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Dogecoin Has 72% Holders in Profit: How Do Shiba Inu, Pepe Compare?
According to on-chain data, here’s how the percentage of holders in profit differs between Dogecoin (DOGE), Shiba Inu (SHIB), and other meme coins.
Dogecoin Has The Highest Profitability Ratio Among Major Memecoins
In a new post on X, market intelligence platform IntoTheBlock has talked about how the major meme coins compare against each other regarding the holders in profit.
As its name suggests, the “holders in profit” is an on-chain indicator that keeps track of the percentage of investors who are carrying some net unrealized profit right now.
This metric works by going through the transaction history of each address on the blockchain to find the average price it received for its coins. This price would naturally correspond to its cost basis.
If the cryptocurrency’s spot price is currently greater than this cost basis for any address, then that particular holder can be considered to be in profit. The holders in profit sum up all such addresses and calculate what part of the total user base they make up for.
Now, here is what the value of the holders in profit looks like for five meme coins: Dogecoin, Shiba Inu, Pepe (PEPE), Floki (FLOKI), and Mog Coin (MOG).
As is visible above, Dogecoin currently has 72.75% of its user base holding profits, the most out of the meme coins on this list, Floki is second with 70.42%, and Mog Coin is third with 61.48%.
Interestingly, Shiba Inu and Pepe, the largest meme coins in the sector after DOGE, are the bottom two on this list. The former has 46% of its holders in profit, while the latter has 56%.
SHIB especially appears grim, given that it doesn’t even have half its investors in the green. Historically, though, a low value on the indicator has been a bullish sign for any cryptocurrency.
This is because the holders in profit are more likely to participate in selling. When a large percentage of the investors are in gains, the chances of a mass profit-taking event increase, so a top can become more likely to form.
When there aren’t many addresses carrying profits, selling can reach a state of exhaustion, thus leading to the price finding a bottom. In this view, Shiba Inu may be in the best spot out of these meme coins.
As for Bitcoin’s profitability, CryptoQuant author Axel Adler Jr has shared the data in an X post.
25% of the total available Bitcoin supply was purchased at the price level of $73-58K.
This represents a quarter of the total Bitcoin market capitalization, approximately $300 billion. pic.twitter.com/JakdIv0QFZ
— Axel Adler Jr (@AxelAdlerJr) August 16, 2024
Note that the metric shown in the chart is different from the earlier IntoTheBlock one, as it keeps track of the percentage of the supply that’s in profit instead of the holders. Around 75% of all Bitcoin in circulation is carrying gains.
Cosmoverse Heads to Dubai, Showcasing Interchain and Web3 Innovation
Cosmoverse, the largest Interchain conference, is returning for its fourth installment and is heading to Dubai from October 21 – 27, 2024.
Cosmoverse provides the opportunity for new projects and builders to connect with enterprises, institutions, governments, and other like-minded individuals.
The conference aims to build on last year by connecting the Cosmos community to other ecosystems and tracks to increase the synergy between different networks.
Juri Maibaum, Co-Founder of Cosmoverse, disclosed:
“We’re excited to bring cosmoverse to dubai, after emerging as a prominent global hub for crypto. the uae is set on becoming the place for builders in the space. We want to leverage this region’s relentless pursuit of cutting-edge technology to educate on the growing interchain ecosystem and its role in connecting independent chains. Cosmoverse is about celebrating how far we’ve come and showcasing what we’re building next. by expanding the tracks this year to feature topics such as ai, depins, and tokenization, cosmoverse is elevating industry standards.”
Cosmoverse has a history of being hosted in cities that are full of opportunity, with communities that can bring value to the Interchain ecosystem.
In a report published by Bitget in April, there are 500,000 daily traders currently in the Middle East. Of these 500,000, The UAE leads in adoption per capita, with peak daily active users reaching 106,111 in 2024.
This year Cosmoverse has also partnered with Emirates, to bring Cosmonauts from all over the world to the conference.
The growth, development, and diversity of the Dubai crypto community reflect the core tenets of the Interchain ecosystem.
As seen in Messari’s Q1 report, Cosmos continues to evolve. Interchain Security has advanced with the introduction of a new model called Partial Set Security.
Additionally, the Total Value Locked (TVL) for the first two chains secured by Cosmos Hub’s Replicated Security, Neutron, and Stride, continue to increase quarter on quarter.
Celestia’s launch in October 2023 and its subsequent success, have led to considerable growth in the interchain ecosystem.
The concept of modular building now has a shining success story as it provides a logical solution to the blockchain trilemma and Cosmoverse is keen to highlight this in Dubai.
The five-day conference is expected to see over 2000 attendees listening to various speakers, panels, and workshops focused on recent Interchain developments.
Following on from last year, crypto projects outside of the Cosmos ecosystem are welcome to support and encourage an interoperable multichain future.
Headline speakers include: Sunny Aggarwal, Co-Founder of Osmosis, Dr. David Tse Co-Founder of Babylon & John Patrick Mullin, Co-Founder of MANTRA
Cosmoverse will also bring the developer community together for its second Hackmos, a Cosmos hackathon hosted on October 25 – 27. Developers will collaborate on software innovations that will underpin the growth of the Cosmos ecosystem.
Cosmoverse is the culmination of a host of community-building events worldwide in cities such as Berlin, Seoul, Athen, Medellín, Buenos Aires, Istanbul, New York & Dubai. These gatherings have brought together the different Cosmos communities in the run-up to Cosmoverse.
Early Bird Tickets are sold out already but General Admission Tickets are live now and cost $179, making Cosmoverse one of the most inclusive events in the crypto space.
Roman Sterlingov, the founder of the crypto mixer Bitcoin Fog, is appealing against a potential 30-year prison sentence following his conviction on multiple money laundering charges.
In a filing submitted on August 15 to the United States District Court for the District of Columbia, Sterlingov’s lawyers argued that such a lengthy sentence is excessive and inconsistent with comparable cases.
His legal team refrained from suggesting a specific sentence but emphasized that the government’s recommendation of a 20 to 30-year term is unjustified.
They contend that the proposed sentence does not align with the outcomes of similar cases, where lighter penalties were imposed.
Sterlingov Convicted Of Money Laundering
Sterlingov was convicted in March on charges of money laundering, conspiracy, operating an unlicensed money transmitting business, and transmitting money without a license in Washington, D.C.
Prosecutors allege that he operated Bitcoin Fog from 2011 to 2021, facilitating the laundering of approximately $400 million in Bitcoin linked to various illicit activities, including drug trafficking, identity theft, and computer fraud.
However, Sterlingov’s defense team disputes his level of involvement, arguing that while he was connected to Bitcoin Fog, he was not responsible for its operations.
They assert that much of the evidence presented during the trial was circumstantial, noting that key pieces of evidence, such as the Bitcoin Fog server, server logs, private keys, or ledger, were never introduced in court.
The defense also highlighted Sterlingov’s personal history, emphasizing his commitment to family and friends as grounds for a reduced sentence.
They argue that the verdict suggests his role was more in aiding and abetting rather than directly operating Bitcoin Fog.
Judge Randolph Moss had initially scheduled Sterlingov’s sentencing for August 21 but later decided to first hear arguments regarding the government’s forfeiture order.
This includes assets such as 1,354 BTC in a Bitcoin Fog wallet that has remained untouched since 2012, and a potential $395 million judgment.
Tornado Cash Surpasses $1.8 Billion in Deposits in H1
Popular crypto mixing protocol Tornado Cash has experienced a resurgence in 2024, with deposits surpassing $1.8 billion in the first half of the year.
The figure is up by 45% compared to the total amount deposited in the crypto mixer during the entirety of 2023.
In recent times, Tornado Cash has observed a substantial influx of funds from hackers involved in major thefts.
Notably, the perpetrator behind the Poloniex exchange heist, who made off with over $100 million last year, transferred $76 million to Tornado Cash in the past two months, as reported by Arkham Intelligence.
Additionally, hackers responsible for exploiting the HECO Bridge and Orbit Chain have moved $166 million and $47.7 million, respectively, to the mixer this year.
In August 2022, Tornado Cash faced sanctions from the US Treasury due to its involvement in laundering more than $455 million worth of cryptocurrency stolen by the North Korea-affiliated hacking group, Lazarus.
Following the sanctions, monthly deposits to Tornado Cash plummeted by over 90%.
However, the decentralized nature of the protocol poses challenges for US authorities in effectively monitoring its usage.
These Four Countries Resisted European Central Bank’s Move Launch a Digital Euro
The European Central Bank’s plans to launch the digital euro are being resisted by many people in Germany, Austria, Netherlands, and Slovakia.
The concern is that a Central Bank Digital Currency (CBDC) will leave them dangerously dependent on technology. They also worry that a CBDC would intrude on their privacy and put savings at risk.
These fears stem from the ECB’s pursuit of a CBDC, which officials believe to be better than physical cash. Officials will vote on its implementation in late 2025.
ECB officials told Bloomberg that the digital euro will have advanced safety features and privacy. Encryption and hashing will ensure that transactions are private.
Additionally, the bank will ensure that the currency will be easy to use and available to senior citizens and new arrivals.
In a statement in 2023, Christine Lagarde, the bank’s president, reiterated that the digital euro will co-exist with physical cash and its transactions will be free of charge.
CBDCs And Conspiracies Theories
It is not just Europeans who are concerned about a CBDC.
In the US, politicians — especially those on the right — have come out against a digital dollar.
Republican candidate Donald Trump has vowed to fight CBDCs if he wins the 2024 presidential election, calling them “very dangerous” due to government overreach.
Trump was once “not a fan” of Bitcoin (BTC) or cryptocurrency in general.
I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity….
— Donald J. Trump (@realDonaldTrump) July 12, 2019
The twice-impeached former president, who faces a sentencing hearing for 34 state felonies on Sept. 18, has since embraced the industry. He currently owns at least $1 million in digital currency.
Florida’s Republican Governor, Ron DeSantis, also opposes a digital dollar, CBDC, and other foreign-issued digital currencies.
Other opponents argue that a CBDC would make it easy for governments to follow China’s example and launch a social score, where bad behavior is punished and good behavior is rewarded.
Chances of implementing a U.S. CBDC, or digital dollar, would require the approval of the Senate, the House of Representatives, and the president.
In the past few years, the number of central banks researching or working on CBDCs has grown.
China has already introduced a digital yuan while the Bank of England is in the design phase of the digital pound. Officials will make a final decision on the currency in the next two to three years.
Trump Holds Over $1M in Ethereum (ETH), Plus a MAGA Meme Coin
A recent disclosure of Donald Trump’s financial interests shows that he holds over $1m in ETH, a MAGA meme coin, and income from NFT licensing fees.
A recent disclosure of Donald Trump’s financial interests shows he holds millions of dollars in cryptocurrency as well as receiving considerable income from NFT licensing fees.
Although the disclosure by transparency advocacy group CREW, did not indicate the exact amount of crypto Trump holds, on-chain tracking platform Arkham Intelligence revealed the former President’s portfolio has Ethereum (ETH) worth $1.28 million, and other tokens, including a Trump (MAGA) meme coin, all adding up to about $1.8 million.
The CREW filings also highlighted Trump’s NFT licensing fee income of about $7.15 million made from an agreement with a company called NFT INT. Moreover, Trump’s wife Melania reportedly earned $330,609 from the sale of NFTs from the same firm.
In 2019, Trump said he was not a fan of Bitcoin and other cryptocurrencies because their “value is highly volatile and based on thin air.” Today, his campaign is pro-crypto, turning the sector into a major talking point ahead of Election Day on Nov. 5.
Recently, Trump promised that if he won the November elections, he would create a national strategic Bitcoin reserve for the U.S.
Further pushing the crypto agenda, on Aug. 7, Trump’s sons set tongues wagging when they teased a “huge upcoming announcement.
In a post on X, Donald Trump Jr. hinted that the upcoming announcement would “shake up” the crypto ecosystem, while Eric Trump expressed his deep enthusiasm for crypto and DeFi, promising a significant development in that area.
We’re about to shake up the crypto worldwith something HUGE.Decentralized finance is the future—don’t get left behind. #Crypto #DeFi #BeDeFiant
— Donald Trump Jr. (@DonaldJTrumpJr) August 7, 2024
In the immediate aftermath of the announcement, some analysts had suggested that the development might target the real-world assets market.
However, in a follow-up interview with the New York Post on Aug. 14, Eric Trump let it be known that the forthcoming project would be centered on “digital real estate.”
A lot of rumors are swirling about our crypto project. To get the real story and stay updated with official announcements, join our official Telegram channel. Don’t rely on speculation—get the news directly here!https://t.co/wVPMEJTpKy
— Donald Trump Jr. (@DonaldJTrumpJr) August 15, 2024
Eric Trump’s announcement sparked several rumors across social media, which Trump Jr. addressed later. The eldest of the Trump siblings urged the community to only rely on updates from the company’s official Telegram channel for the project, named “The DeFiant Ones.”
Trump’s campaign team has also been trying to rally the crypto community behind the former president, collecting over $3 million in crypto donations to show their support for the crypto community.
Google Faces Lawsuit Over $5M Crypto Theft From ‘Malicious’ Wallet App
Google has been sued after crypto worth $5M was allegedly lost through a malicious wallet app on its app store.
Google has struggled to deal with fraudulent crypto apps and exchanges on its platform
The Internet search giant Google has been reportedly sued for $5M in crypto theft, which was lost through an alleged ‘malicious’ wallet app download from the firm’s Play Store.
According to the victim, Maria Vaca, she downloaded the app from the Play Store, she thought the wallet app was legitimate.
However, the app allegedly ‘turned malicious’ and vanished with her $5 million worth of crypto assets. The specific crypto assets or the wallet app were not revealed, at the time of writing.
The plaintiff has reportedly opted for legal redressal through a California state court to challenge the tech giant for allowing malicious apps in its Play Store platform.
Will Google Fold To The Claims?
According to policy watcher and crypto litigator Andrew Dressel, the case will depend on whether the tech giant was aware of the malicious wallet app’s operation in its app store.
“The key piece of information is going to be whether Google was aware that it had a scam app operating on its app store and how long it allowed that to persist.”
Interestingly, Vaca’s legal representative, Chris Vernon of Vernon Litigation Group, noted that the incident was part of a larger crypto theft trend that has become prevalent.
Indeed, crypto scams have been reported across several apps on Google Play Store. In fact, in April 2024, Google sued several ‘fraudulent’ crypto apps and exchanges, citing that they have scammed over 100k people globally.
Part of the Google’s April lawsuit claims read,
“Multiple misrepresentations to Google in order to upload their fraudulent apps to Google Play, including but not limited to misrepresentations about their identity, location, and the type and nature of the application being uploaded.”
This illustrates that what Vaca went through isn’t new to the Play Store. Google has been trying to fight it for a while. However, whether Google will accept the liability and make the victim whole again remains to be seen.
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Turkey’s Regulatory Authorities Received 76 Crypto Business License Applications
Turkey’s regulatory authorities have received license applications from 76 cryptocurrency companies.
The influx of Turkish crypto business license applications follows the enactment of the “Law on Amendments to the Capital Markets Law” on July 2.
The law aims to establish a comprehensive regulatory framework for crypto asset service providers in Turkey.
The country has been at the helm of cryptocurrency activity, with a marked surge of companies eying to operate within its borders.
Turkish Crypto Business License Keeps On Expanding
Only recently has the list of firms applying for Turkish crypto business licenses been updated by regulatory authorities, expanding it from 47 to 76 companies.
The already-approved list included major exchanges like Binance, Bitfinex, and OKX. Heavyweight additions in the new update include Coinbase, KuCoin, and Gate.io.
The wave of applications for a Turkish crypto business license occurred shortly after the promulgation of the “Law on Amendments to the Capital Markets Law,” which came into force on July 2.
This law puts forward the creation of a regulatory framework for crypto asset service providers within the country of Turkey.
The capital markets board, which oversees that process, clarified that this list of applications does not amount to formal approval. Companies will have to get approval once they complete the requirements laid down by the regulations.
According to the CMB, some companies declared their liquidation, while others—whose applications were incomplete—were still under review. The list of licensed crypto businesses in Turkey will be updated further as the review process goes forward.
Turkey Turns into Global Leader in Cryptocurrency Trade
Although there isn’t any comprehensive law related to cryptocurrencies in force in Turkey, regulations do exist, including an April 2021 order from the Central Bank of Turkey prohibiting the use of cryptocurrencies to conduct payments and regulations from the Financial Crimes Investigation Board concerning the combating of money laundering.
Turkey represents the world’s fourth-largest crypto market, estimated at $170 billion in trade volume, ahead of countries such as Russia, Canada, and Germany in terms of volume.
A final draft of local cryptocurrency legislation is needed, although it is likely to shape this industry.
Crypto-Stealing Malware ‘Styx Stealer’ Exposed By Hacker’s Critical Mistake
Check Point Research (CPR) has uncovered Styx Stealer, a new malware capable of stealing browser data, cryptocurrency, and instant messenger sessions.
Styx Stealer is a variant of Phemedrone Stealer and includes new features like auto-start and crypto-clipping.
The malware was traced back to a developer linked to the Agent Tesla threat actor “Fucosreal.” During debugging, the developer made a critical mistake, leaking sensitive data, which allowed CPR to gather intelligence on clients, profits, and personal details.
This slip exposed connections between Styx Stealer and the broader cybercrime network, including interactions with other cybercriminals like Fucosreal.
CPR’s investigation revealed that Styx Stealer is based on an older version of Phemedrone Stealer, lacking some advanced features.
The creator’s failure in operational security (OpSec) compromised the campaign, and CPR was able to identify the individuals involved, including their locations and personal details. Despite attempts to distribute the malware, the campaign largely failed.
‘Crypto for Harris’ Town Hall Fails to Reset Relationship With Crypto Industry
In an attempt to “reset” the relationship of Vice President Kamala Harris with the crypto industry, the “Crypto For Harris” campaign convened a virtual town hall that featured a litany of Democratic heavyweights and tech influencers.
Despite these efforts, the event, which was designed to articulate and promote a potential Harris-led “crypto reset,” largely missed the mark in rallying industry support, according to a FOX Business report.
NEW from me: 'Crypto For Harris’ town hall fails to sell industry on proposed 'reset'
I asked for viewer feedback on the @Crypto4Harris town hall and wrote about my findings — the good, the bad and the ugly.https://t.co/Wly7alrgj1
— Eleanor Terrett (@EleanorTerrett) August 16, 2024
The virtual conference, which lasted nearly 90 minutes, was attended by key Democratic figures including Senate Majority Leader Chuck Schumer (D-New York), Senators Debbie Stabenow (D-Michigan) and Kirsten Gillibrand (D-New York), along with California Congressman Adam Schiff.
Mark Cuban, a well-known pro-crypto tech entrepreneur was also in attendance. However, notably absent was Vice President Harris herself, a gap that did not go unnoticed by the participants.
Crypto Industry Doesn’t Buy The ‘Reset’
More than 1,000 individuals reportedly streamed the event live, but feedback gathered from X paints a picture of dissatisfaction. Comments primarily centered around the absence of direct communication from Harris regarding her views and policies on crypto.
Senate Majority Leader Schumer tried to bridge this gap by advocating for balanced legislation. He emphasized the importance of fostering innovation while instituting “common sense guardrails.”
Schumer warned of the risks of inaction, suggesting that the lack of US regulation could push the industry to relocate to countries with even less oversight.
His remarks were well-intentioned but seemed to fall short of assuaging the attendees’ concerns about the broader Democratic stance on crypto
Feedback from industry insiders revealed a mix of disappointment and unmet expectations.
“I was hoping to hear about Harris’s crypto policy and for the Democrats to address how they’re going to fix the issue of firms being de-banked,” stated Caitlin Long, CEO of Custodia Bank, highlighting a crucial industry issue still being pushed by Democrats.
Jake Brukhman, founder and CEO of investment firm CoinFund, critiqued the event’s format, which he felt did not facilitate an actual exchange of views as one might expect from a town hall.
“I thought a town hall was for hearing people’s opinion, you know, people in the town. Instead we got a few lectures of the participants’ views of crypto and where it should go politically,” he remarked.
The event’s effectiveness was unfavorably compared to efforts by GOP presidential nominee Donald Trump, who has been vocal about his intention to implement a lighter regulatory framework for the industry.
Tyler Winklevoss expressed his discontent with the town hall’s format and Harris’s absence, tweeting, “Pre-recorded videos. Reading from scripts. Harris a no-show at her own event. What a clown show,” signaling a profound dissatisfaction that could sway industry support towards Republican candidates.
David Bailey, CEO of Bitcoin Magazine and organizer of the Bitcoin conference, wrote via X: “Every day Kamala Harris ignores the public inquiry and her donors in regard to her crypto policy ‘reset’, she’s delivering the loudest message possible short of putting it in a press release: she plans to f*ck us.”
Coinbase, KuCoin, Gate Join Crypto Licensing Pursuit in Turkey
Top crypto exchanges like Coinbase, KuCoin, and Gate are seeking licensing pursuit in Turkey.
The country has clearer crypto regulatory rules than the US.
Many crypto trading platforms are looking to gain more global relevance with registrations in key market hubs.
Top digital currency trading platforms like Coinbase Global Inc., KuCoin, and Gate IO have joined the quest for licensing in Turkey.
With some of these businesses facing regulatory challenges in the United States, they now appear poised to move their businesses to more favorable terrain. The choice of Turkey for these exchanges hinges on clearer regulation in the country.
Will Turkey Emerge as a Hub for Crypto Operations?
Coinbase, KuCoin, and Gate are just three of the crypto exchanges pushing for acceptance in Turkey. The trio have filed for licensing and declared that they will conduct their businesses in accordance with the Turkish Temporary Article 11 of the Capital Markets Law No. 6362 (Law).
In a publication on the Capital Markets Board of Turkey’s website, these three crypto exchanges were among a “temporary list” of 76 other organizations seeking access to operate in Turkey.
If granted, these entities will have to comply with the Turkish regulatory body’s laws, which they hope will favor their business operations compared to the challenges confronting them in the U.S.
Market experts say the US strain has prompted some exchanges to move to other countries, particularly those with more crypto-friendly dispositions and regulatory frameworks.
In recent times, there has been an increasing expansion of crypto exchanges to other countries and regions not just to enjoy fairer laws but also to claim market dominance.
Binance, which was suspended from the Indian market earlier this year, has pushed for regulatory compliance with the Indian authorities to regain its market share in the Asian nation.
Competitiveness has also seen countries open up to digital assets and blaze the trail in terms of granting regulatory approvals for trade in crypto.
Hong Kong, for instance, soared high in its status as a global financial hub for crypto assets when it gave the green light for spot Bitcoin and Ethereum ETFs. The approval of the spot Ethereum ETF came well before the U.S. SEC approved it.
The Coinbase and Uniswap Legal Strain in US
Coinbase, for instance, has been in a legal tussle with the U.S. Securities and Exchange Commission (SEC) since last year. It is in search of documents to understand the agency’s operations rules of the road guiding crypto.
As per Coinbase’s argument, the U.S SEC has remained largely inconsistent and demonstrated a lack of coherence in its supervisory role over the crypto industry.
Notably, in 2023, the U.S. SEC also sued Coinbase for operating as an unregistered securities broker since 2019. The exchange is contending this allegation in court to date.
The legal team of the exchange hopes to push back on what some in the ecosystem consider the “high-handedness” of the regulatory commission.
Aside from Coinbase, another key player in Decentralized finance (DeFi), Uniswap also recently received a Wells Notice from the SEC. The platform has challenged the SEC to contest its categorization of UNI and other supported assets as securities.
With these exchanges’ push for licensing in Turkey, they can plot a more ambitious growth trend.
Clay County Intensifies Efforts Against Cryptocurrency Scams
The Clay County Prosecutor’s Office, located in Liberty, Missouri, is intensifying efforts to combat the rise in cryptocurrency-related scams.
Recognizing the growing threat posed by scams related to cryptocurrencies like bitcoin and ethereum, the office is organizing a specialized training program for local law enforcement agencies.
This initiative aims to equip detectives and officers with the necessary skills to track and apprehend scammers.
The training will cover the specific terminology and technology used in these scams, emphasizing the importance of early intervention to protect potential victims.
Community members can also participate in the training by registering online.
The goal is to enhance law enforcement’s ability to hold perpetrators accountable and reduce the impact of these increasingly prevalent crimes.
Salary Payments in Cryptocurrency Approved By Dubai Court in Latest Related Case
Dubai Court agrees to allow salary payments in cryptocurrency.
The ruling signifies a new, progressive stance on cryptocurrency in UAE labour laws.
The Dubai Court of First Instance has officially recognized the validity of cryptocurrency payments in employment contracts.
It may be seen to be a rather momentous decision that depicts a shift in the United Arab Emirates’ legal stance on digital currencies.
Dubai Court Endorses Salary Payments in Cryptocurrency
The case involved an employee who did not receive the cryptocurrency portion of their salary for six months. The court made a ruling in favor of the employee on the grounds that the contract had mandated salary payments in cryptocurrency.
This is also greatly departing from a similar case in 2023 where the court rejected a claim because of the unclear valuation of cryptocurrency.
According to the 2024 ruling, wages are a natural right that every employer must respect the contractual obligations of his employees in its entirety, whether it includes some form of cryptocurrency or otherwise.
UAE Labor Laws Embrace Digital Currency
Whereas an earlier ruling dismissed a case over EcoWatt tokens because of the lack of a clear method to determine their fiat value, this new ruling compels the latter to contractually agree on salary payments in cryptocurrency without converting into fiat currency, demonstrating wider acceptance of digital assets.
Dubai embraced cryptocurrency early on through its 2016 Blockchain Strategy. It has since become a central destination for some big crypto players, such as Binance and Crypto.com.
More specifically, the latest decision by the court recognized crypto as a valid means of payment, hence becoming a precedent for many future employment contracts within the UAE.
Chinese Banks Reject Russian Payments, Boosting Use of Crypto
Chinese regional banks, once vital for processing Russian payments, are now rejecting these transactions due to concerns about secondary sanctions.
This has led to the rise of alternative methods such as cryptocurrency and barter to maintain trade between Russia and China.
The smooth flow of Russian-Chinese trade is now disrupted as Chinese regional banks halt yuan-based transactions from Russia.
This change, reported by Izvestiya, follows a pattern of banks pulling back due to fears of being hit by secondary sanctions. Ekaterina Kizevich from Atvira confirmed her bank notified her of a payment suspension in July.
Russian firms are exploring options like using Russian bank branches in China, though this can increase costs by up to 5%. Barter trading is also being considered, though it’s not feasible for all goods.
Cryptocurrency is emerging as a key solution, with stablecoins being used by Russian metal producers for transactions with Chinese suppliers since June.
As new laws regulating crypto payments come into effect, their use in bypassing traditional financial systems and potential sanctions may become more prevalent.
US Confirmed to Be Selling Silk Road Bitcoins Per the Coinbase Agreement
Attorney Johnsson confirms US Marshal Service and Coinbase agreement to sell Silk Road Bitcoins.
He said that the official confirmation of selling Silk Road Bitcoins will come in the January report.
Industry leaders say that the US govt. BTC transfers don’t align with Kamala Harris’s crypto reset promise.
As the US government moved a total of 10,000 Bitcoins worth $600 million earlier this week to crypto exchange Coinbase Prime, many suggested that this might be for deposit purposes.
However, attorney Scott Johnsson has uncovered the truth stating that the US Marshal Service (USMS) is certainly selling the BTC as per the previous agreement with crypto exchange Coinbase.
US Silk Road Bitcoins And Coinbase Agreement
Confirming that the US Marshal Service is selling the Silk Road Bitcoins, Attorney Scott Johnsson stated that the USMS entered into a terms of service agreement with Coinbase earlier this year in June.
This agreement shows that the USMS assets remain segregated and thus any transfers to Coinbase Prime and other exchanges definitely signal that the sale has already happened or is imminent, said Johnsson.
Besides, the Attorney also stated that the official confirmation of these transactions would come in the Department of Justice’s Asset Forfeiture Program FY2024 report in January, if not before.
He also suggested that the recent activity might have accelerated following Donald Trump’s huge support to the Bitcoin industry.
Attorney Johnsson also said that it was ironic that the transfers came during the Crypto for Harris meeting earlier this week, scheduled with the goal of working on a crypto reset between Kamala Harris and the crypto industry.
Yes, US Marshal Service (USMS) is almost certainly selling silk road bitcoin. Joey is right (at least in the present). USMS has been sending BTC to a custodial address required by the terms of the servicing agreement that USMS entered into with Coinbase in June. Given the…
— Scott Johnsson (@SGJohnsson) August 16, 2024
Over the last month, the US government has moved a total of 40,000 Bitcoins seized from the Silk Road route. Interestingly, these transfers began soon after the German government liquidated all of their BTC through a rampant BTC selling spree last month in July.
As per the Arkham Intelligence data, the US government still holds 203,239 BTC value at $12.420 billion as of the current BTC price.
BTC As A Reserve Asset
Former President Donald Trump has said that he would consider making Bitcoin a reserve asset for the US if re-elected to power in the 2024 US Presidential Elections.
Many crypto industry veterans have also backed this idea while calling out that the US government’s Bitcoin transfers are not in tune with Kamala Harris’s crypto reset promises.
Besides, crypto industry players called the recent town hall meeting a clown show. Many called it a missed opportunity for Kamala Harris to showcase her support for the crypto industry.
Other crypto industry leaders said that they don’t trust Harris and would continue to support Donald Trump.
Senate Majority Leader Chuck Schumer said that crypto is a bipartisan issue and that the US cannot wait on the sidelines for crypto regulations, and lose the opportunity to other countries. He also assured of having firm crypto regulations in the US by the year-end.
Trump’s Financial Disclosure Shows Significant Crypto and NFT Holdings
Donald Trump’s latest financial report reveals he owns around $5 million in cryptocurrencies and has earned over $7 million from NFTs through a deal with NFT INT.
This disclosure, which was shared by Citizens for Ethics, highlights Trump’s shift from initial skepticism about crypto to a more supportive stance.
The records show Trump’s cryptocurrency investments are largely in Ethereum, with estimated holdings between $1 million and $5 million.
Arkham Intelligence further details that Trump’s portfolio includes $3.55 million in Ethereum, wrapped Ethereum, and USDC, along with some meme coins like MAGAA and FIGHT. His crypto assets peaked at $18 million in June during a surge in the TRUMP meme coin’s value.
Trump has also gained $7.15 million from NFT projects, including trading cards and a limited-edition sneaker. Looking ahead, Trump and his team are working on new crypto and NFT initiatives, with Eric Trump teasing a project that may involve digital real estate.
Trump’s involvement in crypto has led to increased risks for his supporters, exemplified by the recent RTR coin scam, which falsely advertised itself as an official Trump-related token. Despite this, there remains strong interest in authentic Trump-associated crypto projects.
Crypto Whales Increased Buying Activity As Newly Created Wallet Withdrew 533.5 BTC From Binance –...
A newly created wallet withdrew 533.5 Bitcoin (BTC) worth $31 million from Binance.
As the cryptocurrency market continues to struggle, whales have increased their buying activity.
On the 16th of August, a newly created wallet withdrew a significant 533.5 Bitcoin (BTC) worth $31 million from Binance, the world’s biggest cryptocurrency exchange at the 58,188 level, per Spot On Chain.
A fresh whale withdrew 533.5 $BTC ($31M) from #Binance at an average price of $58,188 in the past 5 hours!
Note that fresh whales seem to be actively accumulating #Bitcoin this week, with 6 whales withdrawing 4,046 $BTC and $WBTC ($239.5M) from CEXs.
Don’t want to miss the new… pic.twitter.com/4h3qnHy7Br
— Spot On Chain (@spotonchain) August 16, 2024
Whales’ Interest in Bitcoin
This post has gathered significant attention from the crypto community. The market is down, and whales are seeing this price decline as an opportunity.
Additionally, Spot On Chain noted that six whales have accumulated a significant 4,046 BTC and WBTC worth $239.5 million from centralized exchanges (CEXes) this week.
However, in the last 24 hours and over the past seven days, BTC’s exchange reserves have declined by 0.37% and 0.47%, respectively.
On the other hand, due to the high volatility, the number of active addresses has dropped by 27.6% in the last 24 hours, according to the on-chain analytic firm CryptoQuant.
How is BTC Faring?
At press time, Bitcoin was trading near the $58,430 level, having remained stable over the last 24 hours. Its trading volume has increased by 6% during the same period, indicating higher participation of investors.
Additionally, BTC’s Open Interest rose by 2% in the last 24 hours, signaling increased curiosity among traders during this time.
According to Bitcoinworld’s technical analysis, BTC looked bearish, as it was trading below the 200 Exponential Moving Average (EMA) on a daily time frame.
Also, the king coin has given a breakdown of the consolidation zone between $61,800 and $58,500. Following this breakdown, there is a high possibility that BTC could fall 6.5% to the $54,6000 level soon.
As of press time, the two major liquidation levels were near $56,850 on the lower side and $59,000 on the upper side, according to the on-chain analytic firm Coinglass.
If the bearish sentiment continues and the price falls to the $56,850 level, nearly $721 million worth of long positions will be liquidated.
Conversely, if the sentiment changes and the BTC price rises to the $59,000 level, nearly $581.3 million worth of short positions will be liquidated.
FuZaiCoin—The Next Big Meme Coin, Now Live on SunPump
The world of cryptocurrency is buzzing with excitement as we proudly announce the launch of FuZaiCoin on SunPump, the cutting-edge platform that’s redefining the memecoin landscape on the TRON blockchain. Inspired by Fu Zai, China’s first corgi police dog, FuZaiCoin is not just another memecoin—it’s a revolution in how we view and value digital assets.
Fu Zai: Breaking Barriers, Setting Standards Fu Zai is no ordinary dog. As China’s first corgi to join the police force, he has shattered stereotypes with his remarkable skills in explosives detection. His journey, from a playful puppy to a professional police dog, mirrors the path of FuZaiCoin—rising from an idea to a token poised to take the crypto world by storm. Fu Zai’s short legs, big heart, and unwavering determination are the core of our token’s identity, making FuZaiCoin a symbol of resilience, courage, and the power of breaking barriers.
Why FuZaiCoin Is the Next Big Thing
FuZaiCoin isn’t just a token; it’s a mission. By investing in FuZaiCoin, you’re joining a community that not only celebrates innovation but also supports meaningful causes. Here’s why FuZaiCoin is a must-have in your portfolio:
Support for Police Dogs: A portion of every transaction goes to training the next generation of police dogs, ensuring they have the resources to keep our communities safe. Commitment to Animal Welfare: We donate funds to animal shelters and rescue organizations, giving more animals a second chance at life.Community-Driven Innovation: Our community thrives on principles of inclusivity and making a difference. FuZaiCoin holders are not just investors; they’re part of a movement.
SunPump: The Perfect Launchpad Launching on SunPump gives FuZaiCoin the best possible start. SunPump, the first platform dedicated to memecoin launch & trading, stake-mining, and self-governance on TRON, is backed by the decentralized finance (DeFi) protocol Sun.io and TRON founder Justin Sun. SunPump’s robust platform and innovative features ensure that FuZaiCoin is poised for viral success:
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Endorsement from Justin Sun
Recently, TRON’s founder, Justin Sun, has been actively promoting SunCoin and the immense potential of SunPump. His endorsement adds significant credibility and visibility to the platform, making FuZaiCoin’s launch even more compelling.
SunPump: Leading the Meme Coin Revolution SunPump is making waves in the crypto world. Here are some key stats:
142.5% Increase in 24h Newly Issued Memes 193.9% Increase in 24h Trading Volume With #TronMemeSeason just starting, now is the perfect time to get in on the action.
A Safer Platform for Investors
SunPump is committed to transparency and security. Unlike other platforms, SunPump thoroughly vets creators and projects, ensuring they meet specific standards of integrity. Through partnerships with major exchanges like Poloniex, SunPump guarantees that projects maintaining $1 million in daily trading volume for three consecutive days are eligible for listing, offering more value and security for investors.
Join the FuZaiCoin Revolution
Don’t miss your chance to be part of the next big thing in crypto. FuZaiCoin is more than just a token; it’s a symbol of courage, resilience, and the future of memecoins with a purpose. Whether you’re a seasoned investor or new to the crypto world, FuZaiCoin offers a unique opportunity to make a difference while potentially earning significant returns.
Buy FuZaiCoin now and be a part of a legacy that’s changing the world—one wag at a time.
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The Impact of CBDCs on the Global Financial System
Central Bank Digital Currencies (CBDCs) are digital forms of national currencies that central banks issue. They are different than cryptocurrencies like Bitcoin or Ethereum, which operate on decentralized networks, full faith of the issuing government back and centralize CBDCs.
With the world becoming more digitized, many countries are exploring or even adopting CBDCs to enhance their financial systems. This blog will explore the potential impacts of CBDCs on the global financial system, with a focus on CBDC adoption, digital currency regulation, and monetary policy.
Understanding CBDCs
We call digital representations of a nation’s fiat money CBDCs, but do not confuse them with cryptocurrencies, although both share some technological similarities. A country’s central bank issues and regulates CBDCs, ensuring their value remains stable and recognized as legal tender. CBDCs fall into two main categories:
Retail CBDCs: These are designed for use by the general public, similar to how cash or bank deposits are used today.
Wholesale CBDCs: These are intended for use by financial institutions and banks to facilitate interbank transactions and settlements.
CBDCs offer the potential to improve financial inclusion, streamline payment systems, and enhance monetary policy efficiency. However, they also bring challenges that could reshape the global financial landscape.
The Global Push for CBDC Adoption
As of 2024, several countries are at different stages of CBDC adoption. China’s Digital Yuan (e-CNY) is one of the most advanced, with millions of transactions already processed. Other countries, like Sweden and the Bahamas, have also launched their own CBDCs, while the European Central Bank and the U.S. Federal Reserve are in the research and development phases.
Factors Driving CBDC Adoption
Enhancing Payment Systems: CBDCs can make payment systems more efficient by reducing transaction times and costs.
Financial Inclusion: CBDCs can provide financial services to unbanked populations, especially in developing countries.
Countering Cryptocurrencies: Governments see CBDCs as a way to maintain control over the monetary system, countering the rise of decentralized cryptocurrencies.
Response to Declining Cash Use: As societies move towards cashless transactions, CBDCs can offer a government-backed alternative to private digital payment solutions.
Impact on Global Finance
The widespread adoption of CBDCs will have significant impacts on global finance. These impacts can be both positive and negative, depending on implementation and management of CBDCs.
1. Cross-Border Payments
One of the most significant potential benefits of CBDCs is the improvement of cross-border payments. Traditional cross-border transactions are often slow, expensive, and involve multiple intermediaries. CBDCs could streamline this process by enabling direct, instant transactions between countries, reducing costs and enhancing efficiency.
However, the implementation of CBDCs on a global scale could also lead to challenges:
Currency Competition: Countries with strong CBDCs could see their digital currency being preferred in international transactions, potentially undermining weaker currencies.
Geopolitical Tensions: The dominance of certain CBDCs could exacerbate geopolitical tensions, especially if a CBDC from one country becomes the de facto global digital currency.
2. Financial Stability
CBDCs could enhance financial stability by providing central banks with better tools to manage monetary policy. For instance, central banks could adjust interest rates directly on CBDC holdings, providing more precise control over economic activity. This could be particularly useful during economic crises when rapid monetary adjustments are needed.
However, there are also risks to financial stability:
Bank Disintermediation: If people prefer holding CBDCs over bank deposits, commercial banks might face liquidity issues, reducing their ability to lend and potentially leading to a credit crunch.
Cybersecurity Risks: CBDCs could become prime targets for cyberattacks, posing significant risks to national and global financial stability.
Digital Currency Regulation
The rise of CBDCs will necessitate new forms of digital currency regulation. Existing regulatory frameworks cannot handle the unique challenges that CBDCs pose, so regulators must create new regulations to ensure their safe and effective use.
1. Regulatory Challenges
Privacy Concerns: CBDCs could enable governments to track every transaction made by individuals, raising significant privacy concerns. Balancing transparency with privacy will be a key regulatory challenge.
Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF): CBDCs must comply with AML and CTF regulations, requiring robust monitoring systems to prevent illegal activities.
Cross-Border Cooperation: As CBDCs are adopted globally, there will be a need for international cooperation on regulatory standards to ensure seamless cross-border transactions.
2. Potential Regulatory Approaches
Centralized Control: Some countries may choose to exert strict control over CBDCs, ensuring that they are used in line with national interests. This approach could involve strong monitoring and tracking mechanisms.
Decentralized Approaches: Other countries might adopt a more decentralized approach, giving users more control over their CBDC holdings while maintaining regulatory oversight through smart contracts and automated systems.
Impact on Monetary Policy
CBDCs offer central banks new tools for conducting monetary policy, potentially making it more effective and responsive to economic conditions.
1. Interest Rate Implementation
With CBDCs, central banks could implement negative interest rates more easily. By directly charging interest on CBDC holdings, central banks could encourage spending during economic downturns, stimulating economic activity.
2. Direct Monetary Interventions
Central banks could use CBDCs to implement direct monetary interventions, such as helicopter money, where they distribute funds directly to citizens to stimulate the economy. They could do this quickly and efficiently through CBDC platforms.
3. Data-Driven Policy Making
CBDCs could provide central banks with real-time data on spending patterns, enabling more data-driven monetary policy decisions. This could lead to more effective interventions and better economic outcomes.
The impact of Central Bank Digital Currencies on the global financial system will be profound and multifaceted. CBDCs have the potential to revolutionize payments, enhance financial stability, and provide central banks with new tools for monetary policy. However, they also bring significant challenges, including the need for new regulations, potential risks to financial stability, and geopolitical tensions.
As more countries move towards CBDC adoption, it will be crucial to carefully consider these impacts and design CBDCs that maximize benefits while minimizing risks. The future of global finance may very well be digital, and CBDCs could be at the heart of this transformation.
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