Crypto Push

🔄 Binance gets in trouble with another financial regulator. Details inside… 🗣️Persons or firms governed by the law of a country that is not a member of the European Economic Area are prohibited from offering or providing, within Belgium, by way of a professional activity – even if supplementary or ancillary – exchange services between virtual currencies and legal currencies or custody wallet services🗣️ ‼️Binance fails to provide the details of its operations With this, the crypto entity cannot provide any exchange, fiat to crypto, and custody services in the region. Moreover, FSMA stated that the services provided by Binance Operators were “not otherwise identified”. There were 27 Binance entities providing the same services, out of which 19 were located outside of the EEA. The regulator stated that Binance “has not been able to demonstrate to the requisite legal standard”. It added that the crypto entity did not prove that its crypto services in Belgium were from an EEA-based entity. Binance also did not prove that its operations were “authorized, based on their domestic law, to provide such services in Belgium” 📌Furthermore, Binance has to also return Belgium users their cryptocurrencies. Otherwise, it has to transfer their assets to other crypto service providers governed by the EEA member state. It added that “The Crown Prosecutor of Brussels has been informed of the acts that are liable to constitute a criminal offence.” Notably, this regulatory action comes at the height of tensions between the crypto exchange and the US regulator – the Securities and Exchanges Commission. The exchange’s American wing had a minor win against the regulator when the court deemed that it would not freeze all of its assets per the SEC’s wishes. Moreover, the commission also admitted to having no proof of the exchange comingling customer assets.

🪙 Bitcoin dominance reaches 50🛍 for first time in 🔠 years Bitcoin’s dominance has been on the rise for the last few days. This is the first time that it has reclaimed the important 50🛍 dominance level since April 2️⃣0️⃣2️⃣1️⃣, and it is an important observation for multiple reasons. First, the higher dominance meant that Bitcoin was receiving more attention relative to altcoins. Thus, BTC was in a position to take advantage of any sentiment shift that could be favorable to the crypto market. BTC’s dominance drops during bear markets, as was the case in 2018 and the second half of 2️⃣0️⃣2️⃣1️⃣. The metric conversely surges as BTC recovers, which is a finding that coincided with the recent observations. But perhaps it is best to consider the opinions of one of the industry experts. Michael Saylor of MicroStrategy recently offered some insights regarding Bitcoin dominance and his thoughts on its impact. Saylor believed that Bitcoin will maintain strong dominance and perhaps even grow to over 80🛍. His expectation is based on the growing hash rate, as well as the improving regulatory environment. 🏆 Will Bitcoin’s dominance attract institutional investors? The Purpose Bitcoin ETF Holdings metric is the best way to understand the situation related to institutional investors. As per the chart below, there were a lot of swings based on seasonal demand and sell pressure. The latest wave of sell pressure started in mid-April and recently slowed down, sparking conversation of a possible pivot. The same institutional metric indicated that some accumulation had been taking place in the last few days. However, investors should not expect a sudden surge. This is because address activity was still low, even though there was slight improvement since mid-May. The Bitcoin dominance surge comes amid some excitement regarding the price bounce from a key support line. This stronger dominance may indicate that confidence among investors was on the rise, a move that could favor BTC bulls🐄.

🧬 Cosmos traders can expect further losses as…💎 In the past three days, Bitcoin managed to bounce from $24.8k to $26.6k. Yet, its trend was not yet bullish. Cosmos has also climbed steadily higher since last Sunday. Sunday, 10 June, saw Cosmos trading at $8.15. The prices have risen by 10.14% since and ATOM traded at $8.76 at press time. Is your portfolio green? Check the Cosmos Profit Calculator The USDT dominance fell in the past three days, showing some capital flow from stablecoins back into crypto assets. Yet, despite BTC’s short-term gains, neither BTC nor ATOM presented a strong bullish case. 🗣ATOM bulls valiantly defended $8.5 but there was a disturbing lack of demand On 10 June, ATOM fell as low as $7.01, a level it had not reached since July 2022. After that drop, ATOM registered a 27% bounce. While that could be considered impressive, context was important. The market structure remained bearish, although a move above $9 would signal short-term bullish intent. The RSI climbed above neutral 50 to signal a potential shift in momentum. However, the OBV was unable to crack the past week’s resistance. This showed that even though the price made higher lows in the past week the buying pressure was weak. The CMF stood at +0.05 at the time of writing, once more showing that there was some buying pressure but not a significant capital influx to the ATOM market. The Fibonacci retracement levels showed that $8.62 and $9.06 were important resistance levels. The $8.62 was already breached, but a rejection from $9.06 remained possible. ⚡️Massive negative funding rate revealed prevalent market sentiment While the OBV struggled to climb past a local resistance, the spot CVD showed some upward impetus on 12 and 13 June. These minor gains were quickly rolled back as selling pressure set in on 14 June. Atom’s Open Interest also slumped by $7 million.

🔴 AVAX faces double roadblock ahead of Fed decision 🔴 The May CPI report indicates that US inflation continues to cool. It remains to be seen if the Fed will be influenced to pause rate hikes based on the data and other variables. But the crypto market posted mixed results after CPI data. In particular, Avalanche attempted a recovery but hit a key resistance level in December 2022/early January 2023. Besides, more roadblocks ahead could delay a sharp upside move for the altcoin. Can bulls bypass the roadblocks? 🐈 The RSI and CMF have improved steadily in the past few days. It shows increased buying pressure and capital inflows for AVAX. But the RSI headed into the median level and could face little resistance before moving forward. Besides, there are two FVG zones of $11.7 – $13 (white) and $13.2 – $13.7 (red). The latter sits close to the previous range low of $13.7, while the former aligns with the late December/early January resistance level ($12.1). It means the stretch above the current price level up to the range low is a resistance area. A negative price reaction from the above bearish zone could drag AVAX lower to $11.2 or $10. However, a bullish BTC, especially above $26.6k, could tip AVAX to cruise across the above bearish zone. A session close above the range low could offer bulls more edge to target higher resistance levels at $14.5 and $15. OI and funding rates were negative ❌ Bulls could still have a hard task given the decline in OI (open interest) rates from >$60 million to below $40 million on the Binance exchange. It denotes a bearish stance on the futures market. The above negative sentiment is further supported by the negative funding rates recorded from 10 June. Although the negative funding rates eased considerably in the past three days, most exchanges were yet to record a positive rate for AVAX.

I asked ChatGPT what the future holds for MATIC 🟣, it said… Polygon is one of the most popular cryptocurrencies in the world. At press time, it had a market capitalization of $🔠 billion, making it the 10th largest crypto by market cap. It is a layer 2 scaling solution for Ethereum, one that aims to address the network’s scalability issues with a primary focus on the DeFi space. The blockchain recently stole the limelight after it launched its much-awaited zkEVM mainnet. As Polygon continues to rise above others in the DeFi space, ChatGPT had some insightful thoughts about the future of Polygon, its position in the DeFi ecosystem, zkEVM, etc. 🟢 ChatGPT is confident in Polygon’s zkEVM With its usability and spread throughout the charts, Polygon has been one of the select few initiatives to amass the cryptoverse. It has also altered how people view the community surrounding layer-2 protocols. The network has now established a benchmark for new layer-2 protocols in the cryptocurrency industry. When I questioned ChatGPT regarding its thoughts about zkEVM, the AI bot quickly highlighted the solution’s notable features while also pointing out a few key benefits. The bot also added that, as L2 solutions continue to grow, it will be interesting to see how zkEVM competes with others. In addition to this, when asked whether zkEVM would have a broader impact on Polygon, ChatGPT responded confidently, stating, 🗣️Overall, I believe that zkEVM has the potential to significantly improve the scalability, interoperability, and security of the Polygon network, which could help to attract more users and use cases to the network and position it as a leading player in the DeFi ecosystem.🗣️

What you need to know as SushiSwap V3 goes live on Avalanche ⚠️ Decentralized exchange (DEX) SushiSwap announced the launch of its third iteration, V3, on the Avalanche network, in a bid to enhance the decentralized finance (DeFi) experience for traders and liquidity providers (LPs). While SushiSwap has been operational on the proof-of-stake (PoS) network for more than two years, the latest offering will bring the added feature of concentrated liquidity pools, one of the latest innovations in the DeFi space. ❕The new synergy in DeFi space Apart from the added benefit of concentrated liquidity pools, SushiSwap introduced some other major products as part of its V3 suite integration. SushiXSwap, a cross-chain messaging protocol which lets users bridge and trade tokens across multiple chains, was among the new offerings. Using SushiXSwap, users get access to sufficient liquidity on both sides of a swap through SUSHI’s own liquidity pools, currently available on major L1s and rollups. In addition, SushiSwap’s recently launched DEX aggregator would be deployed on Avalanche. This novel feature unifies liquidity from multiple DEXs, resulting in a larger pool for users to trade. 👉A struggle for both parties Similarly, Sushiswap was going through a rough phase despite its attempts to energize the ecosystem. The DEX saw a decline in its trading activity, with volumes over the last week dropping by more than 48%. Things have gone particularly downhill for the protocol ever since it was served with a subpoena by the U.S. Securities and Exchanges Commission (SEC). 🤫

Breaking: US SEC sues the world’s largest crypto exchange, Binance 🆒 The United States Securities and Exchanges Commission (SEC) has filed another crypto-related lawsuit. This time around, the action is taken against the world’s largest crypto exchange by trade volume – Binance. Notably, the lawsuit extends against the co-founder and CEO of the platform – Changpeng Zhao aka CZ. The commission has accused both parties of violating US securities laws, as per a report by Bloomberg. Additionally, a document on the filing reads, 🗣️Defendants have unlawfully solicited U.S. investors to buy, sell, and trade crypto asset securities through unregistered trading platforms available online at Binance.com (“Binance.com Platform”) and Binance.US (“Binance.US Platform”) (collectively, “Binance Platforms”). Defendants have engaged in multiple unregistered offers and sales of crypto asset securities and other investment schemes.🗣️ The commission further states that both Binance platforms acted as broker-dealers, clearing agencies, and exchanges without prior registration. It also listed the tokens issued by Binance and some of its services as securities issuance. The commission claimed that Binance Coin [BNB] and BUSD – stablecoin issued by Paxos, were security tokens. 📣 Binance and Securities Offerings Since the release of the SEC action, BNB has recorded a drop in market value. The coin has lost over 4% of its value in the past hour and over 8% in the past seven days, according to CoinMarketCap. The coin was trading at $286.08 and had a market capitalisation of over $44 billion. The other tokens that have come under the SEC’s radar are Solana, Cardano, Polygon, Filecoin, Cosmos, the Sandbox, Decentraland, Algorand, Axie Infinity, and COTI. All these coins have started to see their price dip in the market ever since the report emerged.

🔔 Here’s how BNB plans to deal with its dwindling metrics 🔥 BNB Chain has been witnessing a decline in the number of daily transactions for quite a few months now. As per Dune’s data, BNB’s daily transactions went down after spiking towards the end of February, 2023. However, BNB has come up with a new program that can turn the tables and help increase network activity. ✅ BNB’s network value slumps Not only did BNB’s daily transactions decline, but its popularity ❕ among traders also witnessed a plunge. As per Artemis’ data, BNB’s DEX volume went down over the last month. The blockchain’s overall value also plummeted, as evident from the decline in its TVL. ✅ BNB’s latest program can be a game changer BNB Chain announced a new program on 1️⃣ June that can change the scenario in the blockchain’s favor. It has brought forward the BNB Chain Gas Grant Program. Under the program, enrolled projects can enjoy gas grants based on their monthly gas fee volume. The total pool for gas grants is set at 💰200,000 worth of BNB tokens per month. To be eligible for the Gas Grant Program, a project should have debuted within the last three months, reached a new milestone, and have at least 100 average daily active users in the last seven days or the previous thirty days.

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💰Bitcoin: Is 2023 the best time to ‘buy the dip’ The crypto-market is infamous for being highly volatile, with the same often fueling a shift in market sentiment. When the market witnesses a price correction, several investors tend to dump their assets in order to minimize their losses. However, many others follow the “buy the dip” strategy as it often bears fruit. History suggests that the market always bounces back when fear among investors is at its peak, giving investors the opportunity to maximize profits❕ 🟢Never miss an opening For starters, buy the dip is a popular investing strategy that revolves around acquiring an asset at a lower price, hoping that the market will bounce back. Opting for this strategy has been useful when a crypto’s price declines due to the doings of a third party and not based on the asset’s real-world use or performance. Therefore, buying at such a time gives investors the opportunity to increase profits as the market will most likely rise. 🟢The 2021 crypto market dip The crypto-market recorded a fall in early 2021 due to several reasons, including the Russia-Ukraine war. At that time, Bitcoin’s [BTC] price declined from $60,000 and drifted below $30,000, a nearly 50% depreciation. The market was quick to recover though as just in a few months, BTC’s price soared on the charts. In November 2021, the crypto’s price hit an all-time high of over $64,000. However, the crypto-winter followed, once again causing the market to decline. Ethereum [ETH] also saw a similar trend in its price during that period, when its price touched an ATH of > $4,700. 🟢Did investors buy the dip? During the 2021 episode, a look at BTC’s on-chain metrics clearly revealed that investors were buying the dip. As per Santiment’s chart, after November, when BTC’s price plummeted, its supply on exchanges declined. This happened while BTC’s supply outside of exchanges rose – A sign of increased accumulation.

💎 Ethereum: Will liquidations make $2000 a pipe dream ➡️ Ethereum’s [ETH] price has been trapped within the $1,800 price range for quite some time, but lately, we’ve witnessed a glimmer of hope with a modest surge. Unfortunately, even this slight upward movement hasn’t proven sufficient to safeguard certain traders’ positions from being forcefully liquidated. 💸 Ethereum long liquidations hit monthly high Glassnode Alerts reported that the Mean Liquidated Volume in Ethereum Futures Contracts’ Long Positions peaked on 27 May. According to the observed chart, the average amount of Ethereum Futures Long Liquidations exceeded 32,000 ETH, equivalent to over $58 million at the press time valuation. This made it one of the highest ETH Futures Liquidations in May. ✅ In futures contracts, the mean liquidated volume signifies the average number of contracts forcefully closed or liquidated due to traders’ inability to fulfill margin requirements. When engaging in long positions for Ethereum futures contracts, traders are speculating on the price of ETH increasing. However, if ETH falls below a specific threshold, traders’ accounts may lack sufficient funds to cover the losses, resulting in the unfortunate event of liquidation. 📌 Ethereum’s 24-hour liquidation map Examining the Ethereum liquidation within a 24-hour timeframe revealed a notable amount of liquidation activity. According to CoinGlass, ETH experienced liquidations totaling $8.42 million in the past 24 hours. Further analysis indicated that long positions witnessed liquidations amounting to $2.48 million, whereas short positions faced liquidations totaling 💲5.94 million.

⚠️ Shiba Inu’s Shibarium: Should L2’s delayed launch concern your BONEs? 😐 Memecoins have created a flutter in the crypto-markets ever since they burst on to the stage. Their valuation, unanticipated price fluctuations, and their connections to tech czars have become a subject of significant coverage, both within and outside crypto-circles. However, critics have often questioned the lack of real world utility of this set of crypto-assets. Shiba Inu [SHIB], the second-largest memecoin with a market cap of more than 💲5 billion, has tried to address these concerns through the launch of applications like layer-2 (L2) scaling solution – Shibarium – and the decentralized exchange (DEX) ShibaSwap. At the heart of these projects, lies the token Bone ShibaSwap [BONE]. The utility-enabled token, BONE, has had a roller-coaster ride in 2️⃣0️⃣2️⃣3️⃣. After climbing all the way upto its highest value in more than a year in February, the altcoin has descended sharply in subsequent months. 🤫 The ‘BONE’ of contention ShibaSwap is a decentralized finance (DeFi) protocol offering passive income-generating services like staking, liquidity pools, and yield farming. Launched in July 2021, its primary objective is to expand the utility and capability of the Shiba Inu 🟢 ecosystem. BONE serves as a governance token within the ShibaSwap ecosystem, thus enabling BONE holders to propose and vote on changes to the ShibaSwap protocol through the Shiba Inu Doggy DAO. Apart from this, BONE serves as the gas token for the upcoming L2 blockchain, Shibarium, which is currently in its test Beta phase. As per an earlier tweet, it was revealed that BONE would also play a critical role in the burning of SHIB tokens – an act carried out to deplete an asset’s circulating supply to increase its value in the future. According to Puppyscan, the Shibarium beta explorer, the number of transactions on the network have been steadily increasing, logging a daily average count of 400,000 over the last week.

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📣I asked ChatGPT about Polkadot’s prospects for 2024, it gave me some good news📣 Polkadot [DOT]’s ecosystem continues to expand as more parachains developments come onboard. In March 2023, more than 20 parachains were added to the Polkadot ecosystem, according to the second edition of Parachain Dispatch. The new projects include Ajuna Network, Astar Network, and Bifrost Finance, among others. 🟢 These new parachain developments could add upward pressure to DOT’s token value as they drive demand. Notably, a project team must win a Polkadot parachain slot auction to be connected to the core network. The parachain slot auction is settled in DOT tokens, and the project team could seek DOT from individual holders through a crowdfunding process known as “crowd loans” to help secure the slots. ✔️ To understand the potential impact of these new developments on DOT’s value, we tapped into ChatGPT to get more nuanced insights and gauge the AI model’s apprehension of Polkadot’s ecosystem. Polkadot [DOT] ecosystem – ChatGPT Analysis💲 Starting off with the basics, we asked ChatGPT to explain what Polkadot is and how its ecosystem works – 🗣️Overall, Polkadot’s ecosystem is designed to foster innovation and collaboration between different blockchains, providing a flexible and scalable platform for developers to build a wide range of decentralized applications🗣️ The “decentralized applications” are also known as “parachains.” The Polkadot ecosystem added 21 of these parachains last month, and each project team must win a parachain slot auction to gain access to the core system for a specified period of time. It is like paying for a lease over a certain agreed duration. ⚠️ The “crowd loan” structure of sourcing DOT tokens involves “staking” to help a project win an auction. This, simply put, is intriguing. Because of the current U.S regulatory pressure on crypto-staking, anything structured in a manner that involves “staking” could attract regulatory scrutiny. ‼️

As Tron witnesses a spike in burning activity, will it fuel TRX prices? Assessing… With the intention of long-term market value growth, TRON [TRX] has taken deliberate measures to apply deflationary pressure on its native token TRX.🔴 The network removed more than 20 million TRX tokens out of circulation on 16 May, marking the largest increase in burn rate in a month. Data from Tronscan showed that the burn rate increased significantly in 2023. As the number of new tokens minted on the network remained largely constant, the net issuance rate, or the inflation rate fell further to -15.43 million, extending TRX’s deflationary streak. 🔥The ‘burn’ is real! Notably, TRX was in deflation for 249 straight days, as per data provided by Tronscan. With the spike in burn activity, TRX’s circulating supply contracted considerably in 2023. At the time of writing, about 90.4 billion tokens were in public hands, registering a fall of more than 7% on a year-over-over (YoY) basis. For the period from 29 December 2019 until press time, the annualized inflation rate for TRX was -2.89%. Tron maintains dominance👍 Tron continued to outperform other major blockchain projects in terms of network activity. As per data analytics platform Artemis, the daily active addresses on the Tron network hit 1.88 million on 16 May, eclipsing second-ranked BNB Chain and establishing a massive lead over chains like Ethereum [ETH] and Solana [SOL]. Moreover, the number of transactions executed on the network shot up over the past week. On 16 May, more than 9 million transactions were recorded on Tron, second only to top-ranked Solana. TRX fails to impress‼️ The impressive feat on the network traffic front started to pull TRX out of its predicament. At press time, TRX was valued at $0.07114, recording a marginal increase of 0.44% in the 24-hour period, as per CoinMarketCap. TRX was under intense selling pressure in the last month, which resulted in value shedding of more than 13%.

As Tron witnesses a spike in burning activity, will it fuel TRX prices? Assessing… With the intention of long-term market value growth, TRON [TRX] has taken deliberate measures to apply deflationary pressure on its native token TRX.🔴 The network removed more than 20 million TRX tokens out of circulation on 16 May, marking the largest increase in burn rate in a month. Data from Tronscan showed that the burn rate increased significantly in 2023. As the number of new tokens minted on the network remained largely constant, the net issuance rate, or the inflation rate fell further to -15.43 million, extending TRX’s deflationary streak. 🔥The ‘burn’ is real! Notably, TRX was in deflation for 249 straight days, as per data provided by Tronscan. With the spike in burn activity, TRX’s circulating supply contracted considerably in 2023. At the time of writing, about 90.4 billion tokens were in public hands, registering a fall of more than 7% on a year-over-over (YoY) basis. For the period from 29 December 2019 until press time, the annualized inflation rate for TRX was -2.89%. Tron maintains dominance👍 Tron continued to outperform other major blockchain projects in terms of network activity. As per data analytics platform Artemis, the daily active addresses on the Tron network hit 1.88 million on 16 May, eclipsing second-ranked BNB Chain and establishing a massive lead over chains like Ethereum [ETH] and Solana [SOL]. Moreover, the number of transactions executed on the network shot up over the past week. On 16 May, more than 9 million transactions were recorded on Tron, second only to top-ranked Solana. TRX fails to impress‼️ The impressive feat on the network traffic front started to pull TRX out of its predicament. At press time, TRX was valued at $0.07114, recording a marginal increase of 0.44% in the 24-hour period, as per CoinMarketCap. TRX was under intense selling pressure in the last month, which resulted in value shedding of more than 13%.

​DOGE transactions trump BTC and LTC thanks to DRC20, but here’s the catch Dogecoin [DOGE] experienced a significant surge in daily transactions, outpacing that of Bitcoin [BTC] and Litecoin [LTC]. Mishaboar, a prominent Dogecoin community member, made the update known on 5 May. Following in the footsteps of the oldies As stated in the tweet above, the introduction and adoption of the DRC20 token standard were responsible for the hike. Recently, Bitcoin experienced a tremendous increase in network activity due to the superb market participation with BRC-20 tokens. Litecoin, following in a similar path of replicating a “lighter” Bitcoin, also introduced its own LTC20 standard. So, it seems like this is a repeat of Dogecoin creating a “joke” Bitcoin imitation, this time in terms of the experimental fungible token standard. Interestingly, the creators had dedicated a Twitter page, Doge Labs, to DRC20, aimed at informing other members of the community about the objective. Termed “Doginals”, and inspired by BRC-20, Doge Labs noted that DRC20 had solved the indexer challenges. An indexer challenge happens when individual transactions get stocks in between different blocks or between transactions in a single block. In addition, the DRC20 involves the process of assigning unique identities, including NFTs to Shibes, the smallest unit of Dogecoin from the first block. But Santiment’s data showed that the development has not necessarily impacted the NFT sales volume on the Dogecoin blockchain. Although there have been cases of spikes since 10 May, the volume had dropped to 831,000. This signals a decline in interest in trading Dogecoin-related non-fungible assets. Watching for the hassles Unlike the NFT volume, active addresses had a discreet reaction to the DRC20 innovation. Active addresses show the number of wallets involved in sending and receiving assets on a project’s network. As shown above, the 24-hour active addresses had increased to 129,000. This surge signals that there has been an impressive level of interaction from Dogecoin’s already existing addresses. However, the recent rush to mint tokens on the network might have created problems for Dogecoin. According to Dogecoin developer Patrick Lodder, there have been issues of clogging on the network. Read Dogecoin’s [DOGE] Price Prediction 2023-2024 Clogging occurs when a transaction capacity has been used within a block, making it difficult for other transactions to be processed. Based on Blockshibe, Dogecoin’s block analysis platform, the transaction capacity utilized had increased by 11.43%. While Dogecoin may have surpassed Bitcoin and Litecoin in network activity due to DRC20, its increasing presence is no guarantee of long-term viability. Neither does it indicate the Dogecoin ecosystem will become more well-established than that of the king coin.

​VeChain (VET) Price Prediction 2025-2030: VET’s price action is heading this way VeChain is a blockchain platform that was created to improve supply chain management and business processes. It utilizes a dual-token system, with the VeChain Token (VET) serving as the main currency on the platform and the VeChainThor Energy (VTHO) used to pay for transactions. VeChain aims to provide a secure and transparent way for businesses to track their products and services, from production to sale. It has partnerships with a number of major companies, including BMW and PwC, and has been used in a variety of industries, including luxury goods, agriculture, and logistics. VeChain is a flexible enterprise-grade L1 smart contract platform. VeChain started out in 2015 as a private consortium chain, collaborating with a variety of businesses to investigate blockchain applications. It helps companies to create decentralized applications (dApps) and carry out transactions with higher levels of security and transparency. VET’s massive rally on 8 November 2022 was triggered by an announcement by the VeChain Foundation. The firm announced VeChainThor’s most significant mainnet hard fork ready for deployment following the successful vote on VIP-220 dubbed the ‘Finality with one Bit’. This milestone upgrade brought the final phase of VeChain’s proof of authority 2.0. VeChain was actively involved in UFC 280, which took place on 22 October, as part of its $100 million multi-year deal with UFC which was announced earlier this year in June. The sustainability-centric blockchain is currently mulling over a significant Proof of Authority upgrade which will integrate VIP-220 with the VeChain Thor Mainnet. If approved by all stakeholders’ votes, VeChain will gain finality and bring an end to the trade-off that is choosing between scalability with high throughput or instant finality. The VeChain Foundation stated earlier that this upgrade will make it the “perfect real-world blockchain” VET investors who were disappointed with a three-month return of -11.5% on their tokens finally got some good news when Binance U.S. revealed that VeChain customers could stake their VET and earn 1% APY rewards in VeThor Tokens (VTHO) DNV GL, a provider of audit and certification services for ships and offshore structures, partnered with VeChain in January 2018 to provide audits, data collecting, and a digital assurance solution for the food and beverage sector. Apart from this, PriceWaterhouseCoopers (PwC), a large auditing and consulting business, has teamed up with VeChain since May 2017 to provide its clients with greater product verification and traceability. Additionally, starting in April 2020, VeChain has been used by H&M, the Luxury Fashion Brand, the second-largest clothes retailer in the world with more than 5000 stores. However, things are not turning around so well for the token. The price of VeChain dropped to its lowest level in the last twelve months with the outbreak of the Russia-Ukraine 2022 war. As is common with cryptocurrencies, it began to recover the very next day. Many traders are now unsure if it would be wise to invest in this currency at this time as a result of this. If this trend persists, VeChain might easily reach $1 within the next few years or even more. Anything might happen in the cryptocurrency market, so this is by no means a guarantee. However, VeChain appears to be positioned for long-term growth, and $1 seems like a reachable goal in the foreseeable future. In fact, data from VeChain Stats revealed a troubling decline in its mainnet activity.

​189 crypto firms shut down following Estonia’s recent regulations The presence of crypto firms in Estonia shrunk dramatically after the European nation enforced stricter regulations upon crypto businesses. In little more than a year, the amended regulations have prompted hundreds of virtual asset businesses to shut shop. 189 crypto firms shut due to non-compliance According to a recent press release from the Financial Intelligence Unit of Estonia, the amendments to the country’s Money Laundering and Terrorist Financing Prevention Act which was made in March last year, led to nearly 400 crypto firms going out of services due to invalid licenses. Most of the expirations were based on the decision of the regulator. Regardless, almost 200 virtual asset service providers voluntarily had their authorization revoked. The Financial Intelligence Unit revealed that, as of 1 May, 2023, there were 100 licensed virtual asset service providers operating in Estonia. The new financial regulations caused hundreds of crypto firms to abandon their authorization. The amendments resulted from various lapses identified by the regulator in the conduct of digital asset firms. This included suspicious corporate structure of firms, falsified business records and personnel information, and a lack of connection to Estonia in the business plans of several firms. Matis Mäeker, the Director of the Financial Intelligence Unit, stated: “In the applications, we found very many suspicious circumstances on various topics. This calls into question the credibility of the companies that wanted to do business here – their actual desire to provide services in Estonia or, vice versa, shows the desire of certain persons to use the Estonian economic and financial system for illegal activities.” The amendments were part of a broader campaign that Estonian regulators undertook over the past few years to restore the country’s reputation after a high-profile scandal in 2018 involving Denmark’s Dankse Bank. The scandal saw nearly $235 billion in illicit funds laundered through one of the bank’s branches in Estonia.