<h2>Crypto Market Update</h2>Written by Van<h3>Table of Contents:</h3><h4>Banking and Regulatory Updates</h4><ul><li>Biden and McCarthy Reach Agreement to Raise US Debt Ceiling</li><li>XRP Accumulation Surges as Ripple vs SEC Case Nears End</li></ul><h4>Crypto Market Developments</h4><ul><li>Bitcoin and Altcoins Surge, Ethereum Whale Activity Raises Eyebrows</li><li>Crypto Skeptic Peter Schiff Ventures into NFTs, Gains Community Support</li></ul><h4>Crypto Security and Governance</h4><ul><li>Tornado Cash Governance Regained After Attacker's Takeover</li><li>Stargate Introduces Safety Measures after Multichain Incident</li><li>DeFi's Jimbos Protocol Loses $7.5M Ether in Latest Attack</li></ul><h4>Country-Specific Developments</h4><ul><li>Hong Kong Police Launch CyberDefender for Metaverse Safety Education</li><li>Binance Acquires Sakura Exchange, Prepares for Launch as Binance Japan</li></ul><h4>Crypto Exchanges and Platforms</h4><ul><li>Sei Network to Combat Sybil Attacks for Airdrop with BotBasher</li></ul><figure class="image"><img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Coin360_b5fa20b549.webp" alt="Coin360.webp"></figure><hr><h3>Biden and McCarthy Reach Agreement to Raise US Debt Ceiling</h3>US President Biden and House majority leader Kevin McCarthy have reached an "agreement in principle" to raise the US debt ceiling, averting a potential default. The details of the deal are not yet available, but it includes a cap on non-defense discretionary spending for one year and a 1% increase in 2025. The agreement will now go to the House of Representatives and Senate for approval. Failure to raise the debt limit could have led to a catastrophic default. Some analysts believe raising the debt ceiling could result in increased capital inflow into&nbsp;<a href="https://coin360.com/coin/bitcoin-btc">Bitcoin</a>.<hr><h3>XRP Accumulation Surges as Ripple vs SEC Case Nears End</h3>Whales have been accumulating&nbsp;<a href="https://coin360.com/coin/ripple-xrp">XRP</a> as the&nbsp;<a href="https://coin360.com/coin/ripple-xrp">Ripple</a> vs SEC case nears its end, with over 52 million XRP purchased in the past three weeks. Despite this, XRP's price has seen a decline, and its network growth and development activity have also fallen. However, Ripple's acquisition of Bitstamp signals its plans for international expansion in crypto-friendly markets.<figure class="image"><img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Fx_Ff_G_Nu_Xo_AA_Lv_Vi_1536x716_03df351b93.jpeg" alt="FxFfGNuXoAALvVi-1536x716.jpeg"><figcaption>Source: Santiment</figcaption></figure><hr><h3>Bitcoin and Altcoins Surge, Ethereum Whale Activity Raises Eyebrows</h3>Bitcoin and&nbsp;<a href="https://coin360.com/glossary/altcoin">altcoins</a> rebounded over the weekend, with Bitcoin surging above $27,000 and some altcoins gaining by over 5%, such as&nbsp;<a href="https://coin360.com/coin/polygon-matic">MATIC</a> and&nbsp;<a href="https://coin360.com/coin/tron-trx">TRX</a>. An&nbsp;<a href="https://coin360.com/coin/ethereum-eth">Ethereum</a>&nbsp;<a href="https://coin360.com/glossary/bagholder">holder</a>, inactive for eight years, has&nbsp;<a href="https://etherscan.io/address/0x6ccb03acf7f53ce87aadcc21a9932de915f89804">transferred</a> 8,000&nbsp;<a href="https://coin360.com/coin/ethereum-eth">Ether</a> ($14.7 million) to a new&nbsp;<a href="https://coin360.com/glossary/address">address</a>, sparking speculation about their intentions. This is the second significant dormant Ethereum&nbsp;<a href="https://coin360.com/glossary/whale">whale</a> to resurface in recent weeks, leading to discussions about their potential impact on the market. Traders are monitoring these activities closely, as they could potentially trigger large sell-offs and price movements.&nbsp;<figure class="image"><img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/chart_18ccf0772f.webp" alt="chart.webp"></figure><hr><h3>Crypto Skeptic Peter Schiff Ventures into NFTs, Gains Community Support</h3>Peter Schiff, a well-known crypto skeptic, surprised the crypto world by venturing into&nbsp;<a href="https://coin360.com/glossary/non-fungible-tokens">NFTs</a> and digital assets.&nbsp;<a href="https://coin360.com/exchange/binance">Binance</a> CEO Changpeng Zhao (CZ) welcomed his conversion. Schiff plans to release an&nbsp;<a href="https://coin360.com/nft">NFT</a> art collection on the Bitcoin&nbsp;<a href="https://coin360.com/glossary/blockchain">blockchain</a>, collaborating with an artist to create Ordinals. The move suggests an acknowledgment of crypto's value, and the recent surge in Ordinals' popularity is due to the Taproot upgrade. The crypto community, including CZ and Anthony Pompliano, reacted positively to Schiff's unexpected pivot.<hr><h3>Tornado Cash Governance Regained After Attacker's Takeover</h3><a href="https://coin360.com/coin/tornado-cash-torn">Tornado Cash</a>'s governance token&nbsp;<a href="https://coin360.com/glossary/bagholder">holders</a> have regained control over the protocol after an attacker presented a proposal to restore governance control. The attacker had previously stolen 483,000 Tornado Cash tokens and converted most of them into&nbsp;<a href="https://coin360.com/coin/ethereum-eth">ETH</a>. The protocol was not impacted by the governance takeover, which saw the attacker manipulate the governance structure to seize control over previously vested governance tokens.<figure class="image"><img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/chart_1_4990b87dee.webp" alt="chart (1).webp"></figure><hr><h3>Stargate Introduces Safety Measures after Multichain Incident</h3>Stargate has introduced a proposal and voting system to mitigate risk and safeguard ecosystem integrity following the recent "force majeure" incident impacting&nbsp;<a href="https://coin360.com/coin/multichain-multi">Multichain</a> and concerns surrounding anyUSDC on&nbsp;<a href="https://coin360.com/coin/fantom-ftm">Fantom</a>. The proposal includes ceasing&nbsp;<a href="https://coin360.com/coin/stargate-finance-stg">STG</a> emissions on Fantom pools, isolating Fantom pools from other pools, and exploring alternative bridging&nbsp;<a href="https://coin360.com/glossary/options-contracts">options</a>. 96.55% of the Stargate community has voted in favor of the proposal. Binance has temporarily halted deposits for bridged tokens associated with Multichain. Whitelisting current LPs is highlighted as important.<figure class="image"><img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/chart_3_f85674cf07.webp" alt="chart (3).webp"></figure><hr><h3>DeFi's Jimbos Protocol Loses $7.5M Ether in Latest Attack</h3>Decentralized finance (<a href="https://coin360.com/glossary/decentralised-finance">DeFi</a>) protocol Jimbos Protocol suffered an attack resulting in the loss of 4,000 Ether, worth approximately $7.5 million, due to a lack of slippage control on liquidity conversions. The attack resulted in the price of the underlying token, Jimbo (JIMBO), plummeting by 40%. DeFi protocols continue to grapple with the challenge of safeguarding against potential vulnerabilities and unauthorized access.<hr><h3>Hong Kong Police Launch CyberDefender for Metaverse Safety Education</h3>Hong Kong Police Force's cybersecurity unit has launched CyberDefender, a new metaverse platform to educate the public about the potential dangers associated with&nbsp;<a href="https://coin360.com/glossary/web3-companies-projects">Web3</a> and the metaverse. The platform was launched after a significant rise in virtual asset crime was reported in Hong Kong during Q1 2023.<hr><h3>Binance Acquires Sakura Exchange, Prepares for Launch as Binance Japan</h3>Binance has acquired regulated crypto exchange Sakura Exchange Bitcoin and will reopen it as Binance Japan in the coming weeks. Users of the exchange's global platform will have to register with the new entity and undergo a new identity verification process to comply with local requirements. Binance has ceased derivative services in Japan but plans to work with regulators to provide them in a fully compliant manner.<hr><h3>Sei Network to Combat Sybil Attacks for Airdrop with BotBasher</h3>Sei Network (SEI) is introducing new Sybil attack protection technology for its highly anticipated&nbsp;<a href="https://coin360.com/glossary/airdrop">airdrop</a> in 2023. Users must pass identity checks on the BotBasher platform by Humanode to prove they are humans and not bots. SEI tokens will be distributed to participants of its incentivized testnet. Sei Network aims to achieve fast transaction finality and high throughput on its sector-specific&nbsp;<a href="https://coin360.com/glossary/layer-1">Layer 1</a> blockchain.<hr><h2>Top Altcoin Gainers and Losers</h2>Gainers:<a href="https://coin360.com/coin/render-token-rndr">Render Token RNDR</a> (+15.40%)<a href="https://coin360.com/coin/neo-neo">NEO NEO</a> (+13.53%)<a href="https://coin360.com/coin/huobi-token-ht">Huobi Token HT</a> (+13.38%)Losers:<a href="https://coin360.com/coin/pepe-pepe">Pepe PEPE</a> (-14.62%)<a href="https://coin360.com/coin/gmx-gmx">GMX GMX</a> (-11.85%)<a href="https://coin360.com/coin/sui-sui">Sui SUI</a> (-9.55%)<hr><h2>NFT Market Map</h2>Peter Schiff, a critic of Bitcoin, is venturing into Bitcoin-based NFTs with an art project called "Golden Triumph." The project involves prints corresponding to unique Ordinals inscribed on the Bitcoin blockchain, showcasing the growing influence of Bitcoin Ordinals and NFTs. Auctions for the project will be held on June 9th.<figure class="image"><img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Screenshot_1_a524edc5f3.webp" alt="Screenshot_1.webp"></figure>This article has been refined and enhanced by ChatGPT.

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Coin360 Daily Dispatch | Crypto Market Updates & Highlights | May 28, 2023

<h2>Crypto Market Update</h2>Written by Van<h3>Table of Contents:</h3><h4>Market Trends</h4><ul><li>Bitcoin Exchange Netflow Hits Negative Spike: A Bullish Sign?</li><li>Underbought Altcoins Display Decline in Asset Prices</li><li>Most Chainlink Holders Face Losses, Retail Investors Accumulate</li></ul><h4>Crypto Technologies and Updates</h4><ul><li>Bitcoin Core 25.0 Release: New Features and Improvements</li><li>Ethereum Layer 2 Fees Soar, zkSync Outperforms Optimism</li><li>Andreessen Horowitz Launches Cicada for Anonymous Ethereum Voting</li><li>MakerDAO's DAI Savings Rate Increase Proposal to Impact DeFi Market</li><li>Token Holders Regain Control after Tornado Cash Governance Attack</li></ul><h4>Legal and Regulatory Developments</h4><ul><li>Gemini and Genesis Seek Dismissal of SEC Lawsuit</li></ul><h4>Country-Specific Developments</h4><ul><li>Beijing Unveils Web3 Innovation Whitepaper amid Crypto Interest</li></ul><figure class="image"><img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Coin360_051d05cb67.webp" alt="Coin360.webp"></figure><hr><h3>Bitcoin Exchange Netflow Hits Negative Spike: A Bullish Sign?</h3><a href="https://coin360.com/coin/bitcoin-btc">Bitcoin</a> exchange netflow has seen a significant negative spike, suggesting accumulation by&nbsp;<a href="https://coin360.com/glossary/bagholder">holders</a> and potentially indicating a bullish trend for the&nbsp;<a href="https://coin360.com/">cryptocurrency</a>'s price. Withdrawals by&nbsp;<a href="https://coin360.com/glossary/whale">whales</a> during price declines may contribute to the trend.<figure class="image"><img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Crypto_Quant_ac795ddc9e.webp" alt="CryptoQuant.webp"><figcaption>Source: CryptoQuant</figcaption></figure><hr><h3>Underbought Altcoins Display Decline in Asset Prices</h3>Altcoins like&nbsp;<a href="https://coin360.com/coin/polygon-matic">Polygon</a>,&nbsp;<a href="https://coin360.com/coin/ripple-xrp">Ripple</a>, and&nbsp;<a href="https://coin360.com/coin/ethereum-eth">Ethereum</a> displayed underbought signals, with most Market Value to Realized Value (MVRV) residing in the underbought region, leading to weak-handed investors selling their holdings. Long positions dominated liquidations, suggesting a decline in asset prices.<figure class="image"><img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Altcoin_MVRV_68a4faa795.webp" alt="Altcoin-MVRV.webp"><figcaption>Source: Santiment</figcaption></figure><hr><h3>Most Chainlink Holders Face Losses, Retail Investors Accumulate</h3>IntoTheBlock data&nbsp;<a href="https://twitter.com/Katherine_XBT/status/1661739079812390915?s=20">suggests</a> that over 80% of&nbsp;<a href="https://coin360.com/coin/chainlink-link">Chainlink</a> (<a href="https://coin360.com/coin/chainlink-link">LINK</a>) holders are facing losses, while whales are reducing their holdings. However, retail holders are accumulating the token. Chainlink's price performance has affected its adoption, but development activity is increasing. LINK might continue to face selling pressure in the short term. Social volume indicates growing interest in the token.<figure class="image"><img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Santiment_link_3742d6d551.webp" alt="Santiment link.webp"><figcaption>Source: Santiment</figcaption></figure><hr><h3>Bitcoin Core 25.0 Release: New Features and Improvements</h3>Bitcoin Core version 25.0 is&nbsp;<a href="https://bitcoincore.org/">released</a>, featuring new features, bug fixes, and performance improvements. Changes include expanded transaction sizes, fast&nbsp;<a href="https://coin360.com/glossary/crypto-wallets">wallet</a> rescans, RPC updates, build system changes, and enhanced user control. Users should report bugs and review release notes before upgrading.<hr><h3>Ethereum Layer 2 Fees Soar, zkSync Outperforms Optimism</h3>Ethereum&nbsp;<a href="https://coin360.com/glossary/layer-2">Layer 2</a> networks&nbsp;<a href="https://www.theblock.co/data/scaling-solutions/scaling-overview">experienced</a> a significant increase in&nbsp;<a href="https://coin360.com/glossary/mainnet">mainnet</a> publishing fees in May, reaching 9,000&nbsp;<a href="https://coin360.com/coin/ethereum-eth">ETH</a> ($16.2 million). This surge is attributed to rising gas costs on the Ethereum network.&nbsp;<a href="https://coin360.com/coin/arbitrum-arb">Arbitrum</a> and zkSync were the top contributors, with zkSync surpassing&nbsp;<a href="https://coin360.com/coin/optimism-op">Optimism</a> in performance. Layer 2 solutions provide a more affordable method for transaction execution compared to the Ethereum mainnet.<figure class="image"><img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/The_Block_1ec60b7fe6.webp" alt="The Block.webp"><figcaption>Source: The Block</figcaption></figure><hr><h3>Andreessen Horowitz Launches Cicada for Anonymous Ethereum Voting</h3>Venture capital fund Andreessen Horowitz has released Cicada, a Solidity library for anonymous voting on Ethereum. It uses homomorphic time-lock puzzles to allow votes to be counted even if users go offline, and requires voters to submit a zero-knowledge proof of ballot validity to prevent attackers from increasing their voting power. Cicada can be combined with zero-knowledge group membership systems to make the identity of the voter permanently unknowable.<hr><h3>MakerDAO's DAI Savings Rate Increase Proposal to Impact DeFi Market</h3><a href="https://coin360.com/coin/maker-mkr">MakerDAO</a>'s community will vote on a proposal to increase the&nbsp;<a href="https://coin360.com/coin/dai-dai">Dai</a> (<a href="https://coin360.com/coin/dai-dai">DAI</a>) stablecoin's savings rate (DSR) to 3.33%, potentially impacting rates across the&nbsp;<a href="https://coin360.com/glossary/decentralised-finance">DeFi</a> market. The DSR allows users to earn interest on locked DAI, funded by stability fees. The proposal aims to adjust stability fees on certain collateral types as well. The previous increase to 1% led to 35 million DAI deposited in a month.<figure class="image"><img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/chart_f0bf3f58f1.webp" alt="chart.webp"></figure><hr><h3>Token Holders Regain Control after Tornado Cash Governance Attack</h3><a href="https://coin360.com/coin/tornado-cash-torn">Tornado Cash</a> governance token holders regain control after a proposal by the attacker was passed with no opposition. The attacker stole 483,000 TORN tokens and swapped most of them for 485 ETH ($890,000), leaving 39,000 TORN ($160,000). Tornado Cash is a mixing service on the Ethereum blockchain that was sanctioned by the U.S. Treasury in August 2022 under allegations of money laundering.<figure class="image"><img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/chart_1_f86689ebfe.webp" alt="chart (1).webp"></figure><hr><h3>Gemini and Genesis Seek Dismissal of SEC Lawsuit</h3><a href="https://coin360.com/exchange/table">Gemini</a> and Genesis Global Capital have jointly filed for the dismissal of an SEC lawsuit against Gemini Earn, their crypto lending product. The companies argue that Gemini Earn should not be considered a security and request the court to dismiss the complaint. Gemini has also filed a claim to recover over $1.1 billion in assets for 232,000 Earn users. The SEC lawsuit has complicated the asset recovery process from the bankruptcy of Genesis, causing delays for Earn users.<hr><h3>Beijing Unveils Web3 Innovation Whitepaper amid Crypto Interest</h3>Beijing released a white paper on&nbsp;<a href="https://coin360.com/glossary/web3-companies-projects">web3</a> innovation, aiming to promote its development and strengthen policy support. The timing coincides with Hong Kong's upcoming crypto rules and China's recent interest in the crypto industry. Beijing seeks to establish itself as a global innovation hub, investing $14 million annually until 2025.<hr><h2>Top Altcoin Gainers and Losers</h2>Gainers:<a href="https://coin360.com/coin/render-token-rndr">Render Token RNDR </a>(+16.88%)<a href="https://coin360.com/coin/huobi-token-ht">Huobi Token HT</a> (+11.50%)<a href="https://coin360.com/coin/kava-kava">Kava KAVA</a> (+11.49%)Losers:<a href="https://coin360.com/coin/gmx-gmx">GMX GMX</a> (-13.87%)<a href="https://coin360.com/coin/sui-sui">Sui SUI</a> (-11.81%)<a href="https://coin360.com/coin/fantom-ftm">Fantom FTM</a> (-11.04%)<hr><h2>NFT Market Map</h2>Virtual land prices on top metaverses have dropped by around 90% from their peak values in 2022.&nbsp;<a href="https://coin360.com/coin/the-sandbox-sand">The Sandbox</a>,&nbsp;<a href="https://coin360.com/coin/decentraland-mana">Decentraland</a>,&nbsp;<a href="https://coin360.com/coin/somnium-space-cubes-cube">Somnium</a> and&nbsp;<a href="https://coin360.com/coin/voxies-voxel">Voxels</a> all saw depreciations in value between January 1, 2022, and May 24, 2023. The cheapest land in the metaverse was found in Voxels, selling for 0.16 ETH as of May 24. Apple's upcoming mixed-reality headset could reignite global interest in the metaverse.<figure class="image"><img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Screenshot_1_24c3b0d94e.webp" alt="Screenshot_1.webp"></figure>This article has been refined and enhanced by ChatGPT.

Coin360 Daily Dispatch | Crypto Market Updates & Highlights | May 27, 2023

<h2>Coin360 Crypto Technicals: Daily Market Navigator</h2>Written By KasperThis daily series serves a purpose to educate and give some insight and<a href="https://coin360.com/glossary/technical-analysis">&nbsp;technical analysis</a> on the current prices of the bigger&nbsp;<a href="https://coin360.com/">cryptocurrencies</a>, based on our technical analysis. Today we will be covering&nbsp;<a href="https://coin360.com/coin/bitcoin-btc">BTC</a>,&nbsp;<a href="https://coin360.com/coin/ethereum-eth">ETH</a>, KAVA,&nbsp;<a href="https://coin360.com/coin/render-token-rndr">RNDR</a>,&nbsp;<a href="https://coin360.com/coin/polygon-matic">MATIC</a> on both higher and lower time frames. Don't forget to also check out our&nbsp;<a href="https://coin360.com/news/trading-essentials-exploring-the-basics">article</a> on the fundamentals of trading and crypto technical analysis to further enhance your understanding of the market.<hr><h2>Crypto Spotlight</h2><h3>Higher Time Frame | $BTC, $ETH &amp; $RNDR</h3><h4><a href="https://coin360.com/coin/bitcoin-btc">Bitcoin</a> | W1</h4>Currently, $BTC has encountered a significant pushback from the resistance zone spanning $30-32k, as depicted in the chart. Our approach remains the same, with the subsequent vital support area situated around $24-25k, though it's unclear if this level will endure. To initiate a genuine bullish reversal, $BTC must surpass the $32k threshold, potentially paving the way for additional gains. In line with this, the&nbsp;<a href="https://coin360.com/glossary/stochastic-rsi">Stochastic&nbsp;</a><a href="https://coin360.com/glossary/rsi">RSI</a> appears to have reversed course, implying the likelihood of a sustained downtrend, as previously observed.&nbsp;<figure class="image"><img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/btc_w1_afd9c71c93.webp" alt="btc w1.webp"><figcaption><a href="https://coin360.com/coin/bitcoin-btc">Bitcoin</a> | W1</figcaption></figure><hr><h4><a href="https://coin360.com/coin/ethereum-eth">Ethereum</a> | D1</h4>In the daily timeframe for Ethereum ($ETH), it is apparent that the&nbsp;<a href="https://coin360.com/">cryptocurrency</a> is currently operating within a defined range. However, it is worth noting that the price has encountered challenges in maintaining its position above the upper boundary of this range. As a result, price rejected off the range highs and could be headed towards the midrange, assuming the current trajectory persists. In order to observe additional upward movement, it is crucial for the price to remain above the upper limits of the range.<figure class="image"><img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/eth_d1_c9680ee88e.webp" alt="eth d1.webp"><figcaption><a href="https://coin360.com/coin/ethereum-eth">Ethereum</a> | D1</figcaption></figure><hr><h4>RNDR | W1</h4>$RNDR has been exhibiting a robust uptrend since its accumulation phase. The lines delineated on the chart denote crucial areas of interest. Should the price reach these points, they would represent significant resistance areas, potentially marking pivotal turning points in the trend.<figure class="image"><img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/rndr_w1_f421299a29.webp" alt="rndr w1.webp"><figcaption>RNDR | W1</figcaption></figure><hr><h3>Lower Time Frame | $BTC, $ETH, $KAVA &amp; $MATIC</h3><h4>Bitcoin | H4</h4>Two days ago, $BTC successfully broke free from its established range. We previously discussed the possibility of this event being a significant deviation. If the price can manage to reclaim the range's lower levels, it might set the stage for another potential rally, given the considerable amount of liquidity available on the upside.<figure class="image"><img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/btc_h4_71edbc0f13.webp" alt="btc h4.webp"><figcaption>Bitcoin | H4</figcaption></figure><hr><h4>Ethereum | H4</h4>Ethereum ($ETH) continues to oscillate around the mid-range, exhibiting a rather choppy price action without a clear direction on the lower timeframe. However, if it can reclaim the mid-range, it may have the potential to rally alongside $BTC. If not, the current projection remains unchanged, with $ETH steadily yet surely trending downward.<figure class="image"><img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/eth_h4_00c7ac4bd0.webp" alt="eth h4.webp"><figcaption>Ethereum | H4</figcaption></figure><hr><h4>Matic | H4</h4>Earlier today, $MATIC surged into a substantial resistance area and has since been retreating. The next support zone is indicated on the chart below and could potentially offer a brief bounce. However, should the price break through this area, we may anticipate lower prices for&nbsp;<a href="https://coin360.com/coin/polygon-matic">Polygon</a> in the coming period.<figure class="image"><img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/matic_h4_4fb70025d4.webp" alt="matic h4.webp"><figcaption>Matic | H4</figcaption></figure><hr><h4>Kava | H4</h4>If $KAVA can push into the resistance area identified on the chart, it could potentially provide a beneficial shorting opportunity, given that it sustains this level without breaching through it.<figure class="image"><img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/kava_h4_f79c28d673.webp" alt="kava h4.webp"><figcaption>Kava | H4</figcaption></figure><hr><h2>Prior Analysis Recap</h2><h4>Stacks | D1</h4>$STX, a cryptocurrency we've discussed before, appears to have respected the levels highlighted on the chart, exhibiting a smooth rejection. This adherence to expected patterns suggests that the previously identified levels are playing a significant role in its current trading activity.<figure class="image"><img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/stx_d1_495cfa56d0.webp" alt="stx d1.webp"><figcaption>Stacks | D1</figcaption></figure><hr><h2>Watch List</h2>To effectively monitor the coins discussed in today's analysis, consider creating a watchlist&nbsp;<a href="https://coin360.com/watchlist">here</a>. This will help you keep track of their price movements and stay informed about potential opportunities. These coins are worth paying attention to, as they exhibit notable market activity and could present promising trading prospects.<hr><h2>Market Wrap-up</h2>In conclusion, the overall trend across various cryptocurrencies remains&nbsp;bearish&nbsp;(on the higher time frames) for the time being, until we see evidence to the contrary. As there is a lot of liquidity to the upside, $BTC might have a temporary rally.&nbsp; Most of the coins under discussion are navigating within range-bound markets, and their movements are being analyzed on a level-to-level basis. This prevailing state of affairs highlights the importance of ongoing vigilance and thorough analysis in this dynamic crypto landscape.Disclaimer: Please note that all information, data, and technical analysis provided in this content are for educational and informational purposes only and should not be construed as investment advice, financial advice or trading advice.This article has been refined and enhanced by ChatGPT.

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Coin360 Crypto Technicals: Daily Market Navigator | May 26th 2023

Coin360 Daily Dispatch | Crypto Market Updates & Highlights | May 26, 2023

<h2>Nike's NFT Journey: Triumphs and Trials in the Digital Sneaker Universe</h2>In the evolving landscape of the digital world, we're witnessing a revolution that's reshaping our concept of ownership, commerce, and even fashion. The nexus point of this transformation? Nike's&nbsp;<a href="https://coin360.com/nft">NFT</a>, a fusion of tech and trend, stirring up a whirlwind in the marketplace. Let's delve into the fascinating world of Nike&nbsp;<a href="https://coin360.com/glossary/non-fungible-tokens">NFTs</a> and the groundbreaking Nike swoosh NFTs, as we narrate their journey, sprinkling in some real-life experiences along the way.<figure class="image image_resized" style="width:68.85%;"><img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/nikenft1_8615acae0a.webp" alt="nikenft1.webp"></figure><hr><h2>Nike NFT: Unveiling the Future</h2>Nike stepped into the world of non-fungible tokens (NFTs), launching their first-ever NFT sneaker collection on the .SWOOSH&nbsp;<a href="https://coin360.com/glossary/web3-companies-projects">Web3</a> platform. The sale&nbsp;<a href="https://twitter.com/dotSWOOSH/status/1655283329942573056?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1655283329942573056%7Ctwgr%5E71977f70220e641e15b9531e059fe59351f1c5cd%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fwww.coindesk.com%2Fweb3%2F2023%2F05%2F25%2Fnike-of1-nft-sale-surpasses-1m-despite-delays-tech-issues%2F">commenced</a> on May 15th, almost a week behind the initially planned date. Now, imagine a sneakerhead, ready to grab a unique digital Nike shoe, heart pounding with excitement, only to face persistent delays and technical glitches. Frustrating, isn't it? Despite these challenges, Nike has successfully crossed the $1 million mark in sales, turning a new leaf in the virtual sneaker world.<hr><h2>Nike Swoosh NFT: A New Digital Trend</h2>Now, let's take a closer look at the most talked-about aspect of this digital launch, the Nike swoosh NFT. As an owner of a <a href="https://www.swoosh.nike/">swoosh.nike</a> NFT, you're not just owning a piece of art or a collectible. You're holding a slice of history, a token of Nike's digital metamorphosis. But, for our virtual sneaker aficionados, the journey was akin to a rollercoaster ride.The Nike NFT drop, titled "First Access," offered exclusive entry to select users. Their golden ticket? 'Posters' airdropped as early entry passes, symbolizing their exclusive membership to Nike's .SWOOSH community. However, the 'General Access' sale faced significant delays, disrupting the overall experience for the NFT enthusiasts.<hr><h2>Chronic Delays and Technical Glitches: A Bumpy Ride to Innovation</h2>Now, picture yourself eagerly waiting for the Nike NFT drop. You're ready to embark on a novel experience of digital shopping. But alas! The sale is repeatedly delayed due to technical glitches and overwhelming traffic. It’s akin to standing in a long, chaotic line for a coveted concert, only to find out the show's been postponed.When the 'First Access' sale finally opened, repeated website crashes led to an uneven minting experience. This left many of the early adopters frustrated. Despite these hurdles, by Thursday afternoon, over 66,000 NFTs had found new owners, leading to Nike raking in about $1.3 million from sales.<figure class="image image_resized" style="width:69.85%;"><img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/nikenft_611f5d2a09.webp" alt="nikenft.webp"></figure><hr><h2>Nike's Web3 Strategy: A Leap of Faith</h2>Nike's dabbling with NFTs isn't an isolated event. The global sneaker giant has been steadily expanding its Web3 strategy over the past several years. In line with this strategy, Nike acquired digital fashion startup RTFKT Studios, a venture known for its successful NFT launches, including the CryptoKicks collection.<hr><h2>Conclusion</h2>Nike's maiden voyage into the NFT world signifies a significant milestone in bridging the gap between fashion and technology. Yes, there were hiccups along the way, but the narrative of the Nike NFT and Nike swoosh NFT drops highlights the potential of NFTs in reshaping our digital experience. It's the dawn of a new era, and we're all just getting started. Stay tuned as we continue to explore this exciting new world together.<hr><h2>FAQ about Nike NFTs</h2>As we delve into this fresh realm of digital ownership and commerce, a few questions might linger in your mind. Let's tackle them one by one.<h3>Q1: What does owning a Nike NFT mean?</h3>A: Owning a Nike NFT is not just about having a digital collectible. It's about being part of Nike's digital transformation journey. Each Nike NFT symbolizes a unique digital asset that represents your ownership in the Nike's digital universe.<h3>Q2: What were the key challenges faced during the Nike NFT launch?</h3>A: The Nike NFT launch, particularly the Nike swoosh NFT drop, faced significant challenges in terms of persistent delays and technical glitches. This led to a rocky start, with multiple postponements and a frustrating user experience.<h3>Q3: What's next for Nike's Web3 strategy?</h3>A: Nike's recent acquisition of the digital fashion startup, RTFKT Studios, hints at a robust roadmap for its Web3 strategy. We can expect more intriguing digital collaborations and NFT drops in the future.&nbsp;

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A Sneak Peek into the World of Nike NFTs: A Technological Leap Despite Hiccups Introduction

<h2>Craig Wright: The Controversial Claimant of Satoshi Nakamoto's Legacy</h2>Written by VanThis intricate tale unravels the contentious proclamation of Craig Wright, self-styled Satoshi Nakamoto, whose net worth has stirred a significant debate within the crypto community. This article dissects the claims, controversies, and court cases, scrutinizing their far-reaching effects on public trust in the world of&nbsp;<a href="https://coin360.com/">cryptocurrency</a>.<hr><h2>Who Is Craig Wright: A Closer Examination</h2><figure class="image"><img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/qi_S3_Rsv_X_4x_1f23116dde.webp" alt="qiS3RsvX_4x.webp"></figure>Craig Wright, an Australian computer scientist, has claimed to be the enigmatic Satoshi Nakamoto, the inventor of&nbsp;<a href="https://coin360.com/coin/bitcoin-btc">Bitcoin</a>. Over the past decade, Wright's claim to be Nakamoto has been the subject of intense debate and scrutiny. His net worth, alongside the net worth of the person behind the Satoshi Nakamoto pseudonym, has been a topic of interest among many in the cryptocurrency world.<hr><h2>Examining Craig Wright's Claim to be Satoshi Nakamoto: Evidence and Controversies</h2><h3>Dr Craig Wright's Initial Satoshi Nakamoto Claim: A Tsunami of Skepticism</h3>In 2016, Craig Wright, an Australian computer scientist and the proclaimed author of the Bitcoin whitepaper, boldly posited himself as Satoshi Nakamoto. To endorse his claim, Wright has showcased various proofs, inclusive of Nakamoto's 2008 paper drafts and references to a 2016 signing session.&nbsp;Yet, these assertions have been met with far-reaching skepticism and criticism within the crypto community. A notable instance&nbsp;<a href="https://www.coindesk.com/policy/2020/05/25/craig-wright-called-fraud-in-message-signed-with-bitcoin-addresses-he-claims-to-own/">includes</a> a public message signed by 145 Bitcoin addresses that Wright allegedly owned, labeling him as a "fraud" and debunking his ownership and control over them.<h3>Technical Proof and Cryptographic Contradictions</h3>Wright has yet to offer conclusive cryptographic evidence that he is Satoshi Nakamoto. The most unequivocal proof would involve producing the private keys to Satoshi's Bitcoin&nbsp;<a href="https://coin360.com/glossary/address">address</a>, which he has failed to do. In 2016, four leading cryptographers&nbsp;<a href="https://www.coindesk.com/tech/2020/07/23/4-experts-agree-craig-wrights-latest-cryptography-claims-are-nonsense/">concurred</a> that Wright's cryptography assertions were "nonsense". Furthermore, Wright's self-published verification script concealed a trickery that may have misled non-technical journalists but was glaring to the average command-line user.<hr><h2>Court Cases and Outcomes: Unmasking the Pretender</h2><figure class="image"><img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/f_Fyk_Jjg_W_4x_56d1a63004.webp" alt="fFykJjgW_4x.webp"></figure>Craig Wright's Satoshi Nakamoto claims have thrown him into a myriad of legal disputes. A high-profile defamation case against podcaster Peter McCormack, saw a British court castigating Wright's credibility. The court ruling exposed Wright's submission of "deliberately false" evidence,&nbsp;<a href="https://www.coindesk.com/policy/2022/12/21/craig-wright-v-peter-mccormack-judge-rules-mccormack-should-pay-around-11m-in-costs/">culminating</a> in a nominal damages award of just one pound ($1.23). This ruling significantly tarnished Wright's reputation.In another turning point court case, Wright&nbsp;<a href="https://www.bbc.com/news/business-59571277#:~:text=A%20computer%20scientist%20who%20claims,%2454bn%20(%C2%A340bn).">emerged</a> victorious, securing the right to keep 1.1 million Bitcoins, worth roughly $22 billion. The jury's dismissal of claims made by Wright's ex-business partner, who sought half of the assets, solidified Wright's position. These legal outcomes have significantly influenced the perception of Wright's claims and his credibility within the crypto community.<h3>The Unfolding Legal Battle Over Satoshi Nakamoto's Wallet Address</h3>In 2021, Wright thrust himself into the limelight once more by launching a lawsuit via a Seychelles-based entity, Tulip Trading. He alleged that he'd lost access to a Bitcoin&nbsp;<a href="https://coin360.com/glossary/crypto-wallets">wallet</a>, which was tied to the Satoshi Nakamoto identity, and contained around £4 billion ($5 billion) worth of Bitcoin. Wright's suit claimed that his home network had been compromised, leading to the loss of his private keys, which controlled access to his Bitcoin holdings.<hr><h2>Craig Wright's Contentious Claim on the Bitcoin Whitepaper</h2>In an intriguing turn of events, Wright initiated a secondary lawsuit claiming ownership of the Bitcoin whitepaper and database rights, asserting that these were his by virtue of him being Satoshi Nakamoto. However, this case was dismissed in early 2023, but resurfaced soon after in a revised format. The outcome of this lawsuit could have far-reaching implications, not just for Bitcoin, but for the broader open source community.<hr><h2>The Potential Impact on Open Source Development</h2>The crux of Wright's argument is that Bitcoin Core developers, who maintain the software for Bitcoin's protocol, have a fiduciary responsibility to help him regain access to his Bitcoins. This claim strikes at the heart of the principles that underpin open source software, which is often developed and maintained by individuals on a voluntary basis. The Bitcoin software was released under an MIT License, which explicitly states that developers bear no liability for any claims or damages associated with the software's use.<hr><h2>Dr Craig Wright's Bitcoin Fortune: Net Worth in 2023</h2>According to&nbsp;<a href="https://finty.com/us/net-worth/craig-wright/">Finty</a>, as of 2023, Craig Wright's net worth stands at an astonishing $22 billion, primarily credited to his claim of being Satoshi Nakamoto and the court case allowing him to keep 1.1 million Bitcoins. This colossal wealth has further inflamed debates and controversies surrounding Wright's credibility and motives.<hr><h2>The Enigmatic Wallet Address and the Unclaimed Fortune</h2><figure class="image"><img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/v_Isu_Px_KQ_4x_4393e70172.webp" alt="vIsuPxKQ_4x.webp"></figure>Satoshi Nakamoto, the enigmatic author of the Bitcoin whitepaper, remains enshrouded in mystery. Untangling the puzzle leads us to the Genesis address—the inaugural&nbsp;<a href="https://www.blockchain.com/explorer/addresses/btc/1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa">Bitcoin address</a>: 1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa. According to&nbsp;<a href="https://www.forbes.com/advisor/investing/cryptocurrency/who-is-satoshi-nakamoto/#:~:text=It's%20assumed%20that%20Nakamoto%20owns,roughly%20%2420%20billion%20in%20BTC.">Forbes</a>, Nakamoto is believed to possess more than 1 million Bitcoins, which is worth over $26 billion based on&nbsp;<a href="https://coin360.com/coin/bitcoin-btc">BTC</a>’s current price.While the true identity of Nakamoto remains anonymous, the allure of the unclaimed fortune linked to this wallet address engrosses the crypto world. As we delve deeper into the pursuit of Nakamoto's identity, it raises questions about the connection between the mysterious wallet and the ongoing controversy surrounding Craig Wright's claims.<hr><h2>Dr Craig Wright and the Future of Bitcoin</h2>The debate around Dr. Craig Wright's identity as Satoshi Nakamoto continues to swirl, with the outcome of his lawsuits potentially shaping the future of Bitcoin and open source software. The Bitcoin Legal Defense Fund, backed by notable figures like Jack Dorsey, is staunchly defending developers from these lawsuits. However, the implications of these cases go beyond Bitcoin, potentially affecting how open source software is developed and maintained in the future.In summary, the ongoing lawsuits initiated by Craig Wright could have far-reaching effects on the open source community. They pose fundamental questions about the responsibilities of developers and the potential liabilities they face. As these cases unfold, they will undoubtedly shape the conversation around Bitcoin, its elusive creator, Satoshi Nakamoto, and the broader world of open source development.<hr><h2>FAQ about Craig Wright and Bitcoin</h2>Q: Is Craig Wright Satoshi Nakamoto?A: Craig Wright, an Australian computer scientist, has publicly declared himself to be Satoshi Nakamoto, the anonymous creator of Bitcoin. However, his claim remains a topic of intense debate due to the lack of conclusive evidence. He has yet to produce the private keys to Satoshi's Bitcoin address as definitive proof of his claim.Q: Who is Craig Wright?A: Dr Craig Wright is an Australian computer scientist known for his controversial claim of being Satoshi Nakamoto, the mysterious inventor of Bitcoin. He came to prominence in the cryptocurrency community due to his assertions, which have led to numerous debates and legal battles. As of 2023, Craig Wright's net worth is reported to be around $22 billion, largely attributed to his Bitcoin holdings.Q: How to buy Bitcoin on eToro?A: To buy Bitcoin on eToro, follow these steps:<ol><li>Register an account on the eToro platform.</li><li>Complete the necessary identity verification process.</li><li>Fund your account through your preferred payment method.</li><li>Use the platform's search bar to locate Bitcoin.</li><li>Click on "Buy" and specify the amount you wish to purchase.</li><li>Review your order and confirm the purchase.</li></ol>Q: How many Bitcoins are there?A: The total supply of Bitcoin is capped at 21 million coins. As of 2023, around 19 million Bitcoins have been mined and are in circulation. The remaining Bitcoins are being released to miners as rewards for processing transactions and maintaining the Bitcoin network.Q: When will the last Bitcoin be mined?A: Due to Bitcoin's halving system that reduces the number of Bitcoins rewarded to miners by 50% approximately every four years, it is estimated that the last Bitcoin will be mined around the year 2140. This system prolongs the release of the remaining Bitcoins to ensure the longevity of the Bitcoin network.<hr><h2>Conclusion</h2>The controversial saga of Craig Wright claiming to be Satoshi Nakamoto has unfolded with a cascade of evidence, court battles, and profound implications. The lack of conclusive evidence and the legal challenges he has faced have significantly eroded public trust in his claims. Nonetheless, the enduring quest to uncover the true identity of the creator of the Bitcoin whitepaper stands as a testament to the resilience of the cryptocurrency community.&nbsp;As the industry moves forward, it is crucial to uphold transparency, integrity, and trust, ensuring that the legacy of Bitcoin remains untarnished. Through collective efforts and unwavering determination, the crypto community continues to pave the way for a future built on trust, innovation, and the unending quest for truth.This article has been refined and enhanced by ChatGPT.

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The Crypto Controversy: Craig Wright's Identity Dilemma

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The Multichain Arrests: Scandal or Conspiracy? Get the Inside Scoop

<h2>How TradeBlock's Closure Reflects the Evolution of Digital Currency Group</h2>Written by VanIn a move influenced by the current economic climate, the prolonged crypto winter, and the regulatory hurdles surrounding digital assets in the United States, TradeBlock, an institutional investor-focused subsidiary of Digital Currency Group (DCG), has announced the shutdown of its institutional trading platform.&nbsp;This decision comes as the company faces challenges within the&nbsp;<a href="https://coin360.com/">cryptocurrency</a> industry. Alongside this development, DCG's revenue for the first quarter of this year experienced significant fluctuations. Furthermore, Genesis Global, a crypto lending firm owned by DCG, has filed for bankruptcy following the collapse of crypto exchange&nbsp;<a href="https://coin360.com/coin/ftx-token-ftt">FTX</a> and crypto hedge fund Three Arrows Capital. Let's delve deeper into the details surrounding these recent events.<hr><h2>TradeBlock Closes Institutional Trading Platform</h2>TradeBlock, a subsidiary of Digital Currency Group (DCG) that primarily caters to institutional investors, has made the difficult decision to shut down its institutional trading platform. This move reflects the challenges faced by the broader economy, the prolonged crypto winter, and the demanding regulatory landscape for digital assets within the United States.<hr><h2>DCG's Revenue Fluctuations</h2>During the first quarter of this year, Digital Currency Group reported a revenue of $180 million, indicating a substantial 63% increase compared to the previous quarter. However, in a year-over-year comparison, this figure represents a 46% decrease from the first quarter of the preceding year. The volatile nature of the cryptocurrency market and the impact of the prevailing economic conditions likely contributed to these fluctuations.<hr><h2>Bitcoin's Value Decline</h2><a href="https://coin360.com/coin/bitcoin-btc">Bitcoin</a>, the leading digital currency, is currently valued around $26,000, a significant decrease from its&nbsp;<a href="https://coin360.com/glossary/all-time-high">all-time high</a> of $69,000. This downward trend in Bitcoin's value has been a challenging aspect for companies operating within the crypto industry, including TradeBlock and DCG. Market&nbsp;<a href="https://coin360.com/glossary/volatility">volatility</a> and investor sentiment heavily influence the value of&nbsp;<a href="https://coin360.com/">cryptocurrencies</a>, making it necessary for companies to adapt to such fluctuations.<hr><h2>Leadership Changes at DCG</h2><figure class="image"><img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/k_X_Yr_SEMT_4x_97b13e65ac.webp" alt="kXYrSEMT_4x.webp"></figure>In the wake of these developments, DCG's Chief Financial Officer, Michael Kraines, has stepped down from his position. To ensure continuity and stability, Mark Murphy, the President of DCG, and Simon Koster, the Chief Strategy Officer, will temporarily assume Kraines' responsibilities. This transitional arrangement aims to facilitate effective decision-making and mitigate any potential impact on the company's operations.<hr><h2>Genesis Global's Bankruptcy Filing</h2>Genesis Global, a crypto lending firm owned by DCG, has encountered significant difficulties following the collapses of FTX, a prominent crypto exchange, and Three Arrows Capital, a crypto hedge fund. In response to these challenges, Genesis Global has filed for bankruptcy and is currently undergoing the Chapter 11 bankruptcy process in the United States Bankruptcy Court for the Southern District of New York. The bankruptcy filing is a strategic move aimed at restructuring the firm's operations and managing its financial obligations.<hr><h2>FAQs about DCG</h2>Q: What are the factors behind TradeBlock's decision to shut down its trading platform?A: TradeBlock's decision to close its institutional trading platform is influenced by the state of the broader economy, the prolonged crypto winter, and the challenging regulatory environment for digital assets in the United States.Q: How did DCG's revenue perform in the first quarter of this year?A: DCG reported a revenue of $180 million for the first quarter of this year, indicating a 63% increase from the previous quarter but a 46% decrease compared to the first quarter of the previous year.Q: Who will be assuming the responsibilities of DCG's Chief Financial Officer?A: DCG's President, Mark Murphy, and Chief Strategy Officer, Simon Koster, will temporarily take over the duties of the Chief Financial Officer, Michael Kraines.Q: What is the status of Genesis Global, a crypto lending firm owned by DCG?A: Genesis Global has filed for bankruptcy and is currently undergoing the Chapter 11 bankruptcy process in the United States Bankruptcy Court for the Southern District of New York.<hr><h2>Conclusion</h2>The closure of TradeBlock's institutional trading platform reflects the challenges faced by the crypto industry due to the broader economic climate, the prolonged crypto winter, and regulatory complexities in the United States. Digital Currency Group experienced revenue fluctuations, reporting an increase in the first quarter of this year but a significant decrease in a year-over-year comparison.&nbsp;Moreover, Bitcoin's declining value has impacted the operations of companies such as TradeBlock and DCG. In the midst of these developments, DCG's leadership is ensuring stability through temporary changes, while Genesis Global navigates its way through bankruptcy proceedings. The cryptocurrency market continues to evolve, prompting companies to adapt to new circumstances and seek strategic solutions for sustainable growth.This article has been refined and enhanced by ChatGPT.

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Crypto Crisis: Digital Currency Group’s TradeBlock Closes Trading Platform Amidst Turbulent Times

<h2>The Decline of Ethereum's Exchange Balances: A Paradigm Shift</h2>Written by VanIn the world of&nbsp;<a href="https://coin360.com/">cryptocurrencies</a>, Ethereum (<a href="https://coin360.com/coin/ethereum-eth">ETH</a>) has been making waves, and recent data reveals a fascinating development. The number of Ether held on exchanges has reached its lowest level since July 2016, signaling a significant shift in market dynamics.&nbsp;This article delves into this groundbreaking trend and explores the reasons behind the decreasing exchange balances. Furthermore, we'll examine the growing popularity of&nbsp;<a href="https://coin360.com/glossary/DeFi-Staking">staking</a> and its impact on the availability of Ether in the market. Let's unravel the fascinating story of Ethereum's evolving landscape.<hr><h2>Ethereum's Shrinking Exchange Balances</h2><h3>1. Lowest Level Since 2016</h3>The number of Ether (ETH) on exchanges has reached its lowest level since July 2016. This decline indicates a notable transformation in the crypto landscape, as investors are opting to hold their Ethereum outside of centralized exchanges.<figure class="image"><img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/glassnode_eth_92811cdea4.webp" alt="glassnode eth.webp"><figcaption>Source: Glassnode</figcaption></figure><h3>2. Reduced Balance on Centralized Exchanges</h3>Currently, only 14.85% of all Ether is held in&nbsp;<a href="https://coin360.com/glossary/crypto-wallets">wallets</a> owned by centralized exchanges. This figure marks a significant drop from previous years, as the balance of Ether held on exchanges has nearly halved over the past three years.<h3>3. Bull Market Impact</h3>During the&nbsp;<a href="https://coin360.com/glossary/bull-market">bull market</a> of 2021, the exchange balance accounted for approximately 25-26% of the total Ether supply. The decreasing exchange balances now contribute to a more limited supply of Ether available for purchase, ultimately exerting upward pressure on prices.<hr><h2>The Rise of Staking and its Influence</h2><h3>1. Exploring Staking's Popularity</h3>Staking, a process that involves holding cryptocurrencies to support the network's operations and earn rewards, has gained substantial traction. Ethereum's move towards the proof-of-stake consensus mechanism has further fueled the popularity of staking.<h3>2. The Shapella Upgrade</h3>The Shapella upgrade to the Ethereum network has been instrumental in driving the surge in Ether staking. Since the upgrade, over 4.4 million additional coins have been deposited by investors seeking to participate in staking activities.<h3>3. Passive Income Generation</h3>Staking offers a compelling opportunity for large Ether holders to generate passive income without selling their assets. By staking their Ether, these investors contribute to network security while earning rewards in return.<hr><h2>The Impact of Declining Trading Volumes</h2><h3>1. Slumping Crypto Trading Volumes</h3>Crypto trading volumes have experienced a significant decline, with leading platforms such as&nbsp;<a href="https://coin360.com/exchange/binance">Binance</a> reporting a 48% decrease in spot trading volume during April. This trend reflects a broader market sentiment affected by macroeconomic uncertainties and recent U.S. bank collapses.<h3>2. Uncertainties and Market Psychology</h3>Macroeconomic uncertainties can often lead to reduced trading volumes in the crypto space. Investors tend to exercise caution during times of market instability, resulting in lower trading activities.<h3>3. Potential Price Implications</h3>The decline in trading volume, coupled with the decreasing availability of Ether on exchanges, may have price implications for Ethereum. Limited supply and growing demand from staking activities can potentially contribute to upward price pressure.<hr><h2>Current Status of Ethereum</h2>Ether is currently trading at $1,816, representing a 2% increase. As the&nbsp;<a href="https://coin360.com/">cryptocurrency</a> market evolves and adapts to new trends, Ethereum continues to be one of the most promising projects, capturing the attention of both crypto enthusiasts and traditional investors alike.<hr><h2>FAQ about Ethereum</h2>Q: What are the advantages of staking Ethereum?A: Staking&nbsp;<a href="https://coin360.com/coin/ethereum-eth">Ethereum</a> provides investors with a passive income opportunity and helps secure the network.Q: How does the decreasing exchange balance affect Ethereum prices?A: The decreasing exchange balance limits the supply of Ether available for purchase, putting upward pressure on prices.Q: Why have trading volumes declined in the crypto market?A: Trading volumes have declined due to macroeconomic uncertainties and recent collapses in the U.S. banking sector.Q: What is the significance of the Shapella upgrade for Ethereum staking?A: The Shapella upgrade has led to a surge in Ether staking and increased participation in network activities.Q: How does Ethereum's market performance compare to other cryptocurrencies?A: Ethereum's current market performance shows a 2% increase, reflecting its resilience and attractiveness to investors.<hr><h2>Conclusion</h2>As Ethereum's exchange balances hit their lowest levels since 2016, the landscape of the crypto market is undergoing a transformative shift. The rise of staking and the decreasing availability of Ether on exchanges have significant implications for Ethereum's future price trends. Furthermore, declining trading volumes and macroeconomic uncertainties have contributed to changes in market dynamics. Despite these fluctuations, Ethereum's current market performance continues to attract attention, making it a noteworthy player in the crypto space.This article has been refined and enhanced by ChatGPT.

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Ethereum's Exchange Balances Hit Lowest Level Since 2016: Is This the New Normal?

<h2>Unveiling the Choice: Why Gemini Selected Dublin as its European Base</h2>Written by VanIn the ever-evolving world of&nbsp;<a href="https://coin360.com/">cryptocurrencies</a>, the renowned exchange&nbsp;<a href="https://coin360.com/exchange/table">Gemini</a>, founded by the Winklevoss twins, has recently announced its decision to establish its European headquarters in Dublin, Ireland. This strategic move comes as Gemini aims to expand its operations and tap into the growing European market. The selection of Dublin as its base is not a random choice; rather, it is a testament to Ireland's strong regulatory system, abundant talent pool, and thriving technology community.Gemini's Co-founders, Cameron and Tyler Winklevoss, have long recognized the importance of regulatory compliance and investor protection. They understand that in order for the crypto industry to thrive and gain widespread adoption, it needs a solid regulatory framework. Ireland, with its well-established regulatory system, provides a favorable environment for Gemini to operate and offer its services to European customers.<hr><h2>Ireland's Regulatory Advantage</h2>Ireland has positioned itself as a leader in fintech and has been proactive in developing a comprehensive regulatory framework for cryptocurrencies. The country has demonstrated a forward-thinking approach by adopting measures to combat money laundering and ensure consumer protection. This commitment to regulation not only enhances investor confidence but also attracts reputable crypto companies seeking a compliant jurisdiction.<hr><h2>Gemini's European Expansion and Market Research Insights</h2>Gemini's move to Dublin aligns with its vision to expand its global footprint and cater to the growing demand for cryptocurrencies. Research conducted in August 2022 revealed that approximately 10% of Irish adults held cryptocurrencies, a slight decline from the 12% reported during the bullish market of 2021. This indicates a significant market potential for Gemini and other crypto exchanges to tap into.<hr><h2>Crypto Advertising Ban Controversy</h2>Despite calls from the Irish central bank chief for a ban on crypto advertising, crypto companies like&nbsp;<a href="https://coin360.com/exchange/binance">Binance</a> and&nbsp;<a href="https://coin360.com/exchange/kraken">Kraken</a> have already established their operations in Ireland. This demonstrates the country's attractiveness as a hub for crypto businesses, with its supportive environment and willingness to embrace innovation. Gemini's decision to set up its European headquarters in Dublin further reinforces this trend.<hr><h2>Gemini's Regulatory Compliance and Licensing</h2><figure class="image"><img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/vsti_Pz7_N_4x_2257d66947.webp" alt="vstiPz7N_4x.webp"></figure>To operate in Ireland, Gemini obtained a virtual asset service provider license from the Central Bank of Ireland in July 2022. This license ensures that Gemini meets the necessary regulatory standards and can provide secure and reliable services to its European customers. By adhering to regulatory requirements, Gemini not only safeguards its reputation but also fosters trust among its users.<hr><h2>The Potential of MiCA</h2>The implementation of the Markets in Crypto-Assets regulations (MiCA) in the European Union is expected to usher in a new wave of crypto innovation. The Winklevoss twins anticipate a surge in European crypto activities and advancements following the enforcement of MiCA. Gemini's decision to establish its European headquarters in Dublin positions the exchange at the forefront of this anticipated growth, enabling it to actively contribute to and benefit from the evolving regulatory landscape.<hr><h2>Gemini's Global Reach and Talent Acquisition</h2>Gemini's expansion into Dublin is not the exchange's first venture beyond its New York headquarters. Recognizing the importance of accessing diverse talent pools, Gemini established an engineering hub in India. This strategic move allows the exchange to tap into the tech talent that India offers, contributing to its overall growth and development.<hr><h2>Regulatory Pressure and Inconsistency in the United States</h2>Gemini's decision to establish its European headquarters in Dublin is not without reason. The United States has faced its fair share of regulatory pressure and inconsistency in the crypto industry. As different regulatory bodies grapple with their stance on cryptocurrencies, Gemini is diversifying its operations to ensure stability and regulatory compliance. However, it's important to note that Gemini still maintains its offices in New York, as it continues to navigate the complex regulatory landscape of its home country.<hr><h2>Gemini's Vision for the Future</h2>Gemini's choice to establish its European headquarters in Dublin signifies its commitment to regulatory compliance, investor protection, and fostering innovation. By leveraging Ireland's robust regulatory system, talent pool, and technology community, Gemini is poised to make a significant impact on the European crypto market. With its unwavering dedication to regulatory compliance, Gemini sets a benchmark for other crypto exchanges, contributing to the overall growth and maturation of the industry.<hr><h2>FAQs about Gemini</h2>Q: How does Gemini ensure regulatory compliance in Ireland?A: By obtaining a virtual asset service provider license from the Central Bank of Ireland, Gemini demonstrates its commitment to meeting regulatory standards and providing secure services to its European customers.Q: What is MiCA, and how will it impact Gemini's operations?A: MiCA refers to the Markets in Crypto-Assets regulations implemented in the European Union. Gemini anticipates a surge in crypto innovation following the enforcement of MiCA, positioning itself to actively contribute to and benefit from this evolving regulatory landscape.Q: Why did Gemini choose Dublin as its European headquarters?A: Gemini selected Dublin due to Ireland's robust regulatory system, deep talent pool, and thriving technology community. These factors make Dublin an ideal location for Gemini to expand its operations and cater to the European market.Q: How does Gemini navigate regulatory pressure in the United States?A: Gemini's decision to establish its European headquarters in Dublin is a strategic move to ensure stability and regulatory compliance amidst regulatory pressure and inconsistency in the United States. However, Gemini still maintains offices in New York.Q: Does Gemini have any other global operations or talent acquisition initiatives?A: Yes, in addition to its European expansion, Gemini established an engineering hub in India to access tech talent and further contribute to its overall growth and development.This article has been refined and enhanced by ChatGPT.

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How Gemini's European Headquarters in Dublin Marks a Turning Point

<h2>Embracing the Future of Crypto with Puppynet</h2>Written by KasperOnce upon a time, an unassuming meme coin featuring a&nbsp;<a href="https://coin360.com/coin/shiba-inu-shib">Shiba Inu</a> dog surfaced in the volatile sea of&nbsp;<a href="https://coin360.com/">cryptocurrencies</a>. It quickly gained a strong following and today stands as a promising ecosystem. Its name? Shiba Inu (<a href="https://coin360.com/coin/shiba-inu-shib">SHIB</a>). But the story doesn't stop there. As we delve deeper into the world of Shiba Inu and its groundbreaking features, we're going to introduce you to Puppynet - a test network where possibilities seem endless, especially with its rising activity ahead of a&nbsp;<a href="https://coin360.com/glossary/mainnet">mainnet</a> release.<figure class="image image_resized" style="width:70.34%;"><img alt="s1.webp" src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/s1_93a78ecaff.webp"></figure><hr><h2>The Rise of Puppynet: A Look into the Crypto Landscape</h2>Just earlier this week, the Puppynet testnet crossed an impressive milestone - 10 million transactions. But what's even more striking is the exponential growth seen over the past week, with over 400,000 transactions recorded in a single 24-hour period on May 21st. Now, let's put things into perspective. Ever since its launch on March 11, the Puppynet testnet has processed over 11 million transactions, involving almost 15 million&nbsp;<a href="https://coin360.com/glossary/crypto-wallets">wallets</a>. With this rise in activity, it's clear that the community is eagerly awaiting the upcoming&nbsp;<a href="https://coin360.com/coin/ethereum-eth">Ethereum</a>-based&nbsp;<a href="https://coin360.com/glossary/blockchain">blockchain</a>, Shibarium.<hr><h2>Shibarium: A New Chapter for Shiba Inu</h2>So, what's so special about Shibarium? It’s a&nbsp;<a href="https://coin360.com/glossary/layer-2">layer 2</a> network, joining the ranks of Ethereum-based blockchains like&nbsp;<a href="https://coin360.com/coin/arbitrum-arb">Arbitrum</a> and&nbsp;<a href="https://coin360.com/coin/optimism-op">Optimism</a>. In layman's terms, a layer 2 network aims to solve some of the biggest challenges in crypto - scalability, speed, and expense. How? By bundling multiple off-chain transactions into a single&nbsp;<a href="https://coin360.com/glossary/layer-1">layer 1</a> transaction. This ingenious move significantly reduces data load and fees.But Shibarium isn't all about transactions and data. The developers have hinted that Shibarium will focus on metaverse and gaming applications. With the non-fungible token (<a href="https://coin360.com/nft">NFT</a>) sector expected to heat up in the coming years, it's clear that Shibarium is positioning itself as a major player in the crypto world.<figure class="image image_resized" style="width:69.15%;"><img alt="s2.webp" src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/s2_a05e108473.webp"></figure><hr><h2>Ecosystem Tokens: Putting Shiba Inu, Leash, and Bone in Focus</h2>The Puppynet crypto testing and subsequent launch of Shibarium are set to bolster the fundamentals of Shiba Inu's three ecosystem tokens: shiba inu (SHIB), leash (LEASH), and bone (<a href="https://coin360.com/coin/bone-shibaswap-bone">BONE</a>). Combined, these tokens command over $5 billion in&nbsp;<a href="https://coin360.com/glossary/market-capitalization">market capitalization</a>.Each transaction on Shibarium will result in burning a certain amount of SHIB tokens. Burning, in the crypto world, refers to the permanent deletion of tokens from the total supply. Though the specific amount to be burnt per transaction hasn't been decided, this move is expected to strengthen the value of SHIB tokens.<hr><h2>Bone Shibarium and Shibarium Beta Testing: What's in Store?</h2>As we gear up for Shibarium beta testing, many eyes are on Bone Shibarium. Given the anticipated launch and the increasing role of bone (BONE) in the ecosystem, the community's interest is understandably piqued.Now, the bigger question here is: "What should we expect from Shibarium beta testing?" Well, the exact details are still under wraps, but we can anticipate rigorous testing of the platform's functionalities, transaction speed, scalability, and most importantly, its ability to accommodate metaverse and gaming applications.<figure class="image image_resized" style="width:70.44%;"><img alt="shibc.webp" src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/shibc_4bd3e33593.webp"></figure><hr><h2>In Conclusion</h2>In the exciting and dynamic world of cryptocurrencies, change is the only constant. The Shiba Inu ecosystem is a shining testament to this ethos. With its innovative Puppynet testnet and the imminent launch of the Shibarium network, Shiba Inu is pushing the boundaries of what a crypto ecosystem can achieve.The burning of SHIB tokens with each Shibarium transaction is a game-changer, potentially augmenting the value of this once-unassuming meme token. Meanwhile, the broader focus on the metaverse, gaming applications, and&nbsp;<a href="https://coin360.com/glossary/non-fungible-tokens">NFTs</a> reveals a forward-thinking approach that is in tune with evolving market trends.In essence, Shiba Inu, along with its tokens SHIB, LEASH, and BONE, is redefining the crypto narrative. It's not just about transactions and coins anymore; it's about creating a comprehensive, user-friendly ecosystem that brings real-world utility to the crypto space.As we stand on the cusp of a new era with the launch of Shibarium, it's safe to say that the Shiba Inu community and the broader crypto world are witnessing a significant evolution. Keep your eyes on this space, because the Shiba Inu story is only getting more exciting. Who knows what the next chapter will bring?<hr><h2>FAQ about Shiba Inu's Ecosystem</h2><h3>Will Shiba Inu coin reach $1?</h3>Predicting the exact future price of any&nbsp;<a href="https://coin360.com/">cryptocurrency</a> is challenging due to the inherent&nbsp;<a href="https://coin360.com/glossary/volatility">volatility</a> of the market. However, the upcoming launch of Shibarium and the positive effect it could have on the Shiba Inu ecosystem may potentially increase the value of the SHIB token.<h3>What is the Shiba Inu price prediction after the Shibarium launch?</h3>Again, it's difficult to provide a concrete prediction. However, the launch of Shibarium, coupled with the burning of SHIB tokens with each transaction, could lead to an increased demand for SHIB, thus potentially driving its price up.This article has been refined and enhanced by ChatGPT.

Unraveling the Impact of Puppynet and the Upcoming Shibarium Launch

<h2>US Debt Ceiling and Crypto: Expert Insights on the Long-Term Impact</h2>Written by VanIn recent weeks, the global financial markets have been closely monitoring the ongoing debate surrounding the US debt ceiling. The uncertainty stemming from the approaching debt limit has led to concerns and potential consequences for various assets, including&nbsp;<a href="https://coin360.com/coin/bitcoin-btc">Bitcoin</a> and other&nbsp;<a href="https://coin360.com/">cryptocurrencies</a>. This article aims to shed light on the implications of the debt ceiling on the crypto market and explore expert opinions on the short and long-term outlook for digital currencies.<hr><h2>US Debt Ceiling and Bitcoin's Bearish Trend</h2>Despite the anticipated US inflation data, Bitcoin finds itself trapped in a bearish trend. This can be attributed to the looming uncertainty caused by the US debt ceiling reaching its limit. If the debt ceiling is not raised by June 1, Bitcoin may experience a drop to $25,000, with the current support at $26,000 being fragile. The outcome of the debt ceiling decision will significantly influence the behavior of risk assets such as stocks and Bitcoin until the deadline.<hr><h2>The United States' Risk of Debt Default</h2>The United States faces the possibility of its first-ever debt default, which could have far-reaching consequences for global markets, including the crypto space. U.S. Treasury Secretary Janet Yellen has cautioned that the government may exhaust its funds by June 1 if the debt ceiling is not raised. While past debt ceiling standoffs have caused market turbulence, Wall Street seems relatively unfazed this time, with the S&amp;P 500 down less than 1% since Yellen's warning. However, Bitcoin has experienced a decline of over 7% and&nbsp;<a href="https://coin360.com/coin/ethereum-eth">Ethereum</a> nearly 3% during the same period.<hr><h2>Potential Effects on Cryptocurrencies</h2><figure class="image"><img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Q3lmh_Bu7_4x_be18a8925b.webp" alt="Q3lmhBu7_4x.webp"></figure>In the event of a U.S. debt default, both stocks and cryptocurrencies could face short-term negative effects due to increased borrowing costs and a stronger dollar. During risk-off events like defaults, traders tend to onshore their dollars, which might not bode well for Bitcoin. It is worth noting that Bitcoin and Ethereum may react differently to a default scenario. Bitcoin might initially experience a slide but could potentially rebound alongside gold, while Ethereum may underperform alongside tech stocks.<hr><h2>Expert Opinions and Outlook for Crypto Market</h2>With no historical precedent for a government default and its impact on cryptocurrencies, market participants are anticipating increased&nbsp;<a href="https://coin360.com/glossary/volatility">volatility</a>. Peter Smith, the CEO of Blockchain.com, believes that a quick recovery can be expected after a pullback. In the medium to long term, the outlook for the crypto market remains positive. Smith predicts that 2024 will be a pivotal year, marked by exponential growth following a period of recovery. He points to a pattern where 2021 was a high year, 2022 a major correction, and 2023 a recovery phase.Furthermore, the total supply of Bitcoin is scheduled to halve in April 2024, a phenomenon known to benefit the crypto market at large. Smith emphasizes that the crypto market has the potential to be significantly larger in the future than it is today. As for Blockchain.com, the company is considering expanding its small Middle Eastern office in the United Arab Emirates, reflecting their bullish outlook on the industry.<hr><h2>Political Developments and Outlook for Debt Ceiling</h2>Despite the ongoing deadlock, there is a belief among experts that lawmakers will likely reach an agreement on the debt ceiling. House Speaker Kevin McCarthy expressed confidence that Republicans will strike a deal with the White House in a timely manner. However, the frequency of such events in a politically polarized climate remains a concern for market stability.<hr><h2>FAQ about US Debt Ceiling and Crypto</h2>Q: How does the US debt ceiling reaching its limit affect the price and stability of Bitcoin?A: The US debt ceiling reaching its limit introduces uncertainty, which can impact Bitcoin's price and stability in the market.Q: What are the potential short-term consequences for cryptocurrencies if the United States defaults on its debt?A: If the US defaults on its debt, cryptocurrencies may face short-term negative effects due to increased borrowing costs and a stronger dollar.Q: How might the reaction of Bitcoin and Ethereum differ in the event of a US debt default?A: Bitcoin and Ethereum may react differently to a US debt default, with Bitcoin potentially bouncing alongside gold after an initial slide, while Ethereum may underperform alongside tech stocks.Q: What historical patterns or indicators can we rely on to predict the long-term impact of a US debt default on the crypto market?A: As there is no historical data on how cryptocurrencies would react to a government default, predicting the long-term impact remains challenging. However, increased activity in Bitcoin&nbsp;<a href="https://coin360.com/glossary/options-contracts">options</a> suggests traders anticipate heightened volatility.Q: What are the expert opinions on the long-term outlook for the crypto market amidst the US debt ceiling debate?A: Experts believe that the medium to long-term outlook for the crypto market remains positive, with predictions of a recovery after a potential pullback and the expectation of exponential growth in 2024.<hr><h2>Conclusion</h2>The US debt ceiling reaching its limit has sparked uncertainty in the financial markets, including the crypto space. While Bitcoin currently faces a bearish trend, it is important to consider the long-term outlook, which remains positive. Experts predict a quick recovery after a potential pullback, with 2024 expected to be a year of exponential growth. As the debt ceiling debate unfolds, market participants will closely monitor the outcome, as it will likely have implications for various assets, including cryptocurrencies.This article has been refined and enhanced by ChatGPT.