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CRYPTO NEWS

Market analysts predict Bitcoin's price could reach $80,000 in the near future, sparking speculation about an imminent rally.

Bitcoin's price has struggled to rise above a certain threshold, remaining near the $67,824 mark, and even dipping to an intra-day low of $66,600. The recent drop was precipitated by robust US economic data indicating a strong labor market and services sector, which diminished expectations for a rate cut by the Federal Reserve in September. This development discouraged riskier asset investments. Investors' attention is now fixed on forthcoming remarks from Federal Reserve officials, particularly Governor Waller's address on Friday. Concerns over hawkish statements potentially impacting Bitcoin's price are high. Additionally, the release of US Durable Goods Orders and Michigan Consumer Sentiment Index reports will play a role in shaping market sentiment. Recent regulatory changes in the United States have significantly influenced Bitcoin's positive trajectory. These include congressional calls for the approval of spot Ethereum (ETH) exchange-traded funds (ETFs) and the passing of the FIT21 bill, which offers clarity on cryptocurrency regulations. Furthermore, major Bitcoin holders have shown substantial interest, accumulating 20,000 BTC worth approximately $1.4 billion in the past week, contributing to increased demand for Bitcoin. The aforementioned regulatory shifts and positive developments have led to a surge in Bitcoin's popularity, characterized by large investors' accumulation and significant inflows into spot Bitcoin ETFs, further reinforcing the cryptocurrency's bullish trend.

1/24/2025, 11:50:34 AM

CRYPTO NEWS

The US House of Representatives has taken action to temporarily halt the Federal Reserve’s exploration of a digital dollar.

On Thursday, the US House made a significant move by passing legislation that mandates congressional approval for the Federal Reserve to issue a digital dollar. Dubbed the CBDC Anti-Surveillance State Act (HR 5403), the bill was approved with a substantial majority of 216 votes in favor to 192 against, fueled by Republican concerns over potential government control over citizens' finances. The House vote reflects ongoing worries among Republicans, including former President Trump, regarding the scope for government overreach associated with a US digital dollar. Tom Emmer, the House Majority Whip from Minnesota, argued that such a currency could serve as a surveillance tool, enabling the government to track transactions and curb activities deemed politically undesirable. Trump has been vocal in his opposition to a Central Bank Digital Currency (CBDC), promising to block its creation if re-elected. The Thursday vote stands in contrast to the previous day's session, when another significant bill passed the House, focused on crypto market regulation. The Financial Innovation and Technology for the 21st Century Act (FIT21) establishes a new regulatory framework for the cryptocurrency market, strengthening the Commodity Futures Trading Commission's control over digital assets in spot markets and outlining the Securities and Exchange Commission's approach to the sector. While the FIT21 bill was celebrated within the crypto industry, it faces significant challenges. Alan Mittleman, COO of Secure Digital Markets, noted that a companion version must be approved by the Senate for the bill to become law. This process will require substantial revisions and could face opposition from prominent crypto critics like Senator Elizabeth Warren, raising doubts about the bill's ultimate fate. President Joe Biden has also expressed concerns over consumer protection measures in the current version.

1/24/2025, 11:50:43 AM

CRYPTO NEWS

The court has ruled that influencer Ian Balina violated securities laws through his promotion of SPRK tokens.

A U.S. district court has found crypto influencer Ian Balina guilty of violating American securities laws, marking a significant development in the regulatory scrutiny of the cryptocurrency industry. The judge, David Alan Ezra, determined that Balina's promotion and sale of SPRK tokens without proper disclosure constituted a breach of these laws. Balina faced legal charges in September 2022 due to his involvement in the SPRK token's initial coin offering (ICO), which took place between April and July 2018. The Securities and Exchange Commission (SEC) accused him of promoting these tokens without registering them, as required by law. Balina actively marketed SPRK across social media platforms like YouTube and Telegram, where he failed to disclose his receipt of a 30% bonus for these promotional activities, violating Section 17(b) of the Securities Act. Moreover, Balina organized an investment pool, offering SPRK tokens to participants. The SEC alleged that he omitted disclosing his financial interest in these tokens, received from Sparkster, the company behind SPRK. This omission is a significant breach of regulatory requirements, as it misleads investors about potential conflicts of interest. According to SEC estimates, the SPRK token offering raised approximately $30 million from around 4,000 domestic and international investors during the specified period. In response to these charges, Balina's website published a statement refuting the allegations. They claimed that the accusations of compensation for promotions were unfounded and insisted that he had not profited from his token purchases, suggesting a potential victimization similar to other SPRK investors.

1/24/2025, 11:50:50 AM

CRYPTO NEWS

Former Kansas Bank CEO has admitted to stealing approximately $47 million in cryptocurrency as part of a fraud scheme.

Based in Kansas, the now-defunct Heartland Tri-State Bank's former CEO, Shan Hanes, pleaded guilty to embezzling $47.1 million for personal cryptocurrency purchases, leading to the bank's collapse in July 2023 and a complete loss of equity for investors. The court revealed that Hanes orchestrated elaborate crypto-related schemes to cover the bank's losses, squandering millions in cryptocurrency. The Department of Justice characterized Hanes as a skilled manipulator and liar, whose actions were responsible for the bank’s downfall. The ramifications of his behavior will likely leave many victims without full recovery of their life savings and retirement funds. An ongoing investigation by the FBI, Federal Deposit Insurance Corporation, Federal Reserve Board, and Federal Housing Finance Agency is examining the bank’s crypto-related activities. Hanes faces a potential sentence of up to 30 years in prison, with his fate to be decided on August 8th. The failure of recent banks like Signature, SVB, and Silvergate has had a significant ripple effect on the cryptocurrency sector. These institutions previously provided essential services to crypto firms, raising questions about the appropriate relationship between traditional finance and blockchain ecosystem. In February 2023, the Federal Reserve issued a joint statement highlighting liquidity risks in banking relationships with crypto organizations and emphasizing the need for robust risk management strategies.

1/24/2025, 11:50:57 AM

CRYPTO NEWS

Top crypto picks for May 23rd include Pepe, Arbitrum, Bonk.

The Securities and Exchange Commission's approval of eight Ethereum (ETH) exchange-traded funds (ETFs) has led to a surge in market volatility, prompting investor scrutiny for promising cryptocurrencies. Despite the news, ETH has maintained relative stability, trading under $3,800, yet still achieving a 25% weekly gain. The potential for ETH to break above $4,000 positions it as a strong candidate for the top crypto investment. With Ethereum ETFs set to commence trading as early as next week, high demand could drive ETH to new all-time highs, mirroring Bitcoin's ETF reception earlier this year. However, some investors might prefer smaller altcoins for capturing the growth of the Ethereum ecosystem. Pepe, the third-largest meme coin, has been gaining value throughout the week, expected to benefit from Ethereum's growing ecosystem. It reached new all-time highs and continues to surge, with a 11% increase in the past seven days. With a market capitalization of $6.26 billion, Pepe still holds significant growth potential. Arbitrum, a layer-2 scaling blockchain for Ethereum, is expected to receive a liquidity boost from the newly approved ETFs. Its 5% daily gain and above-average price action suggest an optimistic trend, potentially leading to a 2x gain for investors. While Bonk is not directly tied to Ethereum's ecosystem growth, its recent upward movement aligns with market sentiment favoring riskier assets. With a lower market capitalization compared to Pepe and Dogecoin, Bonk offers a relatively inexpensive investment option for those seeking the best crypto to buy now.

1/24/2025, 11:51:06 AM

CRYPTO NEWS

Approximately 40% of institutional investors had exposure to cryptocurrency in 2023, according to a survey.

The text highlights a significant shift in the global investment landscape, with institutional investors increasingly showing interest in cryptocurrencies. In 2023, approximately 40% of worldwide institutional investors had exposure to crypto assets, marking a substantial increase from 2021's 31%. This trend is evident in various regions, particularly in Hong Kong. KPMG's survey reveals compelling reasons behind this growing interest. The majority of respondents (67%) attributed their investment to the maturing crypto market and improved custody infrastructure. Furthermore, the impressive market performance of cryptocurrencies, with Bitcoin and Ethereum leading the way, has captivated investors, with 58% citing it as a primary motivator. Bitcoin's and Ethereum's performance over the past few years has been extraordinary. Bitcoin achieved a staggering 150% surge in 2023 and continues its upward trend, while Ethereum has seen approximately a 60% increase in 2024. These performances have undoubtedly drawn the attention of institutional investors seeking attractive investment opportunities. The US Securities and Exchange Commission's (SEC) approval of spot Bitcoin ETFs in January 2023 was a pivotal moment, significantly increasing accessibility for institutional investors. This regulatory move streamlined the process of incorporating cryptocurrencies into institutional portfolios, fostering further interest. A poll conducted by the Digital Assets Council of Financial Professionals indicates a notable shift in investor sentiment. More financial advisors plan to recommend crypto-related opportunities to their clients, with 35% intending to encourage digital asset investments compared to 21% the previous year. Major sell-side firms have also expanded their coverage of digital assets, reflecting evolving discussions between investor relations professionals and institutional investors. Hong Kong has emerged as a hotbed for cryptocurrency investment, driven by regulatory clarity and recent ETF approvals for Bitcoin and Ethereum. The OSL Group, a Hong Kong-listed digital assets company, has witnessed increased investor interest due to this surge in popularity. The city's first batch of crypto-focused ETFs further intensifies competition with similar products in the United States.

1/24/2025, 11:51:16 AM

CRYPTO NEWS

The potential of the Metaverse raises a crucial question: should you invest in this nascent digital landscape? Explore the opportunities and risks associated with this groundbreaking technology.

The text introduces the concept of the Metaverse, highlighting its recent surge in popularity as an investment opportunity. It emphasizes the technological foundations, including virtual reality (VR), augmented reality (AR), blockchain, and artificial intelligence (AI), that enable this immersive digital universe. The global market's remarkable growth is evident, with a projected CAGR of 44.4% from 2023 to 2030. The past few years have witnessed substantial growth in the Metaverse due to the demand for virtual experiences. Games like Roblox and Fortnite have integrated social media features, attracting larger audiences. The COVID-19 pandemic accelerated the trend, emphasizing the potential of digital transformation. Blockchain technology is crucial, ensuring secure transactions and enabling non-fungible tokens (NFTs) for digital asset ownership. AR and VR technologies are revolutionizing entertainment and gaming, with their market share rapidly expanding. Platforms like Roblox, Fortnite, and The Sandbox successfully blend social media and gaming, fostering immersive experiences and socialization. Businesses are adopting Metaverse technologies for virtual meetings, training, and customer engagement, especially post-pandemic. The Metaverse has diverse applications, including virtual shopping, online education, and remote work. Major investors like Meta (formerly Facebook), Microsoft, Tencent, and Nvidia are committing substantial resources to enhance platforms and create innovative user experiences. The text mentions notable investments from Epic Games and Sony into Metaverse-focused companies. While the Metaverse holds immense potential, it operates within a broader ecosystem. Decentraland and The Sandbox are cryptocurrency-based metaverses, requiring careful consideration for investors. Despite challenges, the dynamic nature of this market, driven by technological advancements and corporate adoption, presents significant opportunities.

1/24/2025, 11:51:24 AM

CRYPTO NEWS

Leading corporations are increasingly engaging with cryptocurrencies. This report examines prominent companies involved in the crypto landscape and their strategies in this rapidly evolving space.

The initial years of Bitcoin and cryptocurrencies were marked by a lack of clear regulations, creating uncertainty for corporations considering digital assets. Global regulators struggled with categorizing these new digital currencies, leading to ambiguity that posed risks for businesses exploring crypto. Non-compliance could result in legal consequences, including fines or even criminal charges. As regulatory frameworks evolved and security measures improved, companies began to recognize the potential of blockchain technology. Microsoft took a pioneering step in 2014 by partnering with Bitpay to accept Bitcoin for Xbox content, signaling a shift. The company has since invested heavily in blockchain, integrating it into various business processes. Institutional adoption of cryptocurrencies gained significant momentum. Goldman Sachs established a cryptocurrency trading desk in 2018, indicating mainstream institutional interest in crypto assets. Mastercard partnered with numerous crypto platforms to launch crypto cards, enabling global payments at millions of merchants, further legitimizing crypto as a payment solution. Other tech giants also entered the crypto space. Amazon explored crypto payments and blockchain applications, while Ford and Shell investigated blockchain for supply chain management. Sony invested in blockchain technology for gaming and NFTs, showcasing its potential to enhance digital asset ownership and security. Despite the advantages, companies integrating cryptocurrencies face substantial regulatory challenges. The regulatory environment is still evolving, with differing stances across countries. In the U.S., the SEC has taken enforcement actions against crypto firms, classifying most cryptocurrencies as securities. Nasdaq abandoned cryptocurrency custody plans due to changing conditions, highlighting ongoing uncertainties. The adoption of cryptocurrencies and blockchain technology is accelerating, presenting opportunities for companies in operational efficiency, revenue growth, and consumer engagement. However, regulatory challenges and market volatility remain significant obstacles to widespread corporate use of this innovative asset class.

1/24/2025, 11:51:33 AM

CRYPTO NEWS

Bitcoin's price hovers around the $70,000 mark, encountering resistance. Analysts are monitoring the next potential move, as the market awaits clues about the cryptocurrency's future direction.

Bitcoin (BTC) has shown significant price movements in recent weeks, reaching a peak of $71,957 with a 13% gain over seven days. This surge is attributed to increased inflows into Bitcoin spot ETFs and optimism about Ethereum's potential approval by the SEC. BlackRock’s IBIT fund has led the way in U.S. bitcoin spot ETFs, capturing 94.86% of recent inflows totaling $280 million. This success puts it closer to Grayscale’s Bitcoin Trust in terms of holdings. The popularity of these funds and institutional interest in bitcoin ETFs reflect growing confidence in cryptocurrencies. Kaleo, an analyst, predicts that the true bull cycle for cryptocurrencies is yet to begin, with Bitcoin currently in an accumulation phase. He forecasts a potential price range of $150,000 to $200,000 for Bitcoin and $12,000 for Ethereum. Kaleo also expects increased capital inflows towards altcoins and decentralized applications due to market interest. Despite temporary dips, such as Bitcoin's fall below $70,000 and Ethereum's drop to $3,737, Kaleo maintains an optimistic view. He believes these fluctuations present future opportunities and anticipate heightened investor interest leading to price increases across the crypto market.

1/24/2025, 11:51:40 AM

CRYPTO NEWS

Fallen FTX founder Sam Bankman-Fried is being transferred to a prison in California.

Federal officials are relocating former FTX CEO Sam Bankman-Fried to a new federal prison in California, as reported by The Wall Street Journal. His spokesperson confirmed the move but refused to reveal the specific destination, with sources suggesting Mendota, California. The judge who oversaw Bankman-Fried’s trial issued an order recommending his detention in New York remain, to facilitate access to appellate counsel. This recommendation was made by Bankman-Fried’s lawyers six weeks prior. The outcome of this order on the transfer is uncertain. Given his lengthy sentence, Bankman-Fried is expected to be assigned to a medium-security federal prison. However, the specific facility has not been disclosed. The transfer process could take a month or longer, according to Michael Santos, founder of Prison Professors, due to its gradual nature. In March 2024, Judge Lewis Kaplan sentenced Bankman-Fried to 25 years in prison and a $11.02 billion fine in Manhattan federal court. Kaplan criticized his testimony as misleading. Meanwhile, prosecutors are seeking a sentence of five to seven years for former FTX executive Ryan Salame, arguing for deterrence. Salame’s attorneys requested a maximum term of 18 months, claiming he was not central to the fraud and had significant losses following FTX's collapse.

1/24/2025, 11:51:46 AM

CRYPTO NEWS

Leading cryptocurrency exchanges have formed a coalition called 'Tech Against Scams' to tackle the issue of cryptocurrency fraud.

A coalition of major tech companies and crypto exchanges has united under the banner of ‘Tech Against Scams’ to combat online fraud and financial scams, which have seen a significant surge. This cross-industry group includes prominent names such as Meta, Coinbase, Ripple, Kraken, Gemini, Match Group, and Global Anti-Scam Organization (GASO). The alliance's primary objective is to share knowledge and collaborate across sectors to empower users against scams. The initiative highlights the escalating problem of online fraud, facilitated by new technologies, as confirmed by INTERPOL. Fraudsters employ sophisticated tactics like the 'pig-butchering' scheme, where they build trust before stealing funds. The coalition acknowledges that these scams often utilize AI, large language models, and cryptocurrencies, emphasizing the need for diverse industries to collaborate in combating them. Global estimates reveal staggering losses due to financial scams, reaching approximately $1.4 trillion annually. The Tech Against Scams coalition focuses on educating users about common scam strategies and empowering them to identify potential threats early on. By doing so, they aim to reduce the significant financial impact of these crimes worldwide. Yoel Roth, Vice President of Trust and Safety at Match Group, underscores the importance of industry collaboration in staying ahead of evolving scams. He stresses the need for investing in innovative technologies to disrupt fraudulent activities more effectively, emphasizing that collective action across diverse tech sectors is crucial in establishing preventive measures for various financial crimes.

1/24/2025, 11:51:53 AM

CRYPTO NEWS

Fast Money's Brian Kelly suggests that Solana is poised to receive its own US-listed exchange-traded fund.

Brian Kelly, a crypto investor and trader, expresses his belief that Solana (SOL) is poised to become the next cryptocurrency to gain an exchange-traded fund (ETF) in the United States. He positions it as one of the "big three" cryptocurrencies in the current cycle, alongside Bitcoin and Ethereum. This claim comes ahead of the Securities and Exchange Commission's (SEC) decision on a proposed spot Ether (ETH) ETF. Not all experts share Kelly's optimism. Nate Geraci, president of The ETF Store, argues that a spot Solana ETF is unlikely without a Solana futures product listed on a major exchange or a clearer regulatory framework from Congress, going beyond Bitcoin and Ethereum. James Seyffart, Bloomberg ETF analyst, agrees, suggesting a launch could be years away, dependent on approvals from regulators like the Commodity Futures Trading Commission (CFTC). The SEC, under Gary Gensler, has previously classified Solana as a security in lawsuits against Coinbase and Kraken, creating regulatory complexities for potential applicants. Industry experts speculate that Litecoin (LTC) or Dogecoin (DOGE), due to perceived clearer paths, might secure an ETF listing before Solana despite lower demand. Despite few public discussions, Franklin Templeton has praised Solana and its founder, fueling speculation about a potential Solana ETF from the firm. Simultaneously, Fidelity filed an amended S-1 application with the SEC for its spot Ether ETF, specifying that underlying Ether tokens will not be staked. The speculation around spot Ether ETFs has positively impacted spot Bitcoin ETFs. BlackRock’s iShares Bitcoin Trust (IBIT) experienced a substantial inflow of $290 million on May 21, marking a significant reversal from the previous six weeks' trend of minimal inflows. Bitcoin itself reached a six-week high of $71,600 on the same day before dipping below $70,000 in early trading on May 22.

1/24/2025, 11:52:03 AM

CRYPTO NEWS

A recent Federal Reserve survey revealed that approximately 7% of US adults currently engage in cryptocurrency activities, a decline from previous years.

The latest Federal Reserve survey, the Survey of Household Economics and Decisionmaking (SHED), indicates a noticeable drop in the number of United States adults reporting crypto ownership or usage, with approximately 18 million adults using cryptocurrencies in 2023. The survey reveals that only 7% of U.S. adults used cryptocurrencies during the 12-month period leading up to October 2023, a significant decrease from the 10% reported in 2022 and 12% in 2021. Among crypto users, just 1% utilized it for financial transactions or money sending, marking a 50% drop from the previous year. While 7% of respondents acknowledged purchasing or holding cryptocurrencies as an investment, the survey sheds light on motivations behind crypto usage for financial transactions, with approximately 30% citing the recipient's preference for cryptocurrencies as a primary reason. Notably, lack of trust in banks emerged as a less common factor driving crypto adoption. The Federal Reserve survey highlights a correlation between income and crypto usage, with individuals earning $100,000 or more more likely to have used cryptocurrencies. Millennials (aged 30-44) and Generation Z adults (aged 18-29) constitute the largest groups of crypto users, while men are three times more likely to use cryptocurrencies than women. The survey also reveals racial disparities in crypto usage, with Black and Hispanic adults more likely to utilize crypto for financial transactions and Asian adults being the primary demographic using crypto as an investment. The influence of cryptocurrencies extends beyond finance, as a political action committee (PAC) backed by cryptocurrency industry leaders has targeted key Senate races, aiming to shape Congress's power dynamics. This PAC recently spent over $10 million against a Democratic U.S. Senate candidate in California. A majority of U.S. voters (73%) believe that presidential candidates should possess knowledge about innovative technologies like artificial intelligence and cryptocurrency, suggesting public interest in their integration into political discourse. A Coinbase report further predicts that California voters who own cryptocurrencies will wield significant influence in the 2024 elections.

1/24/2025, 11:52:13 AM

CRYPTO NEWS

The UK government's investigation into Effective Ventures, a charity funded by collapsed crypto exchange FTX, has concluded with the determination that the organization acted diligently in safeguarding funds.

The UK Charity Commission launched an inquiry into Effective Ventures Foundation, a charity supported by FTX, due to FTX's significant sponsorship role. The investigation aimed to assess the charity's response to the FTX collapse and its potential impact on the organization's funds. Upon FTX's demise, the trustees of Effective Ventures promptly took action. They ringfenced the £3.3 million in donations received from FTX, obtained a Defense against Money Laundering from the National Crime Agency, and entered into a settlement agreement to repay the funds in 2022 after seeking independent legal advice. Two trustees with connections to FTX resigned during the investigation. However, the remaining trustees swiftly evaluated the risks and implemented strategies to protect the charity's assets and ensure continuity. This proactive approach demonstrated their commitment to upholding legal obligations. Reports reveal that Effective Ventures paid $4.3 million to FTX's estate, matching the total received from FTX and the FTX Foundation in 2022. The charity's interim CEO confirmed that both the UK and US branches collectively repaid $26.8 million, ensuring the protection of future donations for their projects. Effective Ventures strongly denounced the fraudulent activities of Sam Bankman-Fried, FTX's founder, emphasizing their stance against such unethical conduct.

1/24/2025, 11:52:20 AM

CRYPTO NEWS

South Korean police have arrested 28 individuals in a raid targeting a suspected cryptocurrency investment fraud ring.

South Korean police have taken decisive action against a cryptocurrency investment fraud ring, detaining 28 individuals suspected of its orchestration. The Gwangju Metropolitan Police Agency's Cyber Crime Investigation Unit conducted a raid based on information from Jose Geumyoong Shinmun and KBC broadcaster. Six members were detained while 22 others were charged without detention. The investigation revealed that the fraud ring deceived approximately 50 individuals out of a combined total of $1.3 million between July and December of the previous year. The fraudulent operation manipulated victims through deceptive claims, assuring them of imminent price increases in little-known cryptoassets being listed on major exchanges. Police investigations confirmed that these tokens were worthless and had not been listed on any reputable exchange. Suspects posed as cryptocurrency experts, luring victims onto a fraudulent trading platform that was unregistered with the Financial Intelligence Unit. They stole investors' funds under false pretenses, claiming their investments were secure and promising high returns. The investigation exposed an intricate organizational structure within the group, divided into sales and public relations teams. The suspects face various charges, including organized crime. Further investigations are ongoing while South Korean authorities continue to crack down on fraudulent cryptocurrency activities, meting out severe punishments.

1/24/2025, 11:52:26 AM

CRYPTO NEWS

The US House overwhelmingly approved bipartisan legislation known as FIT21, which includes significant Securities and Exchange Commission (SEC) warnings regarding crypto assets. The proposal received strong support from both sides of the aisle.

The US House recently voted in favor of the Financial Innovation and Technology for the 21st Century Act (FIT21), a legislative proposal designed to streamline cryptocurrency oversight. This bipartisan decision, with a significant majority of 279 votes, marks a shift in regulatory focus towards digital currencies. The bill grants crypto operators enhanced freedoms while transferring the regulatory mandate for digital assets to the Commodity Futures Trading Commission (CFTC). This strategic move reclassifies digital assets as commodities, diverting oversight from the Securities and Exchange Commission (SEC), a change aligning with President Biden's recent anti-crypto industry stance. The passage of FIT21 poses a political dilemma for President Biden, compelling him to choose between supporting his own SEC Chairman or overriding the legislation. Interestingly, former President Donald Trump has shown backing for the crypto sector during his 2024 campaign. Following the vote, House Majority Whip Tom Emmer expressed optimism about the Act's potential to boost American innovation in digital assets while preserving decentralized technology values. However, both the White House and SEC had previously voiced reservations, with the former cautioning that FIT21 may not adequately protect consumers, and the latter claiming it could create regulatory gaps.

1/24/2025, 11:52:32 AM

CRYPTO NEWS

Top cryptocurrencies to consider purchasing today include Dogwifhat, Bittensor, and Dogecoin.

Despite a positive regulatory update, major cryptocurrencies experienced a retraction of their recent gains. The market faces a challenge in selecting the best investment options due to the current conditions requiring selectivity. Bitcoin (BTC) was trading slightly below $69,000, while Ethereum (ETH) and Solana (SOL) were valued at around $3,700 and $180, respectively. Crypto markets remain significantly higher than the previous week, primarily driven by optimism surrounding potential approval of spot Ethereum exchange-traded funds (ETFs). A significant development in US crypto legislation occurred as a bipartisan majority in the House passed a comprehensive bill. This progress is seen as a step towards regulating the industry and addressing the enforcement-driven approach of the Securities and Exchange Commission (SEC). While the Federal Reserve minutes expressed concern over lack of inflation reduction in 2024, the near-term market outlook remains optimistic. Attention will be focused on bullish themes like Ethereum ETFs and US regulatory policies. Bitcoin and Ether are predicted to retest their yearly highs of $74,000 and $4,000, respectively. Among the options, Bitcoin and Ether stand out as strong contenders for the top investment. Bitcoin dominates the market, while Ether is poised to benefit from regulatory approval and potential price appreciation. While established cryptocurrencies like Dogecoin (DOGE) and BitTensor (TAO) have shown substantial gains, achieving 10x or higher returns may require investing in newer, less established altcoins—a path fraught with increased risk. Presale investing offers an alternative for risk-tolerant investors to gain exposure to potentially high-performing cryptocurrencies.

1/24/2025, 11:52:41 AM

CRYPTO NEWS

Crypto exchange Bitget has named Gracy Chen as its new Chief Executive Officer.

Bitget, a cryptocurrency derivatives trading platform, has named Gracy Chen as its new CEO. She replaces Sandra Lou, who is pursuing other business ventures. Chen's previous role was Bitget's managing director, where she successfully led the company's market expansion and strategic development. Under Chen's leadership, Bitget experienced a significant user base growth of fourfold, positioning it among the top five crypto exchanges in derivatives trading volume. She attributes the success to the platform's focus on product innovation and user value, resulting in its ranking as a top futures and spot trading platform. Bitget has praised Chen for her leadership skills and entrepreneurial spirit. With over a decade of experience in business, marketing, and investment, she joined Bitget in 2022 as managing director and played a pivotal role in shaping the exchange's growth trajectory. In an interview with Cryptonews, Chen expressed optimism about the current market bullish sentiment, estimating that 30% to 40% of the market is driven by this trend. She also discussed the impact of the recent Bitcoin halving event, noting a price doubling compared to October 2023, while considering both the halving and broader market dynamics.

1/24/2025, 11:52:47 AM

CRYPTO NEWS

Ethereum futures exchange-traded funds witnessed increased trading volume on Monday, ahead of expected approval for physically settled Ethereum futures by the Commodity Futures Trading Commission.

The day before witnessed a remarkable surge in trading activity for Ethereum futures exchange-traded funds (ETFs), driven by heightened anticipation of potential approval from the U.S. Securities and Exchange Commission (SEC). On Tuesday, Ethereum futures ETFs recorded a substantial $47.75 million in trading volume, representing a 40% increase from their previous record. This growth built upon a significant jump of $23.67 million recorded on Monday. Within this category, ProShares’ Ether Strategy ETF (EETH) demonstrated overwhelming dominance, accounting for an astonishing $43.14 million or 90% of Tuesday's trading volume. VanEck’s Ethereum Strategy ETF (EFUT) and Bitwise’s Ethereum Strategy ETF (AETH) followed with $2.6 million and $2.01 million, respectively, showcasing the significant market share held by EETH. Despite this milestone, the trading volume for Ethereum futures ETFs, launched in October 2023, remains modest when compared to spot Bitcoin ETFs. The latter, which debuted in January, achieved a combined trading volume of $2.16 billion on Tuesday, led by BlackRock’s IBIT with $1.12 billion. This disparity highlights the continued dominance of Bitcoin in the ETF space. Additionally, Grayscale’s Ethereum Trust (ETHE) witnessed a notable increase in trading volume on Tuesday, reaching $684.44 million—its highest since its all-time high in May 2021. The trust's discount to net asset value narrowed to -6.7%, marking its lowest level in over two years and fueling investor optimism. The SEC’s recent request for exchanges to expedite spot Ethereum ETF filings has heightened expectations of approval before the upcoming deadline. Analysts Eric Balchunas and James Seyffart from Bloomberg have raised their approval odds to 75%, while ETF Store president Nate Geraci stresses the importance of dual regulatory approvals for ETF launches. This potential approval is considered a significant shift in U.S. crypto policy. Standard Chartered maintains its bullish prediction of $8,000 for Ethereum (ETH) by 2024, attributing it to the increasing likelihood of ETF approvals. The bank forecasts a high confidence level of 80% to 90% for these ETFs launching in the U.S. this week. This could lead to substantial inflows, potentially reaching $15 billion to $45 billion in the first year. The renewed optimism surrounding spot Ethereum ETFs has contributed to a 20% price increase for Ether since Monday, pushing its value to around $3,792 at the time of writing. As per Coinmarketcap, ETH was trading at $3,741 as of the last update.

1/24/2025, 11:53:00 AM

CRYPTO NEWS

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The Biden administration has expressed strong opposition to the Financial Innovation and Technology for the 21st Century Act (FIT21), as evidenced by a recent White House statement. The primary concern lies in the potential lack of consumer and investor protections within the digital asset transactions facilitated by this legislation. Despite their opposition, the administration has not issued a formal veto, leaving room for future collaboration with Congress. The White House statement highlights the administration's intention to work with Congress on establishing a comprehensive regulatory framework for digital assets. This approach aims to utilize existing authorities to promote responsible innovation while ensuring U.S. leadership in global finance. The goal is to strike a balance between fostering growth and protecting consumers and investors. FIT21, currently under consideration in the House of Representatives, would grant significant powers to U.S. crypto operators by delegating regulatory oversight to the Commodity Futures Trading Commission (CFTC). Critics argue that this could lead to market instability and erode existing securities regulations, raising concerns about potential negative impacts on investors. Gary Gensler, Chair of the U.S. Securities and Exchange Commission (SEC), has publicly disapproved of FIT21, claiming it would pose risks to investors and capital markets. He argues that the industry's issues are not regulatory gaps but rather non-compliance with existing rules by specific entities. This perspective sets a contrast with the Biden administration's stance. The SEC's aggressive actions against prominent crypto organizations, coupled with the Biden administration's initial veto threat, have sparked criticism regarding their regulatory approach. However, recent legislative trends on Capitol Hill suggest a potential shift in sentiment, moving away from strict enforcement-driven regulation. This change is reflected in Donald Trump's decision to accept cryptocurrency donations for his presidential campaign.

1/24/2025, 11:53:09 AM

CRYPTO NEWS

The Biden campaign is seeking financial support to counter the influence of cryptocurrency executives who have recently backed former President Trump.

The Biden campaign team has initiated a drive for financial assistance to bridge the fundraising gap with his Republican opponent, highlighted by the latter's apparent backing from affluent figures in the crypto industry. A circulated screenshot underscores the campaign's urgency regarding this funding discrepancy, pointing to substantial contributions from prominent crypto executives and oil barons to Trump's campaign. April's fundraising reports revealed a significant lead for Trump, raking in $76 million, with a notable $50 million stemming from a Florida gala. This surge in support mirrors similar trends seen in Senator Elizabeth Warren's race, where a pro-crypto Republican lawyer also gained traction. Campaign finance records indicate that John Deaton, representing XRP investors, raised over $1.3 million in Q1, surpassing Warren's haul of $1.1 million, thanks to donors like Anthony Scaramucci and Brad Garlinghouse. The contrasting views on crypto between Republicans and Democrats are reflected in the industry's fraught relationship with the SEC under Democrat leadership and the White House's efforts to curb Bitcoin mining. The Biden campaign's appeal for aid echoes Elizabeth Warren's earlier calls, as the political landscape continues to shape the crypto sector's regulatory trajectory. Donald Trump, formerly skeptical of Bitcoin, has recently taken a more lenient stance. His acceptance of crypto donations and hints at forming a "crypto army" to counter Warren's regulatory proposals signal a strategic shift. This change is evident in his personal investment too, as revealed by an October 2023 filing, indicating holdings between $250,000 and $500,000 in crypto assets. As the political discourse intensifies, the House of Representatives is set to vote on the Financial Innovation and Technology for the 21st Century Act (FIT21), aiming to provide regulatory clarity for the crypto industry by establishing a legal framework that accommodates its growth.

1/24/2025, 11:53:18 AM

CRYPTO NEWS

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On May 22nd, Stuart Alderoty, Ripple’s Chief Legal Officer, publicly voiced sharp criticism against Gensler, the Chairman of the US Securities and Exchange Commission (SEC). Alderoty accused Gensler of abusing his authority and creating a political liability through his approach to crypto asset regulation. He claimed Gensler had overplayed his hand, mistaking crypto for an easy target and reveling in the resulting backlash, while failing to foster a balanced regulatory environment. This came after Chris Brummer, a financial technology professor, expressed similar concerns about the SEC’s controversial actions under Gensler's leadership. Alderoty's criticism gained traction against the backdrop of swirling rumors regarding the SEC potentially approving a spot Ethereum exchange-traded fund (ETF). This move, perceived as an attempt to influence crypto voters in upcoming elections, escalated the rivalry between the Biden administration and former President Donald Trump, who hold differing views on cryptocurrency regulation. Furthermore, President Joe Biden’s recent indication of a potential veto on Congressional legislation related to the SEC added to the political tension. Alderoty isn't alone in his concerns. On May 20th, Adam Cochran, a renowned cryptocurrency market analyst and founder of Cinneamhain Ventures, directly criticized Gensler’s ambiguous stance on Ethereum, asserting that it is not a security as classified by the SEC. He urged Gensler to clarify this matter in court, specifically calling on Coinbase’s Chief Legal Officer, Paul Grewal, to demand answers. These criticisms culminated with Coinbase filing a lawsuit against the SEC, accusing them of failing to register securities and requesting clear guidelines for the crypto industry. This action sparked widespread community support for Coinbase as industry leaders urged the SEC to develop definitive regulations.

1/24/2025, 11:53:26 AM

CRYPTO NEWS

Ethereum-related scams have recently targeted the South Korean crypto community.

South Korean crypto users have fallen victim to a sophisticated Ethereum-themed scam, with reports emerging on May 21st. The scammers sent text messages warning token holders that their ETH coins would be "burned" unless they took immediate action. This alarming tactic mirrors increased police and regulatory scrutiny of virtual asset-related cybercrimes in the country. The scammers cleverly utilized technology to bypass spam filters, with messages purporting to come from a global cryptocurrency exchange, Bit-Finance. They claimed that due to long-term inactivity, users' Ethereum holdings were at risk of being burned on May 22nd. The message urged recipients to withdraw their funds swiftly, creating a sense of urgency and fear among the crypto community. One user shared a screenshot of the scammer's threat, which included burning 54.5 ETH if the recipient failed to respond. The associated link directed users to a phishing site designed to extract sensitive wallet details and passwords. This highlights the dangerous consequences of such scams, as users risk losing their crypto assets permanently. The rise in Ethereum-themed scams is attributed to South Korea's booming crypto market. The National Police Agency reported a significant increase in cyber fraud cases, with virtual asset-related crimes accounting for nearly 40% of the total last year. This year, citizens have filed over 2,200 reports with the Financial Supervisory Service due to financial losses incurred from crypto scams. Police experts suggest that scammers are capitalizing on the positive market sentiment and increased trading volume in South Korea's crypto space. They employ disposable phone numbers created with stolen credentials, a tactic also used in previous credit card and crypto scam campaigns, to avoid detection and enhance their deceptive efforts.

1/24/2025, 11:53:35 AM

CRYPTO NEWS

VanEck's Ethereum ETF is now listed on DTCC, with regulatory approval for the fund reportedly nearing completion.

VanEck's spot Ether exchange-traded fund (ETF) has been listed on the Depository Trust and Clearing Corporation (DTCC), a significant step towards approval by the U.S. Securities and Exchange Commission (SEC). The listing, however, is currently inactive, pending regulatory approvals. This comes after Franklin Templeton's spot ETH ETF was also listed on the platform recently. Recent reports indicate that SEC officials have reached out to major exchanges to modify existing spot Ether ETF applications. The final deadlines for decisions on VanEck and ARK's spot Ethereum ETF applications are May 23 and May 24, respectively. This shift is believed to be influenced by political factors, including cryptocurrency gaining traction in political discussions. The SEC has requested financial managers to amend and refile their 19b-4 filings for proposed spot Ether ETFs, a move seen as positive by analysts. This comes after Fidelity submitted an amended S-1 application, clarifying that the underlying Ether tokens will not be staked. The recent speculation about spot Ether ETF approvals has positively impacted spot Bitcoin ETFs, with significant inflows into BlackRock's iShares Bitcoin Trust (IBIT). Bitcoin reached a six-week high of $71,600 on May 21 but dipped below the $70,000 level the following day. As of the time of writing, Bitcoin is trading at $69,444, reflecting market volatility amid regulatory uncertainties and speculation surrounding ETF approvals.

1/24/2025, 11:53:42 AM

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