their dreams.

Users of Travala can book to stay with more than 100 cryptocurrencies, including Solana’s native token SOL – a new service complimenting an already extensive list of payment options on the platform. This sets Travala apart as one of the top payment options in the crypto travel industry.

Travala’s integration of Solana

A New Era of Crypto Travel with Solana

The integration of Travala and Solana is not only a technological upgrade but it marks the user’s perspective from which they have seen and used cryptocurrencies. With Solana’s technology, Travala wants to make a faster and more efficient way for travellers all over the world to use crypto on their next booking.

Travala CEO Juan Otero commented: “The addition of Solana to the Travala multi-chain universe, including Ethereum and BNB Chain, also underlines our commitment to deliver flexibility and choice for all travel bookings.” This is one strategy of Travala to mainstream crypto payments among all other industries aside from travel. According to Otero, “We are leading the way for the future of travel by offering cryptocurrency as a preferred option. “With Solana integration, we are one step closer to fulfilling that vision.”

In a nutshell,  the innovative as well as practical combination of Travala-Solana collaboration. This partnership with Travala is part of Solana‘s role in future plans to provide benefits to users and the travel industry. From zero-fee transactions to earning 10% of your SOL back in travel rewards and backed by global partners, including Skyscanner, Travala is now leading the way in how people book their holidays online.

This is a sign of the maturity of crypto and its potential in real-life use cases beyond just trading for speculation. Travala is powering full speed towards the future of crypto adoption and tourist experiences with its powerful toolset. Stay tuned to TheBit Journal for more.

Bitcoin (BTC) has recently made headlines once again, experiencing an 8.5% rise in the past few weeks, bringing its price to $64,000. The big question is, will Bitcoin’s upward trajectory continue into the fourth quarter? Some analysts predict that BTC could see a 171% increase, pushing the price to a staggering $172,800. In this article, we explore Bitcoin’s potential Q4 performance and the factors driving this surge.

Will Bitcoin Peak in the Fourth Quarter?

Following the U.S. Federal Reserve’s 50 basis point rate cut this month, all eyes are on Bitcoin’s fourth-quarter performance. After the halving event, BTC fluctuated between $50,000 and $70,000. Now, with the Fed’s liquidity measures, could a major rally be on the way for Bitcoin?

Renowned crypto analyst Ali Martinez has examined Bitcoin’s Q4 performance following halving events in 2016 and 2020. During Q4 of 2016, Bitcoin saw a 61% increase, while in 2020, it surged by 171%. If BTC follows a similar pattern this year, it could reach between $100,000 and $172,800. To see this rally, however, Bitcoin must break through the critical $65,000 resistance level. As of now, BTC is trading at $63,549 with a market cap of $1.255 trillion.

#Bitcoin gained +61% in Q4 of 2016 and +171% in 2020. Interestingly, 2024’s price action so far mirrors both years—could history be repeating itself? pic.twitter.com/M6KxT0unE0

— Ali (@ali_charts) September 23, 2024

Factors Supporting Bitcoin’s Price Increase

Several factors are driving Bitcoin’s potential rise. According to a recent report by 10X Research, the market is seeing notable improvements. The report highlights an increase in stablecoin issuance and a rise in leverage use in the futures market, both of which could boost Bitcoin’s price. However, BTC needs to hold above $65,000 to secure a significant breakout.

On-chain metrics are also flashing positive signals. Institutional investors have shown renewed confidence in Bitcoin. For instance, MicroStrategy recently purchased $450 million worth of BTC, demonstrating its faith in Bitcoin’s future performance and signaling continued institutional interest.

Additionally, the plan by the now-bankrupt crypto exchange FTX to distribute $16 billion to its creditors could boost market liquidity. Many analysts believe much of this liquidity will flow back into Bitcoin and other cryptocurrencies, creating significant market movement.

Is Altcoin Season Coming?

Bitcoin’s rally has brought a positive sentiment to the broader crypto market. Analysts suggest that an altcoin season may be on the horizon. Ethereum (ETH), for example, has seen a 16% increase recently, although large whale transfers to exchanges have raised some doubts about its future direction.

Meanwhile, Bitcoin ETFs have regained momentum. Last week alone, $397 million flowed into Bitcoin ETFs, with the majority of these investments coming from Fidelity ETF FBTC. This growing interest in Bitcoin ETFs reflects continued institutional confidence in BTC, potentially driving the price even higher.

As the fourth quarter unfolds, the crypto market looks poised for significant developments. Keep an eye on The Bit Journal for the latest updates and insights.

Over the week, The Open Network and Drift Protocol management have improved their fundraising results, beating the performance of all other crypto firms economically in capital accumulated.

According to Galaxy’s latest research, it will also be able to stand strong and grow relatively in the fundraising field. On July 1, the report stated that the fundraising environment for founders is still relatively saturated and active.

Crypto Investments Climb 28% to $3.2 Billion 

Who successfully negotiated 603 deals in the first quarter and 577 in the second three months, reports a dip in the number of deals. However, crypto investment figures show a different story. 

Investment jumped to $3.2 billion in the second quarter from $2.5 billion the quarter before. Less deals notwithstanding, the investment environment is still quite active. The amount invested in the crypto industry increased by 28% from the first to the second quarter.

By the quarter under review, US-based crypto firms had the most transaction opportunities, as more than 40% of the total transactions were consolidated in this geography. The second was the UK, with 10% of deals, and Singapore companies obtained 8.7% of the total transactions for the quarter.

As of this week about venture capital investment, availed the week 37th report of 2022, which ranges from 15th September to 21st September 2022, leveraging on the Crypto Fundraising Report. It focuses on the platforms that have been active in the fundraising trend in the market and closed one or more funding rounds that surpassed one million dollars.

The Open Network

This week, the Open Network (TON), a layer-1 blockchain platform, raised $30 million through an initial coin offering. Launched in 2018, TON has raised more than $54 million in capital. 

The recent fundraising saw practical investments from both Bitget and Foresight Ventures, which enhanced the financial status of the blockchain technology and aided in its further development and growth.

Drift Protocol

Drift Protocol is a decentralized crypto exchange (an exchange that has no central organization and is completely autonomous) concentrated on spot trades, swaps, and perpetual futures on the Solana blockchain. 

Not long ago, investment was received in the series B round completed—$25 million was raised, led by Multicoin Capital. Hitherto, it could be noted that Drift Protocol raised about $52.3 million towards strong investments, and therefore, continuous growth and progress in decentralized finance are the DeFi sphere.

Helius

RPC Nodes, APIs, webhooks, and developer tooling provider Helius have also recently netted funding worth $21.75 million. In this investment round, there were many cover contributions from head investors, such as HAUN, Founders Fund, Foundation Capital, 6MV, Chapter One, and Spearhead. Helius has so far raised $34.35 million, which attests to investors’ enormous faith in the technology and products this company offers targeted at developers.

Hemi Labs

Hemi Labs is a layer-2 protocol that aims to solve the problem of cross-chain security of Bitcoin and Ethereum, recently raising 15 million. The prominent participants in the funding round were Binance Labs, Breyer Capital, Big Brain Holdings, Crypto.com, etc. This investment clearly shows the support from the market to the vision of Hemi Labs in revolutionizing connectivity and security enhancement to the chain of block and its businesses.

Pipe and Yellow Network

Pipe Network, which provides web infrastructure that can be invested in for gains, recently completed its funding round. Multicoin Capital invested $10 million in Pipe Network. This investment further demonstrates interest in the internet’s developments made possible by blockchain technology.

At the same time, Yellow, a company dedicated to blockchain products and infrastructure, raised $10 million in a fundraising round. This round included numerous global investment firms, including Consensys, GSR, and Gate.io Labs, which signifies positive sentiments from investors on Yellow’s strategies to grow the business to cover blockchain infrastructure.

Some of these startups have raised less than $10 million but have gained notable traction within the funding rounds in favor of initiating growth and development within the blockchain and crypto industries.

TrueX, a stablecoin-based exchange operating under a non-custodial model, has been officially launched after raising $9 million from investors. The funding round attracted participation from RRE Ventures, Paxos, Accomplice, Hack VC, and Solana Foundation, indicating that the company has a large support base for its revolutionary exchange model.

Conclusion

Overall, some investors, particularly those dealing with The Open Network and Drift Protocol, remained steady with the usual funding season unfolding in most progressive markets. As we go ahead, the willingness to step into the new open for investments in blockchain technologies is likely to stay high, which means good prospects for this market.

 

As the Democratic candidate for the 2024 U.S. presidential election and current Vice President, Kamala Harris has made noteworthy statements regarding cryptocurrency and other innovative technologies like artificial intelligence (AI). Speaking at a fundraising dinner in New York, Harris expressed her support for investing in the crypto sector if she is elected. She emphasized that these technologies will be critical to the future competitiveness of the United States, a sentiment that has resonated within the cryptocurrency industry, according to The Bit Journal.

Harris’ Cryptocurrency Remarks

At the event, held at Cipriani Wall Street, Harris outlined her vision for strengthening the U.S. economy. She stressed the importance of encouraging innovation, including digital assets like cryptocurrencies and AI. Harris said:

“We will bring together the workforce, small business owners, innovators, and large corporations to invest in America’s future competitiveness. We will promote innovative technologies like artificial intelligence and digital (crypto) assets while ensuring consumer and investor protection. By establishing transparent and consistent rules, we will create a safe business environment.”

Harris vs. Trump on Cryptocurrency

Cryptocurrency policies have become a major topic in the 2024 U.S. presidential race. Kamala Harris’ supportive stance contrasts with the actions of her Republican rival, Donald Trump, who recently drew attention by purchasing a burger with Bitcoin at a crypto-themed bar in New York. Trump’s family has also promoted the World Liberty Financial DeFi project during his campaign, signaling his interest in the sector. However, while Trump has been more active in embracing crypto, Harris has started to gain support from key industry figures.

Support from the Crypto Industry

Despite not taking concrete steps in the crypto space yet, Harris has started to attract influential supporters. Anthony Scaramucci, founder and managing partner of SkyBridge Capital, has expressed his willingness to help Harris develop her cryptocurrency policies. He has been a vocal critic of the Democratic Party’s restrictive stance on crypto and sees Harris’ approach as an opportunity for positive change.

A Divided Democratic Approach to Crypto

Harris’ positive outlook on the crypto sector also highlights divisions within the Democratic Party. Senator Elizabeth Warren of Massachusetts is well-known for her tough regulatory stance on the crypto industry, often targeting crypto-friendly banks with stringent oversight. This internal conflict within the party has been a source of debate, with Warren being criticized for contributing to the downfall of institutions like Silvergate Bank, as noted by The Bit Journal.

The Ongoing Crypto Debate in the Presidential Race

As the 2024 election approaches, cryptocurrency policy is expected to be a significant point of contention between the two leading candidates. Harris’ support for the industry is seen as a hopeful sign, though her ability to balance the more critical voices within her party remains to be seen. Meanwhile, Trump’s crypto-friendly moves, especially his focus on decentralized finance (DeFi), indicate that the battle over crypto regulations will be a key issue in the coming months.

The increasingly partisan sentiment within the digital asset industry has raised speculation on the possible impact of the US election on the crypto market. However, veteran crypto insiders believe the sector will thrive even if the crypto-friendly Donald Trump loses the election to Kamala Harris.

Crypto insider Ziad El Baba (ZEB), Chief Product Officer at Ramp Network, recently weighed in on the trending subject in a media interview. According to ZEB, whereas the market experienced a 3 per cent dent following the Democratic Party candidate’s upper hand in a presidential debate, the results may not offer a true picture of the US election’s impact on the crypto market.

Rather, ZEB reiterated that the market’s reaction should be seen as a statement underscoring the crypto sector’s decentralized nature, meaning that the upcoming US polls’ effect on the cryptocurrency market could be minimal. El Baba believes that while both presidential candidates have expressed positive sentiments on the subject, the crypto market has come of age and is subsequently influenced by its decentralized nature. How US polls will affect the crypto market cannot determine their global adoption.

Elections Historically Affect Financial Markets

 

There has been a wave of optimism surrounding former US President and Republican Party Donald Trump’s candidacy. However, his pro-crypto overtures among many crypto investors are beginning to wane, given his performance during the latest presidential debate. Several industry insiders believe crypto’s decentralized nature makes it a bipartisan asset with its own life.

The United States is currently at the forefront of an election whose outcome has historically influenced financial markets one way or the other. With the hotly contested election in November, speculation on how US polls will affect the crypto market is rife. The anticipated events remain significant because their effect transcends the traditional financial markets at a time when most crypto enthusiasts anticipate legislation that could be more crypto-friendly.

Donald Trump Visits at PubKey Bar

Trump appears to be the Favorite due to his Crypto Sentiments

Issues surrounding the upcoming US election’s impact on the crypto market take centre stage because 2024 has been one of the most significant years for the crypto sector. First, the Bears gave room to the Bulls, and Bitcoin (BTC) achieved a new all-time high. Moreover, the final approval of spot exchange-traded funds (ETFs) for Bitcoin and Ether represented a significant leap toward mainstream crypto adoption. The unprecedented wins underscored the ongoing integration of cryptocurrencies into the mainstream economy, besides placing them in the limelight for potential political and regulatory scrutiny as the November polls approach.

The ongoing debate on the US elections’ impact on the crypto market has been a hot subject. Between the Democratic Party candidate Kamala Harris and the Republican Party candidate, Donald Trump appears to be a favourite due to his crypto sentiments.  While giving a keynote address at the Bitcoin Conference in Nashville, Trump vowed to make the United States the “crypto capital of the planet.” Some parties within the crypto community fear that a Kamala Harris win could lower the value of Bitcoin and erode the gains made so far.

Macroeconomic Developments and not Upcoming US Polls

In the last few months, there has been a lot of speculation on the impact of the US elections on the crypto market. Some believe the polls will catalyze cryptocurrencies, especially if Donald Trump wins the elections. The Republican Party candidate continues publicly demonstrating his pro-crypto sentiments, seeing that he recently launched a DeFi project called World Liberty Financial. The Democratic candidate, on the other hand, hasn’t shared much about her crypto views, but some people believe she could become antagonistic. Some insiders compare her views to those of Securities and Exchange Commission (SEC) Chair Gary Gensler and Senator Elizabeth Warren (D-Mass), who appear to be a stumbling block to crypto adoption.

For most of 2024, the price of Bitcoin oscillated between $55,000 and $70,000 before hitting an all-time high of $73,000 last March. Investors expected the price of BTC to remain intact until Americans decide who their next president will be. However, it now appears like macroeconomic developments and not upcoming US elections impact on the crypto market. For example, insiders attribute the 3 per cent dip in the price of Bitcoin following the presidential debate to August’s positioning of US inflation data and interest rate updates in Japan.

 

Arthur Hayes, one of the most influential figures in the cryptocurrency world and founder of BitMEX, recently shared his insights on the current state of the market. According to Hayes, while Bitcoin’s price stability continues, certain altcoin projects, especially meme coins, present valuable opportunities for investors. His statements have shed new light on meme coin trading, a sector of the crypto market that has seen significant gains in recent months.

The Right Time for These Altcoin Projects

Hayes emphasized that now might be the best time yet for meme coins. He pointed out that Bitcoin’s resilience creates a window of opportunity for trading these coins. Among the top performers, Shiba Inu (SHIB), Pepe (PEPE), Dogwifhat (WIF), and Floki (FLOKI) have all seen impressive gains recently. Hayes’ confidence in these meme coins has sparked interest, particularly as these assets have achieved double-digit growth in just the past week.

The Surprising Success of MOTHER Meme Coin

One particularly notable project Hayes mentioned is MOTHER, a meme coin associated with rapper Iggy Azalea. Azalea’s announcement of her online casino “Motherland,” set to launch in November, has driven the value of MOTHER up by over 31%. This sudden increase highlights the potential for certain meme coins to achieve significant price hikes with the right market conditions and strategic developments.

Bitcoin and Market Trends

While Hayes had previously predicted a decline in Bitcoin and altcoin markets following the Fed’s rate cuts, he admitted that his forecast was off. Instead, Bitcoin has shown surprising strength, particularly as the Japanese Yen weakens. Hayes also noted that Bitcoin’s robust performance over the weekend signals a more optimistic outlook for the market in the coming months.

Meme Coins and the Expected Rally

Meme coins have benefited from Bitcoin’s recovery, with coins like Shiba Inu, Pepe, and Dogwifhat enjoying substantial gains. Dogecoin (DOGE), one of the most popular meme coins, is also expected to experience a significant rally. Analysts predict a potential 45% rise for DOGE, provided it can break through the $0.11 resistance level.

The Future of Meme Coins

Hayes has long been a vocal supporter of meme coins, especially Dogwifhat (WIF), which he highlighted at the start of 2024. His predictions have so far proven accurate, with WIF showing strong upward momentum. Hayes’ continued interest in meme coins points to their potential role in the next phase of the cryptocurrency market.

As reported by The Bit Journal, Bitcoin’s strength and the Federal Reserve’s actions have helped bring meme coins to the forefront of the altcoin market. Investors who take Hayes’ advice are closely monitoring the future potential of these coins, looking for the next big gains in the crypto market.

CoinStats, a leading global platform for cryptocurrency portfolio tracking, has announced the full integration of the TRON blockchain, further enhancing its offering to users worldwide.

 

TRON’s rise as a major player in the blockchain space is underscored by its impressive Total Value Locked (TVL) of $8.06 billion, ranking second only to Ethereum. Additionally, TRON’s native token, TRX, has surged into the top 10 cryptocurrencies by market capitalization, reflecting growing interest in the ecosystem.

CoinStats and TRON

This latest integration allows CoinStats users to seamlessly manage and track their TRON-based assets alongside other holdings. With the new feature, investors can easily monitor their TRON wallets by simply inputting a TRON address into the CoinStats platform. The addition enables smooth tracking of TRON assets, including popular tokens like TRX as well as memecoins, making it more convenient than ever to oversee portfolios.

 

One of the standout features of this integration is the advanced portfolio tracking that CoinStats offers, providing users with comprehensive insights into their total costs, realized and unrealized profits, and overall wallet performance within the TRON ecosystem. This equips investors with a holistic view of their financial position, enabling smarter decision-making.

 

Users will also benefit from the inclusion of detailed profit and loss analysis for individual TRON-based assets, covering both major tokens and smaller coins, ensuring thorough tracking and performance monitoring. Additionally, transaction history from the TRON blockchain is now readily available within CoinStats, removing the need to manually check TRONSCAN for updates.

 

This development is part of CoinStats’ broader mission to deliver the best crypto portfolio management experience. Currently supporting over 300 wallets and exchanges, more than 1,000 DeFi protocols, and 120+ blockchains, CoinStats remains committed to empowering crypto users with the tools they need for successful investing.

 

The TRON integration marks yet another step in CoinStats’ ongoing efforts to help investors make informed decisions as they navigate the fast-evolving crypto space.

 

Peter Brandt is a veteran trader with more than 40 years of trading experience and recently made an outstanding analysis that concerns the relationship of Bitcoin relative to gold. According to the trader, the emerging evidence suggests that the price structure may form an inverted head-and-shoulders pattern, which signals a market trend reversal.

The prediction includes one of the main aspects of the patterns under analysis: the neckline at 32.5, the left shoulder low at 14.2, and the right shoulder in a bull flag. This is because the current standing of BTC to gold, which is 23.85, may come down to the high teens before the breakout.

When I look at chart of Bitcoin/Gold ratio, here is how I view it: $GC_G $BTC $BTCXAU
1. Continuation inverted H&S pattern, neckline at 32.5 to 1
2. Left shoulder low at 14.2 to 1
3. Right shoulder forming flag
4. Could decline into high teens to 1
5. Target 123 to 1 pic.twitter.com/VKvsDqwkuU

— Peter Brandt (@PeterLBrandt) September 21, 2024

How Bitcoin Could Outperform Gold by Over 500%

If Brandt’s explanation continues to be correct and the ratio increases further to 123.75, as illustrated in the chart he provided, then the price of BTC in terms of gold would appreciate by 518%, assuming other factors remain constant.

Although traders have been comparing Bitcoin’s performance to gold for some time now, the situation is likely to change enormously, according to the analysis of experts in Brandt’s likeness. There is an indication of a substantial change in the ratio dynamics in favor of BTC.

If this situation occurs, it would not only mark a significant premium in Bitcoin’s value compared to gold but also indicate that almost all market players believe that BTC is becoming a preferred means of wealth storage.

Optimistic Q4 Outlook for Bitcoin

On September 21, in an update on social media, “Titan of Crypto,” a known crypto trader investor and analyst, expected the BTC/USD pair to trade significantly 35% higher in the medium, eyeing the longer time frame. In the wake of Bitcoin’s weekly close of $62,000, its market capability recovered from the $52,000 low price at its support level earlier in September.

Source: TitanofCrypto

 

Forecasts suggest further gains, so the outlook for Bitcoin enthusiasts is positive. Titan of Crypto estimates a target of $85000 will likely follow this price.

Still, to corroborate his optimistic view, Titan of Crypto uploaded a chart showing the relative strength of Bitcoin over a week, stating that active buying is building up, which may propel the market to its all-time highs.

RSI is a popular indicator among traders. It helps identify probable local tops and bottoms in pricing and determines the trend’s strength or no trend movement at a certain price level. At the moment, the weekly RSI is sitting at a value higher than the 50/100 level, which might indicate the end of this prevailing down movement that has been in existence since the last high recorded in March.

To support his prediction further, Titan of Crypto said that if September ends on a better note, the positive trend is likely to continue into the fourth quarter. In this regard, Skew, another famous trader, also described the requirement of proving the strength of the Bitcoin price once again next week.

Kiyosaki and Rickards Discuss Bitcoin’s Potential

The man behind ‘Rich Dad Poor Dad‘, Robert Kiyosaki, has made headlines yet again in the financial space, but this time for very reasons regarding the future of Bitcoin. Kiyosaki also drew attention on social platforms to the excerpts of his colleague’s book MONEY GPT, which is expected to be published soon, in which the author Jim Rickards examines the peculiar influence of AI on capitalism.

Rickards’ book brings the most outrageous prediction regarding the future of Bitcoin, saying that the cryptocurrency might reach $500,000 by 2025 and $1 million by 2030. Such a prediction integrates with Kiyosaki’s omnipresent idea that claims Bitcoin will be helpful in dire times economically as a form of protection and also has other wealth-preserving capabilities when the economy is under worry.

Conclusion

These diverse forecasts come together to a level where it has become an acknowledgement that Bitcoin will alter what we have known as asset valuation, more so than how we used gold. The structures of Bitcoin’s direction, presented by the end of the market’s long-term trend courtesy of Peter Brandt and a new analyst, Titan of Crypto, suggest only a bullish sentiment in the markets.

Such a scenario presents clear perspectives on how likely BTC will become the new primary foundation of wealth creation, especially at this age when technology and other uncertainties are quickly shaping up the financial world.

As the new week begins, the crypto market is buzzing with anticipation due to the upcoming token unlocks for 19 altcoins. These events have the potential to cause sudden price movements, so investors are advised to stay prepared. Historically, token unlocks often lead to increased volatility in the market, making this a critical period for market watchers.

Which Altcoins Are Unlocking Tokens?

The first significant altcoin unlocking tokens this week is Worldcoin (WLD). With a market cap of $1.54 billion, WLD will unlock tokens worth $716.23 million, which accounts for 0.74% of its total market cap. This event is set to take place on September 23, 2024. Additionally, FIDA (Solana Name Service) will also see an important unlock, releasing tokens worth $5.33 million, which makes up 13.16% of its $40.51 million market cap. FIDA’s unlock will also occur on September 23, 2024.

Warning for These Altcoins: Token Unlocks Approaching!

Other notable token unlocks this week include Moonwell (WELL), which holds a market cap of $82.09 million. On September 23, WELL will unlock tokens worth $1.13 million, accounting for 1.38% of its market value. Additionally, Gala (GALA) will unlock a significant amount of tokens on September 24, 2024. With a market cap of $1.16 billion, GALA will release tokens valued at $60 million, representing 5.17% of its market capitalization.

More Altcoins to Watch Closely

Another token unlock to monitor is from Acala (ACA), which has a market cap of $105.92 million. ACA will unlock tokens worth $4.52 million, representing 4.27% of its market value. Besides these, other altcoins set for major unlocks this week include Axie Infinity (AXS), dYdX (DYDX), Immutable (IMX), The Sandbox (SAND), Sweatcoin (SWEAT), Aptos (APT), Optimism (OP), Sui (SUI), LooksRare (LOOKS), BitDAO (BIT), Aave (AAVE), Injective (INJ), Celo (CELO), and Helium (HNT).

These token unlocks could lead to rapid price changes, making it crucial for investors to stay vigilant. As reported by The Bit Journal, token unlock events have historically caused significant price swings in the market. Investors should be prepared for potential volatility and make informed decisions by closely monitoring these developments.

This past week, the cryptocurrency market displayed a dynamic pattern, with notable fluctuations across several key assets. Bitcoin showed signs of a steady upward trend, while Bittensor (TAO) emerged as the biggest winner of the week. Several cryptocurrencies recorded double-digit gains, while losses were kept to single digits for the week’s biggest losers.

Top Gainers of the Week: Bittensor [TAO]

Bittensor [TAO] kicked off the week with some volatility, experiencing drops of 7% and 4%, bringing the price down to $288.3. However, it rebounded significantly, reaching close to $470 by the week’s end, reflecting a remarkable 40.5% gain. Currently, TAO is trading at $494. According to The Bit Journal, TAO became the top performer of the week, pushing its market cap beyond $3.4 billion. Additionally, trading volume surged by over 30%, exceeding $188 million, with the Relative Strength Index (RSI) remaining in the overbought zone.

Fantom [FTM]

Fantom [FTM] began the week at $0.48 and rallied to $0.67, achieving a weekly gain of nearly 37%. Although it has since retraced slightly, currently trading at $0.6597, it remains one of the top-performing assets. With a market cap over $1.8 billion, trading volume saw a decline of more than 8%, settling at $197 million. Despite this dip, the significant gains attracted widespread attention from investors.

Sui [SUI]

Sui [SUI] saw a 34% increase, becoming the third biggest gainer of the week. Starting at around $1, SUI surged to $1.4. The market cap reached $3.8 billion, but there was a slight drop of 2%. Trading volume fell dramatically by over 50%, ending the week at $395 million.

Top Losers of the Week: KuCoin Token [KCS]

KuCoin Token [KCS] faced a challenging week, dropping 7% and becoming the biggest loser. Starting at $8.2, KCS fell to $7.4 and currently trades around $7.63. Its market cap remains stable at approximately $896 million, with trading volume rising 8% to $771,626.

Kaspa [KAS]

Kaspa [KAS] ended the week with a 5.6% decline. After starting at $0.177, it dipped to $0.170 and currently trades at $0.166. Its market cap held above $4.1 billion, though trading volume plummeted by 40% to $24.2 million.

Internet Computer [ICP]

Internet Computer [ICP] experienced three consecutive days of decline, bringing its price down to $7.9. By week’s end, it recovered slightly to $8.5, but the asset still saw an overall loss of over 5%. Currently, ICP is trading at $8.36, with a market cap around $3.9 billion. Trading volume fell 30%, landing at $58.8 million.

In summary, the crypto market has seen substantial shifts between winners and losers this week, highlighting the volatile nature of this space. As always, it’s essential for investors to conduct thorough research and proceed with caution. For the latest insights, follow The Bit Journal for expert analysis and updates.

Analysts noted that 96% of NFTs were on silent death while 43% remained unprofitable.

The rapid evolution of digital space has captivated researchers’ interest in examining the afterlife of major crypto concepts such as nonfungible tokens (NFTs). For the last two years, NFT has become the biggest loser in the crypto market, ending the hype surrounding this asset.

Dispelling the doubt surrounding NFT’s longevity, the renowned tech media company NFT Evening conducted an extensive study to examine the profitability and the factors stifling the growth of digital collectibles.

Factors Contributing to the Collapse of NFTs Sector 

The researchers monitored the performance of 5000 NFTs to assess their profitability, market trends, and risk related to this class of crypto assets. From the study, the experts from the NFT Evening noted that 96% of NFT projects were at their deathbed, and  43% of these assets remained futile. 

The shocking discovery prompted the researchers to dig deep to assess the profit generated from the NFT project over time. The team noted that the silent death of NFT exposed the investors to 44.5% losses. 

They noted that the largest losses were witnessed in 2023 after one-third of the NFTs were severely strained to remain afloat. The exit of these NFTs from the crypto sector diminished the lifespan of the digital collectibles to 1.14 years, NFT Evening revealed. This implies that NFTs’ lifespan is shorter than significant crypto investments by 2.5 times.

Besides analyzing the lifespan of the NFT project, the researchers identified profitable NFTs such as Azuki. A recent report shows that Azuki’s return on investment (ROI) nearly tripled, profiling the digital collectible as the most profitable NFT. CoinMarketCap data shows Azuki’s total supply surpassed $11 million and traded at $0.0020.

What Will the Future of NFTs be?

Compared to other NFTs, the Azuki has embraced a unique community approach, encouraging the key stakeholders to contribute towards the success of this NFT. Azuki has emerged as Ape Yacht Club, CryptoPunk, and Pudgy Penguins’ top rival.

However, the Pudgy Penguins exited from the list of fast-paced NFTs after it slipped by 97% in May. The dramatic twist was triggered by Pudgy Penguins’ prolonged losses. 

The researcher profiled Pudgy Penguins as a dead project. They observed that the PFP version of NFT had witnessed a sharp decline, shedding their value by double digits. 

As such, the blockchain intelligence firm Arkham Intelligence revisited the $2 million NFT purchase made by renowned singer Justin Bieber two years ago. The Arkham team noted that the value of these NFTs dropped from $2 million to $100,000 a 94.7 % decline.

The investment exposed Bierber to a substantial loss since he had invested in BAYC and MAYC, which depreciated by 89.7% and 97.4%, respectively. The unexpected devaluing of major NFTs has forced some investors to dispose of them.

Earlier last month, the sole investor of CryptoPunk, Deepak Thapliyal, sold his NFT at an undisclosed amount after shedding its value. On X, the community noted that Thapliyal’s CryptoPunk was purchased by an investor named ‘VOMBATUS’ at $3.9 million, an 80% loss over the initial purchase price. 

Experts Warn Investors from Investing in NFTs

While others exit the NFT market, some investors have announced the launching of their digital collectibles. The founder of Tron, Justin Sun, recently announced the launching a new NFT on the Tron network.

Based on the NFT Evening research, the investor must conduct intensive research before investing in these assets. The study noted that rug pull thefts have been common with NFT.

A rug pull is a project where the founder escapes with money after hyping their NFTs. The researchers said that criminals have commonly used NFT to ‘wash’ money generated from unlawful activities. 

The NFT evening urged investors to be vigilant when investing in NFTs due to the unclear rules. For more updates on the future of NFTs, follow The Bitjournal.