Day: November 5, 2023

Cardano price rallies 18% in 7 days, attains four-month high

The value of Cardano has been on an upward trajectory in November, with whale investors significantly contributing to this rally, as indicated by on-chain data.  On Nov. 5, the price of Cardano (ADA) escalated by 7.5% to $0.348808, marking the highest level in roughly four months.  According to data from CoinGecko, ADA’s price surged 18% over the past week. The surge was possibly driven by the Cardano Summit 2023, which took place from Nov. 2-4. Similarly, in the last fortnight, ADA prices shot up by 33.3%, a feat accompanied by…

Tether’s Paolo Ardoino debunks FUD, discusses surging USDT market cap

Paolo Ardoino, Tether’s former CTO who is now the CEO of the leading stablecoin project, recently highlighted the company’s significant earnings and emphasized the global use of USDT as a hedge against inflation. Ardoino told the Wolf of All Streets Podcast that Tether (USDT) has grown in circulation over the past year, even as other cryptocurrencies have experienced volatility. Tether has its own equity and capital, generated through holding US treasuries and short-term investments with proper risk management. He also mentioned that Tether still holds $72.6 billion in U.S. treasury…

private accounts, tokenization, and healthcare infrastructure grab investors’ attention

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Blockchain-based startups continue to gather funding during the current bear market, with MetaMask partner Blockaid raising $33 million in October. However, the overall funding in the crypto industry has dropped to levels last seen in 2020, amassing $2.1 billion over 297 deals in the third quarter of 2023, as reported by Messari. As is often the case during bear markets, investors are taking a closer look at projects before investing and apparently seeking tangible real-world applications.  As part of October’s highlights, the Nature Science Journal discussed applications of blockchain technology,…

PancakeSwap surges 92% as defi tokens record outsized price increases

PancakeSwap’s CAKE stands out with a 92% gain on the weekly timeframe, fueled by the introduction of a new feature on its platform.  PancakeSwap rallies Decentralized exchange PancakeSwap’s native token, CAKE, is causing a stir in the cryptocurrency world. In seven days, CAKE’s price has soared by a remarkable 92%, now trading at $2.38. This surge comes after the latest innovation on its platform. PancakeSwap recently unveiled its Position Manager tool, a feature that’s turning heads in the defi space. This tool allows users to effortlessly deposit their funds into…

Monero’s community wallet loses all funds after attack

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A recent attack compromised Monero’s community crowdfunding wallet, wiping out its entire balance of 2,675.73 Monero (XMR), worth nearly $460,000. The incident took place on Sept. 1 but was only disclosed on GitHub on Nov. 2 by Monero’s developer Luigi. According to him, the source of the breach has not been identified yet. “The CCS Wallet was drained of 2,675.73 XMR (the entire balance) on September 1, 2023, just before midnight. The hot wallet, used for payments to contributors, is untouched; its balance is ~244 XMR. We have thus far…

Ripple gains 6%, crypto lawyer predicts legal triumph

Crypto attorney John Deaton has offered insights into the ongoing Securities and Exchange Commission (SEC) vs. Ripple lawsuit, suggesting a favorable outcome for the latter. Deaton has predicted a “99.9% legal victory” for Ripple in its ongoing case versus the SEC. Deaton’s comments were prompted by a post from Ripple Chief Legal Officer Stuart Alderoty, indicating a strong belief that the outcome of the lawsuit weighs heavily in Ripple’s favor. The people who’ve argued that the SEC got a 50-50 victory in the @Ripple case are 💯 wrong. It was…

Bankman-Fried verdict, Bitcoin reclaims $35K

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This week, the jury declared FTX founder Sam Bankman-Fried guilty of all charges leveled against him. The market also sustained a bullish run, while the SEC continued its industry-wide crackdown. Sam Bankman-Fried found guilty After 18 days of trial, Sam Bankman-Fried was found guilty of all seven charges, triggering a reaction from the crypto community.  The verdict, scheduled for March 28, 2024, has created anticipation within the scene. Pro-crypto attorney John Deaton asserts that Bankman-Fried could face 30 to 40 years. Meanwhile, David Lesperance, Managing Director at Lesperance & Associates,…

What is Moore’s law, and how does it impact cryptography?

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Moore’s law, explained A fundamental concept in the technology sector, Moore’s law foretells the exponential rise in computing power over time and is named after Gordon Moore. Gordon Moore, the co-founder and emeritus chairman of Intel Corporation, proposed Moore’s law in 1965. According to him, the number of transistors on microchips — the fundamental building blocks of electronic devices — will double roughly every two years while their production costs will stay the same or even go down. The consequences of this exponential rise in processing capacity for several facets…

Top assets to watch this week: EGLD, SOL, ARB

Crypto assets such as MultiversX (EGLD), Solana (SOL) and Arbitrum (ARB) stood out this week, recording impressive gains, with EGLD witnessing a substantial rally. MultiversX (EGLD) MultiversX sits among the top gainers of the week, having rallied by a massive 69.4% over the past seven days. Notably, the asset began the week with consolidation, as it continued to trade underneath the $34 territory but hedged against any drops below $29. EGLD price – Nov. 5 | Source: Trading View Trade volume surged from $18 million at the start of the…

This “Smart” Whale Buys ETH Again, Could There Be An Incoming Price Surge?

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In the last week, Ethereum (ETH) has attracted many investors’ attention as it gradually approaches the $1900 price region. Similar to many assets riding on the Bitcoin-fueled market rally, ETH, also known as Ether, is up by 5.85% in the last seven days, bringing its total price increase in the last four weeks to 15.17%. Interestingly, a recent whale movement has now added more speculation around ETH, prompting suggestions that the largest altcoin may soon experience a price surge. ‘Smart’ Whale Purchases $15.94 Million Ether – What Could They Know? In…