Maxwell Mutuma, Author at coinpress https://coinpress.live/author/maxwell-mutuma/ coinpress - 24*7 Crypto Updates Fri, 27 Sep 2024 05:56:06 +0000 en-US hourly 1 https://wordpress.org/?v=6.7.1 https://coinpress.live/wp-content/uploads/2023/11/cropped-coinpress_logo2-32x32.png Maxwell Mutuma, Author at coinpress https://coinpress.live/author/maxwell-mutuma/ 32 32 GameStop Stock Falls Further; Roaring Kitty’s Impact Wanes https://coinpress.live/gamestop-stock-falls-further-roaring-kittys-impact-wanes/ Fri, 05 Jul 2024 23:34:48 +0000 https://coinpress.live/?p=206191 GameStop’s stock declined by over 3% last week, closing at $24.18 on Friday. This drop exacerbates the company’s recent losses, pushing the stock down more than 23% since June 5. This period coincided with decreased activity from influencer and trader Keith Gill, also known as Roaring Kitty. Gill’s earlier involvement helped propel GameStop shares to

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GameStop’s stock declined by over 3% last week, closing at $24.18 on Friday. This drop exacerbates the company’s recent losses, pushing the stock down more than 23% since June 5. This period coincided with decreased activity from influencer and trader Keith Gill, also known as Roaring Kitty.

Gill’s earlier involvement helped propel GameStop shares to record highs in 2021. His recent return to online posting in May and June led to brief stock price spikes. However, his relative silence since early June has coincided with a steady decline in GameStop’s stock.

GameStop Falls Amid Roaring Kitty’s Quiet Phase

Keith Gill, famous for his bullish stance on GameStop, re-emerged in May and June. He triggered price spikes by increasing his GameStop holdings to approximately 9 million shares and holding his first livestream since 2021. However, his recent quiet period has seen the stock’s price gradually dip.

Meme stocks thrive on engagement from influencers and their communities. Roaring Kitty’s absence has notably affected GameStop’s performance. Investors are keenly watching to see if Gill will reappear in July to boost the stock again.

Gill’s pivot to online pet supplies retailer Chewy also caught attention. His tweet of a dog cartoon led to a surge in Chewy’s stock prices, fueled by trader hype. Subsequently, Gill disclosed to the SEC that he purchased about 9 million shares of Chewy.

 

Also Read: Binance’s Illegal Operations Highlighted in Court by Central Bank

Investor Enthusiasm Dips as Gill Goes Quiet

GameStop’s stock struggles as it loses the momentum of the meme stock driven by Gill’s influence. The stock’s decline over the past month highlights the importance of active engagement from key influencers. Without Gill’s regular updates, investor enthusiasm appears to have waned.

Despite the earlier spikes, GameStop’s performance indicates the volatility of meme stocks. These stocks rely heavily on online community engagement and influencer activity. The recent trends suggest a need for sustained influencer involvement to maintain stock price momentum.

GameStop’s future performance may depend on whether Gill resumes his active promotion. Investors eagerly anticipate his next move, and his return could reverse the current downward trend.

Keith Gill Shifts Focus to Chewy

Keith Gill’s recent shift in focus to Chewy surprised many investors. His dog cartoon tweet sparked a surge in Chewy’s stock, showing his influential power. The subsequent SEC disclosure of his 9 million shares in Chewy confirmed his investment shift.

This move raised questions about his long-term strategy. Some investors speculate that Gill might be diversifying his portfolio. Others wonder if this signals a permanent shift away from GameStop.

The pet supplies market offers different dynamics compared to video game retail. Chewy’s rise, driven by Gill’s influence, underscores the power of social media and influencer endorsements. It also highlights the unpredictability and rapid shifts in the meme stock landscape.

Also Read: House Gears Up for Crucial Vote on Biden’s Veto of SAB 121 Crypto Rule

 

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House Gears Up for Crucial Vote on Biden’s Veto of SAB 121 Crypto Rule https://coinpress.live/house-gears-up-for-crucial-vote-on-bidens-veto-of-sab-121-crypto-rule/ Fri, 05 Jul 2024 22:10:37 +0000 https://coinpress.live/?p=206185 The U.S. House will vote next week to overturn President Joe Biden’s veto of Staff Accounting Bulletin 121, also known as SAB 121. The bulletin has stirred controversy in the crypto industry. It mandates that firms custodying crypto record customer holdings as liabilities. House Majority Leader Steve Scalise indicated the vote might occur on Tuesday

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The U.S. House will vote next week to overturn President Joe Biden’s veto of Staff Accounting Bulletin 121, also known as SAB 121. The bulletin has stirred controversy in the crypto industry. It mandates that firms custodying crypto record customer holdings as liabilities.

House Majority Leader Steve Scalise indicated the vote might occur on Tuesday or Wednesday. Following the veto, the vote is a constitutional obligation. The measure previously passed the House with a 228-182 vote.

Bipartisan Push to Overturn SAB 121 Veto

SAB 121 requires firms holding crypto assets for customers to list these as liabilities. This rule has raised concerns among banks and the crypto industry. They argue it could hinder their ability to safeguard digital assets.

The resolution to overturn SAB 121 has seen bipartisan support. In May, the Senate passed it with a 60-38 vote, including support from Senate Majority Leader Chuck Schumer. However, overturning a veto requires a two-thirds majority in the House and Senate.

From venture capital firm Paradigm, Alexander Grieve noted the challenge but saw potential. “Remember when Biden vetoed the SAB121 rollback? It’s back on the House floor next week.” He pointed out the previous bipartisan support for the FIT21 crypto market structure bill.

Also Read: Craig Wright Faces $1.9M Legal Bill As London Court Issues Freezing Order

Challenges Mount in Overturning Crypto Rule Veto

Despite bipartisan support, overturning the veto remains challenging. The House needs 290 votes, 60 more than the initial 228 votes in favor. Cody Carbone from the Chamber of Digital Commerce expressed doubts about reaching this threshold.

Carbone emphasized the difficulty of changing 60 members’ minds in a week. He acknowledged the efforts for consumer protection and good governance. However, he believes the attempt to override the veto will ultimately fail.

The crypto industry remains hopeful but realistic about the upcoming vote. They recognize the steep hill to climb to overturn the veto. The focus now is on rallying additional support in the House.

The outcome of the vote has significant implications for the crypto industry. If the veto is overturned, it could ease concerns about banks’ ability to safeguard digital assets. Conversely, if it stands, firms may need help complying with SAB 121.

The crypto industry has been vocal about its concerns. They argue that the rule could stifle innovation and hinder the growth of digital assets. The upcoming vote is crucial for determining the regulatory landscape for crypto.

Supporters of overturning the veto emphasize the importance of flexibility for financial institutions. They argue that SAB 121 imposes undue burdens on firms holding crypto assets. The vote will be a crucial indicator of congressional support for the crypto industry.

Also Read: Venezuela’s Digital Asset Remittances Hit Yearly $460 Million

 

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CBN Official Testifies Binance Illegally Operated in Nigeria https://coinpress.live/binances-illegal-operations-highlighted-in-court-by-central-bank/ Fri, 05 Jul 2024 19:22:20 +0000 https://coinpress.live/?p=206176 In a court hearing in Abuja, Nigerian authorities intensified their legal battle against the cryptocurrency exchange Binance. Central Bank officials testified that Binance operated without a license, which aligns with allegations of facilitating illegal transactions on its platform. Binance Accused of Unlicensed Operations in Nigeria Olubukola Akinwunmi, a key figure from Nigeria’s central bank, claimed

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In a court hearing in Abuja, Nigerian authorities intensified their legal battle against the cryptocurrency exchange Binance. Central Bank officials testified that Binance operated without a license, which aligns with allegations of facilitating illegal transactions on its platform.

Binance Accused of Unlicensed Operations in Nigeria

Olubukola Akinwunmi, a key figure from Nigeria’s central bank, claimed Binance had no authority to enable cryptocurrency trades in Nigeria. The lack of a formal license emerged as a significant point during the court proceedings. The Economic and Financial Crimes Commission leveraged this point, underscoring potential legal violations by Binance.

Akinwunmi explained that Binance’s services equated to a money brokerage requiring specific regulatory approval. He highlighted the peer-to-peer platform’s ability to exchange naira for other fiat currencies. Such operations typically necessitate central bank authorization as a recognized exchange or a bureau de change.

Moreover, the central bank official criticized Binance for allowing pseudonymous trading on its platform. Despite Binance’s stringent identity verification measures for Nigerian users, these practices have been questioned. Binance mandates local banking details and government-issued IDs for Nigerian traders.

Also Read: Venezuela’s Digital Asset Remittances Hit Yearly $460 Million

Gambaryan’s Health Ignored by Nigerian Officials

Tigran Gambaryan, Binance’s US-based compliance executive, faces charges alongside the firm. Since his arrest in February, Gambaryan has been held at Kuje Prison and has encountered severe health issues, including malaria and pneumonia. His condition worsened, leading to a collapse at the trial’s outset in May.

Despite a judicial order for medical attention, prison officials delayed compliance, only conducting tests weeks later. The results have not been disclosed to Gambaryan’s defense team. This neglect sparked criticism from Justice Emeka Nwite, who admonished the prosecution and prison authorities for disregarding his directives.

Justice Nwite warned of consequences if the medical reports are not presented by the next court date, set for July 16. Meanwhile, prison officials have dismissed allegations of mistreatment, asserting that Gambaryan is not in a severe health condition. The ongoing trial has drawn attention to the broader implications of cryptocurrency regulation in Nigeria.

Following these legal challenges, Binance ceased its operations for Nigerian users, affecting an estimated 13 million customers. The sudden withdrawal has left many seeking alternative trading platforms.

Also Read: Multicoin Capital To Fund Crypto-Friendly US Candidates In Solana

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Will Bitcoin Stabilize After Summer? Gazmararian Weighs In https://coinpress.live/will-bitcoin-stabilize-after-summer-gazmararian-weighs-in/ Fri, 05 Jul 2024 16:25:46 +0000 https://coinpress.live/?p=206156 Recent actions by Mt. Gox and the German government have contributed to heightened volatility in Bitcoin (BTC) prices. With substantial transfers of Bitcoin and government liquidations, market analysts are keenly observing the impacts on cryptocurrency stability. As investors navigate this turbulence, Lucy Gazmararian of Token Bay Capital provides insight into the potential trajectory of Bitcoin.

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Recent actions by Mt. Gox and the German government have contributed to heightened volatility in Bitcoin (BTC) prices. With substantial transfers of Bitcoin and government liquidations, market analysts are keenly observing the impacts on cryptocurrency stability. As investors navigate this turbulence, Lucy Gazmararian of Token Bay Capital provides insight into the potential trajectory of Bitcoin.

Market Awaits Bitcoin’s Response to Fall Activity

Lucy Gazmararian, Founder and Managing Partner at Token Bay Capital, comments on the recent Bitcoin activity linked to Mt. Gox’s repayment plan. She points out that the crypto community had been anticipating these movements, suggesting a lesser likelihood of sudden market crashes due to these repayments. Gazmararian believes that Bitcoin holders may choose to sell their assets staggered, if at all, countering fears of a massive one-time selloff.

Furthermore, the German government’s recent liquidation of BTC added to the market’s unease, driving prices downward. Despite these disruptions, Gazmararian questions the extent of selling pressure from these events. She proposes that many in the Bitcoin community might retain their holdings, looking towards long-term value rather than short-term gains.

Gazmararian forecasts a quieter trading environment over the summer. However, she underscores that the real challenge will come later. “The big question is what’s Bitcoin going to do when everyone returns to work in the fall, and the markets start picking up again,” she stated. This period could indicate whether Bitcoin will face a deeper market correction beyond typical fluctuations.

Also Read: Bitcoin Maxi Hints What Comes Next After Germany, Mt Gox Selloff

Fall Season to Test Bitcoin Market Resilience

As summer progresses, the trading volume and market activity tend to slow, providing a brief respite before the busier fall season. Gazmararian predicts this period will be relatively calm for Bitcoin. Still, she emphasizes that the actual test of the market’s resilience will be its response to the return of total market activity in the fall. She highlights that the actions taken now, such as Mt. Gox’s strategic repayments and the handling of governmental Bitcoin assets, will set the stage for future market reactions. The end of summer may offer insights into the market’s direction, preparing traders for what to expect.

Looking ahead, Gazmararian notes that significant market movements often occur when general market activities resume after the summer. “That’s really when we can tell if BTC’s going to be in a deeper correction than is typical for most of the cycle,” she explains. 

Also Read: BitMEX Wallets Mysteriously Shift 15800 Bitcoin Today, What’s Happening?

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OpenAI Challenges NYT to Prove Originality of Articles in Copyright Case https://coinpress.live/openai-challenges-nyt-to-prove-originality-of-articles-in-copyright-case/ Thu, 04 Jul 2024 21:56:52 +0000 https://coinpress.live/?p=205983 In a notable legal confrontation, OpenAI has requested that the New York Times (NYT) validate the originality of its articles. The AI firm demands the court mandate NYT disclose detailed source materials for each copyrighted article. This move is part of an ongoing lawsuit in which the NYT accuses OpenAI of using its content without

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In a notable legal confrontation, OpenAI has requested that the New York Times (NYT) validate the originality of its articles. The AI firm demands the court mandate NYT disclose detailed source materials for each copyrighted article. This move is part of an ongoing lawsuit in which the NYT accuses OpenAI of using its content without permission.

OpenAI Requests Transparency from NYT

OpenAI’s legal team has approached a New York court with a significant demand. They insist that the NYT provide comprehensive details about the creation process of its articles. The request includes access to the reporter’s notes, interview records, and other source materials. OpenAI argues that this information is crucial to determine the originality and authorship of the articles in question.

 

The court filing by OpenAI aims to explore the depth and authenticity of the NYT’s journalistic process. Their lawyers argue that the NYT’s claim of substantial investment in high-quality journalism prompts a need for transparency. They believe understanding the creation process is essential for the court to make a fair judgment.

 

OpenAI argues that such disclosure is necessary for its defense. Detailed insight into the NYT’s authorship process will help ascertain whether the articles are original works. The NYT made this request following allegations that OpenAI unauthorizedly used its content to train AI models.

 

Also Read: German Lawmaker Wants Government To HODL Bitcoin (BTC), Not Sell

NYT Fights Back on Copyright Infringement

Responding swiftly, the NYT’s legal team filed a motion to dismiss OpenAI’s request on July 3. They argue that OpenAI’s demands are excessive and could set a troubling precedent for copyright law. The NYT contends that the intricacies of their journalistic practices are irrelevant to the issue of copyright infringement.

 

The NYT’s opposition stresses that the request undermines the basic principles of copyright law. They believe that proving the content creation process does not pertain to the alleged misuse. The NYT’s lawyers highlight that the focus should remain whether OpenAI used the copyrighted articles without authorization.

 

Furthermore, the NYT accuses OpenAI of attempting to divert the court’s attention from the real issue at hand. They maintain that the lawsuit should concentrate on the legality of OpenAI’s use of the NYT’s copyrighted content. The newspaper defends its rights to its intellectual property, arguing that the creation process should remain protected.

Also Read: Core Scientific Founder Claims Bitcoin’s True Value Not Yet Realized

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Core Scientific Founder Claims Bitcoin’s True Value Not Yet Realized https://coinpress.live/core-scientific-founder-claims-bitcoins-true-value-not-yet-realized/ Thu, 04 Jul 2024 20:22:58 +0000 https://coinpress.live/?p=205982 Amid recent fluctuations in Bitcoin’s price, Darin Feinstein, founder of Core Scientific, has voiced a bullish stance on the cryptocurrency’s future. He believes the actual value of Bitcoin has yet to be fully appreciated, focusing on the underlying technology rather than its market price. Today’s valuation, he suggests, needs to reflect the ledger’s potential. Feinstein

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Amid recent fluctuations in Bitcoin’s price, Darin Feinstein, founder of Core Scientific, has voiced a bullish stance on the cryptocurrency’s future. He believes the actual value of Bitcoin has yet to be fully appreciated, focusing on the underlying technology rather than its market price. Today’s valuation, he suggests, needs to reflect the ledger’s potential.

Feinstein Optimistic Despite Bitcoin Recent Price Drops

Feinstein highlights the growth and transformation within the Bitcoin ecosystem since its inception. He recalls the early chaotic days contrasted with today’s broader acceptance and institutional involvement. Governments and billionaires are now investing in cryptocurrency, showcasing its mainstream appeal.

 

Moreover, the introduction of Bitcoin ETFs marks a significant milestone in its journey toward widespread adoption. This transition from an experimental digital currency to a recognized financial asset underscores its staying power. Feinstein argues that these developments point to a robust future for Bitcoin.

 

Despite recent price drops attributed to factors like miner capitulation and external market pressures, Feinstein remains optimistic. He views such dips as buying opportunities, emphasizing the cyclical nature of BTC’s market value. His confidence stems from witnessing Bitcoin’s resilience over the years.

 

Also Read: Spot Bitcoin ETFs Sheds $35M As Capital Exodus Continues

Feinstein Highlights Blockchain’s Unmatched Data Integrity

Feinstein asserts that Bitcoin’s ledger, the technology on which transactions are recorded and verified, is its most valuable asset. This blockchain technology offers an immutable and transparent record-keeping system. He says it is the “most important accounting ledger of all time.”

 

He argues that the undervaluation of the ledger’s block space needs to consider its potential to revolutionize data integrity and security. The blockchain can provide a truthful and unalterable historical data record far beyond financial transactions. This, Feinstein believes, is where Bitcoin’s real value lies.

 

He also points out that BTC’s ledger still needs to be fully priced into the market, suggesting significant room for growth. In his view, the utility and importance of the blockchain as a foundational technology are infinitely more valuable than Bitcoin itself. This perspective invites investors to look beyond immediate price metrics.

 

Also Read: Michael Saylor Cheers BTC Independence Amid Market Crash

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Michael Saylor Cheers BTC Independence Amid Market Crash https://coinpress.live/michael-saylor-cheers-btc-independence-amid-market-crash/ Thu, 04 Jul 2024 18:36:57 +0000 https://coinpress.live/?p=205972 Michael Saylor, founder of MicroStrategy, addressed the Bitcoin (BTC) community with a “BTC independence” message on U.S. Independence Day. His tweet included a picture of an American flag with a Bitcoin symbol. Despite the ongoing Bitcoin sell-off, Saylor remains optimistic about Bitcoin’s future. MicroStrategy’s Continued Bitcoin Investments MicroStrategy continues to buy Bitcoin regularly. In June,

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Michael Saylor, founder of MicroStrategy, addressed the Bitcoin (BTC) community with a “BTC independence” message on U.S. Independence Day. His tweet included a picture of an American flag with a Bitcoin symbol. Despite the ongoing Bitcoin sell-off, Saylor remains optimistic about Bitcoin’s future.

MicroStrategy’s Continued Bitcoin Investments

MicroStrategy continues to buy Bitcoin regularly. In June, the company acquired 11,931 BTC for approximately $786 million. This purchase was funded through proceeds from convertible notes sold to investors and excess cash.

Michael Saylor’s confidence in Bitcoin persists despite the market downturn. He emphasizes long-term holding plans for Bitcoin at MicroStrategy. This strategy aligns with his belief in Bitcoin’s potential for financial independence.

Since the start of the week, Bitcoin has lost nearly 10% of its value. The price dropped from $63,630 to $57,300. This decline included a single-day drop of over 5%, marked by a significant red candle on the hourly chart.

Massive sell-offs are occurring across the cryptocurrency market. Bitcoin miners and long-term holders are offloading their BTC reserves. Analyst Charles Edwards attributes these sales to the continued downward pressure on Bitcoin prices.

Despite the sell-off, some investors remain optimistic. Bitcoiner Samson Mow believes the market will absorb the sales. He noted that BTC whales on Bitfinex are buying the sold Bitcoin.

Also Read: Ripple-Partner SBI Enters Security Tokens Offering (STO) Business

Saylor’s Optimism Stands Against Market Challenges

Michael Saylor’s tweet on July 4 highlighted potential financial independence through Bitcoin. He congratulated the U.S. Bitcoin community, hinting at Bitcoin’s role in future financial freedom. This message resonated with many Bitcoin enthusiasts amid the market volatility.

The Bitcoin community is discussing the price correction. Saylor’s optimism contrasts with the current market sentiment. However, his long-term vision for Bitcoin inspires confidence among his followers.

MicroStrategy’s consistent Bitcoin purchases signal a strong belief in the cryptocurrency. Despite the current downturn, Saylor’s strategy focuses on long-term gains. This approach supports his view of Bitcoin as a significant financial asset.

Also Read: Spot Bitcoin ETFs Sheds $35M As Capital Exodus Continues

 

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Ethereum Whale Faces Liquidation, ETH Price Nosedive https://coinpress.live/ethereum-whale-faces-liquidation-eth-price-nosedive/ Thu, 04 Jul 2024 16:32:59 +0000 https://coinpress.live/?p=205956 A significant Ethereum whale is on the brink of liquidation due to the ongoing decline in ETH prices. This whale has deposited 12,374 ETH to Compound and borrowed $31.4 million in stablecoins. If Ethereum’s price drops to $2,984, the whale’s long positions will be liquidated. Currently, Ethereum is trading at $3,124, down from the $3,500

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A significant Ethereum whale is on the brink of liquidation due to the ongoing decline in ETH prices. This whale has deposited 12,374 ETH to Compound and borrowed $31.4 million in stablecoins. If Ethereum’s price drops to $2,984, the whale’s long positions will be liquidated.

Currently, Ethereum is trading at $3,124, down from the $3,500 zone earlier this week. This 10.42% decline since Monday has intensified concerns about the whale’s potential liquidation. The situation worsened today with a 3.03% drop, followed by a marginal rise and another 3.09% decline.

Ethereum and Bitcoin Prices Drop Sharply

The crypto market is seeing significant activity among large holders amid this price downturn. Another whale recently acquired 9,425 ETH worth over $30 million from Binance. This fresh wallet also purchased a variety of other cryptocurrencies, totaling $120 million in altcoins.

This large acquisition includes BNB, MATIC, LINK, AVAX, and top meme coins like Shiba Inu, Dogecoin, Pepe Coin, and Floki. The ETH purchase was the largest among these transactions. These moves are drawing attention as they occur during substantial market volatility.

Ethereum’s price drop is closely following Bitcoin’s recent decline. Bitcoin has been falling sharply since Monday, driven by sales from major players and miners. Analyst Charles Edwards noted that long-term Bitcoin holders are actively selling their BTC.

Glassnode data shared by Edwards indicates a 374,000 Bitcoin negative flow. This translates to approximately $24 billion worth of Bitcoin being dumped on the market. Additionally, the U.S. and German governments have recently sold significant amounts of Bitcoin and Ethereum.

Also Read: Dogecoin Whale Bags 90M Tokens Amid Market Crash, What’s Next For DOGE?

ETH Price Drop Could Trigger Liquidations

The potential liquidation of a giant Ethereum whale could have broader market implications. If Ethereum’s price falls to the critical $2,984 level, it may trigger further sell-offs. This could exacerbate the current downtrend and lead to more liquidations.

The ongoing selling pressure from Bitcoin is also affecting the overall market sentiment. As major holders and governments offload their assets, it creates additional downward pressure. Investors are closely watching these developments to gauge the market’s next moves.

Market analysts are providing varied perspectives on the situation. Some believe the whale’s liquidation risk underscores the fragility of highly leveraged positions. They argue that such scenarios highlight the importance of risk management in volatile markets.

Others are focusing on the broader market dynamics at play. They point to the influence of Bitcoin’s performance on Ethereum and other cryptocurrencies. As Bitcoin faces significant sell-offs, it drags down the entire market, including Ethereum.

Also Read: US Government Shifts $14M Bitcoin Amid $BTC Dip, New Selloff Incoming

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Bitwise Files Amended S-1 for Ethereum ETF Ahead of Launch Deadline https://coinpress.live/bitwise-files-amended-s-1-for-ethereum-etf-ahead-of-launch-deadline/ Wed, 03 Jul 2024 21:23:05 +0000 https://coinpress.live/?p=205796 Bitwise has filed an amended S-1 form for its Ethereum exchange-traded fund (ETF) just days before its July 8 deadline. This move indicates that the product is nearly ready for launch. Analysts predict that these ETFs could begin listing within the next two weeks. Bitwise Submits Amended S-1 for Ethereum ETF Bitwise’s updated registration form

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Bitwise has filed an amended S-1 form for its Ethereum exchange-traded fund (ETF) just days before its July 8 deadline. This move indicates that the product is nearly ready for launch. Analysts predict that these ETFs could begin listing within the next two weeks.

Bitwise Submits Amended S-1 for Ethereum ETF

Bitwise’s updated registration form was submitted on Wednesday. Analysts suggest that these products be listed by mid-July. A source close to the situation indicated the SEC might approve the final drafts by the end of next week.

The SEC approved 19b-4 forms for eight spot Ethereum ETFs, including Bitwise, on May 23. However, issuers need their S-1 statements to become effective before trading can begin. This two-step process has kept the market eagerly awaiting the launch.

Despite the light comments on the S-1 forms, the SEC has taken its time to get approvals. A single problematic issuer may need to be on time to process. Nevertheless, expectations remain high for a launch this month.

 

Also Read: Federal Reserve Forecasts “AI Will Be Deflationary” To Boost Economy

Analysts Confident in Near-Term ETF Launch

Bloomberg ETF analyst James Seyffart noted the frequent amendments in S-1 forms. He expects more filings from other issuers throughout the week. This pattern suggests a coordinated effort to meet regulatory requirements.

Senior Bloomberg ETF analyst Eric Balchunas expressed surprise at the SEC’s slow pace. He speculated on possible reasons, including summertime vacations. Despite this, he confirmed indications of a launch this month.

The SEC’s return of S-1 forms with light comments suggests minimal hurdles remain. Analysts view this as the final round of feedback. This has increased confidence in a near-term launch.

Bitwise made significant updates to its S-1 form. One notable change includes waiving the sponsor fee for the first $500 million assets. However, the firm still needs to disclose the fee after this threshold.

Another issuer, VanEck, also announced that fees would be waived initially. These moves suggest competitive strategies to attract initial investors. By waiving fees, these firms aim to lower the entry barriers for new investors.

The recent amendments highlight Bitwise’s proactive approach to regulatory compliance. The firm’s updates reflect a strategic positioning ahead of the anticipated market entry. This aligns with the broader trend among issuers to streamline their offerings.

Also Read: US Lawmaker French Hill Doubles Down On Trump’s Pro-Crypto Stance

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UK Young Voters Concerned About Crypto’s Future in Election https://coinpress.live/uk-young-voters-concerned-about-cryptos-future-in-election/ Wed, 03 Jul 2024 20:04:57 +0000 https://coinpress.live/?p=205781 With the UK general election on the horizon, the country’s young voters express growing concerns about the future of cryptocurrency under potential new leadership. A recent survey indicates significant interest among 18-34-year-olds regarding the election’s impact on crypto regulation. The outcome could significantly influence the UK’s blockchain industry. UK Election May Shift Crypto Approach The

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With the UK general election on the horizon, the country’s young voters express growing concerns about the future of cryptocurrency under potential new leadership. A recent survey indicates significant interest among 18-34-year-olds regarding the election’s impact on crypto regulation. The outcome could significantly influence the UK’s blockchain industry.

UK Election May Shift Crypto Approach

The imminent general election may shift the UK’s approach to cryptocurrency. Under the Conservative government under Prime Minister Rishi Sunak, initial steps towards a regulatory framework for cryptocurrencies were set for July. However, the election’s timing introduced uncertainties that could delay or reshape these plans. The transition could be critical as the Labour Party, potentially the new government, has yet to clarify its stance on cryptocurrency.

Many young voters are keyed into the election’s implications for the crypto sector. They know that the departure of crypto-friendly MPs, like Lisa Cameron, could lead to a lack of advocacy within the government. This concern is further amplified by the current government’s halted regulatory progress due to the election schedule.

Also Read: XRP Lawsuit: Lawyers Claim Ripple Case Is In SEC Favor, Chevron Ruling Irrelevant

U.S. Political Climate Influences Crypto Outlook

The Conservative and Labour parties have previously supported fostering a pro-innovation environment for blockchain technologies. Nevertheless, specifics of their plans need to be more specific, leaving the crypto community seeking more concrete commitments. This has led some crypto executives to engage with Labour officials, aiming to influence future policies.

The Labour Party’s potential government control brings hope and uncertainty among stakeholders. Engagements with shadow officials such as Rachel Reeves and Tulip Siddiq highlight the industry’s proactive steps to secure a favorable regulatory environment. The crypto community remains vigilant, monitoring the political landscape for indications of future policy directions.

Meanwhile, the political climate in the United States is also tumultuous, with recent debates and legal decisions influencing public opinion. After debating Donald Trump, President Joe Biden appears steadfast in his campaign despite exploring future possibilities. Moreover, a recent Supreme Court ruling granting Trump immunity from prosecution for certain acts while president adds another layer of complexity to the U.S. political scene. This ruling has postponed Trump’s sentencing for multiple felonies, sparking discussions about the legal protections afforded to former presidents.

Also Read: Ethereum Rivals Highly Coveted by Coin Collectors

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KuCoin to Enforce 7.5% VAT on Fees for Nigerian Users from July 8 https://coinpress.live/kucoin-to-enforce-7-5-vat-on-fees-for-nigerian-users-from-july-8/ Wed, 03 Jul 2024 15:11:34 +0000 https://coinpress.live/?p=205752 KuCoin cryptocurrency exchange announced the implementation of a 7.5% value-added tax (VAT) on transaction fees. This new tax affects users in Nigeria who have completed their Know Your Customer (KYC) registration. Starting from July 8, this VAT will be added to the transaction fees, not the overall transaction volume. KuCoin to Apply VAT on Nigerian

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KuCoin cryptocurrency exchange announced the implementation of a 7.5% value-added tax (VAT) on transaction fees. This new tax affects users in Nigeria who have completed their Know Your Customer (KYC) registration. Starting from July 8, this VAT will be added to the transaction fees, not the overall transaction volume.

KuCoin to Apply VAT on Nigerian Fees

The new VAT policy by KuCoin directly targets transaction fees, increasing the cost for Nigerian traders on the platform. Despite the clarity on the calculation basis, applying VAT amid the ongoing government ban on crypto websites, including KuCoin, raises questions. Nigeria’s crypto community stakeholders have expressed concerns regarding this decision’s timing and regulatory implications.

Lucky Uwakwe, President of the Blockchain Industry Coordinating Committee of Nigeria (BICCoN), highlighted potential challenges in enforcing the new tax. He questioned how the government would verify user counts, ensure accurate trade reporting, and manage the remittance of collected taxes. The lack of clear guidelines on these fronts could lead to complications in compliance and transparency.

The constraints imposed by the Central Bank of Nigeria (CBN) on converting cryptocurrencies to fiat currencies add another layer of complexity. Given these financial restrictions, it remains uncertain how KuCoin intends to remit the VAT collected. This scenario poses a dilemma on whether banks would handle crypto-related transactions under current policies.

Also Read: CoinDCX Acquires BitOasis To Foray Into MENA Region

CBN Ban Limits Nigeria’s Crypto Growth

KuCoin’s introduction of VAT on crypto transactions might indicate a shift in governmental attitudes toward recognizing digital assets. Rume Ophi, a local crypto analyst, views the VAT levy as a positive step that could lead to the formal acceptance of cryptocurrencies as legitimate financial instruments in Nigeria. He suggests that this move might pave the way for future regulations and licensing within the crypto industry.

 

However, the continued prohibition by the CBN, initiated in 2021, remains a significant barrier. This restriction has discouraged local crypto exchange development, pushing industry players to seek more favorable conditions abroad. Ophi lamented the missed opportunities due to stringent government actions, which have stifled the growth of the nascent crypto industry in Nigeria.

There is speculation that this tax could be a precursor to more comprehensive crypto regulations. Such measures allow banks to facilitate crypto trades, expanding the scope beyond peer-to-peer transactions. However, clarity on this matter has yet to be provided, leaving room for speculation among users and stakeholders.

Also Read: XRP Lawsuit: Lawyers Claim Ripple Case Is In SEC Favor, Chevron Ruling Irrelevant

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Ripple and Coinbase Use Binance Win to Contest SEC Claims https://coinpress.live/ripple-and-coinbase-use-binance-win-to-contest-sec-claims/ Tue, 02 Jul 2024 22:16:11 +0000 https://coinpress.live/?p=205605 Coinbase and Ripple Labs are using Binance’s pivotal legal victory to challenge ongoing cases with the U.S. Securities and Exchange Commission (SEC). Both companies argue that the SEC’s approach needs more clarity and consistency, necessitating formal rulemaking to better define the regulatory perimeter for digital assets. Ripple, Coinbase Cite Binance Case Against SEC Ripple Labs

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Coinbase and Ripple Labs are using Binance’s pivotal legal victory to challenge ongoing cases with the U.S. Securities and Exchange Commission (SEC). Both companies argue that the SEC’s approach needs more clarity and consistency, necessitating formal rulemaking to better define the regulatory perimeter for digital assets.

Ripple, Coinbase Cite Binance Case Against SEC

Ripple Labs and Coinbase have intensified their legal defenses by referencing a recent court order involving Binance, which achieved a partial dismissal in its SEC lawsuit. The companies argue that this precedent highlights the need for the SEC to establish clear regulations. In its latest court filing, Ripple emphasized the judge’s remark that cryptocurrency does not align seamlessly with existing securities laws, such as those established by the 1946 Howey Test. This test is crucial for determining whether a transaction qualifies as an investment contract and thus falls under securities regulation.

 

Coinbase has concurrently voiced concerns over the SEC’s expansive interpretation of securities laws applied to the crypto industry. The exchange asserts that this broad application could be more extensive and better defined, pushing for a definitive rulemaking process to provide legal clarity. In its appeal, Coinbase cited the recent Binance ruling to bolster its case for rulemaking, arguing that the decision underscores the inconsistencies in current regulatory applications.

 

Also Read: Bybit Exchange Unveils Support For ASI Alliance, Will FET Rebound?

Coinbase Demands Clarity in SEC Regulatory Battle

The SEC has engaged with various cryptocurrency platforms and assets, deeming some of their operations as securities offerings without proper registration. In the case of Ripple, the SEC’s lawsuit initiated in December 2020 alleged that Ripple raised over $1.3 billion through sales of its XRP token, which the SEC classified as an unregistered security. However, in a significant turn, Judge Analisa Torres ruled that certain “programmatic sales” of XRP did not constitute securities transactions, introducing a nuanced interpretation Ripple now seeks to leverage to challenge broader SEC claims.

 

Coinbase faces similar regulatory scrutiny. The SEC argues that the platform operated as an unregistered securities exchange, a claim that Coinbase refutes, urging a formal rulemaking process to clarify these regulatory boundaries. Both Coinbase and Ripple use recent judicial outcomes, notably the Binance case, to argue for a more structured and transparent regulatory framework from the SEC, stressing that the current state of affairs is inefficient and unclear.

Crypto Firms Rally Around Binance Court Decision

The partial victory for Binance in its own SEC lawsuit has become a strategic reference point for other crypto entities embroiled in legal challenges with the regulator. Despite Judge Amy Berman Jackson’s decision to proceed with most of the SEC’s claims against Binance, her dismissal of the charge regarding secondary sales of Binance Coin (BNB) as securities has been perceived as a significant legal precedent. Coinbase and Ripple have particularly highlighted this aspect of the ruling in their ongoing litigation.

 

Further developments are anticipated, with a scheduled conference for the SEC’s case against Binance set for July 9. Meanwhile, Coinbase and Ripple continue to press for regulatory clarity, which they argue is crucial for the industry’s stability and growth.

 

Also Read: Genesis Digital Is Considering Going Public Via IPO In US: Report

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U.S. Election Won’t Alter Positive Crypto Regulations, Says Mike Novogratz https://coinpress.live/u-s-election-wont-alter-positive-crypto-regulations-says-mike-novogratz/ Tue, 02 Jul 2024 19:58:43 +0000 https://coinpress.live/?p=205594 Galaxy Digital founder and CEO Mike Novogratz believes the U.S. crypto sector is poised for positive regulatory developments regardless of the outcome of the upcoming presidential election. Speaking on CNBC’s ‘Squawk Box,’ Novogratz expressed confidence in the future of crypto regulation, citing a bipartisan approach as a key factor. Mike Novogratz Predicts Bipartisan Crypto Support

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Galaxy Digital founder and CEO Mike Novogratz believes the U.S. crypto sector is poised for positive regulatory developments regardless of the outcome of the upcoming presidential election. Speaking on CNBC’s ‘Squawk Box,’ Novogratz expressed confidence in the future of crypto regulation, citing a bipartisan approach as a key factor.

Mike Novogratz Predicts Bipartisan Crypto Support in US

Mike Novogratz emphasized that the crypto industry enjoys support from both major political parties in the U.S. He acknowledged that while some Democrats, notably Senator Elizabeth Warren and a small group of others, have been critical of the industry, the majority are pro-innovation and pro-crypto. This broad support suggests favorable regulatory changes are imminent, regardless of who wins the next election.

 

The billionaire CEO underscored the importance of a bipartisan stance on crypto, arguing that partisan disagreements should not hinder the industry’s growth. He stated that crypto needs to be a bipartisan issue to avoid regulatory instability, which can deter innovation and investment. Mike Novogratz’s remarks highlight the growing recognition of the potential benefits of crypto technology across the political spectrum.

 

Despite the current regulatory uncertainties and occasional government crackdowns, Mike Novogratz is optimistic about the future. He believes the situation is shifting towards more clarity and support for the crypto sector. This optimism is driven by the increasing number of lawmakers who recognize the importance of fostering innovation and the potential economic benefits of the burgeoning industry.

 

Novogratz pointed out that the frustrations stemming from regulatory ambiguity are being addressed as more politicians understand the significance of crypto. He predicts the next administration will enact favorable crypto legislation regardless of political affiliation. This legislative support is expected to provide the industry the stability needed to thrive and innovate.

 

Also Read: Binance Unveils Changes In Turkey In Compliance With Regulation

Novogratz: Bitcoin Essential Amid Economic Concerns

Commenting on Bitcoin’s recent performance, Mike Novogratz referred to the price surge following the approval of a Bitcoin ETF, which pushed the cryptocurrency’s value above $73,000 in March. Bitcoin (BTC) will likely trade within the $55,000 to $73,000 range until new market-moving news emerges. This range reflects a period of consolidation after a significant upward move.

 

Mike Novogratz reiterated his belief that Bitcoin remains a crucial asset for any investment portfolio, especially given the current economic conditions. He highlighted concerns about the growing U.S. debt and government spending, which he described as akin to “spending like drunken sailors.” In such a financial environment, Novogratz argues that Bitcoin offers a hedge against fiscal irresponsibility and inflation.

Also Read: Circle Rolls Out New Ad Calling on Common Sense US Stablecoin Regulation

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SEC Could Approve First US Ether ETFs by Mid-July: Bloomberg https://coinpress.live/sec-could-approve-first-us-ether-etfs-by-mid-july-bloomberg/ Tue, 02 Jul 2024 17:54:07 +0000 https://coinpress.live/?p=205579 The U.S. Securities and Exchange Commission (SEC) may soon approve the first American Ethereum ETFs. Asset managers remain hopeful for a decision by mid-July, even as the deadline for updated submissions has been extended to July 8. This development could mark a significant milestone following the enthusiastic reception of the U.S. spot Bitcoin ETFs earlier

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The U.S. Securities and Exchange Commission (SEC) may soon approve the first American Ethereum ETFs. Asset managers remain hopeful for a decision by mid-July, even as the deadline for updated submissions has been extended to July 8. This development could mark a significant milestone following the enthusiastic reception of the U.S. spot Bitcoin ETFs earlier this year.

SEC Nears Approval for First US Ethereum ETFs

The SEC’s recent interactions with Ethereum ETFs applicants suggest a constructive dialogue, with the latest round of feedback involving only minor queries. In May, the commission had already approved an exchange proposal to list these products, signaling forward momentum. However, actual trading cannot commence without a separate, subsequent approval.

Financial giants like BlackRock Inc., Fidelity Investments, 21Shares, and Invesco are among those awaiting the green light for their Ethereum ETFs. While many details, such as fund fees, remain undisclosed, the anticipation builds on whether these Ether portfolios will mirror the demand seen in January when U.S. spot Bitcoin ETFs attracted $52 billion in assets.

Also Read: Robinhood Plans to Introduce Crypto Futures In US and Europe Very Soon

YieldMax Seeks SEC Nod for Ether ETF

YieldMax has recently joined other firms seeking SEC approval for an innovative Ether-based product. Their proposed Ether Option Income Strategy ETF, intended for listing on the NYSE Arca, employs a synthetic covered call strategy designed to capitalize on the volatility of underlying Spot Ethereum ETFs. This approach aims to generate profits and provide additional income and risk management for investors through the sale of call options.

Meanwhile, firms like Franklin Templeton and VanEck have already disclosed their ETF fees, which are competitively set at 0.19% and 0.20%, respectively. This transparency could set a precedent for others in the sector, aligning with investor expectations for clear and upfront cost structures.

As the SEC review process continues, the market response has been mixed. Ethereum price has recently declined, dropping about 1.48% to $3,411.87, although it has risen by 50% this year. The cryptocurrency sector’s volatility remains critical for potential investors and regulatory bodies.

Also Read: Tether Inks MoU With BTguru to Boost Crypto Freedom in Turkey

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Tether Inks MoU With BTguru to Boost Crypto Freedom in Turkey https://coinpress.live/tether-inks-mou-with-btguru-to-boost-crypto-freedom-in-turkey/ Tue, 02 Jul 2024 15:53:07 +0000 https://coinpress.live/?p=205562 Tether, the company behind the USDT stablecoin, has partnered with Turkish crypto firm BTguru. This collaboration formalized through a memorandum of understanding (MoU), aims to promote the use of digital assets and blockchain technology across Turkey. The partnership focuses on developing educational programs and exploring new business avenues within the country’s banking and financial sectors.

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Tether, the company behind the USDT stablecoin, has partnered with Turkish crypto firm BTguru. This collaboration formalized through a memorandum of understanding (MoU), aims to promote the use of digital assets and blockchain technology across Turkey. The partnership focuses on developing educational programs and exploring new business avenues within the country’s banking and financial sectors.

Tether and BTguru Boost Turkey’s Crypto Framework

The MoU between Tether and BTguru marks a significant step towards integrating digital assets into mainstream financial operations in Turkey. The agreement outlines plans to create educational initiatives to acquaint private and public stakeholders with the benefits of cryptocurrencies and blockchain technologies. Moreover, these programs intend to elevate the understanding and responsible use of these technologies across diverse sectors.

Furthermore, Tether and BTguru are set to investigate the potential of peer-to-peer (P2P) technologies. They will leverage BTguru’s extensive network to facilitate dialogues with critical financial institutions, aiming to foster a broader acceptance and integration of digital assets within traditional banking frameworks. This partnership aspect underscores a strategic move to bridge the gap between conventional banking and the evolving crypto landscape.

In addition to educational efforts, the partnership will explore practical technology applications in the financial sector. One of the primary areas of focus will be the tokenization of real-world assets. This initiative offers banks novel ways to handle assets digitally, potentially transforming how assets are managed, traded, and secured.

Another critical collaboration area involves assessing the viability of regional payment networks that could operate using digital currencies. By exploring these possibilities, Tether and BTguru aim to enhance the efficiency, security, and accessibility of financial transactions across the region. These explorations are timely, as Turkey shows a high rate of cryptocurrency adoption, with significant portions of its population actively engaging in crypto transactions.

Also Read: Robinhood Plans to Introduce Crypto Futures In US and Europe Very Soon

Regulatory Improvements Boost Turkey’s Crypto Appeal

The expansion of Tether into the Turkish market is strategically significant. Recently, Turkey has shown a rapid increase in cryptocurrency adoption, making it an essential player in the global crypto economy. This is evident from its high transaction volume and the notable percentage of GDP represented by stablecoin purchases.

Tether’s partnership with BTguru coincides with Turkey’s improved regulatory environment. Following its removal from the Financial Action Task Force’s (FATF) gray list, Turkey has demonstrated substantial progress in enhancing its anti-money laundering and counter-terrorist financing protocols. This regulatory advancement makes Turkey an even more attractive market for cryptocurrency firms looking to expand their operations.

Also Read: Court Grants Consensys Request For Expedited Hearing Against The SEC

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Central Bank of Bahamas Sets 2-Year Target for CBDC Integration https://coinpress.live/central-bank-of-bahamas-sets-2-year-target-for-cbdc-integration/ Mon, 01 Jul 2024 23:29:18 +0000 https://coinpress.live/?p=205401 To boost the adoption of its central bank digital currency (CBDC), the “Sand Dollar,” the Bahamas has set a two-year timeline to integrate the currency into the operations of commercial banks. John Rolle, the Governor of the Central Bank of The Bahamas, has communicated plans to establish necessary regulations and ensure all commercial banks provide

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To boost the adoption of its central bank digital currency (CBDC), the “Sand Dollar,” the Bahamas has set a two-year timeline to integrate the currency into the operations of commercial banks. John Rolle, the Governor of the Central Bank of The Bahamas, has communicated plans to establish necessary regulations and ensure all commercial banks provide access to the CBDC for their clients.

Bahamas Banks to Adopt CBDC in Two Years

The central bank’s approach aims to transition from encouraging to mandating the use of the Sand Dollar across banking platforms. Commercial banks must adjust their IT systems to accommodate the new requirements as the integration progresses. These adjustments are crucial for facilitating the broader use of CBDCs and enhancing mobile payment systems in the country. Despite the technical challenges, the shift is essential for modernizing financial transactions and improving the digital economy’s infrastructure.

The adoption rate of the Sand Dollar has been underwhelming, with statistics indicating that it constitutes less than 1% of the total currency in circulation within the nation. From August 2022 to August 2023, wallet top-ups notably decreased, from $49.8 million to $12 million. This stark decline has pushed the central bank to move from voluntary uptake to compulsory incorporation of digital currency.

Also Read: GameStop Bull Roaring Kitty Sees Damning Lawsuit Dismissed

Bahamas to Enforce Digital Currency Adoption

The strategy adopted by the Bahamas reflects a growing global trend where central banks are looking to enforce the adoption of digital currencies. For instance, the European Central Bank has also shown intentions to mandate the use and provision of a future digital euro by retail and commercial banks if it goes ahead with its introduction.

Furthermore, the Reserve Bank of India offers an instructive contrast. After initially incentivizing usage among bank employees and consumers, it reached a significant milestone of 1 million retail transactions with its digital currency. However, once these incentives were withdrawn, there was a substantial drop in daily transactions, suggesting the challenges of achieving organic demand for digital currencies.

The Central Bank of the Bahamas is avoiding financial incentives for using its CBDC and focusing instead on regulatory measures to ensure widespread adoption. By comparing these international experiences, the Bahamas aims to craft a regulatory framework that provides robust, sustainable engagement with the Sand Dollar, thereby setting a precedent for digital currency utilization that could influence global monetary policies.

Also Read: Paxos Wins Approval from Singapore to Issue Stablecoins

 

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Paxos Wins Approval from Singapore to Issue Stablecoins https://coinpress.live/paxos-wins-approval-from-singapore-to-issue-stablecoins/ Mon, 01 Jul 2024 20:48:50 +0000 https://coinpress.live/?p=205392 Paxos Digital Singapore Pte. LTD., a key player in the cryptocurrency sector, has recently secured approval from Singapore’s central bank to offer digital payment token services. This pivotal clearance allows Paxos to issue stablecoins that are compliant with Singapore’s regulatory framework, marking a significant expansion in its global operations. Singapore Approves Paxos for Digital Payments

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Paxos Digital Singapore Pte. LTD., a key player in the cryptocurrency sector, has recently secured approval from Singapore’s central bank to offer digital payment token services. This pivotal clearance allows Paxos to issue stablecoins that are compliant with Singapore’s regulatory framework, marking a significant expansion in its global operations.

Singapore Approves Paxos for Digital Payments

The Monetary Authority of Singapore (MAS) has granted Paxos the status of a major payment institution, a testament to the firm’s robust financial base and commitment to regulatory standards. With this approval, Paxos joins a select group of 19 entities authorized under Singapore’s rigorous financial regulatory environment. This move is expected to broaden the accessibility of U.S. dollars via stablecoins to a more extensive global audience.

Paxos’ expansion in Singapore reflects a growing trend of cryptocurrency integration into mainstream financial services. The firm is already authorized to issue stablecoins in the U.S. and the United Arab Emirates, underscoring its established presence in the digital finance arena. Moreover, the collaboration with Singapore-based DBS Bank will support cash management needs and the custody of stablecoin reserves.

Also Read: Cardano Founder Calls for Crypto Focus in U.S. Election Voting

DBS Leads in Banking and Crypto Integration

DBS Bank, a pioneer in the digital asset ecosystem, has embraced its partnership with Paxos to enhance its range of services in the cryptocurrency sector. Since launching a fiat-to-crypto exchange in 2020, DBS has been at the forefront of integrating digital currencies within traditional banking frameworks. Their ongoing commitment is highlighted through innovative projects, including a venture into the metaverse with the gaming platform Sandbox.

This partnership broadens DBS’s service offerings and consolidates its position as an innovator within the rapidly evolving digital asset landscape. By aligning with Paxos, DBS aims to enhance its digital asset transactions and offerings by leveraging the stability and reliability of regulated stablecoins.

Despite the recent strides in regulatory approvals and partnerships, Paxos has faced its share of challenges. The firm recently announced a reduction in its workforce, a strategic decision to improve efficiency in its operations, particularly those focused on tokenization and stablecoin projects. Charles Cascarilla, CEO of Paxos, communicated this decision through an internal email, emphasizing the firm’s robust financial standing with over $500 million on its balance sheet.

Also Read: Binance CEO Confirms Continued Support For USDC In EU

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Cardano Founder Calls for Crypto Focus in U.S. Election Voting https://coinpress.live/cardano-founder-calls-for-crypto-focus-in-u-s-election-voting/ Mon, 01 Jul 2024 18:29:18 +0000 https://coinpress.live/?p=205378 Charles Hoskinson, a prominent figure in the blockchain industry and founder of Cardano (ADA), has expressed concerns about the current U.S. administration’s approach to cryptocurrency. He argues that the upcoming elections present a critical opportunity for the cryptocurrency community to use their votes strategically to steer policy. Charles Hoskinson Blasts Biden’s Crypto Regulatory Approach Charles

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Charles Hoskinson, a prominent figure in the blockchain industry and founder of Cardano (ADA), has expressed concerns about the current U.S. administration’s approach to cryptocurrency. He argues that the upcoming elections present a critical opportunity for the cryptocurrency community to use their votes strategically to steer policy.

Charles Hoskinson Blasts Biden’s Crypto Regulatory Approach

Charles Hoskinson has been outspoken about the detrimental effects of President Joe Biden‘s policies on the cryptocurrency sector. He highlights the administration’s support for the Securities and Exchange Commission’s (SEC) aggressive regulatory tactics, which he terms “regulation by enforcement.” Charles Hoskinson says this approach has stifled innovation and contributed to significant job losses within the burgeoning trillion-dollar industry.

Moreover, he is critical of the lack of a Democratic primary, suggesting it could have exposed what he perceives as Biden’s declining competence. Hoskinson’s critique extends to a broader disappointment with the media’s portrayal of the situation, which he feels fails to hold the administration accountable for these perceived missteps.

Read also: What Does the US Marshals Service Gain from Partnering with Coinbase

Crypto Leaders Seek More Favorable Regulations

Other key players in the blockchain arena, including Messari CEO Ryan Selkis and the Winklevoss twins, support Hoskinson’s viewpoint and are dissatisfied with the current regulatory environment. Similarly, CEOs from major companies like Coinbase and Ripple (XRP) have transformed the crypto lobby into a significant political force, illustrating the industry’s growing readiness to influence policy directly.

Additionally, Anthony Scaramucci, a well-known figure in the investment and crypto sectors, offered only a tepid endorsement of Biden, preferring this to the unpredictability of former President Trump’s administration. These leaders and Hoskinson are pushing for more favorable regulatory conditions for the cryptocurrency industry to thrive.

Crypto Policies Key in Upcoming Elections

In response to these ongoing challenges, Charles Hoskinson urges the crypto community to become single-issue voters focusing on cryptocurrency policy in the upcoming elections. This strategy aims to shift the political landscape to support the technological and economic advancements that blockchain technology can offer better.

Earlier criticisms from Charles Hoskinson include a strong rebuke of a memo circulated among Democrat Committee members, poised to influence a significant hearing on digital asset regulation. This instance, among others, fuels his campaign to encourage critical consideration of crypto policies among U.S. voters.

Also Read: Hashdex Combined Bitcoin and Ethereum ETF Acknowledged By US SEC

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What Does the US Marshals Service Gain from Partnering with Coinbase? https://coinpress.live/what-does-the-us-marshals-service-gain-from-partnering-with-coinbase/ Mon, 01 Jul 2024 16:42:58 +0000 https://coinpress.live/?p=205368 Coinbase Prime has landed a $32.5 million contract with the U.S. Marshals Service (USMS). The partnership mandates Coinbase Prime to custody and manage large-cap digital assets. This collaboration marks a critical step in utilizing blockchain technology for government asset management and reflects a strengthening trust in digital currencies’ viability and security. Coinbase Prime Secures Major

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Coinbase Prime has landed a $32.5 million contract with the U.S. Marshals Service (USMS). The partnership mandates Coinbase Prime to custody and manage large-cap digital assets. This collaboration marks a critical step in utilizing blockchain technology for government asset management and reflects a strengthening trust in digital currencies’ viability and security.

Coinbase Prime Secures Major Government Contract

Coinbase Prime will offer advanced trading services and custody solutions, managing the considerable volume of digital assets seized under the US government’s forfeiture programs. The selection of Coinbase for this role followed a thorough competitive evaluation, showcasing its capability to operate securely on a large scale. The agency has emphasized the need for professional, lawful management and disposal of cryptocurrency assets, which must align with the stringent policies of the Department of Justice and USMS.

Moreover, the contract aims to enhance the efficiency of the processes involved in handling digital assets. By consolidating custody and management operations, the USMS intends to improve the administration and liquidation of these assets. The arrangement also supports the diversification of cryptocurrency types that the government can manage and dispose of, broadening the scope of its digital asset capabilities.

Also Read: Circle Bags MiCA’s E-Money License For USDC and EURC

Coinbase Sues U.S. Agencies Amid Challenges

The agreement with the USMS comes when Coinbase has faced significant scrutiny and legal challenges from U.S. regulators, including the Securities and Exchange Commission (SEC). Last year, the SEC filed a lawsuit against Coinbase for operating without proper registration, a case still progressing through the judicial system. Despite these hurdles, Coinbase continues to assert its presence in the digital asset space, recently suing several federal agencies over alleged discriminatory practices against the cryptocurrency sector.

Despite these controversies, Coinbase Prime has demonstrated robust performance in institutional trading. As of the first quarter of 2024, the platform safeguarded assets worth approximately $330 billion and recorded significant institutional trading volume. This ongoing success and the new partnership with the USMS underline growing institutional confidence in Coinbase’s capabilities and cryptocurrency’s legitimacy as a substantial asset class.

Also Read: Metaplanet Boosts Bitcoin Strategy With 10:1 Share Consolidation Amid Key Changes

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What’s Behind Curve Finance Founder’s Massive CRV Token Transfer? https://coinpress.live/whats-behind-curve-finance-founders-massive-crv-token-transfer/ Sat, 29 Jun 2024 17:59:56 +0000 https://coinpress.live/?p=205150 Michael Egorov, founder of Curve Finance (CRV), has offloaded $30 million worth of his not yet vested CRV tokens to Christian Catalini. This strategic transaction, which took place on June 13th, was aimed at averting market instability linked to potential large-scale liquidations of CRV tokens. The tokens represent roughly one-third of the circulating supply and

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Michael Egorov, founder of Curve Finance (CRV), has offloaded $30 million worth of his not yet vested CRV tokens to Christian Catalini. This strategic transaction, which took place on June 13th, was aimed at averting market instability linked to potential large-scale liquidations of CRV tokens. The tokens represent roughly one-third of the circulating supply and are scheduled for incremental transfer to Catalini, concluding by mid-August.

Curve Finance Acts to Stabilize Market

Michael Egorov’s decision to transfer these tokens ahead of their vesting period was prompted by an observed increase in transactions from his wallet. The move is part of a broader strategy to stabilize Curve Finance’s trading conditions.

Egorov mitigated the immediate risk of market turmoil that could have arisen from dumping a large volume of tokens by opting for a private deal rather than a market sale. Furthermore, this approach prevents the accumulation of bad debt within the market, safeguarding the financial health of the trading platform and its users.

In addition, Egorov recently proposed burning 10% of the total CRV supply, a measure designed to control the token’s price further and minimize adverse effects on its holders. He revealed that 93% of his debt has been cleared and plans to settle the remaining amount soon. This proactive governance will likely bolster community confidence and support for the platform.

Also Read: Bitcoin Price Analysis: Does a 30% Fear & Greed Index Signals Bottom

Technical Indicators Predict Further CRV Price Drops

Technical indicators underscore the challenges facing CRV. The Alligator indicator, a tool used to assess market momentum, continues to signal a bearish trend with its three components diverging—a sign that the market is not ready for a recovery.

Source: TradingView

Meanwhile, the Relative Strength Index (RSI) at 32.44 indicates that CRV is nearing oversold conditions, suggesting that the token’s price might drop further before any potential rebound.

Recent trading sessions have seen CRV prices push to new lows, reflecting the selling pressure that has gripped the market. This bearish momentum has made it difficult for CRV to establish strong support levels, leading to concerns about future price stability.

Curve Finance has introduced incentives to foster active community participation in response to the ongoing market conditions. The proposal to burn a portion of CRV’s supply includes an offer of a 3-month Annual Percentage Yield (APY) booster for all platform deposits by active voters. This initiative aims to engage the community more deeply in decision-making and enhance their investment returns during a volatile period.

Also Read: Spot Bitcoin ETFs Shift Trading Patterns, Volatility Sees Notable Decline

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