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Here is XRP Price if Its Monthly Trading Volume Hits $1T

Abdulkarim Abdulwahab
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Here is XRP Price if Its Monthly Trading Volume Hits $1T

XRP could potentially be trading at a new all-time high in the hypothetical scenario where it attains a $1 trillion monthly trading volume.

XRP is among the most heavily traded crypto assets in the market, garnering an average daily volume of around $1 billion. On Friday, June 5, XRP recorded a massive trading of over $2.15 billion amid the landslide crash to $0.3911, its lowest price in over 12 months. 

Meanwhile, XRP has mildly recovered from this bottom at press time, trading above $0.42 with a volume of approximately $740 million.

This article explores the hypothetical scenario regarding XRP’s potential market value if the asset experiences a monthly trading volume of around $1 trillion. Given the speculative nature of this assessment, The Crypto Basic utilized estimations from OpenAI’s ChatGPT to determine XRP’s likely value with a $1 trillion monthly volume.

XRP Price if Its Monthly Trading Volume Hits $1T

First, the AI proposed a scenario where XRP maintains a $2 billion daily trading volume for a month, resulting in an estimated $60 billion of XRP traded monthly. Assuming XRP currently has a monthly volume of $60 billion, a speculative increase to $1 trillion implies an advancement of 1,566% or a growth factor of 16.67.

Accordingly, ChatGPT noted that with XRP trading at $0.42, its market value could rise to around $7, assuming a proportional relationship between trading volume and price. Meanwhile, it stressed that this is a speculative estimation as actual prices depend on various market factors, including demand, investor sentiment, and overall market conditions.

XRP ChatGPT
XRP price estimation by ChatGPT

What $1 Trillion Volume Means for XRP

Notably, at a $7 price, a $1 trillion monthly volume for XRP means market participants would exchange over 142.86 billion XRP monthly, equivalent to 4.761 billion tokens in daily volume. This daily volume would be worth over $33.33 billion, considering the theoretical $7 price point.

Currently, XRP is seeing a volume of $740 million at a $0.42 price. During a significant buying frenzy between late December 2017 and the first week of 2018, the asset posted volumes of $6 billion to $8 billion on some days. 

Specifically, on January 4, 2018, when XRP traded at its all-time high of $3.84, it recorded a volume of $8.1 billion. This suggests a correlation between high trading volume and high market value.

How Far is XRP from $1 Trillion Volume?

It is worth noting that the stablecoin Tether USD (USDT) is currently the only crypto asset that witnesses a trillion-dollar monthly volume. According to CoinMarketCap, USDT has registered a cumulative 30-day trading volume of $1.34 trillion. This high figure results from USDT being paired and traded against virtually all assets in the crypto market.

XRP ChatGPT
Crypto assets volume | CoinMarketCap

Bitcoin, which closely follows, reported a 30-day trading volume of $535 billion. In contrast, XRP is far behind, with a trading volume over the last 30 days of $22.65 billion.

Cardano To $9 As Analyst Identifies Good ADA Elliott Wave Entry

Sam Wisdom Raphael
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Cardano To $9 As Analyst Identifies Good ADA Elliott Wave Entry

Ray Trader, a notable analyst, projects Cardano to reach $9 upon the completion of a robust Elliott Wave pattern, identifying a level he believes marks a good entry point.

The crypto analyst made this projection in a recent TradingView analysis, spotlighting the ongoing downtrend. Notably, ADA has collapsed by more than 51% from its yearly top of $0.8104. This is primarily due to the sustained market decline, which intensified in late May due to Bitcoin’s drop.

ADA Upsurge and Subsequent Drop

In his report, Ray Trader referred to this Cardano collapse as a “huge dump.” However, data from his chart suggests that his analysis made provisions for the crash. The market watcher’s analysis leverages the Elliott Wave pattern, which analyzes the natural ebb and flow of market sentiment, aiming to predict price movements through identified wave structures.

Notably, the first wave started when Cardano dropped to a cycle low of $0.2200 in June 2023 and completed on the back of this year’s peak of $0.8104, attained in March. Following the completion of Wave 1, ADA began the second wave, which brought about the extensive correction.

This correction has dealt a blow on investor sentiment as market metrics hit surprising lows. Last month, Santiment confirmed that Cardano’s Market Value to Realized Value (MVRV) ratio had dropped significantly. This metric declined to -12.6%, suggesting that ADA is undervalued and could be primed for a rebound.

Cardano Targets $7 on Wave 3 and $9 on Wave 5

Ray Trader’s recent analysis aligns with this projection from the behavior analytics platform. He says the market is at the endpoint of Wave 2, with Wave 3 set to kick in. This third wave represents the most explosive wave, with a potential to take Cardano to new highs.

ADA 1D Chart Ray Trader
ADA 1D Chart | Ray Trader

In addition to the Elliott Wave structure, Ray Trader identified multiple Fibonacci retracement levels amid the correction. He emphasized that investors should look out for the 78.60 Fibonacci retracement level at $0.3429. According to him, this level marks a good entry point for those looking to capitalize on the Wave 3 rally.

The analyst expects the completion of the third wave to trigger a 3,190% Cardano pump to $7. Ray Trader believes this projected price jump could materialize in 2025. Interestingly, in March, market watcher Jake Gagain asserted that ADA could clinch the $7.5 price in 2025. 

Meanwhile, Ray Trader’s ultimate target transcends the $7 price territory. After clinching $7, the analyst sees Cardano witnessing a correction during Wave 4 to hit $4. However, following the correction, Ray Trader predicts a subsequent price pump, potentially leading to $9. 

Cardano currently changes hands at $0.3928, with an immediate mission to recover the $0.4 region. Data from IntoTheBlock confirms that ADA bulls have amassed 130.04 billion tokens over the past week. Cardano could leverage this buying pressure for a rebound whenever the broader market receives sufficient strength.

Cardano Bulls and Bears IntoTheBlock
Cardano Bulls and Bears | IntoTheBlock

Bitcoin Sees Highest Number of 10+ BTC Wallets in Two Months Amid Whale Accumulation

Zabi
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0
Bitcoin Sees Highest Number of 10+ BTC Wallets in Two Months Amid Whale Accumulation

Bitcoin whale and shark wallets increased by 261 in July, reaching the highest count since May 21, while small traders sold off their holdings.

Recent data from Santiment, a market intelligence platform, reveals a significant increase in Bitcoin whale and shark wallets, despite the market dip. In July alone, there was a net increase of 261 wallets holding at least 10 BTC. This spiked the number of wallets holding at least 10 BTC to 152K, the highest since May 21.

This accumulation contrasts sharply with the behavior of smaller traders who have been selling off their Bitcoin holdings during this period. 

Large Holders vs. Small Traders

The Santiment report highlights a distinct divergence between large holders, often referred to as “whales” and “sharks,” and smaller traders. Whales, holding 1,000 BTC or more, and sharks, with 10 to 1,000 BTC, are increasing their Bitcoin holdings. 

This trend suggests that these larger holders are taking advantage of the lower prices to accumulate more Bitcoin, anticipating future price increases. In contrast, small traders are liquidating their holdings, possibly due to angst, which has contributed to the current selling pressure in the market.

Bitcoin Holdings Distribution

Meanwhile, data from IntoTheBlock provides further insights into Bitcoin holdings distribution. As of June 24, 2024, addresses with 0 to 0.001 BTC constitute the largest group, with 29.8 million addresses. 

Bitcoin Addresses IntoTheBlock
Bitcoin Addresses | IntoTheBlock

Addresses holding 0.001 to 0.01 BTC number 11.86 million, while those with 0.01 to 0.1 BTC total 8.03 million. Medium-sized holders (0.1 to 1 BTC) account for 3.54 million addresses, and more substantial holders (1 to 10 BTC) represent 859.7K addresses. 

Larger investors, holding 10 to 100 BTC, number 136.97K, and major investors with 100 to 1,000 BTC total 13.81K addresses. Institutional investors and high-net-worth individuals holding 1,000 to 10,000 BTC number 1.96K, with extremely large holdings (10,000 to 100,000 BTC) held by 102.5 addresses. 

Notably, three addresses hold over 100,000 BTC, likely belonging to exchanges or major entities.

Significant Bitcoin Outflow from BitMEX

Elsewhere, BitMEX, a prominent crypto exchange, experienced its second-largest Bitcoin outflow in history, signaling bullish sentiment. On July 5 and 6, 35,807 BTC, worth approximately $2.1 billion, flowed out of BitMEX. 

According to Joao Wedson, a data scientist at CryptoQuant, this outflow indicates major investors are moving their holdings to other platforms, potentially reducing immediate selling pressure on BitMEX and stabilizing Bitcoin’s price. 

He asserted that these withdrawals suggest that whales are betting on a Bitcoin uptrend, reinforcing the bullish outlook reported by Santiment and IntoTheBlock. However, BitMEX clarified that the outflow was the result of a fund reshuffling carried out by its internal team.

XRP Bollinger Bands Tighten to Historic Levels, Mirroring Prior 60,000% Price Spike

Sam Wisdom Raphael
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0
XRP Bollinger Bands Tighten to Historic Levels, Mirroring Prior 60,000% Price Spike

XRP Bollinger Bands recorded one of the tightest monthly squeezes in the asset’s history, which previously resulted in a 60,000% price rally.

The Great Mattsby (TGM), a seasoned technical analyst, called the investing public’s attention to this pattern in a recent analysis. Notably, the disclosure comes at a time when sentiments around XRP are generally down amid a persistent market downtrend.

XRP has followed the broader market’s bearish trajectory, having collapsed 40% from its yearly top of $0.7440. This downturn was triggered by Bitcoin’s (BTC) crash amid sustained selling pressure by the German government and Mt. Gox. Despite a mild recovery this week, the momentum remains bearish.

XRP Bollinger Bands Tighten Amid Consolidation

As bearish forces clash with a renewal of bullish pressure, the XRP market has slipped into a consolidation phase. TGM confirms that this occurrence has resulted in the tightening of the Bollinger Bands on the monthly timeframe.

For the uninitiated, the Bollinger Bands tighten when the bands narrow, indicating low volatility in the market. This typically happens during periods of consolidation, where price movement is minimal. Santiment data indicates that XRP’s 1-day volatility has dropped to 0.00572 following a spike observed on July 5.

XRP 1D Volatility Santiment
XRP 1D Volatility | Santiment

This tightening of the Bollinger Bands often precedes a significant price movement or breakout. The price explosion occurs as the market shifts from consolidation to a more active phase. Interestingly, the tighter the Bollinger Bands squeeze, the more explosive the market could get.

A Bullish Historical Precedent

According to TGM, XRP’s current squeeze is one of the tightest in the crypto asset’s history. The last time the XRP Bollinger Bands recorded such a tight squeeze on the monthly chart was in February 2017. At the time, XRP closed in February at a $0.00557 price.

Remarkably, following this squeeze, the market saw an explosive rally, culminating in the XRP all-time high of $3.31 in January 2018. This marked a 59,325% rally in a year. As the Bollinger Bands repeat this historic squeeze, analysts such as TGM expect another massive upsurge.

Multiple projections have sprung up based on varying technical indicators. For instance, this month, market watcher EGRAG set a $17 price target for XRP, citing his “Bent Fork” pattern. The Block Bull projected a 6,000% rise in XRP’s price against Bitcoin, translating to an XRP price of $25.

Notably, if XRP captured only half of the 59,325% rally in 2017, it could skyrocket 29,617% to $131. While this ambitious goal is unlikely to be attained, the consensus of a price explosion in the future remains. XRP currently changes hands at $0.4423, down 7.05% in July but up 5% since Monday.

Shiba Inu Eyes Three Bullish Targets as It Recovers 29% from $0.000012 Lows

Sam Wisdom Raphael
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0
Shiba Inu Eyes Three Bullish Targets as It Recovers 29% from $0.000012 Lows

Shiba Inu (SHIB) has its eyes set on three bullish price targets following a 29% recovery from the recent lows at $0.000012.

The market has not been favorable to Shiba Inu and other altcoins amid sustained selloffs around Bitcoin (BTC). With Bitcoin’s collapse came a cascade of declines across the scene. Consequently, SHIB collapsed 71% from the yearly peak of $0.000045 when it hit $0.00001266 on July 5.

SHIB Sees Sustained Accumulation

However, as Bitcoin hit the floor, the market stabilized. Shiba Inu eventually demonstrated impressive resilience, posting a massive 16% intraday gain on July 6. Despite a subsequent 10% drop, SHIB remained above the $0.00001266 low. At its current price, the token has gained 29% from this price level.

Shiba Inu Daily Chart
Shiba Inu Daily Chart

Nonetheless, the recovery push has hit a roadblock, with Shiba Inu largely consolidating for days. Interestingly, The Crypto Basic revealed in a recent report that whales procured 6.57 trillion SHIB in a month during the downtrend. According to Santiment, Shiba Inu saw a mild decoupling from the altcoin market amid this purchase spree.

Meanwhile, data from CryptoQuant indicates that investors have continued to move out their SHIB tokens from exchanges. Notably, market participants have pulled out 6.8 trillion SHIB over the last month. This has brought the Shiba Inu exchange reserve to 144 trillion tokens, the lowest in history.

SHIB Exchange Reserve CryptoQuant
SHIB Exchange Reserve | CryptoQuant

Shiba Inu Eyes Three Recovery Targets

SHIB is looking to leverage this bullish trend to stage a monumental recovery when the broader market shows strength. However, before the dog-themed asset can embark on this rebound journey, it needs to first decisively close above $0.00001681. This level marks the 20-day SMA, pivotal for a shift in momentum from bearish to bullish.

Shiba Inu Price Targets
Shiba Inu Price Targets

After breaking the 20-day SMA, SHIB must break the upper Bollinger Band ($0.00001862) to confirm this bullish momentum. Once this is achieved, Shiba Inu’s first recovery target rests on the 38.2% Fibonacci retracement, aligning with $0.00002527.

This area marks a significant resistance point where 108,060 addresses procured 77.08 trillion SHIB. According to IntoTheBlock, this supply wall ranges from $0.000019 to $0.000025 with an average price of $0.000022. 

SHIB First Target
SHIB First Target | IntoTheBlock

Following this territory, the second Shiba Inu target is $0.00003301 at the 61.8% Fibonacci retracement point. Further data confirms that 139,110 wallets hold 17.83 trillion SHIB at an average price of $0.000033. This level would serve as a major resistance point, one crucial for SHIB to overcome.

SHIB Second Target
SHIB Second Target | IntoTheBlock

The last target represents the yearly peak of $0.000045. This area served as resistance to the previous Shiba Inu rally, and a breach would put SHIB on track to clinch new yearly highs. Interestingly, the resistance at this point is relatively weaker, with a supply wall featuring just 9.69 trillion SHIB. 

SHIB Third Target
SHIB Third Target | IntoTheBlock

Forbes Predicts Shiba Inu to Soar to $0.0003: A 1,700% Return for Investors

Abdulkarim Abdulwahab
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0
Forbes Predicts Shiba Inu to Soar to $0.0003: A 1,700% Return for Investors

Renowned global magazine Forbes has issued bold predictions for Shiba Inu (SHIB), projecting a price level of as much as $0.0003 for this bull season.

Forbes published a piece on Monday exploring the Shiba Inu, highlighting its origin, inspiration, current market position, and outlook between now and 2025.

The report noted that Shiba Inu originated from a famous Japanese hunting dog in 2020. Despite its humble beginnings, it rapidly gained traction and is currently one of the top 13 biggest crypto projects.

Citing Shiba Inu’s July 1 value of $0.00001731, Forbes pointed out that the meme coin was undergoing a significant correction phase, with buyers finding it challenging to regain market control.

Indeed, Shiba Inu has been struggling since the sensational surge in March. Five days ago, it crashed to $0.00001294 but has largely recovered from this bottom price as it currently trades at $0.00001674.

Forbes Shiba Inu Projections for 2024 and 2025

Meanwhile, Forbes analysts believe many brighter days are ahead for Shiba Inu. The report cited the bullish view of Himanshu Maradiya, chairman of CIFDAQ Blockchain Ecosystem.  Maradiya first cautioned that predicting SHIB’s future price is difficult due to its speculative nature and crypto market volatility.

However, the industry expert argued that a more realistic price range for Shiba Inu by 2024-2025 would be between $0.0001 and $0.0003. This forecast assumes ongoing development in the SHIB ecosystem and favorable market conditions.

This estimation aligns with the ambitious forecasts popularly issued by community analysts. With Shiba Inu trading at $0.00001674, the $0.0003 outlook by next year implies a return of approximately 1,700% for SHIB investors. 

However, Utkarsh Tiwari, KoinBX’s chief strategy officer, is more conservative about Shiba Inu’s prospects this year than Maradiya. While citing optimism for SHIB to reclaim $0.0000298-$0.0000396 soon, Tiwari warns that a market downturn could impact prices.

He identifies a key threshold, stating that if SHIB breaks above $0.00003682 and sustains its upward momentum, it could reach $0.00006697 by 2024 end. However, if the price reverses, it risks plummeting to $0.000010. Overall, Tiwari’s outlook for Shiba Inu remains positive but tempered by the possibility of a decline.

Notably, these industry experts have cautioned investors to exercise prudence and carefully consider the overall market landscape and risks associated with investing in meme coins like SHIB. They stressed adopting a realistic mindset, focusing on achievable, incremental gains rather than expecting dramatic price spikes.

Unlocking Blockchain’s Potential By Overcoming Its Existing Data Limitations

Andrew MacGill
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Unlocking Blockchain’s Potential By Overcoming Its Existing Data Limitations

Despite the blockchain industry having evolved immensely over the past decade, one of the most significant hurdles facing developers and innovators in this space has been the limited variety of decentralized data available on-chain. This constraint has had far-reaching implications, making it challenging to build decentralized applications (dApps) that can meaningfully impact people’s daily lives.

To elaborate, most blockchain networks today tend to operate in isolation from the external world, creating a data vacuum that severely restricts the types of applications that can be built while also resulting in a scarcity of diverse, real-world data available on-chain. This seclusion is a double-edged sword because while it ensures security and immutability, it also limits the blockchain’s ability to interact with and reflect the real world.

Moreover, it forces many of DeFi’s existing use cases to be focused on financial speculation, hindering broader adoption of blockchain tech while also limiting its potential to transform industries beyond cryptocurrency trading and investing.

Bridging the Data Gap, One Step at a Time

Recognizing the critical need for truly decentralized, real-world data on blockchain networks, several projects have emerged recently. For instance, The Graph focuses on indexing and querying blockchain data. By allowing developers to create information sets that define how to pull and organize data from various blockchains, it helps improve the efficiency and usability of today’s dApps.

Similarly, the Band Protocol provides scalable cross-chain data oracles by aggregating and verifying data from multiple sources. Another interesting approach has been taken by the Ocean Protocol, which aims to create a decentralized marketplace for data, particularly for AI and blockchain applications.

That said, while these projects have undoubtedly made strides in improving data accessibility and reliability on blockchain networks, they still only address certain aspects of the aforementioned quandary — thus failing to provide a comprehensive solution.

Amid the fray, the Flare Network has emerged and stood out for its innovative and comprehensive approach to addressing these bottlenecks. Flare can be described as a Layer 1 (L1) network that solves today’s data acquisition problems by eliminating the need to rely on third-party oracles, which can often be centralized.

Flare’s two primary data acquisition tools include the ‘Flare Time Series Oracle’ (FTSO) and a module called the ‘State Connector.’ To elaborate, the FTSO delivers highly decentralized time series data feeds to various dApps and is particularly useful for info that changes frequently, such as the prices of different cryptos. It computes estimates for each time series by aggregating data from approximately 100 independent providers, incentivized to deliver accurate information.

On the other hand, the State Connector enables Flare to safely and trustlessly come to consensus over events that have occurred externally to the network. This could include verifying transactions on other blockchains or accessing content from internet APIs. Such an ability to bring off-chain events onto the blockchain stands to be a game-changer for blockchain interoperability and real-world data integration.

In addition to this, Flare has also developed a digital framework called ‘FAssets,’ allowing tokens from blockchains without smart contract capabilities (like Bitcoin or Dogecoin) to be used trustlessly with smart contracts natively. Lastly, the project also offers a decentralized bridging system called ‘LayerCake,’ which is designed to provide secure and efficient interoperability between different smart contract networks.

By providing developers with efficient access to a broad range of decentralized data at minimal cost, the Flare Network stands poised to unlock new possibilities for blockchain applications. This expanded data access can drive the development of more sophisticated use cases in areas such as DeFi, gaming, NFTs, real-world assets (RWAs), and even machine learning (ML) and artificial intelligence (AI).

Envisioning a data-rich future

As is probably clear by now, the limited availability of diverse, real-world data on blockchain networks has been a major bottleneck to blockchain’s widespread adoption and utility. However, with a host of new, future-ready offerings paving the way for access to a wide range of off-chain data, it is not unreasonable to suggest that the next phase in crypto’s evolution might be upon us.

Moving forward, the ability to seamlessly integrate real-world data into complex blockchain processes will be crucial in unlocking the technology’s full potential. In this context, offerings like Flare are not just solving a technical problem; they’re opening doors to a future where blockchain can truly transform industries and enhance our daily lives in a meaningful way.

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Ethereum Reclaims $3,000 But SEC’s Spot ETH ETF Approval Could Boost Prices Further

Zabi
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0
Ethereum Reclaims $3,000 But SEC’s Spot ETH ETF Approval Could Boost Prices Further

Ethereum has reclaimed a pivotal price territory, but bullish news such as the SEC’s approval of a spot ETH ETF could drive further gains.

Ethereum (ETH) recently reclaimed the $3,000 mark, now standing at $3,110. However, IntoTheBlock reveals that the largest altcoin by market cap encounters significant resistance at $3,200. 

Notably, selling pressure could hinder further price increases, with bears potentially leveraging $3,200 to mount a roadblock. Nonetheless, per IntoTheBlock, bullish news, such as the approval of the Ethereum ETF, might help break this level and catalyze further gains.

Interestingly, ITB data shows that the most significant resistance level appears between $3,190.22 and $3,280.95, where approximately 2 million addresses allegedly hold ETH at a loss. Notably, these addresses may sell their holdings as the price approaches their break-even point.

Potential Impact of Spot ETH ETF Approval

Recall that in June Consensys’ Jimmy Ragosa estimated that the SEC could soon approve the S-1 documents related to Ethereum spot-based ETFs. 

Consensys’ prediction follows Bitwise’s amended Ethereum ETF S-1 document submission on June 18, which included updates on risk factors, legal statements, contact information, and distribution plans. 

Notably, Ragosa mentioned that if these updates were the only SEC comments, the regulator could approve the S-1 filings soon. This development is capable of triggering an Ethereum rally reminiscent of the uptrend recorded following the approval of the 19b-4 filings in May. 

Technical Indicators Show Mixed Signals

Other technical indicators also prove the struggle Ethereum bulls are facing. TradingView’s Alligator indicator, consisting of three smoothed moving averages, shows the blue line at $3,281.68, the red line at $3,192.08, and the green line at $3,113.78. 

Currently, Ethereum’s price is slightly above the green line but below the red and blue lines. This configuration suggests the Alligator might be awakening from a sleep, potentially indicating the start of a new trend if the correct catalyst plays out . 

The Relative Strength Index (RSI) is at 40.21, below the 50 mark, indicating the market remains in bearish territory. However, the recent uptick in RSI suggests a potential shift towards neutral or bullish momentum if it continues to rise. 

Meanwhile, the Accumulation/Distribution (Accum/Dist) line stands at 46.945 million, indicating steady accumulation with a slight upward trend, pointing to consistent buying activity without panic selling.

BitMEX Sees Historic $2B+ Bitcoin Outflow as Analysts Project Imminent BTC Rebound

Abdulkarim Abdulwahab
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0
BitMEX Sees Historic $2B+ Bitcoin Outflow as Analysts Project Imminent BTC Rebound

Prominent crypto exchange BitMEX has witnessed its second-largest Bitcoin outflow in history, which renowned market watchers have identified as a bullish signal.

On July 5 and 6, a staggering 23,203 BTC and 12,603 BTC flowed out of BitMEX, totaling 35,807 tokens worth approximately $2.1 billion. This massive outflow deviates significantly from the exchange’s daily average, catching the attention of seasoned market observers.

According to Joao Wedson, a data scientist and analyst at CryptoQuant, the recent outflow from BitMEX should not be overlooked.

Bitcoin outflow from BitMEX
Bitcoin outflow from BitMEX |CryptoQuant

Why BitMEX Outflow is Bullish for Bitcoin

Wedson noted that the exchange netflow indicator on BitMEX has consistently shown a tight correlation with Bitcoin price actions. The analyst observed that Bitcoin’s price tends to increase when the indicator turns negative.

He explained that the exodus of 35,807 Bitcoin implies that major investors are retiring their holdings for sales on other platforms. This trend weakens immediate selling pressure on BitMEX, which can stabilize or even trigger a Bitcoin surge.

Moreover, the analyst highlighted that massive withdrawals from the exchange suggest signs of accumulation where whales are betting on Bitcoin’s uptrend.

This phenomenon is attributed to BitMEX’s stature as a prominent derivatives exchange, wielding significant influence over the crypto derivatives market. 

Consequently, market watchers perceive substantial Bitcoin movements on BitMEX as strategies employed by major market participants, provoking considerable psychological ripple effects throughout the market.

As a result, Wedson stressed that the latest $2.1 billion Bitcoin outflow from the exchange should not be neglected, as such events have historically proven to be reliable precursors to Bitcoin price surges.

As of the time of reporting, Bitcoin has stabilized around $57,706, following a mini rally that propelled it to an intraday high of $59,416. 

Is BitMEX the Latest Outflow a Bullish Signal?

Meanwhile, in response to the analysis, BitMEX clarified that the massive Bitcoin outflow resulted from its wallet upgrade. Specifically, the exchange migrated its Insurance Fund denominated in BTC tokens to new Bitcoin wallets. 

The exchange announced this planned transfer on June 21 to avoid any misinterpretations that often accompany large fund transfers. BitMEX completed the transfer two weeks after the initial announcement. 

Accordingly, the exchange assured that the on-chain transactions did not impact users’ trading activities or withdrawal frequencies, effectively countering the bullish suggestion.

Cardano dApp Minswap V2 Goes Live with New Features

Lele Jima
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0
Cardano dApp Minswap V2 Goes Live with New Features

Minswap, the biggest decentralized exchange (DEX) in the Cardano ecosystem, announces the launch of its updated trading platform. 

The DEX made this known in a tweet today, indicating that the new version offers cheaper, more composable, sustainable, secure and scalable transactions. 

Notably, Minswap V2 emerged with a complete redesign with user experience in mind. The new design comes with a user-friendly interface to enhance the trading experience. It also offers new functionalities, ranging from dynamic fees to partial fill features.  

Cheap Transactions  

The Minswap V2’s dynamic fees feature allows users to enjoy cheaper transaction fees, ensuring fairness and efficiency. Besides the dynamic fees feature, the Minswap team introduced a 50% discount on batcher fees for the next three months. 

Consequently, the batcher fee is currently set at 1 ADA ($0.3831). However, users could pay around 0.75 ADA in fees over the next three months, depending on their MIN/ADA LP holdings. 

Other New Features 

Another new feature introduced on Minswap V2 is the Stableswap functionality, which helps to maintain price stability, especially for trades relating to stablecoins.  

Advanced staking is one of the features added to the updated version. This gives users enhanced staking benefits, such as high rewards and involvement in critical decisions within the Minswap ecosystem. 

The V2 also introduced a new trading feature, dubbed partial fill. With this impressive feature, trades are partially executed, giving users the flexibility to manage their investments during high volatility.  

According to Minswap, transaction processing on V2 is five times faster compared to the earlier version. This is due to the integration of Cardano’s Aiken and Plutus V2 into the update. Other standout features include advanced order types and auto-routing for advanced trades. 

For context, Minswap is one of the leading decentralized exchanges on the Cardano network. Data on its website shows that users have traded a whopping 6.01 billion ADA ($2.3 billion) on its platform, with a record of 4,111,865 (4.11 million) successful trades. 

At press time, Minswap is the largest DeFi protocol on Cardano, boasting a total value locked of $56.26 million. 

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