Market Capitalization:3 653 635 682 952,3 USD
Vol. in 24 hours:201 738 409 298,04 USD
Dominance:BTC 56,64%
ETH:12,73%
Market Capitalization:3 653 635 682 952,3 USD
Vol. in 24 hours:201 738 409 298,04 USD
Dominance:BTC 56,64%
ETH:12,73%
Market Capitalization:3 653 635 682 952,3 USD
Vol. in 24 hours:201 738 409 298,04 USD
Dominance:BTC 56,64%
ETH:12,73%
Market Capitalization:3 653 635 682 952,3 USD
Vol. in 24 hours:201 738 409 298,04 USD
Dominance:BTC 56,64%
ETH:12,73%
Market Capitalization:3 653 635 682 952,3 USD
Vol. in 24 hours:201 738 409 298,04 USD
Dominance:BTC 56,64%
ETH:12,73%
Market Capitalization:3 653 635 682 952,3 USD
Vol. in 24 hours:201 738 409 298,04 USD
Dominance:BTC 56,64%
ETH:12,73%
Market Capitalization:3 653 635 682 952,3 USD
Vol. in 24 hours:201 738 409 298,04 USD
Dominance:BTC 56,64%
ETH:12,73%
Market Capitalization:3 653 635 682 952,3 USD
Vol. in 24 hours:201 738 409 298,04 USD
Dominance:BTC 56,64%
ETH:12,73%
Market Capitalization:3 653 635 682 952,3 USD
Vol. in 24 hours:201 738 409 298,04 USD
Dominance:BTC 56,64%
ETH:12,73%
Market Capitalization:3 653 635 682 952,3 USD
Vol. in 24 hours:201 738 409 298,04 USD
Dominance:BTC 56,64%
ETH:12,73%

Crypto news

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CRYPTO NEWS

According to a recent Harris Poll, one in three U.S. voters considers a candidate's stance on cryptocurrency to be an important factor in their voting decisions.

According to a recent online survey by The Harris Poll, one in three American voters considers a candidate’s stance on cryptocurrencies when casting their vote. Funded by Grayscale, the poll engaged over 1,700 likely U.S. voters and revealed a balanced view among political parties regarding digital assets. This data builds upon previous research indicating growing anticipation for cryptocurrency within investment portfolios. The survey highlights widespread recognition of Bitcoin, with 98% of participants having heard of it. Additionally, a significant portion of voters demonstrated familiarity with Ethereum's ether (ETH), although only 46% had prior knowledge of the platform. The data also shows that around 17% of voters have invested in Bitcoin, making it comparable to bonds and surpassing investments in exchange-traded funds (ETFs). A substantial 44% of respondents believe that "crypto and blockchain technology are the future of finance," reflecting a positive outlook on these emerging technologies. However, there is also a desire for government regulation, with 52% expressing they would be more inclined to invest in digital assets if the industry were subject to increased oversight. Contrary to Coinbase’s claim, the latest annual household survey by the Federal Reserve's SHED indicates a decline in crypto ownership or usage among United States adults, dropping from previous years to approximately 18 million in 2023. These findings stand in contrast to other recent survey data suggesting a higher level of crypto penetration. The Harris Poll also found that U.S. voters expect presidential candidates to possess informed perspectives on advanced technologies like artificial intelligence (AI) and cryptocurrency. Furthermore, a Coinbase report suggests that California's crypto-owning voters will significantly impact the 2024 elections.

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CRYPTO NEWS

Major Chinese banks are rewarding digital yuan users with carbon credit incentives.

Industrial Bank, a prominent Chinese bank, has introduced an innovative program to promote the extensive adoption of the digital yuan. Through its mobile app, customers accumulating "personal carbon account points" will be rewarded when using the central bank digital currency (CBDC) for purchases. The bank's initiative mirrors China's commitment to achieving carbon neutrality by 2060. This move is in line with previous Chinese banks' efforts to advance green finance and reduce emissions, demonstrating a broader industry focus on sustainability. The program encourages users to make e-CNY retail payments, fund purchases using digital yuan tokens, and settle credit card balances via the app. These actions collectively contribute to lowering carbon emissions, aligning with the bank's environmental objectives. Accrued points can be redeemed for various rewards, including prepaid travel card credits and shopping vouchers. This system provides customers with an incentive to actively participate in eco-friendly financial transactions. The bank highlights its dedication to expanding digital yuan operations with a focus on green finance. Notable achievements include investing in marine fishery carbon sinks and issuing $967 million in digital yuan-backed green finance loans, showcasing its active role in sustainable projects. The digital yuan, launched in 2020, is currently accessible in 27 mainland cities and provinces, along with Hong Kong and Macau. As a major state-owned bank based in Fuzhou, Fujian Province, Industrial Bank holds a strategic position in China's financial sector, as evidenced by its ranking 60th on the Forbes Global 2000 list last year.

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CRYPTO NEWS

South Korean universities encounter challenges in converting cryptocurrency donations to cash.

Financial authorities in South Korea have taken a stringent stance by prohibiting universities from establishing corporate accounts dedicated to cryptocurrency transactions. This move significantly restricts their ability to convert donations received in cryptocurrency into cash, as reported by Chosun Ilbo on Monday. The Korean Financial Intelligence Unit (KoFIU) and the Ministry of Education are maintaining their policy regarding corporate account restrictions for coin transactions. Their primary concern is the potential for money laundering through corporate accounts, which often lack individual verification processes. A senior official from the financial authorities underscored the inequity of granting exceptions to universities, asserting that it would undermine the integrity of the system for all businesses. While advising universities to avoid accepting cryptocurrency donations moving forward, authorities also acknowledge the complex situation some institutions find themselves in regarding existing donations. They are exploring options to facilitate the conversion of these cryptocurrencies into cash, considering factors such as donation amounts. South Korea's recent policy has significantly hindered charity fundraising via digital currencies despite the popularity of cryptocurrencies like Bitcoin (BTC) in the country.

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CRYPTO NEWS

Caitlyn Jenner and Rich The Kid have promoted a controversial cryptocurrency called Memecoins, raising suspicions of a potential scam.

Caitlyn Jenner and Rich The Kid recently joined the trend of celebrity-endorsed crypto memecoins, sparking social media conversations. Jenner, a former Olympic athlete and reality TV star, used her X account to announce the launch of her token, JENNER, which quickly gained traction with a $37 million market cap within days. She voiced her belief in cryptocurrencies' potential to surpass traditional currencies due to inflationary concerns. Jenner's announcement sparked debates about the legitimacy of her project. In response, she and her manager released videos on X to assure followers of its genuine nature and highlight its impressive performance. However, some users remained skeptical, questioning the authenticity of these videos. Meanwhile, rapper Rich The Kid also promoted his memecoin, RICH, before deleting his post, adding to the mystery surrounding these crypto ventures. The involvement of celebrities in cryptocurrency has become a common phenomenon, drawing regulatory attention. The U.S. Securities and Exchange Commission (SEC) has taken action against several high-profile individuals for illegally promoting cryptocurrencies. As the week progressed, Jenner issued a warning on X about potential financial losses associated with her crypto investments, while Rich The Kid's team announced another cryptocurrency token, potentially unrelated to Sahil Arora, who was suspected of involvement in both projects. The identities of those behind these memecoins remain unknown, but legal consequences seem inevitable if fraud is involved.

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CRYPTO NEWS

The European Union Blockchain Observatory and Forum (EUBOF) has recommended ways to integrate blockchain and artificial intelligence into EU policy.

The European Blockchain Observatory and Forum (EUBOF), an initiative of the European Commission, recently released a report urging the EU to prepare for the integration of blockchain technology and artificial intelligence (AI). This proactive move aims to safeguard user data from potential security threats. The report, prepared by the Directorate-General for Communications Networks, Content, and Technology, delved into the combination of blockchain technology with AI. It highlighted blockchain's secure data storage and management capabilities, particularly in sectors like healthcare and finance. The document also introduced decentralized AI networks as a potential disruptor to the current centralized model dominated by large corporations and governments. The report further explored emerging trends in web3, including decentralized finance (DeFi) and smart contract enhancements. DeFi offers financial services without traditional intermediaries, underscoring the need for regulatory frameworks to ensure consumer protection and financial stability. Smart contract functionalities were also emphasized as crucial for fully harnessing their potential in various applications. The report addressed security incidents in the cryptocurrency space, referencing breaches at DeFi lending platforms Sonne Finance and Hundred Finance. These incidents highlight the potential risks associated with the unchecked deployment of AI technology in finance, reinforcing concerns expressed by experts and regulatory bodies. Yuval Noah Harari, a renowned philosopher, discussed these issues at the Bank for International Settlements (BIS) Innovation Summit, advocating for caution and effective regulation to mitigate misuse and negative consequences of AI integration in finance. In January 2024, the US Securities and Exchange Commission (SEC) issued an alert highlighting investment frauds involving AI and other emerging technologies. SEC Chair Gary Gensler also expressed concerns about AI's impact on financial systems, warning against practices such as AI washing and algorithmic bias.

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CRYPTO NEWS

The Arbitrum community has endorsed a proposal to allocate 200 million ARB tokens towards Web3 game development initiatives.

The Arbitrum community has shown strong backing for a governance proposal that allocates 200 million ARB tokens towards developing web3 games on Ethereum Layer 2. The proposal, GCP, has mobilized 35 million ARB tokens in its favor while facing only minor opposition. To pass, it requires a minimum of 105.57 million ARB tokens, surpassing the current quorum. The GCP proposal aims to boost Arbitrum’s presence among game developers and enthusiasts through support, incentives, and industry-specific tools. It follows a successful preliminary temperature check vote in March. Currently, Arbitrum leads Ethereum Layer 2 networks in total value locked (TVL) with approximately $19.3 billion and ranks fifth in decentralized finance (DeFi) platforms with $4.79 billion in TVL. GCP allocates 160 million ARB tokens for onboarding and growth, targeting web3 gaming publishers, studios, and independent developers. It also establishes the "Build Grants" program, providing 25 million ARB tokens to early-stage projects with a maximum of 500,000 ARB tokens per project. The remaining 40 million ARB tokens are set aside for infrastructure and tooling development. To manage incentives effectively, the GCP council will be formed from professionals experienced in gaming, venture capital, grant allocation, web3 technology, and DAO relations. Elected by the DAO, the council will not represent competing networks or GCP applicants, ensuring fair distribution of resources. The GameFi sector has a combined market capitalization of $22.7 billion as of late October, reflecting a significant surge from $9.31 billion in the previous month (as per CoinGecko). However, Ethereum scaling solutions and layer 2 solutions still lag behind other Layer 1 blockchains in real processing speed due to lower transaction volumes, resulting in slower realized speeds.

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CRYPTO NEWS

Trump is optimistic and receptive to cryptocurrency.

Donald Trump has openly shown his affection for cryptocurrencies, highlighting their potential during various public appearances. His recent address at the Libertarian National Convention further emphasized this stance. This endorsement comes as a stark contrast to President Biden's perceived hostility towards Bitcoin and other crypto assets. The current administration's approach to cryptocurrency has come under fire, but the Biden administration is now showing signs of softening its position. The SEC's approval of Ethereum ETF applications reflects a growing trend of institutional acceptance of cryptocurrencies in the US. Trump's consistent support for crypto could be a calculated move to capture the interest of younger voters, many of whom are enthusiasts in this new technology. His decision to accept cryptocurrency campaign donations, including millions from NFT Trump trading cards, demonstrates his commitment to this cause. Trump's sudden embrace of cryptocurrencies has garnered attention from notable investors, such as Mark Cuban. While adoption is still limited among the general population, crypto plays a significant role in American politics, with several crypto businesses pledging substantial investments in the upcoming 2024 elections.

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CRYPTO NEWS

Crypto influencers are facing targeted attacks from scammers who aim to manipulate them into promoting a questionable cryptocurrency called Memecoin.

Scammers have utilized the acronym GCR to compromise prominent crypto influencers on Twitter, engaging in fraudulent activities that manipulate token prices. On late Sunday, a compromised influencer account posted price predictions for the ORDI token, causing temporary price spikes. The hackers also disseminated promotional content for both ORDI and Luna 2.0 tokens, leading to further market fluctuations. Following the incident, GCR confirmed the breach and urged followers to disregard any promotional posts from their account. The influencer revealed that they had been warned about potential bribes for administrative access to their account two months prior by someone affiliated with Twitter. This incident highlights the vulnerabilities of social media platforms in the hands of malicious actors. The hacker's actions resulted in a price surge for ORDI from $40 to $44, although it subsequently declined to $40. Luna 2.0 experienced an even more dramatic increase of 274%. Crypto observers are speculating about the motives behind this widespread scam, with some suggesting it could be part of a larger scheme targeting celebrities and influencers. American rapper Rich The Kid was a notable victim, inadvertently promoting a new token (RICH) on Twitter, causing its market value to surge to $90,000 within two hours. Similarly, Caitlyn Jenner, an American media personality, promoted a memecoin (JENNER), driving its market valuation to $4.7 million. These unauthorized promotions raised suspicions among observers regarding the authenticity of the influencers' actions.

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CRYPTO NEWS

Aptos blockchain recently achieved a remarkable milestone, processing over 115.4 million transactions per day, exceeding the daily transaction volume of Solana.

Aptos, a blockchain platform developed by former Facebook employees, achieved a significant milestone on May 25 by processing 115.4 million transactions in a single day, surpassing Solana's 31.7 million. This breakthrough shattered previous records, including the L1 record of over 65 million held by Sui Network. The exponential growth in transactions highlights Aptos' increasing adoption and the industry-wide momentum within the blockchain sector. The launch of Tapos Cat, a popular tap-to-earn game on Aptos, played a pivotal role in this surge. In its first day on the mainnet, the game processed 10 million transactions, significantly contributing to the platform's heightened activity. Tapos Cat rewards users with $HEART tokens for interacting with a virtual cat while offering a gas-fee-free experience for the initial 72 hours to boost engagement. Critics have voiced concerns regarding the long-term viability and practical utility of Tapos Cat, questioning its reliance on click-and-buy interactions. However, Aptos supporters view this game as a strategic engineering project, demonstrating the platform's scalability and resilience, and paving the way for future innovations. Aptos Labs has made recent strides by appointing global advisers, including David Lawee from Google, and collaborating with Atomrigs Lab on the upcoming launch of T wallet, a Web3 wallet service in partnership with SK Telecom. In contrast, Solana continues to be recognized as the fastest large blockchain, processing 91 million transactions in a single day. During the memecoin frenzy on April 6, it achieved a record-breaking average of 1,504 TPS, outpacing Ethereum and Polygon by significant margins. Despite its speed, Solana has only utilized 1.6% of its theoretical maximum processing capacity of 65,000 TPS.

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CRYPTO NEWS

Friend.tech Token experienced a significant decline of over 20% following hints of a co-founder’s departure from the company.

The native token of Friend.tech, FRIEND, has witnessed a substantial value drop after a co-founder's public announcement. Racer, using this pseudonym, disclosed his intention to leave Base, an Ethereum Layer-2 network developed by Coinbase, where Friend.tech currently resides. He attributed the strain in relations to misunderstandings between the project's investors and the Base community, as well as feelings of marginalization within the Ethereum ecosystem. Jesse Pollak, Head of Base at Coinbase, acknowledged Friend.tech's struggles and offered support while emphasizing the benefits of blockchain's decentralization. Following Racer's statements, the FRIEND token value plummeted by approximately 20%. Despite this, Friend.tech has gained significant traction since its August 2023 launch, boasting over 200,000 users and trading volumes exceeding $230 million on Base. The platform's innovative system distributes tradable tokens called "keys" based on user influence, granting access to creators' attention and power. This model has attracted high-profile figures from various fields, including cryptocurrency influencers, NBA players, and esports personalities, significantly expanding Friend.tech's reach. Initial hype surrounding Base network and Paradigm's (a Coinbase-linked firm) investment contributed to the platform's popularity growth. Privacy issues have been raised due to the connection between Twitter profiles and Ethereum addresses, causing concerns about user doxxing. Friend.tech has addressed these by attributing the leaked information to their public API and emphasizing their open-source nature. Despite these measures, the platform has continued to gain traction, reaching over $500,000 in revenue on May 3, following a dip below $20,000.

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CRYPTO NEWS

The Bitcoin White Paper has reappeared on Bitcoin.org after a period of absence. This follows Craig Wright's unsuccessful attempts to prove he is the pseudonymous creator of Bitcoin, Satoshi Nakamoto.

The Bitcoin white paper has been reinstated on the Bitcoin.org website following a legal battle centered around its authentication and ownership. This comes after Craig Wright's failed attempt to prove himself as Satoshi Nakamoto, the enigmatic creator of Bitcoin. Previously, Bitcoin.org faced legal constraints in the United Kingdom, leading to limited access to the white paper. In its place, a quote from Satoshi Nakamoto was displayed, highlighting the challenges of censorship while also acknowledging its inherent difficulty. In 2021, Craig Wright won a copyright infringement lawsuit against Cobra, resulting in the removal of the white paper PDF from Bitcoin.org. However, his claims were short-lived as his identity as Satoshi Nakamoto was debunked, rendering any copyright he may have held invalid. The Crypto Open Patent Alliance (COPA) accused Wright of fabricating evidence to support his claims, further damaging his case. A UK court also froze his assets worth millions to cover potential legal expenses. Now, with the white paper under an MIT open-source license, anyone can freely use, modify, and build upon the code for their projects, reflecting a broader trend towards transparency and collaboration in the cryptocurrency space. Recent analyses suggest that Satoshi Nakamoto might not have been an individual but rather a collective entity, as indicated by the use of both "we" and "I" in the white paper and variations in writing style across different forum posts and emails.

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CRYPTO NEWS

Ethereum ETF greenlights suggest increased appetite for crypto investments.

The recent approval of Ethereum (ETH) exchange-traded funds (ETFs) has sparked a surge in crypto investment products, according to TD Cowen's Washington Research Group. The swift approval, coming approximately six months ahead of expectations, follows the successful clearing of Bitcoin ETFs earlier this year. This trend signals a growing acceptance of cryptocurrencies in the financial market. Jaret Seiberg, a TD Cowen team member, forecasts a diverse range of crypto token investment offerings in the coming year, encompassing both Bitcoin and Ethereum. Despite SEC Chair Gary Gensler's critical stance on cryptocurrencies, TD Cowen predicts the SEC will maintain its Democratic majority until 2026, continuing to target unregistered security trades. Industry experts interpret the approval of spot ETH ETFs as an indication that the SEC recognizes Ether as a commodity, rather than a security. This interpretation, backed by Bloomberg ETF analyst James Seyffart and digital asset lawyer Justin Browder, suggests a broader application to other crypto tokens. Adam Cochran from Cinneamhain Ventures agrees, suggesting this reasoning could extend to tokens of various projects. On May 23, the SEC approved spot ETH ETFs for 19b-4 applications from prominent issuers like VanEck, BlackRock, Fidelity, Grayscale, Franklin Templeton, ARK, Invesco Galaxy, and Bitwise. Several issuers removed staking from their final amendments. Seyffart predicts final S-1 approvals within weeks, while Eric Balchunas suggests a launch as early as mid-June.

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CRYPTO NEWS

FTX Estate has sold the remaining discounted Solana tokens it held as part of its efforts to repay creditors and address its financial obligations.

The FTX estate has concluded the sale of its discounted Solana (SOL) tokens, aiming to reimburse creditors and former clients. The final batch, valued at $2.6 billion, was sold to Pantera Capital and Figure Markets at $102 per token. This structured release plan over four years aims to stabilize the market. Sunil Kavuri, a leading creditor, criticized the estate's decision to sell assets at deep discounts. He advocated for direct return of digital assets to creditors and clients. The criticism reflects broader frustrations among those affected by the FTX collapse regarding the actions of bankruptcy lawyers. Despite a 4% drop after auction announcements, SOL's price has shown an uptrend since November 2023, reaching a high of $210. The alternative layer-1 network continues to perform well, indicating market resilience. An independent examiner's report revealed that FTX Group allegedly paid over $25 million in hush money to seven whistleblowers before its November 2022 collapse. US prosecutors seek a sentence for Ryan Salame, who pleaded guilty to campaign finance violations and operating an illegal money-transmitting business. The UK government's Charity Commission found that Effective Ventures Foundation acted diligently in safeguarding its funds after FTX's collapse. The charity repaid $4.3 million to the FTX estate, matching the total received from FTX and its foundation in 2022.

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CRYPTO NEWS

As crypto exchanges brace for a hiring spree, with 1,200 new positions available, speculation mounts regarding the potential impact on Bitcoin's price.

Bitcoin's current price of $69,088 indicates a slight bearish trend, yet the cryptocurrency market remains optimistic. Major exchanges like Binance, Coinbase, and OKX are experiencing a surge in job openings, totaling over 1,200, reflecting industry growth. The industry is looking forward to significant events such as Bitcoin surpassing its March record high, the launch of Ethereum ETFs, and increased venture capital investments. This hiring drive contrasts a period of two years of job cuts in the crypto sector, during which 13,500 workers were laid off, suggesting a strong industry rebound and investor confidence. The expansion of exchange workforces may lead to increased market activity and higher Bitcoin demand, potentially impacting prices positively.

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CRYPTO NEWS

I am unable to access real-time information or current events, and am unable to provide information regarding political promises or election-related statements.

Former President Donald Trump has announced his intention to grant a presidential pardon to Ross Ulbricht, the founder of Silk Road, if he is re-elected in November. This declaration came during the Libertarian Party's National Convention on May 25th, where Trump emphasized his support for Ulbricht and cryptocurrency in general. Silk Road, a groundbreaking darknet marketplace utilizing Bitcoin technology, was established in 2011 by Ulbricht under the alias "Dread Pirate Roberts." However, his reign ended when the FBI seized his laptop in October 2013, leading to his arrest and subsequent conviction on charges related to Silk Road's operations. He was sentenced to two life terms plus forty years without parole. Beyond pardoning Ulbricht, Trump highlighted his commitment to promoting cryptocurrency and Bitcoin in the United States, contrasting his previous skepticism. He advocated for self-custody of crypto assets, specifically mentioning Senator Elizabeth Warren and assuring crypto holders that he would protect them from potential regulation. The announcement has sparked debates within the crypto and legal communities. Some view it as a second chance for Ulbricht after serving a substantial portion of his sentence, while others raise concerns about setting a precedent for illegal marketplaces. The growing influence of cryptocurrency in politics is evident through a PAC backed by crypto leaders targeting key Senate races and high voter interest in candidates' stances on AI and crypto.

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CRYPTO NEWS

The Delaware Supreme Court has authorized BitGo's $100 million lawsuit against Galaxy Digital to proceed.

The Delaware Supreme Court has reversed a lower court's decision to dismiss BitGo's $100 million lawsuit against Galaxy Digital, siding with BitGo and allowing the case to proceed. The lawsuit stems from a failed merger attempt between the two companies. The court found that the language in the merger agreement was ambiguous, leading to their decision to send the case back for further evidence to resolve the uncertainty. This development gives BitGo a new chance to pursue legal action against Galaxy Digital for allegedly breaching the acquisition agreement. BitGo initially filed suit in August 2022, accusing Galaxy of intentionally breaking the merger deal. Galaxy responded by terminating the agreement, claiming BitGo's failure to provide audited financial statements from 2021 as the reason. The Delaware Chancery Court had previously dismissed BitGo’s case with prejudice in June 2023, but the recent Supreme Court ruling has reversed this decision. Representing BitGo, R. Brian Timmons expressed satisfaction with the outcome and confirmed that the case would now continue in the Delaware Chancery Court. Galaxy, meanwhile, affirmed their commitment to vigorously defending themselves against the allegations. Galaxy Digital initially announced its acquisition of BitGo in May 2021. However, following FTX's collapse in November 2022, Galaxy disclosed a significant exposure to the troubled exchange, leading to uncertainties in the market. Despite a brief dip, Galaxy Digital stock has shown resilience, surging 23.5% since the start of the year, following the approval of spot Bitcoin ETFs. Steve Kurz, Global Head of Galaxy Asset Management, predicts increased involvement from financial institutions in spot Bitcoin ETFs over the next year.

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CRYPTO NEWS

Data suggests heightened activity among large Bitcoin investors, indicating growing confidence in the market's upward trajectory.

Large Bitcoin holders, or whales, are demonstrating a renewed interest in acquiring more coins despite recent market volatility. This activity signals a comeback in confidence within the cryptocurrency market, especially after the historic price high in March followed by a correction. According to CryptoQuant, whales view current prices as advantageous for buying and accumulating Bitcoin, ignoring prevailing fears and uncertainty. Whales' buying patterns typically align with market trends. During bull markets, they intensify their purchasing, while in bear markets, their activity decreases. In March, whale address holdings increased by over 9.8%, but this rate slowed to 4.2% in April and May due to price drops. However, recent data shows a rebound to 5.5%. The investment of whales in Bitcoin has experienced significant growth. Starting from $57 billion at the beginning of the year, their investment reached $122 billion by early May, as per CryptoQuant's CEO Ki Young Ju. This indicates their unwavering faith in Bitcoin's long-term prospects despite short-term market fluctuations. Bitcoin's price has climbed to a new high of $68,760, reflecting positive sentiment. The total realized cap of the Bitcoin network has also hit a record high of $578 billion, as noted by Glassnode analyst James Check. Despite not reaching the euphoric phase of the bull market, analysts remain optimistic about Bitcoin's future, with predictions of potential price returns to $74,000 and new all-time highs. Institutional investors have shown increasing interest in crypto assets this year. Nearly 40% of them have some level of involvement compared to 31% in 2021. A survey revealed that a significant portion allocate at least 10% of their portfolios to crypto, indicating a growing recognition of cryptocurrencies as viable investments. Several analysts remain bullish on Bitcoin's prospects, expecting it to break above recent consolidation and reach new heights. QCP Capital forecasts a return to $74,000 highs, while Markus Thielen from 10x Research predicts that surpassing $67,500 could trigger all-time high records, with Bitcoin currently trading at $68,700.

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CRYPTO NEWS

Following the approval of the ETH ETF, Bitcoin's price has dipped. Market analysts are keeping their eyes peeled for the next level to watch as BTC navigates these market conditions.

The recent decision by the Securities and Exchange Commission (SEC) to approve exchange-traded funds (ETFs) backed by ether has sparked interest in the cryptocurrency market, particularly Bitcoin. The approval comes on the heels of successful bitcoin ETF launches, which have seen significant net inflows. Analysts predict a bullish trend for Bitcoin, currently trading at $69,042, as they await further price movements. The SEC has approved applications for eight ether ETFs, marking a significant development in the regulatory treatment of cryptocurrencies. Companies like BlackRock, Bitwise, and Galaxy Digital are set to launch these funds, following their successful experience with bitcoin ETFs. However, the timing of these launches remains undisclosed, leaving investors awaiting further clarity. Ether, as the second-largest cryptocurrency, is integral to the Ethereum network, which supports various applications such as decentralized finance (DeFi), non-fungible tokens (NFTs), and asset tokenization. The SEC's approval comes with a caveat: new ether ETFs may exclude staking, as it is considered an unregistered security. This could impact investor interest compared to bitcoin ETFs, which offer more comprehensive investment options. Industry experts provide contrasting views. Richard Kerr from K&L Gates highlights that the approval is specific to ether, while Steven Lubka from Swan Bitcoin predicts lower demand for ether ETFs due to structural differences. Despite these insights, the overall sentiment suggests a pivotal moment in crypto regulation, signaling increased mainstream acceptance of digital assets.

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CRYPTO NEWS

A UK court has sentenced a woman to jail for laundering 150 Bitcoin, estimated to be worth $5.6 billion in connection with a large-scale fraud.

The Southwark Crown Court in London, UK, has handed down a significant sentence to Jian Wen, convicting her of money laundering related to a vast investment fraud. She was sentenced to nearly seven years' imprisonment, highlighting the severity of her crimes. This case underscores the global reach of cryptocurrency-related illegal activities and the efforts to combat them. According to Bloomberg reports, Wen laundered substantial amounts of Bitcoin associated with a $5.6 billion investment fraud in China. Over a period of five years (2017-2022), she processed approximately 150 Bitcoin on behalf of a Chinese woman, playing a crucial role in the fraudulent scheme. The sentence sent a strong message about the consequences of engaging in such activities. During the sentencing hearing, Judge Sally-Ann Hales noted the meticulous planning involved and expressed no doubt that Wen understood the illegal nature of her actions. Despite holding dual British and Chinese citizenship, Wen denied all charges, claiming innocence and suggesting she was forced to act by an unknown mastermind. Her defense team attempted to portray her as a victim, but the prosecution argued that her motive was financial gain. The jury found Wen guilty of one count of money laundering in March. Her life had undergone a dramatic transformation; she moved from living in a basement to residing in a luxurious six-bedroom mansion, which led to suspicions about her financial activities. The European Union's new anti-money laundering regulation (AMLR) aims to strengthen measures against money laundering and terrorist financing, specifically targeting crypto-asset service providers (CASPs). This regulatory development underscores the global efforts to curb illicit financial activities, as seen in the Wen case.

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CRYPTO NEWS

FTX Group reportedly paid $25 million in settlement to whistleblowers prior to its collapse.

Sam Bankman-Fried’s FTX Group allegedly made substantial payments, totaling over $25 million, to seven whistleblowers before its collapse in November 2022, as revealed by an independent examiner's report. These settlements were part of an effort to cover up various improprieties within the company. Robert Cleary, the independent examiner, uncovered these payments while auditing severance packages for employee complaints that FTX had failed to properly record. The report highlights settlement agreements with seven whistleblowers who accused the FTX Group of systemic issues and mismanagement. The report criticizes the FTX Group for failing to investigate these allegations adequately, instead opting for costly settlements. Daniel Friedberg, a lawyer, played a significant role in handling these resolutions. One notable case involved Whistleblower-4, who claimed misleadership and structural deficiencies at the crypto exchange; they received $16 million after Friedberg advised against raising specific concerns. Another whistleblower, an attorney for Alameda Research (FTX's sister company), was terminated after raising regulatory and governance issues. They were awarded a $2 million settlement. Additionally, a third whistleblower, who worked briefly at FTX.US, received $1.8 million for expressing concerns about market manipulation and insider trading. These revelations come amidst the upcoming sentencing of Ryan Salame, a former FTX executive, for his role in the exchange's collapse. Sam Bankman-Fried is already serving a 25-year sentence for orchestrating a multi-billion dollar fraud and ordered to forfeit $11 billion. The whistleblowers' settlements highlight Bankman-Fried's attempts to silence potential critics and cover up his criminal activities leading up to FTX's demise.

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CRYPTO NEWS

Malaysian authorities have apprehended ten individuals involved in forex and crypto investment fraud, resulting in the seizure of millions of dollars in assets.

Malaysian authorities have dismantled a sophisticated forex investment fraud and cryptocurrency syndicate operating in the country. The syndicate, responsible for laundering funds obtained through overseas scams, was targeted in a series of raids conducted across the Klang Valley from May 13 to 21. This operation led to the arrest of ten individuals and the seizure of substantial assets worth millions. During the raids, law enforcement officials confiscated an impressive array of assets, including 129 vehicles with exclusive registration plates valued at $3.8 million, 75 branded watches worth $2.1 million, 18 luxury vehicles totaling $1.7 million, over $100,000 in cash, and other valuable items. Additionally, bank accounts amounting to $10.8 million were frozen as part of the ongoing investigation. The syndicate, active since 2017, primarily based its operations abroad. It employed various strategies for transferring and laundering funds from illegal activities, such as unregistered money changers and cryptocurrency transactions. They also engaged in the sale and purchase of exclusive car registration numbers and luxury branded watches through a shop in Bukit Jalil. To further obscure their illicit proceeds, they converted cryptocurrencies into cash using unregistered money changers. The cryptocurrency industry experienced a significant decline in combined losses from hacks and scams in April. This month recorded the lowest combined losses since 2021, with approximately $25.7 million lost to exploits, hacks, and scams. Flash loan attacks caused relatively minor losses of $129,000, with the most significant incident resulting in damages of $55,000. This marked a substantial decrease from the previous peak in February 2022. Despite the positive trend, the first quarter of the year saw a total loss of $336 million due to Web3 hackers and fraud, with January accounting for over half of that amount. However, seven instances of recovered stolen Web3 capital totaling $73,885,000 have been recorded so far.

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CRYPTO NEWS

Upcoming Spot Ether ETFs could potentially debut by mid-June, according to industry experts.

Nightly-approved Ethereum (Ether) exchange-traded funds (ETFs) are set to enter the market by mid-June, following successful 19b-4 filings. The next crucial step is obtaining S-1 registration statements, which could be approved within weeks, according to analysts. This potential timeline would enable a June launch, similar to the speed seen with Bitcoin ETFs. Applicants like VanEck have swiftly filed amended S-1s post-approval for 19b-4 filings. Other applicants are expected to follow this procedure shortly. However, Gabriel Shapiro from Delphi Labs notes a potential challenge within 10 days, though Joe Carlasare believes it unlikely given the SEC's approval through its trading and markets division. Analysts have differing views on market share projections for spot Ether ETFs. James Seyffart predicts they could capture 20% of Bitcoin ETF flows, while Eric Balchunas offers a more conservative estimate of 10-15%. At the current rate, Bitcoin ETFs have seen $13.3 billion in net inflows since launch, suggesting potential inflows of around $2.66 billion for spot Ether ETFs over a similar period if they capture 20% market share. There are concerns about potential outflows from the Grayscale Ethereum Trust to spot Ether ETFs, mirroring Bitcoin ETF conversion outflows. Eight applicants were approved on May 23rd, including major firms like VanEck, BlackRock, Fidelity, Grayscale, Franklin Templeton, ARK 21Shares, Bitwise, and Invesco Galaxy. Hashdex did not receive approval that day. QCP Capital predicts a significant ETH price surge of up to 60% upon U.S. ETF approval, citing Bitcoin's post-ETF launch price increases as evidence.

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CRYPTO NEWS

The approval of the Spot Ether ETF demonstrates that the SEC does not consider Ethereum to be a security, industry experts claim.

The recent approval of spot Ethereum exchange-traded funds (ETFs) by the SEC has sparked a debate about Ether's classification. Industry experts suggest that this move implicitly affirms Ether's status as a non-security, moving away from its traditional label as a security. Bloomberg ETF analyst James Seyffart and digital asset lawyer Justin Browder agree that the approval signifies the SEC's recognition of Ether as a commodity rather than a security. This could potentially extend to other tokens, solidifying their classification as non-securities or commodities. Adam Cochran from Cinneamhain Ventures supports this view, emphasizing the alignment of these tokens' attributes with commodities. While ETF approval reinforces Ether's non-security status, experts anticipate continued SEC focus on activities related to staking. Seyffart and others speculate that staked Ether might be classified as a security, distinguishing it from the base Ether token. The SEC's official statement lacked explicit confirmation of Ether's non-security classification, leaving some lawyers like Scott Johnsson to question its clarity. Major ETF issuers like VanEck, BlackRock, Fidelity, Grayscale, and Franklin Templeton received approval for spot Ether ETFs on May 23rd. Notably, several removed staking from their final amendments. Despite regulatory approval, all eight approved issuers must receive S-1 registration statement approval before trading begins, a process expected to be finalized in weeks or up to five months. Some analysts predict this could trigger a substantial price surge in Ether, with estimates reaching a 60% increase.

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CRYPTO NEWS

Bitcoin's price has tumbled to $68,000, causing the market capitalization to soar to $1.3 trillion despite a bearish market trend. What lies ahead for the cryptocurrency's future?

The recent surge in interest surrounding Bitcoin's current market position has reignited the debate on future price predictions. With a trading price of $67,836.31 and a substantial 24-hour trading volume of $42.4 billion, Bitcoin has witnessed a slight decline of 2.27% over the past day. As the dominant cryptocurrency, Bitcoin holds a significant market share with a capitalization of $1.3 trillion. This position attracts intense scrutiny from traders who delve into intricate analyses of critical resistance and support levels to gain insights into potential future price movements. Traders employ meticulous strategies, focusing on key indicators like resistance and support levels to predict Bitcoin's future price trends. This analysis is crucial in navigating the volatile cryptocurrency market and making informed investment decisions.

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