The European Union (EU) has launched an ambitious project that could alter the global financial landscape: seeking opinions to inject the impressive sum of 12 trillion euros into the cryptocurrency market. This unprecedented move is generating waves of anticipation and excitement among investors and financial experts alike.
 
The EU initiative not only represents a bold decision, but also a significant step towards the legitimization and massive expansion of the cryptocurrency market. With the possibility of injecting such a monumental amount of capital, the door opens to new investment opportunities and economic growth on a scale never seen before.

Despite a clear ruling on XRP by a US judge, the SEC’s case against Ripple regarding the alleged security token nature of their cryptocurrency could end up escalating.

This is what Neel Maitra, former fintech and crypto specialist at the SEC, claimed during the Bitcoin For Corporations event by MicroStrategy held last week. 

XRP as a security token? SEC again against Ripple

According to Maitra, it is not certain that the cause of the SEC against Ripple will end soon.

The expert on legal issues related to cryptocurrencies has pointed out how there are three judges with conflicting opinions on the matter.

The first is Judge Analisa Torres, who last year issued her ruling on the XRP case.

According to Judge Torres, primary transactions, when buyers purchase XRP directly from Ripple (the issuer), and secondary transactions, which occur anonymously on exchanges, should be considered separately. In the latter case, they should not be considered as security transactions, so XRP on exchanges cannot be considered a security token. 

However, Torres has not yet commented on the accusation made by the SEC against Ripple for selling XRP as a security token on the primary market, so this issue is still open. 

However, Maitra recalled that in two other cases, the SEC against Terra/Luna and Coinbase, judges Jed Rakoff and Katherine Polk Failla opted for a broader view, hypothesizing that the aggressive marketing strategies employed by crypto companies could influence both primary and secondary market transactions.

In this case, even crypto transactions on exchanges could potentially be classified as unregistered security transactions.

Regulatory uncertainty

All this reasoning revolves around regulatory uncertainty, as the USA still does not have any specific legal regulation governing the crypto markets. 

Maitra points out that these divergent opinions among judges highlight that the regulation of cryptocurrencies should be full of nuances, and should have an evolving nature.

He added: 

“It is inevitable that this [the Ripple vs SEC case] will end up in the second circuit and maybe even beyond, who knows, but there is still much to be done in this particular decision, just like with Coinbase”.

So according to the expert, who in the past has worked for the same SEC, the case will probably also reach the highest judicial authorities, because it is difficult to examine and in the absence of regulatory clarity on the matter makes the judges’ work particularly complex. 

Furthermore, it reports that the SEC does not necessarily see the defeat in the case against XRP as a failure of its theory that even the secondary trading of cryptocurrencies would be trading in unregistered securities, but sees it only as a temporary failure for not having been able to present sufficient evidence to support their theory.

In light of this, it is possible that the SEC is preparing to present further evidence to try to resolve the issue in its favor on appeal. 

The issue is still open

It should be added that the SEC’s case against Ripple is actually not closed yet. 

Therefore, although the case against XRP has now been closed, the ones against Coinbase and Ripple remain open, and there is always the possibility that they may escalate to a higher level, even up to the appeal or beyond. 

In other words, last year’s partial victory does not seem to be enough to consider the danger averted. 

The fact is that if cryptocurrencies are recognized as securities, since they are not registered as such, they could not be legally traded on exchanges. 

Actually, there seem to be no doubts about Bitcoin: it is not a security, and can be freely traded. 

The problem lies with other cryptocurrencies, especially those that are presented to the markets as investment opportunities to generate profits, with the issuer promoting their sale with advertising and promotions. 

If they are sold promising profits, as Ripple seems to have done during the early years of its cryptocurrency existence, it is difficult to argue that they are not implicit investment contracts, and since such contracts are effectively securities, cryptocurrencies that fall into this category could actually be considered unregistered securities.

The risk is therefore real, and partly seems to also concern Ethereum. It is possible that the SEC will reject the requests for the issuance of ETFs on Ethereum spot in the USA during this month of May, expecting the issue to then be brought to court and resolved by a judge. 

However, this does not apply to Bitcoin, on which the SEC has never raised objections regarding its nature as a commodity. 

Ripple’s response to the SEC on the nature of security tokens

Recently, Ripple’s CEO, Brad Garlinghouse, openly expressed his support for Ethereum, vehemently denying the idea that ETH and XRP should be considered securities. 

During an interview with CNBC, he emphasized the differences between these cryptocurrencies and those securities that are commonly considered security, highlighting that the actual use of XRP, for example, as a means to facilitate cross-border payments is in stark contrast to the characteristics of securities. 

So in fact Ripple continues to deny that the SEC may be right, but it will always and only be a judge who can decide how things really are. 

It should be noted, however, that the situation could be greatly simplified in the event of direct intervention by the legislator, or the US Congress, which for some years now has been blocked by political issues regarding the new rules to be specifically applied to the crypto markets. 

BRICS is stepping up its game by setting up its own central bank. This is big news because it means they’re planning to issue their own currency. Sergei Ryabkov, Russia’s Deputy Foreign Minister, made it clear that having their own bank is key to this plan.

Currency Development in Full Swing

BRICS has been busy talking about creating their own currency this past year. This move is a part of their bigger plan to depend less on the dollar. Although they’re excited about this, it’s not going to happen overnight. There are some big issues they need to figure out first.

Ryabkov explained all this stuff in detail. He said that to get their currency out there, the first big step is to have a central bank. This isn’t just about printing money. It’s about setting the rules for the money, like how much it’s worth.

“I would not say that this idea has been shelved,” Ryabkov mentioned at a press conference by RIA Novosti. He added that setting up a central bank involves a lot of technical stuff, like making sure there’s one place that manages the issuance of the currency and figuring out the basic interest rate.

Challenges and Timelines

Ryabkov didn’t shy away from admitting that there are some serious challenges ahead. He pointed out that BRICS has gotten a lot bigger — it’s doubled in size! With more countries on board, making big moves like this gets a lot more complicated. But, he’s optimistic. “This does not mean the idea has been postponed,” he clarified.

When asked about when all this might actually happen, Ryabkov was a bit vague but hinted that it wouldn’t take decades—things could start moving much quicker than that.

Meanwhile, on the other side of the world, folks are worried about the US economy. Robert Kiyosaki, the guy who wrote “Rich Dad, Poor Dad,” is talking about a big economic crash. He’s been tweeting that things are going to get rough and giving tips on how to handle the upcoming financial storm.

BAD NEWS: CRASH has BEGUN. It will be a bad one. GOOD NEWS: CRASHES are the best time to get rich. Bargains will float to the surface. RULES to REMEMBER in a CRASH: 1: DON’T CATCH FALLING KNIVES: Just because prices are falling DO NOT get GREEDY. Wait til prices have…

— Robert Kiyosaki (@theRealKiyosaki) May 3, 2024

The US is already in a tight spot with its debt crisis getting worse. This, combined with BRICS moving away from the dollar, could mean big trouble. Kiyosaki is not the only one worried; other experts are also sounding the alarm about the US economy’s fragile state.

Back to BRICS — Ryabkov mentioned that while a common currency isn’t their top priority right now, they could get moving on it really fast if they decide to push forward. This was after a big meeting in February where they talked about a new way to handle payments without needing a digital currency. This involves a new system called the “BRICS Bridge,” and two members, China and the UAE, are also working on something similar called mBridge.

Elvira Nabiullina, who heads the Bank of Russia, talked about how tricky it is to get one single BRICS currency going. She had these talks before more countries joined BRICS.

In another recent update, Ryabkov reiterated that they’re thinking big and bold about the future. “A quite bold, quite innovative scheme in this area will be worked out, and in a future that is not calculated in years and decades, but much faster,” he said.

So, it’s clear that BRICS is on a path to shake things up in the global financial system. They’re not just talking about changes; they’re planning them. And with a central bank in the works, we might see this new currency on the scene sooner than we think.

The latest round of inflation data is in, just ahead of the Federal Reserve’s policy meeting next week. The news isn’t great. The Commerce Department’s indexes, which the Fed uses to monitor inflation, are showing that prices are still rising, far above the central bank’s target of 2% annually.

U.S. consumers are in a tough spot—they’re spending more money than they’re earning. This isn’t something that can go on forever without causing problems. They’re also dipping into their savings to keep up with their spending, setting up a risky financial future.

Overall, this shows us a cautious Federal Reserve. They’re likely to keep interest rates where they are for now, which means no relief from high rates anytime soon.

The Spending Spree and Its Consequences

This March, people spent more than they made, continuing a trend seen in three of the last four months. The personal savings rate has dropped to its lowest since October 2022, now at just 3.2%.

At the same time, the personal consumption expenditures price index, which is a major tool for the Fed to measure inflation pressures, has gone up to 2.7% in March for all items, and the core measure, which excludes volatile items like food and energy, is at 2.8%.

Just a day before these figures were released, it was reported that the annualized inflation rate for the first quarter was at 3.7% on a core basis, and 3.4% overall. The real gross domestic product growth has slowed down to a 1.6% pace, which is a lot lower than expected.

Rising Prices and Economic Risks

Inflation first started becoming a big problem in the U.S. in 2022, sparked by disruptions in supply chains which were expected to resolve post-pandemic. However, even with the easing of pandemic restrictions, high spending by Congress and the Biden administration has continued, pushing the budget deficit to 6.2% of GDP at the end of 2023 — the highest it’s been since 2012, excluding the pandemic years.

The job market remains strong, with more job openings than available workers, which keeps wages high and adds to inflationary pressures. Even though demand has shifted from goods to services, inflation remains high, challenging the Fed’s efforts to manage it.

Fed officials had hoped that inflation would cool down as the cost of housing fell. While this is still expected to happen as new housing supplies enter the market, inflation in other areas has continued to rise. For instance, the core personal consumption expenditures (PCE) services inflation, excluding housing costs, is running at a 5.6% annualized rate over the past three months.

The strong demand, which the Fed’s rate hikes were supposed to control, has not waned, suggesting that the Fed might not have as much control over inflation as it thought.

There are also increasing concerns about a potential economic downturn. Credit delinquencies are at their highest in a decade, and there’s a growing sense of unease on Wall Street about future volatility. Inflation expectations are also rising, with surveys showing anticipated inflation rates climbing.

JPMorgan Chase CEO Jamie Dimon captured the changing sentiment by first praising the U.S. economic boom as “unbelievable” one day, only to express concerns about persistent government spending and its inflationary impacts the next.

This unexpected rise has had a massive impact on financial markets, causing a plunge in Treasury values as traders adjusted their expectations for when the Fed might start cutting interest rates. When the March data confirmed these figures, it provided some stability, but the overall sentiment remains cautious.

Economists have begun to pay closer attention to these inflation figures, down to the decimal, reflecting a growing concern over precise economic indicators. This detailed scrutiny is a shift from the past and it shows us all how important accurate inflation data has become in forecasting economic policies and managing expectations in an increasingly uncertain economic environment

Crypto scams and frauds have dealt a massive blow to the financial security of many Americans, marking one of the largest financial lootings in U.S. history. In 2023 alone, the FBI reported over $12.5 billion in losses due to these scams, a 22% increase from the previous year.

A staggering 880,418 complaints about potential crypto and online thefts were filed with the agency’s Internet Crime Center, suggesting an even grimmer reality since many victims don’t report their losses.

Urgent Need for Strategic Intervention

The increasing tide of crypto-related crimes requires immediate and decisive action from Washington DC. With the crypto market experiencing another bull cycle, the influx of new users and capital significantly heightens the risk of fraud.

The current regulatory framework in the U.S., or the lack thereof, has left investors and consumers exposed to considerable risks. The SEC, CFTC, and IRS’s fragmented oversight has created gaps that hackers exploit with ease.

It’s important that prevention takes precedence over reaction. Legislative bodies must enforce anti-money laundering laws more rigorously and create a more cohesive regulatory environment to close loopholes that cybercriminals exploit.

This includes establishing strict reporting and inspection standards for crypto businesses and enforcement agencies. These measures will help in promptly identifying and thwarting illicit activities and offer real-time protection to potential victims.

Rampant Exploitation from Cryptocurrencies to Ponzi Schemes

The Pew Research Center reported that more than 43% of crypto investors had doubts about the security of their investments in the crypto industry in 2023. This sentiment reflects the general impact of crypto-related crimes that affect diverse demographic groups, including fathers, single mothers, college students, and the elderly.

The FBI highlighted that consumers suffered over $29 billion in losses between 2021 and 2023, with many incidents going unreported due to societal stigma and a lack of faith in corrective measures.

The use of crypto in illegal activities such as money laundering, trafficking, and terrorist financing has become increasingly complex. Malicious actors often stay two steps ahead of law enforcement, leveraging sophisticated technologies to cover their tracks.

For instance, North Korean hacker groups have reportedly stolen tokens worth $3 billion since 2017, with $750 million stolen in 2023 alone, which constitutes about 50% of the nation’s foreign currency earnings.

Furthermore, new Ponzi schemes are popping up every month, targeting individuals through social media platforms like Twitter, Facebook, and TikTok. These schemes usually start with harmless interactions that move to platforms like WhatsApp, where the scam intensifies. Victims are coaxed into investing more, with their investments often vanishing in weeks.

New Challenges in Crypto Regulation

The unique challenges presented by cryptocurrencies require innovative policy frameworks that go beyond traditional regulatory measures. Compliance alone is not enough. The integrity of the market must also be upheld. It is important for cryptocurrency exchanges and wallet providers to enhance investor protections. This balancing act between security and innovation is a must for the future of crypto technologies.

Despite these challenges, the U.S. has the capacity to lead effectively in regulating this space. American households are calling on Congress to implement stringent regulations swiftly to safeguard their financial futures.

Meanwhile, Senators Elizabeth Warren and Bill Cassidy have pointed out the use of cryptocurrencies in highly-illegal acts, stressing the need for additional tools and resources to address these crimes effectively.

In a letter to Homeland Security with U.S. Attorney General Merrick Garland, Senator Warren, alongside Senator Bill Cassidy, highlighted the alarming trend of cryptocurrencies being used as a payment method for child sexual abuse materials.

The senators’ letter calls for a detailed response from federal agencies, specifying the additional tools and resources they need to effectively tackle this disturbing issue. Citing recent findings from both FinCEN and Chainalysis, the letter emphasizes the growing problem and pushes for a combined effort from Congress and the administration to close these gaps in the current regulatory framework.

While Warren’s letter isn’t the best example to give, it is undeniable that cryptocurrencies have made crimes too easy to commit. Perhaps a little too easy, in fact.

In a move aimed at strengthening the safety and security of the most vulnerable, Senators Elizabeth Warren and Bill Cassidy are taking the battle against crime to a new level. His questioning of federal agencies about their technical ability to track and combat crypto payments in the children's material trade highlights his commitment to eradicating this reprehensible activity and protecting children across the country.
 
In an act of transparency and accountability, Senators Warren and Cassidy are exercising their oversight duty by demanding concrete answers about the technical capabilities of federal agencies in combating the illicit trade in children's materials. Their diligence demonstrates an unwavering commitment to the safety and well-being of children, as well as a determination to address the challenges that cryptocurrencies pose in this area.

New countries are expected to be announced as members of the BRICS alliance at the upcoming 2024 summit. The 16th summit is set to occur in the Kazan region of Russia in October this year. The alliance plans to extend invitations to emerging nations that have shown a keen desire to become part of the bloc. 

As per a statement from a Russian official, there are ongoing discussions regarding the expansion between Russia and the bloc.

BRICS set to explore new horizons

During an interview with TV BRICS, Sergey Ryabkov, Russia’s Deputy Minister of Foreign Affairs, shared insights on the increasing opportunities for new countries to become part of the bloc. He mentioned that the upcoming summit in Kazan this October will be a significant milestone in the collaboration among the BRICS countries. 

In addition, although the bloc lacked experience in expanding at the beginning of 2024, there is a belief that they now possess sufficient knowledge to sustain their expansion efforts.

🚨🇷🇺 Russia plans to host a BRICS SPORTS GAMES in Kazan, Russia — 5,000+ athletes from 60 countries have already signed up. pic.twitter.com/CyaAeiWIg3

— Jackson Hinkle 🇺🇸 (@jacksonhinklle) April 18, 2024

“It is worth mentioning that all the newcomers show great enthusiasm […] They are ready to work substantively and professionally on the agenda that the Russian Chairmanship has developed in consultation with all participants.”  Sergey Ryabkov

These requirements will establish guidelines for interested nations on how to interact with the alliance. As of April 2024, approximately 35 countries have shown their interest in joining BRICS. While some individuals have officially submitted their applications to join the alliance, others have expressed their interest in a more casual manner. 

In addition, as the BRICS continues to expand in 2024, the US dollar will face increasing pressure. Several nations are expected to decrease their dependence on the nation’s currency. The US dollar is currently facing significant challenges, and the de-dollarization efforts by the BRICS nations are further exacerbating the situation. When talking about the summit, Ryabkov adds,

“The summit is a new point of reference and an opportunity to build on the leaders’ decisions and agreements in the future. I think it will certainly emphasize not just the growing importance of BRICS, but also the policy-shaping function of the Russian chairmanship.”

BRICS transactions without the US dollar

BRICS is making progress towards eliminating the US dollar from all global trade and transactions by 2024. The bloc seeks to prioritize local currencies over the US dollar in order to bolster their domestic economies and businesses. 

The alliance is also persuading other developing countries to adopt the practice of settling payments in local currencies for cross-border transactions.

China and Russia have recently signed a trade agreement that involves the use of their respective local currencies for transactions amounting to a staggering $260 billion. The trade deal is being established to facilitate the exchange of payments for the commodities bought by both nations. 

China and Russia have decided to use the Chinese Yuan and the Russian Ruble for their payment settlements, rather than the US dollar.

The Chinese Yuan will be used to settle 95% of the $260 billion worth of trade. The remaining 5% will be paid in Russian Ruble and Euro. The development suggests a strong commitment from the BRICS alliance to advance the de-dollarization agenda.

“$260 billion worth of trade between China and Russia this year. But almost no US dollar will be used! It will be 95% Chinese yuan and Russian rubles. Maybe some euros are involved. This de-dollarization will soon be replicated among all BRICS+ members,” said an analyst.

$260 billion worth of trade between China and Russia this year… but almost no US dollar will be used! It will be 95% Chinese yuan and Russian ruble. Maybe some Euros involved.This dedollarization will soon be replicated among all BRICS+ members. pic.twitter.com/THDcdMukCB

— S.L. Kanthan (@Kanthan2030) April 23, 2024

Worldcoin is planning to increase the supply of its tokens by up to 19% in the next six months through private sales.This increase in token circulation is expected to dilute the value of the existing tokens.Worldcoin aims to sell the tokens at a price close to the current market price to minimize the negative impact on the price.Despite the planned increase in supply, analysts believe Worldcoin remains bullish in the long term, as long as the price stays above a certain level.A break above $6 could signal a price increase towards $14.23.

Increasing Token CirculationIn a recent blog post, Worldcoin revealed plans to gradually release between 0.5 million and 1.5 million $WLD tokens per week to select trading firms outside the US. Managed by World Assets, a company under the Worldcoin Foundation's umbrella, this initiative aims to inject approximately 36 million new tokens into the market over the span of six months.At current market rates, this sell-off strategy is anticipated to yield around $197 million in total. World Assets intends to execute private placements for these WLD tokens over the course of six months, aiming to negotiate sales close to market prices to mitigate potential bearish impacts.Impact on WorldcoinThe influx of 36 million additional tokens into circulation is expected to significantly affect the value of $WLD. With a current circulating supply of approximately 194 million out of a total supply of 10 billion tokens, the introduction of these new tokens may dilute the value of $WLD, given the relatively small percentage of circulating supply compared to the total.Worldcoin Analysis and ForecastWorldcoin's market capitalization currently stands at around $1 billion, positioning it as the 98th largest cryptocurrency by market cap. Despite the impending increase in token circulation, Worldcoin has shown resilience in its price trends, bouncing off ascending trendlines and indicating bullish sentiment in the long term.Chart analysis suggests that $WLD $WLD pported by an ascending trendline, with significant resistance observed around $6. Should this level be breached, it may pave the way for further bullish momentum, potentially targeting a price point of $14.23.DisclaimerWhile the Voice of Crypto endeavors to provide accurate and timely information, readers are encouraged to conduct their own research and make informed financial decisions. Cryptocurrencies are volatile assets, and caution should be exercised when trading or investing in them.

#VOC #VoiceOfCrypto #CryptoNews #CryptoCurrency #worldcoin

Paris, France, April 10th, 2024, Chainwire

Sui Basecamp, the inaugural global conference for the Sui ecosystem opened its doors today in Paris, welcoming developers and entrepreneurs from around the world as they celebrate Paris Blockchain Week. A two-day event across two venues, Sui Basecamp features speakers across web2 and web3, spanning industry verticals from payments to gaming to ecommerce to major league sports. A celebration and exploration of the latest developments in web3, attendees are invited to presentations on cryptography from some of the world’s leading technologists, fireside chats on increasing market liquidity, and panels on real-world technological use cases. 

Highlight announcements from the conference included: 

Introducing the SuiPlay0x1 – a lightweight handheld gaming device designed in collaboration with Playtron. SuiPlay0x1 runs Playtron’s device-agnostic gaming operating system, which is building up compatibility with various hardware configurations, gaming storefronts and direct-download game partners. The SuiPlay is the first handheld gaming device with native web3 capabilities, and will be available in stores worldwide in 2025. 

First Digital Labs is launching FDUSD, the fastest-growing stablecoin in crypto, on Sui, becoming the ecosystem’s first native stablecoin. Originally deployed on Ethereum and BNB, with plans to expand to other blockchains, Sui becomes the first blockchain FDUSD has expanded to since its inception. FDUSD launched in August 2023 and has already amassed a market cap of over $3.5 billion. Over the last week, FDUSD has seen the fifth-highest trading volume across the entire industry, including over $8 billion of volume in a single day.

Enoki – Mysten Labs, the original contributor to Sui, has announced the launch of the Enoki platform, the gateway to next-gen customer experiences. Inside the Enoki portal, enterprises can access, leverage and embed public ledger solutions inside their applications, products and services, thanks to SDKs powered by Sui’s native feature, zkLogin. Partners integrating Enoki at launch include:

Bluefin, a perpetual DEX with blazing-fast settlement and a seamless trading experience.

Drife, a decentralized ride-hailing platform powered by blockchain with the intent of empowering both, the drivers and commuters.

Quantum Temple, the digital platform for immersive cultural travel.

The event is a two-day affair that began at 9:30 AM local time on Wednesday, April 10, and concludes at 4:15 PM CET on Thursday, April 11. On Wednesday night, registered guests are invited to attend the Sui Soiree, an evening of cocktails, refreshments and dancing with a performance by German electronic music record producer, songwriter and DJ, Boys Noize. For more information, please visit sui.io/basecamp. 

About Sui—Sui is a first-of-its-kind Layer 1 blockchain and smart contract platform designed from the bottom up to make digital asset ownership fast, private, secure, and accessible to everyone. Its object-centric model, based on the Move programming language, enables parallel execution, sub-second finality, and rich on-chain assets. With horizontally scalable processing and storage, Sui supports a wide range of applications with unrivaled speed at low cost. Sui is a step-function advancement in blockchain and a platform on which creators and developers can build amazing, user-friendly experiences. Learn more: https://sui.io 

About Mysten Labs—Mysten Labs is a team of leading distributed systems, programming languages, and cryptography experts whose founders were senior executives and lead architects of pioneering blockchain projects. The mission of Mysten Labs is to create foundational infrastructure for web3. Learn more: https://mystenlabs.com 

About First Digital Labs—First Digital Labs is the brand name of FD121 Limited, a Hong Kong-registered subsidiary under the First Digital Group. First Digital Labs focuses on cutting-edge research and development, specializing in the innovation and advancement of digital assets. First Digital Labs is the issuer of the FDUSD stablecoin. To learn more about First Digital Lab, visit https://firstdigitallabs.com/.  

About Playtron—Playtron is building a lightweight gaming OS optimized for a new generation of powerful handheld gaming PCs and beyond. Play all your games from every store: Steam, Epic, GOG, and more. Playtron’s founders built Android to 1B users while simultaneously overseeing a multi-hundred person operational system team in an attempt to unseat the incumbent mobile duopoly. Playtron is backed by Samsung Next, Polychain, Circle, Mysten Labs, Alumni Ventures and more. Playtron-powered devices will start to ship world wide later this year ready to onboard the next 100 million core and casual gamers.

Contact

Sui Foundationmedia@sui.io

Disclaimer. This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Cryptopolitan.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

U.Today provides you with an overview of the past day’s crypto events with the top three news stories.

Ripple CEO makes stunning market prediction

According to a recent CNBC report, Brad Garlinghouse, head of San Francisco-based fintech giant Ripple, expects the total cryptocurrency market cap to top $5 trillion this year. He stated that he is "very optimistic" about the current state of the industry. Among the key factors that could potentially influence the direction of the crypto market, Garlinghouse named favorable micro-financial conditions, including the advent of Bitcoin exchange-traded funds (ETFs) and the upcoming Bitcoin halving event. According to the Ripple boss, this is the first time that "real institutional money" is being drawn to the industry. Previously, U.Today reported that Garlinghouse met the SEC's approval of spot Bitcoin ETFs with great enthusiasm, claiming that the significance of this milestone could not be overstated and that it would be "yet another catalyst" for institutional adoption.

April 10 crucial date for crypto and Bitcoin markets: Here's why

While everyone's attention is currently drawn to the Bitcoin halving event taking place this month, there are other dates in April that deserve the same amount of consideration, if not more. Tomorrow, April 10, the United States is set to announce the Consumer Price Index (CPI) for March; this index measures inflation and can affect the Fed's interest rate decisions. The next day, April 11, the U.S. will release the minutes from the Federal Open Market Committee (FOMC) meeting in March, with a strong likelihood that interest rates will remain the same in May. Naturally, a move this significant for the U.S. economy almost always has an impact on the performance of digital assets, and Bitcoin in particular. When interest rates remain unchanged, the economy is often considered stable enough not to need higher rates to slow down inflation. For Bitcoin and digital assets, steady interest rates might be considered "good."  If the news from April 10 and 11 indicates that the U.S. economy is performing strong, Bitcoin may see an increase as more investors would like to gain additional risk exposure.

card

SHIB burns surge drastic ally, with 91 million coins scorched by mysterious whale

Per data provided by Shibburn, yesterday, 98,045,035 SHIB coins were sent to dead-end wallets, which pushed the overall daily burn rate up by 304.98%. This massive amount of SHIB was moved in 10 transactions; however, the majority of the aforementioned SHIB was incinerated in one transaction carrying 91,102,596 SHIB. It was made by a mysterious cryptocurrency whale, which both Shibburn and Etherscan failed to identify. Regarding the weekly burns, the SHIB burn tracker recently reported that the burn rate had increased by 82.66%. Overall, in the past seven days, the Shiba Inu community has managed to destroy 330,335,592 SHIB. However, despite the constant burns, the total SHIB supply remains practically unchanged and constitutes 589,534,086,491,242 SHIB meme coins. At the moment of writing, SHIB is changing hands at $0.0000275, down 3.72% over the past 24 hours, per CoinMarketCap.