Bloomberg Forecasts Impending Crypto Market Crash in June Amidst Debt Ceiling Saga
In a startling revelation, Bloomberg has issued a warning about an impending crash in Bitcoin and other cryptocurrencies set to unfold in June. The alarm bell has been rung as the US Treasury Department prepares to issue over $1 trillion in treasury bills following the recently passed debt ceiling deal.
Concerns Emerge as Positive Sentiments Fade
Initially, the markets rejoiced after the US House and Senate successfully passed the Biden-McCarthy Debt Ceiling Deal. This positive development, combined with the possibility of the US Federal Reserve postponing an interest rate hike in June, led to an upswing in global stock and crypto markets. The Dow Jones skyrocketed by 2.1%, the S&P 500 surged by 1.4%, and the Nasdaq surpassed its April 2022 highs by nearly 1%. However, this newfound optimism might be short-lived, especially for riskier assets like cryptocurrencies.
Bleak future ahead for BTC & ETH?
Challenges lie ahead, with the US Treasury Department’s plan to replenish its depleted cash balance through the issuance of an estimated $1 trillion in Treasury bills post the debt ceiling deal. Experts at Citigroup foresee a bleak outlook for Bitcoin (BTC) and Ethereum (ETH) shortly, as the Treasury General Account’s cash reserves dwindled to a mere $22.89 billion on June 1, plunging from $635.99 billion in March. This move is expected to result in heightened volatility and weaker returns in the crypto market, raising the specter of a potential recession due to the drain of US dollar liquidity.
Bitcoin’s Support Level
Fiona Cincotta, the senior market analyst at City Index, emphasized the criticality of Bitcoin’s support level, indicating that any breach below $25,000 could trigger a crash. Cincotta believes that the uncertain macro backdrop, coupled with recessionary fears, poses a challenge to Bitcoin’s performance. She suggests that a dovish pivot from the Federal Reserve might be the catalyst needed for Bitcoin to make a substantial upward move.
Bitcoin and Ethereum Face Risk and Stagnant Prices
Notably, Bitcoin and Ethereum prices have stagnated due to macroeconomic issues, regulatory barriers, and lackluster technical charts. Bitcoin’s price is close to falling below the 200-weekly moving average (WMA). US treasuries and the dollar have gained momentum, with the DXY index rising above 104. The Senate’s acceptance of the debt ceiling accord paved the path for President Biden’s June 3 signature.
Presently, Bitcoin is trading around $27,150 is on the sideways, while Ethereum briefly exceeded $1,900 but remains under selling pressure.
As the crypto markets prepare for a meltdown, all eyes are on the debt ceiling crisis, cash reserves, and market liquidity.
FTX’s $3.9B Claim Sparks Major Crypto Clash – Prepare for the Unexpected?
FTX Trading Ltd. and its affiliates, prominent creditors of the bankrupt crypto lender Genesis Global Holdco, aren’t entirely happy about extending court-mediated settlement talks. So, what’s behind this escalating drama?
Invitation Not Received: FTX Expresses Discontent
Claiming major credit from Genesis, FTX announced it had been left out of the court-appointed mediation held in May. This mediation involved Genesis, Digital Currency Group (its parent company), and other creditors like Gemini Trust Co.
Genesis’ recent filing threw FTX a curveball, estimating its unliquidated claims at zero, while FTX asserts a staggering $3.9 billion. Genesis argues that dismissing FTX’s claims is key for swift creditor distributions and a prompt Chapter 11 confirmation. Could this tussle throw a wrench in the settlement process?
The Mediation Puzzle: Adding More Pieces
FTX’s objection adds another layer of complexity to the ongoing settlement saga involving DCG, Genesis, and its creditors. Genesis’ intention to extend talks until June 16 met with opposition from FTX and several other creditors.
FTX argues its exclusion renders the mediation process pointless, labeling it a “waste of estate resources.” So, should the process continue without FTX’s involvement, or is this dispute an insurmountable obstacle?
A Frustrated Creditors’ Cry for Progress
The delay in reaching a final settlement agreement is straining creditors’ patience. With Genesis’ bankruptcy filed in January, individual creditors are growing wary of the prolonged mediation process. Are these delays merely delay tactics?
Amidst the uncertain progress of mediated settlement talks, Gemini and DCG have begun crafting alternative strategies. While DCG seeks additional financing, Gemini collaborates with key creditors for a potential reorganization plan. But can these plans save the day if mediation fails?
Legal Looms: SEC Lawsuit Adds to the Chaos
Genesis and Gemini, facing an SEC lawsuit over the ‘Earn’ program, recently sought dismissal. But with hundreds of thousands of Gemini’s customers demanding a return of some $900 million, how will this legal battle impact the ongoing mediation efforts?
As we watch this high-stakes drama unfold, it’s clear that the road to resolution is far from smooth. One thing is sure – the conclusion will be a landmark moment in the crypto world, potentially reshaping the landscape for crypto lenders.
Also, read – Crypto Giant’s Revenge: SEC vs Gemini! Shocking Stakes!
Crypto Market Analysis: This Scenario is Currently Not in Play for Bitcoin and Ethereum
After a turbulent May for crypto investors, the outlook for June is more positive. Investors are hopeful for a stable market that will provide a clear direction for cryptocurrency prices. Analyst Crypto World recently discussed the important levels of Bitcoin and Ethereum in a new YouTube video.
The analyst has observed a falling wedge pattern forming, indicating a potentially bullish pattern. However, there is still a possibility of a downside breakout, although less likely. Confirmation of a breakout above the resistance level at approximately $28,000 or below the support level at around $26,000 is needed for a clearer direction. If an upside breakout occurs, the price target would be around $30,500, but this is not currently in play.
He then moved to the eight-hour Bitcoin chart and said that the price remains in a sideways range between support (approximately $26,100 to $26,500) and resistance (around $27,200 to $27,600). A breakout above the short-term resistance levels would signal bullish price action. At the time of writing, Bitcoin is trying to hold above the $27k level.
Ethereum
The analyst then shifted focus to Ethereum and highlighted that the daily chart shows the price still trading above the support area between $1,770 to $1,820.He said that Ethereum has rebounded from the support range ($1,830 to $1,860) and is testing the descending resistance line around $1,890. A confirmed breakout above $1,890 could lead to resistance levels at approximately $1,920 to $1,950 and $2,000.
The recent bullish divergence resulted in a short-term reset in both the price and RSI as the RSI entered overbought territories. A similar cool-off period could occur in the coming hours or days, followed by another upward movement after a further RSI reset.
A Crypto Wallet As Your Gateway To Web3
Do you remember the first time you heard about cryptocurrency? You may have even been extremely skeptical of Bitcoin and considered all those who purchased it to be fools. But here we are now, with crypto buzz all around and blockchain technology advancing day by day. The world is changing rapidly, and it’s quite exciting to see how technology is affecting us. At first glance, this change appears to have made our lives more difficult – cryptocurrencies always raise questions like, “Which token should I buy?”, “Which crypto wallet should I choose?”, “Which exchange should I trust?” – though, as it turns out, it’s all much simpler than it seems.
Let’s explore a few helpful tips for entering Web3 seamlessly!
What is Web3?
First and foremost, we must define Web3. The main idea behind Web3 is to allow users to control their data, online identities, and assets without relying on intermediaries such as banks, tech companies, or governments.
Simply put, Web3 has evolved into a catch-all term for the vision of a new and improved internet. Web3 is built on blockchain technology and enables secure, trustless transactions between users without the need for middlemen.
Web3 Pillars
Although it’s challenging to provide an objective definition of what Web3 is, there are still a few core principles:
Decentralization: Web3 is designed to be a decentralized platform, meaning that it is not controlled by a single entity or organization. It reduces the risk of censorship, manipulation, and other forms of centralized control.
Privacy: Web3 aims to protect users’ privacy by allowing them to control their personal data and online activities. As a result, there is a lower chance of data breaches, identity theft, and other privacy-related problems.
Security: Web3 is built on blockchain technology, which provides a secure and transparent ledger of transactions. This lessens the possibility of fraud, hacking, and other cyber crimes.
Transparency: Web3 is designed to be transparent, meaning that users can see the transactions and activities of other users. This helps reduce the risk of corruption, fraud, and other forms of unethical behaviour.
Openness: Web3 is made to be permissionless, meaning that anyone can participate in and contribute to its development. This minimizes the possibility of monopolies and other types of centralized control.
By following these principles, Web3 aims to create a new and better internet that is more secure, transparent, and equitable.
How to interact with Web3?
It’s official: we’re all in Web3. Decentralization, privacy, and interoperability are the primary development goals for crypto-related projects. Selecting a trustworthy crypto wallet can help you get started with Web3 and get the most out of it. To store your cryptocurrency and access Web3 dApps, you should think about using a reliable and secure crypto wallet. Look for a wallet that is well-established, has a good reputation, and provides customer support.
Here are some factors to consider when choosing a cryptocurrency wallet:
Safety: Look for a cryptocurrency wallet with strong security features, such as encryption, two-factor authentication, and backup options.
Compatibility: Make sure the crypto wallet is compatible with the currencies you want to store. Some wallets only support a limited number of coins, while others support a wide range of cryptocurrencies and networks.
User-friendliness: Choose a good crypto wallet that is easy to use and provides a user-friendly interface. While some wallets are complicated to use, others are made for beginners.
Control over private keys: Consider a secure crypto wallet that gives you control over your private keys. This will ensure that you have full control over your funds and can access them even if the wallet provider goes out of business or experiences technical issues.
Cost: Some wallets are free, while others charge fees for certain services. Consider the cost of the wallet and its associated services when making your decision.
Reputation: Choose a crypto wallet from a reputable company with a good track record. Research the company’s history, read reviews from other users, and consult online crypto-related chats to get a sense of the wallet’s reliability and security.
By considering these factors, you can choose a cryptocurrency wallet that is right for your needs and provides the level of security and control you require.
Existing Solutions
The backbone of the crypto economy and Web3 development is the personal crypto wallet, not the exchange-based account. Wallets act as virtual money clips, identity credentials, and personal data vaults. They unlock your access to the crypto realm, whether you’re using a DeFi app, NFT, or DAO, and they support access to protocols plus assets that might not otherwise be supported by your favourite exchange.
The upgrades last year for personal crypto wallets have been incredible.
MetaMask integrated with fintech company Sardine to allow instant bank-to-crypto transfers. Coinbase announced its plans to expand Coinbase Pay to enable users to fund Coinbase Wallets directly from a bank account, added an SDK for developers looking to integrate fiat-to-crypto services directly within their dApps, and rolled out support for Ethereum dApps in its standard mobile wallet. Ledger completed an integration with several exchanges that allowed its customers to leverage CEX order books without losing control of their private keys.
Furthermore, this year has something to offer as well. A big variety of brand-new wallets appeared in 2023. Defexa Wallet is one of the newest projects to enter the market, and it’s already gaining traction because of its innovative design, high level of security, and wide range of features. Digital crypto wallets are now more than just secure storage. Every next-generation wallet offers a complete selection of crypto-related services to streamline your Web3 interaction. A full-cycle solution such as Defexa Wallet, however, provides an extremely convenient way to manage and store your funds, keeping them secure and easy-to-access.
While hardware wallets were once thought to be the safest option, web and mobile versions are now on par with them in terms of security. Non-custodial solutions, like the Defexa Crypto Wallet App, keep your assets under your sole control and ensure that they remain yours. Better wallet infrastructure helps users manage the “not your keys, not your coins” problem, and turns personal crypto custody into an accessibility, safety, and user-experience upgrade.
Choosing the right wallet has a significant impact on all your future crypto activities and Web3 interactions. Users can now buy crypto for fiat, swap, and send tokens, all from a single Wallet App interface. These features are standard fare for all recently released cryptocurrency wallets. Defexa Wallet supports 100+ tokens, 4 blockchains, with a built-in fiat on-ramp feature – and that’s just the beginning!
The era of Web3 has already arrived, and you should explore it. To complement your Web3 discoveries, Defexa Wallet has launched a welcome bonus for the first 50 new users. As a bonus, you can participate in a $750 Reward Pool. Enter Web3 with perks by completing the Gleam task: link!
Focusing on a few key principles can help you find the perfect wallet for you, but always keep in mind that you should do your own research! There are many different types of wallets, and each one has its own advantages and disadvantages. So, it’s important to take the time to learn about the different types, pick the one that suits you best, and kickstart your Web3 journey!
Emerging Crypto Sparklo Poses Potential Threat To Tezos, KuCoin
Blockchain technology presents boundless possibilities that have yet to be fully explored. Among the latest innovations in this field is Sparklo, a groundbreaking platform built on blockchain. Sparklo emerges as a formidable contender in the cryptocurrency space, positioning itself to compete with established tokens such as Tezos (XTZ) and KuCoin Token (KCS).
Sparklo is an innovative blockchain-based investment platform revolutionizing the crypto space by offering fractional ownership and investment in real-world assets like gold, silver, and platinum through NFTs. Those seeking complete ownership, they can acquire the entire NFT.
Currently in its presale phase, Sparklo is available at a low price of only $0.026 per token. Early investors are also granted an enticing 50% bonus on their purchase, making it an affordable and potentially profitable venture with tangible applications. Analysts predict that Sparklo’s growth will exceed 3,000% by the end of 2023, making it an exceptionally promising investment opportunity.
To ensure transparency and investment security, the project’s smart contract has undergone an audit by InterFi Network, KYC verification has been completed, and liquidity will be locked for 100 years. To seize the opportunity and acquire this token that is projected to experience remarkable growth in the coming months, click on the link provided.
The fluctuating journey of KuCoin Token (KCS) price
Amid a bearish cryptocurrency market in mid-April, KuCoin Token (KCS) experienced a 16% decline within 30 days. However, KuCoin Token (KCS) found temporary support, reaching $7.7 before resuming its downward trend. Currently priced at $7.43, it has decreased by 0.96% in the past 24 hours.
Predictions regarding the future of KuCoin Token (KCS) vary among several experts. There are those who believe the price will continue to rise, citing $30.40 next year and $96.91 in five years as possible targets. Given the increasingly bearish outlook for KuCoin Token (KCS), which is viewed as a potentially risky long-term investment, possibly dropping below $1 within a year and even plummeting to $0.60. Now is an opportune time to shift focus towards promising Sparklo tokens.
The Tezos (XTZ) blockchain integrates with a game changer
Tezos (XTZ) recently announced its partnership with Mailchain to revolutionize web3 communication, solidifying its position as a thriving ecosystem for decentralized applications (dApps). This partnership empowers Tezos (XTZ) users, including projects, artists, and creators, with a secure platform for communication using web3 identities.
By integrating Mailchain’s SDK, developers can easily incorporate web3 communication into Tezos (XTZ) dApps, fostering stronger relationships within the community and contributing to the network’s growth. Tezos (XTZ) is currently trading at $0.878 and Tezos (XTZ) is down by 3.18% at the time of writing.
Find out about the Sparklo presale using the links below:
Buy Presale | Website | Twitter | Telegram
Why Crypto Market is Up Today? Analyst Revelas Top Reasons
The total crypto market cap edged 1.4 percent higher on Friday to stand around $1.19 trillion. Bitcoin and Ethereum lead the rest of the altcoin market in gains, up approximately 2 percent to trade around $27,182, and $1,894 respectively during the early Asian market on Friday. The sudden price reversal in the crypto market coincided with a significant drop in the United States Dollar Index, a measure of the value of the United States dollar relative to a basket of foreign currencies, in the past 24 hours.
The U.S Dollar Index suddenly reversed on Thursday after being on a rising trajectory in the past three weeks. Notably, a weakening United States dollar is an added advantage to Bitcoin and the rest of the digital assets.
Analyst Take on Bitcoin and Crypto Market Outlook
According to Bob Baxley, Chief Technology Officer of DeFi infrastructure platform Maverick Protocol, the crypto markets may have to reckon with the U.S. Treasury’s state of its general account, which shrunk significantly in the past few months. In this regard, Baxley noted that the crypto liquidity could significantly reduce as the U.S. treasury tries to reload its general account.
“The risk here is that the roughly trillion dollars flowing back into the general account could suck a tremendous amount of liquidity out of the market,” Baxley noted. “Something like this happened in 2019, and the strain placed on the market basically compelled the Federal Reserve to step in and add emergency liquidity to prevent a full-blown crisis. So, in short, just because a deal has been reached doesn’t mean we are out of the woods yet.”
Bitcoin (BTC)Price Fails to Gain Traction Amid Hong Kong Crypto Adoption
The Bitcoin market and almost the entire altcoin market failed to pick up bullish momentum on Thursday despite the adoption of crypto assets by one of the most developed cities in the world, Hong Kong. Notably, veteran centralized cryptocurrency exchange Huobi was announced among the members of the Hong Kong Virtual Asset Consortium (HKVAC) – a virtual asset rating agency – to help establish a virtual asset index and a virtual asset exchange rating in Hong Kong.
On the contrary, Bitcoin and Ethereum prices dropped approximately 1 percent in the past 24 hours to begin June trading around $26.8k and $1,860 respectively.
Bitcoin Open Interest Tumbles Amid the IRS and Coinbase Fiasco
The Bitcoin open interest, an important insight into the crypto trading market, suddenly declined in the past few days, according to aggregate data from decentrader. Notably, as Bitcoin price fell below $27k on Wednesday, the open interest on all crypto exchanges declined below $8.2 billion.
Arguably, the decline of open interest in the Bitcoin market is likely due to a recent ruling from U.S. District Judge Joseph N. Laplante that the IRS has been acting within its mandate to access peoples’ information from third parties like Coinbase. Notably, the case was filed by plaintiff James Harper who accused the IRS of overstepping in tax collection.
“The IRS’s actions at issue, in this case, fall squarely within that broad latitude, and Harper is not entitled to protection or relief beyond the existing congressionally and judicially imposed ‘safeguards’ and checks on the IRS’s powers,” the Judge wrote.
Liquidity Crisis Hits Crypto Markets Hard; Can Bitcoin & Ethereum Recover?
As Bitcoin and Ethereum prices grapple with maintaining their bullish momentum this year, the overall crypto trading volume has experienced a decline in recent weeks. Despite earlier reports of trading volume solely in the Bitcoin segment reaching $37.1 billion, the total crypto market trading volume has now reached this figure, highlighting the drop in liquidity for risky assets.
This decrease in volume can be attributed to multiple factors, including the United States Treasury’s plan to refill its depleted Treasury General Account (TGA) and the impending monetary tightening policies of the Federal Reserve.
Crypto Trading Volume Takes a Hit
The dwindling crypto trading volume is a cause for concern in the digital asset market. Analysts anticipate the United States Treasury’s move to replenish the cash reserves, leading to a period of condensed liquidity. The riskier assets, such as Bitcoin and Ethereum, which are more sensitive to liquidity conditions, are likely to be affected the most. Macroeconomic analyst Noelle Acheson explained that these assets tend to be more impacted by liquidity than safer investment options like bonds and certain equities.
Also Read: On-Chain Data Shows Most Bitcoin Holders are Selling at a Loss – Coinpedia Fintech News
Impact of Treasury Account Replenishment
The drawdown of funds from the Treasury General Account at the Federal Reserve had previously provided a boost to the market by injecting money into the economy through government expenditures. However, as the Treasury aims to refill its almost empty TGA, a sizable amount of cash, estimated at $500 billion, will be withdrawn from the financial system. This move, coupled with the potential resumption of the Federal Reserve’s monetary tightening policies, is expected to have a substantial impact on risk assets.
“This is likely to especially hit risk assets as they tend to be more sensitive to liquidity conditions than safer plays such as bonds and many groups of equities,” macro analyst Noelle Acheson said.
“The Treasury drawing down its account at the Fed was one of the tailwinds for the market earlier this year, as money that would normally just sit there was put into the economy in the form of government expenditures,” Acheson explained.
Regulatory Crackdown Adds to the Woes
In addition to the liquidity challenges, the ongoing regulatory crackdown by the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) has led to the closure of several crypto firms in the United States. These regulatory actions have created further uncertainty and a challenging operating environment for cryptocurrency businesses.
3/4 Implications: Liquidity going to be very net negative. We have to refill roughly $500B in the TGA this means issuing bnds. With mkts purchasing bnds it means less $ for risk assets. Clawbacks on Covid19 funds+restarting student loan pmts means less $ on the consumer side also pic.twitter.com/ohHJiF7W6O
— Tom Dunleavy (@dunleavy89) May 28, 2023
Expert Backlash: Pro-Lawyer Slams Gensler for Spreading False Information on Crypto
Well-known lawyer and cryptocurrency enthusiast, Bill Morgan, has taken to Twitter to vociferously express his disapproval of recent statements made by the head of the Securities and Exchange Commission (SEC), Gary Gensler. Morgan discredited Gensler’s contention that all cryptocurrencies, bar Bitcoin, are securities, a declaration he feels is baseless and ill-advised.
The social media saga started when Jesse Hynes, another prominent legal voice in the crypto sector, questioned the SEC’s opaque figures concerning digital asset securities. Referring to the SEC’s claim of identifying “at least nine” such assets, Hynes argued that, considering the SEC’s assertion of having clear rules, the lack of an exact count hints at ambiguity rather than precision.
An SEC Announcement Triggers Reactions
The Twitter conversation between Morgan and Hynes stems from the SEC’s recent disclosure that Ishan Wahi, a former product manager at Coinbase, and his brother, Nikhil Wahi, agreed to settle insider trading charges. The Wahi brothers allegedly profited by trading ahead of multiple announcements about the listing of certain crypto assets on Coinbase.
Court filings reveal that the SEC’s lawsuit, filed in July 2022, accused Ishan Wahi of sharing confidential information about the timing and content of upcoming Coinbase listings with Nikhil and his friend Sameer Ramani. These illicit tips led to the trio purchasing at least 25 crypto assets, and profiting by selling them post-announcement.
Morgan’s Rebuke
In response to this saga, Bill Morgan has slammed Gensler, arguing that Gensler’s blanket statement on cryptos, excluding Bitcoin, being securities is a distortion. He emphasized that the SEC couldn’t have investigated all 20,000 digital assets in existence, thus making Gensler’s statement a fabrication.
The backlash from Morgan underlines the ongoing tension and ambiguity in the relationship between the SEC and the world of cryptocurrencies. The debate surrounding the classification of various digital assets as securities or commodities remains a point of contention, highlighting the need for more precise and comprehensive regulatory standards in what is the largest crypto market in the world.
Crypto Market Analysis: Expert Raises Bullish Alert For Bitcoin, Litecoin & Polygon
Renowned and acclaimed crypto strategist, Michaël van de Poppe, has shed light on three prominent digital assets: Litecoin (LTC), Polygon (MATIC), and Bitcoin (BTC).
Litecoin’s Halving Rally
Request 01 – $LTC
Many squigglies on this chart, but higher timeframe resistance is at $93.
Currently, support found at $82 and a strong bounce -> weekly candle looks good.
Next week breaking through $93 and the Halving rally might start. pic.twitter.com/k8Xtp70Tai
— Michaël van de Poppe (@CryptoMichNL) May 27, 2023
Van de Poppe underscores the critical juncture for Litecoin on Twitter, explaining that the next few days will be crucial for its price action. He identifies the immediate resistance level at $93, which needs to be surpassed for the halving rally to commence. Currently, Litecoin finds support at $82, and a strong bounce at this level indicates a positive weekly candle.
Related: Litecoin Halving Event Sparks Frenzy: Here’s What Investors Can Expect
Van de Poppe suggests that breaking through $93 next week could trigger the anticipated halving rally. The third halving event for Litecoin is scheduled to take place on August 2nd, 2023. At the time of writing, LTC is trading at $91.32.
Polygon (MATIC) To The Moon!?
The analyst also closely monitors Polygon (MATIC), a layer-2 scaling solution. He believes that if MATIC can surpass a key resistance level, it could experience a significant rally of up to 61%. He highlights the importance of flipping the resistance at $0.95, which would pave the way for accelerated growth toward the $1.30-$1.50 range. However, if MATIC fails to breach this level, a short position may be activated, and long positions can be considered at $0.75. As of the time of writing, MATIC is valued at $0.94.
Bitcoin Market Outlook
For Bitcoin (BTC), Van de Poppe expresses an optimistic viewpoint, claiming that the “sky is the limit” for the leading cryptocurrency now that it is trading above $27,400. He points out a positive retest of Bitcoin at $26,600, suggesting a potential continuation of its upward trend. Bitcoin is currently trading at $28,133.
However, you must take this as a mere perspective. As always, market conditions can change, and investors are advised to conduct their research before making any investment decisions.
Gemini Exchange Sets Sights on UAE: Initiates Crypto License Application
The post Gemini Exchange Sets Sights on UAE: Initiates Crypto License Application appeared first on Coinpedia Fintech News
Gemini Exchange has announced plans to expand into the United Arab Emirates (UAE). The company is set to begin the process of acquiring a crypto license to serve customers in the UAE, a region rapidly becoming a significant hub for cryptocurrency. Gemini aims to meet the needs of this vibrant crypto community and found a high intent to purchase crypto in the region, even among non-owners. This move is part of Gemini’s initiative to become a truly global company, providing customers with a safe, secure, and user-friendly platform to interact with crypto. “Amazing awaits,” the company says.
EU Greenlights Crypto Licensing and Anti-Money Laundering Rules Into Law
In a recent announcement, the European Union (EU) has formally signed into law new rules surrounding crypto licensing and money laundering. This development, which has been closely watched by stakeholders in the global financial and digital currency sectors, represents a significant step towards the regulation and legitimization of cryptocurrencies.
European Union Officially Incorporates Crypto Assets Into Its Legal Framework
On Wednesday, the European Union made a significant stride by officially enacting the landmark Markets in Crypto Assets (MiCA) regulation. This move edges the bloc closer to being the world’s first major jurisdiction with custom-made rules for the crypto sector.
The law was endorsed by Roberta Metsola, the European Parliament President, and Peter Kullgren, the Swedish Minister for Rural Affairs. They also signed a distinct law aimed at combating money laundering, which mandates crypto providers to authenticate their customers’ identities during fund transfers.
The announcement of this milestone was made on Twitter by the Swedish government, which is currently leading the legislative discussions in its capacity as the EU presidency holder. A representative from the parliament confirmed that the newly enacted laws include the MiCA, fund transfer rules, and two unrelated trade regulations with Ukraine.
MiCA To Come Into Effect In June
The Markets in Crypto Assets (MiCA) regulation, recently signed into law by the European Union, is set to come into effect a few weeks after its publication in the EU’s official journal, expected in June. This regulation will provide a comprehensive framework for crypto exchanges and wallet providers, offering them a license to operate across the 27-member bloc. Additionally, it will mandate stablecoin issuers to maintain adequate reserves. These provisions are slated to be implemented between 12 and 18 months later.
First proposed by the European Commission in 2020, MiCA sparked controversy when lawmakers nearly incorporated environmentally conscious provisions that could have led to a ban on the proof-of-work technology, a fundamental component of Bitcoin.
While the industry has generally welcomed these provisions, the focus is now shifting towards the next phase of EU crypto regulation. Future laws are expected to address emerging areas in the crypto space, such as staking, non-fungible tokens, and decentralized finance.
In tandem with the MiCA, the EU has also enacted a separate anti-money laundering (AML) law. This law, requiring crypto providers to verify their customers’ identities during fund transfers, underscores the EU’s commitment to ensuring the integrity of its financial system. The simultaneous enactment of the MiCA and the AML law illustrates the EU’s balanced approach to crypto regulation, fostering innovation while mitigating risks.
Binance Embraces the Hottest New Crypto Coin Hollywood X PEPE
In an exciting development for the crypto community, Binance, one of the world’s leading cryptocurrency exchanges, has announced its acceptance of the hottest new digital currency called Hollywood X PEPE. This groundbreaking move not only showcases Binance’s commitment to innovation but also highlights the growing significance of unique tokens in the evolving crypto landscape.
The Rise of Hollywood X PEPE
Hollywood X PEPE, or $HXPE, has quickly captured the attention of crypto enthusiasts and investors alike. This new digital asset combines the best of both worlds, merging the vibrant allure of Hollywood with the quirky charm of the Pepe the Frog meme. Pepe the Frog, a widely recognized internet meme, has gained substantial popularity over the years and has evolved into a symbol of internet culture.
The creators of Hollywood X PEPE recognized the immense potential of combining these two cultural phenomena. By leveraging the familiarity of Pepe the Frog and the glamour of Hollywood, $HXPE aims to create a unique and captivating digital experience for its users.
Binance’s Endorsement
With its acceptance of Hollywood X PEPE, Binance has once again positioned itself as a trailblazer in the crypto industry. The exchange’s decision to list $HXPE on its platform speaks volumes about Binance’s forward-thinking approach and its dedication to providing users with access to the most promising digital assets.
The endorsement by Binance is a significant milestone for Hollywood X PEPE, as it gives the coin increased visibility and accessibility to a vast global user base. Binance’s robust infrastructure, reliable security measures, and extensive trading options will undoubtedly facilitate the growth and liquidity of $HXPE.
Impact on the Crypto Community
The acceptance of Hollywood X PEPE by Binance showcases the expanding diversity within the cryptocurrency space. It highlights the ongoing efforts to explore new and unique projects that can capture the imagination of users worldwide. By embracing Hollywood X PEPE, Binance acknowledges the growing importance of cultural references and their potential to create engaging digital experiences.
Furthermore, this move has the potential to introduce a wider audience to the world of cryptocurrencies. Pepe the Frog’s strong online presence and the allure of Hollywood make $HXPE an appealing entry point for individuals looking to dip their toes into the crypto market.
Binance’s acceptance of Hollywood X PEPE reflects the exchange’s commitment to innovation and its ability to recognize the potential of new and exciting projects within the crypto industry. By embracing the merging of Hollywood and the Pepe the Frog meme, Binance is providing its users with an opportunity to engage with a captivating digital experience.
As Hollywood X PEPE gains traction and popularity, its acceptance on Binance will contribute to its growth, liquidity, and overall market value. This significant step further demonstrates the dynamism and evolution of the cryptocurrency market, opening doors for more unique and innovative projects in the future.
Hollywood X PEPE Token | $HXPE Pre-sale is Live | Official Hollywood X PEPE Links | Linktree
Top Crypto Influencer Expresses Doubt over Ripple’s Triumph in SEC Lawsuit
The shifting sands of the legal landscape in the ongoing lawsuit between Ripple and the U.S. Securities and Exchange Commission (SEC) are leading to an air of uncertainty. This perspective was recently highlighted by a popular voice in the cryptocurrency world, Ben Armstrong, more commonly recognized by his online persona, BitBoy Crypto.
BitBoy Crypto’s Ripple of Doubt
On his recent live Twitter broadcast, Armstrong brought a magnifying glass to Ripple’s current affairs, including the heated lawsuit, the company’s public profile, and the performance of its native token, XRP. The crypto pundit cast doubt on the lawsuit’s outcome, a shift from his previous near-certainty of Ripple’s victory.
Armstrong highlighted Ripple CEO Brad Garlinghouse’s recent comments suggesting the lawsuit’s final verdict is only weeks away, sparking speculation that the case might have reached its conclusion behind closed doors. Armstrong, however, expressed reservations: “I don’t know if that’s true… And it is going to be absolutely amazing when this thing is over – one way or the other.”
Impending Implications for the Crypto Landscape
The social media influencer went on to underscore the monumental influence that the lawsuit’s outcome would bear on the crypto industry. Regardless of the verdict, the reverberations would be felt industry-wide, with the implications taking a particularly negative turn should Ripple lose the case.
While Armstrong has traditionally leaned towards Ripple emerging victorious, recent developments have caused him to question this outcome. “I thought it was guaranteed for the longest time – I’d say, 99.9% sure, but the way the government’s going right now, I don’t know.”
SEC vs Ripple: An Expanding Discussion
Adding further nuance to the unfolding drama, lawyer Bill Morgan pointed out that the SEC chief, Gary Gensler’s sweeping statement branding all cryptos (excluding Bitcoin) as securities without thorough investigation is more political than legal.
Finally, Armstrong cited a promising comment from Garlinghouse, who, after seeing the “Hinman documents” pertaining to the case, assured that the SEC’s conduct would leave everyone in shock once the truth is unveiled.
Can Ethereum Beat Bitcoin? Crypto Expert Reveals Surprising Insights
Cryptocurrency strategist Benjamin Cowen has shared his insights on the potential performance of Ethereum (ETH) compared to Bitcoin (BTC) in the near future. In a recent YouTube video, Cowen highlights key trends in the crypto market that all investors and traders should turn their focus toward.
Bitcoin Dominance On The Rise
Cowen points out that the Bitcoin dominance chart (BTC.D), which indicates the proportion of the total crypto market capitalization held by Bitcoin, is showing a strong upward trend; suggesting that the dominance of the crypto is increasing in the markets.
On the other hand, he observes that the Ethereum versus Bitcoin chart (ETH/BTC) is moving in the opposite direction. He notes that the chart is consistently forming lower highs, indicating that Ethereum’s performance relative to Bitcoin is declining.
Predictions For The “Flippening.”
Cowen cautions against premature conclusions about the “flippening,” a hypothetical event in which Ethereum surpasses Bitcoin in market capitalization. He explains that each time the ETH/BTC chart forms a lower high, there is often a surge of excitement in the community, with people speculating that the flipping is imminent. However, history has shown that these lower highs have not led to a significant shift in the market dynamics.
Liquidity Hampers ETH/BTC Decline
Cowen also discusses why the ETH/BTC pair may not be experiencing as steep a decline as it did during the bear market of 2018-2019. He attributes this to the increased liquidity present in the system today. The abundance of liquidity has made it more challenging for the Federal Reserve, the central bank of the United States, to swiftly remove excess liquidity from the market. Nevertheless, Cowen suggests that liquidity is gradually being reduced.
Overall, Benjamin Cowen’s analysis indicates that while Bitcoin’s dominance in the crypto market is increasing, Ethereum’s performance relative to Bitcoin has been on a downward trend. He advises caution and highlights the historical pattern of lower highs not leading to the anticipated flipping. He also emphasizes the impact of increased liquidity, which has slowed down the rate of decline for the ETH/BTC pair compared to the previous bear market.
Coinbase Insider Trading Settlement: Are Crypto Tokens Really Securities? SEC Stays Silent!
Ishan Wahi, who used to work at Coinbase, and his brother Nikhil Wahi, have settled insider trading charges with the Securities and Exchange Commission (SEC). They were accused of using confidential information about new cryptocurrencies being added to Coinbase to make money.
Today former Coinbase product manager Ishan Wahi and his brother, Nikhil Wahi, agreed to settle charges that they engaged in insider trading through a scheme to trade ahead of multiple announcements regarding at least nine crypto asset securities.https://t.co/yt2hHEAJMV pic.twitter.com/6dy9KMd5mY
— U.S. Securities and Exchange Commission (@SECGov) May 30, 2023
Ishan Wahi used to help Coinbase announce what new cryptocurrencies would be added for trading. This information was supposed to be confidential, and Coinbase told its workers not to use it to make trades or tell other people. But the SEC says that Ishan told his brother Nikhil and his friend Sameer Ramani about when these announcements would happen from June 2021 to April 2022. Nikhil and Sameer then bought these cryptocurrencies before the announcements, which usually made their prices go up, and sold them afterward for a profit.
Regulation and Enforcement: The SEC Steps In
The SEC’s stance is clear: the federal securities laws apply to crypto asset securities as much as they do to traditional securities.
“While the technologies at issue in this case may be new, the conduct is not. We allege that Ishan and Nikhil Wahi, respectively, tipped and traded securities based on material nonpublic information, and that’s insider trading, pure and simple,” said Gurbir S. Grewal, Director of the SEC’s Division of Enforcement.
The SEC’s complaint, which was filed on July 21, 2022, in the U.S. District Court for the Western District of Washington, led to the settlement where the Wahi brothers agreed not to deny the SEC’s allegations.
The Criminal Case and Final Judgments
Following the insider trading charges, the Wahi brothers also faced criminal action. They pled guilty to conspiracy to commit wire fraud, with Ishan Wahi receiving a sentence of 24 months in prison and an order to forfeit 10.97 ether and 9,440 Tether. Nikhil was sentenced to 10 months in prison and ordered to forfeit $892,500. The SEC has decided not to ask for more money because the brothers have been sentenced to jail.
Today's SEC settlement (i) doesnt admit any legal conclusions about the security status of tokens; (ii) doesnt require Wahi to pay any additional penalties (in addition to those due for separate criminal case); and (iii) includes immaterial injuction not to violate Section 10(b) pic.twitter.com/qHOfcaIVk2
— Rodrigo (@RSSH273) May 30, 2023
The Unsettled Questions
This SEC settlement brings up a few big questions. Why didn’t they say if tokens are securities or not? Could it be because they’re not sure how to classify them? Are they still trying to figure out their position or are they just hesitant to apply old rules to these new kinds of assets? Only time will tell!
Ripple Still Bearish After Bitstamp Stake Acquisition, Sparklo Outshines the Crypto Market
Ripple (XRP), a giant in the crypto space, has continued to expand its reach by acquiring a stake in Bitstamp. However, its price has remained bearish, leading major Ripple (XRP) whales to seek investment in the new revolutionary platform, Sparklo. As a first-of-its-kind in the crypto space, many experts have predicted that Sparklo will outperform the crypto market with gains of up to 50x before the end of 2023.
Sparklo (SPRK) is on track to outperform the crypto market
Innovative blockchain projects have a history of showing the most upside potential. This is why many market analysts have predicted that Sparklo will outperform the crypto market in 2023. Sparklo is the first alternative investment platform built on a blockchain where investors will be able to buy precious metals like gold, silver, and platinum with digital assets.
Sparklo is building a marketplace where people can purchase gold, silver, and platinum with fractional non-fungible tokens (NFTs). Because the platform is based on fractional NFTs, investors can buy fractions of gold, silver, and platinum. Every NFT minted on Sparklo is backed by an equivalent amount of gold, silver, or platinum stored in secure vaults. On request, Sparklo can deliver the physical gold, silver, or platinum to an investor who buys an NFT representing a whole bar.
Sparklo is changing the precious metals landscape with its innovative use of blockchain technology. The project has already received massive support from investors and completed the first presale stage in record time. Now in the second stage, you can buy the native SPRK token for as low as $0.026 and earn up to a 50% bonus.
Ripple (XRP) acquires stake in Bitstamp
In a shareholder conference call, it was revealed that Ripple (XRP) had acquired a minority stake in the crypto exchange, Bitstamp. The Bitstamp stake acquired by Ripple (XRP) previously belonged to Pantera Capital, a venture capitalist firm based in the United States. Although the acquisition was made in the first quarter of 2023, it was only just revealed.
Bitstamp and Ripple (XRP) have a history, with the exchange acting as a gateway for its payment infrastructure. Bitstamp is currently the second largest exchange where Ripple (XRP) is traded. Despite the announcement, the sentiment of Ripple (XRP) has remained bearish. Over the last 24 hours, the price of Ripple (XRP) has dropped by 2.6% to trade at $0.4519. The lack of price activity is fueling the movement of investors from Ripple (XRP) to Sparklo.
Find out about the Sparklo (SPRK) presale using the links below:
Buy Presale | Website | Twitter | Telegram
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5 Benefits Of Payment Orchestration For Crypto Exchanges
In the fast-paced world of cryptocurrencies, crypto exchanges play a pivotal role in facilitating the buying, selling, and trading of digital assets. To stay ahead in this competitive industry, crypto exchanges must embrace innovative solutions that streamline their operations, enhance the user experience, and drive growth. One such solution that has gained significant traction is payment orchestration.
Payment orchestration means integrating and managing the end-to-end payment process, including authorizing payments, routing transactions, and handling settlements. Payment orchestration can help companies, including crypto exchanges, to be more agile and scale more rapidly.
In this article, we will explore how payment orchestration can revolutionize the way crypto exchanges operate, providing them with a range of benefits and opportunities for success.
Enhanced Payment Processing
Payment orchestration enables crypto exchanges to connect with multiple payment service providers, allowing them to offer a wide range of payment methods to their customers. This flexibility ensures that customers can transact using their preferred payment options, whether it’s traditional methods or cryptocurrencies.
Moreover, payment orchestration platforms offer smart routing, so transactions are automatically routed to the best-performing provider. This can help crypto exchanges elevate conversion rates, reduce transaction failures, and lower processing fees. Read more about smart routing in this comprehensive guide.
Global Expansion
With payment orchestration, crypto exchanges can easily expand their operations to new markets. By integrating with local and global payment providers, they can accept payments in different currencies and cater to customers from various regions, promoting global reach and attracting a larger user base.
For example, a crypto exchange that wants to enter the Latin American market can leverage payment orchestration platforms to integrate with local payment methods such as Boleto Bancário, Naranja, Cabal, Tarjeta Shopping, etc. This way, they can offer a localized payment experience and increase customer trust and loyalty.
Risk Mitigation
Cryptocurrency transactions come with certain risks, including fraud and chargebacks. Payment orchestration platforms offer robust risk management tools and fraud prevention mechanisms, helping crypto exchanges identify and mitigate potential risks. This ensures secure transactions and protects both the exchange and its customers.
For instance, payment orchestration platforms can provide tokenization, which means replacing sensitive data such as card numbers or bank account details with non-sensitive tokens that can be used for future transactions. This reduces the exposure of personal information and prevents data breaches.
Seamless User Experience
By optimizing the payment flow, reducing friction, and minimizing transaction failures, exchanges can improve customer satisfaction and retention.
Additionally, payment orchestration platforms can enable one-click payments, which means customers can complete transactions without entering their payment details every time. This enhances convenience and speed for repeat customers and encourages them to use the exchange more frequently.
Moreover, payment cascading can significantly contribute to the overall checkout experience. Cascading technology ensures that declined transactions are easily distributed across multiple payment channels until it’s processed successfully. This gives customers the option to complete their payments without the risk of further declines. By eliminating the frustration of failed transactions, businesses can retain customers, boost revenue, and enhance the overall crypto exchange experience. Read more on payments cascading in this guide.
Data Insights and Analytics
Payment orchestration platforms provide valuable data insights and analytics, allowing crypto exchanges to gain a deeper understanding of their customer’s payment behaviour. This data can be used to optimize payment processes, identify trends, and make data-driven decisions to drive business growth.
For example, payment orchestration platforms can help crypto exchanges track key performance indicators such as conversion rates, transaction volumes, success rates, decline reasons, etc. This can help them monitor their performance across different markets and providers and adjust their strategies accordingly.
Saving costs
Crypto exchanges can simplify their integration efforts, reduce development time, and ultimately save on development costs. This is due to the ability to consolidate multiple payment methods and service providers into a single integration, eliminating the need for complex individual integrations. This consolidation significantly reduces development efforts, allowing exchanges to allocate resources more efficiently and focus on core business operations.
Summary
In conclusion, payment orchestration has emerged as a game-changing solution for crypto exchanges, revolutionizing the way transactions are processed, and driving growth in the digital asset trading landscape. By adopting payment orchestration, exchanges can optimize their operations, expand globally, enhance security measures, and deliver exceptional user experiences. The ability to seamlessly integrate multiple payment service providers, intelligently route transactions, and access valuable data insights enables crypto exchanges to stay ahead of the curve and meet the evolving demands of the market.
The ultimate solution
When exploring payment orchestration options, one provider that stands out is Akurateco. Their platform offers seamless integration with multiple payment service providers, robust risk management tools, enhanced security measures, and invaluable data analytics. By leveraging Akurateco’s expertise, crypto exchanges can optimize their payment processing, enhance user satisfaction, and unlock new growth opportunities in the digital asset trading landscape.
Embrace the power of payment orchestration and unlock the full potential of your crypto exchange operations.
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Breaking: Russian Authorities Cancelled Plans For National Crypto Exchange, Focusing On Regulating Local Exchanges
In a shocking moment, Russian authorities have announced a significant shift in their approach to cryptocurrency. The ambitious plan to establish a national cryptocurrency exchange has been put on hold, with the government now turning its attention towards drafting regulations for local exchanges.
Diversity Over Monopoly: The Power of Many Over One
In a strategic shift, Russian authorities have decided to forgo the establishment of a national crypto exchange, according to Anatoly Aksakov, head of the State Duma committee on the financial market. Instead, the focus will be on setting up regulations for the formation and operation of such entities.
Aksakov explained to Izvestia that these exchanges, which aid businesses in conducting cross-border transactions, may face potential restrictions. However, this move is also expected to spur the emergence of new organizations.
Anatoly has indicated a shift in strategy. Rather than establishing a single national crypto exchange, the focus will now be on formulating regulations for the creation and operation of such platforms. Aksakov elaborated that these exchanges will facilitate cross-border transactions, potentially circumventing sanctions restrictions. This could lead to the imposition of new constraints.
However, the emergence of other organizations is anticipated, with the primary requirement being compliance with established rules.
The Central Bank is likely to oversee the operations of crypto exchanges, with the regulations being incorporated into the draft law on experimental legal regimes, as noted by the deputy.
Ivan Chebeskov, director of the financial policy department of the Ministry of Finance of the Russian Federation, informed Izvestia that the Ministry did not endorse the idea of a single national crypto exchange. Instead, they proposed to legally regulate the potential for businesses to establish such platforms. The department maintains that digital currencies should be regulated comprehensively.
A consensus has been reached with the Central Bank to legally recognize mining and allow international transactions and cryptocurrency exchanges within the experimental legal framework.
Russian Crypto Community Supports The Latest Move
The decision to forego the creation of a national crypto exchange and instead establish rules for the formation and operation of such entities has been met with approval from market participants. Oleg Ogiyenko, Director for Government Relations at BitRiver, highlighted that this approach would help mitigate risks associated with sanctions, cyber-attacks on infrastructure, and potential market dominance abuses.
Ivan Gostev believes that such a system would foster the growth of more competitive and innovative companies. He pointed out that several countries have already implemented legislation regulating crypto exchanges while still allowing room for industry development.
Gostev emphasized that these platforms could be licensed, with their financial reporting activities and anti-money laundering measures subject to oversight. He also stressed the need for crypto exchanges to ensure data and communication protection. Furthermore, he suggested the implementation of trading volume limits to prevent price manipulation.
Oleg Ogienko suggests that the initial stages should limit the involvement of unqualified investors on these platforms. Special requirements, including data security and confidentiality for Russian clients, should be imposed on foreign crypto exchanges operating in Russia.
Alexey Tarapovsky, the founder of Anderida Financial Group, believes these platforms will aid national companies in conducting international crypto transactions amidst sanctions. He acknowledges the risk of potential new restrictions but notes the interest of Western players in cross-border transactions. With digital currencies already processing payments worth about $10 billion annually, he anticipates the emergence of legal exchanges as early as 2024 under favorable conditions.
Throughout 2022, Russian legislators were actively engaged in drafting amendments aimed at establishing a national crypto exchange. This initiative reportedly received backing from both the Ministry of Finance and the Central Bank of Russia, despite their historical differences over cryptocurrency regulation in the country.
Bybit Authorized in Kazakhstan for Crypto Custody
The post Bybit Authorized in Kazakhstan for Crypto Custody appeared first on Coinpedia Fintech News
Bybit, a cryptocurrency exchange expands operations with Kazakhstan regulator approval. On May 29, the exchange received pre-approval to operate as a digital asset trading facility and custody provider at the AIFC (Astana International Financial Center) in Kazakhstan’s AFSA(Armed Forces Special Powers Act). Bybit CEO sees crypto growth potential in CIS(Corporate Intelligence Services), Bybit follows local regulations and priorities comply with rules and regulations says, Ben Zhou CEO of Bybit. Bybit approves serving the locals.
Will US Crypto Exchanges Relist The Controversial XRP? Adv. Jeremy Hogan Weighs In
Jeremy Hogan, a renowned lawyer, and avid commentator on cryptocurrency-related cases, has shared his views on the possible relisting of Ripple’s XRP by US exchanges.
Breaking Down the SEC Lawsuit
Although the Securities and Exchange Commission’s (SEC) lawsuit intimates that XRP itself constitutes a security, akin to a share of stock, the specific demands presented to the court in this case stop short of applying this status to the Ripple-issued crypto. This distinction is vital since the relisting of XRP on exchanges rests largely on the resolution of this security status issue, said Hogan.
However, the legal expert raises concerns that the court might not directly address this matter as it is not unambiguously presented by the SEC. The inherent ambiguity leaves lingering uncertainty for the exchanges, even though the absence of a clear designation might suggest it is not considered a security.
Ripple’s Potential Countermeasures
Despite these complexities, Hogan sees several possibilities for progress. Firstly, Ripple could secure the SEC’s agreement to include in the final judgment a clause stating that it doesn’t cover secondary sales. Such an agreement has been achieved in the past, as was the case with KIK Interactive.
Additionally, the judge might address concerns around secondary sales, responding to points raised by several Amici, including those advocated by attorney John Deaton on behalf of XRP holders. Hogan cites a precedent in the LBRY case where the judge agreed to address the matter of secondary sales.
A Clear Ruling on Secondary Sales
Another pivotal juncture could emerge if Ripple is unsuccessful in its defense. At this ‘penalties’ stage, the court would have to draft a disgorgement order, which necessitates a clear delineation of who should receive the disgorged profits. Ripple could then argue that only direct purchasers from Ripple, not secondary purchasers, are entitled to have their ‘investment’ returned. Hogan notes that this principle aligns with the SEC v. Wang case.
Also Read: Ripple News: Top Reasons Why XRP Price Can Hit $1 in June
If the court concurs, it would effectively create a ruling on secondary sales. This ruling is critical as it would determine the allocation of the disgorged funds and potentially have significant implications for the future of XRP and its listing on exchanges.
Telegram Integrates USDT Stablecoin Payments, Trade Crypto Privately With Tradecurve.io
As Telegram adopts the use of Tether in order to make tipping easier, Tradecurve, a new anonymous trading platform in development, accepts Tether for its presale.
Telegram and USDT go together like coffee and cream
Telegram is one of the best ways to communicate with crypto projects and an excellent way to find group chats about crypto. There are also several news feed channels such as FullFeed, that aggregate all the latest crypto news, and allow subscribers to vote on how significant they think that news is.
One of the latest news updates is about Telegram, which has now integrated USDT into a tipping bot. This is big news if we accept Telegram’s statement that they are “One of the top 5 most-downloaded apps in the world with over 700 million active users”.
The tipping bot is called @wallet, already allows people to send tips via Bitcoin and TON coin, and now has support for USDT TRC20, which is basically Tether running on the Tron network, rather than the Ethereum network. This makes a lot more sense than using Bitcoin or USDT ERC20 since the transaction fees are quite likely to end up being higher than the actual tip, and so we may expect to see wider use of the tipping bot from now on.
Tether seems to be everywhere right now, having recently integrated with:
- Strike app – giving people from 65 different countries an easy way to buy, hold and send USDT
- KriptonMarket – connecting USDT with the small businesses that comprise Argentina’s huge Mercado Central
- Now Payments – a widely used payment processor
- CoinMena – via Tether’s new Euro stablecoin EURT
- Tradecurve – a decentralized trading platform that includes TradFi products as well as crypto.
Non-CBDC (Central Bank Digital Currency) stablecoins are vital for the crypto industry so this should be viewed as bullish news.
Who is Tradecurve?
Tradecurve is a new player in the world of crypto, currently in presale. Although they are new, their ambitions are big. They want to totally shake up the way that traders do their work and onboard people who wouldn’t normally have the chance to access things like forex, crypto, stocks, bonds, ETFs, indices and more.
One of the reasons retail investors don’t always have access to these things is regulatory issues in their country of residence. Another reason is privacy concerns, and yet another is the lack of access to banking services altogether – it’s estimated that 1.4 billion people still don’t have access to a bank account, that’s over 17% of the world’s population!
Tradecurve aims to prioritize privacy and anonymity for those that want it, so that your business remains your business!
Tradecurve has an ERC-20 based token called TCRV. TCRV is currently $0.015 and can be purchased with USDT ERC-20 or USDT TRC-20 (Tron’s Tether).
Experts predict that after it launches the price could go as high as 100x from there. As Tradecurve is currently in the second phase of the presale, this means an early opportunity for people looking for what might be the next big thing in web3.
For more information about TCRV presale tokens:
Website | Buy TCRV Presale Tokens | Twitter | Community on Telegram
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Ripple Vs SEC Settlement : Signaling a Game-Changing Moment in US Crypto Regulations?”
As anticipation for the potential settlement in the Ripple versus SEC case continues to build, it’s increasingly evident that the outcome could reshape the crypto regulatory landscape in the US. Adding to the drama, Ripple CEO Brad Garlinghouse hinted in a recent interview that a resolution could be weeks, not months, away.
Public Gains Access to the Mysterious Hinman Documents
On May 16, Judge Analisa Torres ruled in favor of public access to the Hinman documents, causing further speculation about an imminent XRP settlement. Previously shielded from public view by the SEC, the release of these documents could potentially tilt the scales in Ripple’s favor. The delay to June 13 in the deadline for redactions has added fuel to the fire of settlement rumors.
Ripple’s Surprising Swiss Acquisition
In a strategic twist, Ripple announced the acquisition of Swiss firm Metaco just three days after Judge Torres’ ruling. Garlinghouse shared that the acquisition was a response to the unclear regulatory environment in the US. This move allows Ripple to expand its horizons, offering new tech solutions for the custody, issuance, and settlement of tokenized assets. Yet, it begs the question – was this a strategic business move or a clever maneuver anticipating the lawsuit’s outcome?
Also, Read – Ripple Vs SEC: Pro-XRP Lawyer Predicts LBRY’s Bold Move Against SEC Could Spell a Massive Win for XRP!
XRP Price Trend and Market Activities Show Positive Momentum
While the lawsuit chatter continues, XRP’s price has been quietly climbing, maintaining its position as the sixth-largest cryptocurrency. With its market cap exceeding $24.5 billion and a 22% growth in the past year, XRP’s market performance remains solid. Moreover, it’s seen a steady increase in active addresses and trading volume on Decentralized Exchanges (DEXs), indicating the asset’s rising popularity.
The Countdown Begins: Will a Decision Finally Emerge?
Speculation about an XRP settlement is rife, with Garlinghouse indicating that a decision might be imminent. The result of the XRP case is much more than just the fate of one cryptocurrency; it could shape the entire future of crypto regulations in the US.
“#XRP sits at .48 cents and it’s crazy to think about how many people, who refuse to buy it now, are going to buy it over $1. What’s even more crazy is that fomo won’t likely kick in until $2.” – John Deaton
As John Deaton suggests, those who are hesitant to invest in XRP now might find themselves in a mad scramble when its price crosses $1. The question remains: Are you ready for the Ripple effect?
Cardano News : Crypto Expert Forecasts Game-Changing Move for ADA Price
Noted crypto analyst and Crypto Capital Venture founder, Dan Gambardello, offers insights into Cardano’s future, highlighting its promising potential amidst criticism and hurdles.
Cardano Faces Criticism
Controversy surrounds Cardano as users complain about transaction times of up to 30 minutes on the network, contrasting its theoretical capability of handling 1 million transactions per second.
Dan Gambardello dismisses fear, uncertainty, and doubt (FUD) surrounding Cardano, highlighting his own positive transaction experiences, executed within minutes. He explains possible delays resulting from market volatility affecting swap execution and asserts that similar issues are prevalent across various blockchains.
According to Dan’s technical analysis, Cardano finds itself at a critical point, poised for a significant breakout or dip. The coin’s position between support and resistance lines suggests an imminent major move.
Also Read: Cardano Reaches Crucial Level At $0.36! Will ADA Price Rebound Or Plunge Further?
Bearish or Bullish? Cardano’s Future Outlook
Should Cardano fail at the support area, a short-term dip may loom. Conversely, a breakthrough of resistance could ignite an upward trend, setting the stage for a long-term bullish run.
The current sideways trading of Cardano is likely to yield substantial price action soon, potentially shaping the future trajectory of the cryptocurrency.
Dogecoin Explores New Markets As Avorak AI Tightens Its Hold On AI Crypto
The cryptocurrency world constantly evolves, with projects and technologies constantly pushing boundaries. As Dogecoin explores new markets, Avorak AI has maintained tenacity in AI Crypto, displaying its capabilities while still in its initial coin offering (ICO).
What is Dogecoin?
Dogecoin (DOGE) is the first and largest meme coin by market capitalization. The cryptocurrency has gained the attention of many in the crypto community, including reputable names like Elon Musk and Mark Cuban. Unlike Bitcoin (BTC), which was designed to be scarce, Dogecoin is intentionally abundant, with no maximum supply. Nonetheless, Dogecoin (DOGE) has managed to rank among the top 10 cryptocurrencies by market capitalization and maintains a significant following and dedicated community.
Will Dogecoin go up?
Dogecoin’s price is highly volatile. However, the widely known Dogecoin price influence is Elon Musk. A single tweet from Musk can cause a notable spike in the coin’s price. Despite this, Dogecoin has a degree of vulnerability due to how easy it is for a single individual to influence its price. Additionally, the lack of substantial use cases for DOGE has placed constraints on the rise of its value. What perhaps is the major limitation to the future price of Dogecoin is its inflationary nature. The coin could still serve significant purposes in the crypto industry and has the potential to increase in price slowly, but capped supply tokens can grow much more sustainably in the long term. Nonetheless, the crypto market is highly unpredictable, and as Dogecoin explores new markets, it could go up.
Avorak AI: The leader of the AI crypto bull run?
Avorak is a new AI crypto project, and many expert analysts and investors have suggested that it has the potential to lead the AI crypto wave. Avorak AI is the first platform to offer a comprehensive set of advanced AI-driven solutions within a single interactive AI through the blockchain. Avorak’s AI, AVA, includes solutions for text generation, image creation, online shopping, trading, 3D modelling, base architectural blueprint drafting, and more.
The first-to-market strategy assures Avorak’s solutions stand out in the market and allows the project to get ahead of the competition. For example, the Avorak AI trading bot uses a simple command-line input programmed with a standard script such as: ‘When BTC reaches $30,000, sell 0.25 BTC in my Binance futures account.’ This intuitive approach eliminates the need for extensive coding knowledge, making it accessible to traders of all levels of expertise. Additionally, the Avorak Trade bot can automate trades regardless of the exchange or asset class, using AI algorithms to find the best trades. Avorak Trade also provides price predictions supported by an extensive range of indicators, enabling traders to make well-informed decisions.
Avorak has also combined its AI blockchain capabilities with unique digital art to create a one-of-a-kind NFT collection. Along with their uniqueness, Avorak’s NFTs offer utility benefits to their holders, such as free access to Avorak Trade for life. Avorak’s native token will be required to access its AI solutions. AVRK has a maximum supply of 40 million and guarantees a portion of Avorak’s profits. AVRK can be staked to increase the hold of the project’s market cap or traded on centralized or decentralized exchanges.
The Avorak AI initial coin offering (ICO) has had a successful run for the past three months and is slowly rising to the anticipated launch price of $1. The ICO is entering phase 7, indicating a 325% increase in AVRK’s price.
For more information on Avorak AI and its ICO:
Website: https://avorak.ai
Buy AVRK: https://invest.avorak.ai/register
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Which Crypto Token Will See the Most Growth in 2023?
It’s always interesting analysing certain coins, and just how well one might do compared to another. Today, we’ll be highlighting 2 great projects with a lot of potentials to make massive gains in 2023, VeChain and InQubeta…
Project 1 – InQubeta
Investing in AI start-ups has never been more accessible and exciting, thanks to InQubeta’s revolutionary platform. With the power of blockchain and the $QUBE token, investors can now participate in fractional investments, allowing them to support their favourite AI start-ups without breaking the bank.
InQubeta’s NFT marketplace adds a layer of transparency and security, creating a seamless investment process that benefits both investors and start-ups. Discover how InQubeta is paving the way for the future of AI start-up investment.
InQubeta is breaking down barriers in the world of AI start-up investment. Traditionally, investing in these cutting-edge companies required significant capital and connections, often limiting opportunities to a select few.
However, InQubeta’s platform democratizes the investment process by enabling fractional investments using the $QUBE token. This means that individuals with varying budgets can participate, allowing more people to support AI start-ups and benefit from their potential success.
The InQubeta NFT marketplace is the gateway to a world of investment opportunities. AI start-ups can create reward and equity-based NFTs, representing different incentives and benefits for investors.
By listing these NFTs on the marketplace, start-ups gain exposure to a wide range of potential investors, while investors have the opportunity to browse and select the projects they believe in.
Investing in AI start-ups not only supports their growth and success but also contributes to the broader development of AI technology. InQubeta believes that AI has the potential to revolutionize various aspects of our lives, from healthcare to transportation and beyond.
By investing in AI start-ups through InQubeta, individuals become key contributors to this transformative journey, shaping the future of technology and innovation.
Project 2 – VeChain
VeChain, a prominent blockchain platform, and offers a wide range of compelling use cases. Built with a focus on supply chain management and enterprise solutions, VeChain has garnered attention for its unique features and partnerships.
One of VeChain’s key strengths lies in its ability to provide transparency and traceability throughout complex supply chains. By utilizing blockchain technology, VeChain enables businesses to track and verify the origin, quality, and authenticity of products at every stage of the supply chain. This has numerous applications in industries such as food and agriculture, luxury goods, pharmaceuticals, and logistics. For instance, consumers can verify the authenticity of high-end products like luxury handbags, and companies can ensure the integrity and safety of food products by tracking their journey from farm to table.
Additionally, VeChain offers robust anti-counterfeiting measures by leveraging NFC (Near Field Communication) chips or QR codes on physical products. This enables customers to easily authenticate and access detailed product information using their smartphones, fostering trust between businesses and consumers.
Furthermore, VeChain has established strong partnerships with notable companies and institutions worldwide. Collaboration with major players such as PwC, DHL, and Walmart China has enhanced VeChain’s credibility and facilitated the adoption of its technology. These partnerships provide VeChain with access to vast networks and industries, driving real-world use cases and adoption.
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China’s Web3 White Paper Fuels Crypto Frenzy In Hong Kong; CZ Reacts
Changpeng Zhao, also known as “CZ,” the founder and CEO of Binance, shares his insights on China’s recent release of the Web3 Innovation and Development White Paper. The timing of this white paper coincides with the impending rollout of Hong Kong’s cryptocurrency licensing system.
China’s Web3 White Paper Unveiled
The Beijing Municipal Science & Technology Commission introduced the “Web3 Innovation and Development White Paper (2023)” during the Zhongguancun Forum. This document highlights the crucial role of web3 technology in shaping the future of the internet industry, creating a buzz within tech and crypto circles.
Hong Kong’s Crypto Licensing System
Hong Kong is emerging as a promising cryptocurrency hub and is set to unveil definitive guidelines for crypto exchange launches on June 1st, according to Julia Leung, the CEO of the city’s Securities and Futures Commission (SFC).
These regulations will enable retail investors to participate in the trading of major cryptocurrencies, such as Bitcoin (BTC) and Ethereum (ETH), starting from June 1st. However, certain restrictions apply to crypto exchanges serving investors with portfolios below HK$8 million.
Also Read: Hong Kong’s Retail Traders Embrace Conflux, the Chinese Ethereum – Coinpedia Fintech News
Exploring Further Initiatives
The SFC is not stopping at the crypto licensing milestone. They are actively exploring additional initiatives to evaluate the benefits of digital assets in financial markets. These include the tokenization of green bonds and the development of a proprietary Central Bank Digital Currency (CBDC) for Hong Kong.
The convergence of China’s Web3 White Paper and Hong Kong’s crypto licensing system signifies a significant turning point in the intersection of innovation and regulation. As these developments unfold, the tech and crypto communities eagerly await the future implications and opportunities they may bring.
SEC vs Gemini: Crypto Giant Strikes Back! What’s at Stake will Shock You!
The post SEC vs Gemini: Crypto Giant Strikes Back! What’s at Stake will Shock You! appeared first on Coinpedia Fintech News
Gemini has fired back at the U.S. Securities and Exchange Commission (SEC) in an electrifying legal tussle. The prestigious crypto exchange along with its embattled ally, the now-bankrupt lender Genesis, has set the stage for an exhilarating legal battle as it seeks to dismiss the SEC’s lawsuit lodged against its pioneering Earn Product.
“No more,” Gemini proclaimed, slamming the SEC’s allegations as “ill-conceived” and standing firm in its conviction that its innovative Earn product, which promises yields to its customers’ crypto deposits, is no security.
The Truth Behind the Gemini Earn Product: It’s Loans, Not Securities!
In an audacious move, Genesis chimed in, supporting its compatriot and shedding light on the true nature of these transactions. They are not securities, they are loans! The power duo pleaded with the court to scrap the complaint or, if that fails, at least to obliterate the SEC’s brazen requests for a permanent injunction and disgorgement.
To add fuel to the fire, the SEC’s complaint accused Gemini of operating the customer-centric arm of the Earn program, and not Genesis. Gemini fired back, claiming that it only acted as a transfer agent for the Earn product, while once again dubbing the SEC’s lawsuit as “ill-conceived”.
So, here’s some backstory: Genesis went bankrupt after another crypto exchange, FTX, collapsed. This left the users of the Earn program in a fix since they haven’t been able to take out their money since November 2022.
Gemini’s Got Your Back, Earn Users!
Now, Gemini’s stepping up and going after Genesis’ parent company, Digital Currency Group (DCG). They’ve filed a big claim to get back a whopping $1.1 billion for 232,000 Earn users. The tension is high, and Gemini and DCG are negotiating to settle things down. But things are rocky because DCG missed a huge $630 million loan payment to Genesis. Gemini’s warning everyone that DCG might not be able to pay its debts.
Also Read: Even Biden’s Re-election Can’t Threaten Bitcoin, Claims Pro-XRP Lawyer
Gemini is represented by JFB Legal Firm
Gemini is now being defended by JFBLegal in court. Their lawyer, Jack Baughman, is questioning the SEC’s lawsuit over Gemini’s Earn product. He said Gemini Earn Product wasn’t a security and there was no sale. He also pointed out that the SEC’s lawsuit is making it more difficult to solve the problems from Genesis’ bankruptcy and isn’t helping users get their money back. Gemini and their lawyers are ready to fight this lawsuit.
“Whatever the Earn contract might be, it was never sold. Who was the seller? Who was the buyer? How much did it cost? Could it be resold? Everyone knows what a sale is. It’s obvious there was not one here.” Jack Baughman.
1/ I and the @JFBLegal team are proud to represent @Gemini. Today we filed our motion to dismiss the @SEC’s ill-conceived lawsuit against Gemini and Genesis relating to the Earn program.
— Jack Baughman (@JackBaughman27) May 26, 2023
Gemini Eyes UK Amid Regulatory Uncertainty
Amidst the growing uncertainty in their home country’s regulatory environment, Gemini is considering setting up operations in the United Kingdom. This bold move comes as Gemini doubles down on its defense against the SEC’s lawsuit. Only time will tell how this riveting legal drama will unfold!
Utility Crypto Tokens Like HedgeUp, Uniswap, and Solana Take the Market to New Heights
The loudest of crypto critics often criticize cryptocurrencies for having no intrinsic value. However, that’s not entirely true. Decentralized finance (DeFi) is built on the back of utility tokens like Uniswap (UNI) and Solana (SOL). And now, a new token has entered the conversation. This is the presale token HedgeUp (HDUP).
Uniswap (UNI): supporting decentralized trading
UNI is the utility token of the decentralized exchange (DEX), Uniswap. This is a revolutionary DEX that introduced the idea of Automated Market Makers (AMMs), which now powers most DEXs in the Web3 ecosystem.
UNI plays a crucial role in the protocol’s own ecosystem. For one, Uniswap (UNI) holders participate in the governance of the protocol. They propose upgrades and vote on any changes and improvements before they are made.
The token is also central to all incentives and rewards programs on Uniswap. For example, Uniswap (UNI) holders are encouraged to become liquidity providers and in exchange for this, they receive rewards in UNI.
So, while speculation has played a role in Uniswap’s current value of $4.95, much of it rests in the fact that Uniswap (UNI) has utility as one of the strongest projects in Web3.
Solana (SOL): powering the Solana blockchain
SOL is the utility token of the Solana blockchain. This is a blockchain protocol that was once referred to as “The Ethereum Killer,” due to its architecture. The network is designed to be a fast, scalable, secure, and cheaper platform for building decentralized applications (dApps) and other DeFi solutions.
Today, Solana (SOL) supports a growing ecosystem of projects and solutions. These include GameFi projects, NFTs, and trading and investment platforms. And, central to all these is the SOL token.
SOL is the main currency of Solana. It is used to pay transaction fees and reward validators who play a crucial role in securing the network. It is also used for governance. Solana (SOL) holders can participate in the governance of the protocol through votes and proposals.
Solana (SOL) is currently trading at $19.40 and is the 10th largest cryptocurrency by market cap.
HedgeUp (HDUP): alternative investments
HDUP will be the utility token of the HedgeUp (HDUP) project. The project is building an ecosystem where its community can invest in alternative assets like precious metals, rare artwork, valuable jewellery, rare drinks, and more.
HedgeUp’s (HDUP) first step is a trading platform that lets people make fractional investments in alternative assets by buying and selling asset-backed NFTs. It is designed to let people invest in products like gold and diamonds starting from as low as $1.
The platform’s internal currency is the HDUP token. Traders will use it to make purchases and pay trading fees. Holders of the HedgeUp (HDUP) token, on the other hand, can also use it as a governance token. They’ll get to make and vote on proposals that determine the overall direction of the project.
HedgeUp (HDUP) is in its presale phase. It is being offered to investors at a discounted price of $0.020.
Follow the links below for more information about HedgeUp (HDUP) presale:
Website | Presale | Telegram | Twitter
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Crypto Market Analysis: What Will Happen To Altcoins if Bitcoin Dips Below $25k?
Bitcoin has been going up in price since the start of 2023, but it has started to show signs of a possible reversal. It faced strong resistance at the $30K level and couldn’t break through. Moreover, it hasn’t been able to maintain support above the previous levels of around $26,500, which is not a good sign.
However, according to Altcoin Sherpa, Bitcoin may slip down to the $25k level. He discussed the current market situation and highlighted that Bitcoin and other cryptocurrencies are experiencing a significant decline in value.
He mentioned the importance of the 24K to 25K price range, which has shown significant confluence and resistance in the past. However, the recent price drop has breached this range, and he expects a test of the 25K area due to its confluence with the former swing high from August 2022.
He also noted that the 25K level aligns with the 200-day exponential moving average (EMA), further strengthening its importance. He also revealed a demand area of around 24.3K, which adds to the overall interest in the price range from 25.3K to 23.6K.
However, he also expects price to potentially bounce at these key areas, he emphasizes that a true low has not yet been established. Despite the current market situation, he maintains his belief in a bullish market structure for Bitcoin. He said that higher highs and higher lows are still being formed, indicating an overall upward trend.
He also cautioned that the current market conditions are challenging and recommended being cautious with altcoin bids. He also highlighted the possibility of more liquidity and interest in the price range from 25K to 23K.
Altcoin Sherpa said, “If Bitcoin goes down to 23K, then alts are going to take a bath. I would definitely be cautious with all coin bids. I would just put them lower.”