Most of the cryptocurrency community views staking primarily as a way to generate additional returns on their assets. For better or worse, exercising governance rights and ensuring the security of blockchain networks like Solana comes second to earning the highest possible APY.

In an exclusive #interview with #Solana Floor, Lisa Tan, founder of Economics Design, discussed the challenges facing Solana's mining ecosystem.
In a world where network members only care about maximizing revenue, how do you encourage stackers to delegate to validators who share their philosophical values? Most network members simply delegate SOLs to validators in exchange for rewards, but in reality, this delegation also increases the validators' share of the network. Ultimately, investment in the network translates into votes, and larger validators gain more influence and control over network management.
One of the most difficult tasks is to explain to validators why their participation is important. Many stakeholders do not realize that not all validators have their own interests at heart. Delegates are so focused on getting the best APY that they often overlook the role validators play in the ecosystem.
Most people, at least the ones I've talked to, are concerned about financial gain. It's not because they're greedy. It's because in a capitalist society, everything is evaluated in terms of financial gain. Not because it's right or wrong, but simply because it's easy to measure.
Tan believes the solution to this problem lies in providing more accessible, data-driven insights into how decisions affect networks. It's not just about APY [annual percentage yield], she says.
As a potential solution, she suggests increased dialogue, forums and tools to understand the long-term impact of business decisions.
I don't think a lot of people realize that voting matters. You might think, 'Why vote, I'm voting to get an APY or to increase my share,' but it's not, it's voting to change fundamental economic security.
Mr.
What other ways are there to measure this?

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Olumide Osunkoya has pleaded guilty to a charge of illegally providing and using a cryptocurrency automated teller machine (ATM).

Olumide Osunkoya, 45, will be sentenced at a later date.
Olumide Osunkoya pleaded guilty to several charges related to the illegal use of #cryptocurrency ATMs in the UK.
45-year-old Osunkoya pleaded guilty when he appeared before Westminster Magistrates' Court. This is the first-ever conviction for illegal use of cryptocurrency ATMs, the Financial Services Authority said in a press release on Sept. 30.
According to the charges, Osunkoya allegedly operated several cryptocurrency ATMs without registering with the FCA: between December 29, 2021 and September 8, 2023, 11 cryptocurrency ATMs processed over $2.6 million in cryptocurrency transactions.
He also allegedly created and used false documents because he was denied FCA authorization in 2021. Thus, he illegally created and provided a network of cryptocurrency ATMs to convenience stores in the country.
prosecutors allege that money laundering may have taken place through these ATMs because Osankuya failed to take proper measures to verify his customers. He was also charged with criminal possession of property.
the court heard evidence that his ATMs were used by people who may have been involved in money laundering and tax evasion, the FCA said in a press release, and that Mr. Osankoya is suspected of making significant profits from this business. Police seized £19,540 in cash from the defendant, which police believe came from an illegal #ATM transaction.
the defendant Osankoya will be sentenced at a later date.
the UK is becoming a cryptocurrency-friendly country, with MPs passing key legislation in an attempt to create a framework for #cryptocurrencies . However, the FCA requires all providers to be strictly registered as part of anti-money laundering measures.
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There hasn't been a major cryptocurrency rally or bull cycle so far that hasn't involved meme coins, and Shiba Inu (SHIB), as one of the most notable such cryptocurrencies, is well positioned to take advantage of the October bull.

New, smaller #meme coins can probably benefit more than established tokens like #SHIB , but they also carry much greater risks. They have no track record, and are susceptible to insider trading and manipulation.
In addition, despite being well below the 2024 high, SHIBs have significant momentum and upside in their recent uptrend, rising 32.89% in 30 days to USD 000001847.
n Once again, while Finbold's September 30 technical analysis rates SHIB as a buy, it's worth noting that the token recently rejected a breakout and traded in the early hours of Monday.
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This article is also available in Spanish. The price of XRP gained momentum and was able to overcome the resistance of 0.600 dollars. The XRP price has gained more than 10% and is now around USD 0.6450. The bulls managed to raise prices above the resistance levels of $0.6120 and $0.6250.

The resistance level of $0.650 was also broken. The maximum was formed at $0.6642, after which the price started downward correction; there were movements below the levels of $0.6550 and $0.6500. The price tested the 50% Fib retracement level upwards from the low of $0.6082 to the high of $BTC the price is currently trading above the 100-hour simple moving average at $0.6250. On the hourly chart of the XRP/USD pair, the pair may encounter resistance near $0.650, where a key narrowing triangle has formed at $BTC The first key resistance is at $0.6550. The next key resistance could be at $0.6640; a clear break above $0.6640 could send prices higher to $0.6850. Further upside could take the price to $0.700 or even $0.720 resistance in the short term. The initial support for the decline is at $0.6350. The next major support is at $0.6285 and the 61.8% Fib retracement level for an upward move from the $0.6082 low to the $0.6642 high.
A downside break and a close below $0.6285 could cause the price to continue falling towards the $0.6120 support level in the short term. The next major support is at $BTC hourly MACD - MACD for XRP/USD is currently losing momentum in the bullish zone.
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The community of Bitrue, an XRP-friendly centralized exchange, has shared their opinions on the target price of the XRP cryptocurrency. While most commenters posted outrageously super bullish predictions, there were some bearish voices as well.

Target price of #XRP by community: the fun starts at $BTC $100 is the most popular target for XRP, the seventh largest #cryptocurrency . That's the opinion of cryptocurrency holders in a public poll launched on X major #centralized exchange #Bitrue .
a major exchange particularly popular with members of the XRP army asked X followers about potential targets for the price of XRP.
the most popular are one hundred dollars ($100) and $BTC 'Bullish'
a target for XRP fans. Some of them even see the XRP cryptocurrency soaring into the five digits.
the fun starts at $100, but I think $1,000 is the goal.
Many speakers also predict that XRP will reach the $10-$30 zone. Most cautious speakers believe XRP will reach the $1-$3 level in the upcoming bull cycle.
In most cases, these statements should be taken with a grain of salt: if XRP reaches $100, the supply would be equivalent to about $5.7 trillion, which is more than 143% of the current cryptocurrency market capitalization and more than 4.5 times the current market capitalization of bitcoin (BTC).
At the same time, some proponents are pessimistic about the future potential of this asset. Many say that even at current prices, XRP seems overbought and the worst is yet to come.
In the past few hours, XRP has squandered all the gains made over the weekend, dropping from $0.66 to $0.627 on major spot exchanges in less than an hour.
As U. S. Today previously reported, XRP reached its highest price in months.
XRP reached its highest weekly close since 2024 - will the SEC ruin this rally?
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Vitalik and Ethereum Foundation destroy ETH?

The sentiment around #Ethereum is pretty bad right now, with talk that SOL has overtaken Ethereum in Mimecoin and retail. There are also rumors that Vitalik has a new girlfriend and has sold some of his Ethereum.
But there is one thing that no one can deny - the Ethereum Foundation. The Ethereum Foundation is for sale. And they're selling. They've been trading everywhere for the last few weeks, including Token 2049 in Singapore, where the ETH-BTC trading pair has plummeted. There is evidence everywhere that the funds are selling.
So today's question. Does the fact that Ethereum Foundation sold some of its #ETH matter? If so, how much? In the short or long term? Today we're going to look at all the possible implications, and whether EF is telling you what to do with your ETH.
The Ethereum Foundation has an annual budget of $100 million. This includes salaries, marketing, and an extensive grant program. And that money has to come from somewhere - the annual report for 2022 is the latest published online.
It shows that at that time the foundation was funded to the tune of $1.6 billion, of which 80%, or $1.2 billion, came from ETH. Naturally, the foundation has to sell some of its funds from time to time to finance these transactions.
One of the largest and most effective uses of EF's funds is its grant program: in the second quarter of 2024, the foundation awarded $8.4 million to more than 75 different projects in all areas of the Ethereum ecosystem. These include regional ETH hubs and communities, as well as educational projects aimed at improving technologies such as privacy in ETH.
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The sharp increase in Shiba inu burning index is significant, indicating that the bulls have returned to the ecosystem of this meme coin. The accumulation trend usually leads to a surge in trading as investors accumulate SHIB tokens, so more stuff is usually burned. Data from market analysis platform IntoTheBlock also confirms that these Shiba Inu whales are actively buying meme coins.

the past 7 days, the volume of large transactions has increased by more than 13%, and trillions of #Shiba Inu tokens have been sold during this time. In the past 24 hours, these bulls have sold 2 trillion SHB tokens. Meanwhile, the volume of large transactions reached a recent high on September 9, when 9 trillion SHIB tokens were sold. Price on September 26
Shiba Inu has also responded adequately to these optimistic figures, jumping more than 7% in the past 26 days. The rise is expected to last for 10 months as the coin #meme may be on the verge of a historic surge. Shiba Inu has always posted positive monthly returns for 10 months, and nothing is expected to change this time around.
In addition, the broader outlook for the #cryptocurrency market is bullish, which favors Shiba Inu hitting new highs next month. Specifically, there are predictions that bitcoin (BTC) could return to the $10-70,000 per month level. Thus, given the strong positive price correlation between Shiba Inu and #BTC , it will rise as the price of the flagship cryptocurrency rises.
Cryptographer Jayvon Marks predicted that the value of meme coins could soon rise to 00000081. He said that the price of the coin has changed a lot after many confirmed hidden bull divergences were noted. In response, he added that a long rally to long0000081 could begin in the near future.
PEPE confirms a breakout from the symmetrical triangle: how far can it go?
This means that the price of Shiba Inu has risen by more than 300%. This indicates that the meme coins may still rise in price even after reaching the 0.0000081 level.
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The total supply in ETH and XRP is 812,034 RLUSD.

Over the past 24 hours, a total of 800,000 RLUSD tokens have been mined on the #Ethereum and #XRP Ledger.
99% of the total tokens were mined in the last 24 hours.
Surprisingly, #Ripple has mined 99% of the total RLUSD (about 800,000 tokens) in just 1 day, according to the Xrpl Vet validator. This dramatic increase followed a much smaller number of tokens issued just 100,000 8 months ago, indicating that the RLUSD project is entering a critical phase. RLUSD, which was announced on May 4 and is currently in beta testing, is now only available to Ripple's corporate partners.
Ripple wants to continue its aggressive mining strategy to tap into the booming stable coin market, where demand is growing due to the stability of assets like RLUSD compared to riskier assets in the past. However, the timing of this initiative is important as Ripple turns to #Tether , which has a market value of around 1,190 billion yen. Ripple's entry into the stablecoin race could undermine existing markets, especially if RLUSD prevails.
amid the recent hype surrounding RLUSD, #XRP has performed admirably, even as uncertainty remains over its legal battle with the U. S. Securities and Exchange Commission. The SEC is expected to appeal the recent court ruling in favor of Ripple before 10:07 AM. On the other hand, XRP's price trend remains strong, indicating that investors are confident in the company's future.
In addition, XRP prices continue to rise, with open interest rising 67% since September 7 to $93230 million - the highest level since 2024/4! This growth, combined with the price increase, indicates that there will be a strong upward trend in the future. In addition, there is an increasing demand for long leveraged positions. The Constant Futures Funding Rate rose to 8% over a period of 0.0113 hours. Traders are definitely optimistic.

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Investor Christian Angermeier has moved from London to Lugano, Switzerland, citing concerns over the UK's tax reforms aimed at the wealthy.

According to a recent report by Ben Stupples, Devon Pendleton and Emily Nicholl for Bloomberg, Angermeier's decision is linked to U. K. plans to raise taxes on the offshore assets of wealthy individuals, with non-U. K. residents also likely to be hit. UK residents could be under attack. Angermeyer has lived in the U. K. for 10 years with Non-Dom status, which allows him to avoid taxes on offshore income.
In a statement to Bloomberg, Angermeyer, a 46-year-old investor interested in cryptocurrencies, biotechnology and psychedelics, said the tax changes are a "big mistake" and could do more damage than Brexit. Reforms introduced by the Conservative government cut the period in which illegal immigrants could avoid tax on their overseas earnings from 15 years to four. Labour leader Keir Starmer also promised to abolish inheritance tax exemptions for assets held in offshore trusts, further alarming Britain's wealthiest residents.
In Lugano, Angermeier will benefit from Switzerland's more favorable tax regime and its growing status as a #cryptocurrency hub. In partnership with local authorities, residents will be able to pay their bills in #bitcoin or #Tether . Angermeier has invested heavily in #blockchain companies, including Northern Data AG and Samara Asset Group Plc, which advises blockchain companies.
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According to a recent report by Josh O'Sullivan for Cointelegraph, former Chinese Finance Minister Lu Jiwei urged China to keep a close eye on the development of cryptocurrencies at the Tsinghua Wudaxiao 2024 Chief Economists Forum in Beijing.

In his speech, Lu said that digital assets could pose a serious risk to financial stability, Sina Finance reported. He expressed concern about the high volatility of #cryptocurrencies and their potential involvement in illegal activities, including money laundering, which could threaten economic security.
Mr. Lu also noted the changing attitudes toward digital currencies in the US, especially after the US Securities and Exchange Commission (SEC) approved a #bitcoin spot exchange-traded fund (ETF) in January. He urged Chinese policymakers to take these global developments seriously, as they could have a significant impact on financial markets.
In his speech, Lu emphasized that digital currencies have long been seen as a risk to financial stability and that issues such as terrorist financing and anti-money laundering (AML) are of great concern. He emphasized the need to carefully analyze these threats in order to protect the financial system from potential disruptions.
n Lu's comments also reflected China's ban on bitcoin (BTC) #mining and trading in 2021. Despite this ban, China still accounts for more than 55% of the global bitcoin hashrate, but Ki Yan Ju, CEO of CryptoQuant, emphasized that this dominance is changing. U. S. mining companies now control about 40% of global #BTC mining, indicating a gradual shift in the balance of power.
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#FinTechInnovations

Michael Saylor, co-founder and chairman of MicroStrategy, has once again made headlines in the cryptocurrency community with his latest bitcoin prediction.

In his recent tweet, he stated that he is confident that "99% of bitcoins will be mined" by January 2, 2035. Currently, about 19,760,384 #BTC have been mined, which is about 94.10% of the total #bitcoin reserve of 21 million BTC; according to CoinMarketCap, about 1,239,588 BTC remain to be mined.
Sailor predicts that bitcoin mining will increase dramatically over the next decade, and about 5% of the total could be mined in that time. If his prediction turns out to be accurate, it will mean that most of bitcoin will be out of circulation much sooner than previously thought. Many analysts suggest that the last bitcoins will be mined around 2140.
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#GlobalCrypto #CryptoAdoption #news

According to Santiment, bitcoin may not hit an all-time high anytime soon as sentiment in the cryptocurrency market is at its highest level in months.

September 30, analytics platform Santiment said that those expecting #bitcoin to hit an all-time high need to wait for the crowd to "slow down their own expectations.
The company looked at social sentiment data and added that there are currently 1.8 bullish reports per bearish bitcoin report.
Markets historically always move in the opposite direction of what the crowd expects.
Prices have steadily risen about 14% from below $58,000 on Sept. 17 to a high of more than $66,000 on Sept. 28. In addition, #BTC is now up about 12 percent and is having its best September since its inception.
Jameson Rupp, chief security officer at Casa, noted that the mainstream media is also moving into positive territory.
While FUD is not standing the test of time, the mainstream media's sentiment toward bitcoin is moving into positive territory, he wrote on Site X on Sept. 29. Moreover, the Bitcoin Fear and Greed Index, which also measures market sentiment, returned to greed with a rating of 61 on Monday, September 30.
a few weeks earlier, the index was in a state of "extreme fear, falling to 22 on September 6, its lowest level in over a year.
September 29, Cointelegraph reported that demand for stable coins in China is bearish and could delay bitcoin's ATH. If dollar-linked stable coins in China are trading at a discount rather than a premium, it indicates a bearish sentiment.
According to CoinGecko, bitcoin is currently trading at $64,406, down 12.6 percent from its all-time high of $ 73,734 in March.
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#CompassInvestments #TrendingTopic #CryptoNews

Bull Trigger Predicts Big Backlash - The Daily Hodl

An closely watched analyst believes one #Ethereum (ETH) challenger is poised to spark a major rally and catch up with other crypto assets on the cusp of growth.
In a video update, pseudonymous analyst Lager told 197,800 subscribers on social media platform X that #Fantom (FTM) is one of the most attractive trades in the coming year.
Lager believes that Fantom's move to Sonic could push the altcoin back to all-time highs.
It's enough to look at Fantom's chart to see how high it could go. The closing high is around $3.30, and $3.50 is the all-time high. That means the market value of the token is around $10-11 billion.
Sonic Migration tends to be a bullish trend for tokens, so I think it could hit all-time highs or even higher again. Right now, at this level, it's in a very good place.
Sonic is Fantom's next-generation #blockchain that "scales the network to unprecedented heights" and can process 2,000 transactions per second. According to the project, the new technology will also reduce storage requirements by up to 90%.
The Fantom transition to Sonic is reportedly scheduled for Q4 of this year, but the exact date is not yet known.
Mr. Reiger also says that he believes Fantom will be able to replicate the parabolic growth that #Solana (SOL) experienced from September 2023 to March of this year.
On the current chart, anything below $1 will be good for Phantom. Anything below $ 1 will be good for Phantom.
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#BlockchainFuture

In this post. Ripple mined 800,000 RLUSD tokens in just one day.

Another 50,000 tokens were mined on September 27.
#Ripple could face more lawsuits, including the possibility of filing a complaint with the U. S. Securities and Exchange Commission.
The Ripple digital payments blockchain network has mined about 99% of RLUSD tokens in the last 24 hours using #Ethereum and #XRP tokens. The platform is currently mining around 800,000 RLUSD tokens, and analysts speculate that the company's planned stablecocin project will be launched soon.
Ripple has mined 800,000 RLUSD tokens on the Ethereum and XRP networks in just 24 hours. XRP Cafe co-founder Vet. XO confirmed this in a post on X today:
The total supply of RLUSD is 812,034 in ETH and XRPL. In the last 24 hours, a total of 800,000 RLUSD has been mined in Ethereum and XRP Ledger. In the last 24 hours, 99% of the total has been mined.
The San Francisco-based company also mined 50,000 RLUSD tokens on September 27, adding to the 5,515 RLUSD tokens and 485 RLUSD mined a few days earlier.
The various mining volumes suggest that the network may be stress-testing the system for wider adoption, with many in the crypto community predicting that the launch of the Ripple stable coin project is just around the corner.
Ripple first announced the development of a stablecoin in April, emphasizing its commitment to regulatory compliance and offering it as a tool for instant cross-border transfers and payment services. Four months later, the platform launched the testing phase of the new stablecoin.
In an August 9, 2024 announcement, Ripple said RLUSD was undergoing private beta testing on XRP Ledger and Ethereum, and urged traders to be wary of scammers posing as Ripple USD distributors.
In August 2024, Judge Analisa Torres of the Southern District of New York issued a final ruling in the SEC's case against Ripple. Both sides appear to have won and lost.

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#CryptoUpdates #TokenEconomy

By a wide margin. Ether, the second largest cryptocurrency by market capitalization, hit a three-and-a-half year low against bitcoin on September 18. The big question is whether this low is a buying opportunity or whether Ether will continue to lag.

the last few months #bitcoin has been moving sideways, but some analysts expect it to break out of its range and reach an all-time high in the fourth quarter of this year.
however, analysts do not expect the same for Ether, which is well below its all-time highs. Polymarket, the world's largest prediction market, gives an 85 percent probability that Ether will not reach an all-time high in 2024.
For Ether bulls, not all is gloom and doom. In a Sept. 17 blog post, Bitwise Asset Management's chief investment officer noted that Ether could be a bet against investment by the end of the year.
Can Ether come back and outperform Bitcoin? Let's analyze the chart of Ether against Bitcoin.
The long-term chart of the pair shows a symmetrical triangle formation, indicating the indecision of bulls and bears. The bulls are defending the support line, while the bears are defending the resistance line.
Both moving averages are downward sloping, and the Relative Strength Index (RSI) is close to the oversold zone, which indicates that the bears are in control. The ETH/BTC pair may fall to the support line, where buyers are expected to appear.
If the price bounces off the support line and breaks above the moving average, it means that the pair may stay inside the triangle for some more time. The next trend may start with a breakout above or below the triangle. A break above the triangle would put the target at 0.18 #BTC , above the current all-time high of 0.15 BTC.
the last few months the pair has been trading within a descending channel and has a series of lower highs and lows.
the slight positive for the bulls is that the RSI has formed a positive divergence and the 20-day exponential moving average (0.04 BTC) has started to level off. This suggests that the selling pressure may be easing.

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#InvestSmart #transscreen.ru #Crypto2024

XRP recently broke through the $0.605 symmetrical triangle resistance, indicating a bullish trend in the altcoin's price movement despite ongoing speculation of a possible SEC complaint.

The breakout reflects a surge in buying activity as investors seize the opportunity to capitalize on the uptrend. The trend reversal indicates that #XRP holders are becoming more confident and prefer to keep their assets rather than withdraw them. A reduction in supply could further strengthen the current price rally by easing selling pressure.
In addition, after the large outflow of assets on September 24, XRP has gained popularity on social media, and the volume of discussion is constantly growing.
Is XRP's bullish breakout a sign of confidence amid SEC uncertainty? However, not all market indicators are favorable, as the ratio of long to short positions has decreased significantly. This decline suggests that fewer traders are favoring long positions in XRP, possibly due to uncertainty over the outcome of the SEC appeal.
the market is now reflecting mixed signals: price increases are occurring at the same time as traders are becoming more cautious. As long as this unexpected rally continues amid regulatory uncertainty and technical headwinds, investor sentiment remains divided. The sustainability of this rally will depend on technical events and developments in the SEC proceedings in the coming weeks.
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Flash loans are the new hot topic in DeFi. It allows users to instantly lend assets without collateral, provided that the borrowed funds are repaid in the same transaction. This concept, based on smart contracts, is keeping the crypto community in a tizzy because of its potential to generate huge profits through arbitrage.

Flash loans are being actively discussed on #cryptocurrency Twitter, with people talking about their potential and risks. Vitalik Buterin, a well-known figure in the cryptocurrency sphere, is talking about the decentralized nature of the #DeFi protocol and how it can democratize finance. This is reflected in tweets and posts by industry experts who see flash credits as a step towards a more open and accessible financial system.
Flash credits may seem complicated for beginners, but they are a gateway to previously inaccessible advanced financial strategies, and as DeFi grows in popularity, understanding flash credits is equally important for beginners and old-school crypto traders alike. By breaking down flash loans, enthusiasts can use them to refinance debt and for other profit-making strategies.
Decentralized Finance (DeFi) is a new way of looking at the financial system. It uses blockchain and cryptocurrencies to provide financial services without the involvement of banks. This gives users more control over their assets.
DeFi allows lending, borrowing and trading. The main feature of the platform is flash lending. Flash lending allows users to borrow assets without collateral on the condition that they will be repaid in the same transaction. This gives traders new ways to make money, but raises security concerns given the potential for abuse.
Vitalik Buterin, co-founder of #Ethereum , often talks about how DeFi is remaking finance. He highlights how it can democratize access to services that were previously only available to a select few. According to industry experts on cryptocurrency Twitter, DeFi is growing fast and the risks are similar to the early days of the internet.
Uniswap and Aave are leaders in the DeFi space. They provide token exchanges and access to flash loans.

financial professionals like it too.
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On a weekly chart, ADA is up 13.73%. Cardano's fundamentals indicate that a trend reversal is imminent.

As AMBCrypto previously reported, #Cardano [ADA] experienced a steady rise last week; #ADA benefited from the upswing in the #cryptocurrency market following last week's Fed rate cut.- At the time of writing, ADA is trading at $0.4018. This is an 11.5% gain on the monthly chart and a continuation of the bullish trend of 13.73% over the past week.Since hitting a low of $0.303 earlier this month, ADA has maintained its upward momentum. This situation in the market has caused in the Cardano community in equal measure both #optimism and skepticism.For example, a popular crypto analyst Ari Martinez in his recent analysis expressed skepticism, suggesting a reversal of the trend.In his analysis, Martinez noted that the indicator TD sequential just gave a sell signal on the daily chart of Cardano. According to the analyst, this indicates a future correction, albeit short-term.When a sell signal appears on the daily chart, it means that prices have been rising for a significant period of time and the market may be overstretched. Therefore, investors usually interpret it as a signal to take profits or to prepare for a reversal or price drop.In this case, the signal indicates a possible short-term correction. Therefore, Cardano is likely to experience a temporary pullback before resuming the uptrend.While the indicators highlighted by Martinez point to a possible next ADA move, it is important to determine what other indicators are saying.For starters, the DAA divergence in Cardano prices has remained negative for the past seven days. At the time of publication, the DAA divergence of the ADA price is -45.63. If an asset is in this position, it suggests that prices are rising but active addresses are not.
This therefore suggests that price increases are unsustainable as they are driven by a shrinking user base.

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Speaking at the Tsinghua Wudaokou 2024 Chief Economists Forum in Beijing, former Chinese finance minister Lu Zhiwei urged China to keep a close eye on the development of cryptocurrencies.

In a speech reported by Sina Finance, the former finance minister noted the potential risks that #cryptocurrencies pose to financial stability, including volatility and their role in money laundering.
He also mentioned the changing attitudes toward cryptocurrencies in the U. S. , especially in light of the SEC's approval of a #bitcoin exchange-traded fund (ETF).
Mr. Lu warned of the negative impact of cryptocurrencies on global markets, particularly that price volatility could lead to financial instability.
He stressed that digital currencies have long been recognized as a threat to financial security, highlighting areas such as combating terrorist financing and anti-money laundering (AML).
The former finance minister said that these risks must be carefully considered and examined to protect the financial system from potential shocks.
Lu pointed to a major shift in U. S. policy, where the SEC's stance on bitcoin (BTC) and related ETFs has changed from rejection to approval.
The former finance minister urged Chinese policymakers to pay close attention to the changing international perception of cryptoassets.
He emphasized the importance of examining the risks and innovations of the digital economy, especially in light of the U. S. adoption of cryptocurrencies in its financial markets.
It is also worth examining recent international developments and policy adjustments.
Despite a complete ban on #BTC #mining and trading in 2021, China controls more than 55% of the BTC mining network through mining pools.
In a September 23 post, X Kee Young Ju, founder and CEO of CryptoQuant, emphasized that this dominant position in BTC mining is gradually ceding to U. S. mining companies.
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#MarketInsights

On September 27, Howard Lutnitz, CEO of Cantor Fitzgerald, appeared on Fox Business and called on regulators to recognize bitcoin as a commodity like gold or oil.

In an #interview on Morning with Maria, Mr. Lutnitz emphasized bitcoin's status as a commodity and called for a clearer regulatory framework for the #cryptocurrency sector. #Bitcoin is a commodity. It should be treated like gold or oil. It's just a commodity, he said.
In response to Maria Bartiromo's question about whether commodities traded on the Cantor Fitzgerald exchange will be regulated in the same way as stocks, Lutnick expressed confidence that the line between commodities and stocks will erode, perhaps within 20 years. He expressed concern that regulators are struggling to recognize the importance of Bitcoin and the broader digital asset market, saying:
Let's face it. They have absolutely no understanding or knowledge of how to deal with cryptocurrencies and #digital assets.
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#CryptoTrends