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New Post has been published on https://primorcoin.com/walmart-is-seeking-a-crypto-product-lead-the-dogecoin-foundation-is-active-again-after-a-long-break-coinbase-has-amassed-a-4-billion-cash-backed-war-chest-holders-digest-aug-15-21/

Walmart is seeking a crypto product lead, the Dogecoin Foundation is active again after a long break, Coinbase has amassed a $4 billion cash-backed war chest: Holder’s Digest, Aug. 15-21

Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.

Top Stories This Week

Walmart seeks crypto product lead to drive digital currency strategy

On Aug. 16, it was reported that U.S. retail giant Walmart was seeking out an experienced crypto expert who can develop and drive a digital currency strategy and product roadmap for the firm.

According to the job listing, Walmart is looking for someone with a track record of leading and scaling businesses. They also want at least 10 years of experience in product/program management and tech-based product commercialization.

Ideally, the candidate should also know a thing or two about crypto, blockchain tech and why JPEGs of poorly drawn pet rocks are selling for absurd prices on Ethereum.

Walmart’s future digital currency and crypto product lead will be based in the company’s home office in Bentonville, Arkansas. The state has produced talents such as Billy Bob Thornton and Johnny Cash, along with Bill and Hillary Clinton.

  Team officially reestablishes Dogecoin Foundation after 6 years

There was good news for Doge fanatics this week as the Dogecoin Foundation resurfaced after several years of total media silence. 

According to an announcement on Tuesday, the foundation stated it was reestablishing itself in a bid to support the fiery-eyed Dogecoin (DOGE) community. The foundation also said it would be announcing new projects that are centered on encouraging adoption of DOGE and promoting its utility. 

The project’s website lists Ethereum co-founder Vitalik Buterin, Dogecoin co-founder Billy Markus and Dogecoin Core developer Max Keller as advisory board members. Furthermore, Tesla CEO and DOGE proponent Elon Musk’s interests may be catered to from the shadows via Neuralink CEO Jared Birchall.

It is yet to be revealed if Musk’s “toddler hodler” son has loaded up on DOGE in light of the announcement.

  Coinbase amasses a $4B war chest so it can outlast ‘crypto winter’

Coinbase, the top U.S. crypto exchange, has amassed a cash-based war chest worth $4 billion on the back of two very productive quarters for the firm. 

The company reportedly expected to use the cash to cover costs incurred by a variety of factors, including conforming to new regulations handed down by the United States legislature.

Coinbase has also announced its official launch in Japan in partnership with banking giant Mitsubishi UFJ Financial Group, while also revealing plans to add $500 million worth of crypto to its balance sheet and invest 10% of all generated profits into digital assets moving forward.

    Winners and Losers

    At the end of the week, Bitcoin is at $48,778, Ether at $3,282 and XRP at $1.28. The total market cap is at $2.09 trillion, according to CoinMarketCap. 

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Avalanche (AVAX) at 105.79%, Arweave (AR) at 96.17% and Audius (AUDIO) at 93.78%. 

The top three altcoin losers of the week are DigiByte (DGB) at -5.06%, Celsius (CEL) at -4.44% and BitTorrent (BTT) at -3.81%.

For more info on crypto prices, make sure to read Cointelegraph’s market analysis.

    Most Memorable Quotations

  “Poly Network has no intention of holding Mr. White Hat legally responsible, as we are confident that Mr. White Hat will promptly return full control of the assets to Poly Network and its users. As we have stated in previous announcements and encrypted messages that have been made public, we are grateful for Mr. White Hat’s outstanding contribution to Poly Network’s security enhancements.”

Poly Network team

  “Lawmakers and regulators must work together to properly balance protecting innovation with any new regulations to ensure the digital asset marketplace flourishes in the United States.”

Glenn Thompson and Patrick McHenry, U.S. representatives

  “The most important thing that can be done today is moving away from the idea that coin voting is the only legitimate form of governance decentralization.”

Vitalik Buterin, Ethereum co-founder

  “Here at home in America, […] our payments infrastructure is arguably the worst of any developed country in the world, and increasingly falling behind, while China is moving with determination and haste to build an infrastructure that will make the digital yuan a challenger to the dollar as the world’s reserve currency.”

David Marcus, Diem co-creator

  “Ethereum is outperforming Bitcoin, and it can be expected to continue this trend for the rest of 2021.”

Nigel Green, CEO of DeVere Group

  “This is all about DeFi. […] This is the Treasury Department trying to work out how to get jurisdiction over DeFi […] and also expand its warrantless surveillance over a peer-to-peer financial system.”

Jake Chervinsky, general counsel at Compound

  “Frankly, as one of the first pilots, we have on the table the question of paying salaries to employees of the Ministry of Digital Transformation in electronic hryvnia.”

Mykhailo Fedorov, vice prime minister of Ukraine

  “It’s important to remember that when we look at the business, the long-term arc of adoption of digital assets in crypto matters far more than the businesses we are building.”

Mike Novogratz, founder and CEO of Galaxy Digital

Prediction of the Week 

  Ethereum ‘liquidity crisis’ could see new ETH all-time high before Bitcoin — Analyst

Bitcoin, the crypto industry’s largest asset by market cap, and Ethereum (ETH), the second-largest asset, have both posted notable price recoveries over the past several weeks. Although BTC has yet to be surpassed as the crypto industry’s top dog, ETH might tap its own all-time price high near $4,400 sooner than BTC reaches its record level of nearly $65,000, according to thoughts from CryptoQuant CEO Ki Young Ju. 

“$ETH might reach its all-time high earlier than $BTC in the long term,” Ju tweeted on Wednesday. “Current $ETH price is closer to ATH compared to $BTC. Higher demand, lower supply. $ETH sell-side liquidity crisis still intensifies, while $BTC exchange reserve stopped its downward trend in May.” 

On Friday, BTC fluctuated above the $48,000 mark, and ETH traded above $3,200 — which, however, are both still notably shy of their record highs.

FUD of the Week 

  JPMorgan Chase reportedly shuts down bank accounts of Bitcoin mining firm

On Aug. 19, U.S. banking behemoth JPMorgan Chase reportedly blocked all account activities of Bitcoin mining firm Compass Mining. 

Whit Gibbs, the CEO of Compass Mining, took to Twitter to share the news:

“Shoutout to @Chase for shutting down @compass_mining accounts for doing our part to replace the old guard with self-sovereign, future-focused supporters of hard money. Get behind #Bitcoin or get out of our way.”

It is unclear if the temper tantrum will be enough to sway JPMorgan Chase to change its mind, and it is also unclear how shutting down banking services to one Bitcoin mining firm represents an attack on BTC in any way. 

If anything, the banking giant has been upping its exposure to Bitcoin and the crypto sector in 2021.

  Liquid exchange hacked to the tune of $80 million

Liquid, a Japanese crypto exchange, was the victim of a $80 million-plus hack this week which made the platform not so… liquid. 

Cointelegraph reported on the news quickly after the exchange announced the attack, which compromised digital assets including BTC, Tron (TRX), Ripple (XRP) and Ether.  

The exchange explained that only its hot wallets were affected and added that its assets were being moved into cold storage for security purposes. 

The platform has since provided an update and revealed the hack totaled $91.35 million. The firm has urged users to not deposit any crypto assets in Liquid wallets until further notice.

  T-Mobile looking into potential hack of data on 100 million customers

Speaking of hacks, U.S. telecom giant T-Mobile was looking into an alleged massive data breach at the start of this week that may have compromised the information of more than 100 million users. 

According to Vice’s Motherboard, T-Mobile is looking into a potential data breach claimed by an author who posted details on an underground forum. A Sunday report said the hacker claims to have obtained data on more than 100 million customers from T-Mobile servers.

Unlike the Poly Network hacker, who syphoned $600 million worth of digital assets because “cross-chain hacking is hot,” the T-Mobile hacker seems to be displaying entrepreneurial instincts, as they were asking for 6 BTC —  worth around $280,000 at current prices —  in exchange for some of the data.

  Best Cointelegraph Features

Shanghai Special: Crypto crackdown fallout and what happens next

Owning Bitcoin isn’t banned, but many fear for the future of regulations in China. Here’s a look at where we stand and where we might be headed.

Poly Network hack exposes DeFi flaws, but community comes to the rescue

The DeFi hacker’s initial intentions remain unclear, but they refused to accept a $500,000 bounty after returning all funds.

The perfect storm: DeFi hacks will advance the crypto sector moving forward

There is a silver lining from the DeFi hacks as new tech develops to protect the sector: “DeFi will be much safer in 12 months from now.”

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New Post has been published on https://primorcoin.com/fbi-seizes-260000-in-nfts-and-cryptocurrencies-after-tip-off-by-twitter-user/

FBI Seizes $260,000 in NFTs and Cryptocurrencies After Tip-Off By Twitter User

Source: iStock/South_agency

The US Federal Bureau of Investigation has confiscated over $260,000 worth of NFTs and cryptocurrency after a tip-off by pseudonymous blockchain sleuth ZachXBT.

According to a forfeiture document published by the agency on February 4, the FBI has seized several assets from Chase Senecal, a resident of Brunswick, Maine, including 86.5678 ETH ($116,433) and two NFTs: Bored Ape Yacht Club #9658 ($95,495) and Doodle #3114 ($9,361). The agency also seized an Audemars Piguet Royal Oak Watch valued at $41,000.

ZachXBT, a self-described crypto sleuth, made the seizure possible after conducting a thorough investigation of Chase Senecal, also known as HZ online. “After months and months of tracking their group it’s nice to know one of the main perpetrators (Chase Senecal) for NFT/crypto phishing attacks has been identified,” they said in a September 1 tweet. 

The crypto sleuth traced transactions relating to numerous NFT hacks and revealed that the account used to pay for the watch was linked to the hacks. The FBI seemingly took note of his findings and seized the items weeks later on October 24, 2022.

According to a summary of the investigation, Cam (SIM swapper) sold Twitter panel access to Senecal in June last year, who used it to gain access to Twitter accounts and scam NFT holders. Senecal then used the stolen funds to purchase the AP watch which led him to get caught. The address HZ paid for the watch is tied to many Discord server attacks.

The FBI’s notice provided little additional information about the incident other than the fact that all of the estates were captured on October 24. Moreover, it is uncertain what the true extent of judicial cases against Senecal is. 

Notably, the FBI has not officially credited ZachXBT for his investigation of the hacks, but the crypto sleuth said in a recent Twitter thread that his investigation led to the asset arrest. He said:

“I am very happy to share the FBI seized crypto, BAYC 9658, AP watch, and Doodle 3114 from the phishing scammer known as Horror (HZ) aka Chase Senecal as a result of my thread.”

ZachXBT had previously claimed that Senecal was part of a multi-million dollar crypto scheme that has compromised more than 600 Discord servers and more than 12 Twitter accounts. Some of the accounts affected by Senecal’s hacks belong to the NFT project JRNY Club and the animator DeeKay Kwon.

As reported, the FBI was also involved in the arrest of Anatoly Legkodymov, the Russian founder of Hong Kong-registered crypto exchange Bitzlato, who has been charged with processing $700 million in illicit funds. 

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Silvergate Bank Stock Plunges After Report of DOJ Investigation into Ties with FTX and Alameda

Image Source: Silvergate

Silvergate shares have seen a sharp drop in pre-market trading following the news that US officials have launched a probe into the crypto bank’s dealings with fallen crypto giants FTX and Alameda Research. 

According to a recent report by Bloomberg, the US Department of Justice is looking into Silvergate’s relationship with now-defunct cryptocurrency exchange FTX and its trading arm Alameda Research, which includes examining the bank’s hosting of accounts tied to Sam Bankman-Fried’s businesses.

The crypto-friendly bank hasn’t been accused of any wrongdoing and the inquiry, which is in its early phases, could end without charges being brought, Bloomberg reported, citing people familiar with the matter. 

Following the news, Silvergate shares took a nosedive, plunging by as much as 10% in the pre-market trading. Notably, the company’s shares lost roughly 88% of their value in 2022 amid the broader crypto market downturn that saw around $2 trillion wiped out of the market. 

The investigation, which started a few weeks ago, is reportedly centered around one key question: “What did banks and intermediaries working with Bankman-Fried’s firms know about what US officials have called a years-long scheme to defraud investors and customers?”

Sam Bankman-Fried, the disgraced founder of FTX, has been charged with eight criminal charges including wire fraud and conspiracy to misuse customer funds. The disgraced crypto boss pleaded not guilty to all charges last month. 

Silvergate was among the lenders hit hardest by the fall of FTX in November last year. As reported, Silvergate suffered a bank run following the collapse of FTX and had to sell $5.2 billion of debt securities it was holding on its balance sheet at a significant loss to cover around $8.1 billion in user withdrawals. 

As a result, it incurred a $718 million loss, which reportedly exceeds the bank’s total profits since 2013. Furthermore, Silvergate had only $3.8 billion of deposits at the end of 2022, compared to $11.9 billion in 2021.

It is worth noting that Silvergate has received at least $3.6 billion in loans from the Federal Home Loan Banks, a system originally designed to support housing finance and community investment. This could be an indication of the growing relationship between crypto-exposed banks and TradFi companies. 

Some market participants have warned that lending to crypto-exposed banks could lead to the crypto contagion spreading to traditional finance companies too. “This is why I’ve been warning of the dangers of allowing crypto to become intertwined with the banking system,” Senator Elizabeth Warren said last month. 

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US Senators Demand Answers from Silvergate Capital Corp Over FTX's Misuse of Customer Funds

Source: AdobeStock / Timon

US senators have turned their focus to Silvergate Capital Corp. yet again, saying that the company’s responses to a previous inquiry over its ties to the fallen FTX exchange were “evasive and incomplete.”

According to Bloomberg, senators from both sides of the aisle are demanding to know whether the parent company of crypto-focused Silvergate Bank knew about FTX’s misuse of customer funds. 

The questions were sent in a letter to Silvergate’s Chief Executive Officer Alan Lane on Monday by, among others, Democrat Elizabeth Warren and Republicans Roger Marshall and John Kennedy. The senators argued that, 

“The firm in December had declined to fully answer related questions, citing restrictions on disclosing “confidential supervisory information”,” Bloomberg wrote.

The senators reportedly argued in the letter that,

“This is simply not an acceptable rationale. […] Both Congress and the public need and deserve the information necessary to understand Silvergate’s role in FTX’s fraudulent collapse, particularly given the fact that Silvergate turned to the Federal Home Loan Bank as its lender of last resort in 2022.”

In early January, Silvergate said that it held $4.3 billion in short-term Federal Home Loan Bank advances and that it had some $4.6 billion cash and cash equivalents at the end of 2022 – which were put towards preventing a run on deposits following FTX’s collapse. 

The senators gave Silvergate until February 13 to respond to its inquiries, including: 

answering if it knew that FTX was directing customers to wire funds to Alameda’s account at Silvergate; answering if it flagged any transactions as being suspicious;providing requested details on the firm’s due-diligence practices, the results of reviews conducted by the Federal Reserve and independent auditors,providing details on how it plans to use the proceeds from its Federal Home Loan Bank loan. 

Following the senators’ December letter, the bank claimed that FTX’s parent company Alameda Research opened an account in 2018 prior – before FTX was founded, said Bloomberg, and that it was reviewing transactions involving accounts associated with FTX and Alameda. 

However, the senators stated on Monday that, in its earlier response, the firm failed to include vital information that Congress needed in order to: 

assess the extent to which Silvergate is responsible for the improper transfer of FTX customer funds to Alameda, determine any compliance failures by the bank or auditors that could have enabled the alleged fraud. 

Following this latest letter, a Silvergate representative claimed that the company has “a comprehensive compliance and risk management program” and that it did “significant due diligence” on both FTX and Alameda.

Earlier in January, as reported, US federal authorities confiscated approximately $700 million worth of assets belonging to the FTX founder Sam Bankman-Fried, including three accounts at Silvergate Bank that held US dollars.

US Prosecutors have charged the former CEO with eight criminal charges including wire fraud and conspiracy by misusing customer funds. Bankman-Fried pleaded not guilty to all charges. 

____

Learn more: – Is The Federal Home Loans Bank System Carrying Out a Stealth Rescue of the 2 Biggest Crypto Banks?- Silvergate Loses $1 Billion But Stock is Up Because Numbers Show it is Not Going Bust Anytime Soon

– Silvergate Bank Suffers Run on Deposits as $8.1 Billion is Withdrawn – Will it Go Bust?- Silvergate in Trouble: Crypto Bank Cuts Staff by 40% Amid a 68% Decline in Crypto Deposits

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New Post has been published on https://primorcoin.com/white-house-unveils-plan-to-tackle-cryptocurrency-risks-calls-for-increased-enforcement/

White House Unveils Plan to Tackle Cryptocurrency Risks, Calls for Increased Enforcement

Source: AdobeStock / Joe Gough

The White House has published a roadmap asking authorities to increase enforcement and ramp up efforts to regulate the crypto sector.

In an official blog on Friday, the Biden Administration detailed its plans to address potential risks from cryptocurrencies in a roadmap that calls for authorities to “ramp up enforcement where appropriate” and Congress “to step up its efforts” to regulate the industry. 

The post starts by citing some major failures within the crypto sector last year, including the implosion of Terra’s algorithmic stablecoin UST that prompted a wave of insolvencies. It also noted the collapse of FTX, once the third-largest cryptocurrency exchange in the world, which delivered billions in losses to users. 

“Thankfully, turmoil in the cryptocurrency markets has had little negative impact on the broader financial system to date,” the post read, adding that the Biden Administration is focused on mitigating the risks of cryptocurrencies and making sure they do not undermine financial stability. 

“At President Biden’s direction, we have spent the past year identifying the risks of cryptocurrencies and acting to mitigate them using the authorities that the Executive Branch has.”

The post added that “experts across the administration have laid out the first-ever framework for developing digital assets in a safe, responsible way while addressing the risks they pose.”

It noted some of the biggest risk factors, including lack of applicable regulations, misleading statements, failure to make adequate disclosures, and poor cybersecurity measures “that enabled the Democratic People’s Republic of Korea to steal over a billion dollars to fund its aggressive missile program.”

Furthermore, the administration called on agencies to use their executive power and “ramp up enforcement where appropriate and issue new guidance where needed.” Specifically, the government asked Congress to increase efforts to regulate the crypto market. 

“Congress should expand regulators’ powers to prevent misuses of customers’ assets—which hurt investors and distort prices—and to mitigate conflicts of interest.”

The administration noted that Congress should not allow mainstream institutions like pension funds to dabble into cryptocurrency markets as this would deepen the ties between cryptocurrencies and the broader financial system and increase systemic risks, calling it “a grave mistake” to pass laws that deepen the ties.

Authored by White House advisors Brian Deese, Arati Prabhakar, Cecilia Rouse, and Jake Sullivan, the paper concluded that the Biden Administration supports responsible technological innovations that make financial services cheaper, faster, safer, and more accessible while taking into account potential risks. 

“To put the right safeguards in place, we will keep driving forward the digital-assets framework we’ve developed, while working with Congress to achieve these goals,” the paper said. 

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New Post has been published on https://primorcoin.com/ftx-execs-maxed-out-donations-to-rep-george-santos/

FTX Execs Maxed Out Donations to Rep. George Santos

Multiple top ex-employees of collapsed crypto exchange FTX maxed out donations to alleged scammer George Santos (R-NY) during his successful 2022 campaign for Congress, FEC filings have revealed. 

Ryan Salame, FTX’s co-CEO, Claire Watanabe, a former FTX senior executive, and Ramnik Arora, the company’s ex-head of product, all donated the maximum possible amount to Santos’ campaign permitted under federal law during the summer of 2022. SFGATE first reported the news.

The donations to Santos don’t appear particularly irregular for Salame, a prolific political donor who shelled out millions to congressional candidates of both major political parties during the 2022 election cycle. But Watanabe and Arora were both far more targeted in their financial support of politicians. 

Besides Santos, the two ex-FTX employees only donated to failed House candidates Michelle Bond (Salame’s girlfriend and a vocal crypto proponent), and Carrick Flynn, a so-called effective altruist favored by disgraced FTX founder Sam Bankman-Fried. 

Bankman-Fried was a leader in the effective altruism movement, which claimed to use rational strategies to maximize the positive impact of philanthropy on as many people as possible, until his arrest last month for eight criminal charges, including fraud, conspiracy to commit money laundering, and campaign finance violations. Among the many allegations Bankman-Fried now faces, authorities believe he used embezzled customer funds to fuel his political ambitions in D.C.

Meanwhile, Watanabe donated to one other candidate in the 2022 cycle—Karoline Leavitt, the failed far-right, anti-regulation Republican House candidate and former Trump White House aide. 

It makes sense why Watanabe and Arora, as senior FTX executives, would donate to particularly pro-crypto, anti-regulation, or effective altruist congressional candidates. But why they would dole out maximum contributions to Santos is less clear. 

Santos never made the issues of crypto, effective altruism, or financial regulation central to his congressional campaign. A relatively obscure candidate, the Long Island politician has since come to dominate national attention after a deluge of claims made by him on the campaign trail have since been revealed to be entirely false. 

Santos told voters he graduated from Baruch College, where he was a volleyball star, before getting his M.B.A. at NYU; neither university has any record of him ever attending. He says he then worked at Goldman Sachs and CitiGroup; both companies have never heard of him. 

On the campaign trail, Santos wove stories of his grandparents’ harrowing escape from Europe during the Holocaust, and his mother’s death in the World Trade Center on 9/11. Santos is not Jewish, and his grandparents were born in Brazil (he later told the New York Post that he never claimed to be Jewish, only “Jew-ish”); his mother was not in the United States on September 11, 2001.

Santos marketed himself during his congressional campaign as a self-made entrepreneur who now boasts a small fortune. Despite his apparent lack of a Wall Street career, he claimed in financial disclosure forms from his 2022 campaign to have made between $3.5 and $11 million in the last two years. In 2020, Santos did, in fact, work for Florida investment firm Harbor City Capital, which was soon after charged by the Securities and Exchange Commission with running a $17 million Ponzi scheme.

The origin of hundreds of thousands of dollars used by Santos to fuel his campaign is still unknown. At least a portion of those campaign funds, it can now be confirmed, came from the upper echelons of FTX. 

Santos has refused to resign from Congress, despite repeated calls to do so from local Republican organizations. In Washington, where he constitutes a crucial component of Republicans’ razor-thin four seat House majority, Republican House leaders have avoided making any calls for his resignation.

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New Post has been published on https://primorcoin.com/this-bitcoin-chinese-new-year-trade-has-been-a-winner-for-last-8-years/

This Bitcoin Chinese New Year Trade Has Been A winner for Last 8 Years

Image Source: Pixabay

Bitcoin has extended gains over the weekend ahead of celebrations for the Lunar New Year holiday and the Spring Festival throughout Southeast Asia, rallying to its highest level since August.

The flagship cryptocurrency surged to over $23,000 on Saturday, gaining as much as 10% at one point compared to the earlier day, data by CoinMarketCap shows. The coin has reached a local high of around $23,282, a level not seen in more than five months. As of now, Bitcoin is trading around $22,900, almost flat over the past day.

Ethereum, the second-largest cryptocurrency, also registered significant gains, reaching a local high of around $1,674, a level not seen since September last year when its much-anticipated Merge upgrade went through. The total market cap has passed the $1 trillion mark. 

The rally comes as Bitcoin has historically performed well at the start of the Lunar New Year holiday celebrated across much of Asia, often referred to as Chinese New Year. According to Markus Thielen, head of research at Matrixport, the Lunar New Year holiday is considered a good entry time for investors. He said:

“Buying Bitcoin at the end of the first day of Chinese New Year and selling it 10 trading days later would have returned +9%, on average, with all of the last eight years (2015-2022) showing positive returns. The beginning of the Chinese New Year has been an attractive entry timing for long positions.”

Bitcoin and Ethereum are up around 38% and 35% year-to-date. While a mix of factors might have impacted crypto’s impressive start this year, the market managed to gather momentum after new data released by the U.S. Department of Labor last week indicated a cooldown in inflation.

The annual inflation rate fell to 6.5% in December, compared to 7.1% in November. Lower inflation is usually viewed as bullish for risk assets like crypto as it puts pressure on the US Federal Reserve to slow down interest rate increases.

Meanwhile, crypto bulls expect the crypto market to continue its upward movement, Sean Farrell, head of digital asset strategy at Fundstrat, anticipates Bitcoin to reach between $35,000 to $44,000 this year, and Ethereum between $2,400 to $3,200. However, he has still warned investors to be wary of near-term risks. He said: 

“Despite our view that the absolute lows for the majors are in, we still believe there are some near-term risks to remain cognizant of. These include additional fallout from DCG, one more swipe at risk assets at the next FOMC meeting, and the fact that despite the recent rally, we are still amidst what we would consider an on-chain bear market.” 

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New Post has been published on https://primorcoin.com/heres-why-solana-price-may-pump-to-50/

Here's Why Solana Price May Pump to $50

Source: TradingView

The solana price is down by 1% today, having dropped to $21.03 in the past 24 hours. Its current level represents a 26% increase in a week and a 71% surge in the last 30 days, with the layer-one cryptocurrency compensating for some of the steep losses it incurred last year.

And with SOL benefitting from the launch of Solana-based meme token BONK, it’s likely that the altcoin will continue recovering as Solana attracts more traffic. However, because this process of recovery may take some time, traders are arguably better off turning to presale tokens for short-term gains, with move-to-earn crypto Fight Out one of the most promising among them.

Here’s Why Solana Price May Pump to $50

SOL’s indicators continue to show strong momentum, with its relative strength index (purple) remaining close to 70, despite having a dip a few days ago. At the same time, its 30-day moving average (red) is rising up towards its 200-day average (blue), suggesting that SOL may be in the middle of a breakout to a new longer term level.

Source: TradingView

SOL is arguably due a major rally, given that it had been so heavily oversold over the past few months. This overselling was partly the product of system outages that dampened confidence in Solana, and also partly the result of the FTX collapse, with the now-bankrupt exchange having been a major supporter of the layer-one blockchain.

However, with Solana rolling out a number of updates in the second half of 2022, it now seems that it’s on the path to recovery. This is highlighted by the fact that SOL’s price has risen by 70% in the past month, making it one of the best-performing major coins during this period.

As the tweet above shows, Solana boasts one of the busiest development communities in the cryptocurrency ecosystem. As such, it’s likely to continue growing, attracting more protocols and dapps, and boosting its total value locked in to the levels witnessed a year ago.

It’s because of this that it’s credible to predict big rallies for SOL later in the year. It remains 92% below its all-time high of $259.96, a figure which suggests that a medium-term target of $50 is more than feasible.

SOL last stood at $50 back in May of last year. Assuming that the global economy continues to enjoy encouraging macroeconomic news (e.g. declining inflation), and assuming that the cryptocurrency market doesn’t suffer any other major collapses, SOL could return to this level by the middle of the year.

Buy Solana Now

Why Fight Out Move to Earn Crypto May Be More Profitable

Of course, the downside of this is that SOL holders will have to wait for the macroeconomic picture to improve substantially before they’ll witness significant gains. As such, traders looking for shorter term gains may prefer to look to alternatives, with presale tokens being possibly the best bet in what (arguably) remains a bear market.

For instance, Lucky Block (LBLOCK) saw an increase as high as 6,000% in February, compared to a sale price of $0.00015. To take another example, Tamadoge (TAMA) rose by as much as 1,800% compared to its presale price in October, when it was listed on OKX.

While these two coins have obviously finished their presales, there remain a variety of sales happening right now. One of the most promising, at least in terms of the fundamentals of the coin being sold, is Fight Out’s (FGHT), an ambitious move-to-earn platform that combines real-life workouts with Web3. 

Based on Ethereum, Fight Out aims to improve on earlier M2E platforms such as STEPN. That is, it will track and reward a much wider variety of workouts, including boxing, weightlifting and yoga, while also offering a range of in-app and IRL courses at its own branded gyms.

The sale for its FGHT token — which will be used for subscriptions and to pay for workouts with trainers — has already raised over $3 million. At the moment, 1 FGHT is on sale for $0.0166, although this price is set to increase in the next stage of the sale. 

The sale will end on March 31, with FGHT receiving its first exchange listings from April 5. Investors can participate in the sale by going to its official website and connecting their Connect Wallet or MetaMask wallets.

Visit Fight Out Now

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