Crypto
Changing Tides in Cryptocurrency: XRP Falters While NuggetRush and NEAR Protocol Prepare for Growth | Finbold
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TLDR
- XRP records increased bearishness amid Bitcoin’s recent decline.
- Near Protocol (NEAR) continues with plans to scale its network efficiency through sharding.
- NuggetRush (NUGX) is now becoming the most in-demand play-to-earn network.
XRP’s January decline has worsened following Bitcoin’s recent drop below the $40,000 region. Near Protocol (NEAR) is now in Phase 2 of its network sharding.
Still, NuggetRush (NUGX) is gaining more interest from the P2E community after it revealed unique NFT gaming rewards. The project also offers a dynamic gaming community. Yet, can NUGX join the top DeFi projects of 2024? Let’s discuss.
>> Buy NuggetRush Now <<
Bitcoin Fall Worsens XRP’s Performance
XRP has been in a bearish run since the start of January despite the market-wide bullishness around spot Bitcoin ETFs. XRP promptly fell below the $0.60 range. Its fall coincides with Bitcoin’s wobble in the third week of January.
Several top altcoins recorded a fall in trading activity following Bitcoin’s price crash. XRP sold at $0.6149 on December 31. As of January 17, XRP fell by 7.6% to $0.568. It dropped by 6.6% to $0.5303 on January 27 before another 3.6% decline to $0.5107 on January 30.
XRP holders expect a recovery by Q2 2024. However, some analysts say XRP’s ongoing tussle with the Securities and Exchange Commission could dampen its prospects. XRP was one of the most traded altcoins in 2023 despite its ongoing lawsuit.
Still, analysts doubt it could recreate such a feat. They conclude that XRP might fall by 7.8% to $0.4707 if things remain the same. XRP’s recent performance means it’s not a good crypto to buy now.
NuggetRush: Crypto Market Gears Up for Long-Anticipated Launch of Mining Adventure Game
The highly-anticipated launch of NuggetRush (NUGX) follows rapidly rising interest in the play-to-earn gaming industry. Market analysts expect the industry to maintain strong growth, with estimations predicting a global market value increase. For gamers and investors, this translates to new, exciting, and profitable blockchain projects to capitalize on.
One such project is the first-ever blockchain P2E mining game, NuggetRush (NUGX). Gamers are promised an immersive gameplay with real-world rewards, while investors can buy tokens with high-growth potential.
The game’s basic plot of mining minerals develops into a challenging adventure involving strategic thinking, resource management, and real-world mining skills. Players must make the most of their abilities to succeed in NuggetRush (NUGX) and receive rewards.
The NFT gaming experience gets better as players can join forces for an exciting multiplayer experience with additional group rewards. On the wealth-generating side of NuggetRush, players can sell their rewards for real money or stake their NFTs for high-value APY rewards.
In addition, investors can capitalize on the bullish growth of NUGX for financial gains. NUGX’s price is already up by 80% since the start of its presale after selling over 168 million NUGX tokens to early investors. Investors now anticipate an 11.1% price increase to reach $0.020, which will trigger NUGX’s listing.
>> Buy NuggetRush Now <<
Near Protocol Commences Phase 2 of Network Sharding
Near Protocol (NEAR) is progressing with its plans for global adoption by releasing Phase 2 of its network sharding. Phase 2 of its Sharding will boost Near Protocol’s (NEAR) capacity for user volume.
Furthermore, it could help boost investor sentiment for Near Protocol after its recent market decline. NEAR sold at $3.9230 on January 2 after a bullish December. It fell by 32.4% to $2.6495 on January 23. NEAR then recovered by 13.5% to $3.0091 on January 30.
Near Protocol holders hope for higher network efficiency when Phase 2 of its sharding is complete. Furthermore, there is growing excitement around the recently launched Near Protocol (NEAR) wallet on Telegram. The wallet will ease trading of Near Protocol (NEAR) tokens on Telegram, thus boosting the network’s on-chain activity. This could push NEAR’s price up by 15.9% to $2.5301.
Visit NuggetRush Presale Website
Do Kwon, the South Korean cryptocurrency entrepreneur behind two digital currencies that lost an estimated $40 billion in 2022, was sentenced on Thursday to 15 years in prison for for what a judge called an “epic fraud.”
U.S. District Judge Paul A. Engelmayer, who handed down the sentence, sharply rebuked Kwon for repeatedly lying to everyday investors who trusted him with their life savings.
“This was a fraud on an epic, generational scale. In the history of federal prosecutions, there are few frauds that have caused as much harm as you have, Mr. Kwon,” Engelmayer said during a hearing in Manhattan federal court.
Kwon, 34, who co-founded Singapore-based Terraform Labs and developed the TerraUSD and Luna currencies, previously pleaded guilty and admitted to misleading investors about a coin that was supposed to maintain a steady price during periods of crypto market volatility.
He is one of several cryptocurrency moguls to face federal charges after a slump in digital token prices in 2022 prompted the collapse of a number of companies.
Dressed in yellow prison garb, Kwon addressed the court and apologized to his victims, including the hundreds who submitted letters to the court describing the harm they had suffered.
“All of their stories were harrowing and reminded me again of the great losses that I’ve caused. I want to tell these victims that I am sorry,” Kwon said.
Ayyildiz Attila, one of the hundreds of victims who submitted letters to the court, said he lost between $400,000 and $500,000 in the collapse.
“My savings, my future, and the results of years of sacrifice disappeared. I struggled to keep up with payments and responsibilities, and everything I had worked forwas erased,” Attila said.
Kwon’s lawyer Sean Hecker said in an email after the sentencing that Kwon spoke from the heart, expressed genuine remorse and will continue his efforts to make amends.
US Attorney Jay Clayton in Manhattan said in a statement following the hearing that Kwon devised elaborate schemes to inflate the value of his cryptocurrencies and fled accountability when his crimes caught up to him.
Prosecutors had asked for a sentence of at least 12 years in prison, saying the crash of Kwon’s Terra cryptocurrency caused billions of dollars in losses and triggered a cascade of crises in the crypto market.
Kwon’s lawyers had asked that he be sentenced to no more than five years so he can return to South Korea to face criminal charges.
Prosecutors charged Kwon in January with nine criminal counts for securities fraud, wire fraud, commodities fraud and money laundering conspiracy.
Kwon was accused of misleading investors in 2021 about TerraUSD, a so-called stablecoin designed to maintain a value of $1. Prosecutors alleged that when TerraUSD slipped below its $1 peg in May 2021, Kwon told investors a computer algorithm known as “Terra Protocol” had restored the coin’s value.
Instead, Kwon arranged for a high-frequency trading firm to secretly buy millions of dollars of the token to artificially prop up its price, according to charging documents.
Kwon pleaded guilty in August to two counts, conspiracy to defraud and wire fraud, and apologized in court for his conduct.
“I made false and misleading statements about why it regained its peg by failing to disclose a trading firm’s role in restoring that peg,” Kwon said at the time. “What I did was wrong.”
Kwon agreed in 2024 to pay $80 million as a civil fine and be banned from crypto transactions as part of a $4.55 billion settlement he and Terraform reached with the Securities and Exchange Commission.
He also faces charges in South Korea. As part of his plea deal, prosecutors will not oppose Kwon’s potential application to be transferred abroad after serving half his US sentence.
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