Following Binance‘s expulsion from the Philippines, traders in the country now face increased trading fees and a reduced selection of crypto tokens, as indicated by a regional executive.
On December 14, 2023, the Philippines Securities and Exchange Commission (SEC) initiated a three-month countdown to a Binance prohibition.
Kelvin Lee of the SEC noted Binance’s failure to register in the Philippines and adhere to regulations.
The National Telecommunication Commission (NTC) instructed local internet service providers to block the exchange on March 25.
Subsequently, on April 23, the SEC directed Apple and Google to remove the Binance app from their stores.
With the ban in full effect, Cointelegraph contacted local stakeholders to gauge the impact of the Binance ban on the Philippine crypto space.
Ethan Rose, CEO of Pouch, which facilitates Bitcoin payments in the Philippines, applauded the ban, citing former Binance CEO Changpeng Zhao’s involvement in serious financial crimes.
READ MORE: Epic Satoshi from Fourth Bitcoin Halving Block Sells for $2.13 Million
Rose emphasized the ban’s protective nature for Filipino traders.
Rose highlighted a shift of business to local exchanges due to the ban, predicting a positive effect on the local economy and global investment funding for Philippine crypto businesses.
However, Rose acknowledged the trade-offs, foreseeing higher trading fees and fewer token options for Filipino traders.
Arlone Polo Abello, CEO of Global Miranda Miner Group, characterized the SEC action as not a significant crackdown but a reflection of the US SEC’s registration requirements for exchanges like Binance.
Abello noted Binance’s lack of communication with Filipino traders, which was apparent in their focus group discussions.
Jay Ricky Villarante, CEO of Moneybees, emphasized the importance of regulatory compliance in the crypto industry.
He viewed the ban as a step towards regulatory clarity in the Philippine crypto market, fostering confidence and responsible innovation.
In summary, while acknowledging both positive and negative implications, Villarante deemed the ban a significant development for crypto in the Philippines.
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Cryptocurrency analyst Willy Woo predicts that the cryptocurrency industry could hit its inaugural billion-user mark by the conclusion of 2025.
Woo conveyed his insights in an April 29 X post, stating, “On track for 1 BILLION crypto users by the end of 2025.
An extrapolation of many independent prior studies in this chart. Binance estimates that 65% of crypto users hold Bitcoin.”
The chart presented by Woo marks a significant advancement, offering a comprehensive model aimed at delineating existing crypto asset users and forecasting the initial billion adopters.
Daniel Batten, an investor and author of the Bitcoin ESG Forecast, lauded the chart’s significance, remarking in an X reply to Woo, “Incredible chart.
The first view we’ve had of when we’ll cross the 1B threshold, with a full backtrace.”
The criteria for defining crypto users in the chart are unique entities that have completed Know Your Customer (KYC) verification and have previously engaged in blockchain transactions.
Attaining the milestone of the first billion crypto users has long been regarded as a pivotal moment for mainstream adoption.
READ MORE: Whale Transfers Signal Potential Upswing for Bitcoin and Ether as $1.3 Billion Enters Coinbase
Mainstream adopters have the potential to inject fresh capital into the ecosystem, a factor crucial for the appreciation of digital assets.
The trajectory towards 1 billion crypto users is underscored by substantial growth in ownership.
According to a January 2024 report by Crypto.com, the number of cryptocurrency owners surged by 34% to 580 million in 2023.
Bitcoin holders, constituting 51% of global crypto holders, swelled by 33%, from 222 million in January to 296 million by December 2023.
The report attributes this growth primarily to developments surrounding Bitcoin exchange-traded funds (ETFs).
Despite these strides, achieving the coveted billion-user mark by 2025 appears challenging, given the need for a 72% increase from the current 580 million users, based on 2023’s growth trajectory.
A joint 2022 report by Boston Consulting Group, Bitget, and Foresight Ventures forecasts reaching the billion-user milestone by 2030.
Drawing parallels with the internet’s adoption curve, the report suggests that sustained crypto adoption could emulate a similar trajectory.
Currently, crypto adoption remains relatively low, with ample room for expansion, as only 0.3% of individual wealth is invested in crypto compared to 25% in global equities, as estimated by BCG.
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The notable Bitcoin whale known as “Mr. 100” recently made a significant purchase of Bitcoin, marking his first buy since the Bitcoin halving event in April 2024.
As the Bitcoin price briefly dipped to $56,000, Mr. 100 added over 4,100 BTC to his holdings, purchased around the $58,000 level.
This acquisition, valued at approximately $242 million, was highlighted by the analysis of on-chain data from Bitinfocharts, brought to attention by user HODL15Capital.
This transaction comes after a hiatus since April 19, the day before the halving, during which the whale did not acquire any additional Bitcoin.
The “Mr. 100” wallet, which began receiving regular BTC deposits following the November 2022 collapse of FTX, had been consistently accumulating at least 100 BTC daily since mid-February, excluding the period right after the halving.
Currently, “Mr. 100” holds over 65,155 BTC, making him the 12th-largest Bitcoin holder. The value of his wallet now exceeds $3.86 billion, with unrealized profits of $1.4 billion, a 33% increase from the average purchase price of $36,572 per BTC.
Amid this buying activity, market analysts have been debating the trajectory of Bitcoin’s price.
Analyst Rekt Capital suggested in a May 2 video analysis that the current market conditions represented a prime buying opportunity, explaining, “Whenever we’d get close to a 20% downside, that was typically a fantastic buying opportunity before price reversals towards the upside.
So if we’re deeper than 20%, it is an even better opportunity than we had this cycle, because the deeper we go the closer we get to a bottoming in Bitcoin’s price action.”
Other experts, like Jag Kooner from Bitfinex, predict a short-term consolidation in Bitcoin prices.
Kooner anticipates a trading range with significant swings over the next couple of months, influenced by macroeconomic factors.
He told Cointelegraph, “We could see a one-to-two-month consolidation in Bitcoin prices, trading in a range with swings of $10,000 on either side.
READ MORE: Australian Stock Exchange Set to Approve Spot Bitcoin ETFs by End of 2024
We expect the positive impact of the halving, which has brought about a reduction in Bitcoin supply, will be seen in later months.
At this point, the economy is also expected to be performing better, having achieved a soft landing and avoiding a recession, providing further impetus to crypto assets.”
The $52,000 mark is seen as a crucial support-resistance level on Bitcoin’s weekly chart. A close above this threshold would likely indicate potential for further gains, according to crypto trader Marco Johanning.
Further context about the “Mr. 100” address was provided by Crystal Intelligence to Cointelegraph, identifying the address as associated with the Upbit exchange.
The firm clarified, “We have found that the number and value of transactions associated with this wallet are indicative of a VASP-type service.
‘Additionally, we can confirm with high accuracy that the incoming transactions originate from Upbit, and these have maintained a consistent value since the collapse of FTX.”
This analysis was reinforced by the findings of Mai, an on-chain sleuth, who noted the operational similarities between Mr. 100’s transactions and Upbit’s typical activity with altcoins.
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Doctor Pepe (DOCPEPE), a newly launched Solana memecoin, has been attracting significant investment from early Shiba Inu (SHIB) and Dogecoin (DOGE) buyers.
Doctor Pepe (DOCPEPE) has surged around 225% in the first few hours since its launch, delivering huge returns for early investors and attracting investment from early Shiba Inu (SHIB) and Dogecoin (DOGE) buyers.
However, DOCPEPE still has plenty of potential to rise more, and it’s poised to rally another 3,000% in the coming 48 hours.
Furthermore, it has already been announced that the token will soon be listed on MEXC – as its first listing on a centralized exchange – and this will be another massively bullish event for its price.
Despite the rally so far, DOCPEPE still just has a market cap of around $34,000, meaning it has immense potential for more gains in the coming days and weeks.
Currently, Doctor Pepe can only be purchased via Solana decentralized exchanges, like Jupiter and Raydium, and early investors stand to make huge returns in the coming days.
To buy DOCPEPE on these platforms, users need to connect their Solflare, MetaMask or Phantom wallet, and swap Solana for DOCPEPE by entering its contract address – 3n8HMVVfMF2uqdpts5TUETAHUrvD1AFg8V1XLahpeTT8 – in the receiving field.
Early investors could make returns similar to those who invested in Shiba Inu (SHIB), Dogecoin (DOGE) and Bonk (BONK) before these memecoins went viral and exploded in price.
If this happens, a new wave of memecoin millionaires could be created in a matter of weeks – or potentially even sooner.
Early investors in memecoins like Shiba Inu (SHIB) and Bonk (BONK) made astronomical returns, and Doctor Pepe (DOCPEPE) presents a similar opportunity for a limited time.
Doctor Pepe (DOCPEPE), a newly launched Solana memecoin, is poised to explode over 12,000% in a matter of days, as former Shiba Inu (SHIB), Bonk (BONK) and Dogecoin (DOGE) investors pour funds into this new token.
DOCPEPE will be listed on MEXC, one of the largest centralized exchanges in the world, within a few days – and this is a massively bullish development for the token, as millions of new investors will easily be able to buy Doctor Pepe.
Currently, Doctor Pepe can only be purchased via Solana decentralized exchanges, like Jupiter and Raydium, and early investors stand to make huge returns in the coming days.
To buy DOCPEPE on these platforms, users need to connect their Solflare, MetaMask or Phantom wallet, and swap Solana for DOCPEPE by entering its contract address – 3n8HMVVfMF2uqdpts5TUETAHUrvD1AFg8V1XLahpeTT8 – in the receiving field.
DOCPEPE currently has a market cap of just under $15,000, meaning it has huge upside potential.
Early investors could make returns similar to those who invested in Shiba Inu (SHIB), Dogecoin (DOGE) and Bonk (BONK) before these memecoins went viral and exploded in price.
If this happens, a new wave of memecoin millionaires could be created in a matter of weeks – or potentially even sooner.
Oil King (OILKING) could become a viral memecoin, like Shiba Inu (SHIB) and Dogecoin (DOGE).
Oil King (OILKING), a Solana memecoin that was launched today, is aiming to challenge other memecoin giants, such as Shiba Inu (SHIB) and Dogecoin (DOGE).
Early investors in SHIB and DOGE made astronomical returns, and Oil King presents a similar opportunity.
Oil King has market cap below $25,000 at the moment, meaning that when it just reaches a modest market cap of $200,000-$500,000, early investors would generate massive returns in a matter of days or hours.
The exciting memecoin is poised to rally 8,300% in the coming two days, and Oil King could potentially reach a multi-million dollar market cap within a few weeks.
Currently, Oil King can only be purchased via Solana decentralized exchanges, like Jupiter and Raydium, and early investors stand to make huge returns in the coming days.
To buy Oil King on these platforms, users need to connect their Solflare, MetaMask or Phantom wallet, and swap Solana for Oil King by entering its contract address – H5LmDBec75DmGLwtALURVAtLuVDUX1GMh5CGQ8r5h5rU – in the receiving field.
In fact, early investors could make returns similar to those who invested in Shiba Inu (SHIB) and Dogecoin (DOGE) before these memecoins went viral and exploded in price.
If this happens, a new wave of memecoin millionaires could be created in a matter of weeks – or potentially even sooner.
The Solana memecoin craze continues amid larger memecoins, like Shiba Inu (SHIB), Dogecoin (DOGE) and DogWifHat (WIF) trading sideways in recent weeks and losing momentum.
This is why many SHIB, DOGE and WIF investors are instead investing in new Solana memecoins, like OILKING.
Throughout much of the month, the majority of top assets maintained a sideways trajectory.
While some experienced marginal upticks, others contended with declines.
Let’s delve into the price analysis of Shiba Inu (SHIB), Dogecoin (DOGE), and Ripple (XRP).
Shiba Inu (SHIB)
Coin Edition’s evaluation of SHIB’s 4-hour chart revealed a bearish signal.
Specifically, attention was drawn to the Exponential Moving Average (EMA), where the 20 EMA (yellow) crossed below the 9 EMA (blue)—a phenomenon known as a death cross.
Moreover, SHIB’s price lingered beneath these indicators, signaling a diminishing strength for the token.
Presently, there’s a prospect of SHIB’s price descending to $0.000022 in the coming days.
However, an upsurge in buying pressure could potentially invalidate this bearish projection.
Nevertheless, if the current market structure persists, SHIB faces the risk of further decline, with bulls needing to defend the $0.000022 support level.
Failure to do so might trigger capitulation, potentially driving the price below $0.000020.
READ MORE: Hong Kong’s Spot Crypto ETF Launch: No Gateway for Mainland China Investors
Dogecoin (DOGE)
DOGE was trading at $0.14 at the time of writing, reflecting its subdued performance since reaching $0.22 in March.
This lackluster performance led to the coin hitting an oversold point, as indicated by the Relative Strength Index (RSI).
However, there’s a glimmer of hope as the RSI reading improved from April 25, suggesting a potential resurgence in buying momentum for DOGE.
Confirmation of this trend shift would require the RSI to breach the 50.00 mark.
If this materializes, DOGE’s price could ascend, targeting $0.18.
Additionally, the Chaikin Money Flow (CMF) reading exhibited an uptick, signaling an influx of capital into Dogecoin, which could bolster its price further.
Ripple (XRP)
Concerns loom over XRP as the token grapples with challenges.
Despite trading at $0.52, the Supertrend indicator indicates a potential obstacle with a sell signal looming at $0.54. In such a scenario, XRP’s price could retreat to $0.50.
Furthermore, the Elder Force Index (EFI) reflects a similar bias, with buying pressure nearly absent at present.
This trend might persist, leaving XRP with little recourse but to depreciate further.
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The Shiba Inu community is currently on high alert due to the spread of misinformation surrounding the release of the TREAT token.
Shibarmy Scam Alerts, a dedicated source for uncovering scams within the community, has issued an urgent warning.
They emphasize that the TREAT token has not been officially launched and refute recent claims suggesting otherwise.
According to them, the SHIB team has not initiated any official release of the token. As a precautionary measure, the Shiba Inu community is urged to exercise caution and refrain from participating in any transactions or investments related to TREAT until its official release is confirmed by legitimate sources.
It is advised to safeguard assets by avoiding unauthorized TREAT-related activities and prioritizing financial security.
In recent developments, Shiba Inu has secured $12 million from strategic VC partners led by Cypher Capital to facilitate the launch of its next-generation Fully Homomorphic Encryption (FHE) blockchain, which will be powered by the forthcoming TREAT token.
READ MORE: Bitcoin Holds Firm Above $63,000 Despite Regulatory Scrutiny and Economic Turbulence
The FHE technology, enabling computations on encrypted data, promises significant advancements in privacy and trust within the cryptocurrency sphere.
However, amidst the anticipation, there are considerable risks associated with the TREAT token, prompting the issuance of the urgent alert.
The Shiba Inu community is reminded to disregard any claims of the TREAT token’s release, as no such action has been initiated by the SHIB team.
Official announcements should be relied upon for accurate information regarding the TREAT launch.
In other significant news for the ecosystem, the decentralized exchange ShibaSwap has completed its migration to Shibarium from Ethereum, marking a milestone in its progress.
This move is expected to bring forth innovations and new possibilities for the ShibaSwap platform within the Shibarium blockchain environment.
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Amidst a recent crackdown on self-custodial cryptocurrency wallet providers by U.S. regulatory agencies targeting major players like Consensys and Samourai Wallet, Acinq’s Phoenix Wallet and zkSNACKs’ Wasabi Wallet have made the decision to discontinue services for customers based in the United States.
Expressing concerns over the legitimacy of self-custodial wallet providers as money service businesses in the wake of regulatory actions, both Acinq and zkSNACKs have taken steps to restrict access for U.S. users.
“In light of recent announcements by U.S. authorities, zkSNACKs is now strictly prohibiting U.S. users from using its services,” stated zkSNACKs in an April 27 release.
Similarly, Acinq highlighted uncertainties regarding the regulatory landscape in an April 26 post, explaining, “Recent announcements from US authorities cast a doubt on whether self-custodial wallet providers, Lightning service providers, or even Lightning nodes could be considered Money Services Businesses and be regulated as such.”
Acinq has set a deadline of May 2 for Phoenix Wallet users to adapt to the impending changes, while Wasabi Wallet’s new policy was immediately put into effect.
READ MORE: Franklin Templeton Launches Spot Ether ETF on DTCC Platform Amid SEC Review
Advising Phoenix Wallet users to empty their wallets without force-closing them to avoid significant on-chain fees, Acinq provided guidance for the transition period.
Regulators worldwide have voiced concerns that self-custody crypto wallets might facilitate illicit activities like money laundering.
This sentiment was underscored by recent actions taken against Consensys and Samourai Wallet.
Consensys received a Wells notice from the SEC, signaling potential enforcement actions related to its MetaMask products, while the co-founders of Samourai Wallet face charges of money laundering and operating an unlicensed money transmitting business brought by the U.S. Justice Department.
In contrast, European regulators have taken a more relaxed stance on potential regulations concerning self-custody wallets.
Scrapping a proposed 1,000 euro limit on crypto payments from self-hosted wallets, European Parliament’s lead committees emphasized the importance of due diligence measures by crypto exchanges for transactions exceeding this threshold.
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Bitcoin surged past $64,000 before the weekly close on April 28, while altcoins aimed for a rebound. Data from Cointelegraph Markets Pro and TradingView showed increased momentum in Bitcoin’s price over the weekend.
After hitting a weekly low of $62,400, BTC/USD reversed its course and maintained levels around $63,500 at the time of reporting.
Altcoins also saw positive performance during off-hours trading, with the total altcoin market cap rising by approximately 1% for the day.
Popular trader Skew, commenting on recent market trends, noted the bounce in altcoins but expressed caution regarding their tendency to peak early in the week.
Skew anticipated sell-side pressure on Bitcoin around its range highs, which could hinder further bullish advances.
Trader and commentator Moustache expressed optimism about an upcoming “altseason,” suggesting it could rival the market’s performance during the 2017 all-time highs.
READ MORE: Bitcoin Holds Firm Above $63,000 Despite Regulatory Scrutiny and Economic Turbulence
He pointed to the monthly dominance chart of the stablecoin Tether, indicating a potential “backtest” after breaking below a rising trendline earlier in the year.
Market participants awaited the introduction of “TradFi” trading, such as Bitcoin futures, for additional insights into the crypto market’s trajectory.
Fellow trader Daan Crypto Trades shared positive sentiments about weekend price action, anticipating limited movement in Bitcoin until after the reopening of CME.
Despite consolidating below previous all-time highs, Bitcoin’s monthly chart drew optimism from trader Alan Tardigrade.
Tardigrade highlighted Bitcoin’s position above the Triangle Top on the monthly chart as a bullish indicator, emphasizing the necessity of consolidation for a sustained bull run in the future.
He compared Bitcoin’s current situation to the pre-breakout period of the Nasdaq Composite Index in 2013, suggesting potential for significant growth ahead.
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