24/7 Cryptocurrency News
Fetch AI Completes Network Upgrade, Can FET Price Reach $13?
Fetch ai has successfully completed its network upgrade under Proposal 33, marking a pivotal moment for the decentralized AI-focused platform. The upgrade seamlessly integrates the Fetch ai mainnet with the CUDOS network, merging all CUDOS tokens and staked assets according to predefined token ratios and a three-month vesting schedule.
Following the upgrade, analysts are optimistic about the potential impact on Fetch.ai’s (FET) price, with some projecting substantial gains.
Fetch AI Completes Network Upgrade
The integration of the CUDOS mainnet into Fetch ai brings new interoperability and functionality to the Fetch.ai ecosystem. By merging with CUDOS, Fetch.ai has broadened its decentralized computing capabilities, allowing for more efficient and scalable AI and blockchain-based applications.
Sebsequently, the Fetch ai team acknowledged the rapid and professional efforts of its validators, who ensured that the network upgrade went smoothly, restoring consensus formation and stable network operations.
The community’s patience and support throughout the upgrade were also highlighted by Fetch.ai, as this integration paves the way for further advancements. With this merger, Fetch.ai aims to strengthen its position within the Artificial Superintelligence (ASI) Alliance, a consortium of decentralized AI platforms including SingularityNET and Ocean Protocol.
New Cross-Chain Opportunities with Injective Partnership
Fetch.ai is also making strides in cross-chain interoperability through a recent partnership with Injective, a decentralized finance (DeFi) protocol. This collaboration allows Fetch.ai to replace its Inter-Blockchain Communication (IBC) protocol light client with Injective’s technology, enabling more efficient cross-chain asset transfers between the Fetch.ai and Injective networks.
According to market observers, this could open up new DeFi opportunities, further boosting the company’s ecosystem.
Market activity around Fetch.ai derivatives has already increased, with trading volume rising by 93.89% to reach $121.26 million. Open interest, a metric indicating the total number of outstanding derivative contracts, has also seen a 3.22% uptick, suggesting renewed interest from traders. This heightened activity reflects growing market confidence and perhaps bullish sentiment toward Fetch.ai’s recent upgrades.
Analysts Predict Strong Price Potential for FET
Market analysts are closely monitoring FET’s price action following the network upgrade and the Injective partnership. Technical analyst “World of Charts” recently noted a breakout from a descending channel, signaling a potential reversal from the previous bearish trend. After breaking out, the price retested this level, which could confirm a bullish trend if sustained. World of Charts suggests that this setup could propel FET towards a $5 target in the short term.
On a more optimistic note, crypto analyst DamiDefi has projected that FET price could climb to as high as $13. According to DamiDefi, the combination of the technical breakout, increased trading activity, and the successful network upgrade provides a strong foundation for further price appreciation.
The recent formation of a “Cup and Handle” pattern, a bullish continuation indicator, supports this prediction. If FET breaks out from this pattern with high volume, a significant price rise could follow. The Relative Strength Index (RSI) for FET remains within a neutral range, around 44.68, suggesting that the asset has room for upward movement without being overbought.
The price is also testing a key support level around $1.25, which could serve as a solid foundation for further gains if it holds. Analysts note that breaking through resistance levels at $1.40, $1.70, and $2.10 could confirm a stronger bullish momentum, potentially leading to new highs.
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source link
Bitcoin’s exponential growth in 2024 brought all the attention to this digital asset. Interestingly, BTC’s achievement led Tim Draper to compare it to the popular streaming site Netflix, a pioneer in the multi-media industry. He presented a metaphorical connection between the two, depicting why Bitcoin is the next Netflix. Let’s explore Draper’s reasoning behind the comparison between the two and what it means for the potential of the crypto industry.
The Netflix Disruption
Netflix has become the mainstream media platform, beating its competitors by a large margin and attaining a $380 billion valuation. Interestingly, the same company was on the brink of bankruptcy in 2010 and was just a CD rental business before. However, it rose and developed from a movie retail business to an online blockbuster media and entertainment platform. Some even call it a real-life example of technological disruption or Netflix disruption, as it changed how people consume media.
Somewhere, there is a big similarity between the rental industry and the TradeFi industry, which is also getting left behind with digital assets, especially Bitcoin, the new mode of payments based on decentralization. The way Netflix left behind its competitors, which failed to rise with new technology and trends, BTC is likely to do the same with third-party controlled, slow, and expensive traditional transactions.
Its growth, where one Bitcoin is priced at $101.5k per coin with a market cap of nearly $2 T, reveals its high adoption rate. This is especially true as the soon-to-be 47th US president, Donald Trump, promised to make the US the crypto capital involving BTC. Based on this, the famous venture capitalist Tim Draper presented a Bitcoin vs. Netflix analysis, drawing a parallelism between Netflix and Bitcoin’s growth.
Tim Draper Bitcoin Prediction on Why BTC Could Be the ‘Next Netflix’
Tim Draper presents a very interesting key point, hinting at Bitcoin’s dominance among traditional financial systems like Netflix in the media. With the growing adoption of this digital asset and tech giants like Elon Musk, Michael Saylor, Robert Kiyosaki, and many others seeing Bitcoin as the future, much more dominance could be seen.
“Next Netflix vs. blockbuster moments to come is the Bitcoin vs Banks,” outlines Draper, boldly asserting that Bitcoin’s trajectory mirrors Netflix’s disruption.
Although Tim Draper’s Bitcoin Vs. Netflix post did not clearly explain, but his few words were enough to conclude the parallelism between these two. Both, Netflix and Bitcoin are disruptive technologies, grabbing global adoption and mainstream acceptance. More importantly, BTC has already set its foot strong in the financial market, but there is much more to come. Analysts’ Bitcoin price prediction sees it achieving $225k in 2025 alone and much more in the upcoming years.
Michael Saylor and many other industry leaders believe that Bitcoin is the US debt’s solution and that this digital asset would disrupt traditional banking institutions. This belief could become more prominent with Donald Trump’s presidency.
Eventually, all this would make Bitcoin the pioneer of the financial industry. More importantly, as Tim Draper sees, BTC is the next Netflix for the TradeFi and banking sectors. However, this is not new Bitcoin news. Draper’s months-old Bitcoin price prediction that this asset per token will hit $3M evaluations describes his ideology, as he believes BTC is the currency of the future.
Conclusion
Tim Draper provided more than just a catchy analogy by calling Bitcoin the next Netflix of the financial sector. Netflix shaped the future of the media and entertainment industry, and BTC would shape the future of the financial industry with its exponential growth, global adoption, and overcoming the TradeFI, which is slow, complicated, and controlled by institutions and government. Draper’s analysis of Bitcoin Vs. Netflix depicts the future of financial freedom and a tech-driven financial system, where one token could grab a price of $3M, far away from any asset’s value.
Pooja Khardia
With a deep-seated passion for reading and five years of experience in content writing, Pooja is now focused on crafting trending content about cryptocurrency market.
As a dedicated crypto journalist, Pooja is constantly seeking out trending topics and informative statistics to create compelling pieces for crypto enthusiasts. Staying abreast of the latest trends and advancements in the field is an integral part of her daily routine, fueling a commitment to delivering timely and insightful coverage
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source link
Rostin Behnam, the Chair of the US CFTC, has announced to step down from his post effective January 20, 2025. Interestingly, that is when Donald Trump is scheduled to take over the US Presidential office once his inauguration concludes. While Rostin has not mentioned any specific reason behind stepping down from the post, speculations soar over a change in the horizon.
US CFTC Chair Rostin Behnam To Step Down On January 20
The US CFTC Chair Rostin Behnam is reportedly stepping down from his position on January 20. According to a Reuters report, Behnam is scheduled to exit on the same date as Trump’s inauguration. Interestingly, the US SEC Chair Gary Gensler has also announced his departure on the same date.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source link
The leading crypto platform, Backpack Exchange, said it has acquired FTX EU, the European arm of the defunct FTX Exchange. This acquisition, approved by the FTX bankruptcy court and the Cyprus Securities and Exchange Commission (CySEC), reflects the exchange’s move to dominate Europe’s regulated crypto trading market. Notably, the exchange plans to offer innovative products, including crypto derivatives, across the European Union by early 2025.
Backpack Exchange Buys FTX EU
Backpack Exchange announced that it has completed the acquisition of FTX EU, aiming to fill the gap left by unregulated offshore exchanges exiting Europe. As a MiFID II-licenced entity, the new Backpack EU will focus on transparency and compliance to the region’s underserved crypto sector. Besides, the exchange eyes to bring perpetual futures through this acquisition, marking a significant milestone in the EU’s crypto space.
Backpack CEO Armani Ferrante lauded the acquisition, saying that this move would ensure European users gain access to secure and regulated trading solutions. He stated:
“As many international exchanges exit the European Union, becoming a MiFID II-licensed entity demonstrates our dedication to meeting the highest regulatory standards and is a significant step to bringing transparent, secure, and regulated crypto trading to an underserved European market.”
Rupam Roy
Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source link
XRP Could Rocket 470% If History Repeats, SuperTrend Suggests
From Laser Eyes to Upside-Down Pics: The New Bitcoin Campaign to Flip Gold
WazirX hack victims to receive aid from new CoinSwitch fund
Why Tim Draper Sees BTC as the ‘Next Netflix’?
‘Hype Cycle’ To Last Another Four Months for This Altcoin Sector, According to Real Vision Analyst Jamie Coutts
a16z crypto outlines top 5 trends shaping crypto’s future in 2025
US CFTC Chair Rostin Behnam To Depart On January 20
Crypto exchange Backpack, founded by former FTX execs, acquires FTX EU
Solana Proposal Promises to Bring Support to Billions of Users
Backpack Exchange Acquires FTX EU Amid Global Expansion Plan
SPXHits $1.5B Market Cap First Time As Open Interest Rises
Why Binance Employees Are Remote-First
Bitcoin Bulls Return as BTC Hits $100K, Altcoins Shine
ReadyGamer announced as Virtual Protocol rides wave of investor confidence
Ripple CEO Brad Garlinghouse Calls $11B Valuation Outdated Amid XRP Price Surge
Ethereum’s lowered yield might signal a paradigmatic shift in the ecosystem
Telegram users can send gifts to friends, TON fails to pump
Bitcoin Could Rally to $80,000 on the Eve of US Elections
Institutional Investors Go All In on Crypto as 57% Plan to Boost Allocations as Bull Run Heats Up, Sygnum Survey Reveals
Crypto’s Big Trump Gamble Is Risky
A Kamala Presidency Could Be Just as Bullish for Bitcoin
Ripple-SEC Case Ends, But These 3 Rivals Could Jump 500x
Arthur Hayes, Murad’s Prediction For Meme Coins, AI & DeFi Coins For 2025
SEC filing underway, Bitcoin rewards app Fold adopts FLD ticker
Cardano and the XRP price action lock in bulls vs bears battle as RCO Finance prepares for 3,000% surge
A16z-backed Espresso announces mainnet launch of core product
Tether CEO Paolo Ardoino Denies Rumors That Stablecoin Issuer Is Under Federal Investigation
Crypto Exchange OKX Moves To Support USDC Ecosystem by Adding Six New Trading Pairs
Trump’s Coin Is About As Revolutionary As OneCoin
Ripple Vs. SEC, Shiba Inu, US Elections Steal Spotlight
DeFi3 months agoEthereum’s lowered yield might signal a paradigmatic shift in the ecosystem
News3 months agoTelegram users can send gifts to friends, TON fails to pump
Bitcoin2 months agoBitcoin Could Rally to $80,000 on the Eve of US Elections
Bitcoin2 months agoInstitutional Investors Go All In on Crypto as 57% Plan to Boost Allocations as Bull Run Heats Up, Sygnum Survey Reveals
Opinion2 months agoCrypto’s Big Trump Gamble Is Risky
Opinion3 months agoA Kamala Presidency Could Be Just as Bullish for Bitcoin
Price analysis2 months agoRipple-SEC Case Ends, But These 3 Rivals Could Jump 500x
24/7 Cryptocurrency News2 months agoArthur Hayes, Murad’s Prediction For Meme Coins, AI & DeFi Coins For 2025
✓ Share: