Solana ETFs Can Overpower Bitcoin Gains If Trump Becomes President
Coinspeaker Solana ETFs Can Overpower Bitcoin Gains if Trump Becomes President
On Thursday, cryptocurrency market maker GSR published a report stating that the odds of approval of spot Solana ETF under Donald Trump’s Presidency could improve manifold times. As a result, it expects a strong rally coming in Solana if Trump resumes the office later this year. Interestingly, it expects Solana to give better returns than Bitcoin in the case of spot ETF debut.
The GSR report draws parallel to the Bitcoin price performance following the launch of spot Bitcoin ETF earlier this year in the US. Notably, Bitcoin’s price increased by 2.3 times, from $27,000 in October 2023—approximately three months before SEC approval—to around $63,000 this month. GSR primarily attributes this surge to ETF-related developments. Thus GSR highlights three scenarios for Solana’s potential price increase:
A bear case with a 1.4x price jump,
A base case with a 3.4x increase, and
A “blue sky” scenario predicting an 8.9x rise based on optimistic inflow estimates.
But GSR believes that Solana’s price surge could be even more significant than Bitcoin considering the greater utility of the Solana blockchain across a wide range of applications in DeFi and other use cases built atop the network.
“Unlike BTC, SOL is actively used for staking and within decentralized applications and as [such] the relationship between relative flows and relative size may not be linear,” GSR wrote.
GSR Ranks Solana on ‘ETF Possibility Score’
Considering two factors of “decentralization” and “potential demand”, Solana has introduced an “ETF Possibility Score” highlighting that Solana satisfies both criteria and ranks second to Ethereum. “Solana is next, should additional spot digital asset ETFs be permitted in the US,” the report ultimately concludes.
We are already seeing some early developments in the push for spot Solana ETF. On Thursday, asset management firm VanEck filed an S-1 registration form with the US Securities and Exchange Commission (SEC) for a spot Solana ETF. This was enough to push the Solana price surge into double digits moving all the way to $150.
As per GSR, the US presidential election might pave the way for more crypto ETFs like SOL. If Trump secures another presidency, he could disrupt the traditional process of launching crypto ETFs, typically involving years and the introduction of federally regulated futures contracts, a step Solana currently lacks.
BREAKING: The odds of Donald Trump winning the 2024 Presidential Election surge to a new high of 63%.
Since the debate started, odds of Trump winning the election have surged by over 10%.
Odds of President Biden winning a second term have fallen from 48% to 37%.
Markets… pic.twitter.com/Y08GWO8oZu
— The Kobeissi Letter (@KobeissiLetter) June 28, 2024
As per a recent survey, the odds of Donald Trump winning the upcoming 2024 US Presidential Elections have surged to 63%. This indicates good times for the crypto market ahead.
next
Solana ETFs Can Overpower Bitcoin Gains if Trump Becomes President
US Presidential Hopefuls Sidestep Crypto in First 2024 Debate
Coinspeaker US Presidential Hopefuls Sidestep Crypto in First 2024 Debate
In the first 2024 United States presidential debate held on June 27, crypto was notably absent from the discussion. President Joe Biden and Republican candidate Donald Trump focused on traditional policy issues, leaving the rapidly growing digital asset sector unaddressed.
The debate, which took place at 9:00 PM ET in Atlanta, Georgia, covered a range of topics including the economy, abortion, immigration, and foreign policy.
Despite the increasing relevance of the crypto industry in the global financial landscape, neither candidate mentioned it, focusing instead on their plans for the American people.
A Disappointing Surprise
This omission comes as a surprise to many in the Web3 industry who have been lobbying for greater political recognition and regulation of digital assets.
Before the 90-minute debate, during which both presidential hopefuls jested about their mental capabilities as they are the oldest candidates in US history to run for the presidency, crypto advocates had argued that cryptocurrencies and blockchain technology are essential to the future of finance and innovation.
Crypto-backed political committees collectively raised about $202.8 million from industry backers to influence the 2024 elections and ensure that the candidates have plans for the industry.
Fairshake PAC alone received a total of $177.8 million from Ripple, Coinbase and the Winklevoss brothers while Protect Progress and Defend American Jobs collectively raised $25 million for the same purpose.
They believed that crypto deserved attention at the highest levels of government, especially as the industry was one of the many talking points throughout this election cycle for both candidates and lawmakers.
Candidates’ Stances on Crypto
During one of the presidential rallies, Trump called on the members of the crypto community in the US to vote for him, promising to introduce bills to properly regulate the emerging economy.
Trump also promised supporters he would reduce the prison sentence of Ross Ulbricht, the founder of the Silk Road online marketplace, if re-elected as president. Additionally, he told supporters he would end Biden’s “war on crypto”.
To show his support for the industry, his campaign even started accepting crypto donations, allowing users to send Bitcoin (BTC), Ethereum (ETH), and other digital assets to support the race.
Unlike Trump, who has publicly endorsed and supported crypto, Biden has been more reserved towards the digital asset industry. He has stayed away from making any public statements about crypto.
His administration has been hard on the industry since he assumed office in January 2021, with plans to introduce stringent regulations to police the industry, including stopping banks from engaging with digital assets.
Recently, President Biden released his budget proposal for fiscal 2025, which covers nearly every aspect of the American economy, including crypto. The budget included proposed laws to impose taxes on crypto mining and introduce new regulations to better manage the sector.
Despite this, the White House recently announced that it would work with Congress to introduce crypto laws in the US which analysts see as progress.
next
US Presidential Hopefuls Sidestep Crypto in First 2024 Debate
SOL Jumps 6% After VanEck Files for Solana-based Fund
Coinspeaker SOL Jumps 6% after VanEck Files for Solana-based Fund
VanEck, a leading asset management firm based in New York, revealed plans to debut an exchange-traded investment product based on the price action of the Solana (SOL) token. Notably, following the filing submitted by the ETF issuer, the price of the altcoin printed its biggest rally in the past 30 days.
As per a report from Bloomberg, VanEck filed for the Solana-based investment product with the Securities and Exchange Commission (SEC) on Thursday and seeks to debut the VanEck Solana Trust. It is important to note that the new product will hold the SOL token directly, as the filing read, with VanEck being the first firm to hold an altcoin.
Notably, the status of all cryptocurrencies, other than Bitcoin (BTC), as a security or a community, is unclear. The SEC has been silent on whether it officially considers Ether (ETH), the native token of the Ethereum blockchain, as a security. However, the agency might approve S-1 filings for spot ETH ETFs by July 4, as reported earlier by Coinspeaker. It seems that the industry players have become quite optimistic regarding altcoin ETFs with the approval of spot ETH ETFs.
“Solana solidified its place in the ‘Big 3’ last year, not by virtue of its parabolic rise in price, but rather as the most utilized token in Web3,” said Rich Rosenblum, co-CEO of digital-asset firm GSR.
Interestingly, following the success of spot Bitcoin ETFs in the United States, which have total net inflows worth $14.45 billion as of June 27 as per SoSoValue, the ETF issuers are looking for ways to provide products tied to other digital assets. On the other hand, a filing does not guarantee that the SEC would approve such a product that is tied to Solana, despite SOL being the fifth largest digital asset by market capitalization.
As noted by Bloomberg, it took the SEC more than a decade to release a spot Bitcoin ETF, and if the agency even considers a SOL ETF, approval cannot be expected before 2025, said Bloomberg Intelligence analyst James Seyffart. However, the timeline of approval can be affected by the upcoming 2024 United States presidential elections.
Matthew Sigel, the head of digital-asset research at VanEck, noted in a post on social media platform X that he considers Solana to be a commodity along with Bitcoin and Ether because “it is utilized to pay for transaction fees and computational services on the blockchain” and like ETH on the Ethereum blockchain, “SOL can be traded on digital-asset platforms or used in peer-to-peer transactions”.
“SOL’s decentralized nature, high utility, and economic feasibility align with the characteristics of other established digital commodities, reinforcing our belief that SOL may be a valuable commodity with use cases for investors, builders, and entrepreneurs looking for alternatives to the duopoly app stores,” Sigel said.
SOL Price Surge
The price of the SOL token is up around 6% at the time of writing, at $144.16, and the trading volume of the altcoin is up 111.37%, at $3.11 billion with a market capitalization of $66.6 billion.
In the past seven days, SOL’s price has been up 8.41% but is down by a significant 13.52% in the past 30 days. Nevertheless, since June 2023, the price of SOL has witnessed a surge of 787.86%, and as per the data compiled by Bloomberg, the token saw a 900% surge in 2023 alone.
Notably, the cryptocurrency is 44.43% lower from its all-time high of $260.06 witnessed three years ago in November 2021. It is possible for SOL to revisit its previous highs if a spot SOL ETF is approved.
next
SOL Jumps 6% after VanEck Files for Solana-based Fund
Fuse and NexusPay Team Up to Enhance Crypto Payments for African Users
Coinspeaker Fuse and NexusPay Team Up to Enhance Crypto Payments for African Users
This partnership aims to provide seamless and efficient digital asset transactions for users in Africa.
In a statement, Fuse highlighted that the collaboration with NexusPay will leverage both companies’ strengths to address the drawbacks of traditional financial systems.
The deal will see both companies work together to provide necessary tools for users in unbanked and underbanked regions in Africa and other parts of the world to participate in the emerging economy.
Building on FuseBox Web SDK
Fuse disclosed that NexusPay was built using its FuseBox Web SDK, designed to help software developers create applications within the crypto ecosystem.
The platform focuses on making digital assets and stablecoins – cryptocurrencies designed to maintain a stable value relative to reserve assets such as the US dollar – more accessible worldwide, particularly in remote regions.
The partnership between Fuse and NexusPay is mutually beneficial. While NexusPay expands access to digital assets for all users, including those on the Fuse network, Fuse will ensure users get the best transaction fees.
As a one-stop solution for Account Abstraction (AA) apps, Fuse will also offer a seamless trading experience for saving, sending, and receiving funds globally.
“Fuse is at the forefront of finance in blockchain, and their robust platform is well-suited for innovative solutions. We are confident that partnering with Fuse is the right move to make financial services more accessible and efficient for users across Africa,” said Griffins Oduol and Nashons Agate, founders of NexusPay.
Fiat to Crypto Conversion
Additionally, users will have the opportunity to convert their fiat currencies to digital dollars (stablecoins) through the NexusPay mobile app. Both companies plan to enhance non-custodial finance, reducing costs and risks while improving transaction volume and overall user experience.
Fuse believes that by combining the strengths of both companies and leveraging their expertise, they are introducing a pathway for “effortless and inclusive crypto transfers.”
Meanwhile, Fuse has been around since 2020 and the platform significantly contributed to the development of the Web3 ecosystem. Earlier this month, Fuse secured another strategic partnership with Layer3, a blockchain identity protocol that offers users the opportunity to discover new projects and earn rewards for their on-chain activities.
Last month, Fuse also collaborated with Avail, another blockchain protocol, to transform the crypto economy with modular, scalable, and interoperable solutions.next
Fuse and NexusPay Team Up to Enhance Crypto Payments for African Users
Coinbase Strikes Back, Sues SEC and FDIC Over FOIA Violations
Coinspeaker Coinbase Strikes Back, Sues SEC and FDIC over FOIA Violations
Typically, it’s the enforcement agencies that bring legal actions to the front yard of crypto firms. However, this time, the tables have turned. Leading US-based crypto exchange Coinbase has sued the US Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC) for failing to comply with Freedom of Information Act (FOIA) requests. It seeks a court order to compel the agencies to release the requested information.
FOIA requests, under the Freedom of Information Act, are designed to allow the public access to records from federal agencies. In July 2023, Coinbase, with the help of History Associates Inc, submitted a FOIA request to the regulators, seeking their views on “Ethereum and the status of ETH”.
Blockchain software firm Consensys also raised a similar issue in its own lawsuit against the SEC in May, stating that the regulator approved a probe into “Ethereum 2.0” in March 2023 only to later drop the investigation later.
Moreover, History Associates also made FOIA requests for two closed cases: one involving Ether Delta creator Zachary Coburn and another involving startup Enigma MPC. Interestingly, both entities had settled with the regulator for alleged securities law violations.
Coinbase sought records related to any investigations on these cases. However, the SEC denied all these requests, despite the chagrin of the crypto space.
FDIC’s Denial
In November 2023, Coinbase submitted a FOIA request to the FDIC for copies of all “pause letters” sent to regulated financial institutions. These letters, sent from the FDIC’s Office of Inspector General in October 2023, urged institutions to “pause all crypto asset-related activities.”
According to the lawsuit, the regulatory body denied the FOIA request in January and again in May after History Associates appealed.
As a result, Coinbase filed two lawsuits in the US District Court for the District of Columbia on Thursday. The complaint accuses SEC and FDIC of using their regulatory powers to undermine the digital asset industry. It reads:
“For nearly two years, a wide array of federal financial regulators have used every regulatory tool at their disposal to try to cripple the digital-asset industry.”
Coinbase has a long history of fighting legal issues in the United States, being the firm crypto exchange to be publicly listed in the country. It sued the SEC back in April 2023, requesting a clear yes or no answer over requests for clear regulations for crypto. In return, the SEC filed a separate lawsuit against Coinbase, accusing the company of operating without proper registration.
The tug-of-war between the SEC and Coinbase has frustrated the community. Many states that the SEC’s approach amounts to “regulation by enforcement”. However, SEC Chair Gary Gensler maintains that most cryptocurrencies should be treated as securities and should be governed by the same laws as traditional investments.
next
Coinbase Strikes Back, Sues SEC and FDIC over FOIA Violations
Wanchain Debuts New Bridge to Connect Polkadot and Cardano Blockchains
Coinspeaker Wanchain Debuts New Bridge to Connect Polkadot and Cardano Blockchains
Wanchain, the longest running decentralized interoperability solution, introduced a new bridge to connect Cardano and the Polkadot Relay Chain. The bridge is a first, allowing two prominent non-Ethereum Virtual Machine (EVM) chains to communicate with each other and implement hassle-free transfers of DOT tokens to Cardano and vice versa.
The Polkadot-Cardano bridge is accessible through the Wanchain Bridge Web Portal. The bridge is not just a technical achievement but also a step towards encouraging the two communities to work together, said a press release.
It is important to note that both the Polkadot and Cardano blockchains operate on non-EVM frameworks, presenting unique challenges in the building of a bridge in terms of network infrastructure, consensus mechanisms, data formats, programming languages, and trust models. However, Wanchain came up with a pioneering functional solution, aiming for a more interconnected and versatile blockchain landscape. Temujin Louie, CEO of Wanchain, emphasized the importance of this development, stating:
“Polkadot and Cardano are two of the most prominent non-EVM ecosystems out there. Both tech stacks have value for Wanchain beyond this integration. We anticipate that this initial implementation will lead to further developments, such as cross-chain function calls between two non-EVM networks. The possibilities of a world where decentralized applications can span two non-EVM networks, like Polkadot and Cardano, is exciting.”
Both networks are expected to experience positive effects as a result of the new launch. Polkadot has recently announced that it has surpassed 600,000 active wallet addresses within its ecosystem, while Cardano has experienced a 40% increase in activity during the same period. The enhanced interoperability facilitated by the Wanchain bridge is expected to sustain trading activity on both networks, even amid market fluctuations.
Notably, like all of Wanchain’s solutions, the newly launched bridge is supported by unified decentralized collateral pools, maintained by Wanchain’s Bridge Nodes.
In addition to the bridge launch, Wanchain recently introduced the Convert n’ Burn program for the Wanchain Bridge. This program aims to cover the on-chain costs incurred by the bridge and create value for the entire Wanchain ecosystem.
Blockchain Interoperability Is a Must for Increased Adoption
Communication between two blockchains can be a hassle, but blockchain interoperability acts as a solution to the fragmented nature of blockchains. It allows uninterrupted communication between two networks using cross-chain protocols. Crypto enthusiasts who use dApps and DeFi protocols can benefit greatly from such bridges.
The Polkadot-Cardano bridge’s launch comes at a time when the blockchain industry is seeking robust and scalable interoperability solutions. The growth of non-EVM networks is on the rise, and as a result, the ability to interact seamlessly with each other is becoming very important.
next
Wanchain Debuts New Bridge to Connect Polkadot and Cardano Blockchains
South Korea’s Seoul High Court Rules in Favor of Fantom Foundation Over Network Development’s Own...
Coinspeaker South Korea’s Seoul High Court Rules in Favor of Fantom Foundation over Network Development’s Ownership
After years of legal battles in South Korea, the Fantom (FTM) ecosystem is free from the lawsuit shackles filed by SikSin, a food tech start-up led by CEO Byung-Ik Ahn. According to the Fantom Foundation, the Seoul High Court has dismissed all the reliefs sought by SikSin and Ahn due to lack of merit.
Additionally, the South Korean court has confirmed that the Fantom Foundation spearheaded the network’s development led by Andre Cronje and Quan Nguyen.
“The Seoul High Court’s ruling confirms what we have consistently said for years: that our own development team, initially led by Cronje and Nguyen, created the success we have today. I thank the court for their careful review of the facts and evidence in this case,” Michael Kong, CEO of Fantom, noted.
How Fantom Foundation Triumphed the Seoul Case
The Fantom Foundation has been fighting a legal battle in South Korea as SikSin and its CEO claimed over 198 million FTM tokens for the alleged development services offered.
The South Korean court concluded that SikSin and Ahn failed to design a feasible Lachesis protocol as per the initial agreement.
“The more we reviewed the materials, the more the pieces of the puzzle of Fantom’s arguments began to fall into place. We are very satisfied that the appellate court made its decision based on this completed puzzle,” Young Seok Lee and Jeong Min Lee from RosettaLegal, who represented Fantom, noted.
Market Impact
Following the Seoul High Court ruling against SikSin’s allegations, the Fantom network can now grow exponentially in the near future. Moreover, more web3 developers can build on the Fantom network without any worry of an impending legal backlash.
As of this report, the Fantom network had a total value locked of about $97 million and a stablecoins market cap of around $346 million. Some of the top web3 projects that have leveraged the Fantom network include SpookySwap, Beefy, Beethoven X, and Equalizer, among many others.
Meanwhile, FTM price bumped 3 percent in the last 24 hours to trade around $0.5854 on Thursday. The mid-cap altcoin, with a fully diluted valuation of about $1.8 billion and a daily average traded volume of around $142 million, has dropped nearly 30 percent in the last four weeks.
From a technical standpoint, FTM price against the US dollar has rebounded from the support level of around 55 cents in the last two weeks. If the midterm bulls take over, FTM price is aiming at the range between $1.27 and $1.76, which coincides with the daily 1.618 and 2.618 Fibonacci Retracement.
next
South Korea’s Seoul High Court Rules in Favor of Fantom Foundation over Network Development’s Ownership
Swiss Crypto Bank Sygnum Adds 20 New Lenders for Business Enhancements
Coinspeaker Swiss Crypto Bank Sygnum Adds 20 New Lenders for Business Enhancements
Sygnum, a multinational digital assets group with Swiss and Singaporean roots, announced today the addition of 20 new banking partners to broaden access to crypto services and enhance the company’s business operations.
In an announcement on June 27, the company said that by partnering with these lenders, Sygnum continues to expand its reach and provide more comprehensive crypto solutions to its business-to-business (B2B) customers.
Expanding the Partner Network
The new partners include PostFinance, the cantonal banks of Zug and Lucerne, VZ Depotbank, PKB, SocGen Forge, Bordier, and Bison Digital Assets. These institutions span the entire financial industry, from systemically important and cantonal banks to universal, private, and retail financial institutions.
The bank plans to utilize Sygnum’s secure infrastructure and scalable APIs to facilitate crypto transactions for its customers. Their users will have the opportunity to trade digital assets, including sending, receiving, and storing funds on a regulated platform.
“Cryptocurrencies offer an additional investment option and are here to stay. Partnering with a regulated partner like Sygnum Bank has enabled our customers to access digital assets through their primary bank securely and conveniently, 24/7,” said Alexander Thoma, senior executive at PostFinance, one of the new banking partners.
Sygnum said it currently processes up to 1,000 B2B transactions per day for its business partners, with 99% of the transactions completed within a “very short period of time”.
The company plans to continue this tradition with the newly added lenders, enabling more than a “third of the Swiss population to own digital assets with complete confidence”.
Regulatory Clarity and Expansion
Sygnum disclosed that the enhanced regulatory clarity in Europe, provided by the new Markets in Crypto-Asset Regulation (MiCAR), has facilitated the expansion of regulated digital asset solutions across the 27-member European Union.
The law was introduced to provide a clear regulatory framework for the use and application of crypto, as well as to guide service providers within the European Union to protect consumer interests. Sygnum also noted that crypto regulations in Switzerland have contributed to the increasing adoption of digital assets in the country. The laws provide legal certainty, investor protection, and a positive environment for innovation in the industry.
According to the company, last year, 21% of the Swiss population interacted with the emerging digital economy. This figure represents the highest rate in Europe and more than double the level in the United Kingdom, Germany, and France.
Sygnum explained that Switzerland’s regulatory framework permits it to act as a crypto custodian for its partner banks, managing crypto assets on behalf of their customers. The company stated that it holds these assets “off-balance sheet” to eliminate the risk of counterparty issues.
next
Swiss Crypto Bank Sygnum Adds 20 New Lenders for Business Enhancements
Tron Founder Justin Sun Dumps 173M TRX, Price Crash Ahead?
Coinspeaker Tron Founder Justin Sun Dumps 173M TRX, Price Crash Ahead?
In a major development, Tron founder Justin Sun and his team have transferred a total of 173 million TRX coins to crypto exchange Binance, as per data from Arkham Intelligence. Alongside moving $21 million worth of TRX, Justin Sun also moved 120.149 billion BitTorent (BTT), worth around $105,000, and 20.293 billion WINkLink (WIN), valued at $1.79 million, to Binance.
Following this move of huge amounts of TRX, the altcoin is facing a minor selling pressure. As of press time, Tron (TRX) is facing a minor fall of 0.86% and trading at $0.1232 with a market cap of $10.7 billion. Despite a major fall in the altcoin market over the last week, Tron’s TRX has witnessed 6% gains thereby leaving behind Avalanche (AVAX) and Shiba Inu (SHIB) to become the 11th largest cryptocurrency by market cap.
In a June 26 post on X, crypto analytics firm IntoTheBlock reported a consistent rise in the number of active addresses on the TronDAO network since the beginning of the year. The daily average of active addresses is now nearing 2.5 million, significantly outpacing other leading Layer 1 networks. This increase highlights the growing adoption and usage of the TronDAO network.
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
If the buying momentum continues, Tron buyers could be eyeing to convert the $0.127 resistance into support. If they are successful, the TRX price can rally another 12% reaching the next resistance of $0.143. However, it will be interesting to see whether the broader crypto market supports this move.
Tron (TRX) Price Breakout
On the daily time frame, the TRX price shows a bullish outlook. On the technical chart, TRX is on the verge of completing the right shoulder of the inverse head and shoulders pattern, with the pattern’s neckline at $0.13. A breakout from this neckline would confirm the upward momentum, potentially leading to a new all-time high of $0.158.
Photo: TradingView
Supporting this bullish possibility are the daily RSI and MACD readings. Both indicators show a bullish divergence aligned with the pattern. Additionally, the MACD has moved into positive territory, and the RSI is nearing the 70 mark.
On the other hand, Tron Network’s decentralized autonomous organization (DAO) TronDAO is eyeing massive revenue growth with the capability to generate $1.65 billion in fees over the next twelve months.
next
Tron Founder Justin Sun Dumps 173M TRX, Price Crash Ahead?
Bybit Becomes 2nd Largest Exchange Globally After FTX Collapse
Coinspeaker Bybit Becomes 2nd Largest Exchange Globally after FTX Collapse
Bybit, a crypto exchange based in Dubai, has become the second-largest in the world by trading volume. This growth came after the collapse of the fraudulent exchange FTX, according to Bloomberg. The meteoric rise highlights both the ongoing recovery of the crypto market and the evolving regulatory landscape.
Photo: Kaiko
Bybit’s coup comes after the exchange strategically targeted former FTX users alongside a growing user base in Europe and Russia. “When FTX collapsed, we saw the opportunity,” said Bybit co-founder and CEO Ben Zhou, referencing the downfall of Sam Bankman-Fried’s once-dominant exchange.
The exchange’s unique margin trading service that allows over 160 tokens as collateral has also driven its growth. “This was something that no one else had,” Zhou highlighted. Since October, Bybit’s market share has doubled to 16%, surpassing the US leader Coinbase in March, according to Kaiko data. Now, Bybit is second only to Binance in spot and derivatives transactions.
Bybit’s Fortunes Rebound
Bybit’s recent success reflects the overall recovery of the cryptocurrency market. Bitcoin price has doubled over the past year, driven by the introduction of dedicated US exchange-traded funds (ETFs). This recovery marks a significant rebound from the 2022 bear market and scandals, including the FTX collapse.
The crypto exchange has taken advantage of this positive trend by offering innovative features. Their cross-margin trading accounts allow users to leverage unrealized profits for new positions, appealing to traders looking for an advantage in the recovering market.
Europe remains Bybit’s largest market, accounting for 30-35% of total volume. The Commonwealth of Independent States (CIS), primarily Russia, contributes around 20%. However, Bybit faces challenges in Russia, where crypto usage is closely monitored due to potential sanctions violations related to the Ukraine war.
The exchange screens Russian clients carefully and strictly follows sanction rules. To enhance its compliance efforts, Bybit is opening an office and seeking a digital-asset license in neighboring Georgia, following a permit obtained in Kazakhstan last year.
Bybit’s Strategic Market Shift
Bybit’s growth coincides with Binance’s recent $4.3 billion settlement with US authorities for sanctions and anti-money laundering (AML) violations. This hefty fine and jail time for Binance co-founder Changpeng Zhao highlights the increasing regulatory control over the digital asset industry.
Bybit, previously known as an exchange for overseas customers, is adjusting as regulations change. Zhou notes that Europe’s new Markets in Crypto-Assets Regulation (MiCAR) limit some products, leading Bybit to seek new growth areas like Brazil, Turkey, and Africa.
The exchange is also focusing on its relationship with prime brokers, key players in crypto market liquidity by linking institutional traders with exchanges. In May, Bybit announced a “compliance review” of its prime broker interactions. “Now, if you are a prime broker, we have to know who are you dealing with,” Zhou said.
next
Bybit Becomes 2nd Largest Exchange Globally after FTX Collapse
JPMorgan analysts believe that the upcoming Bitcoin repayment plan by defunct crypto exchange Mt. Gox might exert downward pressure on the market due to anticipated sell-offs by creditors. However, a market comeback might start in August.
Mt. Gox, once the world’s largest Bitcoin exchange, collapsed in 2014 after a massive cyberattack. Under the restoration plan, it will repay creditors with 142,000 Bitcoins, worth around $9 billion at current prices. The repayments are planned to occur between July and October, although JPMorgan analysts predict that most of the distributions will take place in July.
Nikolaos Panigirtzoglou, leading the team of JPMorgan analysts, explained that the market might experience similar downside risks in July as seen with the Gemini Earn creditors’ recent liquidations. Last month, Gemini Earn creditors received $2.18 billion worth of digital assets in two installments, 97% on May 29 and the remaining 3% on June 20.
Interestingly, the repayment coincided with a significant decline in the broader crypto market since late May. During this period, Bitcoin has fallen by over 10%. This pattern indicates that some Gemini creditors, primarily retail investors, may have sold part of their assets, capitalizing on Bitcoin’s fourfold price increase since November 2022.
JPMorgan’s Bitcoin futures position indicator also backs this assumption. It indicates that recent selling activity has primarily been driven by retail investors rather than institutional ones.
According to the analysts, the upcoming Bitcoin repayments to Mt. Gox creditors in July are expected to mirror this trend. “Assuming most of the liquidations by Mt. Gox creditors take place in July, it creates a trajectory where crypto prices come under further pressure in July, but start rebounding from August onwards,” they stated.
A Sigh of Relief
On the other hand, creditors of the once-leading crypto exchange FTX are also expected to receive repayments in the coming months. Unlike Mt. Gox and Gemini, FTX creditors will receive their repayments in cash, estimated to be around $14 billion to $16 billion, following the final approval of its wind-down plan on October 7.
JPMorgan analysts suggest that these cash repayments could positively influence the crypto market, as crypto-friendly creditors are likely to reinvest their funds back into cryptocurrencies. However, they noted a potential market challenge: a three-month gap between the expected liquidations by Mt. Gox creditors in July and the anticipated reinvestments by FTX creditors in October or November.
Bitcoin is currently trading at approximately $61,150, having dropped 8% in the past week. This represents a 17% decline from its all-time high of $73,750 recorded in March this year. Meanwhile, the fear and greed index stands at 40, signifying a sense of fear in the market.
Gulf Energy Invests $271M to Boost AI Data Center Facility
Coinspeaker Gulf Energy Invests $271M to Boost AI Data Center Facility
Sarath Ratanavadi, Thailand’s second-richest person, and Gulf Energy plans to capitalize on the burgeoning market around cloud computing and Artificial Intelligence (AI). The energy billionaire seeks to enhance his holdings in data centers with a new investment.
As reported by Bloomberg, his company, Gulf Energy, together with its partners have announced an investment of 10 billion baht which is equivalent to $271 million, to expand their data center facility near Bangkok. This comes amidst increasing demand for cloud computing and AI solutions. It also follows an initial outlay on the suburban Bangkok data center.
Gulf Energy Expands to Crypto and AI
Gulf Energy Development Plc’s foray into the digital asset sector started with a partnership with a Binance subsidiary to form Gulf Binance Co. This firm later metamorphosed into Binance TH. Apparently, Gulf Energy invested in the Series Seed Preferred Stock issued by BAM Trading Services Inc, the operator of the regulated digital asset exchange. Although the exact worth of the investment was not disclosed.
Though the proposed trading platform was billed to launch in the second quarter of 2022, it was not made accessible to the public until much later. This was after it secured the necessary licenses and approvals from Thailand’s Ministry of Finance in May 2023.
With this new investment, the data center facility will see its energy consumption rise from its previously announced 25 megawatts to 50 megawatts. According to Gulf Energy Chief Financial Officer Yupapin Wangviwat, the deal is expected to be completed in March.
As a serial entrepreneur, Ratanavadi is boosting his portfolio to include virtual banking, cryptocurrency trading, and other technology businesses. Due to the excess capacity of electricity generation in Southeast Asia’s second-biggest economy, there is a rising demand for data centers. Concurrently, global tech companies are spending billions of dollars to spur cloud computing and AI services.
During a press conference in Bangkok, the energy billionaire said:
“We set the expansion of the second phase now because we expect a surge in demand for our data center services. A jump in AI adoption and cloud computing will substantially increase demand for our data center bandwidth.”
It is worth noting that Gulf Energy and Google parent company Alphabet Inc held a joint briefing recently where they discussed their cloud computing partnership in Thailand.
Malta Grabs a Piece of AI Hype
Meanwhile, many other companies are working towards claiming a slice of the ongoing AI hype. GO Plc, one of Malta’s top telecommunications companies, is looking to replace humans with AI for most of its operations. Currently, about 20% of all its marketing content is designed by AI and 30% of its codes are written using AI. This has obviously reduced the need for developers in the company.
The concerns around the use of AI tools, ranging from issues of deepfakes to AI crypto scams, have not deterred these companies from their newfound mission.
next
Gulf Energy Invests $271M to Boost AI Data Center Facility
Crypto Investors Can Lose $25B to Deep Fakes in 2024, Says Bitget
Coinspeaker Crypto Investors Can Lose $25B to Deep Fakes in 2024, Says Bitget
As per the latest report from Bitget Research, crypto investors hold the risk of losing $25 billion this year to deep fake scams and risks. As per the June 27 report, Bitget highlights a massive 245% surge in the number of deep fakes worldwide, so far in 2024.
During the first quarter of this year, China, the USA, Vietnam, Germany, Ukraine, and the UK had the most deep fakes detected. Simultaneously, the crypto industry saw a 217% jump in deep fakes in comparison to Q1 2023.
As per the research team at Bitget, this surge in deep fakes led to $6.3 billion in crypto losses during the first quarter. The crypto exchange states that these losses can further increase to $10 billion by 2025.
“Deepfakes are moving into the crypto sector in force, and there is little we can do to stop them without proper education and awareness,” Bitget CEO Gracy Chen said in a statement.
Photo: Bitget Research
The interesting thing is that deep fake fraudsters have been employing the same tactics over the years.
Most crypto losses to deep fakes occur through fake projects, phishing attacks, and Ponzi schemes, where deep fake technology is employed to deceive cryptocurrency investors. In the past two years, these methods have accounted for over half of all deep fake-related crypto losses. Bitget Research noted:
“By impersonating influential figures, these schemes create the illusion of credibility and substantial project capitalization, thereby receiving large investments from victims without thorough due diligence.”
No bonus points for guessing, deep fraudsters have been targeting MicroStrategy executive chairman Michael Saylor. Earlier this year in January, Saylor and his team managed to remove 80 artificial intelligence (AI)-generated fae videos of him.
Deep Fakes Can Contribute to 70% of Crypto Crimes
Biutget predicts that without proper combat measures in place, deep fakes can contribute to 70% of crypto crimes by 2030. Bitget Research chief analyst Ryan Lee said:
“Criminals are increasingly employing fake photos, videos, and audio to exert a stronger influence over their victims. For instance, a video impersonating someone close to the victim could be pivotal for fraudsters, whereas a fake video of an influencer might bolster investor confidence in a scam project as an ancillary tool.”
Lee identifies a significant immediate concern with deep fake technology: AI-backed voice impersonators, which enable scammers to call users pretending to be their relatives and request money. Additionally, deep fakes can be used to bypass Know Your Customer (KYC) measures, allowing unauthorized access to a user’s funds.
next
Crypto Investors Can Lose $25B to Deep Fakes in 2024, Says Bitget
Blockchain Firm Unicoin Plans to Go Public in US Market
Coinspeaker Blockchain Firm Unicoin Plans to Go Public in US Market
Unicoin, a public reporting company backed by real-world assets (RWAs) such as real estate and equity in high-growth companies, is set to become a publicly traded company in the United States.
According to a recent announcement, the company which launched its primary offer for trading in March 2024 is preparing to expand its business offerings by going public at a later date this year.
Path to Public Listing
Unicoin initially revealed its intention to go public in February 2024 when it filed with the US Securities and Exchange Commission (SEC) for approval of its planned migration.
In a recent letter to shareholders from CEO Alex Konanykhin, Unicoin said it is exploring various avenues to achieve its public listing goals, including direct listing, reverse merger, or engaging in traditional IPO.
Konanykhin said in the letter that the listing could happen through any of the listed avenues. However, he is leaning towards reverse merger which he described as the fastest way to go public.
“The market situation has indeed become favorable for crypto companies listed on major exchanges. A reverse merger. That’s the fastest way to go public and we are reviewing some NYSE and NASDAQ listed companies identified as suitable for such a merger,” he said.
Preparing for Public Debut
As part of its preparation to go public, Konanykhin told in an interview on Thursday that Unicoin is conducting a large-scale advertising campaign to increase brand awareness and attract potential investors.
“We are conducting an extensive advertising campaign ahead of our public listing to elevate the visibility and perceived value of Unicoin, promoting its unique advantages,” Konanykhin emphasized.
Upon listing, Unicoin plans to introduce its own native crypto called Unicorns for investors. These security tokens, which had been in the works 2022, as shown on the SEC’s filing will be backed by Unicoin’s real estate and equity portfolio.
However, Konanykhin clarified that the value of these digital assets will not be directly tied to the underlying assets.
“Unicoins do not represent ownership in any specific asset. Our portfolio, including real estate holdings, serves as collateral to ensure Unicoin’s potential to establish itself as a leading cryptocurrency brand and promote its unique advantages,” the firm explained
Unicorn’s Crypto Token Already Available
For now, investors can purchase Unicoins through the “swaps for real estate or other kinds of RWAs, without using any cash” features introduced by the company.
Additionally, the tokens can be acquired via the “Buy Now, Pay Later deals”, which give investors five years to pay for the purchase.
next
Blockchain Firm Unicoin Plans to Go Public in US Market
Cardano Foundation Proposes New Governance Model As ADA Drops 2%
Coinspeaker Cardano Foundation Proposes New Governance Model as ADA Drops 2%
Cardano Foundation, the non-profit organization responsible for the development and maintenance of Cardano, the blockchain network focused on scaling solutions, announced a new governance model following the Chang Hard fork, making the ecosystem more decentralized.
As per an announcement, the Cardano Foundation confirmed that the new governance model will “ensure inclusivity and diversity while providing checks and balances through delegate representatives (DReps), stake pool operators (SPOs), and a constitutional committee.”
It is important to note that during a bootstrapping phase between the Chang 1 and Chang 2 upgrades, the Foundation will create an Interim Constitutional Committee (ICC), which will have the authority to “approve protocol parameter changes independently and, together with SPOs, initiate hard forks”.
Cardano Foundation revealed that only three governance action types will be available during this bootstrapping phase, including “parameter changes, hard fork initiations, and info action”, while further adding:
“As a pioneering entity of the Cardano ecosystem, the Cardano Foundation will contribute to this bootstrapping phase in two ways, first by being an Interim Constitutional Committee (ICC) member and second by participating in the ICC election.”
The ICC will be responsible for handling the tasks associated with the Cardano ecosystem, including interpreting the Cardano Constitution, reviewing governance actions, ensuring transparency and fairness in the ecosystem, supporting initial governance structures, and guiding the transition to a fully established Constitutional Committee.
Moreover, each member of the ICC will have one vote, and the Cardano Foundation will participate in the voting process of the ICC. The candidates involved in the election were ranked based on their adherence to the Cardano Constitution, interaction with the community, expertise in the sector, commitment to development and communication, and transparency.
The ranking was as follows: The Cardano Atlantic Council, Eastern Cardano Council, Lloyd Duhon, Johnny Kelly, Cardano Japan, and Joshua Stone. The Cardano Foundation “strongly emphasized transparency throughout the process” and participated in the election using 20 million ADA tokens.
“This active involvement underscores the Foundation’s unwavering commitment to fostering a robust and transparent governance framework, ensuring the long-term success and integrity of the Cardano ecosystem,” said the announcement.
Cardano (ADA) Token’s Performance
While the Cardano ecosystem is moving towards stronger standards of decentralization, the native token of the blockchain, ADA, has shown a lackluster performance, down by almost 2% in the past 24 hours despite a 16.88% surge in the trading volume, which stands at $256 million.
The ADA token is ranked in the top 10 cryptocurrencies by market valuation, with a market capitalization of $13.6 billion. However, the price of the leading altcoin has dropped 2.67% in the past week and 17.20% in the last 30 days. Moreover, the cryptocurrency is up only 34.11% since June 2023, being outperformed by its rival Solana (SOL), which is up 730.82% since then.
Earlier this week, the blockchain network was successfully able to repel a distributed denial of service (DDoS) attack, which was part of a strategic attempt to steal the ADA tokens staked on the blockchain. The blockchain is functioning normally.
next
Cardano Foundation Proposes New Governance Model as ADA Drops 2%
14-Years Old Dormant Bitcoin Wallet Transfers 50 BTC to Binance
Coinspeaker 14-Years Old Dormant Bitcoin Wallet Transfers 50 BTC to Binance
Bitcoin (BTC) wallets are beginning to come out of dormancy amidst a significant drop in the value of the flagship cryptocurrency. Crypto analytics platform Lookonchain spotted activities from a Bitcoin miner’s wallet that have been silent for the last 14 years. This wallet was active in the Satoshi Nakamoto era, which was the early days of Bitcoin.
Bitcoin Transfer: Potential Selloff?
A few hours ago, the said wallet transferred 50 BTC to the leading cryptocurrency exchange Binance. Noteworthy, Bitcoin is currently trading at $60,761.85 with a 1.06% slump in value within the last 24 hours. By this market price, the transferred assets were worth approximately $3.03 million.
A miner wallet woke up after being dormant for 14 years and deposited 50 $BTC($3.05M) to #Binance 7 hours ago.
The miner earned 50 $BTC from mining on July 14, 2010.
The wallet owner secured 50 Bitcoins from his mining activity on July 14, 2010. This was even before the first Bitcoin halving event ever held. The Bitcoin miner mined block 67,254 and the block details include a difficulty of 45.38682234 and a transaction volume of 1,085.85 BTC across four transactions. At the time, BTC’s mining reward was around 50 units of the coin.
It is worth noting that the firstborn digital currency was barely worth a cent at the time. Precisely, its price at the time was pegged at $0.05 per coin, bringing the total worth of the 50 BTC to only $2.5. Comparing $2.5 to $3.03 million, it is obvious that the 14 years of dormancy was worth the wait after all. It could even be tagged one of the most lucrative Bitcoin HODLing endeavors in all of Bitcoin’s history.
The movement of the coins suggests a potential selloff akin to all dormant wallet addresses that suddenly come alive. These wallets and their probable selloff activities might impact the broader crypto market.
Whale Wallets Transfer Huge BTC Holdings
The Bitcoin ecosystem has seen more whale transfers in the last couple of months, raising concerns amongst crypto enthusiasts. The German government recently dumped 400 Bitcoins on Kraken and Coinbase.
These transfers were confirmed by data from blockchain analysis platform Arkham Intelligence. The 400 BTC, which was worth $24.4 million based on the cryptocurrency’s price on Tuesday. Noteworthy, this transfer came after a previous transfer of 6,500 BTC worth $425 million on June 19 and another 2,500 BTC, about $154 million from a wallet with the name, German government.
Whale Alert also spotted an unknown wallet that transferred 3,746 BTC, about $243 million, from Binance, while another unknown address transferred 1,646 BTC, approximately $107 million, from OKX to an unknown wallet.
According to Arkham Intelligence, several whale addresses were reactivated and transferred a total of $2 billion on-chain. Five wallets alone consolidated 50,000 BTC into four distinct wallet addresses.
Last month, a Bitcoin whale wallet that had stayed inactive for nine years resumed activity. From holding 1,000 Bitcoin at a value of $468,643, the wallet was worth $30.39 million, representing a 6,301.46% increase within almost nine years.
next
14-Years Old Dormant Bitcoin Wallet Transfers 50 BTC to Binance
Paradigm Launches Reth 1.0, Ethereum Client Meant to Boost Speed and Stability
Coinspeaker Paradigm Launches Reth 1.0, Ethereum Client Meant to Boost Speed and Stability
Paradigm, a crypto investment firm, has announced the official release of Reth 1.0, marking an important step in Ethereum client development. This new iteration of Reth comes after nearly two years of development and a rigorous audit conducted by Sigma Prime, a respected name in blockchain security. Reth 1.0 is a welcome addition to the growing list of Ethereum execution clients. Having a variety of execution clients is important for maintaining the network’s strength and resilience.
Key Features
Reth 1.0 places a strong emphasis on stability, a key feature essential for reliable operation. Paradigm has improved block-sealing processes to minimize delays in processing chain updates, ensuring smooth performance. Since its beta phase, Reth 1.0 has recorded zero crashes, demonstrating its suitability for continuous, high-uptime use.
To improve efficiency, Reth 1.0 has optimized resource management to prevent memory leaks and ensure steady performance on different hardware setups. Paradigm suggests using Reth 1.0 on high-performance solid-state drives (SSDs) with sufficient input/output operations per second (IOPS) or on reliable cloud platforms like Latitude’s bare metal servers.
In terms of security, Reth 1.0 has undergone rigorous testing with partners such as Sigma Prime to identify and resolve potential vulnerabilities. These steps establish a secure deployment structure, enhancing trust in Reth 1.0’s dependability and resilience for Ethereum network operations.
Reth 1.0 Versus Other Ethereum Clients
Reth 1.0 represents a significant leap in Ethereum client technology compared to traditional options like Geth and Nethermind. It syncs faster, around 50 hours from genesis to the latest block, and requires only 2.25 terabytes of storage for archive nodes, much less than its competitors.
In comparison, Geth and Nethermind require over a month for full synchronization and utilize 14.5 TB of storage. Reth 1.0 supports various Ethereum-based chains, including Ethereum mainnet, Goerli, Sepolia, and the Ethereum Foundation’s testnets.
Reth 1.0 also improves Remote Procedure Call (RPC) throughput and reduces latency, ensuring quicker transaction processing and smoother data management. With robust security measures and a focus on reliability, it aims to offer a dependable and user-friendly experience for both Ethereum users and node operators.
Invitation to Industry Players
Paradigm invites industry players to use Reth 1.0 for their Ethereum mainnet operations. The firm has encouraged professional operators to integrate Reth 1.0 into their infrastructure for cost optimization and better service performance. Stakers are also urged to diversify Ethereum clients by moving their stake to Reth 1.0, following guidelines from the Ethereum Foundation’s staking launchpad.
next
Paradigm Launches Reth 1.0, Ethereum Client Meant to Boost Speed and Stability
Rarimo’s RariMe Offers Anonymous Passport Verification for Web3
Coinspeaker Rarimo’s RariMe Offers Anonymous Passport Verification for Web3
Worldcoin may have a new competitor in privacy-focused tech company Rarimo, which just launched RariMe as an alternative app to its World ID. The app challenges the controversial identity verification methods used by platforms like Worldcoin.
Unlike Worldcoin’s iris-scanning orbs, RariMe uses smartphones to scan passports and generate zero-knowledge proofs (ZKPs) that verify a user’s identity without revealing any personal details.
RariMe Aims to Provide Proof of Identity without Sacrificing Privacy
Traditional identity frameworks rely on third-party verification of credentials. However, ZKPs offer a game-changing alternative. This technology allows users to prove certain attributes without necessarily having to disclose any personal data.
Kitty Horlick, Director of Rarimo provider Rarilabs, meanwhile, has hinted at what to expect from the RariMe app. Particularly in the area of how it fairs in comparison to other identity platforms. Her statement reads in part:
“The same way that a decentralized application (Dapp) could gate something with proof of humanity, they can now do the same with proof of citizenship, or proof of age, and simply request the proofs.”
Similarly, Rarilabs co-founder Lasha Antadze has also hailed the timing of the RariMe app launch. He noted that privacy is gradually becoming a thing of the past, particularly in online spaces. This issue is what he shared that the new app intends to address. Antadze said:
“RariMe will allow users to go incognito, interacting in a truly anonymous fashion across Web3.”
Pushing Boundaries
It might be worth noting that Rarimo is no stranger to the game of pushing boundaries. Earlier this year, the company’s tech team was behind the launch of an anonymous, blockchain-powered referendum challenging the legitimacy of Vladimir Putin’s re-election.
The first practical application of RariMe will involve the use of passport ZKs to distribute programmable airdrops to citizens of a select few countries.
RariMe’s approach comes as an irresistible alternative to identity verification methods that currently exist. By leveraging ZKPs, the app does not only provide users with the control and privacy they desire. It also provides an enabling environment for secure interactions within the fast-growing Web3 space.
next
Rarimo’s RariMe Offers Anonymous Passport Verification for Web3
Vanuatu’s Long-Awaited Crypto Bill Set for Enactment in September, Says VFSC
Coinspeaker Vanuatu’s Long-Awaited Crypto Bill Set for Enactment in September, Says VFSC
The South Pacific island of Vanuatu aims to become a prominent player in the global crypto sector with the imminent passage of a long-awaited digital asset bill. The bill is expected to be passed in September 2024, marking a significant step towards legitimizing crypto businesses and fostering economic growth within the island nation.
Attending the digital assets symposium on June 27, Branan Karae, Commissioner of the Vanuatu Financial Services Commission (VFSC), shared his positive remarks regarding bill approval in the first week of parliament.
The bill, first introduced in 2020, faced delays due to government changes but is now on track for approval. Once passed, it will create a clear system for licensing and registering Virtual Asset Service Providers (VASPs) in Vanuatu.
The regulatory framework is vital for Vanuatu to meet international standards set by the Financial Action Task Force (FATF). The FATF guidelines require countries to manage risks associated with cryptocurrency activities. Loretta Joseph, the VFSC policy consultant, stressed that no country could ignore these requirements.
Bill Enforces Stricter Crypto Oversight
The proposed bill outlines a five-tier licensing system for VASPs. It classifies service providers based on their roles, such as allowing the exchange of cryptocurrencies for fiat or offering crypto custody services. The VFSC will act as the regulatory body, overseeing VASP activities and ensuring adherence to Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) regulations.
The act grants the VFSC Commissioner authority to veto licenses and appoint inspectors to conduct compliance checks. To promote innovation, the bill includes a “Fintech Sandbox Utility”. This program allows companies applying for VASP licenses to operate without a formal license for a 12-month trial period.
Failure to comply with the act can result in hefty penalties. Individuals face fines of up to 25 million Vanuatu vatu (approximately $207.7 million) or 15 years imprisonment. Corporations risk fines exceeding $2.1 million.
Crypto Bill Propels Vanuatu Growth
Proponents of the bill believe it can be a catalyst for economic prosperity in Vanuatu:
“They’re islands, they can’t build cars, can’t build a car manufacturing unit,” explained Joseph. “These jurisdictions, which become offshore financial centers, play a very important role in economic traffic and moving money around.”
In 2022, Vanuatu’s GDP was $1.1 billion, according to the World Bank. The country mainly has an agricultural economy. However, its status as a tax haven and international financial center gives it a strong position to benefit from the cryptocurrency sector. Over 2,300 registered institutions already provide various financial services in Vanuatu.
next
Vanuatu’s Long-Awaited Crypto Bill Set for Enactment in September, Says VFSC
Political Meme Coins Face Volatility Ahead of Biden-Trump Debate
Coinspeaker Political Meme Coins Face Volatility Ahead of Biden-Trump Debate
In the lead-up to today’s highly anticipated debate between President Joe Biden and crypto-friendly Republican candidate Donald Trump, political finance (PoliFi) meme coins are experiencing notable market volatility.
These tokens, created to mirror Trump and Biden, have seen their values fluctuate significantly in the past 24 hours as investors brace for the potential impacts of the debate. According to data from CoinMarketCap, MAGA, one of the leading tokens in the category represented by the ticker TRUMP, dropped from its four-week high of nearly $12 to $8.42 as of Thursday, June 27.
The decline represents a decrease of over 35% within a one-month period and a 0.5% decline in the past day. Other tokens in this category have experienced even greater declines compared to TRUMP.
Political Meme Coins and Market Fluctuations
CoinMarketCap data shows that PoliFi tokens like Baby TRUMP, based on the Binance Smart Chain network (BSC), have shed nearly 12% of their market value in the past 24 hours.
Another token, Trump Coin (DJT), has fallen more than 17% during the same period. Furthermore, Joe Boden (BODEN) is currently trading around $0.012, showing a decrease of nearly 20%. In addition to DJT and BODEN, Maganomics (MAGA), created for entertainment in support of Trump’s economic debate, dropped over 23% in the last 24 hours.
Despite the ongoing bloodbath in the sector, not all tokens in the PoliFi category are losing value. Tokens like Solana-based Baby TRUMP have performed exceptionally well in the last 24 hours, surpassing even the likes of Bitcoin (BTC) and Ethereum (ETH).
According to CoinMarketCap, Baby TRUMP has seen a return on investment of more than 4823% for investors. The meme currently boasts a market capitalization of $5.2 million.
A Few Voters Surprises
The upcoming presidential debate, which represents the first debate of 2024 is scheduled for Thursday at 21:00 ET. The debate is poised to significantly affect the broader crypto market, with a particular emphasis on the PoliFi sector.
Several advocates within the Web3 community including Coinbase have pushed for digital assets to be a key topic in the televised presidential discussion. According to commentators, the candidates’ potential comments on the matter could introduce considerable volatility to the digital asset market.
Earlier this week, TS Lombard, a leading independent research provider renowned for its economic and political analysis said the debate is expected to bring “a few voter surprises and could potentially reshape what is currently a very close race”.
“If Biden performs poorly compared to his opponent, there will be increased pressure from major Democratic donors to consider replacing him, especially as Biden has lagged in fundraising for the second month in a row. Conversely, if Trump falters, Republicans may be concerned, but the GOP ticket is unlikely to change. Instead, Trump’s yet-to-be-announced VP pick will be under pressure to stabilize the campaign,” TS Lombard stated.
The company further explained that despite the outcome of the debate, the stakes remain high.
next
Political Meme Coins Face Volatility Ahead of Biden-Trump Debate
Explora las últimas noticias sobre criptos
⚡️ Participa en los últimos debates del mundo cripto