•Monero (XMR) and Binance Coin (BNB) have been underperforming recently.
•The Dubai Virtual Asset Regulatory Authority (VARA) declared anonymous cryptocurrencies like Monero (XMR) illegal, causing its price to decrease by 6.8%.
•Orbeon Protocol (ORBN), a market disruptor currently in stage 8 of its presale, is set to explode soon.
This article discusses the current states of two prominent coins – Monero (XMR) and Binance Coin (BNB), as well as the potential for a new project named Orbeon Protocol (ORBN). It outlines recent developments in these coins, their prices, and what analysts predict for their future performance.
Monero (XMR) was created to give individuals more anonymity and safety by utilizing the CryptoNote system. Recently, however, it was declared illegal by the Dubai Virtual Asset Regulatory Authority (VARA), causing its coin price to decrease by 6.8% in the past week. At the moment, Monero (XMR) is trading at $150.79 with a market cap of $2.7 billion and its trading volume has decreased 10% in 24 hours. Analysts remain long-term bearish on Monero’s performance and predict it will reach its support level of $150 soon.
Binance Coin (BNB)
Binance Coin (BNB) is used to cover transaction fees on the Binance exchange and operates on the Ethereum network using ERC-20 protocol standards. The suspension of USD bank transfers at the beginning of February caused a drop in Binance Coin’s price from $346 to $304 today; its trading volume also decreased 9% in 24 hours making it likely that it will sink further below $305 if this trend continues unchecked.
Orbeon Protocol (ORBN)
Orbeon Protocol is an investment platform that allows investors to purchase equity into startups with tremendous growth potential for very affordable prices through equity-backed fractionalized non-fungible tokens using crowdfunding methods that benefit both investors and companies alike – all while being only in stage 8 of its pre-sale! This could be a game changer for venture capital and crowdfunding sectors when it launches fully soon enough!
It appears that though Monero(XMR)and Binance Coin(BNB)are currently underperforming due to certain regulatory changes affecting them respectively; there may still be hope yet as Orbeon Protocol(ORBN)’s upcoming launch could be just what these markets need – A disruptive force capable of positively impacting both venture capital & crowdfunding sectors!
• ZK-rollups have been touted as the ultimate solution to Ethereum’s scalability issues.
• Zero-knowledge proofs and rollup technology aim to boost transaction throughput in the Ethereum ecosystem, but there are still many questions surrounding how these solutions work.
• The Blockchain Trilemma balances decentralization, security, and scalability – however it is impossible to balance all three.
Understanding the Blockchain Trilemma
The Blockchain Trilemma dictates that for a perfect blockchain to exist, it must successfully balance decentralization, security and scalability. Decentralization refers to a network being self-sufficient and governed by its users with miners and validators owned and operated independently worldwide – like Bitcoin for example. Scalability means that transactions are low cost and fast for all users regardless of their wallet size – like Solana which boasts over 4,000 transactions per second (TPS) at a cost of less than a penny per transaction. Security describes a network where no one can break into your wallet by force; transactions are protected by complex cryptography; tokens are correctly distributed preventing hackers from taking control of the network with a 51% attack – like most leading chains. Unfortunately, it is impossible to balance all three points due to engineers always needing to sacrifice one option in order to achieve the others.
What Are ZK-Rollups?
Zk-rollups have long been touted as the ultimate solution to Ethereum’s woes as blockchain & crypto adoption rapidly grows worldwide due to their potential in solving Ethereum’s scalability issue while maintaining decentralization & security. ZK-Rollups leverage advanced cryptographic techniques known as zero-knowledge proofs in order create scalable Layer 2 solutions on top of existing blockchains such as Ethereum without sacrificing any data integrity or decentralization features of the base layer protocol. This allows for efficient scaling solutions which offer increased throughput without compromising on user experience or decentralization aspects offered by Layer 1 protocols such as Ethereum.
How Do ZK Rollups Work?
ZK Rollups operate through offloading transaction data onto secondary networks where they can be processed more efficiently while still maintaining data integrity & immutability provided by Layer 1 protocols such as Ethereum through Merkle proofs which link back up this processing back up on chain when needed. This allows for improved scalability & performance across applications built on top of blockchains such as Ethereum without sacrificing any security features or trustless nature provided by Layer 1 protocols such as Ethereum itself making them an ideal scaling solution for existing DApps built on top of this platform or those looking at building new ones going forward into 2021 & beyond!
Benefits Of ZK Rollups
The benefits associated with Zk rollup solutions include: increased throughput & scalability allowing more complex applications built on top of blockchains such as Ethereum; improved user experience thanks to reduced costs associated with transactions; improved efficiency due to not having wait time before confirmation is given; enhanced privacy options where certain transactions can remain private between sender/receiver; better trustless nature thanks again due Merkle proofs linking back up processing done off chain onto main chain ensuring data integrity remains intact despite being moved around different networks temporarily during processing stage!
ZK rollup technology offers an attractive solution towards improving scalability issues faced currently faced my many popular blockchains including Ethereum itself whilst still maintaining much needed aspects related trustlessness & decentralisation when compared too other scaling methods available today such as Sharding etc… Despite this though there are still some challenges ahead including getting developers comfortable using these technologies but ultimately once people become more familiar with this then we should see growth within space continue into 2021 & beyond!
• On February 10, 2023, the cryptocurrency market experienced a dip as Bitcoin dropped from $23,000 to $21,600.
• The decline was largely due to news of crypto exchange giant Kraken agreeing to settle charges with the U.S. Securities and Exchange Commission (SEC) and shutter its U.S. cryptocurrency staking operations.
• Market analysts are divided on the future of Bitcoin due to comments by Coinbase’s CEO and the SEC’s stance on other crypto-staking services offered by exchanges and platforms.
Bitcoin Plummets After SEC’s Crushing Blow to Kraken
Impact of Kraken’s Settlement with the SEC on the Crypto Market
On February 10, 2023, the cryptocurrency market experienced a dip as Bitcoin dropped from $23,000 to trade at $21,600, a decrease of 6% in just 24 hours. The decline was largely due to news of crypto exchange giant Kraken agreeing to settle charges with the U.S. Securities and Exchange Commission (SEC) and shutter its U.S. cryptocurrency staking operations. Ether (ETH), the second-largest cryptocurrency, followed a similar trend recently trading at an 8% decrease reaching $1,520. The news from Kraken came just a day after Coinbase’s CEO tweeted about rumors of the SEC wanting to eliminate crypto staking in the U.S., leaving some market analysts divided on the future of Bitcoin.
Market Insights and Indicators
According to Mauricio Di Bartolomeo co-founder of Ledn – a crypto lending platform -the absence of short Bitcoin liquidations suggests there may be more sideways trading in the near term . Messari’s latest report cites movement of large amounts of Bitcoin from centralized exchanges to self-custodial wallets , growth in daily active addresses and transactions as potential indicators for a market bottom .The report also notes that Bitcoin has historically experienced resurgence in popularity after periods of doubt . The Fear & Greed metric has only returned back slightly showing signs that investor confidence is still present .
On The Flipside
Kraken agreed not confirming or denying allegations in SEC’s complaint but agreed upon ceasing its staking service for US customers . This could have long lasting implications for other exchanges offering similar services which could lead them into trouble if they do not abide by regulations set forth by US authorities .
The settlement between Kraken & SEC shows their stance towards other crypto staking services provided by exchanges & platforms while Coinbase’s CEO tweet further added fuel making it difficult for analysts predict future trend especially when large amounts are being moved away from centralized exchanges & job data along with monetary policy pose another threat towards BTC’s price value .