Day: December 11, 2023

SPX, DXY, BTC, ETH, BNB, XRP, SOL, ADA, DOGE, AVAX

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Bitcoin (BTC) closed last week with gains of 9.55%, but started the new week on a weak note, falling near $40,500. The sharp correction in Bitcoin also caused liquidations in several altcoins. According to CoinGlass data, cross-crypto long liquidations for Dec. 11 were more than $300 million. The sharp fall does not change the trend in Bitcoin and altcoins, as corrections are a part and parcel of any uptrend. Generally, vertical rallies are followed by sharp pullbacks, which shake out the weaker hands and allow long-term investors to buy more…

The Impact of Cryptocurrency on Traditional Banking

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Cryptocurrency has emerged as a disruptive force in the financial world, challenging traditional banking systems and revolutionizing the way people transact and store value. With the advent of Bitcoin in 2009, followed by an explosion of other cryptocurrencies such as Ethereum and Ripple, the impact on traditional banking has been significant. One of the key areas where cryptocurrency has had an impact on traditional banking is remittances. Sending money across borders has traditionally been a costly and time-consuming process, with intermediaries taking a cut of the transaction. Cryptocurrencies, on the…

BONK Soars 18%, But Analyst Warns Of Impending Correction

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Solana-based memecoin BONK has enjoyed a rally of more than 18% today, but the asset may be in trouble if this sell signal is to go by. BONK Has Formed A TD Sequential Sell Signal On Its Weekly Chart As explained by analyst Ali in a post on X, the same indicator that signaled the latest rally for BONK is now predicting a decline for the cryptocurrency instead. The metric in question is the “Tom Demark (TD) Sequential,” which is generally used for pinpointing probable tops and bottoms in any…

Blockchain gaming market in North America is projected to reach $600B by 2030 — report

The global blockchain gaming market will grow to an estimated $614 billion over the next seven years, according to an analysis from Fortune Business Insights released on December 11. The market currently accounts for an estimated $154 billion in spending. The report analyzed global sales data for blockchain game products from 2017-2021. It found that sales were increasing by a compound annual growth rate (CAGR) of 21.8%, implying that by 2030 the market will have reached $600 billion. This implies an absolute growth rate over the six year period of…

OpenAI’s Rival Mistral AI Valued at $2B after Latest Funding Round

Unlike its competitors, Mistral AI chose to make its model available as a free download instead of providing access through APIs. This approach empowers developers to run the model on their own devices and servers. French Artificial Intelligence (AI) startup Mistral AI has reached a valuation of $2 billion following the conclusion of a successful funding round which raised €385 million ($415 million) to further develop its innovative technology and open-source software. Significance of Mistral AI’s New Funding Round The funding round, led by Andreessen Horowitz (a16z) and supported by…

Analyst claims XRP is about to see price jump

A crypto analyst who goes by “Ripple Van Winkle” on his YouTube channel “XRP Right Now” believes the influx of institutional money combined with XRP’s deflationary properties could exponentially increase its price. The analyst released a video on Dec. 11 making several bold predictions regarding the future price of XRP. The analyst believes that new crypto regulatory developments coming in 2024 — including a stablecoin bill and potentially a spot Bitcoin (BTC) exchange-traded fund (ETF) — will pave the way for significant institutional investment. He cites comments made by Congressman…

Enjin migrates over 200M NFTs from Ethereum to its blockchain

Nonfungible token (NFT) platform Enjin recently migrated over 200 million NFTs from Ethereum and a sidechain to its own Enjin Blockchain.  In an announcement received by Cointelegraph, Enjin noted that over 118 million NFTs hosted on Ethereum, along with over 101 million NFTs hosted in an Ethereum sidechain called JumpNet, have been transferred to its mainnet called the Enjin Blockchain. Example of NFTs migrated to the Enjin Blockchain. Source: Enjin  In June, the NFT platform announced the creation of its own blockchain. Enjin said the new network embedded NFT-focused features…