Hundreds of Australian investors have lost over 160 million Australian dollars ($104 million) following the collapse of three cryptocurrency mining companies, NGS Crypto Pty Ltd, NGS Digital Pty Ltd, and NGS Group Ltd (collectively known as the “NGS companies”).
This financial debacle unfolded as these entities entered into liquidation.
The Australian Security and Investments Commission (ASIC) has initiated civil proceedings against the NGS companies and their directors, Brett Mendham, Ryan Brown, and Mark Ten Caten.
These companies are alleged to have enticed local investors to set up self-managed superannuation funds (SMSFs), which were then converted into cryptocurrency investments in blockchain mining packages promising fixed-rate returns.
ASIC claims that around 450 investors had invested approximately 62 million AUD ($40 million) with these companies, which lacked the requisite Australian financial services license.
The commission’s concerns over the possible loss of digital assets led to the Federal Court’s decision to appoint liquidators for handling the NGS companies’ digital currency holdings.
Additionally, Brett Mendham has been prohibited from leaving Australia.
The regulator has also taken steps to prevent the NGS companies from offering financial services in the country without the necessary authorization.
ASIC Chair Joe Longo emphasized the risks of investing SMSFs in cryptocurrency and affirmed the agency’s dedication to regulating crypto products to safeguard investors.
READ MORE: Bonk Cryptocurrency Faces 4% Overnight Decline Amid Market Volatility
In a related development, other Australian cryptocurrency entities such as DCA Capital, Digital Commodity Assets Pty Ltd, and the Digital Commodity Assets Fund are undergoing liquidation and face federal court proceedings due to concerns about mismanagement and regulatory non-compliance.
KordaMentha, the liquidator for these companies, has identified debts totaling 100 million AUD ($65 million) owed to 100 investors.
Furthermore, the federal court has frozen assets of DCA Capital’s director, Ashod Balanian, valued at 55 million AUD ($36 million), and he has been ordered to surrender his passport.
The increased scrutiny from ASIC in recent months reflects a broader regulatory focus.
On March 21, ASIC Commissioner Alan Kirkland pointed out the need to address the “regulatory trilemma” which includes balancing consumer protection, market integrity, and the promotion of financial innovation.
As Australia approaches a significant “inflection point” in cryptocurrency demand, the market continues to evolve.
Although local institutional demand remains subdued, the potential for growth in stablecoins and favorable policy adjustments suggest a burgeoning interest in crypto within the nation.
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Flying Shiba Inu (FLYSHIB) was launched today, and this dog-themed coins is set to deliver astronomical returns to investors who purchase in the first few days.
Queen Kitty Coin (KITQUE) has been consolidating around the $0.000006 mark, after yesterday reaching a high of $0.000034.
The memecoin, which was launched yesterday, is preparing to rally 600% and return to its all-time high, and then targeting another 1,200% in gains before the end of April.
KITQUE (contract address: F6LdtNP9zThSuCwdweAGqngC9XufhDfMYjFio3mWZT9e) currently has a market cap of just $28,000, so when it reaches a $500,000 market cap within a few weeks, investors who buy in now can generate almost 2,000% returns.
And after this, Queen Kitty Coin will still have plenty more potential to rally, so it has a chance of turning early investors into millionaires, as Shiba Inu (SHIB) did.
Meanwhile, Flying Shiba Inu (FLYSHIB) – another dog-themed memecoin – launched today, and it’s currently 111% up.
However, with its market cap still under the $10,000 mark, FLYSHIB (contract address: BEU7zWb6AC2SyKR1pAQU8aTj9AFuodxWSkScStJtSWDF) offers truly astronomical gains for investors who buy their tokens while its market cap is low.
Both of these newly launched memecoins currently trade on decentralized exchanges, like Jupiter and Raydium, but centralized exchange listings are planned in the coming weeks.
These additional listings will cause the price of these tokens to skyrocket, as tens of millions of new traders get access to them and will pour funds in.
When investing in new memecoins, it’s best to invest in several different coins and build a portfolio, to increase your chances investing in the next SHIB or PEPE.
And there’s no doubt that both KITQUE and FLYSHIB should be a part of your memecoin portfolio if you’re looking for huge gains.
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Tech entrepreneur Elon Musk is currently seeking to secure up to $4 billion in funding for his new artificial intelligence (AI) startup, xAI, which developed the AI chatbot known as Grok.
To facilitate this, Musk is offering selected investors the opportunity to join funding rounds via special purpose vehicles (SPVs), as stated in a recent email circulated among potential contributors.
SPVs are investment tools that allow various investors, including venture capital firms and individual investors, to pool resources into a single entity.
Although this method provides an organized way to invest, it comes with initial fees of up to 5% in addition to management fees and interest, as reported.
Musk’s fundraising target ranges between $3 billion and $4 billion, aiming for a post-deal company valuation of $18 billion.
The email elaborated that the funds are expected to be raised “in the next 2–3 weeks on a first-come, first-served basis.”
Founded by Musk in March 2023, xAI was officially launched in July of the same year and is based in the San Francisco Bay Area.
The company’s mission is ambitiously described as “understanding the true nature of the universe.”
Its first product, the X-linked chatbot Grok, was released in November, boasting capabilities surpassing those of OpenAI’s ChatGPT, according to the firm.
In addition to Musk’s renowned success with Tesla, the email to investors highlighted the AI model’s training on data sourced from Musk’s X microblogging network as a potential selling point.
READ MORE: Bonk Cryptocurrency Faces 4% Overnight Decline Amid Market Volatility
Mario Nawfal, an entrepreneur and angel investor, has voiced his perspective on the current surge in AI investments, saying, “concerns about an AI bubble grow amid soaring valuations and high development costs.”
xAI also focuses on internal capabilities, employing AI tutors from diverse fields to generate and refine high-quality data for model training and evaluation, per information on the company’s website.
In a significant move, Musk announced in March that xAI would make its AI chatbot open-source, positioning it as a contender against the proprietary models like OpenAI’s ChatGPT.
Despite its ambitious valuation and technological advances, xAI remains relatively small, with only 10 full-time engineers and an operational range of 5,000 to 10,000 GPUs.
When Cointelegraph sought more details from xAI, the company did not provide an immediate response.
The AI chatbot market is competitive, with Grok vying against other products like OpenAI’s ChatGPT, Antropic’s Claude, Microsoft’s Copilot, Google’s Gemini, and Meta AI from the company formerly known as Facebook.
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The Shiba Inu (SHIB) cryptocurrency recently experienced significant fluctuations in its burn rate, closely aligned with changes in its market valuation.
Over the last week, there was a noticeable slowdown in the rate at which tokens were being burned, coinciding with a drop in the coin’s market price.
The volume of SHIB tokens set aside for destruction decreased substantially during this period, leading to a lower overall burn rate.
Towards the end of the current week, however, the situation dramatically reversed. The burn rate for Shiba Inu tokens sharply increased, largely due to the actions of the project’s lead developer.
According to data from Shibburn, there has been a significant increase in the number of tokens being sent to the burn address.
READ MORE: Bitcoin Slips Below $70,000 Amid ETF Outflows and Market Uncertainty, Traders Hold onto Targets
In just 24 hours, an impressive 87.76 million SHIB tokens were burned, marking an increase of 48,554.74% in the burn rate compared to previous figures.
This remarkable increase in burn activity involved transactions from just two wallets.
The wallet labeled “0xb8001c3” was responsible for burning 61.9 million tokens on Wednesday.
Following closely, the “0xa9d1e0” wallet contributed an additional 25.85 million SHIB tokens to the burn.
The sharp increase in burning activity stands in stark contrast to the previous day’s activity, where only 180,375 tokens were burned, resulting in a drastic 99.59% decrease in the burn rate.
This recent surge seems to be driven by organic factors rather than deliberate efforts by the Shiba Inu team or shifts in community sentiment.
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Shiba Inu has recently launched the latest issue of ‘The Shib’ Magazine, causing a stir in the cryptocurrency community.
This release not only reinforces Shiba Inu’s status as a significant cultural force in the crypto world but also boosts optimism for cryptocurrencies like SHIB, DEGEN, and the new entrant Raboo, which is currently valued at $0.0036 in its presale.
Originally perceived as a mere Dogecoin competitor, Shiba Inu has since developed an extensive ecosystem that includes non-fungible tokens (NFTs), the ShibaSwap decentralized exchange, and now a dedicated magazine.
‘The Shib’ delves into the nuances of cryptocurrency culture with articles providing insights, stories, and predictions that may influence the digital currency landscape.
This initiative not only enhances SHIB’s brand but also invigorates its community, which is keen to see how the magazine will extend Shiba Inu’s influence.
Introduced in January 2024, the DEGEN token is a part of the Farcaster ecosystem, an ERC-20 token that has gained attention for monetizing social interactions.
Users earn DEGEN tokens through quality content contributions, effectively turning online engagement into measurable financial value.
READ MORE: Pepe Coin’s Bullish Pennant Pattern Signals Potential Uptick Amidst Cryptocurrency Market Surge
DEGEN has been termed a ‘social currency’ due to its system that acknowledges and rewards unique user contributions.
Furthermore, DEGEN has expanded by launching a layer-3 network called the DEGEN chain, led by Jacek Trociński.
This chain focuses on customization and community feedback, enhancing its prospects as a platform for developing interactive applications and games with the DEGEN token serving as the native gas token.
Meanwhile, Raboo is making waves in its presale phase with its AI-enhanced features and dynamic ecosystem aimed at transforming meme culture through Social-Fi and AI technology.
With its initial coin offering (ICO), Raboo is quickly becoming a focal point for investors and enthusiasts, projected by analysts to potentially achieve a 100x growth post-launch.
The optimism generated by ‘The Shib’ Magazine has highlighted the potential of emerging tokens such as DEGEN and Raboo.
DEGEN’s unique model for valuing online interactions and Raboo’s innovative integration of AI in meme culture are positioning them as potential breakthroughs in the crypto market.
For investors who missed out on the Shiba Inu price surge, Raboo presents an enticing opportunity for potentially significant returns.
The evolving crypto landscape underscores the importance of innovation, community involvement, and active engagement, with Raboo poised to potentially dominate this space.
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Traders utilizing leveraged positions in Bitcoin may face unexpected outcomes as the cryptocurrency approaches a pivotal moment that might lead to significant price fluctuations, according to analysts.
Crypto trader Honeybadger, writing pseudonymously, expressed concerns about the market’s current state.
“The market was in easy mode, but right now clearly there’s too much leverage and market makers are having a field day exploiting high emotions and degenerate behavior,” he stated in an April 11 post on X.
He also remarked on the activity of market makers: “Market makers are having the best time ever chopping everyone up.”
Recent data from CoinGlass highlighted that $39 million in leveraged Bitcoin positions were liquidated in just 24 hours, encompassing $18.38 million in long positions and $20.62 million in short positions.
Honeybadger noted the formation of a symmetrical triangle on the Bitcoin price chart, a neutral indicator that might mislead traders into overly confident long positions.
He cautioned about the potential for a fakeout, which could surprise traders expecting a stable pattern.
Andrew Kang, co-founder of Mechanism Capital, contrasted with a more optimistic view.
He anticipates Bitcoin will reach new highs post the April 20 Bitcoin halving.
READ MORE: Pepe Coin’s Bullish Pennant Pattern Signals Potential Uptick Amidst Cryptocurrency Market Surge
“I expect BTC to touch $80K by May,” Kang predicted on X. Currently, Bitcoin trades at $70,500, after testing a support level of $68,500 multiple times within the week, according to CoinMarketCap.
The market also responded negatively to recent U.S. inflation data, leading to a 3% price drop below the support level on April 10.
Additionally, a sudden 5% decrease in Bitcoin’s price on April 2 resulted in $50 million in long position liquidations.
Another similar drop now would severely impact long positions, with predictions of $2.14 billion in short positions being liquidated if Bitcoin increases by 5% to $73,819.
Peter Schiff, a gold advocate and Bitcoin skeptic, warned of overconfidence among Bitcoin long position holders.
“Markets seldom work out the way speculators expect them to. More often than not they end up disappointed,” Schiff observed in his X post.
Given the current market volatility, Honeybadger has chosen to remain uninvolved, prioritizing capital protection over potential gains.
Arthur Hayes shared this cautious approach, opting out of trading until May due to potential market downturns.
Similarly, Jelle, another crypto trader, advised his followers on X to avoid unnecessary risks with leveraged trading.
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Shiba Inu (SHIB) and Dogecoin (DOGE) both delivered astronomical returns to early investors.
Kitty Queen Coin (KITQUE) has burned 40% of the 5 billion tokens that were minted, by transferring all tokens in the Raydium liquidity pool to a dead wallet.
Specifically, 2 billion KITQUE tokens were burned just around three hours after the memecoin began trading today.
This comes after Kitty Queen Coin’s price has rallied 2,024% in the last three hours, with it currently trading at $0.00002478.
Despite this impressive rally, KITQUE (contract address: F6LdtNP9zThSuCwdweAGqngC9XufhDfMYjFio3mWZT9e) currently has a market cap of just $120,000, meaning it still could easily rally another 7,000%-10,000% in the coming weeks and months.
Its market cap is forecast to hit at least $2 million by the end of April, meaning investors who buy in at the current price will generate approximately 1,600% returns within a couple of weeks.
KITQUE is one of the most exciting Solana memecoins to be released this month, and it does appear to have the potential to eventually challenge coins such as Shiba Inu (SHIB) and Dogecoin (DOGE).
SHIB and DOGE both generated massive returns for their early investors, as they surged and became mainstream.
It remains to be seen if KITQUE will be able to achieve a market cap of $100 million or over, but it certainly has plenty of potential to achieve a $5mn-$10mn market cap, so it’s not surprising that there is huge buying pressure on the token’s first day of launch.
Kitty Queen Coin is currently only available to trade on decentralized exchanges, such as Raydium and Jupiter, but it will be listed on several centralized exchanges later this month, providing another bullish catalyst which early investors will profit from.
Dogecoin, the market-leading meme coin, has recently seen a significant recovery, surpassing the $0.2 mark and hinting at a potential bullish trend.
As it briefly hit $0.1993, up from below $0.2 since Monday, the coin seems poised for a rebound following substantial sell pressure earlier in April.
Adding to this optimistic sentiment, Dogecoin has outperformed the broader crypto market, which is up by 1.9% today, with Dogecoin itself climbing by 5.8%.
Notably, it has surged by 9.8% this week, 12.4% this month, and an impressive 134% this year.
With a market cap of $28 billion and a $2.7 billion trading volume over the past 24 hours, Dogecoin’s movements are closely watched.
Several crypto analysts have weighed in on Dogecoin’s prospects.
Knight INJ on X predicted that the coin will target $0.45 after breaking above the crucial $0.15 resistance.
“It will wick down to retest it as support before jumping 306% to the price target,” the analyst forecasted.
Similarly, Whale of City expects a rise to $0.45, pointing to a breakout on the monthly chart.
“Chart is extremely bullish! I’m telling you again and again that DOGE will pump hard soon. $0.45 is a magnet,” he stated.
READ MORE: Bitcoin Slips Below $70,000 Amid ETF Outflows and Market Uncertainty, Traders Hold onto Targets
Another analyst, World of Charts, noted that Dogecoin is consolidating in a bullish pennant pattern and anticipates a move towards $0.3 after a decisive breakout.
The upcoming “Doge Day” on April 20th, rumored to be Elon Musk’s favorite day, is also expected to catalyze interest in Dogecoin and other related cryptocurrencies.
In the realm of meme coins, Dogeverse, a new multichain meme coin, is making waves with its presale surpassing $1 million as investors rush to take advantage of early pricing.
This innovative project integrates six leading meme coin networks, including Ethereum, BSC, Polygon, Solana, Base, and Avalanche, regardless of which blockchain dominates the meme coin sector.
The presale for Dogeverse has rapidly raised $1.7 million in just three days, generating significant interest. Investors are also enticed by the potential of a 583% APY through staking, though this rate will decrease as the pool expands.
As Dogeverse’s campaign progresses, the cost of participation is set to increase, with the next price rise scheduled in two days or when the funds raised hit $2.6 million.
This strategic pricing and high staking returns are positioning Dogeverse as a promising new player in the cryptocurrency market.
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In the past 24 hours, cryptocurrencies Ripple (XRP), Dogecoin (DOGE), and Shiba Inu (SHIB) have all posted minor gains following broader market trends, showing a mixture of optimism and caution among traders.
XRP saw a decrease to $0.59 on April 10, but soon mirrored the market’s revival, climbing to $0.62 at the time of the report.
The Accumulation/Distribution (A/D) indicator suggests that the rise in XRP’s price was due to investors buying the dip.
“As of this writing, distribution had not taken over, indicating that a further increase could be likely,” the report notes.
If this upward trend continues, XRP could test the $0.65 resistance level. However, the MACD indicates an ongoing tussle between buyers and sellers, which could stall the rise and keep XRP’s price oscillating between $0.58 and $0.61.
Dogecoin’s recent 6.99% increase, reclaiming $0.20, was bolstered by a favorable chart pattern.
On April 7, a golden cross appeared on the 4-hour chart as the 20 EMA (blue) crossed over the 50 EMA (yellow), signaling a bullish trend.
If this positive momentum holds, DOGE could potentially rise towards $0.22, barring any bearish interventions. Conversely, a fallback to $0.18 might occur if the bulls lose their grip.
Shiba Inu, meanwhile, struggled to overcome the $0.000030 psychological barrier. On April 9, SHIB approached this threshold but faced a pullback after peaking at $0.000029.
At press time, the price had settled at $0.000028.
The Relative Strength Index (RSI) showed a growth in buying activity, hinting at a possible push towards $0.000030 soon.
Supporting this bullish outlook, the Chaikin Money Flow (CMF) also indicated an increase, suggesting that SHIB could be primed for a climb potentially reaching $0.000035 in the short term.
Each cryptocurrency shows unique patterns and indicators that suggest varying short-term price movements. Market participants will likely continue monitoring these signals closely to navigate the volatile crypto market.
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Around April 17th, Shiba Inu (SHIB) could potentially see a price boost linked to a key technical indicator, as charts suggest a nearing convergence between the 50-day Exponential Moving Average (EMA) and SHIB’s current price.
This convergence is anticipated to form a dynamic support level, which may influence investor behavior and support upward price movement.
Exponential Moving Averages (EMAs) serve as essential tools in technical analysis, providing average prices over a chosen period with a higher weighting given to more recent prices.
EMAs often act as dynamic support levels in trading.
When an asset’s price nears an EMA, it can be perceived as a favorable buying moment or an opportunity to increase holdings, helping to elevate the price from this average.
For Shiba Inu, the expected alignment with the 50-day EMA could suggest a burgeoning interest from investors, establishing a perceived “floor” or support level.
This stabilization could be particularly significant for the typically volatile SHIB token.
A successful leveraging of this EMA as support might spark a period of price increase and encourage a more prolonged upward trend.
However, it’s vital to approach this potential bullish scenario with a degree of skepticism.
Technical indicators like the EMA convergence are not foolproof methods for predicting price movements, and it remains uncertain if SHIB will indeed rise upon reaching the 50-day EMA.
The volatility inherent in cryptocurrency markets, especially in meme coins such as SHIB, calls for cautious investment.
Prospective investors should be wary of SHIB’s history of substantial price fluctuations before committing to investments.
Other factors could also shape SHIB’s price direction in the near term.
The overall market sentiment within the cryptocurrency sphere can significantly impact individual coin values.
Developments within the Shiba Inu ecosystem, including partnerships, advancements in its proprietary Shibarium technology, or new applications, could also sway its price.
Furthermore, broader macroeconomic factors and international news frequently affect the entire cryptocurrency market, including SHIB.
In conclusion, the forthcoming convergence of SHIB’s price with its 50-day EMA represents a critical technical milestone that might indicate potential price support around mid-April.
While this presents an optimistic outlook, investors are advised to maintain awareness of SHIB’s inherent volatility and consider a wide range of market factors before making investment decisions.
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