Aurelia Butler

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    in Cryptocurrency

    Glassnode Cofounders Set $2.5K Target for Ethereum’s Ambitious Push

    The cofounders have identified a key support level at $2.1K, once a formidable resistance, now transformed into a critical zone for the cryptocurrency’s short-term rebound. In a recent tweet, they highlighted Ethereum’s resilience on the market, emphasizing the significance of the current support level.According to their analysis, breaching this level may activate the 50-Day Exponential Moving Average (EMA), potentially signaling a shift in market dynamics. The cofounders pointed to the presence of an ascending triangle pattern, suggesting that $2.1K is crucial for short-term rebounds, and the breach could pave the way for further gains.The cryptocurrency market has been closely monitoring Ethereum’s movements, given its position as a leading blockchain platform and the second-largest cryptocurrency by market capitalization. The Glassnode cofounders’ predictions have sparked increased interest and discussion within the crypto community, with traders and enthusiasts eagerly anticipating the outcome of this .Their tweet not only underscores the technical analysis of Ethereum’s price action but also reveals broader market sentiment and enthusiasm. The cofounders have set their sights on the formidable $2.5K target, further fueled by the prevailing optimism on the cryptocurrency market.If successful, this ambitious push could pave the way for Ethereum to ascend to $2.7K, marking a significant milestone for the digital asset. Traders and investors are keeping a keen eye on whether the cryptocurrency can the resistance-turned-support and sustain the upward momentum.This article was originally published on U.Today More

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    in Cryptocurrency

    Vitalik Buterin Just Sold Trillions of Memes: Here’s How Much He Earned

    The transaction details are quite striking: the Vb-labeled address swapped 100,000,000,000,111 DOBE tokens for 10.44 ETH, equivalent to approximately $22.9K. In a separate transaction, the same address exchanged 1,858,140,000,000 DOJO tokens for 3.12 ETH, worth around $6.8K. These numbers are not just eye-catching due to their size but also because they involve meme coins, a type of asset known for its volatility and ties to internet culture rather than fundamental financial value.Interestingly, both of these assets were reportedly airdropped to address. This suggests that Buterin’s involvement with these tokens might have been minimal, if any. It is unlikely that he was even aware of these specific assets, given the sheer volume of tokens and projects in the cryptocurrency space. The decision to sell these tokens, therefore, seems to be a pragmatic one, aimed at converting what might be considered “digital clutter” into something of more recognized value and liquidity.The use of airdrops as a strategy to attract retail investors has become increasingly common in the cryptocurrency industry. Projects often send tokens to prominent figures in the crypto community, hoping to leverage their influence for a quick marketing boost. This tactic was notably used by , which airdropped a significant amount of its tokens to Vitalik Buterin’s address. Buterin, in a move that garnered widespread attention, chose to donate these tokens to charity.The idea is straightforward: by sending tokens to well-known figures in the crypto space, these projects aim to attract attention and legitimacy to their tokens. The presence of their tokens in the wallets of influential personalities is perceived as an endorsement, even if it is not officially.This article was originally published on U.Today More

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    in Economy

    Nigerian central bank lifts ban on crypto trading

    The Central Bank of Nigeria (CBN) in Feb. 2021 barred banks and financial institutions from dealing in or facilitating transactions in crypto assets, citing money laundering and terrorism financing risks.Subsequently Nigeria’s Securities and Exchange Commission (SEC) in May last year published regulations for digital assets that signalled Africa’s most populous country was trying to find a middle ground between an outright ban on crypto assets and their unregulated use.In a circular dated Dec. 22, the CBN said current trends globally have shown there is a need to regulate the activities of virtual asset service providers (VASPs), which include cryptocurrencies and crypto assets.The latest guidelines spell out how banks and financial institutions (FI) should open accounts, provide designated settlement accounts and settlement services and act as channels for forex inflows and trade for firms transacting in crypto assets.VASPs would need to be licensed by the Nigerian SEC to engage in the crypto business.”From the commencement of these Regulations, Fl shall not open or permit the operation of any account by any person or entity to conduct the business of virtual/digital assets unless that account is designated for that purpose and opened in line with the requirement of these Guidelines,” the CBN saidBut banks were still barred from trading, holding or transacting cryptocurrencies, the CBN said.Nigeria’s young, tech-savvy population has eagerly adopted cryptocurrencies, for example using peer-to-peer trading offered by crypto exchanges to avoid the financial sector. New York-based blockchain research firm Chainalysis said in a September report that the volume of crypto transactions in Nigeria grew 9% year-over-year to $56.7 billion between July 2022 and June 2023. More

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    in Economy

    China identifies second set of projects in $140 billion spending plan

    With the latest tranche, China has now earmarked more than 800 billion yuan of its 1 trillion yuan ($140 billion) in additional government bond issuance in the fourth quarter, as it focuses on fiscal steps to shore up the flagging economy.The National Development and Reform Commission (NDRC) said in a statement on Saturday it had identified 9,600 projects with planned investment of more than 560 billion yuan.China’s economy, the world’s second largest, is struggling to regain its footing post-COVID-19 as policymakers grapple with tepid consumer demand, weak exports, falling foreign investment and a deepening real estate crisis.The 1 trillion yuan in additional bond issuance will widen China’s 2023 budget deficit ratio to around 3.8 percent from 3 percent, the state-run Xinhua news agency has said.”Construction of the projects will improve China’s flood control system, emergency response mechanism and disaster relief capabilities, and better protect people’s lives and property, so it is very significant,” the NDRC said.The agency said it will coordinate with other government bodies to make sure that funds are allocated speedily for investment and that high standards of quality are maintained in project construction.($1 = 7.1315 Chinese yuan renminbi) More

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    in Cryptocurrency

    XRP Brutally Denied: Doomed to Miss Bull Run?

    XRP’s market performance has been lackluster, failing to show signs of a bullish breakout. The absence of substantial institutional and retail support, which is often crucial for significant price movements, could be one of the main reasons behind the lack of movement. The asset’s poor performance is not helped by a perceivable lack of use cases in the broader crypto ecosystem, which further aggravates investor apathy.XRP/USDT Chart by TradingViewThe technical outlook for XRP is equally grim. The asset has been unable to capture and sustain momentum, continuously facing resistance at key technical levels. This inability to rally, even when other cryptocurrencies have seen upticks, paints a bleak picture for XRP enthusiasts hoping for a bull run.Considering XRP’s historical performance and current market sentiment, the prognosis for a bullish surge is not promising. Scenarios that might offer a glimmer of hope, such as a favorable resolution to Ripple Labs’ ongoing legal battle with the U.S. Securities and Exchange Commission (SEC), seem insufficient to alter its trajectory significantly. Even if Ripple were to emerge victorious or settle favorably, past trends suggest that such legal victories have not translated into sustained market rallies for .The fundamental issues run deep. The cryptocurrency market is evolving, with new assets and ecosystems emerging that offer clear use cases and robust community support. XRP, in contrast, has struggled to carve out a definitive niche for itself beyond the cross-border payments sector, where competition is fierce and regulatory scrutiny is high.Even a win in the legal arena might not be the panacea investors hope for. The market has previously shrugged off such victories, indicating that legal outcomes alone may not be enough to drive substantial investor interest. Without a clear and compelling use case, institutional backing or retail excitement, XRP’s chances of joining a potential bull run are slim.The chart shows Ethereum maintaining a steady climb, trading above its moving averages – a bullish indicator suggesting sustained investor confidence. The moving averages act as support levels, providing a safety net against potential downturns. While the ascent is evident, it is crucial to note that Ethereum is not exhibiting the same growth magnitude seen on assets like Solana, which recently experienced rapid price increases.Analysts remain optimistic about potential for an explosive price performance in the foreseeable future. Ethereum’s ecosystem, particularly its layer-2 (L2) networks such as Optimism and Arbitrum, is bustling with activity. These networks are designed to enhance Ethereum’s scalability by handling transactions off the main chain, thereby reducing fees and speeding up transaction times.The increasing adoption and development activity on these L2 solutions indicate a robust and expanding infrastructure, which could be a precursor to significant price movements for Ethereum.The Relative Strength Index on the chart is in a healthy range, suggesting that while the asset is gaining momentum, it is not yet overbought – a scenario that could limit potential rallies. This leaves Ethereum with great room for growth, as it is not facing immediate resistance from overvaluation.The excitement surrounding Ethereum’s L2 activity cannot be overstated. As the DeFi and broader dApp landscapes continue to mature, Ethereum stands to benefit from the innovations and efficiencies these L2 solutions provide.This article was originally published on U.Today More

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    in Economy

    OpenAI in talks to raise new funding at $100 billion valuation – Bloomberg News

    The terms, valuation and timing of the funding round have not yet been finalized and could still change, the report said.OpenAI has also held discussions to raise funding for a new chip venture with Abu Dhabi-based G42, according to the report.It is unclear if the chip venture and wider company funding were related, the report said, adding that OpenAI has discussed raising between $8 billion and $10 billion from G42.OpenAI is set to complete a separate tender offer led by Thrive Capital in early January, which would allow employees to sell shares at a valuation of $86 billion, according to the report.Microsoft (NASDAQ:MSFT) has committed to invest over $10 billion in OpenAI, which kicked off the generative artificial intelligence craze in November 2022 by releasing ChatGPT. Microsoft said it had nothing to share when contacted by Reuters. OpenAI did not respond to a Reuters request for comment. ChatGPT, a chatbot which can generate human-like responses based on user prompts, has helped AI’s popularity and fueled a meteoric rise in the valuation of San Francisco-based OpenAI. The company has previously made a $300 million share sale at a valuation of $30 billion.In late November, OpenAI CEO Sam Altman said Microsoft would take a non-voting, observer position on the company’s board.OpenAI had ousted Altman on Nov. 17 without any detailed cause, setting off alarm bells among investors and employees. He was reinstated four days later with the promise of a new board. More

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    in Economy

    US reopens Mexico rail crossings after closure sought to stem migration

    WASHINGTON (Reuters) -The United States on Friday reopened two rail crossings between Texas and Mexico vital for exports, five days after their closure in response to increased migrant traffic, and new U.S. data showed migrant numbers at the southern U.S. border remained high last month. U.S. Customs and Border Protection (CBP) said operations resumed on Friday afternoon at the international railway crossing bridges in Eagle Pass and El Paso, Texas. The closures had dismayed railroads, the agriculture industry and some lawmakers concerned by the loss of exports.The White House said the United States will operate the crossings 24 hours a day for the next few days, and railroads, U.S. grain industry trade groups and Mexico’s farm lobby welcomed the reopening. Growers, representing U.S. corn, milk, rice and soybean producers, among others, this week estimated that almost 1 million bushels of grain exports were lost every day of the closure.At the start of the week, the Biden administration closed two rail trade routes between the U.S. and Mexico, a move intended to free up customs personnel to assist border agents. U.S. data released on Friday showed the number of migrants encountered by CBP agents along the clogged southern border in November remained high, keeping pressure on President Joe Biden to reduce the flow significantly ahead of his reelection bid next year.CBP migrant encounters for November totaled 242,418, roughly level with October but down from September’s near record high of 270,000. U.S. border agents apprehended about 10,800 migrants at the southwest border on Monday, according to an internal report reviewed by Reuters, and several current and former officials said this was near or at a single-day record high. Praising the reopening, Ian Jefferies, CEO of the Association of American Railroads, said the rail crossing closures did not help stem the flow of migrants. “These ill-advised closures were a blunt-force tool that did nothing to bolster law enforcement capacity,” he said.The U.S. thanked Mexico on Friday for its efforts. “We are grateful for Mexico’s cooperation to reduce migration pressure in these sectors and combat the smugglers placing migrants in harm’s way,” a White House spokesperson said. Mexico’s foreign ministry said the government “insisted on the need to reopen border crossings as soon as possible to guarantee dynamic trade flows and enhance the economic relationship” between the U.S. and Mexico. Mexico’s main farm lobby CNA expressed relief over the reopenings, saying “the lack of supplies in Mexico, caused by the closures, was affecting food production, raising costs and putting food security at risk in the country.” More