The post "Tether to Discontinue Support for USDT on EOS and Algorand" first appeared on 36crypto.com News.
Tether Inc, the issuer of the largest stablecoin by volume, USDT, has announced that it will cease issuing the stablecoin on the EOS and Algorand blockchain. This development is part of a broader strategy taken by the company to maintain a robust and innovative blockchain ecosystem.
Tether keeps to this standard by continually assessing the current transport layers, in a bid to strike a balance between maintainability, usage, and community interest. After checking these factors, the crypto firm has resolved to discontinue its services on the aforementioned blockchain effective immediately.
EOS and Algorand Did Not Meet Tether Security Assessment
According to the released statement, Tether considers the interest of the crypto community, stressing that it plays an important role in choosing specific blockchains for USDT. Tether evaluates factors like the network’s security architecture to guarantee the safety, usability, and sustainability of the blockchain before integration. However, after careful assessment, the company has decided to cease support for EOS and Algorand blockchains.
Per the statement, Tether will stop minting USDT on the aforementioned blockchain effective June 24. Additionally, Tether has assured the public that it will continue redeeming USDT on EOS and Algorand till June 2025.
"Tether will continue to redeem USD₮ on EOS and Algorand as usual for the next 12 months. Further changes may be evaluated and announced around that time," the statement reads.
The company promised to continue supporting protocols and blockchains that the community finds useful. #USDT users who use the affected platforms are assured of a smooth transition with minimal disruptions. Tether maintains that its goal is to deliver a good user experience, emphasizing its commitment to facilitating a seamless transition.
With a reserve amount of $18 trillion, there is only $17 million USDT among 39,000 investors in Algorand, based on on-chain data. There are 32,000 holders of $85 million USDT coins on EOS. These figures are incredibly low for the $112 billion market cap token when compared to other chains.
Following this removal, USDT is now available on the following blockchains; Avalanche, Celo, Kava (Cosmos), Ethereum, Liquid Network, NEAR, Polkadot, Solana, Tezos, TON, and Tron. Notably, Ethereum and Tron hold the major supply of the stablecoin.
#MtGoxJulyRepayments #CryptoPCEWatch #MicroStrategу #BinanceTournament

The post "Over 85 Million XRP Moved To and From CEXs Amid Price Drop, What is Happening?" first appeared on 36crypto.com News.
XRP, the fifth-largest cryptocurrency by market cap, has made headlines again this week after a substantial amount of the coins, up to the tune of 85 million were reportedly shifted between centralized cryptocurrency exchanges. Interestingly, this comes amid a significant decline in the price of the asset today, June 24. Consequently, this has raised concerns about the XRP future price projection, as investors continue to hope for a rally above the $0.5 mark. The global crypto market is currently experiencing a downtrend, with the majority of the coins trading in the red zone according to the crypto heat map.
Whales Move Over 85 Million XRP Across CEXs
According to recent data shared by WhaleAlert, a popular crypto large transaction tracker, three significant XRP transactions were spotted over the last 24 hours. Each of these transactions carried at least 26 million coins. Per the data, the first transaction happened approximately 18 hours ago from the time of writing, shifting exactly 30,820,000 (30.8 million) XRP coins from a wallet labeled "unknown" to the Luxebourg-based crypto exchange, Bitstamp.
The value of this transfer was approximately $14.9 million. However, upon further check, it was revealed that the entity behind this transaction was the renowned wallet 'r4wf7...4Rzn' known to move millions of XRP to Bitstamp and Bitso exchanges.

Source: WhaleAlert
Over the past months, this whale has transferred staggering amounts of XRP to and from the aforementioned exchanges. While many speculate that the whale is associated with the issuing company Ripple, others say that it might be a large investor selling off his holdings.
Following this, another transaction carrying 26,234,427 XRP (worth $12.4 million) from Binance, the world's largest cryptocurrency exchange by trade volume, to an unidentified wallet was spotted. Shortly after, the same whale moved another 28,218,783 XRP (valued at $13.5 million) to another anonymous wallet.
Importantly, when cryptocurrencies of such amounts are moved to a crypto exchange, it is generally seen as a sell-off, however, when they are transferred from a crypto exchange to a wallet, it is often interpreted as accumulations, signaling confidence in the future outlook of the project. While the reasons behind the transfer are unknown, it is sure to have caught the interest of market participants.
XRP Price Declines Amid Whale Movements
Meanwhile, the price of XRP has exhibited consolidation over the last month, trading within a certain range. According to data from Coinstats, the XRP is currently trading at $0.481, signifying a 0.69% drop in the last 24 hours. While the price of the asset is taking a nosedive, the trading volume over the last day has surged significantly. Per the data, XRP's 24-hour trading volume has skyrocketed by 178.74% to $1.09 billion.

Additionally, #XRP has been trading between the lows and highs of $0.4682 and $0.4842 in the last 24 hours, and between $0.4702 and $0.5174 in the last 30 days. This price represents an 85.9% decrease from its all-time high of $3.40 attained on January 7, 2018. Lastly, the derivatives volume increased by 364.09% to $1 billion, and XRP's futures open interest (OI) surged by 3.26% to $575.95 million.

The post "Metaplanet Inc. Announces Major Bitcoin Purchase Through Bond Issuance" first appeared on 36crypto.com News.
Japanese investment firm Metaplanet Inc. saw a significant rise in its stock price, jumping over 12% on Monday morning. This surge resulted from the company’s revelation that its board of directors has endorsed a decision to buy one billion yen worth of bitcoins, or approximately $6.26 million. The funds for this acquisition will be generated via an upcoming bond offer to be floated soon.
On Monday, the Tokyo-listed company announced its intention to purchase more Bitcoins through a statement. This will be done through the public offering of a second series of guaranteed ordinary bonds. The 1 billion yen bonds will also be registered, with interest at the rate of 0. 5%, and will mature on June 25, 2025. The bonds are due for payment on June 26, 2024. Buying Bitcoin will use the funds that will be raised through the public, said Metaplanet.
Stock Surge and Previous Bitcoin Investments
Google Finance said Metaplanet’s stock surged approximately 12.2% in the morning session. This recent move to issue bonds for #bitcoin purchases follows the company’s acquisition of an additional 250 million yen earlier this month. The firm said it had about 141.07 BTC on June 11 after releasing its first-quarter earnings report. Data from Bitcointreasuries also confirms that Metaplanet had bought bitcoin on April 23, May 10, and June 11.
The economic conditions in Japan led the company to navigate its strategic management by using Bitcoin as a treasury reserve asset. So, in May, Metaplanet officially declared the company’s treasury management strategy change.
Purchasing Prospective and Key Strategies
The actions of Metaplanet can be seen as an indication of an increasing trend of using cryptocurrencies as part of various companies' treasury reserves. Some companies like Metaplanet consider it possible to use bonds to obtain capital to invest in bitcoins, specifically to purchase bitcoin with the hope of long-term profitability of digital currencies.
To sum up, it is rather sensible to consider Metaplanet Inc.’s idea to use bond issuance to acquire bitcoins - evidence of the new efficiencies in corporate finance approaches. The latest bond offering immediately followed by buying bitcoins shows that Metaplanet is not averse to experimenting with its financial aspects.

The post "The Future of Money: Insights from Coinbase Latest Report" first appeared on 36crypto.com News.
"Crypto is the future of money," Coinbase emphasizes in its latest report, “The State of Crypto”. It notes that during the first quarter of 2024, Fortune 100 companies announced a record number of blockchain and Web3 initiatives. However, the biggest obstacle for them was the lack of reliable specialists and the necessary skills. In addition to this, the declining share of American crypto developers further aggravates the situation. Currently, only one out of four developers is from the United States, which is 14% less than in the last five years. But despite this, interest in blockchain technology remains high.
Crypto Helps to Update the Financial System
#Coinbase draws attention to a significant reduction in the number of crypto developers in the United States. Executives of Fortune 500 companies are concerned about the lack of reliable specialists, seeing this as a bigger obstacle to the introduction of cryptocurrencies than regulatory issues.
At the same time, small businesses are interested in finding cryptocurrency-savvy candidates for future positions in technical, financial, and legal departments. About 68% of respondents believe that blockchain and cryptocurrencies can solve financial problems such as processing time and transaction fees.
“The market infrastructure on which we have been issuing, trading, and wrapping assets into portfolios is 50 years old... What we are starting to see with blockchain technologies is that there are ways to improve that tremendously. There are ways to cut processing times, get more real-time information, and enable 24/7/365 trading because we live in a global world where our businesses operate around the clock.” said Sandy Kaull, Franklin Templeton’s head of digital assets.
Volodymyr Nosov, CEO of WhiteBIT, shares similar views, noting: "Despite the volatility, Bitcoin is gold for the new generation. Young investors won't invest in gold, they believe in the digital age [...] Blockchain is the future that needs to be understood."
Coinbase notes that recent years have been a period of experimentation with on-chain, but technology and financial companies have found the best formula between product and market. In the first quarter, these two sectors accounted for 8 out of 10 on-chain initiatives, which shows an upward trend compared to 2023, when they accounted for almost 6 out of 10. 
In addition, interest in using on-chain technology for customer transactions extends not only to financial companies, but also to the retail, healthcare, and consumer goods industries. These include:
Exploring crypto as a form of payment for remote or global regionImplementing play-to-earn mechanics to enhance the video game experienceLetting healthcare patients and customers use digital wallets to pay for products and serviceAccepting healthcare donations in cryptoBlockchain- and NFT-based restaurant loyalty programs
Rising Interest in Using Stablecoins
After that, Coinbase analyzes how #Stablecoins are gradually beginning to play an increasingly important role in the global economy. In the first quarter of 2024, the daily volume of stablecoin transactions broke records and reached $150 billion. 
Stablecoins mitigate the volatility of popular cryptocurrencies such as Bitcoin, making them more suitable for daily transactions. They are widely used for cross-border payments and trading in other cryptocurrencies.
More than 50% of the surveyed companies noted that the introduction of stablecoins could open up new business opportunities. The relative stability of the stablecoins makes them attractive for companies seeking to avoid the fluctuations typical of other cryptocurrencies. Another reason for the attractiveness of stablecoins is low transaction fees and faster processing times.
Pegah Soltani, Head of Payment Products at Ripple, similarly spoke about cross-border payments worldwide. She explained that payment standards vary greatly from country to country. For example, using SWIFT or TIPS in Europe and FedNow in the US requires different protocols, limiting data quality and detail.
As a result, these systems operate as closed networks that interact inefficiently with each other, requiring significant manual intervention and ultimately leading to an unsatisfactory payment experience.
According to Coinbase, the efficiency and cost-effectiveness of cryptocurrency transactions are compelling arguments in favor of their implementation. In addition, 76% of small businesses express interest in cryptocurrency's potential benefits, indicating a broad willingness to explore these technologies.
Compass Coffee, mentioned by Coinbase in its report, is already actively implementing payments in stablecoins. With many customers switching from cash to cards, the company said it was tired of paying high transaction fees, funds that could be reinvested in the business. That is why it started offering stablecoins as an alternative payment method.
“Accepting crypto payments could be transformational for our business. 
 We hope to help transform retail experiences by accepting USDC” said Michael Haft, Compass Coffee Founder and CEO
Summary
Coinbase's State of Crypto report emphasizes the importance of cryptocurrencies as the future of money. The first quarter of 2024 showed a significant increase in blockchain and Web3 initiatives among Fortune 100 companies, despite the lack of qualified specialists and the decline in the share of American crypto developers. However, despite these challenges, interest in blockchain technology remains high.

#Microstrategy #CertiKvsKraken #BinanceTournament

The post "Martin Shkreli Allegedly Violates Parole Terms by Creating Cryptocurrency Token" first appeared on 36crypto.com News.
A popular crypto influencer, Adam Cochran, recently tweeted that Martin Shkreli, nicknamed "Pharma Bro," violated his parole terms by creating tokens. Cochran also provided information about the terms given to Shkreli, which state that one cannot be self-employed dealing with clients' money or funds.
The fuss is caused by the Solana-based token known as DJT, short for DJ Tucker. Instead, the crypto community suggested that Erapla had affiliations with Donald Trump, specifically his son. However, the guessing ended after Shkreli took to the media, claiming ownership of the token after being presented with a bounty of $150,000 by Arkham Intelligence, who was willing to award any person who could prove they were behind the making of the token.
Shkreli had been convicted of securities fraud and conspiracy in 2017 and was sent to prison for seven years in 2018. In 2022, he got a three-year parole, and he was later moved to community confinement. Crypto analyst ZachXBT explained Shkreli's involvement in the #DJT token. The South African citizen was fired after six weeks, and the former stock trader, Steve Madden, returned to the company.
Shkreli Allegedly Violated Parole
In his post, ZachXBT explained that he took the bait offered by Arkham Intelligence, and STM's bounty had Shkreli panic in a direct message to him that he has 'over 1,000 proofs on the creation of DJT token'. After that, Shkreli opened a space on X, saying that he had issued it with the help of Barron Trump. He said this, uncertain whether the Trump family would support his testimony.
Nevertheless, Cochrn's focus on the legal consequences of Shkreli's deeds captured everyone's attention. The court barred Shkreli from being involved in any form of financial activity and, therefore, the funding source for the DJT coin, which had a reported link with Shkreli's offshore Kucoin account. Cochran said these things about Barron: "So either he went to jail for fraud, or he sought out an investment deal for Barron and then went to jail for violating his parole."
The revelation has elicited much debate among cryptograph users and the public domain. This explains that if Shkreli is found to have violated the parole conditions aimed at any business involvement after the fraud conviction, he is subject to legal repercussions.
All in all, Shkreli's creation of the DJT token raises a set of legal concerns. The case illustrates the continued watch placed on those who have committed offenses related to financial fraud and their plans for engaging in cryptocurrencies.

The post "XRP Community Outraged Over SEC's Favoritism Towards Ethereum" first appeared on 36crypto.com News.
The #XRP community is expressing outrage over what they perceive as the SEC's favoritism towards Ethereum, sparking calls for legal action. Such controversy arose due to the recent act of the SEC to dismiss the suit that challenged the security aspect of Ethereum in parallel with approving a physical Ether-based ETF. This action has raised a bitter comparison with the ongoing legal struggle that Ripple has against the US SEC, increasing claims of regulatory duality.
Some members have especially criticized Bill Morgan, who actively engages in the XRP community and has expressed most of the perceived Helium favoritism. This is further evidenced by the fact that Ethereum was only given a "second pass" nearly half a decade later from the famous Hinman speech at the SEC while not being a security.
XRP Supporters Demand Performance Improvements Now
This has angered XRP supporters, who have demanded improvements in its performance. As the pseudonymous analyst @digitalassetbuy has said, the SEC's actions are criminal, and #Ripple must sue the SEC and its bosses, Brad Garlinghouse and Chris Larsen; the controversy is called "ETHGATE." As a result, the analyst pointed out that Ripple has spent more than $100 million on issues with the SEC during the past three years, while Ethereum has not.
One analyst was struck that the SEC felt compelled to write a letter to ConsenSys if #Ethereum is decentralized. Morgan fired back and declared, "A decentralization factor is also a made-up concept; no one has explained how it applies or why it inherently gets a token, more or less a security or commodity; it is a catch-all phrase that just attempts to argue a token can somehow instantly become a commodity if it falls outside of the SEC's grasp.
Speculations on the SEC's approach to future listings and its inconsistent treatment of cryptocurrencies have kept the topic hot in the crypto community. The XRP community's demand for legal action against such market manipulations and the constant changes in cryptocurrency markets demonstrate that all these have deeper concerns about legal regulation and the legal developments underlying the issue.

The post "Convex Finance (CVX) Price Surges Over 100% Amid Record-Breaking Trading Volumes" first appeared on 36crypto.com News.
#ConvexFinance (CVX) has experienced a remarkable price surge, increasing by over 100% within 24 hours. This has been synchronized with the Record Trading Volumes across the world's top cryptocurrency trading platforms.
On June 16, the post of crypto analyst Wu Blockchain, CVX/USDT spot trading had a new daily record trading volume of nearly $32 million on Binance. Bybit also recorded significant activity, with CVX USDT perpetual contract trading volume hitting $120 million.

This surge in CVX's price follows insights from crypto investor CrediBULL Crypto, who shared their journey with Convex Finance. The said investor began to acquire the CVX in early 2021 at roughly $5. Thanks to the bi-weekly "bribes or incentives' represented by high APR, which has attracted people to start staking in CVX as the holders are rewarded bi-weekly, Many CVX holders have been able to recover their initial investment within a year. These incentives offered practically 30% APR and increased with it as the price rose, allowing the investor to get back the funded amount in a shorter time than calculated.
Although already having gone high up to $60, #CVX had a decrease and settled at $2; thus, taking advantage of this situation, the investor decided to triple his position in the company and bought it at $ 2 to achieve the targeted position. Since the APR is still approximately 25%, the investor hopes to recoup their investment within the next five calendar years while holding much more of it as they patiently await higher new record highs to reap future gains.
Renewed Interest in Convex Finance Amidst DeFi Growth
Long-term investors' trading activity and opinion towards Convex Finance demonstrate interest in the digital asset. The advancement comes when increasing emphasis is on yield amplifiers and DeFi platforms.

Convex Finance (CVX) currently trades at $4.03, with a 24-hour trading volume of $174,861,508.83. The digital asset has increased 82.40% in the last 24 hours and 68.87% over the past seven days. The rising price of CVX and trading volume signal the community's desire to invest more in DeFi solutions. New-generation platforms like Convex Finance can benefit genuine investors seeking significant returns. This increasing attention on DeFi is evident, as this sector can revolutionize the present financial services businesses and deliver yield-generation options.

Convex Finance's recent performance reflects a broader trend within the cryptocurrency market, emphasizing the importance of DeFi platforms. CVX's potential for future growth remains strong as it attracts significant trading volumes and investor interest.

The post "Michael Saylor Reacts to Bitcoin Dropping Below $67,000 by Sharing Crucial Advice" first appeared on 36crypto.com News.
Michael Saylor, a distinguished #Bitcoin advocate, shared some recommendations with the Bitcoin community about when BTC sank below $67,000 at the start of the weekend. Michael Saylor, a man who doesn't need much introduction, is a co-founder of MicroStrategy – the most prominent company to have embraced Bitcoin as a strategic asset, alongside being an active Bitcoin proponent both on traditional media and on the X social media network (formerly known as Twitter), has some words of wisdom to those who, despite the $67,000 dip, still hold Bitcoin. This is also meant for those relatively fresh to Bitcoin or who have only recently started holding.
MicroStrategy to Raise $700 Million to Buy More Bitcoin
Michael Saylor, a leading supporter of Bitcoin, emphasizes that in the current market situation for BTC, it is critical to adapt and "flex one's mental and neural capabilities to learn how to think in Bitcoin."
As for MicroStrategy itself, after it began to purchase BTC last summer in August 2020, it has established a relatively long-term Bitcoin investment plan and still actively acquires the world's top digital currency supported by Wall Street and physical ETFs. These ETFs had entered a steady inflow streak before the previous nineteen days when they had no inflows. That flow was impressive on Wednesday, reaching 101 million into those BTC-based products.
Last week, the business intelligence company I'm researching announced an issuance of convert senior notes due 2032. MicroStrategy's main objectives and strategies are as follows: To increase its preliminary BTC holdings, MicroStrategy plans to apply the funds it will raise to purchase more #BTC and finance its operational costs. To begin with, the offering aimed to launch a $500 million fund, but later, the offering was tweaked to launch an enormous $700 million fund. Speaking of these securities placed in MicroStrategy, they will carry the interest of 2.25%, and all the interest shall be distributed to the investors promptly twice a year, the first on the 15th of December of the current year and the second on the 15th of June each year.
Bearish Bitcoin Market Performance
On Wednesday, it ended at $68,451 after it had regained the $70,000 level; on Friday, it further declined to $65,180, erasing nearly 7% of its value. Bitcoin briefly reclaimed $66,900 by Monday to reverse the losses BTC had incurred early today, and there was a bounce-back attempt for Bitcoin at 1. 22%. In conclusion, it is crucial to underscore the value of Michael Saylor's guidance to Bitcoin holders who target a long-term investment in fluctuating Bitcoin prices. In the digital transformation carried out by MicroStrategy, the company invests millions of dollars in Bitcoin. This approach shows a confident outlook towards further developments in cryptocurrency. While there has been such price volatility in a short period, the constant inflows into BTC-based ETFs and the vast investments by MicroStrategy point towards the fact that institutions still see long-term value in Bitcoin.

The post "Crypto-Friendly Ex-Speaker Pushes for U.S. Stablecoin Legislation" first appeared on 36crypto.com News.
Ex-U.S. House of Representatives Speaker Paul Ryan is encouraging U.S. legislators to back dollar-guaranteed stablecoins to make the U.S. debt instruments more appealing internationally. In his opinion, published in the Wall Street Journal recently, Ryan claims that introducing stablecoins could avoid a failed debt auction, which would hurt the U.S. credibility and destabilize the world markets.
Ryan, initially in the House of Representatives and retired in 2019 as the leading Republican, joined Paradigm as a member of the Policy Council and underlined the value of an effective regulation of stablecoins. He supposes that such a framework would help make debt in the United States more attractive to foreign investors as countries such as China gradually increase the use of their currencies and look for other opportunities to invest instead of purchasing debt in the form of the U.S. Treasury.
Although HSBC China recently emerged as the first foreign bank to provide its services based on the e-yuan, the currency has not succeeded. Ryan alerted that the U.S. must act quickly while its most significant global rival, China, is considering solving external payment issues using digital currency instead of greenbacks.
Differentiating Stablecoin from Central Bank Digital Currencies
Ryan clearly distinguished between dollar-pegged stablecoins anchored to the public, permissionless networks like Ethereum, and other blockchains from CDBC, such as the Chinese e-yuan. Uphoff also said that stablecoins have American values such as freedom and openness, but CBDCs could threaten these values in the United States. For him, stablecoins were a more desirable option, as Ryan suggested.
Similarly, Ryan noted an increased need to pass bipartisan legislation to guide the use of stablecoins, especially in the election year when the political climate becomes so polarized. During the carnival season of the high stakes ugly politics of the upcoming year, Ryan suggested a winning strategy across party lines.
While supporters of decentralized finance may question what happened to their bold dreams of revolutionizing the financial system through crypto, Paul Ryan's call to action comes amid increased interest in crypto policy in the race for the 2024 Presidency. New administration members wish to join a policy round table spearheaded by Ro Khanna, a democrat member of Congress. Former President Trump has announced his preference to retain Crypto commerce onshore.
Moreover, Paul Ryan's initiative in filing for stablecoin legislation intends to strengthen the U.S.'s financial stability and competitiveness. While the 2024 presidential race warms up, the centrality and necessity of a supportive and direct official U.S. policy action on stablecoins could become a big deal that shapes national policy and the international financial system in return.

The post "2.7 Trillion Shiba Inu (SHIB) Moved in 24 Hours: What Just Happened?" first appeared on 36crypto.com News.
In a surprising turn of events, nearly three trillion #ShibaInu tokens were transferred in the last 24 hours. Even more striking, an average of 2 trillion Shiba Inu tokens have exchanged ownership in the previous twenty-four hours alone. This raised the hopes of a significant movement affecting the blockchain at its initial stage. However, closer scrutiny shows that the activity deviates from this asset's significantly augmented volume, which is usually expected.
Large SHIB transactions surged from a seven-day low of 101 to 127 in the past 24 hours. This increase means the signal light is on, and attention or activity is up within the network. The SHIB token was involved in these various transactions, and about two trillion tokens were exchanged. That said, the extent of the turnout, as signified by the figure, is quite remarkable and needs to be compared with the weekly trends. Seeing is believing so the seven-day volume to the peak on June 11 was 21 trillion SHIB –more than double today's daily trading volume pattern indicates that the recent rise traces its origin to regular activity within the network area.
SHIB Stable Amid Major Wallet Transfers
Despite these substantial transactions, the price of SHIB remained relatively stable, with only minor fluctuations on the charts. Given these large transfers, this relative stability means that the market likely did not experience these as trading activity but more likely as internal transfers or changes of wallets. These movements may also be due to a shift in funds to/or from an exchange, a switch of major investors, or their preparation for an announcement.
Sometimes, it is hard to ascertain who is responsible for such transactions due to a lack of signs. Nevertheless, since the SHIB price remains unchanged, the event with AMM was not due to the market. Despite rather significant transfers, the situation indicates a different cause: the current state of affairs does not signal specific market trends seen during periods of substantial power transfer.
Some of the possible consequences that may affect the market
The phenomenon of significant transactions in SHIB combined with the constant price of the token eliminates the idea of using SHIB for speculation. This may be informational, linked to some internal organizational changes within the exchanges, or a change in significant holders. Such internal realignments may impose themselves without dramatically affecting the market price.
Crypto users should remain vigilant and await more details or explanations from large exchange holders or investors. The trends, tone, and underlying motivations of such a significant value transaction may have helped anticipate further market directions or other future announcements.
The recent transfer of three trillion Shiba Inu tokens has triggered discussions among crypto enthusiasts. However, the fact that the price of #SHIB remains relatively stable during these transactions refutes the theory that the market drives these transactions. That is why, as the situation unfolds and turns into an active stage, new data from significant market participants will be essential to estimate the effects of these significant transactions.

The post "Cardano to Hand Over $681.9 Million Treasury Control to Community" first appeared on 36crypto.com News.
In recent developments, #Cardano has been set to achieve a groundbreaking milestone by transferring control of its $681.9 million treasury to its community. This move, highlighted by crypto asset tracker TapTools, underscores Cardano's commitment to decentralization and community governance.
A data screenshot attached to the TapTools post on X shows that Cardano's treasury holds its native ADA tokens valued at $681.9 million at the time of the post. Unlike most blockchain protocols, Cardano's treasury consists solely of ADA tokens rather than a variety of stablecoins or other digital assets like Bitcoin and Ethereum.
Cardano Treasury Structure Reflects Increased Network Activity
Observers consider Cardano's growing treasury reserves a reflection of increased network activity. Like most blockchain networks, Cardano uses its treasury to foster ecosystem development. As with most blockchains, Cardano utilizes the treasury to incentivize application growth within the ecosystem. Experts have referred to this structure as one of the core supports for the future sustainability of the project. The withdrawal of control in the hands of the community is a crucial part of the development of Cardano, which is based on one of its key concepts – decentralization.
Based on the present stage outlined in Cardano's roadmap, the project operates under a three-tier governance system. The Cardano Foundation mainly covers platform management and marketing. Other aspects of governance are Input Output Global (IOG), known as IOHK, which performs research and development initiatives for Cardano, and EMURGO, which centers on business opportunities.
Cardano's focus on a decentralized treasury is considered to be one of the breakthroughs in the blockchain space. Here, Cardano demonstrates how important it is to involve the community in managing significant funds, thus setting a precedent for other blockchain projects. The repositioning is expected to increase the number of people who can work collectively toward a better future for the network.
It is not just a ritual to transfer the treasury control but an utterly functional process in the direction of decentralization. It expresses Cardano's confidence in its community to self-govern and manage the staking and distribution of the asset. This change is expected to mean that there will be more exciting initiatives and creations in the Cardano ecosystem because people involved in the ecosystem will have a say in financing.
Cardano's decision to hand over its $681.9 million and reach out to its community has been seen as a positive step towards a fully decentralized entity. This strategic move will benefit community governance and the Cardano ecosystem's continued growth and development.

The post "Biden Renomination of Caroline Crenshaw Sparks Mixed Reactions in the Crypto Community" first appeared on 36crypto.com News.
President Joe Biden's recent nomination of Caroline Crenshaw as one of the U.S. Securities and Exchange Commissioners for another term of service has elicited diverse responses among crypto enthusiasts. Some still view it as a sign that the SEC will maintain its strict approach to cryptocurrencies. The company has published the information on the X platform, as has Eleanor Terrett, a Fox Business journalist.
Famous crypto influencer MetaLawMan vehemently condemned the news. MetaLawMan a prominent figure in crypto, showed his apparent lack of faith in Crenshaw, where he described Crenshaw as a 'soldier in good standing in the anti-crypto army' and used this characterization to dismiss even-handed analysis of recent changes in perceptions of the SEC's regulatory approach to cryptocurrencies. It also added to the tweet, 'So much for the pivot on crypto,' as it commented on the broader issues about the future of the crypto industry regulation.
Crenshaw has been at the helm of the SEC's policymaking for a year and has tried to take time with cryptocurrency legislation, focusing on consumer protection. This focus has sparked worries in the industry, with the current indications that her renomination means continuing prohibitions on innovation. The critics thus Post that all such positions could slow down the United States competitive advantage as the dynamics in the international digital asset markets continue to intensify rapidly.
Broader Implications of Biden Financial Nominations
However, President Biden is not alone in nominating positions to strengthen stability and regulate the financial sector. In addition to Crenshaw, the following are other nominations made by President Biden. The Choate-Rose nominee Christy Goldsmith Romero has been nominated to chair the Federal Deposit Insurance Corporation. This is President George W. Bush's nominee for the Assistant Secretary for Financial Institutions position at the Department of the Treasury. Her name is Kristin N. Johnson. These nominations are some general measures implemented to ensure efficient regulation in the respective financial sectors is enhanced.
Critics, on the other hand, argue that big businesses have funded Crenshaw, and thus, she protects their interests by ensuring investors' welfare and market stability. They suggested that her regulation of the industry is imperative for the protection of investors' and businesses' integrity, considering the expansion in the acceptance and handling of cryptocurrencies. From this point of view, restricted specialization may prove advantageous in the long term, as the administration starts to impose severe regulations, which may help to create a safer and more credible investing climate for the market.
The renomination of Crenshaw continues the contentious discussion on the role of the SEC in further protecting the crypto industry. The industry faces corporate governance enforcement actions subject to high profile, as exemplified by the $4.47 billion settlement with Terraform Labs and concerns over regulating digital asset companies. Such occurrences demonstrate the utmost relationship between the decisions by the regulators and the future of cryptocurrency within the United States.
The cryptocurrency community has been expressing strenuous opposition towards President Biden's recent decision to renominate Caroline Crenshaw to serve as a permanent seat holder for the U. S. Securities and Exchange Commissioner. Where skeptics foresee more waves of regulatory hurdles, on the other hand, proponents see the merits of shareholder safeguard and the market's stability. Arguably, this development is creative because it is part of the larger conversation on how the U.S. will regulate cryptocurrencies and other decentralized assets in the future. As the industry faces enforcement actions and changes in market conditions, the significance of such a regulatory role will be a critical driver of the rapidly evolving digital assets space.

The post "Hedge Funds vs. ETFs: Central Banks and Gold" first appeared on 36crypto.com News.
Gold may be on the cusp of a significant bull-market breakout, with ETFs potentially playing a guiding role. Speaking of Bloomberg Intelligence, the main question for the second half of 2024 is whether ETFs will hold more gold as their price increases. An aggressive movement towards inflows seems inevitable if the stock market fluctuates slightly. Such an increase in the inflation rate has been coupled with improved equity prices, and it has not been a surprise. This could be what gold reacts to, as it leapfrogged to 13% in 2024 up to June 12. This performance is similar to the AI-driven S&P 500, suggesting strong consumer demand for gold.
ETF Inflows and Market Dynamics
ETF holdings in gold have yet to catch up to the metal's price increase; however, the market has signs that might indicate new investment in ETFs. This trend may worsen with any fluctuation in the stock market, as discussed in the current study. The changed market conditions that investors seek safer investments could inform the transfer from equities to gold-based ETFs.
Furthermore, the central banks of every country maintain control of the gold market. Their policies and operations affect investors' and gold's reactions, either positively or negatively. Thus, given that inflation remains elevated, the monetary policies of central banks might even more affect gold's position as a hedge.
Inflation and Gold Performance
The relationship between inflation and gold prices remains strong; as inflation stays elevated, gold's role as a hedge becomes increasingly critical. This is evident in gold, which has performed admirably this year, matching the increase in fundamental equity indices. Investors anticipate enduring inflation pressures, which has heightened their interest in gold.
Furthermore, its track record during inflationary regimes supports the argument favoring gold. While traditional forms of investing, such as equities, demonstrate volatility, gold is a steady asset type. This steadiness particularly appeals to hedge funds and prominent investors during unstable and economic crises.
Gold's potential bull-market breakout and the role of #ETFs in this scenario present a compelling narrative for the second half of 2024. Because inflation persists and equity markets fluctuate, investors increasingly turn to gold. Central bank policies and investors' attitudes towards ETFs will be the critical factors affecting the gold market. Gold, which showed a 13% rise in 2024, continues an upward trend due to its function as an inflation and market volatility hedge.

The post "Top Shiba Inu Holders Signal Bullish Sentiment with Reduced Exchange Holdings" first appeared on 36crypto.com News.
Santiment, a leading blockchain analytics firm, reports a significant trend among the largest #ShibaInu holders. The top ten wallets notably reduced their coins from cryptocurrency exchanges, indicating medium- and long-term investment strategies and, as a result, an optimistic prognosis for the popular meme token.

Such a condition indicates that these whales will permanently maintain their Shiba Inu coins, a favorable sign for bullish traders. Since May 27, the overall number of Shiba Inu in the ten largest Shiba Inu wallets has decreased by 2.4%. This move demonstrates that the holder of the digital asset has high hopes for the total future Shiba Inu price and follows the bullish trend from the investors.
Similar Patterns Observed in Chainlink and Ethereum Holdings
The same has been witnessed in other cryptocurrencies, with Shad or Tez delegated tokens achieving this feat sometime back. According to Santiment, the same is true for others, such as #Chainlink's (LINK) and #Ethereum (ETH), where the top 10 wallets have also decreased their exchange supply. For LINK, the decrease since May 27 is 2.9%, while ETH is a significant 8.6%. These reductions suggest that top holders are transferring their assets to private wallets for long-term holding, reflecting increased confidence in the future prices of these digital assets.
However, in the last seven days, there has been a dip in SHIB, ETH, and LINK prices despite the positive indications of the bulls. The reduction in SHIB was as follows: based on the statistics from Coinstats, the coin lost 15.1%, ETH by 8.2%, and LINK by 11.9%. In the last month, the price drop for SHIB was 7.6%, while ETH and LINK were up by 20.6% and 18. 4%, respectively. These performance metrics suggest that, despite short-term volatility, there are expectations of potential gains for ETH and LINK in the future.
Increased Shiba Inu Burns Could Boost Demand
Also, the burn rate of #SHIB is increasing, which means there is a good chance the demand for the second-largest memecoin by market cap is about to increase. A higher turnover in the burning of SHIB tokens also reduces the tiring supply, which, if complemented by high demand, could see an uptick in its value.
In conclusion, a decrease in the SHIB supply on exchanges by large addresses combined with the same processes concerning Chainlink and Ethereum indicates that the well-known coins have higher chances of price increase. The shift from short-term positions also points to a growing optimism regarding the long-run prospects of these digital assets. Other burn events continue to rise, particularly the newly launched Shiba Inu, indicating an increasing demand and value.

The post "SEC Expected to Approve Ethereum ETFs This Summer, Chair Gensler Tells Senate Subcommittee" first appeared on 36crypto.com News.
In a recent development, the US Securities and Exchange Commission Chair, Gary Gensler, appeared before the Senate Appropriations Subcommittee on Financial Services on Thursday and cleared the air regarding the agency's timeline to approve spot Ethereum ETFs for Senator Bill Hagerty, a Republican from Tennessee. Gensler mentioned that the SEC has what it believes will approve the S-1 forms for such ETFs next summer.
Ethereum ETFs Set to Launch Following SEC Greenlight
The SEC has started making efforts toward the approval of Ethereum ETFs, especially in the recent past. It added that the agency suddenly approved listing and trading eight Ether ETFs through the rule change 19b-4 forms. The SEC asked all prospective issuers to file new S-1 forms at the end of May. ETF analyst restricted his comments to his noted progress, which includes the following: "I will be interested in seeing changes in the next batch of amended S-1s, and there can't be that much work left to do."
Several analysts in the industry speculated on Ethereum ETFs which is why Popular Bloomberg analyst James Seyffart said that Ethereum ETFs would go live this summer. "The month of 'July' was to be the month of pure speculation, but I had much more conviction in stating that ETH ETFs will launch sometime during summer, which was kind of like a given," Seyffart remarked in a post on X.
There is also positive action in the #BitcoinETF market, which is expected to enjoy a similar boost from Ethereum ETFs. With this background, Bitcoin ETFs recently experienced $100 million in inflows, with Fidelity's wise origin Bitcoin fund (FBTC) dominating the market. This increase in attention emphasizes the necessity for institutional and new retail investors to invest in cryptocurrency vehicles.
This indicates that the SEC's approval of #EthereumETFs will be a significant milestone in cryptocurrency investment. The prospects for Ethereum ETFs appear particularly promising, given recent events such as regulation change approval and the anticipated summer deployment. Gaining insights, the financial community awaits further developments and the SEC's expected steps. Still, Bitcoin ETFs are seeing large inflows, indicating that there is still a considerable interest in crypto-assets. The future developments we anticipate in the Ethereum ETF market will transform cryptocurrency investment in the following months.

The post "CoinDCX and KoinBX Optimistic Despite India's Strict Crypto Taxes" first appeared on 36crypto.com News.
Indian Prime Minister Narendra Modi has surprised the nation by reappointing Finance Minister Nirmala Sitharaman for yet another term of office, and her crypto-friendly stance has received both approval and disapproval from the Indian populace. Sitharaman's past view on crypto and the government's ultra-strict taxation approach has emerged as a critical issue. She has highlighted an example of international collaboration on crypto policies but insisted that crypto assets should not act as money. Although during its G20 presidency last year, India talked about devising a universal crypto policy, it recently levied a 30% tax and 1% TDS on profits earned from cryptocurrencies, giving a rather unconvincing message for crypto adoption.
Indian Crypto Exchanges Thrive, Seek Tax Review
Saravanan Pandian, founder and CEO of KoinBX crypto exchange, is a ray of hope. He used India's openness to embrace cryptos and other related digital assets and noted the importance of regulation and guidance. KoinBX is now four years old, and its team is proud to have registered over 1. 5 million current users and 120 cryptocurrencies.
Another prominent figure who expressed a positive attitude in a recent interview was Sumit Gupta, co-founder of CoinDCX, who also agreed that proper consideration of cryptocurrencies could put domestic exchanges on an equal starting line. CoinDCX has ensured it follows the AML laws and was the first exchange to register with FIU IND.
Unfortunately, India imposes strict taxes on cryptocurrencies, so many people have turned to foreign exchanges. Another report from the Esya Centre established that due to the 1% TDS, the potential revenue lost was about $420 million. Both CoinDCX and the BWA have demanded a review of taxes, stating that they hinder the industry's growth and development.
Despite regulatory hurdles, CoinDCX reported a 2,000% increase in deposits this year and launched CoinDCX Prime to attract institutional investors. It is also working on the Okto orchestration layer and the $OKTO token to strengthen its development.
The current Indian crypto market has one of the highest active user growth rates in the web3 sphere. On May 22nd, developers, techies, and enthusiasts of cryptocurrency engaged in the celebration of Bitcoin Pizza Day. This event, sponsored by CoinEx, was not just a constrained purchase but also an exploration of cryptos' unique creative outlets within blockchain technology.
Even with such high levels of crypto taxation in India, digital currency platforms such as CoinDCX and KoinBX stay optimistic about the outcomes. These responses represent the latest episode in the continuously heated discourse in India about crypto Minister Nirmala Sitharam of Finance. With India actively participating in the policies relating to cryptocurrencies, the call for rightful regulation and modification in taxes could play the trick for the progress and evolution of the ecosystem. Even the cryptocurrency community keeps holding on to the belief that the future holds warmer changes, which will balance the ecosystem with cryptocurrency opportunities.

The post "Binance Hosts First Offline Law Enforcement Training in Macao" first appeared on 36crypto.com News.
On May 21, #Binance conducted its inaugural offline law enforcement training session at the Macao Judiciary Police College. This initiative is part of Binance's global effort to enhance Blockchain and digital security through education. Around forty officers from the Criminal Investigation, Gaming-related, and Economic Crimes Investigation Departments attended the session.
Enhancing Blockchain Knowledge for Law Enforcement
Through the training program, Binance wants to help law enforcement agencies across the globe acquire the understanding and practical experience necessary for crypto and blockchain investigation. The Macao session indicates how Binance was willing to work with local law enforcement toward cracking down on cybercrimes. An investigator in Binance named Carlos Mak described some cases of digital crimes that Binance helped solve. As noted earlier, participants found these real-world examples informative and enriching for the learning process.
According to the participants, the Macao Judiciary Police received the training positively. A representative underlined the need for professional preparation and methods of fighting crime. "This training increases the level of awareness in our staff and equips them with crime preventive measures concerning virtual assets," the spokesperson echoed. The spokesperson expressed willingness to have Binance share more knowledge about Blockchain and virtual asset investigation with them.
Carlos Mak also said that this was an excellent opportunity and that they were glad to share their knowledge with other people. Mak expressed his satisfaction, saying, "We are privileged to be here in Macao to teach this inaugural in-person seminar at the invitation of the Judiciary Police." He also outlined that knowledge sharing with the local law enforcement officers has advantages.
Binance's Ongoing Commitment to Blockchain Security
The training session encompasses one of the many focused efforts that the company is making toward creating a more secure blockchain ecosystem. In recent years, Binance Labs has invested in Zircuit, a newly formed zero-knowledge roll-up network with sequencer-level security. This investment shows Binance's commitment to Blockchain and determination to prioritize safety.
The Macao training session may be considered a new step towards the organization's global initiatives to cooperate with law enforcement agencies. Binance's tools have been crafted to create more well-trained workers and encourage cooperation in the worldwide combat against digital crime. It shows the company's dedication to security and growth is solid, leading to setting up high standards within the blockchain market.
Therefore, the case indicates that Binance successfully organized the first offline law enforcement training session in Macao as a part of its campaign across the continents. By reaching out to learn and work with officers from different legal standards, Binance significantly improves the digital world's security and prevents cybercrime.

The post "Ripple Launches RLUSD on Ethereum and XRPL Amid Regulatory Watch" first appeared on 36crypto.com News.
Ripple, the blockchain-based payment solutions provider, is poised to enter the stablecoin market with Ripple USD (RLUSD), also affectionally termed “Real USD” by CEO Brad Garlinghouse. The company plans to launch this new digital currency on the Ethereum network and the #XRP Ledger (XRPL) within the year, expanding its technological and financial reach in digital asset management.
Ripple Acquisitions and Licensing
Ripple recently finalized its acquisition of Standard Custody, marking a significant step toward launching its stablecoin. This move follows Ripple's $250 million purchase of Metacon in May 2023, a leader in institutional digital asset custody. These acquisitions enhance Ripple’s capabilities in issuing stablecoins and tokenizing real-world assets. Furthermore, Ripple has successfully expanded its regulatory framework by adding a New York-regulated trust company to its already extensive license portfolio, including approvals from Singapore and Ireland.
Previously CEO at Standard Custody, Jack McDonald has been appointed Senior Vice President of Ripple’s stablecoin segment. Garlinghouse expressed confidence in McDonald’s expertise, stating, "Jack's deep experience across financial and digital asset sectors uniquely positions him to lead our stablecoin initiatives." This strategic leadership is expected to drive the successful integration and launch of RLUSD forward.
In its ongoing effort to enhance interoperability and user experience, Ripple has adopted Axelar as its bridge solution to connect the XRP Ledger with Ethereum-compatible sidechains. This technology supports the seamless swapping of XRP for wrapped XRP (eXRP), which will facilitate transactions and pay gas fees on the XRPL EVM Sidechain. "Axelar is a battle-tested, production-ready bridge that brings XRP as a native currency to the #XRPL EVM Sidechain," Ripple stated, highlighting the bridge's proven efficacy and wide adoption in the blockchain community.
Integrating Axelar over the previously considered XLS-38 cross-chain bridge underscores Ripple’s commitment to user-friendliness and robust technology solutions. The company also aims to foster broader adoption by leveraging Axelar’s successful partnerships with notable projects, including Uniswap, and collaborations with industry giants like Microsoft.
Regulatory Challenges and Market Competition
Despite Ripple’s ambitious plans for RLUSD, the project faces regulatory scrutiny from the U.S. Securities and Exchange Commission (SEC). The SEC has hinted that RLUSD might be considered an unregistered security, an allegation that follows an ongoing lawsuit concerning Ripple’s XRP sales. Although a July 2023 federal court verdict declared that XRP is not a security, the SEC has appealed this ruling and is seeking a $2 billion settlement from Ripple.
The entry of RLUSD into the stablecoin market sets #Ripple against established players like Tether (USDT) and Circle (USDC). With its technological advancements and strategic acquisitions, Ripple aims to carve out a significant niche in this competitive space. However, the outcome of the SEC’s final ruling and Ripple's ability to navigate these legal challenges will be crucial in determining the stablecoin’s success and adoption.

The post "Memecoin Market Overview: Brett and Gamestop in the Spotlight; Leading Memes Fading Behind" first appeared on 36crypto.com News.
Moving against the market sentiment, #Brett (BRETT) and #GameStop (GME) marked record performance amidst top memes’ stagnation. But are we seeing a positive retest?
As the market has been sluggish in anticipation of FOMC updates, memecoins caught up with the tendency and have been showing sharp downticks. However, not all ‘memes’ followed the tough tendency. Can Brett’s and GameStop’s upturns serve as a silver lining for the meme-inspired assets? Figuring out below. 
PEPE, DOGE, and SHIB Going South
(PEPE) – one of the leading ‘memes’ in the crypto market – switched the trend since updating its all-time high of $0.000017. For over two weeks, the coin had been trapped in a falling wedge between 0.618 and 0.386 Fibonacci levels, recorded at the prices of $0.000014 and $0.0001215 respectively.

PEPE/USDT 4h chart. Source: WhiteBIT TradingView
This dynamic marked a 16% weekly regression, with moving average convergence divergence (MACD) indicating a downturn at most, and moving averages staying below 0. Following the 0.386 Fib breakout, Pepe eventually pinned $0.000011 resistance and bounced back, paving its way to $0.000014. The recovery spurs optimism in the asset, yet not all memes managed to break out of the bearish sentiment. 
#ShibaInu (SHIB) has been keeping up its sideways outlook, registering a prevailing selling activity. Trading between $0.000020 and $0.000029 marks, the coin's relative strength index (RSI) reveals the ongoing downward sentiment for the asset.

The same outlook is pictured by the exponential moving averages, with a 20-day EMA hinting at the continuation of a local correction. Dogecoin (DOGE), the largest memecoin in the market, was not spared from the recent decline as well. While DOGE’s volume slightly increased, analysis indicates that sellers dominated it. 
According to the daily chart, Dogecoin’s decline kicked in around June 7, dropping over 7% from $0.16 to $0.148. Within the downturn, the price fell below its 50-day moving average (orange line) and took it below the neutral line on its RSI, indicating a bear trend.

DOGE/USDT 1D chart. Source: WhiteBIT TradingView
The regressive trend is going on, as #DOGE remains stuck at the $0.1477 range at the writing time. Dogecoin’s market capitalization also showed a significant decline. Data from Coinglass indicated that after the coin’s 7% downturn, its market cap fell below $21 billion.

Dogecoin (DOGE) market capitalization. Source: Coinglass
Seeing that DOGE’s volume has significantly increased in the last 24 hours, it remains the largest memecoins in the market. Meanwhile, it turned out to be outperformed by newly popular assets – just like the other leading memecoins. 
BRETT and GME Stealing the Show
On June 9, Brett (BRETT), a Base-developed memecoin, managed to achieve its all-time high of $0.1955. A week before reaching the milestone, Brett secured a $1 billion market capitalization, which elevated it to over $2 billion with ATH. 
Being a response to the dominating Solana-based memecoins, Brett remains the most valuable cryptocurrency on Base, while its market cap slightly diminished to $1.61 billion at the writing time. Despite a slight correction, Brett managed to produce a dramatic 375% upswing in the last 30 days. What is more, the coin’s social dominance keeps spiking, despite a slightly bullish indication in recent days. Weighted Sentiment also reveals a broader bullish perspective on the asset.

The correction seems to be perceived as a buying opportunity, seeing strong buzz around Brett. This is also proved by the 4-hour chart. According to it, the 0.382 Fibonacci level recorded the $0.12 price, indicating that the one was a nominal pullback. If selling pressure increases, Brett could find support at this specific point.

BRETT/USDT 4h chart. Source: TradingView
The Awesome Oscillator (AO) demonstrates a bearish reading. The red histogram bars indicated that the momentum was heading downwards. AO’s reading correlated with moving average convergence divergence (MACD), which stood below zero at the writing time. What is more, the 12 EMA had crossed below the 26 EMA, supporting a decline. Ultimately, BRETT’s price might drop to $0.14 or $0.12, given the Fib levels.
As BRETT’s sellers outpaced its buyers, the identical dynamics are demonstrated by GameStop (GME). The memecoin has increased by over 50% in the last 7 days and noted a staggering 7,962.12% pump in the recent month. What is more, the Santiment data reveals that Social Dominance is still at a high level, significantly overtaking top memecoin Doge’s Weighted Sentiment.

As per the 4-hour chart, RSI proves that GME is experiencing sellers’ domination. While it hit a local top, the decline could be a sign that, despite the memecoin dominance, the token is at a discount.

GME/USDT 4h chart. Source: TradingView
The leading memecoins price dips are nothing else than an indicator of the selling dominance, which is a logical outcome for the assets that reached their local highs in momentum.

The post "Bitcoin or Gold? Top Fidelity Expert Ends Speculation" first appeared on 36crypto.com News.
Jurrien Timmer, a Director of Global Macro, says, 'Bitcoin is just getting started.' As the Bitcoin versus gold debate on which one is a better store of value continues, Timmer has brought essential insights to light. From the analysis made by Timmer, both assets are considered as the hedge against fiscal dominance, a situation where the government undermines the price level by expanding the money stock. He believes this thesis is well grounded on empirical evidence and that a permanent rise in the money supply results in inflation. This relationship can be seen when a 10-year moving average of the M2 money supply growth rate is plotted with the inflation rate as measured by the consumer price index.
Timmer states that only if monetary aggregates continue to grow above-trend Bitcoin and gold can they be secure in their new positions as stores of value. However, he comments that this has yet to happen. The figures for the increase in actual money mass in the US rose drastically during the pandemic period and sharply decreased with the actions of the Federal Reserve. This indicates that the expected standard that may accrue to make bitcoins a competitive substitute for gold has yet to be attained.
Bitcoin vs. Gold
When categorizing the cryptocurrency, Timmer rejects the term' gold 2.0' as unrepresentative of the asset because it has broader uses than merely being a monetary currency; he dubs it the 'exponential gold.' This conversation that Bitcoin might someday surpass gold as the asset of preference in market capitalization is not new. This has been a debate in the community since Bitcoin was made available. This is particularly true with spot Bitcoin ETFs, as millions can trade directly through the conventional method.
At present, gold as an asset is valued at more than $15 trillion in the global marketplace. Bitcoin's market capitalization is around $1.33 trillion. Bitcoin would need to rise by 11.72 times in market cap to match gold's market value, reaching an estimated price of nearly $790,000. Although this scenario may seem optimistic, some believe Bitcoin has the potential to achieve such growth and become increasingly popular in the future.
The entry of #Bitcoin ETFs into the market suggests the beginning of a new era for cryptocurrency. These financial products appeal to conventional investors, creating a correlation between traditional and digital finance. Consequently, Bitcoin and other cryptocurrencies could become mainstream assets if investors and institutions continue to flood the space.
Timmer's insights provide a comprehensive overview of the potential for Bitcoin and gold as stores of value in the future. Although Bitcoin has yet to cement its position in this capacity, its trajectory suggests it is determined to ascend to that role. The competition between Bitcoin and gold will likely remain central to financial investment and market dynamics.
This development adds a significant dimension to the Bitcoin versus gold debate, highlighting the transformative impact of digital assets. As such, market observers and investors will closely monitor these trends, anticipating the next significant movement within the financial market.