Xrp plunged to a six-week low on Monday, as cryptocurrency markets moved further into the red. The global crypto market cap fell by over 3% to start the week, which comes days ahead of the upcoming U.S. inflation report. Solana also declined, hitting a multi-week low.
Xrp, formerly known as ripple, fell by as much as 5% on Monday, with the global market cap slipping by over 3% in the day.
XRP/USD dropped to an intraday low of $0.4333 to start the week, less than 24 hours after hitting a high of $0.4606.
As a result of this decline, XRP moved to its lowest point since March 25, breaking out of a floor at $0.4360 in the process.
Looking at the chart, the slippage came as the relative strength index (RSI), broke out of a floor at 39.00.
At the time of writing, the index is tracking at 36.04, with XRP at a level of $0.4365.
Overall, the token is down 5.11% as of writing.
Solana (SOL) remained in the red, as the token extended its own recent declines to a third session.
Following a high of $22.74 on Sunday, SOL/USD fell to a low of $21.01 earlier in the day.
Monday’s drop in price has sent SOL to its long-term support point at $21.00, resulting in its lowest level since April 26.
The token has rebounded from earlier lows, as the RSI found a floor of its own at the 44.00 mark.
As of writing, price strength is tracking at 44.57, with a ceiling at 49.00 a potential target for bulls.
If momentum does rise, and more bulls reenter the market, that could lead to SOL climbing back above $22.00.
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How high could solana climb this week? Let us know your thoughts in the comments.
Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Central Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year
The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.
Xrp plunged to a six-week low on Monday, as cryptocurrency markets moved further into the red. The global crypto market cap fell by over 3% to start the week, which comes days ahead of the upcoming U.S. inflation report. Solana also declined, hitting a multi-week low.
Xrp, formerly known as ripple, fell by as much as 5% on Monday, with the global market cap slipping by over 3% in the day.
XRP/USD dropped to an intraday low of $0.4333 to start the week, less than 24 hours after hitting a high of $0.4606.
As a result of this decline, XRP moved to its lowest point since March 25, breaking out of a floor at $0.4360 in the process.
Looking at the chart, the slippage came as the relative strength index (RSI), broke out of a floor at 39.00.
At the time of writing, the index is tracking at 36.04, with XRP at a level of $0.4365.
Overall, the token is down 5.11% as of writing.
Solana (SOL) remained in the red, as the token extended its own recent declines to a third session.
Following a high of $22.74 on Sunday, SOL/USD fell to a low of $21.01 earlier in the day.
Monday’s drop in price has sent SOL to its long-term support point at $21.00, resulting in its lowest level since April 26.
The token has rebounded from earlier lows, as the RSI found a floor of its own at the 44.00 mark.
As of writing, price strength is tracking at 44.57, with a ceiling at 49.00 a potential target for bulls.
If momentum does rise, and more bulls reenter the market, that could lead to SOL climbing back above $22.00.
Register your email here to get weekly price analysis updates sent to your inbox:
How high could solana climb this week? Let us know your thoughts in the comments.
Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Central Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year
The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.
Bitcoin transaction fees have surged significantly in the past 24 hours, with the average fee reaching $19.20 per transfer. The increase in fees can be linked to a backlog of transactions trapped in the mempool, as over 440,000 unconfirmed transactions are currently awaiting confirmation.
On Sunday, May 7, 2023, bitcoin transaction fees exceeded the block reward for the first time since December 2017 at block height 788,695. Subsequent block heights 788,700 and 788,702 also witnessed fees surpassing the subsidy.
At present, over 440,000 bitcoin transactions are pending confirmation with 193 blocks left to mine for clearing them all. Fees soared past the $25 mark per transaction on Sunday, and current data displays an average fee of 0.00069 BTC or $19.20 per transaction.
According to bitinfocharts.com data, the median-sized fee is 0.0004 BTC or $11.05 per transfer. High-priority transactions are paying upwards of $22.90 per transaction and individuals are paying $19.95 for medium-priority transactions.
Block intervals or mining times have been exceeding the ten-minute average lately. The most recent block time was approximately ten minutes and 34 seconds. Slower block times may result in another decline in difficulty — an estimated drop of around 5.3% is anticipated to occur on May 18, 2023.
The average hashrate over the past 2,016 blocks is roughly 338 exahash per second (EH/s). The network’s hashrate has dipped below the 300 EH/s range on some instances and is presently running at 385 EH/s at the time of writing.
What impact do you think the surge in bitcoin transaction fees and the backlog of unconfirmed transactions will have on the future of cryptocurrency adoption and scalability? Share your thoughts in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 7,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons, mempool.space
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Tony Hawk's Latest NFTs to Come With Signed Physical Skateboards
Last December, the renowned professional skateboarder Tony Hawk released his “Last Trick” non-fungible token (NFT) collection via the NFT marketplace Autograph. Next week, Hawk will be auctioning the skateboards he used during his last tricks, and each of the NFTs ... read more.
Bitcoin transaction fees have surged significantly in the past 24 hours, with the average fee reaching $19.20 per transfer. The increase in fees can be linked to a backlog of transactions trapped in the mempool, as over 440,000 unconfirmed transactions are currently awaiting confirmation.
On Sunday, May 7, 2023, bitcoin transaction fees exceeded the block reward for the first time since December 2017 at block height 788,695. Subsequent block heights 788,700 and 788,702 also witnessed fees surpassing the subsidy.
At present, over 440,000 bitcoin transactions are pending confirmation with 193 blocks left to mine for clearing them all. Fees soared past the $25 mark per transaction on Sunday, and current data displays an average fee of 0.00069 BTC or $19.20 per transaction.
According to bitinfocharts.com data, the median-sized fee is 0.0004 BTC or $11.05 per transfer. High-priority transactions are paying upwards of $22.90 per transaction and individuals are paying $19.95 for medium-priority transactions.
Block intervals or mining times have been exceeding the ten-minute average lately. The most recent block time was approximately ten minutes and 34 seconds. Slower block times may result in another decline in difficulty — an estimated drop of around 5.3% is anticipated to occur on May 18, 2023.
The average hashrate over the past 2,016 blocks is roughly 338 exahash per second (EH/s). The network’s hashrate has dipped below the 300 EH/s range on some instances and is presently running at 385 EH/s at the time of writing.
What impact do you think the surge in bitcoin transaction fees and the backlog of unconfirmed transactions will have on the future of cryptocurrency adoption and scalability? Share your thoughts in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 7,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons, mempool.space
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Tony Hawk's Latest NFTs to Come With Signed Physical Skateboards
Last December, the renowned professional skateboarder Tony Hawk released his “Last Trick” non-fungible token (NFT) collection via the NFT marketplace Autograph. Next week, Hawk will be auctioning the skateboards he used during his last tricks, and each of the NFTs ... read more.
PRESS RELEASE. Victoria, Seychelles, May 8, 2023 – Bitget, top crypto derivatives and copy trading platform, has announced the launch of a new feature, Super Airdrop, for its platform token BGB. With this new feature, eligible BGB holders will receive airdrops of any new crypto asset listed on Bitget.
The Super Airdrop feature will kick off with a promotion that starts on May 8, 2023. BGB holders are encouraged to deposit in advance to receive their free airdropped tokens for the next crypto asset listed on Bitget. Further details about minimum BGB holdings are available on Bitget’s announcement page.
Super Airdrop enables BGB holders to receive airdrops of every new crypto asset listed on Bitget. To qualify for the Super Airdrop rewards, BGB holders must hold a minimum of 4,000 BGB for 15 consecutive days leading up to the airdrop registration. Bitget will determine registrants’ allocations based on their average BGB holdings during the 15-day qualification period.
Super Airdrop is the latest in a series of initiatives by Bitget to build real and meaningful value around BGB. Additional benefits have been outlined in BGB’s recently released updated whitepaper, including BGB lotteries, zero-fee futures trading, exclusive earning services, and BGB buybacks. According to a report by TokenInsight, BGB is the only exchange token that outperformed Bitcoin and Ethereum with 120% growth in Q1 2023.
About Bitget
Bitget, established in 2018, is the world’s leading cryptocurrency exchange with futures trading and copy trading services as its key features. Serving over 8 million users in more than 100 countries and regions, the exchange is committed to helping users trade smarter by providing a secure, one-stop trading solution. It also inspires individuals to embrace crypto through collaborations with credible partners, including legendary Argentinian footballer Lionel Messi, the leading Italian football team Juventus, and official eSports events organizer PGL. According to Coingecko, Bitget is currently a top 5 futures trading platform and a top 10 spot trading platform.
For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord
For media inquiries, contact: media@bitget.com
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
Bitcoin.com is the premier source for everything crypto-related. Contact the Media team on ads@bitcoin.com to talk about press releases, sponsored posts, podcasts and other options.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Today's Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits
As the crypto economy hovers just under $2 trillion in value, application-specific integrated circuit (ASIC) mining devices are making decent profits. While ASIC miners can still mine ethereum, a 1.5 gigahash (GH/s) Ethash mining device can rake in $51.58 per ... read more.
PRESS RELEASE. Victoria, Seychelles, May 8, 2023 – Bitget, top crypto derivatives and copy trading platform, has announced the launch of a new feature, Super Airdrop, for its platform token BGB. With this new feature, eligible BGB holders will receive airdrops of any new crypto asset listed on Bitget.
The Super Airdrop feature will kick off with a promotion that starts on May 8, 2023. BGB holders are encouraged to deposit in advance to receive their free airdropped tokens for the next crypto asset listed on Bitget. Further details about minimum BGB holdings are available on Bitget’s announcement page.
Super Airdrop enables BGB holders to receive airdrops of every new crypto asset listed on Bitget. To qualify for the Super Airdrop rewards, BGB holders must hold a minimum of 4,000 BGB for 15 consecutive days leading up to the airdrop registration. Bitget will determine registrants’ allocations based on their average BGB holdings during the 15-day qualification period.
Super Airdrop is the latest in a series of initiatives by Bitget to build real and meaningful value around BGB. Additional benefits have been outlined in BGB’s recently released updated whitepaper, including BGB lotteries, zero-fee futures trading, exclusive earning services, and BGB buybacks. According to a report by TokenInsight, BGB is the only exchange token that outperformed Bitcoin and Ethereum with 120% growth in Q1 2023.
About Bitget
Bitget, established in 2018, is the world’s leading cryptocurrency exchange with futures trading and copy trading services as its key features. Serving over 8 million users in more than 100 countries and regions, the exchange is committed to helping users trade smarter by providing a secure, one-stop trading solution. It also inspires individuals to embrace crypto through collaborations with credible partners, including legendary Argentinian footballer Lionel Messi, the leading Italian football team Juventus, and official eSports events organizer PGL. According to Coingecko, Bitget is currently a top 5 futures trading platform and a top 10 spot trading platform.
For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord
For media inquiries, contact: media@bitget.com
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
Bitcoin.com is the premier source for everything crypto-related. Contact the Media team on ads@bitcoin.com to talk about press releases, sponsored posts, podcasts and other options.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Today's Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits
As the crypto economy hovers just under $2 trillion in value, application-specific integrated circuit (ASIC) mining devices are making decent profits. While ASIC miners can still mine ethereum, a 1.5 gigahash (GH/s) Ethash mining device can rake in $51.58 per ... read more.
PRESS RELEASE. Lawyers from Regulated United Europe have conducted a global analysis of 28 European Union countries for the presence of legislation in the field of cryptocurrency and regulatory requirements for companies working in this sector, as well as the ease of launching a crypto project and obtaining a crypto license and are pleased to present the results of our many months of work – the three best countries to launch a crypto project in Europe in 2023.
Crypto License in Lithuania
There is a possibility of legal provision of services for the exchange and storage of cryptocurrency in Lithuania.
To date, there are a number of transparent, stipulated by the Law requirements for Virtual Currency Exchange Operators and Virtual Currency Depository Wallet Operators by the regulator (FCIS), which is an undeniable advantage, because in the vast majority of other EU countries, the legal requirements for crypto companies are still vague and can be interpreted in different ways.
Ability to quickly launch the project (from one month), no need to have a physical office in Lithuania, ability to build a dialogue with the regulator and receive answers to questions about the legislation in the field of virtual assets, fully remote purchase or license, as well as a high position of Lithuania in the authoritative World Bank Report Doing Business is a small part of the advantages of Lithuania over other countries.
In addition, since February 1, 2023 in Lithuania, there is a public list of legal entities that operate as a virtual currency exchange operator, which positively affects the reputation of licensed cryptocurrency companies. At the moment, there are more than 350 crypto licenses in Lithuania.
Having conducted research on more than 20 parameters, as of 2023, Regulated United Europe lawyers concluded that Lithuania is the most friendly country to launch a crypto project.
Crypto License in the Czech Republic
Among other European Union countries, the Czech Republic highlights the state’s liberal approach to cryptocurrencies and minimal bureaucracy.
From the main advantages of the Czech Republic as a country for the start of the project in the field of virtual assets, the lawyers of our company identified the following:
According to lawyers from Regulated United Europe, the Czech Republic is a very promising country for the implementation of the crypto project and our company will be happy to provide you with detailed advice on obtaining a crypto license in the Czech Republic and to implement your project in the shortest possible time.
Crypto License in Bulgaria
Bulgaria has the lowest taxes in the European Union – income tax for individuals in Bulgaria is 10%, and income tax rate is also 10%, which is significantly lower than in the rest of the EU. Bulgaria’s main advantage over other EU countries is the possibility of obtaining a crypto license in Bulgaria for foreign legal entities. There is an open and publicly accessible Register of Persons Who Exchange Between Virtual and Recognized Currencies, Not Backed by Gold, and Wallet Providers.
Research findings
After a 9-month analysis of the legislation of 28 European Union countries, the lawyers of RUE came to the following conclusions:
If someone would like to bring their project to the European Union market, with more than 440 million people, contact the lawyers from Regulated United Europe and receive detailed legal analysis of their project and recommendations for its implementation in one of the European Union countries.
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
Bitcoin.com is the premier source for everything crypto-related. Contact the Media team on ads@bitcoin.com to talk about press releases, sponsored posts, podcasts and other options.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Oman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework
Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)'s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real ... read more.
Source From : News