Spot Bitcoin exchange-traded funds (ETFs) will hold over 10 percent of the Bitcoin supply by the third quarter of this year, an analysis by Crypto Intelligence has found.
This analysis is contingent on the applications for Ether spot ETFs in the US being rejected in the coming weeks, as the approval of a non-BTC ETF could significantly impact demand for the existing Bitcoin spot ETFs.
This is because there would be another crypto product easily available to investors and institutions, and this would potentially limit demand for BTC ETFs.
This could be exacerbated by the fact that Ether is deflationary, while Bitcoin’s supply is continuing to grow; although the rate of this growth will decrease following the April halving.
READ: Tether Expands USDT Stablecoin to Celo Network, Offering Microtransactions at Sub-Cent Fees
The existing spot Bitcoin ETFs already hold over four percent of the 21 million BTC that will eventually be mined, and a supply crunch – which could send the BTC price well over the $120,000 mark – is expected to take hold in the coming months.
Bitcoin has already posted strong gains as a result of the demand that is flowing through the spot BTC ETFs, and the world’s first-ever cryptocurrency is currently trading at just under the $72,000 mark, according to CoinMarketCap data.
Ethereum, meanwhile, recently jumped above $4,000, but it is still yet to get close to breaching its all-time high.
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Tether, a leading stablecoin operator, is expanding its USDT stablecoin’s reach by partnering with the Celo network, which is an Ethereum Virtual Machine (EVM)-compatible layer-1 network designed specifically for rapid and cost-efficient payments.
This collaboration, announced on March 11, is expected to significantly benefit USDT users by introducing “notably low, sub-cent transaction fees” around $0.001, thus facilitating microtransactions.
A source close to Celo highlighted the network’s commitment to providing fast, low-cost payments globally since its launch in April 2020.
Transitioning to an Ethereum L2, according to a spokesperson, would maintain low gas fees—a critical factor for achieving global prosperity, aligning with Celo’s community mission.
The introduction of USDT to the Celo ecosystem will enrich the platform’s variety of stable assets, which includes Mento’s eXOF and the cREAL, among others.
These stable assets are instrumental in supporting remittances, savings, lending, and cross-border payments.
“We are thrilled to welcome Tether USDT to the Celo ecosystem, which is fast becoming a leader in stablecoins and real-world assets,” said Rene Reinsberg, Celo co-founder and foundation president.
READ MORE: Sam Altman Reinstated to OpenAI Board Amid Legal Battle with Elon Musk
He emphasized the added options for users seeking fast, low-cost payment methods and the enhancement of stablecoin use cases benefiting people globally.
Details on when USDT will be officially issued on the Celo blockchain were not disclosed by Tether representatives.
However, this move places USDT alongside 14 other blockchains supported by Tether, such as Tron, Ethereum, Solana, and Avalanche, with Tron and Ethereum hosting the majority of USDT circulation.
The integration occurs amidst growing concerns within the crypto community over rising Ethereum network fees, which have soared as Ether prices breached $4,000.
These high fees have particularly affected Ethereum-based USDT transactions, which require ETH for gas fees.
Nevertheless, the Celo network’s EVM compatibility does not inherently link it to Ethereum’s fee structure, offering a semblance of independence from the volatile gas fees, as noted by a Celo insider.
This strategic move by Tether into the Celo network is also noted alongside the introduction of its major competitor, the Circle-issued USD Coin (USDC), to Celo, marking a significant period of growth and diversification for stablecoins on the platform.
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A renowned cryptocurrency analyst is predicting a significant surge in the price of Dogecoin (DOGE), suggesting the meme-based digital asset could see a nearly 500% increase in value in the upcoming weeks.
Ali Martinez, who boasts 50,700 followers on a social media platform, bases his prediction on historical trends, indicating DOGE could reach $1 by mid-April.
At the time of his analysis, DOGE was valued at $0.167.
Martinez’s forecast hinges on DOGE’s potential to break above its range resistance, mirroring its performances in 2017 and 2021, which could catalyze a meteoric rise in its value.
This perspective is not unique to Martinez.
Altcoin Sherpa, another crypto analyst with a considerable following of 209,800 on the same social media platform, echoed a similar sentiment earlier in the week.
Altcoin Sherpa highlighted the influence of Elon Musk, one of DOGE’s most prominent supporters, as a crucial factor that could drive the coin to the $1 milestone.
However, he expressed uncertainty regarding the timing of this surge.
READ MORE: BNB Hits Two-Year High Amid Market Optimism – What Price Target is Next?
Altcoin Sherpa shared his thoughts, emphasizing DOGE’s potential for significant gains due to Musk’s backing and its status as the leading meme coin.
Despite this optimism, he noted that the returns might not replicate those seen in 2021 due to the current market cap.
Moreover, he considered investing in DOGE as a relatively safe bet with high potential for returns, albeit with uncertain comparative risk-reward ratios against other investments.
In addition to his DOGE analysis, Martinez also commented on the market sentiment surrounding Ethereum challenger Fantom (FTM), pointing out an uptick in whale transactions, increased whale holdings, and decreased FTM balances on exchanges, signaling positive market activity.
FTM’s price was noted at $0.828 at the time of his remarks.
Aside from DOGE, SHIB is another popular dog-themed crypto – and there have been dozens of bullish Shiba Inu price predictions issued in recent weeks.
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Crypto firms Grayscale and Coinbase recently engaged in discussions with the U.S. Securities and Exchange Commission (SEC) to advocate for the approval of spot Ether exchange-traded funds (ETFs).
This dialogue, part of an ongoing effort to broaden the accessibility of cryptocurrency investments, took place on March 6, immediately after the comment period for Grayscale’s proposal to convert its Ethereum Trust into an ETF ended.
Grayscale aims to replicate its successful conversion of its Bitcoin Trust into an ETF with Ethereum, addressing SEC concerns regarding market manipulation risks.
During the meeting, Coinbase presented arguments supporting the approval of Ether ETFs, drawing parallels with the earlier approval of Bitcoin ETFs.
They highlighted the inherent mechanisms within Ether that mitigate the risks of fraud and manipulation, suggesting that Ether’s market dynamics are substantially similar to those of Bitcoin.
Furthermore, Coinbase underscored its surveillance-sharing arrangement with the Chicago Mercantile Exchange (CME), a regulatory measure designed to enhance trading oversight, which was a stipulation by the SEC for the Bitcoin ETFs.
Coinbase’s Nate Geraci pointed out the strong correlation between Ether’s futures and spot markets, akin to Bitcoin’s, questioning any rationale for the SEC to reject spot Ether ETFs especially after approving Ether futures ETFs traded on the CME.
Grayscale, on its part, is not only pursuing the spot ETF but has also proposed an Ether futures ETF, highlighting the strategic difference between immediate asset trades in the spot market versus the futures market’s contractual agreement for future trades.
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The push for the approval of a spot Ether ETF is not limited to Grayscale and Coinbase; several prominent asset managers, including Invesco, Galaxy Digital, Fidelity, Franklin Templeton, and BlackRock, are also in the race.
They eagerly await the SEC’s final decision, anticipated in May, amid a backdrop of regulatory uncertainty that has left many wondering about the SEC’s stance on this innovative investment vehicle.
Bloomberg’s Eric Balchunas shared his insights on the situation, noting the unusual silence from the SEC regarding their views on the proposed crypto ETFs, contrasting this with the more communicative approach taken during the Bitcoin ETF discussions.
This silence has stirred concerns among asset managers, who remain hopeful yet uncertain about the prospects of introducing spot Ether ETFs to the market.
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In a significant turn of events, Sam Altman has made his comeback to the OpenAI board after a tumultuous period in November 2023 that saw him briefly removed from the organization.
OpenAI announced on March 8 that Altman rejoined its board of directors, a decision accompanied by the addition of three new board members: Sue Desmond-Hellmann, previously CEO of the Bill and Melinda Gates Foundation; Nicole Seligman, former executive vice president and general counsel at Sony Corporation; and Fidji Simo, chair of Instacart.
Altman’s reinstatement comes after a dramatic episode four months earlier when he was abruptly ousted from the board and dismissed from his CEO position.
Reports from Cointelegraph in November highlighted that Altman was terminated for purportedly not being “not consistently candid in his communications with the board.”
The move to dismiss Altman led to a significant backlash within OpenAI, with a majority of the employees, 505 out of 700, signing a letter demanding the board’s resignation.
On the day of the announcement about Altman’s return, OpenAI also disclosed that WilmerHale, a law firm, conducted an investigation involving interviews with several board members and a review of over 30,000 documents.
READ MORE: Projects Ranking Crypto Intelligence
The findings suggested that the board’s previous decision to remove Altman was unexpectedly destabilizing for the company.
Bret Taylor, the chair of the OpenAI board, stated, “We have unanimously concluded that Sam and Greg are the right leaders for OpenAI,” affirming their confidence in Altman and Greg Brockman’s leadership.
Furthermore, on March 6, OpenAI shared details of communications with Elon Musk, who expressed a desire to shift the company’s direction towards a “for-profit” model.
This disclosure followed a lawsuit Musk filed against OpenAI on February 29, accusing the company of deviating from its original commitment to openly share AI advancements, facilitated by a partnership with Microsoft.
Musk’s legal action seeks to ensure OpenAI adheres to its foundational open-source ethos while also attempting to halt the commercial exploitation of artificial general intelligence technology.
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The ban on Binance’s naira operations in Nigeria has drawn significant concern from local cryptocurrency stakeholders, who fear it will negatively impact many Nigerians’ livelihoods and potentially increase youth unemployment.
In discussions with Cointelegraph, stakeholders expressed their concerns over the delisting of Nigerian naira-related services from Binance, predicting that it could spur the development of new crypto exchanges aimed at filling the void left by Binance’s departure through compliance with local regulations.
Nathaniel Luz, CEO of Flincap—a liquidity platform for crypto exchanges—highlighted the immediate effect on Nigerian traders reliant on Binance for peer-to-peer trading.
Luz pointed out that, while affected, some traders have adapted by moving their operations to WhatsApp and Telegram groups.
Oladotun Wilfred Akangbe, Flincap’s chief marketing officer, voiced concerns over the ongoing uncertainty in cryptocurrency regulation within Nigeria.
He believes the suspension of Binance operations could significantly erode confidence within the Nigerian crypto community, fostering a climate of fear, uncertainty, and doubt.
Binance, in a statement on its website, announced significant changes for its Nigerian users.
READ MORE: BNB Hits Two-Year High Amid Market Optimism – What Price Target is Next?
Starting March 8, at 8:00 am UTC, the platform will automatically convert naira balances to Tether (USDT) and will stop supporting naira deposits from March 5, at 2:00 pm.
Withdrawals were halted from March 8, at 6:00 am, with the conversion rate set at 1 USDT for 1,515.13 naira. This move came after Binance delisted all naira trading pairs in late February.
The backdrop to these developments includes the Central Bank of Nigeria’s governor expressing suspicions on February 27 about crypto exchanges, including Binance, being involved in illicit transactions, citing “suspicious flows” of funds.
These suspicions led to increased scrutiny on Binance’s operations, with the Nigerian House of Representatives Committee on Financial Crimes summoning Binance CEO Richard Teng for a meeting before March 4.
The regulatory landscape in Nigeria has been fluctuating, with the Securities and Exchange Commission stating in 2023 that Binance Nigeria was not registered or regulated by it, rendering its operations illegal.
However, in a surprising turn, the Central Bank of Nigeria reversed its earlier stance on crypto assets in December 2023, advising banks to disregard the previous ban on crypto transactions.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
The promise of Web3, with its laser focus on decentralization, has redefined the global internet landscape as we know it, offering more control and security to users. However, the journey towards widespread adoption has been marred by a few significant roadblocks, with one of the major ones being the continual delivery of poor user experiences (UX).
To elaborate, a vast majority of today’s Web3 platforms, especially decentralized exchanges (DEX), offer a notoriously poor UX characterized by complex interfaces and convoluted processes that can deter even the most enthusiastic of adopters. This issue is not just a stumbling block for the non-tech-savvy but a barrier preventing the technology from reaching mainstream users, who find these platforms either exclusively usable by experts or terribly frustrating in general.
For instance, popular platforms like Uniswap (a DEX boasting of a daily trading volume of $1.2+ billion) still employ complicated operational setups, requiring clients to know the intricacies involved in connecting their software/hardware wallets, transferring assets in accordance with their relevant token standards, etc. Similar issues are also prevalent within mainstream platforms like 1inch, Curve, and PancakeSwap, all of whom offer similar limitations, thus curtailing the ease of use with which clients can utilize them.
Uniswap’s complex wallet integration interface
Web3 Needs to Adapt… Here’s Why
At the heart of the challenges outlined above is a fundamental UX-centric problem, i.e. Web3 platforms are generally designed with the technically adept in mind, neglecting the vast majority who are less so. The steep learning curve associated with blockchain technologies, combined with interfaces that seem to eschew intuitiveness for complexity, means that less-technical users are often left behind. This digital divide not only hampers user adoption but also stifles the potential for Web3 to become a universally accepted evolution of the internet.
Thus, for Web3 to truly break out of its perceived niche and appeal to a wider audience, platforms must undergo a paradigm shift in their underlying design philosophy. This means simplifying navigation, streamlining processes, and eliminating jargon that can alienate those not versed in blockchain terminology. A prime example of this evolution towards a better UX is MANTRA Finance (MF), a DEX at the forefront of bridging the gap between Traditional Finance (TradFi) and Decentralized Finance (DeFi).
MANTRA’s commitment to user accessibility, intuitiveness, regulatory compliance, and risk management has served as a testament to its dedication to providing users with a secure and sustainable platform. By proactively collaborating with global regulators, MANTRA has combined a user-friendly interface with various novel features, making DeFi accessible and appealing to a broader spectrum of institutional as well as retail participants.
The platform’s innovative approach is evident in its initial offerings, which include yield-bearing DeFi products and a Central Limit Order Book (CLOB) DEX. The latter isn’t merely a platform for facilitating swaps but rather a gateway for trading tokenized traditional financial products like debt, equities, and other real-world assets (RWAs). Moreover, MANTRA offers live 24/7 support for its users, allowing them to resolve any queries (technical or otherwise) in a matter of minutes.
Most recently, MANTRA announced the launch of its Chain Hongbai Testnet, marking a significant step in its mission to integrate DeFi with traditional markets and attract non-crypto native users and institutions. The Hongbai Testnet aims to attract more users and decentralized applications to MANTRA’s ecosystem, further solidifying its position as a major player in the tokenized RWA space.
Looking Ahead
Recent findings on Web3 adoption indicate an upward trend, with a study from last year revealing that an impressive 315 mainstream brands launched a total of 526 Web3 projects between the first quarter of 2022 and 2023. This research underscores the sustained enthusiasm and investment in Web3 technology, noting that 40% of these projects extended beyond a year. Moreover, the study’s authors predict a significant rise in the real-world application of Web3 technologies in the next five to six years.
Similarly, a growing forum of experts believe that as individuals continue to grasp the power of decentralization on a global scale, the Web3 market will only continue to garner more and more mainstream traction, with some projections estimating the space to become worth $177+ billion by 2033.
Therefore, as platforms continue to refine their user interfaces and make Web3 more accessible to the average person — as has been the case with MANTRA — it is reasonable to see an acceleration in adoption rates. This growth stands to not only benefit individual offerings but also contribute to the overall maturity and sustainability of the Web3 ecosystem.
Venture capitalist and billionaire Chamath Palihapitiya recently discussed Bitcoin’s significant progress and its imminent impact on American society.
During an episode of the All-In Podcast, Palihapitiya emphasized the importance of the approval of spot market Bitcoin exchange-traded funds (ETFs), describing it as a pivotal development for Bitcoin’s integration into mainstream financial systems.
Palihapitiya believes that Bitcoin is still in its early stages but predicts it will soon become a widespread topic of conversation.
He expressed his views by saying, “We’re going to get to a tipping point where everybody really talks about this. I still don’t think we are there yet.
I think we’re just at the beginning, but when you see the inflows into these ETFs, it’s a very big deal because it just allows every mom-and-pop individual to buy some to the extent that they want to own or they want to speculate on it, whatever it is.”
He further stated that the recent developments in the Bitcoin sphere have not only proved skeptics wrong but have also laid the groundwork for a constructive future for the cryptocurrency.
In his view, the approval of Bitcoin ETFs has opened the doors for everyday investors to participate in the cryptocurrency market, which marks a significant shift in the financial landscape.
In addition to Bitcoin, Palihapitiya pointed out that the success of Bitcoin ETFs could pave the way for the approval of ETFs for other cryptocurrencies, such as Ethereum.
READ MORE: Consensys-Backed Transak Achieves System and Organization Controls (SOC) 2 Type 2 Compliance
He suggested that the potential approval of an Ethereum ETF follows logically from the approval of Bitcoin ETFs, highlighting a broader trend of cryptocurrencies becoming integral to the financial sector.
“So I think it’s been a very big year, and I think that psychologically it’s proven a lot of folks wrong, and it’s a setup for something really constructive,” he commented.
Highlighting the momentum of this movement, Palihapitiya concluded, “The other thing I’ll say is that it’s not just Bitcoin but as goes Bitcoin, there are a handful of other things.
“People are now speculating that there’s going to be an Ethereum ETF that gets approved as well because if you approve one, there’s probably legitimate cause to approve a few others, so these things are becoming part of the financial fabric, and I think that that should not be underestimated.”
As of the time of his comments, Bitcoin’s value stood at $69,465, indicating the cryptocurrency’s strong market performance and its growing acceptance within the financial ecosystem.
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In recent days, the meme-inspired cryptocurrency Shiba Inu (SHIB) has seen a remarkable rise in its price, driven by various factors, including a concerted effort by its community to reduce its circulating supply through a process known as “burning.”
Shibburn reports that this initiative has resulted in over 13 billion SHIB tokens being permanently removed from circulation in just 24 hours, highlighting the community’s dedication to enhancing the token’s value through supply reduction.
The Shiba Inu community has been central to this effort, sending large quantities of SHIB to a “dead wallet,” effectively taking them out of circulation.
So far, a staggering 410.72 trillion SHIB tokens have been burned from the original supply, a move that has generated considerable optimism among investors about the token’s economic future.
Key figures in the Shiba Inu project, like lead developer Kusama and team member Ragnar Shib, have been vocal supporters of these burning activities.
Kusama recently hinted at a new burning event for the Leash token in response to community inquiries, stating, “Obviously not… we burnt Leash today but I’ll pop into discord.”
READ MORE: Shiba Inu (SHIB) Price Prediction – 2025 and 2030
Ragnar Shib further backed this up with a post on X, spotlighting significant burning transactions involving SHIB, Bone, and Leash tokens, demonstrating the community’s commitment to the project’s ecosystem.
The SHIB token’s price has positively responded to these developments, with CoinMarketCap noting a 70% increase in its value over the past week, positioning SHIB at $0.000035.
This surge has not only reflected the broader meme coin trend in the crypto market but also elevated SHIB to the tenth rank in global market capitalization, attracting significant attention.
However, with the Relative Strength Index (RSI) indicating an overbought status at around 82, there’s speculation about a possible short-term consolidation.
Despite this, the enthusiasm for SHIB’s supply reduction strategy remains strong, and if the token can breach the $0.000035 resistance, it could be on its way to hitting the $0.0001 mark.
Investors are cautioned, however, to remember the inherent volatility of the cryptocurrency market and to conduct thorough research and exercise prudence before making any investment decisions.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
In this article, we explore a Shiba Inu (SHIB) price prediction for 2025 and 2030.
As the cryptocurrency market continues to evolve, many investors and enthusiasts are keenly watching the movements of meme coins, particularly Shiba Inu (SHIB). Originating as a playful counterpart to Dogecoin, SHIB has established itself as a significant player in the crypto space.
Understanding Shiba Inu (SHIB)
Before diving into predictions, it’s essential to understand what Shiba Inu is and what it represents in the broader crypto market. SHIB was created in August 2020, inspired by the Shiba Inu dog breed, similar to Dogecoin. However, it quickly moved beyond its meme origins to foster a robust community and develop its ecosystem, including decentralized exchanges and NFT projects.
Factors Influencing SHIB’s Price
Several key factors could impact SHIB’s price in the coming years:
- Market Sentiment: As with any cryptocurrency, market sentiment plays a crucial role. Positive news, adoption stories, and community growth can drive prices up, while negative news can do the opposite.
- Regulatory Environment: Cryptocurrency regulations are evolving. Stricter regulations could pose challenges, while crypto-friendly policies might fuel growth.
- Technological Developments: Advancements within the SHIB ecosystem, such as improvements in transaction speed, security, and utility, can significantly affect its price.
- Competitor Movements: The performance and adoption of competing cryptocurrencies can also influence SHIB’s market position and price.
Shiba Inu (SHIB) Price Prediction for 2025
By 2025, it’s anticipated that the cryptocurrency market will have matured, with increased adoption across various sectors. For SHIB, several developments could pave the way for its growth:
- Increased Utility: Efforts to increase SHIB’s utility in real-world applications, such as payments, could enhance its value.
- Community Growth: A larger, more engaged community can drive demand and, consequently, price.
- Ecosystem Expansion: Continued development of the Shiba Inu ecosystem, including its decentralized finance (DeFi) offerings, could attract more users and investment.
Given these factors, predictions for SHIB in 2025 suggest a price range that could significantly exceed its current value, possibly reaching new highs if the market conditions are favorable. However, the volatile nature of cryptocurrencies means that substantial risks remain.
READ: Price Charting – Can It Make You a More Profitable Crypto Trader?
A price prediction/target of $0.0005 is likely for Shiba Inu by 2025.
Shiba Inu (SHIB) Price Prediction for 2030
Looking further ahead to 2030, the long-term potential for SHIB depends on several additional factors:
- Adoption as a Currency: Widespread adoption of SHIB for transactions could solidify its position as a valuable digital currency.
- Innovation in the Ecosystem: The introduction of groundbreaking features or services within the SHIB ecosystem could set it apart from competitors.
- Global Cryptocurrency Adoption: The overall growth of the cryptocurrency market and integration into the global financial system will influence SHIB’s relevance and price.
Considering these aspects, the prediction for 2030 is even more speculative. Still, with sustained community support and development, SHIB could see its price reach unprecedented levels, potentially becoming one of the more stable and widely used cryptocurrencies.
A price prediction/target of $0.008 is likely for Shiba Inu by 2030, if SHIB token can maintain momentum and relevance.
Potential Challenges
Despite the optimistic outlook, several challenges could hinder SHIB’s growth:
- Market Volatility: The inherent volatility of the cryptocurrency market can lead to sudden and unpredictable price changes.
- Regulatory Risks: Unfavorable regulations in key markets could impact SHIB’s adoption and utility.
- Technological Obsolescence: Failure to keep up with technological advancements could make SHIB less competitive.
Summary
Predicting the future of any cryptocurrency, including Shiba Inu (SHIB), involves a high degree of speculation. The potential for SHIB in 2025 and 2030 appears promising, driven by its growing community, increasing utility, and ongoing development.
However, investors should remain cautious, considering the volatility and uncertainties in the cryptocurrency market. While SHIB could achieve significant milestones by 2030, these predictions should be taken as part of a broader analysis, always considering the latest market trends and developments.