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Bitcoin Below $41K, Ethereum Falls Under $3K, Main Reasons Of Market Fall

Albert Brown
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Bitcoin Below $41K, Ethereum Falls Under $3K, Main Reasons Of Market Fall

Bitcoin and Ethereum Dip Nearly 8% Amid Russian-Ukraine Tension and Biden upcoming Crypto executive order.



The crypto market, especially digital currencies in the top 10 rankings, has not enjoyed most of the year, as they continue to shred a significant percentage of their value. 

While cryptocurrencies seem to have been recovering from the spot where they bled from last month, recent developments in the global market have reopened their old wounds. 

Crypto Market Dip 

In an unfortunate turn of events for many cryptocurrency investors yesterday, Bitcoin and Ethereum suffered huge losses that have wiped off 7% and 6% of their value, respectively, in the last 24 hours. 

Bitcoin, which was initially trading at nearly $44,000 yesterday, is currently changing hands around $40,700, while Ethereum declined from a 24-hour peak of $3,126 to $2,868. 

Other cryptocurrencies like Binance Coin (BNB), Ripple (XRP), Cardano (ADA), Solana (SOL), Terra (LUNA), and Avalanche (AVAX), which are in the top ten spot of the world crypto ranking, also received a fair share of the dip. 

Of the top ten cryptocurrencies, LUNA suffered a major loss of over 10% in the last 24 hours after falling from a 24-hour peak of $0.56 to $0.50. 

Causes of the Recent Dip

The most recent crypto market dip comes on the heels of several global developments, including rising tensions between Russia and Ukraine, the upcoming cryptocurrency executive order, and the Federal Reserve’s proposed hike in inflation rates. 

In the past week, the world has focused its attention on Europe, where there is news of a planned invasion by Russian forces on Ukraine territories. 

Crypto Executive Order Incoming 

Meanwhile, sources say a long-anticipated cryptocurrency executive order that would determine how cryptocurrencies are regulated in the United States is due to be published by next week. 

The order is under development to mitigate the risks associated with cryptocurrencies, and it will see the White House task various financial agencies to develop a Central Bank Digital Currency (CBDC). 

Russia Plans to Invade Ukraine

Sources, including President Joe Biden, have disclosed that Russia is building several troops around Ukraine, with all indications pointing to an imminent invasion. 

Russia, in response, said the country will pull back some of her troops. 

However, other sources noted that Russia increased the number of troops around the Ukraine border to over 150,000, prompting president Biden to suggest yesterday that the invasion will occur “within the next several days.” 

In other developments, the Federal Reserve recently published minutes of its January meeting where it plans to increase interest rates next month in a bid to mitigate rising inflation in the United States. 

Stock Markets Not Spared

Unfortunately for financial markets, president Biden’s comment of a planned European invasion and a proposed hike in interest rates sent the price of global assets. 

While cryptocurrencies were affected, the stock market was not left out of the crash. 

On Thursday, the S&P 500 suffered a decline in value of 2.1%, while the Nasdaq 100 dipped 2.9%. Similarly, other company stocks like Facebook’s Meta, Google’s Alphabet, and Microsoft dipped 4%, 3.8%, and 2.9%, respectively. 

Traditional financial institutions, including Wells Fargo and Morgan Stanley, plummeted 3.4% and 5%, respectively. 

Has British Financial Company ‘Revolut’ listed Shiba Inu? Community Search Says ‘Yes’

Zabi
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Has British Financial Company ‘Revolut’ listed Shiba Inu? Community Search Says ‘Yes’

Words are circulating everywhere in the Shiba Inu Community that Revolut, a British financial technology company, has added Shiba Inu (SHIB) token to its trading platform.



Revolut is a British financial technology company that offers banking services. Headquartered in London, it was founded in 2015.

However, the company has not officially announced any listing yet. Shiba community became curious as Revolut updated its cover photo on its official Twitter handle. Shiba Inu Dog can be seen sitting on the office chair in front of his laptop in the cover photo. In the background, there is a phrase written on the wall, “Never Settle.”

The company, with the caption, updated the cover photo:

“Meet our newest hire, Chief Pet Officer, Sam. Can you guess what he’ll be announcing today?”

 

Revolut releases a video teaser in which Shiba Inu Dog is working as a Chief Officer, and he has something to say to the audience.

 

 

The presence of Shiba Inu Dog in the video makes Shiba Inu Community curious.

The curiosity went to its peak after Shiba Inu Community members noticed that Shiba could be bought on RevolutApp, considering the app has added Shiba Inu to its platform for trading.

One anonymous SHIB Community member has shared a screenshot from RevolutApp, in which Shib can be seen trading on the App with the option available to Buy Shiba Inu token.

 

shiba on revolute app

Taking notice of these rumors, SHIB Growth leader MILKSHAKE posted a tweet saying:

“RevolutApp just tells everyone how much you love $SHIB; we love Sam, your Chief Pet Officer.” In response to the tweet, the lead developer of Shiba Inu token, Shytoshi Kusama, commented: “Agreed.”

On the same thread, another community member named “Alban Hasani” shared a screenshot of RevolutApp where SHIB can be seen as a trading asset on the platform.

Another active shib community member Gossip Shib informed TheCryptoBasic that she bought 16791 Shiba Inu on Revolut.

shib buying on revolute

Readers should keep in mind Revolut App hasn’t officially declared any listing on its platform yet. Still, considering the evidence, we may say that Revolut App has added the Shiba Inu token to its trading platform. However, the reason not to declare it officially could be anyone’s guess.

For trading purposes, Shiba Inu has recently been listed on Foxbit, the top Brazilian Exchange with the highest liquidity.

Second Largest XRP Accumulation In Past 5 Years Ongoing, 10M Addresses Accumulate 897 Million Ripple

Albert Brown
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Second Largest XRP Accumulation In Past 5 Years Ongoing, 10M Addresses Accumulate 897 Million Ripple

Whales are actively busy accumulating ripple (XRP).


 

The slight crash of the crypto market is presenting opportunities to many as they embark on an accumulation spree for Ripple (XRP).

In what is described as the largest XRP accumulation in the last five years, a total of 336 addresses currently hold over 10 million Ripple coins, Santiment Feed reports today. while in total 897M XRP have been accumulated Since Dec 2021

“The second-largest $XRP accumulation by top-tier whales in the past five years is in progress. There are currently 336 #XRPNetwork addresses that hold 10M $XRP or more.”

 

From Dec 2021 till today, 10M plus XRP addresses accumulated 897M XRP. A little less than in Nov-dec 2020 when whales accumulated 1.29B XRP. Following three months after accumulation (Nov-dec 2020) the largest XRP price bounce against BTC occurred.

While most of the addresses are believed to be owned by cryptocurrency exchanges, the accumulation of the sixth-largest cryptocurrency seems a move that bodes well for Ripple. 

XRP, which peaked at $3.4 in 2018, has fallen over 76% ever since. Most of its crash was caused by a lawsuit filed against the blockchain company by the Securities and Exchange Commission (SEC). 

The major case prompted several United States-based exchanges to halt support for the coin, as they fear not taking stringent action against XRP could result in sanctions. 

Interestingly, the XRP community, popularly referred to as XRPArmy, has stood solidly behind the coin, accumulating it at will whenever its price dips. 

Most supporters are buying the XRP dip hoping that its value will surge tremendously when the SEC lawsuit finally ends, as analysts have predicted an imminent increase in value for the sixth-largest cryptocurrency. 

Ripple is still enduring a legal war against the SEC despite reiterating that its coin is not a security. 

However, the commission is confident that Ripple referred to XRP as an investment contract to lure investors to purchase crypto assets. 

Latest developments, especially the directive from Judge Analisa Torres requesting the unsealing of key documents that will prove XRP is not a security, have made supporters stand firm with Ripple. 

According to attorney Jeremy Hogan, the lawsuit may probably end in a settlement like others in the past. 

Finder’s Fintech Specialists Say Cardano (ADA) Will Hit $2.79 By Year-End, $8.15 By 2025, And $58.04 By 2030

Mark Brennan
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Finder’s Fintech Specialists Say Cardano (ADA) Will Hit $2.79 By Year-End, $8.15 By 2025, And $58.04 By 2030

Despite the slow start Cardano (ADA) has endured throughout the year, a group of financial experts still believe the seventh-largest cryptocurrency by market capitalization will embark on a massive rally in the coming years. 



The assertion was recently made by Finder’s panel of fintech specialists, who stated that ADA, which is currently trading around $1.04 at press time, will surge 168% by year ending, as the price of a unit of the coin is expected to hit $2.79. 

Not only that, over 10% of the fintech analysts predict that ADA’s upcoming rally will see it become the best performing altcoin this year, ranking ahead of its close rival Ripple (XRP). 

Following recent developments in Cardano that saw the network enable smart contract functionality last year, panelists believe there is more to expect from ADA within the next eight years. 

According to the report, ADA will not only surge to $2.79 by year ending, the panelists believe the coin will hit $8.18 by 2025, and subsequently skyrocket to $58.04 by 2030.

cardano price predictions by finder

“It is one of the few smart contract platforms that have placed security, correctness [and] decentralization at their core, backed by formal methods and peer-reviewed research,” Vanessa Harris, chief product office at Finder’s Permission, said. 

Cardano has been putting in lots of work recently that will see it become a favorite choice for decentralized application developers. 

Recall that despite being nicknamed Ethereum Killer by its enthusiasts, the network has fallen behind in terms of development compared to the Vitalik Buterin-led blockchain, as many criticized the team for its slow pace in rolling out significant upgrades. 

Responding to critics, Cardano during its CIP-35 proposal noted that it always ensures all planned upgrades embark on rigorous testing before they go to implementation. 

So far, Cardano seems right on track to take the crypto market by storm following support for smart contract functionality. 

At the moment, decentralized exchanges have started going live on Cardano, with the total value locked (TVL) across various platforms surging above $100 million earlier this month. 

Making further bullish predictions for Cardano, Bilal Hammoud, CEO at NDAX said: “ADA is one of the most underrated assets – as the smart contract and DeFi stabilize, we should see many projects migrate to it.”

Reasons for price fall:

The panel also highlights some reasons for ADA price fall after Alonzo upgrade:

“Since Cardano’s Alonzo upgrade, its price has dipped. However, our panel is unable to agree on just what was the cause. The panel attributed the price decline to myriad reasons including the absence of market share in terms of Total Value Locked (TVL), saying it’s just early stages post-update, general volatility, and other reasons not specified, with 33% of the panel selecting each of those responses (the panel was allowed to select more than 1 response). Other issues flagged by the panel were dApp exploits and the UK’s ban on ADA.”

reasons of ada price fall

Australian Company LaborX All Set To Add Shiba Inu As Payment Method, Complete Tasks, Earn Shib

Zabi
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0
Australian Company LaborX All Set To Add Shiba Inu As Payment Method, Complete Tasks, Earn Shib

Shiba Inu’s (SHIB) use cases and adoption are rising as Australian Company LaborX All Set o Accept Shiba Inu (SHIB) as a Form of Payment Method from the Next Week.



LaborX, a jobs marketplace hosted on the Ethereum network, recently declared via tweet that they have decided to add Shiba Inu as a payment method on their platform and are currently working on this.

The implementation is said to be completed in the coming week. Once all technical requirements are done and SHIB becomes part of the LaborX, freelancers will earn SHIB by completing tasks.

LaborX is an on-demand work platform built by Australian blockchain company Chrono. Tech, and is hosted on the Ethereum network.

The platform is specifically designed for crypto enthusiasts. The platform helps crypto enthusiast freelancers to connect with work opportunities and enables them to get paid in cryptocurrency. Smart contracts support Reputation and Dispute resolution systems, ensuring both parties’ obligations are enforced. The platform now has more than 48K registered freelancers.

Anyone can register, view opportunities, and get things done on the LaborX website. The platform uses Ethereum smart contracts to process digital work contracts, negotiate payments before work begins, and pay freelancers automatically when work is completed.

Payments are made in cryptocurrency, so users don’t worry about banks or payment processing fees. LaborX is integrated with TimeX, a cryptocurrency exchange, to start a simple currency conversion. LaborX also integrates with PaymentX, which provides cryptocurrency invoicing and payroll solutions for the website.

LaborX payments currently support two leading blockchains: Ethereum and BNB Chain. Freelancers and clients can negotiate payment for work with cryptocurrencies in ETH, WBTC, TIME, USDC, USDT, DAI, and AUDT on Ethereum; and stable coins BNB, BTCB, TIME and BUSD, USDT, USDC, and DAI on the BNB chain.

Besides LaborX, Shiba Inu is now accepted as a form of payment method by some other major companies like IZEA, Travala.com, Newegg Commerce Inc., etc.

Shiba Inu Community Pushing To Add Shib As Twitter Tipping Option

Zabi
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0
Shiba Inu Community Pushing To Add Shib As Twitter Tipping Option

Shiba Inu Army wants to be added as the Twitter tipping option.



Yesterday Twitter added the tipping functionality for the second-largest cryptocurrency by capitalization Ethereum following Bitcoin. With the addition of the BTC and ETH, users can tip influencers with Bitcoin and Ethereum along with multiple payments options like Cash App, GoFundMe, Patreon, Wealthsimple, Venmo, and fintech providers Paga, Paytm, and Barter by Flutterwave.

The official Twitter account of MILKSHAKE with 269K Followers, a dedicated Shiba Community member, recently requested Twitter to add Shiba Inu as a tipping option. She also pinned her tweet to gather attention and start a movement to make Shib accepted on Twitter.

The Shiba community loved the milkshake idea as the tweet got 2K likes and above 800 retweets and hundreds of comments, all wanting shib to be part of the Twitter tipping feature.

After Twitter decided to add Ethereum to its Tip Jar feature, the tweet comes. Along with Ethereum, Twitter has also added support to numerous international fintech providers to expand tipping to users in Nigeria, India, and Ghana. The list includes Paga, Paytm, and Barter by Flutterwave.

In September, an American microblogging and social networking service already added Bitcoin (BTC) tips.

Alongside, Twitter also introduced non-fungible token (NFT) verification for paid “Twitter Blue” subscribers in January. With all these moves in consideration, Twitter can be considered one of the early adopters of the Crypto space.

Since Ethereum Wallet addresses are now accepted for tipping purposes on Twitter, Shiba Inu (SHIB), an ERC-20 token, also wants to be listed there as a form of payment.

Shiba Inu Community always remains active on crypto adoption. While t striving to get listed on the Robinhood exchange, Shiba Inu Community has started another mission to get listed on Twitter as a tipping option.

BabyDoge Hits 1M Twitter Followers Also Leads All Meme Coins In Term Of Holders

Zabi
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0
BabyDoge Hits 1M Twitter Followers Also Leads All Meme Coins In Term Of Holders

Baby DogeCoin (BabyDoge) Becomes the 3rd Biggest Meme Crypto Currency in Twitter Followers.



Baby DogeCoin has recently joined the 1 million club and has become the 11th biggest followed cryptocurrency on Twitter.

Baby DogeCoin is getting viral day after day and seems to be trending on the Twitter Platform almost daily. This is supposed to be the coin’s massive success, especially regarding meme coins.

In the race of meme coins, Baby DogeCoin grabs 3rd position in Twitter followers following Dogecoin (DOGE) and Shiba Inu (SHIB).

Dogecoin, the leader of the meme coins, is trying to retain its dominance. At the same time, Shiba Inu is very close to killing Dogecoin in Twitter followers and market capitalization. Dogecoin’s official Twitter handle has 3 million Twitter followers, and Shiba Inu’s official Twitter handle is now followed by 2.8 Million holders.

BabyDoge is the 3rd meme coin that has successfully joined the 1 million club as BabyDoge’s official Twitter handle is now followed by over 1 million people.

If we talk about holders count, BabyDoge is the leader of all meme coins as BscScan data shows that 1,416,499 (1.4M) unique wallet addresses are currently holding the coin. This number is far more compared to the holder’s count for the Shiba Inu token, which at the moment stands at 1,179,514 (1.1M). Whereas, Dogecoin has only 563,482 holders right now.

BabyDoge will compete with these meme coins as its popularity rises. We see thousands of new followers and hundreds of new holders joining the BabyDoge Army daily.

Besides this achievement in play, WhaleStats reported that for the last 24 hours, BabyDoge had become one of the top 10 purchased tokens by 1000 biggest BSC wallets.

Has Bitcoin Finally Found Support at $42,000? Analysts Give Insights

Albert Brown
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Has Bitcoin Finally Found Support at $42,000? Analysts Give Insights

With Bitcoin losing 4% in the last 24 hours, traders are beginning to express fears that the cryptocurrency will shred more of its value in the coming days. 

Crypto analytics company IntoTheBlock, in its latest update today, noted that the world’s largest cryptocurrency by market capitalization is approaching a key level of support that will determine its price in the coming days. 

According to IntoTheBlock, is approaching support between $40,800 and $42,000, the price level that saw over 787,000 addresses accumulate a whopping 272,000 units of BTC. 

It is expected that traders who bought the asset class within the support range will most likely hold on to the cryptocurrency, thus keeping the price away from falling any further. 

However, should traders fail to hold the level of support, IntoTheBlock forecast that the price of Bitcoin will dip below $38,000?

“Using IntoTheBlock’s IOMAP indicator, we can identify that some support can be expected between $40.8k and $42k, where 272k BTC was acquired by 787k addresses. If this level fails to hold, Bitcoin could revisit the $38k lows,” IntoTheBlock tweeted. 

 

Fed’s Upcoming Interest Rate Hike Affects BTC

The latest Bitcoin dip came as the market is eagerly expecting cues from the Federal Open Market Committee (FOMC) about a potential interest rate increase in March. 

Recall that in January, BTC slumped 4.5% after the first meeting of the FOMC indicated that the committee would hike interest rates in a bid to reduce inflation and unemployment rates. 

With the crypto market expecting cues from the feds as March edges closer, several traders are converting to stablecoin as they fear a repeat of last month’s dump. 

According to LookIntoBitcoin, the Bitcoin Fear and Greed index currently sits at 52/100, indicating that traders are neutral about the asset’s price.

Bank Of America Praises Chainlink, Says Link Is The Main Driver For DeFi’s TVL Growth To $203 Billion

Albert Brown
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Bank Of America Praises Chainlink, Says Link Is The Main Driver For DeFi’s TVL Growth To $203 Billion

Chainlink’s decentralized oracle network could further accelerate the adoption of decentralized finance, insurance, supply chain, gaming, and gambling projects.



Coindesk report Bank of America (BofA) experts believe Chainlink is one of the main drivers of the growth of the total volume of funds locked (TVL) in the DeFi sector.

The adoption and growth of DeFi last year was driven by the “ability for hybrid smart contracts, or self-executing and tamper-proof digital agreements, to verifiably and securely access real-world data through oracle nodes like market prices, time of day, weather and GPS location,” the report says.

According to DeFi Llama, despite the decline in the cryptocurrency market, the TVL of the DeFi sector at the time of writing is $207.97 billion, which is 18% less than the all-time high reached in December 2021. Chainlink is the largest oracle network, accounting for over 59% of the total TVL in the Defi segment ($53.59 billion). Over the past year, the TVL has grown by 188%.

More than 1,100 projects use the Chainlink network, according to BofA. Nearly 800 companies have launched nodes to monetize their data, including Associated Press, Swisscom, and AccuWeather.

According to CoinGecko, Chainlink native token (LINK) is trading near $16.64 at the time of writing, well below its May high of $52.7.

 

United Arab Emirates Plan To Provide Federal Licenses To Crypto Firms In Bid To Become Crypto Hub In The Region

Mark Brennan
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United Arab Emirates Plan To Provide Federal Licenses To Crypto Firms In Bid To Become Crypto Hub In The Region

The United Arab Emirates (UAE) plans to issue the first federal licenses to Virtual Asset Service Providers (VASPs) by the end of the first quarter of 2022.



According to Bloomberg, the UAE Securities and Commodities Authority (SCA) is in the final stages of amending the legislation that will allow VASP to set up their shops in the country, The regulator believes that the move will attract some of the largest crypto companies to the local market.

According to the documents that came into the hands of Bloomberg journalists, a number of special economic zones have already issued permits for VASP. In particular, 22 companies in the Dubai Multi Commodities Centre, six in Abu Dhabi Global Market companies, and at least one in Dubai Silicon Oasis have received such licenses.

Speaking to Bloomberg, the official noted that the UAE is taking a hybrid approach. The Securities and Commodities Authority (SCA) and the central bank will regulate the market at the state level, while local financial centers will be able to establish their own licensing procedures. He stressed that the latest Financial Action Task Force (FATF) guidelines were taken into account when drafting the bill.

The report said that the UAE government also plans to create an “ecosystem for cryptocurrency mining” in the country and, this sector will be also be regulated at the state level.

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