Cryptocurrency

Solana’s native cryptocurrency (SOL) looks set for an upside movement, according to Matthew Dixon, CEO of Evai, the AI and ML-driven crypto ratings platform. Dixon used a chart analysis to show that SOL could rally from its current price region and head toward the $35 price level.SOL has been in a sideways channel since reaching a yearly high of $27.12 on February 20, 2023. It achieved the price following a rebound after the Layer 1 scalability-inclined crypto surged by 180% at the beginning of the year. Since then, SOL’s price has trended sideways, not going above $27.1 and not falling below $16.01, according to data from TradingView.Looking closer at the trend within the trend, Dixon observed that SOL’s sideways pattern imbibes an upside impulse with downside corrections. He also noted that divergences have not formed yet on the chart. Based on these factors, he predicts SOL could be nesting ready for an upside movement.Available reports suggest that crypto investors are paying close attention to SOL’s price at the currency level. The coin’s price action puts it around significant support at $19.80. That support also coincides with the 200 Moving Average, considered a strong indicator in technical analysis.If SOL should bounce off this support region, Dixon’s projection could materialize, and the price could rally toward the established yearly high and possibly higher. However, a confirmed break below the current support level could see the bears exert more authority in the market. They could push SOL’s price lower to retest the next significant support around $16.1.SOL is the ninth largest cryptocurrency by market capitalization, according to CoinmarketCap. Per total value locked (TVL), data from the DeFi data aggregator, DeFi Llama shows there is currently $268.74 million on Solana’s blockchain, reflecting a 30% increase since the beginning of 2023.Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.The post SOL is at a Critical Support, Looks Set For a Significant Rally appeared first on Coin Edition.See original on CoinEdition More

According to Santiment, the market intelligence platform with on-chain and social metrics, PEPE’s decline after surging 1,200% in the first week of May was predictable. It followed a trend established by older meme coins like SHIB and DOGE.A Santiment analysis observed that even though PEPE had not reached the heights achieved by SHIB and DOGE, the growth pattern of the new meme coin mirrors that of its predecessors. In their heyday, SHIB reached a valuation of $40 billion, and DOGE attained a $70 billion valuation. At $2 billion, PEPE’s valuation pales in comparison to both meme coin unicorns.Santiment’s analysis suggests there could be more in the tank for PEPE, considering its low market capitalization leaves room for more growth. On the other hand, it shows the current retail sentiment in the meme coin market.Santiment deduces the situation as evidence of the dropping liquidity and retail participation in the meme coin market. According to the analysis, the retail landscape for meme coins may have changed dramatically, and retail participation is nearly nonexistent.Another factor identified by Santiment to be affecting retail participation is the crash of LUNA and FTX in 2022. According to the market intelligence platform, both events profoundly impacted the market. Since then, the trading volume of meme-inspired cryptocurrencies has significantly dropped, with retailers concentrating on other projects.PEPE may not have matched SHIB and DOGE in market valuation. However, Santiment’s on-chain analysis shows comparable social volume for the new meme coin with the others within the crypto media during their peak periods. The situation is different for mainstream media coverage. Unlike DOGE, a subject of discussion on major television channels, PEPE remains confined to social media, with most of its traffic seen on crypto Twitter.The post PEPE Can Still Make a Rebound After Predictable Decline appeared first on Coin Edition.See original on CoinEdition More

The prominent crypto attorney and XRP lawyer John E. Deaton posited that the prolonged SEC-Ripple case has posed a “major threat and danger” to the entire crypto space. Deaton’s pronouncement followed the revelations of Perianne Boring that the SEC-Ripple case could set a “legal precedent” impacting many other companies in the capital markets.In a discussion with the crypto researcher Darren Moore, Perianne Boring, the founder of the Chamber of Digital Commerce, the trade association representing the blockchain industry, argued that the Ripple case is significant as it was the first incident of questioning the “secondary sales of assets”.Deaton, in response to Boring’s comments, shared a chain of Twitter threads, pointing out the “intentional noise and distraction” included in the SEC’s allegation against Ripple:The XRP advocate elaborated on the efforts he has been taking since the beginning of the SEC-Ripple case to convince others that the regulators were not only against Ripple but against the whole crypto industry. He quoted:Further, Deaton explained how others including the SEC lawyers characterized his concerns as overblown, relating it to Section 4 Exemptions which could apply to secondary sales. However, Deaton argued that the Section 4 exemptions “only apply to securities”. Referring to the definition of “underwriter”, Deaton stated that an “underwriter is any person who has purchased from an issuer with a view to … the distribution of any security”, concluding that the Section 4 exemption “doesn’t apply”.Since the Ripple case began, Deaton has been criticizing SEC’s allegations against Ripple. Recently, he pointed out the SEC’s “schizophrenic” defense in the Ripple case.The post SEC-Ripple Case Poses Threat to Crypto Space: XRP Lawyer appeared first on Coin Edition.See original on CoinEdition More

Bitdeer Technologies Group, a prominent crypto mining firm, has released its unaudited financial results for the first quarter of 2023, highlighting a robust performance and sufficient cash flow despite challenges from macroeconomic and crypto-market headwinds.According to official records, Bitdeer reported a net loss of $9.5 million for the first quarter. However, the company’s non-IFRS adjusted profit reached $2.8 million, and non-IFRS adjusted EBITDA stood at $18.5 million.Revenue sources for Bitdeer include self-mining, hashrate sharing including Cloud Hashrate, and hosting services. In Q1 2023, total revenue was $72.6 million, compared to $90.4 million in Q1 2022.The firm attributed the decrease to changes in Bitcoin prices, impacting self-mining and Cloud Hashrate revenue. However, hosting service revenue increased while the company’s cash and cash equivalents as of March 31, 2023, were $173.9 million.Bitdeer operates around 196,000 ASIC mining machines, with 795MW aggregate electricity capacity across five mining data centers. An additional 100MW capacity is under construction in Bhutan.Bitdeer took proactive measures to optimize its cost base by securing a competitive price for 150MW electricity capacity in its Texas mining data center until the end of 2023. Additionally, the company invested in future growth by expanding its fleet of mining machines, increasing its proprietary hash rate from 4.1 EH/s to 5.7 EH/s.Notably, Bitdeer announced a partnership with Druk Holding & Investments to develop a carbon-free digital asset mining data center in Bhutan. This expansion complements the company’s existing Northern Europe and North America data centers. In preparation for this month’s partnership launch, Bitdeer has ordered 30,000 new mining machines, laying a solid foundation for the project’s success.The post Bitdeer Mining Firm Q1 2023 Revenue Hits $72.6M, with $9.5M Net Loss appeared first on Coin Edition.See original on CoinEdition More

Lido is a liquid staking derivatives (LSD) protocol that allows ETH holders to stake their coins with participating validators and earn additional ETH as a reward. When users stake their ETH with Lido, they receive stETH in return. As users earn ETH from staking, their stETH increases in quantity to reflect the additional rewards.Continue Reading on Coin Telegraph More

“We’re studying it,” Kashkari said of CBDCs, adding that the Fed believes it would take an act of Congress to allow it to issue its own digital currency:Continue Reading on Coin Telegraph More

According to the report, Bitcoin (BTC) funds witnessed outflows of $38 million. Over the past four weeks, total BTC outflows amounted to $160 million, accounting for 80% of all outflows. Furthermore, when combining the outflows from short positions on Bitcoin, the total value of outflows related to this asset alone reached $201 million. These numbers strongly highlight that recent investor activity has been overwhelmingly focused on Bitcoin.Continue Reading on Coin Telegraph More

As the chart indicates, for some reason, Bitcoin (BTC) investors believe that the favorable macroeconomic trends for risk markets were overshadowed by the increasing risk perception of the cryptocurrency sector.Continue Reading on Coin Telegraph More