Coinspeaker Latin American Country Bolivia Lifts Bitcoin Ban after 10 Years 

Latin American country Bolivia has lifted its decade-long ban on Bitcoin (BTC), allowing banks to process crypto-related transactions as part of efforts to modernize its payment systems.

In a recent announcement, the nation’s central bank, the Banco Central de Bolivia said it has reversed its decision on digital asset transactions and banks are now free to explore the industry.

Unlocking Economic Innovations

The central bank believes that lifting the crypto ban will catalyze innovations, potentially revitalizing Bolivia’s struggling economy.

Additionally, the Banco Central de Bolivia said it aimed to align the country’s crypto regulations with other Latin American nations. The ban on digital assets took effect in 2014 when Bolivia stopped its population of 12.22 million people from interacting with the space citing concerns related to lack of clear regulatory framework and potential use for illegal activities.

Six years later in December 2020, the government barred financial entities from processing crypto transactions. The ban was imposed under the nation’s Board Resolution N°144/2020. Thanks to the country’s new law, Bolivia has opened up to crypto after sitting on the sideline for ten years. However, the new regulation only allows banks to conduct crypto transactions through state-approved channels.

The central bank warned that companies are not to accept digital assets for payments of goods and services as the asset class has not been approved for such transactions.  The nation’s government clarified that the law does not recognize cryptocurrencies such as Bitcoin as legal tender in Bolivia yet.

New Legislative Framework

The introduction of the crypto law was a combined effort of three governmental bodies in the country. According to the announcement, the new legislation was created in partnership with the country’s Financial Investigations Unit, the Financial System Supervisory Authority, and the central bank.

The law became effective on June 26 and it harmonizes Bolivia’s crypto regulations with regional standards endorsed by the Latin American Financial Action Task Force.

In addition to withdrawing the ban, Bolivia wants to launch an educational campaign to increase crypto awareness in the region. This planned initiative will be introduced under the country’s Economic and Financial Education Plan. Through this program, Bolivians will learn about the possible risks associated with cryptocurrencies and how to deal with the risks responsibly.

Latin American Countries and Crypto

Meanwhile, Bolivia’s recent acceptance of Bitcoin has made the country the latest nation in Latin America to embrace crypto to help resuscitate its weak economy.

The region is known for its openness to financial innovation as exemplified by El Salvador. The nation was the first country in the world to officially adopt crypto and recognize Bitcoin’s potential as a payment method.

In 2022, El Salvador announced that it had made Bitcoin a legal tender, allowing the crypto asset to be used alongside its fiat currency for everyday activities.

Other countries in the region such as Mexico, Argentina, and Brazil are also crypto-friendly. Although, in Brazil, cryptocurrencies are yet to be recognized as a valid currency, however, they are accepted for value transfers and payments.

On the other hand, Argentina has also recently elected a pro-crypto president Javier Milei who was sworn into office last year.  However, it is yet to be seen what his administration will do for the crypto economy.

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Latin American Country Bolivia Lifts Bitcoin Ban after 10 Years 

Coinspeaker $171,263 Paid as Fees for Single Ethereum (ETH) Transaction

An Ethereum whale just shelled out $171,263 as payment for a single transaction on the network. This payment comes amid anticipation in the broader cryptocurrency community. Many look forward to the United States Securities and Exchange Commission (SEC) giving the final nod for trading on spot Ethereum ETF, a trend that is arguably fueling rushed buying.

According to Whale Alert, the $171,263, equivalent to 49 ETH was paid by an anonymous actor. The huge gas fees paid have sparked speculation among members of the community.

💸 A fee of 49 #ETH (171,263 USD) has just been paid for a single transaction!https://t.co/GP9MsvNHJV

— Whale Alert (@whale_alert) June 28, 2024

The Implications of High Ethereum Transaction Fees

As per market dynamics, the receiver “0x6b75d8af…00b4009a80” must have placed a high premium on the transaction to part with such a huge amount in fees. Similarly, the sender “0xc7bbec68…99ba1b0e9b” is likely a whale possibly seeking funds. 

The decision to sell while ETH price is on a downward slope suggests desperation. It now remains to be seen how many traders are willing to make related expenses to get their transactions prioritized. If this comes off as a one, then there is no major concern, but a recurrence might place undue pressure on retail traders.

However, analysts believe that the receiver might be consolidating its assets ahead of a potential approval by the SEC. Notably,  Ethereum in the past 24 hours, dropped 0.18% to trade at $3,439.03.

Significantly, given a recent report by Coinspeaker that the spot Ethereum ETF could be approved by July 4, market watchers are monitoring the impact a favorable nod will have on price. Regardless, reports indicate that the Gary Gensler-led regulatory body and asset managers are in advanced stages of conversation.

Some analysts, however, do not see the final nod from the SEC creating a major shift in price when compared to Bitcoin. In their view, Ethereum attracts less institutional interest and the price may well crash upon approval. As such, some foresee a bearish performance post-approval.

Anticipating SEC’s Decision and Its Impact

Despite this sentiment in some quarters, historical evidence suggests the opposite. Notably, Bitcoin soared to an all-time high above $73,000 sometime in March. BTC achieved this feat less than ten weeks after the US SEC gave the green light.

Whilst institutional interest in Ethereum may pale in comparison to Bitcoin, the digital asset has other factors in its favor. Notably, some observers see the upcoming presidential election and growing interest among the general populace to use crypto as a hedge against inflation. This makes up factors that could cause a shift in perception.

Meanwhile, recently, there has been an uptick from institutional investors amid the anticipated crypto bullish sentiments. As per data by Santiment, some whales are shoring up their assets. A group of Ethereum addresses with a balance between 10K and 100K acquired over $840 million Ether within a 48-hour period.

With just a few days to July, all eyes are on the SEC to see if the much-awaited greenlight for S-1 registrations will be granted.

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$171,263 Paid as Fees for Single Ethereum (ETH) Transaction

Coinspeaker CryptoQuant Shares Ultimate Bitcoin (BTC) Price Support to Avoid Major Correction Ahead

The total cryptocurrency market cap had rebounded above $2.4 trillion on Friday as Bitcoin (BTC) price stabilized above $61K. The heightened altcoin speculation fueled by the upcoming listing of spot Ethereum (ETH) ETFs in the United States has weighed heavily on Bitcoin’s holders.

Moreover, more institutional investors, led by VanEck that filed for Solana ETF on Thursday, are seeking to diversify their crypto portfolio to the altcoin industry. Consequently, Bitcoin dominance has gradually been forming a reversal pattern that could trigger the much-anticipated altseason.

Crucial Bitcoin Price Level to Watch in Case of Capitulation

Bitcoin price has continued to hover around the lower border of the horizontal macro channel in the past four days. After rebounding from below $59K earlier this week, Bitcoin price has consolidated above $61K, but without a clear direction.

Having rebounded from the $60K severally in the past four months, Bitcoin price could easily rally towards $66K in the coming weeks. Moreover, the supply of Bitcoin addresses in profits has dramatically reduced as the daily Relative Strength Index (RSI) continues to hover around the oversold level.

According to on-chain data analysis provided by CryptoQuant, Bitcoin price could rebound toward a new all-time high fueled by reduced selling pressure from miners.

“Selling pressure of miners is weakening, and if all of their selling volume is absorbed, a situation may be created where the upward rally can continue again,” CryptoQuant noted.

Meanwhile, CryptoQuant has cautioned crypto traders to stay cautious if Bitcoin price falls and consistently closes below $56k. CryptoQuant based the argument on the Metcalfe Price Valuation Bands and concluded that a crypto bloodbath will happen if Bitcoin price drops below $56K.

The ultimate support level for #Bitcoin is $56K; falling below this could lead to a major correction. pic.twitter.com/ZD9xDN6wAm

— CryptoQuant.com (@cryptoquant_com) June 28, 2024

Bigger Picture

The cryptocurrency market has remained in a state of limbo amid increased midterm pessimism. More than two months since the fourth Bitcoin halving, Bitcoin price is yet to register the historical parabolic rally.

According to a popular crypto analyst alias Mags on the X platform, Bitcoin price is en route to $200k in the coming quarters based on historical performance.

#Bitcoin has topped out ? 🤔

A consolidation or dip after the Bitcoin halving is very common, as seen in each cycle. Historically, these dips have been a good time to accumulate some Bitcoin.

Many people confuse this with distribution or a cycle top and end up selling early or… pic.twitter.com/6qHHbpzWhR

— Mags (@thescalpingpro) June 28, 2024

As Coinspeaker reported, the US-based spot Bitcoin ETFs have begun accumulating more coins after a period of notable selling pressure. The demand for Bitcoin and other digital assets will remain high among institutional investors and retail traders due to the poor monetary policies made by most central banks.

The upcoming United States elections are expected to trigger crypto-bullish sentiments. Moreover, the anticipated interest rate cuts in the United States will push more investors into the Bitcoin and altcoin market amid the ongoing macro bull run.

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CryptoQuant Shares Ultimate Bitcoin (BTC) Price Support to Avoid Major Correction Ahead

Coinspeaker There’s 43% Chance that Biden Might Drop Out of 2024 Presidential Race, PoliFi Tokens Turn Volatile

The chances of the current United States President Joe Biden dropping out of the 2024 presidential race have surged significantly, as per a poll conducted on Polymarket, a decentralized prediction market platform. Biden is facing stiff competition from Republican candidate and former US President Donald Trump.

A number of users voted “yes”, expecting Biden to drop out of the presidential race in 2024. Notably, there is now a 43% chance that the current president will drop, a significant surge from 19% in the past 24 hours following the first debate between Trump and Biden, which happened on June 27, as reported earlier by Coinspeaker. However, the topic of cryptocurrencies remained unaddressed during the debate, which the digital asset sector did not expect.

It is important to note that Polymarket’s “Biden drops out of presidential race?” bet has attracted over $7.185 million worth of bets from participants. A participant said that those who believe that Biden would not drop out are “delusional”, with another participant highlighting that Biden is the oldest sitting president and should drop out because the “physical and mental demands of the presidency are immense.”

While the crypto community sees Biden’s victory as a threat to the digital asset sector, a Gallup poll confirmed that crypto is a focus point for American voters. Voters are more focused on the topics surrounding the US economy, inflation, poor governance, and immigration.

While it was disappointing for crypto and Web3 to not be mentioned in the debate, Trump and Biden have both addressed the community’s concerns in the past few weeks. The crypto sector has supported Trump, who has clearly stated that he would regulate digital assets and make their adoption easier.

Under Biden’s administration, the crypto market has suffered immensely, including the collapse of FTX and several banking firms like the First Republic, which is now a part of JPMorgan Chase, and the crypto-friendly bank Signature Bank. Additionally, the US SEC’s crackdown on crypto firms hasn’t helped Biden’s case either. SEC Chair Gary Gensler recently declined to talk about the upcoming elections and how they could affect the agency’s stance on digital assets.

Crypto executives have also come out in support of Trump, with crypto exchange Kraken’s chief executive donating $1 million in digital assets to the billionaire for his campaign. Trump announced that he would accept crypto as campaign donations in early May, making his support for cryptocurrencies public.

Rise and Fall of PoliFi Tokens

Following the debate between Trump and Biden, PoliFi tokens, including Biden-theme cryptocurrency Jeo Boden (BODEN), turned volatile. As per CoinMarketCap, Boden dropped 45.62% in the past 24 hours and is currently priced at $0.07344 while Trump-themed cryptocurrencies including Super Trump (STRUMP) and NEVER SURRENDER (TRUMP) dropped 18.42% and 43.55%, respectively, priced at $0.01239 and $0.00000157, respectively.

The two candidates failed to mention crypto in their debate, and as a result, the tokens associated with them plunged. However, their second debate is scheduled for September 10, and it is certainly possible that digital assets might be discussed.

Another presidential candidate, Robert F. Kennedy Jr., who didn’t meet the criteria set by CNN for the debate, held an alternative “real debate” on X, addressing cryptocurrencies in his answers.

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There’s 43% Chance that Biden Might Drop Out of 2024 Presidential Race, PoliFi Tokens Turn Volatile

Coinspeaker Bitcoin Put-call Ratio Tops 1.6 amid End-of-June Options Expiry

Ahead of Friday’s quarterly Options expiry, the Bitcoin (BTC) put-call ratio has turned bearish. Today is scheduled for the quarterly options expiry for both outstanding Bitcoin and Ethereum (ETH) contracts, with a combined notional value of $10 billion set to expire on Deribit. 

It is worth noting that this event is crucial as it represents over 40% of Deribit’s current open interest.

Bitcoin Price at Maximum Pain Point 

According to Deribit end-of-June options data, a total of 107,000 Bitcoin options are expiring with a max pain point of $61,500 and a notional value of $6.6 billion. As it stands, the put-call ratio for Deribit’s Bitcoin options leading up to today’s expiry has surged to 1.66. 

Notably, having a ratio that is higher than one means that more put options are being traded compared to call options. Furthermore, it reflects the volume of investors betting on or hedging against a price decline instead of an increase. Bitcoin was trading at $61,675.52 at the time of the writing, with a 0.88% increase within the last 24 hours. 

The current price of the coin shows that it is still within the max-pain point ahead of today’s expiry. Bitcoin may eventually stay at a level where the most options will expire worthless. As a result, traders may just position themselves to gain from this alignment. In the long run, this will potentially translate to reduced volatility and increased market stability around the expiry point.

Deribit CEO Luuk Strijers strongly believes that “quadruple witching” and related volatility in the United States markets could potentially influence today’s large quarterly expiry. Such quadruple witching usually happens four times a year and is often targeted at the end of each quarter, especially when contracts for index futures, index options, options, and futures all expire simultaneously.

On the other hand, the large volume of contracts that are expiring today June 28 can impact spot prices. The unwinding of positions and the rolling over of contracts can turn into significant price movements. 

Historical Bitcoin Options Expiry Figures

These expiries are historically common in the Bitcoin world.

On May 10, only about 18,000 BTC options were with a put call ratio of 0.64 and a Maxpain point set at $62,000. Also, the expiring BTC contracts held a notional value of approximately $1.15 billion. The put/call ratio of 0.64 suggested that more long contracts, or calls, would be expiring in comparison to the short contracts, or puts. 

In April, the Bitcoin options expiry coincided with the fourth BTC halving event with more than 21,845 BTC options that expired. They held a notional value of $1.35 billion and a put-call ratio of $0.63. It is quite obvious that the put-call ratio for June is high compared to the other past months.

With the larger notional value, stakeholders are keen on discovering if similar price trends will be registered following the expiry.

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Bitcoin Put-call Ratio Tops 1.6 amid End-of-June Options Expiry

Coinspeaker Crypto Investment Firm Yield App Halts Operations Due to FTX Collapse

The downfall of FTX continues to leave its mark on the crypto industry, with Yield App being the latest casualty. The crypto investment platform announced its decision to shut down operations, citing significant losses tied to the collapse of the exchange.

In a statement released on June 28, the Seychelles-based company disclosed that the financial turmoil caused by FTX’s implosion had severely impacted its liquidity and overall business operations.

As a result, the firm is suspending all activities on the platform as it prepares to enter liquidation proceedings with immediate effect. The company stated that this step was necessary to ensure fair and equal treatment for all its users and stakeholders.

Losses Tied to FTX Collapse

The company said it arrived at this decision after suffering significant losses resulting from third-party hedge fund managers who held Yield App assets in custody on the collapsed exchange FTX.

“This follows the realization of portfolio losses incurred through third-party hedge fund managers that held Yield App assets in custody on the collapsed cryptocurrency exchange FTX, and who are subject to ongoing litigation,” said Yield App.

The firm said its community channels on Discord and other social media platforms will no longer be accessible to users. However, Yield App said it will leave a support channel open for those that wish to reach out to the firm through its official website.

Transparency Concerns

The latest developments come as a surprise, as the company had initially told users in November 2022 that it had minimal exposure to FTX. At the time, Yield App’s Tim Frost assured customers that their funds were safe and that the firm had “no significant exposure to FTX”.

The contractual statement now raises concerns about the company’s transparency and its treatment of customers concerning their exposure limit to FTX. Despite these concerns, Yield App is not alone in feeling the aftershocks of FTX’s collapse.

Impact of FTX Collapse on Crypto Firms

FTX officially went bankrupt in November 2022, along with its associated entities, due to poor management and misappropriation of customer funds. However, the ripple effects continue to impact other companies.

Earlier this year, OPNX, a crypto exchange for trading bankruptcy claims launched by the founders of Three Arrows Capital (3AC), also wound up its operations as FTX’s bankruptcy proceedings reached their final stages. Although OPNX was not directly affected by FTX, its parent company 3AC suffered a massive liquidity crisis during the 2022 bear market caused by the exchange and Terra blockchain collapse.

Last year, Galois Capital, a hedge fund founded by Kevin Zhou, shut down its flagship fund due to significant exposure to FTX. The company announced that it lost nearly half of the fund’s capital when FTX collapsed.

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Crypto Investment Firm Yield App Halts Operations Due to FTX Collapse

Coinspeaker Aptos, Arbitrum, Optimism among Crypto Projects to Unlock $755M Tokens in July

The month of July will see major crypto projects like Aptos (APT), Arbitrum (ARB), and Optimism (OP) unlock a substantial amount of tokens totaling around $755 million. This influx aims to address various issues within their respective ecosystems.

According to data from blockchain vesting tracker Token Unlocks, other prominent blockchains such as AltLayer (ALT), Xai (XAI), Sui (SUI), Immutable (IMX), and Starknet (STRK) also plan to release certain amounts of their tokens into circulation, bringing the total to eight projects.

These eight crypto projects are known for their contributions to the Ethereum ecosystem and layer 2 scaling solutions, helping to solve some of the blockchain trilemma challenges plaguing the industry.

AltLayer Leads the Way

Among these projects, AltLayer, a decentralized protocol that facilitates the launch of native and restaked rollups, will take the lead with a planned release of 684 million ALT tokens on July 25.

The tokens, valued at around $125 million, will support the growth of the ecosystem. Part of the total release will be dedicated to the development team, while the rest will go to investor rewards, advisory roles, protocol development, treasury functions, and community incentives.

ALT was introduced into the crypto market earlier this year in January and is currently available for trading on Binance, the world’s largest crypto exchange, as well as HTX (formerly known as Houbi Global) and Biget.

According to Token Unlocks, Xai, a gaming-focused blockchain project, will release the second-largest portion after AltLayer next month. The platform plans to unlock about $93 million worth of its native crypto on July 9.

Once completed, the digital assets will be distributed among its team, investors, and for ecosystem growth and development. Xai has also allocated approximately $2 million worth of XAI for reserves.

Aptos to Unlock More Tokens

Token Unlocks mentioned that Aptos plans to release another batch of its tokens at an undisclosed date next month. The network, designed to enhance the decentralized finance (DeFi) ecosystem and non-fungible token (NFT) capabilities, will roll out $11.31  million  worth of APT in July.

Aptos has previously engaged in several token unlocks, including the recent release of $102 million worth of the digital asset in June and another $101 million worth last month.

The planned token unlock for July will support the project’s foundation, community initiatives, core contributors, and investor commitments. It will also introduce a series of initiatives aimed at expanding its ecosystem.

The platform’s integration of scalable solutions promises to unlock new opportunities for users seeking efficient blockchain transactions.

Arbitrum to Unlock $75 Million in ARBs

Token Unlocks reported that Arbitrum, which serves as a scaling solution for Ethereum, will unlock $75 million worth of its tokens on July 16.

This will mark the fifth time the platform has released some of its locked tokens back to the market to support its teams, advisers, and investors.

In March, Arbitrum unlocked $2.32 billion worth of ARBs for the growth of the ecosystem. A few months later, it released an additional $116.73 million worth of the tokens in April and $95 million in May.

The May release was followed by another batch of $105 million in June.

Other projects such as Sui, Immutable, and Starknet are also scheduled to unlock substantial amounts of their respective tokens before the end of next month.

However, specific details about their unlocking schedules and token amounts have yet to be disclosed. These crypto projects have also engaged in token unlocking over the past two months.

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Aptos, Arbitrum, Optimism among Crypto Projects to Unlock $755M Tokens in July

Coinspeaker Fetch.ai Founder Clears Key Misconceptions about Merger with OCEAN and AGIX

Humayun Sheikh, the founder of Fetch.ai recently took to X to share insights into the platform’s proposed merger with SingularityNET and Ocean Protocol.

Coinbase Withdraws Support For ASI Token Merger

Just a few days before the start of the merger process, American cryptocurrency exchange Coinbase Global Inc (NASDAQ: COIN) decided against supporting the move.

“Coinbase will not execute the migration of these assets on behalf of users,” the exchange said.

In response to this statement, Sheikh stated that centralized exchanges do not need to either delist or relist Fetch.ai’s FET token. In like manner, those who hold the token were advised to do nothing. He assured users that his team would resolve whatever issues Coinbase’s decision may trigger.

$fet is ASI. $ocean and $agix are merging into $fet. CEXs don’t need to delist or relist $fet it is there already. If you hold $fet do nothing. We are working hard to resolve any issues please bear with us. Timeline has not changed. @coinbase has only announced that the swap will…

— Humayun (@HMsheikh4) June 27, 2024

The Fetch.ai founder believes that the exchange has its reasons for pulling out its support for the token merger. Notwithstanding, the timeline for the merger remains unchanged as it will go as planned.

Meanwhile, Coinbase said it will allow FET and Ocean Protocol’s OCEAN trades as usual until further notice. To this end, it shared a workaround for users:

“Once the migration has launched, users will be able to migrate their OCEAN and FET to ASI using a self-custodial wallet, such as Coinbase Wallet. The ASI token merger will be compatible with all major software wallets.”

SingularityNET, Fetch.ai, and Ocean to Merge Tokens

The three protocols will form the Artificial Superintelligence Alliance (ASI). This will amplify the plans to merge their respective tokens to create a single ASI token. Noteworthy, this strategic move will initially merge SingularityNET’s AGIX and Ocean Protocol’s OCEAN tokens into Fetch.ai’s FET as the first phase. Thereafter, the tokens will now transition to the ASI ticker.

This means that OCEAN and AGIX holders on other blockchains would have to conduct a bridging process to Ethereum to participate in the Phase 1 merger or just hold off till Phase 2.

Phase 2 will support more blockchains like Polygon and Cardano. This process will involve the deployment of the ASI token across multiple blockchains and onboarding community members.

The aim of the merger is to streamline operations as well as enhance efficiency for token holders. Accordingly, the merger would be a major turning point in the development of Decentralized Finance (DeFi) and AI ecosystems.

It is worth noting that the merger will not impact on the operations of the involved parties. Upon approval of the merger, the three businesses would carry on as independent entities while cooperating under the direction of a Superintelligence Collective led by SingularityNET CEO Ben Goertzel.

According to the entities involved, this $7.5 billion token merger is scheduled to commence as of July 1. Several cryptocurrency exchanges plan to support the merger by automatically converting users’ token holdings on the designated day.

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Fetch.ai Founder Clears Key Misconceptions about Merger with OCEAN and AGIX

Coinspeaker Kraken Co-founder Jesse Powell Donates $1M in Crypto to Trump’s Campaign

Following the first US presidential debate held on Thursday between Republican candidate Donald Trump and Democratic bearer Joe Biden, the former has gained more popularity among the crypto community. Although the crypto issue did not emerge during the first US presidential debate, Kraken co-founder Jesse Powell has announced financial support to Trump’s campaign.

According to the announcement through his official X account, Powell announced that he had donated $1 million, mostly in Ethereum (ETH) to Trump’s campaign. Powell’s financial support to Trump’s presidential bid is pegged on the pledge that he will free Ross Ulbricht, the founder of the defunct darknet marketplace Silk Road.

Additionally, Powell pointed out that it is time for a change in how the United States perceives the crypto industry and not the current regulations by enforcement. Moreover, more web3 startups have focused on other global jurisdictions with clear crypto regulations such as Europe, Singapore, UAE, and El Salvador, among others.

“I am excited to join other leaders from our community to unite behind the only pro-crypto major party candidate in the 2024 Presidential election so the United States can continue to remain a leader in blockchain technology,” Powell noted.

US Crypto Community Unwavered

As Coinspeaker previously noted, several crypto firms have donated significant amounts of money to the FairShake super PAC to ensure only crypto-friendly candidates are elected later this year. Already, Ripple has contributed around $50 million to the FairShake program, while Coinbase Global Inc (NASDAQ: COIN) has donated over $25 million.

Additionally, the Winklevoss brothers recently donated around $5 million to the FairShake pac, thus bringing the total funds to around $160 million. The US crypto community is believed to consist of more than 50 million registered voters.

As a result, the Trump campaign team has been keen to tap into the crypto community to secure a win later this year.

Remarkably, the Trump campaign has already amassed more than $14 million in crypto including Ether, Polygon (MATIC), and Circle’s USDC stablecoins. Meanwhile, Trump’s crypto portfolio recently scaled to more than $30 million, which includes meme coins.

Market Picture

The continued crypto debate in the United States has helped increase the overall confidence in the nascent industry. The upcoming listing of spot Ether ETFs is expected to attract more institutional investors, perhaps larger than Bitcoin performed.

Moreover, VanEck has already filed with the US SEC to offer a spot Solana (SOL) ETF, which could be approved after the general election later this year. More than two months after the fourth Bitcoin halving, the Bitcoin miners have dramatically reduced their overall selling pressures.

As a result, it is safe to assume that the macro crypto bull run will continue in the coming quarters. The ultimate bullish trigger will be the anticipated interest rate cuts in the United States.

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Kraken Co-founder Jesse Powell Donates $1M in Crypto to Trump’s Campaign

Coinspeaker Aptos Foundation Teams with Alibaba Cloud to Launch Alcove in Japan

The Aptos Foundation, the driving force behind the Layer 1 blockchain platform Aptos Protocol, recently partnered with Alibaba Cloud to grow the Web3 ecosystem in Japan. The duo is launching Alcove, Asia’s first co-branded Move developer community.

As per the official announcement, the deal aims to enhance accessibility and foster innovation across the Asia-Pacific region. Alcove’s mission is to increase the reach and impact of the Move smart contract programming language among Web3 developers. As a result, this will offer better security, speed, and scalability, driving mass adoption.

To kickstart this initiative, the Aptos Foundation is launching a series of Alcove projects, beginning with a Move developer meetup. OKCoin Japan and Alibaba Cloud are co-hosting the debut event “Aptos Mover: Innovation Ripples from Kyoto” at the IVS Crypto 2024 event. As per a recent update on X, it promises to bring together high-profile partners and projects, empowering developers with the knowledge to bring real-world Web3 use cases to life.

Additionally, the Aptos Foundation will use Alibaba Cloud’s advanced technology to organize a series of hackathons for the Alcove community. These events would provide participants with opportunities to learn from industry leaders and inspire the next generation of Web3 developers and innovators.

“Partnering with the Alibaba Cloud team and harnessing their technology, we aim to create a vibrant environment that allows Japan’s growing interest in Web3 and IP strengths to flourish,” said Bashar Lazaar, Head of Grants and Ecosystem at Aptos Foundation. He adds:

“As the foundation is working to expand Aptos’ ecosystem worldwide, we’re committed to creating the best user experiences for the next generation of developers, in Japan, APAC, and beyond.”

Meanwhile, the native token of the Aptos blockchain, APT, is currently trading around $7, reflecting a 4% increase over the past 24 hours. With a market cap of $1.18 billion, APT now ranks as the 17th largest cryptocurrency by market capitalization.

Japan’s Web3 Industry

Given its advanced legal system and tech-savvy population, Japan is well-positioned to champion the advantages of Web3 and digital assets. Last year, Japan’s parliament approved a Web3 whitepaper, encouraging corporate investment in the sector. It highlighted the need for a more Web3-friendly environment for businesses.

Interestingly, major gaming companies like Sony and Bandai Namco have started investing in Web3 through incubation programs. Anime intellectual property owners are also releasing NFTs as part of their Web3 initiatives.

This collaboration between Aptos Foundation and Alibaba Cloud marks a significant step in advancing Japan’s role in the global Web3 landscape.

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Aptos Foundation Teams with Alibaba Cloud to Launch Alcove in Japan

Coinspeaker Australia Tracks Crypto Gains Ahead of Financial Year-End Tax Returns Deadline

The Australian Tax Office­ (ATO) is closely tracking crypto gains as the financial year e­nds on June 30, 2024. This year, there­ is a significant change in crypto tax compliance in Australia. The ATO has launche­d an improved data matching program to ensure accurate­ reporting.

Adam Saville-Brown, Gene­ral Manager of Koinly, a crypto tax reporting software company, state­s that the ATO has been monitoring the­ crypto space for years. The ne­w program shows a stricter approach and allows the ATO to gather transaction data from any le­gally operating crypto exchange, including platforms like­ Binance, Coinbase, and CoinSpot.

The ATO’s data colle­ction program gathers a wide range of information, such as name­s, addresses, emails, social me­dia accounts, and IP addresses of about 1.2 million crypto investors e­ach year. This detailed data he­lps the ATO cross-check tax returns and find discre­pancies.

ATO Nudges Crypto Tax Noncompliance

Saville-Brown acknowledges that most crypto investors in Australia are aware of their tax reporting obligations, but the enhanced data collection program aims to address non-compliance. The ATO will send a reminder letter to those who do not accurately report their crypto transactions.

The collapse of Celsius, a prominent American crypto lender, has added complexity to the crypto tax landscape. The ATO has not yet clarified the tax implications for Celsius users receiving repayments in Bitcoin and Ether, leaving many users confused and potentially impeding accurate tax reporting.

Michelle Legge, Koinly’s Tax Education Head, highlights the current ambiguity surrounding cost basis calculations for crypto assets. Investors are unsure whether to use traditional accounting methods or alternative approaches, such as the original purchase price or the asset’s value at a specific point in time, like when withdrawals were restricted or when Celsius filed for bankruptcy.

Saville-Brown emphasizes the importance of consulting with an experienced accountant to navigate the complexities of Celsius refunds. These repayments could be classified as either taxable gains or losses, and professional guidance can help investors ensure accurate tax reporting.

Bitcoin ETFs Tax Reality

The introduction of Australia’s first two spot Bitcoin ETFs in June 2024 marke­d a significant milestone for cryptocurrency adoption. Notably, one­ of these ETFs directly holds Bitcoin, anothe­r first for the Australian market. Howeve­r, investors should know that current tax laws still apply.

According to Legge, se­lling holdings at a profit from a Bitcoin ETF will incur Capital Gains Tax just like any other investme­nt. While Bitcoin ETFs make crypto investing e­asier for many Australians, these transactions will still le­ad to a tax obligation.

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Australia Tracks Crypto Gains Ahead of Financial Year-End Tax Returns Deadline

Coinspeaker Amber Rose Joins Celebrity Meme Coin Frenzy, Launches Own Token MUVA

Amber Rose Levonchuck, an American model and rapper, has jumped into the meme coin craze by launching her own token named MUVA.

On June 24, she teased her 3.5 million followers on X (formerly Twitter) with the question “Y’all ready for my coin to drop?”. A few days later, MUVA went live and the token is based on the Solana ecosystem.

Promise of Commitment and Transparency

When she first hinted about the new token on her social media account, blockchain detective ZachXBT warned investors to be cautious as Amber Rose has been involved in promoting fake crypto projects involved in rug pulls or pump-and-dump scams.

In response, the 40-year-old American model claimed she lacked good knowledge of the crypto economy when she ran promotional campaigns for the projects. She assured her followers that she now knows better and is dedicated to seeing MUVA succeed.

“I’d like to address this community note. When I made those promotional posts, I wasn’t as knowledgeable about crypto as I am now. At the time, I didn’t fully understand the nature of paid promotions in this space. Moving forward, I want to assure you that I’m committed to this project for the long run and will be heavily involved,” she wrote on X.

She further promised to “provide transparent and informed communication to the MUVA community.

Not the First

Despite her assurance of commitment to the meme project, BlockBeats has raised concerns about the token distribution.

The company disclosed that a newly created address related to MUVA has already secured 7.2% of the total supply of the token. So far, the wallet has sold a total of 227 SOL, equivalent to $33,000 at the current market price of $145.

Meanwhile, Amber Rose is not the first celebrity to launch a meme coin. Last month, Australian rapper and model Iggy Azalea debuted her own token known as MOTHER.

Due to the buzz generated around the token, she announced plans to relaunch a mobile phone company she co-founded to enable users purchase and pay for phone bills using the meme to increase its utility.

The meme coin market has also seen the likes of Andrew Tate, a popular media personality and former professional kickboxer enter the sector. In May, he posted on the social media platform X that he would support a meme coin dubbed Daddy Tate (DADDY).

Both MOTHER and DADDY have been successful with each reaching the $300 million milestone before the recent market downturn that affected the price of the tokens.

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Amber Rose Joins Celebrity Meme Coin Frenzy, Launches Own Token MUVA

Coinspeaker Solana ETFs Can Overpower Bitcoin Gains if Trump Becomes President

On Thursday, cryptocurrency market maker GSR published a report stating that the odds of approval of spot Solana ETF under Donald Trump’s Presidency could improve manifold times. As a result, it expects a strong rally coming in Solana if Trump resumes the office later this year. Interestingly, it expects Solana to give better returns than Bitcoin in the case of spot ETF debut.

The GSR report draws parallel to the Bitcoin price performance following the launch of spot Bitcoin ETF earlier this year in the US. Notably, Bitcoin’s price increased by 2.3 times, from $27,000 in October 2023—approximately three months before SEC approval—to around $63,000 this month. GSR primarily attributes this surge to ETF-related developments. Thus GSR highlights three scenarios for Solana’s potential price increase:

A bear case with a 1.4x price jump,

A base case with a 3.4x increase, and

A “blue sky” scenario predicting an 8.9x rise based on optimistic inflow estimates.

But GSR believes that Solana’s price surge could be even more significant than Bitcoin considering the greater utility of the Solana blockchain across a wide range of applications in DeFi and other use cases built atop the network.

“Unlike BTC, SOL is actively used for staking and within decentralized applications and as [such] the relationship between relative flows and relative size may not be linear,” GSR wrote.

GSR Ranks Solana on ‘ETF Possibility Score’

Considering two factors of “decentralization” and “potential demand”, Solana has introduced an “ETF Possibility Score” highlighting that Solana satisfies both criteria and ranks second to Ethereum. “Solana is next, should additional spot digital asset ETFs be permitted in the US,” the report ultimately concludes.

We are already seeing some early developments in the push for spot Solana ETF. On Thursday, asset management firm VanEck filed an S-1 registration form with the US Securities and Exchange Commission (SEC) for a spot Solana ETF. This was enough to push the Solana price surge into double digits moving all the way to $150.

As per GSR, the US presidential election might pave the way for more crypto ETFs like SOL. If Trump secures another presidency, he could disrupt the traditional process of launching crypto ETFs, typically involving years and the introduction of federally regulated futures contracts, a step Solana currently lacks.

BREAKING: The odds of Donald Trump winning the 2024 Presidential Election surge to a new high of 63%.

Since the debate started, odds of Trump winning the election have surged by over 10%.

Odds of President Biden winning a second term have fallen from 48% to 37%.

Markets… pic.twitter.com/Y08GWO8oZu

— The Kobeissi Letter (@KobeissiLetter) June 28, 2024

As per a recent survey, the odds of Donald Trump winning the upcoming 2024 US Presidential Elections have surged to 63%. This indicates good times for the crypto market ahead.

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Solana ETFs Can Overpower Bitcoin Gains if Trump Becomes President

Coinspeaker US Presidential Hopefuls Sidestep Crypto in First 2024 Debate

In the first 2024 United States presidential debate held on June 27, crypto was notably absent from the discussion. President Joe Biden and Republican candidate Donald Trump focused on traditional policy issues, leaving the rapidly growing digital asset sector unaddressed.

The debate, which took place at 9:00 PM ET in Atlanta, Georgia, covered a range of topics including the economy, abortion, immigration, and foreign policy.

Despite the increasing relevance of the crypto industry in the global financial landscape, neither candidate mentioned it, focusing instead on their plans for the American people.

A Disappointing Surprise

This omission comes as a surprise to many in the Web3 industry who have been lobbying for greater political recognition and regulation of digital assets.

Before the 90-minute debate, during which both presidential hopefuls jested about their mental capabilities as they are the oldest candidates in US history to run for the presidency, crypto advocates had argued that cryptocurrencies and blockchain technology are essential to the future of finance and innovation.

Crypto-backed political committees collectively raised about $202.8 million from industry backers to influence the 2024 elections and ensure that the candidates have plans for the industry.

Fairshake PAC alone received a total of $177.8 million from Ripple, Coinbase and the Winklevoss brothers while Protect Progress and Defend American Jobs collectively raised $25 million for the same purpose.

They believed that crypto deserved attention at the highest levels of government, especially as the industry was one of the many talking points throughout this election cycle for both candidates and lawmakers.

Candidates’ Stances on Crypto

During one of the presidential rallies, Trump called on the members of the crypto community in the US to vote for him, promising to introduce bills to properly regulate the emerging economy.

Trump also promised supporters he would reduce the prison sentence of Ross Ulbricht, the founder of the Silk Road online marketplace, if re-elected as president. Additionally, he told supporters he would end Biden’s “war on crypto”.

To show his support for the industry, his campaign even started accepting crypto donations, allowing users to send Bitcoin (BTC), Ethereum (ETH), and other digital assets to support the race.

Unlike Trump, who has publicly endorsed and supported crypto, Biden has been more reserved towards the digital asset industry. He has stayed away from making any public statements about crypto.

His administration has been hard on the industry since he assumed office in January 2021, with plans to introduce stringent regulations to police the industry, including stopping banks from engaging with digital assets.

Recently, President Biden released his budget proposal for fiscal 2025, which covers nearly every aspect of the American economy, including crypto. The budget included proposed laws to impose taxes on crypto mining and introduce new regulations to better manage the sector.

Despite this, the White House recently announced that it would work with Congress to introduce crypto laws in the US which analysts see as progress.

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US Presidential Hopefuls Sidestep Crypto in First 2024 Debate

Coinspeaker SOL Jumps 6% after VanEck Files for Solana-based Fund

VanEck, a leading asset management firm based in New York, revealed plans to debut an exchange-traded investment product based on the price action of the Solana (SOL) token. Notably, following the filing submitted by the ETF issuer, the price of the altcoin printed its biggest rally in the past 30 days.

As per a report from Bloomberg, VanEck filed for the Solana-based investment product with the Securities and Exchange Commission (SEC) on Thursday and seeks to debut the VanEck Solana Trust. It is important to note that the new product will hold the SOL token directly, as the filing read, with VanEck being the first firm to hold an altcoin.

Notably, the status of all cryptocurrencies, other than Bitcoin (BTC), as a security or a community, is unclear. The SEC has been silent on whether it officially considers Ether (ETH), the native token of the Ethereum blockchain, as a security. However, the agency might approve S-1 filings for spot ETH ETFs by July 4, as reported earlier by Coinspeaker. It seems that the industry players have become quite optimistic regarding altcoin ETFs with the approval of spot ETH ETFs.

“Solana solidified its place in the ‘Big 3’ last year, not by virtue of its parabolic rise in price, but rather as the most utilized token in Web3,” said Rich Rosenblum, co-CEO of digital-asset firm GSR.

Interestingly, following the success of spot Bitcoin ETFs in the United States, which have total net inflows worth $14.45 billion as of June 27 as per SoSoValue, the ETF issuers are looking for ways to provide products tied to other digital assets. On the other hand, a filing does not guarantee that the SEC would approve such a product that is tied to Solana, despite SOL being the fifth largest digital asset by market capitalization.

As noted by Bloomberg, it took the SEC more than a decade to release a spot Bitcoin ETF, and if the agency even considers a SOL ETF, approval cannot be expected before 2025, said Bloomberg Intelligence analyst James Seyffart. However, the timeline of approval can be affected by the upcoming 2024 United States presidential elections.

Matthew Sigel, the head of digital-asset research at VanEck, noted in a post on social media platform X that he considers Solana to be a commodity along with Bitcoin and Ether because “it is utilized to pay for transaction fees and computational services on the blockchain” and like ETH on the Ethereum blockchain, “SOL can be traded on digital-asset platforms or used in peer-to-peer transactions”.

“SOL’s decentralized nature, high utility, and economic feasibility align with the characteristics of other established digital commodities, reinforcing our belief that SOL may be a valuable commodity with use cases for investors, builders, and entrepreneurs looking for alternatives to the duopoly app stores,” Sigel said.

SOL Price Surge

The price of the SOL token is up around 6% at the time of writing, at $144.16, and the trading volume of the altcoin is up 111.37%, at $3.11 billion with a market capitalization of $66.6 billion.

In the past seven days, SOL’s price has been up 8.41% but is down by a significant 13.52% in the past 30 days. Nevertheless, since June 2023, the price of SOL has witnessed a surge of 787.86%, and as per the data compiled by Bloomberg, the token saw a 900% surge in 2023 alone.

Notably, the cryptocurrency is 44.43% lower from its all-time high of $260.06 witnessed three years ago in November 2021. It is possible for SOL to revisit its previous highs if a spot SOL ETF is approved.

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SOL Jumps 6% after VanEck Files for Solana-based Fund

Coinspeaker Fuse and NexusPay Team Up to Enhance Crypto Payments for African Users

This partnership aims to provide seamless and efficient digital asset transactions for users in Africa.

In a statement, Fuse highlighted that the collaboration with NexusPay will leverage both companies’ strengths to address the drawbacks of traditional financial systems.

The deal will see both companies work together to provide necessary tools for users in unbanked and underbanked regions in Africa and other parts of the world to participate in the emerging economy.

Building on FuseBox Web SDK

Fuse disclosed that NexusPay was built using its FuseBox Web SDK, designed to help software developers create applications within the crypto ecosystem.

The platform focuses on making digital assets and stablecoins – cryptocurrencies designed to maintain a stable value relative to reserve assets such as the US dollar – more accessible worldwide, particularly in remote regions.

The partnership between Fuse and NexusPay is mutually beneficial. While NexusPay expands access to digital assets for all users, including those on the Fuse network, Fuse will ensure users get the best transaction fees.

As a one-stop solution for Account Abstraction (AA) apps, Fuse will also offer a seamless trading experience for saving, sending, and receiving funds globally.

“Fuse is at the forefront of finance in blockchain, and their robust platform is well-suited for innovative solutions. We are confident that partnering with Fuse is the right move to make financial services more accessible and efficient for users across Africa,” said Griffins Oduol and Nashons Agate, founders of NexusPay.

Fiat to Crypto Conversion

Additionally, users will have the opportunity to convert their fiat currencies to digital dollars (stablecoins) through the NexusPay mobile app. Both companies plan to enhance non-custodial finance, reducing costs and risks while improving transaction volume and overall user experience.

Fuse believes that by combining the strengths of both companies and leveraging their expertise, they are introducing a pathway for “effortless and inclusive crypto transfers.”

Meanwhile, Fuse has been around since 2020 and the platform significantly contributed to the development of the Web3 ecosystem. Earlier this month, Fuse secured another strategic partnership with Layer3, a blockchain identity protocol that offers users the opportunity to discover new projects and earn rewards for their on-chain activities.

Last month, Fuse also collaborated with Avail, another blockchain protocol, to transform the crypto economy with modular, scalable, and interoperable solutions.next

Fuse and NexusPay Team Up to Enhance Crypto Payments for African Users

Coinspeaker Coinbase Strikes Back, Sues SEC and FDIC over FOIA Violations

Typically, it’s the enforcement agencies that bring legal actions to the front yard of crypto firms. However, this time, the tables have turned. Leading US-based crypto exchange Coinbase has sued the US Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC) for failing to comply with Freedom of Information Act (FOIA) requests. It seeks a court order to compel the agencies to release the requested information.

FOIA requests, under the Freedom of Information Act, are designed to allow the public access to records from federal agencies. In July 2023, Coinbase, with the help of History Associates Inc, submitted a FOIA request to the regulators, seeking their views on “Ethereum and the status of ETH”.

Blockchain software firm Consensys also raised a similar issue in its own lawsuit against the SEC in May, stating that the regulator approved a probe into “Ethereum 2.0” in March 2023 only to later drop the investigation later.

Moreover, History Associates also made FOIA requests for two closed cases: one involving Ether Delta creator Zachary Coburn and another involving startup Enigma MPC. Interestingly, both entities had settled with the regulator for alleged securities law violations.

Coinbase sought records related to any investigations on these cases. However, the SEC denied all these requests, despite the chagrin of the crypto space.

FDIC’s Denial

In November 2023, Coinbase submitted a FOIA request to the FDIC for copies of all “pause letters” sent to regulated financial institutions. These letters, sent from the FDIC’s Office of Inspector General in October 2023, urged institutions to “pause all crypto asset-related activities.”

According to the lawsuit, the regulatory body denied the FOIA request in January and again in May after History Associates appealed.

As a result, Coinbase filed two lawsuits in the US District Court for the District of Columbia on Thursday. The complaint accuses SEC and FDIC of using their regulatory powers to undermine the digital asset industry. It reads:

“For nearly two years, a wide array of federal financial regulators have used every regulatory tool at their disposal to try to cripple the digital-asset industry.”

Coinbase has a long history of fighting legal issues in the United States, being the firm crypto exchange to be publicly listed in the country. It sued the SEC back in April 2023, requesting a clear yes or no answer over requests for clear regulations for crypto.  In return, the SEC filed a separate lawsuit against Coinbase, accusing the company of operating without proper registration.

The tug-of-war between the SEC and Coinbase has frustrated the community. Many states that the SEC’s approach amounts to “regulation by enforcement”. However, SEC Chair Gary Gensler maintains that most cryptocurrencies should be treated as securities and should be governed by the same laws as traditional investments.

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Coinbase Strikes Back, Sues SEC and FDIC over FOIA Violations

Coinspeaker Wanchain Debuts New Bridge to Connect Polkadot and Cardano Blockchains

Wanchain, the longest running decentralized interoperability solution, introduced a new bridge to connect Cardano and the Polkadot Relay Chain. The bridge is a first, allowing two prominent non-Ethereum Virtual Machine (EVM) chains to communicate with each other and implement hassle-free transfers of DOT tokens to Cardano and vice versa.

The Polkadot-Cardano bridge is accessible through the Wanchain Bridge Web Portal. The bridge is not just a technical achievement but also a step towards encouraging the two communities to work together, said a press release.

It is important to note that both the Polkadot and Cardano blockchains operate on non-EVM frameworks, presenting unique challenges in the building of a bridge in terms of network infrastructure, consensus mechanisms, data formats, programming languages, and trust models. However, Wanchain came up with a pioneering functional solution, aiming for a more interconnected and versatile blockchain landscape. Temujin Louie, CEO of Wanchain, emphasized the importance of this development, stating:

“Polkadot and Cardano are two of the most prominent non-EVM ecosystems out there. Both tech stacks have value for Wanchain beyond this integration. We anticipate that this initial implementation will lead to further developments, such as cross-chain function calls between two non-EVM networks. The possibilities of a world where decentralized applications can span two non-EVM networks, like Polkadot and Cardano, is exciting.”

Both networks are expected to experience positive effects as a result of the new launch. Polkadot has recently announced that it has surpassed 600,000 active wallet addresses within its ecosystem, while Cardano has experienced a 40% increase in activity during the same period. The enhanced interoperability facilitated by the Wanchain bridge is expected to sustain trading activity on both networks, even amid market fluctuations.

Notably, like all of Wanchain’s solutions, the newly launched bridge is supported by unified decentralized collateral pools, maintained by Wanchain’s Bridge Nodes.

In addition to the bridge launch, Wanchain recently introduced the Convert n’ Burn program for the Wanchain Bridge. This program aims to cover the on-chain costs incurred by the bridge and create value for the entire Wanchain ecosystem.

Blockchain Interoperability Is a Must for Increased Adoption

Communication between two blockchains can be a hassle, but blockchain interoperability acts as a solution to the fragmented nature of blockchains. It allows uninterrupted communication between two networks using cross-chain protocols. Crypto enthusiasts who use dApps and DeFi protocols can benefit greatly from such bridges.

The Polkadot-Cardano bridge’s launch comes at a time when the blockchain industry is seeking robust and scalable interoperability solutions. The growth of non-EVM networks is on the rise, and as a result, the ability to interact seamlessly with each other is becoming very important.

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Wanchain Debuts New Bridge to Connect Polkadot and Cardano Blockchains

Coinspeaker South Korea’s Seoul High Court Rules in Favor of Fantom Foundation over Network Development’s Ownership

After years of legal battles in South Korea, the Fantom (FTM) ecosystem is free from the lawsuit shackles filed by SikSin, a food tech start-up led by CEO Byung-Ik Ahn. According to the Fantom Foundation, the Seoul High Court has dismissed all the reliefs sought by SikSin and Ahn due to lack of merit.

Additionally, the South Korean court has confirmed that the Fantom Foundation spearheaded the network’s development led by Andre Cronje and Quan Nguyen.

“The Seoul High Court’s ruling confirms what we have consistently said for years: that our own development team, initially led by Cronje and Nguyen, created the success we have today. I thank the court for their careful review of the facts and evidence in this case,” Michael Kong, CEO of Fantom, noted.

How Fantom Foundation Triumphed the Seoul Case

The Fantom Foundation has been fighting a legal battle in South Korea as SikSin and its CEO claimed over 198 million FTM tokens for the alleged development services offered.

The South Korean court concluded that SikSin and Ahn failed to design a feasible Lachesis protocol as per the initial agreement.

“The more we reviewed the materials, the more the pieces of the puzzle of Fantom’s arguments began to fall into place. We are very satisfied that the appellate court made its decision based on this completed puzzle,” Young Seok Lee and Jeong Min Lee from RosettaLegal, who represented Fantom, noted.

Market Impact

Following the Seoul High Court ruling against SikSin’s allegations, the Fantom network can now grow exponentially in the near future. Moreover, more web3 developers can build on the Fantom network without any worry of an impending legal backlash.

As of this report, the Fantom network had a total value locked of about $97 million and a stablecoins market cap of around $346 million. Some of the top web3 projects that have leveraged the Fantom network include SpookySwap, Beefy, Beethoven X, and Equalizer, among many others.

Meanwhile, FTM price bumped 3 percent in the last 24 hours to trade around $0.5854 on Thursday. The mid-cap altcoin, with a fully diluted valuation of about $1.8 billion and a daily average traded volume of around $142 million, has dropped nearly 30 percent in the last four weeks.

From a technical standpoint, FTM price against the US dollar has rebounded from the support level of around 55 cents in the last two weeks. If the midterm bulls take over, FTM price is aiming at the range between $1.27 and $1.76, which coincides with the daily 1.618 and 2.618 Fibonacci Retracement.

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South Korea’s Seoul High Court Rules in Favor of Fantom Foundation over Network Development’s Ownership

Coinspeaker Swiss Crypto Bank Sygnum Adds 20 New Lenders for Business Enhancements

Sygnum, a multinational digital assets group with Swiss and Singaporean roots, announced today the addition of 20 new banking partners to broaden access to crypto services and enhance the company’s business operations.

In an announcement on June 27, the company said that by partnering with these lenders, Sygnum continues to expand its reach and provide more comprehensive crypto solutions to its business-to-business (B2B) customers.

Expanding the Partner Network

The new partners include PostFinance, the cantonal banks of Zug and Lucerne, VZ Depotbank, PKB, SocGen Forge, Bordier, and Bison Digital Assets. These institutions span the entire financial industry, from systemically important and cantonal banks to universal, private, and retail financial institutions.

The bank plans to utilize Sygnum’s secure infrastructure and scalable APIs to facilitate crypto transactions for its customers. Their users will have the opportunity to trade digital assets, including sending, receiving, and storing funds on a regulated platform.

“Cryptocurrencies offer an additional investment option and are here to stay. Partnering with a regulated partner like Sygnum Bank has enabled our customers to access digital assets through their primary bank securely and conveniently, 24/7,” said Alexander Thoma, senior executive at PostFinance, one of the new banking partners.

Sygnum said it currently processes up to 1,000 B2B transactions per day for its business partners, with 99% of the transactions completed within a “very short period of time”.

The company plans to continue this tradition with the newly added lenders, enabling more than a “third of the Swiss population to own digital assets with complete confidence”.

Regulatory Clarity and Expansion

Sygnum disclosed that the enhanced regulatory clarity in Europe, provided by the new Markets in Crypto-Asset Regulation (MiCAR), has facilitated the expansion of regulated digital asset solutions across the 27-member European Union.

The law was introduced to provide a clear regulatory framework for the use and application of crypto, as well as to guide service providers within the European Union to protect consumer interests. Sygnum also noted that crypto regulations in Switzerland have contributed to the increasing adoption of digital assets in the country. The laws provide legal certainty, investor protection, and a positive environment for innovation in the industry.

According to the company, last year, 21% of the Swiss population interacted with the emerging digital economy. This figure represents the highest rate in Europe and more than double the level in the United Kingdom, Germany, and France.

Sygnum explained that Switzerland’s regulatory framework permits it to act as a crypto custodian for its partner banks, managing crypto assets on behalf of their customers. The company stated that it holds these assets “off-balance sheet” to eliminate the risk of counterparty issues.

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Swiss Crypto Bank Sygnum Adds 20 New Lenders for Business Enhancements