Bitcoin (BTC) saw its price fluctuate significantly but recovered to above $70,000 despite market dips influenced by US inflation reports.
Ripple (XRP) experienced a 9% weekly rise in value, drawing attention ahead of its trial with the US SEC.
Shiba Inu (SHIB) enjoyed a 6% increase in the last seven days, with predictions of further growth bolstered by network activity and development updates.

BTC’s Enhanced Volatility

The price of the primary cryptocurrency passed through significant turbulence in the last few days, ranging between $68,000 and $72,000. 

Its lowest level occurred yesterday (April 11), when the entire market dipped substantially following the latest US CPI report showing that inflation has increased more than expected. As CryptoPotato reported, the downturn resulted multi-million liquidations.

Nonetheless, the negative trend did not last long, with bulls stepping in and pushing BTC’s valuation back above the $70K mark. Currently, the asset trades at around $70,500 (per CoinGecko’s data), representing a 7% weekly surge.

Some analysts expect even further gains in the near future based on important upcoming events like the BTC halving (scheduled for the end of next week). The Benchmark Company analyst Mark Palmer believes the asset’s price will hit $150,000 by 2025, while the crypto exchange Bitfinex predicted this level will be reached 14 months after the halving.

However, not all are that optimistic. Fred Thiel – CEO of Marathon Digital – recently argued that the halving rally has already priced in and does not expect any significant surges after the event. 

XRP Became Part of This Prestigious List

The price of Ripple’s XRP recorded even more substantial gains than BTC in the past seven days, rising by 9% and briefly touching the $0.64 mark. 

The asset seems to be a major subject of interest in the crypto space. The crypto market intelligence platform – Santiment – recently outlined the top 10 digital currencies involved in the most discussions, with XRP placed in the seventh spot. 

The interest could be related to the approaching trial between Ripple and the US SEC (set for April 23). The legal spat between the entities has been ongoing for over three years and is focused on XRP’s status. The regulator thinks the token should be treated as a security, whereas the company argued against that classification.

SHIB’s Next Targets

Another well-known cryptocurrency that has returned to green territory is Shiba Inu (SHIB). The price of the second-largest meme coin is up 6% on a 7-day scale, with some analysts expecting an impressive bull run in the following months.

The X user Rekt Capital recently noted that SHIB’s current value has reached the same level as the one from early 2022. Surpassing this resistance zone may lead to a triple-digit surge, the analyst suggested. 

The asset’s burn rate and the advancement of its layer-2 blockchain solution – Shibarium – may also trigger a price rally. As CryptoPotato reported, the network experienced a significant revival in terms of daily transactions this week, while the number of total blocks exceeded the 4 million milestone.

Those curious to learn how Shibarium aims to foster the development of Shiba Inu, feel free to take a look at our dedicated video below:

The post Shiba Inu (SHIB) Predictions, Bitcoin (BTC) Price Swings, Ripple (XRP) Developments: Bits Recap April 11 appeared first on CryptoPotato.

The leading AI-related cryptocurrency experienced a 15% increase in value after being listed on Binance, but later adjusted to a lower price.
The company alerted users to conduct thorough research before entering the ecosystem of the token.

Bittensor (TAO) – the biggest AI-related cryptocurrency in terms of market capitalization – experienced a significant price boost in the past hour, rising by 15% and reaching a multi-week high of $690. However, it could not keep the momentum, currently trading at around $640 (per CoinGecko’s data).

TAO Price, Source: CoinGecko

The resurgence happened shortly after Binance listed the asset on its platform, allowing trading services for the following pairs: TAO/BTC, TAO/USDT, TAO/FDUSD, and TAO/TRY.

The company explained that users can start depositing, while withdrawals will be available from April 12. TAO listing fee was set at 0 BNB.

Binance reminded that the AI-related cryptocurrency is a relatively new participant in the market, warning users to conduct proper due diligence before dealing with it:

“Please ensure that you exercise sufficient risk management, have done your own research in regards to TAO’s fundamentals, and fully understand the project before opting to trade the token.”

The Artificial Intelligence coins niche has been highly popular lately, accounting for a total market cap of over $25 billion. Those willing to take a closer look at the top 5 tokens of that type can read our dedicated article here.

TAO’s biggest rival – Render (RNDR) – recently witnessed a similar price rally following support from another leading cryptocurrency exchange. As CryptoPotato reported, Coinbase placed the asset on its roadmap section and later allowed trading services with it.

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Hypercube.eco launched its Wateract Token on BitMart.com, a move signaling the start of broader exchange listings.

Introducing Wateract, a utility token that utilizes water, the planet’s most vital resource, amongst the changing trends in digital currencies. With this project, Hypercube takes the lead in regenerative tokenization and provides businesses with a tactical approach to water sustainability. It is supported by global acceptance of goals related to sustainability and water debt management.

By tokenizing reclaimed water, WTR Token allows businesses to directly support water conservation, merging technology with ecological responsibility. It’s a transparent system where tokens equate to water saved, addressing the pressing issue of global water scarcity.

In response to rising water demand surpassing supply by over 25%, Wateract offers a solution inspired by the success of carbon credits, aiming to tackle water scarcity with a market-driven approach. Highlighting the urgency, the Panama Canal’s traffic halved in February 2024 due to drought, and Barcelona enforced strict water limits, affecting 80% of its population. Hypercube’s ReFi model for WTR aims to incentivize sustainable water use, mirroring strategies to balance CO2 emissions, emphasizing the critical role of corporate participation in global water security efforts.

Wateract invites global participation, embodying Hypercube’s vision of blockchain as a tool for environmental good. This initiative represents more than a token; it’s a collective step towards a sustainable, water-secure future.

Hypercube’s Wateract is not just a token but a symbol of hope and innovation, advocating for the integration of technology and sustainability. Join us on this transformative journey towards conserving our planet’s most vital resource.

Discover more about joining this cause:

● Hypercube: https://www.hypercube.eco/

● Twitter: https://twitter.com/wtrtoken

● Telegram: https://t.me/wateract

● Email: hello@hypercube.eco

The post Hypercube’s Wateract Token: A Leap Towards Global Water Sustainability appeared first on CryptoPotato.

Grayscale has been facing stiff competition in the spot Bitcoin exchange-traded fund (ETF) market since January, when the U.S. Securities and Exchange Commission (SEC) approved the product.

Grayscale CEO Sees Outflows Reducing

According to Sonnenshein, in a recent Reuters podcast, some of Grayscale’s outflows were due to selling linked to the bankruptcy settlements of FTX and other defunct crypto companies. Additionally, some investors sold Grayscale ETF shares to purchase other spot Bitcoin ETFs.

However, Sonnenshein mentioned that selling related to bankrupt crypto companies like FTX is “largely behind us.” Numerous such entities that filed for bankruptcy in 2022 and 2023 had shares of Grayscale’s former trust on their balance sheets and sought to sell them after the product transitioned to an ETF to repay creditors. Yet, this aspect has not been fully reflected in the flow data.

Grayscale has also been subject to higher fees than other ETFs. The digital asset investment manager charges a 1.5% fee on its converted ETF, which is higher than the average of approximately 0.25% charged by most newer competitors, even with waivers further reducing it.

Sonnenshein anticipates that as markets mature, the fees for GBTC will decrease over time.

Grayscale ETF Outflows Exceed $15 Billion

Data from BitMEX Research show that the total outflows from the Grayscale Bitcoin Trust (GBTC) have surpassed $15 billion over the past three months. Despite the high outflow, the surge in Bitcoin’s value has helped maintain Grayscale’s assets under management at around $23.13 billion.

Although daily outflows have decreased from the peak of approximately $600 million seen in March, they remain substantial. On Monday alone, Grayscale experienced outflows totaling $303 million, according to BitMEX Research.

Sonnenshein mentioned that they are looking forward to expanding the investor base and continuing product innovation. He hinted that Grayscale may take measures to compete with newer offerings from companies like BlackRock and Fidelity.

Furthermore, Grayscale aims to secure SEC approval to convert another of its products into a spot Ethereum ETF. The SEC is expected to make rulings on similar proposals by late May. Grayscale previously sued the SEC after its application for a spot Bitcoin ETF was rejected in 2022, and the court ruled in their favor.

Sonnenshein expressed his optimism about the SEC’s decision, believing that they will ultimately permit the products to enter the market, aligning with what he sees as the “right side of history.”

The post Grayscale CEO Expects GBTC Outflows to ‘Reach Equilibrium:’ Report appeared first on CryptoPotato.

On Wednesday, the regulator issued a Wells Notice against Uniswap Labs, the company behind the world’s largest decentralized exchange (DEX).

Uniswap To Be Sued By SEC

Uniswap Labs publicly confirmed the news in a press release on Wednesday, and assured followers that the team is “ready to fight.”

“This is the latest political effort to target even the best actors in crypto like Uniswap and Coinbase,” the team stated, referring to the SEC’s June 2023 lawsuit against the nation’s largest centralized crypto exchange.

“All Uniswap products and the Uniswap Protocol are unaffected,” they added.

Uniswap Labs is a New York City-based software company that serves as the primary contributor and developer of the Uniswap protocol on Ethereum.

The protocol lets users access trading and liquidity crypto tokens in a permissionless, trustless, global, and decentralized manner compared to traditional competitors.

Though Uniswap Labs did not specify what the SEC was planning to litigate over, the agency’s history provides clear clues. Last year, it sued numerous exchanges including Binance, Coinbase, and Kraken for illegally listing several alleged securities.

It’s also sued numerous project teams like Ripple, Terraform Labs, and others for issuing unregistered securities in the form of crypto tokens.

Uniswap Labs could feasibly be viewed as guilty of both activities. Not only does its protocol allow trading for thousands of tokens, but it also features a native token of its own, UNI, which gives holders a share of protocol revenue and voting power around its development proposals.

Uniswap’s Legal Defense

Uniswap argued that the assets “overwhelmingly traded” on its protocol do not constitute securities, citing the court decision in SEC v. Ripple. That includes the UNI token itself, which it claimed doesn’t pass the Howey Test since it doesn’t entail investment in one common enterprise.

“Even if the Ripple decision and the Supreme Court’s Howey test did not foreclose the SEC’s arguments, the Uniswap Protocol, web app, and wallet would still not meet the legal definitions of securities exchange or broker,” the firm added.

As a decentralized exchange, the firm claimed current law doesn’t give SEC jurisdiction over self-custodial, on-chain trading decisions.

“The Uniswap technology ecosystem is sufficiently decentralized, much like Bitcoin and Ethereum,” Uniswap Labs concluded. “We are confident that our products are on the right side of the law.”

The post SEC Files Notice Of Intent To Sue Uniswap Labs appeared first on CryptoPotato.

With the latest inclusion, USDC is now supported on a total of 16 blockchain networks.

USDC on zkSync

In its official blog post on April 9th, Circle revealed that numerous prominent ecosystem applications and DeFi protocols are anticipated to embrace native USDC on zkSync for various purposes, such as payments, trading, borrowing, lending, and beyond.

Among these is Koi Finance, which is one of the prominent zkRollup defi platforms built on zkSync Era, along with the decentralized exchange SyncSwap and the lending protocol ZeroLend.

“We’re excited to announce that native USDC is now available on zkSync and accessible to developers and users – no bridging required. Circle Mint and Circle APIs now fully support USDC on zkSync.”

Circle went on to highlight the advantages of utilizing native USDC in financial transactions. Firstly, as a regulated asset, it offers stability and assurance, being fully backed and redeemable at a 1:1 ratio for US dollars at any given time.

Secondly, its native status enables seamless integration into institutional on/off-ramps, such as Circle Mint, streamlining processes for institutions and users alike.

Additionally, its compatibility allows for incorporation into existing applications, offering a straightforward solution for businesses looking to incorporate stablecoin functionalities into their platforms.

Native Vs. Bridged USDC

The native USDC, officially issued by Circle, maintains a consistent 1:1 redeemability for US dollars. However, there’s also a variant of USDC termed as USDC.e on zkSync, which is essentially USDC transferred from Ethereum through a bridge mechanism. It’s crucial to note that this bridged USDC (USDC.e) is not issued by the company.

The latest announcement comes weeks after Circle unveiled the integration of its USDC stablecoin into the zkSync ecosystem.

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