Bitcoin experienced a significant pullback last week.

A massive daily BTC decline coincided with last Friday’s significant ETF outflows.

Spot Bitcoin ETF experienced a daily net outflow of $237.45 million last Friday.

Bitcoin experienced a significant pullback last week, with the price returning to the $60,000 region after an impressive run that took it above $70,000. The flagship crypto’s recent decline recorded its most significant loss last Friday by losing over 6% of its value during the day’s trading session.

Among other factors, analysts observed that Friday’s decline coincided with a massive outflow in the spot Bitcoin ETF market. Onchain data revealed that the U.S. spot ETFs logged a daily net outflow of $237.45 million on Friday, representing the highest single-day outflow level in the past three months and the fourth-highest since the ETFs launched in January.

According to data from SoSoValue, a leading cryptocurrency trading data platform, Grayscale’s recently launched Bitcoin Mini Trust was one of only two ETFs to record an inflow on Friday, with a minimal $9.88 million in additional funds. The other ETF to attract new funds on Friday was BlackRock’s IBIT, with a net inflow of $43 million.

Meanwhile, massive outflows from the rest of the ETF products overshadowed the minimal gains from Grayscale’s Bitcoin Mini Trust and BlackRock’s IBIT. Fidelity’s FBTC led the wave of outflows with an $81 million withdrawal. Meanwhile, Ark Invest’s ARKB, Grayscale’s GBTC, Bitwise’s BITB, and VanEck’s HODL contributed to the over $100 million outflow on Friday. 

The massive ETF outflows contributed significantly to the recent BTC crash, introducing a fresh wave of bearish sentiment across the crypto industry. Other cryptocurrencies followed the decline, with Ethereum, the second-largest cryptocurrency by market capitalization, dropping below the $3,000 milestone. 

Other altcoins followed in Bitcoin and Ethereum’s trajectory, leading to a massive decline in the total cryptocurrency market capitalization. TradingView’s data showed the crypto market cap declined 15% last week, falling from $2.442 trillion to $2.102 trillion at the time of writing.

The post Bitcoin Crashes Alongside Massive Spot BTC ETF Outflows appeared first on Coin Edition.

Judge Analisa Torres’ final verdict will determine XRP’s next line of action.

The final decision and potential settlement present a few scenarios.

Ripple faces between $10 million and $2 billion penalty.

There is ongoing speculation about a potential settlement and the timing of the final decision on the case between Ripple and the U.S. Securities and Exchange Commission (SEC). Many analysts believe Judge Analisa Torres’ final verdict will go a long way in determining XRP’s line of action. However, the long wait appears to affect how the once-vibrant altcoin’s price is developing.

Judge Torres’ July 2023 judgment set the tone for what could be the outcome of the final decision on the protracted Ripple vs SEC case. The two-way judgment confirmed that XRP is not a security. However, the Judge faulted Ripple for violating the U.S. securities laws by selling unregistered XRP to institutional investors. 

Notably, last year’s judgment saw XRP respond with significant volatility, with the altcoin surging over 100% in one day before shedding off the gains over one month. XRP’s decline followed fears that the SEC may appeal the initial judgment and attract severe penalties for Ripple.

It is crucial to note that the awaited final decision and potential settlement present a few scenarios. Ripple faces a penalty between $10 million and $2 billion if the Judge chooses the FinTech firm’s proposal or the SEC’s opening brief. It is worth noting that the SEC’s brief also requests Judge Torres to impose an injunction on Ripple, prohibiting the firm from further XRP sales to institutional investors.

Analysts believe the SEC’s request, if granted, would adversely affect Ripple’s U.S. expansion plans, with severe implications for XRP’s price development. However, a lesser penalty would represent a positive outcome for Ripple and a bullish signal for the embattled altcoin. 

Most XRP users are watching the litigation process and expecting the final judgment between August and September. The altcoin traded for $0.5490 at the time of writing after dropping over 16% in the past five days, according to data from TradingView.

The post XRP Speculators Await Ripple Vs SEC Outcome For Next Move appeared first on Coin Edition.

Tether (USDT) reaches a record 18 million weekly transactions on EVM chains.

Tron accounts for 78% of USDT transactions and holds 84% of USDT addresses.

Tether reports $5.2 billion in profits for H1 2024, maintaining over 70% market share.

The largest stablecoin, Tether (USDT), has continued to achieve record-breaking performance this year, with over 18 million weekly transactions on Ethereum Virtual Machine (EVM) chains alone. Analytics platform IntoTheBlock highlighted this milestone in a recent update.

Notably, the graph accompanying the update shows a steady uptrend in USDT transaction counts over the years, culminating in the recent record of 18 million weekly transactions.

Furthermore, the report from IntoTheBlock revealed that a staggering 78% of these transactions are occurring on the Tron (TRX) blockchain. This makes Tron the leading platform for USDT transfers, outpacing other EVM-compatible chains.

Moreover, IntoTheBlock data revealed that there are currently 48 million addresses holding USDT across Tron’s ecosystem, with a significant 84% of them being Tron-based. As a result, the report stressed Tron’s significance as a platform for expanding USD accessibility through Tether.

Notably, USDT’s record 18 million weekly transactions this year coincide with its parent company announcing a $5.2 billion profit in the first half of 2024. Tether saw a net operating return of $1.3 billion in the second quarter of the year. Meanwhile, in Q1, they saw an unprecedented return of $4.52 amid the bull frenzy of the time.

This milestone coincides with USDT maintaining arguably the most consistent growth trajectory in the crypto space, achieving new highs in July despite a broader market downturn.

Furthermore, IntoTheBlock observed that USDT is demonstrating multifaceted growth. The largest stablecoin is not only nearing a significant milestone of $120 billion in market capitalization, but it has also achieved an all-time low in volatility throughout July. Moreover, USDT continues to dominate the market, consistently accounting for over 70% of the market share, a level it has maintained throughout 2024.

The post Tether (USDT) Breaks Records with 18M Weekly Transactions on EVM Chains led by Tron appeared first on Coin Edition.

Samson Mow thinks the main Bitcoin bull run is around the corner.

Mow blamed TradFi markets for Bitcoin’s recent decline.

Bitcoin fell 14.5% in the past week, dragging other cryptocurrencies along.

Despite the recent price crash, prominent Bitcoin personality Samson Mow thinks the main Bitcoin bull run is around the corner. In a recent post on X, the JAN3com CEO noted that the recent BTC pullback is a temporary event caused by TradFi markets and amplified by increased surface area because of ETFs.

#Bitcoin is just being dragged down temporarily by TradFi markets – amplified because of increased surface area due to ETFs. But with M2 on the rise again it feels like the main event is almost here. ♎️ pic.twitter.com/uecfBUnD5D

— Samson Mow (@Excellion) August 3, 2024

Meanwhile, Mow predicted the return of bullish Bitcoin momentum, spotting a surge in M2, which is the money supply that includes cash and checking deposits and easily convertible near money. 

Bitcoin crashed by 14.5% in the past week after a bullish run that led many crypto users to assume the bull market had resumed. BTC reversed sharply after rallying above $70,000 for the first time in six weeks. However, the flagship crypto sharply declined, dropping below $60,000 as of today, according to TradingView’s data.

Analysts attributed the recent Bitcoin crash to multiple factors, including a delay in the FOMC rate cut, massive outflows from Bitcoin ETFs, and Mt. Gox’s Bitcoin distribution to creditors. The capital wipeout is not restricted to Bitcoin but cuts across the entire cryptocurrency market. 

Ethereum, the second-largest cryptocurrency by market capitalization, crashed by 15.87% in the past week, dropping below the significant $3,000 psychological support. Several other altcoins, including memecoins, endured the massive wipeout amid a market-wide wave of liquidations.

It is worth noting that the total cryptocurrency market capitalization dropped by 15% in the past week, falling from $2.442 trillion to $2.095 trillion at the time of writing, according to data from TradingView.

Mow’s prediction reflects optimism in Bitcoin’s recovery, notwithstanding the extent of the recent crypto market decline. The market recently experienced a similar drop following the German government’s Bitcoin selloff. The exercise led to a 26.7% crypto market cap decline in June.

The post Why is BTC Crashing? Analyst Blames TradFi Markets, Predicts Imminent Rebound Soon appeared first on Coin Edition.

Shiba Inu marks its fourth anniversary with 1,401,173 SHIB Army.

Shiba Inu has recorded a 150,000,000% increase from its initial price to its ATH.

This month, SHIB has dropped over 11%, falling below key support levels.

Shiba Inu’s performance in recent weeks has been lackluster, marked by lower lows and lower highs during market recoveries. Yesterday, SHIB fell further to $0.00001381, its lowest value this month, with only a slight recovery by press time.

Meanwhile, Shiba Inu is celebrating its fourth anniversary in the crypto market this month, having launched in August 2020. The Shiba Inu team has marked this milestone, noting its remarkable performance over the years.

In a celebratory post, Shiba Inu’s content specialist Lucie highlighted the growth of the SHIB community, now boasting an army of 1,401,173 supporters. She noted the impressive wealth created in just four years, with SHIB recording an astounding 150 million percent increase from its initial price of $0.000000000056 to its all-time high of $0.00008616 in October 2021.

Notably, this growth means even a $100 investment in Shiba Inu at its lowest price could have yielded $150 million in returns. Numerous accounts exist of individuals who have made fortunes from Shiba Inu, including the most profitable trade on record, where one trader turned an $8,000 investment into $5.7 billion. This remarkable success was featured in one of Shiba Inu’s weekly publications.

The 150,000,000% growth to its all-time high has sparked discussions about Shiba Inu’s potential price performance during its birthday month.

Already, Shiba Inu has dropped by over 11% this month. Looking at historical data, Shiba Inu also ended August 2023 with a 5.44% decline. However, in August 2022 and 2021, Shiba Inu experienced notable positive gains.

An analyst identified $0.000015 as the crucial support level for Shiba Inu to defend in order to have the potential to double in price to $0.00003. However, Shiba Inu has fallen well below this support level.

Meanwhile, like in 2021, the crypto market is currently in a bullish phase. Shiba Inu could rebound significantly if Bitcoin exhibits stability.

The post Shiba Inu Birthday Month: Projections for SHIB August 2024 Performance appeared first on Coin Edition.

Amber Group addresses itself as the investor of ZKX, holding nearly 3 million ZKX tokens.

ZKX recently closed its platform, citing minimal user engagement and revenue decline.

HashKey Capital and Amber Group questioned ZKX’s abrupt closure, highlighting the significance of transparency.

Investors and market makers have responded to the abrupt closure of the Starknet-based social derivatives trading platform ZKX. In a recent X post, Amber Group, a prominent crypto company, addressed itself as an investor in ZKX, holding nearly 3 million ZKX tokens.

In light of recent developments with ZKX, while we honor our contractual confidential obligations with our clients including ZKX, we’d like to share our perspective and necessary information as an investor and market maker to promote transparency and support the community. We… https://t.co/Erx038azsH

— Amber Group (@ambergroup_io) August 3, 2024

On July 31, ZKX founder Eduard Jubany Tur announced without prior notification that the ZKX protocol was being discontinued. He pointed out several key factors that led to the platform’s shutdown. He posited that user engagement has become “minimal,” with only a few mining STRK and ZKX rewards, leading to a substantial decline in trading volume. While revenue has dipped, the platform failed to cover the essential expenses.

Important Statement 30.07.24With much regret, we have to announce the discontinuation of the ZKX protocol. Despite our best efforts, we have been unable to find an economically viable path for the protocol.(1) All markets have been delisted, positions have been closed and all…

— Eduard (@0xEduard) July 30, 2024

In response to the announcement, Amber Group criticized ZKX’s lack of communication, asserting that the protocol hasn’t notified investors about their halt. Further, the company revealed that they have been purchasing ZKX tokens even when the price declined. With a 1 million token loan and 2 million net accumulated, the platform currently holds 3 million ZKX tokens.

While questioning ZKX’s action, Amber Group reiterated the importance of commitment and transparency. They cited,

We believe transparency and accountability are fundamental to our industry and each project’s ultimate success…We believe that clear communication and transparency are essential for fostering trust and collaboration within the crypto community.

Similarly, HashKey Capital, a prominent blockchain platform, has also expressed its disappointment with ZKX’s unexpected closure. HashKey Capital argued that ZKX failed to disclose its financials, allocation of funds, and operational plans. In addition, it stated that ZKX’s lack of communication was “disappointing,” and the founder’s response to the situation was “regrettable.” 

The post Amber Group and HashKey Capital Question ZKX’s Abrupt Closure appeared first on Coin Edition.

Ripple released an exclusive webpage for its stablecoin RLUSD, which has not yet been launched.

The webpage release showcases Ripple’s efforts to establish RLUSD’s roots in the stablecoin market.

Despite the webpage release, the stablecoin’s launch date is still unrevealed.

In an astounding development, Ripple introduced a webpage exclusively for its stablecoin, RLUSD. The move highlights the company’s efforts to establish its roots in the stablecoin market.

Earlier this year, Ripple announced the launch of RLUSD on both the XRP Ledger and the Ethereum main chain. The company asserted that the stablecoin launch responded to the growing demand for stablecoins in the global market.

Ripple CEO Brad Garlinghouse revealed the stablecoin’s name during the XRP Ledger Community Summit (XRPL Apex) in Amsterdam. He exclaimed, “The name of the Ripple stablecoin [is] RLUSD; I like to call it Real USD or Ripple USD.”

‘The name of the @Ripple stablecoin, the $RLUSD, I like to call it Real USD… Ripple USD’ – Brad Garlinghouse (@bgarlinghouse) at #XRPLApex 2024 ⚡💙 pic.twitter.com/cRVsgnQLXQ

— XRP Ledger Apex (@xrplapex) June 12, 2024

In a previous interview, Reece Merrick, Ripple’s Managing Director for the Middle East and Africa, pinpointed the significance of RLUSD in the emerging stablecoin market. As per his perspective, the stablecoin market, currently valued at around $150 billion, could fly high to $2.8 trillion-$3 trillion by 2028. The launch of RLUSD aligns with this trend, placing it in the right position in the market.

The official webpage of RLUSD provides a detailed view of the vision of RLUSD. Despite the site’s release, the launch date of the stablecoin is still unknown. According to the webpage,

Ripple USD (RLUSD) is being designed to maintain a constant value of one US dollar. Issued on XRP Ledger and Ethereum blockchains, Ripple USD will be fully backed by a segregated reserve of cash and cash equivalents and redeemable 1:1 for US dollars.

Despite this strategic development, Ripple’s XRP token is trailing over a negative track, experiencing a notable decline of 3.32% in a day and a 7.72% dip in a week. However, over the past 30 days, the  XRP token has seen a significant surge of more than 21%.

The post Ripple Introduces Webpage for RLUSD: Stablecoin Launch Date Yet Unrevealed  appeared first on Coin Edition.

Genesis begins distributing approximately $4 billion in digital assets and cash to creditors.

Bitcoin creditors will receive 51.28% recoveries in-kind while Ethereum creditors receive.

The announcement coincided with a market drop, with Genesis-linked wallets moving 16,600 BTC and 166,300 ETH.

Genesis Global, a cryptocurrency lender, and its affiliated companies have completed their bankruptcy restructuring process. As a result, they have started distributing approximately $4 billion in digital assets and cash to their creditors.

According to a statement released on Friday, Bitcoin (BTC) creditors can expect to receive 51.28% recoveries on an in-kind basis, while Ethereum (ETH) creditors will receive 65.87% recoveries.

Altcoin creditors, excluding Solana, will receive an average of 87.65% recoveries, and Solana creditors will receive 29.58% recoveries. US dollar and stablecoin creditors will receive 100% recoveries in the form of US dollars.

The completion of Genesis’ restructuring marks a significant milestone in the company’s journey since filing for bankruptcy in early 2023. The crypto lender’s downfall was one of several high-profile collapses in the industry during the last bear market. This resulted in coins being trapped for users of the Gemini exchange, which had a lending program through Genesis, known as Gemini Earn.

The aftermath of Genesis’ bankruptcy was marked by a series of accusations and lawsuits between Genesis parent Digital Currency Group and Gemini, including a fraud accusation by the New York Attorney General that ultimately resulted in a $2 billion settlement.

Earlier this year, Genesis agreed to pay a $21 million fine to settle charges with the US Securities and Exchange Commission (SEC) related to an unregistered offer and sale of securities.

The Genesis distributions come on the heels of bankrupt crypto exchange Mt. Gox’s completion of its first tranche of repayments to creditors, totaling in the billions. These events mark a significant step towards resolution and recovery for creditors affected by significant crypto lender bankruptcies in the past years.Notably, the latest announcement from Genesis coincides with a massive drop in the crypto market on Friday, with Bitcoin declining to $60,000. The bearish pressure intensified as wallets linked to Genesis moved 16,600 BTC (worth $1.1 billion) and 166,300 ETH (worth $521.1 million) yesterday evening.

The post Genesis Pays Out $4B to Creditors, but Crypto Market Tanks appeared first on Coin Edition.

Solana (SOL) price crash triggered by FUD over alleged FTX holdings.

Whistleblower claimed FTX held 8% of Solana’s token supply.

SOL price down 23% in six days alongside the broader crypto market slump.

Solana (SOL) nosedived in the past week, fueled by Solana FUD (Fear, Uncertainty, and Doubt) syndrome triggered by a recent revelation linking SOL token to the now-defunct FTX exchange. This sudden reversal came after a recent rally that had seen Solana gain over 60% in less than a month.

The FUD surrounding Solana, combined with the price crash, sent panic through the crypto community. Some users fear that the FTX connection could exert further bearish pressure on SOL, potentially leading to a prolonged Solana price crash. 

Crypto analyst Mezoteric highlighted the severity of the situation on X (formerly Twitter), suggesting that the FTX-linked revelation could create a $6 billion selling pressure for Solana.

🚨 BREAKING 🚨SOLANA is dying after FTX whistleblower shows that they still hold 8% in secret wallets.This is 6 BILLION in sell pressure.This is bad. pic.twitter.com/ro5enT0Mx8

— Mezoteric (@mezoteric) August 1, 2024

Mezoteric shared excerpts from a publication highlighting an ex-FTX employee functioning as a whistleblower, revealing that the defunct exchange held 8% of Solana’s token supply. According to the publication, FTX and Alameda Research held the SOL tokens in secret wallets. It claimed such an amount represents a substantial market influence and underscores the opaque financial practices that led to FTX’s downfall.

Notably, Solana supporters responding to the post attempted to debunk the poster’s predictions, dismissing them as FUD and propaganda. One respondent stated that some of the best restructuring lawyers in the U.S. handled the FTX bankruptcy.  According to him, there is no plausible chance that FTX and Alameda could have hidden 8% of the SOL supply.

SOL crashed from a recent $193.89 high after its most significant rally in Q2 2024. The altcoin reversed amid more bullish predictions, registering six consecutive days of bearish pressure. TradingView’s data shows that SOL has lost over 23% of its value in the last six days and traded for $151.78 at the time of writing.

The post Solana’s FTX Ties Spark FUD, SOL Tanks 23% appeared first on Coin Edition.

Dogecoin analysis suggests a potential breakout despite the crypto market downturn.

Dogecoin dropped 19.25% over the past week, hitting an intraday low of $0.1086.

An analyst predicts a 72X surge for DOGE, pushing its price beyond $10.

Dogecoin (DOGE) has been a major victim of the latest bearish momentum sweeping the crypto market. The meme coin leader tanked by 9% on Friday, coming dangerously close to losing a zero as it hit $0.1086. Over the past week, DOGE has lost over 19.25% of its value.

Despite this downturn, Dogecoin may be poised for a remarkable comeback, potentially surpassing its previous highs and making the current bearish retracement an attractive opportunity for investors.

Market analyst Javon Marks, using a logarithmic chart analysis, suggests that DOGE might be on the verge of a massive breakout. He predicts a possible 72X surge, which could propel its price beyond $1. 

Over the years, $DOGE (Dogecoin)'s Log Breakouts (displayed) have ALWAYS led into massive upsides and prices of, have done so again with a break currently holding!Now, based on the previous 2 breakouts, each of these runs have consecutively gotten larger, and if we are to see… pic.twitter.com/AXljvJqtW0

— JAVON⚡️MARKS (@JavonTM1) July 31, 2024

Marks emphasized that historically, Dogecoin breakouts on logarithmic charts have consistently led to substantial gains. He pointed out that each of the past two breakouts has been progressively larger, and if this pattern continues, a Dogecoin price exceeding $10 with a greater than 7,200% bull run is conceivable.

Furthermore, analysis of different classes of Dogecoin holders over the past three months supports the outlook for a Dogecoin breakout rally. Whales, who held 42% of the supply in May, have been selling, reducing their holdings to 40.79% by August 1. In contrast, investors and retail traders have been actively buying DOGE at lower prices, increasing their holdings to 21.8% and 37.4% of the total supply, respectively.

Moreover, the number of addresses holding DOGE has grown from 6.43 million to 6.54 million during this period. Notably, the number of long-term holders has reached an all-time high of 4.26 million addresses, while the number of traders has significantly declined since February.

These findings align with expectations of an explosive breakout, as fewer traders and lower sell pressure create an opportunity for demand to push prices higher. However, the lack of significant Dogecoin whale activity could be a limiting factor for an truly explosive rally.

The post Dogecoin: A 72X Bull Run on the Horizon? Analyzing the Data appeared first on Coin Edition.

Ben Armstrong is excited over a CFTC subpoena to Hit Network.

Armstrong parted ways with Hit Network last year over a disagreement.

The CFTC subpoena covers 15 tokens, including the BEN memecoin.

Crypto influencer Ben Armstrong, who also goes by “BitBoy,” expressed excitement over a CFTC subpoena issued to Hit Network, a company he was formerly affiliated with. According to reports, the CFTC subpoenaed Hit Network, requesting details over activities related to 15 tokens, one of which is the BEN memecoin, which is affiliated with Armstrong.

Responding to inquiries about the CFTC subpoena, Armstrong claimed he had been warning people about potential issues at Hit Network for over a year but was largely ignored by the crypto community. BitBoy’s comments link to disagreements with his former partners at Hit Network. Both parties severed business relationships over a year ago.

Hit Network’s current CEO, T.J. Shedd removed Armstrong from the company in August 2023 over allegations of substance abuse. The removal triggered a disagreement between both parties, leading to Armstrong’s arrest for turning up at Shedd’s residence to reclaim a disputed Lamborghini. Armstrong later admitted to taking diet pills and steroids but denied taking hard drugs. However, he is in litigation with Hit Network over his exit from the company and the vehicle’s ownership.

The CFTC’s investigation into Hit Network aims to uncover potential crypto fraud involving 15 tokens, including the BEN memecoin, which was created by a pseudonymous influencer known as ben.eth in May 2023. The subpoena, dated July 16, seeks information about trading activities and digital wallets connected to these tokens.

Armstrong was the face of Hit Network while at the company. He regularly hosted YouTube videos, recommending tokens he claimed would enrich his audience. A pseudonymous influencer known as ben.eth created BEN, one of the listed tokens in the subpoena, on May 5, 2023.

The post BitBoy’s Former Company Hit Network Subpoenaed by CFTC appeared first on Coin Edition.

Morgan Stanley opens access to spot Bitcoin ETF trading for wealthy clients.

This move signals growing institutional interest in Bitcoin and crypto investment.

Despite recent outflows, Bitcoin ETFs remain a focal point for investors.

Morgan Stanley, a leading investment bank, has taken a significant step in acknowledging the growing demand for spot Bitcoin exchange-traded funds (ETFs). According to a CNBC report on August 2, 2024, the Wall Street giant has instructed its financial advisors to offer Bitcoin ETFs to eligible clients, signaling increased acceptance of crypto within mainstream finance.

Morgan Stanley is reportedly allowing its over 15,000 advisors to invite qualified clients to purchase shares in two spot Bitcoin ETFs—BlackRock’s iShares Bitcoin Trust (IBTC) and Fidelity’s Wise Origin Bitcoin Trust (FBTC). This strategic move, set to initiate on Wednesday, signifies a major shift in the institutional crypto investment landscape.

The launch of spot Bitcoin ETFs in January has spurred a surge in interest and adoption of Bitcoin ETF trading. This success, coupled with the recent launch of spot Ether ETFs, has fueled speculation about the expansion of the crypto ETF market, potentially including ETFs for other cryptocurrencies like Solana and XRP.

Sources familiar with the matter suggest that Morgan Stanley’s decision stems from increased client demand for Bitcoin ETF trading. While details of the policy remain undisclosed, it’s reported that only clients with a net worth of at least $1.5 million will be eligible, and investments will be limited to taxable brokerage accounts, excluding retirement accounts.Despite an initial inflow of around $50 million into Bitcoin ETFs on August 1, the funds experienced a significant outflow of $237.4 million on August 2, marking the highest single-day outflow in a month. Fidelity’s FBTC led the Bitcoin ETF outflows with $104.1 million, followed by Grayscale’s Bitcoin Trust (GBTC) with $45.9 million.

The post Morgan Stanley Bets on Bitcoin with ETF Offering for Clients appeared first on Coin Edition.

Ripple’s 500 Million XRP release raises specter of a market dump.

Whale Alert flags large XRP transfer from Binance, indicating potential bullish sentiment.

XRP price fluctuates amidst escrow release, down 5% in a week but up 18.72% in a month.

A recent XRP escrow release of 500 million tokens, worth approximately $281 million, has sparked speculation of a potential sell-off for the XRP tokens.

While some in the crypto community voiced concerns of an XRP dump, CoinMarketCap data indexed a slight price rise of nearly 2% in the past hour, in spite of a 1.2% decrease in the past 24 hours. XRP is currently trading at $0.5720.

The escrow release, which transferred the XRP tokens to an unknown wallet, was flagged by Whale Alert on social media platform X (formerly Twitter). This event is not unprecedented, as Ripple has a longstanding practice of scheduled escrow releases to manage XRP supply.

In a blog post, Ripple confirmed its plan to release 55 billion XRP tokens over 55 months. Instead of releasing the entire supply of the token at once, Ripple’s team put the 55 billion XRP in a series of escrows. 

While the gradual increase in XRP supply could lead to price dilution to maintain market capitalization, the team emphasizes that the actual amount of XRP entering circulation is likely to be less than the released amount. Any leftover XRP is placed into new escrows for future release.

Meanwhile, a separate transaction involving a transfer of over 23 million XRP, valued at $13 million, from Binance to an unknown wallet hinted that the holder is bullish in the short term and expects a price surge. As a result, the wallet transferred the XRP holdings to a hardware wallet.

🚨 23,177,727 #XRP (13,053,084 USD) transferred from #Binance to unknown wallethttps://t.co/zdfh96t2AO

— Whale Alert (@whale_alert) August 2, 2024

XRP has experienced a 5% decline in the past seven days but has seen an 18.72% increase over the past month. Despite being one of the worst-performing altcoins in the crypto market, since August 2023, with a 16.47% decline, the recent whale movements indicate that a price reversal is on the cards.

The post XRP Whale Movements Amidst 500M XRP Escrow Release appeared first on Coin Edition.

Switzerland mandates KYC for all stablecoin holders, sparking crypto community backlash.

Critics question the new law’s impact on P2P transactions and user privacy.

FINMA justifies strict KYC requirements due to money laundering and sanctions risks.

New stablecoin regulations in Switzerland, requiring Know Your Customer (KYC) verification for all holders, have drawn sharp criticism from within the crypto community. Ripple CTO David Schwartz rebuked the law as a “know your customers’ customers” regulation, emphasizing the stringent requirements on financial intermediaries involved in stablecoin transactions.

Sure, just not "know your customers' customers" regulations.

— David "JoelKatz" Schwartz (@JoelKatz) August 2, 2024

The Swiss Financial Market Supervisory Authority (FINMA) recently published the new law, mandating that the identity of all stablecoin holders be “adequately verified by the issuing institution.” FINMA views stablecoin issuers as financial intermediaries subject to anti-money laundering (AML) legislation, which necessitates KYC verification of stablecoin holders.

Notably, the new law further requires stablecoin issuers to establish the identity of beneficial stablecoin owners whenever there are doubts about any party’s identity during business transactions. It mandates the stablecoin issuer to re-establish the owners’ identity or repeat the verification process under such circumstances. 

FINMA noted that the new regulation became necessary because of the increased risk of money laundering, terrorist financing, and sanctions circumvention in the region. The regulator highlighted such issues as the elements resulting in reputational risks for the Swiss financial center.

However, some crypto community members have questioned the necessity of the new law, analyzing its potential impact on the use of stablecoins, especially in P2P transactions. In response, a user on X highlighted that scrutinizing stablecoin holders all along the transaction process could seriously hamper their use of P2P transactions.

The user noted EU regulations are more flexible, only mandating KYC verification at the issuance and redemption stages of stablecoins. Meanwhile, another user highlighted the relatively insignificant size of the Swiss stablecoin market compared to emerging markets like Turkey and Thailand, that dominate stablecoin usage.

The post Switzerland’s New Stablecoin Law: Too Much KYC? appeared first on Coin Edition.

Trump plans to use Bitcoin to reduce the $35 trillion US debt if elected in 2024.

He aims for the US to lead the global crypto space, outpacing China.

Trump slammed Biden, adding that the current president doesn’t understand crypto.

Donald Trump, the Republican candidate for the 2024 Presidential Election, sat down with FOX Business’ Maria Bartiromo to discuss cryptocurrencies, his crypto policies, and how he plans to make the United States a leader in the digital asset space. He also shared insights into how he plans to reduce the US national debt of $35 trillion using Bitcoin, the leading cryptocurrency.

In the FOX interview held in Bedminster, N.J., on Thursday, Trump emphasized his goal to put the United States in the number one spot for digital asset growth. He stated that other countries, including China, are already taking significant steps to dominate the crypto space, and that the US needs to surpass them to become the global leader.

Trump also criticized current President Joe Biden, who is not seeking a second term, asserting that Biden lacks the intellect to understand or regulate crypto. He added:

“Biden doesn’t have the intellect to shut it [crypto] down. Can you imagine this guy telling you to shut something down like that? He has no idea what the hell it [crypto] is.”

Trump highlighted that the crypto market is larger than some companies and even entire countries, stressing that the time to support the digital asset sector is now. He warned that if the US fails to embrace crypto, other countries will lead the crypto space.

Trump further outlined his plans to tackle the $35 trillion US debt. He explained how he was on track to address this issue during his previous tenure until the Covid-19 pandemic derailed his efforts. The billionaire has ambitious plans to leverage crypto to strengthen the US economy.

“But if we don’t embrace it, it’s gonna be embraced by other people…other countries will anyway. But we can be the leader, and we might as well be the leader.”

Trump also hinted that he might reduce the US debt by paying creditors in Bitcoin, further bolstering the case for Bitcoin as a store of value.

The post Trump’s Bold 2024 Vision: Bitcoin and the US Debt Solution appeared first on Coin Edition.

Ripple’s Q2 2024 report reveals increased institutional adoption despite XRP price volatility.

XRP Ledger transaction volume declined in Q2, while average transaction cost surged.

The overall crypto market experienced volatility in Q2, with Bitcoin’s price dropping below $60,000.

Following the much-anticipated launch of the first U.S. spot Ether ETFs in July, Ripple announced increased institutional adoption in Q2 of 2024. Ripple’s Q2 report shed light on the platform’s trajectory over the last quarter, covering market trends, industry and regulatory shifts, and the ongoing legal battle with the SEC.

The crypto market saw the launch of Ether ETFs on July 23, 2024, fueling the possibility of a bullish rally. Analysts interpreted this as a sign of a diversifying and maturing crypto market, predicting the launch of other major crypto ETFs, such as those of Solana. Buoyed by this positive outlook, Ripple continued to gain traction with institutional adoption in Q2.

However, the report also revealed a significant decline in transaction volume on the XRP Ledger (XRPL) during the quarter. While the average transaction cost surged by 168% to 0.00394 XRP per transaction, transaction activity dropped by 65.6%. Q2 recorded only 86.38 million transactions, a sharp decrease from the 251.39 million transactions in Q1.

The crypto market volatility was high in the second quarter, primarily due to the decline in the price of Bitcoin, the leading cryptocurrency. Factors such as the Bitcoin halving, Mt.Gox repayment, and the German government’s Bitcoin purchases contributed to Bitcoin’s price dropping below $60,000. In addition, the average trading volume of Bitcoin, Ether, and XRP fell by 20% from Q1.

Ripple’s Q2 report also celebrated the first anniversary of its favorable court ruling against the U.S. SEC. It was on July 13, 2023, Judge Analisa Torres’ ruling clarified on XRP’s token status. Also in the report, Ripple added that the platform was looking forward to the court’s final verdict on the case.

Despite the Q2 report’s release, XRP price has declined with the token down 4% in a day and 5% in a week; however, the token has shown resurgence by 17% over the last 30 days.

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Grayscale, a major crypto holder, transferred $147M in Bitcoin and Ethereum, sparking market speculation.

Massive crypto transfers raise concerns of potential sell-off or routine portfolio adjustments.

Arkham Intelligence data reveals significant Bitcoin and Ethereum movements by Grayscale.

Grayscale, known for its huge crypto holdings, moved $147 million worth of Bitcoin and Ethereum, infusing guesses on whether this is a market shakeup or just business as usual.

https://platform.arkhamintelligence.com/explorer/entity/grayscale

Arkham Intelligence data shows Grayscale moved a staggering 1,062,933 Bitcoins (worth about $68.65 million) to two new addresses. The firm also transferred 24,908 Ethereum (valued at roughly $78.36 million) to the Coinbase Prime address.

These massive moves have sparked FUD (fear, uncertainty, and doubt) and speculation among crypto investors and analysts. Grayscale’s moves, known to influence cryptocurrency prices, have the crypto market speculating whether the firm is preparing for a sell-off or simply making routine portfolio adjustments

As a major provider of crypto investment products to institutional investors, Grayscale’s actions can significantly impact market sentiment. The sheer size of these Bitcoin and Ethereum transfers naturally raises eyebrows and questions about the firm’s intentions.

Grayscale remains tight-lipped about the reasons behind the transfers. However, experts speculate that these could be standard operational procedures, such as relocating assets for improved security or preparing for upcoming transactions. 

Adding to the intrigue, Farside data revealed substantial net inflows to Grayscale Bitcoin ETFs. On August 1st, Grayscale BTC registered a substantial inflow of $191.13 million, while its GBTC recorded outflows of $71.33 million. This is significant as it offers key insights into investor sentiment and market dynamics surrounding Grayscale’s recent transfers of Bitcoin and Ethereum.

Overall, the crypto market is known for its volatility, and large-scale asset movements from industry players like Grayscale amplifies that. The recent transfers have ignited discussions on social media and among crypto analysts, with many expressing concerns about the potential effects.

While the exact implications of Grayscale’s Bitcoin and Ethereum maneuvers remain unclear, the coming days will likely reveal how the crypto market reacts to these significant developments.

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FBI warns of scammers impersonating cryptocurrency exchange employees.

Scammers use urgent messages to trick victims into revealing account information.

Report cryptocurrency scams and fake job offers to the FBI’s IC3.

The FBI issued a warning about scammers impersonating cryptocurrency exchange employees to steal funds. These scammers initiate contact with victims via unsolicited calls or messages, pretending to be exchange employees. They manufacture a sense of urgency about supposed issues with the victim’s account.

Consequently, victims are tricked into providing login information, clicking on malicious links, or sharing identification details. Once the scammers gain access to the account, they swiftly steal the cryptocurrency.

The FBI is warning of scammers impersonating cryptocurrency exchange employees to steal your money! If you have been a victim of this scam report the activity associated with it to https://t.co/eGBci0wXVk. https://t.co/ic89u4BDNM pic.twitter.com/dYVLufs0Wo

— FBI Las Vegas (@FBILasVegas) August 1, 2024

Besides the primary scam technique, scammers use various tactics to enhance their credibility. They might claim there is an urgent problem with the victim’s account or assert that someone is attempting to compromise it. To safeguard the account, they instruct victims to provide sensitive information. This method relies on creating panic and urgency, making victims more likely to comply without verifying the situation.

To protect yourself, verify any call or message about an account problem by contacting the cryptocurrency exchange directly using their official phone number. Do not respond to unsolicited messages, even if they appear official and urgent. Moreover, avoid clicking on any links or visiting websites sent by the caller.

Furthermore, navigate to the official website of the cryptocurrency exchange separately to ensure safety. If anyone asks for your account login information, do not provide it under any circumstances. Be cautious of unsolicited messages that include links, downloads, or attachments.

Moreover, be wary of services that claim they can recover lost cryptocurrency funds. These services are often scams themselves. For more information on recovery schemes, refer to the prior IC3 PSA Alert Number I-081123-PSA.

The FBI urges individuals who encounter suspicious activity to report it to the FBI Internet Crime Complaint Center (IC3) at www.ic3.gov. Detailed transaction information related to the scam can significantly aid investigations. Refer to the IC3 PSA Alert Number I-082423-PSA for guidance on the information to provide.

Nonetheless, on June 6, the FBI detected a rise in scam advertisements for fake work-from-home jobs. These scams often use a fake interface to trick users into thinking they are earning money. Scammers then ask users to make cryptocurrency payments to unlock more job opportunities. However, the earnings are not real, and the cryptocurrency goes directly to the scammers. This leads to victims losing their money with no chance of recovering it.

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Bitcoin long-term holders control 45% of the network’s wealth, a historically high level.

Mt. Gox creditor distributions have not significantly impacted Bitcoin’s market resilience. 

HODLing behavior is on the rise, with more coins maturing into long-term holder status.

Recent analysis of Bitcoin market dynamics reveals a significant trend among long-term holders (LTHs). As of July 26, 2023, LTHs control approximately 45% of the network’s Bitcoin wealth. This level is relatively high compared to historical macro cycle tops. This trend suggests that these investors are patiently HODLing their coins, waiting for higher prices before selling.

The Mt. Gox creditor distribution has been a major event for the Bitcoin industry. After a prolonged legal process, creditors are finally receiving Bitcoin from the infamous exchange hack. Out of the 142,000 BTC recovered, 59,000 BTC have been distributed via Kraken and Bitstamp. Despite this large distribution, the Bitcoin market has shown resilience. The sell-side pressure remains within typical ranges, indicating that many creditors might still be HODLing their coins.

A comparison of large entity sell-side volumes shows that Mt. Gox distributions are larger than ETF inflows, miner issuance, and government sell-offs. The German government sold over 48,000 BTC in one month, but the market absorbed this supply and rallied. This resilience suggests strong demand and an inclination towards HODLing among creditors.

The Realized Cap HODL Wave metric shows that the wealth held by new investors is declining. This shift indicates a return to HODLing behavior and a slowdown in new demand since the $73,000 all-time high (ATH). Investors who acquired coins earlier in the year are HODLing them, causing these coins to mature into senior age bands.

An analysis of long-term and short-term holders reveals a divergence. The supply held by long-term holders is increasing, while that held by short-term holders is declining. Coins acquired before late February 2024, when the Bitcoin price was around $51,000, are now moving into LTH status. This trend is likely to continue, with more coins transitioning into the LTH category.

The LTH Binary Spending Indicator shows that distribution pressure from long-term holders is light and declining. This supports the thesis that the Bitcoin supply is dominated by high-conviction, long-term investors. These investors prefer to HODL their coins, waiting for market strength before considering any significant sell-off.

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Montenegro approves Do Kwon’s extradition to South Korea over Terraform Labs’ collapse.

Court rejects U.S. extradition request in high-profile cryptocurrency fraud case.

Do Kwon to face South Korean justice for TerraUSD collapse and alleged securities scam.

Bloomberg reports that the Montenegro Appellate Court has approved the extradition of Do Kwon, the co-founder of Terraform Labs, to South Korea to face charges related to the TerraUSD collapse. This ruling, announced on August 1, rejects a competing request from the United States. Consequently, Kwon will face legal proceedings in his home country rather than in the U.S.

The court’s decision follows a series of legal challenges. Earlier, Montenegro’s Supreme Court had overturned a prior decision approving Kwon’s extradition to South Korea. The case was referred back to the Higher Court in Podgorica. This sparked a protracted legal battle between South Korea and the U.S., each vying for jurisdiction over the high-profile cryptocurrency fraud case.

SEC vs Terraform Labs: Montenegro Appeals Court Halts Do Kwon’s Extradition for Retrialhttps://t.co/fk3qFYAVbp

— John Morgan (@johnmorganFL) May 25, 2024

The Podgorica-based appellate court confirmed the extradition ruling as final, upholding a fast-track extradition procedure set by an earlier ruling. Therefore, there will be no further appeals against this decision.

Following the court’s decision, Goran Rodic, Kwon’s lawyer, indicated that Montenegro will coordinate the extradition with Interpol. Consequently, he anticipates a swift extradition process. Kwon was detained at Podgorica airport on March 23, 2023, while attempting to travel to Dubai using a fake passport. He served a four-month sentence for forgery and has since been held in a detention center near Podgorica.

A man believed to be crypto fugitive Do Kwon, creator of the failed TerraUSD stablecoin, has been arrested in Montenegro. The person was detained at Podgorica airport with falsified documents.Do Kwon is wanted by authorities in multiple countries. More: https://t.co/svN17uioy1 pic.twitter.com/2B2e79lZC7

— Bloomberg Crypto (@crypto) March 23, 2023

Notably, Kwon is wanted in both South Korea and the United States for his alleged role in a major securities scam connected to the TerraUSD collapse. Terraform Labs, the startup he co-founded, created the TerraUSD stablecoin, which blew up in May 2022, rattling the crypto market.

The Montenegrin courts have faced conflicting demands from the U.S. and South Korea since Kwon’s arrest. However, the recent appellate court decision marks a significant development in resolving his extradition saga.

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