Key takeawaysThe Venom Network’s first testnet was successfully launched.The team revealed that 223,446 wallets created were created, and 69,000,000 transactions were completed.The Venom testnet is designed with ecosystem users and developers in mind.Venom Network launches its first public testnetVenom Foundation, a decentralised network aimed at accelerating Web3 development and which is licensed by the Abu Dhabi Global Market (AGDM), announced on Wednesday, May 3rd, that it has successfully launched its first testnet. Venom is a highly scalable layer-1 blockchain network designed to support a wide range of decentralised applications. A massive thank you to our incredible community for participating in this first week of #VenomTestnet! With your help, Venom will pave the way for a brighter future. Last week in numbers👇 pic.twitter.com/xqGuyhFH4I— Venom Network (@Venom_network_) May 3, 2023According to the Venom Foundation, 223,446 wallets were created in the first week of the public testnet. Furthermore, the team revealed that a total of 69 million transactions were carried out during the testnet. The Venom Foundation previously pointed out that the public testnet going live is a huge milestone for the blockchain ahead of its mainnet launch. In addition to the testnet, the Venom Foundation also launched several dApps developed in-house as it grows its blockchain ecosystem. Other than the testnet, Venom has also released multiple decentralized applications (dApps) developed in-house as part of the L1’s growing ecosystem. Peter Knez, the Chair of the Venom Foundation Council,While commenting on the testnet launch last week, “We’re excited to announce the launch of Venom’s public testnet, a crucial step towards our upcoming mainnet launch. With our highly scalable and reliable asynchronous blockchain, we’re confident that developers will be able to build innovative dApps, while users will be able to experience them firsthand.”1,370,189 NFTs minted during testnetIn addition to the record number of wallets created and transactions completed during the testnet’s first week, Venom also reported another important milestone.According to the Venom Foundation, a total of 1,370,189 NFTs were minted during the first week of the testnet launch. This is an important milestone as Venom seeks to become a leading blockchain in the NFT ecosystem. The post Venom Network’s public testnet records 69 million transactions appeared first on CoinJournal.

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AltSignals (ASI) token sale continues as crypto is poised to react higher.This follows hints by the US Federal Reserve of pausing interest rate hikes.ASI token could also benefit from expected explosion in interest around artificial intelligence (AI) projects.Artificial intelligence continues to make waves, with both consumers and businesses looking to tap into opportunities being presented by the technological leap. Airbnb CEO Brian Chesky said in an <a href="https://twitter.com/SquawkCNBC/status/1654116763087372288">interview</a> with CNBC on Thursday that <a href="https://coinjournal.net/news/tag/ai/">AI</a> could be bigger than the internet revolution.AltSignals, a trading signals platform looking to upgrade its algorithm by introducing an AI-powered layer, is among those attracting huge attention. The AltSignals presale is in progress, with the second stage nearly 70% sold out.Fed pause could see crypto prices react higher<a href="https://coinjournal.net/bitcoin/">Bitcoin price</a> currently hovers near $29,000 after investors reacted positively to the US Federal Reserve’s signal that it could pause its interest rate hike trajectory. The Fed’s hint towards taking a more cautious approach came after it raised rates by another 25 basis points on Wednesday. The US central bank’s interest rate rose to the 5.00%-5.25% range after the latest hike. It comes amid fresh uncertainties amid bank failures, warnings about the US debt ceiling and the continuing issue of inflation. Fed Chair Jerome Powell hinted to this in his speech, with the next FOMC meeting now of key interest to investors. With an end to the rate hike cycle likely coming, it could be time for markets to find new momentum, which we highlight <a href="https://coinjournal.net/news/feds-decision-had-no-impact-on-the-crypto-market-yet/">here</a>.The scenario in the crypto sector will likely be where interest in established assets like Bitcoin, Ethereum, Litecoin and others, spills into projects in categories such as layer 2s, GameFi, play-to-earn and artificial intelligence.Why would now be a good time to buy AltSignals?Investors are likely to continue seeing Bitcoin as a safe haven asset amid ongoing bank failures and economic woes that impact traditional assets. Crypto as a whole is also proving quite attractive as a way for people to diversify their portfolios.If the expected Bitcoin bull cycle sets in, soaring market could catapult ASI token higher – a scenario seen with other projects that launched during the last bull market. As crypto edges closer to the historically bullish period marked by BTC halving, taking positions with ASI at current presale prices could prove a great investment.Even if crypto fails to take on a new bull run going into its 2024 halving, the utility that ASI offers and the growing adoption of AI-powered tools in the trading market could be enough to propel AltSignals higher when it launches.  But as always, it is advisable to remember that investing comes with risks, which is true of crypto, including presales of new tokens.What’s unique about AltSignals?AltSignals launched in 2017, offering a trading signals and market alerts for cryptocurrencies, stocks and forex. Now the platform has planned an upgrade to its trading algorithm, with artificial intelligence, machine learning and natural language processing.The upgrade is set to launch later this quarter via an AI layer dubbed ActualizeAI, and will see traders benefit from 24/7 trading signals with improved accuracy and risk management. The system will be powered by the ASI token, a native token that will offer holders access to all trading signals on the new AI-powered system.Unlike many new projects, AltSignals (ASI) is a project that already boasts a growing community and ready market for its product. Trade calls can be traded on major exchanges and brokers, including those for all the top cryptocurrencies and major forex pairs.Taking a working product and bumping its capacity with new advanced capabilities is a strategy that could…

AltSignals is a financial markets trading signals service provider and it is working on an AI-based algorithm.AltSignals is currently conducting the presale of its new AI-based native token ASI.The ASI presale is currently in the second phase.The hype around artificial intelligence (AI) technology has found its way into the crypto world and AI-based cryptocurrencies are seeing quite a boom buoyed by the AI hype.Most of the AI-based cryptocurrencies are relatively new and were launched after the launch of OpenAI’s AI-based chatbot ChatGPT. Over the last seven days, most of these tokens have seen a triple-figure price rise. Omax Coin (OMAX) has raised by 108%, Forta (FORT) by 106%, and ChainGPT (CGPT) by 59%, just to mention the top three AI-based crypto gainers over the last seven days.AltSignals’ AI-based project prospectsSince its launch in 2017, AltSignals has grown popular for providing quality trading signals to over 50,000 Telegram members. Its trading signal service has earned a 4.8 out of 5-star rating on Trustpilot.Currently, the AltSignals team wants is working on upgrading its signal-generating service after its early success. The team is seeking to integrate artificial intelligence, natural language processing, machine learning, and advanced sentiment analysis in signal generation.The new AI-powered trading platform, dubbed ActualizeAI, will be powered by the ASI cryptocurrency, which will be the unit of membership in ActualizeAI, with holders being able to vote on the governance of the platform.AltSignals is currently conducting the presale of the ASI token and it is now at the second stage of the presale which at press time was 65.08 % sold out. Interested crypto investors can participate in the presale here.Going by the success that ChatGPT has had since its launch towards the end of 2022, AltSignals’ ActualizeAI project could also receive a significant uptake. The quick sell-out of the first AltSignals’ presale stage, the BETA stage, is already a testament that investors have confidence in the ActualizeAI project.Should I buy the ASI token?Well, the cryptocurrency market is extremely volatile and it can be quite a risky investment. Nevertheless, people have taken advantage of the crypto price movements and earned a good amount of money.Although the ASI token is still new in the market, its price has been on the rise since the start of the presale. In the BETA stage, it was selling at $0.01200. It has increased by 25% to the current price of $0.015.According to the schedule provided by AltSignals on its official website, the ASI is expected to continue rising in the remaining presale stages. It is projected to sell at $0.02274 at the end of the presale.AtlSignals (ASI) price outlook after presale endsAltSignals has already earned itself a reputation within the trading signals service market, which is a good proponent for the ASI token. Investors at least know they are investing in a trusted company which has been in the market for the past five years.The price of ASI could skyrocket just like its AI-based cryptocurrency peers once ActualizeAI goes live and starts attracting active users. Also, the ASI token is scheduled for listing on Uniswap and several other centralized exchanges once the presale is concluded; something that could further add impetus to the price surge.The post AltSignals (ASI) price outlook as AI hype sends AI-based tokens through the roof appeared first on CoinJournal.

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Key takeawaysWOO is the best-performing cryptocurrency amongst the top 100 by market cap today.The rally comes as Woo Network listed new perpetual products and revamped its community ambassador programme.WOO could be eyeing the $0.3500 psychological level following its recent rally.WOO price stands at $0.2893, up by more than 12% todayWOO, the native token of the Woo Network, is the best performer amongst the top 100 cryptocurrencies by market cap today. The token is up by more than 12% in the last 24 hours.At press time, the price of WOO stands at $0.2883 and could rally higher in the near term.The rally comes as the WOO Network listed the SUI perpetual token with zero fees on its platform. This latest cryptocurrency news means that traders on WOO can start trading SUI futures.🌊 Ride the #SUInami on $SUI – PERP with ZERO fees. @SuiNetwork the latest L1 platform token built with Move, has arrived on WOO X. ▶️ Start trading at https://t.co/lM1upFinM5 pic.twitter.com/iD6VKdLIyC— WOO X (@_WOO_X) May 4, 2023In addition to that, the Woo Network recently revamped WOO Force, its community ambassador programme. The revamp is designed to extend the reach of WOO’s growth initiatives.May the force forever be with $WOO ⚛️🔥 Recognizing the surging social activity around the $WOO ecosystem, we've recently revamped WOO Force – our community ambassador programme. ▶️ Learn about these changes and join the force today:https://t.co/lXTgCTkHop pic.twitter.com/dNSRkI6YiG— WOO X (@_WOO_X) May 4, 2023These latest developments could be the major catalysts behind WOO’s ongoing rally.Could WOO reach the $0.3500 psychological level soon?WOO has been performing well in recent days and could be on its way to reaching new highs. At press time, WOO is trading above the $0.28 level.If the rally continues, WOO could reach the $0.3500 psychological level for the first time since April 19.The fundamental conditions of the broader cryptocurrency market could also help WOO rally toward that price. Despite its recent positive performance, WOO remains 88% down from the all-time high of $2.4807 it achieved in November 2021. The post WOO price surged by 12% today: can it hit $0.3500 soon? appeared first on CoinJournal.

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Key TakeawaysCoinbase stock is down 87% from its IPO price, the company now worth $11 billionRegulators are moving in on the industry in the US, creating an increasingly hostile environmentShare price reflects these developments, as well as plummeting volume in the crypto space, writes our Head of Research, Dan Ashmore <a href="https://coinjournal.net/exchanges/coinbase/">Coinbase</a> is at war. The exchange is the only publicly traded crypto platform in the US, an attribute that appeared a massive strength at the time of its IPO in April 2021. This was a time when Bitcoin was trading at $63,500, dinner tables were filled with questions such as “how high can it go?”, and everybody wanted a piece of the crypto pie.Things are a little different today. Coinbase’s status as a public company may be helping it with regard to transparency in an increasingly opaque crypto industry, but it is also presenting its troubles for everybody to see. The stock is down 87% from the price it floated at.   Coinbase faces a fight on multiple frontsI wrote a <a href="https://coinjournal.net/news/what-is-wrong-with-coinbase-ceo-selling-2-of-stake-a-deep-dive/">deep dive</a> on the prospects of the company last October, after it was revealed CEO Brian Armstrong had sold 2% of his stake. Seven months on, crypto prices have rebounded strongly but Coinbase’s future seems murkier than ever. The company faces challenges on multiple fronts. The first, obviously, is the state of the crypto industry. Prices, volumes and interest have evaporated at an alarming rate over the 18 months. The Federal Reserve’s transition to tight monetary policy in the face of rising inflation has sucked liquidity out of the economy and crushed assets residing on the far end of the risk spectrum. And make no mistake, crypto is most definitely <a href="https://coinjournal.net/news/bitcoin-still-trading-like-a-risk-asset-despite-claims-of-decoupling-amid-banking-crisis/">out there on the risk curve</a>. Bitcoin has careened down as low as $15,500 this cycle, a drawdown of 77% from its peak. It currently trades at $29,000 following a bumper first quarter of the year, but the issues with Coinbase go beyond merely crypto prices. The industry has been under siege from regulators this year, with the SEC in particular clamping down on a space that conceived multiple scandals last year – most notably the spectacular collapse of not-so-stable stablecoin UST and <a href="https://coinjournal.net/news/ftx-insolvent-what-next-for-crypto/">crypto exchange FTX</a>. Coinbase is bracing itself for action after it received a Wells notice earlier this year. A Wells notice is a formal warning from the SEC that evidence of proof of lawbreaking has been found, and legal action will likely be recommended. The SEC claims Coinbase’s staking service, Prime and Wallet products, as well as its general listing process, may all be in violation of federal securities law.The exchange is fighting. It has accused the SEC of levelling legal accusations “on the fly” and contended that legal action against Coinbase would pose “major programmatic risks” and would “fail on the merits”. The exchange has repeatedly criticised the lack of regulatory clarity for crypto. SEC chair Gary Gensler has contended that “Crypto markets suffer from a lack of regulatory compliance. It’s not a lack of regulatory clarity”. But like it or loathe it, the SEC is calling the shots, and this is all very bad news for Coinbase. The fear is very real that the US environment is simply becoming too hostile for crypto. Coinbase knows this, even if it disagrees with why it is happening. This week, it announced the launch of the Coinbase International Exchange (CIE), an institutional platform for international derivatives trading. But the fear can really be seen in the share price. While we mentioned the fact the crypto industry has been ravaged, Coinbase has underperformed even Bitcoin significantly over the last year. Perhaps the two best benchmarks for Coinbase’s performance are Bitcoin and…

Woo Network, Conflux, and Kava prices held quite well even as American stocks continued plunging. WOO jumped by over 11.3% in the past 24 hours as we wrote here while Conflux and Kava soared by over 6%. Bitcoin remained steady at $29,000 while Ethereum and BNB prices held at $1,890 and $325, respectively. US equities plungeAmerican stocks continued falling on Thursday as investors reacted to the latest interest rate decision by the Federal Reserve. In it, the bank decided to hike interest rates by 0.25%, bringing the headline rate to between 5.0% and 5.25%. That was the highest rate the US has been in more than a decade.Analysts believe that the Federal Reserve will now pause rates as it observes the state of the financial market and inflation. The hope is that the elevated inflation will help to limit inflation. Data published last month showed that the headline consumer inflation dropped to 5.0% in March and analysts believe that the situation will continue as crude oil prices continue dropping.Cryptocurrencies like WOO, CFX, and KAVA did well even as the banking crisis in the US escalated. PacWest stock price has plunged by more than 50% on Thursday while Western Alliance and Comerica slumped. In all, the SPDR Regional Bank ETF dropped by over 5% and has crashed by more than 30% in the past three months. Therefore, there is a likelihood that we will see more banks collapse this year. Already, companies like First Republic, Silicon Valley Bank, Signature, and Silvergate have all collapsed. And on Thursday, the Dow Jones, Nasdaq 100, and S&P 500 indices dropped by almost 1% each.Bank collapses impact on cryptoAnalysts believe that the collapse of these regional banks has a positive impact on cryptocurrencies for two main reasons. First, some analysts and investors see cryptocurrencies as safe havens which do well when there are elevated risks. They, especially Bitcoin, are now being seen as safe-haven assets.Second, the collapse of these banks will lead to a slowdown of the American economy and force the Fed to intervene. In periods like these, the Fed tends to intervene by either reducing its quantitative tightening or by reducing rates.  A pivot of the Fed will likely be positive for WOO, Conflux, KAVA, and other cryptocurrencies as we saw during the pandemic.How to buy KAVA Binance.US Binance.US provides secure and reliable access to the world’s most popular cryptocurrencies, with some of the lowest fees in the industry. Buy KAVA with Binance.US today Wazirx WazirX is India's largest crypto exchange. Started in 2018, WazirX has grown to be the most trusted exchange in the Indian crypto market. It is a part of the binance group, serving users in 180 countries. Buy KAVA with Wazirx today The post WOO, Conflux, KAVA prices lead gains as bank stocks plunge appeared first on CoinJournal.

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Stacks price has declined 4% in the past 24 hours and is -15% this past 30 days.STX currently trades near $0.78, and has a key supply zone near the psychological $1.00 level.The price of STX rose sharply in February and March as the Ordinals hype hit the market.The price of <a href="https://coinjournal.net/stacks/">Stacks (STX)</a> made another higher low move on Wednesday, trading to highs of $0.82 after surging double digits alongside Bitcoin (BTC). The upside followed the crypto market’s upward reaction to the US Federal Reserve’s interest rate hike.But as the FOMC tide cools, STX is down 4% in the past 24 hours, cutting weekly gains to just 5% and wiping out gains from key price bursts in April.Will Stacks go back up after the recent dump?Stacks (STX) is a digital asset that has shown considerable fluctuations in price in the past few weeks. As CoinJournal highlighted in<a href="https://coinjournal.net/news/stacks-price-relentless-bull-run-gains-steam-is-it-still-a-buy/"> this article</a>, the main driver of Stacks price in February was the strong interest in Ordinals, a platform for <a href="https://coinjournal.net/bitcoin/">Bitcoin</a> inscriptions (crypto assets similar to NFTs).Stacks, which brings the power of smart contracts to Bitcoin, also surged in March as<a href="https://coinjournal.net/news/stacks-stx-is-a-whale-aggressively-loading-up/"> whales loaded up on the native STX</a>.As seen on the weekly chart below, STX/USD has been constrained between robust support at $0.64 and new resistance near $1.33 since 20 February. The coin is up 5% this week but is in the red on the monthly chart after today’s declines helped erase gains made earlier in the year. STXUSD is down nearly 15% over the past 30 days.Incidentally, STX rose 122% in one week in February and another 51% over seven days in mid-March. So the question is: will Stacks go back up after retreating from year-to-date highs above $1.32? The surge in Bitcoin ordinals, which on-chain data <a href="https://dune.com/dgtl_assets/bitcoin-ordinals-analysis">shows</a> reached over 3.5 million this week, suggests interest in the inscriptions is still high. The activity on the Ordinals Protocol and other layer 2s on the Bitcoin blockchain and the potential uptick in BTC price are likely to be major catalysts of upside momentum for the <a href="https://coinjournal.net/news/tag/altcoin/">altcoin</a>.Below is the outlook for Stacks price from a technical perspective.Stacks price: short term outlook for STXFor a short-term technical outlook for STX, we can look at its weekly chart focusing on the Relative Strength Index (RSI), Moving Average Convergence Divergence (MACD), and Fibonacci retracement levels.<a href="https://media.igms.io/2023/04/04/1683223211828-21871ca3-eb5d-4127-8513-f6230a61b33e.png">Media</a>Chart showing the price movement of Stacks (STX) with key technical indicators. Source: <a href="https://www.tradingview.com/x/fnsqMrDa/">TradingView</a>As shown above, the RSI indicator for STX on is currently at 57. This suggests that STX is largely neutral, indicating its neither oversold nor overbought. However, the MACD indicator is suggesting a potential bearish crossover. We can see the MACD line is above the signal line but could cross below to give the advantage to the bears.Meanwhile, the main barrier to the upside is likely to be at the Fibonacci retracement level at 23.6% that marks the retracement of the last swing from the highs of $3.37 to lows of $0.20. That level is currently around $0.95. Stacks also highlight the 50% and 61.8% retracement levels as main resistance areas.In case the Stacks (STX) price continues its downward trend, the first support level could be at a long-term horizontal line near $0.45. The 50-week moving average line is currently leveling up around this area, while the $0.20 demand reload line provides a key buffer zone.The post <a href="https://coinjournal.net/news/will-stacks-price-go-back-up-heres-the-short-term-outlook-for-stx/">Will Stacks price go back up? Here’s the short…

Block didn’t see an impairment loss on its bitcoin holdings in Q1.Analysts at KeyBanc continue to see upside in its shares to $85.Block stock is currently down about 5.0% versus the start of 2023.Block Inc says it did not see an impairment loss related to its bitcoin hoard in the first financial quarter. Shares are trading up in extended hours.Bitcoin price recovery helpedThe surge in BTC this year pushed the fintech company’s bitcoin revenue in Q1 to $2.16 billion – up 18% sequentially and a whopping 25% versus the same quarter last year.Gross profit from bitcoin holdings also increased 43% versus the previous quarter, as per its letter to shareholders. Block generated $770 million of total gross profit in its recently concluded quarter – up 16% on a year-over-year basis.The fair value of its position in bitcoin was $229 million as of March 31st versus the original purchase price of $220 million.Year-to-date, Block stock is down about 5.0% at writing.Should you buy Block stock now?Block ended the quarter with 20 million monthly active users on “Cash Card” – up 34%. Earlier this week, K33 analyst Vetle Lunde noted the similarity in how bitcoin is performing this year and how it recovered after the bear market of 2018-2019.If it continued on the same trajectory, he added, bitcoin could be worth as much as $45,000 in the coming weeks which could be a significant benefit to Block Inc both in terms of its financial performance as well as the share price.Those interested in buying Block stock today should also know that analysts at KeyBanc continue to see upside in it to $85 – up roughly 40% from here.Other notable bulls of the financial technology company include Cathie Wood – the Founder and Chief Executive of Ark Invest.The post Should you buy Block stock on a boost to bitcoin revenue in Q1? appeared first on CoinJournal.

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Metacade price has jumped by 275% from its all-time low.The token will benefit from a Fed pivot as US banks collapse.Technicals are supportive of the cryptocurrency.<a href="https://coinjournal.net/metacade/">Metacade</a> (MCADE) price has done well since going public in April this year. In all, data compiled by <a href="https://coinjournal.net/news/tag/uniswap/">Uniswap</a> shows that the token has jumped by more than 275% from its all-time low, making it one of the best-performing cryptocurrencies in the world. Here are three reasons why Metacade price will likely continue soaring in the near term.Macro events favor cryptocurrenciesThe first main reason to invest in Metacade is that macro events seem to favor cryptocurrencies and other assets. On Wednesday, the Federal Reserve decided to hike interest rates by 0.25%, bringing them to about 5.25%. Analysts believe that the Fed has now ended its hiking cycle since there are signs that the American economy is slowing.For example, GDP data published last week showed that the economy slowed down in A1. Further data showed that the manufacturing sector continued contracting in April this year. Retail sales have slowed as inflation remains stubbornly high.Most importantly, the banking sector is at its biggest risk in years. On Monday, the FDIC seized First Republic Bank and sold it to JP Morgan, as we wrote <a href="https://coinjournal.net/news/mcade-tops-0-027-as-analysts-turn-bullish-on-first-republic-sage/">here</a>. Other banks are at a significant risk. For example, PacWest shares tumbled by over 50% on Thursday while Comerica and Western Alliance fell by double-digits. Therefore, it is hard to fathom the Fed continuing hiking rates in a period when banks are collapsing. As such, there is a likelihood that Metacade will and other altcoins will do well because of Bitcoin’s role as a safe haven.  In fact, Bitcoin and other major tokens have outperformed stocks this year.Metacade important newsThe other main reason to invest in <a href="https://metacade.co/en">Metacade</a> is that there are some important news that could push the token higher. First, the number of MCADE holders has continued rising in the past few weeks. Data compiled by Etherscan shows that the <a href="https://etherscan.io/token/0xed328e9c1179a30ddc1e7595e036aed8760c22af">number</a> has jumped to 9,239, which is much higher than where it was last month. This is a sign that the token is gaining traction and that the number will get to 10k soon. The number of MCADE transfers has jumped to over 27,289.Meanwhile, according to the Metacade <a href="https://metacade.co/whitepaper/whitepaper.pdf">white paper</a><strong>, </strong>the developers are working to get the token listed in more centralized exchanges. Already, the token has been listed in platforms like MEXC and BitMart. Other potential exchanges where the developers plan to list it are Binance and OKX. In most cases, cryptocurrencies tend to do well after a major exchange listing.Further, the developers are working on the Metacade game, which is expected to be launched in the next few months. We expect that the game will do well, which will help the token gain traction in the next few months. Historically, crypto tokens tend to do well ahead of a major event.Metacade technicals are supportive<a href="https://media.igms.io/2023/04/05/1683261734716-36a2d1f5-1cdc-4137-bd90-62456824eded.png">Media</a>The other main reason to invest in MCADE is that technicals are supportive. On the four-hour chart, we see that the Metacade price has been in a bullish trend in the past few weeks. As it rose, the token moved above the important resistance point at $0.034, the highest point on April 20th. It has now retested that price in what is known as a break and retest pattern.Metacade is being supported by the 50-period moving average. Therefore, there is a likelihood that the token will bounce back as buyers target the all-time high of $0.045. A break above that level will see it jump to the next psychological level at…

Kenya’s Treasury Secretary outlined the tax proposals in a document sent to parliament on 4 May, 2023.The 3% crypto tax will target cryptocurrencies and NFT transfers on exchanges and by individuals.Kenya is one of the countries with the fastest growing adoption of cryptocurrencies in the world.Kenya is seeking a 3% tax on the transfer of digital assets, budget proposals from the Treasury ministry outline.The tax proposals were part of the Finance Bill 2023 that Njuguna Ndung’u, Cabinet Secretary for National Treasury and Economic Planning, sent to the National Assembly on Thursday, 4 May 2023. The Treasury CS is expected to present the budget statement to Parliament on 8 June, and could see the East African nation have the new taxation measures in place for the 2023/2024 budget year, the details of the proposal showed.Authorities eye tax for crypto and NFTsApart from cryptocurrencies, the tax proposals also target non-fungible token (NFT) transfers. These will relate to transactions made by exchanges as well as individuals.Digital assets are classified as property in Kenya, and any gains from the sale, exchange, or disposal of such assets would be subject to capital gains tax. Other than crypto, Kenya also targets monetized online content, with the sector set to be subject to a 15% tax.Around 8.5% of Kenya’s adult population own or hold cryptocurrencies. While countries in Africa such as Nigeria and South Africa have more people owning crypto, Kenya places higher in terms of percentage of the population. Recent statistics on global crypto ownership and usage by the UN ranked Kenya fifth worldwide and fourth among emerging economies – behind Ukraine, Russia and Venezuela.According to the latest ownership figures from Singapore-based crypto research company Triple A, over 2.7 million Kenyans own digital assets. Globally, cryptocurrency ownership has risen to an average of 4.2%, with numbers jumping from 320 million in early 2022 to over 420 million in May 2023.Kenya’s plans for crypto taxation rules come as the trend around the world sees increased regulatory scrutiny of cryptocurrencies. The UK, EU and other jurisdictions are looking to offer clear regulatory guidelines for the industry, particularly around overall protection of investors amid likely risks from unregulated crypto exchanges.The post Kenya eyes 3% tax on cryptocurrency transfers appeared first on CoinJournal.

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Key takeawaysFLOKI is the best performer amongst the top 100 cryptocurrencies by market cap today.The token has added more than 50% to its value today and could rally higher in the near term.Binance is set to list Floki Inu in its Innovation Zone while the token is now live on BitfinexFloki Inu price rally by more than 50% todayFLOKI, the native token of the Floki Inu ecosystem, has been the best performer amongst the top 100 cryptocurrencies by market cap in the last 24 hours.At press time, the price of Floki Inu stands at $0.00005282, up by 56% over the past few hours. The rally comes thanks to two massive listings of the Floki Inu token. Earlier today, Bitfinex, one of the leading cryptocurrency exchanges in the world, listed FLOKI on its trading platform. We’re live now for trading – #FLOKI can now be traded with USD and Tether $USDt!You’ll also enjoy our trading fee promotion:
✅ ZERO fees for market makers
✅ 4 bps for market takersStart trading on Bitfinex:https://t.co/RXJ1Kg0JQ4 pic.twitter.com/2xHWKTmBgQ— Bitfinex (@bitfinex) May 5, 2023This latest cryptocurrency news means that FLOKI can be traded against USDT on the Bitfinex crypto exchange.Binance lists FLOKI in its innovation zoneFollowing the announcement by Bitfinex, Binance, the world’s largest cryptocurrency exchange, also announced earlier today that it would be listing Floki Inu and PEPE coins in the Binance Innovation Zone. #Binance will list @pepecoineth $PEPE and @RealFlokiInu $FLOKI in the innovation zone.➡️ https://t.co/yxcINj0whc pic.twitter.com/o4UTvWZkHj— Binance (@binance) May 5, 2023The Binance Innovation Zone was introduced to users of the cryptocurrency exchange a safe place to trade new and innovative projects. These latest developments were behind FLOKI rallying by more than 50% over the last 24 hours. The positive performance comes despite the broader crypto market currently stagnating.Bitcoin is down by less than 1% in the last 24 hours and continues to trade above the $29k level. Ether, the second-largest cryptocurrency by market cap, is up by less than 1% so far today and is trading just above $1,900. At press time, the total cryptocurrency market cap stands at $1.2 trillion. The post Here is why Floki Inu’s price surged by over 50% today appeared first on CoinJournal.

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Coinbase reports market-beating results for its fiscal Q1.Analysts are still keeping bearish on the Coinbase stock.Coinbase shares are now up roughly 70% year-to-date.Coinbase Global Inc are up nearly 15% on Friday after reporting its financial results for the first quarter that handily topped Street estimates.Coinbase stock up on narrowed lossLost $78.9 million versus the year-ago $429.7 millionPer-share loss also narrowed sharply from $1.98 to 34 centsRevenue tanked 34% year-on-year to $772.5 millionConsensus was $1.45 a share loss on $655 million in revenueTotal operating expenses were down 24% versus last yearThe crypto company attributed strength in its quarterly performance partially to the surge this year in the price of bitcoin. Still, Wells Fargo analyst Jeff Cantwell remains bearish on the Coinbase stock due to the regulatory uncertainty.His $43 price objective suggests more than a 20% downside from here.BofA is also dovish on Coinbase sharesRemember that Coinbase Global Inc had received a “Wells notice” from the U.S. SEC in late March. It is also noteworthy that trading volume in the recently concluded quarter came in at $145 billion and missed the consensus estimate by $2.7 billion.To that end, Bank of America analyst Jason Kupferberg also reiterated his “underperform” rating on the Coinbase stock today and said:We maintain our cautious view on Coinbase shares as we continue to think retail crypto volumes will remain weak and regulatory overhang will linger for some time.In its current quarter, Coinbase Global Inc expects its subscription and services revenue to sequentially decline to around $300 million, as per its letter to shareholders.The post Coinbase stock jumps 15% on strong Q1 results: sell into the strength? appeared first on CoinJournal.

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Cryptocurrency prices were mixed, with key coins like Bitcoin moving sideways.Meme coins like Pepe and Floki Inu surged after their Binance listing.Cryptocurrencies were relatively mixed this week as Bitcoin remained stubbornly below $30,000 and Ethereum below $2,000. Meme coins like Pepe and Floki Inu soared after being listed in Binance while Sui jumped and then dumped. This crypto price prediction will look at Tron, Optimism, and Stacks.Tron price prediction<a href="https://coinjournal.net/tron/">Tron</a> price has been in a strong bullish trend in the past few days. It jumped to a high of $0.070, the highest point since February. On the four-hour chart, the coin has jumped above the 25-day and 50-day moving averages. It also moved above the important resistance point on $0.069, the highest point in March.Therefore, it seems like the coin will continue rising in the coming days as buyers target the next key resistance point at $0.073, the highest level on February 20. This price is about 3.50% above the current level. A drop below the key support at $0.7070 will invalidate the bullish view.<a href="https://media.igms.io/2023/04/05/1683297407616-b194f4e9-2353-427e-a9af-3fb86e70e089.png">Media</a>How to buy Tron eToro eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users. <a href="/visit/etoro-crypto?guid=MTM4NzQz&component=simple-table&language=en&country=US&position=1&totalPositions=2"> Buy TRX with eToro today </a> Disclaimer Binance.US Binance.US provides secure and reliable access to the world’s most popular cryptocurrencies, with some of the lowest fees in the industry. <a href="/visit/binance-us-crypto?guid=MTM4NzQz&component=simple-table&language=en&country=US&position=2&totalPositions=2"> Buy TRX with Binance.US today </a> Optimism price predictionOptimism is one of the biggest layer-2 networks in the blockchain industry. It competes with other well-known blockchains like Arbitrum and Polygon. OP price has been in a steep sell-off this week as it dropped below the key support at $2.07, which was the lower side of the descending triangle pattern. It has also formed a head and shoulders pattern.Optimism also remains below the 25-day and 50-day exponential moving averages and the support at $2, the lowest point on March 27. Therefore, it seems like bears have the momentum, which could see it crash to the next support at $1.80. The stop-loss of this trade is at $2.20.<a href="https://media.igms.io/2023/04/05/1683297407447-1a3ea903-4d4d-4562-b1e5-d648759c1284.png">Media</a>Stacks price prediction<a href="https://coinjournal.net/stacks/">Stacks</a> is a leading blockchain project that seeks to create a Bitcoin layer for smart contracts. It solves an important challenge in that Bitcoin does not have smart contract capabilities. As such, developers can build applications that take advantage of Bitcoin to handle transactions.Stacks surged earlier this year after the launch of Bitcoin Ordinals. It jumped to a high of $1.314 and has now erased most of those gains to trade at $0.72. The coin remains below the 50-day moving average and the key support point at $0.78. The coin is slightly above the key support point at $0.6720. Therefore, the path of the least resistance for STX price is downwards, with the next key level to watch being at $0.60.<a href="https://media.igms.io/2023/04/05/1683297407593-cbfb7366-0a49-4446-8fe9-da980dc7282f.png">Media</a>How to buy Stacks Okcoin Okcoin is a globally licensed exchange with offices in San Francisco, Miami, Malta, Hong Kong, Singapore and Japan. Okcoin's mission is to help decentralize finance and level the economic playing field for everyone around the world. Serves 190+ countries with over 100K+ active traders and investors. <a href="/visit/okcoin-crypto?guid=MTM4NzQz&component=simple-table&language=en&country=US&position=1&totalPositions=2"> Buy STX with Okcoin today </a> Swapzone Swapzone…

Key TakeawaysCrypto prices have rebounded strongly this year, but the space remains barren compared to the pandemic hysteriaInstitutional money has fled at an alarming pace, and there is no guarantee it will returnScandals of 2022 were on such a large scale that capital is reluctant to returnMention “2022” to anyone remotely involved in the cryptocurrency industry and you’ll likely send a shudder down their spine. The year was fraught with scandals, embarrassments and, more than anything else, thundering price collapses.<a href="https://coinjournal.net/bitcoin/">Bitcoin</a> is a good gauge for the action of the industry. The world’s biggest crypto peaked at close to $69,000 in November 2021. One year later, it was $15,500.  Since the nadir in November, prices have bounced strongly. Bitcoin is currently trading around $29,000, as softer inflation data and optimism around the future path of interest rates picked up since the winter. However, things are different. And despite these rising prices, there has to be a fear that the cryptocurrency industry has suffered an indelible blow to its reputation. For institutions, have the events of last year put a sour taste in the mouth?Justin Chapman, Northern Trust’s head of digital assets and financial markets, summed up these concerns in an <a href="https://www.cnbc.com/2023/05/04/crypto-has-lost-its-shine-for-institutional-investors-says-northern-trust-executive.html">interview</a> with CNBC this week, saying that “client interest has definitely gone off (a) cliff in terms of institutional interest in cryptocurrencies”“It’s definitely quiet now, since 2022, from the institutional side,” he continued. “Before that, we were seeing traditional fund managers looking to launch crypto funds, ETPs in Europe, which is the equivalent of ETFs in the U.S. — that’s really gone quiet. Even the hedge funds, who are pretty active in the markets, have certainly reduced their exposure within that particular space.”The evidence for this goes beyond anecdotes. I’ve put together a few reports on the immense capital flight out of crypto markets recently. One of my favourite charts to demonstrate the extent of this is by looking at the balance of stablecoins on exchanges. Since FTX collapsed in November, over half the total stablecoin balance has evaporated from exchanges. That translates to an <a href="https://coinjournal.net/news/22-billion-of-stablecoins-has-fled-exchanges-in-5-months-a-report-into-cryptos-capital-flight/">outflow of $22 billion</a>.  Market depth on exchanges is similar: capital has just <em>fled</em>. Crypto messed up when the cameras were onCrypto’s surge during the pandemic undoubtedly put it on the main stage, with money flowing into the sector like never had before. Such were the scale of the scandals, most notably the FTX and LUNA collapses, there is concern that institutional money will never return at the same pace. When Tesla purchased Bitcoin and put it on its balance sheet, it felt like the start of a movement for the cryptocurrency industry as a whole. Everybody was talking about crypto, and funds from previously non-crypto domiciles like Wall Street were flowing like a tidal wave into the space. But then came the crashes. Not only that, but the total lack of regulation in the space, and the absence of any sort of risk management, sent the whole industry into a very public and ignominious tailspin, with bankruptcy after bankruptcy. Today, regulators are moving in harshly and the environment in the US is becoming increasingly hostile. February saw the Binance-branded BUSD stablecoin shut down. Disgraced FTX founder Sam Bankman-Fried is awaiting trial. Binance CEO Changpeng Zhao has been charged by the CFTC for operating an “intentionally opaque common enterprise”, including accusations it “failed to implement basic compliance procedures designed to prevent and detect terrorist financing and money laundering”. Coinbase has been issued with a Wells notice by the SEC, warned of impending charges around securities violations. How…

The Sandbox price failed to recover from a year-long slump during the bullish price action of early 2023. 3D games in the metaverse have been a source of great excitement among blockchain investors, but a new kind of play-to-earn (P2E) platform may be the next big thing in the GameFi sector.<a href="https://metacade.co/en?utm_source=media&utm_medium=artc&utm_campaign=coinjournal&utm_term=internal&utm_content=68">Metacade</a>’s hugely successful token presale is a testament to an exciting roadmap that has appealed to Web3 users. While The Sandbox price continues to struggle, Metacade’s continues to gain momentum.Metacade is a very interesting niche investment opportunityWhile the majority of cryptocurrencies in Web3 enjoyed significant gains at the beginning of 2023, The Sandbox price underperformed. 3D games in the metaverse posted impressive returns during the 2021 bull market, yet a prolonged slump for The Sandbox price has concerned some long-term investors.The Sandbox price remains more than 90% down from its all-time high. Meanwhile, Metacade rose more than 2x in the space of a week as it continues to generate excitement among the blockchain gaming community. The token is fresh from two primary exchange listings and looks ready to continue its rapid development.<a href="https://metacade.co/en?utm_source=media&utm_medium=artc&utm_campaign=coinjournal&utm_term=internal&utm_content=68">Metacade</a> raised $16.4 million during the MCADE token presale, with most fundraising stages sold out. Since then, the MCADE token has launched on Uniswap and BitMart and skyrocketed to a $0.03 price level towards the end of April.While 3D games based in the metaverse are still in their infancy, Metacade’s comprehensive <a href="https://sensoriumxr.com/articles/what-is-play-to-earn-gaming">play to earn</a> environment intends to include 3D games as it grows. It awaits to be seen whether The Sandbox price will reclaim its previous highs over time.What is The SandboxThe Sandbox is a blockchain-based virtual gaming world where players can create, share, and monetize their gaming experiences. Utilizing the Ethereum blockchain, The Sandbox aims to revolutionize the gaming industry by providing a decentralized platform for gamers and game developers.With its unique combination of user-generated content and P2E mechanics, The Sandbox offers a new frontier for gamers to explore and connect. Players can also purchase LAND, virtual real estate that can be used to build and monetize custom gaming experiences.Could SAND reach $5 in 2025?The Sandbox remains one of the top 3D games in Web3. Despite its reduced price of $0.60, which is 92% down from the all-time high of $8.50, The Sandbox price could target higher price levels above $1 and $2.Price analysts have highlighted a key resistance area for The Sandbox price at the $3.50 level. As the broader crypto market enters long-awaited bull market conditions over the coming years, a leading 3D game such as The Sandbox certainly has the potential to reach its previous resistance levels.What is Metacade?<a href="https://metacade.co/en?utm_source=media&utm_medium=artc&utm_campaign=coinjournal&utm_term=internal&utm_content=68">Metacade</a> will be the first community-driven blockchain arcade and the most extensive platform found in Web3. It plans to offer many different play-to-earn arcade games in a single location, which gives players an extensive opportunity to earn cryptocurrency rewards while enjoying some addictive gameplay experiences.The project also aims to become a central hub for the blockchain community by introducing several unique earning mechanisms. Metacade will serve investors, entrepreneurs, and gamers through a range of on-chain services. The platform is genuinely planning on taking P2E mechanics to the next level.How does MCADE work?The MCADE token is used to pay rewards in the metaverse arcade. Players can play solo, earn MCADE tokens while trying to beat their highest score, or join paid entry tournaments to win major crypto prizes.Metacade…

Ethereum (ETH) is trading higher today as the crypto market cap bounces to $1.27 trillion.ETH price rose to $2,008 while Bitcoin (BTC) price climbed to $29,800 looks to end the week stronger.Gains for cryptocurrencies came as US equities ended the week higher, with regional bank stocks pummeled earlier in the week rebounding.On Friday, the price of Ethereum rose over 6% within hours to break above $2,000, a key technical level that bulls seek to turn into support. On Saturday, Ethereum was trading around $1,966 and up 4% in the past 24 hours after rising to intraday highs of $2,008.Ethereum isn’t the only crypto asset to see a price bump in the past day. Bitcoin, the benchmark cryptocurrency and digital gold, rose to near $29,800 as a 3% price increase took bulls to within the now highly coveted $30k level. Both Ethereum and Bitcoin are looking to benefit from an uptick in investor sentiment, particularly with risk appetite back following recent dips. Why did Ethereum price go up?The total cryptocurrency market cap rose 1.5% to above $1.27 trillion as memecoin mania returned with Pepe (PEPE) and Floki Inu (FLOKI) prices surging after listing on Binance.A look across the broader market shows crypto prices rebounded as the US stock market ended the week higher, with the major indices all turning green after a four-day losing streak. The S&P 500 closed 1.85% up, the Dow Jones Industrial Average added 546 points, or 1.65% and the Nasdaq closed 2.25% higher.The positive returns for the market came as equities rebounded, led by shares of Apple (AAPL) that jumped to a nine-month high on the iPhone maker’s better-than-expected quarterly report. The market also saw regional bank stocks show some recovery after massive sell-off in the week, with PacWest shares among those to rebound after falling over 60% on Thursday.While crypto and other risky assets are likely to benefit from overall investor sentiment, the coming week will be key as the markets assess April’s CPI report.The Federal Reserve Chair Jerome Powell hinted this week that the central bank could pause its interest rates hike. However, with this week’s strong jobs data, all eyes will be on the CPI data as investors evaluate the inflation indicator.The post ETH retests $2K: Here’s why Ethereum price is up today appeared first on CoinJournal.

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Coinbase reports market-beating results for its fiscal Q1.Analysts are still keeping bearish on the Coinbase stock.Coinbase shares are now up roughly 70% year-to-date.Coinbase Global Inc are up nearly 15% on Friday after reporting its financial results for the first quarter that handily topped Street estimates.Coinbase stock up on narrowed lossLost $78.9 million versus the year-ago $429.7 millionPer-share loss also narrowed sharply from $1.98 to 34 centsRevenue tanked 34% year-on-year to $772.5 millionConsensus was $1.45 a share loss on $655 million in revenueTotal operating expenses were down 24% versus last yearThe crypto company attributed strength in its quarterly performance partially to the surge this year in the price of bitcoin. Still, Wells Fargo analyst Jeff Cantwell remains bearish on the Coinbase stock due to the regulatory uncertainty.His $43 price objective suggests more than a 20% downside from here.BofA is also dovish on Coinbase sharesRemember that Coinbase Global Inc had received a “Wells notice” from the U.S. SEC in late March. It is also noteworthy that trading volume in the recently concluded quarter came in at $145 billion and missed the consensus estimate by $2.7 billion.To that end, Bank of America analyst Jason Kupferberg also reiterated his “underperform” rating on the Coinbase stock today and said:We maintain our cautious view on Coinbase shares as we continue to think retail crypto volumes will remain weak and regulatory overhang will linger for some time.In its current quarter, Coinbase Global Inc expects its subscription and services revenue to sequentially decline to around $300 million, as per its letter to shareholders.The post Coinbase stock jumps 15% on strong Q1 results: sell into the strength? appeared first on CoinJournal.

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DOJ’s national security division is investigating Binance.Binance is accused of enabling Russians to circumvent US sanctions.The inquiry is focusing on both Binance and its officials.Binance, the largest cryptocurrency by trading volume, is under investigation by the US Department of Justice (DOJ) for potential violations of Russian sanctions. The DOJ’s national security division is investigating whether Binance was used to enable Russians to evade US sanctions and transfer money through the exchange.Growing regulatory crypto scrutinyThe DOJ is specifically investigating whether the crypto exchange or its officials violated or assisted in violating the sanctions against Russia.DOJ’s investigation highlights the increasing regulatory scrutiny of crypto exchanges across the world and mostly in the US as authorities kick in to prevent illegal activities.Binance troubles in the USIt is not the first time Binance is getting investigated by US securities. On March 27, the US Commodity Futures Trading Commission (CFTC) issued a 74-page complaint labelling Ethereum (ETH), Binance USD (BUSD), Litecoin (LTC), Tether (USDT), and  Bitcoin (BTC) as commodities and also accused Binance and its CEO Changpeng Zhao of market manipulation and lack of compliance. Changpeng ‘CZ’ Zhao however came out and rejected the CFTC’s allegations against Binance and himself.Although Binance was yet to comment on the reported DOJ investigation at press time, it has previously stated that it is committed to complying with all laws and regulations in all the jurisdictions in which it operates in. The exchange has also invested heavily in complying with Know Your Customer and Anti-Money Laundering measures to prevent illegal activities.The post US DOJ investigating Binance for potential violations of Russian sanctions appeared first on CoinJournal.

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At press time, PEPE was trading at $0.000002328.The token price has declined by 10.93% in the last 24 hours.PEPE hit an all-time high of $0.000004354 on May 5, 2023.Three days after hitting its all-time high, PEPE, a meme token that has seen its popularity go through the roof recently, is now on the decline.  The price of PEPE has dropped by 46.53% in just three from its all-time high of $0.000004354, which it hit after the meme token got listed on several major exchanges including OKX and Binance.MediaPEPE price About 4.23 trillion PEPE tokens sent to BinanceAccording to a tweet by blockchain data provider Lookonchian, a giant whale bought 4.23 trillion PEPE tokens using 422 $ETH and 200K $USDC. The whale then deposited all the purchased PEPE to Binance.The above transactions were made on May 5, the same day Binance announced PEPE’s listing. Immediately after purchasing the trillion of PEPE tokens, the price of PEPE skyrocketed making the whale accrue a profit of about $14.5 million at the time he was depositing the token in Binance.There is fear in the market that the move by the whale to send the meme coins to Binance could be in preparation to sell the tokens in order to recoup profits before the token dumps. These fears have exerted pressure on the market resulting in the current price drop.The post PEPE price dives after Whale transfers trillions of tokens to Binance appeared first on CoinJournal.

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The crypto market cap was down 3.2% in the past 24 hours to $1.2 trillion as Binance halted BTC withdrawals.The exchange’s action followed massive network congestion for Bitcoin amid increase in fees as tokens with inscriptions and ordinals pumped.Meanwhile, Bitcoin (BTC) saw its market cap drop to $540 billion for a 45% market dominance.The total cryptocurrency market cap is down 3.2% to $1.2 trillion in the past 24 hours as of writing. The top two digital assets by market capitalization <a href="https://coinjournal.net/bitcoin/">Bitcoin (BTC)</a> and Ethereum (ETH) are both down more than 3% in the same period and -5.4% and -2.2% respectively over the past seven days.As a result, BTC price is below $28,000 while Ether is trading near $1,850 amid broader selling pressure for crypto.While most big cap tokens are down about 3 to 6%, Pepe (PEPE) and Sui (SUI) are the biggest losers in the top 100 coins with about -12% performance in the past 24 hours.Why crypto market is down today – look at BitcoinThe traditional markets continue to see some negativity as traders place new bets on regional banks plummeting again following last week’s bounce. The outlook isn’t the same for crypto and Bitcoin indeed rallied as multiple US bank <a href="https://coinjournal.net/news/tag/stocks/">stocks</a> dumped.But why is the crypto market cap down? Notably, crypto remains volatile and BTC is finding it difficult to break higher following the rejections near $30,000. However, panic selling could be behind this latest down leg, particularly with such data as the one showing enormous BTC outflows from the <a href="https://coinjournal.net/exchanges/binance/">Binance</a> exchange. BREAKING: <a href="https://twitter.com/hashtag/Binance?src=hash&ref_src=twsrc%5Etfw">#Binance</a> outflow data confirms largest withdrawal in it's history, over 162,000 <a href="https://twitter.com/search?q=%24BTC&src=ctag&ref_src=twsrc%5Etfw">$BTC</a> has left the exchange, valued at over $4.6 Billion.Are Whales/Insiders jumping ship? 👀 <a href="https://t.co/QSXYAEvHkt">pic.twitter.com/QSXYAEvHkt</a>— WhaleWire (@WhaleWire) <a href="https://twitter.com/WhaleWire/status/1655339441416724482?ref_src=twsrc%5Etfw">May 7, 2023</a>Binance <a href="https://twitter.com/binance/status/1655430207023747074">addressed</a> the “outflows” funds movement between its hot and cold wallets amid the adjustments in BTC address. This comes after the exchange suspending Bitcoin transactions as the flagship network experienced massive congestion. It’s a scenario that saw transaction fees spike significantly.For instance, on Sunday, transaction fees in BTC block 788695 was 6.7 BTC, higher than the block subsidy of 6.25 BTC. On-chain data shows Bitcoin experienced a spike in blockspace demand, pushing transactions fees higher.According to on-chain analytics platform Glassnode, the high demand for blockspace is being driven by BRC-20 tokens. The tokens that use inscriptions and ordinals have been up as shown by the 9% gains for <a href="https://coinjournal.net/stacks/">Stacks (STX)</a> amid BTC price decline.<a href="https://twitter.com/hashtag/Bitcoin?src=hash&ref_src=twsrc%5Etfw">#Bitcoin</a> is experiencing extremely high demand for blockspace, driven by BRC-20 tokens, utilizing text based inscriptions, and ordinalsThis is a revenue boost for Miners, as the average fee paid per block has reached 2.905 <a href="https://twitter.com/search?q=%24BTC&src=ctag&ref_src=twsrc%5Etfw">$BTC</a>, near past bull peaks📊<a href="https://t.co/DyVjODagG9">https://t.co/DyVjODagG9</a> <a href="https://t.co/8ZV0i4DNzm">pic.twitter.com/8ZV0i4DNzm</a>— glassnode (@glassnode) <a href="https://twitter.com/glassnode/status/1655405102960869377?ref_src=twsrc%5Etfw">May 8, 2023</a>As such, the Bitcoin market cap is down to $540 billion today, representing about 45% of market dominance. <a href="https://coinjournal.net/news/tag/ethereum/">Ethereum</a>‘s market dominance currently stands around 18.6%Bitcoin price predictionThe announcement that Binance had suspended BTC…

The US government could be forced to print a $1 trillion coin soon.Democrats and Republicans are yet to reach an agreement on a debt ceiling.Analysts expect that the two sides will ultimately reach an agreement.The US government is at a crossroads as divisions in Congress put the country at an elevated risk of a default. In a recent statement, Janet Yellen, the Treasury Secretary warned that the American government could default in June if Democrats and Republicans fail to reach a deal. This is one of the top reasons why gold price has now soared to an all-time high.The trillion-dollar coinIt is still unclear whether the US will default on its obligations if Congress fails to raise the debt ceiling. I believe that the situation will not get to that point because of its impact to the American economy. Analysts believe that a default will lead to higher unemployment and possibly the collapse of the economy as we know it. Therefore, the two sides will likely reach an agreement in the coming days. Signs of potential compromises will happen when Biden will meet Kevin McCarthy on Monday.There are several options if the two sides fail to raise the debt limit. A likely solution will be to print a trillion dollar coin. The concept of that coin was mooted in 2011 when the US faced another debt ceiling issue. It would allow the Mint to come up with one platinum coin <a href="https://www.businessinsider.com/debt-ceiling-solution-mint-a-trillion-dollar-platinum-coin-2023-5?r=US&IR=T">valued</a> at $1 trillion. These funds would then be distributed to the Federal Reserve, which would then deposit it to the National Treasury. By doing that, the Treasury would then elimiate part of the national debt and postpone the need for raising the debt ceiling. A professor at Willamette University <a href="https://www.businessinsider.com/debt-ceiling-solution-mint-a-trillion-dollar-platinum-coin-2023-5?r=US&IR=T">said</a>:“At this point, if any of the other solutions, the so-called more serious solutions would work, then they would’ve been used by now. But they keep not actually being strong enough. The coin’s the only one that’s strong enough.”Bullish for Bitcoin, Solana, CardanoSuch a move would be positive for <a href="https://coinjournal.net/bitcoin/">Bitcoin</a>, which is seen as a digital version of gold. Unlike fiat currencies, Bitcoin cannot be printed because its supply of 21 million coins cannot be adjusted. If Bitcoin rises, we could now see altcoins like Solana, Cardano, and Tron rise because of the close correlation that exists.The reality is that the American government is at risk of major changes going forward. For one, the total public debt has been in a strong upward trend in the past few years. It has jumped from just $320 million in 1970 to over $31.4 trillion today. And the situation will continue worsening because of the large budget deficits. By 2030, analysts expect that debt will rise to over $44 billion. The CBO <a href="https://www.reuters.com/article/us-usa-budget-idUSKBN0OW1RY20150616">believes</a> that the budget deficit will hit 5.9% of GDP by 2040.How to buy Bitcoin eToro eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users. <a href="/visit/etoro-crypto?guid=MTM4ODEx&component=simple-table&language=en&country=US&position=1&totalPositions=2"> Buy BTC with eToro today </a> Disclaimer Public Public is an investing platform that allows you to invest stocks, ETFs, crypto, and alternative assets like fine art and collectibles—all in one place. <a href="/visit/public-crypto?guid=MTM4ODEx&component=simple-table&language=en&country=US&position=2&totalPositions=2"> Buy BTC with Public today </a> Disclaimer The post <a href="https://coinjournal.net/news/trillion-dollar-coin-could-be-good-news-for-bitcoin-cardano-solana/">Trillion dollar coin could be good news for Bitcoin, Cardano, Solana</a> appeared first on <a href="https://coinjour…