Cryptocurrency

XRP’s trajectory has brought it close to the 100-day exponential moving average (EMA), a significant support that traders often monitor. This technical indicator serves as a barometer for the asset’s medium-term trend, and landing on it could suggest a pivotal moment for next move. While approaching this crucial support, XRP has fallen below a critical threshold that previously bolstered its price, hinting at the market’s uncertainty.What sets XRP apart in the current climate is its failure to mirror Ethereum’s surge. While both assets encountered similar support zones, Ethereum capitalized on the momentum to climb higher, whereas XRP has remained subdued, unable to capitalize on the market’s overall uptrend.Despite breaking important support, the lack of a sharp decline suggests the sell-off is not aggressive, implying that the market might not have lost all faith in the asset. This could be indicative of accumulating pressure for a bullish reversal, should XRP manage to sustain above the 100-day EMA. A bounce from this level could reignite buyers’ interest, potentially leading to a price breakthrough.For a bullish reversal to proceed, XRP would need to attract significant buying volume to push through existing resistance levels. This would require a shift in market sentiment, potentially driven by positive developments in Ripple’s legal situation or an influx of new partnerships that reaffirm the value proposition of XRP.The rapid recovery of ETH can be seen in its recent price action, where it broke past several resistance levels that previously capped its ascent. This turnaround was surprising, especially considering the broader market context, where many other cryptocurrencies have struggled to find similar momentum. Ethereum’s resilience is particularly noteworthy; it not only rebounded but did so with enough force to carve out a new high on its price chart.This resurgence is indicative of Ethereum’s underlying strength and the confidence the market holds in its fundamentals. A confluence of factors may be contributing to this rally.The $2,300 mark stands firmly in sight as the next psychological and technical hurdle for the asset. Traders and investors are closely monitoring the $2,300 level which, if decisively broken, could open the doors to further gains, potentially establishing a new support base for future rallies.The performance of Solana is particularly noteworthy given its robust recovery from the ripple effects of the FTX collapse. The price ratio, a metric observing Solana’s value relative to Ethereum, has experienced a significant reversal for the first time since 2021. This recovery is a sign of the resilience and growing confidence in the Solana network’s fundamentals and its potential to become the “Ethereum 2.0” of the upcoming bull run.The recent breakthrough past key resistance levels suggests strong underlying demand for SOL and bullish sentiment that is captivating the crypto community.The current bull run of Solana is not just a short-term price spike; it is reflective of the broader trend where scalability, speed and low transaction costs are highly valued. Solana’s performance validates the network’s promise to provide these features, which are critical for the next wave of blockchain adoption.This article was originally published on U.Today More

(Reuters) -Bankrupt crypto exchange FTX Trading on Tuesday announced a settlement with liquidators for FTX’s Bahamas unit, resolving a long-simmering dispute over whether the company’s U.S. bankruptcy proceedings should take precedence over the Bahamian liquidation. FTX and FTX Digital Markets have agreed to pool their assets and harmonize their approach to valuing customer claims to ensure equal treatment for customers in either country’s insolvency process. The settlement will allow most customers of FTX.com’s international crypto exchange to choose whether to seek repayment from either the U.S. bankruptcy or the Bahamian liquidation, according to FTX.FTX’s CEO John Ray, who took control of the company from convicted FTX founder Sam Bankman-Fried, said that the agreement is a critical milestone in the company’s effort to repay customers. “The unique challenges raised by the conflicting filings of the FTX Debtors and FTX Digital Markets have been some of the toughest the team has faced,” Ray said in a statement. “But we recognized at the beginning that we have an overlapping constituency: FTX.com customers.”The Bahamian liquidators, Brian Simms and Peter Greaves, said in a statement that the agreement will avoid “years of protracted litigation and expense” and “accelerate the return of funds to customers.”FTX had been at odds with Bahamian officials ever since filing for bankruptcy protection on Nov. 11, with a hole in its balance sheet that left its 9 million customers facing billions in potential losses. FTX had sued the Bahamian liquidators in March, seeking a ruling that the liquidators had wrongly claimed ownership of the exchange’s assets.Under the agreement, FTX’s U.S. based bankruptcy team will take the lead on asset recovery efforts, including any potential sale of the FTX.com exchange or its intellectual property. The Bahamian liquidators will be in charge of selling real estate assets in the Bahamas and pursuing certain litigation claims. The settlement also includes an agreement to FTX’s proprietary crypto token FTT as equity in FTX, which would be wiped out in the company’s bankruptcy. The value of FTT tokens had been a point of contention between the two sides last year, when FTX’s U.S. team alleged that most of the assets seized by the Bahamian liquidators were valueless FTT tokens. FTX, which collapsed in November 2022, has committed to using at least 90% of its assets to repay customers. The company plans to pay customers back in U.S. dollars, rather than in cryptocurrency. More

According to the report, the total cryptocurrency market capitalization doubled in 2023, suggesting that it has already exited its “winter” and is now in the midst of a transition. “Still, we think it’d be premature to put labels on this or see the positive performance as vindication against the cynics who reveled in crypto’s greatly exaggerated demise. What’s clear, however, is that despite the hurdles directed towards the asset class, the developments we witnessed over the past year have defied expectations. They are evidence that crypto is here to stay. The challenge now is to seize the moment and build something better,” mentioned in the report.Key themes for 2024:Institutional investment in Bitcoin: Coinbase predicts that institutional flows into cryptocurrency will continue to focus primarily on Bitcoin at least through the first half of 2024. This trend is expected to be driven by traditional investors’ growing interest in the crypto market.Favorable macro tailwinds and regulation: The report anticipates favorable macroeconomic conditions for risk assets in 2024. More importantly, it foresees ongoing efforts in establishing regulatory frameworks for cryptocurrencies, which will facilitate long-term adoption.Development of real-world use cases: Another significant trend highlighted is the continuous effort by developers to create real-world applications for cryptocurrencies, the foundations of which are already evident.Improving user experience: Finally, Coinbase underscores the importance of enhancing the user experience in the crypto space, the groundwork of which is being built. The report suggests that improvements in this area will be key to transitioning from early adopters to mainstream users. More

As the protocol noted, the push to Ethereum is to advance its key value protocol to bring real world assets (RWA) to emerging markets. Additionally, a switch to Ethereum will optimize its plans to provide a decentralized physical infrastructure network (DePIN) on-chain.The switch from a full-blown layer-1 to a layer-2 protocol is uncommon; however, the ease of implementing the move, as provided by Optimism, makes the transition easier. Lisk now says it is the first L1 blockchain that will join other protocols like Base to contribute to the Optimism Superchain. Recall that using the OP technology Stack.By committing its developers to the development of Optimism Superchain, Lisk said it will advance the vision of contributing to the future of Web3. It believes its contributions in the long term will contribute to driving mass adoption into the industry.The move to Ethereum might be the ultimate game-changer that Lisk needs to gain mainstream recognition, like other protocols in the L2 arena. Despite its revolutionary offerings and age, the protocol is ranked as the 262nd largest protocol by market capitalization, and its transaction count .This contrasts with Optimism (OP), Arbitrum (ARB) and Polygon (MATIC), whose market cap ranking and total value locked (TVL) with many established layer-1 blockchains today.This article was originally published on U.Today More

This article was originally published on U.Today More

This article was originally published on U.Today More

According to a statement on Tuesday, the settlement will see both parties pool assets together and coordinate to establish reserves in order to “ensure that FTX.com customers […] receive substantially identical relative distributions at substantially identical times.”The agreement still needs to be approved by a U.S. bankruptcy court in Delaware and the Supreme Court of The Bahamas, the statement said.FTX Chief Executive John Ray, who replaced convicted founder Sam Bankman-Fried, called the development a “critical milestone” in the company’s drive to pay back customers. More

Analysts noted the recent rise in crypto, which they believe will propel Coinbase to significant top and bottom-line growth in 2024. Since their last analysis, they have witnessed a dramatic climb in both crypto prices and trading volumes, surpassing their initial forecasts. Fueling the increase is the potential of lower interest rates in 2024 and the potential approval of spot Bitcoin ETFs, said the analysts. “COIN has participated in this upswing, with spot ADVs tracking nearly 50% above our prior estimate for 4Q23 (and even higher in December), which we believe has been driven not only by BTC trading but also trading in other tokens,” the analysts wrote. ” We also note that COIN’s recently launched international derivatives exchange has seen a material uptick in trading volumes, albeit from a very low base.”The price rally also benefits Coinbase’s staking-as-a-service business, as they earn a cut of the staking yield on tokens like Ethereum and Solana. Analysts anticipate this momentum to continue into 2024, driven by factors like easing interest rates, which are expected to lure both retail and institutional investors back to riskier assets, and potential market share gains from competitor Binance’s recent regulatory woes. “All-in, we believe the rise in crypto market activity, combined with COIN’s cost-cutting initiatives, put the company in a great position to grow top and bottom line in 2024,” the analysts concluded. More