Category Archives: Cryptocurrency
Speculation heats up on this cryptocurrency as Citi speaks at private meeting – Finbold – Finance in Bold
New speculation is swirling within the cryptocurrency market regarding Citis (NYSE: C) potential involvement with the Hedera (HBAR) Governing Council.
This speculation gained momentum following a reportedly private meeting held by Hedera in New York. Discussions centered on tokenizing real-world assets and other related topics, as crypto trading analyst CrediBull reported in an X (formerly Twitter) post on May 11.
According to the analyst, speculation escalated when a now-deleted picture, initially shared by the Hedera account, surfaced, showcasing a slide titled Building the Future of Finance on Hedera. Citigroups Head of Strategy and Partnerships for digital assets was nestled between two known Hedera Governing Council members.
The immediate deletion of the image has prompted many to question whether Citi might be the next addition to the Hedera Governing Council. While neither party has officially confirmed these rumors, the possibility of Citis involvement could significantly impact Hedera and the general crypto market.
Indeed, Hederas move to delete the image could potentially be likened to a possible accidental leak, as Citis participation in the Hedera Governing Council, or at the very least, its collaboration on an undisclosed use case, seems plausible.
Against this backdrop of anticipation, AI-driven price prediction tool CoinCodex offered a glimpse into HBARs potential trajectory. According to the tool, HBAR is poised for a bullish run in the coming months as it moves close to breaching a key resistance level, with the $0.5 mark being the next possible target.
CoinCodex forecasts that HBAR could surge to $0.14 within the next month, signaling a notable uptick in value. Looking further ahead, the prediction extends to a year, projecting a substantial increase to $0.43 per token.
At the same time, crypto analyst Egrag Crypto, in an X post on May 8, highlighted three significant price levels for HBAR as potential opportunities: the previous all-time high at $0.63, the range between $1 and $1.30, and the broader range of $2 to $3.
Notably, the analyst urged investors to stay vigilant amid market changes and emphasized the need for HBAR investors to prepare for volatility.
Its worth noting that HBAR has recently experienced bullish sentiment, diverging from the general market trajectory. This surge in the tokens price followed speculation regarding the potential tokenization of BlackRocks (NYSE: BLK) U.S. Treasury money market fund on the Hedera blockchain. However, the token retraced some gains as investors realized BlackRocks indirect involvement.
Overall, the HBAR community continues to rely on the input of institutional investors like Citi to drive the token toward new levels, in addition to the overall market trajectory.
Meanwhile, as of press time, HBAR was valued at $0.108, showing daily gains of almost 2%. The token appears poised to rally towards $0.15, although bullish momentum must overcome the $0.12 resistance level.
Disclaimer:The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
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Speculation heats up on this cryptocurrency as Citi speaks at private meeting - Finbold - Finance in Bold
FTX Customers Poised to Recover All Funds Lost in Collapse – The New York Times
Customers of the failed cryptocurrency exchange FTX are poised to recover all of the money they lost when the firm collapsed in 2022 and receive interest on top of it, the companys bankruptcy lawyers said on Tuesday.
The announcement was a landmark in the attempt to track down the $8 billion in customer assets that disappeared when FTX imploded virtually overnight, setting off a crisis in the crypto industry. Under a plan filed in federal bankruptcy court in Delaware, virtually all FTXs creditors, including hundreds of thousands of ordinary investors who used the exchange to buy and sell cryptocurrencies, would receive cash payments equivalent to 118 percent of the assets they had stored on FTX, the lawyers said.
Those payments would flow from a pool of assets that FTXs lawyers have pulled together in the 17 months since the exchange collapsed, the lawyers said. They tapped a wide range of sources, including digital currencies that FTX still owned when it filed for bankruptcy and company assets like shares in start-ups, which could be sold to bidders.
The amount that FTX recovered is in general pretty unheard of, said Yesha Yadav, a law professor at Vanderbilt University. Thats something that is really quite astonishing for a major bankruptcy.
The plan comes with a caveat. The amount owed to customers was based on the value of their holdings at the time of FTXs bankruptcy in November 2022. That means customers wont reap the benefits of a recent surge in the crypto market that sent the price of Bitcoin to a record high. A customer who lost one Bitcoin when FTX imploded, for example, would be entitled to less than $20,000, even though a Bitcoin is now worth more than $60,000.
It will take months for the payouts to begin. The plan requires approval by the federal judge overseeing FTXs bankruptcy, John T. Dorsey. If creditors raise any objections to the plan, that could extend the timeline.
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FTX Customers Poised to Recover All Funds Lost in Collapse - The New York Times
Making Sense of the State of Crypto in 2024 – PYMNTS.com
There might be as many opinions about crypto as there are cryptocurrency tokens. And with tens of thousands of digital assets populating the crypto market, thats certainly a lot of opinions.
That sheer scale of noise is in part why it can be so challenging to get a clear view of the Web3 landscape something that holds true for regulators, retail investors, consumers and businesses alike.
This, as the regulatory environment surrounding cryptocurrencies is becoming increasingly complex within the U.S., with the House of Representatives voting Wednesday (May 8) to approvea resolutionrejecting U.S. Securities and Exchange Commission (SEC) cryptocurrency accounting guidance alleged to have deterred banks from handling crypto customers.
Almost immediately, President Biden released a statement saying that he would veto the resolution if it made it so far as to reach his desk.
The Administration strongly opposes passage of H.J. Res. 109, which would disrupt the SECs work to protect investors in crypto-asset markets and to safeguard the broader financial system as explained in staffs accompanying release, SAB 121 was issued in response to demonstrated technological, legal, and regulatory risks that have caused substantial losses to consumers, said the Executive Office of the President in a Wednesday statement.
If the President were presented with H.J. Res. 109, he would veto it, the release concluded.
If you want Americans to be able to engage with digital assets safely and securely, banks which are some of the most regulated businesses in our country are probably the best way,Rep. Patrick McHenry (R-N.C.), chairman of the House Financial Services Committee, said in response.
Read more: This Week in Web3: Wells Notices, Crypto Payments and Usability
Still, amid regulatory and political developments, crypto still has its prominent adherents. One of whom is Block Chairman and Co-founder Jack Dorsey, a leading figure in the payments industry, who has made the bold prediction that bitcoins price could reach $1 million by 2030. As PYMNTS reported, Blocks existing $200 million investment in bitcoin grew by around 160% during the companys most recent financial quarter, $573 million.
All thats to say that Dorsey may not be the most objective source when discussing the growth of a currency with no backing. His optimistic forecast is in part based on the belief that Bitcoin will play a crucial role in the future of finance, serving as the internets native currency.
And, of course, for bitcoin or any crypto asset to reach such a valuation, the regulatory stars will need to align. A situation that continues to look unlikely, at least in the U.S.
For example, Web3 company Ripple is running into fresh SEC trouble following the April announcement of its own dollar-pegged stablecoin, as the company moves forward with its plan to expand itspayments business in the U.S.
In a Tuesday (May 7) filing, the SEC wrote, Ripples primary business continues to be, as it has been since 2013, unregistered sales of XRP. It also plans to issue a new unregistered crypto asset, arguing that Ripple has built its Web3 business by leveraging the sale of unregistered securities, and that the stablecoin project can be painted with the same brush, too.
Read more: What CFOs Should Know About the Growing Use of Stablecoins
Still, in todays post-bitcoin-ETF landscape, crypto is working hard on making further inroads into the traditional financial sector.
Big banks and financial institutions are much more interested today than they certainly were five or six years ago, when we rolled out some products for the first time,Brooks Entwistle, senior VP of global customer success and managing director atRipple, told PYMNTS this fall. You certainly almost never saw the boardroom when you brought up the topic of blockchain and especially crypto in the early days.
And this receptivity is having repercussions across the marketplace. Online brokerageRobinhood Marketson Wednesday (May 8) reported first-quarter profits that exceeded expectations, driven bystrong cryptotrading volumes boosted by positive sentiment toward the crypto industry.
However, Robinhood faces challenges in the form of aWells noticefrom the SEC, indicating potential enforcement action against the company. This development raises concerns about the future of Robinhoods crypto trading arm.
That, it seems, exemplifies the state of the crypto sector in 2024: two steps forward, and three steps back. Or maybe, it is the other way around only time will tell.
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Making Sense of the State of Crypto in 2024 - PYMNTS.com
This Week in Web3: Wells Notices, Crypto Payments and Usability – PYMNTS.com
Crypto goes up, and crypto goes down. Then, often, crypto goes back up.
It can be a dizzying and volatile cycle.
Just collapsed cryptocurrency exchange FTXs customers, who, having once feared theyd lost their collective billions, can now take solace from the news Tuesday (May 7) that FTXs bankruptcy team is ready to repay them in full, with interest.
Thats because eighteen months after its collapse,the cryptocurrency exchange now says it has pulled together assets worth between $14.5 and $16.3 billion, enough to pay back 98% of its creditors118% of what they are owed.
Of course, that repay in full refers to the valuation of customer assets at the time of FTXs November 2022 collapse, when crypto was suffering a bear market, not those assets current valuations, leaving many to feel cheated. For example, bitcoin holders will be owed $16,871 for each of their former coins which are now worth more than 400% more, or around $62,000, as of reporting.
But FTXs turning back the clock isnt the only crypto news to hit the industry this week. And from U.S. Securities and Exchange Commission (SEC) scrutiny to new exchanges, earnings announcements, and even hints of the elusive real-world utility for crypto assets, these are the top stories around the Web3 landscape that PYMNTS has been tracking for the past week.
The internet will have a native currency; its just a matter of time. Artificial intelligence systems and agents will have to transact, and the most efficient way to do so will be a common protocol for money movement, Jack Dorsey, Block head, Square head, chairman and cofounder of Block, said Thursday (May 2) during his companys first quarter 2024earnings results.
Dorsey emphasized that, in his view, bitcoin would be that common protocol for the internets native currency.
And he wasnt alone in using a company earnings call as a platform for crypto payments evangelism.
Also on Thursday, Brian Armstrong, the co-founder and CEO of the largest U.S.-based crypto exchange, Coinbase, told investors that crypto payments were emerging as a key opportunity area.
[Were] driving utility in crypto. Were doing this through building a better payments experience on crypto rails getting us closer to our goal of having the average crypto transaction take less than one second and cost less than $0.01 anywhere in the world, Armstrong said on the call.
It still boggles my mind that every time you swipe your credit card, the merchant is losing 2%, Armstrong added. Its really just moving bits of data, kind of like sending a WhatsApp message, which is free. And sowhy does that still exist as a 2% tax on everytransaction in the economy?
Coinbase stores over 12% of total crypto market cap on its platform, and the exchange is working to introducea smartwallet for crypto this summer.
Elsewhere, theSwiss National Bankis conducting a pilot project that has used wholesale central bank digital currency (CBDC) and successfully settled four tokenized bond issuances and one secondary market transaction.
Andwith thenews Friday (May 3)that telecommunications giantVodafoneis planning to integrate cryptocurrency wallets and blockchain-based payment solutions directly into mobile phone SIM cards, innovative Web3 solutions that can streamline the ease of use for crypto payments are increasingly top of mind for both merchants and consumers.
The timeline across which theyll make it over to real world usability, however, could be a different matter.
Cryptos calling card at least during its early years was that it was the Wild West. But as the industry matures, regulators are taking some of the sectors cowboys to court.
As PYMNTS reported, on Monday (May 6) Robinhoodscryptocurrency business could become the latest target of regulatory action, with the trading platform receiving a Wells Notice from the SEC indicating they will recommend that the commission take enforcement action against the company.
After years of good faith attempts to work with the SEC for regulatory clarity including our well-known attempt to come in and register, we are disappointed that the agency has decided to issue a Wells Notice related to our U.S. crypto business,Dan Gallagher, the companys chief legal, compliance and corporate affairs officer, said in ablog post.
At the same time, news broke on Tuesday that Nigeria is reportedly stepping up its cryptocurrency crackdown with a proposed ban on peer-to-peer (P2P) trading. The move is the latest effort by the West African country to place tighter controls on the crypto sector, which it blames for the decline of its national currency.
It isnt just regulatory struggles crypto firms are subject to run-of-the-mill operational struggles, too. As reported here, Bakkt is cutting staff after warning earlier this year about the future of the company. The cryptocurrency platform said in an April 29 securities filingthat it is laying off 13% of its non-call center staff.
Regulatory struggles aside, the crypto space continues to push forward.
On Tuesday, British FinTechRevolut unveiled a stand-alone cryptocurrency exchange for professional crypto traders.Called Revolut X, the platform designed to compete with other top exchanges by offering easy on and off ramping, and low fees.
And PYMNTS covered Sunday (May 5) how cryptocurrency startups are reportedly engaging in aggressive fundraising as the digital asset space recovers, as well as how Crypto.comwants to increase its sports sponsorships to reach a wider audience.
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This Week in Web3: Wells Notices, Crypto Payments and Usability - PYMNTS.com
Stand With Crypto Forms Political Action Committee – PYMNTS.com
The nonprofit groupStand With Cryptoreportedly formed a political action committee (PAC) to support candidateswho arefriendly to cryptocurrency and blockchain.
The new PAC aims to raise money from Stand With Cryptos 440,000 members, ReutersreportedFriday (May 10).
The goal is to endorse candidates and support candidates that are protecting the rights of our advocates of Stand With Crypto throughout November,Nick Carr, chief strategist at Stand With Crypto, said in the report.
Some crypto-focused super PACs, includingFairshake, Defend American Jobs andProtect Progress, have raiseda combined total of$110 million for this election season, per the report.
The crypto sectorssuper PACshave become one of the top three fundraisers in the 2024 election cycle, behind only the super PAC backingRon DeSantis failed presidential campaign and the one backing Democratic Senate candidates, nonprofit consumer advocacy organizationPublic Citizensaid in areportreleased Monday (May 6).
Out of the six 2024 primaries in which crypto super PACs intervened and which are now over, only one crypto-backed candidate has lost, Public Citizen said in apress releaseabout the report. Eleven primary races that include crypto-backed candidates remain. The crypto super PACs have pledged to spend in general election Senate races in the battleground states of Ohio and Montana.
It was reported in March that crypto-focusedsuper PACsspent at least $13 million on the March 5 Super Tuesday primary contests in Texas, California and Alabama.
The crypto community is playing politics to win, Fairshake spokesperson Josh Vlasto said at the time. We will have influence and impact in races behind candidates who align with our agenda andourvision.
Cryptocurrency firms have also been spending record amounts of cash tolobbyfor their cause in Washington.
During the first three quarters of 2023, digital asset companies spent $18.9 million on lobbying a figure that was up from $16.1 million in 2021, despite the collapse of FTX, which had been one of the biggest spenders when it comes to lobbying.
Our goal is to engage directly with policymakers, build relationships and bridge the education gap to build a commonsense regulatory framework,Blockchain AssociationCEOKristin Smithsaid in December.
In September, Stand With Crypto hosted an event in Washingtonalongwith 50 crypto founders to advocate forlegislative clarityaligned with theirowngoals.
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Stand With Crypto Forms Political Action Committee - PYMNTS.com
FTX’s New Plan Could Give 98% of Crypto Customers Back More Than They Lost – Investopedia
Key Takeaways
Bankrupt cryptocurrency exchange FTX announced a new restructuring plan that, if approved, could finally give most of its customers access to money they lostplus interest.
The new plan provides for 98% of all customers, including those holding claims of $50,000 or less, to receive up to 118% of their allowed claims within 60 days.
FTX forecasts that the total value of assets collected, converted to cash, and available for creditors will be between $14.5 billion and $16.3 billion.FTX owes more than $11 billion to its customers.
The plan will require approval from the U.S. Bankruptcy Court for the District Court of Delaware.
John J. Ray III, chief restructuring officer of FTX, said: "We are pleased to be in a position to propose a Chapter 11 plan that contemplates the return of 100% of bankruptcy claim amounts plus interest for non-governmental creditors."
A previous plan proposed refunding up to 90% of distributable assets to customers. The recovered assets were those held by the company in various entities in the Bahamas, Australia, and the U.S.
Investors who withdrew more than $250,000 from the exchange in the nine days before its collapse were expected to pay a 15% fee on the value of the funds to avoid potential clawback.
One of the biggest criticisms of any FTX plans to repay its customers' lost funds is that it's returning money in dollars based on Nov. 11, 2022, cryptocurrency prices, not the cryptocurrency itself or repaying at its current value, which has appreciated greatly.
For example, bitcoin (BTC) was trading roughly around $17,000 on Nov. 11, 2022; today, its price is more than 3.5 times that at about $62,500.
FTX collapsed and filed for bankruptcy in November 2022 after commingling of customer funds between FTX and its Alameda Research investment arm meant customers were unable to withdraw more than $8 billion in investments that had been used for other purposes. Former FTX CEO Bankman-Fried was sentenced to 25 years in prison for crypto fraud in late March.
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FTX's New Plan Could Give 98% of Crypto Customers Back More Than They Lost - Investopedia
Behind Nigeria’s Arrest of Binance Employee, Claims of a Bribe Request – The New York Times
On a trip to Nigeria in January, Tigran Gambaryan, a compliance officer for the giant cryptocurrency exchange Binance, received an unsettling message: The company had 48 hours to make a payment of roughly $150 million in crypto.
Mr. Gambaryan, a former U.S. law enforcement agent, understood the message as a request for a bribe from someone in the Nigerian government, according to five people familiar with the matter and messages reviewed by The New York Times. He and a group of his Binance colleagues had just met with Nigerian legislators, who accused the company of tax violations and threatened to arrest its employees.
The Binance officials fled Nigeria in a panic. Later that month, Mr. Gambaryan wrote a three-page report describing the payment request and gave it to Binances lawyers, two people familiar with the report said. He also alerted contacts in the Nigerian government, the people said, and recounted the incident to them.
The episode was the backdrop for a second trip to Nigeria that Mr. Gambaryan took in February. On his return, he and a colleague, Nadeem Anjarwalla, were arrested by the Nigerian authorities, setting off a crisis at Binance.
Mr. Gambaryan has been held in Kuje prison in Nigerias capital, Abuja, for the last four weeks, after he was transferred there from a government compound on April 8. His case is the latest legal headache for Binance, which agreed to a $4.3 billion fine last year to settle charges by the U.S. government that it allowed criminal activity to flourish on its platform. In April, the companys founder, Changpeng Zhao, was sentenced to four months in prison for his role in those violations.
The Nigerian authorities have charged both Binance and Mr. Gambaryan with tax evasion and money laundering. Binance has denied that Mr. Gambaryan had any decision-making power in the company.
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Delving into BlockDAG’s Prominence and Cryptocurrency Market Trends in 2024 – NullTX
BlockDAG Maintains Lead in Crypto Sphere: Celebrates Listing Success at Piccadilly; Insights into SOL and AVAX Price Forecasts
In the dynamic arena of cryptocurrency networks, each participant seeks to surpass others through advanced technology and a stronger market presence. While Solana has previously excelled in speed and cost-effectiveness, it now faces formidable challenges from emerging competitors like SUI and Avalanche, each carving out their niche with innovative technologies and strategic market manoeuvres.
Yet, BlockDAG (BDAG) has recently captured the limelight with its prominent exhibition at Piccadilly Circus, attracting substantial attention and investment. By offering an appealing alternative to conventional payment methods and significantly boosting its visibility, BlockDAG is swiftly gaining momentum and is on the brink of transforming usability and access in cryptocurrency.
Recently, there has been a notable increase in the Solana [SOL] network activity. Despite this, it faces stiff competition from networks like SUI, which has recently surpassed Solana in daily transaction counts. This indicates that Solana could struggle to attract new users and retain current ones.
Additionally, Artemis highlighted that many transactions on the SUI network were spam from the Spam Sui dApp, offering SPAM coins for transactions and distorting the actual transaction volume. As a result, SUI is not expected to outperform Solana as the leading network anytime soon.
Furthermore, theres been a significant decline in decentralized finance (DeFi) trading volumes on Solanas DEX since March, suggesting that users are shifting to other networks for their trading activities. However, the Total Value Locked (TVL) in Solana continues to grow, reaching $4 billion, indicating resilience in certain areas despite a downturn in DEX performance.
In a climate of market fluctuation, Altcoin Buzz foresees a promising crypto bull run in 2024, with Avalanche (AVAX) positioned for major growth, buoyed by the stability of Bitcoin. Known for its high throughput, scalability, and low fees, Avalanche is celebrated as an Ethereum killer with great potential.
Despite fluctuations, Avalanche has seen a 175% rise since April 2023, fueled by positive expectations post-Bitcoin halving, and significant AVAX investments by crypto whales demonstrate strong market confidence.
The Durango update, slated for February 2024, promises to enhance network efficiency and interoperability, further increasing the attractiveness of Avalanche. The platform also expands into web3 gaming with MapleStory, leveraging its scalable capabilities to dominate gaming.
BlockDAGs recent event at Piccadilly Circus showcased its cutting-edge technology designed to revolutionize global payment systems by offering a more efficient and cost-effective alternative to existing networks like Ethereum and Dogecoin.
The event highlighted BlockDAGs swift transaction speeds and low fees and underscored its growing popularity, evidenced by its successful $24.9 million fundraising in the latest presale. These funds underscore solid market confidence and support BlockDAGs mission to offer a scalable alternative to traditional financial systems.
Moreover, BlockDAGs visibility was enhanced by prominent events at Shibuya Crossing and the Las Vegas Sphere, boosting its global stature and appeal. Launching a Low Code/No Code Platform at these events represents a major step forward, enabling users to easily create smart contracts for NFTs and meme coins without in-depth technical knowledge.
This innovation aims to draw a broader audience by simplifying engagement in the digital asset market, thus reinforcing BlockDAGs status as a significant player in the cryptocurrency field, equipped to handle various financial transactions and digital innovations.
With its recent showcase at Piccadilly Circus and substantial capital raised in its latest presale, BlockDAG underscores strong market confidence and dedication to enhancing transaction efficiency. This sets it apart from competitors like Solana and Avalanche and outlines a bright future. As BlockDAG continues to evolve and expand its platform, it is poised to potentially revolutionize how digital transactions are conducted worldwide, marking a significant leap in blockchain technology.
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Disclosure: This is a sponsored press release. Please do your research before buying any cryptocurrency or investing in any projects. Read the full disclosurehere.
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Delving into BlockDAG's Prominence and Cryptocurrency Market Trends in 2024 - NullTX
Franklin Templeton foresees Solana as third-largest cryptocurrency – crypto.news
Asset management firm Franklin Templeton sees growing potential in Solana to cement itself as the third-largest cryptocurrency in the market.
The asset manager with over $1.5 trillion in assets under management (AUM) took to X on May 2 to praise Solana,currentlythe fifth largest cryptocurrency by market cap.
Solanas growth is likely to continue because it is well-positioned to capture the next wave of crypto adoption, solidifying itself as the third major crypto asset after Bitcoin (BTC) and Ethereum (ETH), the firm said.
In the note shared on X, the firm revealed that Solanawas able tograb a part of the cryptocurrency acceleration during Q4 2023 through its round of native airdrops, which subsequently propped up the whole SOL ecosystem.
Franklin Templeton also mentioned the networks robustness. Solana was severely affected by FTXs meltdown in 2022 butmanaged to recoverwith solid adoption numbers. Owing to its low fees and scalability, Solana also capitalized on the memecoin craze, creating popular meme tokens, including BONK and WIF, which have remained among the top 100 cryptocurrencies by market valuation.
The Wall Street giant expects Solana to expand its reach as its performance and network effects position it to capitalize on thenextcrypto trends. The network is home to various initiatives deploying use cases, including payments, decentralized physical infrastructure network (DePIN), and compression non-fungible tokens (NFTs), which Franklin Templeton believes will help the blockchain usher in the next wave of adoption.
The firms note stated:
Crypto enthusiasts are wondering what the next big thing in crypto might be While we dont know the precise answer, wed argue there is a strong chance it happens on Solana.
While the institution acknowledged that increased activity had caused operational problems in Solana, it also recognized the efforts of developers working to fix these issues as soon as possible.
On Oct. 31, Dan Albert, the executive director of the Solana Foundation, revealed the launch of the testnet for Firedancer, an anticipated scaling solution for Solana.
The project, spearheaded by web3 development firm Jump Crypto since last August, is expected to enhance the networks speed, reliability, and validator diversity, with amainnet launch projected for the first half of 2024.
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Franklin Templeton foresees Solana as third-largest cryptocurrency - crypto.news
Cryptocurrency: 3 Coins To Buy Under $0.5 in May 2024 – Watcher Guru
The cryptocurrency market experienced the Bitcoin halving event last weekwherethe supply of BTC was cutin half. The development makes Bitcoin scarcely available in the marketat a timewhen theres ahugedemand for the cryptocurrency. As the demand for the cryptocurrency is high, the move could make its price sustainably scale up in the indices in May 2024.
Also Read: Cardano: How High Can ADA Trade This May?
The entry of global institutional investors in the cryptocurrency market through Spot Bitcoin ETFs can make BTC reach new heights. If Bitcoin climbsupthe charts, it will also push other leading cryptocurrencies to rally and move in tandem with its price rise.In thisarticle, wewill highlight the top 3 coins to buy in May 2024.
Also Read: Shiba Inu Team Estimates When SHIB Could Hit $0.01
1. VeChain (VET)
VeChain (VET) was among the top-performing assets in the cryptocurrency market in Q1 of 2024. VET is currently trading around the $0.038 mark and is mostly moving sideways in the indices.It spiked nearly 70% between JanuarytoMarchridingthe hype of the Bitcoin halving event.
However, VET is down in April this month and barelymoved upin the charts in the last 30 days. Now that the BTC halving event is over, aspike in BTCs pricecould catapult VET in May 2024. VET has more chances to rise in May 2024 as VeChain mostly moves in tandem with Bitcoin.
Also Read: Settlement Woes Weigh On XRP: Will Ripple Hit $1 Sooner Than Later?
2. Cardano (ADA)
Leading altcoin Cardanos native token ADA is hovering around the $0.45 price range. ADA is receiving a large trading volumetouching$282 million this week. Cardanos ADA is consolidating in priceanda leg-up from here could push the cryptocurrency to climb above the $0.50 mark in May 2024.
3. Dogecoin (DOGE)
Billionaire Elon Musk could soon integrate Dogecoin as an official form of payment for customers to buy Tesla cars. If the cryptocurrency markets rally, Dogecoin is the first to spike double digits and deliver profits to investors. Dogecoin is mostly the sleeping giant of the cryptocurrency market and rallies when the market turns green.
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Cryptocurrency: 3 Coins To Buy Under $0.5 in May 2024 - Watcher Guru