Several major token unlocks are set to take place in the coming months, which could potentially de-stabilizing the altcoin market. These unlocks will introduce large amounts of new supply, and as a result, investors are bracing for possible price crashes this month. 

Historically, sharp increases in supply without matching demand often lead to market volatility. These unlocks will affect major coins like $JTO, $TIA, and $ONDO. This raises concerns about price declines and market instability.

Upcoming Token Unlocks 

• $TIA will unlock 175 million tokens, a 390% increase in its circulating supply. According to Cryptorank data, the unlock comes at a time when the coin is already down 79.8% from its ATH. The upcoming unlock might increase the risk of further price drops.
• $JTO will experience a 166% supply increase over the next six months, with a major unlock of 135.72 million tokens expecting on December 7. The supply expansion, largely allocated to core contributors and investors, is expected to create selling pressure.
• $ONDO developers are set to release $1.14 billion worth of tokens by January 18, increasing its total supply by 134%. Developers will use the majority of these tokens for ecosystem development, though some are reserved for investors.
• $ZETA will unlock 53.89 million tokens in September. The unlock will contribute to a total supply increase of 357.94 million tokens by March 2025. Moreover, investors are raising concerns about long-term price stability due to this constant stream of supply.
• $PORTAL will see a 115% supply increase over the next six months, with 25.61 million tokens scheduled for release on September 29. The company will distribute these tokens to private and public investors
• $STG will increase its supply by 42% in the next six months, with gradual unlocks given to team members and early investors. This steady release could trigger moderate price fluctuations.
• $WLD, originally slated for a four-year unlock, will now spread its unlocks over five years. The first unlock started on July 24, 2024 and a 37.5% increase in the circulating supply is expected in the next 30 days which will primarily benefit community members and investors.

Potential Market Crash Risk

Over the next six months, a significant volume of token unlocks could trigger substantial price drops. When new supply exceeds demand, prices usually fall, especially if investors promptly sell their unlocked tokens. Historically, large unlocks have caused downward trends in altcoin prices and with many token unlocks scheduled for early September, they may affect market dynamics.

Previous large token unlocks often cause major price fluctuations and increase market volatility. For example, according to data from CoinCarp, $dYdX dropped 61% after its 2.12 million coin unlock in May. Similarly, $PYTH fell by 55%, and $AVAX declined by 66%.

By December, over $750 million worth of coins will be unlocked. Thus, investors aiming to recoup their funds will increase selling pressure. This surge will likely lead to significant fluctuations in the altcoin market.

Tools like the Altcoin Season Index can assist in tracking market movements, hence helping investors make informed decisions. Additionally, understanding the timing and magnitude of these unlocks is essential for navigating periods of volatility.

The post Why These Token Unlocks May Lead to a Crash Ahead: $JTO, $TIA, $ONDO appeared first on coinpress.

Coinbase’s native layer 2 network Base has surpassed 4.2 million daily transactions, according to data from Coin98Analytics. Arbitrum came closest with 1.3 million transactions followed by Ethereum with 1.1 million transactions. The L2 network reached an all time high of 4.4 million transactions on September 9, four times ahead of Ethereum, its mainnet network. 

Base’s Scalability and Developer Appeal

It’s scalability and low transaction fees are key factors driving its success in L2 networks. These features makes it an attractive option for developers, leading to a surge in consumer applications. 

The platform generates additional revenue through gas fees, creating a positive loop as more users engage with Base-based apps. Base handles more transactions compared to Ethereum hence easing congestion on Ether main net. It has been under criticism for its underperformance this year with failing transactions and ETH price drop.

Rising Activity in dApps and DeFi

The surge in its transaction volume reflects the growing activity in decentralized finance and applications. Insights from Dune Analytics show that apps like Uniswap, Thirdweb, USDC, Basename, and Zora are driving the growing activity, collectively accounting for 63.7% of users on the Base network. 

The increasing number of transactions on the network indirectly affects Ethereum, leading to a higher demand for blockspace and potential gas fee increases. However, Ethereum’s scalability allows it to handle surges from Base’s activity effectively.

Base’s growing transaction volume is also evident in the performance of key coins on its network. According to CoinGecko, LayerZero holds a market cap of $382.2 million, while USDC maintains a stable $35 billion market cap. Brett has also seen significant growth, with a market cap of $737.3 million, reflecting strong investor confidence in Base’s expanding ecosystem.

Future as a Leader in Layer 2 Solutions

With over 4 million daily transactions and support from Coinbase, Base continues to dominate the Layer 2 space. Its growing user base, low fees, and innovative approach position it as a key player in Ethereum scaling. 

Base’s success in the DeFi and dApp sectors signals a promising future in the Layer 2 race, outpacing its competitors and driving forward the development of Ethereum’s ecosystem.

The post Coinbase’s L2 Network Base Surpasses Arbitrum and Ethereum with 4.2M Daily Transactions appeared first on coinpress.

In the past few days, the crypto world has been clamouring with intensive discussions around the REKT coin or $REKT.

Origins of Rekt Coin

In the world of cryptocurrency, the term ‘Rekt‘ is used as an abbreviation for ‘wrecked‘. This means that the origin of the Arbitrum-based meme coin takes inspiration from investors who have suffered massive losses. The origin of the word ‘wrecked’ comes from the online gaming community, wherein it means someone who has been defeated or embarrassed. 

What makes Rekt Coin valuable?

In the crypto world, there are usually several factors that dictate a coin’s stability and valuability. Rekt ticks right on most of the boxes. Its founding team includes Dave Waslen, who is a seasoned crypto geek and is well-respected in the community. The coin has the backing of some of the big names in the industry like Arthur Hayes, Crypto Daku, Crypto Banter, and others. The team’s experience and the presence of prominent backers give investors confidence in the project. 

At present, Rekt appears to be a community-held token, which is not being traded by a closed group of investors. The coin is being talked out by not the founding team, backers and several community members. This shows that the token is being accepted by many. 

Also, Rekt’s launch with 1 million tokens didn’t include any pre-sales. The token’s founding team provided everyone with a fair chance to invest in the new coin. This helped generate more interest from investors. And as a result, the coin’s price skyrocketed on the launch date itself in October 20. 

In the first hour of listing, the coin made a 7x jump. Within hours of launch, the Rekt token gained 803% at its peak. It generated a profit of $5 million within 24 hours of its launch. 

What’s the buzz surrounding Rekt Coin?

Rekt Coin had gained traction in the online community even before its launch and during the time of its official listing. Since then, the coin has been trading quietly till last week. Between October 20 and October 21, the token generated good volumes. 

Rekt’s trading volume reached a whopping $24 million in 24 hours. Around 300 wallets made $5 million. On average, a crypto trader managed $16,600 per wallet.

REKT made $24,6 million volume in 24 hours.

~300 #crypto wallets made a total of $5 million.

Here is what happened (and how @bubblemaps can help) pic.twitter.com/dcVmf40OGy

— dealer.eth (@dealerdefi) October 20, 2023

At present, the total supply of the Rekt token is 420 trillion. However, the token is a meme coin and often faces questions about stability and volatility. But risk-taking investors looking to take meme coins to the moon are often putting thousands of dollars into the project. 

As per a Twitter-first crypto analyst, dealer.eth, Arthur Haynes holds 2.2% of the supply of Rekt while the top 20 holders have around 25.5% of the supply. And most wallets do not interact with one another. 

However, the frenzy seems to be over, as the price of the token has declined by more than 30% in the week. Its daily trading volume has also witnessed a decrease in the last 24 hours. 

Where can you buy Rekt Coin?

Though relatively new, trading with Rekt coin can be done on multiple platforms including centralized and decentralized crypto exchange platforms. For instance, the meme-based coin can be traded on platforms like Bitget, Gate.io, Hotcoin Global, MEXC, Binance, and Uniswap v3 (Arbitrum).

Numbers to Look Out For Around REKT:

• All-time high of REKT- The highest price paid for REKT stands at $15.73, which was recorded on 20 October 2023.
• All-time low of REKT- The lowest price paid for REKT stands at $5.36, which was recorded on 26 October 2023.
• Daily Trading Volume of REKT- The daily trading volume of REKT is $884,770 in the last 24 hours, representing a 15.20% decrease from one day ago.

The post What is Rekt Coin ? Unraveling Factors Behind Its Hype appeared first on coinpress.

Binance CEO Changpeng Zhao has offered his insights on the delicate balance of trust between the world of cryptocurrency and traditional finance. Speaking during the recent Fintech Forward 2023 conference held in Bahrain earlier his month, Zhao shed light on the importance of building trust within the crypto industry, especially in the face of ongoing regulatory scrutiny.

Zhao on Growth and Partnerships

“To earn trust, it’s probably like an onion… there are many layers that you have to build,” Zhao remarked. “I think regulatory compliance is a key thing, it is very important, but also… having the reputation in the industry, having other users validating your services and your trustworthiness is important.”

In Zhao’s view, regulatory compliance acts as a linchpin, not only ensuring adherence to legal requirements but also facilitating collaboration with partners from the traditional financial sector. This collaboration, he believes, is instrumental in bridging the divide between the crypto industry and traditional institutions.

“Regulatory compliance unlocks other partners working with you, especially from traditional financial industries. So then, this way we can bridge the two industries together. That’s very important too. So, the trust is built over a long period of time; it can be broken very quickly but it can only be slowly built over time.” He added.

Binance’s Regulatory Challenges

Zhao’s comments come at a time when Binance is facing significant regulatory challenges in various jurisdictions, particularly the United States and the United Kingdom.

Recently, the U.S. Securities and Exchange Commission (SEC) unleashed brought charges against Binance, and its founder alleging that the duo have been surreptitiously wielding control over customers’ assets, enabling them to mix and divert these funds at will.

Elsewhere, the United Kingdom’s Financial Conduct Authority (FCA) has criticized Binance for operating without approval, and similar concerns have been raised in Japan and the European Union.

That said, despite these regulatory challenges, the cryptocurrency industry continues to grow, with traditional institutions like BlackRock and Ark Invest showing increasing interest in crypto assets and Bitcoin spot exchange-traded funds (ETFs). However, Binance has lost key partners like Mastercard, Visa, and Checkout.com over the past few months, highlighting the evolving landscape of crypto-industry relationships with traditional financial institutions.

The post Binance CEO Believes Crypto And TradFi Can Work Together: Interview appeared first on coinpress.

Amidst the prolonged legal battle with the U.S. Securities and Exchange Commission (SEC), Ripple, the fintech company behind the cryptocurrency XRP, has demonstrated remarkable growth over the past three years.

XRP Lawyer on XRP Vs SEC Lawsuit

In a detailed tweet today, Pro-Ripple lawyer John Deaton shed light on the company’s outstanding achievements, despite facing significant legal challenges.

“Even if you hate Ripple or XRP, you have to be impressed by what Ripple has accomplished during the last 3 years,” Deaton tweeted. “Not only did it grow its business – almost tenfold – during an extended brutal bear market, but did so while under the dark cloud of an SEC enforcement action which prevented any real growth within the United States.”

During a time when many companies were downsizing, the lawyer noted that Ripple was hiring, a testament to the resilience of the firm. Deaton further pointed out that the legal hurdles Ripple faced were fueled by bias, conflicts of interest, and compromise within the SEC. He expressed his belief that XRP is not a security, a sentiment echoed by industry experts.

The legal battle against Ripple, which garnered significant attention, has persisted for almost four years, costing the company over $100 million in legal fees and sparking significant interest in the crypto community.

That said, Deaton’s comments against the backdrop of a key win for Ripple. Earlier his week Judge Analisa Torres signed an order officially dropping all charges against Ripple executives related to the alleged sale of XRP tokens, binging renewed optimism to Ripple’s supporters.

Ripple’s Growth Beyond Lawsuit

Meanwhile, it’s worth noting that Ripple’s growth is not limited to overcoming legal hurdles. The company has been strategically forging partnerships to enhance the underlying crypto liquidity infrastructure. On Tuesday, Ripple announced a new partnership with global web 3 financial platform Uphold, aimed at furthering this goal.

Notably, Ripple has previously highlighted the importance of improving crypto usability as a key challenge for the industry. In a blog earlier this month, the firm revealed its goal of becoming a one-stop shop for enterprises looking to leverage crypto, offering core capabilities and solutions. Their Liquidity Hub, which manages liquidity at scale, has expanded its reach to include regions like Brazil and Australia and has added support for stablecoins.

The post John Deaton Reveals Ripple’s Remarkable Growth Amid XRP Lawsuit appeared first on coinpress.

Bitcoin has been on a tear, with the cryptocurrency recently surging past $35,000, boosted by key developments within the crypto community and a decisive break above the $31,000 resistance level. What makes this rally particularly interesting is the growing sentiment among experts and analysts that the bottom may be in for Bitcoin. The latest individual to join this chorus has been the veteran trader and market analyst, Peter Brandt.

Brandt’s Prediction on Bitcoin Price

On Wednesday, Brandt took to Twitter emphasizing the unpredictability of market paths while signaling his conviction that the Bitcoin bottom has been reached.

“Anyone who declares they know the future path of any market is a fool. Markets will ALWAYS surprise. Yet, with this disclaimer, I believe; The BTC bottom is in; New ATHs not coming until Q3 2024.” Tweeted Brandt.

The pundit however predicted that Bitcoin might potentially face an extended period of price consolidation or sideways movement prior to reaching the all-time highs, saying he had used the blueprint for two years.

That said, Brandt isn’t the only analyst with a bullish outlook. Popular crypto analyst Kevin Svenson also highlighted that the best buying opportunity for Bitcoin is typically before its halving events, underlining that historical cycles continue to rhyme with each other.

What Other Traders Predict

However, not everyone in the crypto space shares this optimism. Peter Schiff, a well-known gold advocate, has continued to express his skepticism tweeting today,

“Bitcoin speculators have overestimated the demand for a new Bitcoin ETF. It’s hard to believe that with numerous existing avenues for Bitcoin exposure, there is a significant group of would-be buyers who’ve been waiting to buy. It’s Bitcoin owners who’ve been waiting to sell.”

Jim Cramer, the host of CNBC’s “Mad Money,” have also been making pessimistic predictions about Bitcoin’s future price. Earlie this month, he declared that Bitcoin was about to experience a significant decline. However, Bitcoin enthusiasts have responded to such forecasts with skepticism and have taken pride in the cryptocurrency’s recent price surge.

That said, as Bitcoin continues to demonstrate its strength, experts and analysts continue to debate its future trajectory. Crypto analyst ‘Rekt Capital’ noted that all key bearish fractal invalidation criteria have been met, emphasizing that Bitcoin’s break above the $31,000 yearly high, could help fuel price higher.

Meanwhile, crypto fund manager Dan Tapiero also shared his bullish sentiments proclaiming Bitcoin’s $25,000 support is poised to launch the cryptocurrency into the $35,000 to $45,000 range in the short term and new heights by 2024.

The post Will Bitcoin Price Hit New All-Time Highs in 2023? appeared first on coinpress.

Spanish court has officially confirmed that the cause of death for cryptocurrency entrepreneur John McAfee was suicide.

This announcement comes after the body of the 75-year-old businessman was discovered in his prison cell in June 2021, just hours after the approval of his extradition to the United States. Following his sudden death, Spanish authorities emphasized that there was no evidence to suggest third-party involvement in the incident.

McAfee’s Wife Pursuit of Answers

These findings were consistent with the initial police conclusion following the first autopsy in 2021. However, John McAfee’s widow, Janice McAfee, harbored doubts regarding the suicide explanation and embarked on a mission to gather signatures, urging the government to release her husband’s remains for an independent autopsy. She was convinced that John was fully prepared to face the legal battle that awaited him.

The circumstances surrounding John McAfee’s death have given rise to numerous conspiracy theories, some of which were propagated by McAfee himself through his online posts. He notably expressed his contentment in prison shortly before his passing, saying, “I’m happy here. I have friends. The food is good. Everything is fine. Know that if I hang myself like Epstein, it won’t be my fault.”

Legal Troubles and Political Allegations

McAfee’s legal troubles began in October 2020 when he was arrested in Spain at the request of U.S. authorities. The U.S. Securities and Exchange Commission accused him of deceiving investors in promoting ICO projects, while the Ministry of Justice filed charges for alleged tax evasion. In 2021, McAfee faced additional charges of fraud and money laundering.

However, John McAfee staunchly maintained that the accusations leveled against him were politically driven and portrayed the case as a targeted assault on the entire cryptocurrency industry.

It’s worth noting that in August 2022, McAfee’s ex-girlfriend Samantha Herrera denied his death, claiming in a Netflix documentary that he was still alive and in hiding in Texas.

That said, the Spanish court’s ruling, officially confirming McAfee’s suicide, brings a close to the legal investigation into the software mogul’s death. Despite previous appeals by his family for further inquiry, the court’s decision cannot be appealed further through ordinary legal channels.

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October has brought renewed hope to the cryptocurrency market as BTC price made a strong start, surging to $28,600 on Tuesday before experiencing a minor recoil. This surge follows weeks of rising optimism, with many hoping that the new month will bring better prospects for the crypto market after a period of lackluster volatility in the third quarter.

BTC Exchange Outflows Persist As Hodlers Hold Their Nerves

One of the key factors contributing to this enthusiasm is the improved fundamentals and technicals of Bitcoin. On Tuesday, crypto analytics firm Santiment highlighted the significance of several large transactions just before Bitcoin broke above the $28,000 mark for the first time in six weeks.

As per the firm, these transactions ranged in value from $187 million to $346 million. Additionally, the firm highlighted that the supply of Bitcoin on exchanges has decreased from 5.99% to 5.73% since September 1st, a trend seen as a positive sign for the market.

Recently, the firm also reported that Bitcoin whales have been accumulating Bitcoin and Tether (USDT) over the past six weeks. As of September 29, these whales collectively held 13.03 million BTC, the highest amount in 2023. Tether sharks and whales have also been accumulating buying power, with wallets holding 100,000 to 10 million USDT, totaling 15.03 billion coins, a six-week high.

Crypto Analysts Predictions for BTC Price

Crypto analysts are also sharing their positive outlook for Bitcoin. Adrian Zduńczyk, founder of crypto analysis website “TheBirbNest,” has predicted an expected BTC price target of $40,500. His prediction is based on a resilient bull market, rising dominant trends, and a six-month consolidation period that implies the potential for an explosive breakout. Crypto veteran Peter Brandt shared his bullish outlook for Bitcoin as he confirms reverse head and shoulder formation. 

Rekt Capital, another crypto analyst, has noted that Bitcoin faced resistance around $27,100 in September but has since broken out in October. According to him, the reclamation of this resistance level as support could lead to further price increases.

However, amidst the optimism, cautionary voices are also being heard. Some analysts, like “Stockmoneylizards,” pointed to the similarities between the current Bitcoin chart and that of 2020, suggesting that a breakout from the current triangle pattern could be significant.

At press time, Bitcoin price was in the red, showing a 2.67% decrease in the last 24 hours, with a price of $27,263.

The post Is This Bitcoin Rally A Trap? On-chain Analysis appeared first on coinpress.

The ongoing saga surrounding Australian computer scientist Craig Wright, who claims to be the inventor of Bitcoin, appears to be unraveling. Recent developments indicate that Wright’s remaining allies are distancing themselves from his controversial assertions.

Associates’ Departures and Doubts

One of the most significant blows came when Christen Ager-Hanssen, the former Group CEO at nChain Global, publicly announced his departure from the organization. Ager-Hanssen’s departure not only shed light on internal conflicts within nChain but also raised doubts about Wright’s claim to be Satoshi Nakamoto, the pseudonymous creator of Bitcoin.

Ager-Hanssen’s departure was punctuated by a statement on social media, in which he expressed his conviction that Craig Wright is not Satoshi Nakamoto. He also alleged that Wright had manipulated documents to deceive the court, a serious accusation that further tarnished Wright’s credibility.

In a leaked email allegedly from Calvin Ayre, another prominent supporter and financier of Craig Wright’s endeavors, Ayre voiced deep skepticism and dissatisfaction with Wright’s legal disputes and the authenticity of his claims. Ayre expressed concern over the ongoing litigation, emphasizing that Wright needed to sign the Bitcoin mined by Satoshi Nakamoto for the COPA court case to succeed. Failure to do so, Ayre suggested, would result in him withdrawing his support and funding for Wright’s legal battles.

XRP lawyer Deaton Weighs In

The unfolding drama has drawn attention from notable figures in the cryptocurrency community. On Tuesday, pro-Ripple lawyer John Deaton also weighed in on Twitter, expressing his own doubts about Wright’s claims. Deaton highlighted the complexity of the Satoshi Nakamoto mystery and the various individuals who have been suspected of being Satoshi over the years.

“Even though I’ve suspected he was involved or in the know about Satoshi, “I’ve always believed CSW did not have the keys because he has too explosive of a personality” Deaton tweeted.

“He would’ve moved/sold the coins by now just to cause chaos IMO. He threatened to do it 2015. But, then again, I’m speculating like everyone else.” He went on.

That said, while the exact outcome of this rift remains uncertain, it marks a significant moment in the ongoing debate and court case about Craig Wright’s identity as Satoshi Nakamoto and the broader implications for the cryptocurrency space.

The post XRP Lawyer Questions Craig Wright’s Claims As Satoshi Nakamoto appeared first on coinpress.

House Committee Chairman Patrick McHenry has sent a strong warning to the Securities and Exchange Commission (SEC) chair Gary Gensler, signaling his readiness to issue a subpoena if necessary to secure the release of documents pertaining to the FTX collapse and the SEC’s climate disclosure rule.

Gary Gensler Hiding FTX Crash Documents?

In a tweet today, McHenry expressed his frustration, stating, “SEC Chair GaryGensler refuses to schedule a Commission vote to provide Congress with requested documents. Should Gensler continue to stonewall, Republicans will have no choice but to issue the first subpoena to the SEC from my Committee to compel their production.”

The controversy stems from the committee’s demand for documents related to former FTX CEO Sam Bankman-Fried (SBF) and the timing of his arrest. During a Congressional hearing last week, McHenry claimed that the SEC had “made multiple requests” for these documents but had not received any non-public information beyond what was part of a Freedom of Information Act (FOIA) production.

Criticism of Gensler’s Leadership

During the hearing, Chairman McHenry also criticized SEC Chair Gary Gensler’s approach to rulemaking, accusing him of jeopardizing the integrity of financial markets and putting investors at risk.

“Chairman Gensler, our patience is wearing thin. Your efforts to choke off the digital asset ecosystem, which has created real harm for consumers and our markets,” said Mc Henry.

Furthermore, McHenry accused Gensler of failing to prioritize capital formation, stating that there was not a single initiative aimed at improving access to capital or enhancing market competitiveness among Gensler’s expansive rulemaking agenda. The lawmaker also raised concerns about Gensler’s approach to digital assets, claiming that it had created confusion and lasting damage.

Notably, Gensler also faced questions from McHenry during the hearing, where he affirmed that Bitcoin was “not a security” as it did not meet the Howey test’s criteria for an investment contract. This stance aligned with Gensler’s previous statements during his time as a professor at the Massachusetts Institute of Technology in 2018.

That said, the threat of a subpoena adds another layer of complexity to the ongoing battle between the SEC and Congress with implications for both regulatory transparency and the digital asset industry.

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X owner Elon Musk today criticized Trudeau and Canadian government for their recent decision to make it mandatory for online streaming services to register with government. The Canadian Radio-television and Telecommunications Commission (CRTC) has embarked on a mission to reshape Canada’s broadcasting landscape.

Trudeau is trying to crush free speech in Canada. Shameful. https://t.co/oHFFvyBGxu

— Elon Musk (@elonmusk) October 1, 2023

Consequently, it has initiated a series of public hearings, with the first round commencing on May 12, 2023. After meticulously scrutinizing over 200 interventions, the CRTC has revealed its initial two decisions. Streaming platforms operating within Canada and raising $10 million annually must now register their operations. The deadline for this registration is November 28, 2023. Additionally, the process promises simplicity, demanding just a few mouse clicks.

Canadians Gain More Streaming Service Access

Moreover, the CRTC sets the stage for Canadians to access international streaming content. From Wednesday onwards, specific streaming services must disclose information about their content library and user demographics. This move ensures Canadians can access these platforms without being tied to a particular internet or mobile service provider.

Moreover, CRTC is delving into Canadian and Indigenous content requirements across traditional and online broadcasting mediums. Starting November 20, 2023, a three-week public procedure will be in motion. During this period, the CRTC plans to engage with 129 intervenors representing a spectrum of interests.

Coinbase Expands Services to the Canadian Market

In another development, cryptocurrency exchange Coinbase, has extended its services to Canada, capitalizing on the nation’s crypto-friendly regulations through a partnership with People’s Trust Company. This allows Canadian consumers access to Interac e-Transfers, enhancing the safety and convenience of financial transactions. To mark its augmented presence in Canada, Coinbase is offering numerous incentives, including free access to Coinbase One for 30 days and round-the-clock customer service availability.

Read Also: Canada Approves Unlimited Litecoin Trading, LTC Price To Reach $140?

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The U.S. Congress, with substantial Democratic support, passed a stopgap funding bill late on Saturday. This action came after Republican House Speaker Kevin McCarthy withdrew from a previous demand by his party’s hardliners for a partisan bill. The Democratic-majority Senate showed unity, voting 88-9 to pass the measure, effectively avoiding the federal government’s fourth partial shutdown in a decade. Consequently, the bill was sent to President Joe Biden, who promptly signed it into law.

However, the journey to this resolution wasn’t smooth since McCarthy had to abandon the hardliners in his party, who insisted that any bill should pass the House with only Republican votes. This shift could potentially lead to attempts by his far-right members to remove him from his leadership role. The House, in response, voted 335-91 to fund the government through Nov. 17, witnessing more Democrats than Republicans in support.

Essential Services Spared in Government Shutdown Plans

Anticipating a possible shutdown, Federal agencies had already formulated detailed plans outlining which services would continue and which would halt. Essential services such as airport screening and border patrols were to continue, while others, including scientific research and nutrition aid to 7 million poor mothers, were to cease.

The potential shutdown would have meant that a majority of the government’s 4 million employees would not receive pay, impacting both working and non-working individuals and shutting down various federal services, ranging from National Parks to financial regulators.

Significantly, avoiding a shutdown means that the American people and federal agencies can breathe a sigh of relief. Senate Majority Leader Chuck Schumer expressed his relief post-vote, emphasizing that bipartisanship was the only solution for avoiding a shutdown and commending Speaker McCarthy for heeding their message.

Yellen Warns of Shutdown Economic Strain

Previously, Treasury Secretary Janet Yellen voiced significant concerns regarding the detrimental effects a government shutdown could have on the U.S. economy. She described such a scenario as “reckless,” highlighting the direct damage and the mental strain political stagnation could impose on businesses and consumers. Yellen pointed out that this could diminish trust in the economic framework, possibly resulting in decreased expenditure and investment, negatively impacting economic development and equilibrium.

Also Read: US Revised GDP At 2.1%, Will It Spark Market Gains?

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Prominent investor Bill Ackman is contemplating a significant move. His firm, Pershing Square, has recently received regulatory approval for a unique novel investment vehicle. This vehicle aims to invest in a privately held company and subsequently take it public.

Ackman Eyes Twitter X for Listing

Pershing Square has been in the limelight after receiving regulatory sign-off on Friday for its novel investment vehicle. The primary purpose of this vehicle is to invest in privately held entities and spearhead their public listing. Ackman has been vocal about various global issues on Twitter, discussing diverse topics, from resolving the conflict in Ukraine to the contentious viewpoints of Robert F. Kennedy Jr. on vaccines.

However, the focus is now on the potential transaction with the Elon Musk-owned platform, Twitter, now known as “X.” When probed by the Wall Street Journal about considering a transaction with X, Ackman responded affirmatively, signaling a possible new direction for the social media giant.

Ackman Warns of US Banking Risks

Besides X, other companies fitting the investment profile include mature unicorns in the initial public offerings, private equity-owned businesses, and divisions of public companies. The regulatory filing of the vehicle sheds light on these potential targets.

Significantly, the probability of Ackman striking a deal for X remains uncertain. Elon Musk acquired the company for $44 billion a year prior and hinted at a possible public listing in the coming years. However, the decline in ad revenues and a $13 billion debt addition post-acquisition might deter public investors. Musk attributes the revenue drop to his management scaring advertisers away.

Additionally, Ackman has been a harbinger of potential systemic risks in the US banking sector. In May, he emphasized the imminent risks and urged immediate corrective measures. He criticized US regulators for their laxity in enhancing the insurance regime, stating that it has only “hammered more nails in the coffin.”

According to Ackman, the banking system is teetering on the brink, and the failure to act promptly could have far-reaching consequences. He has been forthright in expressing his concerns and viewpoints, leveraging his substantial following on the social media platform.

Read Also: Top 3 Cryptocurrency with Bullish Pattern to Buy in October 2023

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The occasion marked their recent triumph in the legal battle against the U.S. Securities and Exchange Commission (SEC). Among those addressing the jubilant crowd was Ripple CEO Brad Garlinghouse, who expressed gratitude and unwavering determination to persevere in the ongoing legal dispute.

XRP Proper Party- Community Celebrates XRP Ruling 

Speaking at the party, Garlinghouse reflected on the protracted battle, acknowledging the collaborative effort of the XRP community in achieving this victory.

“One thing I think we all learned is that it takes a village to fight a bully, and this village beat the bully,” Garlinghouse declared.

The CEO, who is a co-defendant in the lawsuit also took time to recognize prominent figures in the pro-XRP movement, including lawyers John Deaton, Jeremy Hogan and James Filan for their constant updates and commentaries that played a huge part in keeping the community anchored.

Notably, earlier this week, Deaton, a pro-Ripple lawyer, received the prestigious Defender of Freedom Award from the International Congress of Blockchain Legal Advisors (ICBLA). This accolade celebrated his pivotal role in championing the rights of digital asset owners and his contributions to the SEC v. Ripple case.

XRP Lawsuit- Current Status

The aforementioned triumph stems from a lawsuit that has persisted for nearly three years. In December 2020, the SEC accused Ripple and its co-founders of violating securities laws by selling $1.3 billion worth of XRP without proper registration. However, Ripple vehemently rejected these allegations, asserting that XRP should be categorized as a commodity, not a security.

Notably, despite the landmark win in July 2023 for Ripple, this particular aspect of the case remained contentious, with the SEC contending that it warrants the attention of an appeals court to approve Interlocutary appeal.

That said, amidst the celebrations, Ripple has demonstrated it remains resolute in its commitment to continue the legal battle with the SEC in case of an appeal.  During a recent interview with CNBC, Ripple’s President, Monica Long, reaffirmed their intent to fight the case “all the way through”.

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As September draws to a close, Bitcoin enthusiasts are eyeing potential bullish trends, with indications pointing towards a positive trajectory. The leading cryptocurrency has already exhibited a bullish candle this month, suggesting a possible continuation of this trend into October if the candle closes in the green.

Bitcoin Trend Reversal

Amidst these developments, market veteran John Bollinger, the creator of the widely used market indicator Bollinger Bands, shared his insights on Thursday. In a tweet, the 73-year-old noted that a two-bar reversal occurred for $BTCUSD at the lower Bollinger Band on September 11/12, which he believed to be a crucial technical factor.

Bollinger further tweeted;

“This is a good setup for a walk up the upper band, just need a bit more strength to confirm.” To provide a visual context for his statement, he also shared the chart below.

In addition to Bollinger Bands, other Bitcoin fundamentals have also been falling into place. Crypto analyst Matthew Hayland noted in Friday tweet that the two-week Bollinger Bands for Bitcoin have reached their tightest levels since 2015, and they are currently the tightest ever recorded.

Historically, when such tight squeezes occur, they are often followed by explosive price movements, catching many by surprise. Hayland also mentioned that he has been closely monitoring the weekly Bollinger Band width, which has also tightened significantly.

Positive Signs in Bitcoin’s Performance

Beyond Bollinger Bands, Bitcoin’s overall performance has displayed positive signs. Gert van Lagen, anther crypto analyst, highlighted a crucial bullish cross in Bitcoin’s moving averages. Via a Thursday tweet, he mentioned that the 200-day Simple Moving Average (SMA) has crossed above the 200-week SMA, which is seen as a bullish signal.  This follows a bullish crossover that occurred in June involving the faster daily 200 and Weekly 200 exponential moving averages (EMAs).

That said, combined, these technical indicators and expert opinions have brought renewed optimism to the Bitcoin market, suggesting the potential for an upward surge.

In the meantime, Bitcoin remained in a state of tight consolidation following a price pullback that occurred after an impressive surge beyond $27,000 on Thursday. At press time, BTC was trading at $26,864, reflecting a 0.70% decrease over the past 24 hours.

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Some major institutions are still betting heavily on NFTs despite the slump in value. Over the past two or so years, the cryptocurrency market has been a rollercoaster, marked by surges and slumps, with the Non-Fungible Tokens (NFTs) sector significantly affected.

NFT Market Face Challenges

The NFT market, which once witnessed a euphoric bull run in 2021 and 2022 with nearly $3 billion in monthly trading volume recorded in August 2021, saw a stark transformation in fortunes. Recent data from The Block revealed a weekly traded value of approximately $80 million in July 2023, representing a mere 3% of its peak value back in August 2021.

Notably, a recent study by crypto analysis firm dappGambl examining more than 73,000 NFT collections revealed that 95% of these collections had a market cap of zero Ether (ETH).

“Having looked into those figures, we would estimate that 95% to include over 23 million people whose investments are now worthless,” the firm wrote.

One of the key takeaways from the study was that 79% of all NFT collections remained unsold, creating a surplus of supply in the market. This surplus led to a buyer’s market, with reduced demand failing to revive enthusiasm among collectors and investors.

The NFT Spring: A Bold Prediction

Despite the challenges the NFT market faced, some experts see a glimmer of hope. On Friday, prominent crypto analyst Krypto Kaleo expressed hope that the NFT market was approaching its bottom. Drawing parallels with previous crypto trends, he predicted that 2021 and 2022 were akin to a “test pump,” similar to what the altcoin market experienced during the ICO craze of 2017.

Kaleo’s outlook suggested that after a period of consolidation and recalibration, the NFT market could see a resurgence in 2024 and 2025.

“Currently, everyone thinks NFTs are dead, and more people than not seem to believe they’re never coming back. I’m looking forward to the market once again proving them wrong,” tweeted Kaleo.

PayPal’s NFT Foray

That said, amidst the waning interest in NFTs, institutional players known for their tendency to invest when others are cautious seem to be venturing into the NFT sector. This week, PayPal filed four patent applications related to NFTs, Layer 2 (L2) solutions, and metaverse technology, joining the likes of SONY, Formula One, Fidelity Investments and Japanese electronics giant Fujitsu.

Notably, these patent filings underscore these institutions’ commitment to delve into the NFT realm, signaling a potential NFT revival ahead.

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In compliance with the regulatory framework in the Netherlands, Gemini cryptocurrency exchange, headquartered in New York, has temporarily ceased its operations in the Dutch market. This comes as the platform found itself needing help to fulfill the requirements set by De Nederlandsche Bank (DNB). Gemini’s departure from the Netherlands mirrors a similar exit by the Binance crypto exchange in the summer of 2023. However, Gemini intends to resume operations in the country upon fully complying with the newly established regulations.

Subsequently, Dutch users received a communication from Gemini on September 26, urging them to transfer or withdraw their assets before the suspension was enacted on November 17. In the interim, Gemini has recommended Bitvavo, a local crypto exchange and a registered entity with DNB, as a suitable alternative for its users. Launched in 2018 and based in Amsterdam, Bitvavo is also a member of the Dutch Association of Bitcoin Companies.

Gemini Eyes Dutch Return with MiCA Alignment

Gemini remains resolute in its plans to re-enter the Dutch market. The company aims to revamp its business operations to align with the Markets in Crypto-Assets regulations (MiCA), ensuring integration upon its return. These regulations are critical for crypto asset companies intending to operate within the European Union, emphasizing the essence of regulatory adherence in fostering the growth and sustainability of crypto businesses in the region.

MiCA serves as a unified standard within the European Union, streamlining the operational prerequisites for crypto companies. The exact implementation of MiCA in the Netherlands remains under deliberation, yet it offers a beacon of hope for registered entities in other EU countries aspiring to access the Dutch market. It is notably distinct from the WWFT law, currently governing the operation of crypto companies in the country.

Netherland Market Hosts 37 Crypto Providers

As it stands, the Dutch market accommodates 37 registered virtual asset providers, including renowned platforms like eToro, Coinbase, Crypto.com, and BitPay, all of which operate under the regulatory guidance of the DNB.

Despite the rigorous compliance landscape, these entities have managed to carve a niche in the Dutch market. However, it’s essential to note that Coinbase encountered a regulatory snag, resulting in a $3.6 million fine in January 2023 due to non-compliance.

Also Read: Gemini Slams New York Post for Bad Reporting on Earn Program

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Zhu Su, the co-founder of the now-defunct cryptocurrency hedge fund Three Arrows Capital (3AC), found himself under arrest at Changi Airport. Zhu Su was attempting to leave Singapore on Friday, September 29, in the afternoon. The arrest follows a committal order granted by the Singapore Courts, sentencing him to a four-month prison term.

The joint liquidator of 3AC, Teneo, confirmed the sentencing on Friday evening. The firm has been actively involved in the legal proceedings against Zhu Su, focusing on the recovery of assets and compliance with court orders. The arrest and subsequent sentencing are significant developments in the ongoing investigations into the failed hedge fund.

Liquidators to Engage with Zhu Su on 3AC Operations

Teneo had previously obtained a committal order against Zhu on September 25. This was due to Zhu’s deliberate failure to adhere to a court order mandating his cooperation with the liquidators’ investigations. The court order required Zhu to account for his activities as a co-founder of 3AC and its former investment manager.

Additionally, a similar committal order with a four-month imprisonment term was granted against Kyle Davies, the other co-founder of 3AC. However, Davies remains elusive, with his current whereabouts unknown, as stated by Teneo. The liquidators are keen on engaging with Zhu during his prison term to gain insights into matters relating to 3AC and its operations.

Singapore Imposes Restrictions on Zhu Su and Davies

Throughout the legal proceedings, the priority of the liquidators has been the recovery of 3AC’s assets and maximizing returns for its creditors. During his prison sentence, Teneo is set to engage with Zhu on matters relating to 3AC, emphasizing the recovery of assets that are either the property of 3AC or have been acquired using 3AC’s funds.

Earlier, coinpress media reported that the Monetary Authority of Singapore (MAS) had barred Zhu Su and Kyle Davies from regulated activity under the Securities and Futures Act (SFA). They are prohibited from managing, holding director positions, or acquiring substantial shares in any capital market services firm.

 Also Read: Will FTX Creditors Get Their Money Back As Payment Ratio Rises

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According to Claims Market, a platform that tracks the expected payment ratio for cre­ditors’ claims, FTX has made significant progress in repaying its de­bts. Starting at 12% earlier this year, FTX’s ability to re­pay has now increased to 35%-40%. The ratio shows creditors can anticipate­ a higher amount recovere­d from liquidating FTX’s assets.

Anthropic’s Valuation Boosts FTX’s Assets

One reason for this improvement is the surge­ in the valuation of Anthropic, an artificial intelligence company in which FTX made­ an investment. Rece­ntly, Anthropic completed a significant financing round, resulting in a substantial incre­ase in its value. Wu Blockchain, a reputable­ crypto news outlet, reporte­d that this increased valuation of Anthropic could have a positive­ impact on how FTX distributes its assets to creditors. 

Anthropic itse­lf is headquartered in San Francisco and focuse­s on AI safety and research. Its obje­ctive revolves around de­veloping reliable, inte­rpretable, and controllable AI syste­ms. FTX’s decision to invest in Anthropic aligns with its strate­gy of portfolio diversification and exploration of new opportunities within the AI sector.

FTX’s Bankruptcy Saga Continues

FTX, a cryptocurrency exchange, filed for bankruptcy in November 2022 due to substantial losses caused by cybe­rattacks and regulatory actions. The exchange’s debt amounted to approximately US$16 billion, far e­xceeding its consolidated asse­ts of about US$7 billion. 

Read Also: FTX Announces Chapter 11 Bankruptcy, Crypto Crash Imminent?

The bankruptcy proceedings have­ become intricate with le­gal disputes, investigations, and allegations of fraud and corruption. FTX’s cre­ditors range from individual investors to major institutions such as banks, hedge­ funds, and crypto companies. 

According to the court filing, FTX currently has a nearly $3.1 billion debt split among its top 50 creditors. Notably, The large­st creditor holds a claim amounting to $226 million. The FTX crisis has impacted ove­r 1 million customers.

Sadly, the creditors have be­en patiently awaiting their payme­nts from FTX’s liquidation for over a year. Although there­ is some glimmer of hope with an incre­ased payment ratio rece­ntly offered to them, the­y are still uncertain about the final outcome­ given various factors like market conditions, ongoing le­gal proceedings, and the availability of funds. 

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Circle, a le­ading stablecoins issuer, has rece­ntly entered the­ legal dispute betwe­en the Securitie­s and Exchange Commission (SEC) and Binance, a major cryptocurrency exchange. Circle argues that stable­coins, tied to other asse­ts for value stability, should not be subject to the same financial trading regulations as traditional se­curities.

Circle Argues Stablecoins Are Not Securities

The Binance case has gained significant prominence within the­ crypto world because major exchange­s like Binance and Coinbase argue against subjecting cryptocurrencies to existing strict U.S. financial laws. In response to these­ allegations, Circle has prese­nted its argument regarding asse­ts tied to the dollar, such as BUSD and its own USDC. 

Circle asse­rts that these assets should not be­ considered securitie­s primarily because users do not expect any profit from standalone purchases of the­se stablecoins.

According to their filing, Circle­ states that “Payment stablecoins, on their own, do not have the essential features of an investment contract” . Consequently, they believe that these­ stablecoins fall outside of SEC jurisdiction. 

Circle furthe­r asserts that decades of case­ law reinforce the belief that an asset sale, disconne­cted from any post-sale commitments or re­sponsibilities by the selle­r, is not sufficient to establish an inve­stment contract. The argument assumes gre­at significance in gaining insight into Circle’s stance re­garding why stablecoins should not be categorize­d as securities. 

Decades of case law support the view that an asset sale — decoupled from any post-sale promises or obligations by the seller — is not sufficient to establish an investment contract, Circle added.

SEC’s Allegation Against Binance

Binance faced multiple charge­s from regulators due to legal violations in June. The­se charges were­ related to the facilitation of trade­s in cryptocurrencies, including Binance Coin (BNB), Polygon (MATIC),  Solana (SOL), Cardano (ADA), and Binance’s stable­coin BUSD. The Securities and Exchange­ Commission (SEC) alleged that these­ activities involved unregiste­red securities. 

The U.S. Se­curities and Exchange Commission (SEC) had accused Binance­ of selling BUSD as an investment contract due­ to the way it was promoted with yield offe­rings through reward programs. In response, last we­ek, Binance and its U.S. arm and owner Changpe­ng “CZ” Zhao filed a motion to dismiss the SEC case. 

The­ir argument centere­d around the regulator’s attempt to asse­rt control over digital assets without proper authorization from Congre­ss. The ongoing legal battle betwe­en Binance and the SEC has gaine­d further attention with Circle’s re­cent involvement.

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