Crypto Outlook

-BTC: $25,785.70

-ETH: $1,607.44

-XRP: $0.4825

-LTC: $61.12

The global crypto market cap is $1.03T, a 0.76% decrease over the last day. The total crypto market volume during the previous 24 hours is $20.83B, which makes a 37.51% increase.

BTC: BTC price decreased by 1.10% and 1.98% over 24 hours and the past seven days. The asset reached a low and high of $25,640.26 and $25,978.13, respectively.

Texas Senator Ted Cruz has thrown his support behind Bitcoin (BTC) mining operations in the United States, highlighting their potential to bolster the resilience of energy grids during times of crisis.

Cruz praised the positive impact of Bitcoin mining on the energy sector, focusing on its contributions to Texas. This endorsement from the former GOP presidential candidate comes at a crucial juncture for Texas, which recently endured its second-hottest summer on record.

The Lone Star State subsequently faced an energy crisis, exacerbated by the high electricity consumption of the sector. During past emergencies, large-scale miners such as Riot Platforms and Marathon Digital Holdings were compelled to suspend their operations, affecting their profitability and sparking debates about their role in the state’s energy landscape.

Despite these challenges, Cruz maintains that Bitcoin can play a pivotal role in conserving energy resources. He pointed out that Bitcoin mining machines can swiftly shut down in times of crisis, effectively serving as emergency reservoirs of power.

ETH: ETH price decreased by 1.98% and 2.74% over 24 hours and the past seven days. The asset reached a low and high of $1,604.04 and $1,627.67, respectively.

Vitalik Buterin, co-founder of Ethereum, recently fell victim to a Twitter hack that stole $691,000 from unsuspecting users who clicked on a compromised link shared on his Twitter feed. The incident came to light on a Saturday when a post appeared on Buterin’s account, announcing the release of special non-fungible tokens (NFTs) from the software vendor Consensys. This deceptive link, potentially seen by Buterin’s 4.9 million followers, tricked individuals into connecting their cryptocurrency wallets with the promise of minting the NFTs. However, the connection allowed the hacker to siphon money from these victims instead of creating tokens.

Sharp-eyed members of the Crypto Twitter community were quick to spot the fraudulent link, but the first official confirmation of Buterin’s hack came from his father, Dmitriy “Dima” Buterin. Although the post has been removed since then, several victims reported losing access to their wallet funds.

According to blockchain investigator ZachXBT, the hacker managed to steal approximately $147,000 in a relatively short time, which eventually escalated to $691,000. The hacker even sent a stolen “Vitalik Elementals” NFT back to Buterin.

XRP: XRP price decreased by 3.55% and 4.51% over 24 hours and the past seven days. The asset reached a low and high of $0.4816 and $0.5007, respectively.

Ripple (XRP) has encountered significant regulatory challenges that have impeded its growth. Despite these legal obstacles and their associated limitations, XRP maintains its strong relevance in the financial sector and the cryptocurrency market. The project remains committed to its mission of simplifying cross-border payments, making them quicker and more secure.

In recent XRP news, Uphold CEO Simon McLoughlin announced that XRP token holders will have the opportunity for early access to the Uphold Vault. This means that XRP investors and holders will be able to test the self-custodial option.

Furthermore, Ripple is actively pursuing strategic partnerships to facilitate the project’s expansion. This strategic approach aims to increase XRP’s adoption in the financial industry and enhance the token’s potential for significant price gains. With these combined efforts, market analysts are now forecasting an XRP price of $0.79 within the fourth quarter of 2023, which holds promise for XRP enthusiasts and investors alike.

LTC: LTC price decreased by 0.80% and 4.94% over 24 hours and the past seven days. The asset reached a low and high of $60.51 and $61.59, respectively.

As of September 10, 2023, the Litecoin network has successfully processed over 38 million transactions, averaging over a million weekly transactions. This significant increase in transaction volume highlights Litecoin’s growing popularity within the cryptocurrency realm. It reflects the growing interest in cryptocurrencies as a whole. It underscores Litecoin’s potential to provide faster and more cost-effective transactions compared to other prominent blockchains like Bitcoin and Ethereum. Presently, Litecoin boasts a transaction processing speed that is four times faster than Bitcoin and ten times faster than Ethereum, positioning it as an attractive choice for investors and users who prioritize speed and efficiency.

On the same date, Bitcoin managed to process over 20 million transactions, while Ethereum handled more than 10 million transactions in 2023. Despite Litecoin having a smaller market capitalization, which stands at $4.5 billion compared to Bitcoin’s $750 billion and Ethereum’s $300 billion, its remarkable surge in transaction volume could contribute to an increase in its market value. Nevertheless, for Litecoin to attain a broader level of acceptance similar to its counterparts, it may still require more time to establish a firmer foothold in the market.

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