Crypto & Blockchain Daily Brief Tuesday, June 25, 2024

The article discusses the recent price movements of Ripple's XRP cryptocurrency. It highlights that XRP has been experiencing a downward trend for the past few weeks, with its price declining significantly. The article mentions that XRP's price is currently trading below key support levels, indicating a bearish trend in the market. The article also mentions that XRP's price has been struggling to break above the $1.00 resistance level, which has been acting as a strong barrier for the cryptocurrency. It suggests that if XRP fails to break above this resistance level, it could potentially drop further in price. The article then delves into technical analysis to provide insights into possible price movements for XRP. It mentions that the Relative Strength Index (RSI) indicator for XRP is in the oversold territory, indicating that the cryptocurrency may be due for a reversal soon. Additionally, the article discusses the Moving Average Convergence Divergence (MACD) indicator, which suggests that XRP's price might reverse in the near future. In conclusion, the article speculates that XRP's price may reverse soon based on the technical indicators discussed. However, it also mentions that if XRP fails to break above the $1.00 resistance level, the cryptocurrency could face further declines. Overall, the article provides a detailed analysis of XRP's price movements and suggests that a reversal may be on the horizon.

The article provides an overview of the cryptocurrency Shiba Inu (SHIB) and its recent developments. It begins by explaining that SHIB is an Ethereum-based token that gained popularity due to its resemblance to Dogecoin and its low price, making it attractive to retail investors. The article highlights that SHIB has experienced significant growth in 2021, with its price increasing by thousands of percentage points. This surge in value has drawn attention to the token and led to its listing on various cryptocurrency exchanges. Furthermore, the article discusses recent developments related to SHIB, such as the launch of ShibaSwap, a decentralized exchange platform created by the Shiba Inu community. ShibaSwap allows users to trade SHIB and other tokens, stake their assets, and participate in liquidity pools to earn rewards. Moreover, the article mentions the burning of 410 trillion SHIB tokens by the founder of Shiba Inu, which was seen as a positive move to reduce the token's total supply and potentially increase its value. Additionally, the article touches on the listing of SHIB on major cryptocurrency exchanges like Binance, which has further increased its accessibility and trading volume. In conclusion, the article emphasizes that SHIB has garnered a dedicated community of supporters who are actively involved in its development and promotion. Despite its origins as a meme token, Shiba Inu has evolved into a serious project with a growing ecosystem that includes decentralized finance (DeFi) features like ShibaSwap.

Tether, a popular stablecoin issuer, has recently announced that it will no longer be minting new Tether (USDT) tokens on the EOS blockchain and the Algorand blockchain. The decision to halt the minting of USDT on these two blockchains comes after Tether conducted a thorough review of the two networks. According to Tether's CTO, Paolo Ardoino, the decision to stop issuing USDT on EOS and Algorand was made due to low demand for these tokens on those specific blockchains. Tether will still support and provide USDT on other blockchains, including Ethereum, Tron, and OMG Network. The move to stop minting USDT on EOS and Algorand is part of Tether's strategy to focus on blockchains that have greater demand and usage for its stablecoin. By consolidating its efforts on more popular blockchains, Tether aims to improve efficiency and optimize its resources. Despite the decision to discontinue minting USDT on EOS and Algorand, existing USDT tokens on these blockchains will continue to be supported and remain in circulation. Tether reassured users that there will be no impact on the existing USDT tokens on EOS and Algorand due to this change. Overall, Tether's decision to cease minting USDT on EOS and Algorand reflects the company's commitment to adapt and streamline its operations based on market demand and usage patterns in the blockchain ecosystem.

Riot Blockchain, a publicly traded cryptocurrency mining company, has called for a special meeting of Bitfarms, a cryptocurrency mining company based in Canada, to propose changes to the board of directors. Riot Blockchain, which owns about 12.4% of Bitfarms' outstanding shares, is seeking to replace four of Bitfarms' current board members with its own nominees. Riot Blockchain argues that Bitfarms has underperformed in comparison to other cryptocurrency mining companies, and they believe that changes to the board are necessary to improve the company's performance. They have also expressed concerns about the governance structure and strategic direction of Bitfarms. Riot Blockchain's nominees for the board have experience in blockchain technology, finance, and corporate governance, and they believe that their expertise will help Bitfarms achieve its full potential. Bitfarms has responded to Riot Blockchain's proposal by stating that they are reviewing the request and will respond in due course. The company has emphasized its commitment to corporate governance and transparency, and they have stated that they will consider all options to maximize shareholder value. Overall, Riot Blockchain's call for a special meeting to overhaul Bitfarms' board reflects their belief that changes are needed to improve the company's performance and strategic direction. Bitfarms' response suggests that they are taking the proposal seriously and will carefully consider the potential changes. The outcome of this situation will likely have significant implications for both companies and the cryptocurrency mining industry as a whole.

Mt. Gox, a now-defunct cryptocurrency exchange that collapsed in 2014, is set to begin the distribution of over $1 billion worth of bitcoin and bitcoin cash to its creditors starting in July 2024. The exchange's trustee, Nobuaki Kobayashi, announced the plan to repay creditors who lost funds due to the collapse of Mt. Gox. The repayments will be made in both bitcoin and bitcoin cash, with the distribution process expected to take around two years to complete. The distribution plan comes after years of legal battles and delays since Mt. Gox filed for bankruptcy in 2014, leaving many creditors without access to their funds. The decision to repay creditors in bitcoin and bitcoin cash was made in part due to the increase in the value of these cryptocurrencies since the exchange's collapse, as well as the challenges of converting the remaining assets back into fiat currency. Creditors will have the option to receive their repayments in either bitcoin or bitcoin cash, with the distribution ratio being approximately 90% in bitcoin and 10% in bitcoin cash. The trustee has stated that the distribution will be done in a way that minimizes market impact and ensures that creditors receive their funds securely. Overall, the planned repayments by Mt. Gox mark a significant step towards resolving one of the most notable cases of cryptocurrency exchange collapse, providing some relief to the creditors who have been waiting for years to recover their lost funds.