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Bitfront: The Demise Of LINE’s Crypto Exchange

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LINE’s crypto exchange, Bitfront, has announced that it is ceasing operations. The exchange declared its closure on November 28th while stating that it will not stop developing the LINE blockchain ecosystem or the LINK token ecosystem.

The company, known initially as Bitbox, was established in February 2020. It facilitates trading in US dollar fiat markets for the major cryptocurrencies Bitcoin (BTC) and Ethereum (ETH), as well as Link, the mainnet token for Line’s blockchain.

The business stated that, unfortunately, they have decided that they must close down Bitfront despite their attempts to overcome the difficulties in this quickly-evolving market.

The closure of Bitfront comes in response to the market turbulence and liquidity problems brought on by the consequences of the FTX meltdown in early November. Services and enterprises were brought dangerously close to insolvency due to exposure to FTX and the market liquidity crisis.

According to Bitfront statement:

Please note that this decision was made for the best interest of the LINE blockchain ecosystem and is unrelated to recent issues related to certain exchanges that have been accused of misconduct.

However, by March 31st, 2023, the platform will also stop allowing withdrawals of any kind. Its US customers can claim their assets after that date in each state, while its international customers can do so in Delaware, US. Further details are mentioned in the notice.

Along Bitfront, Crypto Firms Hit Hard By “Crypto Winter”

Fears of interest rate increases and “Crypto Winter” have had a significant negative impact on cryptocurrencies. The biggest digital asset in the world, bitcoin, is down more than 56% from its high, and many cryptocurrency companies have had to file for bankruptcy. 

Additionally, in the first six months of 2022, following the implosion of TerraUSD and LUNA, the prices for all digital currencies plummeted. Multiple crypto-focused companies are now struggling financially; some have already gone under because they couldn’t keep up.

Similar to how Celsius Network began in 2017 and filed for bankruptcy in July 2022, the corporation claimed in a court document that between March 30th and July 14th, 2022, the value of its assets had fallen by 80%.

Following that, on November 11th, 2022, two significant cryptocurrency exchanges—FTX and FTX.US—filed for bankruptcy. The action was taken following a sell-off of FTT, FTX’s native token, and a significant number of withdrawals. Soon after declaring bankruptcy.

Related Reading | Ripple’s XRP Loses $790 Million In Market Cap Amid Unfavorable Market Conditions

Ripple’s XRP Loses $790 Million In Market Cap Amid Unfavorable Market Conditions

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Recently, amid unfavorable cryptocurrency market conditions, Ripple’s XRP token has experienced a sustainable rally – but it then fell victim to persistent selling pressure on November 28th, losing around $790 million in value within a day. 

According to CoinMarketcap‘s statistics, the current market cap of the seventh-ranked token is $19.15 billion, with a significant decrease of about 7% in the last 24 hours. While the token’s 24 hours volume displays a notable rise of approximately 70%.

XRP 1D graph coinmarketcap
Source: CoinMarketcap

According to Whale Alert, a large amount of Ripple’s token was sent from BitGo – a company that secures digital assets using multi-signature technology and operates out of California – to the European cryptocurrency exchange called Bitstamp. This trade occurred less than an hour ago when 30 million XRP were moved from one wallet address tagged as unknown.

Nevertheless, in spite of being one of the most volatile cryptocurrencies in today’s digital world, the token has experienced an unyielding and surprisingly sustained bullish rally in the past few days. This growth can largely be attributed to the ongoing court battle between Ripple lab – the company behind XRP – and SEC.

XRP Bullish Trend 

On November 8th, XRP had a straight decline from $0.464 to $0.407. Since then, it has not gone back to this region. Furthermore, it coincides with the range lows around $0.427, where XRP lasted for seven weeks.

Furthermore, there was also a sharp increase seen previously in XRP’s social metrics recently. A well-known crypto analytic firm LunarCrush recorded twenty-four million social interactions.

After that, XRP rose over $0.39 to change its market structure from bearish to bullish on November 27th. The token marked a daily high of $0.4079, with a growth of 9.91%. Since November 8th, it has returned to $0.40 to $0.42 region for the first time.

After a bullish start to the day on November 28th, XRP soared to a high of $0.42300. At $0.4089 and $0.4217, respectively, it overcame the First Major Resistance Level (R1) and Second Major Resistance Level (R2). But an unexpected turn in the cryptocurrency market caused XRP to drop to a low of $0.39468.

XRPUSDT 2022 11 28 08 02 02
source: Tradingview

As per Coimarketcap, the token is now trading at $0.38 and has gained approximately 6.49% over the last seven days while suffering a loss of about 7% during the past 24 hours. However, the price may drop as low as $0.35 if the bearish trend continues.

Related Reading | Bitcoin (BTC) Shrimps & Crabs Balances On Rise Despite FTX Demise

A Ripple Settlement Could Be A “Defining Moment”- Expert

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As the Ripple Vs SEC lawsuit inches closer to a crucial court date, there has been speculation on the possible outcomes and their repercussions.

One such is the issue surrounding settlement. Founder of Crypto Capital Venture Dan Gambardello, believes that a case of settlement would be “epic for crypto” and will be historic for the cryptocurrency industry as a whole.

“A Ripple settlement could be epic for crypto. Potentially a defining moment to ring at the bottom of the bear market”.

The summary judgement briefs will initially be filed under seal, by both Ripple and the SEC no later than November 30. The two sides will meet on December 2 to talk about the redactions for the court papers.

The briefings from Ripple and the SEC will be released to the public on December 5, a few days later. The omnibus motions to seal all of the supporting documents for the summary judgement motions will be submitted on December 22.

The motions for a summary judgment were filed in the Southern District of New York.

Bill Morgan, a well-known Australian attorney, and crypto enthusiast also feels that November 30 would determine how the litigation will turn out. One of the trial’s most revealing documents could be among those that will be made public on December 5, according to Morgan.

The Ripple reply may be one of the most telling documents filed in the case to date and certainly one of the top few I have eagerly awaited.

Meanwhile, Ripple’s Ripple’s legal team continues to engage the SEC head-on while sharply criticizing its enforcement practices toward the cryptocurrency industry.

Ripple VS SEC Battle Intensify

The general counsel for Ripple cited the SEC’s recent annual report, in which the regulator lauded itself. According to the report, the commission brought 760 enforcement actions this year, an increase of 9% from the previous year.

SEC in the report claimed that it had imposed a record $6.4 billion in penalties and restitution on behalf of investors. This was an increase from the $3.852 billion in the fiscal year 2021.

“I continue to be impressed with our Division of Enforcement. These numbers, though, tell only part of the story,” said SEC Chair Gary Gensler. “Enforcement results change from year to year. What stays the same is the staff’s commitment to follow the facts wherever they lead.”

Bitcoin (BTC) Shrimps & Crabs Balances On Rise Despite FTX Demise

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Data provided by Glassnode via Twitter thread shows that after the demise of the FTX exchange, 96,200 (96.2k ) coins have been added to Bitcoin “shrimps,” a cohort of holders that hold less than 1 BTC.  

This balance increase marks “an all-time high.” According to the statement, this cohort now has more than 1.21 million Bitcoin or 6.3% of the total supply. 

While Bitcoin Crabs (up to 10 $BTC holders) has also seen an aggressive growth rate of 191,600 (191.6k) Bitcoin over the last 30 days. It is a very convincing new high for them, and it eclipses their previous peak, which was 126k $BTC per month back in July 2022.

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Source: Glassnode

On the other hand, Whales, the primary cohort with 1000 BTC, are selling off their Bitcoin holdings. The analytics firm said:

Whales have released approximately -6.5k $BTC to exchanges on net over the last month. Whilst this is distribution, it remains very small relative to their total holdings of 6.3M $BTC.

FinWOQ0acAE TP
Source: Glassnode

In light of this, the analytics firm asserts that it can be seen that the average investor is still bullish and is only awaiting the rebuttal. Of course, before they even consider entering Bullrun, most of them will have to deal with another significant decline. The firm further said, “next 2 months are going to be very much fun.”

Bitcoin Price Analysis

BTC is currently trading at $16,221.37, according to statistics from Coinmarketcap, with a loss of roughly 2.00% over the last 24 hours and a gain of 1.05% over the previous seven days. The amount of trade within a day increased by more than 28.76%.

BTCUSD 2022 11 28 04 19 16
Source: Tradingview.com

Price movements for BTC have been unpredictable in recent days. Investors are unsure of what’s going to happen next and are uncertain about when it’ll start rising again. 

Despite the recent rally seen in cryptocurrency markets over the past week, BTC’s price fluctuates between $15,500 and $16,500. Along with this new rally come many other uncertainties, such as how long it will last. This uncertainty has had negative impacts on the prices of some altcoins that are struggling to stay afloat due to this volatility.

Furthermore, Santiment claimed in a tweet on November 26th that Bitcoin holders were moving their currency from exchanges to cold storage, and only 6.95% of Bitcoin was accessible through exchanges.

Additionally, the amount of Bitcoins that are now listed on exchanges has reached its lowest point in four years. The current trend of removing BTC from exchanges started in 2020 but has lately picked up speed because of the FTX debacle.

Related Reading | Solana NFT Ecosystem Shines But DeFi Remains Muted: Report

TRON Founder Jumps On The “wETH FUD” Bandwagon

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TRON’s Justin Sun too got on the wETH jokes that are currently circulating across social media. Tagging Vitalik Buterin, the crypto entrepreneur tweeted he and the Ethereum founder would pour $2 billion into the foundation to save it from insolvency.

As a humble member of the crypto industry, I personnally have discussed with my BFF@VitalikButerin and together we will invest $2 billion into WEF to recover all the funds. Stay SAFU! Stay strong!

The other day, Crypto Twitter was rife with jokes on wrapped Ethereum losing its peg and becoming insolvent. Several big names like those belonging to the Ethereum community started adding more fuel to the fire.

One Ethereum bull and host of the Daily Gwei, Anthony Sassano even claimed that wETH was about to experience a “total collapse.” Later, he admitted that the initial post was a “shitpost/ meme” after reading the replies.

An individual using the Twitter handle @0xCygaar first began the “inside joke” by maintaining that wETH is about to become insolvent. The tweet from November 26 received more than 1,000 likes before indicating that the warning was ironic.

However, that did not stop the joke from spreading like a wildfire. Vitalik Buterin too chimed by saying how WETH and WEF sounded so similar. When a Twitter user asked him if one should buy WEF coin, Buterin said “isn’t that just Ethereum.”

Soon the wETH insolvency rumors triggered a brief selloff, prompting the crypto community to emphasize that WETH will never become insolvent and that it will always be interchangeable 1:1 with ETH.

On the price front, Wrapped Ethereum remained largely intact amidst the doomsday predictions. The token is currently hovering at $1170, down by 4% over the past 24 hours.

Meanwhile, TRON founder Justin Sun’s backed Poloniex exchange and his other firm Huobi exchange are in talks for integration, TronWeekly reported.

TRON Boss Hints Upcoming Collaborations

It’s possible that the partnership is a component of a growth strategy that the TRON founder has meticulously planned. The other day, Sun turned heads with a tweet about a possible collaboration with the BNB chain.

“I fully support the BNBCHAIN ecosystem and BUSD. Actually, we will have a big partnership announcement soon.”

Previously, Sun notified the community of the arrival of a new BEP-20 TRX token on the BNB Blockchain which has reportedly got delayed owing to technical upgrades.

Bitcoin Returns To 2018: Current Crypto Bear Market Is Nothing New, Says Thomas Lee

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The current crypto bear market is nothing new, as the market went through a similar collapse in 2018, when Bitcoin (BTC) dropped more than 70% of its value from all-time highs, Top Wall Street strategist Thomas Lee, co-founder of Fundstrat Global Advisors, claimed In an interview with CNBC.

Despite a dismal performance in 2022, he believes cryptocurrency will reemerge. He continues by saying that because it is cleansing the market of many undesirable actors, the current cryptocurrency winter is a crucial time for the sector, as the finest projects were developed during the previous bear market.

According to his statement:

It has been a horrific year for crypto. Nobody has made money in crypto in 2022. But it is not that different from 2018. If we look back at that crypto winter when Bitcoin went from $17,000 to something around $1,200, that was the time when some of the best projects were created.

Moreover, Thomas answered yes when asked if he still suggested purchasing Bitcoin. He made it clear that he did not believe that cryptocurrency is dead; instead, he was sure that the benefits of crypto would ensure its longevity.

He explains that they published about Bitcoin for the first time in 2017 and advised readers to invest 1% of their financial resources in it. Bitcoin was under $1,000 at the time. That position today would make up 40% of its portfolio without rebalancing.

Bitcoin BTC Price Analysis

The data from Coinmarketcap show that BTC is currently trading at $16,517.98, with a 0.03% gain in the last 24 hours and a loss of about 0.68% in the previous seven days. Additionally, its 24 hours trading volume is facing a significant decrease of about 25.07%.

BTC 1D graph coinmarketcap 1
Source: CoinMarketcap

According to the newest worst-case scenario forecast, Bitcoin (BTC) still runs the chance of falling below $7,000 during the current bear market. Trading platform DecenTrader shared targets for the bottom of the BTC price during its most recent Livestream show.

According to Filbfilb of Decentrader, a Bitcoin capitulation may cause BTC’s price to drop to a level twice as low as the bear market’s 2018 low. 

Regarding a bidding zone of around $6,500, he indicated it in the worst situation and believed that would be where they ultimately ended up – like old-school rock-hard support.

Filbfilb asserted that unlikely at the moment, additional severe effects from the FTX collapse would eliminate bid support farther up the order book, creating the possibility of such a capitulation scenario.

Related Reading | TRON Founder Backed Poloniex Could Be Merging With Huobi; Details

Weekly Market Update: Huobi Token & ApeCoin Shine Amidst FTX’s Collapse

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Huobi Token (HT) has been doing well over the last few days, and other cryptos seem to be caught up in the aftermath of FTX’s collapse. It sits at number one as the weekly winner thus far- with significant growth of almost 48% from last week. Similarly, ApeCoin (APE) ranks second among weekly winners, with a considerable growth rate. 

According to the data from CoinMarketcap, the weekly price change is from the low of $4.69 on November 21st to the high of $7.32 on November 27th. Huobi token is currently trading at $6.34, with a loss of about 11.01% in the last 24 hours. However, its 24 hours trading volume displays a notable gain of approximately 82.80%.

HTUSDT 2022 11 28 02 47 52
Source: Tradingview

The launch of the 1,000,000 $USDT and limited-edition NFTs shared for the Huobi community by PrimeBox x CryptoSoccer on November 23rd, which is available through November 30th, is one of the factors fueling the Huobi token’s price increase.

Following that is the ERC-20 governance and utility token ApeCoin (APE), which is currently trading at $3.81 and has had a weekly price change of $2.86 to $3.94. The token has seen a gain of around 26.44% over the last seven days, as well as a gain of 1.25% during the past 24 hours.

APEUSDT 2022 11 28 02 51 25
Source: Tradingview

One of the reasons for the increase is the announcement that the community-led DAO comprised of ApeCoin holders has started its own marketplace to purchase and sell NFTs from the Yuga Labs ecosystem.

The NFT infrastructure company Snag Solutions created the aptly called ApeCoin Marketplace, which allows transactions of the BAYC, Mutant Ape Yacht Club, Bored Ape Kennel Club, and Otherdeed NFT collections. It was released on November 24th.

LINK & DOGE Ranks In Weekly Gainers List Following Huobi

As per Coinmarketcap’s data, the token’s price is currently at $0.09502, with a gain of over 25.39% in the last seven days. Additionally, its 24 hours trading volume shows an incredible growth of about 109.86%.

As the token advanced for a second straight session, Dogecoin (DOGE) soared to a three-week high to kick off the week. On Saturday, DOGE surged to an intraday high of $0.09474 after hitting a low of $0.08695 on Friday. This increase in value had brought the token’s price to its highest level since November 8th, when it reached a high of $0.1125.

DOGEUSDT 2022 11 28 02 49 01
Source: Tradingview

After that comes, Chainlink (LINK), which has increased by approximately 19% over the past week, is presently down by around 5% over the last 24 hours and is trading at $6.81. The weekly price increase is from $5.58 to $7.25 as well.

Data from Lunar Crush suggests that this growth might be due to LINK, which has seen an increase in social mentions. In comparison to the seven-day average, the network saw a 586% increase in mentions per hour to over 3,000.

It’s possible that the debate around LINK was influenced by the upcoming staking function that Chainlink is about to launch. Price increases for LINK may be a result of the continual agreements and integrations Chainlink has been forming.

Related Reading | Solana NFT Ecosystem Shines But DeFi Remains Muted: Report

Bitcoin Price Dump Incoming – 3 Altcoin Alternatives To Consider: BudBlockz (BLUNT), Hedera (HBAR), Tezos (XTZ)

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While investing in digital coins and assets is a good strategy to generate passive income, it’s important to understand that, like traditional stock investments, cryptocurrency isn’t exempt from the impact of volatility and economic uncertainty. Digital assets have their price hikes and sudden busts, which is why many investors, especially new ones, wonder whether they should inject money into the crypto markets. 

Inflation and continuous volatility are among the top reasons why the price of Bitcoin has been ridiculously impacted. For example, earlier in November, Bitcoin’s price sank to $16,000. Considering the popular crypto’s price in the same month in 2021 was $69,000, that is quite a fall. Moreover, Bitcoin is also facing a lot of competition. For instance, one of 2022’s rising blockchain projects is BudBlockz, which has already caused a significant stir in the crypto market. Other projects like Hedera and Tezos are also getting a lot of attention as altcoin alternatives to Bitcoin.

What is Hedera (HBAR)?

Hedera Hashgraph is a popular blockchain technology network, and its native token is HBAR. HBARs can be used to power the company’s DApps (decentralized applications) and their servers. The crypto tokens function as the main source of fuel for the entire Hedera stratosphere. The company’s primary objective is to introduce more scalability and interoperability to the blockchain ecosystem, and allows users to conduct transactions in a more secure and digitized environment. 

According to Hedera, the company processes more than 10,000 blockchain transactions every second, which is impressively fast. Moreover, the company is governed by a council of different conglomerates and multinational businesses across the globe.  

What is Tezos (XTZ)?

One of the most unique things about Tezos is its governance protocol. The blockchain company operates on an open-source platform, which is developed to be self-sustainable. This means the platform can quickly apply self-amendments for more streamlined performance. According to Tezos, their blockchain network is designed to continuously evolve. 

BudBlockz: The Future of Cannabis Crypto and a Platform that will Dominate Blockchain 

Experienced blockchain investors and cryptocurrency experts speculate that BudBlockz will be a major player in the crypto sector within the next 5 years. They say that the cannabis cryptocurrency points to the future of crypto in terms of innovation, use cases, functionality, and practicality. 

One of the primary reasons BudBlockz was able to attain such massive popularity and success in such a short time frame is thanks to its market position. The platform aims to provide secure, private, and interoperable legal marijuana and CBD buying and selling. 

BudBlockz has positioned itself to be the premier cannabis blockchain platform for the massive CBD industry, currently valued at more than $80 billion. BudBlockz aims to connect recreational CBD users and businesses from all over the globe on a single DeFi platform where they can conduct secure and private transactions using the company’s native crypto (BLUNT). 

Learn more about BudBlockz (BLUNT) at the links below:

Official Website: https://budblockz.io/ 

Presale Registration:: https://app.budblockz.io/sign-up 

BudBlockz Community Links: https://linktr.ee/budblockz

Solana NFT Ecosystem Shines But DeFi Remains Muted: Report

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Solana’s NFT ecosystem continued to show resilience amidst a bear market. Data from Messari noted that the total number of daily new NFTs users grew by more than 8 million, over a 19% increase on a QoQ basis.

“For perspective, this growth in the third quarter followed after increasing by 46.4% in Q2 and is ~8.5x the level minted a year ago”, the tweet read.

The report attributed Solana’s NFT rise to fundamentals like a foundational user base, network stability, and improved transaction activity that drove the network value during Q3.

Sol’s position in the NFT sector remained the second largest by secondary sales volume, behind Ethereum, and narrowed the gap. Strategies to boost GameFi are underway, and unique use cases like Helium are coming to the Solana network. Efforts to improve decentralization through greater geographic, hosting, and ownership distribution continue.

image 22
Solana NFT Ecosystem Shines But DeFi Remains Muted: Report 12

The report also highlighted the continued optimization of Metaplex’s Digital Asset Standard which it claimed played a key role in bolstering the network’s NFT ecosystem.

As reported by TronWeekly, the NFT marketplace recently announced cutting back its workforce due to the ripple effects of the FTX shockwaves.

In Q2, SOL suffered numerous network downtimes and gas fee woes during periods of congestion. To overcome these issues, core developers have rolled out QUIC and a novel fee prioritization model. 

“The solutions were clearly working by the end of Q2 as degraded network performance stabilized,” the report claimed. These along with Solana Pay and Solana mobile has expanded the ecosystem, it added.

That said, the report took note of the network’s subdued performance in the DeFi sector.

Solana’s Q3 Total Value Locked [TVL] decreased by about 16% both in USD and SOL QoQ terms. But according to the data platform, a healthy distribution of TVL across applications still exists.

“Currently, 50% of TVL is locked across most of the long-tail DeFi protocols on the network. The continued level of diversified TVL helps mitigate overall ecosystem risk.” 

Solana Roadmap: New Updates On the Horizon

As per GitHub, the latest mainnet version of the SOL network is v1. 10.29, which sought to fix various bugs along with Neon and Nitro.

While Neon Labs’s goal is to bring both scalability and low transaction costs, Nitro, on the other hand, is a Solana Virtual Machine [SVM]-compatible blockchain that will serve as a bridge between Solana and Cosmos. 



Dogecoin (DOGE) On The Rise As Elon Musk Announces To Make An Alternative Phone

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Despite the recent uncertainties caused by the FTX fiasco, DogeCoin (DOGE) price has been stable over the past few days – with its value surging significantly by about 10% for the past day. 

One of many major causes for this is Elon Musk’s recent announcement that he would make an alternative phone if twitter were to be removed from both iPhone and Android app stores.

Liz Wheeler, a podcaster, tweeted her concern that Twitter may be subject to a play store ban due to Elon’s new policy, to which Musk responded that “I certainly hope it does not come to that,” but if it happens, he will “make an alternative phone.”

Wheeler said:

If Apple & Google boot Twitter from their app stores, Elon Musk should produce his own smartphone. Half the country would happily ditch the biased, snooping iPhone & Android. The man builds rockets to Mars, a silly little smartphone should be easy, right?

Meanwhile, the Economic Times reported that Twitter Inc.’s new Verified services would go live next Friday, according to Elon Musk, following a string of delays and issues related to fraudulent accounts.

To prevent a growing issue of people mimicking well-known brands, Twitter has already stopped the $8 subscription program. Twitter Verified is Musk’s attempt to separate distinct user groups and generate much-needed income.

The report stated that in order to prevent companies against accounts with blue check marks from altering their identity and image to that of a brand, companies will now receive a gold check mark.

Dogecoin (DOGE) Price Surge 

The market has been slowed by the FTX debacle and other prominent investors, but Elon Musk and his favorite cryptocurrency Dogecoin (DOGE), are not lagging behind.

According to CoinMarketcap’s data, the token is currently trading at $0.09186, with almost an 11% increase in the previous seven days. The token market cap has risen by approximately 4.00% during the past day, while its trading volume has increased by about 35%.

Dogecoin DOGE rebounded to $0.090 from the $0.077 support level of November 21st, signaling that the bulls are attempting to create a new higher above this price. However, at $0.090, where the relief rally is now, the bulls are confronted with strong bear opposition.

DOGEUSD 2022 11 26 04 58 53
Source: Tradingview.com

Since the end of November, the strength of purchasers has significantly increased for Dogecoin. The apparent breakthrough above a short-term barrier suggests that this trend may continue.

On Tuesday, November 25th, the Dogecoin price pushed past its previous high to $0.0861 after more than two weeks of attempted breakouts on November 24th, when there was a spike in trading volume that may signal renewed buying pressure.

Nevertheless, for Dogecoin’s price to rise significantly, it must break through and hold above $0.095. The price may finally drop below $0.070 in the event of a bearish reversal, where it may experience several rejections.

Related Reading | Shiba Inu Burn Rate Rises: Battles To Win Back Confidence After FTX Crash