The broader crypto market is witnessing mixed trends. Bitcoin (BTC) trades at $94,000, marking a significant decline from its $108,000 all-time high, while major altcoins like Ethereum (ETH), XRP, and Solana (SOL) show signs of recovery. In this environment, as the crypto market operates in a holiday season, several Ethereum-based coins are catching investors’ attention with impressive rallies. Among the most notable are Movement (MOVE), Minotaurus (MTAUR), Bitget Token (BGB), and Virtuals Protocol (VIRTUAL). These altcoins show strong growth potential, with gains exceeding 20% in recent weeks. New Ethereum Coins Eyeing Christmas Rally with over 20% in Gains Let’s dive into what makes each of these Ethereum coins stand out and why they might be gearing up for a Christmas rally. 1. Movement (MOVE): A Layer-2 Star with Bullish Momentum Movement (MOVE) has garnered market attention through a series of strategic actions that strengthen its ecosystem. The token has noted weekly increases of 32.5%, alongside a rise in trading volume by 153.25%, over the last 24 hours, to trade today at $0.826. According to its whitepaper , MOVE, a layer-2 solution on Ethereum utilizing MoveVM, seeks to improve scalability while offering decentralized finance (DeFi) services. MOVE price chart Key Drivers of MOVE’s Rally: WBTC integration: The partnership with BitGo to introduce WBTC (tokenized Bitcoin) onto its mainnet enhances liquidity and expands its DeFi offerings. Mainnet launch: Movement recently launched its mainnet, accompanied by an $830 million airdrop, driving significant adoption. Exchange listings: Being listed on Binance, Coinbase, OKX, and Upbit boosted investor confidence and visibility. Analysts express positive views regarding MOVE’s near-term direction, forecasting a possible increase to $1.3, indicating a 60% gain. The Ethereum coin’s emergence from a bullish pennant pattern boosts its potential for upward movement. 2. Minotaurus (MTAUR): Gaming Meets Crypto Innovation Minotaurus (MTAUR) is gaining traction in the casual gaming sector, with its ecosystem enabling unique in-game features and progression opportunities. Backed by audited smart contracts and a growing market interest, MTAUR’s presale offers buyers who prefer early-stage cryptocurrencies , an opportunity early to capitalize on its anticipated growth. Why MTAUR Stands Out: Presale price: The Minotaurus (MTAUR) token presale has set its price at 0.00006001 USDT per token, presenting a 70% markdown from the planned listing price of 0.00020 USDT. Early participants who entered at 0.000040 USDT have already seen notable progress. Gaming ecosystem: With a focus on the $15 billion casual gaming market, MTAUR is poised to attract a broad user base. Incentives: Token bonuses via referrals and extended vesting periods appeal to long-term holders. As the presale gains momentum, MTAUR is positioning itself as a promising player in the crypto-gaming space. 3. Bitget Token (BGB): Powering the Bitget Exchange Ecosystem BGB, the utility token of the Bitget exchange, has shown remarkable growth fueled by strategic partnerships and increasing platform adoption. The value of the Ethereum coin is currently at $4.71, demonstrating 26.95% growth, over the past week. Key Developments: PayFi solutions: A partnership with Swiss fintech firm Fiat24 aims to bridge traditional and decentralized finance, enabling seamless crypto payments. User incentives: BGB holders benefit from staking, trading fee discounts, and access to launchpad projects. Market presence: With a market cap of over $6.5 billion, BGB remains a top-tier exchange token. The token’s consistent upward trend suggests strong investor confidence as the festive season progressess. Bitget Token price chart 4. Virtuals Protocol (VIRTUAL): Ethereum coin Leading the AI and Metaverse Revolution Virtuals Protocol combines artificial intelligence (AI) and blockchain technology to create immersive digital experiences. The protocol’s focus on generative AI applications and real-world utility has made it a favorite among investors. While Bitcoin price traded below $95,000, VIRTUAL was a top gainer increasing in value by 35% in the past day. Highlights of VIRTUAL’s Growth: Binance listing: A recent listing on Binance has significantly boosted its visibility and trading volume. Whale interest: Significant whale activity underscores the protocol’s strong fundamentals. Innovative features: With 11.5,000 agents and over 340,000 holders, VIRTUAL is setting new benchmarks in the metaverse space. With the current price of $3.17, analysts predict continued growth for the Ethereum coin as the protocol expands its features and community. Final Thoughts As the holiday season advances, these Ethereum tokens—MOVE, MTAUR, BGB, and VIRTUAL—are poised to maintain their upward trend, making them solid candidates for a Christmas rally. Investors need to monitor these projects as they take advantage of market trends and new opportunities. The post Ethereum Coins Gearing for Christmas Rally with Over 20% in Gains appeared first on CoinGape .
Shiba Inu (SHIB) faces critical pressure as it approaches a precarious support level, creating uncertainty amidst ongoing market bearishness. With a significant decline in whale activity and a majority of
In a recent development, Russia has imposed a ban on crypto mining in six regions from January 1, 2025. Notably, the restrictions will be imposed on the regions for six years and will be in effect till March 15, 2031. This development also comes just after Russian lawmakers proposed creating a Bitcoin Strategic Reserve amid a global shifting focus toward the flagship crypto. Russia Imposes Six-Year Crypto Mining Ban According to a report by the TASS Russian News Agency , the Russian Government has imposed a six-year crypto mining ban in six regions. The affected regions include Dagestan, Chechnya, and the Donetsk and Lugansk People’s Republics, among others. In addition, temporary bans will apply to specific zones in Irkutsk and Zabaikalsky during peak energy consumption periods, particularly in winter months. The Russian government asserts the restrictions aim to balance regional energy demands while addressing disparities in electricity pricing. Notably, experts highlight the interconnectedness of electricity shortages and pricing benefits in certain regions. Sergey Kolobanov, an energy sector expert, pointed out how low electricity costs in some areas are offset by higher costs for other consumers across Russia. Similarly, Vladimir Klimanov, a regional policy specialist, emphasized the need for equitable electricity pricing nationwide. The legal framework for mining in Russia has recently undergone changes. As of November 2024, mining is legal but requires individuals and companies to register with the Federal Tax Service (FTS). Those mining within 6,000 kWh per month are exempt from registration, ensuring small-scale miners remain unaffected. Bitcoin Strategic Reserve Anticipation Soars This ban aligns with Russia’s broader efforts to integrate digital currencies into its financial strategy. Lawmaker Anton Tkachev has recently proposed the creation of a Bitcoin Strategic Reserve to mitigate risks posed by traditional foreign exchange reserves. Highlighting the vulnerabilities of fiat reserves to inflation and sanctions, Tkachev suggested Bitcoin offers a resilient alternative, as it operates independently of centralized controls. He argued that digital currencies provide protection against geopolitical uncertainties and ensure financial stability in a sanctions-laden environment. The move reflects Russia’s recognition of Bitcoin’s potential to act as a hedge against economic challenges while embracing a decentralized future. On the other hand, it also comes after President Vladimir Putin signed a crypto taxation law in late November this year. This law officially recognizes digital assets as property. The post Russia Bans Crypto Mining In 6 Regions Amid Bitcoin Strategic Reserve Anticipation appeared first on CoinGape .
Bitcoin investors were in a panic mode, but this might be a blessing in disguise!
Bitcoin’s drop to its lowest price in over four weeks on December 23 has dashed expectations for a classic “Santa Claus rally.” The world’s largest...
Following Donald Trump's presidential victory, Bitcoin (BTC) and altcoins experienced a major rise, followed by sharp declines. As the end of 2024 approaches, investors' expectations for a new year rally have decreased, while QCP Capital analysts have listed their Bitcoin and altcoin expectations. Analysts at Singapore-based cryptocurrency trading firm QCP Capital have stated that there will be fluctuations in the BTC price as a significant option expiration in Bitcoin next week will affect market dynamics. Analysts stated that the price fluctuation in Bitcoin will have a positive impact on altcoins, and that investors expect a possible return from BTC to altcoins. “All eyes will be on Bitcoin and Ethereum options this Friday when approximately $20 billion will expire. This represents almost half of the total OI on Deribit.” Analysts who stated that the troubles in Bitcoin would trigger the rise of altcoins argued that BTC's struggle to stay above $ 100,000 could pave the way for an altcoin rally. “As Bitcoin continues to struggle below 100K, we could see altcoins start to rally again.” Bitcoin's Declines May Continue! Alex Kuptsikevich from FxPro warned traders that further declines are possible for BTC, with potential drops to $90,000 or even $70,000. The analyst added that a possible pullback in Bitcoin to $90,000 could present an attractive buying opportunity for investors. “In a potential shock scenario for Bitcoin, the price could suddenly drop to the $70,000 region. However, a pullback to $90,000 in the next few weeks could present a good buying opportunity to buyers. Markets continue to digest Fed's tougher tone.” *This is not investment advice. Continue Reading: Analysts Announced What They Expect From Now On for Bitcoin and Altcoins: Good News for Altcoins!
Solana price today trades at $191 after falling by 27% from the year-to-date high $264. This crash has coincided with the recent crypto crash that has pushed Bitcoin and most altcoins sharply lower. Still, the weekly chart suggests that SOL price may be about to make a mega comeback in the next few days. Solana Price Analysis: Break And Retest Pattern Forms The weekly chart shows that the SOL price formed a symmetrical triangle chart pattern between March and November this year. This pattern came after the coin went vertical as it soared from below $20 to over $100. As such, there are signs that this pattern was part of forming a bullish pennant chart pattern, a popular continuation sign. The pennant pattern partially explains why the Solana price made a strong breakout and reached a high of $264, near its all-time high. Financial assets like crypto and stocks often retreat sharply after hitting a crucial resistance level such as an all-time high. The recent Solana price crash stalled when it tested the upper side of the pennant’s triangle pattern. This process is known as a break-and-retest, and it is usually a continuation sign in the market. An asset often resumes the original trend when it retests a crucial resistance or support level. On top of this, the recent SOL crash is likely part of the formation of the handle part of the C&H pattern. Like the bullish flag or pennant, a Cup and Handle is often a bullish continuation sign. Therefore, these patterns point to a potential comeback, with the initial target being at $265, the highest level this year. A break above that level will likely lead to more Solana price rally, with the next crucial price to watch being the psychological point at $300. Solana Price Chart Conversely, a drop below $160, in the middle of the triangle pattern, will invalidate the bullish chart pattern and point to more downsides, possibly to $100. SOL Price Rally Supported By Fundamentals Fundamentals will support a potential Solana rebound since the network is doing relatively well. Data shows that the network’s ecosystem is firing on all cylinders in the DEX industry. Solana’s protocols handled tokens worth over $126 billion in the last 30 days, much higher than the $94 billion that Ethereum processed. Solana’s DEX protocol like Raydium is handling more volume than Uniswap. Solana is also doing well in industries like DePIN, where networks like Helium and HiveMapper are leading their market share. Also, data by CryptoSlam shows that Solana’s NFT sales volume soared by 44% in the last 24 hours to $3.3 million. This growth made it the third-biggest chain in NFT after Ethereum and Bitcoin. It also helped the Solana network activity to rise to a record high. The post Solana Price Forms A Mega Bullish Pattern, $300 Next? appeared first on CoinGape .
The better-performing altcoins have lost between 20-30% during this downturn so far. However, in the memecoin niche things are a lot worse, with losses amounting to 40-60%. $DOGE, $PEPE, and $BONK are analysed as to their potential recoveries. For the altcoin investor things have been pretty bleak over the last couple of weeks. With Bitcoin ($BTC) struggling to turn its current reversal around , the altcoins have fared worse as usual. However, for those sitting in memecoin positions, the stress of seeing a reduction of at least 40% over the last two weeks must be difficult to bear. Clear support and a bounce for $DOGE Source: TradingView The weekly chart for $DOGE (DOGE/USDT) shows a very clear picture. It can be seen that the spectacular rise from $0.08 in early August reached the 0.618 Fibonacci at $0.47 in November. Such a massive price rise really did need a correction, so over the last couple of weeks a dip of 43% did much to help the market absorb the preceding rise. The fact that this dip went down to touch an ascending trendline which began in late 2022 is very bullish. The $DOGE price is currently sitting on strong horizontal support that coincides with the 0.382 Fibonacci. Upside target levels are in the chart above. $PEPE buoyed up by strong horizontal support Source: TradingView $PEPE (PEPE/USDT) has seen a lot of volatility over recent weeks. A textbook bull flag broke out and the price looked to be heading skyward. However, a consequent dump took the price all the way back to touch and confirm the bottom of the flag. This amounted to a 49% reversal from the top. Currently, the price is starting to climb from the strong horizontal support at $0.000017. If the $PEPE price can climb back out of the flag, bulls would then have to keep their eye on a potential future head and shoulders reversal pattern. If this can be avoided, the all-time high at $0.000028 would be the big target. $BONK bulls need to break the descending trendline Source: TradingView $BONK (BONK/USDT) has suffered worse than most among the major memecoins. A 60% reversal from the all-time high at $0.000062 occurred and it is now up to those bulls to buy the price up so that it can break out of the descending trendline. This is quite likely to happen, given that the correction has already been quite steep. If so, the targets are in the chart above. On the other hand, if the breakdown continues, the ascending bull market trendline would potentially be the last line of support. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
El Salvador’s Vice President Felix Ulloa flaunted the country’s Bitcoin reserves as evidence that the country is a model for financial freedom and a digital economy. Ulloa made this statement in a recent discussion with Chinese Ambassador Zhang Yanhui. According to a post on X, Ulloa mentioned the country’s Bitcoin reserves, which currently hold over $500 million worth of Bitcoin, during a meeting with Yanhui. The meeting focused on strengthening the ties between the two countries and strategies that have made El Salvador a model for economic development and innovation. Ulloa attributed the success of the Bitcoin policy to The National Bitcoin Office of El Salvador and the country’s president, Nayib Bukele, noting that the innovative approach has proven transformative for the country. He said: “The President does not stay in his comfort zone. He has shown that, even if everyone says it cannot be done, it is always possible to transform the country for the benefit of its people.” Meanwhile, the discussions on the El Salvador – China relationship also focused on other issues, including air and digital connectivity. According to the vice president, the country is building its digital infrastructure to become the region’s leader in connectivity and technology. El Salvador plans to double down on its Bitcoin policy El Salvador’s pride in its Bitcoin policy is unsurprising, given how the investment has yielded sizable profits for the country. When it first embraced Bitcoin in 2021, the idea of a sovereign nation buying Bitcoin for its reserves was entirely out of the box, and many raised concerns about how this could further damage its economy. However, the country’s decision to ignore naysayers has proven wise, with Bitcoin rising significantly this year and reaching $100,000 for the first time. Although the asset has now dropped to $94,000, the country remains in the green on its Bitcoin acquisition. It has decided to double down on its Bitcoin acquisition strategy, with Bukele reportedly having an interim target of adding 20,000 BTC to its current stash. Signs of increased acquisition are already evident as Arkaham Intelligence data shows that El Salvador has bought 11 Bitcoins at once twice in the past week. This is more than its usual purchase of 1 BTC daily. Interestingly, the success of its Bitcoin strategy and other economic and social policies has also improved its fiscal situation, allowing the country to access International Monetary Fund (IMF) financing. El Salvador recently reached a deal for a $3.5 billion loan from the IMF and other international organizations. Countries FOMO into Bitcoin as calls for US adoption grow The relative success of El Salvador’s Bitcoin policy and the rise in value have led to speculation that more sovereign states will adopt Bitcoin as a reserve asset. Leading the pack is the US, where many stakeholders are already debating the possibility. According to VanEck analysts, the US is creating a strategic Bitcoin reserve based on the BITCOIN Act proposed by Senator Cynthia Lummis . This reserve could hold 36% of the US debt in 2050, strengthening the US dollar. However, there are concerns about whether Congress will okay a law making Bitcoin a reserve asset. In response, experts at the Bitcoin Policy Institute believe there might be no need for a change in the law for the US to purchase Bitcoin. They claim that the US Treasury, through the Secretary of the Treasury, could use the Exchange Stabilization Fund (ESF) to buy Bitcoin with the President’s approval. While debates continue to rage in the US over whether the government can buy or make Bitcoin a reserve asset, the Kingdom of Bhutan in South Asia has acquired most of its Bitcoin through mining and currently holds over 12,000 BTC. Others, such as the US, China, the United Kingdom, and Ukraine, also hold BTC, which they acquired through seizures and donations. Nevertheless, no major country has adopted Bitcoin as a reserve asset. However, reports have emerged that several countries, including Russia and Middle Eastern countries, are also considering it. From Zero to Web3 Pro: Your 90-Day Career Launch Plan
The post Bank of Italy Exposes Bitcoin P2P Platforms as Tools for Crime appeared first on Coinpedia Fintech News The Bank of Italy in its Economic and Financial 893rd research paper published in November 2024 has raised concerns about certain Bitcoin peer-to-peer (P2P) services, calling them “crime-as-a-service.” However, these unregulated services are now seen as key tools for money laundering, especially in countries with weak laws. Bitcoin P2P as “Crime-as-a-Service” In its latest report, titled “Money Laundering and Blockchain: Can You Track the Footprints in the Crypto World?”, the Bank highlights platforms like kycnot.me, which let users trade Bitcoin without knowing their customer identity verification (KYC), making it easier for criminals to hide illegal money. The further report explains that these platforms let people trade Bitcoin without revealing their identity, making it difficult for law enforcement to track where the funds come from. Money launderers often take advantage of platforms in countries with weak anti-money laundering (AML) laws or those labeled as high-risk by the Financial Action Task Force (FATF). Interestingly, the Bank report also mentions events like “Satoshi Spritz,” where individuals gather to exchange Bitcoin for goods or fiat currency. While these events are often organized by the Bitcoin community to educate others, the Bank warns that they could also be used for money laundering. How Money Launderers Operate Even though blockchain technology keeps a public record of all transactions, it doesn’t show the identity of the person behind each address. Criminals use this to their advantage, finding ways to hide the origin of their money. The Bank’s report explains some common tricks used by money launderers. Mixers and Tumblers: These tools mix different users’ funds, making it hard to trace where the money came from. Chain-Hopping: This involves moving funds across different blockchains to confuse trackers. Anonymous Wallets: These wallets hide users’ IP addresses and break the link between transactions. Call for Strict Regulations The Bank of Italy says that stronger rules are needed to fight these problems. By enforcing strict KYC and anti-money laundering (AML) measures, authorities can make it harder for criminals to misuse Bitcoin and other cryptocurrencies.