Ethereum

Ethereum surpassed Cardano and Polkadot in developers’ count.  Traders are taking ETH positions before the Shapella update. Ahead of the 12 April completion of the Shanghai upgrade, Ethereum [ETH] has taken the mantle as the blockchain with the most active developers in the Layer one (L1) and Layer Two (L2) ecosystems. Recall that projects like […]

Ethereum outshines DOT and ADA in developers’ count, thanks to…

ETH sell pressure starts mounting after encountering a resistance wall. ETH 2.0 absorbs some of the ETH liquidity, while leverage traders adjust to the current risk. March has been quite an interesting month for the crypto market and especially for ETH. But now that the month is coming to an end, it is important to […]

Why Ethereum [ETH] address outflows may be headed for DeFi

Freeport, a soon-to-be-launched blockchain-based platform that allows people to invest in fine art, is offering an exclusive four-piece collection of prints from pop artist Andy Warhol. “The Hash” discusses the details and what this means for fine art tokenization.

Andy Warhol Artworks to Be Offered as Tokenized Investments on Ethereum

Cardano is on its way to becoming a top chain compatible with the Ethereum Virtual Machine after the impending introduction of a new feature that will allow users to seamlessly use an EVM contract directly from any ADA wallet.

Cardano Primed For Explosive Rally Thanks To Upcoming Feature Giving Users Direct Access To Ethereum Dapps From ADA Wallets

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Hi, I am the Blockchain Backer, bringing you the latest cryptocurrency news and analysis. The content of my channel primarily focuses on crypto news, motivation, and chart analysis on the XRP chart, Bitcoin chart, various Altcoin charts, and market cap charts. 

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BIG BATTLE UNDERWAY as XRP Price Chart, Bitcoin, Ethereum and Altcoin Market Press BIG RESISTANCE


                    
                    A report from app provider De.Fi showed losses from theft down in Q1 2023 compared to last year, along with recovery of funds; Euler accounted for a huge share of both.
                    Crypto hackers and scammers made off with $452 million in the first quarter of 2023, according to a report released by antivirus and app provider De.Fi. But that is good and bad news, as losses were down from $1.3 billion in the first quarter of 2022. The recovery rate was down too, however.According to the report, nearly half of the losses this quarter ($215 million) took place in the first three weeks of March. The Euler Finance and Bonq DAO exploits were the quarter’s loss leaders at $196 million and $120 million, respectively. Due to them, the Ethereum blockchain suffered the highest losses, even though Binance outnumbered them with 18 incidents to ten on Ethereum. The CoinDeal scheme trailed at $45 million in third place, and the Monkey Drainer phishing scammers came in fourth at $16.5 million. Related: BitKeep completes compensation for $8M APK exploit, announces rebranding In the 49 cases examined in the report, six flash loan attacks accounted for the greatest losses at over $200 million, with Euler Finance representing most of the total. Smart contract exploits were the most common type at 17 incidents. Decentralized finance (DeFi) accounted for only five incidents, but it suffered the lion’s share of losses at $336 million. REPORT: $452 MILLION WAS LOST IN CRYPTO IN Q1 2023 • In Q1 2023, Crypto lost x3 less than in Q1 2022: $452M vs $1.3B• Top 4 REKT Chains are: $ETH, $MATIC, $ARB, $BNB• The Biggest REKT: Euler Finance ($196M Stolen)⚡️ Read the Reporthttps://t.co/QxwgDWI8Jq— De.Fi ️ Web3 Antivirus (@DeDotFiSecurity) March 31, 2023

In the first quarter, $130 million was recovered from the exploits. All of that money was recovered in March and nearly all of it, $129 million, was due to money returned by the Euler Finance hackers. In the first quarter of last year, $520 million had been returned out of $1.3 billion lost, that is, 40% of the stolen funds, compared to 28.7% this year.While DeFi dominated the losses reported, losses on decentralized exchanges and from crypto tokens and nonfungible tokens likely hit retail users as well. Theft is not uncommon for retail users, and scams affecting them are constantly evolving. Magazine: US enforcement agencies are turning up the heat on crypto-related crime

Net losses from crypto theft down sharply in Q1 2023 at $322M: Report

For over two weeks, the Ethereum price has remained trapped between the $1855 and $1600 levels. Though the widespread uncertainty in the market has prolonged this sideways trend, this consolidation is crucial for trading the symmetrical triangle pattern breakout. Here’s when you can enter this coin for long-position.  Key Points:  High supply pressure at $1855 
The post ETH Price Prediction: Ethereum Price Coiling Up For a Massive Upswing; Enter Now? appeared first on CoinGape.

ETH Price Prediction: Ethereum Price Coiling Up For a Massive Upswing; Enter Now?

Two widely followed analysts are disagreeing about the crypto market’s next big move as Bitcoin (BTC) and Ethereum (ETH) trade sideways. The back-and-forth began when pseudonymous analyst Pentoshi shared a crypto market cap graph with his 683,300 Twitter followers. “Crypto Total market cap BTC, ETH + ALTS  I still can’t get over how clean this […]
The post Trader Suggests Market Rally Is ‘Built on Sand’ As Top Analysts Spar Over Crypto’s Next Big Move appeared first on The Daily Hodl.

Trader Suggests Market Rally Is ‘Built on Sand’ As Top Analysts Spar Over Crypto’s Next Big Move

Crypto whale tracker, WhaleStats has spotted yet another massive Shiba Inu accumulation by Ethereum whales. On March 31, 2023, an Ethereum whale purchased over $1 million worth of SHIB tokens in a single transaction. In detail, an Ethereum whale address called BlueWhale0073 purchased 99,297,904,247 SHIB worth $1,058,515. This comes amid elevated SHIB token burn rates and the Shibarium Beta mainnet launch. According to WhaleStats, the ETH whale is the 254th largest Ethereum whale. SHIB Retains First Spot Among Top Coins Held By Largest ETH Whales The WhaleStats report shows that Shiba Inu retained its position as the leader among the largest token holdings by the top 2,000 ETH whales. The report noted that the 2,000 top Ethereum whales currently have $606,553,503 in their wallets. Shiba Inu has been celebrated among ETH whales over the past months. It gained recognition among the top 100 Ethereum whales making it the most bought and spent tokens earlier in January before the February downtrend. The whales resumed their SHIB buying activities after the Shibarium beta testnet, Puppynet, went live, activating a massive burning spree on the Shiba Inu network.   Shiba Inu Price Underperforming Community’s Bullish Sentiment Data suggests Puppynet saw massive support from the SHIB community, as it records new wallet addresses daily. Puppyscan data shows that the layer 2 solution’s public testnet version has reached a new milestone. The Puppynet has seen over 200,000 wallet addresses with 1.2 million transactions.  In addition to increasing wallet addresses, Shibarium is sparking interest among validators. There are currently more than 500 validators showing interest in joining the network, according to Shiba Inu’s lead developer. These increasing transactions have been reflected in the spiking SHIB token burn rates, confirming the developers’ efforts to cut Shiba Inu’s circulating supply.  The Shiba Inu developers confirmed that the burn mechanism is a strategy to wipe out millions of SHIB from the supply, induce scarcity, and boost the meme coin’s price.  A report disclosed that Koyo (KYO) destroyed 794.85 million Shiba Inu tokens in a single transaction. Today about 9.5 million SHIB tokens have been burned, an 80.05% increase in burn rate from yesterday’s value. That is just a meager percentage compared to the number of SHIB burned over the past weeks.  Following the Shiba Inu developers’ documentation, the burn rate spike should reduce SHIB’s circulating supply and boost its price. However, the meme asset’s performance is opposite the touted expectation. Yesterday, SHIB closed the day with a 1.13% price decline and has continued trading sideways today. At press time, Shiba Inu is trading at $0.00001073, with a 24-hour price increase of 1%. Featured image from Pixabay and chart from Tradingview.com

Shiba Inu Whale Accumulates 99 Billion Tokens in Massive Buying Spree


                    
                    Most altcoins posted a below-par performance in March, but XRP, XLM, CFX, XDC and MASK defied the trend by posting double-digit gains.
                    Bitcoin’s dominance over the crypto market, which represents its share of market capitalization relative to the total cryptocurrency market capitalization, rose steeply from around 44% to highs of 48% in March. While Bitcoin’s price increased by 22.7% during the month, most altcoins yielded subpar or negative returns. However, there were some outliers which showed a second month of positive momentum. Take for example, XRP, which saw steady positive momentum as investors expect a positive outcome in its U.S. court case against the SEC. Tokens with highest 30-day returns in the top 100 by market capitalization. Source: CoinMarketCapConflux NetworkConflux Network continued its positive run from February, nearly doubling its price in March. The project’s team continued to strengthen its partnerships in China by adding XCMD, the world’s third-largest construction machinery manufacturer and Zen Spark Technology.The Conflux team also supports the development of permissionless applications. It has established a grants program to promote its ecosystem development.The CFX token tested the support between $0.10 and $0.20 and continued its positive run to reach a new yearly high of $0.46. The market structure of the token with higher highs and higher lows looks bullish, with a potential target of $0.80. It represents the breakdown level from the 2021 bull run. CFX/USD price chart. Source: CoinGeckoXRP Ripple's chances of winning the court case against the Securities Exchange Commission (SEC) improved on March 21 after the presiding judge, Analisa Torres, decided to exclude an expert's opinion explaining how XRP could be a security.On March 27, another U.S. regulatory move was a blessing in disguise for XRP holders. The Commodity Futures Trading Commission (CFTC) in the U.S. charged Binance with improper compliance procedures and market manipulation.The regulatory body classified Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC) as commodities in the filing. Some believe that this classification will extend to XRP as well. Thus, effectively refuting the SEC's claim of XRP being a security. The market's expectation of Ripple winning the case against the SEC pushed XRP's price to new yearly highs.If Ripple goes on to win the case against SEC, the bullish momentum in XRP will likely continue in the medium to long term.XRP is currently facing resistance from the peak levels of 2022, around $0.53. A successful breakout above this level could launch the price toward previous support and resistance levels around $0.65 and $0.90.Notably, the Relative Strength Indicator (RSI), which measures the momentum of price moves relative to volume, shows that XRP has reached overbought levels. It raises the possibility of a correction toward the $0.45 level.XRP/USD daily price chart. Source: TradingViewStellar Stellar's XLM token benefited primarily due to its strong positive correlation with XRP. The correlation coefficient between XLM and XRP price movement usually stays above 0.7.Behind the scenes, the Stellar Organization is making efforts to increase the adoption of Stellar Network for remittances across third-world countries like Africa. Stellar is also working with international payments provider Money Gram to integrate the Stellar Network into facilitating global payments.Technically, the XLM/USD pair has broken out above the resistance level of $0.10. If buyers consolidate above this level, the pair can target upside to $0.15 and $0.24. On the flip side, if the bullish breakout fails to materialize, XLM can fall back toward support at $0.08. XLM/USD daily price chart. Source: TradingViewXDC Network (XDC)XDC network combines a permissioned and public chain that addresses scalability and security. The XDC token is the fuel of the network used to pay network fees and deploy applications. The network supports EVM-compatible smart contracts, protocols, and atomic cross-chain token transfers. It also fully complies with the ISO-20022 message standard, an internationally accepted standard for electronic data interchange between financial institutions.The top public blockchains in the XDC ecosystem include Ecoin, Stasis Euro, and Gobiance Exchange. These are relatively lesser-known projects trading on second-tier exchanges like HitBit and BitMart. It paints a dull picture of the project’s ecosystem development with permissionless blockchains. On the enterprise side, the project has established decent partnerships with brands like Travala and Guarda Visa cards. The factors promoting the recent price increase include the introduction of a DAO and the active role played by the management firm, XinFin, responsible for the development and managing the blockchain. XinFin recently decided to decentralize the governance of the blockchain by forming a DAO. After deployment in May 2023, the community will get to decide on the distribution of ecosystem funds to promote development. A Web3 meetup in Dubai hosted by XDC Network with over 60 developers worldwide also promoted the blockchain's ecosystem growth. The technical setup of the XDC/USD pair shows that it is at the edge of a bullish breakout. If buyers stage a breakout above the $0.045 level, the pair can likely shoot toward targets 0.064 and beyond. In case of a downside, the support level of $0.02 will be crucial for buyers.The Klinger Oscillator, a momentum indicator, paints a similar picture with a reading at zero. Positive buying action from the current levels will move the indicator into positive territory, usually a bullish sign.XDC/USD daily weekly price chart with Klinger Oscillator. Source: TradingViewRelated: Top 5 crypto winners (and losers) of 2022Mask Network (MASK)The Mask Network bridges Web2 and Web3, enabling cryptocurrency transactions directly through Web2 websites.More than 40,000 users have installed the Mask Network Chrome extension. The browser extension currently supports several decentralized applications (dApps), including Uniswap and SushiSwap, and is compatible with many social media platforms, including Twitter and Facebook.The network's Facebook integration has met with some complaints. After Elon Musk's acquisition, it mainly benefits from its Twitter integrations and the hype around cryptocurrency integrations on the social media platform. This adds considerable speculation in the token's price as the nature of Twitter's adoption is still unknown.On March 9, the token obtained a listing on the BTSE exchange, improving the liquidity and volume of the token. The project was one of the recipients of the ARB airdrop, receiving 257,540 ARB tokens.The MASK token is the governance token for the project, which is discouraging as it does not accrue yield from the network's usage. However, over 76% of the token's supply is already in circulation; it has a relatively low inflation rate.MASK/USD daily price chart. Source: TradingViewThe MASK/USD pair broke above 2022 highs of $6.10, a positive sign for technical buyers. The RSI indicator is in bullish territory and has cooled off from the overbought region, providing room for more upside.The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.



XRP, XLM, CFX, XDC and MASK rank among the top 5 altcoin gainers in March

As the crypto market witnesses intriguing developments, on-chain metrics reveal that Bitcoin (BTC) and Ethereum (ETH) are currently trading at discounted prices due to increased network activity. Meanwhile, Orbeon Protocol (ORBN), an innovative crowdfunding platform, is making headlines as it experiences remarkable demand as well as witnessing an astounding 2713% price surge during its presale phase.
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Bitcoin (BTC)
A distinctive on-chain metric that gauges the Bitcoin (BTC) comparative value reveals that Bitcoin (BTC) has become increasingly cost-effective in 2023, even amidst its latest price upswing.
Since the beginning of the year, the Network Value to Transaction (NVT) ratio for Bitcoin (BTC) has plummeted by 60%, while the cryptocurrency's price has concurrently ascended by over 70%. At this juncture, the Bitcoin (BTC) NVT ratio rests at 36.18, just slightly beneath its 365-day average of 36.40.
The NVT ratio is an innovative metric that scrutinizes the association between a digital asset's market capitalization and the volume of transfers taking place on the Bitcoin (BTC) network. The drop in the Bitcoin (BTC) NVT ratio can be attributed to the transaction activity expanding more rapidly than its actual price.
A surge in network activity typically signals an optimistic perspective for the asset. In this particular case, the accelerated network activity surpassing the Bitcoin (BTC) price growth implies that Bitcoin (BTC) is currently trading at a more affordable value than its potential worth.
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Ethereum (ETH)
Ethereum (ETH), the second-largest cryptocurrency by market capitalization, is also trading at a discounted rate in comparison to its metrics.
On-chain examination of the Ethereum (ETH) comparative value unveils that its NVT ratio has plunged by more than 68% since the onset of 2023, while the Ethereum (ETH) price has soared by over 60%. Upon observing the annual average, the Ethereum (ETH) NVT ratio has experienced a 19% decrease, further highlighting that it is trading at a discounted rate.
This reduction in the Ethereum (ETH) NVT ratio stems from amplified transaction activity across the network, indicating a mounting demand and prospective price escalation. This scenario sets the stage for investors seeking to procure Ethereum (ETH) at a bargain price, as they could potentially reap the rewards of a future price increase.
Ethereum (ETH) is currently trading at $1,804.04, roughly 63.1% below its all-time high of $4,891. Market analysts predict that Ethereum (ETH) is gearing up for a larger move to $2,500 and beyond in 2023.
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Orbeon Protocol (ORBN)
Orbeon Protocol (ORBN) is a pioneering platform that is reshaping the crowdfunding landscape by linking visionary startups with enthusiastic investors seeking unique opportunities.
By transforming equity into fractionalized NFTs, Orbeon Protocol (ORBN) democratizes access to investment opportunities, enabling participation with as little as $1. As such, Orbeon Protocol (ORBN) empowers individuals from all walks of life to be part of the growth of promising ventures.
Harnessing the capabilities of smart contracts, Orbeon Protocol (ORBN) simplifies the investment journey, guaranteeing secure and transparent transactions with minimal manual intervention. This results in an effortless and efficient experience for both startups and investors through Orbeon Protocol (ORBN).
By holding ORBN tokens, investors unlock a range of benefits, such as preferential access to up-and-coming projects, staking rewards and additional incentives designed to foster engagement within the Orbeon Protocol (ORBN) community.
As the Orbeon Protocol (ORBN) presale enters its final twelfth stage with an impressive $0.1125 token price, the potential for significant growth of 6,000% in the ORBN token's value by the end of 2023 is substantial. This positions Orbeon Protocol (ORBN) as an enticing choice for investors seeking to diversify their long-term crypto portfolios with a cutting-edge offering.
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Disclaimer: This is a sponsored press release and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.

On-Chain Metrics Show Bitcoin (BTC) and Ethereum (ETH) at Discounted Prices, Orbeon Protocol (ORBN) Presale Experiences High Demand

A Bitcoin on-chain pattern that signaled the end of the bear market during the last three instances has formed once again recently. Bitcoin Short-Term Holder Realized Price Is Now Above That Of Long-Term Holders As pointed out by an analyst on Twitter, the asset may be in the middle of a transition from a bull market to a bear market. The relevant indicator here is the “realized price,” which is a value derived from the realized cap. This realized cap is a capitalization model for Bitcoin that says each circulating coin’s worth isn’t the current BTC price, but actually the value at which it was last transferred on the blockchain. When this model is divided by the total number of coins in circulation, the aforementioned “realized price” is obtained. Since the realized cap accounted for the prices at which the coins were last purchased, that is to say, the holders’ cost bases, the realized price represents the acquisition price or the cost basis of the average investor in the market. This realized price covers the entire market, but the metric can also be defined for only portions of the user base. The realized prices of the “long-term holders” (LTHs) and the “short-term holders” (STHs), in particular, are of interest here. These two holder groups form the two main cohorts that the Bitcoin market can be divided into. The STHs include investors that have been holding their coins since less than 155 days ago, while the LTHs include those that have been holding since more than this threshold amount. Related Reading: Bitcoin MVRV Ratio Approaches 1.5 Level, Will Break Happen? Now, here is a chart that shows the trend in the realized prices of these two BTC cohorts over the last few months: Looks like the two metrics have crossed each other in recent days | Source: James V. Straten on Twitter As displayed in the above graph, the Bitcoin realized price for the entire market, as well as for the STHs and LTHs, was above the normal price just before the rally started in January. This means that the average investor in all the sections of the market was in a state of loss then. With the rally, however, the price quickly crossed all three of these prices, implying that these investors were back in profit. Recently, as the price surge has continued, the market has started to see a shift in the different realized prices. From the chart, it’s apparent that the metric’s value for the LTHs has dipped below that for the STHs very recently. Related Reading: Bitcoin And Ethereum Correlation At A Staggering 97%, BTC Rally Incoming? This means that the cost basis of the LTHs is now below that of the STHs. This is the first time since May 2019 that this kind of shift has occurred in the Bitcoin market. “This has happened three times previously, and each time has signaled the end of a bear market,” explains the analyst. It now remains to be seen whether this historical signal will hold true this time as well. BTC Price At the time of writing, Bitcoin is trading around $27,900, up 1% in the last week. BTC has moved sideways recently | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Glassnode.com

Bitcoin Bear Market Over? This Historic On-Chain Signal Suggests So

According to statistics, the number of non-fungible token (NFT) sales in March was 31.42% lower than the previous month, dropping from $1.03 billion in sales for February to $882.89 million. The number of NFT buyers and transactions also declined, by 22% to 29%, over the last 30 days. March NFT Sales Slow, Ethereum Sales Dominate […]

Non-Fungible Token Sales Slid 31% Lower in March With $882 Million in NFT Sales

The post Ethereum (ETH) Prepares For Its Shanghai Upgrade. DigiToads Storms Past $410k Raised In Presale appeared first on Coinpedia Fintech News
As the Ethereum network inches closer to its Shanghai upgrade that’s scheduled for April 12, crypto users and analysts are eager to see how it impacts the market. One of the most talked-about features of the Shanghai upgrade is that it would facilitate ETH withdrawals from staked contracts. The excitement around the upgrade has also …

Ethereum (ETH) Prepares For Its Shanghai Upgrade. DigiToads Storms Past $410k Raised In Presale

Bitcoin is still struggling to hold $28,000 and has been pushed down below the support level once more. But this has not deterred investors who continue to remain highly positive toward the digital asset. This is evident in the fact that crypto investor sentiment remains firmly in the greed territory, which is counter to the struggling prices witnessed in the market. Fear & Greed Index Steady In Greed The Fear & Greed Index finally crossed over into the greed territory about two weeks ago when Bitcoin had broken above $28,000 for the first time in nine months. It was a cause for celebration as it signaled better times for the digital and the index recovered to 2021 levels. Related Reading: Here Are The Altcoins That Are Outperforming Bitcoin However, despite the decline in the price of the cryptocurrency so far, the Fear & Greed Index has maintained its position in the greed territory. What this indicates is that the drop in prices hasn’t affected investor sentiment and expectations that the price would continue to recover. Fear & Greed Index remains in the green | Source: alternative.me The index is currently sitting at a score of 63, consistently maintaining green levels for over a week. It is also a long way from the neutral sentiment that rocked the market last month, and a long way from the extreme fear that 2023 started with. Bitcoin Is Still Bullish Bitcoin has maintained bullish momentum through the end of March. The digital asset still maintains its position firmly above its 50-day and 100-day moving averages, all of which show that the buyers are still in control of the market. BTC has demolished any resistance that is left at $28,000 and with buying pressure mounting up, the major resistance for the cryptocurrency now lies just above the $28,900 level, with subsequent resistance being at $30,000. BTC finds its way above $28,000 once more | Source: BTUCSD on TradingView.com On the flip side of this, there is now significant support for Bitcoin at $27,500 which was demonstrated during Thursday’s trading hours. As long as the bulls are able to hold this point, the chances of a downtrend from here are slim while the possibilities of a breakout are extremely high. Related Reading: Arbitrum, Optimism, And Polygon: Which Is The Ultimate Ethereum L2? The decline in trading volume over the last 24 hours is a bit concerning but is also understandable given that the market is heading into the weekend which is a period with usually low liquidity. Despite this, some of the largest movements for BTC have happened over a weekend, so this could also be bullish for the cryptocurrency. BTC is still trending above $28,000 after reclaiming this level in the early hours of Friday. It is changing hands at a price of $28,113 but is still down 1.99% on the daily chart. Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from iStock, chart from TradingView.com

Bitcoin Investors Remain Greedy Despite Low Momentum, Why?

Bitcoin was once again trading below the $28,000 level on Friday, as markets consolidated ahead of a key day of economic data. The University of Michigan releases its monthly consumer sentiment report, which is expected to come in lower than February’s sum. Ethereum also declined in today’s session. Bitcoin Bitcoin (BTC) fell below the $28,000 […]

Bitcoin, Ethereum Technical Analysis: BTC Drops Below $28,000, ETH Under $1,800

Cryptocurrency analyst Benjamin is warning that Cardano (ADA) and other altcoins are primed for losses when paired against Bitcoin (BTC). Cowen tells his 738,700 Twitter followers that against Bitcoin, Cardano could bottom out at 0.00000400 BTC, or $0.11, a drop of 69.8% from current levels. “I think ADA/BTC would be lucky to bottom at 0.00000800 […]
The post Ethereum Rival Cardano Set To Plunge 70% Against Bitcoin, Says Analyst – Here’s the Timeline appeared first on The Daily Hodl.

Ethereum Rival Cardano Set To Plunge 70% Against Bitcoin, Says Analyst – Here’s the Timeline

Sushi Swap Head Chef Jared Grey has expressed his disillusionment with the state of the crypto industry as regulatory crackdowns, including actions against the decentralized exchange (DEX) he manages, have intensified.Grey spoke about his feelings towards U.S. regulators and the industry during a recent ask-me-anything call on Discord.

Grey shares: "It really feels like over this last cycle that the majority of that feeling [of excitement] is gone now. Look at what's going on on the regulatory side of things. Like this morning, Senator [Elizabeth] Warren [was] stating she's putting together an anti-crypto army to regulate the space into obedience."

Grey's comments come after he disclosed that the U.S. Securities and Exchange Commission (SEC) served him and Sushi DAO with a subpoena, signaling the potential for a prolonged and costly legal battle with regulators seeking stricter oversight over crypto firms.
Unlike centralized exchanges such as Coinbase or Binance, Sushi Swap operates via smart contracts on the Ethereum blockchain as a DEX, managed day-to-day by Grey and governed by token holders who vote on proposals. Anticipating the legal battle, Grey recently proposed allocating $4 million of the protocol's treasury funds to a "Sushi DAO Legal Defense Fund." The fund, nearly equal to the DAO's annual operating expenses, has faced significant backlash on community Discord channels and became a focal point during the call.
Although attendees of the community call requested further information about the subpoena, Grey declined to provide more details, citing legal advice. Despite the controversy surrounding the legal defense fund, Grey's responses appeared to satisfy the call participants, who remained silent on the matter.

"I've been advised by legal not to talk about subpoena in detail," Grey said. "Just to say, 'Hey, you know, we've received one [and] we're cooperating with it,' and kind of leave it at that for now."

However, the legal defense fund proposal has sparked debate on the DAO's governance proposal forum, with some community members demanding transparency about the subpoena and others calling for Grey's resignation. Roughly a third of poll respondents in the forum have voted against the fund so far.
This controversy emerges as Sushi Swap grapples with ongoing financial challenges. In December 2022, the protocol reduced its annual runway requirement from $9 million to $5 million, and Grey revealed that Sushi Swap had less than 18 months of runway left in its treasury. Grey acknowledged these financial issues during the call, stating, "All that we're doing now is just like to stem the bleeding that kind of has been occurring."
The recent SEC investigations have taken its toll on the protocol's native token, which has dropped 12% since the announcement of the subpoena. As regulatory scrutiny continues to intensify, the crypto community will undoubtedly keep a close watch on the unfolding situation and its potential impact on the industry at large.Disclaimer: 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.

SushiSwap Opines On U.S. SEC Crypto Crackdown $SUSHI

After rising over $29k on Thursday, Bitcoin price fell to $27.5k today. The BTC price trades at $27,863 after a 3% pullback in the last 24 hours. Altcoins relatively remains stronger amid weakness in Bitcoin, with Ethereum price trading sideways near the $1800 level in the last 24hrs. Among the top altcoins, Cardano (ADA) and 
The post Reasons Why Bitcoin (BTC) Price Is Falling Today While Altcoins Remains Strong appeared first on CoinGape.

Reasons Why Bitcoin (BTC) Price Is Falling Today While Altcoins Remains Strong

This week, we take a closer look at Ethereum, Ripple, Cardano, Solana, and Litecoin. Ethereum (ETH) Ethereum decided to range this week and booked a slight loss of 1.4%. This flat trend could not muster the energy to hold the price above $1,800, which is the current key resistance. The support is at $1,700, and […]

Crypto Price Analysis Mar-31: ETH, XRP, ADA, SOL, LTC

The Arbitrum airdrop has been one of the most highly anticipated events in the crypto space in recent weeks, but the price performance of the ARB token is rather disappointing at the moment. Facing a massive selling pressure from the beneficiaries of the airdrop, the Arbitrum token dropped to a low of $1.11 on Monday. Since then, however, ARB has been in an uptrend, maneuvering the price up to $1.44 yesterday. With this, ARB gained 23% since the beginning of the week. At the moment, however, there is a correction that caused the price to drop. But, where do we go from here? Are Wale And Institutions Buying Or Selling ARB? On-chain analysis service provider Lookonchain has analyzed the largest Arbitrum whales to find out what the “smart money” is doing. In doing so, the analysis service found that Amber Group, a leading digital asset company, has reduced most of its ARB holdings. Two related addresses of Amber transferred 11.2 million ARB worth $15.8 million, of which 7.3 million ARB (about $10.3 million) were transferred to crypto exchanges OKX and Binance. The remaining 4.47 million ARB worth $6.3 million continue to be held by the Amber related address. Related Reading: Arbitrum, Optimism, And Polygon: Which Is The Ultimate Ethereum L2? However, other whales are accumulating the ARB token. In total, Lookonchain has found three major holders adding to their holdings. Whale “0xe04d” received 2.186 million ARB (about $3.08 million) from OKX the day before yesterday, and bought another 1.861 million ARB (about $2.62M) from OKX and Binance yesterday. Another whale currently holds 4,048 million ARB (around $5.71M). Whale “0xadf5” received 2.288 million ARB (around $3.22M) from OKX a day ago, and added another 1.81 million ARB (around $2.55 million) a little later. Currently, he holds 4.099 million ARB (about $5.78M). In addition, the largest buyer continues to hold ARB and has not transferred any of his Arbitrum tokens. This unknown whale still holds 9.94 million ARB (about $14 million). He had increased his holdings by 5 million ARB on the first day of the listing on major exchanges. Arbitrum Fundamentals Remain Strong As analyst Aylo outlined in a Twitter thread, Ethereum’s layer-2 technology shows no signs of slowing down after the airdrop. Arbitrum has done more DEX volume in the last 24 hours than BSC, Polygon, and Avalanche combined, as the chart below shows. Also bullish are daily transactions and daily active addresses, which remain higher than a month ago. Likewise, TVL shows consistent growth and continues to climb higher. TVL reached a new high of $2.2 billion yesterday, up from around $1.5 billion in the middle of the month. In addition, Arbitrum is seeing the largest percentage increase in stablecoins bridged in the last 7 days. Daily revenue is also steadily increasing. Related Reading: Arbitrum (ARB) Airdrop Is Around The Corner, How To Trade It ARB Price Today At the time of writing, ARB was at $1.35. Since Monday’s low, ARB’s 1-hour chart shows a clean uptrend that is still intact despite the consolidation. ARB continues to post higher highs and higher lows. Currently, the most important support is the $1.32 level. If ARB falls below this price, the uptrend could falter. For now, however, the bulls retain the upper hand. Featured image from Kraken Blog, chart from TradingView.com