CryptoNews_

Ruholamin Haqshanas

Last updated:

May 12, 2024 04:00 EDT | 2 min read

A victim who fell prey to a sophisticated ‘address poisoning’ attack has successfully recovered almost all of the stolen funds, amounting to a staggering $71 million

The incident involved the victim mistakenly sending wrapped Bitcoin tokens (WBTC) to an attacker who cleverly mimicked their wallet address.

However, thanks to the efforts of blockchain cybersecurity firm Match s and the exchange Cryptex, the victim’s losses have been largely mitigated.

What is Address Poisoning?

Address poisoning, also known as dusting attacks, occurs when an attacker inundates the wallet of a high net worth individual with transactions from a wallet that closely resembles the victim’s address.

If the victim carelessly copies and pastes a wallet address from one of these spam transactions, a simple mistake can result in the transfer of millions of dollars into the attacker’s hands.

Unfortunately, this is precisely what transpired in this case.

Although the recovered funds currently amount to approximately $66.8 million in U.S. dollars, the slight depreciation in value can be attributed to the attacker’s conversion of most of the stolen WBTC tokens into ether following the theft.

Match s’ CEO, Andrei Kutin, and Cryptex played pivotal roles in facilitating negotiations with the attacker, ultimately leading to the successful recovery of the funds, according to a press release.

“At the moment, the victim has no complaints against the attacker,” the press release reads.

Blockchain messaging data reveals that the victim initially attempted to contact the attacker, even offering a 10% bounty as an incentive, but received no response.

However, just two days ago, the attacker unexpectedly reached out to establish contact with the victim.

Detailed information regarding the recovery negotiations and the reasons behind the initial rejection of the bounty remains scarce.

While multi-million dollar exploits in the crypto space remain commonplace, there are indications that illicit activities may be on the decline.

Security firm CertiK recently reported that April recorded the lowest amount of funds lost to scams since March 2021.

It is possible that attackers have become more cautious, especially in light of the conviction of Avraham Eisenberg on fraud charges related to the Mango Markets exploit.

Eisenberg returned some of the looted funds but still faced legal consequences.

April Records Lowest Crypto Hack Losses

The cryptocurrency industry experienced a major downturn in combined losses from hacks and scams in April.

The month saw the lowest combined losses from crypto-related hacks and scams since 2021, with approximately $25.7 million lost to exploits, hacks, and scams.

More specifically, only $25.7 million was lost in attacks throughout the month, marking the lowest amount since CertiK began tracking such data in 2021.

Flash loan attacks accounted for $129,000 in losses, with the largest incident causing $55,000 in damages.

This marked the lowest incidence of flash loan attacks since February 2022, and $4.3 million was lost to exit scams.

As reported, the first quarter of this year has seen $336 million lost to Web3 hackers and fraud, with nearly half of the capital stolen in January alone.

Nonetheless, the number represents a 23% decrease compared to the first quarter of 2023.

It is also worth noting that $73,885,000 has been recovered from stolen Web3 capital in 7 specific situations.

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Insanity Bets ($IBET) has gone viral with its $1M presale jackpot.

$IBET presale participants will vie for the $1M Insanity Jackpot. And a single lucky investor will ultimately claim the entire $1M prize. One of the biggest crypto giveaways to date, the $1M Insanity Jackpot has become an instant sensation.

Does it Make Sense to Join a Presale Just for a $1M jackpot Ticket?

It makes absolute sense to join the $IBET presale just for the jackpot ticket. The presale is budget-friendly, opening up the giveaway to investors of all sizes.

But even without the jackpot, the presale is one to not miss out on. It offers more than just a chance at the Insanity Jackpot. Early acquisition of $IBET tokens comes with substantial growth potential from an investor’s point of view.

Insanity Bets is an emerging GambleFi project positioned for significant expansion in the upcoming years. The analysis of its white paper and website reveals its capabilities to raise the bar of the online gambling industry through transparency and decentralization.

$IBET tokens also play a vital role in the platform’s staking mechanism. In a new approach, the passive income model appeals to those who see its investment value beyond mere gambling as well.

The robust staking mechanism and the top-notch gaming dashboard set the project for large growth.

How GambleFi Changes Gambling and What it Means for Investors

The gambling industry is experiencing rapid growth.

Players have greatly benefited from its transition to the digital realm, since online games are now more accessible and cost-effective. But the long-standing security concerns remain.

Credibility issues have plagued the gambling industry for years. Online gambling platforms have an easier way of running away from accountability. Fraud and scams have marred its reputation, although the industry remains highly popular.

Enter GambleFi, which represents a paradigm shift toward transparency and decentralization.

The blockchain foundation of the sector offers better security and transparency through smart contracts that are visible and verifiable by anyone. In other words, the risk of manipulation and fraud is minimized to a great extent.

Decentralization is another key advantage. For example, platforms like Insanity Bets empower users by granting them a stake in the house. $IBET presale, in particular, allows users to enter the gambling sector with a favorable risk-reward ratio. It enables them to capitalize on the industry’s substantial growth potential on a low budget.

The growing interest in GambleFi is evident in platforms like Rollbit. RLB coins experienced a nearly 5000% surge in 2023 alone. Insanity Bets, with its gripping casinos, sportsbooks, prediction markets, and lotteries, has the potential to pump to unicorn status in 2024.

It will feature games like Coin Flip, Dice, Rock Paper Scissors, Roulette, Keno, Hi Lo, Crash, Blackjack (towards the end), Poker (towards the end), and Slots 5×5.

Long-term Sustainability Through Innovative Staking

Insanity Bets maintains a provably fair house edge of 1% to 5%, reducing the risk of long-term losses for investors and stakers. A bet size cap is also implemented to ensure platform stability.

The strategically designed passive income mechanism and token derivatives safeguard the $IBET tokenomics:

$sIBET (staked iBet) receives 35% of all platform fees and can be converted into $IBET tokens. $bIBET (burnt iBet), on the other hand, is generated by permanently removing $IBET tokens from circulation. $bIBET holders receive 50% of the platform fees.

$esIBET (escrowed iBet) automatically rewards $sIBET holders, allowing users to compound their staking rewards.

Investors stake $USDT, $ETH, $WBTC, and $IBET to mint $ILP tokens, which play a crucial role in the platform’s scalability. It fuels the house fund and facilitates larger bets. $ILP token holders are rewarded with 90% of the house’s profits (and losses) from games.

Insanity Bets Presale Goes Viral

It’s not too late to join the $IBET presale. If the rapid progress of the presale is any sign, the sell-out is closer. The earlier an investor joins the presale, the higher the discounts and the staking rewards.

The tokenomics is built for long-term stability, with an 80-week vesting schedule for team allocations. Follow Insanity Bets on Twitter and Telegram for the latest updates about the presale and the $1M presale giveaway.

BUY $IBET TOKENS

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Arslan Butt

Last updated:

May 11, 2024 11:32 EDT | 2 min read

Bitcoin Price PredictionBitcoin (BTC/USD) recently crossed the $60,000 threshold, only to face new challenges from Federal Reserve sentiment. The cryptocurrency, currently trading around $60,800, experienced a modest drop of about 1.50% over the last day, keeping the bitcoin price prediction bearish.

This market movement aligns closely with remarks from Federal Reserve Governor Michelle Bowman, as reported by financial journalist Walter Bloomberg, indicating that rate cuts are not seen as necessary this year.

FED’S BOWMAN: DOESN’T SEE RATE CUTS AS WARRANTED THIS YEAR

— *Walter Bloomberg (@DeItaone) May 10, 2024

These comments from a Fed official have injected a note of caution into the market, moderating expectations that had been buoyed by the possibility of looser monetary policy.

With this backdrop, investors are closely monitoring further economic updates to gauge potential shifts in Fed strategy that could influence Bitcoin’s market dynamics in the upcoming months.

Bitcoin Price Prediction

Bitcoin (BTC/USD) is trading at $60,800, marking a decline of around 1.50% over the last 24 hours. Given this slight decline, the market seems concerned about Bitcoin price prediction.

Yet, BTC continues to be the most valuable cryptocurrency, with a market capitalization of about $1.2 trillion. The trading volume within this period has reached a substantial $22 billion, reflecting the high level of activity in the Bitcoin market.

From a technical perspective, Bitcoin’s key pivot point is $60,975. Immediate resistance is found at $63,400, with further barriers at $65,050 and $67,160. These levels will need to be surpassed for Bitcoin to regain bullish momentum.

Conversely, immediate support lies at $59,075. If this level fails to hold, subsequent support levels at $56,640 and $54,400 will become the focal points for potential bearish pressure.

Bitcoin Price Prediction – Source: TradingviewThe Relative Strength Index (RSI) is currently at 38, suggesting a potential oversold condition but also indicating that there might be further downside if market sentiment does not improve. Moreover, the 50-day Exponential Moving Average (EMA), positioned at $62,151, is providing significant resistance.

In summary, Bitcoin currently shows a bearish trend as it trades below the critical pivot point of $60,975. Maintaining this position might result in additional decreases, potentially reaching the support level of $59,075.

You might also like Bitcoin Price Prediction 2024 – 2034

Last Chance to Buy Dogeverse Before Launch – Over $15M Raised

Dogeverse, the rapidly expanding meme coin network that spans multiple blockchains, including Ethereum, BNB Smart Chain, Polygon, and soon Solana, Base, and Avalanche, has made a notable splash in the cryptocurrency world. The project has successfully raised over $15 million, surpassing its initial goal of just under $13 million. Currently priced at $0.00031, Dogeverse is set for a price increase in less than a day.

This broad expansion aims to blend the popular Doge appeal with superior blockchain capabilities, promising greater utility and wider adoption. With the launch imminent, this is your last chance to invest in Dogeverse at the current rate.

For more updates and to engage with the community, follow Dogeverse’s official channels on Twitter and Telegram.

Don’t miss out – secure your Dogeverse now before the price escalates!## Secure Your Dogeverse Today

Follow Us on Google News Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

Ruholamin Haqshanas

Last updated:

May 11, 2024 05:11 EDT | 2 min read

Ethereum restaking protocol EigenLayer has initiated its token-claim process, commonly referred to as an “airdrop,” for Season 1, Phase 1 rewards.

According to a recent blog post by the protocol’s development team, users who are eligible for the new EIGEN token can now acquire it through the claims process after a few weeks of anticipation.

However, it’s important to note that EIGEN tokens are currently nontransferable, meaning users cannot sell or trade them.

EIGEN Token to Become Transferable in Future

The blog post further mentioned that the EIGEN token will become transferable once the development team implements new features in the upcoming months.

The tentative target date for these implementations is set for September 30.

It’s crucial for users to claim their tokens before the claim process closes on September 7, as any unclaimed tokens after that date will not be distributed.

According to EigenLayer’s documentation, the EIGEN token is not available for users in over 30 jurisdictions, including the United States, Russia, China, and Canada.

Additionally, most VPN server addresses are prohibited from being used for token claims.

The current claims process has unlocked 6.05% of the total supply of EIGEN tokens, and an additional 0.7% will be unlocked in mid-June during “Phase 2.”

At that time, users of applications such as Kelp, Pendle, Equilibrium, and similar apps will be eligible to claim their tokens.

The ongoing airdrop primarily caters to users who restaked Ether or its liquid staking derivatives on EigenLayer before March 15.

Users who hold liquid restaking tokens (LRTs) can also claim their rewards now, as long as their activities do not fall under “Phase 2.”

Additionally, users who restaked on EigenLayer between March 15 and April 29 are eligible to claim 100 bonus tokens immediately, with the majority of their claims becoming available in mid-June alongside other Phase 2 participants.

The EIGEN airdrop has sparked controversy within the decentralized finance (DeFi) community. Leandro Schlottchauer, co-founder of Kuyen Labs, stated that it might be one of the last “life-changing airdrops.”

Conversely, many EigenLayer users have criticized the airdrop for its ban on VPN servers, the distribution of nontransferable tokens, and its perceived short snapshot period.

LayerZero Labs to Exclude Sybil Farmers From Airdrop

As airdrop season rages on, LayerZero Labs, a renowned cross-chain interoperability protocol, has vowed to tackle the issue of sybil farmers ahead of its highly anticipated airdrop.

The project has stated that it will conduct an internal investigation to identify and exclude sybil farmers from receiving allocations in its future token generation event.

Additionally, the project plans to launch a reward program, offering a 10% bonus of the intended token allocation to bounty hunters who identify additional sybil users.

LayerZero Labs recently completed the first snapshot for its highly anticipated airdrop.

In December, the project announced its plans to distribute tokens to early adopters in the first half of 2024.

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Sead Fadilpašić

Last updated:

May 10, 2024 10:55 EDT | 4 min read

Eduard Jubany Tur, the founder of ZKX, a decentralized perpetual futures exchange on Starknet, sat down for an exclusive interview with Cryptonews Podcast.

He talked about the growth of the crypto industry in Asia, which is home to most of the early adopters, and the region’s key relevance for the industry.

Tur also discussed differences between crypto users in Asia and the rest of the world, noting that most people are nonetheless still on centralized exchanges rather than in DeFi.

Getting people to move to DeFi is currently difficult given its overall complexity, but there are clear solutions, Tur remarked.

Crypto Growth Starts in Asia

While working in venture capital, Tur was based out of Taiwan, getting a clear view of the Asia market, he said.

He helped startup founders across various countries, including Indonesia, India, Thailand, Korea, and China.

Through this work, he got to learn the advantages of each country and the specific issues each deals with.

Notably, the data showed that “most of the growth in crypto has always come from these markets in Asia.”

Most centralized exchanges that we know today and many of the projects were born out of Asia.

And that's how ZKX was born.

With a very exciting combination of real market insight, the gap in the market 👉 To provide an offering that nobody was thinking about.

— ZKX (@zkxprotocol) March 3, 2023

However, what Tur and his colleagues found is that, centralized exchanges have been very good at targeting emerging market users.

DeFi projects, on the other hand, have not.

Cryptofolk in Asia is Very Different from Rest of the World

There are some key differences between Asia and other parts of the world, Tur argued.

The first is the demographics. Asia has a much younger population, which is also growing massively in terms of purchasing power. They’re starting to have more disposable income for investing.

Another notable factor is that Asia has many more risk-takers. They are more willing to try new things and adopt new technologies.

“That makes a huge difference when it comes to the adoption of crypto overall,” Tur said.

However, each country has its own very unique features as well.

For example, South Korea and Japan are massive markets for crypto. People here are more willing to hold coins in the long term and are often passive investors.

China, Hong Kong, and Taiwan are looking more towards derivatives and leverage trading. There are more risk-takers here.

There's been a lot of chatter about HK on crypto Twitter. Hong Kong matters in Asia and the global financial flows, here’s a thread to detail why you should keep an eye on Hong Kong if you’re in crypto 🧵

— Eduard (@0xEduard) February 24, 2023

The Philippines, Indonesia, and Vietnam are also key markets where people initially started farming new coins. People here may have less disposable income but are still willing to invest and provide asymmetric bets in the eco.

Additionally, certain governments in Asia have been relatively crypto-friendly, which encouraged industry growth and crypto adoption.

All this said, it is important to note that most of these users “are still very much set towards centralized exchanges.”

Getting People Off Centralized Exchanges and Into DeFi

Millions of users are on the centralized exchanges, and only a few hundred thousand actively trade in DeFi, Tur remarked.

Changing this will require many improvements across the entire user experience of DeFi.

One key element is account obstruction. It will provide users with a conduit to replicate Web2 experiences but with Web3 benefits.

There are many great design possibilities around account obstruction that should really simplify onboarding, Tur remarked.

Another key element is localization. This includes providing products in local languages and adapting them to users’ needs in each particular area.

We're linking traders globally with multi-language support 🌐

Goal? To empower everyone to trade in their preferred language, no matter where they are 🤌

This brings us closer to our vision of bringing equal opportunities to all in DeFi.

2/2

— ZKX (@zkxprotocol) May 4, 2024

Finally, DeFi has a developer-oriented culture. While this makes sense in the early stages of an industry, it’s time to switch to the user-centric approach.

Therefore, it’s necessary to create simple, understandable, and engaging products that bring value to users. That way, new users will be coming to DeFi on their own.

This is the part of the cycle we’re going to be facing in the next few years, Tur said.

Even Losers Get Rewarded

There’s a need now for innovation that will drive users towards DeFi, away from centralized exchanges.

An incremental infrastructure improvement would not be enough. What’s needed is innovation in the user experience.

• Reward eligibility increased from 10% to 50% traders, which means more traders will now dip their feet in the reward pool 💸

• Top 3 traders across PVL will receive the largest share of the token, while other winners receive an equal amount

2/5

— ZKX (@zkxprotocol) May 9, 2024

Most trading experiences in DeFi now are boring, Tur said. They’re just a trading terminal without a dynamic and engaging experience.

Therefore, ZKX mission is to make trading social and gamified within DeFi, Tur remarked. This can incentivize users to start trading within DeFi.

ZKX, for example, had 30-minute trading competitions with three leaderboard categories: volume, profit, and loss.

This means that even the losses get some incentives because these traders also contribute to the health of the protocol, Tur said.

It’s a balance the platform has been working to build: being a serious, scalable, reputable, and trustworthy platform within DeFi but still simple and fun.

After a couple years of working hard on ZKX, we're finally proud to announce that the token will be live on 6.6.24. Really thankful for all the support received through this time, and can't wait for the journey ahead!

— Eduard (@0xEduard) May 1, 2024

____

That’s not all.

In this interview, Tur also discussed:

• his pre-crypto journey and Web2 background;
• mining Bitcoin in 2014;
• building geolocation and digital mapping services on the blockchain, now one of the use cases for DePIN;
• why the team decided to build ZKX on Starknet;
• ZKX 30-minute trading competitions;
• perpetual swaps and futures, and how these differ from each other and other trading instruments;
• creating user-centric platforms that cater to traders of all levels, thus incentivizing engagement while ensuring accessibility.

You can watch the full interview here.

__________

About Eduard Jubany Tur

Eduard Jubany Tur is the founder of ZKX, a decentralized perpetual futures exchange on Starknet.

His background in tech and finance has led him to tackle some of DeFi’s most pressing challenges, such as accessibility and user engagement.

With the goal of making DeFi more approachable and efficient, Tur has been at the forefront of integrating gamification into trading, enhancing the learning curve with innovative solutions.

Beyond that, Tur and ZKX are also leveraging Starknet for scalability, advancing trading with security and transparency, and fostering community governance.

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Medb Kiely-Cuddy

Last updated:

May 10, 2024 10:36 EDT | 2 min read

BlastUP, the pioneering launchpad within the thriving Blast L2 Eco, is making waves in the crypto world with its groundbreaking and transparent approach to presales. The project’s presale has already raised over $5.5 million, a significant milestone that underscores its commitment to innovation and community engagement

Blast Layer-2 Network: Home to a Rapidly Growing Eco

As the sixth-largest chain by dAppTVL (Total Value Locked) and the second-largest L2 by TVL, Blast has been rapidly gaining in popularity since its launch. The Layer 2 solution is built on the Ethereum blockchain and aims to increase transaction throughput and scalability while reducing fees

It’s the first Layer 2 chain to reach 1 billion TVL in 35 days and the first to offer native yield for ETH and stablecoins. Due to its groundbreaking model, Blast is able to offer yields of 4% on ETH and 5% on stablecoins such as USDC, USDT, and DAI. This high yield has encouraged the development of new dApps and projects on the Layer 2 solution

With such an active community, it’s become a popular home for new DeFi projects. Recently, the BlastUP launchpad platform was created to support early-stage projects within the Blast eco.

First Launchpad on Blast

BlastUP offers a transparent and inclusive environment for project launches that benefits both developers and IDO participants. They carefully uate potential projects, and any projects that are accepted will be continuously monitored into the future. They will also support new projects in preparing documentation and tokenomics to help them successfully raise funds

The project has been audited by Certik and received an A grade and a score of 82+. This places BlastUP in the top 10% of projects on Certik SkyNet. It’s also KYC-approved by Assure DeFi

The alpha version of the launchpad is already online and has successfully completed its first IDO. Cybro, an earn marketplace, raised $140,000 in a presale that was exclusive to holders of $BLP. $BLP is the native token of BlastUP, available now in presale

Unlike many tokens flooding the market, BlastUP’s token offers tangible utility and is a cornerstone of the BlastUP platform. The token provides holders access to BlastUp Tiered IDO launches and staking yields. There is also a BlastUP token buy-back mechanism in place that uses a percentage of the funds raised by any launchpad IDOs

With real-world applications and a clear roadmap for growth, BlastUP’s token is poised to redefine the dApp landscape.

BlastUP Presale Hype Builds

The excitement surrounding BlastUP is building rapidly. The presale is currently underway and scheduled to conclude on May 31 or once all 200 million tokens are sold. Over 11,800 participants have joined the presale, which has raised more than $5 million

Project supporters can earn Booster Points by inviting others to participate through the BlastUP referral program. Holders of 1000 or more Booster Points stand to receive exclusive weekly drops of Blastboxes containing coveted NFTs, stablecoins, ETH, and more. Additionally, the more booster Points you hold, the more you earn in upcoming airdrops. Presale investors can receive up to 12% in Booster Points

The project has already built an active and engaged community, with over 35,000 followers on its X (Twitter) account

Investors are urged to seize this opportunity before it’s too late, as the token price escalates with each stage of the presale. With the current price set at $0.06 and the next stage at $0.065, early adopters stand to benefit from significant price appreciation, with the expected listing price soaring to $0.1.

Visit blastup.io to participate in the presale and join the BlastUP community today.

Visit BlastUP

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Hassan Shittu

Last updated:

May 10, 2024 10:13 EDT | 2 min read

A Hong Kong businessman and his son have surrendered to police in connection with the abduction of a cryptocurrency investor, according to a local news outlet, the South China Morning Post, citing sources familiar with the matter.

The 70-year-old man and his 30-year-old son were arrested on suspicion of false imprisonment and assault, according to police sources. As of Thursday morning, they remained in custody for questioning.

Hong Kong Police Arrest Suspects in Connection with Cryptocurrency-Related Abduction Case

Accompanied by their lawyer, the pair turned themselves in at Tai Po Police Station on Wednesday afternoon. They were subsequently arrested on suspicion of false imprisonment and assault Although the surrendered suspects were not directly involved in the abduction itself, investigations revealed that the vehicle used in the incident belonged to their family.

The businessman’s frustration reportedly stemmed from his investment in the cryptocurrency project approximately 18 months ago. Despite initial optimism, the inability of the investor to repay the funds led to escalating tensions and, ultimately, the unfortunate abduction incident.

The businessman had allegedly invested approximately HK$15 million (US$1.9 million) in virtual currency around 18 months ago with the assistance of the victim, whom he had known through referrals. Preliminary investigations suggest that the businessman encountered difficulties retrieving the invested funds, and the victim was occasionally unreachable.

According to Hong Kong authorities, the abduction took place in the Sheung Shui residential district, where the victim’s husband attempted to intervene and was attacked with a stun gun. Both the husband and wife sustained injuries primarily to their limbs and were subsequently hospitalized for treatment.

As of midday on Thursday, police were still searching for the four individuals directly involved in the abduction and assault. Detectives from the Tai Po district crime squad are investigating this incident, which marks the city’s second abduction in 32 hours.

“We do not rule out the possibility that the four men were paid to carry out the job,” stated an unidentified source in the report.

Hong Kong Reports Surge in Cryptocurrency Scams, With Losses Reaching $216.6 Million in 2022

According to local police in Hong Kong, losses from cryptocurrency scams surged to 1.7 billion Hong Kong dollars ($216.6 million) in 2022, marking a significant increase of 106% from the previous year. The number of reported crypto-related scams also saw a notable rise, reaching 2,336 cases in 2022, representing a 67% surge from 2021.

These scams accounted for over 50% of the total 3.2 billion HK$ ($407 million) stolen from city residents in technology-related crimes last year, as reported by the Hong Kong Police CyberDefender website. Over the past four years, online scammers have consistently targeted victims, with an annual amount of approximately 3 billion HK$ being siphoned off.

The surge in crypto-related scams has been attributed to the anonymity and complexity offered by cryptocurrencies, making it challenging for law enforcement to track the flow of funds and identify perpetrators. The Hong Kong police cybersecurity and technology crime bureau observed increased use of cryptocurrencies as a medium for online scams, complicating efforts to trace criminal proceeds.

According to sources, scammers often pose as experienced investors in crypto assets, precious metals, or foreign exchange products. They lure victims into installing fraudulent investment applications and promising fake transactions and returns. These tactics make it difficult for victims to discern the legitimacy of the investment schemes, leading to significant financial losses.

With almost 23,000 reported cases of technology-related crimes in 2022, the Hong Kong face growing challenges in combating online fraud, particularly within cryptocurrency.

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Decentralization has led to the emergence of hundreds of new altcoins, NFTs, and stablecoins with varying use cases. Among these new crypto are WAX and MATIC, two exchangeable tokens that are a must-have for anyone looking to invest in blockchain.

In this article, we highlight the significance of both tokens in the crypto market. We go on a deep dive into the current market analysis to help you decide if it’s the right time to exchange WAX to MATIC or if you are better off hodling your WAX in 2024.

Overview of WAX and MATIC

Both WAX and MATIC have played a huge role in increasing the adoption of cryptocurrencies over the last five years. MATIC has helped ease the pressure on the main Ethereum chain by hosting others on a parallel blockchain allowing for quick transactions and low gas fees. On the other hand, WAX has revolutionized the online gaming industry by allowing participants to easily create and sell collectibles without the need for intermediaries.

MATIC

MATIC is the gas token that helps run the Polygon blockchain. Polygon is a layer-2 platform launched on Ethereum in 2017 as Matic Network — rebranded as Polygon in 2021.

Polygon is considered a Swiss army knife for Ethereum’s scaling problems. The network offers EVM compatibility which increases the network’s scalability and transaction speeds. Polygon uses a proof-of-stake (PoS) mechanism that is made possible by MATIC. The token can be used to stake on Polygon and interact with all other popular crypto blockchains that were previously only accessible through the main Ethereum blockchain.

MATIC can be used to help developers build dapps in the Polygon eco. It is also used in the governance of Polygon.

WAX

Worldwide Asset Exchange (WAX) is a gaming-focused layer-1 blockchain with a native token called WAX. The platform was launched in 2015 by QPSkins as a centralized marketplace for trading weapons and skins from online games. With WAX smart contracts, players can now create virtual goods and sell them securely and transparently without the need for traditional cross-border payment s.

The project recently made news after signing a deal with Amazon Web Services (AWS) that would allow its developers to deploy nodes through Amazon’s managed blockchain services. This is among the ever-evolving use cases of WAX.

Current Market Analysis

Both WAX and MATIC have recently shown a very low risk score, which makes them deal investments for anyone looking to invest in altcoins. WAX is currently trading at $0.1, which is a 54% increase in price compared to last month when it traded at $0.06. The token’s market cap is around $350m. The recent partnerships with huge players in tech such as Amazon and more focus on NFTs have helped with the adoption of WAX in the past few months.

Currently, MATIC is trading at $1, a 3% decrease in price over the last month when it traded at $1.05. The current market cap of MATIC is slightly above $10b. Polygon has been making groundbreaking partnerships with gaming platforms such as Atari and NFT marketplaces including Decentraland all looking to be powered by Polygon’s MATIC.

Price Prediction: MATIC

While it’s currently trading at an average of $1.00, experts predict MATIC will double its value in 2025 before reaching $3.48 by 2026, which makes it a good long-term investment

Price forecasts show that MATIC’s value will hit double figures in late 2029 at $10.60 before averaging at $13.01 in 2030. The trend is similar to what is portrayed in IOTA price predictions where there is a steady price increase through to 2030.

Price Prediction: WAX

According to price forecasts, WAX’s current price of $0.1 is likely to rise to $0.2648 by the start of 2025 before averaging $0.33 in 2026. What’s more, technical analysis shows that WAX will get back to over $1.00 sometime in 2029

WAX to MATIC: Is It Time to Exchange?

WAX is revolutionizing online games and in-app purchases while MATIC is bringing scalability to Ethereum and allowing NFT trading and game development. That said, price forecasts show that both WAX and MATIC prices are on a long-term upward trajectory. However, MATIC looks to maintain a higher price than WAX.

If you are looking to trade the pair for short-term profits, it is advisable to analyze the daily price movements of each token before deciding to either sell your WAX for MATIC or vice versa.

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With Wisdomise AI’s proprietary AI-driven insights and wealth-management tools, both active and passive crypto investors can optimize their portfolios, reduce risk, and unlock higher yields within the evolving digital assets world

Dover, DE, USA, 10 May 2024 — ChainGPT, the AI-powered Web3 infrastructure providing a diverse suite of tools and services, announces the exclusive IDO launch of its latest launchpad project: Wisdomise AI, an all-in-one AI-powered crypto advisor and investment assistant. With the support of ChainGPT Pad’s IDO launch pad, Wisdomise AI is set to launch its $WSDM token on May 13, advancing its vision of bringing AI-powered investment and wealth management services to a broad range of investors.

As a premier decentralized fundraising and incubation platform for Web3 projects of all types, the ChainGPT Pad has been recognized as the most popular launchpad of 2023. The incubation program promotes emerging startups strategically hand-picked by ChainGPT based on their disruptive potential, transforming their ideas into viable business solutions. The program extensively assists in product development, smart contract implementation, and user engagement. Through expert mentorship and access to an extensive network of influential partners and investors, the ChainGPT Pad’s incubation provides Web3 startups with the tools to navigate inevitable challenges and thrive

Wisdomise AI’s platform helps broaden financial prosperity with a multifaceted approach that enables investors to overcome the complexity and overload of information in the market. Its all-encompassing solution includes proprietary tools and data for active and passive crypto investors while also featuring a fully automated trading platform for passive income built and managed by Wisdomise Brain, the core AI behind Wisdomise AI’s platform. With its novel scalable, multilayer AI architecture, Wisdomise Brain empowers investors by learning, predicting, and uting trades efficiently.

By bridging knowledge gaps through curating and structuring intelligence, Wisdomise AI makes complex financial data accessible and understandable to even the most inexperienced digital asset investors. The platform also works to benefit all its users by pooling collective insights in what it calls the “wisdom crowds” principle

Wisdomise AI harnesses advanced AI and personalized financial chatbots to enable effective and profitable engagement with digital asset marketplaces. As a platform promoting equal access to investment information, its platform provides users with carefully curated insights and investment opportunities primarily in crypto, but with additional market expansions in the near future

Wisdomise AI’s IDO information:

• Token price: $.02
• IDO date: May 13
• Token ticker: $WSDM
• Allocation size: $400,000
• Max supply: 1,000,000,000
• Network: Polygon
• Initial Market Cap without liquidity: $404,000
• Initial Market Cap with liquidity: $854,000
• Circulating supply at TGE: 42,700,000 (equal to 4.27%)
• Fully Diluted uation at TGE: $20,000,000
• Vesting schedule: 15% at TGE, 1-month cliff, 6 months linear vesting

“With advanced AI algorithms and its focus on community and accessibility, Wisdomise AI empowers all digital asset investors to navigate crypto’s complex terrain wisely by making the most informed decisions,” says Ilan Rakhmanov, CEO and Founder of ChainGPT. “We are excited about Wisdomise’s launch on our IDO platform and fully expect it to continue reaching its milestones. Wisdomise AI has a strong team, a growing community, a comprehensive roadmap, and most importantly, a clear vision indicating that it has all the tools necessary to transform how we interact with financial markets.”

“Access to today’s structured monetary products and passive investment opportunities, both in crypto and TradFi, remains highly exclusive—but our platform tears down these barriers by enabling efficient digital asset investment and wealth management,” says Fardad Zand, CEO and Co-Founder of Wisdomise AI. “Our platform leverages AI to empower all Web3 users to invest, trade, and manage their digital assets in an efficient and user-friendly manner, and our IDO will underpin all future efforts. As we approach our token launch, we are grateful for the support and guidance ChainGPT provided us.”

About ChainGPT:

ChainGPT is the leading provider of AI-powered infrastructure for crypto, blockchain, and Web3. From a next-generation IDO launchpad and incubator to automated smart contract generation and auditing, as well as an advanced Web3 AI chatbot to AI-powered news aggregation, an AI training assistant, cross-chain swap, and an NFT generator, ChainGPT is a sophisticated, end-to-end solution for AI Web3 infrastructure. By integrating large language models (LLM) with blockchain, the company builds advanced, accessible, and user-friendly tools for all users. Further solidifying its position at the forefront of technological innovation, ChainGPT has established strategic partnerships and received recognition from notable tech leaders such as Google, Nvidia, BNBChain, and Chainlink. ChainGPT aims to advance the use of AI within the blockchain space. For more information, visit:

About Wisdomise AI:

Wisdomise AI is an all-in-one, AI-powered platform offering users curated intelligence and exposure to investment opportunities in digital assets (to begin with) and later other financial markets. Achieving this goal will be one step ahead to “democratizing wealth creation,” improving financial inclusion globally, and making everyone a more informed investor. At Wisdomise AI, we know that this is a big vision and needs the support of the community of our users and eco partners to achieve it. For more information, visit:

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Michael Graw

Last updated:

May 10, 2024 08:47 EDT | 2 min read

Are you on the hunt for the most promising crypto investments for 2024? With the dynamic shifts in the blockchain landscape, pinpointing the best opportunities becomes crucial. BlockDAG, Shiba Inu, and Fantom are three names that have been generating significant buzz. But what makes them stand out in the crowded market?

BlockDAG’s innovative technology enhances transaction speed and scalability, setting a new standard in the industry. Shiba Inu, initially seen as a meme coin, has developed a robust eco with real-world utility, while Fantom’s unique consensus mechanism offers unmatched security and decentralization. These platforms not only promise growth but also stability in the volatile crypto market. But which of them is the most promising crypto investment of 2024? -let’s find out!

BlockDAG: Revolutionizing Crypto Mining and Investments

BlockDAG stands out with its groundbreaking integration of Directed Acyclic Graph (DAG) and traditional blockchain technologies. This hybrid model significantly enhances scalability and transaction speed while maintaining the stringent security measures essential in the crypto world. With its presale now in its tenth batch and having already raised over $24M, BlockDAG boasts a 500% increase in value from its initial offering, illustrating robust market confidence.

The imminent launch of the X1 miner app is set to revolutionize how we think about mining by turning everyday smartphones into effective mining tools without compromising battery life or data usage. This initiative not only makes mining accessible but also profitable, with predictions of up to 30,000x ROI, making BlockDAG a leading contender for those looking to make money with crypto

Shiba Inu: More Than Just a Meme Coin

Initially dismissed by many as just another meme coin, Shiba Inu has matured into a legitimate investment with a vibrant community and robust eco. Its decentralization efforts and strategic developments, including the ShibaSwap exchange, have fostered a utilitarian value beyond its speculative beginnings. Shiba Inu continues to attract a diverse range of investors, drawn by its high market liquidity and the potential for substantial gains.

Fantom: Speed and Efficiency in Blockchain Technology

Fantom is not just another player in the blockchain space. It distinguishes itself through its high-throughput and low-cost consensus mechanism. Fantom’s ability to process thousands of transactions per second at a fraction of the cost of major competitors makes it an attractive option for developers and end-users alike. This capability positions Fantom as a potential leader in blockchain technology, appealing particularly to those looking to invest in scalable and efficient crypto solutions.

Why BlockDAG is Poised for the Lead

While Shiba Inu offers community strength and Fantom showcases technological prowess, BlockDAG’s innovative approach to merging DAG with blockchain technology offers a compelling blend of security, efficiency, and scalability. The practical applications of its technologies, combined with strong presale performance and futuristic mining solutions, position BlockDAG at the forefront of the crypto investment scene. For those looking to participate in a top crypto presale with substantial growth potential, BlockDAG presents a premier choice.

Investors seeking high ROI should consider the advanced, secure, and user-friendly offerings of BlockDAG. To learn more and take part in this promising investment journey, visit BlockDAG’s website today and join the presale that’s reshaping the future of crypto mining. Don’t miss your chance to be part of a project with groundbreaking potential.

Visit the BlockDAG Presale:

• Website:
• Presale:
• Telegram:
• Discord:

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Tim Hakki

Last updated:

May 10, 2024 08:45 EDT | 2 min read

One influential trader believes DogWifHat will crash soon. A top crypto influencer on X believes the popular Solana meme coin DogWifHat ($WIF) could tumble all the way down to a dollar from its current price of $3.17

In a recent tweet, Bluntz Capital (@Bluntz_Capital) cautioned, “price action on this bounce over the last 3 weeks has been slow, overlapping, and corrective looking.”

Bluntz further argues that WIF’s current gains could be a brief wobble before the token crashes and bottoms out at a dollar

i thought the abc might be done on $WIF, but since that wick into $1.8 the ensuing price action on this bounce over the last 3 weeks has been slow, overlapping, and corrective looking.

am now leaning towards this move up being the (B) or (x) wave and a C wave down to $1 still… pic.twitter.com/bHFmNGY4NT

— Bluntz (@Bluntz_Capital) May 7, 2024

Since Bluntz joined the ByBit copy trading platform a year ago, he has been ranked as one of the top influencers, meaning he has consistently made money for his followers.

Still, DogWifHat’s current price performance does not reflect a decline.

WIF is up 12% in the last 24 hours and 15% in the last week. It’s moving broadly in line with the rest of the market, where most leading projects are up today.

The project with the second largest gains among the top five meme coins by market capitalization is Pepe Coin.

PEPE rose 6.8% to change hands at $0.05862 as of this writing. It is also up 13% in the last seven days

Both meme coins outdid market leaders Bitcoin ($BTC) and Ethereum ($ETH). Bitcoin, the world’s largest cryptocurrency, grew 3.5% overnight to trade at $63,176, while Ethereum added 2.2% to hit $3,037.

Like the market leaders, WIF rallied throughout March. However, it diverged a little at the end when the meme coin continued rallying strongly and actually rose to set a new all-time high of $4.83 on March 31. Today’s price represents a 34.2% decline since then

Source: TradingViewDogWifHat currently has a Relative Strength Index (RSI) of 57. This has been climbing since midweek, indicating buying momentum. If it doesn’t cool off, investors may well see the beginning of the correction described by Bluntz

As DogWifHat Wobbles, Crypto’s First Trading Companion, WienerAI, Raises $1.4 Million.

Bluntz’s prediction may prove to be prophetic for WIF holders in the mid-term. Should the currency rebound from a dollar, which he implies, then there will be no damage done. However, meme coins highlight the inherently volatile nature of crypto.

A new generation of meme coins is cropping up though which bring bundles of utility along with laughs.

One of the finest representatives of this new generation of coins is WienerAI. $WAI is a brand new meme token and AI companion that may yield some potentially eye-watering rallies once word gets out about its core offering.

The presale is not even a month old and it has already quietly taken in $1.4 million.

Touted as a “Revolutionary AI Trading partner”, WienerAI ($WAI) is a digital companion that gives its owners user-friendly AI-enhanced trading advice, seamless swap functionality and zero fees.

The WienerAI smart contract was audited by Coinsult, a blockchain security platform that conducts security checks on various crypto and blockchain platforms Around 20% of $WAI’s supply is for staking. WienerAI’s website encourages

buyers to stake during the presale, in order to take advantage of the lucrative yield, which is currently 660% APY

Stay on top of WienerAI news over on X and Telegram

Join the presale now over on the WienerAI website.

Follow Us on Google News Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

Simon Chandler

Last updated:

May 10, 2024 08:03 EDT | 3 min read

SOL has jumped by 8% today, with the Solana price reaching $153.37 as the wider crypto market gains by 2.5% in the past 24 hours.

The altcoin is also up by 10% in the past week, although it remains down by this percentage in a month, following a bearish period for the market as a whole.

Yet it seems that today marks a short-term turning point for SOL, which has seen its 24-hour trading volume reach $2.8 billion today.

This level is a sign that it could be ready to make another big move in the coming days, as the market looks to shake off negativity.

Solana Price Prediction as SOL Surges 7.8% with $2.8 Billion Volume – Are Whales Buying Before $1,000?

SOL’s chart is in a strong position today, with its indicators all signalling a short-term growth phase.

Its relative strength index (purple) touched 70 earlier this morning and remains high, suggesting that buying pressure is increasing again and could stay for a few more days.

Source: TradingViewSOL’s 30-day moving average (orange) is also on the up, having risen above the 200-day average (blue) last night.

Also interesting is the fact that Solana’s resistance (red) and support (green) levels are converging on each other, pointing to a big incoming move.

However, the past day has seen a massive quantity of Solana – worth about $1.5 billion – transfer from one unknown wallet to another.

🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 11,000,000 #SOL (1,565,733,797 USD) transferred from unknown wallet to unknown new wallet

— Whale (@whale_) May 8, 2024

Given that failed exchange FTX is in the process of liquidating its existing assets in order to repay creditors, we may therefore see the Solana price take a hit in the coming days.

When exactly and how quickly FTX’s Solana reaches the market is uncertain, given that so much of the exchange’s supply finds itself in lockup.

Still, traders need to be mindful that SOL could be a little up and down in the medium-term, although FTX may release its supply in such a steady way that it doesn’t have much of an effect.

Either way, Solana’s prospects continue to look strong in the longer term, with the coin’s network accounting for a total value locked in of $4.15 billion.

solana onchain volume averaging about $1b per day during this choppy environment is a good sign.

the real fun should start above $2b per day.

coins that are still putting out memes + building the community should all be solid picks imo. pic.twitter.com/kVXWeKSHfT

— Ninja (@Ninjascalp) May 9, 2024

It also continues to witness strong usage as the network of choice for new meme tokens, something which is likely to continue boosting the Solana price over time.

The latter could therefore reach $200 in the next couple of months, before testing its ATH towards the end of the year.

New Meme Coins Offer Big Potential Upside

Given that SOL could suffer as a result of FTX’s repayment plan, some traders may prefer to look to other coins for above-average gains.

One option is to consider the wide variety of presale tokens that have emerged in recent weeks, and that are gaining momentum as they prepare to list.

A strong example of such a token is Sealana (SEAL), a Solana-based meme coin which has raised just over $350,000 in its recently opened offering.

Source: SealanaGiven that the sale hasn’t been open for long, this figure is an encouraging sign, in that it shows growing interest in the token.

As a token, Sealana has taken an anthropomorphic seal as its meme of choice, with its particular character having dreams of leaving behind the world of work via trading.

It’s aiming to become the latest Solana meme token to enjoy massive surges and outperform the market, following in the footsteps of such tokens as WIF and BONK.

It will also launch on Ethereum, making it a rare example of a multi-chain meme coin, while also giving it wider application.

Invests can join its sale by heading over to the official Sealana website, where they can purchase SEAL by sending SOL to the following address: DJ15ZYXqUNMYJ3hL7z4ciSaSFAw5cbos3YjGpdvwmF6c.

SEAL is available at a rate of 1 SOL for 6,900 SEAL, which converts to around $0.02 at today’s prices.

#Sealana’s on his hog, hitting the drive-thru for his 4x Big Mac fix. But his hunger’s insatiable! Only $SOL can keep this seal chonky and ready for EPIC GAINS and LAMBO dreams. Load him up for a ride to success! 🍔💸🏎️

Send SOL to – DJ15ZYXqUNMYJ3hL7z4ciSaSFAw5cbos3YjGpdvwmF6c… pic.twitter.com/lq8lxfR6cB

— Sealana (@Sealana_Token) May 5, 2024

Time will likely show that this is a very cheap price, with SEAL looking good to rise strongly once it lists.

Buy SEAL Today

Follow Us on Google News Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

Simon Chandler

Last updated:

May 10, 2024 06:24 EDT | 3 min read

The Dogecoin price has gained by 3.5% in the past 24 hours, rising to $0.1515 as the crypto market as a whole climbs by 2.5% today.

DOGE is now up by 14% in a week, although the market’s biggest meme coin has actually lost 20% in a month.

However, its move today follows indications that whales have been accumulating the meme coin recently, with one transfer alone seeing a big trader take $19 million in DOGE off Robinhood.

This could result in further gains in the coming days, with the market set up for what looks like a busy weekend.

Dogecoin Price Prediction as Whales Accumulate More DOGE – What’s the Next Move?

DOGE’s chart creates the impression that the coin has just begun an upswing, which may last at least a few days yet before it runs out of steam.

Most notably, its 30-day average (orange) is just climbing over its 200-day average (blue), forming a golden cross that can indicate a breakout.

Source: TradingViewThis is happening while DOGE’s relative strength index (purple) is hovering between 50 and 70, only a day or so after dropping under 30.

As such, it looks as though traders are in for a short-term period of strength for the meme token, with transfer and ownership data suggesting that whales have been re-accumulating the token.

Not only have we seen a few big Dogecoin buys, but data also indicates that the share of DOGE’s total supply held by whales has risen this week.

🚨 120,000,000 #DOGE (18,097,831 USD) transferred from #Robinhood to unknown wallet

— Whale (@whale_) May 9, 2024

In particular, addresses with between 100 million and 1 billion DOGE now hold 21% of the entire circulating supply of the token, up from 20.75% more than a week ago.

This is a small change in percentage terms, but it highlights how whales have taken advantage of depressed prices to buy DOGE on the cheap.

They have therefore set themselves up to make some profits once the Dogecoin price rises in the coming days and weeks.

And it is likely to see more gains in step with the wider market, which after a period of selling looks ready to recover in the near term.

More generally, Dogecoin has long-term potential in relation to the possibility that X may introduce digital payments on its platform, including payments using DOGE.

If such an eventuality comes to pass, DOGE may reach $0.5 by the end of the year.

New Dogecoin Rival Shows Strong Rally Potential

Dogecoin is likely to

remain one of the biggest meme tokens in the market for the foreseeable future, yet it certainly isn’t the only such coin with big potential right now.

Indeed, a wave of new meme coins have emerged in recent months, with the best of these looking ready to outperform the market.

A great example of this is Dogeverse (DOGEVERSE), a multi-chain meme coin that has raised over $15 million in its token offering.

Source: DogeverseAs the market’s first multi-chain Doge-themed meme token, DOGEVERSE will run on the following networks: Ethereum, Polygon, BNB Chain, Solana, Avalanche and Base.

Because of its compatibility with these chains, it could gain much greater traction than it would have as a single-chain token.

It may potentially find use and adoption on multiple apps and trading platforms, something which would boost its price over time.

Also likely to boost its price is its hard cap of 120 million tokens, which will make it deflationary in the long run.

So, too, will its staking , which, by incentivizing holders with yields, will result in a big chunk of its supply leaving circulation.

This all makes DOGEVERSE look very promising, with newcomers able to join its sale at the official Dogeverse website.

1 DOGEVERSE has reached its final presale price of $0.00031, a level it’s hoping to eclipse once it lists in the next couple of weeks.

Buy DOGEVERSE Today

Follow Us on Google News Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

Sujha Sundararajan

Last updated:

May 10, 2024 05:04 EDT | 1 min read

Rich Dad Poor Dad author and renowned investor Robert Kiyosaki believes that the US dollar is losing value and expressed his support over crypto investments.

During a recent episode of the podcast “The Rich Dad Channel,” Kiyosaki discussed the importance of portfolio diversification including cryptocurrencies. Speaking to Andy Shechtman, CEO of Miles Franklin Precious Metals, Kiyosaki advocated investors to turn to gold, Bitcoin and Ethereum.

He stressed that the dollar decline is imminent, which is why accumulating alternative investments is vital to be prepared for adverse financial conditions. “Our money is fake,” he noted.

“It’s a reason to buy gold, silver, Bitcoin, and all this because our currency is screwed up now, it’s going to get worse because our debt keeps going up.”

Kiyosaki revealed that he bought Ethereum “for the same reason.”

Further, he criticized the lack of financial literacy education in schools, particularly when there is an already dire financial situation. Kiyosaki also pointed out the absence of counterparty risk issues when it comes to borrowing money.

“If I borrow money, who’s the guy to pay me back? And gold and silver – you don’t need that – the same as Bitcoin, you have no counterparty risk.”

Kiyosaki’s Highly Bullish Bitcoin Stance

The bestselling author in March, described the world’s largest crypto – Bitcoin – as “the perfect asset at the right time.” However, he is also having a cautious approach to the asse-class, doubting its potential to be scam or Ponzi scheme.

Kiyosaki has maintained a bullish stance on Bitcoin over the years. In November 2023, the financial educator said that Bitcoin is the “best protection” against hyperinflation because it is people’s money. He drew a historical comparison and urged his followers to consider Bitcoin as a means of protection against hyperinflation.

However, he wasn’t keen on the spot Bitcoin ETFs, claiming that these financial products are apt for institutional investors. He rather favors direct ownership of physical assets due to his entrepreneurship pathway.

Kiyosaki has invested in a mix of assets like gold, silver, Bitcoin, which according to him are bargains today.

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Hongji Feng

Last updated:

May 10, 2024 04:59 EDT | 1 min read

Canaan has launched a new mining machine at the Bitcoin Asia 2024 conference.

According to a recent report by the South China Morning Post, the new A1566 model marked the latest of Canaan’s flagship Avalon A15 series, engineered to help miners cope with the reduced rewards from Bitcoin’s latest halving event.

Reduced Mining Efficiency Post Halving

Previously, the Miner Mag reported that public mining companies, including Bitfarms, Cipher, CleanSpark, Core Scientific, Riot, and Terawulf, experienced a decrease in Bitcoin production of 6% to 12% in April, following the recent halving event.

The North American Bitcoin mining company Hut 8 reported a significant 36% decrease in proprietary Bitcoin production in their latest monthly update, mining only 148 BTC in April compared to March.

“The bitcoin halving is a challenge, but also an opportunity,” said Canaan vice president David Hui. “That’s why we chose this timing to launch our new bitcoin-mining machines to help our miners get through this time’s halving.”

Last year, Canaan reported a 67.5% drop in total revenue to $211.5 million and a 71.5% decrease in mining equipment sales to $175.9 million, attributing these declines to reduced equipment prices and softer market demand, as stated in the company’s financial statement.

Hong Kong Introduces Spot Bitcoin ETFs

“While we acknowledge the persisting challenges of the ongoing bearish market for mining machines, we draw inspiration from the recent approval and listing of spot Bitcoin ETFs,” said Canaan chairman and CEO Nangeng Zhang.

On April 30, Hong Kong Exchanges and Clearing Limited (HKEX) launched spot Bitcoin and Ethereum exchange-traded funds (ETFs), marking the first of its kind in the Asian market.

China Asset Management Co. (China AMC), Harvest Global Investments, and Bosera International and HashKey Capital are the issuers of the spot ETFs. The Bitcoin ETFs secured $230 million in assets under management (AUM) in their inaugural week.

Based on data posted by the Hong Kong Stock Exchange, the $273 million AUM of virtual asset spot ETFs exceeded the $152 million AUM of virtual asset futures ETFs by nearly 80%.

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Arslan Butt

Last updated:

May 10, 2024 04:52 EDT | 3 min read

Bitcoin Price PredictionBitcoin (BTC) dipped slightly by 0.20%, settling at $63,000, yet maintains a bullish stance in the latest bitcoin price prediction. The rise in jobless claims to 231,000, the highest since August 2023, suggests a cooling U.S. labour market, ing anticipatory actions by the Federal Reserve.

This could lead to rate reductions earlier than projected, influencing Bitcoin’s appeal as a non-traditional investment.

U.S. Jobs Data Sparks Rate Cut Speculation—What’s Next for BTC

The Labor Department reported a notable increase in initial jobless claims for the week ending May 4, reaching 231,000—22,000 more than the previous week and well above the Dow Jones estimate of 214,000

This marks the highest level since August 26, 2023, signalling possible economic strains and a cooling labour market that had previously shown resilience.

Initial Jobless Claims – Source: Tradingeconomics Continuing claims also increased, rising by 17,000 to 1.78 million, while the four-week moving average of claims climbed to 215,000. These figures suggest a gradual economic slowdown, ing discussions about the Federal Reserve’s potential early rate cuts to stimulate growth.

Such a softening in the labour market has historically been a catalyst for Bitcoin price as investors turn to non-traditional assets.

Nonfarm Payroll Adds to Concern

April’s nonfarm payroll data added to these concerns, showing a gain of only 175,000 jobs, far below the expected 240,000. This was the smallest increase since October 2023. However, the unemployment rate remains stable at 3.9%, under 4% since February 2022, indicating that the job market is not in crisis but may be normalizing.Analysts Christopher Rupkey and Robert Frick have noted the volatility and surprising rise in jobless claims, suggesting potential further fluctuations in the labour market. Officials of the Federal Reserve, whose goal is to maintain a 2% inflation rate, carefully examine these circumstances.

• The recent spike in U.S. jobless claims suggests a potential economic slowdown.
• April’s modest job gains and stable unemployment hint at market normalization.
• The Fed may cut rates sooner, possibly boosting Bitcoin investment as lower rates reduce fixed-income asset yields.

As expectations mount for the Fed to ease monetary policy in response to a weakening job market, possibly starting rate cuts as early as September, Bitcoin could benefit. Lower interest rates make riskier assets like cryptocurrencies more appealing.

Bitcoin Price Prediction

Bitcoin

(BTC) observes a minor decline of 0.20%, with the current trading price at $63,000, however, bitcoin price prediction still remains bullish.

The pivot point at $61,011 sets the stage for determining directional movements, with immediate resistance observed at $64,851. Should bullish momentum prevail, subsequent resistance levels at $67,084 and $69,356 could be tested.

Bitcoin Price Prediction – Source: TradingviewConversely, immediate support forms at $58,852, with further downside protection seen at $56,677 and $54,327. The RSI at 54 indicates a relatively neutral market stance, while the 50-day EMA at $62,375 provides underlying support near the $62,000 mark, suggesting a balanced yet cautious market sentiment.

A decisive move below $62,500 could trigger a significant selling trend, highlighting the importance of this threshold in BTC’s near-term price actions.

You might also like Bitcoin Price Prediction 2024 – 2034

Unlock Early Benefits: 99Bitcoins Token Presale Now Live!

The 99Bitcoins presale is currently underway, offering a unique opportunity in cryptocurrency education. By participating in this ‘learn-to-earn’ platform, users can enhance their understanding of digital currencies while acquiring $99BTC tokens, which are both a reward mechanism and a gateway to premium content and community benefits.

With the token price set at $0.00104 each, early investors are provided a cost-effective entry point to start growing their expertise and investment simultaneously.

As of now, the presale has successfully raised $1,169,037, moving closer to the target of $1,892,544. With only four days and just over an hour remaining before the next stage price increase, this limited-time offer presents a critical moment for investors to buy into $99BTC and gain access to immediate staking options.

Secure Your 99Bitcoins Today

Follow Us on Google News Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

Shiba Inu, the meme coin that made a splash in the cryptocurrency scene in 2021, has been through ups and downs since hitting its peak. Investors are eagerly anticipating its surge, questioning whether Shiba Inu can make a comeback to its glory.

Shiba Shootout’s Presale Success

Recently, Shiba Shootout, a meme coin project, has been gaining attention for its presale and innovative approach within the meme coin community. Could the success of the Shiba Shootout signal a resurgence for Shiba Inu in 2024?

The strong performance of the Shiba Shootouts presale has captured the interest of investors, as it has already raised more than $302k towards its goal of $1.007 million with $SHIBASHOOT priced at $0.0189.

This impressive start reflects a growing enthusiasm for meme coins and hints at a revival of the market.

Shiba Shootouts achievements can be credited to factors such as its Wild West theme, interactive community features, and well-crafted tokenomics strategy. By focusing on delivering an enjoyable platform, for users, the project has managed to differentiate itself in the market and attract a loyal following.

The Strength of Community and Engagement

A takeaway from the success of Shiba Inu is the role that community and engagement play in fueling the growth of a meme coin. Shiba Shootout has embraced this lesson wholeheartedly, placing a focus on nurturing and rewarding its community members.The project offers features crafted to motivate user involvement and foster a sense of belonging. The “Posse Rewards” referral initiative encourages users to bring others into the community, while the “Lucky Lasso Lottery” adds an element of thrill and chance.

The innovative “Cactus Staking” feature not only offers a pleasing way to earn rewards but also encourages a lasting dedication to the project.

By prioritizing community engagement and providing avenues for user participation, Shiba Shootout is fostering an engaged user base that could propel the project to greater heights.

The Resilience of the Meme Coin Market

Despite the ups and downs in the cryptocurrency market in recent times, meme coins have exhibited resilience. Projects like Dogecoin and Shiba Inu have showcased how memes and community support can drive the success of a cryptocurrency.

Shiba Shootouts strong performance during its sale phase indicates that there is still interest and potential in the world of meme coins. With investors on the lookout for captivating projects, meme coins with distinctive themes, interactive features, and vibrant communities are well equipped to meet this growing demand.

Looking ahead for Shiba Inu

While the success of Shiba Shootout is a sign for the meme coin market, it’s crucial to assess what this achievement means specifically for Shiba Inu. As one of the most recognized and actively traded meme coins, Shiba Inu enjoys a brand reputation and a sizable user base.

To reach its peak value, Shiba Inu must persist in innovating and adapting to the evolving market landscape. This might entail introducing features and collaborations, expanding its network, and finding ways to maintain community enthusiasm and interest in the project.

The accomplishments of initiatives like Shiba Shootout could act as a driving force for Shiba Inu, motivating its team to explore concepts and strategies to uphold its position as a player in the meme coin domain.

The Future of Meme Coins

As the cryptocurrency realm progresses, it’s evident that memetic coins will have an impact. Projects such as Shiba Shootout and Shiba Inu have showcased how memes and community support play a role in the success of a cryptocurrency.

Looking towards 2024 and beyond, it is anticipated that we will witness the rise of coin initiatives, each bringing forth their own distinct themes and characteristics. With competition escalating in this arena, projects that can set themselves apart and foster dedicated communities are poised for prosperity.

While the journey for Shiba Inu to reach its peak may pose challenges, the achievements of endeavors like Shiba Shootout indicate that there remains potential in the meme coin realm. Through innovation and adaptation, Shiba Inu could again establish itself as a leading contender in this domain.

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