Day: November 30, 2024

JPMorgan Settles Tesla Lawsuit Over Stock Warrants for $162 Million

Posted on by Arslan Butt

JPMorgan and Tesla have settled their lawsuit. The lawsuit was filed by JPMorgan in November 2021 and alleged Tesla breached a stock warrant contract and was seeking $162.2 million in damages.

Both sides announced the settlement in a Manhattan court filing on Friday and agreed to dismiss all claims against each other. No details of the settlement were disclosed and neither company has commented to the press.

Continue reading “JPMorgan Settles Tesla Lawsuit Over Stock Warrants for $162 Million” →

Bitcoin Price Outlook: Kiyosaki Predicts $100K BTC as Russia Recognizes Crypto

Posted on by Arslan Butt

Bitcoin (BTC), the world’s leading cryptocurrency, has remained stable over the past 24 hours, trading near $97,184.

Its price has shown little volatility, fluctuating within a narrow range of $95,614 to $98,693. This steady performance highlights the recent calm and predictable trend in BTC’s market movement.

Continue reading “Bitcoin Price Outlook: Kiyosaki Predicts $100K BTC as Russia Recognizes Crypto” →

Justin Sun’s $6.2M Banana Stunt: Marketing Genius or Absurdity?

Posted on by Arslan Butt

Tron founder Justin Sun is at it again. He just bought Maurizio Cattelan’s infamous banana artwork,

“Comedian”, for $6.24 million on November 20 and then ate the banana in front of a packed press conference in Hong Kong. He called it performance art, likening it to blockchain where “the concept is the true value.”

Continue reading “Justin Sun’s $6.2M Banana Stunt: Marketing Genius or Absurdity?” →

Ethereum On Bulls Power, Eyes $4,000 Mark

Posted on by Olumide Adesina

The crypto market’s renewed enthusiasm after Donald Trump’s election victory boosts Ethereum’s comeback.

Recent price movements indicate that Ethereum may see more profitable trades that break through the $3800 barrier and support the notion that the bullish trend will continue in the coming sessions. This serves as a reminder that buyers’ next target is $4000.

Ethereum’s cumulative short liquidations experienced a sharp jump, signaling a significant price milestone that could have a cascading effect if broken. The sheer number of potential liquidations, coupled with the large number of traders betting against ETH’s bullish trend amid increased market leverage.

ETH has demonstrated growing bullish sentiment by setting up solid support levels at $3,300 and $3,5000 support lines. Important moving averages, including the 50, 100, and 200 EMAs,  point upward, support the positive momentum. After breaking out of a consolidation phase, there was a rally in early November, and the current price of $3,565 is still just below testing resistance at $3,800.

Ethereum’s ascent and BTC’s waning dominance may portend a more significant change in the cryptocurrency market. Investors seem to be diversifying their holdings to capitalize on opportunities presented by cryptocurrencies other than Bitcoin. This pattern might also be a sign that the market is maturing and that investors are now considering cryptocurrencies on their own merits rather than just Bitcoin.

The Ethereum Foundation (EF) has declared a significant financial commitment, allocating “tens of millions” of dollars to the development of zero-knowledge Virtual Machines (zkVMs), that will improve the Ethereum ecosystem’s scalability and security.

Tron’s Founder Eats Most Expensive Banana

Posted on by Olumide Adesina

Cryptocurrency entrepreneur Justin Sun, who founded the Tron blockchain, has shocked the world by keeping his pledge to eat a banana from Maurizio Cattelan Comedian, the notorious $6.02 million piece of art he purchased at auction.

 

A certificate of authenticity and instructions on handling the banana based artwork were given to him. Sun compared crypto assets to conceptual art before he ate the banana. Two Solana meme coins based on the $6.2 million artwork had already been created at that time.

According to the BBC, the artwork,  a banana duct taped to a wall, has garnered international attention since it was first up in 2019. At a press conference in Hong Kong, Sun joked, “It’s much better than other bananas,” making fun of the ridiculousness of shelling out millions of dollars for an artwork that is ultimately a work of art. Sun, who outbid six other bidders to obtain the installation, clarified that eating the banana was more than a stunt. He said, “Eating it at a press conference can also become a part of the artwork’s history,” and after being eaten, the banana has gained additional significance.

Justin Sun also stated that Comedian was more than just a provocative piece because it draws a comparison between cryptocurrencies and conceptual art. He clarified in his speech that “these works often exist as ideas or intellectual properties, rather than as physical objects.“. This relationship between technology and artistic production is a reflection of the core values of his blockchain-focused company, Tron.

Attendees took home a roll of grey tape and a banana as mementos as a tribute to the original installation.

Sun announced on Monday that it would invest $30 million in the World Liberty Financial (WLFI) project, supported by the Trump family, by purchasing the WLFI governance token. The project is anticipated to begin as an Ethereum-based cryptocurrency lending and borrowing service.

Bitstamp Lists Solana and PEPE

Posted on by Olumide Adesina

Solana and PEPE are now supported for US users on Bitstamp, one of the oldest exchanges in the cryptocurrency space.  Bitstamp is registered with the New York State Department of Financial Service as a money transmitter and a virtual currency business activity.

The crypto exchange will provide trading pairs against the euro and the US dollar. The exchange reports that traders can now access spot trading pairs for SOL/USD, SOL/EUR, PEPE/USD, and PEPE/EUR.

Solana is a well-known layer-1 blockchain that supports smart contracts and is currently ranked among the top 10 cryptocurrencies by market capitalization. The blockchain network is home to a vast ecosystem of projects spanning non-fungible token markets, gaming, decentralized finance, and even coins.

The native token SOL hit a new all-time high above $263 with a value increase of over 300 percent over the previous year. Pepe is an Ethereum meme coin whose value has increased dramatically over the last few months due to a general market upswing.

Many cryptocurrency exchanges now feel free to list any cryptocurrency they want after Donald Trump won the US presidential election in 2024 with a landslide victory and the possibility of a change in leadership at the US regulator SEC.

The 47th President of the United States has pledged to end the “war against cryptocurrencies” spearheaded by Joe Biden’s administration, which has sued numerous cryptocurrency startups in recent years.

XRP On Blue Flame, Runs Past BNB, March To $2

Posted on by Olumide Adesina

XRP overtakes BNB as the fifth-largest cryptocurrency, with a market valuation of over $105 billion with a 250 percent increase in November. The market activity of the altcoin has been greatly impacted by Ripple’s protracted legal dispute with the SEC. Ripple’s XRP is the top-performing major cryptocurrency, up nearly 23% within a day and about 25% in the past week

 

 

 Price Action

The RSI indicator, which has been in overbought territory for the past month suggests that the bias may weaken. The $1.60 and $1.40 thresholds will be the first possible supports if a correction takes place, followed by a zone at $1.20 that is graphically far more significant.

A decline below this level would be a bearish indication that might place the $1 zone right in line with higher prices.

The $1.88 level and the high from last week, at $1.63, combine to create an immediate resistance zone on the upside. The psychological $2 level should soon catch traders’ attention as they move higher. Finally, considering the next big rally, it might be more tactically prudent to hold off on buying XRP until it moderates so buyers can position themselves at a better price.

The asset is already outperforming the 2021 bull market, and the increase may last for a few more months. BNB has been overtaken by Ripple’s XRP, which now ranks fifth in market capitalization. On Saturday, XRP’s market capitalization hit $107 billion, the highest level in three years.

Fundamentals healthy 

XRP is at the top of the list to gain from Trump’s promised more flexible regulation of cryptocurrencies, investors are indeed hoping that other ETFs will be able to launch after those of BTC and ETH earlier this year. It is also important to remember that the US SEC and Ripple are still involved in a lawsuit and that there is hope for a friendly settlement or even the US regulator dropping the case given Gary Gensler’s recent pledge to step down the day Trump takes office.

Most of the main cryptocurrencies have stalled and are having difficulty reviving as strongly as they once did.  All of them, except XRP, are outperforming Bitcoin, Ethereum, and Solana and is made a big comeback last month

Although there are numerous explanations for XRP’s recent surge, it is undeniable that the asset is experiencing strong bullish momentum. XRP has recovered its reputation as a reliable asset and bullish token amid high buying power

The token’s price has undoubtedly increased due to Gary Gensler’s departure from the SEC, which will take effect on January 20. With an even more optimistic outlook, XRP may soon have its own ETF in the US. The SEC will no longer be an enemy of Ripple Dot. The number of requests for an XRP ETF has increased in recent weeks. Under Joe Biden, these appeared unattainable, but Donald Trump’s electoral victory brought everything back to life.