Solana turns into Ethereum killer

Posted on October 29, 2024October 29, 2024 by Olumide Adesina

Solana has surpassed Ethereum in daily network fees, indicating a surge in user activity on the third-largest blockchain globally.

DefiLlama statistics show that Solana generated over $2.54 million in fees in the past day, greater than Ethereum’s $2.07 million on October 28. In the cryptocurrency market, Solana is the fifth-largest fee-generating protocol.

Even with its recent growth, Solana’s transaction fees are still less expensive than Ethereum’s over the long run.
In the past 30 days, Ethereum has generated around $134.6 million in transaction fees, securing its position as the leading blockchain and third-largest protocol in terms of fees.

The sharply rising costs are associated with increased trading activity on Raydium, Solana’s leading decentralized exchange (DEX). Raydium produced about $3.41 million in fees on the Solana blockchain, during the last day

Solana’s monolithic scaling approach, which aims to boost transaction volume and reduce costs without relying on Layer 2 (L2) blockchains, has become called an “Ethereum killer.”

However, some detractors argue that because Ethereum relies on L2 solutions to achieve scalability, its sharded structure transfers the value of the Ethereum mainnet to side chains.

About $29.5 million of Solana’s $61.7 million in fees over the previous month came from transactions on meme coin launchpad Pump. fun, which accounted for more than 47% of Solana’s monthly revenue.

Robinhood allows users to bet on Harris or Trump

Posted on October 28, 2024 by Olumide Adesina

Robinhood is making its debut in the prediction betting market on Monday, announcing that customers can start trading the eight-day-old 2024 presidential election.

Robinhood enters the crowded realm of political prediction markets after platform Kalshi defeated the Commodity Futures Trade Commission over election betting programs. The CFTC is appealing the judgment.

According to the website, users can trade a Donald Trump or Kamala Harris contract as early as Monday if they fulfill specific requirements, such as being a US citizen.

The election markets have generated a lot of controversy this year, with some individuals fearing that limited traffic could lead to price manipulation. The international website Polymarket disclosed that four accounts, all linked to a single French user, had spent millions of dollars to get the Trump contract. Nevertheless, an investigation found that the transaction was not involved in market manipulation, according to Polymarket.

According to a statement issued by Robinhood, “We think event contracts give people a tool to engage in real-time decision-making, unlocking a new asset class that democratizes access to events as they unfold.”

Earlier this month, Robinhood added paid index futures and options trading capabilities to its mobile app, departing from its usual commission-free trading approach.

The brokerage app now aims to become a full-service provider of financial services to compete with renowned brokerage firms that cater to institutional clientele.

It pledged earlier this year to boost margins and concentrate on “profitable growth” in 2024. Due to investor enthusiasm for new products and attention to earnings, the stock has increased by more than 100% so far this year.

FTX will pay a $228 million settlement in ByBit lawsuit

Posted on October 28, 2024 by Olumide Adesina

The FTX bankruptcy estate has reached a $228 million deal with cryptocurrency exchange Bybit and its investment company Mirana to recoup assets for its creditors.

As part of the settlement of its lawsuit against the Bybit exchange, the FTX bankruptcy estate has agreed to pay $175 million in digital assets and $53 million in BIT tokens. The lawsuit was first filed in a Delaware court in November 2023, and FTX’s initial goal was to recover approximately $1 billion from Bybit and its affiliate Mirana.

Shortly before FTX’s demise in November 2022, FTX accused the companies of taking advantage of their “VIP” status to withdraw approximately $327 million. According to FTX’s advisors, Mirana added pressure on employees to expedite withdrawal requests so they wouldn’t have to wait as long as regular users did.

The lawsuit also sought a Mirana executive and others headquartered in Singapore who were thought to have profited from these transactions.
The FTX bankruptcy estate’s lawyers contended that Mirana and other entities were granted priority withdrawal access because of their purported close relationships with FTX leaders. In an internal database, documented transactions showed Mirana withdrew substantial funds even after FTX suspended withdrawals for other customers on November 8, 2022.

The settlement hearing is now planned for November 20, 2024, if accepted, FTX will be able to sell Mirana some $52.7 million worth of BIT tokens and recover $175 million in digital assets held on Bybit’s platform.

Even though their allegations were valid, FTX’s attorneys admitted that more litigation would be “time-consuming and expensive.” According to the filing, the legal settlement enables FTX to reclaim a significant portion of the assets.

Philips’ stock sinks after disappointing sales from China

Posted on October 28, 2024 by Olumide Adesina

Philips reported on Monday that the Dutch medical device manufacturer had to reduce its sales forecast for the year and that its shares had fallen 16% because of a sharp decline in demand in China in recent months.

Shares in Philips, which sells products ranging from toothbrushes to medical imaging systems, were down 16% in Monday’s early trade and set for their biggest one-day loss in 26 years.

The shares had risen almost 50% this year as the company recovered from a massive recall of sleep aide machines.

Fears of large litigation bills reduced two-thirds of Philips’s market value between 2021 and 2023. According to the corporation, it has been negatively impacted by China’s declining consumer confidence and a state-led anti-corruption campaign that has reduced orders from Chinese hospitals.

“That compounded effect showed a strong decline in China and a further deterioration versus also what we expected in July,” Roy Jakobs, the CEO, told representatives.”The consumer market is subdued and we expect that to continue for the near term,” he stated. Philips is the most recent in a string of multinational companies to voice concerns about the Chinese economy, in decline despite Beijing’s efforts to boost it.

Jakobs said that orders in China had dropped in the third quarter in a “very material” fashion. Growth in the rest of the world partially offset China’s problems, resulting in a 2% overall decline in comparable orders from the previous year.

Philips has reduced its 2024 comparable sales growth forecast from 3% to 5%, which it claimed could still be accomplished in other markets, to just 0.5% to 1.5% growth.

Forex Signals Brief October 28: A Week Full of Economic Releases to Trade

Posted on October 28, 2024October 27, 2024 by Skerdian Meta

This week the economic calendar is full of important economic releases starting from tomorrow, while last week the forex calendar was light. Last week the USD continued the upside momentum in the first half, but retreated lower on Thursday, however by Friday the retreat was over and USD buyers came back.

There is a number of consumer events scheduled for the week

Continue reading “Forex Signals Brief October 28: A Week Full of Economic Releases to Trade” →

XRP Flash Crashed: Will Ripple Bulls Defend $0.50?

Posted on October 28, 2024 by Dalmas Ngetich

XRP flash crashed to mark a weak end of last week. Despite attempts to plug in the bleed, sellers appear to be in control. Although prices are firm when writing—steadying over the weekend, all action remains inside the bear bar of October 25. The bar is bearish and engulfing, breaching the all-important support at $0.50 with rising volume. Considering the level of engagement, it is likely that sellers might press on today. This preview will only change if there is a sharp change in trend, breaking above the upper limit of the present range.

At press time, there is weakness. Whether what happened on Friday can spill over to today remains to be seen. However, what’s evident is that sellers appear determined. It shows in the collapse over the last week, forcing XRP to lose 6%. Amid this contraction in valuation, the average trading volume is also below $600 million.

Traders are watching out for the following XRP and Ripple news:

Despite the worrying collapse, and risk of early October bears confirming losses, onchain data shows that there is a pickup in active sending addresses. With XRP Ledger supporting smart contracts, it signals entry of more people to the blockchain—a net positive for bulls.
CMC data also reveals confidence, even with prices weakening. Over 80% of all voters expect the coin to recover steadily, even closing above September highs in the coming days.

XRP Price Analysis

[[XRP/USD]] is flat but weak at press time.

The October 25 bar will shape the short-term trend. In that case, its range at $0.48 and $0.53 will serve as triggers.

If there is a complete reversal, lifting XRP above $0.53, it could serve as an anchor for bulls targeting $0.55 and $0.66.

Conversely, and aligning with the dominant October trend, losses below $0.50 and $0.48 could see the coin crash, falling to $0.45 and July 2024 low of $0.40.

Ethereum Steady Above $2,300 Despite Rising Criticism

Posted on October 28, 2024 by Dalmas Ngetich

Ethereum is all over the place but remains bearish at press time. Although the coin is moving sideways when writing, the path of least resistance is downward from a top down preview. What’s needed is a conclusive close above $2,800 and $3,000. This formation will confirm gains of early October, possibly triggering a trend change. Whether this will print out in the short term remains to be seen, and only time will tell. As it is, there is an encouraging series of higher highs from the early August sell-off, pointing to demand. If this development becomes the anchor of a sharp expansion above $3,000, it could easily see the second most valuable coin soar to $3,500.

Overall, the coin is moving inside a tight range with caps at $2,800 and $2,300. This sideways chop shows how prices have been moving, sliding 8% in the past week. At the same time, the average trading volume is at over $12 billion.

Traders are keeping track of the following Ethereum news events:

Considering the lull over the past few days, ETH is underperforming SOL and BTC. The ETH/SOL ratio broke higher over the weekend, reaching fresh all-time highs.
There is an argument that Ethereum is no longer special and is dying. Critics point to the fragmentation in liquidity and the rise of faster alternatives like Solana, BNB Chain, and Polkadot.

Ethereum Price Analysis

[[ETH/USD]] is flat when writing.

There are higher highs from August lows, explaining why, despite the drawdown, the uptrend remains.

Risk-off traders may consider unloading on every attempt below $2,800, targeting $2,300.

Ethereum may crash to August lows if prices fall below $2,300 and the support trend line.

Conversely, if bulls from late August are in the picture, clearer opportunities may print above $2,800.

In that case, risk-off, conservative traders can target $3,000 and $3,500.

This will be especially true if the breakout is with rising trading volume.

Bitcoin Firm Above $66,000: Is Microsoft Why BTC Will Break All-Time Highs?

Posted on October 28, 2024 by Dalmas Ngetich

Bitcoin is inside a narrow range, defined by the Friday bear bar. Overall, the sentiment is bullish, and traders expect prices to exceed expectations, floating above $70,000 in the coming sessions. All the same, there is weakness, at least for now, and the possibility of BTC cratering below $66,000, as it did last week, cannot be discounted. Technically, buyers have the upper hand. How fast prices float to $74,000 or dump below $60,000 highly depends on the outcome of the upcoming presidential elections in the United States. In turn, this could influence the pace at which institutions seek exposure to the world’s most valuable coin.

At press time, Bitcoin is flat. Movement remains restricted, looking at events in the daily chart. Even though traders are optimistic, what’s needed is a confirmation of a close above September highs. For now, the average trading volume is below average, at around $20 billion.

Traders are closely watching the following trending Bitcoin news:

Microsoft could soon be one of the many public companies seeking Bitcoin exposure. Last week, news filtered through that they would allow shareholders to vote on whether they should buy BTC.
After a lull, spot Bitcoin ETFs resume their inflows. As over $65 billion of assets are tied into this product, it is one of the fastest-growing ETFs in the United States.

Bitcoin Price Analysis

[[BTC/USD]] is stable but bullish at press time.

There is hope that prices will follow through the sharp gains of the second half of September.

Aggressive, risk-on traders can consider loading the dips, targeting $70,000 and $72,000.

Meanwhile, as Bitcoin steadies and absorbs selling pressure, the support is at $66,000.

Conservative, risk-off traders can consider opportunities above $70,000. Their immediate target would be all-time highs.

If prices tumble, losses below $66,000 could fast-track the sell-off to $60,000 and even August lows.

Wallet holding over $16 million worth of USDT frozen

Posted on October 28, 2024October 28, 2024 by Olumide Adesina

Whale Alert announced on Telegram that an address holding 16.15 million USDT on the TRON blockchain had been frozen on Sunday. The cause was unknown at the time of writing.

This instance demonstrates the continuous difficulties and intricacies in the crypto ecosystem, where there is still much discussion on how to merge security, regulation, and user autonomy. Many users and developers in the blockchain sector have chosen TheTronnetwork because of its fast transaction speeds and inexpensive costs.

More information that clarifies the circumstances behind the freezing of these addresses is anticipated to surface as the case reaches a level of maturation

Tether previously announced the appointment of highly trained personnel with experience in transaction analysis and cooperation with Chainalysis to detect wallets that may be linked to illegal activity or attempts to dodge sanctions.
Proactive cooperation with law enforcement is part of this commitment. Tether asserts that it has frozen over $1 billion in wallets while collaborating with over 124 agencies across 40 countries.

USDT functions as a reliable digital currency utilizing peer-to-peer and borderless characteristics of digital assets. Tether’s governance allows for certain safeguards as it is not as decentralized as Ethereum or Bitcoin

Tether Limited Inc.’s ability to step in and stop USDT transactions after a crypto crime is reported, remains crucial to recover assets. Nowadays, Bitcoin is rarely used in crypto fraud. Instead, assets on the Ethereum and Tron blockchains, like ETH and TRX, are usually scammers’ choice.

BlackRock holds 403,725 Bitcoin

Posted on October 28, 2024 by Olumide Adesina

BlackRock has reached a new milestone in its Bitcoin holdings, totaling over 400,000 BTC. The world’s largest asset manager assets held 403,725 BTC worth $27 billion. This noteworthy acquisition comes after the asset management giant bought 34,085 more Bitcoin in the last two weeks, for a total estimated value of nearly $2.3 billion, according to Lookonchain.

BlackRock CEO Larry Fink claims that Bitcoin’s liquidity and openness make it appealing. Investors benefit from the particular security in the Bitcoin ETF market. “The increasing use of Bitcoin enhances its accessibility and liquidity, which is essential for the future of crypto assets,” Fink underlined.

The iShares Bitcoin Trust ETF IBIT is establishing itself as a top option for investors hoping to profit from the volatility and potential growth in digital assets thanks to its increasingly frequent and transparent transactions.

BlackRock is emerging as a major force in the cryptocurrency space because of the constant inflows into Bitcoin ETFs. This illustrates how institutions are increasingly choosing Bitcoin ETFs to purchase BTC. Market pundits project an increase in the company’s holdings will boost Bitcoin’s fortune,

However, other important players in the Bitcoin space, such as Michael Saylor with MicroStrategy’s Bitcoin holdings, mining companies, early adopters, and millions of individual investors who make up a sizable and dispersed market presence, threaten the financial giant’s hegemony. It remains to be seen if they can mount a strong challenge against BlackRock.