This marks a pivotal moment in the tech giant’s Web3 journey.

EigenLayer Receives Interest From Google Cloud Upon Mainnet Launch

This advancement, announced by Sam Padilla, Web3 product manager at Google Cloud, highlights the tech behemoth’s commitment to the evolving restaking protocol ecosystem. Moreover, Google Cloud has also been involved in the EigenLayer testnet since November 2023.

EigenLayer’s innovation enables Ethereum (ETH) staking across diverse platforms, a capability that went live for stakers in June. Now, as a mainnet node operator, Google Cloud has transitioned from participating in EigenLayer’s “Operator Working Group” to playing a critical role in the network’s operation.

Google Cloud has been proactive since initiating its blockchain division in early 2022. It launched the Blockchain Node Engine, initiated a web3 startup program, and forged alliances with key protocols like Polygon and LayerZero. Consequently, its venture into EigenLayer represents a strategic expansion of its Web3 footprint.

Read more: What Is EigenLayer?

Amid concerns about large cloud services affecting decentralization, EigenLayer maintains a balance by allowing diverse participation in its operator registry. Therefore, Google Cloud’s involvement enhances the protocol’s robustness and inclusivity.

Furthermore, the recent mainnet activation introduced EigenDA, a novel data availability solution. Although the EigenLayer mainnet launch included some limitations, such as not including slashing, it signifies a major step toward full protocol maturity.

“We are allowing the EigenLayer marketplace to develop and stabilize before introducing in-protocol payments and slashing to mainnet later this year,” EigenLayer explained.

The initiative has accelerated EigenLayer’s growth, with its total value locked (TVL) exceeding $13.33 billion, ranking it as the second-largest DeFi protocol. The liquid restaking tokens (LRTs) narrative is also revolutionizing DeFi, with EtherFi at the forefront, boasting a TVL of over $3.82 billion.

Significantly, venture capital interest in such emerging blockchain innovations is surging. For example, Andreessen Horowitz invested $100 million in EigenLayer in February, highlighting the sector’s potential. Additionally, Binance Labs’ investment in Renzo underlines the vitality of the liquid restaking domain.

Read more: Ethereum Restaking: What Is It And How Does It Work?

Renzo Protocol serves as EigenLayer’s restaking hub, integrating Ethereum smart contracts to streamline the restaking process. It is the second largest liquid restaking protocol with a TVL of nearly $3 billion.

The post Google Cloud Deepens Blockchain Footprint With EigenLayer Mainnet Node Operation appeared first on BeInCrypto.

Arkham is trying to address the market concerns while the ARKM token tests critical support.

Why Arkham’s Transactions Gained Crypto Community’s Attention

Nansen, a competitor, reported that Arkham moved substantial ARKM amounts, over 25.2 million tokens valued at more than $56 million, to unidentified wallets and Binance. This revelation raised concerns about transparency and intent.

In response, Arkham addressed the situation on April 9. They clarified that these transfers aligned with their tokenomics, involving unlocked tokens. Despite these assurances, the market reacted negatively, leading to a significant price drop for ARKM.

“Two of our competitors are spreading false rumors about ARKM movements in an attempt to create fear, uncertainty, and doubt (FUD),” Arkham stated.

Read more: What Is FUD? Exploring Fear, Uncertainty, and Doubt

From a technical standpoint, ARKM’s price has been declining since its peak in March. Before the controversy, the token tested a crucial support trendline from late February.

However, it breached this support on April 3, accelerating the price decline. It later retested the trendline, which acted as a resistance on April 8. Currently, ARKM is testing a new support level at approximately $1.93.

If Arkham cannot sustain this support, technical analysis suggests a further 26% price drop to $1.43.

This potential decline highlights the precarious position of ARKM in the market. It also highlights the broader implications of market sentiment and transparency issues.

Arkham’s use of artificial intelligence has garnered attention, leading to investment from Binance Labs last November. Its Arkham Intel Exchange is a platform that facilitates the exchange of blockchain intelligence. Here, users can monetize their insights through the “Intel-to-Earn” model, with ARKM transactions central to this ecosystem.

Read more: How To Make Money With Intel-To-Earn on Arkham Intelligence

ARKM had a spectacular uptrend, surging over 400% since August 2023.

The post Arkham’s ARKM Token Tumbles 20% Amid Market Skepticism and Controversy appeared first on BeInCrypto.

Over the last seven days, Toncoin’s price has increased by more than 35%. However, after hitting its ATH, TON underwent a subsequent price correction and is currently trading at $6.49 at the time of writing.

TON Flips Cardano (ADA) for 10th Spot in Market Capitalization

This rally also made TON surpass Cardano (ADA) in market capitalization, which now holds the 11th position. TON’s market capitalization reached $22.43 billion, outpacing ADA’s $20.42 billion.

Despite the recent upward momentum, traders and analysts are now observing a consolidation period for TON between $6.50 and $6.75. Crypto trader Paxton outlined the key price levels in a recent X (formerly Twitter) post:

“Bulls need to break above resistance and reclaim $6.75 for a potential run. Bears watch for a break below support and a test of $6.50. Volume is key for direction!”

Read More: Which Are the Best Altcoins To Invest in April 2024?

BeInCrypto analyst Aaryaman Shrivastava previously anticipated this surge in TON’s value. On April 3, 2024, Shrivastava predicted TON’s potential to set a new ATH. He suggested that investors’ restraint in selling during rallies could open the door to further gains.

TON’s impressive growth stems from both market dynamics and significant developments within its ecosystem.

On April 8, 2024, developers of The Open Network (TON), the entity behind Toncoin, announced they would allocate $5 million in TON tokens to encourage users to adopt innovative palm-scanning identity verification.

Moreover, Telegram’s recent steps to enhance user benefits also likely contributed to TON’s success. On March 31, 2024, the platform introduced a revenue-sharing system. This initiative allows channel owners to earn 50% of advertisement revenue generated within their channels.

Telegram introduced a novel type of advertisement that can be purchased with TON to facilitate this.

The Telegram team officially announced that they chose TON Blockchain for their project due to its low transaction fees, fast processing speeds, and ability to handle many transactions per second.

Furthermore, TON has received significant backing from Mirana Ventures, a global Web3 investment firm. In early March, Mirana announced an $8 million secondary market purchase of Toncoin and a long-term collaboration with TON, noting its unique positioning due to its Telegram integration.

Read more: What Are Telegram Bot Coins?

Mirana is committed to fostering Telegram’s Web3 SuperApp and pursuing cross-chain collaborations.

The post Toncoin (TON) Hits New All-Time High, Knocking Cardano (ADA) Out of Top 10 appeared first on BeInCrypto.

Consequently, the meme coin could note new highs, provided it manages to breach through some crucial resistances.

Shiba Inu to Jump on the Charts

Shiba Inu’s price is currently trading within a symmetrical triangle pattern aided by increasingly bullish market cues. The first of these is the Moving Average Convergence Divergence (MACD). This trend-following momentum indicator is used to identify potential buying and selling opportunities.

At the moment, this indicator is exhibiting receding bearishness. The double bottom formed by its bars on the histogram indicates increasing bullishness in the market. This would be confirmed once a bullish crossover occurs.

Secondly, the meme coin is attempting to chart its own path, escaping the influence of the biggest cryptocurrency in the world, Bitcoin. The correlation SHIB shares with BTC, despite being positive, is declining at the moment.

This shows that the dog-inspired token could be deviating from the bearish cues set by Bitcoin. Such a development would help the cryptocurrency to rise.

Read More: 6 Best Platforms To Buy Shiba Inu (SHIB) in 2024

SHIB Price Prediction: Ready to Rally

Shiba Inu’s price is in a symmetrical triangle pattern at the time of writing, changing hands at $0.00002744. A symmetrical triangle pattern is formed by converging trendlines, indicating a period of consolidation. It usually hints at an upward or downward breakout, signaling a potential continuation of the previous trend.

SHIB is close to breaking out, and based on the targets set by the pattern, the meme coin could chart a 43% rise. This would send Shiba Inu’s price to $0.00004816.

Read More: How To Buy Shiba Inu (SHIB) and Everything You Need To Know

However, if the altcoin fails to breach a flip, the resistances marked at $0.00003063 and $0.00003500 could fall back. Falling through the lower trend line of the pattern would cause an invalidation of the bullish thesis, pushing SHIB to $0.00002400.

The post Shiba Inu (SHIB) Break From Bitcoin Signals Market Strength appeared first on BeInCrypto.

To make this worse, LTC is currently witnessing no support from its investors, which could extend the losses.

Will Litecoin Lose to the Bears?

Litecoin’s price has been in an uptrend for the past two weeks. However, this Silver to Bitcoin’s Gold path could change soon. Even LTC holders do not seem very bullish at the moment.

The reason behind this is the lack of incentive among investors. As noted on the Network Realized Profit/Loss metric, LTC holders have observed the largest single-day losses since June 2023.

These losses in the last 24 hours are considered a preliminary signal of potential selling. Since investors want to offset their losses, they will likely opt to sell their assets, resulting in a decline in the price.

This sentiment is further substantiated by the downtick in the Mean Coin Age of Litecoin tokens. This metric measures the average age of all circulating coins within a network. It helps gauge the level of hodling or circulating activity among investors.

Instances of uptick align with holding on to supply, while downtick suggests an increase in circulation of supply among investors. Thus, without the support of investors, Litecoin’s price could witness a correction.

Read More: 7 Best Litecoin (LTC) Wallets for 2024

LTC Price Prediction: Pullback

Litecoin’s price is currently moving within a rising wedge. This pattern is a bearish formation characterized by converging trendlines slanting upwards, indicating a weakening bullish trend. It typically suggests an impending price reversal with potential downward movement.

Based on the target predicted by the pattern, Litcoin could observe a 30.77% correction over the coming days, bringing its price down to $69. The consistent volume decline further supports the bearish thesis, as Litecoin’s price is already falling through the pattern.

However, LTC is bound to witness support at $93, which marks the 61.8% Fibonacci Retracement. Bouncing off this support floor, marked at $93, would allow the altcoin to reclaim $100 and potentially invalidate the bearish outlook.

The post Litecoin (LTC) Price Alert: Deep Pullback Could Be Next appeared first on BeInCrypto.

Undersecretary Wally Adeyemo highlighted this concern in a statement to the Senate Committee on Banking, Housing, and Urban Affairs. He emphasized the need for additional tools to safeguard national security.

Tether (USDT): A Tool for Russia’s Sanction Evasion

Adeyemo’s testimony revealed a broader issue of terrorist groups and rogue states exploiting cryptocurrencies to conceal their identities and transfer funds. He cited examples, including al-Qaeda’s use of Bitcoin and the Islamic Revolutionary Guard Corps-Qods Force’s transactions with Hamas, to illustrate the growing illicit finance.

The US Treasury is particularly worried about Russia’s increasing reliance on alternative payment mechanisms like Tether’s USDT. This trend challenges the effectiveness of sanctions and highlights the urgency for a robust oversight and enforcement regime for cryptocurrencies and stablecoins.

“We’ve seen Russia increasingly turning to alternative payment mechanisms — including the stablecoin Tether — to try to circumvent our sanctions and continue to finance its war machine. While we have had some success in rooting out illicit finance in the digital asset ecosystem, we need to build an oversight and enforcement regime that is capable of preventing this activity,” Adeyemo stated.

To combat this threat, Adeyemo proposed three key reforms. First, introducing secondary sanctions for foreign crypto providers involved in illicit finance. Second, expanding authority to cover key players in the cryptocurrency industry. Finally, addressing jurisdictional risks from offshore crypto platforms.

Read more: Crypto Regulation: What Are the Benefits and Drawbacks?

The Treasury’s efforts to root out illicit finance in the industry are part of a broader strategy to ensure national security and economic stability.

The post US Treasury Warns Russia’s Use of Tether (USDT) to Evade Sanctions and Fund Wars appeared first on BeInCrypto.

Starting from April 10, 2024, at approximately 12:00 ET, trading will commence, subject to liquidity conditions being met. This move will allow Coinbase users to transfer and trade SHDW within regions where trading is permitted.

Coinbase to List Shadow Token (SHDW)

To ensure a smooth trading experience, Coinbase will initially roll out trading for SHDW-USD pairs in phases once it secures a sufficient supply of the asset. However, users must note that they should not send SHDW over networks other than Solana. Doing so could result in the loss of funds.

In line with its commitment to transparency and customer safety, Coinbase has designated SHDW with an “experimental label.” Coinbase applies this label to assets that are new to its platform or have relatively low trading volumes compared to other cryptocurrencies. The experimental label is a caution to users. It highlights that such assets may experience significant price fluctuations and issues related to low liquidity, including canceled orders.

Read more: Coinbase vs. Coinbase Pro: Which Is Right for You?

The Solana network contract address for Shadow Token is SHDWyBxihqiCj6YekG2GUr7wqKLeLAMK1gHZck9pL6y. Coinbase encourages users to familiarize themselves with the risks of trading experimental assets and to exercise caution when engaging in SHDW transactions. Especially given the spike in volatility SHDW experienced following the announcement.

Coinbase’s decision to list SHDW indicates its continuous efforts to broaden its cryptocurrency portfolio and offer users a wide array of digital assets. However, certain community members have raised concerns about the company’s strategy of supporting altcoins with low market capitalization.

“[Coinbase] keeps expanding support for a failing, centralized, vaporware chain, and keeps ignoring the far superior alternatives,” a crypto enthusiast commented.

The post Coinbase to List Solana-Based Shadow Token (SHDW) appeared first on BeInCrypto.

The forthcoming halving will reduce the new issuance by 14,000 BTC on a monthly basis, traditionally decreasing sell pressure from miners. However, the once-significant influence of halvings on Bitcoin prices seems to diminish as the new issuance becomes smaller relative to the total supply available for sale.

Bitcoin Halving Influence Wanes

Long-term holders (LTH) selling, for instance, has averaged 417,000 BTC per month in the last year, overshadowing the monthly issuance of 28,000. In contrast, CryptoQuant highlights that Bitcoin demand growth, particularly from large holders or whales, is emerging as the primary driver for higher prices post-halving.

This cohort of investors is currently showing the highest-ever demand growth, which has historically fueled price rallies.

“In previous cycles, Bitcoin demand growth from large holders or whales has spiked, fueling the price rally. Currently, demand growth is around the highest ever, around 11% month over month,” analyst at CryptoQuant told BeInCrypto.

Read more: Bitcoin Halving Countdown

Moreover, the demand for Bitcoin from permanent holders has outpaced issuance for the first time in history. This adds further fuel for a potential Bitcoin price rally after the halving.

Permanent holders now add as much as 200,000 BTC monthly to their balances. This is significantly more than the approximately 28,000 BTC monthly issuance, which will further decrease to about 14,000 post-halving.

CryptoQuant also points out that the monthly issuance of Bitcoin has dwindled to just 4% of the total Bitcoin available supply. This starkly contrasts the periods before the first, second, and third halvings, where issuance represented 69%, 27%, and 10% of the total supply, respectively.

Read more: What Happened at the Last Bitcoin Halving? Predictions for 2024

In summary, while the upcoming Bitcoin halving will reduce the new issuance of BTC, leading to less selling pressure from miners, the unprecedented demand growth from large holders and permanent holders is poised to be the key driver for higher prices post-halving.

The post Bitcoin Demand Will Push Price Up, Not the Halving: CryptoQuant appeared first on BeInCrypto.

The altcoin is not receiving much support from its investors, which could exacerbate the current downtrend.

Solana Continues to Lose Value

Solana’s price seemed to be doing well for itself, marking two new year-to-date highs in the past month. However, considering the value of SOL compared to what it once was, it appears that the altcoin is undervalued.

Despite the high daily revenue of over $1.20 million, Solana has not been able to note a resurgence in the overall value according to the P/S Ratio. As a result, Solana’s price could witness some bearishness, given it already seems to be moving against the market trend.

The increasing pessimism among SOL investors further substantiates the lack of optimism. This is notable from the downtick observed in the weighted sentiment. This metric registers a fall below the zero line, suggesting that bearishness dominates investors.

Read More: 13 Best Solana Meme Coins to Watch in 2024

SOL Price Prediction: Bearish Reversal

Solana’s price, trading at $174 at the time of writing, is close to falling through the support of $172, which could result in the altcoin validating the double top formation.

The double-top pattern is a bearish technical analysis formation. It exhibits two consecutive peaks at similar price levels separated by a trough. It suggests a potential trend reversal, indicating that an asset’s price may decline after failing to break through resistance at the previous peak, often leading to downward movement.

At the moment, the target for SOL is set at $142 according to the pattern, representing a 17.27% drawdown from the current levels.

Read More: Solana (SOL) Price Prediction 2024/2025/2030

However, if the support of $172 remains unbroken, Solana’s price could invalidate the bearish pattern by bouncing back toward $190.

The post Solana (SOL) Faces a 17% Price Correction appeared first on BeInCrypto.

However, there are some resistances in the path of this rise that might limit the altcoin’s growth.

Chainlink Investors Turn Optimistic

Chainlink price, after falling for the past two weeks, is attempting to initiate a recovery again. Although it has been struggling for the past few days, by the looks of it, this is about to change.

LINK holders have shown a sudden rise in interest in the asset, which is evident from the increased participation across the network. Active addresses shot up by nearly 104% on the daily timeframe, hitting a two-month high.

This shows that investors are expecting an increase in price down the line.

This is furthered by the fact that nearly 38.55 million LINK tokens are inching closer to the point where they become profitable. This $684 million worth of supply was bought between $17.49 and $18.73. Consequently, investors would choose not to sell their holdings for now until another $684 million worth of profits are gained.

Read More: How to Buy Chainlink (LINK) With a Credit Card: A Step-By-Step Guide

LINK Price Prediction: Crucial Barrier Stands in the Way

Chainlink’s price trading at $17.80 is testing the local support of $17.85, bouncing off of which would push the altcoin above the $18.73 resistance. As the aforementioned supply becomes profitable, LINK would note further upside.

Read More: How To Buy Chainlink (LINK) and Everything You Need To Know

However, losing the $17.85 support could trigger a decline to the $16.95 support floor. This support has undergone multiple tests in the past, and breaching it would invalidate the bullish thesis. Consequently, Chainlink’s price could fall to $16.00.

The post Investor Optimism Surges as $680 Million Worth of Chainlink (LINK) Tokens Near Profit appeared first on BeInCrypto.

Speaking to the Senate Banking, Housing and Urban Affairs Committee, Adeyemo advocated for legislative action.

US Treasury Seeks Additional Powers Against Illicit Crypto Transactions

Adeyemo highlighted the need to thwart the misuse of crypto by groups like al Qaeda and Hamas, as well as countries such as Russia and North Korea.

“We need to build an enforcement regime that is capable of preventing this activity as more terrorists, transnational criminals, and rogue states turn to digital assets. That’s why we sent the Committee proposals to strengthen counter-terrorist financing authorities,” Adeyemo wrote.

However, a contrasting perspective was presented earlier by Brian Nelson, Undersecretary for Terrorism and Financial Intelligence. Nelson stated that the extent of crypto’s role in terrorism financing might be overestimated.

This statement followed an incident where initial reports from the Wall Street Journal, based on analytics from Elliptic, misinterpreted data, suggesting large crypto transactions linked to Hamas. Later, Elliptic clarified that Hamas had received only $21,000 in crypto, significantly less than reported.

Read more: Crypto Regulation: What Are the Benefits and Drawbacks?

Despite the corrected data, over 100 lawmakers pursued strict cryptocurrency regulations. They acted on the initial inflated figures. Consequently, this legislative drive, anchored in national security concerns, faced opposition for potentially stifling innovation and expatriating the crypto industry.

Representative Tom Emmer criticized the hurried legislative process. He stressed the importance of accurate data in financial regulation debates.

Nonetheless, Adeyemo’s testimony also sheds light on the sophisticated tactics of rogue states like North Korea. These states accumulate illicit revenue through cryptocurrencies via complex cyber heists. The United Nations disclosed that North Korea’s crypto-related cyberattacks have garnered an estimated $3 billion.

This sum significantly fuels its weapons programs, constituting a major part of its foreign currency revenue.

Furthermore, the discussion encompassed Russia’s adept use of cryptocurrencies to sidestep financial sanctions. Russia allegedly employs stablecoins like Tether’s USDT to fund military operations, including clandestinely acquiring crucial military hardware components.

Adeyemo called for additional legislative backing to empower the Treasury to combat digital currency misuse by malicious actors effectively. He advocated for comprehensive regulations targeting foreign cryptocurrency exchanges and money services.

Additionally, he emphasized the need to plug the gaps in existing laws. These gaps have emerged as virtual asset wallet providers and cryptocurrency exchanges evolved after the establishment of current regulations.

Read more: 7 Best Crypto Exchanges in the USA for Bitcoin (BTC) Trading

Echoing the Treasury’s concerns, Coinbase Global and Circle Internet Financial have voiced the need for regulatory clarity. They highlighted the competitive disadvantage US companies face due to the existing regulatory uncertainty.

The post US Treasury Official Advocates for Strict Laws to Curb Crypto Use by Terrorists appeared first on BeInCrypto.

STFIL claimed that they have engaged legal counsel to assess the situation and offer support to those detained.

Millions in Filecoin Moved as STFIL Team Faces Investigation

The announcement comes after unexplained protocol upgrades and a large transfer of FIL tokens from the STFIL platform to an unknown address. Currently, that address holds approximately 2,568,022 FIL, worth an estimated $23.09 million.

Read more: Filecoin Staking: How To Get Started

STFIL encouraged the community to monitor the address. Additionally, they invited participation in discussions focused on protecting stakeholder interests.

Community reactions to the news have been mixed. Some expressed confusion and sympathy, while others, like crypto analyst Niraj Singh, allege foul play. He highlighted his significant investment of $80,000 in FIL and his dedication to the long-term success of the Filecoin community, which collectively holds 5.2 million tokens, as a basis for his concern.

Singh claims a contract alteration allowed for a targeted withdrawal of funds, branding the incident a “rug pull.”

“Project owner altered the contract to permit only one designated address for fund withdrawals. Funds were then withdrawn from the contract,” Singh stated.

Additionally, Singh has openly requested the Filecoin Foundation to freeze the address and assist affected FIL holders.

Read more: Filecoin (FIL) Price Prediction 2024/2025/2030

STFIL ranks as the second-largest liquid staking protocol within the Filecoin ecosystem. Data from DeFiLlama places its current total value locked (TVL) at $39.08 million. Its TVL is behind GLIF, which has a value of $324.2 million.

Following the incident, STFIL’s official website indicates the protocol’s available liquidity of only 2,141 FIL (approximately $19,226).

However, this news does not severely affect FIL’s price. Despite the slight dip to $8.85, $FIL is now trading at $9, representing a 1.4% decrease in the last 24 hours.

The post Filecoin Staking Platform STFIL Faces Investigation, Funds in Question appeared first on BeInCrypto.