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Adobe Stock / Bussarin Cryptocurrency markets suffered a major setback in 2022 after experiencing a soaring high in late 2021. Bitcoin plummeted from a record high of $69,044.77 in November 2021 to $16,400 in November 2022, resulting in a decline of over 76% amid the FTX collapse , ongoing bankruptcies, and regulation concerns. With these concerns continuing, is the current rally set to continue, and if so, what are the next big altcoins? Despite market challenges, many people remain hopeful about cryptocurrencies' future as more investors show interest. For example, a recent survey from deVere Group found that 82% of millionaires with assets between £1 million and £5 million (USD $1.23 million to USD $6.16 million) asked for advice on cryptocurrencies during the last 12 months – a telling sign of their growing adoption. The deVere Group's study surveyed 560 individuals of high net worth across the world, including Europe, North America, Asia-Pacif...

Cryptocurrency YouTuber Jeff at OnTheChain.io discussed Shiba Inu’s burning mechanism on Monday. He tweeted about SHIB’s supply dynamics and suggested that the token will never reach $0.01 in our lifetime. Jeff calculated the average burn rate with 1 quadrillion supply to come up with the idea of when could it reach a supply of just 100 billion tokens. Surprisingly, Jeremy Hogan, an attorney and partner at Hogan & Hogan legal consultants got into Jeff’s Twitter discussion about Shiba Inu on Monday. Hogan regularly shares his opinion on the ongoing Ripple Vs SEC lawsuit but unusually touched on the SHIB subject on Twitter. Also Read: Exclusive: ‘Here’s What I’ll Do When Shiba Inu Reaches $0.01′ 1 Million Years To Reach $0.01? Source: Pixabay According to YouTuber Jeff, Shiba Inu could take 1.1 million years to reach a circulating supply of 100 billion tokens. His estimation comes after taking an average burns of 1 million ...

Luxury brand Hermès filed a suit against digital artist Mason Rothschild after the artist released his Metabirkins NFT collection depicting the company's Birkin bag product without permission. The trademark infringement trial between French luxury brand Hermès and digital artist Mason Rothschild is set to go ahead on Jan. 30 in a Manhattan federal court. The luxury brand accused the nonfungible token (NFT) artist of trademark infringement for promoting and selling MetaBirkins, an NFT collection said to be inspired by the group's Birkin bags. The trial and its related lawsuit in the United States District Court for the Southern District of New York can be first traced back to Jan. 14, 2022, when Hermès first filed a complaint against Mason Rothschild after the artist allegedly refused to stop selling his NFT collection. MetaBirkins depict Birkin handbags covered in colorful fur instead of leather. Source: MetaBirkins Twitter According to court documents filed on Jan. 23, Her...

This week in the cryptoverse: Berlin's TV Tower lit up with a giant Bitcoin logo, Arthur Hayes warned that Bitcoin might lose all of its recent gains, a long-dormant ethereum whale suddenly staked 49K ETH, and Vitalik Buterin proposed a new “stealth address” system for Ethereum to enhance blockchain privacy. Crypto analysts argued certain altcoins would explode in value in 2023,  traders gave their predictions on the solana price for this year, and it was revealed that Tesla did not sell any of the bitcoin it holds on its balance sheet during the bear market. Meanwhile, Brazil and Argentina were mulling the co-creation of a common currency, crypto adoption in Argentina continued to rise with stablecoins leading the charge, and Mercado Libre said it would pay its customers to refer friends to the crypto trading service on its e-pay app. While New York’s chief financial regulator planned new guidance to mandate companies to separate their own cry...

The token that powers Ethereum scaling solution Polygon’s sidechain MATIC has been exploding higher. After having been stuck in a $0.92-$1.05 range for the last few weeks, MATIC surged as high as the $1.12s on Thursday, gaining over 13% on the day, though the rally has since eased off a little on Friday, with the cryptocurrency now trading back just to the south of the $1.10 level once again. The latest surge has taken MATIC’s gains to around 44% this year, which marks the cryptocurrency’s best months since it gained 92% last July. The latest surge should open the door for Polygon to be able to test its early November 2022 highs in the $1.30 area in the coming weeks. This resistance level roughly also coincides with the 38.6% Fibonacci retracement back from the 2022 lows under $0.32 to the end of 2021 record highs close to $3.0. A break above here would likely open the door to a push towards the 50% retracement around $1.62 and to the March 2022 hig...

Gold has seen a significant increase in value in 2023, with spot prices rising from $1,823 per ounce to the current price of $1,937 per ounce. However, Harry Dent, founder of HS Dent Investment Management, believes that this trend may not continue in the near future. Dent predicts that gold may lose value to the range of $900 to $1,000 over the next 18 months. HS Dent Founder’s ‘Everything Bubble’ Theory and Its Potential Impact on the Economy On Tuesday, Harry Dent, founder of HS Dent and financial author, spoke with Michelle Makori, the lead anchor and editor-in-chief at Kitco News. Dent expressed his belief that “the biggest crash in our lifetime” is approaching and that gold will be one of the year’s hardest-hit commodities. This perspective differs from that of many “gold bugs” who believe 2023 will be a positive year for the yellow metal. This week, economist and gold advocate Peter Schiff stated that gold’s rise in...

The hacker accumulated as much as $90 million worth of crypto during a six-year thieving spree. A hacker dubbed the “ Blockchain Bandit” has finally woken from a six-year slumber and has started to move their ill-gotten gains. According to Chainalysis, around $90 million in crypto pilfered from the attacker’s long-running string of “programmatic theft” since 2016 has started moving over the past week. This included 51,000 Ether (ETH) and 470 Bitcoin (BTC), worth around $90 million leaving the Bandit’s address for a new one, with Chainalysis noting: “We suspect that the bandit is moving their funds given the recent jump in prices." The hacker was dubbed the “ Blockchain Bandit” due to being able to empty Ethereum wallets protected with weak private keys in a process termed “Ethercombing.” The attacker’s “programmatic theft” process has drained more than 10,000 wallets from individuals across the globe since the first attacks were perpetrated six years ago. 1/ $90M stolen funds o...

Ethereum moved below $1,600 on Jan. 25, with bears selling previously overbought cryptocurrencies. After days of uncertainty, sentiment shifted in crypto markets, with a red wave washing away recent bulls. Bitcoin also dropped below $23,000 as a result of today’s sell-off. Bitcoin Bitcoin (BTC) fell below the $23,000 level on Wednesday, as a red wave swept through cryptocurrency markets. Following a high of $23,048.18 on Tuesday, BTC/USD hit an intraday low of $22,406.08 earlier in today’s session. As a result of today’s drop in price, bitcoin fell to its weakest point since Sunday, breaking out of a floor at $22,500 in the process. BTC/USD – Daily Chart Looking at the chart, the drop came as the 14-day relative strength index (RSI) fell to its lowest level since last Thursday. At the time of writing, the index is tracking at a level of 79.93, which comes less than 24 hours after hovering at 85.09. Since its earlier breakout, the world’s larges...

Despite the crypto market downturn in 2022, remarkable developments have continued to be made in the blockchain space, and 2023 looks set to be a big year . What coins are crypto whales buying as we head deeper into 2023? Cryptocurrencies like Bitcoin and Ethereum have taken center stage as leaders of this revolution, but many other projects are driving innovation in many spheres of the economy. A multitude of blockchain investment options exist for traders looking to take positions in the industry, including DeFi and real use cases for Non-fungible tokens (NFTs). To those who are considering investing, the question remains: is this the ideal time to start and if so, what investments should be made? First of all, no one can accurately predict where markets will go next. Therefore it's essential to only invest what you don't mind losing in case of unexpected outcomes. It's critical to protect yourself from frauds by verifying that the projects you'r...

Amid Genesis going through its first bankruptcy hearings, a group of creditors have slapped the firm with a new class action lawsuit. Troubled cryptocurrency company Digital Currency Group (DCG) is facing more legal issues as its subsidiary Genesis Capital got slapped with a new class action lawsuit. A group of Genesis creditors filed a securities class action (SCA) lawsuit against DCG and its founder and CEO Barry Silbert, alleging violations of the federal securities laws. The lawsuit was filed by Connecticut-based Law firm Silver Golub & Teitell (SGT) on behalf of individuals and entities who entered into digital asset lending agreements with Genesis. The Law firm is known for handling major industry lawsuit s, including a class action suit filed against Coinbase in March 2022. The new complaint against DCG and Silbert alleges that Genesis engaged in an unregistered securities offering in violation of securities laws by executing lending agreements involving securities without...

The rally in stocks could be giving Bitcoin price a boost, and the crypto market could see more fireworks if the Fed confirms investors' expectation that rate hikes will slow down. Bitcoin’s (BTC) price has risen about 37% year-to-date and is not showing any signs of slowing down. The S&P 500 index (SPX) has also made a winning start to the year but has seen a relatively muted rally of roughly 4%. While the price of risky assets are rising, the United States dollar index (DXY), perceived as a safe haven, extended its downtrend and declined more than 1% in January. The change in sentiment toward risky assets may have been triggered by expectations that the U.S. Federal Reserve could slow down its rate hikes as inflation cools off. Some analysts even expect the Fed to pivot and start cutting rates before the end of the year. Daily cryptocurrency market performance. Source: Coin360 Several analysts remain skeptical about Bitcoin’s rally but the longer the price sustains above $20...