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“Crypto Projects Set to Unlock $755 Million in July”
In July, cryptocurrency tokens worth $755 million will be unlocked as vesting periods expire for over 40 projects.
Vesting in crypto prevents early investors and team members from selling their tokens immediately, thereby stabilizing prices in the early stages of a project.
According to Token Unlocks, the largest amount of crypto assets scheduled to be unlocked in July 2024 belongs to AltLayer (ALT), Xai (XAI), Aptos (APT), Arbitrum (ARB), Optimism (OP), Sui (SUI), Immutable (IMX), and Starknet (STRK).
Largest token unlocks anticipated in July
In July, the decentralized protocol AltLayer will unlock its largest token allocation. On July 25, the project plans to release 684 million ALT tokens, valued at approximately $125 million. These tokens are allocated to team members, investors, advisers, protocol development, treasury, ecosystem, and community.
Following AltLayer, gaming-focused project Xai will unlock the second-largest amount, with about $93 million in tokens scheduled for release on July 9. Similar to AltLayer, these crypto assets are designated for team members, investors, and ecosystem development, with an additional $2 million allocated to reserves.
Projects frequently releasing unlocked tokens
Aptos, which unlocked $101 million in May and $102 million in June, is set to release another batch of tokens in July. The project will unlock 11.31 million APT tokens valued at $77 million, allocated to its foundation, community, core contributors, and investors.
Source: CoinGecko
In the past three months, APT’s price has plummeted from a peak of $17.63 on April 1 to $6.99 on June 28, marking a 60% decline from April to June.
Meanwhile, Arbitrum, which released $95 million in May and $105 million in June, is slated to unlock an additional $75 million in tokens for its team, advisers, and investors on July 16. The project previously released 1.1 billion ARB tokens valued at $2.32 billion on March 16.
Following the significant token release, ARB prices have plummeted by 63%, dropping from a high of $2.27 on March 8 to $0.82 at the current time.
Additionally, Optimism, Sui, Immutable, and Starknet, which recently unlocked millions worth of their native tokens in the past two months, are also scheduled to unlock similar amounts in July.
The post “Crypto Projects Set to Unlock $755 Million in July” appeared first on Baffic.
Vesting in crypto prevents early investors and team members from selling their tokens immediately, thereby stabilizing prices in the early stages of a project.
According to Token Unlocks, the largest amount of crypto assets scheduled to be unlocked in July 2024 belongs to AltLayer (ALT), Xai (XAI), Aptos (APT), Arbitrum (ARB), Optimism (OP), Sui (SUI), Immutable (IMX), and Starknet (STRK).
Largest token unlocks anticipated in July
In July, the decentralized protocol AltLayer will unlock its largest token allocation. On July 25, the project plans to release 684 million ALT tokens, valued at approximately $125 million. These tokens are allocated to team members, investors, advisers, protocol development, treasury, ecosystem, and community.
Following AltLayer, gaming-focused project Xai will unlock the second-largest amount, with about $93 million in tokens scheduled for release on July 9. Similar to AltLayer, these crypto assets are designated for team members, investors, and ecosystem development, with an additional $2 million allocated to reserves.
Projects frequently releasing unlocked tokens
Aptos, which unlocked $101 million in May and $102 million in June, is set to release another batch of tokens in July. The project will unlock 11.31 million APT tokens valued at $77 million, allocated to its foundation, community, core contributors, and investors.
Source: CoinGecko
In the past three months, APT’s price has plummeted from a peak of $17.63 on April 1 to $6.99 on June 28, marking a 60% decline from April to June.
Meanwhile, Arbitrum, which released $95 million in May and $105 million in June, is slated to unlock an additional $75 million in tokens for its team, advisers, and investors on July 16. The project previously released 1.1 billion ARB tokens valued at $2.32 billion on March 16.
Following the significant token release, ARB prices have plummeted by 63%, dropping from a high of $2.27 on March 8 to $0.82 at the current time.
Additionally, Optimism, Sui, Immutable, and Starknet, which recently unlocked millions worth of their native tokens in the past two months, are also scheduled to unlock similar amounts in July.
The post “Crypto Projects Set to Unlock $755 Million in July” appeared first on Baffic.
MOTHER vs. DADDY: Iggy Azalea’s Meme Coin Beats Andrew Tate’s
Iggy Azalea’s Mother Iggy (MOTHER) meme coin has overtaken Andrew Tate’s Daddy Tate (DADDY) coin in market capitalization. This week, MOTHER surged over 35% in value, while DADDY plummeted 20% amid market fluctuations. The rivalry between the two meme coins intensifies, with only a thin gap separating their market capitalizations.
Andrew Tate’s DADDY meme coin nears 50,000 holders.
According to DEX Screener, DADDY’s market cap is currently $69.7 million, while MOTHER holds a slight lead at $75.7 million. Despite fierce competition, MOTHER has shown remarkable resilience and recovery, contrasting sharply with DADDY’s recent downturn.
Initially, DADDY surged past MOTHER in market valuation due to early hype. However, recent trends have reversed these fortunes. Andrew Tate, known for his controversial statements, previously shared his motives for backing DADDY.
“I heard about a coin called MOTHER, so now I’m supporting a coin called DADDY to flip it for the patriarchy,” Tate said.
Source: TradingView
Currently, DADDY boasts 41,930 token holders, surpassing the 27,056 wallets holding MOTHER. Andrew Tate has sparked curiosity among his followers by hinting at a potential surprise once DADDY hits 50,000 holders, likely involving significant token burns.
Meanwhile, both celebrities are integrating their meme coins into broader business endeavors. On June 10, Iggy Azalea announced that her telecommunications company, Unreal Mobile, would accept MOTHER and Solana (SOL) for purchasing phones and monthly cell plans. This move is supported by a partnership with Sphere Labs, aiming to embed cryptocurrency into everyday transactions.
Simultaneously, Andrew Tate is exploring utilities for DADDY, including transforming it into a non-fungible token (NFT) to significantly reduce its supply. He plans to achieve this by purchasing the coin with his own money and burning it at certain market caps.
Furthermore, Tate plans to integrate the DADDY coin with his Real World University, offering exclusive access and potential staking rewards to coin holders. This strategy aims to provide daily cryptocurrency rewards for university members, enhancing the coin’s appeal.
“The case of the Daddy token is a rare example of how a project initially not associated with a celebrity is suddenly endorsed by one. This sets a precedent—perhaps other celebrities will consider how to capitalize on existing assets and even engage in direct competition with other crypto assets, like the MOTHER-DADDY rivalry,” Max Jones, founder of Memepad.ai, told BeInCrypto.
The post MOTHER vs. DADDY: Iggy Azalea’s Meme Coin Beats Andrew Tate’s appeared first on Baffic.
Andrew Tate’s DADDY meme coin nears 50,000 holders.
According to DEX Screener, DADDY’s market cap is currently $69.7 million, while MOTHER holds a slight lead at $75.7 million. Despite fierce competition, MOTHER has shown remarkable resilience and recovery, contrasting sharply with DADDY’s recent downturn.
Initially, DADDY surged past MOTHER in market valuation due to early hype. However, recent trends have reversed these fortunes. Andrew Tate, known for his controversial statements, previously shared his motives for backing DADDY.
“I heard about a coin called MOTHER, so now I’m supporting a coin called DADDY to flip it for the patriarchy,” Tate said.
Source: TradingView
Currently, DADDY boasts 41,930 token holders, surpassing the 27,056 wallets holding MOTHER. Andrew Tate has sparked curiosity among his followers by hinting at a potential surprise once DADDY hits 50,000 holders, likely involving significant token burns.
Meanwhile, both celebrities are integrating their meme coins into broader business endeavors. On June 10, Iggy Azalea announced that her telecommunications company, Unreal Mobile, would accept MOTHER and Solana (SOL) for purchasing phones and monthly cell plans. This move is supported by a partnership with Sphere Labs, aiming to embed cryptocurrency into everyday transactions.
Simultaneously, Andrew Tate is exploring utilities for DADDY, including transforming it into a non-fungible token (NFT) to significantly reduce its supply. He plans to achieve this by purchasing the coin with his own money and burning it at certain market caps.
Furthermore, Tate plans to integrate the DADDY coin with his Real World University, offering exclusive access and potential staking rewards to coin holders. This strategy aims to provide daily cryptocurrency rewards for university members, enhancing the coin’s appeal.
“The case of the Daddy token is a rare example of how a project initially not associated with a celebrity is suddenly endorsed by one. This sets a precedent—perhaps other celebrities will consider how to capitalize on existing assets and even engage in direct competition with other crypto assets, like the MOTHER-DADDY rivalry,” Max Jones, founder of Memepad.ai, told BeInCrypto.
The post MOTHER vs. DADDY: Iggy Azalea’s Meme Coin Beats Andrew Tate’s appeared first on Baffic.
Critics Slam AI-Generated Ad from Toys ‘R’ Us
Toys “R” Us faced significant backlash following the release of its latest advertisement, which was entirely created using OpenAI’s generative video artificial intelligence tool, Sora.
The ad portrays the American toy retailer’s founder, Charles Lazarus, as a child envisioning the creation of Toys “R” Us and its iconic mascot, Geoffrey the Giraffe. Produced by the company’s in-house studio and creative agency Native Foreign, the ad was touted by Toys “R” Us in a statement as pioneering for being the first major advertisement generated solely by OpenAI’s text-to-video technology.
“Toys “R” Us chief marketing officer Kim Miller Olko highlighted, “Charles Lazarus was a visionary ahead of his time, and we wanted to honor his legacy with a spot using the most cutting-edge technology available.”
However, the ad sparked criticism from artists and filmmakers, including Avengers: Endgame director Joe Russo, who bluntly remarked, “It fucking sucks.”
TOYS ‘R US released an AI commercial and it fucking sucks. pic.twitter.com/K1JcGhHKeA
— Joe Russo (@joerussotweets) June 25, 2024
Others lashed the ad from a technical standpoint for its lack of visual continuity, including noticeable changes in the character’s bodily features and clothing throughout the 66-second clip.
“Just like a weird dream it is a different person each time you see them,” one X user wrote.
Source: syndrowm
“The approach is flawed. It’s baffling why these marketing people thought this was a good representation of their product’s essence,” commented Robin Schmidt, CEO of metaverse multimedia firm BasedAF.
Critics also targeted the perceived energy costs of AI-generated content compared to traditional filming for promotional materials.
“No aspect of this looks superior to conventional tools, yet it consumes ten times more energy to produce,” remarked former Ubisoft concept artist RJ Palmer on X platform.
“Moreover, you can still observe instances where figures were clumsily pieced together from disparate sources in an attempt to form a cohesive whole,” they added. “Fundamentally, there is no advantage to this approach.”
OpenAI introduced its text-to-video model, Sora, on February 15, initially impressing users on social media with its capabilities.
However, since its debut, limitations of the model have surfaced, including its inability to consistently generate footage without noticeable “uncanny” variations in subjects, as seen in occasional glimpses of generated content that reach mainstream attention.
The post Critics Slam AI-Generated Ad from Toys ‘R’ Us appeared first on Baffic.
The ad portrays the American toy retailer’s founder, Charles Lazarus, as a child envisioning the creation of Toys “R” Us and its iconic mascot, Geoffrey the Giraffe. Produced by the company’s in-house studio and creative agency Native Foreign, the ad was touted by Toys “R” Us in a statement as pioneering for being the first major advertisement generated solely by OpenAI’s text-to-video technology.
“Toys “R” Us chief marketing officer Kim Miller Olko highlighted, “Charles Lazarus was a visionary ahead of his time, and we wanted to honor his legacy with a spot using the most cutting-edge technology available.”
However, the ad sparked criticism from artists and filmmakers, including Avengers: Endgame director Joe Russo, who bluntly remarked, “It fucking sucks.”
TOYS ‘R US released an AI commercial and it fucking sucks. pic.twitter.com/K1JcGhHKeA
— Joe Russo (@joerussotweets) June 25, 2024
Others lashed the ad from a technical standpoint for its lack of visual continuity, including noticeable changes in the character’s bodily features and clothing throughout the 66-second clip.
“Just like a weird dream it is a different person each time you see them,” one X user wrote.
Source: syndrowm
“The approach is flawed. It’s baffling why these marketing people thought this was a good representation of their product’s essence,” commented Robin Schmidt, CEO of metaverse multimedia firm BasedAF.
Critics also targeted the perceived energy costs of AI-generated content compared to traditional filming for promotional materials.
“No aspect of this looks superior to conventional tools, yet it consumes ten times more energy to produce,” remarked former Ubisoft concept artist RJ Palmer on X platform.
“Moreover, you can still observe instances where figures were clumsily pieced together from disparate sources in an attempt to form a cohesive whole,” they added. “Fundamentally, there is no advantage to this approach.”
OpenAI introduced its text-to-video model, Sora, on February 15, initially impressing users on social media with its capabilities.
However, since its debut, limitations of the model have surfaced, including its inability to consistently generate footage without noticeable “uncanny” variations in subjects, as seen in occasional glimpses of generated content that reach mainstream attention.
The post Critics Slam AI-Generated Ad from Toys ‘R’ Us appeared first on Baffic.
Turkey Passes Crypto Regulation: Severe Consequences for Violations
Turkish legislators have approved a crypto bill introduced by ruling party chairman Abdullah Güler, which imposes fines of up to $182,600 and imprisonment of up to five years for violations, as reported by crypto.news Türkiye.
The bill has now been sent to President Recep Tayyip Erdoğan for approval. If approved, the decision will be published in the Official Gazette by the end of the week, bringing the bill into effect.
Under the new law, crypto exchanges wishing to operate legally in Turkey must be licensed by the Capital Markets Board, the country’s financial regulatory and supervisory agency. Unauthorized crypto platforms offering trading services could face prison sentences of three to five years.
Crypto providers will also be responsible for implementing and reporting measures such as seizures and other legal enforcement actions. Additionally, crypto platforms must ensure that customer fund transfers — including deposits and withdrawals — are accessible and traceable by legal authorities.
Although not included in the bill, a transaction tax of 0.04% may be levied on investors’ crypto trades, though the details of its regulation remain unclear.
Turkey has been considering crypto regulation since 2021, after the Financial Action Task Force (FATF) included the country on its “grey list” for failing to adequately supervise sectors vulnerable to money laundering, such as banking and real estate.
In November 2023, Turkey’s Treasury and Finance Minister Mehmet Şimşek announced the introduction of crypto legislation. Addressing the nation’s planning and budget commission, he noted that Turkey has met 39 of the 40 FATF standards and was in the “final stage” of compliance.
In early 2024, Şimşek emphasized that the upcoming regulations aim to mitigate the risks associated with crypto trading and protect retail investors. Key aspects of these regulations reportedly include legal definitions for terms such as “crypto assets,” “crypto wallets,” and “crypto asset service providers.”
The post Turkey Passes Crypto Regulation: Severe Consequences for Violations appeared first on Baffic.
The bill has now been sent to President Recep Tayyip Erdoğan for approval. If approved, the decision will be published in the Official Gazette by the end of the week, bringing the bill into effect.
Under the new law, crypto exchanges wishing to operate legally in Turkey must be licensed by the Capital Markets Board, the country’s financial regulatory and supervisory agency. Unauthorized crypto platforms offering trading services could face prison sentences of three to five years.
Crypto providers will also be responsible for implementing and reporting measures such as seizures and other legal enforcement actions. Additionally, crypto platforms must ensure that customer fund transfers — including deposits and withdrawals — are accessible and traceable by legal authorities.
Although not included in the bill, a transaction tax of 0.04% may be levied on investors’ crypto trades, though the details of its regulation remain unclear.
Turkey has been considering crypto regulation since 2021, after the Financial Action Task Force (FATF) included the country on its “grey list” for failing to adequately supervise sectors vulnerable to money laundering, such as banking and real estate.
In November 2023, Turkey’s Treasury and Finance Minister Mehmet Şimşek announced the introduction of crypto legislation. Addressing the nation’s planning and budget commission, he noted that Turkey has met 39 of the 40 FATF standards and was in the “final stage” of compliance.
In early 2024, Şimşek emphasized that the upcoming regulations aim to mitigate the risks associated with crypto trading and protect retail investors. Key aspects of these regulations reportedly include legal definitions for terms such as “crypto assets,” “crypto wallets,” and “crypto asset service providers.”
The post Turkey Passes Crypto Regulation: Severe Consequences for Violations appeared first on Baffic.
IoTeX Explores the Advantages of Modular DePin Infrastructure
The rise of DePin startups underscores increasing interest in the technology. However, numerous hurdles such as funding constraints and technical complexities hamper their advancement. To address these challenges, Modular DePin Infrastructure advocates a versatile, community-driven framework.
In a recent social media update, IoTeX highlighted three key advantages of this modular approach: cost-effectiveness, enhanced value capture by the community, and improved collaboration. These pre-built modules effectively tackle technical obstacles, enabling faster and more economical product launches. By decentralizing each module, the community preserves greater value, bolstering the overall resilience of the DePin ecosystem.
“Modular DePin infrastructure isn’t just efficient—it’s a catalyst for community empowerment and collaborative success,” Render Network affirmed, endorsing IoTeX’s perspective.
This infrastructure enables the assembly of custom applications using a variety of modules. These modules encompass hardware abstraction, connectivity, sequencer, data availability, long-term storage, off-chain computing, blockchain, identity, and governance. Developers can mix and match these modules according to their project’s specific requirements, offering unprecedented flexibility.
A key feature of this system is its emphasis on community ownership. Each module is developed and maintained by different teams, promoting a collective ownership model. This setup creates a marketplace where developers can select the best modules for their applications, fostering an economy specific to modules.
Furthermore, the modular system’s adaptability supports the creation of diverse DePin applications. These range from sensor networks that monetize physical data to connectivity networks leveraging various wireless technologies for bandwidth monetization, and computing networks that provide decentralized computing resources.
Versatile Uses of Modular DePin Infrastructure
Significant DePin projects like DIMO, Hivemapper (HONEY), and WeatherXM in sensor networks, along with Helium, Nodle (NODL), and Wicrypt (WNT) in connectivity networks, demonstrate the effective application of modular infrastructure. Platforms such as Render Network (RNDR) and Akash Network (AKT) also highlight the efficient monetization of computing resources, illustrating the versatile utility of the modular approach.
The connectivity module focuses on leveraging wireless communication technologies like Bluetooth, LoRaWAN, WiFi, and 5G to strengthen connections within Web3 networks. These technologies are integrated into diverse projects, enhancing the network capabilities significantly.
Source: IoTeX Research
Additionally, the sequencer and data availability modules have been customized from existing solutions to better align with DePin applications. Long-term storage solutions such as Filecoin (FIL) and Arweave (AR) are pivotal in meeting the storage requirements of these applications. Meanwhile, blockchain platforms like Ethereum (ETH), IoTeX, and Solana (SOL) offer essential infrastructure support for development.
The post IoTeX Explores the Advantages of Modular DePin Infrastructure appeared first on Baffic.
In a recent social media update, IoTeX highlighted three key advantages of this modular approach: cost-effectiveness, enhanced value capture by the community, and improved collaboration. These pre-built modules effectively tackle technical obstacles, enabling faster and more economical product launches. By decentralizing each module, the community preserves greater value, bolstering the overall resilience of the DePin ecosystem.
“Modular DePin infrastructure isn’t just efficient—it’s a catalyst for community empowerment and collaborative success,” Render Network affirmed, endorsing IoTeX’s perspective.
This infrastructure enables the assembly of custom applications using a variety of modules. These modules encompass hardware abstraction, connectivity, sequencer, data availability, long-term storage, off-chain computing, blockchain, identity, and governance. Developers can mix and match these modules according to their project’s specific requirements, offering unprecedented flexibility.
A key feature of this system is its emphasis on community ownership. Each module is developed and maintained by different teams, promoting a collective ownership model. This setup creates a marketplace where developers can select the best modules for their applications, fostering an economy specific to modules.
Furthermore, the modular system’s adaptability supports the creation of diverse DePin applications. These range from sensor networks that monetize physical data to connectivity networks leveraging various wireless technologies for bandwidth monetization, and computing networks that provide decentralized computing resources.
Versatile Uses of Modular DePin Infrastructure
Significant DePin projects like DIMO, Hivemapper (HONEY), and WeatherXM in sensor networks, along with Helium, Nodle (NODL), and Wicrypt (WNT) in connectivity networks, demonstrate the effective application of modular infrastructure. Platforms such as Render Network (RNDR) and Akash Network (AKT) also highlight the efficient monetization of computing resources, illustrating the versatile utility of the modular approach.
The connectivity module focuses on leveraging wireless communication technologies like Bluetooth, LoRaWAN, WiFi, and 5G to strengthen connections within Web3 networks. These technologies are integrated into diverse projects, enhancing the network capabilities significantly.
Source: IoTeX Research
Additionally, the sequencer and data availability modules have been customized from existing solutions to better align with DePin applications. Long-term storage solutions such as Filecoin (FIL) and Arweave (AR) are pivotal in meeting the storage requirements of these applications. Meanwhile, blockchain platforms like Ethereum (ETH), IoTeX, and Solana (SOL) offer essential infrastructure support for development.
The post IoTeX Explores the Advantages of Modular DePin Infrastructure appeared first on Baffic.
Gary Gensler Asserts Crypto Securities Conformity with Securities Laws
Gary Gensler underscores the importance of adhering strictly to existing US securities law, particularly the Securities Act of 1933, within the crypto industry. He emphasized that these laws are intended to protect investors and uphold fair, orderly, and efficient markets.
“There’s a clear set of rules in place. Crypto securities align with securities laws,” he affirmed.
Gary Gensler has highlighted significant compliance issues within the crypto industry, noting that many tokens and platforms are failing to adhere to securities laws and provide necessary disclosures to investors, which poses risks to the public.
He emphasized that relocating operations abroad does not exempt crypto companies from complying with US securities laws. Gensler stressed the importance of proper disclosure and compliance regardless of where operations are based.
“If they are truly transparent, making proper disclosures, and registered as required, and if intermediaries are operating lawfully without conflicts,” he stated.
Additionally, Gensler criticized the perceived decentralization of many platforms, arguing that they are actually highly centralized and operate with conflicts of interest.
“The law prohibits trading against customers while operating an exchange, and engaging in activities resembling investment contracts or securities, and benefiting from listing,” he outlined.
Gensler’s position on applying securities laws to the crypto industry is notable, especially amid calls from industry leaders for regulatory clarity. For instance, in May, Charles Hoskinson, co-founder of Ethereum (ETH) and Cardano (ADA), criticized the notion of regulating crypto under existing securities laws as “absurd.” Hoskinson’s remarks reflect ongoing debates within the industry about the compatibility of current securities regulations with cryptocurrency characteristics.
“Cryptocurrencies can embody characteristics of commodities, securities, currencies, loyalty points, and non-fungible tokens, all simultaneously. So, how do you regulate these assets when their classification can change daily, weekly, or monthly? Circumstances can indeed evolve over time,” explained Hoskinson.
In the same interview, Gensler clarified the SEC’s position on crypto exchange-traded funds (ETFs). The recent approval of spot exchange-traded products represents a significant step forward. These products offer regulated avenues for crypto investment, contrasting sharply with non-compliant platforms where much of the crypto trading currently takes place.
He also addressed the approval of spot Ethereum ETFs, underscoring the rigorous scrutiny involved to ensure compliance with all regulatory requirements. This approach aims to offer a safer investment option for the public.
“I cannot pinpoint the timing, but the process is progressing well. It’s primarily about asset managers providing comprehensive disclosures for registration statements to become effective, ensuring clarity for legal compliance,” he explained.
The post Gary Gensler Asserts Crypto Securities Conformity with Securities Laws appeared first on Baffic.
“There’s a clear set of rules in place. Crypto securities align with securities laws,” he affirmed.
Gary Gensler has highlighted significant compliance issues within the crypto industry, noting that many tokens and platforms are failing to adhere to securities laws and provide necessary disclosures to investors, which poses risks to the public.
He emphasized that relocating operations abroad does not exempt crypto companies from complying with US securities laws. Gensler stressed the importance of proper disclosure and compliance regardless of where operations are based.
“If they are truly transparent, making proper disclosures, and registered as required, and if intermediaries are operating lawfully without conflicts,” he stated.
Additionally, Gensler criticized the perceived decentralization of many platforms, arguing that they are actually highly centralized and operate with conflicts of interest.
“The law prohibits trading against customers while operating an exchange, and engaging in activities resembling investment contracts or securities, and benefiting from listing,” he outlined.
Gensler’s position on applying securities laws to the crypto industry is notable, especially amid calls from industry leaders for regulatory clarity. For instance, in May, Charles Hoskinson, co-founder of Ethereum (ETH) and Cardano (ADA), criticized the notion of regulating crypto under existing securities laws as “absurd.” Hoskinson’s remarks reflect ongoing debates within the industry about the compatibility of current securities regulations with cryptocurrency characteristics.
“Cryptocurrencies can embody characteristics of commodities, securities, currencies, loyalty points, and non-fungible tokens, all simultaneously. So, how do you regulate these assets when their classification can change daily, weekly, or monthly? Circumstances can indeed evolve over time,” explained Hoskinson.
In the same interview, Gensler clarified the SEC’s position on crypto exchange-traded funds (ETFs). The recent approval of spot exchange-traded products represents a significant step forward. These products offer regulated avenues for crypto investment, contrasting sharply with non-compliant platforms where much of the crypto trading currently takes place.
He also addressed the approval of spot Ethereum ETFs, underscoring the rigorous scrutiny involved to ensure compliance with all regulatory requirements. This approach aims to offer a safer investment option for the public.
“I cannot pinpoint the timing, but the process is progressing well. It’s primarily about asset managers providing comprehensive disclosures for registration statements to become effective, ensuring clarity for legal compliance,” he explained.
The post Gary Gensler Asserts Crypto Securities Conformity with Securities Laws appeared first on Baffic.
Hackers Use Metallica’s X Account to Advertise Crypto Token
The official X account for the heavy metal band Metallica was hacked, with the perpetrators using the breach to promote a Solana token with the ticker METAL.
Metallica’s team has since regained control of the account and deleted all posts referencing the token.
The hacked account initially posted about the token on June 26, falsely claiming it was made in partnership with Ticketmaster. In reality, the token was launched on the Solana-based platform pump.fun.
Ticketmaster did not announce any such partnership and did not immediately respond to requests for comment.
Source: Metallica
Posts from Metallica’s account also claimed that fintech firm MoonPay was involved with the token. MoonPay president Keith Grossman refuted this in a post on X, stating, “MoonPay does NOT support METAL.”
MoonPay later posted on X: “If someone is offering you a METAL token, they are not the master of puppets — they’re the master of scams!,” referencing the band’s hit 1986 album and single.
Source: Keith Grossman
A series of subsequent posts, seemingly aimed at attracting buyers, claimed users could exchange their METAL tokens for exclusive items such as “free concert tickets,” custom gaming consoles, and merchandise.
One post even suggested that the token would offer staking rewards.
Source: Metallica
According to Dexscreener data, the total value of the METAL token briefly peaked at $3.37 million approximately 20 minutes after its launch.
The value of the METAL token has since plummeted, dropping to a total market capitalization of $90,000 less than three hours after reaching its peak.
Source: DEX Screener
The price of the METAL token has also plummeted nearly 100% from its high, which it reached shortly after Metallica’s account shared the token.
It is unclear how Metallica’s account was breached. The band and its management team were not immediately available for comment.
The post Hackers Use Metallica’s X Account to Advertise Crypto Token appeared first on Baffic.
Metallica’s team has since regained control of the account and deleted all posts referencing the token.
The hacked account initially posted about the token on June 26, falsely claiming it was made in partnership with Ticketmaster. In reality, the token was launched on the Solana-based platform pump.fun.
Ticketmaster did not announce any such partnership and did not immediately respond to requests for comment.
Source: Metallica
Posts from Metallica’s account also claimed that fintech firm MoonPay was involved with the token. MoonPay president Keith Grossman refuted this in a post on X, stating, “MoonPay does NOT support METAL.”
MoonPay later posted on X: “If someone is offering you a METAL token, they are not the master of puppets — they’re the master of scams!,” referencing the band’s hit 1986 album and single.
Source: Keith Grossman
A series of subsequent posts, seemingly aimed at attracting buyers, claimed users could exchange their METAL tokens for exclusive items such as “free concert tickets,” custom gaming consoles, and merchandise.
One post even suggested that the token would offer staking rewards.
Source: Metallica
According to Dexscreener data, the total value of the METAL token briefly peaked at $3.37 million approximately 20 minutes after its launch.
The value of the METAL token has since plummeted, dropping to a total market capitalization of $90,000 less than three hours after reaching its peak.
Source: DEX Screener
The price of the METAL token has also plummeted nearly 100% from its high, which it reached shortly after Metallica’s account shared the token.
It is unclear how Metallica’s account was breached. The band and its management team were not immediately available for comment.
The post Hackers Use Metallica’s X Account to Advertise Crypto Token appeared first on Baffic.
Hong Kong Showcases Crypto and Web3 Expertise in Toronto
Hong Kong government entities aimed at attracting foreign investments visited a tech conference in Toronto, Canada, promoting its offshore-ready technology hub for Canadian crypto and Web3 startups.
The Hong Kong Economic and Trade Office in Toronto (Toronto ETO), Invest Hong Kong (InvestHK), and StartmeupHK (SMUHK) jointly hosted an event at Collision 2024 in Toronto, emphasizing Hong Kong’s crypto-friendly environment.
Emily Mo, Director of Toronto ETO, highlighted Hong Kong’s startup-friendly regulations, including lower taxes compared to Canada, and Hong Kong’s support for pre-commercial specialist technology firms. She stated:
“Hong Kong fosters a creative approach to Web3 and virtual asset developments. Fintech, health technology, green technology, and property technology are trending in Hong Kong and across Asia.”
Tax Agreement Between Canada and Hong Kong
Mo highlighted that Canadian businesses operating in Hong Kong can access both public and private funding opportunities.
Canada and Hong Kong have maintained a double tax agreement for over a decade, aimed at preventing double taxation and combating tax evasion related to both personal and corporate income taxes.
Hong Kong Legislative Council member Johnny Ng Kit-Chong announced on June 22 the establishment of the Subcommittee on Web3 and Virtual Asset Development. The subcommittee aims to foster the growth of Web3 technologies and digital assets within Hong Kong.
Source: Johnny Ng
The council is soliciting input on key facets of Web3 policy formulation, encompassing the harmonization of technical, legal, and regulatory frameworks to establish a cohesive environment conducive to robust and transparent Web3 development.
Crypto Exchange Exodus from Hong Kong
In May, all unlicensed crypto exchanges operating in Hong Kong were compelled to cease operations. Initially, over 20 exchanges had applied for a crypto license, but many withdrew their applications after failing to meet the stipulated requirements.
Gate.HK, a cryptocurrency exchange based in Hong Kong, announced plans to re-establish its services following a platform reconstruction aimed at meeting Hong Kong’s regulatory standards. These requirements include implementing Anti-Money Laundering and Counter-Terrorist Financing measures. The company affirmed:
“We are actively undertaking the necessary overhaul. Our goal is to resume operations in Hong Kong and support the virtual asset ecosystem upon obtaining the appropriate licenses.”
Several major global crypto exchanges, including OKX, Huobi HK, and Bybit, withdrew their license applications amidst the regulatory adjustments.
The post Hong Kong Showcases Crypto and Web3 Expertise in Toronto appeared first on Baffic.
The Hong Kong Economic and Trade Office in Toronto (Toronto ETO), Invest Hong Kong (InvestHK), and StartmeupHK (SMUHK) jointly hosted an event at Collision 2024 in Toronto, emphasizing Hong Kong’s crypto-friendly environment.
Emily Mo, Director of Toronto ETO, highlighted Hong Kong’s startup-friendly regulations, including lower taxes compared to Canada, and Hong Kong’s support for pre-commercial specialist technology firms. She stated:
“Hong Kong fosters a creative approach to Web3 and virtual asset developments. Fintech, health technology, green technology, and property technology are trending in Hong Kong and across Asia.”
Tax Agreement Between Canada and Hong Kong
Mo highlighted that Canadian businesses operating in Hong Kong can access both public and private funding opportunities.
Canada and Hong Kong have maintained a double tax agreement for over a decade, aimed at preventing double taxation and combating tax evasion related to both personal and corporate income taxes.
Hong Kong Legislative Council member Johnny Ng Kit-Chong announced on June 22 the establishment of the Subcommittee on Web3 and Virtual Asset Development. The subcommittee aims to foster the growth of Web3 technologies and digital assets within Hong Kong.
Source: Johnny Ng
The council is soliciting input on key facets of Web3 policy formulation, encompassing the harmonization of technical, legal, and regulatory frameworks to establish a cohesive environment conducive to robust and transparent Web3 development.
Crypto Exchange Exodus from Hong Kong
In May, all unlicensed crypto exchanges operating in Hong Kong were compelled to cease operations. Initially, over 20 exchanges had applied for a crypto license, but many withdrew their applications after failing to meet the stipulated requirements.
Gate.HK, a cryptocurrency exchange based in Hong Kong, announced plans to re-establish its services following a platform reconstruction aimed at meeting Hong Kong’s regulatory standards. These requirements include implementing Anti-Money Laundering and Counter-Terrorist Financing measures. The company affirmed:
“We are actively undertaking the necessary overhaul. Our goal is to resume operations in Hong Kong and support the virtual asset ecosystem upon obtaining the appropriate licenses.”
Several major global crypto exchanges, including OKX, Huobi HK, and Bybit, withdrew their license applications amidst the regulatory adjustments.
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AI Tokens FET, AGIX, and OCEAN Thrive Despite Nvidia’s Decline
NeurochainAI aims to streamline the creation, release, and use of AI-powered decentralized applications (dApps) by integrating machine learning with blockchain technology. This fusion is intended to enhance scalability, transparency, and data security within AI applications.
With 82,000 registered users and 48,000 connected wallets, NeurochainAI’s platform emphasizes community engagement in AI model development and validation. Their collaborative approach ensures the accuracy and performance optimization of AI models, providing a competitive edge in the AI industry.
Julius Serenas, CEO of NeurochainAI, highlighted, “Our platform advances inclusive, democratic AI development by empowering developers with decentralized AI infrastructure. This includes Consumer-grade GPU DePIN at its core, delivering essential GPU compute power crucial for modern AI solutions.”
By leveraging these resources, NeurochainAI significantly reduces the time-to-market for AI dApps by up to 24 times compared to traditional methods.
Global AI
The global AI market, currently valued at $500 billion, is forecasted to grow to $1.8 trillion by 2030, driven by technological advancements and substantial sector investments.
NeurochainAI capitalizes on this expansion by offering AI infrastructure, including the pioneering decentralized consumer-grade GPU DePIN for AI computing, community-driven data collection and validation, and optimized AI model marketplaces and interoperability tools for seamless integration across Web2 and Web3 platforms.
NeurochainAI adopts a layered approach to deliver decentralized AI-as-a-Service (DAIAS), lowering entry barriers and empowering developers to efficiently create and launch AI applications.
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With 82,000 registered users and 48,000 connected wallets, NeurochainAI’s platform emphasizes community engagement in AI model development and validation. Their collaborative approach ensures the accuracy and performance optimization of AI models, providing a competitive edge in the AI industry.
Julius Serenas, CEO of NeurochainAI, highlighted, “Our platform advances inclusive, democratic AI development by empowering developers with decentralized AI infrastructure. This includes Consumer-grade GPU DePIN at its core, delivering essential GPU compute power crucial for modern AI solutions.”
By leveraging these resources, NeurochainAI significantly reduces the time-to-market for AI dApps by up to 24 times compared to traditional methods.
Global AI
The global AI market, currently valued at $500 billion, is forecasted to grow to $1.8 trillion by 2030, driven by technological advancements and substantial sector investments.
NeurochainAI capitalizes on this expansion by offering AI infrastructure, including the pioneering decentralized consumer-grade GPU DePIN for AI computing, community-driven data collection and validation, and optimized AI model marketplaces and interoperability tools for seamless integration across Web2 and Web3 platforms.
NeurochainAI adopts a layered approach to deliver decentralized AI-as-a-Service (DAIAS), lowering entry barriers and empowering developers to efficiently create and launch AI applications.
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AI Token Boom Amidst NVIDIA’s 13% Market Cap Decline
Artificial intelligence-related crypto tokens surged over the past week, despite Nvidia losing $430 billion in market capitalization. Nvidia, a key player for crypto traders monitoring the AI market, produces computer chips essential for running AI models. Over the past five trading days, Nvidia’s stock price dropped 11.08%, according to Google Finance data.
In contrast, Fetch.AI (FET) and SingularityNET (AGIX) rose 23.46% and 20.83% respectively over the past seven days, according to CoinMarketCap data, bucking the trend of the broader crypto market’s decline.
Meanwhile, Bitcoin (BTC) and Ether (ETH), the two largest cryptocurrencies by market cap, fell 9.17% and 4.23% respectively over the same period.
Nvidia’s stock decline coincided with concerns over recent significant share sales by its president, Jensen Huang, and other executives.
Source: Google Finance
Since June 13, Nvidia president Jensen Huang has sold $79.38 million worth of Nvidia stock, according to a June 21 filing with the United States Securities and Exchange Commission (SEC). This move has garnered significant attention from trading research firms.
“Nvidia’s executives have been selling their shares at the fastest pace ever,” stated trading resource account Global Markets Investor in a June 23 X post. Another research firm reported that the total value of shares sold by Nvidia executives this year is now approaching the billion-dollar mark.
“Nvidia insiders have now cashed out more than $796 million this year,” noted Barchart. However, portfolio analyst Oguz O countered that “most of them are pre-planned and don’t bother me,” referring to the common practice of executives entering contracts with brokerage firms to sell stock at predetermined prices.
Source: Barchart
As of June 24, Nvidia’s market cap stands at $2.903 trillion, marking a decline of nearly 13% over the past five trading days from its all-time high of $3.34 trillion, according to YChart data.
AI crypto tokens and Nvidia have often moved in parallel, most notably when Nvidia released its earnings report for the final quarter of 2023.
On February 21, Nvidia reported Q4 2024 revenue of $22.1 billion and earnings of $12.3 billion, representing increases of 265% and 769% respectively compared to Q4 2023.
During this period, OpenAI CEO Sam Altman’s Worldcoin (WLD) surged by 240%, while blockchain AI analytics firm Arkham Intelligence’s native token, ARKM, gained 211%.
Recently, these AI tokens have continued their upward trend. At the time of publication, Worldcoin is up 9.07% over the past seven days, trading at $0.005, and Arkham is up 16.34%, trading at $1.96.
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In contrast, Fetch.AI (FET) and SingularityNET (AGIX) rose 23.46% and 20.83% respectively over the past seven days, according to CoinMarketCap data, bucking the trend of the broader crypto market’s decline.
Meanwhile, Bitcoin (BTC) and Ether (ETH), the two largest cryptocurrencies by market cap, fell 9.17% and 4.23% respectively over the same period.
Nvidia’s stock decline coincided with concerns over recent significant share sales by its president, Jensen Huang, and other executives.
Source: Google Finance
Since June 13, Nvidia president Jensen Huang has sold $79.38 million worth of Nvidia stock, according to a June 21 filing with the United States Securities and Exchange Commission (SEC). This move has garnered significant attention from trading research firms.
“Nvidia’s executives have been selling their shares at the fastest pace ever,” stated trading resource account Global Markets Investor in a June 23 X post. Another research firm reported that the total value of shares sold by Nvidia executives this year is now approaching the billion-dollar mark.
“Nvidia insiders have now cashed out more than $796 million this year,” noted Barchart. However, portfolio analyst Oguz O countered that “most of them are pre-planned and don’t bother me,” referring to the common practice of executives entering contracts with brokerage firms to sell stock at predetermined prices.
Source: Barchart
As of June 24, Nvidia’s market cap stands at $2.903 trillion, marking a decline of nearly 13% over the past five trading days from its all-time high of $3.34 trillion, according to YChart data.
AI crypto tokens and Nvidia have often moved in parallel, most notably when Nvidia released its earnings report for the final quarter of 2023.
On February 21, Nvidia reported Q4 2024 revenue of $22.1 billion and earnings of $12.3 billion, representing increases of 265% and 769% respectively compared to Q4 2023.
During this period, OpenAI CEO Sam Altman’s Worldcoin (WLD) surged by 240%, while blockchain AI analytics firm Arkham Intelligence’s native token, ARKM, gained 211%.
Recently, these AI tokens have continued their upward trend. At the time of publication, Worldcoin is up 9.07% over the past seven days, trading at $0.005, and Arkham is up 16.34%, trading at $1.96.
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Korea Institute of Finance Issues Warning on Impact of Spot Crypto ETFs
Researcher Bo-mi Lee’s report highlights that while spot crypto exchange-traded funds (ETFs) promise institutional security for investors and profits for financial firms, the drawbacks outweigh these benefits.
Bo-mi Lee’s recent report examines the approval of spot crypto exchange-traded funds (ETFs) in the US, Hong Kong, and the UK, highlighting potential pitfalls despite their perceived benefits. Lee argues that while these ETFs may offer institutional security and profit opportunities for financial firms, their drawbacks outweigh these advantages.
According to Lee, the introduction of spot crypto ETFs could destabilize financial markets due to the inherent volatility of crypto-assets compared to traditional investments. This instability arises when crypto asset prices experience significant declines.
Moreover, Lee contends that spot crypto ETFs divert capital away from traditional sectors that contribute to economic growth through future cash flows. Unlike equities and bonds, crypto-assets do not generate these cash flows, potentially leading to inefficient allocation of resources.
Lee also emphasizes the lack of clarity regarding the true value and risks associated with crypto assets. Introducing spot crypto ETFs could mislead investors into perceiving these assets as verified and stable, exacerbating market risks and financial instability, according to the report.
Crypto Assets Must Justify Unique Payoffs, Says Korea Institute of Finance Report
A report authored by Bo-mi Lee at the Korea Institute of Finance raises significant concerns about the potential introduction of spot crypto exchange-traded funds (ETFs) and their impact on financial stability. Lee argues that for crypto assets to merit inclusion in regulated financial products like ETFs, they must offer distinct payoffs that traditional assets cannot replicate. The report emphasizes the necessity for clearer valuation frameworks to justify crypto assets as viable stores of value.
Lee also critiques the proposed accessibility benefits of spot crypto ETFs, suggesting that investors already have ample access to these assets through existing exchanges. Therefore, Lee questions whether ETFs would significantly enhance accessibility.
The report underscores the need for robust regulatory measures to mitigate the risks associated with crypto ETFs before their introduction. Lee acknowledges the complexities involved in regulating virtual assets amid their rapid expansion and the proliferation of related financial products.
South Korea, where spot crypto ETFs are currently prohibited, is considering a proposal by the left-wing Democratic Party to allow US spot crypto ETFs within the country, highlighting contrasting regulatory approaches.
The report concludes by cautioning that the full impact of virtual assets on investors and financial markets remains uncertain amid ongoing regulatory developments and market dynamics.
The post Korea Institute of Finance Issues Warning on Impact of Spot Crypto ETFs appeared first on Baffic.
Bo-mi Lee’s recent report examines the approval of spot crypto exchange-traded funds (ETFs) in the US, Hong Kong, and the UK, highlighting potential pitfalls despite their perceived benefits. Lee argues that while these ETFs may offer institutional security and profit opportunities for financial firms, their drawbacks outweigh these advantages.
According to Lee, the introduction of spot crypto ETFs could destabilize financial markets due to the inherent volatility of crypto-assets compared to traditional investments. This instability arises when crypto asset prices experience significant declines.
Moreover, Lee contends that spot crypto ETFs divert capital away from traditional sectors that contribute to economic growth through future cash flows. Unlike equities and bonds, crypto-assets do not generate these cash flows, potentially leading to inefficient allocation of resources.
Lee also emphasizes the lack of clarity regarding the true value and risks associated with crypto assets. Introducing spot crypto ETFs could mislead investors into perceiving these assets as verified and stable, exacerbating market risks and financial instability, according to the report.
Crypto Assets Must Justify Unique Payoffs, Says Korea Institute of Finance Report
A report authored by Bo-mi Lee at the Korea Institute of Finance raises significant concerns about the potential introduction of spot crypto exchange-traded funds (ETFs) and their impact on financial stability. Lee argues that for crypto assets to merit inclusion in regulated financial products like ETFs, they must offer distinct payoffs that traditional assets cannot replicate. The report emphasizes the necessity for clearer valuation frameworks to justify crypto assets as viable stores of value.
Lee also critiques the proposed accessibility benefits of spot crypto ETFs, suggesting that investors already have ample access to these assets through existing exchanges. Therefore, Lee questions whether ETFs would significantly enhance accessibility.
The report underscores the need for robust regulatory measures to mitigate the risks associated with crypto ETFs before their introduction. Lee acknowledges the complexities involved in regulating virtual assets amid their rapid expansion and the proliferation of related financial products.
South Korea, where spot crypto ETFs are currently prohibited, is considering a proposal by the left-wing Democratic Party to allow US spot crypto ETFs within the country, highlighting contrasting regulatory approaches.
The report concludes by cautioning that the full impact of virtual assets on investors and financial markets remains uncertain amid ongoing regulatory developments and market dynamics.
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Michael Saylor: Bitcoin to Hit $10M, Offers ‘Economic Immortality
In an 84-minute podcast interview, Michael Saylor, co-founder and executive chairman of business intelligence company MicroStrategy, passionately extolled the virtues of Bitcoin. He boldly predicted that Bitcoin would soar to $10 million per coin and expressed confidence that the entire nation of China would embrace the cryptocurrency.
In the introduction of the video, clips of Saylor confidently assert that “the cost of Bitcoin’s going to go up to 10 million dollars a coin,” accompanied by other quotes delivered in his characteristic bold style:
“What’s the difference between perfect money and imperfect money? Perfect money is economic immortality. Imperfect money is: we all have a short, brutal life.”
Beyond Saylor’s belief in Bitcoin as the future of currency, the central message is that Bitcoin functions in society akin to a mechanism for corporate immortality.
Saylor posed the question: “What if I told you I could make your company live forever?”
He argued that Bitcoin has rendered everything that came before it economically obsolete:
“Economics is pseudoscience before Satoshi. It’s a quasi-religious liberal art, filled with people’s opinions, prejudices, and biases. […] All economists before Satoshi were attempting to decipher economic laws using seashells, glass beads, pieces of paper, and credit instruments.”
The crux of Saylor’s argument centers on the concept of corporate immortality, asserting that companies investing in Bitcoin stand to outlast those stuck in traditional corporate norms.
According to Saylor:
“The average life expectancy of a corporation is something like 10 years. […] We’re talking about eliminating corporate mortality; we’re talking about extending economic vitality potentially by a factor of 10, maybe by a factor of a hundred, maybe by a factor of a million.”
Saylor seems confident in his vision. Besides affirming his belief in widespread Chinese acceptance of Bitcoin, he also foresees a future where a single Bitcoin could reach a value of $10 million.
Source: Michael Saylor
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In the introduction of the video, clips of Saylor confidently assert that “the cost of Bitcoin’s going to go up to 10 million dollars a coin,” accompanied by other quotes delivered in his characteristic bold style:
“What’s the difference between perfect money and imperfect money? Perfect money is economic immortality. Imperfect money is: we all have a short, brutal life.”
Beyond Saylor’s belief in Bitcoin as the future of currency, the central message is that Bitcoin functions in society akin to a mechanism for corporate immortality.
Saylor posed the question: “What if I told you I could make your company live forever?”
He argued that Bitcoin has rendered everything that came before it economically obsolete:
“Economics is pseudoscience before Satoshi. It’s a quasi-religious liberal art, filled with people’s opinions, prejudices, and biases. […] All economists before Satoshi were attempting to decipher economic laws using seashells, glass beads, pieces of paper, and credit instruments.”
The crux of Saylor’s argument centers on the concept of corporate immortality, asserting that companies investing in Bitcoin stand to outlast those stuck in traditional corporate norms.
According to Saylor:
“The average life expectancy of a corporation is something like 10 years. […] We’re talking about eliminating corporate mortality; we’re talking about extending economic vitality potentially by a factor of 10, maybe by a factor of a hundred, maybe by a factor of a million.”
Saylor seems confident in his vision. Besides affirming his belief in widespread Chinese acceptance of Bitcoin, he also foresees a future where a single Bitcoin could reach a value of $10 million.
Source: Michael Saylor
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Japanese Firm Metaplanet Eyes Bitcoin with 1B Yen Bond Offering
Tokyo-based investment and consulting firm Metaplanet Inc. announced plans to issue 1 billion yen ($6.26 million) worth of bonds to raise funds for purchasing Bitcoin. The company stated in a notice on Monday, June 24, that its board approved the move, specifying that the Bitcoin, currently trading at $62,306, would be held for the long term. A separate notice indicated that the bonds would offer an annual interest rate of 0.5%.
Metaplanet’s shares surged 11.5% on Monday, reaching 96 yen ($0.60), continuing an impressive year-to-date increase of over 500%, according to Google Finance.
Source: Google Finance
Meanwhile, Bitcoin has reached a 40-day low, dropping 2.6% in the past 24 hours to $62,733 after nearly hitting $72,000 in early June, according to CoinGecko data.
If Metaplanet were to purchase 1 billion yen worth of Bitcoin today, they would acquire approximately 99.84 BTC.
The planned purchase would add to Metaplanet’s existing cryptocurrency holdings, which reached 141.07 BTC after the company announced on June 11 that it had acquired an additional 23.25 BTC.
Metaplanet initially bought 117 BTC in mid-May, adopting a “Bitcoin-first, Bitcoin-only approach” to its treasury as a response to ongoing economic pressures in Japan.
In its most recent holdings report from early June, Metaplanet stated that its average purchase price was 10.28 million yen, or $65,365, per Bitcoin. This means the company is currently facing a loss on its Bitcoin strategy.
Metaplanet’s aggressive Bitcoin acquisitions and subsequent share price surge have drawn comparisons to America’s MicroStrategy. The U.S. software company holds the record for the most Bitcoin owned by a public company, with 214,400 BTC valued at $13.4 billion, according to Bitbo data.
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Metaplanet’s shares surged 11.5% on Monday, reaching 96 yen ($0.60), continuing an impressive year-to-date increase of over 500%, according to Google Finance.
Source: Google Finance
Meanwhile, Bitcoin has reached a 40-day low, dropping 2.6% in the past 24 hours to $62,733 after nearly hitting $72,000 in early June, according to CoinGecko data.
If Metaplanet were to purchase 1 billion yen worth of Bitcoin today, they would acquire approximately 99.84 BTC.
The planned purchase would add to Metaplanet’s existing cryptocurrency holdings, which reached 141.07 BTC after the company announced on June 11 that it had acquired an additional 23.25 BTC.
Metaplanet initially bought 117 BTC in mid-May, adopting a “Bitcoin-first, Bitcoin-only approach” to its treasury as a response to ongoing economic pressures in Japan.
In its most recent holdings report from early June, Metaplanet stated that its average purchase price was 10.28 million yen, or $65,365, per Bitcoin. This means the company is currently facing a loss on its Bitcoin strategy.
Metaplanet’s aggressive Bitcoin acquisitions and subsequent share price surge have drawn comparisons to America’s MicroStrategy. The U.S. software company holds the record for the most Bitcoin owned by a public company, with 214,400 BTC valued at $13.4 billion, according to Bitbo data.
The post Japanese Firm Metaplanet Eyes Bitcoin with 1B Yen Bond Offering appeared first on Baffic.
Using Fake IDs on Crypto Exchanges Now Carries a Two-Year Jail Term
An Australian man has been sentenced to two years in prison for cyber-enabled identity theft, which included using fake documents to create online cryptocurrency accounts.
On June 21, the Australian Federal Police (AFP) reported that a 31-year-old man was sentenced at the Melbourne County Court. The sentencing followed an international investigation into a website selling fraud-enabling technology, which was connected to the theft of over 1 million Australian dollars ($670,000) from victims.
Operation Stonefish unveils cybercrime network
The AFP initiated Operation Stonefish in August 2022 following an investigation by UK authorities into a website offering spoofing services for as little as £20. The site facilitated identity theft and financial fraud.
Report Cyber, an Australian Commonwealth Government site for cybercrime reporting, received a complaint from a victim in New South Wales about the unauthorized creation of a bank account.
Source: Australian Federal Police
AFP inquiries revealed that the Australian man used fake driver’s licenses featuring his photo but the real victims’ details to open accounts on two cryptocurrency exchanges.
Arrest and Evidence Seizure
In November 2022, AFP officers executed a search warrant at the man’s residence in Boronia. During the search, they seized an assortment of blank and fake driver’s licenses, a lost passport, and various cards bearing other people’s names. Additionally, authorities discovered an encrypted messaging platform on the man’s computer that contained discussions about identity-based crimes and detailed instruction manuals on creating false documents. The man refused to provide access codes to his devices during the search.
Detective Superintendent Tim Stainton underscored the severe impact of identity theft, stating:
“The theft of someone’s identity can have serious implications for victims and is a serious criminal offense punishable by significant time in prison. A stolen identity and the use of associated fraudulent documentation can have a devastating impact on people’s lives if sold online or used for criminal purposes,” Stainton added.
Conviction and Sentencing
The Australian man was convicted of multiple charges under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 and the Criminal Code. These charges included providing false information, dealing with the proceeds of crime, producing and possessing false documents, and failing to comply with a court order.
He was sentenced to two years in prison, with a ten-month non-parole period. Authorities emphasized that this case highlights the severe consequences of cyber-enabled identity theft and the crucial role of international cooperation in combating such crimes.
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On June 21, the Australian Federal Police (AFP) reported that a 31-year-old man was sentenced at the Melbourne County Court. The sentencing followed an international investigation into a website selling fraud-enabling technology, which was connected to the theft of over 1 million Australian dollars ($670,000) from victims.
Operation Stonefish unveils cybercrime network
The AFP initiated Operation Stonefish in August 2022 following an investigation by UK authorities into a website offering spoofing services for as little as £20. The site facilitated identity theft and financial fraud.
Report Cyber, an Australian Commonwealth Government site for cybercrime reporting, received a complaint from a victim in New South Wales about the unauthorized creation of a bank account.
Source: Australian Federal Police
AFP inquiries revealed that the Australian man used fake driver’s licenses featuring his photo but the real victims’ details to open accounts on two cryptocurrency exchanges.
Arrest and Evidence Seizure
In November 2022, AFP officers executed a search warrant at the man’s residence in Boronia. During the search, they seized an assortment of blank and fake driver’s licenses, a lost passport, and various cards bearing other people’s names. Additionally, authorities discovered an encrypted messaging platform on the man’s computer that contained discussions about identity-based crimes and detailed instruction manuals on creating false documents. The man refused to provide access codes to his devices during the search.
Detective Superintendent Tim Stainton underscored the severe impact of identity theft, stating:
“The theft of someone’s identity can have serious implications for victims and is a serious criminal offense punishable by significant time in prison. A stolen identity and the use of associated fraudulent documentation can have a devastating impact on people’s lives if sold online or used for criminal purposes,” Stainton added.
Conviction and Sentencing
The Australian man was convicted of multiple charges under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 and the Criminal Code. These charges included providing false information, dealing with the proceeds of crime, producing and possessing false documents, and failing to comply with a court order.
He was sentenced to two years in prison, with a ten-month non-parole period. Authorities emphasized that this case highlights the severe consequences of cyber-enabled identity theft and the crucial role of international cooperation in combating such crimes.
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Switzerland’s Central Bank Extends CBDC Trial to 2026
The Swiss National Bank (SNB) has decided to extend its pilot program for issuing a wholesale central bank digital currency (CBDC) until at least 2026, according to a report by Bloomberg citing SNB governing board member Antoine Martin.
Initially set to conclude on June 30, the extended pilot aims to involve more financial institutions over time, Martin noted. He emphasized that the wholesale CBDC could potentially support a broader range of financial transactions. Currently, the pilot includes six commercial banks such as UBS Group AG and Commerzbank AG, collaborating with Swiss stock exchange provider SIX.
“The future success of the pilot project will largely hinge on the participation of new financial market participants, increased transaction volumes, and the expansion of financial market operations on this platform,” Martin remarked.
The post Switzerland’s Central Bank Extends CBDC Trial to 2026 appeared first on Baffic.
Initially set to conclude on June 30, the extended pilot aims to involve more financial institutions over time, Martin noted. He emphasized that the wholesale CBDC could potentially support a broader range of financial transactions. Currently, the pilot includes six commercial banks such as UBS Group AG and Commerzbank AG, collaborating with Swiss stock exchange provider SIX.
“The future success of the pilot project will largely hinge on the participation of new financial market participants, increased transaction volumes, and the expansion of financial market operations on this platform,” Martin remarked.
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Former OpenAI Scientist Ilya Sutskever Starts SSI for AI Safety
Ilya Sutskever, co-founder and former chief scientist of OpenAI, along with former OpenAI engineer Daniel Levy and investor Daniel Gross, previously a partner at startup accelerator Y Combinator, have launched Safe Superintelligence, Inc. (SSI). The company, headquartered in Palo Alto and Tel Aviv, aims to advance artificial intelligence (AI) by prioritizing both safety and capabilities. In an online announcement on June 19, the founders emphasized their commitment:
“From the outset, our focus remains unwavering on AI safety and capabilities. This singular focus ensures we are not distracted by management overhead or product cycles, while our business model shields safety, security, and progress from short-term commercial pressures.”
Sutskever and Gross have long been advocates for AI safety.
Sutskever departed OpenAI on May 14, following his involvement in the dismissal of CEO Sam Altman. His role at the company became ambiguous after he stepped down from the board upon Altman’s return. Shortly after Sutskever’s departure, Daniel Levy, along with several other researchers, also left OpenAI.
Sutskever and Jan Leike co-led OpenAI’s Superalignment team, formed in July 2023 to explore methods for guiding and managing AI systems more intelligent than humans, known as artificial general intelligence (AGI). At its inception, OpenAI allocated 20% of its computing resources to support the Superalignment team.
In May, Leike also left OpenAI to head a team at Anthropic, an AI startup backed by Amazon. Following the departure of its key researchers, OpenAI disbanded the Superalignment team. Greg Brockman, the company’s president, defended its safety protocols in a detailed post on X.
Other prominent figures in the technology industry also share concerns
Former OpenAI researchers, along with numerous scientists, express deep concerns about the future trajectory of AI. Vitalik Buterin, co-founder of Ethereum, labeled AGI as “risky” amidst the recent staff changes at OpenAI. However, he also noted that “such models pose much lower risks of doom compared to corporate megalomania and military applications.”
Source: Ilya Sutskever
Tesla CEO Elon Musk, formerly a supporter of OpenAI, and Apple co-founder Steve Wozniak joined over 2,600 tech leaders and researchers in calling for a six-month pause in the training of AI systems. They emphasized the need for humanity to reflect on the “profound risks” posed by these technologies.
The post Former OpenAI Scientist Ilya Sutskever Starts SSI for AI Safety appeared first on Baffic.
“From the outset, our focus remains unwavering on AI safety and capabilities. This singular focus ensures we are not distracted by management overhead or product cycles, while our business model shields safety, security, and progress from short-term commercial pressures.”
Sutskever and Gross have long been advocates for AI safety.
Sutskever departed OpenAI on May 14, following his involvement in the dismissal of CEO Sam Altman. His role at the company became ambiguous after he stepped down from the board upon Altman’s return. Shortly after Sutskever’s departure, Daniel Levy, along with several other researchers, also left OpenAI.
Sutskever and Jan Leike co-led OpenAI’s Superalignment team, formed in July 2023 to explore methods for guiding and managing AI systems more intelligent than humans, known as artificial general intelligence (AGI). At its inception, OpenAI allocated 20% of its computing resources to support the Superalignment team.
In May, Leike also left OpenAI to head a team at Anthropic, an AI startup backed by Amazon. Following the departure of its key researchers, OpenAI disbanded the Superalignment team. Greg Brockman, the company’s president, defended its safety protocols in a detailed post on X.
Other prominent figures in the technology industry also share concerns
Former OpenAI researchers, along with numerous scientists, express deep concerns about the future trajectory of AI. Vitalik Buterin, co-founder of Ethereum, labeled AGI as “risky” amidst the recent staff changes at OpenAI. However, he also noted that “such models pose much lower risks of doom compared to corporate megalomania and military applications.”
Source: Ilya Sutskever
Tesla CEO Elon Musk, formerly a supporter of OpenAI, and Apple co-founder Steve Wozniak joined over 2,600 tech leaders and researchers in calling for a six-month pause in the training of AI systems. They emphasized the need for humanity to reflect on the “profound risks” posed by these technologies.
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Injective Poised for Web3 Gaming Growth with New Strategic Alliance
On Wednesday, Injective announced a strategic partnership with DEGA, a leading game builder platform that operates on Ethereum, Cardano, and BNB Chain.
Injective, known for its platform that supports decentralized applications (dApps) across decentralized exchanges (DEXs), prediction markets, and lending protocols, plans to utilize DEGA’s ecosystem to propel its development into the Web3 gaming sector.
By partnering with DEGA, game developers will be able to efficiently design and launch games, marking a new era for GameFi, according to Injective.
The Web3 gaming market is experiencing rapid growth, with forecasts predicting an increase from $23.9 billion in 2023 to over $133 billion by 2033.
“DEGA and Injective share a common vision for ease of use, financial inclusion, and artificial intelligence,” said DEGA CEO Carlos Rene in a statement. “We anticipate that this integration will be advantageous for all participants within our ecosystems.”
Injective users to gain from airdrops and tournaments
Injective’s partnership with DEGA is set to drive significant growth, particularly in the gaming sector. This collaboration will bring Injective games to DEGA, alongside various community initiatives such as airdrops (including limited edition Elements & Characters), ambassador events, tournaments, and X spaces.
DEGA has reactivated its “Great Benediction” program to celebrate this integration, which will run from Wednesday, June 26, to July 3, 2024, according to a blog post.
This partnership follows Injective’s recent collaboration with Tria, a consumer-first actively validated services (AVS) layer-2 for abstracting gas and unifying liquidity from Web3. Tria’s launch on Injective enhances the user experience for dApps and users by providing complete gas abstraction and cross-chain liquidity unification, giving users greater control over payments and assets.
The post Injective Poised for Web3 Gaming Growth with New Strategic Alliance appeared first on Baffic.
Injective, known for its platform that supports decentralized applications (dApps) across decentralized exchanges (DEXs), prediction markets, and lending protocols, plans to utilize DEGA’s ecosystem to propel its development into the Web3 gaming sector.
By partnering with DEGA, game developers will be able to efficiently design and launch games, marking a new era for GameFi, according to Injective.
The Web3 gaming market is experiencing rapid growth, with forecasts predicting an increase from $23.9 billion in 2023 to over $133 billion by 2033.
“DEGA and Injective share a common vision for ease of use, financial inclusion, and artificial intelligence,” said DEGA CEO Carlos Rene in a statement. “We anticipate that this integration will be advantageous for all participants within our ecosystems.”
Injective users to gain from airdrops and tournaments
Injective’s partnership with DEGA is set to drive significant growth, particularly in the gaming sector. This collaboration will bring Injective games to DEGA, alongside various community initiatives such as airdrops (including limited edition Elements & Characters), ambassador events, tournaments, and X spaces.
DEGA has reactivated its “Great Benediction” program to celebrate this integration, which will run from Wednesday, June 26, to July 3, 2024, according to a blog post.
This partnership follows Injective’s recent collaboration with Tria, a consumer-first actively validated services (AVS) layer-2 for abstracting gas and unifying liquidity from Web3. Tria’s launch on Injective enhances the user experience for dApps and users by providing complete gas abstraction and cross-chain liquidity unification, giving users greater control over payments and assets.
The post Injective Poised for Web3 Gaming Growth with New Strategic Alliance appeared first on Baffic.
ETH Price Spike: Factors Contributing to Today’s Surge
Ethereum’s native token, Ether (ETH), has surged approximately 4.5% in the last 24 hours, reaching $3,550 on June 19. The catalyst behind this bullish movement is the U.S. Securities and Exchange Commission (SEC), which has announced the conclusion of its investigation into Ethereum.
SEC Ends Ethereum Probe, Boosting ETH Price
The recent uptick in Ether’s price is attributed to the SEC’s decision to close its investigation into Ethereum, removing uncertainty around ETH’s classification as a security.
According to ConsenSys, the SEC’s Enforcement Division notified them of the investigation’s closure, marking a significant victory for Ethereum’s developers, technology providers, and the broader industry.
Source: TradingView
SEC’s Move Follows ETF Approvals, Boosts ETH Sentiment
In a notable sequence, the SEC’s decision to conclude its investigation coincides with its recent approval of 19b-4 filings by major firms like VanEck, BlackRock, and Fidelity for spot Ether ETFs. These developments pave the way for these ETFs to start trading on exchanges from July 2, as projected by Bloomberg analyst Eric Balchunas. K33 Research forecasts substantial inflows of around $4 billion into these products within the initial five months post-launch, underscoring robust demand for ETH.
Ether Exchanges Holdings Hit 8-Year Low
Simultaneously, data from Glassnode reveals that the collective Ether balance across crypto exchanges fell to its lowest level since July 2016, totaling approximately 12.20 million ETH as of June 18.
Source: Glassnode
The surge in Ether outflows from crypto exchanges has aligned with the cryptocurrency’s price increase, indicating reduced selling pressure and a growing preference for holding ETH in private wallets or decentralized protocols.
For example, the official Ethereum staking address has steadily increased its holdings since its launch in December 2020, now holding over 46.418 million ETH as of June 19—nearly four times the amount held by exchanges.
Source: Glassnode
Despite Ethereum’s Shanghai upgrade in March 2023, which removed the need for ETH stakers to lock their tokens indefinitely, this growth trend continues unabated.
Despite now having the option to withdraw their staked ETH, the majority of users have chosen to keep their tokens staked. This preference highlights the perceived benefits of staking, such as stability and rewards, over selling, suggesting a bullish sentiment for Ether’s price in the upcoming weeks.
ETH price rebounds from a support confluence
ETH price gains today have followed a bounce from a significant technical support confluence near $3,500. This confluence includes its 50-day exponential moving average (50-day EMA), the 0.5 Fibonacci retracement level, and the lower trendline of its current ascending channel trend.
Source: TradingView
Ether’s target for July seems to be the upper trendline of its ascending channel, converging with the 1.618 Fibonacci extension level around $4,853. This forecast derives from historical rebounds off the lower trendline that have led to comparable price movements.
Alternatively, a significant breach below the lower trendline of the ascending channel could potentially expose ETH to a decline towards its 200-day exponential moving average (EMA), situated near $3,040 by July.
The post ETH Price Spike: Factors Contributing to Today’s Surge appeared first on Baffic.
SEC Ends Ethereum Probe, Boosting ETH Price
The recent uptick in Ether’s price is attributed to the SEC’s decision to close its investigation into Ethereum, removing uncertainty around ETH’s classification as a security.
According to ConsenSys, the SEC’s Enforcement Division notified them of the investigation’s closure, marking a significant victory for Ethereum’s developers, technology providers, and the broader industry.
Source: TradingView
SEC’s Move Follows ETF Approvals, Boosts ETH Sentiment
In a notable sequence, the SEC’s decision to conclude its investigation coincides with its recent approval of 19b-4 filings by major firms like VanEck, BlackRock, and Fidelity for spot Ether ETFs. These developments pave the way for these ETFs to start trading on exchanges from July 2, as projected by Bloomberg analyst Eric Balchunas. K33 Research forecasts substantial inflows of around $4 billion into these products within the initial five months post-launch, underscoring robust demand for ETH.
Ether Exchanges Holdings Hit 8-Year Low
Simultaneously, data from Glassnode reveals that the collective Ether balance across crypto exchanges fell to its lowest level since July 2016, totaling approximately 12.20 million ETH as of June 18.
Source: Glassnode
The surge in Ether outflows from crypto exchanges has aligned with the cryptocurrency’s price increase, indicating reduced selling pressure and a growing preference for holding ETH in private wallets or decentralized protocols.
For example, the official Ethereum staking address has steadily increased its holdings since its launch in December 2020, now holding over 46.418 million ETH as of June 19—nearly four times the amount held by exchanges.
Source: Glassnode
Despite Ethereum’s Shanghai upgrade in March 2023, which removed the need for ETH stakers to lock their tokens indefinitely, this growth trend continues unabated.
Despite now having the option to withdraw their staked ETH, the majority of users have chosen to keep their tokens staked. This preference highlights the perceived benefits of staking, such as stability and rewards, over selling, suggesting a bullish sentiment for Ether’s price in the upcoming weeks.
ETH price rebounds from a support confluence
ETH price gains today have followed a bounce from a significant technical support confluence near $3,500. This confluence includes its 50-day exponential moving average (50-day EMA), the 0.5 Fibonacci retracement level, and the lower trendline of its current ascending channel trend.
Source: TradingView
Ether’s target for July seems to be the upper trendline of its ascending channel, converging with the 1.618 Fibonacci extension level around $4,853. This forecast derives from historical rebounds off the lower trendline that have led to comparable price movements.
Alternatively, a significant breach below the lower trendline of the ascending channel could potentially expose ETH to a decline towards its 200-day exponential moving average (EMA), situated near $3,040 by July.
The post ETH Price Spike: Factors Contributing to Today’s Surge appeared first on Baffic.
Analysis: Bitcoin Price Uptrend Continues Strong, Hodlers in 120% Profit
In its latest edition of the weekly newsletter “The Week On-Chain,” published on June 18, analytics firm Glassnode highlights that Bitcoin remains “largely profitable” despite several months of sideways price action for BTC. The newsletter aims to dispel myths surrounding investors’ unrealized losses.
BTC price analysis highlights “investor boredom and apathy”
Bitcoin (BTC) is currently trading at $65,314, maintaining stability within a defined range, and most hodlers are not experiencing a loss in their investment value.
Glassnode’s latest analysis characterizes the current BTC price action as “finding equilibrium,” citing various on-chain indicators that indicate Bitcoin is in a phase of consolidation rather than significant price decline.
“The current sideways movement of BTC is often associated with investor boredom and apathy, which seems to be the prevailing sentiment across Bitcoin markets,” Glassnode stated.
BTC prices are consolidating within a well-established trading range. The majority of investors are still in a positive position, with more than 87% of the circulating supply holding a cost basis lower than the current spot price.
Source: Glassnode
Researchers utilized the Market Value to Realized Value (MVRV) metric to illustrate that, on average, Bitcoin (BTC) has maintained a value more than twice its initial purchase price in U.S. dollar terms, showing a gain of 120%. The one-year average MVRV is currently at 86%.
“The MVRV Ratio continues to exceed its yearly baseline, indicating that the macro uptrend remains intact,” accompanying commentary noted.
Source: Glassnode
Bitcoin speculators remain steadfast, resisting capitulation despite market conditions.
The newsletter’s sentiment diverges from the heightened anxiety surrounding this week’s decline in BTC prices.
According to ongoing reports from Cointelegraph, traders are cautious as they observe potential breakdowns of support trendlines and the looming possibility of Bitcoin revisiting multi-month lows.
A critical metric currently under scrutiny is the aggregate purchase price of Bitcoin held by speculative investors, specifically the short-term holders (STHs).
Based on the latest data from Look Into Bitcoin, the STH cost basis is positioned at $64,000.
Source: Look Into Bitcoin
Even as unrealized gains diminish, short-term holders (STH) are not showing signs of gearing up for a mass sell-off at current price levels, as highlighted by Glassnode.
Currently, Glassnode reports that STH entities are transferring approximately +17.4k BTC/day to exchanges.
This figure marks a notable decrease from the peak of +55k BTC/day observed during March when the market surged to its all-time high (ATH) of $73,000. During that period, speculative activities were reaching heightened levels.
Source: Glassnode
The post Analysis: Bitcoin Price Uptrend Continues Strong, Hodlers in 120% Profit appeared first on Baffic.
BTC price analysis highlights “investor boredom and apathy”
Bitcoin (BTC) is currently trading at $65,314, maintaining stability within a defined range, and most hodlers are not experiencing a loss in their investment value.
Glassnode’s latest analysis characterizes the current BTC price action as “finding equilibrium,” citing various on-chain indicators that indicate Bitcoin is in a phase of consolidation rather than significant price decline.
“The current sideways movement of BTC is often associated with investor boredom and apathy, which seems to be the prevailing sentiment across Bitcoin markets,” Glassnode stated.
BTC prices are consolidating within a well-established trading range. The majority of investors are still in a positive position, with more than 87% of the circulating supply holding a cost basis lower than the current spot price.
Source: Glassnode
Researchers utilized the Market Value to Realized Value (MVRV) metric to illustrate that, on average, Bitcoin (BTC) has maintained a value more than twice its initial purchase price in U.S. dollar terms, showing a gain of 120%. The one-year average MVRV is currently at 86%.
“The MVRV Ratio continues to exceed its yearly baseline, indicating that the macro uptrend remains intact,” accompanying commentary noted.
Source: Glassnode
Bitcoin speculators remain steadfast, resisting capitulation despite market conditions.
The newsletter’s sentiment diverges from the heightened anxiety surrounding this week’s decline in BTC prices.
According to ongoing reports from Cointelegraph, traders are cautious as they observe potential breakdowns of support trendlines and the looming possibility of Bitcoin revisiting multi-month lows.
A critical metric currently under scrutiny is the aggregate purchase price of Bitcoin held by speculative investors, specifically the short-term holders (STHs).
Based on the latest data from Look Into Bitcoin, the STH cost basis is positioned at $64,000.
Source: Look Into Bitcoin
Even as unrealized gains diminish, short-term holders (STH) are not showing signs of gearing up for a mass sell-off at current price levels, as highlighted by Glassnode.
Currently, Glassnode reports that STH entities are transferring approximately +17.4k BTC/day to exchanges.
This figure marks a notable decrease from the peak of +55k BTC/day observed during March when the market surged to its all-time high (ATH) of $73,000. During that period, speculative activities were reaching heightened levels.
Source: Glassnode
The post Analysis: Bitcoin Price Uptrend Continues Strong, Hodlers in 120% Profit appeared first on Baffic.
Ethereum Price Plunge Triggered by $35.4 Million Whale Sell-Off
A major Ethereum whale using the wallet address 0xf07 has sold off $35.4 million in Ethereum (ETH) over the past 48 hours. This significant transaction coincides with a notable decline in Ethereum’s price, dropping below the $3,500 threshold.
Prominent Ethereum whales are reducing their holdings
The crypto whale initially purchased 150,000 ETH during the Ethereum Initial Coin Offering (ICO) in 2015 at a price of $0.31 per token. Since then, Ethereum’s value has surged significantly, resulting in substantial returns on the initial investment.
Over the last two days, this investor deposited a total of 10,000 ETH, valued at $35.4 million, into the crypto exchange Kraken. The average transaction price was $3,543 per ETH. The latest transaction on Tuesday involved a deposit of 5,500 ETH to Kraken.
The recent actions by the Ethereum whale suggest a strategic move to capitalize on market conditions amid a downturn. On Tuesday, the crypto market experienced significant pressure, resulting in nearly $500 million in forced liquidations.
Ethereum bore the brunt of this downturn, with liquidations totaling $92.52 million. Bitcoin (BTC) and Dogecoin (DOGE) also faced substantial liquidations amounting to $73.26 million and $60.35 million, respectively.
Despite selling a substantial amount, the whale still retains a significant Ethereum holding. Specifically, 138,900 ETH is staked across eight different crypto wallets, valued at approximately $476 million. This indicates a continued confidence in Ethereum’s long-term potential despite reducing exposure.
Additionally, broader trends among Ethereum holders show a similar reduction pattern. Data from Glassnode reveals a notable decrease in the total supply of ETH that has remained dormant for five to seven years. This metric has declined by over 22%, dropping from 11.6 million ETH tokens in late February to the current 9.01 million ETH.
Source: Glassnode
As these significant holders begin cashing out, it could indicate a shift in sentiment among seasoned investors, possibly seeking to capitalize on long-term gains or reacting to broader economic factors affecting crypto markets.
Despite this trend, some analysts maintain a bullish outlook on Ethereum. They highlight that the supply of ETH on centralized exchanges is at its lowest in eight years.
“Ethereum supply on exchanges is at an 8-year low. Meanwhile, institutional demand will be unlocked through the ETH ETF in July. You don’t need to have a degree to understand what is about to happen,” noted crypto investor Quinten.
The post Ethereum Price Plunge Triggered by $35.4 Million Whale Sell-Off appeared first on Baffic.
Prominent Ethereum whales are reducing their holdings
The crypto whale initially purchased 150,000 ETH during the Ethereum Initial Coin Offering (ICO) in 2015 at a price of $0.31 per token. Since then, Ethereum’s value has surged significantly, resulting in substantial returns on the initial investment.
Over the last two days, this investor deposited a total of 10,000 ETH, valued at $35.4 million, into the crypto exchange Kraken. The average transaction price was $3,543 per ETH. The latest transaction on Tuesday involved a deposit of 5,500 ETH to Kraken.
The recent actions by the Ethereum whale suggest a strategic move to capitalize on market conditions amid a downturn. On Tuesday, the crypto market experienced significant pressure, resulting in nearly $500 million in forced liquidations.
Ethereum bore the brunt of this downturn, with liquidations totaling $92.52 million. Bitcoin (BTC) and Dogecoin (DOGE) also faced substantial liquidations amounting to $73.26 million and $60.35 million, respectively.
Despite selling a substantial amount, the whale still retains a significant Ethereum holding. Specifically, 138,900 ETH is staked across eight different crypto wallets, valued at approximately $476 million. This indicates a continued confidence in Ethereum’s long-term potential despite reducing exposure.
Additionally, broader trends among Ethereum holders show a similar reduction pattern. Data from Glassnode reveals a notable decrease in the total supply of ETH that has remained dormant for five to seven years. This metric has declined by over 22%, dropping from 11.6 million ETH tokens in late February to the current 9.01 million ETH.
Source: Glassnode
As these significant holders begin cashing out, it could indicate a shift in sentiment among seasoned investors, possibly seeking to capitalize on long-term gains or reacting to broader economic factors affecting crypto markets.
Despite this trend, some analysts maintain a bullish outlook on Ethereum. They highlight that the supply of ETH on centralized exchanges is at its lowest in eight years.
“Ethereum supply on exchanges is at an 8-year low. Meanwhile, institutional demand will be unlocked through the ETH ETF in July. You don’t need to have a degree to understand what is about to happen,” noted crypto investor Quinten.
The post Ethereum Price Plunge Triggered by $35.4 Million Whale Sell-Off appeared first on Baffic.
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