Jack Goff

The Stellar blockchain's highly anticipated upgrade to include Ethereum-style smart contracts may experience a delay due to the discovery of a bug. The bug, found in the Stellar Core v20.1.0 software, could potentially impact smart-contract transactions once the upgrade is implemented. After receiving feedback from the developer community, the Stellar Development Foundation decided to disarm its own validators and postpone the network upgrade. However, other validators still have the option to proceed with the upgrade. The bug is expected to be fixed within the next two weeks, and the foundation will coordinate to determine a future vote date if the upgrade is postponed. This upgrade is significant for Stellar, as it aims to add programmability and introduce the concept of smart contracts similar to Ethereum. Traders may be speculating on how this upgrade could positively impact the value of the project's native XLM tokens.

The latest report by Messari highlights the impressive growth of Binance Smart Chain (BSC) in Q4 2023. BSC witnessed a 48% QoQ surge in market capitalization, indicating renewed interest in BNB. Revenue measured in USD also grew by 27%, reaching over $39 million in Q4. Gas fees burned in BNB increased by 21%, reflecting the rising number of transactions and smart contract interactions on the platform. BSC also experienced a 25% QoQ increase in the number of active validators, demonstrating growing trust and decentralization. The network handled heightened activity while reducing costs, with a 35% YoY increase and a 30% QoQ surge in daily transactions. A record-breaking 32 million transactions were processed on December 7, 2023. Impressive achievements for Binance Smart Chain! #CryptoNews

Despite Bitcoin's current 42% dip from its all-time high, historical data from Glassnode and Bitcoin analysts suggest that this could set the stage for a post-halving rally. Comparisons have been drawn to previous halving events, where Bitcoin experienced significant price surges. Speculation arises as to whether a similar upswing will follow, with the potential for Bitcoin to reach a new record high by the end of 2025. Research from CoinGecko adds to this optimism, with 31 fintech executives predicting a value of $87,000 for Bitcoin this year. However, it's important to acknowledge the volatility and unpredictability of the crypto market, making it challenging to precisely predict the outcome of each halving.

According to JPMorgan, profit-taking from Grayscale's bitcoin trust has already occurred, suggesting that most of the downward pressure on bitcoin from that channel should be behind us. The recent selloff in bitcoin, accompanied by significant outflows from Grayscale's bitcoin trust, has resulted in a decrease in GBTC's bitcoin holdings. JPMorgan strategist Nikolaos Panigirtzoglou estimates that $4.3 billion has already been withdrawn from GBTC, indicating that GBTC profit-taking has largely happened. Needham's John Todaro also suggests that the outflows from GBTC might be slowing down. However, another JPMorgan analyst, Kenneth Worthington, cautions that the catalyst of bitcoin ETFs might disappoint market participants. The investment bank has also downgraded Coinbase stock from Neutral to Underweight.

Solana's memecoin WEN has achieved an impressive trading volume of over $55 million in just eight hours, as reported by trading data aggregator Birdeye. The availability of WEN for claim on LFG Launchpad from decentralized exchange Jupiter, where over one million eligible wallets can receive 643,652 tokens each, contributed to this milestone. During the launch at 3 pm UTC, the WEN tokens distributed to eligible wallets had a potential selling value of around $35. However, those who waited witnessed a remarkable 93% increase in WEN price in the last four hours. Consequently, users who held onto their tokens were able to sell at nearly double the profit compared to early sellers. While $55 million may appear modest compared to the trading volumes of cryptocurrencies with 10-digit market caps, it is essential to consider that WEN's price currently stands at $0.0001232, with a substantial volume of approximately 503,000 trades. The mention of WEN started with a teaser on X (previously Twitter) on January 22, followed by the official announcement on January 25. WEN was developed as a meme coin inspired by a poem written by Meow, co-founder of Jupiter, in December 2023. Its purpose is to serve as a community coin to give back and immortalize WEN culture. Originally shared to mock the 'wen token' meme that gained popularity amongst airdrop enthusiasts eagerly awaiting rewards, it has since been transformed into a non-fungible token (NFT). This NFT has been divided into one trillion pieces using Ovols, a tokenization standard that integrates NFTs into decentralized finance (DeFi). Therefore, each WEN token holds a fraction of Meow's tokenized poem. #CryptoNews

The recent surge in Bitcoin's price, surpassing $42,000 after trading below $40,000 for several days, can be attributed to several factors. Firstly, the release of the personal income expenditures (PCE) price index, indicating lower inflation than expected in the US, suggests a cooling off of inflation and a potential reduction in aggressive monetary policies by the Federal Reserve. This positive development has likely influenced investors to increase their investments in Bitcoin, leading to the price surge. Additionally, with the US economy hitting an all-time debt of $34.1 trillion, concerns about the potential devaluation of the US dollar have made Bitcoin and other cryptocurrencies an attractive hedge against currency devaluation. Renowned economists like Peter Schiff have predicted an imminent crash of the US dollar, prompting finance author Robert Kiyosaki to advocate for Bitcoin investments to protect against government actions that may result in financial losses. The expiration of monthly BTC options contracts on Deribit may have also played a crucial role in Bitcoin's recent rally, as the derivatives market was pinpointed as a cause for its decline. Furthermore, the slowing outflow of Grayscale's GBTC in the last four consecutive days indicates that investors may be refraining from taking profits, aligning with the recent trend of reduced outflows from the fund. This is significant because Grayscale's selling pressure has impacted Bitcoin's performance. Currently, Bitcoin is trading at around $41,700, reflecting a 4% increase in the last 24 hours according to data from CoinMarketCap.

Here Are The Major Drivers Behind The Bitcoin Price Recovery Above $42,000 Bitcoin recently surged above $42,000, having traded below $40,000 for several days. This market recovery is believed to be a result of different factors, including recent revelations about the US economy. Macroeconomic Factors That Contributed To The Recent Bitcoin Surge The personal income expenditures (PCE) price index, a leading inflation indicator, was released on January 26 and reported to have been lower than expectations. This suggests that inflation in the United States is cooling off, and experts predict that the Federal Reserve will likely reduce their aggressive monetary policies. The Fed’s hawkish stance is known to have a negative effect on Bitcoin’s price and the broader crypto market. As such, this recent development is a positive one and is something that could have influenced investors to double down on their investments in the flagship cryptocurrency, thereby sparking a price surge. Meanwhile, data from the US Treasury recently showed that the country has hit an all-time debt of $34,1 trillion. While this has raised concerns about the looming crash of the US dollar, it has also presented Bitcoin and other cryptocurrencies as a haven to hedge against the potential devaluation of the nation’s currency. Interestingly, different financial analysts, including renowned economist Peter Schiff, have continued to predict the imminent crash of the US dollar. In light of this, finance author Robert Kiyosaki has urged everyone to invest in Bitcoin to avoid becoming poorer due to the government’s actions. Another factor believed to have contributed to Bitcoin’s recent surge is the expiration of monthly BTC options contracts on Deribit. The expiry outcome more than likely played a crucial role in Bitcoin’s rally, considering that CryptoQuant CEO Ki Young Ju had pinpointed the derivatives market as responsible for Bitcoin’s recent decline. GBTC’s Outflow Slows For The Fourth Consecutive Day Grayscale’s GBTC saw an outflow of just $255.1 million on January 26, continuing a recent trend of reduced outflows from the fund. NewsBTC reported how the Bitcoin ETF had seen outflows of $515 million, $429 million, and $394 million on January 23, 24, and 25, respectively. As noted by Bloomberg analyst James Seyffart, January 26 also happened to be the lowest outflow day for GBTC since converting to a Spot Bitcoin ETF. This development suggests that the fund’s investors may be cooling off on taking profits. It is also significant because Grayscale has contributed to the selling pressure that has plagued Bitcoin of late. At the time of writing, Bitcoin is trading at around $41,700, up over 4% in the last 24 hours according to data from CoinMarketCap.

The upcoming Bitcoin halving event, slated to happen around April 20, 2024, has sparked widespread speculation in the crypto community. With the fourth halving approaching, there is a theory circulating about the possibility of a major blockchain reorganization due to the exceptional value of the halving block. Tristan, the founder of Ordiscan.com, discusses this unique nature of the halving in a blog post titled The Next Bitcoin Halving Will be Reorged. The author highlights that block 840,000 is predicted to have the most valuable reward in Bitcoin's history, primarily due to Casey Rodamor's Ordinals protocol, which assigns serial numbers to satoshis, determining their value based on historical importance. This innovation has gained traction among bitcoin enthusiasts, reshaping how BTC's inherent value is perceived. The halving block is expected to include an 'Epic sat,' a rare satoshi created once every halving, with only three in existence so far. To put its significance into perspective, its market value could exceed 1 million dollars, or approximately 25 BTC. The Ordiscan founder also mentions the launch of the Runes protocol alongside the halving, which further revolutionizes the Bitcoin blockchain. The excitement around the first Rune token is immense, considering its potential market impact and historical significance in the evolving Bitcoin ecosystem. However, the unprecedented valuation of block 840,000 raises concerns about potential reorganizations in the Bitcoin blockchain. Tristan speculates that it is almost inevitable to witness the mother of all reorgs this year, given the substantial financial incentive for miners to deviate from standard practices in pursuit of this highly valuable block. Nonetheless, the author acknowledges that while the outcome remains uncertain, the dust will eventually settle, and new blocks will continue to be added. The upcoming Bitcoin halving signifies more than a routine event; it serves as a testament to the ever-evolving Bitcoin protocol and its community. With the introduction of innovative concepts like the Ordinals theory and the Runes protocol, coupled with the potential for significant blockchain reorganizations, this marks a pivotal moment in Bitcoin's history. As the community prepares for these changes, the impact of these developments on the future of Bitcoin remains to be seen.

Analysts are suggesting that Charles Schwab, the multinational financial services corporation, may soon enter the bitcoin ETF market, following the recent success of U.S.-based spot bitcoin ETFs. While Schwab is not typically the first to enter a market, they have a history of making a significant impact when they do. Schwab's potential move is seen as an opportunity to disrupt the bitcoin ETF arena, leveraging their extensive scale and competitive pricing strategy. Experts believe that Schwab's approach is methodical and thoughtful, prioritizing a long-term lineup of products over being the first-mover. ETF Institute co-founder Nate Geraci believes it is a foregone conclusion that Schwab will enter the spot bitcoin ETF race sooner rather than later. With their wide range of brokerage services and experience in dealing with exchange-traded products, Schwab has the resources and motivation to compete, especially considering Fidelity's current lead in the market.

Crypto analyst Egrag Crypto has reiterated his prediction that XRP will reach $27 in the near future. He analyzed XRP's moving average and suggested that the altcoin could rise to $27 based on its price position in relation to the 21 Exponential Moving Average (EMA) on the monthly time frame. By referencing past percentage moves, Egrag indicated that XRP could replicate its previous spikes, such as the 4500% increase in 2017. Egrag's recent chart also suggests that this price prediction could materialize this year. Before reaching $27, Egrag predicts that XRP could rise to $1.4 between March and April, leading to further progress towards $5 and beyond. The analyst acknowledges that some XRP investors may be anxious about the stagnant price action, but he advises against letting emotions affect trading decisions, emphasizing the importance of a strategic and disciplined approach in the volatile crypto market.

According to the host of the 'Discover Crypto' YouTube channel, the XRP price could potentially surge by 1000% once the legal battle between Ripple and the SEC is settled. This long-standing conflict has created uncertainty in the XRP market, causing investors to trade with caution. However, the settlement itself, regardless of the fine imposed on Ripple, will be seen as positive news and could act as a trigger for the price surge. Additionally, the analyst highlighted four other reasons for the potential surge. First, a Ripple Initial Public Offering (IPO) could generate significant momentum for XRP, fueled by market makers and whales aiming to create a positive sentiment around the IPO launch. The analyst also pointed out that crypto legislation, which benefits the entire market, could lead to substantial gains for XRP. Institutional adoption of cryptocurrencies, driven by the opening of doors through Spot Bitcoin ETFs, is expected to have a similar effect. Lastly, the analyst predicts that the Bitcoin Halving will cause all crypto tokens, including XRP, to pump in value. With all these factors in mind, the analyst recommends buying XRP at its current price of $0.50, as it presents a great opportunity.

XRP Price Will See 1,000% Rally When ‘Black Cloud’ Dissolves, What This Means The host of the ‘Discover Crypto’ YouTube channel has boldly claimed that the XRP price could surge by 1000% from its current price range. He highlighted the Securities and Exchange Commission’s (SEC) case against Ripple as one of the factors that could spark this price surge.XRP Price Could Do A 10X When Ripple And SEC SettleIn a video posted on the YouTube channel, the analyst suggested that XRP would rise significantly once Ripple and the SEC finally settled. He described this long-running legal battle between both parties as a “black cloud” that has continued to cause uncertainty in the XRP market.He further noted how investors strongly dislike uncertainty, which could explain why they have continued to trade with caution rather than doubling down on their XRP investments. Meanwhile, the ‘Discover Crypto’ host believes that irrespective of how much Ripple ends up being fined, a settlement will no doubt be ‘positive news’ and the trigger for the price surge.The crypto analyst went on to break down four other reasons why he believes that XRP’s price could surge by 1000%. First, he stated that a Ripple Initial Public Offering (IPO) could also trigger a significant rally for XRP. This price pump, he claims, will be facilitated by market makers and whales who would want to create a positive sentiment around the IPO launch. To back up this point, he alleged that the biggest move for Bitcoin in 2021 wasn’t as a result of Bitcoin Halving or any market cycle but because of the Coinbase IPO. These same market makers are said to have pumped the flagship crypto’s price then.Other Factors That Could Spark XRP’s Parabolic MoveThe crypto analyst outlined crypto legislation as the third reason why XRP could rise exponentially from its current price levels. While admitting that the entire crypto market will benefit from this, he expects XRP to be one of the tokens that enjoy the most gains from this development.Institutional adoption is also predicted to be another catalyst in XRP’s parabolic move. The ‘Discover Crypto’ host noted how the Spot Bitcoin ETFs have opened the doors to mainstream adoption. As such, he expects that more entities will want to add crypto tokens like XRP to their portfolio alongside their Bitcoin exposure.The fifth factor that could spark the 1000% rally for XRP is the Bitcoin Halving. The crypto analyst predicts that all crypto tokens, including XRP, are going to pump post-halving. As such, he believes that buying XRP at $0.50 now is definitely a steal.

In case you missed it, Saturday in the crypto world was eventful. OpenSea's CEO expressed openness to potential acquisitions, while Sui achieved a significant milestone by entering the top 10 chains by TVL. Drift Protocol addressed an oracle malfunction, assuring users that their funds are safe. Farcaster introduced Frames, allowing developers to create interactive experiences, mint NFTs, and even partake in unconventional activities like frame-by-frame viewing of Tenet. Furthermore, the first full week of Bitcoin ETF trading concluded with modest net inflows. Stay informed with The Block's independent and objective reporting on the crypto industry.

Saturday recap: Sui’s TVL milestone, OpenSea’s acquisition plans, Farcaster Frames fun, and more Even a slow Saturday in crypto has plenty to cover, including a new milestone for Sui, an oracle malfunction, and watching Tenet the way Christopher Nolan definitely didn't intend: frame-by-frame, within a Farcaster post. Here's all the news you may have missed from today in crypto. An OpenSea acquisition? OpenSea's CEO is open to seeing whether an acquisition makes sense for the company — including getting acquired itself — according to DL News, which spoke with the NFT marketplace's chief, Devin Pinzer. Pinzer told the publication that OpenSea has "no plans to be acquired," but remains open towards taking the right partnership if it should come along. Sui's TVL milestone Sui, a blockchain launched less than a year ago by former members of Facebook's Libra project, has entered the top 10 chains by TVL, according to DefiLlama data. The co-founders of Mysten Labs, Sui's developers, told The Block that their goal is to make sending money over the Internet as simple as sending an email. Drift pauses RLB trading Following reports of an oracle malfunction affecting Rollbit (RLB) trading on Solana-based futures exchange Drift Protocol, the protocol paused market maker activity on the RLB market. Drift's co-founder, Cindy Leow, assured X users that their funds are safe. "Funds are SAFU. We are closely monitoring the isolated RLB markets for unusual activity. No users or markets are affected," Leow wrote. Farcaster's Frames unleash NFTs and Doom Web3 social media service Farcaster launched Frames on Friday, a new feature that lets developers embed interactive experiences in the social networks posts, known as Casts. Developers got right to work creating Frames to mint NFTs, play Doom, and watch Tenet the way Christopher Nolan definitely didn't intend, all within a single cast. Friday's ETF flows On the final day of the first full week of Bitcoin ETF trading, the nine newborn ETFs saw a modest net inflow of $14.8 million when compared to the GBTC outflows, according to Bitmex Research. Bitcoin's price gains recently pushed BlackRock's ETF over the $2 billion mark of assets under management. Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures. © 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

@hvy_gorilla "The uptick in Bitcoin's price is accompanied by a broader recovery in the cryptocurrency market, with altcoins also experiencing positive momentum."

Bitcoin price is back above $40,000 after the top cryptocurrency plunged to a low of $38,550 on Tuesday following an increase in selling pressure. With several altcoins on the upswing, crypto’s total market cap has recovered by over $30 billion since the price drop and now stands at $1.55 trillion. #Bitcoin

@APfiester "Van de Poppe's bullish perspective suggests that Ethereum's recent price action could serve as a springboard for a potential upward trend."

Ethereum (ETH) is currently at a crossroads that could define its trajectory in the coming weeks. Renowned crypto analyst Michaël van de Poppe has shared a notably bullish perspective, highlighting Ethereum’s approach to its 2022 low as a potential springboard for a breakout. In his analysis, Van de Poppe underscores the importance of Ethereum’s current positioning, suggesting that its proximity to last year’s low could be a catalyst for absorbing liquidity and igniting a bullish trend. #Bitcoin

@bythenight "Investors are closely monitoring regulatory developments regarding Ethereum Spot ETFs, as their approval could signal broader acceptance of Ethereum within traditional financial markets."

Sassano stated that ETH could hit $10,000 if the Ethereum Spot ETF hype were to get “ahead of itself.” These ETFs are believed to be next in line for an approval order by the Securities and Exchange Commission (SEC). That could explain why the crypto expert has handpicked them as the catalyst for this massive increase in ETH’s price. #Bitcoin

@qpz4dy78 "Analyzing the ETH/BTC pair on a weekly timeframe allows for a broader perspective on Ethereum's strength or weakness relative to Bitcoin over longer periods."

Michaël Van De Poppe recently took to X to share a chart of Ethereum’s price performance against Bitcoin (ETH/BTC pair) on the weekly timeframe. Price action on the chart forms green (bullish) candles during periods of Ethereum’s performance over Bitcoin, while red (bearish) candles are formed during periods of Ethereum’s underperformance against Bitcoin. #Bitcoin

@laaaurenbaby_ "Despite the initial boost following news of the Bitcoin spot ETF approval, Ethereum's subsequent downtrend underscores the complex relationship between different cryptocurrencies within the market."

According to data from CoinMarketCap, Ethereum (ETH) had dipped over 2% in the last 24 hours. This negative price movement comes after an initial price boost by the token which it gained by over 19% following news of the Bitcoin spot ETF approval in the US on Wednesday. Interestingly, popular crypto analyst Ali Martinez has offered more insight into ETH’s developing downtrend, highlighting the next possible support zones for crypto’s largest altcoin. #Bitcoin

@KainNickrent "The extended deadline for the SEC's decision underscores the need for comprehensive regulatory frameworks that balance innovation and investor protection in the cryptocurrency space."

TD Cowen, an investment bank and financial service division of TD Securities has made a bold forecast, predicting that the US SEC is unlikely to approve Ethereum Spot ETFs before its deadline. Presently, the SEC is obligated to make its final decision on its rejection or acceptance of Ethereum Spot ETF from May 23 to August 7, 2024. #Bitcoin

@mmndmm "The transfer of over $125 million worth of ETH by Celsius Network underscores the need for transparency and accountability within the cryptocurrency lending sector."

The Ethereum price might be doing well post-spot Bitcoin ETF launch, but recent moves by Celsius threaten to destabilize the price movement. The now-bankrupt crypto lender seems to have begun its reimbursement plan to its creditors, as on-chain data reveal the movement of its ETH holdings to crypto exchanges. According to crypto market intelligence company Arkham Intelligence, Celsius Network carried out transfers worth over $125 million worth of ETH last week to various crypto exchanges. #Bitcoin

@vanessavaquiz "The introduction of spot Ethereum ETFs is seen as a significant catalyst for Ethereum's upward trajectory, potentially attracting more institutional and retail investors to the platform."

The ETH/BTC ratio technically gauges market sentiment towards these two leading crypto. The recent rebound indicates investors are increasingly bullish on Ethereum’s potential relative to Bitcoin. This upward trajectory is fueled by growing optimism surrounding the potential approval of spot Ethereum ETFs and the general confidence that markets will trend higher in 2024. The prospect of this product entering the market has also injected fresh energy into the ETH ecosystem, lifting the second most valuable coin by market cap. #Bitcoin

@parkerblack102 "The daily addition of 96,300 new members to the Ethereum community further solidifies its position as a leading blockchain platform for decentralized applications and smart contracts."

This surge is not merely a passive spectacle; Ethereum is actively attracting an astonishing 89,400 new addresses on a daily basis, with an unprecedented 96,300 joining the Ethereum community in a single day. #Bitcoin