Yury Ushakov, an aide of Russian president Vladimir Putin, revealed plans to create a digital blockchain payment system for the BRICS bloc. Ushakov remarked that the countries of the group would benefit from implementing such a system for the use of governments, common people, and businesses, stating that it would be convenient, cost-effective, and “free […]
Source link
Artificial intelligence company OpenAI has announced its intention to dismiss all allegations made by Elon Musk, revealing the tech billionaire initially assigned the company’s success odds at zero.
Responding to Musk’s recent lawsuit alleging a departure from its nonprofit roots, OpenAI unveiled email correspondences shedding light on its interactions with Musk.
Last week, Musk, a founding board member of the AI company, accused the firm of veering off course by prioritizing profit over its mission of advancing technology for societal good.
In a comprehensive rebuttal, OpenAI disclosed that Musk endorsed the establishment of a for-profit wing back in 2017. However, negotiations faltered as Musk sought extensive control, including majority equity, initial board dominance, and the CEO position.
OpenAI said:
“In late 2017, we and Elon decided the next step for the mission was to create a for-profit entity. Elon wanted majority equity, initial board control, and to be CEO.”
Consequently, Elon left OpenAI, saying that its “probability of success was 0 and that he planned to build an AGI competitor within Tesla.”
Addressing criticisms regarding the non-disclosure of its research, OpenAI clarified, “Elon understood the mission did not imply open-sourcing AGI.” The company referenced a January 2016 email exchange wherein it was deemed appropriate to limit transparency as AI advancements neared fruition.
Key stakeholders, including co-founders Greg Brockman and Sam Altman, authored OpenAI’s response. Other authors are: Ilya Sutskever, John Schulman, and Wojciech Zaremba.
“We’re sad that it’s come to this with someone whom we’ve deeply admired – someone who inspired us to aim higher, then told us we would fail, started a competitor, and then sued us when we started making meaningful progress towards OpenAI’s mission without him,” the authors concluded.
Last year, Musk, known for his ventures in various technological domains, founded x.AI Corp, a privately owned for-profit enterprise. This company is actively engaged in the development of a closed-source AI model called Grok.
The recent surge in Bitcoin holdings among short-term holders (STHs), defined as investors who have held Bitcoin for less than 155 days, points to a noticeable increase. Since December, STHs have beefed up their Bitcoin portfolios by approximately 450,000 BTC. However, contrary to usual market behavior, soft indicators like Google trends suggest that we are not near market euphoria despite the aggressive accumulation from STHs.
This intriguing pattern is further illuminated by examining HODL waves, a metric representing different age bands of active supply. HODL waves for the extremely short-term speculation bands – 24 hours, one day to 1 week, and one week to one month – were at an all-time low in October 2023, just as Bitcoin embarked on its journey from $25,000 to $53,000.
Even though these cohorts have grown significantly, they still represent extremely low percentages compared to historical data. This points to a distinct lack of extreme short-term speculation.
Furthermore, these cohorts typically wield a much larger percentage supply at the peak of bull markets when speculation is highest. This particular data suggests there is substantial room for growth in this cycle.
The post Analysis of HODL waves reveals a speculative market at play appeared first on CryptoSlate.
According to the latest data, the countdown to the Bitcoin network’s halving event shows fewer than 10,000 blocks from becoming a reality. Further analysis suggests that the halving is anticipated to take place between April 19 and April 21, 2024, reducing the block rewards from the existing rate of 6.25 bitcoins per block to 3.125 […]
Source link
An analyst has explained that based on a pattern forming in the Cardano price, a 32% rally could take place, if a close above this level can happen.
In a new post on X, analyst Ali has talked about a Descending Triangle forming in the daily price of Cardano. The “Descending Triangle” refers to a pattern in technical analysis (TA) that, as its name suggests, looks like a triangle with a downward slope.
The pattern is made up of two lines, the first of which is a slopped line connecting lower highs in the price, while the second one is horizontal (that is, parallel to the time-axis) and joins together a series of lows.
The upper line of the pattern provides resistance to the price, so it can be a likely point of reversal for it. Similarly, the lower line may provide support, so bottoms can be probable at it.
A break out of either of these lines implies the continuation of the trend in that direction. This means that a breakout above the triangle can be bullish for the asset, while a drop under it can prove to be a bearish signal.
Like this pattern, there is also another pattern in TA called the Ascending Triangle. This pattern works similarly, except for the fact that the two lines are switched around (that is, the slopped line is the bottom line and connects together higher lows).
Now, here is the chart shared by Ali that shows the Descending Triangle pattern that has recently been forming for Cardano on its 1-day price:
Looks like the price is currently making a retest of the upper line of the pattern | Source: @ali_charts on X
From the graph, it’s visible that Cardano’s latest sharp upward surge means that cryptocurrency is now retesting the upper line of this Descending Triangle.
If the historical pattern is anything to go by, a break above could be a positive sign for the price. “A sustained daily close above $0.53 could lead to the start of a 32% rally, potentially pushing $ADA up to $0.68!” notes the analyst. Ali has chosen a target 32% higher as the height of the Descending Triangle was equal to a price swing of 32% as well.
Naturally, this bullish outlook would only be if a break can truly take place for the cryptocurrency. A rejection here is still a possibility, as it has already happened a few times over the course of this pattern’s duration.
The past 24 hours have been bullish for the cryptocurrency sector as a whole, but Cardano has clearly pulled ahead of the crowd as it has registered returns of almost 10%.
Following this surge, the coin has managed to break above the $0.53 level. The asset now has to hold above this mark if the Descending Triangle break has to register.
The price of the coin has observed some sharp bullish momentum over the past day | Source: ADAUSD on TradingView
Featured image from Shutterstock.com, charts from TradingView.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
A prominent crypto analyst and Bitcoin enthusiast, Michael Van de Poppe, has shared insights on the future trajectory of several altcoins in the space. The crypto analyst’s predictions highlight crucial moments for investors as they watch out for opportune times to buy and sell cryptocurrencies in this dynamic market.
Following the approval of Spot Bitcoin ETFs, Bitcoin experienced a substantial surge, rallying to overcome the $45,000 price mark. During this bullish momentum, the prices of several altcoins, including Ethereum (ETH) and Solana (SOL), also witnessed significant increases.
In a recent X (formerly Twitter) post, Poppe revealed major altcoins to buy or sell in 2024. The crypto analyst shared a chart illustrating the historical price movements and corrections of Solana, Polygon (MATIC) and Chainlink (LINK).
Poppe revealed that Solana’s consolidation phase appears to have ended after it experienced a major decline from its 2023 peak of over $123 to $95.81 at the time of writing. His analysis suggests that Solana is poised for a higher time frame support test at $80 and is anticipated to surge to new highs, potentially reaching $140.
Subsequently, the crypto analyst presented a historical performance chart of MATIC, the native token of Polygon. Noting that the cryptocurrency has maintained higher time frame support levels with established liquidity, Poppe predicts an upcoming upward movement despite MATIC’s recent underperformance.
He forecasts that MATIC’s next rally could propel its price to a range between $1.25 and $1.50. As of now, the price of MATIC is trading at $0.789, reflecting a 2.39% decline in the past 24 hours, according to CoinMarketCap.
The Bitcoin enthusiast also anticipates a substantial price increase for Chainlink’s native token, LINK. The crypto analyst revealed that the cryptocurrency has consistently held crucial price levels and is positioned for an upward momentum towards $25. At the time of writing, the price of LINK stands at $14.65, representing a 0.12% increase in the last 24 hours.
In his X post, Poppe unveiled a roster of altcoins that has been struggling to surge and maintain crucial resistance levels. The crypto analyst pointed out that Ethereum’s recent slow growth has adversely impacted many altcoins, causing them to experience further declines.
He mentioned Synthetix (SNX), which is currently depreciating primarily due to Ethereum’s lagging performance. Additionally, there is Arbitrum (ARB) and Polkadot (DOT), which Poppe predicts would have a significant price increase in the future.
The Bitcoin enthusiast stated that if ARB can return to a price level of around $1.40 and $1.60, it could open up new entries into a more sustainable position. Subsequently, Poppe predicts a rise in the price of Polkadot to $15 despite its current price trading at $6.80.
The crypto analyst revealed that DOT is currently showcasing a “great weekly candle”, and its previous price corrections present a great opportunity for investors in the ongoing bull market.
Total market cap at $1.57 trillion | Source: Crypto Total Market Cap on Tradingview.com
Featured image from Busha, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Crypto analyst Egrag Crypto has revealed key price levels to watch out for in one of his latest analyses of XRP. The analyst hinted that these prices could be crucial especially following his prediction that the crypto token will rise to $5 in 90 days.
In a post on his X (formerly Twitter) platform, Egrag highlighted $0.60, $0.75, $0.95, and $1.3 as price levels to keep an eye out for as they will validate a bullish trend. He says, “A weekly close above any of these levels signifies robust support and a continued upward trajectory.”
#XRP Blue Channel vs. Red Channel Unveiled:
To decipher the intricate details within the chart below, let’s break it down into three crucial sections:
1) Blue Channel in comparison to Red Channel:
Should the Blue Channel align with the Red Channel, a potential flash crash to… pic.twitter.com/2w5hmoH872— EGRAG CRYPTO (@egragcrypto) January 19, 2024
Further elaborating on their importance, he noted that these targets “offer crucial insights into significant price behavior.” Considering that XRP has continued to trade below those levels, the token hitting any of those targets will easily suggest that the sentiment towards the altcoin has changed.
XRPUSD currently trading at $0.54896 on the daily chart: TradingView.com
Meanwhile, the crypto analyst also raised the possibility of XRP experiencing a 50% drop in pursuit of a move similar to the one in 2017, when XRP surged by 61,000%. Interestingly, Egarag believes that XRP replicating such a similar move will see the crypto token rise to as high as $27 in the next bull run.
Also offering a bearish narrative for XRP, Egrag stated that XRP could witness a flash crash to $0.28 should the blue channel (visible in the chart he shared) align with the red channel. If that were to happen, a subsequent rise to $0.41 from $0.28 could unfold, the analyst claims.
Egrag believes that these channels add more intrigue to XRP’s price action, considering that the crypto token has been navigating the blue channel for nearly 600 days since its breakout in May 2022. On the other hand, XRP is also said to have spent 580 days in the red channel before making a significant surge.
As part of this bearish projection, the crypto analyst raised the prospect of a further BTC decline, dragging XRP alongside. Egrag claims that this could serve as the “ultimate shakeout, especially if market makers shake out the remaining weak hands.”
These market makers are the same persons that Egrag says “may engineer an independent surge,” which would propel XRP’s price to $5. If that doesn’t happen and the market ends up experiencing the worst-case scenario, the analyst urged everyone to seize the opportunity to obtain XRP at a “more favorable price.”
At the time of writing, XRP is trading at $0.54, down in the last 24 hours, according to data from CoinMarketCap.
Featured image from Shutterstock
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
In the midst of Bitcoin’s recent price struggle, CryptoQuant head of research has revealed the level Bitcoin can potentially sink down to.
In a new post on X, CryptoQuant Head of Research Julio Moreno has discussed how low the BTC price can go following the latest correction. “To evaluate this I like to look at the realized price of 1 to 3 month-old holders,” explains Moreno.
The “realized price” refers to an indicator that basically tells us about the average price at which investors in the Bitcoin market acquired their coins. This metric uses on-chain data to find the cost basis of holders, by assuming that the last transfer of any coin in circulation was when the coin changed hands.
When the spot price of the cryptocurrency is above the realized price, it means that the investors as a whole are carrying some unrealized gains currently. On the other hand, the price being lower than the metric suggests the overall market is underwater.
Naturally, when the realized price and spot price are exactly equal, the average investor in the sector could be assumed to be just breaking even on their investment.
In the context of the current topic, Moreno hasn’t applied the realized price to the entire user base but rather to just a segment of the investors: the 1-to 3-month-old holders.
The below chart shows the trend in the Bitcoin realized price for this particular holder group over the last year:
The trend in the realized price of this short-term holder segment | Source: jjcmoreno on X
The 1 to 3 months old investors make up a part of the wider “short-term holder” (STH) cohort. The STHs are defined as investors who bought their coins within the last 155 days.
Thus, the holders who bought between 1 and 3 months ago would be on the younger side of this group. Generally, the STHs behave in a fickle manner, reacting to any significant changes in the market, like a rally or crash.
The more mature a holder’s coins become, the less likely the investor turns to show any such reaction. Since the 1 to 3-month-old hands, although not the youngest, are still young STHs, they are likely to react to price changes.
According to Moreno, the realized price of these STHs has “represented a support level historically and during 2023.” The reason behind the level being supported is likely the fact that these investors would closely watch their average cost basis and move to buy more when the price dips around there if the general mood around the market is bullish.
In times when the prevailing Bitcoin trend is bearish, the level can act as resistance instead, as these STHs would be willing to exit the market at their break-even point.
At present, the realized price of the 1 to 3-month-old STHs is $36,700. Given the historical pattern, it’s possible Bitcoin might dip to around there before finding support, if the current correction continues for long.
Since the asset’s price plunged under the $45,000 level a few days back, the Bitcoin price has been trading sideways around the $42,500 level.
Looks like the price of the coin has been moving sideways recently | Source: BTCUSD on TradingView
Featured image from Shutterstock.com, charts from TradingView.com, CryptoQuant.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
The year 2023 witnessed a remarkable surge in crypto payments, signaling a significant milestone in adopting digital currencies for retail and e-commerce transactions.
According to a recent report by CoinGate, a crypto payment processor firm, the number of crypto payments processed reached staggering heights, showcasing robust growth and diversification in the crypto landscape.
In 2023, CoinGate processed an astounding 1,294,058 cryptocurrency payments, marking a 39.4% increase compared to the previous record. This exponential growth, equivalent to one payment every 24 seconds, underscores the accelerating pace of crypto adoption.
Notably, approximately one-third (32.35%) of all transactions processed by CoinGate in the last ten years occurred in 2023, emphasizing the surge in the popularity of digital currencies.
Per the report, integrating Binance Pay wallet into CoinGate’s payment services in March 2023 played a significant role in driving this growth.
Binance Pay accounted for 8.2% of all crypto payments in 2023, showcasing a steady increase in usage throughout the year. This upward trend, from 4.5% in March to 13% in December, indicates the growing adoption and usage of Binance Pay as a preferred payment method.
Moreover, CoinGate’s report highlights the increasing maturity and acceptance of the Lightning Network, an essential component of Bitcoin payments.
In 2023, the Lightning Network facilitated 7.8% of all Bitcoin payments processed by CoinGate, representing a notable increase from previous years.
Furthermore, the overall number of Lightning Network payments grew by 35.9% compared to the previous year, indicating a growing reliance on this technology.
However, Bitcoin, long considered the dominant cryptocurrency for payments, saw a decline in its share of total transactions processed by CoinGate. While Bitcoin accounted for 54.8% of all transactions in 2021, its share dropped to 35.6% in 2023.
Stablecoins, particularly Tether’s USDT, emerged as a popular choice for crypto payments in 2023. The usage of USDT increased from 15.1% in 2022 to an average of 25.4% in 2023, indicating a shift towards stablecoins due to their perceived stability and reliability.
According to CoinGate’s report, crypto-friendly merchants experienced remarkable success in 2023, with a significant portion of their sales attributed to cryptocurrency payments.
Eldorado.gg, a gold and accounts marketplace for gamers, reported crypto payments contributing to 3% of their total sales. IPRoyal, a proxy service provider, saw over 30% of their payments made in cryptocurrencies.
Hostinger, a web hosting provider, captured nearly one-fourth of all crypto-paying customers, showcasing the effectiveness of alternative payment solutions in catering to diverse customer needs.
Overall, 2023 demonstrated a paradigm shift in the adoption of cryptocurrency payments. The surge in transactions processed by CoinGate, the increasing usage of Binance Pay and the Lightning Network, and the diversification of cryptocurrencies used for payments all point towards a new era of acceptance and trust in digital currencies.
As crypto-friendly merchants reap the benefits of embracing these payment methods, it becomes evident that cryptocurrency payments offer sales growth, solutions for the unbanked population, and global accessibility.
With the stage set for further expansion in 2024, the transformative power of cryptocurrency payments continues to reshape the retail and e-commerce landscape.
Featured image from Shutterstock, chart from TradingView.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
The Bitcoin market was swept into a frenzy following an alleged hack of the US Securities and Exchange Commission’s (SEC) X account, falsely claiming the approval of 11 spot ETFs. This misinformation led to a rollercoaster in Bitcoin’s price, which initially soared from $46,800 to $48,000, only to crash to $45,000 within a span of 20 minutes.
This incident has become a pivotal moment for market analysts, providing insights into how the market might react to today’s potential Bitcoin spot ETF approvals in the short term. So here’s what experts from K33 Research, QCP Capital, and Daan Crypto Trades have to say.
Vetle Lunde, a senior analyst at K33 Research, provided an in-depth analysis of the market’s reaction to the erroneous announcement. He observed that the market’s immediate response was indicative of a tendency towards a ‘sell-the-news’ reaction. The initial surge in Bitcoin’s price was quickly met with a flood of long positions, causing a significant price fluctuation.
“The market showed its hands yesterday; the ETF approval rehearsal favors a sell-the-news reaction. Immediately after the announcement, longs quickly crowded the market, enforcing a whipsaw in the following minutes,” Lunde stated.
Lunde also pointed out that until the SEC’s clarification, the market largely accepted the announcement at face value, triggering an organic reaction. He outlined the sequence of events, noting a 2.4% increase in Bitcoin’s price within four minutes post-announcement, followed by a 1.4% decrease in 14 minutes until Bloomberg debunked the approval news.
The market eventually stabilized when Gensler confirmed the hack, highlighting the market’s sensitivity to regulatory news and rumors.
QCP Capital, in their “QCP Market Update – 10 Jan 24,” reflected on the bizarre nature of the event with a mix of humor and analysis. “We are on the cusp of a BTC Spot ETF approval, and what transpired in the last 24 hours is something you can’t make up,” their update began.
They pointed out the lukewarm initial reaction to the ‘approval,’ suggesting that the market might have already priced in the possibility of an actual ETF approval.
“The initial reaction to the ‘approval’ was muted with BTC being unable to trade out of the resistance area. We take this as a warning sign that an approval is mostly priced in and there may not be a huge rally post the approval,” QCP warned.
QCP Capital also focused on the implications of this event for future market trends. “The restrained response to the faux approval signals a warning – the actual approval of a Bitcoin ETF might not trigger the expected rally,” they observed, also pointing to the current market dynamics, such as the elevated options volatility and spot-futures basis spread. Notably, the firm sees Bitcoin’s next support at $40,000 to $42,000, and resistance around 48.500.
Daan Crypto Trades provided a concise but insightful analysis. “The false ETF approval news was a litmus test for the market’s post-approval direction,” he commented. The analysis highlights the pattern of Bitcoin’s price spiking and then fully retracing following the fake announcement.
“This pattern could well repeat upon actual ETF approval, but with more pronounced selling pressure,” he suggested. Daan Crypto Trades also touched on the broader market implications, especially for the ETH/BTC ratio, which started rallying immediately after the fake announcement.
He further remarked:
ETH/BTC started rallying straight away which is also what we’ve been looking for. I think today we might get one more small spike down on ETH/BTC as BTC spikes up but after that I don’t see much holding back the ETH/BTC ratio anymore. Especially if BTC cools off post ETF.
At press time, BTC traded at $45,346.
Featured image from Shutterstock, chart from TradingView.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
