Monat: Oktober 2023

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Apecoin price up as whale accumulates millions of APE

  • Apecoin price was up on Tuesday, trading more than 6% up at the time of writing.
  • The price gain comes amid increased APE purchases by a whale since August.
  • APE could break above a key technical hurdle if bullish sentiment continues.

The price of Apecoin (APE) was up 6% on Tuesday afternoon as Bitcoin held above $28k following the volatility witnessed in the crypto market on Monday. Despite a slowdown for several altcoins, APE price hovered above $1.12, with buyers looking to extend recent gains to double digits. CoinGecko data showed the cryptocurrency was up nearly 10% in the past week.

Whale gobbles up millions of APE

After taking advantage of recent dips to buy Apecoin, the latest on-chain data shows a whale has continued to signal bullishness for the token with fresh accumulation.

Data from Lookonchain posted on X on Tuesday shows that Machi Big Brother has been relentless over the past two or so months. 

On-chain data shows the whale has acquired APE coins worth $7.43 million since August 2. In total, the whale’s bullish stance has seen them purchase 4.73 million APE at the average cost of $1.57. His latest purchase was 2.24 million APE worth $2.94 million, with the transaction seeing him spend 1,761 Ether (ETH) valued at $2.89 million and 52,000 USDC.

What’s the Apecoin price outlook?

Apecoin price appears to have benefited from the whale’s transaction, with APE/USD touching an intraday high of $1.13. The token’s price gain since flipping from the one-week low of $1.01 was over 11% at the time of writing.

Apecoin price chart from TradingViewWith APE poised above the psychological $1.00 level, an uptick in broader market sentiment could help bulls target the supply wall around $1.29. A breakout from here might open up a path to mid-August highs of $2.08. The daily RSI and MACD indicators support this outlook, but a dip below the primary support level could shatter bulls’ short term plans.

The post Apecoin price up as whale accumulates millions of APE appeared first on CoinJournal.

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BNB Chain announces Greenfield mainnet

  • BNB Greenfield is a decentralised data storage network that offers fast uploads and downloads.
  • Its mainnet release marks a new era for Web3 data ownership, the BNB Chain team said in an announcement.

BNB Chain has launched mainnet for Greenfield, a decentralised data storage network natively bridged to the BNB Smart Chain (BSC).

Binance’s BNB Chain is an ecosystem of several decentralised blockchains, including the staking and governance layer BNB Beacon Chain and the EVM-compatible BNB Smart Chain (BSC). Recently launched layer-2 solution opBNB is part of this growing ecosystem that’s powered by native token BNB.

BNB Greenfield for Web3 data ownership

Greenfield offers a high performance data storage platform with cross-chain programmability, built-in access control, fast bandwidth and data monetization and exchange, the BNB Chain team noted in an announcement.

The network also provides users, developers, and data managers among others access to features such as decentralised hosting, “pay for knowledge” ecosystem with smart contracts integration, data management solutions and a blockchain-based infrastructure that allows users to track, licence, and remix content.

The public rollout of this network marks for Web3 data ownership, the BNB Chain team wrote on X.

“BNB Greenfield is a transformative development in Web3 data ownership and data economy, as it provides users with a decentralised alternative to conventional Cloud services. Distinct from centralised offerings, BNB Greenfield empowers users with control over their data, mitigating the risk of breaches and data loss,” said Arnaud Bauer, senior solution architect at BNB Chain.

The post BNB Chain announces Greenfield mainnet appeared first on CoinJournal.

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XRP price recoils despite the Roblox news as whale transactions rise

Ripple (XRP) price has moved sideways in the past few months as the recent consolidation continues. The coin was trading at $0.50 on Tuesday after Roblox announced that it will integrate it into its ecosystem. Ripple has dropped by more than 47% from its post-SEC lawsuit victory high.

Ripple price reacted mildly to news from Roblox, one of the biggest metaverse and gaming companies in the world. Roblox has a market cap of over $18 billion and millions of users. In a statement, the company said that it will activate XRP payments in its ecosystem.

Ripple has had other victories in the past few months. For one, the judge overseeing its case against the Securities and Exchange Commission (SEC) rejected the agency’s plan to appeal the verdict. The judge ruled that XRP was not a financial security as the agency alleged.

Meanwhile, Ripple recently acquired Fortress Trust, a company that provides crypto infrastructure services. The acquisition gave the company a license to operate in Nevada, a potential big market in the crypto industry.

Fortress Trust is a company that helps companies interact with digital currencies. It joins other companies that Ripple Labs has acquired in the past few years. It bought Metaco in a $250 million deal. Metaco is a Swiss company that provides crypto custody services.

A likely reason why XRP has struggled is that more whales have been moving the tokens substantially in the past few months. For example, a whale moved XRP worth over $14 million from an unknown wallet to Bitstamp. It is unclear whether this whale wants to sell the token or not.

Another XRP whale moved tokens worth over $36 million from Ripple to an unknown wallet. On Monday, another whale transferred XRP coins to BitStamp. To be clear, these large transactions are not necessarily bad. However, they tend to send the wrong information in the market.

How to buy Ripple

The post XRP price recoils despite the Roblox news as whale transactions rise appeared first on CoinJournal.

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Ethereum L2 network Scroll officially launches on mainnet

  • Scroll is an open-source Ethereum L2 rollup leveraging zero-knowledge proofs.
  • The network offers increased speed and lower fees for developers.

Scroll, an Ethereum layer 2 zkEVM-powered network, has announced that its mainnet is now officially live. The announcement comes after the zkEVM appeared to have quietly launched on mainnet a few days ago.

The L2 solution was founded in 2021 by Ethereum enthusiasts and developers and focused on advancing zero-knowledge proofs on the leading proof-of-stake blockchain. 

Scroll’s live on mainnet

The launch of the Scroll mainnet comes after more than 15 months of extensive testnets and security audits. The development means Scroll is now publicly available.

“Our testnets have allowed us to approach the Mainnet release with the attention to detail and caution necessary to ensure its success,” the team noted an announcement published on Tuesday.

Since its initial release, Scroll’s testnets has seen more than 450,000 smart contracts deployed and over 90 million total transactions at an average of 305,000 transactions per day. Details shared via blog release also showed the production of over 9 million blocks and 280,000 zk proofs generated.

Users of the zkEVM-enabled scaling solution will benefit from EVM compatibility and the security of the Ethereum blockchain. But more than that, Scroll promises lower network fees and latency. In this case, developers canl leverage the platform’s technology for cost-efficient development of decentralised applications.

“We see a future where the vast majority of value transfer takes place on L2s on Ethereum. What will drive that adoption is improved user and developer experience,” Sandy Peng, co-founder of Scroll, said, adding:

“We focus on enabling developers to build blockchain applications that will anchor web3 in real world use cases, attracting new users en masse, and moving everyone forward.”

The post Ethereum L2 network Scroll officially launches on mainnet appeared first on CoinJournal.

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BitGo acquires HeightZero to bolster crypto wealth management services

  • BitGo acquires HeightZero to serve the growing institutional interest in crypto wealth management.
  • BitGo CEO, Mike Belshe, emphasizes the urgency for wealth managers and RIAs to prepare for an impending Bitcoin ETF approval.
  • HeightZero’s services enhance BitGo’s capacity to offer secure long-term crypto holdings for institutional clients.

Cryptocurrency custody specialist BitGo has made a strategic move in the rapidly evolving digital asset landscape by acquiring HeightZero, a software platform dedicated to providing wealth managers with tools to incorporate cryptocurrencies into their clients’ portfolios.

While the financial specifics of this acquisition have not been disclosed, the implications are clear for the growing institutional interest in the crypto market.

Preparing for the imminent Spot Bitcoin ETF approval

With the anticipated approval of a spot Bitcoin (BTC) exchange-traded fund (ETF), BitGo’s CEO, Mike Belshe, has issued a clear call to wealth managers and regulated investment advisors (RIAs) to take action before the ETF is launched. Belshe emphasized the importance of acting swiftly in light of the impending surge in Bitcoin demand that the ETF is expected to trigger.

“RIAs should absolutely be calling up BitGo, getting HeightZero, getting qualified custody and doing it now, before the ETF,” Belshe said in a recent interview. “Because when the ETF hits, there’s going to be massive demand for bitcoin. Now, you can wait for the ETF, and then you can invest in that. But you’re going to miss out on a big growth.”

HeightZero acquisition by BitGo

HeightZero has been instrumental in simplifying the integration of cryptocurrencies into traditional wealth management practices. The platform offers a range of services, including portfolio rebalancing, statement generation, tax loss harvesting, and automated billing tailored specifically for crypto clients.

This acquisition strengthens BitGo’s capabilities in facilitating secure long-term holdings for institutions entering the crypto market.

BitGo recently secured $100 million in funding and has been actively seeking strategic acquisitions. While some companies in the crypto industry have faced financial challenges, BitGo’s approach underscores a commitment to a forward-looking strategy. The acquisition of HeightZero aligns with BitGo’s aim to be a leader in providing comprehensive cryptocurrency solutions to institutions, especially as the crypto market continues to evolve and gain traction among mainstream investors.

This acquisition is a significant step for BitGo, marking a deliberate move towards servicing the wealth management sector as digital assets become an integral part of traditional investment portfolios.

The post BitGo acquires HeightZero to bolster crypto wealth management services appeared first on CoinJournal.