Cryptocurrencies To Watch

Tag: Altcoin News

  • Aptos Co-Founder and CEO Mo Shaikh Resigns to Begin a New Chapter

    Aptos Co-Founder and CEO Mo Shaikh Resigns to Begin a New Chapter

    Mohammad Shaikh, co-founder and CEO of layer-1 blockchain Aptos Labs, has announced his resignation from the top position. This development makes Avery Ching, co-founder and chief technology officer, assume the CEO role.

    Shaikh co-founded Aptos with Ching in 2021. The project aims to create a scalable, secure, and developer-friendly blockchain infrastructure and unlock the potential of decentralized systems for mainstream adoption.

    Shaikh Expresses Gratitude

    During Shaikh’s tenure, Aptos successfully launched its mainnet in October 2022, onboarded developers, and secured partnerships with major players in both the Web3 and traditional tech industries. Ching also assisted in raising approximately $400 million for the firm. The outgoing CEO also expressed his confidence in his team about the firm’s future.

    “Today, I am stepping away from Aptos Labs to start a new chapter. One of my true passions lies in building companies from the ground up and we have done that at Aptos Labs by building a world-class team. I leave Aptos Labs with the utmost confidence in the team, and strongly believe the talent and drive of Aptos Labs will bring our collective vision to life in the near future. Avery will be stepping in as the Aptos Lab’s CEO to drive the company into its next phase of growth,” Shaikh said.

    He further thanked entities like BlackRock, Franklin Templeton, Mastercard, Google, Microsoft, NBCU, BCG, and leading companies across South Korea, Japan, and beyond for their support and partnership.

    Ching Promises Great Leadership

    On December 19, Aptos Labs expressed its enthusiasm in a statement, highlighting that its focus is “sharper than ever.” The company anticipates delivering groundbreaking technical innovations in 2025 to drive ecosystem growth under Ching’s leadership as CEO.

    Ching also noted that Aptos plans to expand its builders’ community to India, Vietnam, South Korea, Japan, and China.

    The Aptos blockchain is a layer-1 proof-of-stake network built to prioritize scalability, security, and fast transaction processing. Its main competitors include Ethereum, Solana, and Sui.

    Crypto Market Experiences Drawbacks

    Meanwhile, Shaikh departs as the crypto industry faces fluctuating market conditions. The leading crypto asset, BTC, has declined from its all-time high of more than $108,000 to over $92,400, down 9.58% over the last 24 hours. This market downturn has caused a massive liquidation in the previous 24 hours.

  • $744M in Crypto Longs Liquidated. Why the Market Dip?

    $744M in Crypto Longs Liquidated. Why the Market Dip?

    Over $865 million of perpetual contracts were liquidated following Jerome Powell’s speech after the last FOMC meeting. Longs took the biggest hit at around $744 million, while shorts accounted for around $121 million. The fact that longs were more massively liquidated suggests that many traders were caught off guard by the market’s sudden move.

    The Federal Open Market Committee (FOMC) meets eight times annually. During these meetings, the committee thoroughly examines economic and financial conditions, formulates monetary policy decisions, and evaluates potential risks to achieving its objectives of long-term price stability and sustainable economic growth.

    Powell’s Speech Sparks Crypto Market Dip

    The recent drop in the value of Bitcoin and other assets like ETH, SOL XRP, and DOGE can be attributed to the Federal Reserve’s cautious stance on future interest-rate reductions. Powell’s shift triggered a retreat in crypto investments, leading to a drop in Bitcoin’s value of over 5%. According to CoinMarketCap, the largest crypto dipped to a low of $99,047.

    The Fed’s decision to lower interest rates again while hinting at fewer future cuts has created uncertainty in the market. This has made investors cautious and led to increased volatility. Chair Jerome Powell emphasized the need for further progress on inflation before making further rate reductions.

    However, despite the recent dip, Bitcoin has experienced significant growth since the United States election, surging 50% in value and reaching a record high of $108,316 earlier this week. President-elect Donald Trump’s pledge to free crypto from U.S. regulatory shackles has buoyed investor confidence, with some experts predicting a good floor and outlook for Bitcoin.

    Not Only the Crypto Market

    The impact of Powell’s speech was not limited to the crypto market; it had far-reaching consequences across various sectors. The stock market plummeted by 3% while yields on the 10-year treasuries reached their highest in seven months. The recent market reaction is the worst after-meeting selloff since the onset of the pandemic.

    Tom di Galoma, head of fixed income at Curvature Securities, noted that markets were unprepared for the latest Fed announcement. While officials predicted only two rate cuts over the next 12 months, Galoma said: “Powell is moving to neutral and waiting for the next administration to push their agenda and see then what he may need to do.”

    On the other hand, BTC is currently trading at $101,751, indicating some support below $100,000.

  • Bitget Token Jumps Over 150% in a Month, Here’s Why

    Bitget Token Jumps Over 150% in a Month, Here’s Why

    Despite a sharp 50% price drop two months ago, BGB, the native token of the famous crypto exchange Bitget, has recently witnessed an unprecedented price surge, drawing many investors’ attention. Within the past month, it has soared by 150.1% to reach a new all-time high. Its market capitalization has also jumped by about 12.3% to reach $4.75 billion, ranking it among the 32 largest cryptocurrencies by market cap.

    Many factors have pushed the crypto’s rise. On Monday, it passed the historic $3.5 mark and continues to surge as more investors pump funds into the exchange-minted token, hoping it will soar like Binance Token, BNB.

    BSP License Bagged in El Salvador

    As the crypto exchange revealed in a recent press release, it has received a green light from El Salvador’s Central Reserve Bank (Banco Central de Reserva), which granted it a  Bitcoin Service Provider (BSP) license.

    Obtaining the license, Bitget has been approved to offer Bitcoin services such as Bitcoin-to-fiat exchanges, payment facilitation, and secure Bitcoin custody solutions within the country’s borders.

    Notably, the exchange is also pushing for a Digital Assets Service Provider (DASP) license from the National Commission of Digital Assets (NCDA) to offer sales, purchases, transfers, and storage services for other cryptocurrencies in El Salvador.

    “Latin America holds immense promise as a hub for crypto innovation, and El Salvador stands out as a pioneer with its bold embrace of Bitcoin as legal tender. Securing the BSP license is a regulatory milestone for Bitget. We’re here to fuel the region’s growth by providing secure, accessible, and innovative Bitcoin services,” says Min Lin, Chief Business Officer at Bitget.

    Investor Optimism Grows

    Many investors have shifted their portfolios to include digital assets, moved by the recent uptrend in the crypto market. Notably, considering how Binance Native Token, BNB, has resisted various market conditions during the year, investors foresee a better future for BGB. They expect it to follow in the same footsteps of resilience despite volatility or wavering conditions in the crypto market.

    Recently, BNB hit a new all-time high of $780 per coin with a market cap above $100 billion, securing its position as the sixth-largest crypto by market capitalization.

    Meanwhile, Binance’s former CEO says he’s not taking the role again, although investors think his return will help boost the token.

  • Crypto User Loses Nearly $3 Million in Address Poisoning Scam

    Crypto User Loses Nearly $3 Million in Address Poisoning Scam

    Web3 dupery detector Scam Sniffer recently brought the crypto community’s attention to a transaction on the Solana blockchain. A user fell victim to an address-poisoning attack, resulting in a massive loss of over $2.9 million in PYTH tokens.

    An address poisoning attack is a crypto scam where scammers study a target’s transaction patterns, identify frequently used addresses, and generate similar-looking addresses. They then send a small amount from the fake address to the target. When the target sends funds in the future, they may mistakenly send them to the scammer’s phony address, resulting in financial loss.

    Nearly $3M Lost

    The crypto user fell victim to the address poisoning scam by transferring 7 million PYTH tokens to a fake address (4yfuQ…jizcY) that was similar to a legitimate Binance account address (4yfu4…gnhY) they had frequently transacted with. 

    The user’s last transaction with the genuine address occurred just 2 days before the incident. The target may have fallen into the scam by copying the fake address from the wallet app transaction history instead of using the correct address from their Binance app. This was possible as the fake address had sent a small amount of SOL immediately after the target’s last legitimate transaction.

    The stolen 7 million PYTH tokens have now been swapped for 11,016.14 SOL and are currently sitting in the address 3eFh8Nj6fssiXdC7Me6qmKq5Pf9vvq9rCyEdRgSEZNyt. This suggests that the scammer may attempt to launder the stolen funds in the future. Meanwhile, analysts predict a surge in SOL’s value, potentially increasing the scammer’s illicit gains.

    A Rare Case Brings Hope

    Interestingly, There seems to be a glimmer of hope for the user who lost PYTH tokens. Another user who accidentally sent $129 million to a phishing address this November had their funds returned by the scammer within an hour. The unusual act suggests the likelihood that the current scammer may also return the stolen funds.

    As address poisoning attacks are on the rise alongside other crypto scams, users need to exercise caution when handling crypto transactions and copy-paste addresses from reputable sources. Additionally, double-checking accounts before signing transactions is crucial, as these blockchain transactions are immutable and cannot be reversed.

  • Tether Mints Additional $3 Billion in USDT Amid Market Surge

    Tether Mints Additional $3 Billion in USDT Amid Market Surge

    Tether, the issuer of the USDt stablecoin, has minted an additional $3 billion in tokens. The increase brings the total circulating supply of USDT to over $132.5 billion, cementing its status as the largest stablecoin by market capitalization.

    According to Arkham Intelligence, $2 billion worth of USDt was minted on the Ethereum blockchain, while another $1 billion was issued on the Tron network in consecutive transactions.

    Roughly $13M USDt Minted

    Data from Lookonchain revealed that Tether has minted roughly $13 billion in USDt since November 8. On November 24, Tether CEO Paolo Ardoino also noted that in 2025, Tether will achieve hyper-productivity to realize its grand vision.

    Traders and investors frequently view stablecoin activity as an indicator of market interest. A significant increase in newly issued stablecoins is often interpreted as a positive signal for potential price growth, whereas lower issuance tends to suggest weaker market momentum.

    The additional USDT supply is expected to provide more liquidity to the crypto market, particularly in trading pairs that rely on the stablecoin. Analysts suggest that this influx of liquidity could further fuel the current market rally, as traders easily leverage USDT to enter or exit positions.

    BTC Expected to Hit $100,000 Level

    Following Donald Trump’s election on November 5, BTC prices skyrocketed from approximately $69,000 to a record-breaking high of over $99,000 within two weeks of the United States elections. However, the crypto asset slightly dropped during the weekend and is currently trading at over $98.500.

    With the crypto asset nearing the $100, 000 mark, investors have predicted several outcomes concerning the digital asset. Bitcoin developer and cypherpunk Adam Back, noted that the price of BTC could hit $1 million if a Bitcoin strategic reserve is established under the incoming Trump administration.

    Also, on November 19, President-elect Trump appointed Howard Lutnick, CEO of Cantor Fitzgerald and crypto advocate, as commerce secretary. Cantor Fitzgerald oversees the U.S. Treasury reserves that back Tether’s USDt stablecoin.  A few days after Lutnick’s cabinet appointment, Fitzgerald revealed it acquired a 5% stake in Tether, valued at approximately $600 million.

  • BTC, SOL, XRP Hit New All-time Highs After Gensler Resignation

    BTC, SOL, XRP Hit New All-time Highs After Gensler Resignation

    Bitcoin (BTC), Solana (SOL), and Ripple (XRP), the world’s first, fourth, and sixth largest cryptocurrencies, made shocking bullish price movements on Friday, hitting new historic highs after U.S. crypto-pessimistic Securities and Exchange Commission (SEC) Chairman Gary Gensler announced his upcoming departure from the agency.

    BTC Eyes $100,000

    BTC has been bullish since this month and has smashed set records to reach new all-time highs. Since November 5, the apex coin has moved from $75,000 to above $99,000 today, a whopping 32% price jump for the world’s leading crypto.

    On average, bitcoin’s price has increased by approximately $1,333 daily over the past 18 days.

    Many famous crypto analysts and investors have predicted that BTC will reach $100k by 2025. Notably, the leading crypto has sent shocking waves into the market. At the time of writing,  it is less than $1,000 away from hitting six figures. 

    SOL Above $260

    SOL, the native token of the Solana blockchain network, leaped past its previous all-time high of $259 on Thursday.

    Driven by optimism of a spot Solana exchange-traded fund (ETF) coming soon, investors have pumped funds into the token, pushing its price to $264 per coin, a more than 10% increase within 24 hours.

    The crypto community has expressed optimism about the ETF approval across the media, hoping that when Gensler steps down in January, and a crypto-friendly chairman takes over in January, it could speed up the evaluation process.

    XRP Crosses $1.4    

    Joining the bullish trend is XRP, the native cryptocurrency of Ripple, a digital payment network. The token has flipped past Dogecoin to become the world’s sixth-largest cryptocurrency by market capitalization.

    Following Gensler’s resignation, the coin soared by more than 25% to reach $1.42 on Thursday. The anti-crypto SEC chair has made it difficult for Ripple to operate freely within the U.S., as he has instigated a case against the firm. 

    Thus, Gensler’s resignation is a big win for Ripple as the community foresees a better future for XRP if a new SEC chair takes over.

    Meanwhile, U.S. asset manager Bitwise filed for a spot XRP ETF two months ago and has not gotten any reply or update from the SEC.

  • DOGE, SHIB, and PEPE are Gearing For Major Surge. How High?

    DOGE, SHIB, and PEPE are Gearing For Major Surge. How High?

    DOGE and SHIB have recently struggled to maintain trading above a critical level. The crypto market seems to lose momentum following Bitcoin’s climb to $90k.

    The memecoin ecosystem remains strong amidst the growing uncertainty. Solana DEX volume hits a new all-time high. Traders speculated that the native coin may attain a new ATH if volume remains constant.

    DEXs handled over $41 billion in transactions between Nov. 4 and 10, doubling the $18 billion it registered last week. The latest figures drive the monthly volume to a staggering $70.9 billion. Raydium handled over 72% of the total trading, while Orca and Lfinity facilitated $7.6 billion and $2.5 billion, respectively.

    The main reason for the milestone is memecoins. New tokens like PNUT and GOAT saw fresh investment pour into the space, and promises of a massive return continue to push the memecoin rush. For example, a trader who invested $17 in the squirrel token made 12,000x in profit.

    The growing number of such tokens on exchanges is another reason for the massive attention. Binance recently listed $Pnut, resulting in an over 300% increase in less than 24 hours. BONK surged to a new all-time during the previous intraday session.

    It started trading at $0.000048 but slightly declined at the start of the day. It rebounded, climbing above its previous ATH at around $0.000055. It peaked at $0.000057. The latest milestone comes after Upbit listed the asset on its platform.

    There is more to come from the memecoin sector. One key factor to watch out for is their price correlation with the apex coin. Once Bitcoin, there will follow, with more volatility. Let’s see how these assets will perform in the coming days.

    DOGE/USD

    Dogecoin is on the verge of another breakout. Recent price action shows the asset is gearing up for a major move. However, it has failed to break the $0.44 barrier after several attempts. The first happened on Nov. 12, when it started trading at $0.35 but retraced to a low of $0.30 before rebounding. It shot up to the highlighted mark a few hours ago but failed to break it.

    DOGE closed at $0.38 following the massive rejection at the peak. The price movement repeated the next day, and the asset gained over 5% after its corrections.

    Thursday was one of the most bearish days for the asset. It lost over 9% during this period. Over the next few days, it remained locked between $0.40 and $0.34. It broke the pattern during the previous intraday session. It started the day at $0.37 and surged to a high of $0.42 but retraced afterward.

    One reason for the breakout was a change in Bitcoin’s price trajectory. It attained a new all-time high during the previous intraday session, peaking at $94k. DOGE’s price correlation with the top asset is 0.99, one of the highest in the market.

    Although there are few onchain metrics, the asset has a thriving community. Its “fanbase” rose by over 1% over the last seven days. However, it grapples with notable selling pressure. Total exchange netflow is currently negative, exceeding -$15M.

    Its price correlation will be crucial in the coming days as Bitcoin proponents anticipate more price increases. Dogecoin will break above $0.44 and edge closer to $0.70.

    SHIB/USD

    Shiba Inu gained a whopping 27% on Nov. 10. It started trading at $0.000020 and surged to a high of $0.000028. It experienced slight declines that saw it close at $0.000026. It continued the uptrend the next day with notable surges. It edged closer to $0.000030 but failed due to massive rejections.

    Nov. 12 was one of the most volatile for the asset, as it dropped to a low of $0.000024 but rebounded and climbed above the highlighted barrier. However, it registered losses exceeding 5% in the end. The memecoin slipped further the next day.

    The asset started a trend of trading within a channel. It bounced between $0.000022 and $0.000026. Following several attempts over the last seven days, it failed to break out of this pattern. Its consistent pressure on the support spreads massive fear of the level buckling.

    Nonetheless, indicators are split on the next price action. The moving average convergence divergence shows an ongoing bearish divergence. With the divergence underway, the asset may see further declines. However, price actions suggest possible accumulation above $0.000023, which may result in recovery.

    The relative strength index supports the idea of an impending price uptick. At the time of writing, the metric is at 58, showing room for price surges. The Bollinger Band supports this claim as the upper band is farther from current prices.

    Recent price action shows BTC edging closer to $100k. The bulls are gradually recovering from their previous exhaustion. The memecoin will see a trickle of funds as the apex coin edges closer to the highlighted mark. Its correlation, which stands at 0.92, may play a huge role in the coming days.

    PEPE/USD

    PEPE has been on the decline over the last five days. The downhill movement started following its massive surge on Nov. 15. It started the day at $0.000020 and surged to $0.000023 following an enormous decline to a low of $0.000018.

    A massive decline started the next day when prices dropped from $0.000023 to $0.000020, losing almost all the accumulated gains. The downhill movement continued over the next four days, with losses of over 12%.

    MACD suggests further declines in the coming days. The 12-day EMA is dipping and may intercept the 26-day EMA. The ongoing price decline follows the readings from this indicator. However, other metrics point to an impending change in price trajectory.

    The relative strength index is at 65, showing room for price surges. It may retrace further to guarantee a solid recovery. The Bollinger Band supports this claim as the upper band is farther from current prices.

    Onchain data from IntoTheBlock are most bullish amidst the ongoing price declines. Three of the four metrics are currently bullish. Large transactions have increased by over 12% over the last 24 hours, and bullish concentration increased on the asset during this period.

    The asset has a 0.94 price correlation with Bitcoin, which means that the memecoin will surge as the top coin does. This is especially important as the apex cryptocurrency is gearing up for major leaps at critical levels.

    PEPE is gearing up for a significant price move. During the next run, it will surge above $0.000030.

  • Hamster Kombat Hits $5.3B in Daily Volume with 11M Token Holders

    Hamster Kombat Hits $5.3B in Daily Volume with 11M Token Holders

    The native token for the Telegram mini game Hamster Kombat has achieved a daily trading volume of $5.3 billion, attracting over 11 million token holders, even as the Web3 game recently experienced a decline in active users.

    Hamster Kombat is an engaging tap-to-earn (T2E) game that has rapidly gained traction in crypto and gaming communities. This game uses the Telegram platform and enables players to earn crypto by tapping on a virtual hamster character while engaging in various tasks and quests.

    Each Hamster character possesses individual traits and abilities, bringing customization and strategy to the game that has captivated both crypto enthusiasts and casual gamers.

    HMSTR Hits $1.3 Billion

    The Hamster Kombat team announced that daily spot trading volume for its Hamster Kombat (HMSTR) token has surged to $1.3 billion, while perpetual trading volume climbed to an impressive $4 billion.

    The 11 million token holders show the community’s commitment. This level of adoption is rare for a token launched in recent months and underscores the project’s community-driven nature.

    Hamster Kombat has built an extensive community on platforms like Discord and Reddit, where holders discuss strategies and vote on decisions.

    Community Bullish on Hamster Kombat 

    Despite the recent decline in users, community sentiment stays upbeat. CoinMarketCap data reveals that 73% of the 87,689 voters feel optimistic about Hamster Kombat, while 27% showed bearish sentiment. 

    Hamster Kombat also saw its monthly active users decrease by 86%, dropping from a high of 300 million in August to 41 million.

    Data from IntoTheBlock indicates a significant drop in active addresses, which reached over 700,000 on September 27 but declined to slightly above 20,000 by November 13.

    While the token’s price declined from an all-time high of $0.01 on September 26 to $0.0022 on November 4, HMSTR saw a slight recovery as it surged to $0.004401 on November 14.

  • Swift, UBS and Chainlink (LINK) Join Forces to Unleash Global Crypto-Fiat Transaction

    Swift, UBS and Chainlink (LINK) Join Forces to Unleash Global Crypto-Fiat Transaction

    Global financial message service provider Swift announced its strategic partnership with asset manager UBS and Chainlink, a decentralized blockchain oracle network, earlier on Tuesday, noting that the firms have one joint mission: to enable companies to process off-chain cash settlements for tokenized funds on the Swift platform.

    Swift’s New Pilot

    The three companies have introduced a new pilot for settling tokenized fund subscriptions and redemptions on the Swift network. 

    According to Swift’s latest press release, the pilot has been launched as a part of the Monetary Authority of Singapore’s (MAS) Project Guardian, which facilitates liquidity and efficiency in financial markets through asset tokenization.

    The pilot connects digital assets to fiat payment systems across borders, covering an extensive network of over 11,500 financial institutions across 200 countries and territories.

    “For digital assets to be adopted globally, they must seamlessly integrate with both existing payment systems and digital currencies,” said Jonathan Ehrenfeld, Head of Strategy at Swift.

    Why Introduce a New Pilot?

    Traditional funds constantly suffer from various shortcomings, including manual errors, a lack of transparency, and delayed payment settlements. These have led to increased operation costs, decreased liquidity, and missed investment opportunities.

    The new pilot, aimed at addressing these gaps, is designed to automate fund transaction lifecycles, promising a significant boost in efficiency by reducing errors that would have been incurred through manual operations.

    According to Swift, the pilot will enable many financial institutions to leverage blockchain technology via the Chainlink platform and Swift network to settle subscriptions and redemptions for tokenized investment fund vehicles without each company adopting an on-chain payment process.

    Previously, Swift’s infrastructure directly connected financial institutions to various blockchains. However, its latest pilot with Chainlink enables the automatic minting and burning of UBS tokenized fund tokens for customers and investors. At the same time, Chainlink processes interactions between parties by fulfilling various conditions for seamless transactions.

    Commenting on the partnership, Sergey Nazarov, Co-Founder of Chainlink, said,

    “Chainlink is enabling institutions to reuse Swift’s infrastructure to facilitate payments for digital asset transactions. I am very excited by the upcoming adoption of these off-chain payment capabilities and how they will increase the flow of capital and expand the possible user base of digital assets.”

  • BNB Foundation Destroys $1B Worth of BNB in Latest Quarterly Burn

    BNB Foundation Destroys $1B Worth of BNB in Latest Quarterly Burn

    The BNB Foundation has completed its 29th quarterly auto-burn, eliminating over 1.77 million Binance Coin (BNB) worth $1.02 billion from the market. Previously reimbursed coins lost due to incorrect address transfers on Binance Smart Chain (BSC) and excluded from the last burn were included in this latest burn.

    Why Burn BNB?

    Token burn is a process where a certain number of crypto coins or tokens are intentionally removed from circulation, reducing the total supply. The primary method of burning tokens is transferring them to a null address, often known as a black hole.

    The BNB Foundation transitioned the token from Ethereum to BNB Chain, claiming to reflect its “Build and Build” philosophy and drive ecosystem development. Its Auto-Burn system aims to reduce the total supply to 100 million BNB and ensure transparency with quarterly adjustments based on the coin’s price and BSC block generation.

    Aside from the quarterly auto-burns, BNB also implements a real-time burning mechanism, where a fixed ratio of gas fees collected in each block is burned. According to a recent official blog post, the feature has removed approximately 242,000 BNB from circulation, reducing inflation and increasing the asset’s scarcity. 

    Generally, token burns boost investor confidence by highlighting a project’s commitment to managing its token economy. This transparent process shows investors that the project team prioritizes stability over short-term gains. As a result, investors often feel more secure, leading to increased investment and improved market sentiment.

    BNB’s Historical Growth

    At its launch, $15 million was raised from its Initial Coin Offering (ICO). The token was used to reduce trading fees on the Binance exchange. Its utility expanded in 2019 by migrating to BNB Chain as the native token. The introduction of Binance Smart Chain (BSC) in 2020 enabled smart contracts, further expanding BNB’s use cases. 

    According to data from CoinMarketCap aggregator platform, BNB ranks among the top cryptos with a market capitalization exceeding $83 billion. Currently trading at $577 amidst a dip in the crypto market, BNB has a circulating supply of over 100 million, with 30.5% of tokens still eligible for future auto-burns.