Binance is taking steps to close a loophole in its Link Program that previously enabled prime brokerages to exploit its multi-tiered fee structure for profit. The platform had allowed top-tier brokerage partners to benefit from trading fee discounts, which could then be passed on or arbitraged to their clients.

Revision of VIP Tier Benefits

The loophole was often achieved by aggregating multiple accounts under a single umbrella, sometimes trading on behalf of these clients, which enabled some platforms to earn extra revenue by charging their clients higher fees than the discounted rates they themselves enjoyed.

The “VIP 9” tier at Binance, which is available to users trading at least $4 billion per month, offered significantly reduced costs compared to other levels.

Prime brokers often reached this tier by pooling the trading volumes of various clients, securing lower fees for themselves while imposing higher rates on their clients and retaining the difference as profit.

However, starting July 1, Binance plans to overhaul Link Plus, an interface that allows prime brokers to manage accounts for institutional clients.

Requirements to become a Binance Link Partner. Source: Binance

This change aims to bind clients directly to the tier corresponding to their own trading volumes on Binance, thereby preventing the aggregation of client accounts for tier benefits.

According to a company spokesperson, this adjustment is likely to strip several top-tier brokers of their status, as it eradicates the possibility to leverage pooled client accounts for tier advantages.

The impact of this change is significant. For example, Bequant, a Malta-based crypto trading service, is reconsidering its business strategy, which primarily revolved around exploiting Binance’s tiered fee system. CEO George Zarya indicated that the firm would now focus on main trading activities.

The modification not only affects the fee structure but also extends to the types of features available on Binance accounts, specifically those that provided certain users with undue advantages.

Although these upcoming changes are unrelated to the Link Plus interface redesign, they are part of Binance’s broader efforts to address potential misuse of its platform.

Compliance Efforts and Regulatory Challenges

On June 26, Binance urged its users to report any suspicious activities, including fee arbitrage or violations of its Know Your Customer (KYC) protocols, particularly concerning institutional accounts.

As part of its initiative to maintain platform integrity, Binance has promised rewards for users who report verified instances of policy infractions. In the broader context of regulatory compliance, Binance has faced significant challenges.

In November 2023, the exchange’s former CEO, Changpeng Zhao, reached a $4.3 billion settlement with the United States Department of Justice for breaches related to the Bank Secrecy Act and Anti-Money Laundering regulations.

Although Binance.US operates as a separate entity, it too has encountered regulatory difficulties. Recently, officials in North Dakota revoked the platform’s money transmitter license, prohibiting its operations within the state.

North Dakota DFI Revokes License

Furthermore, Binance decided to withdraw from the Nigerian market earlier this year following allegations by the Nigerian government of tax evasion and money laundering, which reportedly led to deficits in the local currency.

The platform also faced punitive measures in India, where it was fined $2.25 million by the Financial Intelligence Unit for allegedly violating Anti-Money Laundering standards.

These events highlight the challenges Binance faces as it navigates complex global regulations while striving to maintain a secure and compliant trading environment.

The post Binance Closes Prime Brokerage Loophole appeared first on Coinfomania.

A top crypto analyst has made a bold prediction for Bitcoin (BTC), stating that the price might be prime for a reversal in the coming week. This prediction comes at a time when the largest cryptocurrency by market cap is experiencing bearish sentiment among investors.

While the general crypto market suffers the same fate, investors are hopeful for a potential rally that looks to be on the horizon according to the recent analysis by the expert. The rally is expected to be catalyzed by major events in the crypto space including the potential approval of a spot Ethereum ETF by the Securities and Exchange Commission.

Bitcoin Price Reversal Imminent?

Earlier today, Michael van de Poppe, the CIO and Founder of MN Trading and a prominent cryptocurrency analyst, shared his thoughts on the Bitcoin price on X (formerly Twitter). According to him, Bitcoin (BTC) is likely to fall again to the $60,000 zone before picking up momentum that will set it up for a bullish divergence.

He pointed out that the reversal will probably come next week after the awaited approval of the Spot Ethereum ETF by the US regulatory body. This implies that the approval will not only boost the price of Ethereum, but the ripple effect will reach Bitcoin and possibly other cryptocurrencies in the market.

This would likely be the case for #Bitcoin.Preferably we sweep the $60K area where a bullish divergence kicks in.Reversal coming from next week with the impending Ethereum ETF listing. pic.twitter.com/f3RlCzW2gv

— Michaël van de Poppe (@CryptoMichNL) June 27, 2024

Industry giants as well as investors are hoping for the approval of the ETH spot ETF. If this happens, the price of ETH could skyrocket mirroring the price trajectory of Bitcoin following its ETF approval in January 2024. Interestingly, this prediction comes amid heightened Bitcoin whale activities in recent days, particularly from notable governments.

Recall that Coinfomania reported that the German government offloaded a significant 400 BTC (valued at $24.34 million) to both Coinbase and Kraken exchanges. A few days later, the United States government dumped a staggering 3,940 seized BTC (worth $240 million) into the Coinbase Prime wallet. These two transactions have caused huge selling pressure on the flagship cryptocurrency. Also, the failed crypto exchange, Mt. Gox, has announced that it will commence repayment in Bitcoin and Bitcoin Cash to its creditors from July 2.

Additionally, Bitcoin miners are reportedly selling off their holdings, raising concerns among market participants. According to a recent post on X, Bitcoin miners have sold over $1 billion worth of Bitcoins this year.

Bitcoin Price Trajectory

Meanwhile, amid the news of hefty sales and potential price reversal, Bitcoin has suffered a significant loss in value over the past month. According to data from CoinMarketCap, the price of Bitcoin is currently at $61,704, signifying a 0.46% uptick in the last 24 hours. However, disregarding the jump, the 24-hour trading volume is currently down by 0.10% to $23.27 billion.

Source: CoinMarketCap

In hindsight, the price of Bitcoin (BTC) has dropped by 4.78% in the last seven days and by 12.54% in the last 30 days. What is more, BTC has traded in the range of $60,606. and $62,314 in the last 24 hours, representing a 16.6% drop from its all-time high of $73,737 reached four months ago, in March 2024.

The post Bitcoin Price Might Experience a Price Reversal From Next Week, Analyst Predicts appeared first on Coinfomania.

As the 2024 U.S. Presidential election closes in, the crypto community finds itself at a crossroads, and with the cryptocurrency market’s recent wild ride, the stakes are higher than ever. Many enthusiasts believe that only Donald Trump can safeguard the future of digital currencies from Joe Biden’s restrictive policies.

Former President Trump is embracing the cryptocurrencies he once reviled. https://t.co/7rMIHNs8w2

— NBC News (@NBCNews) June 15, 2024

Biden’s Regulatory Pressure 

President Joe Biden’s administration has been no friend to the crypto industry. From the IRS’s rule treating crypto wallet developers as brokers to the increased scrutiny from agencies like the SEC (Securities and Exchange Commission), with many crypto businesses feeling the squeeze, the Biden administration’s stance has been clear and unwavering. 

Gary Gensler, the SEC Chairman, has been particularly aggressive, labeling numerous tokens as securities, which subjects them to stringent regulations. 

This has led to a significant drop in market sentiment, with Bitcoin’s market cap dropping from $1.2 trillion in 2021 to around $500 billion as of 2023. This regulatory pressure has led some companies to consider relocating abroad to avoid stringent U.S. regulations. 

Biden’s Treasury Department has also issued warnings about the potential risks of cryptocurrencies, including concerns about their environmental impact, particularly Bitcoin mining. For some, this reinforces Biden’s perception as “anti-crypto.”

The founder of the decentralized cryptocurrency exchange Uniswap, Hayden Adams, shared his views on Biden’s administration’s crypto regulations in an X tweet, saying, “Republicans smell blood in the water and are turning hard towards crypto.”

Hillary campaigning in red states states instead of swing states level miscalculation from Biden camp thinking crypto will be irrelevant in 2024 election and letting SEC + Warren wage total war – both in terms of voters and moneyRepublicans smell blood in the water and are…

— hayden.eth (@haydenzadams) May 13, 2024

Trump’s Pro-Crypto Stance

In stark contrast, Donald Trump’s views on crypto have evolved considerably. Initially skeptical, even critical, Trump now recognizes the potential economic benefits of a thriving crypto market. His previous administration took a relatively hands-off approach, allowing innovation to flourish. Trump has recently hinted at favorable policies that could bolster the industry, such as tax incentives for crypto startups and a more lenient regulatory framework.

Interestingly, proponents of former president Donald Trump point to Trump’s appointment of pro-crypto figures like Hester Peirce, also known as “Crypto Mom,” to the Securities and Exchange Commission (SEC) as evidence of his support for the industry.

Despite this, some crypto advocates remain skeptical, questioning whether Trump would make good on his promises. However, as the saying goes, “actions speak louder than words,” Trump’s history with crypto has been more positive than his rival incumbent.

Sentiments

In a move many in the crypto community see as a slap in the face, the Biden campaign is exploring accepting crypto donations. This move, seen by some as the epitome of audacity, comes in response to political winds showing that crypto impacts both the presidential and congressional elections.

So, the Biden administration and the SEC spend years trying to crush crypto and even sue Coinbase…But now, they’re scrambling to set up crypto donations through Coinbase? Wow, they really do think Americans are stupid. pic.twitter.com/PTdSs2OFu1

— Dan Gambardello (@cryptorecruitr) June 13, 2024

Conversely, Trump has criticized Biden’s crypto policies and promised to end what he calls Biden’s “war on crypto” if he returns to office. During an event celebrating his 78th birthday at Club 47 in West Palm Beach, Florida, Trump emphasized the need for the U.S. to lead in the crypto industry.

Economic Impact

The numbers don’t lie. Since Biden’s presidency, Bitcoin’s market cap has seen significant volatility, dropping from an all-time high of $1.2 trillion in November 2021 to fluctuating around $500 billion. This has led to massive losses for investors and impeded the growth of new blockchain projects. Conversely, during Trump’s tenure, the crypto market experienced exponential growth, driven by a more laissez-faire approach to regulation.

With the election approaching, the stakes have never been higher for the crypto community. The future of the crypto market hangs in the balance, and Trump’s potential return to the White House could herald a new era of prosperity for digital currencies. At the same time, another term under Biden may tighten the regulatory noose even further, stifling innovation yet more, or maybe not. But we’ll see.

The post Will Former President Donald Trump Be Crypto’s Knight in Shining Armor Against Biden’s Policies? appeared first on Coinfomania.

VanEck has submitted a filing to the U.S. Securities and Exchange Commission (SEC) for an exchange-traded fund (ETF) centered around Solana (SOL). 

This ETF aims to track the price of Solana, an open-source blockchain network known for its scalability and low transaction fees. VanEck’s head of digital assets research, Matthew Sigel, announced the filing on X, expressing excitement about launching the first Solana ETF in the United States.

I am excited to announce that VanEck just filed for the FIRST Solana exchange-traded fund (ETF) in the US. Some thoughts on why we believe SOL is a commodity are below.Why did we file for it?A competitor to Ethereum, Solana is open-source blockchain software designed to… pic.twitter.com/XwwPy8BXV2

— matthew sigel, recovering CFA (@matthew_sigel) June 27, 2024

Sigel elaborated on the rationale behind the filing, highlighting Solana’s advanced technology and unique combination of proof-of-history and proof-of-stake mechanisms. These features enable the blockchain to process thousands of transactions per second with minimal fees, making it a compelling option for various applications such as payments, trading, gaming, and social interactions. VanEck believes the ETF will expose investors to a versatile and innovative blockchain ecosystem.

Debate Over SOL’s Classification

An aspect of VanEck’s filing is the assertion that SOL should be classified as a commodity. Sigel stated that SOL functions similarly to other digital commodities like Bitcoin and Ethereum, which are used to pay transaction fees and computational services on the Solana network. The claim that SOL is a commodity contrasts with the SEC’s previous stance, where the agency classified SOL as a security in an enforcement action against Binance.

The classification of cryptocurrencies has been a contentious issue, with ongoing debates about whether certain digital assets fall under the jurisdiction of the SEC or the Commodity Futures Trading Commission (CFTC). VanEck’s position is based on SOL’s decentralized nature, high utility, and economic feasibility, which align with other established digital commodities. The firm believes these attributes reinforce SOL’s value as a commodity suitable for inclusion in an ETF.

Market Reaction and Future Prospects

After the announcement, Solana’s price increased, gaining 7.86% shortly after the news broke, according to CoinMarketCap data. The price surged to $147, reflecting renewed investor interest and confidence in the altcoin. Market analysts have mixed opinions on Solana’s future trajectory. Some predict a potential decline due to opportunistic profit-taking, while others foresee a continued upward trend, possibly reaching $200.

Moreover, technical and on-chain analyst Ali Martinez had previously indicated a positive outlook for Solana. In a tweet, Martinez mentioned that TD Sequential, a technical analysis tool, presented buy signals on Solana’s daily charts, suggesting an anticipated price rebound.

What did we say about #Solana? https://t.co/iNP3e5wltk pic.twitter.com/beCs28hKL6

— Ali (@ali_charts) June 27, 2024

The VanEck Solana Trust aims to list on the Cboe BZX Exchange, Inc., with its shares valued daily based on the MarketVector Solana Benchmark Rate, according to the firm’s S-1 registration statement. While the SEC has recently approved spot ETFs for Bitcoin and Ethereum, the approval process for the Solana ETF remains pending.

The post VanEck Files for US Solana ETF Claiming SOL Commodity Status appeared first on Coinfomania.

Justin Sun, the founder of the TRON blockchain, has reportedly shifted about 173 million TRX coins to the largest crypto exchange by trade volume, Binance. The move which coincides with a notable TRX price uptick has sparked discussions across the market with participants speculating on the possible reasons behind the action.

While the global crypto market is undergoing a significant decline, the price of TRX has defied this trend, recording impressive gains over the past month. However, with the latest transfer, concerns have been raised about the possible impact on the future price trajectory of the coin.

SUN Sends Over $23 Million Worth of Cryptocurrency to Binance

Meanwhile, the Chinese-born Granadian crypto businessman sent staggering amounts of TRX along with other crypto coins to the aforementioned exchange. According to data from Arkham Intelligence, an analytic tool that reveals the identity behind large transactions, Sun dumped exactly 173.821 million TRX, (equivalent to $21.37 million), 120.149 billion BitTorrent (BTT), worth approximately $105 thousand, and 20.293 billion WINkLink (WIN), valued at $1.79 million.

Source: Arkham Intelligence

Even though such a huge transfer to centralized exchanges indicates a sell-off, the price of the mentioned tokens has exhibited varied reactions. According to CoinMarketCap data, the price of TRX and BitTorrent (BTT) has jumped following the transfer, by 2.60% and 0.71% respectively. However, WinkLink (WIN) has taken a different route, with its price dropping by 0.78%.

Recall that earlier this week, the price of TRX reached a five-week high of $0.125 while Bitcoin and other top cryptocurrencies witnessed significant dips in their prices. This impressive TRX trend has caught the attention of investors as new money continues to flow into the project.

Per Arkham Intelligence data, Sun’s total crypto holdings are now totaled at $1.01 billion. USDD and TRX represent the majority of his holdings with $275.05 million and $242.52 million respectively. Other coins held by the crypto mogul include $90.83 million worth of USDJ, $89.09 million in BTT, $88.78 million in BTC, and $53.07 million of WSTETH.

Reasons for TRX Price Continous Growth

According to analytics from IntoTheBlock, a leading market intelligence platform, the number of active TronDAO users has been on a steady increase since the beginning of the year. In a post on X (formerly Twitter), the data-tracking platform noted that the number has approached 2.5 million on a daily average. Additionally, this figure has surpassed other prominent layer 1 networks.

Since the beginning of the year, the number of active @trondao addresses has steadily increased, approaching a daily average of 2.5 million, far surpassing other leading Layer 1 networks pic.twitter.com/TCiatVqVOM

— IntoTheBlock (@intotheblock) June 26, 2024

This continuous growth has placed TRX as the top gainer among the top 10 cryptocurrencies by market cap in the last month. According to CoinMarketCap data, TRX has gained a significant 20.61% in the last 30 days, and 8.19% over the last week. At the time of writing, the coin is changing hands at 7.69% which is slightly 6.7% down from its all-time high of $8.25 reached on June 15.

The post Justin Sun Transfers 173 Million TRX Among Other Coins to Binance, What is Happening? appeared first on Coinfomania.

At press time, Bitcoin (BTC) is currently flatlining at around $61,000, experiencing a decrease of -0.12%, a trend that’s been holding steady as the market braces for the potential impact of the impending Mt. Gox creditor payouts—according to data from investing.com. This development comes at a crucial juncture for the cryptocurrency market, which has been experiencing a rollercoaster of volatility.

𝗝𝗨𝗦𝗧 𝗜𝗡: Bitcoin drops from $63K to $61K after the Mt. Gox repayment news.Are we going to recover anytime soon? pic.twitter.com/Tf0QYSoGmu

— Lark Davis (@TheCryptoLark) June 24, 2024

Market Overview

As of today, Bitcoin’s price has shown little movement, remaining at $61,000. This price stability is somewhat surprising, given the usual volatility associated with the cryptocurrency market. Traders and investors are keeping a close eye on the situation, especially with the looming creditor payouts of Mt. Gox’s rehabilitation plan.

The Mt. Gox saga, the most infamous event in Bitcoin history, continues to cast a long shadow over the market. Mt. Gox was once the largest BitAschange, handling over 70% of all Bitcoin transactions worldwide. However, it collapsed in 2014 after a massive hack, resulting in the loss of 850,000 Bitcoins. Now, as creditors prepare to receive their payouts, there is speculation about the potential market impact of these large amounts of BTC being sold.

The Impact of Mt. Gox Payouts

The distribution of Bitcoin to Mt. Gox creditors is expected to commence soon. These payouts significantly influence the market, especially if recipients decide to liquidate their holdings. Such a large influx of Bitcoin into the market could potentially drive prices down, creating a bearish scenario. 

Market analysts are divided on the potential impact. Some believe that the market has matured enough to absorb the additional supply without a dramatic price drop. Others are more cautious, pointing to the inherent volatility of cryptocurrencies and the psychological impact of the Mt. Gox name on traders.

Current Sentiment and Future Outlook

Despite the uncertainty surrounding the Mt. Gox payouts, the overall sentiment in the crypto community remains cautiously optimistic. Many investors believe in Bitcoin’s long-term potential and view current price levels as a buying opportunity.

Additionally, Bitcoin’s price has shown resilience in the face of regulatory crackdowns and macroeconomic challenges, suggesting that the market is becoming more robust.

While the Mt. Gox payouts represent a significant event, the market’s reaction remains to be seen. Investors are advised to stay informed and monitor developments closely as the situation unfolds. Whether this will be a storm in a teacup or a significant market event, the fact remains that this period will test Bitcoin’s resilience and the market’s ability to absorb shocks, providing a crucial litmus test for the cryptocurrency’s maturity and stability.

The post Bitcoin Price Holds Steady at $61K Amid Mt. Gox Liquidation Concerns appeared first on Coinfomania.

The United States Government has reportedly transferred a massive amount of Bitcoin, up to the tune of $240 million to the popular cryptocurrency exchange Coinbase. This staggering transaction has caught the attention of the general community as it comes amid a period of global crypto market downtrend.

As market participants continue to hope for a possible price rally, BTC whale transactions are increasing daily with thousands of coins sent to various crypto exchanges. According to reports, the transaction which took place at 5:00 pm UTC involved seized Bitcoins from Banmeet Singh, a convicted drug trafficker and dark web vendor sentenced earlier this year.

US Govt Sends Over 3,940 BTC to Coinbase, Details

Arkham Intelligence, a blockchain platform that unveils whale transaction details, reported earlier today that the United States Government has moved 3,940 Bitcoins to Coinbase Prime Wallet. The transferred BTC was part of the coins forfeited at Singh’s trial in January 2024. At the time of his trial, Singh relinquished 8,100 BTC (valued at $150 million at the time).

Update: US Government Sends $240M BTC to Coinbase PrimeThe US Government just moved 3,940 BTC ($240M) to Coinbase Prime.This BTC was originally seized from narcotics trafficker Banmeet Singh, and forfeited at trial in January 2024.Transaction: https://t.co/hZ1CwqWCmF pic.twitter.com/9t6k8Wdizq

— Arkham (@ArkhamIntel) June 26, 2024

The United States DEA (Drug Enforcement Agency) described it as the largest seized cryptocurrency of all time. Notably, when transfers of this magnitude are sent to a centralized exchange, it is mostly looked at as a dump. This would mean that the US govt is getting ready to sell these assets in the open market.

Interestingly, this comes at a time when there are heightened concerns about the Bitcoin selling pressure. Recall that on June 25, the German government sent 400 BTC, worth $24.34 million, to Coinbase and Kraken. And before that, about 1,700 BTC (worth $110 million) were sent to Coinbase, Kraken, and the Luxembourg-based crypto exchange, Bitstamp.

Also, the defunct crypto exchange, Mt. Gox has announced that it will commence repayment to its creditors with Bitcoin (BTC), and Bitcoin Cash (BCH) in the first week of July. For this purpose, about 142,000 BTC has been allocated. When this much amount of Bitcoins is injected into the market, it can raise the market volatility and catalyze a downward trend.

According to Lookonchain, an analytical tool that offers insights into blockchain transactions, the US govt now holds exactly 213,546 (worth $13.07 billion) positioning it as the top Bitcoin holder globally, followed by China with 190,000 BTC, and the UK with 61,000 BTC. About 2.7% of the total Bitcoin in circulation is held by 11 governments globally including El Salvador and Germany.

Bitcoin (BTC) Price Movement

Bitcoin has suffered a significant price drop over the last month. According to data from CoinMarketCap, the price of BTC is currently at $61,192, representing a 0.31% drop in the last 24 hours.

Additionally, the 24-hour trading volume of BTC has declined by 17.52% to $21.5 billion. In hindsight, Bitcoin has plummeted by 7.79% in the last seven days and by a significant 10.56% in the last month. In the past 24 hours, Bitcoin has traded between the lows and highs of $60,606 and $61,923.

The post US Government Dumps $241 Million in Bitcoin on Coinbase: Report appeared first on Coinfomania.

The United States Securities and Exchange Commission (SEC) is reportedly close to approving spot Ethereum exchange-traded funds (ETFs), with a decision potentially arriving by July 4. 

According to a Reuters report, industry executives and participants have indicated that the approval process is in its final stages. The SEC has already approved the 19b-4 applications, but the S-1 filings are still pending approval.

A lawyer working with one of the ETF issuers stated, 

“It’s down to the finishing touches” and mentioned that approval is “probably not more than a week or two away.” 

Executives from two firms involved in the discussions have noted that only minor issues remain to be resolved in the offering documents before the ETFs can be listed and traded in the United States.

Comments from SEC Chair Gary Gensler

SEC Chair Gary Gensler recently commented on the progress of the spot Ethereum ETF approvals, stating that the process is moving “smoothly.” He emphasized that the swiftness of the approval depends on how quickly issuers implement the changes proposed by the regulator. Gensler remarked, 

“It’s really about the asset managers making the full disclosure so that those registration statements can go effective.”

Bloomberg analyst Eric Balchunas also weighed in, predicting that the approval of spot Ethereum ETFs would occur by July 2. He highlighted that recent comments from the SEC have been minimal and non-controversial, further suggesting an imminent approval.

UPDATE: we are moving up our over/under date for the launch of spot Ether ETF to July 2nd, hearing the Staff sent issuers comments on S-1s today, and they're pretty light, nothing major, asking for them back in a week. Decent chance they work to declare them effective the next… https://t.co/XJZ8JLwEFF

— Eric Balchunas (@EricBalchunas) June 14, 2024

Market Reactions and Predictions

The approval of spot Ethereum ETFs is expected to have a smaller effect on the price of Ether compared to the impact of spot Bitcoin ETFs on BTC. Analysts attribute this to the relatively smaller market share of Ethereum. 

Andrew Kang, a founder and partner at Mechanism Capital, commented on X that ETH might attract less institutional interest than Bitcoin due to the network’s less impressive cash flows. Kang suggested that the price of Ether might decline by 30% following the approval of the ETFs, questioning the potential upside unless Ethereum significantly improves its economic fundamentals.

As of the time of writing, the price of Ether stands at $3,394.68, with a market cap of $407 billion, according to CoinMarketCap data. Over the past seven days, Ether’s value has decreased by approximately 6%, and it has dropped nearly 14% in the last 30 days. However, Ether has seen an 80% increase since July 2023.

Ongoing Developments and Industry Sentiment

The potential approval of spot Ethereum ETFs comes after the SEC recently concluded its investigation into Ethereum 2.0. While the digital asset community welcomed this development, Consensys, a software development firm, indicated that the quest for regulatory clarity in the cryptocurrency space is ongoing.

Eight asset managers, including BlackRock, VanEck, Franklin Templeton, and Grayscale Investments, are seeking SEC approval for these funds. Many of these managers launched spot Bitcoin ETFs in January, following a decade-long struggle with regulators. Grayscale is also attempting to convert an existing trust into an ETF.

Executives from two of the firms involved, who requested anonymity due to the confidential nature of the discussions, mentioned that the process of amending the offering documents is nearly complete, with only minor issues left to resolve. These documents must be approved before the ETFs can be launched.

James Butterfill, head of research at CoinShares, noted that launching spot Ethereum ETFs might not generate the same level of interest as Bitcoin ETFs due to Ethereum’s smaller market cap and trading volumes. 

Bryan Armour, an ETF analyst at Morningstar, echoed this sentiment, stating, 

“With Bitcoin, there had been pent-up demand for a decade and investor interest was off the charts. This just isn’t going to command the same excitement.”

The post Spot Ethereum ETFs set for SEC approval by July 4, sources confirm appeared first on Coinfomania.

FTX, a once thriving crypto exchange, is now seeking a lifeline from its customers. The company, which collapsed under the weight of its fraudulent activities, is now proposing a multi-billion dollar repayment plan—a critical step toward resolving the protracted FTX bankruptcy saga—with far-reaching implications for creditors and future proceedings. 

FTX customers will be asked in the coming weeks to vote on the failed crypto exchange’s multi billion dollar plan for compensating victims whose assets have been locked on the platform since it collapsed. https://t.co/f1avoz1R8x

— Bloomberg Crypto (@crypto) June 25, 2024

Background And Context

FTX’s downfall began in November 2022 when it filed for Chapter 11 bankruptcy. The company’s founder, Sam Bankman-Fried, was later convicted of fraud. The collapse left customers’ assets locked on the platform.

Press Release pic.twitter.com/rgxq3QSBqm

— FTX (@FTX_Official) November 11, 2022

1) Hi all:Today, I filed FTX, FTX US, and Alameda for voluntary Chapter 11 proceedings in the US.

— SBF (@SBF_FTX) November 11, 2022

So, what does this plan entail?

The Repayment Plan

The proposed repayment plan is a bold move to compensate victims and resolve billions of dollars in government penalties. The vast majority of FTX customers stand to recover a remarkable 119% of their original holdings—the value they possessed on the day FTX filed for bankruptcy.

Other creditors, including those with government claims, could see up to 143% of their owed amounts returned. Essentially, the estimated shortfall claims are $8.9 billion for FTX.com and $166 million for FTX.US, which means that while substantial funds are being returned, full recovery of investments is unlikely.

Notably, bankruptcy law mandates valuing claims based on prices at the time of FTX’s Chapter 11 filing despite subsequent crypto price surges.

FTX is actively soliciting votes from its extensive customer base, aiming to gather feedback from those who haven’t been directly involved in negotiations.

Customers have until August 16, 4 pm ET, to cast their ballots.

Judge Dorsey will evaluate the plan’s approval on October 7, marking a decisive moment in FTX’s recovery journey.

FTX currently holds $11.4 billion, with expectations of reaching $12.6 billion by the end of October.

The exchange is monetizing its assets, including a unique pool acquired with misappropriated customer funds. Negotiations with federal authorities continue, exploring ways to leverage government claims for customer compensation.

Key Dates

August 16: Voting deadline for FTX customers.

October 7: Judge Dorsey’s decision on plan approval.

Implications for Creditors

For FTX customers, the upcoming vote represents a crucial step towards reclaiming a portion of their lost funds. The plan outlines specific terms for customers who withdrew large sums shortly before the bankruptcy, with clawbacks affecting those who withdrew over $250,000 within nine days of the collapse.

(3/4) Further, to clarify the terms of the preference settlement offers, customers whose withdrawals exceed deposits during the 9-day preference period by less than $250k will be able to accept the settlement…

— FTX (@FTX_Official) October 18, 2023

It could serve as a benchmark for future creditor recoveries in crypto bankruptcies. It shows that creditors can recoup some of their investments even in significant market downturns and company failures. This indeed marks the beginning of the end of one of the most high-profile collapses in crypto history.

Broader Impact on Crypto Bankruptcy Cases

The resolution of this high-profile case could set a precedent for how similar cases are handled. It demonstrates the potential for substantial creditor recoveries in crypto bankruptcies, which may influence the approach and expectations in future proceedings.

The FTX-Voyager settlement could encourage more proactive and collaborative approaches to resolving disputes in crypto bankruptcies. It may also lead to more structured frameworks for creditor recoveries and set expectations for the percentage of claims that can be realistically recovered.

The post FTX Customers Set to Vote on Multi-Billion Dollar Repayment Plan appeared first on Coinfomania.

Do you know how you can unearth diamonds in the rough? You guessed it right. Investing in the cryptocurrency market can make you a millionaire. Cryptocurrencies present lucrative asset gains but are they a wise investment? In this post, we will explore the best cryptocurrencies to buy now and add to your crypto watchlist for this year. 

Coins with higher potential face hindrances from the volatility of the market. So, seasoned investors are also in search of coins that give them good ROI and have a lesser risk profile. This guide will provide valuable insights to help you navigate the dynamic crypto world and find the tokens that match your investment goals in 2024.

List Of Best Cryptocurrencies To Buy Now

Our crypto watchlist enlists the five most promising cryptocurrencies that you must buy now in June. The comprehensive list will help you choose the best cryptocurrencies for portfolio diversification.

5thScape (5SCAPE)

DarkLume (DLUME)

Avalanche (AVAX)

VeChain (VET)

Bitcoin (BTC)

Let’s quickly get into the details of each of these potentially skyrocketing cryptocurrencies and make the choice accordingly.

1. 5thScape (5SCAPE)

The VR industry is anticipated to explode in the next crypto wave. Elevated by technological advancements in software and hardware sectors, the VR crypto space will witness exponential growth by the end of this decade. Amidst this growth, 5thScape stands tall with its immersive metaverse which includes crypto gaming, corporate training, educational resources, and more within its virtual ecosystem.

Participate Now in the 100K Giveaway Contest Here  

5thScape sets itself apart with its pioneering initiative in the VR sector. Its virtual landscape is no match for other cryptos in the niche. With a highly immersive realm and engaging activities, 5thScape is winning hearts. The project is in the frontier of innovation with its technical team designing state-of-the-art VR accessories like headsets and gaming chairs. 

Connect with 5thScape and get live bonuses and lifetime free access to its heightened virtual world. Participate in the community contest to win extra dollars. Bag your prize now!

2. DarkLume (DLUME)

Have you played enough virtual games and are seeking something out-of-the-box for leisure time? DarkLume just gives you that opportunity. It allows users to engage in its highly immersive metaverse and earn passively in its gamified ecosystem. DarkLume’s digital asset, DLUME, powers all the transactions in the metaverse. The virtual world blends fantasy elements and social interaction to cater to one’s modern needs. 

Buy DLUME token here>>

Token holders can enter the metaverse’s nightlife, tapping the dance floors and virtual clubs, and accumulate digital coins. They can also partake in wild adventure activities and explore the virtual countries in the metaverse. DarkLume fosters social engagement within the community and allows you to tip DLUME with basic income. Buy DLUME at a meager value of $0.0005 in its first presale phase before all tokens are sold out. 

3. Avalanche (AVAX)

Ethereum blockchain has many rivals and one of them is Avalanche, the open-source multi-chain platform. This blockchain has excellent scalability and transaction speed to support dApps on its platform. Avalanche’s price action has been witnessing highs and lows recently, however, all indicators show a temporary decline and bullish momentum in the future. If buyers remain optimistic and display interest in the coin the price might rise. The crypto community and analysts keep a close on uptrends and market sentiments to predict the movement of the coin. AVAX, avalanche’s digital token, could usher 10x gain in 2024.

4. VeChain (VET)

The food industry is facing serious challenges with substandard food quality and origin concerns overwhelming globally. To address these issues VeChain, a blockchain crypto strives to track your food and medicine from origin to consumer, ensuring proper handling and authenticity of the products. The company aims to bring a positive change in supply chain management. VeChain boasts a strong community of developers, led by an experienced team within blockchain and supply chain management sectors. Transparency in the supply chain builds consumer trust and thereby attracts businesses in the food industry. As its global acceptance grows, VET tokens will become a viable investment option.

5. Bitcoin (BTC) 

Bitcoin, the first-class crypto has seen no turning back since its launch in 2009. With the current bullish trend, analysts advise BTC as the best coin to buy now for long term returns. Due to its strong establishment and brand name, it has emerged as the favorite investment option for veteran traders. However, investing in Bitcoin needs a hefty investment and the chances of losing your money are quite high. Though the crypto is highly resilient, short-term goals can see drastic price fluctuations in the industry.

Navigating The Risks Involved

Cryptocurrency trading can be adventurous but inherits risks. Here are some tips that will make your investment decisions easier and fetch massive returns while mitigating risks.

Diversify Your Crypto Portfolio: Allocating your resources to a single cryptocurrency can be risky. Spread your investment across established and upcoming currencies to get a balanced portfolio.

Invest Responsibly: Consider the volatile nature of the crypto market, and invest only what you can afford to lose. 

Stay Updated: Staying informed about the constantly evolving crypto industry helps you make appropriate investment decisions. 

With a thirst for knowledge, a keen eye, and a dash of courage, you might just discover the next crypto gem hidden!

Summing It Up

Positive price sentiments and Bitcoin’s momentum herald a new generation of legitimacy and accessibility for digital currencies. 5thScape is set for accelerated growth and market appreciation, as a torchbearer in the AR/VR blockchain industry. Keep a close eye on its presale gatherings as it nears $7 million. 5thScape is heading towards potential gains in June 2024.

Don’t wait! Seize 5SCAPE tokens before they run out.

The post The Best Cryptocurrencies To Buy Now (In June) Before They Explode – 5 Hot Picks appeared first on Coinfomania.

Presales introduce you to new concepts in the crypto world and invite you to join a project’s journey from the beginning. There has been a flood of presales lately, which is keeping the veteran investors engaged as they have tons of options on their plate. 

Meanwhile, crypto investors who are new to the market and still unclear on which could be the best crypto presale for long term with the potential to turn their $500 investment into $5000. This article is dedicated to five of the most promising presales that we have curated specially to help you choose the right presales options to invest in and get the best returns

5 Best Crypto Presales for Long Term 2024

Below is the list of the five best crypto presales for long term in 2024 that you can consider investing in: 

5thScape (5SCAPE)

DarkLume (DLUME)

eTukTuk (TUK)

PlayDoge (PLAY)

BaseDawgz (DAWGZ)

Many newcomers in the crypto market believe traditional crypto investment is the only safe way to make money from this sphere. They might be missing on these promising ventures that can turn their initial $500 investment into $5000, if they stay patient for long enough! If you believe in the power of investing in presales, then stick with us till the end of the post as we look into five promising picks. 

1. 5thScape (5SCAPE)

The 5thScape project has come up with the hottest presale of 2024. Due to its direct link with the growing VR sector, the project has raised more than $7 million in funding in its presale in a very short timeframe. This platform offers unique VR experiences to new users of the futuristic VR technology, which may soon become a household thing. The 5thScape platform’s content library includes VR-compatible games, movies, educational materials, etc.

Click Here to visit 5thScape Website

All the exciting VR content present on the 5thScape platform’s library can be experienced with its token named 5SCAPE. 5SCAPE token is also a valuable investment in the future of VR technology which is currently in a phase of rapid growth. 

This presale opportunity of grabbing the 5SCAPE tokens at a discounted price will be a long-term wealth-creating sphere. So invest now to get the maximum profits! You can get a free lifetime subscription to the 5thScape platform’s VR hub if you invest more than $500 via card. You can also exchange your BNB, ETH, or MATIC tokens for 5SCAPE tokens to get the bonus rewards. 

2. DarkLume (DLUME)

Say goodbye to Facebook, Instagram, and Snapchat. Their stocks are either way not going to give you the expected returns! Meet the DarkLume platform, which is not just one of the best crypto presales for long term in 2024; it is also changing the narratives of digital interactions. 

>>Click here to visit DarkLume VR

Forget about metaverse platforms that only let you create funny animated characters of yourself or allow you to chat with your friends without featuring anything worth being recited for in their virtual worlds. The DarkLume project is here with a unique concept of letting you take a walk through virtual countries and allowing you to become a true resident of any country of your choice by purchasing virtual citizenship. 

This is all possible through the platform’s native token, DLUME which acts like a digital currency within the platform. Currently in its presales round, the DLUME token already shows us a bright future filled with potential for this metaverse platform to take the lead. Are you ready to make an investment in this new generation of social interactions? Invest in the presale of DLUME now. 

3. eTukTuk (TUK)

The eTukTuk project has started a green transport revolution worldwide. It has started its journey from Sri Lanka, an island country in Southeast Asia where tuk-tuks are a famous mode of transport. 

eTukTuk has installed over 200 electric tuk-tuks, or eTukTuk charging stations across Sri Lanka that run on the TUK token. The EV drivers can use these charging stations and pay for this utility service through the TUK tokens on their phones. This project is looking to expand its businesses throughout many other parts of the world where tuk-tuks are common. The increasing presence of its green initiative will further help grow the demand and price of the TUK tokens which are currently having a successful presale. 

If you support green crypto projects like this, you can consider investing in TUK’s presales round. 

4. PlayDoge (PLAY)

PlayDoge is here to make millennials nostalgic with its concept of digital pets! Remember the Tamagotchi device that you would carry everywhere to ensure you fed your virtual pet housed in it on time? PlayDoge is the digital version of the same! The platform plans to add more games to its library, which would further increase the use cases of the PLAY token. 

The presale of the PLAY token is on, and you can consider investing in the project, whether for nostalgia or to receive promising returns delivered directly to your crypto portfolio in the long run. 

5.BaseDawgZ (DAWGZ)

BaseDawgz is a meme coin project that features multi-chain operability. Hence, it is not just another meme coin in the sea of them. Its strong foundation makes its DAWGZ token more resilient to market volatility. Currently, celebrity Matthew Perry is heavily promoting it. 

Would you want to bet on this new meme coin on the block through its presale for the long term?

Conclusion: Why 5thScape Is the Only Presale With $5000 Potential

The 5thScape project is built on the next generation’s entertainment industry which will be all about VR technology. As this project is directly linked with the VR sector, it is undoubtedly the ideal $500 investment opportunity that could deliver 10x profits due to the growing demand.

Invest in the 5SCAPE tokens now to stay ahead of the curve and be one of the early adopters who would benefit dearly from VR investments Also, don’t forget to check out the new contest by 5thScape which has a prize pool of $100,000. You can visit the official website of 5thScape to learn more about the participation requirements. 

The post 5 Best Crypto Presales for Long Term in June 2024: $500 to $5000 Potential appeared first on Coinfomania.

An Australian news broadcaster, the Seven Network, recently experienced a significant security breach on its YouTube channel. 

The channel was hijacked by crypto scammers, who livestreamed videos featuring a deep fake of Tesla CEO Elon Musk promoting a crypto scam.

The scammers rebranded the 7News YouTube channel to resemble Tesla’s official channel. They used an AI-generated deep fake of Elon Musk to tout a common “double-your-money” scam. The fake Musk assured viewers that sending crypto to a specified address would result in receiving double the amount back. This type of scam is frequently seen in crypto, preying on individuals eager to increase their digital assets quickly.

Source: YouTube

Viewership and Channel Disruption

During the hijack, approximately 150,000 viewers were reported to be watching three separate livestreams featuring the deep fake Musk. The actual number of legitimate viewers remains to be determined, as it is likely that bots were used to inflate the viewership count. Despite the channel’s hijacking, it continued to display 7News’ verification tick, adding a layer of credibility to the scam.

A spokesperson for Seven Network informed the Sydney Morning Herald, 

“Seven is investigating and working with YouTube to resolve the situation as soon as possible.” 

The scammers shared a website requesting cryptos, including Bitcoin, Ether, Solana, and Dogecoin. Analysis of the listed addresses revealed that they had accumulated over $11,000. Scammers often use well-known and easily recognizable public figures like Elon Musk to lend authenticity to their fraudulent schemes.

Broader Context of Similar Scams

Earlier in the month, over 35 YouTube channels were identified livestreaming similar scams during the SpaceX Starship rocket launch. These scams coincided with the event to attract space enthusiasts and investors. Cybersecurity firm Avast Threat Labs highlighted this issue in a June 6 post on X (formerly Twitter), noting the surge in such fraudulent activities.

Beware! Crypto scammers hijacked 35+ @YouTube channels, spreading #DeepFake #crypto #scam of @elonmusk. Scammers abuse #SpaceX Starship's 4th flight test, luring victims with double profits. Stay vigilant! pic.twitter.com/SBDpSDDWZ7

— Avast Threat Labs (@AvastThreatLabs) June 6, 2024

Additionally, Hong Kong’s securities regulator recently shut down a firm using AI-generated videos of Musk. The firm falsely claimed that Musk had developed technology for an AI crypto trading service, further illustrating the widespread use of deep fake technology in scams.

The hijacking of 7News’ YouTube channel occurred in a challenging week for the network’s parent company, Seven West Media. The company announced plans to cut 150 jobs, affecting some marketing roles. This backdrop of internal restructuring may have contributed to the vulnerability exploited by the scammers.

The post Hackers hijack 7News YouTube to promote fake Elon Musk crypto scam appeared first on Coinfomania.

Worldcoin, a pioneering biometric digital identity project utilizing iris scanning, has announced a strategic partnership with Alchemy, a prominent Web3 development platform.

This collaboration aims to fortify the infrastructure of the World Chain ecosystem, facilitating a more robust framework for developers. The announcement was made on June 26, marking a significant development in the integration of biometric technology within blockchain applications.

Alchemy’s Tools Empower World Chain Developers

The partnership provides World Chain developers immediate access to Alchemy’s extensive suite of Web3 development tools.

This suite includes core and data APIs, indexing solutions, and a sophisticated account abstraction infrastructure, which enhances the safety and security of self-custodial wallets.

Alchemy’s integration will also extend to incorporating World ID, Worldcoin’s digital ID technology, offering millions of developers worldwide an opportunity to engage with this cutting-edge technology.

World Chain was initially introduced in April 2024 as a part of a larger initiative by Tools for Humanity, spearheaded by OpenAI CEO Sam Altman.

Source: Worldcoin

Alex Blania, who is centrally involved in the development and promotion of the Worldcoin project, plays a crucial role in the ongoing development of this blockchain network.

Designed explicitly with human-centric principles, World Chain intends to operate alongside other major blockchain ecosystems such as Optimism, Coinbase, and the broader Ethereum network, collectively known as the Superchain.

This blockchain is particularly tailored to prioritize human interactions over automated processes. By leveraging verified World IDs, World Chain offers holders priority block space and a free gas allowance for regular transactions, thereby reducing the prevalence of bots.

This design not only secures the network against automated interferences but also ensures that developers have clearer access to real users, enhancing the overall user experience and reliability of blockchain applications.

Strategic Partnership Bolsters World Chain’s Ambitions

Steven Smith, the head of protocol at Tools for Humanity, emphasized the importance of this partnership with Alchemy.

He noted that Alchemy has demonstrated proven expertise in ensuring guaranteed uptime and reliability for major enterprises, a crucial element as World Chain aims to establish itself as the first human-centered blockchain and the largest entry point for human participation in the blockchain space.

Just in: Worldcoin is partnering with @AlchemyPlatform to bring World Chain to life pic.twitter.com/ECKikbkXby

— Worldcoin (@worldcoin) June 26, 2024

The partnership is expected to make significant strides toward achieving Tools for Humanity’s goal of bringing a billion users into the blockchain ecosystem.

It aims to increase opportunities for developers to create applications that are not only effective but also intuitively align with human needs and experiences in digital spaces.

Worldcoin Expands Operations Globally

In addition to its technological strides, Worldcoin is expanding its operational footprint globally. As part of its expansion efforts, Worldcoin has initiated its European operations by launching World ID orb verifications in six locations across two European cities.

This move marks the project’s initial steps into Europe following successful implementations in various Latin American countries and represents a critical phase in Worldcoin’s strategy to broaden its global influence.

Despite these positive strides, Worldcoin has experienced a minor setback in market dynamics. Over the past 24 hours, there has been a slight decline in open interest by 0.85%, bringing its current valuation to $107.9 million.

Source: Worldcoin

Furthermore, the price of Worldcoin’s token (WLD) has seen a decrease of 1.22% during the same period, with its price currently standing at $2.83 and a trading volume of $193.8 million.

This partnership between Worldcoin and Alchemy represents a transformative step in making blockchain technology more accessible and tailored to human needs, potentially leading to widespread adoption and innovation in the blockchain sector.

As World Chain continues to develop, it holds the promise of becoming a pivotal platform in the evolution of blockchain technology, focused on enhancing user engagement and security.

The post Worldcoin and Alchemy Partner on Blockchain Development appeared first on Coinfomania.

In a significant regulatory development, the crypto investment platform Abra and its founder and CEO, William Barhydt, have reached a settlement with 25 state financial regulators concerning the operation of their mobile application without the requisite licenses.

This information was confirmed by the Conference of State Bank Supervisors (CSBS) in a recent announcement.

Key Terms of the Settlement

The resolution, which involves multiple states including Arkansas, Connecticut, Georgia, Ohio, Oregon, Texas, Vermont, and Washington, will see Abra returning approximately $82.1 million in cryptocurrency to its customers in the U.S.

Furthermore, the settlement stipulates that Abra will cease accepting crypto allocations from U.S. customers of Abra Trade. The company will also discontinue all activities related to the making, buying, selling, or trading of cryptocurrencies for Abra Trade customers in these states.

William Barhydt, in addition to the company’s commitments, has consented to a significant personal limitation on his professional activities. For the next five years, he will not engage in any business related to money transmitting or money services in any of the settling states, except in a passive investment capacity.

Statement released by the Conference of State Bank Supervisors

Charlie Clark, CSBS Chair and Director of the Washington State Department of Financial Institutions, emphasized the serious nature of the state financial regulators’ roles in protecting consumers and curbing unlicensed operations.

Clark pointed out that companies failing to comply with state laws would face accountability. The states involved in this settlement decided to waive a potential $250,000 penalty per jurisdiction, choosing instead to channel these funds toward the repayment to affected customers.

This decision forms part of a broader strategy to ensure reparations are made without unduly burdening the company, thereby allowing for customer restitution.

Ongoing Legal Challenges for Abra

This settlement forms only one part of Abra’s ongoing legal challenges. The company has also settled with several state securities regulators, including those in New Mexico and Texas, over the sale of unregistered securities.

A spokesperson from Abra stated that the consent orders emerging from these negotiations would resolve all state-related issues concerning the Abra App for the period between March 2021 and June 2023.

Remarkably, since June of the previous year, over $250 million, accounting for 99% of assets held by U.S. retail customers using the Abra App, has been returned

Additionally, despite these setbacks, Abra continues to maintain a presence in the U.S. financial market through Abra Capital Management, a Securities and Exchange Commission (SEC)-registered investment advisor.

This branch allows clients to continue investing in cryptocurrencies, as well as to earn yield, stake, and borrow against their crypto holdings.

https://t.co/jpAtQ5Btq5

— Bill Barhydt (@billbarX) June 26, 2024

In an effort to reassure stakeholders and customers, CEO Bill Barhydt took to social media to affirm that Abra’s services, Abra Private and Abra Prime, remain fully operational both in the USA and internationally.

Barhydt hinted at upcoming significant announcements related to these services and encouraged those interested in crypto investments to consider Abra’s offerings. The CSBS detailed that the investigation into Abra was initially triggered by tips from state securities regulators last summer.

This collaborative effort between state financial and securities regulators underscores a growing scrutiny and coordinated approach towards regulating the burgeoning cryptocurrency market.

The post Abra Fined $82 Million for Offering Crypto Without a License appeared first on Coinfomania.

Recent transactions involving significant bitcoin amounts by the U.S. government have made waves in the digital currency markets.

On-chain analysis by Lookonchain revealed that a wallet associated with the U.S. government recently transferred approximately 3,940 bitcoins, valued at about $241 million, to the cryptocurrency exchange Coinbase.

The U.S. as a Major Bitcoin Holder

This sizable movement followed disclosures that these bitcoins had been initially seized from Banmeet Singh, an Indian national who, in 2024, was convicted of distributing controlled substances and money laundering. At the time of forfeiture, these cryptocurrencies were valued at roughly $150 million.

The U.S. is one of the largest bitcoin holders globally, possessing 213,546 bitcoins, valued over $13 billion at current market prices, as reported by Bitcoin Treasuries.

This substantial holding reflects a common practice among governments to liquidate cryptocurrencies acquired through criminal investigations or asset seizures.

US Government moved 3,940 BTC to Coinbase Prime. Source: Arkham Intelligence

A notable instance of this was in 2014 when Tim Draper, a well-known billionaire in the bitcoin community, bought nearly 30,000 bitcoins that had been seized from the Silk Road darknet market by the U.S. Marshals Service.

The recent large-scale transfer to Coinbase Prime has raised concerns among traders about the potential sale of these assets, influencing market dynamics.

Bitcoin (BTC), which had been showing signs of recovery from a previous drop associated with the Mt. Gox issue this week, experienced a downturn.

The cryptocurrency slipped below $61,000 as news of the transfer broke but has since made a slight recovery to $61,100, marking a 1% decrease over the past 24 hours. The broader market reaction also saw Ether declining by 1.6% on the same day.

Germany’s Position in Global Bitcoin Holdings

The German government has also been active in the cryptocurrency market. A wallet linked to the German Federal Criminal Police Office (BKA) was reported to have moved $24 million worth of bitcoin in two transactions to the exchanges Kraken and Coinbase during the European morning hours.

These movements are part of a larger pattern that includes a transfer of another $30 million in BTC to a new wallet, which, as of the last report, has not been identified as associated with any exchange.

In addition, the German government executed transfers amounting to $195 million in BTC to exchanges on June 19 and June 20. Germany stands as the fourth-largest sovereign holder of bitcoin in the world, trailing behind China and Great Britain, with a total of 46,359 coins.

This ranking highlights the strategic position of digital assets within national reserves, indicating the increasing integration of cryptocurrencies into the financial strategies of sovereign states.

UPDATE: German Government selling additional $24M BTCIn the past 2 hours the German Government has moved 400 BTC to exchange deposits at Kraken and Coinbase.They have also moved 500 BTC to address 139Po. We have yet to see where these funds are moved. pic.twitter.com/D6QCUv9Jgx

— Arkham (@ArkhamIntel) June 25, 2024

These government-related transactions underscore a significant trend where national entities engage actively in cryptocurrency markets, not only influencing trading patterns but also shaping the strategic reserves of digital assets.

Jameson Lopp, co-founder of Casa and a Bitcoin educator, has tracked U.S. government sales of bitcoin and found that it has seized and subsequently sold at least 195,091 bitcoins, amassing over $366 million since 2014.

This demonstrates a proactive approach by governments in managing seized assets in a way that significantly impacts the cryptocurrency ecosystem.

The ongoing activity by the U.S. and German governments in the cryptocurrency market continues to be a critical factor in the market dynamics of Bitcoin and other digital currencies.

These movements, whether for the purpose of liquidation or strategic asset reallocation, are likely to remain a significant influence, potentially guiding market sentiments and trader strategies in the ever-evolving landscape of digital finance.

The post Bitcoin Price Drops After US Transfers Seized BTC to Coinbase appeared first on Coinfomania.

Bitstamp, a leading cryptocurrency exchange, is preparing for the imminent full enforcement of Europe’s Markets in Crypto-Assets Regulation (MiCA) by announcing its decision to delist the Euro Tether (EURT), a stablecoin pegged to the euro.

This strategic move comes ahead of the MiCA regulation taking effect on June 30, underscoring Bitstamp’s commitment to full compliance with emerging European regulations.

The History and Decline of Euro Tether

Introduced to the market in November 2021, the Euro Tether was one of the initial euro-denominated stablecoins available on Bitstamp.

Despite its early adoption, EURT has seen a drastic decrease in market capitalization over the past years, plunging from a high of approximately $236 million in February 2022 to a current valuation of around $33 million, as per data from CoinGecko.

This decline in valuation is notable given that Tether, the issuer of EURT, also operates the USD Tether (USDT), which remains the largest stablecoin by market value, boasting over $110 billion.

Euro Tether (EURT) market cap visualization. Source: CoinGecko

James Sullivan, Bitstamp’s managing director for the United Kingdom, elaborated on the exchange’s proactive approach towards MiCA compliance.

He stated that Bitstamp has consistently advocated for a balanced regulatory response that both safeguards consumers and promotes the ongoing development of cryptocurrencies as a viable asset class.

Sullivan emphasized that Bitstamp’s strong foundation in compliance and security positions it well to adapt to the regulatory changes positively, ensuring minimal disruption to its customers.

He noted that the delisting of EURT would directly affect only a small percentage of their clientele, whose asset portfolios include the euro-pegged stablecoin.

Handling Other Electronic Money Tokens (EMTs)

In addition to addressing the EURT delisting, Bitstamp has provided clarity on its handling of other Electronic Money Tokens (EMTs) not denominated in euros.

These EMTs, which are already trading on the platform but do not fall under the MiCA regulation, will continue to be available, albeit with some usage restrictions specific to European customers.

Bitstamp also declared that it would neither list any new EMTs that do not meet the MiCA standards nor engage in any promotional activities for such tokens.

Contrastingly, other cryptocurrency exchanges have adopted more extensive measures in response to the MiCA regulation. For instance, Uphold, another exchange platform, chose to delist USDT along with six other stablecoins earlier on June 18, aligning its operations with the new regulatory framework.

In addition, Tether’s CEO, Paolo Ardoino, has publicly criticized the European regulation, indicating in May that the company had no intention of conforming to the MiCA guidelines.

Binance’s Adjustments for Compliance

Meanwhile, Binance, another titan in the cryptocurrency exchange arena, is also making adjustments to ensure compliance with MiCA.

The exchange has begun notifying its users in the European Economic Area about upcoming changes to their service, specifically the categorization of stablecoins into “regulated” and “unauthorized” based on their adherence to the new rules.

Binance aims to smoothly transition its users from unauthorized to regulated stablecoins, as it anticipates a growing list of MiCA-compliant stablecoins entering the market.

Binance plans to employ a “sell-only” strategy for unauthorized stablecoins through its Binance Convert function, a move designed to phase out non-compliant tokens gradually.

Source: Binance

As of now, only a select few stablecoins meet the requirements set forth by MiCA, but Binance is prepared to navigate this regulatory landscape by facilitating user transitions to compliant stablecoins.

These proactive adjustments by major exchanges like Bitstamp and Binance underscore the significant shifts within the cryptocurrency market as operators align themselves with new regulatory landscapes.

Their efforts are aimed at fostering a safer and more standardized environment for crypto asset trading across Europe, reflecting a broader movement within the financial technology sector to embrace regulatory changes that promise to enhance consumer protection and market stability.

The post Euro Tether delisted from Bitstamp due to MiCA appeared first on Coinfomania.

The Hong Kong government has shifted its focus to decentralized finance (DeFi) and metaverse technologies to strengthen its global fintech standing. 

Recent reports from the Hong Kong Institute for Monetary and Financial Research (HKIMR), the research division of the Hong Kong Academy of Finance (AoF), support this move.

The HKIMR report on DeFi notes its substantial growth, with market capitalization soaring from $6 billion in 2021 to over $80 billion in 2023. Despite this rapid expansion, DeFi currently represents only 4% of the overall crypto-asset market. The report suggests that over 70% of crypto businesses must fully explore DeFi’s possibilities.

The report acknowledges DeFi’s challenges, including governance, compliance, and vulnerabilities. Nonetheless, it remains optimistic about DeFi’s potential to introduce innovative financial services. These services can enhance automation and financial inclusion, making them a noteworthy aspect of future financial systems.

Metaverse Engagement Among Financial Institutions

The second HKIMR report focuses on the metaverse, revealing a moderate level of engagement among Hong Kong’s financial institutions. Despite interest, more than half of the respondents (51%) expressed skepticism regarding the metaverse’s future potential. However, some segments of Hong Kong’s fintech industry actively pursue developments related to the metaverse, indicating a growing recognition of its possibilities.

Hong Kong is eyeing DeFi and the metaverse for fintech expansion! Government backed studies highlight growth and innovation potential in these sectors, despite current challenges. "DeFi’s potential cannot be ignored" with its market cap soaring from $6B in 2021 to $80B in… pic.twitter.com/fgiweW4ALz

— Alex (@ChainChaserr_) June 26, 2024

Enoch Fung, CEO of the AoF and executive director of the HKIMR, commented on the synergy between emerging technologies and financial services. 

“The emerging technologies of DeFi and the metaverse, which are closely connected to the broader virtual asset and Web3 developments, will likely present various opportunities for the financial services industry in Hong Kong.”

Promoting Hong Kong in the International Tech Scene

Hong Kong’s government officials have taken steps to promote the city as a prime location for fintech and Web3 startups. Representatives attended the Collision 2024 tech conference in Toronto, showcasing Hong Kong’s readiness to serve as an offshore technology hub for Canadian crypto and Web3 businesses. The event was co-hosted by the Hong Kong Economic and Trade Office in Toronto (Toronto ETO), Invest Hong Kong (InvestHK), and StartmeupHK (SMUHK).

Despite positioning itself as a crypto-friendly hub, Hong Kong has experienced a series of crypto exchange closures. In March 2024, HKVAEX, allegedly affiliated with Binance, withdrew its license application. This was followed by the exit of IBTCEX, QuanXLab, Huobi HK, Gate.HK, OKX HK, and Bybit (Spark Fintech Limited) in May. These departures leave 17 virtual asset trading platforms on the application list, with 11 companies withdrawing or returning their license applications.

The withdrawal of license applications has raised concerns about Hong Kong’s cryptocurrency licensing system. Hong Kong Legislative Council member Wu Shuo has publicly criticized the system, arguing that it undermines market confidence. The recent closures and withdrawals have highlighted crypto businesses’ challenges in navigating Hong Kong’s regulatory landscape.

The post Hong Kong Boosts Fintech Scene with Focus on DeFi and Metaverse appeared first on Coinfomania.

Binance, a crypto exchange, has been granted a Virtual Asset Service Provider (VASP) license by Dubai’s Virtual Assets Regulatory Authority (VARA). 

Meanwhile, this license applies specifically to Binance FZE, the company’s local exchange in Dubai, marking a step in Binance’s ongoing global expansion efforts.

Residents of the United Arab Emirates using Binance will need to transition from Binance Global to Binance FZE. Binance has announced that this process will involve updating Know Your Customer (KYC) information. Users will receive an email requesting the necessary documentation, which must be submitted by December 15, 2024. This transition aims to ensure compliance with local regulations and enhance user experience.

Binance announced that it has received a Virtual Asset Service Provider (VASP) licence from Dubai’s Virtual Assets Regulatory Authority (VARA) for its local exchange in Dubai, Binance FZE. All UAE resident users will gradually be contacted via email to update their KYC…

— Wu Blockchain (@WuBlockchain) June 26, 2024

Continuity of Account Access and Credentials

Binance has assured users that the transition process will not affect their current account functionality. Users can continue to access Binance Global services until the transition deadline. After December 15, 2024, their accounts will automatically migrate to Binance FZE. Importantly, users’ unique identification numbers (UIDs), login credentials, passwords, and email addresses will remain unchanged, ensuring a smooth and uninterrupted transition.

Binance has introduced a promotional period from June to the end of October 2024 to encourage timely KYC updates. UAE residents who complete their KYC verification before October 30 will be eligible to enter a draw for a prize of 1 Bitcoin (BTC). The prize will be distributed on January 1, 2025, via the BNB Smart Chain Hash Value. This incentive underscores Binance’s commitment to facilitating a smooth user transition.

Binance FZE Services and Future Plans

Binance FZE, regulated by VARA, will offer various services, including broker-dealing, lending and borrowing, virtual asset management, and investment services. Only users who complete the KYC process during the promotional period can participate in these activities. In addition to the transition plans, Binance has announced delisting several tokens, including Shiba Inu and Chainlink, as part of its efforts to streamline the user experience on its platform.

Binance currently boasts approximately 188 million users, surpassing its competitor Coinbase, which has 108 million users. The company aims to exceed 200 million users worldwide under the leadership of CEO Richard Teng, who took over from Changpeng Zhao in November. Teng commented, 

“We’re seeing much greater institutional adoption and institutional money coming into this space … [on] much greater regulatory clarity and a lot more jurisdictions approving [digital asset] products that bring in new investor classes.”

The post Binance Secures Dubai VASP License for Local Exchange Binance FZE appeared first on Coinfomania.

Following a report by Kaiko on June 25, Bybit has overtaken Coinbase to become the world’s second-largest crypto exchange by trading volume. 

Since October, Bybit’s market share has remarkably increased from 8% to 16%, surpassing Coinbase in March. Despite improved profits and revenue, Coinbase’s market share grew by 1% during the same period.

The rapid growth of Bybit can be attributed to various factors, including competitive fees and strategic product offerings. Ben Zhou, co-founder and CEO of Bybit, emphasized the exchange’s commitment to providing low fees and a secure trading platform, stating, 

“Our commitment to providing competitive fees, a safe and secure platform, and innovative products like Unified Trading Account has resonated with our users.”

Binance’s Market Share Declines Amid Regulatory Issues

Binance, the largest crypto exchange by trading volume, has experienced a decline in market share, dropping from 60% to 54% since October. This 6% decrease is largely attributed to the exchange’s regulatory challenges. 

Source: Kaiko

In November 2023, U.S. officials announced a $4.3 billion settlement with Binance for Anti-Money Laundering violations, one of U.S. history’s most substantial criminal fines. Additionally, in June 2023, the SEC sued Binance for alleged securities violations, although no evidence of user fund misappropriation was found.

These regulatory issues have impacted Binance’s dominance in the industry, allowing competitors like Bybit to gain traction. According to Kaiko’s analysis, Bybit’s growth appears to have benefited from Binance’s regulatory troubles.

Bybit’s Moves and Competitive Edge

Bybit’s introduction of zero-fee trading for Circle’s USD (USDC) stablecoin in February 2023 has significantly boosted its market share. The exchange’s average fees are among the lowest in the industry, comparable to those of Binance and OKX. This competitive fee structure has attracted a substantial number of traders to Bybit.

The exchange has also seen a notable increase in Bitcoin (BTC) and Ethereum (ETH) trading volumes. Bybit’s market share for these assets has surged from 17% to 53% over the past year. In contrast, Binance’s BTC and ETH volumes have declined, dropping their share from 59% to 43%. Instead, Binance has seen a rise in altcoin trading, which is more susceptible to market volatility.

Bybit’s success is not limited to spot trading. The exchange has also solidified its position as the second-largest derivatives market after Binance. While Bybit’s share of open interest has remained steady since October, the first half of 2023 saw significant growth, likely influenced by Binance’s ongoing regulatory challenges.

According to Bybit’s Institutional Report 2024, global centralized cryptocurrency exchanges (CEXs) have reported substantial increases in trading volumes since late 2023. OKX reported a 278% surge in 30-day volumes since October 2023, with Binance and Bybit also experiencing major growth, at 239% and 264%, respectively. Coinbase, although showing a notable 193% increase, still trails behind the average growth rate of other major exchanges.

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Do you want to open up your crypto portfolio for new investment opportunities? A well-balanced portfolio means having a constant stream of profits despite the volatile conditions of the crypto market. 2024 is rather an exciting year for crypto enthusiasts, especially after the BTC halving event, which caused many token prices to skyrocket. 

Furthermore, many new investment opportunities have surfaced in the markets, backed by solid and futuristic technologies like Virtual Reality. This article will take you through the five best crypto to buy and add to your crypto portfolio today to reap maximum profits this year. 

5 Best Crypto Buy Now in June 2024

These are the five best crypto coins we have handpicked for our article, with a mix of promising new projects and some established players that are constantly adding new features to evolve with the market conditions:

5thScape (5SCAPE)

DarkLume (DLUME)

Litecoin (LTC)

Polygon (DOT)

Monero (XMR)

The projects we have chosen for this article currently offer the right entry point for investing in them and reaping long-term profits. Stay with us until the end of this post to learn which crypto coin shines the most out of these five!

Projects in Focus: 5SCAPE & DLUME 

1. 5thScape (5SCAPE)

The 5thScape project features a VR ecosystem with VR-compatible content in its virtual library and a set of physical VR accessories. Its online library of VR content includes thrilling games, mesmerizing movies, and educational videos that make learning more engaging. VR enthusiasts have truly fallen in love with its extensive features. 

Click Here to Visit 5thScape!!!

The project’s physical VR accessories, a VR gaming chair called SwiftScape and a high-resolution VR Ultra Headset, complete its VR ecosystem. Together, its online destination and the accessories enhance VR experiences that you can enjoy from the comfort of your living room. The project’s utility token, 5SCAPE, is the only way to access the vast library of the platform.

That is why it is a truly valuable utility token. Its future depends on the growth of VR technology in the user base, which, in turn, is captured by the 5thScape platform. Since it is currently the only online destination offering a variety of VR experiences under one roof, 5thScape is using this advantage and creating an ever-growing demand for the  5SCAPE tokens. 

Consider investing in the 5thScape presale. Get a lifetime free membership to the platform’s VR hub on any investment above $500. The offer also applies if you exchange your ETH, MATIC, or BNB tokens with 5SCAPE. 

2. DarkLume (DLUME)

DarkLume has surfaced as one of the most unique metaverse projects ever launched in the crypto world. Here, you can engage in the fun of visiting virtual countries and acquiring their virtual citizenships through the platform’s DLUME token. 

Hence, this metaverse platform doesn’t make you feel like a tourist in a random virtual space. You can become a true citizen of a country you have always loved and live like a resident. 

>>Click Here To Visit DarkLume VR

As a resident, you will also have to pay taxes in the country you reside in using the DLUME token. You can catch up with your friends or make new ones in the DarkLume platform’s open-world environment, take them to entertainment venues, and do a lot more as the platform continues to add new features. 

The DLUME token’s presale is on, and it is receiving massive support from people interested in this new way to interact digitally with friends and strangers. Participate in its presale now to be an early investor in this metaverse platform’s promising future. 

Discover Other Exciting Investment Opportunities

3. Litecoin (LTC) 

The Litecoin blockchain project is nicknamed Bitcoin’s cousin brother as they both share similar features. Blockchain developers use the Litecoin platform as their testing ground when they create new projects or upgrade existing ones before finally executing them on the Bitcoin network. 

People can use Litecoin’s native token, LTC, to pay for goods and services to sellers who accept it as a mode of payment. It is also traded on the top crypto exchange platforms and has positioned itself as the 21st-largest crypto token by market cap. 

4. Polygon (MATIC)

Polygon solves the major issue of slow transactions that many DeFi app developers face. It also costs less than the Ethereum blockchain. It acts like a separate lane alongside Ethereum, allowing for faster and cheaper transactions.

MATIC, which is the native token of the Polygon platform, is used by individuals to pay fees to interact with the Decentralized Applications built on Polygon. This token is also used for staking to earn rewards, and it also gives its holders voting rights related to the changes or upgrades on the Polygon network.

5. Monero (XMR)

Monero should simply be referred to as an anonymous mode of payment instead of a crypto token! It has a wider acceptability and features maximum privacy for its users. The project uses unique cryptographic techniques, which make all transactions made through Monero impossible to track. 

This is why many whistleblowers, journalists, and investigative agents are using this as a mode of payment to stay completely anonymous during their missions. 

Monero has also seen a quite good response to institutional adoption. Although the XMR token doesn’t have any capped supply, Monero is still one of our key picks for long-term investment due to its strong use case. 

Best Crypto To Buy: Why 5thScape’s VR Escapades Make It Shine

Every crypto project has its own uniqueness, with the background it is built upon. The five crypto projects we have listed in our article promise long-term growth and maximized profit delivery. However, out of all five, the 5thScape project takes away the spotlight as the rapidly growing Virtual Reality technology backs it. 

The VR technology is predicted to cross 435 billion in market size within the next seven years. With this growing trend of people looking for immersive entertainment options, the 5thScape project has set itself on the right track. 

Its first-mover advantage will take the platform’s native token to the greatest possible heights in no time. So, if you are yet to add this growing VR technology’s premium crypto coin, its presale is the perfect opportunity. The project is nearing its DEX listing, which will result in the cummulation of the 5SCAPE token’s presale. 

Invest before it is too late! And if you are feeling lucky, participate in its exciting contest with a $100,000 prize pool. You can win your slice of the prize if you participate at the right time. Find more details about the contest on the 5thScape official website.

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