The conversion is underway, and just 1 week in to the process, Polygon is reporting the majority of tokens already converted (Over 60%).Polygon is migrating from MATIC tokens to a new coin called POL, which will serve as the primary token for gas fees and staking while introducing features like multi-chain staking. This upgrade is expected to bolster network security by enabling staking across multiple chains within the Polygon ecosystem. The rebranding to POL also aligns better with the Polygon name, addressing a longstanding discrepancy where the token for 'Polygon' was traded under the symbol 'MATIC.' While the exact origins of this naming are unclear to many, including traders, the change seems logical.

The migration from MATIC to POL began on September 4, 2024, as a key initiative in the Polygon 2.0 roadmap. Originally announced in mid-2023, this upgrade aims to enhance the network’s scalability, security, and overall functionality.

Will the new token's features increase investor appeal?

The general consensus is positive. POL’s enhanced features, like multi-chain staking, are expected to appeal to investors by allowing staking across various chains in the Polygon network, thereby increasing network security and providing new fee-earning opportunities.

Do you need to take any action?

If you hold MATIC on the Polygon blockchain, your tokens will be automatically converted to POL. However, if you hold MATIC tokens (ERC-20) on Ethereum’s blockchain, you will need to visit the POL Portal to convert your tokens. For those holding MATIC on a centralized exchange, it’s essential to check with the exchange regarding their plans for the migration, as you may still need to manage the conversion manually in some cases.-----------Author: Trevor KingsleyTech News CITY // New York Newsroom

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PayPal’s foray into the world of crypto has been a huge success for the company, and the highlight of this venture has to be their flagship stablecoin, PayPal USD (PYUSD), recently crossing the $1 billion mark in total market capitalization, as reported by CoinMarketCap. Launched in 2023, PYUSD is pegged to the US dollar at a 1:1 ratio, ensuring stability and ease of use for transactions in the digital economy. The stablecoin is issued by Paxos Trust Company, a US-regulated entity known for its compliance and security standards in the crypto space.

As an ERC-20 token on the Ethereum blockchain, PYUSD benefits from Ethereum’s robust infrastructure and widespread adoption in the blockchain community. This design choice means it’s not only compatible with Ethereum but also integrates seamlessly with the broader ecosystem of third-party developers, wallets, and Web3 applications. For developers and businesses, this translates to an easier onboarding process for integrating PYUSD into their platforms and products, enabling a smoother user experience and expanding the utility of digital assets in everyday transactions.

The rise of PYUSD is a significant milestone, underscoring the growing demand for stable, fiat-backed digital currencies...

Stablecoins blend the benefits of blockchain technology with the familiarity of traditional money. According to Dan Schulman, president and CEO of PayPal, the increasing shift towards digital currencies necessitates reliable, easy-to-integrate financial instruments that are both digitally native and anchored by fiat currencies like the US dollar. PYUSD aims to fill this gap, offering a stable value that helps mitigate the volatility typically associated with cryptocurrencies.

Moreover, PYUSD is the only stablecoin currently supported by PayPal’s payments infrastructure, making it a unique offering in the digital payments space. This exclusivity suggests that PayPal is positioning PYUSD as a cornerstone of its strategy to bridge traditional finance and the decentralized finance (DeFi) world, catering to a growing user base that’s increasingly comfortable with digital currencies.

For crypto exchanges, the appeal of PYUSD lies in its backing by a trusted name like PayPal and a regulated issuer like Paxos, offering an extra layer of credibility that many other stablecoins lack. As stablecoins continue to play a pivotal role in the adoption of digital currencies, PYUSD’s rapid ascent highlights the potential for major fintech companies to influence and shape the future of digital payments.

With PYUSD’s market cap on the rise, all eyes are on how PayPal will leverage its established global reach and technological prowess to further drive the adoption of digital currencies and redefine the landscape of online payments. As the digital finance space evolves, PYUSD could be a key player in the ongoing transformation of how value is stored, transferred, and used in a world that’s increasingly turning to blockchain technology.---------------Author: Oliver ReddingSeattle Newsdesk  / Breaking Crypto News

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The Biden administration has often been criticized as 'anti-crypto' due to a consistent lack of understanding of the industry's fundamentals. However, one of Kamala Harris’s advisors suggests that the current Vice President and Presidential nominee might take a different approach, supporting more pro-crypto policies.

While this news is intriguing, it's wise to remain cautious. The source of this information is Brian Nelson, a key policy adviser for Harris, who recently indicated that she would back measures favorable to the crypto industry. However, it's important to remember that this is coming from an advisor...Not a spokesperson, or Kamala herself.  Harris has yet to publicly address her views on digital assets, and the Democratic Party's platform does not mention crypto.  An advisor’s role is to suggest policies, and until Harris publicly endorses these views, nothing is official. This also means that if the stance doesn't materialize, it wouldn't be seen as a broken campaign promise.

For the crypto community to take this seriously, Kamala Harris needs to make a clear statement on her stance regarding digital assets.

According to Bloomberg, Brian Nelson shared during a roundtable at the Democratic National Convention that Harris plans to support policies that would enable the growth of emerging technologies like crypto. This marks the first public insight into how Harris might approach digital assets as a Presidential candidate. Previously, Harris's campaign had engaged with crypto leaders who expressed concerns about the Biden-Harris administration’s perceived hostility toward the industry.

In contrast, former President Donald Trump has fully embraced crypto. In July, he delivered a prominent speech at Bitcoin Nashville, promising to make the U.S. the “crypto capital of the planet.” ---------------Author: Oliver ReddingSeattle Newsdesk  / Breaking Crypto News

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Bitcoin Miners are being offered big money to switch their computing power over to AI. Matthew Sigel, VanEck's Head of Digital Assets Research says this trend will continue to grow... Video Courtesy of CNBC Subscribe to GCP in a reader

In a sweeping operation across Germany, authorities have confiscated nearly €25 million ($28 million) in cash from cryptocurrency ATMs that were operating without proper permits, according to a statement issued by the country’s financial regulator, BaFin, on Tuesday.

The operation targeted cryptocurrency ATMs located in 35 different sites across the country. These machines were facilitating the trade of Bitcoin and other cryptocurrencies but lacked the necessary licensing, which raised concerns about their potential use in money laundering activities.

BaFin collaborated closely with law enforcement agencies and the German Bundesbank to carry out this extensive operation. The seizure of these ATMs marks a significant step in Germany’s ongoing efforts to regulate the fast-growing cryptocurrency market, particularly in the wake of a global surge in Bitcoin ATM installations in 2024.

The crackdown also underscores Germany's commitment to stringent regulatory enforcement within the crypto space. ATM operators found to be in violation of licensing requirements face severe legal consequences, including penalties of up to five years in prison, according to AML Intelligence.

This recent action is part of a broader regulatory push by German authorities to manage the risks associated with cryptocurrencies. The German government has been under scrutiny for its approach to handling seized digital assets, particularly after it liquidated the last of its seized Bitcoins in July 2024. That sale included 3,846 Bitcoins, each valued at approximately $62,604, most of which had been confiscated in previous operations.

As Germany continues to tighten its grip on the cryptocurrency sector, this operation serves as a stark reminder to operators that compliance with regulatory requirements is not optional.-------Author: Mark PippenLondon NewsroomGlobalCryptoPress | Breaking Crypto News

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Trump calls on U.S. to embrace cryptocurrency at Bitcoin conference in Nashville, where he also vowed to make the US the 'crypto capital of the world'. Video Courtesy of PBS Newshour Subscribe to GCP in a reader

Late yesterday the Securities and Exchange Commission (SEC) officially approved Ethereum spot exchange-traded funds (ETFs) to begin trading today! Following in Bitcoin's footsteps, the world's second-largest cryptocurrency will now be accessible to investors through traditional markets.

Here's the list of the newly approved Ethereum ETFs and where you can find them:

Grayscale Ethereum Mini Trust (ETH) - New York Stock Exchange

Franklin Ethereum ETF (EZET) - CBOE Exchange

VanEck Ethereum ETF (ETHV) - CBOE Exchange

Bitwise Ethereum ETF (ETHW) - New York Stock Exchange

21Shares Core Ethereum ETF (CETH) - CBOE Exchange

Fidelity Ethereum Fund (FETH) - CBOE Exchange

iShares Ethereum Trust (ETHA) - Nasdaq

Invesco Galaxy Ethereum ETF (QETH) - CBOE Exchange

In addition to these, the SEC has also given the green light for Grayscale to convert its Grayscale Ethereum Trust (ETHE) to a spot ETF, which is a big deal for those tracking crypto investments.

For those of you who are new to ETFs, or exchange-traded fund, is an investment fund that owns the underlying asset it represents—in this case, Ethereum. When you buy shares of an Ethereum ETF, you are essentially buying a portion of the Ethereum owned by the ETF, which is managed by a financial company. This way, you can invest in Ethereum without needing to buy, store, or manage the cryptocurrency yourself.

Major BULL RUN Coming?!What caught my eye is when looking back to May when the SEC approved Ethereum ETFs (said they will allow them, but did not yet have a launch date) it appears investors didn't react to the news by buying more ETH, in fact it looks like any normal day on the charts.  When Bitcoin ETF's received the same approval investors responded in such large numbers it was actually credited with brining back the bull market. So by the time Bitcoin ETF's launched, most investors reacting to the news did so days/weeks earlier. I don't make price predictions, but I think it's at least worth considering the market may react to Ethereum's ETFs when they launch... which is today. 

-------------------Author: Oliver ReddingSeattle Newsdesk  / Breaking Crypto News

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Crypto liquidations are expected to decrease this month, and the market is predicted to bounce back from August onwards, according to a report from JPMorgan (JPMJPM) released yesterday.

The bank has lowered its estimate of how much money has flowed into the crypto market this year from $12 billion to $8 billion. JPMorgan doubts that the earlier estimate of $12 billion would continue for the rest of the year because the price of Bitcoin (BTC) is quite high compared to its production cost or the price of gold.

“The reduction in the estimated net flow is largely driven by the decline in bitcoin reserves across exchanges over the past month,” said analysts led by Nikolaos Panigirtzoglou.

Combination of 3 Large Sell-offs are Holding Prices Down...The sell off's by creditors of Gemini, the now-closed crypto exchange Mt. Gox, and the German government, which has been selling crypto it seized from criminal activities, increased supply, and held prices down.  But all these sell off's are a one time thing, and have either recently finished selling or will be completed soon. 

JPMorgan’s reduced estimate of $8 billion accounts for $14 billion in new investments into crypto funds by July 9, $5 billion from Chicago Mercantile Exchange (CME) futures, and $5.7 billion raised by crypto venture capital funds this year. These amounts are then adjusted by subtracting $17 billion, which accounts for the shift from wallets on exchanges to new spot bitcoin exchange-traded funds (ETFs).-------Author: Mark PippenLondon NewsroomGlobalCryptoPress | Breaking Crypto News

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This story somehow never runs out of surprising twists, and this one is massive.Look back on almost any news coverage, or old posts in online crypto communities made by your average trader - in everyone's mind this was a story about people losing billions.  At one point it was probably true, when the market had just been hit with the Terra/Luna collapse There's no downplaying how much this story changes when it no longer involves anyone losing money.

At one point, every FTX user who had funds sitting on the exchange when it shut down believed they had lost money, with many expecting to hear all of it was gone. 

Searching old posts in online crypto communities made at the time FTX halted trading show there was little hope they would recover any funds they left in FTX controlled wallets.

Now we finally know how the story ends for the users of FTX - they're getting all of it back, and then some.

FTX Owes $11.2 Billion - All of That and More is Ready to Be Paid Out Immediately...

Under new leadership following FTX’s bankruptcy claim and the arrests of its former executives, liquidation of company assets began. This involved mainly dumping massive amounts of crypto over the last few months, enough where the $11.2 billion owed already sits in US dollars they can access anytime. But there’s more to come, as they claim to still have another $2+ billion in crypto that cannot yet be sold.

Sam participated in a common practice among VCs where projects offer them a chance to invest early by buying coins at an extremely low price. However, these coins are 'locked' and unable to be traded until a future date.

The biggest chunk of FTX's recent windfall of cash comes from Sam's early investment into Solana, where he’s rumored to have paid 0.20 cents per coin - they’re worth $133 each today, but FTX's bankruptcy team supposedly dumped a large amount when it was trading closer to $200.

Solana was the largest source of funds, worth billions, but FTX held millions of dollars worth of dozens of other coins, selling these off totaled several more billion dollars.

The end result - FTX can pay back all users right now, with a little extra. 

Sam and His Supporters Say This Changes Everything... 

According to his family, Sam is in prison wrongly labeled as someone who caused investors to lose billions. Now that the trial and sentencing are done, we learn no one lost anything, and they're even walking away with a small profit - this is a completely different situation than what he was sent to prison for.

32-year-old Sam is serving a sentence of 25 years, the prime of his life wasted - this is a punishment designed for someone who caused countless people to lose their hard earned money. 

He'll be 57 when released, that is if he survives prison, as his family says his 'social awkwardness' puts him at high risk of becoming the victim of 'extreme violence' from another inmate confusing Sam's awkwardness for rudeness. His cellmate from the NY jail that held Sam during the trial says there were times other inmates indeed targeted him.

Before Sentencing, The Judge Allowed Some FTX Users To Share Stories of How Their Lives Were Ruined...

At the time, the final outcome was still unknown. These users gave stories of their lives being ruined, stating things like "decades worth of savings" were gone forever because of Sam's actions.

These were the kind of stories the judge heard right before sentencing Sam to 25 years in prison.

It does make you wonder - would the sentence be different if these former FTX users only had stories of their funds being inaccessible, then eventually getting all of it back, with a small profit? Honestly, I have a hard time believing it wouldn't.

But Maybe This Shouldn't Change Anything...

Let's imagine the worst-case scenario. Sam, like everyone else, cannot actually predict the future. While his early investments into projects like Solana are bringing in billions in profits today, things also could have gone the other way.

You can say he made smart investments that paid off, as he knew they would, so from his point of view no user funds were ever at risk. But there's just some things he couldn't have known no matter how much research he put into his decisions. For example, what if Solana faced a massive hack? We've seen hacks ruin projects that had the potential to end up among the top 10 tokens - no one can predict the discovery of a new security vulnerability.If an unforeseen hack did bring down Solana, this would be a story of FTX billions short on what they owe.

So, while things end with no one losing money, Sam did, in fact, gamble with user funds and expose them to potentially losing all of it.

On that note, while he was risking other people's money, did he plan to share the rewards if it all worked out? Of course not. Sam quietly 'borrowed' user funds without them knowing, he would have taken the profits and return what he had borrowed just as quietly as he took it.

We've all Been Damaged By Sam's Actions...

I was not an FTX user, but that didn't matter as we all watched our portfolios go into a nosedive the day FTX halted trading, and those losses weren't recouped for over a year.

But what many are unaware of is that the damages actually continue to the present day. The reason FTX has so much money right now because they dumped their massive stash of coins on the market over the last year, often at times the market was on the rise, bringing that rise to a halt. In fact, FTX is the reason why we saw Bitcoin ETFs bringing billions of new investments into the market, and the price of Bitcoin barely move. Sam had purchased shares of Grayscale's Bitcoin Trust which automatically was converted into shares of Grayscale's ETF, so when the ETF went live FTX had 22 million shares of it - which they immediately dumped onto the market.

But it was FTX's Solana holdings that became worth billions while Sam was on trial - there's no way to know what Solana's price would be today if FTX hadn't dumped billions of dollars worth - but higher for sure, possibly much higher.Fact is - Sam is a Liar...

Ironically, his largest broken promise is in print, on one of Sam's strangest marketing decisions.

The FTX condoms that read “Never breaks...even during large liquidations" - ironically describing the exact conditions that would indeed break FTX.  

In Closing...This is all still sinking in, but when I think about Sam being prison right now, it feels justified. He deserves some punishment.  Where I'm torn is if in 15 or 20 years from now, I'll feel like it's justified that he's still there. From a legal standpoint, the end result of a crime usually makes a massive difference.  For example, imagine someone driving the wrong way on a freeway because they're extremely drunk, and they manage not to kill anyone only because the other drivers swerved to avoid them. Then imagine the same scenario but in this one, the drunk driver kills an innocent driver in a head on collision.  Even though we're fully aware that both literally made the exact same poor choices - one could end up in prison for a few months, and the other for decades.

Ultimately, the choices Sam made led him here, making it hard to feel sorry for him now. So while I won't be campaigning to #FreeSam, I also wouldn't be angry to hear Sam's legal team was able to have the sentence re-evaluated, and reduced by a few years.If you were the judge overseeing the case - what, if anything, would you change given what you know today? We want know - share your answer with us on X @TheCryptoPress---------------Author: Ross DavisSilicon Valley NewsroomGCP | Breaking Crypto News

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We've covered and followed the story of the 'Crypto Queen', one of the FBI's most wanted fugitives who's managed to remain free for years regardless of any efforts made by international law enforcement.  Recently they may have gotten closer than ever before - but it's given them more questions than answers.  Video Courtesy of BBC News Subscribe to GCP in a reader

Former president Donald Trump continues to repeat his stance as the crypto-friendly candidate, and it's resulting in votes and donations from the tech world.

Trump has seen the light. 5 years ago he former President saying crypto was “a disaster waiting to happen” but since then has made a number of pro-crypto statements. 

Trevor Traina, ambassador to Austria during the Trump Administration and current tech executive, tells Reuters that Trump said “he would be the crypto president” at a recent San Francisco fundraiser.

Unexpected Support in 'Liberal' Silicon Valley

As someone in Silicon Valley, I never expected to hear that Trump was in San Francisco, raising millions from the tech elite that were clearly against him in the previous two elections.

But just three days ago, Silicon Valley venture capitalists David Sacks and Chamath Palihapitiya hosted the former president at Sacks' mansion in the wealthy Pacific Heights neighborhood, where Trump gave a speech, followed by a dinner and reception. The tickets started at $50,000, and the event sold out, ending in $12 million being raised for the campaign.

Trump Arriving in San Francisco earlier this week.

Crypto is among a list of policies that have 'turned off' those now supporting Trump in a city that voted 85% for Biden.

All Happening While Biden's Administration Continues to Advocate Policies that Aren't Just Bad for Crypto - They Expose a Complete Lack of Understanding of How Crypto Works

For example, the first crypto-related proposals exposed that the Biden administration viewed wallet providers the same as banks, saying they should be required to verify the identities of all users. In reality, wallets are simply software that runs entirely on the user's end, different from a bank in every possible way.

The creator of a legitimate crypto wallet is both blind and powerless when it comes to who uses it and what those users are doing. They cannot help the government seize someone's crypto, even with a warrant, because they literally cannot access it. They also cannot prevent anyone from using the wallet they created - if the file to install it is accessible, anyone can use it.

In other words, it is both completely pointless to require wallet creators to demand information from users they have no authority over, and there is no reason for users to comply when ignoring these new requirements has the same end result - them being free to continue using whatever wallet they want.

No one can be surprised that the industry rightfully fears the end result of people writing new laws intended to regulate something they clearly do not understand.

As Trump Warmed Up To Crypto, His Campaign Made Sure to Show It

In 2022, the announcement that he would be running again came with the launch of Trump NFTs on the Ethereum-based platform OpenSea.

In 2023, his financial disclosure filed with the Office of Government Ethics included a crypto wallet with up to $500,000 worth of assets in it - this wallet's value recently broke $5 million in value. Since the wallet address became known, both random users and projects have gifted or airdropped coins to it.

Then last month, his campaign announced they will accept crypto donations for the 2024 election.

There are Legitimate Reasons Any US Leader Should Support Crypto

One major contributing factor to the US's global power is the strength of the US dollar, and one major reason the dollar is so strong is its status as the global 'reserve currency' as well as the official standard currency for purchasing oil from the world's largest supplier - OPEC in the Middle East.

When the global economy is in turmoil, as seen recently during the COVID pandemic, many nations converted their treasury to US dollars. The Federal Reserve was overwhelmed initially, having to scramble to fulfill other countries’ central banks' demands for what is seen as the world's most stable currency.

That word 'stable' is one crypto investors are familiar with - as the US dollar is finding yet another market where it has become the standard for investors looking for a stable currency to both cash out and re-enter trades from.

In fact, when it comes to cryptocurrencies tied to standard fiat money, the top 16 stablecoins are all based on the US dollar, with 'STASIS EURO' at #17 and less than $1 million in daily transactions. The top stablecoin USDT has done $39 billion in the same 24-hour time period.

While the crypto market trades digital versions, the two that account for the overwhelming majority of stablecoin transactions, USDT and USDC, are both publicly audited companies that verify they hold the money to back up the coin. This means as we've watched stablecoin usage skyrocket over the last few years, offline this created new real-world demand for US dollars.

You would think this would result in crypto having no effect on the election, as both sides would support its continued growth. Regardless of what your opinions may be on other issues - it's a fact that only one candidate seems to be getting this one right.---------------Author: Ross DavisSilicon Valley NewsroomGCP | Breaking Crypto News

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It's over for the infamous Craig Wright, one of Bitcoin's early developers who actually did work with Bitcoin inventor Satoshi Nakamoto, then in recent years begun to claim he was Satoshi himself. A ruling by a High Court judge in London on Monday (May 20) determined that the Australian computer scientist Craig Wright provided false testimony and fabricated documents to substantiate his unsubstantiated assertion of being the inventor of bitcoin.

Judge James Mellor, in a decision rendered in March and with reasons outlined on Monday as reported by Reuters, concluded that the evidence did not support Wright's claim to be the pseudonymous "Satoshi Nakamoto" behind bitcoin's creation. The judge found that Wright had been deceitful and had forged documentation to bolster his inventor claim, and that Wright's legal actions against bitcoin developers as well as his expressed views on bitcoin contradicted his purported status.

Developers Feel Relief Following Ruling...

Wright's legal attempt, had it succeeded, would have given him the right to sue anyone who built anything on Bitcoin's network, as he would become the copyright holder to Bitcoin's code.In a blog post on Monday following the ruling, a Crypto Open Patent Alliance (COPA) spokesperson said that the judgment "forensically demolishes Wright's fraudulent claims."

"This decision is a watershed moment for the open-source community and even more importantly, a definitive win for the truth," a COPA spokesperson said. "Developers can now continue their important work maintaining, iterating on and improving the bitcoin network without risking their personal livelihoods or fearing costly and time-consuming litigation from Craig Wright."

Wright Vows To Appeal...

On X (formerly Twitter), Wright stated on Monday: "I fully intend to appeal the decision of the court on the matter of the identity issue. I would like to acknowledge and thank all my supporters for their unwavering encouragement and support."

Wright first came forward with his claim to be bitcoin's creator in May 2016, making the assertion to three publications — the BBC, The Economist, and GQ — and sending digitally signed messages using cryptographic keys created during bitcoin's early development days.

"These are the blocks used to send 10 bitcoins to Hal Finney in January [2009] as the first bitcoin transaction," Wright stated at the time during his demonstration.

However, by December 2019, when a Florida judge ruled that Wright's late partner was entitled to half of the bitcoins Wright mined through 2013 and half of the related intellectual property, some crypto experts were skeptical of Wright's claims, viewing them as fraudulent.-------Author: Mark PippenLondon NewsroomGlobalCryptoPress | Breaking Crypto News

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 Late Sunday night in the US, Coinbase users were greeted with the following message:

Coinbase is temporarily unavailable. Our servers are busy. We’re looking into it and expect our usual service to return soon. Your funds are safe.

The Outage Began Nearly 3 Hours Ago, and Continues at Time Of Publishing... First reports of the outage began at 9:20pm (US West Coast time, where Coinbase is located) and has continued to the time of writing this article, 12am.   The only update from Coinbase so far was at 11:20pm, stating: We're seeing some services recover. We know customers may still be encountering connectivity problems and we appreciate your patience while we work to correct this. We're still monitoring this closely. However, no one from our team was able to successfully access the exchange via desktop browsers or their mobile app.  -------  Author: Justin Derbek New York News Desk Breaking Crypto News Subscribe to GCP in a reader

In what was billed as the "biggest bitcoin vs gold debate in history," and moderated by Ran of Crypto Banter, the event featured four financial heavyweights squaring off to argue the merits and flaws of bitcoin and gold as potential future stores of value and mediums of exchange. 

In one corner were the bitcoin backers - Eric Voorhees, an early bitcoin adopter and founder of ShapeShift, and Anthony Scaramucci, founder of SkyBridge Capital and former White House spokesman. They championed bitcoin as a revolutionary, decentralized digital currency outside government control.

"Bitcoin is radical, it's rebellious, it's non-compliant, it's American," Scaramucci proclaimed. Voorhees added "Anything that moves the world away from centralized control of money to market-based control of money is something I would be in favor of."

In the other corner were gold advocates Peter Schiff, CEO of Euro Pacific Asset Management who famously predicted the 2008 housing crash, and economist Nouriel Roubini. They argued bitcoin has no intrinsic value and is essentially "digital fools gold."

"Bitcoin can't do anything that gold can do...You can't have digital gold, you can't make jewelry out of it," Schiff stated. Roubini bluntly called bitcoin "a damned speculative asset - that's it."Schiff and Roubini repeated the same anti-crypto talking points they've been saying for the last 10 years... unfortunately, in 7 out of those 10 years Bitcoin outperformed all other investments.How can anyone with a track record that includes 7 years of advising investors to avoid the most profitable investment still be taken seriously?

The intense 2+ hour debate covered a wide range of topics around modern monetary theory, inflation, the economic outlook, role of governments, and the fundamental value propositions of bitcoin vs gold.

Voorhees and Scaramucci made the case that bitcoin's fixed supply of 21 million coins and properties like pseudo-anonymity give it immense value as "a non-debasable monetary commodity." As Scaramucci said, "We took [the working class] from aspirational to desperation in 35 years" due to currency inflation.

However, Schiff and Roubini countered that bitcoin fails all the tests of being a true currency. "It's not a unit of account, not a scalable means of payment, and not a stable store of value...it can never be money," Roubini argued.

While no minds seemed changed by the intense back-and-forth, it encapsulated the broader ideological battle between bitcoin's freedom philosophy and gold's traditional role. 

With bitcoin's market cap over $1.2 trillion, this debate is no longer hypothetical. Its outcome will shape monetary systems, investing, privacy and decentralization for years ahead.

I tried my best to summarize the debate that ran slight over 2 hours long, but if you want to see every minute for yourself, you can view an archive of the live stream on Crypto Banter's Youtube Channel. ---------------Author: Oliver ReddingSeattle Newsdesk  / Breaking Crypto News

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As of now, the price of Bitcoin stands around $62k, reflecting robust growth and heightened investor interest. Over the last four years, since the previous halving, Bitcoin has seen an astronomical 800% increase. Just this year, it has already risen by 40%, significantly outperforming traditional safe havens like gold, which has only seen a 7% increase year-to-date. The recent 'halving' isn't an event that happens and it's done, it's a fundamental change that slowly effects the price, pushing it upwards. Some experts suggesting this will begin inching Bitcoin to the $100,000 mark in the next 12 to 18 months. Video Courtesy of CNBC Subscribe to GCP in a reader

The price of Bitcoin has plummeted more than 7.5% in the last 24 hours, plunging to around $62,000 on several major exchanges.

At the time of this publication, Bitcoin is trading at approximately $64,300 per unit.

Bitcoin's downfall was not an isolated event. The S&P 500 index, which comprises the largest American companies, also experienced a significant decline in the past week, accentuated on the last business day. The same occurred with markets in other countries, indicating a global market reaction.

The primary apparent reason for these market movements is the escalating tensions in the Middle East, specifically the conflict in Israel and the potential for a larger-scale conflict brewing, as Iran has launched attacks.

What Could Reverse the Trend?

The imminent approval of Bitcoin ETFs in Hong Kong, one of the world's five largest financial markets, could be a turning point. The impact of such a measure would be substantial, as it could potentially influence the Chinese government to relax restrictions on the use of digital assets.

Additionally, the next Bitcoin halving event, which reduces the issuance of BTC per mined block by half, is just days away. This event typically generates significant media attention and visibility for Bitcoin, serving as a remarkable marketing opportunity.

Furthermore, each halving reminds the market that Bitcoin is a scarce asset and that the available quantity for acquisition will become increasingly limited, which has historically acted as an upward catalyst for its price in the medium and long term.-------Author: Mark PippenLondon NewsroomGlobalCryptoPress | Breaking Crypto News

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Sam Bankman-Fried's sentence of 25 years came down this week, following his lawyers and family making all possible attempts at getting him a shorter sentence.

Here we will review those attempts, knowing that ultimately in the end, they failed. Sam's Parents Fear His Social Awkwardness Puts him in 'Extreme Danger' in a Prison Environment...Sam's family made a desperate plea to the judge, begging for leniency in his sentencing for the FTX cryptocurrency fraud case. His parents, Barbara Fried and Joseph Bankman, warned that their son's social awkwardness and inability to read social cues could put him in "extreme danger" behind bars, fearing for his life in a typical prison environment.

In a heartfelt letter, Barbara Fried described her son's touching but naive belief in the power of facts and reason, arguing that his outward presentation and misinterpretation of social cues could lead to potentially disastrous situations with fellow inmates. Joseph Bankman echoed these concerns, cautioning that his son's "odd" social responses could be misconstrued as disrespect or evasion, putting him at significant physical risk.Also included, a letter from Sam's current jail bunkmate, a former NYPD officer arrested after being caught soliciting underage teens for explicit images on twitter, calling Sam the 'least intimidating person here' which has led to other inmates targeting him for harassment. Lawyers Argue for a DRASTICALLY Shorter Sentence...

With the value of crypto increasing, it appears the FTX's holdings are worth enough to fully cover everything owed to customers. Focused on this new factor, Bankman-Fried's legal team also made an effort to secure a lighter sentence, arguing for a prison term of no longer than 78 months, or 6 ½ years. They say the trial largely revolved around the story of a rogue, careless CEO whos actions caused his customers to lose billions.However, this argument inspired the team handling the FTX bankruptcy to write a letter to the judge, where they say removing Sam is the only thing that stopped the bleeding, and that he deserves no credit for the company's ability to pay users back today, because at the time he was spending customers money without their knowledge, he was gambling, and easily could have lost it all.  In the End, All Attempts for a Lighter Sentence FAILED...

All hopes for leniency were shattered when U.S. District Judge Lewis Kaplan handed down a 25-year sentence for Bankman-Fried's role in the fraud that led to the collapse of FTX. Judge Kaplan firmly rejected Bankman-Fried's statements from the trial when he took the stand in his own defense,  accusing him of lying during his testimony.

"He knew it was wrong," Kaplan said, "He knew it was criminal. He regrets that he made a very bad bet about the likelihood of getting caught. But he is not going to admit a thing, as is his right."

Bankman-Fried was taken away by US Marshalls to begin his 25-year sentence - now living out the worst fears expressed by his concerned parents.

In conclusion...

It's expected that Sam's legal team will appeal, his parents stating they will "continue to fight" for their son, but the odds of that succeeding would be extremely low without some major new information coming to light.  While Sam and his family may find it hard to find anything positive in how things ended, it's worth noting that his crimes gave the judge the option of sentencing him for up to 110 years in prison. While Sam's family and lawyers argued for a much shorter 6 years, getting 25 seems like a huge defeat - but compare to 110 years it seems the judge was still fairly lenient. Sam will probably be free again, at 57 years old. It's widely believed that Sam has a secret stash of Bitcoin tucked away in a wallet no one knows belongs to him - what do you think the price of BTC will be in 2049?------

- Miles MonroeWashington DC NewsroomGlobalCryptoPress.com

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That's what one lucky trader who used crypto exchange Bitmex managed to do yesterday.  As the market was in freefall and clearly intending to 'buy the dip' - the still anonymous user's 'dip' was more like a massive free leading deep under ground, finally landing at a discount of about $54,000! The Obvious Question: How!? It's important to note that there is no official answer to this question, yet. The exchange says they're "investigating the massive sell orders to better understand the circumstances that led to this unusual market activity". We do know someone dumped 400 BTC onto the exchange, which is a lot for any exchange to immediately handle, and in the case of BitMEX they're not even among the top 10 exchanges daily volume. Without any signs of a hack, or bug on the exchanges end, it appears the seller and his poor choice of where to sell his 400 Bitcoin was enough to cause a "flash crash" or a liquidity crisis. Flash crashes occur when there is a large sell order or a cascade of sell orders overwhelming the buy orders in the order book. In Other Words, Someone Messed Up, BADLY... While an exchange like Binance or Coinbase could handle selling 400 BTC  without causing any drastic price movement, BitMEX often doesn't move this much Bitcoin in an entire day. Still, the seller could have at least set a fixed price near market value to prevent selling for much lower.  But this seems to have been a market order - which is designed to sell as fast as possible by accepting every offer on the books until they have nothing left to sell.  It's q both smart enough to have accumulated 400 BTC, but dumb enough to accidently sell them at pric For just a few seconds, Bitcoin drops under $9000, a price not seen since 2018... Without any signs of a hack, or bug on the exchanges end, it appears the seller and his poor choice of where to sell his 400 Bitcoin was enough to cause a "flash crash" or a liquidity crisis. Flash crashes occur when there is a large sell order or a cascade of sell orders overwhelming the buy orders in the order book. In Other Words, Someone Messed Up, BADLY... While an exchange like Binance or Coinbase would have been able to handle a sell of 400 BTC  without causing any drastic price movement, BitMEX often doesn't move this much Bitcoin in an entire day. Still, the seller could have at least set a fixed price near market value to prevent selling for much lower.  But this seems to have been a market order - which is designed to sell as fast as possible by accepting every offer on the books until they have nothing left to sell.  It's so odd when you realize both smart enough to have accumulated 400 BTC, but dumb enough to accidently sell them at price. How You Could Benefit from Situations like This in the Future... Flash crashes are gone... in a flash, and you won't spot one happening until it's over.   So if you want to give yourself the very small chance that one day a flashcrash will benefit your wallet, you need to place low bids for your favorite coins now.  Make the orders are set 'Good Until Canceled' so your offers sit there ready to be accepted if they get the chance. But realistically, you should consider the funds used for this as funds you're simply HODLing, as the end result will probably be the same.  --------------- Author: Ross Davis Silicon Valley Newsroom GCP | Breaking Crypto News Subscribe to GCP in a reader

The USDT (Tether) stablecoin, issued by the Tether company, has exceeded $100 billion in market capitalization for the first time ever.

While used on many blockchains, the Ethereum and Tron blockchains account for 99% of the total supply. 

This achievement not only reinforces USDT's position as the leading stablecoim , but also widens its lead over its main competitor, Circle's USDC , which currently boasts a market capitalization of just $28 billion. 

Tether Says Every USDT Token is Backed 1:1 with the US Dollar - This Was Once a Controversial Claim... 

"A few years ago there were major issues with Tether withholding information and putting off 3rd party audits, all while consistently minting millions of new tokens as they grew. Concerns that Tether had secrets that could crash the market were voiced by dozens of established industry members...."  says Global Crypto Press Association editor Ross Davis "Now this part is just my opinion, but I think these concerns were true at one point, but Tether managed to avoid the issue long enough that with their continued growth, they had the time and money to fix the problem."Tether now undergoes 3rd party auditing, and publicly shares their treasury holdings on their website. Currently, Tether has $5 Billion more in assets than they have in liabilities.A Bullish Signal...More USDT being issued it considered a bullish indicator, showing increased intention to invest in the crypto market - there's really no reason to have USDT unless you plan to turn that into some other coin.- Miles MonroeWashington DC Newsroom / GlobalCryptoPress.com

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Virunga National Park, deep within the Congo, is home to 1,000 mountain gorillas whos population has been on a steady decline for decades, leading to the species officially labeled 'endangered' in 2018.

Now they've launched a two-part plan that implements wildlife conservation, and creates a way for the park to fund these efforts long term.  The economic solution comes in an unexpected form - cryptocurrency mining.

The park was recognized by the World Economic Forum (WEF) in a recently published video, praising those involved with finding creative solutions to the challenge of preserving wildlife within it. 

Clean Energy Mining...

Rivers within the Virunga National Park are used run hydroelectric generators, operated by technicians from nearby villages, providing clean renewable energy to Bitcoin mining operations inside the park. 

Another benefit of having this energy source is that they're able to attract miners currently running miners on electricity from coal-burning power plants. Not only highly polluting, coal has become a black market in the region, so the park aims to "reduce the incentive for illegal charcoal trafficking, an activity that has fueled violence led by militias in the region," says Foro from Economic World.

The Park's Hydroelectric Power Supplies the Miners with Clean Energy.

Surplus energy is channeled into cocoa production and nearby communities, while revenue generated from Bitcoin mining maintain the park's infrastructure, and pay their staff. 

Affordable energy is typically the largest expense of the cryptocurrency mining operation, so this is a rare situation where truly everyone wins! In the future we hope to see this new relationship between crypto and nature conservation mirrored in other places around the world!

-------Author: Mark PippenLondon NewsroomGlobalCryptoPress | Breaking Crypto News

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