Crypto News

Ripple Outperforming Almost The Whole Market, What’s Pumping XRP Price? 

The currency of the blockchain-powered online payment platform, XRP, has gained almost 60% in the past week. After briefly dipping to $0.34 five days ago, the token climbed back and traded around $0.52 this morning. Crypto influencer Ben Armstrong claims to know the reason behind this continuous climb amid the current general crypto bear market. The multiple-crypto holder shared his two cents about the state of events with his 800k plus followers on Twitter yesterday. Related Reading: Maker DAO Shows Bullish Sentiment After A While, Eyes $800? Influencer Believes Impending Close To Ripple-SEC Case Is Responsible According to Armstrong, multiple factors are causing Ripple’s insane price surge. However, he can confidently trace one primary reason to the ongoing SEC court battle with the sixth strongest crypto. The influencer tweeted that SEC has given up on its 2-year struggle of trying to prove XRP is a security. As of this week, the Ripple community “can be pretty confident the worst-case scenario is a fine,” the tweet reads. The last weekend saw both parties in the ongoing case filing for summary judgment. In other words, Ripple and SEC believe enough evidence has been provided for a verdict outside a court case. They wait for Judge Torres’ decision supporting one side or the other based on already available evidence. A court battle that started way over in 2020 might soon be coming to an end. Ripple And XRP Community Expect A Favorable Verdict Like Ben Armstrong, the Ripple community and Ripple Labs are expectant of a favorable ruling. If that happens, XRP will not be considered a Security but a digital asset, just as Ripple intended.  Another crypto influencer predicted that if this happens, it will be the needed boost the bearish crypto market needs. David Gokhshtein tweeted that the crypto market will go parabolic should XRP win this case. He and Brad Garlinghouse, Ripple’s CEO, believe a win for XRP would stamp cryptos stand with regulation. Consequently, it would increase investors’ faith in the ailing asset. Whale Movements On XRP Blockchain Also Partially Responsible For Price Boost Another reason for the surge in XRP seems to be whale movements on the platform. On-chain analytics firm, Sentiment data reveal an increase in whale transactions on the Ripple blockchain.  Furthermore, the Whale Alert crypto tracker revealed multiple anonymous transfers of significant amounts of XRP in the past week. Data showed that a 261 million XRP transfer and another 582 million XRP transaction took place. Ripple was involved in both transactions, moving 80,000,000 of the tokens externally. In total, close to a billion tokens exchanged hands in whale transactions last week.  Related Reading: Can WAVES Flow Back From Its Low Ebb And Reclaim $4.6? These two factors mentioned above are mainly responsible for the continuous climb of XRP tokens over the last week. One can only wait to see if the XRP community’s optimism is indeed rightly placed and that ripple will indeed win the case. At the time of writing, XRP is currently trading around $0.48 after briefly testing $0.52 earlier today per Coinmarketcap data.  Featured image from Pixabay and chart from TradingView.com

Crypto News Ethereum

Value Locked in Defi Drops to Lows Not Seen Since March, Ethereum Dominates TVL by 57%

value-locked-in-defi-drops-to-lows-not-seen-since-march,-ethereum-dominates-tvl-by-57%

The state of decentralized finance (defi) in terms of total value locked (TVL) has been tumultuous, to say the least, and currently the TVL in defi today is approximately $54.95 billion. The TVL has not been this low in over five months since March 29, and the most dominant defi protocol today is Makerdao, leading More

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Biggest Movers: DOGE Hits 1-Month High to Start the Weekend

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Dogecoin rallied to a one-month high to start the weekend, as markets marginally rebounded on Saturday. The token rose by as much as 10% in today’s session, racing past a key resistance in the process. Solana was another notable gainer, as it hit an 11-day high. Dogecoin (DOGE) Dogecoin was one of Saturday’s most notable More

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U.S. Federal Reserve Set To Hike Rates Above 400 BPs – How Will Crypto Market React?

The United States Federal Reserve is tightening, and interest rates hike has heavily impacted on the crypto market. Earlier this month, Bloomberg Analyst Mike McGlone McGlone said Bitcoin would outperform traditional stocks as interest rates hike. However, to this point, Bitcoin does not seem to follow Bloomberg’s predicted trend. As a matter of fact, despite Bloomberg’s bullish standpoint, Bitcoin and other cryptocurrencies are still in a crash. For example, BTC and ETH dropped by 2% after the Fed’s announcement and bounced back. BTC is currently trading below $19,000. The Fed’s Federal Open Market Committee (FOMC) manages the economy during inflation and recession by controlling the money supply in the country. The Fed maintains the money supply via quantitative tightening and easing of reserves. As a result, a rise in interest rates triggers volatility in the market. Related Reading: Prepare For Volatility: Data Suggests Bitcoin Gets Chaotic During FOMC Meetings Inflation Would Drop To 2% By 2025, Says Federal Reserve The Federal Reserve revealed its plans to tackle inflation at Thursday’s FOMC. The Fed 75bps interest rate hike is just the tip of the iceberg as it plans to raise the rates as high as 400bps by the end of 2022. In August, the CPI indicated 8.3% YoY inflation, but the Federal Reserve forecasts inflation to come down to 2% by 2025. The Fed Reserve plans to bring inflation down to 5.4% by 2022 and 2.8% by 2023. Reports show that Fed raised this year’s interest benchmark by four times. The current rates are between 2.25% to 2.50%. From the CNBN Fed Survey for September, Fed’s interest hike would remain at the peak rate for 11 months. John Ryding, the Chief economic advisor at Brean Capital, commented in response to the survey. Ryding said the Fed has finally realized the inflation problem is critical. He thinks the Fed’s monetary tightening rate is a ‘positive real policy rate.’ The economist advises Fed to increase the current rate by 5%. The survey reported that among 35 survey respondents, some economists, strategists, and fund managers think Fed might overdo its tightening. Recession Would Hit Global Economy – World Bank The World Bank says recession would hit the global economy because of the war-like monetary policies of the world economy. Svan Henrich, the founder of Northman Trader, thinks interest rates would depend on recession than inflation in the next year. He thinks Jerome Powell, Chairman of the Fed Reserve, emulates Paul Volcker. Henrich further advised Powel to pivot before hitting the 40bps rates target. Paul Volcker is the former Chairman of the U.S Fed Reserves. Related Reading: Bitcoin Dumps After Revisiting June Lows, Where Does The Bottom Lie? Jerome refused to say much about the recession, saying he didn’t know the depth or when the recession would occur. Meanwhile, Fed dismissed all speculations of recession. Everyone awaits the release of the following inflation data in the Consumer Protection Index for September. In addition, the next Federal Open Market Meeting will take place on November 2. Featured image from Pixabay, charts TradingView.com

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5 leading web3 Entrepreneurs from Australia and New Zealand share their exponential success and advice

5 leading web3 Entrepreneurs from Australia and New Zealand share their exponential success and advice

These following entrepreneurs have not only scaled significant opportunities in the web2 market but have also transitioned and applied their genius in the web3 and crypto space. Already in just a short few years and months, they have created incredible success and communities. Five of the fastest upcoming names share their insights into web3 and […]

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Tether Reveals USDT Stablecoin Is Now Supported by Polkadot

tether-reveals-usdt-stablecoin-is-now-supported-by-polkadot

Tether is now live on 15 different blockchain networks, according to the company’s latest announcement on Friday as the firm detailed that it is now supported by the Polkadot blockchain system. The stablecoin’s new support follows the token being added to the Near Protocol 11 days ago. The news further follows Tether being ordered by More

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Lido Gets All-Clear Signal From Blockchain Auditing Experts Statemind

The firm behind the recent success story, where $350M in damages were prevented from hitting the Avalanche blockchain, has released an in-depth audit report of the popular Ethereum liquidity staking solution, Lido.  The report has ultimately given Lido an all-clear signal, noting that no significant vulnerabilities were discovered. Here is what newcomer blockchain auditing firm Statemind did find in their Lido report.  Lido Tasks Statemind With Keeping Billions At Stake Secure Lido is designed to provide liquidity for staked assets with daily rewards and no lock up periods. Lido staking solutions are available for Ethereum, Solana, Polygon, Terra, Kusama, and Polkadot. Without solutions like Lido, staking Ethereum, for example, requires locking up as much as 32 ETH for many years without being able to use or sell the tokens.  When staking Lido you mint staked tokens which are issued 1:1 to your initial stake. With Lido, your staked tokens can be used across the DeFi ecosystem as collateral, for lending, yield farming, and more. As Lido expands its stronghold over liquid crypto staking solutions, the need for the underlying code to be squeaky clean and without any potential complications becomes imperative. Billions of dollars in value are at stake across millions of users. Lido has tasked blockchain auditing firm Statemind with reviewing its code and ensuring no critical vulnerabilities exist — and if they do, snuff them out before they become an issue.  Statemind Makes Huge Splash At Launch, Saving Avalanche $350M Statemind did just this but outside of its regular clientele, while simultaneously making a huge splash across the cryptocurrency development community. A proactive review of several top blockchains revealed that Avalanche and associated chains were exposed to a critical vulnerability. Estimated damages top over $350M that Statemind was able to save.  In the more reactive Lido research prompted by the client themselves, Statemind, fortunately, discovered zero critical, high, or medium-severity bugs. Only informational bugs were found, which are easily patched and pose no threat, said Statemind.  The Results And Recommendations Of The Lido Audit Report Statemind further outlined the results of the MEV-Boost relay allowlist project and Lido audit in a nine-page report. According to the report, the on-chain relay allowlist is “used by Node Operators participating in the Lido protocol after the ETH Merge to extract MEV.” Node Operators use the contract to ensure up-to-date software configuration at all times.   “Key recommendations involve checking the number of relays right after the msg.sender check, removing the zero address check for msg.sender, checking if the token address is a contract in the function _safe_erc20_transfer, and utilizing mapping that maps URI to index of relay in the array,” Statemind explained in a blog post.  What You Need To Know About Statemind Blockchain Safety Audits  Lido is just one of many of Statemind’s clients, which also include 1INCH and Yearn.Finance. In addition to finding a critical vulnerability in Avalanche, Statemind also just announced the discovery of a two-year-old exploit in Andre Cronje’s latest project, Keep3r Network.  Statemind is a brand new blockchain security auditing firm with over 100,000 LoC of Solidity and Vyper experience combined. Thus far, Statemind audits have secured over $10B in TVL, and the examples above have only added to this rapidly-growing number. To learn more, visit Statemind.io.