MiCA and stablecoins in EUR

It is important to note that, contrary to popular belief, MiCA does not introduce entirely new regulations for fiat-backed stablecoins. Instead, it confirms that stablecoin issuers should be regulated as electronic money institutions (EMIs) under the existing electronic money directive (EMD).

In that sense, Jón Egilsson explained the misunderstandings about MiCA and stablecoins for CoinDesk's Consensus Magazine on February 6. Egilsson is co-founder and chairman of Monerium and former chairman of the supervisory board of the Central Bank of Iceland

“The EU’s comprehensive guidance on crypto does not introduce completely new regulations for fiat-backed stablecoins. Instead, it affirms existing rules that many current issuers are not yet following.”
Jon Egilsson

Additionally, he warned that the lack of regulatory compliance in Europe has allowed unregulated fiat stablecoins to be listed on European exchanges, putting compliant European companies at a disadvantage and European consumers at risk. The apparent reward for U.S. issuers that employ a “break first, fix later” approach creates a dynamic of unfair competition.

As the European Union prepares to implement MiCA later this year, the EUR stablecoin market is likely to continue growing. Therefore, compliant issuers will potentially gain an advantage over those operating without the necessary electronic money licenses, the former central banker concluded.

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Rise of EUR-backed stablecoins, still behind USD

Interestingly, Anchored's AEUR has taken the euro stablecoin market by storm, commanding over 50% of the total volume. This euro-backed stablecoin was launched on Binance in December.

However, USD-backed stablecoins continue to dominate the cryptocurrency market. These dominant cryptocurrencies have almost 90% of all transactions executed against the USD. On the other hand, euro-backed stablecoins have a 1.1% share against the EUR, according to the Kaiko report.

Patrick Hansen, Senior Director of EU Strategy and Policy at Circle, commented on Kaiko's report. Hansen stated that the 1.1% figure for euro-denominated cryptocurrency transactions using EUR stablecoins is an all-time high. In a post on X on June 13, Circle's director also commented on his forecasts for the Europe market.

“It was basically zero a few years ago. If you ask me, it will only continue to grow from here, and the implementation of MiCA will help create greater liquidity and volumes of euro stablecoins. Let’s check back in 6-12 months.”

Patrick Hansen, Circle

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Stablecoins in EUR reach record due to EU crypto regulation

Euro (EUR) stablecoins are gaining popularity on cryptocurrency exchanges and among crypto traders in Europe and around the world. This rise could challenge the dominance of US dollar (USD) stablecoins in the market, driven by stricter European Union regulations.

The combined weekly volume of euro-backed stablecoins has consistently exceeded $40 million since March, marking the longest period on record. This information comes from a Kaiko Smart Data Research report published on June 10.

The report suggests that demand is finally increasing in European markets, even though Europe has traditionally lagged behind the United States and the Asia-Pacific (APAC) region in cryptocurrency trading.

MiCA and crypto regulatory tightening in Europe

The imminent regulation in Europe, known as the Markets in Cryptoassets Regulation (MiCA), is destined to shake up the market

Binance recently revealed plans to restrict stablecoins that do not comply with MiCA standards. Meanwhile, Kraken has been actively reviewing which stablecoins comply with European Union regulations. This could lead to the removal of these non-compliant assets for their users in the EU.

Despite the regulatory challenges, Kraken has no plans to delist the Tether (USDT) USD stablecoin at this time, as Finbold reported. However, the company will comply with all legal requirements, according to Mark Greenberg, Global Head of Kraken's Growth and Asset Management Business.

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Artificial intelligence calculates the price of XRP for June 30

$XRP
While the vast majority of cryptocurrencies are seeing huge increases in 2024, XRP is the exception along with Cardano.

It is that the Ripple currency registers a loss of more than 14% so far this year when, during the same period, Bitcoin and Ethereum have gained approximately 65%

Artificial intelligence sets the price of XRP

In this not at all encouraging context, the artificial intelligence with which the PricePredictions platform works calculated the price of the altcoin for June 30, 2024.

The AI ​​placed XRP at $0.44, which is a drop of almost 14% from the current price of $0.52.

Sentiments around XRP

Right now, the market is taking ambiguous stances on the Ripple cryptocurrency:

Bearish: Investors fear that Ripple will continue selling coins in June, something that has been happening in recent weeks. Some talk about 400 million XRP that could be sold. This would shake the market and cause a significant drop.

Bullish: Other investors are still confident that the company will soon win the court battle against the United States Securities and Exchange Commission. For this reason, they do not rule out a considerable increase when this occurs.

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Does the MEW memecoin threaten the sector's queen coins?

Solana's strong technical foundation gives the MEW memecoin a significant advantage. This, in terms of speed and efficiency of transactions, crucial aspects for the user experience in the world of memecoins.

Beyond its technical infrastructure, MEW is distinguished by its adorable feline character and engaging narrative. Consequently, in a market saturated with digital dogs, MEW offers a refreshing alternative. The latter captures the imagination of users and establishes an emotional connection with the community.

On the other hand, the coin stands out for its supply of 88.88 billion tokens, of which 90% was sent to burning. This supply reduction strategy, in contrast to the abundance of DOGE and SHIB tokens, contributes to price stability. Likewise, it increases its attractiveness for investors.

It is worth mentioning that MEW's strength lies not only in its technology and tokenomics, but also in its vibrant community of 184,000 holders. This engaged user base provides invaluable support to the project and contributes to its long-term growth. In any case, one should not lose sight of the fact that it is a high-risk asset.

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Will Solana's MEW memecoin defeat Shiba Inu and Dogecoin?

$SHIB
$DOGE
In the vibrant cryptocurrency landscape, memecoins are breaking out with force, captivating investors and capturing the public's attention. Among this pack of canine suitors, MEW, Solana's feline memecoin, emerges as an unlikely contender, but with enormous traction among investors.

A recent analysis by Altcoin Daily highlights MEW's potential to “destroy” its Dogecoin and Shiba Inu rivals. Naturally, this creates quite a stir in the crypto community. It should not be lost sight of that these two currencies have almost indisputable potential. In fact, the combined market capitalization of SHIB and DOGE occupies 60% of the entire meme sector capitalization.

The latter suggests that thinking that a recent currency can dethrone them is exaggerated. However, the aforementioned analysts are convinced that MEW's potential is strong enough to aspire to the throne.

One of the elements that works in favor of this token is that it has the great advantages provided by the Solana network. This allows greater fluidity in terms of trade between investors. But these would be only part of the great advantages that defenders of the token highlight.

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DON'T miss this news 👇

When will the big boom in the altcoin market be?

$BTC
Renowned cryptocurrency analyst and trader Miles Deutscher shared an interesting observation based on historical market behavior. Their analysis aims to determine when we could witness a significant rally in the altcoin market within the current bull cycle. He emphasizes that the rally could take place at the end of 2025.

In that sense, he comments that historically alternative currencies have their best moment within a period of 546 days after the Bitcoin halving. In simple words, the big boom could happen by October of next year. This means that it is premature to expect a rally among altcoins such as Solana, Ethereum, ADA and TON, (to name a few) in the short term.

The latter is due to the fact that the halving occurred only last April. In any case, if this scenario comes to fruition, most traders have ample time to accumulate assets before the big push. However, it should be taken into account that predictions based on historical data do not usually have a high success rate.

Either way, history shows that increased interest in Bitcoin usually precedes an altcoin season. At that point, alternative cryptocurrencies tend to experience a disproportionate rise in prices.

Is the altcoin market preparing for a disproportionate rise?

With Bitcoin purchases increasing, speculators are likely to start turning their attention to the altcoin market. This interest could quickly translate into increased transaction volumes and prices for these assets. In this way, a new bullish season would begin.

Other analysts agree with this vision and are convinced that the bullish cycle will follow historical patterns.
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Is it just the beginning???

Bitcoin rises $1,500 in seconds due to drop in inflation

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$BTC
The price of Bitcoin (BTC) soared at the start of the Wall Street session on June 12, after US inflation data showed a surprise drop.

Data from Cointelegraph Markets Pro and TradingView captured a sudden surge in BTC price to $69,636 on Bitstamp. Bitcoin gained $1,500 in seconds as May's Consumer Price Index (CPI) showed inflation cooling faster than expected

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😱😱😱😱😱😱😱 BOMB NEWS 💣💣💣💣

will it be true? ⚠️⚠️⚠️⚠️⚠️⚠️⚠️⚠️⚠️⚠️⚠️⚠️

$BTC
“Surprise and revolutionary” crypto bill would make the price of Bitcoin, Ethereum and XRP explode

A Senate Committee approved a bill that would be a game-changer. If it advances it could be the most important crypto policy in the history of the United States.

Bitcoin and other major cryptocurrencies such as Ethereum and

The price of bitcoin has returned to its previous all-time high of around $70,000 and could be about to experience a parabolic rise following the detection of an unexpected price pattern by traders. Meanwhile, Ethereum, XRP and other cryptocurrencies are bracing for a significant shakeout on Wall Street.

As Trump and Biden hurtle toward a showdown over bitcoin, a Senate Committee has approved a bill that could be a game-changer. If it becomes law, it could be the most important crypto policy in US history

The US Senate Select Committee on Intelligence funding package recently passed with a crypto provision that went almost unnoticed. This provision would force companies in the sector to collect more information about their users, under the threat of facing sanctions aimed at preventing the financing of terrorism.

The passage, spotted by attentive Coindesk reporters, would apparently speed up and automate the process to sanction foreign digital asset transaction facilitators, including cryptocurrency exchanges, linked to users who support terrorist groups.

#TopCoinsJune2024 #EarnFreeCrypto2024

VanEck: Ethereum will reach $22,000 in an average scenario

$ETH
The financial giant updated its projections for the price of ETH and in the long term predicts that its price will be $22,000 in 2030, in a base scenario.

As Criptonoticias already reported, the optimism in this forecast is based on the ecosystem technology created by Vitalik Buterin to offer greater efficiency and transparency, compared to credit cards or payment methods such as PayPal. Specialists define it this way:
Ether is a novel asset that exposes investors to a high-growth, internet-native trading system called Ethereum that threatens to disrupt existing financial businesses and the platforms of big tech companies like Google and Apple.
Matthew Sigel, Patrick Bush and Denis Zinoviev, analysts at the firm VanEck.

One of the reasons that would drive the listing of ETH is the approval of cash ETFs by the United States Securities and Exchange Commission (SEC). VanEck is one of the issuing companies that has already submitted the corresponding documentation for the funds to be listed on the market.

Finally, the predictions published in the report also project the price of ETH in a bullish scenario, at $154,000 in 2030, and in a bearish scenario, at $360.

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URGENT NEWS

😱😱😱😱😱😱😱😱😱😱😱😱😱😱😱😱😱😱

Bitcoin will skyrocket....

as the petrodollar agreement between the United States and Saudi Arabia ends, leading to the adoption of cryptocurrencies. Saudi Arabia's decision not to renew its long-standing petrodollar agreement with the United States represents a fundamental shift in global financial balances. For more than 50 years, the petrodollar system has supported international trade, selling oil only in US dollars. Saudi Arabia's decision to diversify payment methods, including cryptocurrencies and other global currencies such as the euro, yen and yuan, marks a critical moment for global finance. This policy change is not just a political maneuver, but a strategic economic decision in line with Saudi Arabia's vision of reducing economic dependence on the US dollar. Being part of Project mBridge, a China-led cross-border central bank digital currency (#CBDC) trial, underlines the country's commitment to exploring digital currencies for international trade. This move could accelerate the “de-dollarization” trend that is already gaining momentum globally and significantly impact the dominance of the US dollar. As Saudi Arabia opens up to alternative payment methods, Bitcoin and other cryptocurrencies are set to benefit. Bitcoin's decentralized structure and limited supply make it an attractive asset in times of rising inflation and currency depreciation. Crypto analysts emphasize that the termination of the petrodollar agreement could lead to an increase in dollar printing, which could trigger inflation and make Bitcoin a more attractive investment.

$BTC

✈️✈️io.net token launch✈️✈️

The io.net token, IO, is scheduled to launch on the Binance Launchpool on June 11 at 12:00 am UTC. 95,000,000 IO tokens will be released, and a maximum supply of 800,000,000 IO tokens will be able to enter circulation.

The timing of Shadid's departure sparked concern that Shadid could “sell” his IO coins at launch and “disappear.”

“It's as suspicious as the DePIN thing,” industry commentator badenglishtea told his 15,300 followers on X.

But Shadid responded to the accusation, stating that his IO tokens are subject to a 4-year lock-up and that no investor, advisor or team member can sell his acquired monthly tokens until June 2025.

Shadid also said he would personally contribute one million IO tokens to the firm's GPU Internet Foundation to “help grow the ecosystem.”

The outgoing CEO did not explain whether he would remain connected to the io.net ecosystem. Cointelegraph contacted io.net but did not receive an immediate response.

More changes to io.net leadership will be announced in the “coming days,” too, according to new CEO Green

Green said the token launch “marks the beginning of a new phase of growth for the network.”

“We remain steadfast in our mission to build the world's largest decentralized AI computing network and expect to focus heavily on acquiring and retaining suppliers and onboarding new customers.”

Io.net has onboarded approximately 20,000 cluster-ready GPUs and is offering end-to-end AI inference and model training workloads to several AI-focused companies, Green explained.

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Scandal

😱😱😱😱😱😱😱😱😱😱😱😱😱😱😱😱😱😱

⛔️io.net CEO left protocol two days before token launch⛔️

Ahmad Shadid, one of the founders of io.net, left the position "effective immediately" but said it was not related to allegations about his past.

Solana-based decentralized infrastructure provider io.net, which allows users to rent their GPU power in exchange for money, replaced its CEO two days before the project's token launch.

Ahmad Shadid, one of the founders of io.net, left his position “effective immediately” and was replaced by the co-founder and former COO; Tory Green.

Solana-based AI project adds GPU offering to create a network that machine learning startups can leverage to access computing power at a fraction of the cost compared to traditional cloud

"While there have been allegations about my past, I want to emphasize that I am stepping down as CEO to allow io.net to move forward without distractions and focus on its growth and success," Shadid posted on X on June 9.

Shadid did not directly address those “allegations,” although critics believe he had misled the community about how many GPU chips io.net actually offers.

The network also suffered a GPU metadata attack on April 28, causing the number of active GPU connections to temporarily drop from 600,000 to 10,000.
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