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Swiss Bank Adds Support For Cardano, Hoskinson Reacts

Zabi
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Swiss Bank Adds Support For Cardano, Hoskinson Reacts

Charles Hoskinson endorses Swiss bank Post Finance for adding Cardano and other cryptocurrencies to its trading and custody services, sparking mixed reactions.

Charles Hoskinson, founder of Cardano, recently endorsed Post Finance, a Swiss government-owned bank, on social media. He highlighted Post Finance’s early support during his Ethereum days and their recent expansion of cryptocurrency services to include Avalanche, Cardano, Polkadot, XRP, and Solana for trading and custody.

 

Post Finance announced the inclusion of the five new cryptos to its trading and custody platform. The bank acknowledged their past collaboration with Hoskinson and expressed satisfaction that Cardano is now part of their crypto offering. This move aligns with Post Finance’s history of supporting cryptocurrency ventures.

Mixed Reactions from the Crypto Community

Hoskinson’s endorsement received a variety of responses from the crypto community. Swiss nationals and meme enthusiasts generally viewed the recommendation positively. A commenter speculated about a potential partnership with Pepe, while another suggested that Post Finance explore the broader Cardano ecosystem, particularly NIKE, a memecoin associated with Hoskinson’s pet pig.

 

However, there were also negative sentiments. One commenter shared a negative experience with Post Finance, while another questioned the bank’s stability by referencing the bankruptcy of the exchange Celsius.

Crypto Service with Savings Plan Option

The latest news comes only months after PostFinance announced its shift towards embracing digital assets. On the morning of February 21, 2024, PostFinance posted it was introducing the crypto service, allowing customers to purchase or securely store an initial selection of 11 cryptocurrencies with ease. 

Customers could also establish a crypto saving plan, akin to a traditional funds saving plan, further promoting user-friendliness and transparency. 

Hoskinson Emphasizes Cardano’s Global Mission

Hoskinson’s social media activity coincided with his recent statements about Cardano’s broader mission. He emphasized the project’s global impact over token prices, reflecting on Cardano’s journey and the criticism it faces as it nears completion. His focus remains on the transformative potential of Cardano rather than its market valuation.

During these developments, Cardano (ADA) saw its price at $0.4156, reflecting a 1.70% increase in the last 24 hours and a 6.87% rise over the past week. ADA reported a 24-hour trading volume of $296,858,134, underscoring its dynamic market presence.

Sony’s Japan Exchange Reboot Puts Shiba Inu in the Limelight

Abdulkarim Abdulwahab
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Sony’s Japan Exchange Reboot Puts Shiba Inu in the Limelight

The Shiba Inu Army believes SHIB also stands favorably as tech behemoth Sony enters the crypto exchange market to relaunch a Japanese platform that supports the meme coin.

Notably, as The Crypto Basic reported earlier, the prominent PlayStation maker Sony has taken initial steps to reboot the Japan exchange Whalefin, which includes rebranding the parent firm Amber Japan to S.BLOX.

Moreover, the efforts include re-engineering the existing Whalefin platform to make it more user-centric with additional trading features. This will culminate in the introduction of a new mobile app. 

Shiba Inu Also at Center of Impact 

Notably, Shiba Inu stands among the few crypto assets currently tradable on Whalefin. Prominent community figure Lola drew public attention to this development in a post on X. Lola stressed Shiba Inu’s position in Sony’s latest move into the crypto asset trading market. 

She called attention to this connection amid a media report suggesting Sony is launching a Bitcoin exchange, whereas Shiba Inu features prominently among the less than 60 crypto assets listed on the Japanese exchange.

Meanwhile, Lola remains unfazed by the Bitcoin narrative. According to her, it is not much of an issue since altcoins like Shiba Inu typically follow Bitcoin’s lead during market bull runs.

Yet, she pointed it out to apprise the community about Shiba Inu’s position in Sony’s entry into the crypto asset market and how narratives could be deliberately spun to ignore SHIB.

Community members have recognized Lola’s findings, acknowledging it as positive for SHIB.

Sony’s Crypto Exchange 

Notably, Sony acquired Amber Japan last year, and it operated as an affiliate until the recent rebranding announcement. Amber Japan was previously DeCurret, a Japanese cryptocurrency trading platform acquired and rebranded by Amber Group two years ago.

With Sony’s acquisition, the platform is now undergoing its second rebranding. However, the latest notification did not disclose the official date Sony plans to reboot the crypto exchange for the Japanese.

Shiba Inu Spot ETF Next After Launch of Regulated Shib Futures: Expert

Lele Jima
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Shiba Inu Spot ETF Next After Launch of Regulated Shib Futures: Expert

Pseudonymous crypto expert and YouTuber ‘Altcoin Daily’ suggests that the upcoming launch of Coinbase Derivatives’ CFTC-regulated Shiba Inu’s futures contract could pave the way for a spot ETF. 

Altcoin Daily issued the speculation in an X post yesterday, emphasizing the significance of the upcoming futures contracts. 

Coinbase Derivatives to Launch Regulated SHIB Futures Contract 

Last week, Coinbase Derivatives requested permission from the U.S. CFTC to launch regulated futures contracts for Shiba Inu alongside four cryptocurrencies: Stellar (XLM), Chainlink (LINK), Polkadot (DOT), and Avalanche (AVAX). 

The derivatives exchange disclosed plans to list the products under a self-certification model scheduled for July 15, 2024. 

Futures Contract Could Pave the Way for Spot ETFs

Reacting, Altcoin Daily took to X to highlight the benefits of the offering for U.S. investors. According to the expert, regulated futures contracts offer investors enhanced transparency, regulatory oversight, a compliant trading environment, and risk management. 

Interestingly, the expert noted that these products often lead to the potential launch of spot ETFs for the assets involved. 

In a follow-up YouTube video, Altcoin Daily asserted that the SEC approved spot ETFs for Bitcoin (BTC) and Ethereum (ETH) because they initially had regulated futures contracts. 

“The Bitcoin [and] Ethereum ETFs only got approved because they had futures contracts first,” Altcoin Daily remarked. 

Bloomberg ETF analyst Eric Balchunas also expressed a similar sentiment last month in reaction to VanEck’s Solana spot ETF filing. According to Balchunas, his knee-jerk reaction to the filing was that the SEC would not approve a Solana ETF due to the absence of a futures contract for the asset.  

Shiba Inu Community Optimistic About a Spot ETF for SHIB 

In the meantime, several Shiba Inu community members anticipate that a regulated SHIB futures contract on Coinbase Derivatives could lead to a potential SHIB spot ETF. 

Since the SEC approved multiple Bitcoin spot ETFs in January, the community has been eyeing a similar offering for SHIB. This prompted enthusiasts to petition Grayscale Investments to apply for the launch of a spot SHIB ETF.  

Although Grayscale has not responded to this request, the imminent launch of a regulated SHIB futures contract could further solidify investors’ confidence in the possibility of a spot ETF for the token. 

Analyst Sees XRP Rise to 0.00012 BTC As XRP RSI, MACD and SRSI Show Potential Bullish Cross

Sam Wisdom Raphael
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Analyst Sees XRP Rise to 0.00012 BTC As XRP RSI, MACD and SRSI Show Potential Bullish Cross

Three XRP momentum oscillators, the RSI, MACD and SRSI, are on the verge of potential bullish crosses, with analyst JD projecting a potential rise in the XRP/BTC ratio to 0.00012.

JD called attention to these oscillators in a recent analysis, coinciding with the current market uncertainties. He leveraged the XRP/BTC chart on a 2-week timeframe, showcasing how Bitcoin has continued to outperform XRP since July 2023. 

BTC Outperforms XRP

For context, amid its meteoric surge last July, XRP outpaced the rest of the market, including Bitcoin. This resulted in the XRP/BTC ratio spiking 59% in a week to 0.00002472. However, as XRP faced a correction, the ratio continued to decline. Market data shows that XRP has dropped 68% against BTC over the last 52 weeks. 

XRP Down 68 Against BTC
XRP Down 68 Against BTC

The XRP/BTC chart now trades at a low of 0.00000788, its lowest level since March 2021. However, as the bearish trend mounts, JD has identified three momentum oscillators that could lead to a looming reversal. Data from his chart points to the Relative Strength Index (RSI), Moving Average Convergence Divergence (MACD), and the Stochastic RSI (SRSI).

Momentum Oscillators Near Bullish Crosses

Notably, the XRP/BTC 2-week RSI (blue line) has dropped to 31.59. This value in itself indicates that the ratio is hovering around undervalued territory. However, more significantly, the RSI-based MA (yellow line) now sits at 31.88, with the RSI nearly crossing above it. Should this occur, it would lead to a bullish cross, suggesting an imminent rally.

In addition, the Stochastic RSI K line (blue) has recently spiked to 12.31. With the Stoch RSI D line (orange) now at 5.33, the metric has already observed a bullish cross. This development further bolsters chances of the imminent recovery indicated by the RSI.

XRP/BTC Chart JD
XRP/BTC Chart | JD

Lastly, the MACD indicator cements this observation. Notably, the MACD line (blue) currently hovers around -0.00000276, while the Signal line (orange) rests on -0.00000259. At this level, the MACD line has recorded a bullish cross over the Signal line, solidifying the observation.

An XRP/BTC Surge to 0.00012

However, it is important to note that these three indicators need to decisively complete their bullish crosses for confirmation. Once this occurs, JD predicts an imminent spoke in the XRP/BTC pair to 0.00007. Afterward, he predicts a correction, and then a second rally toward 0.00012.

With Bitcoin currently changing hands at $61,098, an XRP/BTC value of 0.00012 would result in an XRP price of $7.33. However, there is the likelihood of BTC reaching greater heights by this time, leading to higher prices for XRP. Notably, a $7.33 price would require a 1,424% increase in XRP’s current value of $0.4807.

Meanwhile, XRP has continued to record negative exchange netflows for the past three months, Coinglass data shows. Over the last 87 days, exchanges have witnessed 85 days of constant net outflows. This is due to increased XRP withdrawals from these platforms, as investors look to hold onto their assets. The trend helps in reducing selling pressure.

XRP Exchange Netflow Coinglass
XRP Exchange Netflow | Coinglass

Cardano Brace For Major Upsurge as Analysts Confirm Bullish Technical Indicators

Mark Brennan
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Cardano Brace For Major Upsurge as Analysts Confirm Bullish Technical Indicators

Cardano (ADA) exhibits bullish signals with a pending buy, bullish divergence, and a falling wedge breakout.

Cardano (ADA) is currently exhibiting promising bullish signals on its daily chart, according to recent analyses by notable analysts. Jesse Olson and Captain Faibik both highlight significant technical indicators pointing towards an imminent upward movement. This comes at a time when Cardano’s price shows resilience and potential for substantial growth.

Pending Buy Signal and Bullish Divergence

According to Jesse Olson, the daily chart for Cardano (ADA) against USDT shows a pending buy signal, suggesting an imminent upward price movement. A notable bullish divergence is present, where the price of ADA makes new lows while indicators like the RSI and MACD register higher lows.

 

This divergence typically signals weakening bearish momentum and a potential trend reversal. The RSI, currently indicating a move away from the overbought region, also signals a possible bullish crossover, suggesting ADA might be undervalued and ready for upward momentum. Additionally, the MACD indicator shows a bullish crossover, where the MACD line crosses above the signal line, indicating a shift from bearish to bullish momentum.

Resistance Levels and Trendline Break

Analyzing the chart further, several resistance levels are marked between $0.45 and $0.65, which could act as potential target zones for a price rise. There is also a descending trendline on the chart that ADA is attempting to break above. 

Successfully breaking this trendline could signify a shift from the current downtrend to an uptrend, further supporting the bullish outlook. 

Falling Wedge Breakout and Expected Rally

Captain Faibik’s analysis confirms a falling wedge breakout for ADA, a bullish reversal pattern that typically results in significant upward price movements. The breakout indicates the end of a prolonged consolidation phase, signaling strong bullish momentum ahead. Captain Faibik projects a potential +70% rally, with price targets around the $0.90 to $1.00 range. This aligns with the typical performance following a falling wedge breakout, which often leads to substantial price increases.

 

As of June 2, various entities have weighed in on Cardano’s potential long-term price trajectory. Currently trading at $0.4159, a 7% increase from the previous week, ADA is far below its all-time high of $3.10 reached in September 2021.

However, platforms like Changelly are optimistic about ADA’s future, projecting it could reach $100 by 2040, $300 six months after hitting $100, and $500 by 2050. Achieving these milestones would require ADA to grow significantly, with market valuations soaring to new heights.

Team Updates Shiba Inu Documentation: Here’s What’s New

Lele Jima
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Team Updates Shiba Inu Documentation: Here’s What’s New

The team behind the Shiba Inu ecosystem updates Shiba Inu Documentation, providing new technical articles and guides to the Layer-2 blockchain Shibarium. 

Prominent Japan-based Shiba Inu community figure Kuro called the public’s attention to the development in a post yesterday. 

Latest Updates on Shiba Inu Documentation 

Following the update, Shiba Inu Documentation features three new essential sections: Build on Shibarium, Become a Validator, and Bridge Assets. 

The ‘Build on Shibarium’ section provides information on how developers can create and launch decentralized applications on the Ethereum-based Layer-2 blockchain. 

The second updated section outlines steps to enable users to become validators on Shibarium. This entails validating blocks and transactions to maintain the network’s integrity and security. The document stated that validators also contribute to the decentralization of Shibarium to ensure that no single entity has complete control over the network. 

Finally, the last update added to Shiba Inu documentation involves steps to ‘bridge assets’ on Shibarium. This section provides a detailed explanation of how users can transfer digital assets between Shibarium and Ethereum. The documentation offers an overview of ‘Token Bridge,’ its significance, and how users can interact with the feature. 

Team Shares Shibarium Transaction Lifecycle 

In a separate post, Lucie, a Shiba Inu marketer, shared a screenshot of an updated version of Shibarium documentation. The screenshot highlighted the transaction lifecycle on Shibarium PoS architecture. 

Notably, the lifecycle involves six steps of transaction processing on the L2 network. The steps include transaction initiation, validation by public checkpoint nodes, checkpoint creation and submission, verification by core contracts, transaction execution, and asset transfers. 

First Version of Shibarium Docs 

Recall that the team released the first version of Shibarium documentation on March 24, 2023, detailing how the L2 blockchain works and how it was developed. 

At the time, Shiba Inu’s lead developer, Shytoshi Kusama, noted that the document took a major toll on developers, who worked 16-hour days in the week leading up to the publication.  

Interestingly, the Shibarium document accompanied the launch of the network’s dedicated Discord server. Kusama disclosed that the documents are ever evolving, featuring edits and new updates. 

The recent updates indicate the team’s commitment to growth, technical advancement, and community engagement. The updated docs will further simplify the process of interacting with Shibarium, potentially driving adoption to unprecedented levels. 

Shiba Inu Burn Rate Surges 1600%: Details

Zabi
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0
Shiba Inu Burn Rate Surges 1600%: Details

In the last 24 hours, Shiba Inu’s burn rate surged 1611.81%, with 17,695,347 SHIB tokens burned in 4 transactions.

In the past 24 hours, the Shiba Inu (SHIB) burn rate has skyrocketed by 1611.81%. According to Shibburn, a total of 17,695,347 SHIB tokens were permanently removed from circulation in just four transactions.

 

Notably, the recent burns were not evenly spread out but occurred in large bursts. Notable transactions included 21,391 SHIB, 5,552,834 SHIB, 186,957 SHIB, 4,177,779 SHIB, and 7,777,777 SHIB. Additionally, smaller transactions ranging from 121 SHIB to 36,701 SHIB were recorded the previous day, along with transactions of 400,000 SHIB and 430,000 SHIB two days ago.

Circulating Supply Shrinks

The current supply dynamics of Shiba Inu reveal that a total of 410,727,419,469,324 SHIB tokens have been permanently destroyed since inception. The maximum total supply is set at 999,982,350,073,171 SHIB, with the current supply standing at 589,272,580,530,675 SHIB. 

Out of this, the circulating supply is 583,336,986,744,435 SHIB, while 5,935,593,786,239 SHIB are staked (xSHIB). These figures highlight the ongoing efforts to decrease the circulating supply and potentially increase the token’s value.

Future Prospects

The surge in the burn rate comes just a day after Lucie, the marketing specialist for the Shiba Inu ecosystem, shared an exciting update. She hinted at a potential collaboration with Shibacals, a project focused on using blockchain to authenticate physical collectibles.  This announcement has generated positive enthusiasm among community members, who are eager to see whether this collaboration will lead to the incineration of millions or even trillions of SHIB tokens.

Additionally, a July 1st report from Shibburn revealed that the Shiba Inu community incinerated over 900 million SHIB tokens in June 2024. Specifically, 918,079,655 SHIB tokens were burned across 237 transactions worth $15,901 at the current exchange rate.

Notably, a single transaction on June 11 burned over 225 million SHIB, and another on June 13 burned 100 million SHIB. These efforts underscore the community’s commitment to reducing the circulating supply and enhancing the token’s value.

Shiba Inu community is also calling Binance and Coinbase to burn SHIB.

Bitcoin Could Surge to $78,000 if This Key Resistance Breaks

Zabi
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0
Bitcoin Could Surge to $78,000 if This Key Resistance Breaks

Bitcoin nears key resistance at $65,795, with analyst Ali Martinez suggesting that a breach could lead to $78,700, as whales accumulate, and long-term holders sell.

According to Ali Martinez, Bitcoin is on the brink of a positive price movement, with crucial resistance levels in sight. The analyst has pinpointed $65,795 as a critical resistance level, indicating a potential surge to $78,700 if broken. This analysis is based on the Market Value to Realized Value (MVRV) Extreme Deviation Pricing Bands from Glassnode, which highlight important support and resistance areas.

 

The $65,795 resistance level is marked by the +0.5 standard deviation line on the MVRV Extreme Deviation Pricing Bands. Historically, this level has posed challenges for Bitcoin. For instance, in April 2024, Bitcoin got close to the +1 standard deviation but couldn’t maintain that level, leading to a correction. 

Historical Performance in July While Whales Accumulate

Bitcoin’s historical performance also supports a bullish outlook. Analyst Ali Martinez notes that Bitcoin tends to recover strongly in July after a negative June. On average, Bitcoin has shown a return of 7.98% and a median return of 9.60% in July. This pattern adds to the optimism surrounding Bitcoin’s potential to break out.

 

Another positive signal comes from large investors’ accumulation of Bitcoin. According to a recent alert from CryptoQuant, published on X by CEO Ki Young Ju, whales are increasing their Bitcoin holdings.

As of June 30, 2024, the balance of large Bitcoin investors stood at 3,632,342 BTC, with a 30-day percentage balance change of 5.629%. This accumulation trend is often associated with higher Bitcoin prices, indicating confidence among large investors.

Long-Term Holder Activity

However, the activity of long-term Bitcoin holders presents a contrasting picture. Data from IntoTheBlock revealed that long-term holders sold 200,000 BTC in May and June 2024, amounting to $10 billion in May and $1.2 billion in June. This selling trend has contributed to fluctuations in Bitcoin’s market price.

Despite these sell-offs, CryptoQuant identifies $56,000 as a significant support level for Bitcoin. Any major bearish volatility is expected to find support at this price point. Failure to maintain this level could lead to further corrections, potentially to $54,000, as suggested by Willy Woo, a prominent analyst. Woo attributes recent price retests to excessively leveraged positions and miner sell-offs, indicating a need for market stabilization before a sustainable uptrend can resume.

Shiba Inu Lead To Discuss SHIB with Japan’s Brightest Minds

Abdulkarim Abdulwahab
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Shiba Inu Lead To Discuss SHIB with Japan’s Brightest Minds

Shytoshi Kusama, the enigmatic leader of the Shiba Inu ecosystem, is now in Kyoto, Japan, discussing major SHIB initiatives with the brightest minds.

In his latest post on X, Kusama announced his arrival in Japan. According to him, visiting Japan is a dream come true. As a result, he expressed his gratitude for the opportunity, saying, “It is truly a humbling experience only possible with divine providence, of which I am grateful.”

Discussing SHIB with Japan’s Brightest Minds

Meanwhile, this visit goes beyond tourist activity. As the Shiba Inu lead developer, he is meeting with Japan’s brightest minds to discuss the project’s plans. They include the crucial transition from Web2 to Web3 and other pivotal initiatives that will shape the future of Shiba Inu.

Notably, this update from Kusama comes after an extended period of silence in the Shiba Inu community. He first ended his quiet spell on Monday by acknowledging his introverted nature, admitting that he has been “quite shy and quiet these past few years.”

However, Kusama emphasized that it was time for a change. He declared his readiness to become more active in promoting the importance of Web3. As part of this new era of engagement, Kusama has revealed plans to meet with the SHIB Army in Japan.

Shiba Inu Army Reacts

The recent updates from the developer have triggered bullish reactions from the Shiba Inu community. Several proponents wish him a happy stay in Japan. Kuro, a prominent community member based in Japan, extended an invitation to Kusama to visit Japan Shiba Inu Cafes.

Bledi Gmi, the co-founder of Decrypt Agency, expressed his enthusiasm for Kusama’s trip. He highlighted the excitement of discussing the future of Shiba Inu and Web3 with brilliant minds in Japan. “It sounds like a truly inspiring and productive trip,” he added.

Amid the ecosystem leader’s renewed spirit to promote SHIB’s relevance globally, some community members felt reassured that the Shiba Inu 1 cent dream is becoming closer to reality.

What to Expect Next?

Now, community members eagerly await further updates concerning the engagements the Shiba Inu lead developer is pursuing in Japan. 

History suggests that such teasers from the Shiba Inu lead developer often precede significant announcements. For example, following Kusama’s hints about his visits to Singapore, Hong Kong, Dubai, and Australia in February, Shiba Inu partnered with the cryptography firm Zama that month.

XRP Case Update: Ripple New Filing Highlights Binance Ruling to Advocate Against Harsh Penalties

Lele Jima
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0
XRP Case Update: Ripple New Filing Highlights Binance Ruling to Advocate Against Harsh Penalties

Leading crypto payments company Ripple submits a supplemental authority in its ongoing lawsuit with the U.S. Securities and Exchange Commission (SEC). 

The new filing relates to the latest court decision in the SEC v. Binance lawsuit, in which the court denied and granted in part the exchange’s motion to dismiss the SEC’s charges that certain digital asset sales constitute investment contracts.

Binance Judge Observation 

The payments company pointed out that the Binance judge followed the summary judgment reasoning in the SEC v. Ripple case, applying the decision to the secondary market sales of BNB, one of the assets at issue.

Additionally, Ripple argued that the Binance judge recognized the challenges in applying traditional securities laws to intangible digital assets.

The court observed that the SEC’s approach of litigating the industry through individual litigations instead of clear regulations is inefficient. 

Ripple contends that the lack of regulatory clarity observed by the Binance judge further supports its position that its actions do not warrant harsh remedies. 

Following Ripple’s supplemental authority regarding the Binance ruling, the SEC is expected to file its opposition in the coming days.

Ripple Still Pushing for a Lower Penalty 

It bears mentioning that Ripple’s recent brief aims to support the company’s opposition to the SEC’s pending motion for remedies. 

Recall that the SEC requested a nearly $1.95 billion fine as a potential penalty for Ripple’s securities law violations. The regulator also asked the court to impose a permanent injunction on Ripple’s institutional sales of XRP. In response, Ripple argued that an injunction is unwarranted, pushing for a penalty of not more than $10 million. 

Meanwhile, this is the second time Ripple has submitted a supplemental authority in the remedies litigation. Last month, the crypto payments company cited the SEC v. Terra settlement to justify its pleading for a reduced penalty. 

After the SEC responds to Ripple’s latest final, the court will determine the timing of the final judgment. Notably, the final verdict could be issued at any time, with top stakeholders expecting the decision this year.  

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