Trump PAC received $7.5M in crypto donations, including Bitcoin, Ether, XRP, Tether, & USDC.

Donald Trump’s pro-crypto stance grabs the community’s attention during the election.

Analysts see Trump’s increasing election odds as a bullish sign for Bitcoin’s growth.

Former US President Donald Trump is gaining widespread popularity ahead of the November election, primarily driven by his pro-crypto stance. Trump’s political action committee (PAC), known as the Trump PAC, has received significant financial backing from the crypto community in Q3. According to a CNBC report today, the campaign has raised $7.5 million in crypto contributions spanning Bitcoin, Ether, XRP, Tether, and USDC.

Trump’s recent endorsement of crypto, in contrast to his previous skeptical stance, has grabbed the community’s attention in the presidential election. Though Trump previously criticized crypto as a ‘scam,’ he became the first US President to accept crypto donations in election campaigns. He publically announced his optimistic approach to crypto and expressed his ambition for the U.S. to become the “crypto capital of the planet.”

Experts and analysts remain bullish about the crypto industry under Trump’s presidency. His Bitcoin reserve strategy and promise of appointing a crypto-friendly SEC chair have further boosted confidence. Over the past few weeks, Trump has shown increased election odds on Polymarket, a prediction market platform. The latest data on Polymarket reveals Trump’s commanding lead over VP Kamala Harris. Currently, Trump’s odds stand at 60%, while Harris trails behind at 39%. Analysts like Ash Crypto consider this a positive sign for the potential growth of Bitcoin.

BREAKING

TRUMP IS NOW LEADING BY 16.5% TO
WIN THE US PRESIDENTIAL ELECTION.

BITCOIN WILL EXPLODE pic.twitter.com/kbsZgXylOU

— Ash Crypto (@Ashcryptoreal) October 15, 2024

Crypto donations to the Trump PAC were led by major crypto platforms like Ripple and Coinbase and the venture capital firm Andreessen Horowitz. These platforms’ campaign donations were thirteen times higher than their investments during the previous election.

It is significant to note that Bitcoin and Ether secured the top position in the Trump PAC crypto donations. While at least 18 donors contributed over $5.5 million in BTC, seven individuals funded with about $1.5 million in ETH.

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Italy has raised its Bitcoin tax rate from 26% to 42% to help finance election promises.

Italy’s tax increase comes as the EU prepares to introduce new MiCA crypto regulations.

ESMA warns of risks with crypto firms seeking EU approval while operating outside the EU.     

Italy plans to raise the capital gains tax on Bitcoin from 26% to 42%. This move, announced by Deputy Finance Minister Maurizio Leo, aims to bring in more revenue for the government. The tax increase is part of efforts to fund election promises and manage the budget. Leo called Bitcoin a “spreading phenomenon” and explained that the change reflects its growing use.

Global Context of Crypto Taxes

Other countries have also tried to tax cryptocurrency, but the results have been mixed. For example, India introduced high taxes on crypto two years ago, but this led to a drop in trading volumes. Many investors in India moved their activities to offshore platforms to avoid the taxes. Italy is making its changes while watching how other nations have handled similar situations.

New EU Regulations Coming

Italy’s decision to raise the Bitcoin tax comes as the European Union introduces MiCA (Markets in Crypto-Assets) regulations. These rules are set to take effect by the end of 2024 and aim to create a more structured environment for crypto assets in Europe. The regulations will guide how businesses and investors use digital assets and ensure more transparency.

Even with the tax increase, Bitcoin has been rising in value. By midday in London on Wednesday, Bitcoin was trading 1.8% higher and has seen a 17% increase over the past month.

Concerns About Global Crypto Firms

At the same time, the European Securities and Markets Authority (ESMA) has shared concerns about how crypto firms operate globally. ESMA warned that some firms are seeking EU authorization but still run operations outside of the EU’s oversight. This raises risks for consumers, as these firms could move assets outside the EU. ESMA advises that regulators carefully review these companies to protect users.

Italy’s decision to raise the Bitcoin tax is part of a global push to manage cryptocurrency better. The outcome will depend on how well the government can balance the new tax with investor behavior.

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Shytoshi Kusama’s surprise visit to Turkey sparks excitement in the SHIB community.

Mass Finance teams up with Shiba Inu to enhance the ecosystem’s payment infrastructure.

SHIB price surged by 42% this month, fueled by Kusama’s visit and new partnership.

Shiba Inu (SHIB) lead developer Shytoshi Kusama has been making news recently, and now he has made a trip to Turkey. A dedicated SHIB fan noticed it and shared this information with others on the X platform. Kusama changed his location on the platform and posted a message with an indication of his love for the country: “Seni seviyorum Türkiye!” which in English means “I love you, Turkey.”

Partnership With Mass Finance

On Tuesday, in an X post, Lucie, Shiba Inu’s official marketing lead, shared the alliance with Mass Finance and called it a “game-changing” partnership. This partnership is an example of cooperation in the development of the financial infrastructure of SHIB. It conforms to the general concept for the further development of the Shiba Inu ecosystem.

Mass Finance works with Stripe Payments and holds customers’ funds at major international banks. Visa allows transactions with the help of prepaid Visa cards issued by Celtic Bank. This cooperation should enhance the functionality of SHIB to make transactions convenient and easier to perform for people all over the world. The partnership with Mass Finance seeks to transform the ecosystem’s payment infrastructure.

Strategic Partnership Impact

The SHIB community became curious about Kusama’s visit to Turkey. There is still no word on why he took the trip, but many speculate that this could be in connection with the recent partnership with Mass Finance. On X, Kusama’s bio has the caption “Down to ride,” and his profile picture features a person standing next to a car in the Utah Rockies, making it difficult to predict his movements.

SHIB Price Surge

The hype surrounding Kusama’s visit and Mass Finance’s collaboration with SHIB have boosted the latter’s market value. For the past 24 hours, SHIB’s price has appreciated by 3.43% to stand at $0.00001871 as of press time. In the last week alone, the cryptocurrency has managed to hit an 8.66% rise as investors buy more of the SHIB token.

SHIB has not been left behind in this month’s rally, as it has also experienced a 42.11% increase in its value. This expansion could be ascribed to enhanced investor confidence after Kusama’s visit and the partnership with Mass Finance.

The SHIB community is still excited about the possibilities of Kusama visiting Turkey and the Mass Finance partnership. These developments are poised to define the future of Shiba Inu’s ecosystem and investors are hopeful for the future of SHIB.

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Tokenization converts real-world assets into digital tokens, making trading faster.

Firms like BlackRock & JPMorgan are testing tokenization to cut costs and speed up trades.

Tokenized assets could reach $2 trillion by 2030, reshaping how Bonds are traded.

A Bloomberg report released today analyzes Wall Street’s increasing adoption of blockchain technology. Wall Street, previously doubtful of cryptocurrency, is now embracing blockchain to revolutionize traditional finance (TradFi). assets into the form of digital assets. As per reports, many big financial institutions are now focusing on “tokenizing” traditional assets.

What is Tokenization?

Tokenization converts real-world assets like stocks, bonds and art into digital tokens stored on a blockchain. These tokens can be easily bought, sold or traded. Ownership is transferred by moving tokens from one wallet to another. This process makes asset transfers quicker and breaks large assets into smaller parts, which lets more people participate.

Wall Street Opts Tokenization

Tokenization for banks has offered a clear advantage as it cuts costs and speeds up trades. Traditionally transactions have often involved a number of middlemen and huge delays. Tokenized assets avoid this by recording everything on a blockchain, making the process seamless. Financial giants like BlackRock and JPMorgan are already testing this technology. BlackRock launched a tokenized mutual fund, while JPMorgan is using tokenized shares in its derivatives trades.

The Growing Market

Experts from around the world predict that tokenization will reshape the financial world. The market for tokenized assets could reach $2 trillion by 2030. Demand for tokenized mutual funds, bonds and even niche items like art and sneakers is expected to fuel this growth. Tokenization is already being used to verify the authenticity of high-value items, making trades more secure.

Who’s Leading the Charge?

Big names in finance are getting involved. BlackRock has created a blockchain-based fund. BNY Mellon and State Street are working on tokenization services. JPMorgan is developing private blockchain systems for its clients. These firms believe tokenization will change how assets are traded, allowing for faster and more efficient transactions.

Regulatory Concerns

Interestingly, not all regulators are on board yet. US banking regulators are cautious about approving new blockchain innovations. They worry that instant settlement through tokens could create risks, such as bank runs during financial crises. But in other parts of the world, like Singapore, tokenization pilots are already underway. In the US, regulators are also discussing how blockchain can be used to hold non-cash collateral, a key step toward broader acceptance.

Looking Ahead

Tokenization is offering a look into the future of finance, where assets could be traded quickly and at any time, with lower costs. However, security concerns remain a significant issue. If tokens are sent to the wrong address, they could be lost permanently. In response, financial institutions are developing private blockchains to ensure greater control. The bigger challenge will be ensuring these systems can operate across different institutions, a key factor in determining whether tokenization can become widely adopted.

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CME launches XRP reference rate and index, advancing XRP product development.

SEC reviews two XRP ETF proposals from Bitwise and Canary Capital for institutional access.

Analyst says XRP ETF approval may hinge on Trump’s election victory, despite challenges.

CME Group’s Senior Managing Director Tim McCourt spoke about the advancement of XRP-based ETFs at Ripple Swell 2024. He revealed that CME has launched an XRP reference rate and real-time index, which is a major advancement towards the growth of the XRP community. 

SEC Reviewing Proposals

McCourt’s remarks are made as the US Securities and Exchange Commission (SEC) is reviewing two XRP ETF proposals. Canary Capital filed after Bitwise Asset Management made its filing earlier. Both companies want to provide institutional investors access to XRP through their ETFs.

Geraci, the President of the ETF Store, shared his insights into the difficulties these applications encounter in an interview on the Thinking Crypto podcast. In the opinion of Geraci, one of the main problems is the absence of XRP futures contracts on the CME. Bitcoin and Ethereum ETFs were anchored on the existence of future contracts of these cryptocurrencies by CME. Since there are no futures contracts of XRP, the SEC could be hesitant to greenlight ETFs related to the cryptocurrency.

Political Influence on ETFs

As for the possibility of approving XRP ETFs, the expert said that it can only improve if Donald Trump wins the upcoming U.S. presidential election. Trump’s win would likely improve the regulatory climate for cryptocurrencies.

However, Geraci cautioned that the approval is not certain even if Trump wins the presidency again. The SEC would probably demand a co-surveillance agreement to avoid market fraud. Geraci also highlighted that the clear regulatory environment of Congress is important for the future of XRP ETFs and other cryptocurrencies. He said that such a framework will assist in determining which of the crypto assets are securities with a view of helping regulators and market players.

This is a positive development; however, there are still many issues to address when developing a regulated XRP benchmark. Changes in the political landscape and legal framework may affect the prospects and time frame of XRP ETFs’ launch. Until such issues are solved, the future of XRP ETFs will remain unknown.

The post XRP ETF Moves Forward As CME Develops XRP Index: Report appeared first on CryptoTale.

Bitcoin rose above $67K, gaining 2.34%, while Dogecoin saw a notable 7.26% increase.

Market capitalization grew 0.96%, with Bitcoin (BTC) dominance rising to 54.55%.

Goatseus Maximus surged 134.4%, leading top gainers in the altcoin market today.

Bitcoin has surged above $67,000, reflecting a continued rise. The broader cryptocurrency market, however, shows a mix of trends. While some top cryptocurrencies are rising, others are moving in the opposite direction. Bitcoin’s market dominance has grown to 54.55%, up by 1.35%. The total market capitalization now stands at $2.44 trillion, a slight increase of 0.96%. Meanwhile, the Fear & Greed Index is at 73, signaling a “Greed” sentiment among investors.

Market Overview#Bitcoin trades above $67K. The top-10 cryptos are traded in different directions:$DOGE +7.26%$BTC +2.34%$XRP -0.80%

Market capitalization: $2.44T (+0.96%)
The #BTC dominance: 54.55% (+1.35%)
Fear & Greed Index: 73 (Greed)

Top Gainers

Goatseus Maximus… pic.twitter.com/qmwPa7dyMr

— CryptoRank.io (@CryptoRank_io) October 16, 2024

Bitcoin Leads, Altcoins on Different Paths

Bitcoin remains strong, with a 2.34% increase in its price. However, other major cryptocurrencies are showing varied results. Dogecoin (DOGE) has gained 7.26%, marking a significant rise. On the other hand, XRP has dropped slightly by 0.80%. This contrast in performance highlights the volatility that is common in the crypto market. Bitcoin’s growing dominance comes at a time when the market capitalization has increased by nearly 1%. This reflects positive market sentiment, despite the mixed performances of major assets.

Altcoins Take Center Stage 

Among the top gainers, Goatseus Maximus (GOAT) leads with a dramatic rise of 134.4%. Department Of Government Efficiency (DOGE) also shows strong gains, up 130.6%. Meanwhile, Klaus (KLAUS) has risen 88.1%, followed by SIX (SIX) with a 57.7% increase. XBorg (XBG) rounds out the list with a 41.7% gain. These altcoins have made significant strides in the market, reflecting the unpredictable nature of cryptocurrency trading.

These rapid movements show how quickly smaller tokens can outperform more established cryptocurrencies. The strong performance of these altcoins also underscores the speculative nature of the market. While larger assets like Bitcoin see steady gains, these lesser-known tokens are experiencing sharp upward trends.

Growing Market Sentiment Amid Volatility

The Fear & Greed Index currently reads 73, indicating that investor sentiment leans toward greed. This signals rising optimism in the market. However, high levels of greed can also lead to increased risks. The index suggests traders should approach the market with caution, as sharp corrections are possible.
Increase in the Bitcoin Network dominance confirms its strength. The gains, especially those attained within a shorter timeline within smaller assets reveal that the crypto space is a risky terrain more so to investors who believe they have diversified their risks.

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The UK raises concerns over TikTok’s virtual currency system and unlicensed exchange claims.

Accusations highlight TikTok Coins’ potential money transmission without regulation.

FCA may impose stricter oversight on TikTok’s financial activities if investigated.

The UK legal authorities have recently turned their sights on TikTok as it is being accused of running an unlicensed crypto exchange through its virtual currency system. A former compliance consultant recently accused TikTok of having a virtual currency system. The claims were filed to the Financial Conduct Authority (FCA) with the US attorney’s office. This has caused many concerns in the UK about the financial regulation of the popular application TikTok.

Concerns Over TikTok Coins

The main concern is based on TikTok Coins, which is virtual currency used in the application. Subscribers can buy these coins by sending virtual gifts to the content developers, and the developers, in turn, exchange the gifts for diamonds. These diamonds can then be exchanged for real money and such accusations have been made that TikTok is engaging in money transmission without being properly licensed by the FCA.

The former compliance consultant, who spoke to the Financial Times, explained that this system could let TikTok function like a crypto exchange. The structure may enable the user to swap virtual currency for fiat, but this will not be controlled properly.

AML Controls Questioned

The letter reveals that the system used by TikTok might have insufficient measures to mitigate risks against money laundering. This has brought the issue that the platform is prone to financial fraud and money laundering if not regulated to the limelight.

The consultant has recommended that the FCA bring TikTok under the ambit of the UK’s Anti Money Laundering and Counter Terrorist Financing Act. Even though TikTok Coins are not considered cryptocurrency, they raise legal concerns due to their use in trading virtual merchandise for real money. 

Global Legal Challenges

TikTok has been accused of the same in other countries, including Australia, where the application is under investigation over possible money laundering risks. The Australian government is investigating receipts that state that TikTok has been involved in transferring money related to crimes.

Despite these ongoing legal challenges, TikTok has repeatedly denied any involvement in such activities. The company has also indicated that it does obey the laws of the country where it operates. It has also put in place sound measures to ensure that its financial features are not misused in any way.

At the moment, TikTok has not addressed the new claims in the UK. If the FCA decides to act, the platform may face more rigorous rules. It could also undergo stricter scrutiny of its financial activities.

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Lawmakers need better crypto education to avoid passing misguided regulations.

A Coinbase report shows 0.34% of crypto transactions involve illicit activities.

Ripple introduced RLUSD, a stablecoin designed for faster cross-border payments.

Coinbase continues its push to educate lawmakers and the public about cryptocurrency. The goal is to prevent false ideas about crypto’s connection to crime from crafting misguided laws. At the Ripple Swell conference, Phillip Martin, Coinbase’s chief security officer, highlighted how wrong narratives about crypto can harm innovation if they result in poor legislation.

Preventing Misleading Narratives

Coinbase has been active in helping lawmakers understand crypto. They believe that informed lawmakers make better decisions. Martin explained that Coinbase has provided information on the consumer protection and security measures in the crypto space. These measures are designed to combat illegal activities.

The company sees education as a key factor in shaping fair and balanced laws. Coinbase argues that many negative opinions about crypto come from media headlines. These headlines, according to them, do not always reflect the facts.

Crypto’s Role in Illicit Finance

Martin addressed the common belief that cryptocurrency is mainly used for crime. A report from Coinbase showed that just 0.34% of crypto transactions are linked to illegal activities. In contrast, an estimated 33% of cash in the U.S. is tied to criminal use or tax evasion. Coinbase uses such data to change the public perception that crypto is largely used for illicit purposes.

Coinbase is also focused on educating new crypto users. Many newcomers form opinions based on news stories, which may not provide a full picture. Coinbase wants to help people understand the risks and differences of crypto compared to traditional financial systems.

Ripple Launches New Stablecoin Partnerships

During the Ripple Swell event, Ripple announced the launch of its new stablecoin, Ripple USD (RLUSD). The RLUSD is a dollar-backed stablecoin. Ripple partnered with several exchanges, including Bitstamp, Uphold, and Bitso, to support this launch.

Ripple’s CEO, Brad Garlinghouse, called the RLUSD the new “gold standard” for stablecoins. He said the demand for high-quality stablecoins like RLUSD has been growing. Ripple plans to use RLUSD for payments, tokenizing real-world assets, and decentralized finance.

The RLUSD will work alongside Ripple’s XRP to enhance cross-border payments. Ripple aims to connect traditional and digital economies. This stablecoin is expected to make transactions faster and more efficient globally.

The post Coinbase Chief Urges Lawmakers to Avoid Misconceptions appeared first on CryptoTale.

Grayscale files to convert its Digital Large Cap Fund into a spot crypto ETF with the SEC.

GDLC fund holds 76% BTC, 18% Ether, and smaller allocations to Solana, XRP, and Avalanche.

SEC’s stance on non-Bitcoin and non-Ether assets may affect Grayscale’s ETF conversion.

Grayscale Investments has filed a request with the U.S. Securities and Exchange Commission (SEC) to convert its multi-crypto Digital Large Cap Fund (GDLC) into a spot crypto exchange-traded fund (ETF). The New York Stock Exchange (NYSE) submitted this filing on Grayscale’s behalf on October 14. If approved, it would mark Grayscale’s first multi-crypto ETF, allowing investors access to a variety of digital assets in a single fund. This request sets the stage for Grayscale to expand its offerings beyond individual crypto assets.

Fund Breakdown and Liquidity Advantages

The GDLC fund is heavily invested in Bitcoin, with 76% of its assets allocated to it. Ether makes up 18%, while smaller portions include solana, XRP, and avalanche. At the time of the filing, the fund had $524 million in assets under management. The shift to an ETF structure could make the fund easier to trade. Unlike closed-end funds, ETFs can create or redeem shares as demand changes. This flexibility ensures the fund’s price closely follows its Net Asset Value (NAV), which helps investors trade at fairer prices without large premiums or discounts.

Grayscale’s Previous Conversions 

Grayscale has converted other funds into ETFs, including the Grayscale Bitcoin Trust (GBTC) and the Grayscale Ethereum Trust (ETHE). However, these conversions did not prevent large outflows. GBTC saw $20 billion leave the fund after its conversion, and ETHE experienced $3 billion in outflows. While ETFs generally offer more liquidity, these outflows suggest that investors have not responded as favorably to Grayscale’s conversions as expected.

Regulatory and Political Considerations

The SEC’s view on crypto assets other than Bitcoin and Ether remains uncertain. Recent lawsuits have classified several assets, including XRP, Solana, and Avalanche, as securities. This classification could complicate Grayscale’s request. The inclusion of these assets in the GDLC fund may face additional scrutiny from regulators.

There may also be a part to play by the political environment. The full move has attracted speculations including Grayscale which is pulling the move with an eye set for the upcoming U.S presidential election. Should the Republican candidate Donald Trump clinch victory and succeed in implementing his word to fire SEC Chair Gary Gensler, then the effects will be pronouncedly more constructive for cryptocurrencies. Grayscale and other issuers might be preparing for such a change, but the approaches of the SEC to broader crypto assets are still unknown.

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Tesla transferred $765M in Bitcoin to unknown wallets after two years of dormancy.

The transfers involved 11,509 Bitcoin, with no indication of a planned sale.

Tesla’s third-quarter report may reveal more details about the recent Bitcoin transfers.

Tesla has transferred almost its entire Bitcoin holdings, worth over $765 million, to new and unknown wallets. Data from Arkham Intelligence shows that the transfer happened on October 15 through multiple transactions. These transactions came after over two years of dormancy in Tesla’s Bitcoin wallets since June 2022.

Tesla(@Tesla) transferred all 11,509 $BTC($765M) to 7 new wallets after 2 years of dormancy.

New wallets:
1,900 $BTC: 1LERLxxosFyvRf8gsndx51y4muqLDJ7VUp
1,100 $BTC: 1MGM8zsqkTMwu8MDoJKGxFDcsUFrcLxSje
2,109 $BTC: 1FnhpZnvLgNDcvmezQnXi6HewU39qNjwY9
1,600 $BTC:… pic.twitter.com/F2QnOxtnaI

— Lookonchain (@lookonchain) October 16, 2024

The electric vehicle maker moved 11,509 Bitcoin through 26 transactions. Some of these were test transfers. The funds have thus been split into seven new wallets with each containing 1,100 to 2,109 Bitcoins. Tesla was among the biggest corporates invested in bitcoin prior to the transfer.

Tesla had introduced Bitcoin investment earlier in February 2021 after the firm bought bitcoins worth $1.5 billion. Subsequently, by February 2022, it had sold 75% of these bitcoins which it pointed out were sold at a loss. The company’s wallet has only $6.64 worth of Bitcoin now.

It remains unclear whether Tesla intends to sell its Bitcoin. The company has not disclosed any official plans regarding its cryptocurrency. There is also no indication that the Bitcoin has been moved to any exchanges. Tesla has not responded to inquiries about the transfers.

This sudden move places Tesla’s future involvement with Bitcoin in question. Some speculate that the company may be preparing to offload its Bitcoin. However, no public announcement has been made.

The timing of this movement has raised eyebrows. It arrives ahead of Tesla’s third-quarter earnings release, which is expected on October 23. At that time, the analysts expect more details about the company’s strategy for using Bitcoin.

However, the market of Bitcoin did not experience any major shift after a great percentage was transferred. At press time, the price of Bitcoin stands around $67,190, an increase of 2.6% from the previous 24 hours. However, Tesla still stays in the top major corporate holders, falling behind MicroStrategy as well as the Bitcoin miners Marathon Digital and Riot Platforms. On the other hand, SpaceX, another company owned and founded by Elon Musk still owns 8,285 Bitcoins which at their current price are worth over $553m.

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Ripple partners with leading exchanges to launch its regulated RLUSD stablecoin globally.

RLUSD stablecoin aims to boost cross-border payments and bridge traditional with digital.

Ripple ensures transparency for RLUSD with audits, monthly reports, and full regulation.

Ripple has announced the exchanges that will take part in the launch of Ripple USD (RLUSD), a new dollar-backed stablecoin. The company has established partnerships with prominent exchanges such as Uphold, Bitstamp, Bitso, MoonPay, Independent Reserve, Bullish, and CoinMENA.

Today at #RippleSwell, we’re proud to announce our Ripple USD exchange partners.

Upon regulatory approval, $RLUSD will be globally available for institutions and users from @UpholdInc, @BitStamp, @Bitso, @Moonpay, @Indereserve, @CoinMENA, and @Bullish. https://t.co/iZ7L1MHpn3

— Ripple (@Ripple) October 15, 2024

On October 15, Ripple’s CEO, Brad Garlinghouse, emphasized the importance of the RLUSD stablecoin. He said the new stablecoin is the “gold standard for enterprise-grade stablecoins,.” He added,

Customers and partners have been asking for high-quality stablecoins like RLUSD to use across various financial use cases, such as payments, tokenizing real-world assets, and decentralized finance.

Boosting Cross-Border Payments

The RLUSD stablecoin aims to offer faster and more efficient cross-border payments. It uses the Ripple payment protocol in conjunction with XRP, the coin of the Ripple company. The stablecoin is believed to ease seamless interaction between traditional and digital economies. It will also help develop the cryptocurrency market and make stablecoins available around the globe.

As a stablecoin issued under a New York Trust Company Charter, it is highly regulated and, as such, has a lot of credibility. This gives it an edge over other forms of these investments, especially to regulators and institutional investors.

Advisory Board Appointment

Sheila Bair, the former chair of the FDIC, has joined Ripple’s advisory board. According to Bair, stablecoins are instrumental in the transformation of the new financial structure. Also, she endorsed Ripple’s ‘compliance-first’ model and observed that this is the best way forward for the industry to gain credibility.

This comes after Ripple’s RLUSD stablecoin has already been launched for testing on the XRP Ledger (XRPL) and Ethereum mainnets by August 9. The stablecoin is built to be highly collateralized to provide adequate support for the coin. This means that each unit of RLUSD is supported by a 1:1 ratio with US Dollar reserves, which gives it credibility and confidence.

Commitment to Transparency

Ripple has promised to get third-party audits to prove the existence of the reserves. Furthermore, the company will issue monthly reports to ensure complete transparency. This would guarantee compliance with users and regulatory bodies.

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Bitcoin surged 14% in October, fueled by Trump’s increasing election odds.  

MicroStrategy, holding 252K BTC, aims to transform into a leading “Bitcoin bank.”  

Rising Bitcoin prices trigger increased scams and fraud in the crypto market.  

Bitcoin’s 14% surge in October is grabbing widespread attention. The cryptocurrency reached over $65,000 on Monday. According to a Bernstein report, part of the excitement traces back to Donald Trump’s improving odds in the upcoming U.S. election. Analysts argue that Trump’s pro-crypto stance is giving Bitcoin an extra push and fueling the current rally.

Bernstein’s analysts, Gautam Chhugani, Mahika Sapra and Sanskar Chindalia,  commented on the matter stating, “Bitcoin’s correlation with Trump’s improving election odds is driving recent market strength.”

According to Polymarket, Trump currently holds a 55.9% chance of winning compared to Harris’ 43.8%. The former president is also leading in five out of six key swing states — a critical factor as both candidates battle for those all-important electoral votes.

Beyond the presidency, Polymarket projects a 78% likelihood that Republicans will secure control of the Senate. Meanwhile, the odds favor Democrats maintaining a hold on the House at 56%. However, the possibility of one party sweeping all branches remains more uncertain. Republicans stand a 39% chance of pulling off a clean sweep, while Democrats face a slimmer 16% chance.

While Bitcoin’s upward swing excites many, it also raises some red flags. The higher Bitcoin climbs, the more scammers take advantage of the craze. Fake trading platforms and Ponzi schemes have been targeting eager investors. They have been preying on those looking to capitalize on the buzz. It’s a dangerous mix of greed and vulnerability.

MicroStrategy and Bitcoin: The Larger Picture

Corporate Bitcoin holder MicroStrategy has also played a part in Bitcoin’s market dynamics. Since 2020, MicroStrategy has aggressively purchased Bitcoin to contribute to its massive 1,620% stock rise. This has outpaced Bitcoin itself which saw a 426% gain in the same period. CEO Michael Saylor envisions even more. He’s betting big on Bitcoin to transform MicroStrategy into a top “Bitcoin bank” with 252,000 BTC in hand worth about $16 billion.

Trump’s Crypto Push

Trump’s policies have attracted attention in the crypto world. His pro-Bitcoin stance includes promises like appointing a more crypto-friendly SEC chief and even creating a national Bitcoin Reserve. Some analysts believe that if Trump secures a victory in the upcoming election then Bitcoin could shoot up to $90,000. But if Kamala Harris wins, they warn it could fall as low as $40,000.

Crypto Fraud Risks on the Rise

As the hype around Bitcoin grows so do the risks. Historically, when Bitcoin prices rise so does crypto-related fraud. Scammers launch fake investment platforms, run Ponzi schemes and target wallets, leaving unsuspecting investors vulnerable. With minimal regulation compared to traditional financial markets, the crypto space remains risky terrain. Even as major players like MicroStrategy make bold moves into Bitcoin, it’s crucial for investors to tread carefully.

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Indian police, with Binance’s support, demolished a scam and seized over 100,000 USDT.

Scammers deceived many, promising substantial returns & convincing the scheme’s authenticity.

Binance previously assisted India’s ED in probing into a fraudulent online gaming platform.

Indian police, in collaboration with Binance, have demolished a sophisticated scam orchestrated by a fraudulent entity called “M/s Goldcoat Solar.” According to Binance’s official blog post on October 15, the probe resulted in multiple arrests and the seizure of over 100,000 USDT. Binance’s assistance in the investigation highlights the significance of public-private alliances to tackle crypto frauds.

As per Binance’s post, the scammers fabricated the scheme, claiming that they secured the Indian Government’s approval to contribute to the country’s solar power expansion plan. Disguised as part of the national energy plan, the scheme deceived many promising substantial returns.

Notably, the scammers promoted the M/s Goldcoat Solar scheme on social media platforms. They impersonated government officials and other dignitaries to falsely endorse the scheme. In addition, they also produced fake earning documents of purported earlier investors to convince the scheme’s authenticity.

The Delhi Police sought Binance’s assistance in the investigation during an information-sharing session in India. Through virtual meetings, Binance provided expert analytical insights that helped unravel the financial trail. Binance’s Head of Law Enforcement Training, Jarek Jakubcek, elaborated on the matter, stating,

Binance has been conducting sharing sessions with global law enforcement agencies, and this case highlights the positive outcomes of these collaborations. By connecting with law enforcement agencies, we can provide timely and crucial support in financial investigations and we will continue to do so to help combat financial crimes.

Binance has a proven track record of assisting Indian authorities in financial crime investigations. In a previous instance, Binance aided India’s Enforcement Directorate (ED) in dismantling a fraudulent online gaming platform, Fiewin. The exchange’s Financial Intelligence Unit (FIU) provided analytical support to the investigation team and tracked the flow of illicit funds. With the help of Binance, the ED arrested four individuals allegedly involved in the $400 crore ($47.6 million) scam. 

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Shiba Inu burn rate surged over 7,911% in the last 24 hours, reducing token supply.

One wallet contributed 277.58 million SHIB tokens to the latest massive burn effort.

SHIB burn surge coincides with a broader market rally, sparking investor speculation.

The Shiba Inu cryptocurrency saw a sharp rise in its burn rate, jumping more than 7,911% in just 24 hours. This surge has caught the attention of investors. According to Shibburn data, 279.65 million SHIB tokens were removed from circulation during this period. 

Notably, one wallet played a major role in this burn, contributing a large portion of the total. These developments have led investors to closely monitor the meme coin’s market performance, signaling a possible trend.

Massive Burn of 279.65 Million SHIB 

A total of 279.65 million SHIB tokens were burned in the last 24 hours, according to the latest data. This sharp reduction in supply led to the notable increase in the burn rate. One specific wallet, “0xa9d…d3e43,” was responsible for burning 277.58 million tokens. 

This focused burn has drawn attention from market watchers, as reducing the supply can often lead to price increases. Despite this significant burn, SHIB’s circulating supply still stands at 583.53 trillion.

Impact on SHIB Price 

Increased SHIB burning has now followed a general uptrend in the meme coin market section. It has particularly created a debate for the possibility of SHIB price bouncing back. The fact that the token was created with higher supply has fueled the debate that the shib token price will bounce back. 

The strategies made by the investors bear some hope since a low availability usually increases the prices. On the same note, the total crypto market has appeared to be on an upward trend, which has helped meme coins such as Shiba Inu. This increase in burn rate is noteworthy, especially given the fact that the overall market improvements have been accompanied by the expectation of larger growth in the near future.

Single Wallet’s Role 

Of the tokens that were eliminated from circulation, the address “0xa9d…d3e43” alone burned 277.58 million SHIB tokens. Such a big, concentrated burn has caused a stir about the wallet’s plan. Perhaps this could enhance market confidence as it has substantially cut the supply of this currency. It could also lead to other investors emulating to take advantage of these opportunities.

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Bitcoin trades above $65K, pushing the crypto market cap to $2.41 trillion with strong gains.

Altcoins surge as Bitcoin dominance dips to 53.83%, signaling a shift in market influence.

Fear & Greed Index hits 65, showing rising investor confidence in the crypto market.

Bitcoin is trading above $65,000, as most cryptocurrencies perform well. On Tuesday, an X post on the analytical platform CryptoRank pointed out that the overall market is also experiencing a sharp increase, and the top cryptos are in the green zone. The total market capitalization is now $2.41 trillion, increasing by 2.12%.

Market Overview#Bitcoin trades above $65K. The top-10 cryptos are traded in green zone:$ETH +3.45%$DOGE +2.85%$BTC +1.90%

Market capitalization: $2.41T (+2.12%)
The #BTC dominance: 53.83% (-0.14%)
Fear & Greed Index: 65 (Greed)

Top Gainers

Klaus $KLAUS +257.2%… pic.twitter.com/KlL8xfkh0u

— CryptoRank.io (@CryptoRank_io) October 15, 2024

Top Cryptos in Green

According to platform findings, Bitcoin has grown by 1.90%, and its price is now above $65,000. Other major digital currencies also reported growth; Ethereum (ETH) rose by 3.45%, while Dogecoin (DOGE) rose by 2.85%. These gains have helped the total crypto market capitalization to rise by 2.12%.

Even though the price of Bitcoin has gone high, the dominance of Bitcoin in the market went down by 0.14% to 53.83%. This slight drop in dominance, therefore means that while Bitcoin is still the king, the other coins are slowly being introduced to the market.

Investor Confidence Rises

The Fear & Greed Index also shows that investors are experiencing a 65 score on the scale, which means that they are greedy. This shows growing optimism and confidence in the crypto market, again, particularly in Bitcoin and other major cryptocurrencies.

Besides Bitcoin and Ethereum, many other altcoins also surged higher. Klaus (KLAUS) stood out with a stunning 257.2% surge to take the lead as the best-performing cryptocurrency of the last several days. ParallelAI (PAI) gained 91.3%, while Perion (PERC) increased by  86.8%.

HIGHER increased by 62.6%, while TROLL rose by 59.3%, making it among the day’s big movers. These altcoin surges support the overall market sentiment as people search for alternatives to Bitcoin.

Market sentiments remain buoyant as Bitcoin presents an encouraging trend trading above $65000. However, the slight decline in Bitcoin’s dominance indicates that altcoins are becoming more important in the market. Investors are paying attention to Bitcoin and other new coins to find the next big opportunity in this expanding market.

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Philippine authorities crack down on Chinese-linked crypto fraud syndicates.  

Ex-mayor Alice Guo is tied to crypto scams, human trafficking, & money laundering.  

Southeast Asia sees $37 billion rise in crypto fraud, UNODC reports growing concerns.  

Philippine authorities are cracking down on an expansive network of cryptocurrency fraud linked to Chinese crime syndicates. The scam network spans Hong Kong, Cambodia and Singapore. It allegedly entered the Philippines through ex-mayor Alice Guo’s business ties. Guo, who is now in custody, has worked with fugitives involved in major crypto scams and money laundering.

Crypto Scams Uncovered

Guo’s associates- Huang Zhiyang and Dingkai Wang- are also accused of running crypto scams. They tricked victims through dating sites and online platforms. Many people were deceived into sending money thinking they were investing in cryptocurrency. In one recent Senate hearing, Guo attempted to distance herself from Huang, claiming, “He has many restaurants, I was selling him pork…he was kind.” This was despite Huang being heavily involved in transnational scam operations, which were uncovered during multiple raids.

The scale of the scam operations is massive. The Sun Valley Clark Hub in Pampanga, Philippines, where trafficked workers carried out scripted scams, is just one part of the network. Workers pretended to be investors or lovers to manipulate targets into sending cryptocurrency. The facility was raided in early 2023 to uncover hundreds of trafficked victims forced to carry out these fraudulent acts. Some workers were so tightly controlled they had to follow Excel-based scripts for conversations.

Guo’s partners aren’t small-time operators. Huang and his group also face money laundering charges in Singapore, using gambling profits to fund their scams. The UN has linked their operations to trafficking and torture in Cambodia. In parallel to it the UK authorities have sanctioned their activities for concealing evidence of human rights abuses.

Southeast Asia’s Fraud Surge

These crimes reveal a larger pattern seen in Southeast Asia. A UNODC report has discussed a disturbing rise in crypto fraud with estimated financial losses of up to $37 billion across the region. Criminals took advantage of weak rules especially in online gambling and digital currencies. They used these gaps to move illegal money through legal financial systems. This problem is not limited to the Philippines. In Cambodia, operations linked to Guo’s partners have forced trafficked workers to commit fraud.

Reportedly, scam operators flocked to the Philippines during Rodrigo Duterte’s presidency. Authorities are now cracking down on the use of Philippine Offshore Gaming Operators (POGOs) as fronts for illegal activities.

The exposure of Guo and Dong’s networks may lead to further revelations. Senator Risa Hontiveros, who leads the inquiry into illegal POGOs emphasized, “I hope that we can also identify the Filipino associates of Lyu Dong.”

Reportedly China has also ramped up its efforts to combat crypto-related crime. Recently, the country extradited Zhang Moumou — the leader of a $14 billion crypto pyramid scheme. Although China banned cryptocurrency trading in 2021 due to rampant fraud, criminals have continued to operate internationally, particularly in countries like the Philippines, where regulations are looser.

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UAE’s SCA investigates WAP tokens for market manipulation and fraud allegations.

Cardi B’s WAP token promotion linked to potential crypto fraud, raising investor concerns.

SCA probes influencers for manipulating WAP token value, working with global regulators.

The Securities and Commodities Authority (SCA) of the United Arab Emirates is investigating alleged securities law breach concerning the digital asset WAP. This Solana-based token pushed by a celebrity, Cardi B, raised much concern.

The investigation began after a significant venture capital firm from Dubai and local Emirati investors filed complaints. These complaints highlighted alleged market manipulation and fraudulent promotional schemes associated with the WAP token.

Cardi B’s Endorsement

Cardi B’s promotion of the WAP token has stirred controversy in the crypto space. As reported earlier, the rapper shared a promotional post on her official X account, showcasing a WAP cartoon mascot alongside a crypto wallet address tied to the token.

Analytical platform PeckShield revealed on October 8 that Cardi B’s wallet address had been linked to a notorious figure in crypto fraud. This link has caused much concern among investors, as it risks the token and, therefore, questions its authenticity.

Pump-and-Dump Allegations

The SCA is probing whether WAP participated in a ‘pump-and-dump’ scheme. This scheme manipulates the value of a token through incentives and insider trading. Once its value has skyrocketed, it dumps a large amount of the token.

If all the allegations are proven, the people involved in the WAP promotion campaign could be in big trouble. Possible sanctions include fines, bans, or suspensions from engaging in trade, or other forms of business. One could also be apprehended on charges of market manipulation and failure to disclose interest.

International Regulatory Cooperation

The SCA has also written to US regulatory authorities, such as the Securities and Exchange Commission (SEC), to assist in the investigation. Coordinated actions are being taken to assess the full scale of the possible violation of the law.

This case also shows that the dangers posed by celebrity-backed cryptocurrencies are rising. Tokens backed by influencers like Cardi B can become popular very quickly. However, this rapid rise also exposes the campaign to potential scams. As the regulators continue to probe into the matter, this could mark a new frontier for enhanced legal requirements.

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MicroStrategy has outperformed all S&P 500 companies since August 2020, per Arkham data.

The company’s strategic Bitcoin investments have fueled a 1,620% stock price surge.

MicroStrategy’s cryptocurrency focus has set it apart in the competitive financial landscape.

MicroStrategy has turned out to be among the best performing stocks in the market. Since August 2020, its stock (MSTR) has risen by a staggering 1,620% due to its high growth Bitcoin purchase strategy. Data from Arkham Intelligence indicate that MicroStrategy performed better than every company in the S&P 500 Index up to this period.

This easily outperforms Bitcoin’s own returns of 426% of the same period. Its focus on Bitcoin has made it different from other tech firms such as Tesla, Apple, and Microsoft that have risen by 243% collectively. The S&P 500, on its part, only appreciated 73%, proving MicroStrategy’s exceptional performance.

The company’s strategy of holding Bitcoin as part of its treasury assets set it apart. This decision to convert a significant portion of its assets into cryptocurrency has paid off. The surge in Bitcoin’s value over the last few years contributed to its rise. Data shows that MicroStrategy benefited from its early move into cryptocurrency.

MicroStrategy initiated the Bitcoin strategy in 2020 headed by Michael Saylor. Bitcoin was purchased to be a key element of the company’s business plans. Despite the market volatility, Saylor remained optimistic about Bitcoin as he claimed, “Only thing better than Bitcoin is more Bitcoin.”

The company’s performance is noteworthy in comparison to the broader market. Saylor recently provided MicroStrategy’s growth figures noting that the firm has not only outperformed Bitcoin but also the Magnificent 7 technology firms, including Tesla, Apple, Amazon. MicroStrategy was able to make more than six times their figure.

The outperformance of MicroStrategy against S&P 500 and technology firms suggests the evolving role of Bitcoin in corporate finance. As this trend indicates, the use of cryptocurrencies can also create new opportunities for revenue generation for companies.

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Sui Foundation provided an official statement in response to allegations over token sale.

The foundation refuted the claims and stated that no insider was involved in the sale.

The confusion came after an analyst stated that Sui Foundation had sold tokens for $400M.

Sui Network came under public attention after an analyst stated that nearly $400M in tokens were being sold by’ insiders’ throughout the run-up. However, the foundation refuted such claims and stated that no such sales were made by them.

In their official X profile, the Sui Foundation stated that no insiders, such as employees of the Foundation or Mysten Labs (including Mysten Labs founders), nor ML investors, have sold $400M worth of tokens. It added that all token releases and sales were carried out in accordance with the prescribed regulations. These tokens were used for funding future projects in the ecosystem. 

The confusion of the token sale cropped up after a crypto analyst under the pseudonymous name Lightcrypto stated that Sui ‘insiders’ had sold nearly $400 million worth of Sui during the token’s price surge. In his X post on Monday, the analyst pointed out that they had already begun selling at a low price. He added that a reputable foundation like Sui, stooping to such standards is quite uncomfortable. 

The Sui Foundation stated that the post did not have a proper wallet address, however, it added that the ‘token sale’ news was made by an infrastructure partner, whose tokens are under a lockup schedule. The foundation alleged that the token lockups are enforced by qualified custodians and it is being continuously monitored. Sui Foundation. 

Despite the allegations, the action of Sui addressed the concerns. It stated that the company is dedicated to transparency, and to generating sustainable value for all shareholders. While the  network remains growing and adding more liquidity to the ecosystem, market observers are waiting to see how Sui would manage the allegations and enhance its token economy in the future. 

Despite the optimistic movement in its token price, it is not evident whether the price rally for Sui will continue without further controversy. Sui surged 19% in the past week and is trading at $2.22 at the time of writing, losing 0.17% in the last 24 hours.

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Bitcoin nears $67K with $19B in short positions close to liquidation on Binance.

Potential short squeeze may drive Bitcoin’s price higher, adding buying pressure.

Additional $33B in shorts could liquidate at $70K and $73K if price continues rising.

Bitcoin’s price is hovering around $66,000, reaching its highest level since July 30. A significant event looms over the market as traders closely watch the heatmap of liquidation levels. According to data, around $19 billion worth of short positions are set to liquidate at the $67,000 level.

The liquidation zone pointed out in the heatmap model within the Binance exchange show potential for a short squeeze. A short squeeze is when traders who have taken a short position on the stock expect the price to fall, covering their position and buying the stock as the price rises. As Bitcoin approaches this crucial threshold, the market participants keep watching whether these short positions are going to be forced off.

The heatmap reveals an additional $15 billion worth of short liquidations at $70,138 and another $18 billion at $73,400. The combined pressure from these liquidation levels could further fuel Bitcoin’s price rise if the market continues in its current direction.

This increase follows Bitcoin’s steady price recovery over the past few weeks. The cryptocurrency market remains highly volatile, with the potential for both upward and downward price movements. However, the cluster of liquidation points at key price levels creates tension in the market. The short squeeze could amplify Bitcoin’s upward momentum if the $67,000 barrier is breached.

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Bitcoin’s recent price action has been bullish, with an upward surge taking it past the $65,000 mark. The increase has been accompanied by significant trading volume. Over the last 24 hours, the volume surged by 83.29%, reaching $41.55 billion. Bitcoin’s market capitalization also grew by 2.15%, now standing at $1.30 trillion.

Despite this price increase, Bitcoin is facing resistance. For the past few months it has been moving in a consolidation zone, right now it is at the level of intense resistance. There is an indication that price currents are striving to attain the $67,000 mark as a breakthrough to further surge. Bitcoin crossing this level can spur a series of short squeezes while causing short liquidations taking the price to the next resistance floors of $70,000 or higher.

In the broader cryptocurrency market, Bitcoin’s trend has been rather stable while at the same time highly vulnerable to liquidations and leverage. Some of the macroeconomic factors that have affected the market includes inflation fears and oscillation in interest rates; hence, the impending liquidations are likely to make the prices more unpredictable.

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