Pseudonymous memecoin developer Shytoshi Kusama has stated that Shiba Inu’s (SHIB) scaling solution, Shibarium, is currently operational and performing efficiently.
In a recent blog post, Kusama conveyed that Shibarium has reached a state of readiness for widespread utilization, overcoming initial technical challenges attributed to a substantial surge in user activity following its official launch earlier this month.
Beosin, a blockchain security firm, reported that these technical challenges resulted in a significant amount of cryptocurrency, valued in the millions of dollars, becoming immobilized within its Ethereum (ETH) bridge.
Kusama further elaborated that SHIB, Wrapped Ethereum (WETH), and other tokens within the ecosystem, such as the loyalty token DogeKiller (LEASH) and the governance token Bone ShibaSwap (BONE), are now eligible for withdrawal. Regarding the timeframes for withdrawing each of these crypto assets, Kusama indicated,
“The SHIB, LEASH, and WETH withdrawals through the bridge are intentionally designed to span at least two checkpoints (approximately 45 minutes to 3 hours), while the BONE withdrawal process will extend up to 7 days.”
As per the developer’s report, the layer-2 network has experienced a substantial surge in the number of wallets and transactions following the deployment of the scaling solution.
“We have amassed over 65,000 wallets and processed 350,000 transactions. The Shibarium platform has hosted a diverse array of tokens, ranging from intriguing to unconventional and occasionally controversial. Within this extensive array of tokens, the most promising ones will naturally distinguish themselves.”
In the previous week, Kusama noted that the Shiba Inu scaling solution team had introduced an “enhanced monitoring system and supplementary fail-safe measures” to mitigate the recurrence of technical difficulties in the event of another sharp increase in network activity for the protocol.
Cathie Wood Envisions $25 Trillion Crypto Market Valuation by 2030 Driven by Institutional Demand: Report
ARK Invest CEO Cathie Wood is projecting a substantial surge of over 2,100% in the aggregate market capitalization of cryptocurrencies within a span of fewer than seven years.
In a recent interview conducted by Benzinga, Wood posits that financial institutions are poised to initiate significant investments in Bitcoin (BTC) and other digital assets, consequently propelling the cumulative valuation of the cryptocurrency market.
Wood identifies the potential endorsement of a Bitcoin exchange-traded fund (ETF) as a pivotal trigger for an influx of institutional investments.
The prospects of ETF approval appear to be more promising following Grayscale’s triumph over the U.S. Securities and Exchange Commission (SEC). This triumph compels the regulatory body to reevaluate the application of the digital asset manager to transform its Bitcoin Trust into an ETF.
“If institutions intend to make substantial inroads, this would result in a noteworthy surge in demand, juxtaposed with a comparatively marginal increase in the supply of Bitcoin. The most plausible approach to achieving this entails a competitive elevation of the price.”
As indicated by Benzinga, Wood anticipates that institutional investments would propel the existing $1.13 trillion market capitalization of the cryptocurrency market to potentially reach as high as $25 trillion by the year 2030. Moreover, Bitcoin would constitute more than fifty percent of this cumulative market valuation.
The seasoned investor outlines that ARK’s fundamental projection for Bitcoin entails a valuation of approximately $650,000 by 2030, with a more optimistic scenario projecting a figure approximately twice that amount.
“This marks the inception of a global, private, digital, rules-based monetary system, unparalleled in history. The magnitude of this concept is considerable… We are of the view that the comprehensive cryptocurrency asset market will attain a valuation of approximately $25 trillion by 2030.”
At the time of writing, Bitcoin is trading at $27,158.
Benjamin Cowen Warns of a Potential ‘Windfall Incident’ that Could Devastate DeFi and Altcoin Markets
Prominent cryptocurrency analyst Benjamin Cowen is issuing a cautionary signal about the potential for a significant downturn affecting the decentralized finance (DeFi) and altcoin markets in the near future.
During a recent discussion with Scott Melker, Cowen conveyed his belief that Bitcoin (BTC) is likely to undergo a retracement of the gains it achieved in the first half of the year, which could subsequently drag down both DeFi projects and various altcoins.
Cowen pointed out that in years leading up to Bitcoin halving events, there tends to be a pattern where Bitcoin sees upward movement for approximately half of the year followed by a decline in the latter half. He emphasized that this pattern tends to disrupt both bullish and bearish market sentiments.
He elaborated, “There’s currently an excess of liquidity circulating within the DeFi sector, making it susceptible to a loss of confidence and a potential abrupt event. Bitcoin has exhibited positive performance in the initial half of this year.”
Analyzing historical data, Cowen highlighted that in pre-halving years, the monthly returns of Bitcoin have typically displayed a trend of approximately six months of gains and six months of losses. Applying this to the present context, he noted that the initial six months of 2023 have shown similar growth as 2019 and 2011, with the following six months witnessing a decline in those prior years.
The underlying idea Cowen emphasized is the need for a market reset that impacts both bullish and bearish investors, ensuring a comprehensive shakeout.
Cowen further expressed concern about the performance of the altcoin market throughout this year, largely attributed to the increasing dominance of Bitcoin (BTC.D) in the overall market capitalization of digital assets. He projected that Bitcoin’s decline in value might coincide with a rise in its dominance, siphoning liquidity away from the alternative cryptocurrency markets.
He explained, “The altcoin market has been grappling with challenges throughout this year, despite Bitcoin’s notable gains. However, the critical issue arises if Bitcoin retraces any of these gains. This marks a particularly harsh phase of the market cycle, where Bitcoin’s dominance strengthens alongside a decrease in Bitcoin/USD value. Many individuals have yet to experience this phase, but I believe it’s on the horizon.”
PayPal Introduces PYUSD, a Dollar-Backed Stablecoin Developed on Ethereum Network
PayPal Enters Crypto Arena with New PYUSD Stablecoin Backed by USD on Ethereum Network
Global payments giant PayPal is intensifying its presence in the cryptocurrency space by introducing a fresh stablecoin, PayPalUSD (PYUSD), which is meticulously crafted to maintain a 1:1 parity with the US dollar.
In a recent announcement, PayPal outlined that PYUSD is purposefully developed to enhance the efficiency of transactions. The stablecoin, backed by highly secure and liquid assets, will be available for buying, selling, holding, and transferring, with implementation scheduled to roll out over the upcoming weeks.
According to a company blog post, PYUSD will empower PayPal app users to seamlessly trade it within the platform, interchange it with other cryptocurrencies like Bitcoin (BTC), facilitate payments for goods and services, and expedite transaction settlements.
PayPal app and website users can expect to see the option to engage with PYUSD shortly, as the company expands its offerings in the crypto realm.
In response to PayPal’s stablecoin unveiling, Congressman Patrick McHenry from North Carolina, Chairman of the House Financial Services Committee, emphasized the necessity for a regulatory framework pertaining to stablecoins. He indicated that the announcement underscores the potential of stablecoins as a foundational element of modern payment systems, but emphasized the importance of clear regulations and robust consumer protections to ensure their full potential is realized.
Congressman McHenry underscored the significance of enacting comprehensive digital asset regulation, particularly for stablecoins, to secure America’s position as a pioneer in the evolution of the financial system. He highlighted the bipartisan Clarity for Payment Stablecoins Act, which recognizes the role of states in regulating digital asset firms and aims to build upon successful state regimes to guide the future of digital asset innovation.
Crypto Expert Suggests Potential 30% Correction for Dogecoin (DOGE) in Unfavorable Situation
In the dynamic realm of cryptocurrency, an influential crypto analyst has turned their attention to the ever-popular memecoin, Dogecoin (DOGE). After an impressive performance in the previous month, there’s a growing sentiment that DOGE might be gearing up for a noteworthy downward movement.
The expert behind the pseudonym Rekt Capital, who has garnered a substantial following of 348,900 on Twitter, has shed light on DOGE’s current outlook. Despite its recent strides, DOGE seems to be caught in a bearish trend, struggling to breach the resistance posed by a descending wedge pattern.
Delving into the specifics, the analyst lays out a potential scenario where DOGE could experience a significant pullback, retracing its steps all the way down to the diagonal support of the pattern, which is roughly marked at $0.055. The recent weekly close for DOGE transpired beneath the pattern’s resistance, potentially setting the stage for a rejection and a phase of consolidation within the pattern itself. The direst possibility envisioned by the analyst envisions a retracement right down to the bottom of the overarching market structure.
As of the current moment, DOGE is actively trading at $0.078. This price point implies the potential for a downturn exceeding 29% if DOGE ultimately adheres to the bearish trajectory as projected by the analyst.
Shifting the focus towards Bitcoin (BTC), Rekt Capital maintains an optimistic stance on this premier cryptocurrency. He highlights the successful defense of the $29,250 support level by the bullish players in the BTC market. The ongoing retest indicates an ongoing process, and the analyst remains upbeat about Bitcoin’s prospects.
In terms of valuation, Bitcoin’s current standing is at $29,801.
The narrative then transitions to Ethereum (ETH), a prominent smart contract platform. Here, Rekt Capital stresses the importance of ETH maintaining its position above a critical support threshold at $1,863. By doing so, Ethereum would be positioning itself for a potential surge above the $2,000 mark in the weeks ahead.
At the time of this composition, Ethereum is valued at $1,869.
TomoChain (TOMO), an Ethereum competitor, also commands the attention of this astute trader. Cautions are raised regarding TOMO’s trajectory as it concluded the month of July beneath a high timeframe resistance level at $1.60. The analysis suggests that TOMO’s recent rally, which saw an impressive 54% gain from the black support level to surmount the red resistance, might be reaching a point of overextension. The upcoming monthly close holds significant implications, with a close above the red resistance potentially heralding a bullish phase, while a close below it could usher in a period of downside movement within the black-red range.
In the volatile universe of cryptocurrencies, these insights from Rekt Capital provide valuable guidance for traders and enthusiasts alike, shedding light on the potential trajectories of Dogecoin, Bitcoin, Ethereum, and TomoChain in the coming weeks.
Tether Executives Achieve Billionaire Status in Crypto Amid $9B Valuation for Stablecoin Issuer
Tether Executives Become Crypto Billionaires with Record-breaking Stablecoin Valuation.
The four masterminds behind Tether, the world’s largest stablecoin, have hit a financial milestone, each amassing a net worth exceeding $1 billion. With Tether’s (USDT) market cap reaching an all-time high, the British Virgin Islands-based company posted an impressive first-quarter profit of $1.5 billion in 2023, gaining more than 50% of the total crypto market’s liquidity, as reported by Forbes.
Tether’s Remarkable Growth:
Despite a prolonged bear market for digital assets, Tether continues to defy odds, soaring to a valuation potentially reaching $9 billion, a sum that would render the firm’s top four executives as billionaires. Giancarlo Devasini, the Chief Financial Officer and owner of over 40% of Tether, leads the pack with a staggering net worth of at least $4 billion. Alongside him, CEO Jan Ludovicus van der Velde and Chief Technology Officer Paolo Ardoino each hold company shares worth $1.8 billion. Stuart Hoegner, the General Counsel, follows closely with a substantial stake worth $1.2 billion.
Impending Regulatory Impact:
Despite the current success, Tether’s valuation faces uncertainties due to regulatory changes on the horizon. Congress’s potential approval of stablecoin regulations may pave the way for USDT’s more compliant competitors to gain a competitive edge, as mentioned in Forbes’ report.
Tether’s Rising Market Cap:
In a recent revelation by IntoTheBlock, USDT’s market cap has surged to a new all-time high, nearing the $84 billion mark. The analytics firm further disclosed that USDT’s circulating supply has experienced an impressive year-to-date increase of almost 30%.
As Tether’s market cap continues to break records and the company’s valuation reaches unprecedented heights, the four executives behind this stablecoin giant have secured their status as cryptocurrency billionaires. Nonetheless, looming regulatory changes may pose challenges, opening opportunities for other stablecoins to compete in this dynamic crypto landscape. Tether’s remarkable growth story is a testament to its resilience and significance in the digital asset market.