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June 09,2024

Bitcoin Tries To Break Through $70K Once Again As Altcoins Experience Losses

Bitcoin (BTC) and the broader crypto market experienced a significant decline on Friday when the leading cryptocurrency tested $69,000 but failed to maintain that level, resulting in a drop of over $2,000. The weekend saw minor fluctuations as the asset managed to regain some value, stabilizing around $67,500. The cumulative market capitalization of all crypto assets has decreased by over $80 billion, falling to under $2.7 trillion on CoinGecko.


Maintaining Momentum

On Monday, Bitcoin briefly surpassed $70,000. Despite an initial setback, it rebounded and exceeded that threshold on Tuesday. It maintained levels above $70,000 for several days and even reached a multi-week peak of $72,000 on Friday. However, echoing the previous Friday, Bitcoin faced resistance at $72,000, leading to a sharp decline driven by bearish sentiment. The flagship crypto dropped to a multi-day low of $68,500. While it has since recovered slightly and now hovers above $69,200, it remains down by nearly 3% for the day.

Elsewhere, various altcoins have suffered even more significant losses. Ethereum (ETH) has declined by 3.5% and is trading below $3,700. BNB dropped to under $690, while SOL plummeted by nearly 6%. Further losses were observed in Dogecoin (-8.5%), Avalanche (-7%), Chainlink (-7%), Polkadot (-8%), NEAR (-8%), UNI (-7%), and MATIC (-8%). FIL was the only notable gainer, while WIF, ARB, and FET have experienced double-digit declines.


Other Markets

The upcoming Fed Dot Plot release is anticipated to shed light on the stance being taken by the central bank regarding potential rate cuts, reflecting ongoing concerns over inflation. Meanwhile, Wall Street continues to exhibit renewed risk appetites, driving market activity. However, expectations suggest that the Fed may temper its rate-cutting plans due to persistent inflationary pressures.

Meanwhile, a significant asset sale by banks is providing a boost to the bond market, as detailed in the Credit Weekly report. Recent developments include prolonged work stoppages by the Mali Bankers Union following the arrest of their leader alongside Colombia deciding to halt coal sales to Israel.

Additionally, U.S. sugar tariffs are prompting candy makers to relocate operations to Canada, while an oil rally lifts commodity prices and global equities although Treasury bonds have declined. Lastly, Colombian banks are being urged to stimulate growth through affordable credit provision.


June 08,2024

Donald Trump Calls Himself Crypto President As 2024 Election Looms

Former United States President, Donald Trump, is making waves in the cryptocurrency world once again, this time by dubbing himself the Crypto President at a high-profile fundraiser in San Francisco. The event, hosted by tech heavyweights David Sacks and Chamath Palihapitiya, saw Trump rally support and raise an impressive $12 million.


Trump Lambastes Democrats

Unsurprisingly, Trump took aim at the Democratic Party and their regulatory efforts in the crypto sphere while expressing his unwavering support for the industry. However, Trump remained tight-lipped about his own proposed crypto policies, leaving attendees curious about his plans.

Even in the liberal bastion of San Francisco, Trump found allies among prominent venture capitalists and crypto investors who share his concerns about overregulation. Trevor Traina, a San Francisco-based tech executive and former Trump ambassador to Austria, echoed what Trump had been saying about the United States Securities and Exchange Commission (SEC) overstepping its authority and influence, especially in the crypto sector. 


More Than Meets The Eye

Despite his support, the relationship between Trump and crypto has been nothing if not tumultuous. He branded crypto a disaster waiting to happen back in 2021 whereas now in 2024, he is a vocal advocate. At one point, he even boasted a crypto portfolio valued at over $33 million.

Still, not everyone is convinced and many believe Trump is simply using his support of crypto as a strategy to get more votes. After all, most crypto supporters are either millennials or Gen Z and these are the people whose votes matter the most in terms of overall numbers. There is also the notion that if Trump is re-elected, he will cease all support for crypto entirely.


June 07,2024

Hulk Hogan Initiates Rug Pull As Investors Lose Millions On His Meme Coin

Once again, celebrity-backed meme coins are causing a stir in the crypto world, as stars like Iggy Azalea and Hulk Hogan jump on the bandwagon, promising sky-high returns. Unsurprisingly however, the latest craze is not all glitz and glam, as the Hulk Hogan Solana-based coin, aptly named HULK, recently took a $17 million tumble, leaving investors scratching their heads.


Reasons Behind The Crash

WWE icon Hulk Hogan had launched a meme coin on Solana in order to capitalize on the current craze surrounding celebrity-endorsed meme coins. Nevertheless, HULK experienced a staggering $17 million decline on June 6th when its entire market cap suddenly plummeted to $11,000.

Ironically, the crash was triggered by Hulk Hogan himself, who unexpectedly deleted his social media posts related to the Solana meme coin, causing significant losses for HULK holders. Some of these deleted posts even referenced Iggy Azalea and her promotion for her meme coin, MOTHER.

In any case, suspicion quickly arose regarding Hulk Hogan and his involvement in the rug pull. Observant crypto users noted discrepancies in what Hogan was posting on social media, including recycled video content promoting the meme coin. However, the former WWE world champion and his team denied authorizing the deleted posts, leaving investors uncertain about the situation.


Caution Against Celebrity Meme Coins

Ethereum (ETH) founder Vitalik Buterin criticized celebrity-backed meme coins, stating that they offer little value beyond quick financial gain. He emphasized the importance of projects contributing to the public good and dismissed celebrity-endorsed projects lacking substance.

Moreover, regulatory authorities have penalized several influencers, including Kim Kardashian and Floyd Mayweather, for fraudulent crypto promotions. Sahil Arora, associated with many of these fraudulent tokens, has been linked to previous projects like the now-defunct SOULJA BOY token. On the other hand, Solana founder Raj Gokal expressed a laissez-faire attitude towards the proliferation of meme coins, suggesting that people should enjoy themselves.

At any rate, the influx of celebrities into the crypto space, driven by self-serving financial motives and lacking genuine understanding of the technology, poses several risks which could invite increased regulatory scrutiny going forward.


June 07,2024

Binance Users Can Once Again Utilize Mastercard For Payments

Last year, Binance faced significant regulatory pressure, resulting in notable departures within certain markets and the temporary suspension of specific services. Nonetheless, as the cryptocurrency exchange stabilizes, it is gradually reintroducing its offerings, including the restoration of its Mastercard service.


The Road To Recovery

Recently, Binance announced the relaunch of its card payment option in collaboration with Mastercard. This move comes after Mastercard ended its partnership with the exchange in September 2023, coinciding with Visa also deciding to withdraw due to regulatory issues.

Following this update, Binance users now have the option to utilize Mastercard, Visa, or SEPA for asset purchases and transfers. It is worth mentioning that the reintroduction of Mastercard as a payment option does not encompass the proprietary card option. However, the exchange has assured users that any updates regarding this will be communicated in due course.


Slow And Steady

In a separate development earlier this year, Alchemy Pay introduced its Crypto Card Mini app on the Binance marketplace in partnership with Binance Pay. This integration, designed to enhance payment experiences, allows Binance users to access fiat-crypto payment solutions in over 173 countries.

Despite these advancements, it is important to note that certain regions, including the United States, Canada, Singapore, Japan, the United Kingdom, the United Arab Emirates, and Australia, may not have access to these services due to regulatory constraints affecting Binance in those specific jurisdictions.


June 06,2024

New Smart Wallet Platform Introduced By Coinbase

Coinbase has declared the introduction of its latest smart wallet platform. The biggest cryptocurrency exchange in the United States announced that the debut will mark a new phase in the development of its Coinbase Wallet product by revolutionizing the on-chain experience through the elimination of network fees and recovery phrases.


Going Truly Digital

Smart wallets provide a streamlined, gas-free on-chain experience. This straightforwardness, along with support for multiple chains and integration with prominent applications, will facilitate transitioning to blockchain as effortlessly as logging into a preferred website.

Historically, engaging with on-chain transactions has been sluggish, costly, and intricate, involving separate wallet app installations and earlier-generation blockchains. Smart wallets, with their user-friendliness, coupled with advanced Layer 2 networks like Base, finally set the stage for drawing in many more individuals on-chain. Now, engaging on-chain is simple, rapid, and economical.


Various Features

Coinbase will introduce a complementary web application for the new smart wallet, featuring functionalities such as asset and identity management, purchasing, sending, swapping, NFTs, and transaction records. The web application will serve as the primary platform for users of smart wallets to oversee their wallets.

Upon its release, Coinbase notes that smart wallets will initially support eight networks, including Base, Ethereum, Optimism, Arbitrum, Polygon, Avalanche, BNB, and Zora, with the incorporation of other chains planned for the future.

The company is also encouraging developers to integrate smart wallets into their applications by enabling them to earn up to $15,000 in gas credits through the Base Gasless Campaign, essentially sponsoring transactions at zero expense.


June 06,2024

VeBetterDAO Gets Announced As VeChain Explores NFC Technology

Jake, a prominent figure in the VeChain community, has unveiled the VeBetterDAO app in collaboration with Tesla. Although VeChain (VET) experienced a 0.21% price uptick in the last 24 hours, it experienced a decline of 5.52% over the preceding week. Despite these market shifts, VeChain has announced several significant developments.


Utilizing Blockchain Technology

The aforementioned application, designed to enhance efficiency and transparency, integrates blockchain technology into the various operations of Tesla, marking a substantial stride for VeChain when it comes to its partnerships with numerous industry leaders to implement cutting-edge blockchain solutions.

Additionally, VeChain has entered phase 3 of its partnership with Boston Consulting Group (BCG), aimed at further refining and implementing strategic blockchain solutions across various sectors. This ongoing collaboration underscores the increasing recognition of blockchain and its potential to transform traditional business models.


Implementing NFC Technology

Elsewhere, VeChain revealed that a luxury client has adopted its NFC (Near Field Communication) technology, enabling the tracking and authentication of high-end products to ensure their genuineness. NFC technology enables short-range wireless communication between devices, typically within a few centimeters.

In the realm of crypto, NFC is utilized for secure and convenient transactions. It allows users to transfer cryptocurrency or access digital wallets by simply tapping their NFC-enabled devices together, providing a seamless and secure way to make payments or authenticate transactions.

Crypto Yapper, a crypto analyst, predicts that VET is on the verge of a breakout, with the price currently consolidating towards a pivotal point that could result in significant movement. This forecast, alongside the abovementioned developments, has sparked substantial interest and anticipation among the VeChain community and investors.

June 05,2024

United States SEC Will Officially Close Salt Lake Regional Office

The United States Securities and Exchange Commission (SEC) announced on Tuesday its intention to close the Salt Lake Regional Office (SLRO) later this year, reducing the total number of SEC regional offices to 10.


Enhancing Efficiency

The SEC is a regulatory agency responsible for overseeing and enforcing federal securities laws. They aim to protect investors, maintain fair and efficient markets, and facilitate capital formation by regulating securities markets and securities professionals.

The SEC noted that the SLRO, historically its smallest regional office, is closing due to significant attrition. This closure is partly meant to help enhance the overall budget and organizational efficiency of the regulatory agency. In the transition, the Denver office of the SEC will assume jurisdiction over enforcement matters previously managed by the Salt Lake City office.


The DEBT Box Fiasco

Regarding recent events, a dismissed lawsuit against DEBT Box resulted in criticism of the SEC for what was described as bad faith conduct, leading to a court order for the SEC to pay $1.8 million in legal fees. Last July, the SEC accused DEBT Box of operating an unlawful $50 million crypto scheme, alleging investor fraud through misrepresented investment details.

In April, SEC attorneys Michael Welsh and Joseph Watkins faced criticism by a federal judge for their actions in attempting to seize assets belonging to DEBT Box under false pretenses, prompting their resignations.

Coinbase Chief Legal Officer Paul Grewal commented that describing the situation as attrition might be an understatement. In any event, the recent legal defeat experienced by the SEC and subsequent office closure represent a significant setback for the regulator, despite its aggressive stance in crypto enforcement, which has included actions against several prominent firms in the past.


June 05,2024

Brad Garlinghouse Discusses XRP ETF Despite Mixed Reactions

Ripple CEO Brad Garlinghouse, speaking in a live broadcast, recently expressed confidence that XRP ETFs will become a reality. He anticipates the emergence of spot XRP ETFs by 2025. Still, not everyone is convinced and some claim that Brad is only announcing this to garner sympathy for the project after its recent shortcomings.

Ripple has also faced several legal challenges so far, with the United States Securities and Exchange Commission (SEC) previously claiming that the sale of XRP constitutes an unregistered securities offering.


A Need For Modernization

Ripple (XRP), in collaboration with prominent entities like Coinbase and Grayscale, has spearheaded efforts within the crypto industry to urge the SEC to modernize its regulatory framework for cryptocurrencies.

Despite these efforts, Ripple faces potential repercussions, including a hefty $2 billion fine by the SEC, stemming via a legal dispute where a judge concluded that the company unlawfully distributed XRP to institutional investors.

Crypto ETFs offer investors a convenient and regulated way to gain exposure to the cryptocurrency market without directly owning digital assets. They can enhance market liquidity, attract institutional investors, and potentially reduce volatility by diversifying risk across multiple cryptocurrencies. Additionally, these ETFs can pave the way for broader adoption of cryptocurrencies by traditional investors and institutions.


Ripple And Its Competitors

Ripple is a digital currency and blockchain platform that aims to facilitate fast and cost-effective cross-border transactions. Unlike many other cryptocurrencies, Ripple is not based on traditional blockchain technology but rather on a consensus ledger, called the XRP Ledger, which uses a network of validating servers to confirm transactions. This design allows for extremely fast transaction speeds, with settlements occurring in seconds, and minimal transaction fees, making it an attractive option for international money transfers and payments.

One of the major advantages of Ripple is its partnerships with numerous financial institutions and banks worldwide. However, its centralized nature has been a point of contention within the cryptocurrency community. Unlike decentralized cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), where transactions are validated by a network of independent nodes, the XRP Ledger relies on a select group of trusted validators, which has raised concerns about centralization and control.

June 04,2024

Charles Hoskinson Provides Comfort To Anxious Cardano Community

Charles Hoskinson, the creator of Cardano (ADA), recently discussed various concerns regarding the scalability of the blockchain. He pointed out the availability of adequate funds in the treasury to support an ambitious Leios, Hydra, and ZK program if the community opts for it. 


A Parallel Strategy

Hoskinson noted the potential for a parallel strategy, citing the existing infrastructure and talent within the Cardano ecosystem. He expressed hope about the potential for swift progress, referencing the significant advancements seen over the past couple of years.

The Cardano community has been actively discussing scalability, particularly considering the growing competition faced by the blockchain by platforms like Solana (SOL) and Ethereum (ETH). The CTO of Sundae Labs, a notable ADA enthusiast, contributed to the debate by advocating for Leios, a fresh design for the data computation algorithm. Another notable innovation is Hydra, a layer-2 scaling solution aimed at enhancing transaction throughput and minimizing latency on the blockchain by establishing a network of parallel processing nodes.


Looking Ahead

The aforementioned initiatives aim to increase the overall capability of Cardano to handle a significantly greater volume of transactions while simultaneously upholding security and decentralization. 

Many contributors and developers within the Cardano ecosystem shared their views and while some expressed excitement for scalability, others were against depleting the treasury too quickly, as it could impact the price of ADA. Overall, the sentiment among many community members echoed a desire for scalable solutions to enable optimal application performance. Importantly, while acknowledging current challenges, there was collective optimism regarding ongoing improvements within the ecosystem.


June 04,2024

JPMorgan Customers Will Soon Be Able To Pay With Their Face

JPMorgan Chase is gearing up to introduce a biometric payment system accessible to the masses. The move comes as banking institutions around the world look to keep up with the ever-changing technological landscape which often includes new payment practices and facial-identification systems.


Coming Soon

The banking behemoth is set for a widespread launch of an authentication mechanism enabling retail customers to make payments using either facial recognition or palm scanning in the coming year, according to American Banker. This system stems via two trial initiatives conducted with PopID, a biometrics company based in California. JPMorgan, already furnishing point-of-sale solutions to merchants, tested the system in physical stores across the United States and internally at an office cafeteria.

When it comes to crypto, JPMorgan has exhibited a varied stance, with CEO Jamie Dimon previously expressing skepticism but later acknowledging potential benefits. The bank has explored blockchain technology and developed its digital currency, JPM Coin, for internal transactions, while also offering some clients access to crypto-related funds. However, JPMorgan has cautioned investors about the risks associated with cryptocurrencies and remains cautious about their widespread adoption.


The Future Is Now

Jean-Marc Thienpont, the Head of Omnichannel and Biometric Solutions at the bank, asserts that JPMorgan anticipates a reduction in checkout time and an enhancement in security with the aforementioned new system. He emphasizes that biometrics-based payments empower merchant clients to furnish a superior payment experience for customers.

Citing a 2023 survey by PYMNTS, it was found that 28% of consumers utilized facial recognition for an online purchase within the past month. Additionally, Goode Intelligence, a business research firm, forecasts that by 2026, 3 billion individuals globally will use biometrics for payments, with transactions amounting to $5.765 trillion annually.


June 03,2024

$1.5 Billion Worth Of XRP Tokens Transferred In A Day

Over the last 24 hours, there has been significant activity surrounding XRP, grabbing the attention of the entire cryptocurrency community. According to Whale Alert, a blockchain tracker, there have been multiple transactions involving 3 billion XRP tokens, valued at around $1.5 billion. This notable movement has raised concerns about its potential impact on prices.


Market Concerns

It is customary for Ripple to release about 1 billion XRP tokens through its escrow wallet at the start of each month. However, the recent unusual movement of assets has surprised observers, leading to speculation about the nature of these transactions.

Marty Party, a crypto commentator, pointed out that the transfer of 3 billion tokens accounts for 5.45% of the total circulating supply and occurred between Ripple-affiliated wallets within half an hour. Some members of the community clarified that these transfers were part of routine fund consolidations related to escrow operations. They noted that out of the 3 billion tokens, 1 billion worth $520 million were released via an escrow address.

Michael Nardolillo, a crypto analyst, explained that the majority of these movements involve internal transfers and relocking of escrow. Whenever it indicates an unknown account, he added, it usually means the bot made an error, and it was still a Ripple account.


Room For Improvement

Historically, the price of XRP has tended to fluctuate in response to the escrow releases, often influenced by market sentiment. Despite experiencing a 1% decline in the past 24 hours, XRP has remained steady around $0.5, indicating that the recent release via escrow has not significantly affected its performance.

Nevertheless, some market experts believe that the release of tokens could introduce additional selling pressure. Reports suggest that Ripple may be gearing up for its most substantial monthly XRP sell-off since 2017, with plans to unload 400 million XRP tokens, valued at $208 million, in June. While XRP continues to rank among the top ten cryptocurrencies by market capitalization, it has been one of the poorest performers among major tokens this year.


June 03,2024

Nayib Bukele Wins Election As El Salvador Keeps Buying Bitcoin

El Salvador President Nayib Bukele was inaugurated for a second term over the weekend, pledging to tackle various domestic economic challenges with the same vigor he showed in combating gang violence during his initial tenure. The nation currently holds 5,769 BTC valued at approximately $389 million in its reserves, with Bukele revealing a daily purchase of 1 Bitcoin for the country.


Safety Is Priority

El Salvador has faced significant issues with gang violence in the past, making it one of the most dangerous countries in the world. Gangs like MS-13 and Barrio 18 have been major players there, contributing to high homicide rates and widespread insecurity. However, recent efforts by the government, including those led by President Nayib Bukele, have resulted in some improvements in controlling gang-related violence.

Addressing the public via the National Palace in San Salvador, the 42-year-old leader assured that the once pervasive gang violence has significantly subsided, likening it to a curable illness rather than a terminal cancer.


Fixing The Economy

Now that security concerns have been largely mitigated, Bukele shifts his focus to the formidable task of rejuvenating the sluggish economy. Following his controversial re-election in February, where he secured over 80% of the vote amidst legal disputes, Bukele has expressed his determination to remedy the aforementioned economic issues while also ensuring that El Salvador remains at the forefront of digital innovation and true financial independence.

Despite his popularity for enhancing security in the nation of 6.3 million, his economic initiatives encounter hurdles. Notably, the ambitious Bitcoin City project, envisioned as a cryptocurrency-supported hub with tax incentives, struggles to attract investments. Furthermore, El Salvador grapples with a public debt exceeding $30 billion, equivalent to nearly 84% of its gross domestic product.