Dig Deeper, Invest Smarter
Senator Cynthia Lummis has promoted the idea that Bitcoin (BTC) serves as a means of protection against inflation and is a path to long-term financial prosperity. She positioned BTC as a modern alternative to the U.S. dollar, as it empowers people during periods of economic insecurity. Senator Cynthia Lummis Says Bitcoin is a Safe Haven
The post Bitcoin Is “Freedom Money”, Senator Cynthia Lummis Declares appeared first on CoinGape.
Cardano price eyes a massive bull run amid a looming supply squeeze after more than $20M ADA tokens exited exchanges in the last seven days. Meanwhile, analysts expect that Cardano will register a 100% rally and reach $1.46 in the coming months.
ADA value today stands at $0.71 with a 1.3% dip. Data from CoinMarketCap also shows that Cardano trading volumes have topped $902M highlighting high market interest.
Cardano price is on the verge of a massive rally after more than $20M ADA tokens left exchanges recently. Data from Coinglass indicates that in the last seven days, traders have been moving ADA from top exchanges like Binance and OKX, which signals a lack of intent to sell.
As exchange withdrawals surge and reduce the supply that is available in the market, it might create a squeeze whereby a surge in demand will force the Cardano price to rally. Therefore, it is likely that this top altcoin could soar to as high as $1 in the near term.
Trader Justin Qu on X has also shared a bullish Cardano price forecast, suggesting that the price of this altcoin will soon skyrocket to new multi-month highs. In his analysis, Justin stated that ADA had broken out of a descending wedge pattern on the daily timeframe, which is a classic sign of an upcoming bull run.
If ADA continues to defend support at the upper trendline of this wedge pattern, it might kickstart a strong rally towards the first resistance level at $1.24. Breaking this level will then set the stage for a rally to $1.46.
Hence, going by the surging outflows from cryptocurrency exchanges and the bullish forecasts shared by analysts on Cardano, this altcoin is likely on the verge of a major bullish breakout. Moreover, a recent Coingape article reported that the Cardano price may hit $2.70 after another bull market signal emerged.
Besides the positive exchange data and technical outlook, blockchain activity also suggests that Cardano price might be eyeing a rally to a new high. Data from DeFiLlama shows that at press time, Cardano’s Total Value Locked (TVL) had ballooned to $442M, marking the highest level in nearly a month.
The other network metric that has also recorded an uptick is DEX volumes. At press time, Cardano’s DEX volumes stood at $3.87M, which is also a significant uptick in the last 24 hours.
As the network activity continues to grow, it is possible that Cardano price attains the $1.46 target shared by analysts. However, for this price to be attained, this altcoin needs to record a surge in buying pressure, which might happen amid the ongoing growth in network activity.
The post Will Cardano Price Respond With Rally as $20M ADA Leaves Exchanges? appeared first on CoinGape.
XRP recently achieved a significant milestone, pushing its market cap to $164.47 billion, making it the third-largest cryptocurrency in the world, surpassing Tether (USDT).
The altcoin has seen a surge in price, with a notable rally driving the price higher. However, as XRP climbs, the potential for profit-taking increases, as observed in the last 24 hours.
XRP’s supply in profit has recently crossed the 95% threshold, a critical level often seen as a signal of market tops. When supply exceeds this level, it usually results in a price reversal.
However, XRP has consistently reached this area over the past year and managed to maintain its price, moving sideways with occasional corrections. This historical behavior suggests that while the current rise could face resistance, it may not necessarily lead to a drastic reversal.
The overall macro momentum for XRP, however, raises concerns. In the last 24 hours alone, over 140 million XRP, valued at more than $387 million, have been sold to exchanges.
This large sell-off signals a lack of conviction among investors, as many appear to be booking profits.
With such a large volume of XRP entering exchanges, the market sentiment may weaken, as investors are securing gains. While this is typical in bull markets, the scale of selling in the last 24 hours could lead to a pullback, negatively impacting the price of XRP in the short term.
XRP price has risen 9% over the past 24 hours, peaking at 16% during intra-day highs. Despite this strong performance, XRP missed hitting the $3.00 mark by inches. This rally has drawn significant attention, but the price faces challenges as it nears key resistance levels.
Trading at $2.78, XRP may struggle to reach $3.00 given the factors discussed above. If the selling pressure intensifies, a drop below $2.65 is likely, with the potential for further declines to $2.35.
This could trigger a broader market correction, wiping out the recent gains and hindering further price growth.
However, if broader market conditions remain bullish and if whales step in to absorb the sold supply, XRP could push toward $3.00. Breaching this key resistance would mark a five-month high and potentially pave the way for further gains.
The ability to break through this level will depend on continued investor confidence and market stability.
The post XRP Overtakes USDT Market Cap, But Price Concerns Remain – Here’s Why appeared first on BeInCrypto.
The post DeFi Development Corp Files Form S-3 With U.S. SEC to Raise $1B To Purchase Solana (SOL) appeared first on Coinpedia Fintech News
DeFi Development Corp. (NASDAQ: DEFI), a Florida-based blockchain and DeFi-focused company, filed a Form S-3 registration statement with the United States Securities and Exchange Commission (SEC) on April 25, to offer up to $1 billion in securities. According to the SEC filing, DeFi Development Corp intends to register up to 1,244,471 shares of common stock for potential resale by existing stockholders.
“We may sell any combination of these securities in one or more offerings, at prices and on terms to be determined prior to the time of the offering, with an aggregate offering price of up to $1,000,000,000,” the filing noted.
The company noted that the proceeds from the intended offering will be used for general corporate purposes, including the acquisition of Solana (SOL).
The strategic move by DeFi Development Corp to raise $1 billion, under the Donald Trump administration, will have a far-reaching influence on the wider crypto market. Furthermore, the validation of the crypto market by institutional investors has helped increase liquidity and enabled ongoing mainstream adoption of digital assets and web3 technology.
The Solana network stands to benefit most from the DeFi Development Corp’s deal. As Coinpedia reported, SOL Strategies intends to raise up to $500 million to purchase more Solana coins in the near term.
Consequently, SOL price will likely continue with bullish sentiment in the coming months, especially if the highly anticipated altseason kickstarts. Moreover, the Solana network has recorded a sharp uptick in cash inflows in the past few months, led by stablecoins such as Circle’s USDC.
The post DeFi Development Corp Files Form S-3 With U.S. SEC to Raise $1B To Purchase Solana (SOL) appeared first on Coinpedia Fintech News
DeFi Development Corp follows a similar approach to SOL Strategy to issue debt securities to purchase more SOL coins. SOL price has hinted at a potential parabolic rally in the coming months bolstered by institutional tailwind. DeFi Development Corp. (NASDAQ: DEFI), a Florida-based blockchain and DeFi-focused company, filed a Form S-3 registration statement with the …