Day: November 1, 2023

Solana Smashes Above $40 In Seemingly Unstoppable Stampede

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Solana, the now seventh-ranked cryptocurrency by market cap, thanks to a recent runaway performance, has surpassed the $40 mark. Take a look at a close-up of the price action and see if the stampede by bulls is sustainable. Say Goodbye To Single-Digit SOL Forever Less than one year ago, Solana hit a low of under $10. Single-digit SOL proved to be too enticing for investors to pass up and it could potentially serve as a long-term bottom. The altcoin fended off a fierce selloff in June this year, but held…

Ethereum futures premium hits 1-year high — Will ETH price follow?

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Ether (ETH) price has declined by 14.7% since its peak at $2,120 on April 16, 2023. However, two derivatives metrics indicate that investors have not felt this bullish in over a year. This discrepancy warrants an investigation into whether the recent optimism is a broader response to Bitcoin (BTC) breaking above $34,000 on Oct. 24. One possible reason for the surge in enthusiasm among investors using ETH derivatives is the overall market’s excitement regarding the potential approval of a spot Bitcoin exchange-traded fund (ETF) in the United States. According to…

Sam Bankman-Fried “doubled down” by buying Binance’s stake in FTX — U.S. prosecutors

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Federal prosecutors claimed Sam “SBF” Bankman-Fried “doubled down” on the use of customers’ funds when he purchased Binance’s $2 billion stake in FTX in 2021. According to U.S. government attorneys, Bankman-Fried paid for the buyout with funds from FTX customers. The prosecution is delivering its closing arguments on Nov. 1 at the Southern District Court of New York, where Bankman-Fried’s trial has been taking place since Oct. 3. Jurors in the case reportedly heard from ​​Assistant U.S. Attorney Nicolas Roos: “The defendant had a choice: come clear or double down?…

Unique Fair Pricing Model Puts XRP Price Higher Than Bitcoin, Here’s How Much

New research from financial analysts at Valhil Capital suggests the XRP price is far undervalued than what it should be. Analysts have developed pricing models that put the value of XRP way higher than its current price of $0.5853, possibly even surpassing Bitcoin.  According to the research paper from Valhil Capital, which evaluated six distinct pricing models, XRP’s price should not be trading for less than a dollar but somewhere between $9.81 and $513,000. Research on XRP’s Fair Value It’s been well established that the XRP price has been held…

XRP Ledger Market Cap Soars On Regulatory Success: 59% YTD Growth Achieved

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The XRP Ledger (XRPL), a decentralized public blockchain developed by David Schwartz, CTO of Ripple Labs, has continued to evolve and show growth in the third quarter (Q3) of 2023, as highlighted in a recent report by Messari. The XRPL, facilitating cross-currency and cross-border payments for over a decade, has witnessed significant milestones, including a surge in market capitalization and advancements in network features. XRP Ledger Shows Strong Development In Q3 As of Q3 2023, XRP, the native token of the XRPL, has secured its position as the fifth-largest cryptocurrency…

Physical CryptoPunks, Mercedes NFTs, and Yuga Labs wins ‘copycat’ lawsuit: Nifty Newsletter

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Welcome to the latest edition of Cointelegraph’s Nifty Newsletter. Keep reading to stay up-to-date with the latest stories on nonfungible tokens. Every Wednesday, the Nifty Newsletter informs and inspires you to dig deeper into the latest NFT trends and insights.  In this week’s newsletter, read about how holders of CryptoPunks nonfungible tokens (NFTs) were offered physical versions of their NFTs for 48 hours. Find out why some artists were ordered to pay Yuga Labs $1.6 million in a copyright lawsuit and why major German companies like Mercedes and Lufthansa are…

3 reasons why Ethereum price is down against Bitcoin

The price of Ethereum’s native token, Ether (ETH) is trading around a 15-month low versus Bitcoin (BTC), and the lowest since Ethereum switched to proof-of-stake (PoS). Cryptox takes a closer look at some of the reasons for the continuous drop of the ETH/BTC pair. Ether’s historical price action has changed In previous market cycles, Ethereum often outperformed BTC during bullish market trends, but this relationship began to change at the start of 2023. Ether and numerous altcoins struggled as the narrative around altcoins use within Web3, DeFi and NFTs came…