The Serum (SRM) Price Might Reach USD 10 in the Short Term

Alexander Salazar
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The Serum (SRM) Price Might Reach USD 10 in the Short Term

Serum could reach the USD 1,120 and USD 1,721 resistance level but might drop to USD 0.912 and USD 0.725. While the Moving Average of SRM indicates a bearish trend, the Relative Strength Index suggests an almost oversold state.

Statistics, price models, RSI, and RVOL, among other information, allow forecasting the Serum (SRM) price for 2022.

SRM is trading at around USD 0.855921 and has accumulated a 1.6% loss over the last 24 hours. While its daily trading volume is above USD 61.48 million, its market capitalization is about USD 316.99 million. It occupies 125th place in the cryptocurrency ranking, according to CoinGecko.

In addition, SRM has a circulating supply of 372,782,297 coins and trades on cryptocurrency exchanges like Binance, OKX, and Bybit.

The Prediction of the Price of SRM for 2022

The weekly chart shows that the price of SRM outlined the ascending triangle pattern. That occurs thanks to movements allowing a horizontal line along the swing highs and an ascending line along the swing lows. The trend lines of a triangle must break through at least two highs and two lows.

Serum, trading at around USD 0.855921, could reach the USD 1,120 and USD 1,721 resistance. If the trend suffers a pullback, the price of SRM might drop to USD 0.912 and USD 0.725.

The RVOL, MA, and RSI of the SRM Price

The Relative Volume (RVOL) of SRM indicates how the trading volume has changed over time. That index is below the cutoff line, showing that there are weak participants in the trend.

In addition, the Moving Average (MA) of SRM is slightly below 50 MA (in the short term), indicating a bearish trend. Therefore, there might be a trend reversal at any time.

Meanwhile, the Relative Strength Index (RSI) of SRM is at 41.13, suggesting it is almost in an oversold state. However, this makes traders feel confident to trade without any fear.

The ADX and RVI of the SRM for 2022

The Average Directional Index (ADX) of SRM helps measure the overall strength of the trend. That indicator is the average of the values ​​of the expanding price range.

This system attempts to determine the strength of price movement in positive and negative directions. SRM is in the range of 27,874, revealing a significant trend.

The Relative Volatility Index (RVI) of SRM measures the constant deviation of price changes over time. That indicator, below 50, indicates lower volatility and confirms a possible sell signal.

The prices of ETH, BTC, and SRM move in a similar trend, indicating that ETH and SRM will increase or decrease alongside BTC. That proves that the value of the pioneering cryptocurrency has always affected the rest of the market.

Bitcoin is trading at around USD 21,249 and has accumulated a 0.8% loss over the last 24 hours. While its daily trading volume is above USD 28.81 billion, its market capitalization is about USD 406.43 billion, according to CoinGecko.

By Alexander Salazar

Solana TVL Increases $600M Despite Recent Hacks

Audy Castañeda
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Solana TVL Increases $600M Despite Recent Hacks

The SOL price continues to try to recover in August. The Blockchain has a TVL of approximately $1.6 billion.

Solana’s total value locked (TVL) trended higher in July due to renewed interest in the decentralized finance (DeFi) space and other sectors of the crypto industry.

Solana has been one of the best-performing smart contract chains in the last two months.

The Blockchain surged 38%, from $1.55 billion on July 1 to $2.15 billion on July 31, according to research by BeInCrypto based on data from DeFiLlama.

However, let us not forget that as the year began, on January 1, its double-counted TVL was $11.2 billion, while its TVL by August 7 was $8.1 billion.

Solana’s TVL rose in July due to an increase in value locked in decentralized applications (DApps) in its ecosystem.

The liquid staking platform Marinade Finance (which has the largest amount of TVL in Solana), increased by 39% in July, from $245.21 million on the first day to $340.99 million on the last day of the month.

Decentralized lending protocol Solend also soared 41% from $220.08 million on July 1 to $310.74 million on July 31.

Other DApps that made significant contributions to the TVL include, but are not limited to, Serum, Raydium, Atrix, Lido, and Tulip Protocol.

After improving on TVL, Solana follows Polygon, Avalanche, Binance Smart Chain, TRON, and Ethereum. However, it has a higher locked value than Cronos, Optimism, Arbitrum, and Fantom.

SOL Price Reaction

SOL opened on July 1, trading at $33.65, reached a monthly high of $47.10, tested a monthly low of $31.93, and closed the month at $42.40.

Overall, this equates to a 26% increase between the opening and closing price of SOL in July.

Let us remember that a few days ago, Solana experienced a general upturn in select tokens being traded on the network. STEPN’s GMT token tops the chart with over $356.8 million traded, followed by the SRM token at $72.5 million.

Everlend protocol has also posted an update on the Solana lending in the second week of August. The total Solana lending TVL during this period has accumulated at $769.5 million.

What next? Ethereum’s transition to PoS

The near future for Solana next month looks dim, with the upcoming Ethereum’s PoS transition.

The Merge, it is worth noting, is a highly anticipated event that is expected to be a major bullish signal for Ethereum’s PoS chain. While not definitive yet, the change could end up affecting other chains around, with Solana a viable target.

The list of the lending protocols is headed by Solend at $329.49 million as it continues to dominate the proceedings. Mango and Tulip protocols continue to occupy the second and third positions at $231.77 million and $81.5 million respectively.

Among the token performances, Tulip is the only one to show any positive change over the week with a 3.76% surge.

By Audy Castaneda

What are Cryptocurrency Whales?

Audy Castañeda
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What are Cryptocurrency Whales?

Cryptocurrency whales are usually those subjects or companies that own more than 1,000 Bitcoin or the equivalent in other cryptocurrencies.

The cryptocurrency market has several similarities with traditional markets, within the stock or stock markets we can find shareholders who have large amounts of stock or shareholdings.

Within the cryptocurrency market, there are the well-known cryptocurrency whales, usually, those subjects or companies that have more than 1,000 Bitcoin, or the equivalent in other cryptocurrencies. These can be a natural person, a company, or an entity; and they usually have a minimum of 10 million dollars or the equivalent in any cryptocurrency.

It is estimated that by 2022 crypto whales handle at least 46.5 percent of the total Bitcoin in the market, holding at least 21 million Bitcoins, and acquiring 140,000 Bitcoins per month.

Who are the Cryptocurrency Whales?

Satoshi Nakamoto, the creator of Bitcoin, is believed to own around 1 million BTC. The Winkelvoss twins, played by Armie Hammer on The Social Network, at one point owned 1% of all Bitcoin.

Exchanges are also known to have large Bitcoin wallets. Although these funds mostly belong to their users.

These are just some of the most well-known cryptocurrency whales, however, there are many more, which include MicroStrategy’s Michael Saylor, Tim Draper, Barry Silbert, and previously Tesla.

One of the best ways to keep track of whales buying Bitcoin is through a Blockchain explorer, as well as setting up crypto whale alerts.

For example, there are designated Twitter accounts that specifically track the movement and trade of crypto whales. These people are known as crypto whale watchers, and they are incredibly important and play a role in adding transparency to the network.

Where Do Whales Operate?

Cryptocurrency whales generally trade on different cryptocurrency exchanges as well as through the use of different wallets.

Ledger is the most secure hardware wallet or also called cold wallet on the market, it is used to store a huge number of different cryptocurrencies and tokens. The main characteristic that it has is that only its owner has access to the stored information, which prevents possible hacking attempts.

Paxful is one of the most important platforms for buying and selling cryptocurrencies internationally.

The exchange was born in 2015, with a community of more than 9 million users, the growth of the platform in recent months has been exponential. It is characterized by providing several methods for users to operate in its P2P mode.

Phemex is one of the leading cryptocurrency exchanges for futures and derivatives trading. The exchange was born in 2019 by different former Morgan Stanley executives who decided to transform the world of cryptocurrencies.

Cryptocurrency Whales and their Impact on the Market

The actions of the whales within the cryptocurrency market are usually of vital importance, since if they go out to sell or buy; therefore, they usually generate a direct impact within the cryptocurrency market.

Within traditional markets, when large shareholders often sell or buy in large quantities, the value of a company’s stock can rise or fall drastically, the same thing happens in the cryptocurrency market.

When Bitcoin reached close to 20,000 in the crypto winter, several whales rushed out to buy cryptocurrencies.

In short, the behavior of the whales is essential to understand what the evolution of the market will be.

By Audy Castaneda

While South Korea Restricts Allegedly Illicit Exchanges, India Hunts the Scam Mastermind of BitConnect

Alexander Salazar
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While South Korea Restricts Allegedly Illicit Exchanges, India Hunts the Scam Mastermind of BitConnect

The South Korean authorities have raided exchanges to investigate whether the CEO of Terra, Do Kwon, caused the crash deliberately. India and the United States are hunting Satish Kumbhani, whose project assured backers a 10% return on investment payable in BCC.

Over twelve South Korea-based cryptocurrency exchanges might lose customers as Financial Services Commission (FSC) officials restrict allegedly illegal international companies.

According to local media, the organization identified improperly registered service providers that continue to operate in Korea. The intelligence division of the FSC demanded that the Korean investigative authority stop national access to their websites.

The candidates for the suspension include KuCoin, MEXC, Phemex, XT.com, Bitrue, ZB.com, Bitglobal, CoinW, CoinEX, AAX, ZoomEX, Poloniex, BTCEX, BTCC, DigiFinex, and Pionex.

South Korea Adopts a Rigorous Approach after the Collapse of Terra

The FSC said the above companies had attracted customers through marketing and Korean-language websites. The regulatory agency warned about unregistered markets lacking safeguards, including certified information security management systems. They consider that this could put them at risk of security attacks.

The maximum sentence for transacting business as an unregistered company is five years in prison or a KRW 50 million (USD 38,000) fine. Besides, the intelligence agencies of the countries of origin of the suppliers will receive information on the situation.

After the collapse of the stablecoin TerraUSD (UST) and the token LUNA, the South Korean authorities have tightened the monitoring of cryptocurrencies. In July, they raided exchanges as part of an investigation to determine whether the CEO of Terra, Do Kwon, caused the crash deliberately.

The Indian Authorities Look for the BitConnect Scam Mastermind

Since its launch in 2016, many people have hailed BitConnect as a leading game changer. Due to its popularity among investors seeking high returns in a short period, that platform has caused problems. A sophisticated pyramid scheme led to the loss of USD 2.4 billion.

India and the United States are hunting Satish Kumbhani, who orchestrated the scheme. The project succeeded as it assured backers a whopping 10% return on investment (ROI) payable in BitConnect (BCC), the native currency of the platform.

Many users that had to invest Bitcoin (BTC) in the pyramid scheme lost everything when its leader disappeared with their funds.

India Joins the United States to Search for Satish Kumbhani

However, the Indian authorities joined the United States later in the hunt for the scam mastermind. An investor reported losing nearly 220 BTC after Satish Kumbhani enticed him to deposit 54 BTC in exchange for a 166 BTC return.

In September 2021, the US government filed a complaint against Satish Kumbhani and began searching for him and his allies. Since the leader escaped to safety, the US authorities have looked for him everywhere. The cooperation of India in the investigation seems to make the job easier.

The US authorities have sold USD 56 million worth of assets belonging to Satish Kumbhani to compensate the victims. If the police arrested and convicted him, he might spend over 70 years in jail.

By Alexander Salazar

Bit2Me and ICON Foundation Partner and Announce Strategic Investment

Audy Castañeda
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Bit2Me and ICON Foundation Partner and Announce Strategic Investment

ICOIN Foundation is confident of expanding in Europe, thanks to Bit2Me. Bit2Me has a network of 1.7 million students. The exchange hopes to expand in Latin America, Asia, and even Africa.

Bit2Me and ICON Foundation partnered, the latter will expand its Blockchain services in Europe, while the exchange plans to expand its services with the sale of its next tokens in September.

The Bit2Me cryptocurrency exchange announced a strategic alliance with the network platform, ICON Foundation, which will make an investment to promote its Blockchain among the users of the Spanish company in more than 100 countries.

Positive Outlook of the Bit2Me and ICON Foundation Alliance

ICON Foundation hopes with the alliance to reach all of Europe, which it describes as a “relatively unexplored” market for the company. In addition to the more than 200,000 Bit2Me users, it also has a network of 1.7 million students, half of them in Latin America, who obtain recognized certifications.

ICON Foundation highlights the potential of Bit2Me by recalling the public sale of tokens that will take place between September 6 and 30 and all citizens of the countries that allow participation in the ICO will be able to participate. Furthermore, Bit2Me hosts more than 20 financial tools and services in Europe.

This is how ICON Foundation Board Member Min Kim describes the agreement:

“We are now ready to push ICON more aggressively in Europe. Bit2Me is in a unique position to help ICON reach not only more users in Europe, but also globally.”

Bit2Me Continues its Expansion in Europe

Through the Spanish exchange, ICON Foundation hopes to expand its technology, users, and brand in Europe, as they consider that it remains an unexplored market for them, while Bit2Me operates in the most important countries on the continent.

The CEO of Bit2Me explains the next steps after the agreement:

“Over the years, the Bit2Me team has built a strong user base in Southern Europe for our cryptocurrency adoption tools by creating a wide range of easy-to-use crypto solutions. We are also very proud to have educated over a million learners from southern Europe and Latin America through original content and courses in our crypto academy.”

The CEO of the Spanish exchange points out that the next sale of B2M tokens will help scale its operations in the world, in the rest of Europe, as well as Latin America and Africa, but the ICON Foundation would be included in this new stage.

Recently, Bit2Me made international news again with the announcement of the launch of its native B2M token, in an effort to expand and boost its suite of services throughout Europe, Africa, and Latin America. It currently has a Suite that exceeds twenty services dedicated to the world of cryptocurrencies, positioning itself as the most complete option in Spanish.

The launch of its tokens is due to the fact that it raised 2.5 million euros in a seed round among private investors, which will serve to launch its B2M Token, the company’s official token created to enhance its portfolio of products and services.

By Audy Castaneda

The US Trustee Office Requests an Independent Examiner in the Celsius Bankruptcy Case

Alexander Salazar
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The US Trustee Office Requests an Independent Examiner in the Celsius Bankruptcy Case

The regulatory agency said an independent examiner is necessary to investigate operations, investments, loan operations, and client accounts on Celsius. They also argued this person would handle various questions related to the transaction better, protecting clients, shareholders, and the company.

Concerning the bankruptcy case of Celsius Network, the US Trustee Office has called for an independent examination. A court filing indicates many questions related to the transparency in the finances and operations of the crypto lending platform arose.

The legal document, filed on August 18th, says an independent examination would help shed light on the issues. The presiding judge will have to approve that investigation before making any decisions.

The court filing states the declaration of insolvency did not start the lack of visibility into the operations of Celsius. It adds that sudden changes in client accounts and widespread confusion about the status of assets contributed to it.

According to the document, there is no understanding between customers, stakeholders, and the public. It states they do not know the type or value of cryptocurrencies held by debtors or their location.

The US Trustee Office said an independent examiner is necessary to investigate and report clearly and understandably on the business model. The agency explained that they must detail their operations, investments, loan operations, and client accounts.

They Consider an Independent Examiner Might Handle Questions about Transactions Better

They also stated that Celsius Network had used a third-party loan from an unnamed source. They argued that an independent examiner would handle the various questions related to the transaction better. That might be in the interest of the clients, the shareholders, and the company itself.

According to a report, Alex Mashinsky, the CEO of Celsius, began overseeing operations directly before a meeting with the Fed. Some who knew the situation said he ran the individual trades and canceled the executive ones.

The independent investigation would be part of a prominent episode in the history of the crypto market. Over the last few days, the judge has allowed the company to mine and sell Bitcoin as the bankruptcy case progresses.

Celsius Might Sell or Restructure Its Business

The cryptocurrency lending platform has also thought of new financing offers through restructuring or selling its business. Supposedly, Celsius has received many cash offers, while Ripple Labs has considered acquiring the company.

The clients of Celsius are waiting for progress in the case, hoping for the possibility of recovering their funds. Some fear it will be years before the crypto lending platform gives them back their funds.

Cryptocurrencies play an increasingly relevant role in the economy, evident in the intervention of governments to regulate them. The case of Celsius Network is only an example of many platforms under the scrutiny of the authorities.

Meanwhile, Bitcoin is trading at around USD 21,394 and has accumulated a 9% loss over the last 24 hours. While its daily trading volume is above USD 28.71 billion, its market capitalization is about USD 409.19 billion, according to CoinGecko.

By Alexander Salazar

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