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In a pivotal moment for the cryptocurrency community, Elon Musk has publicly backed a pardon for Roger Ver, known as ‘Bitcoin Jesus,’ after President Donald Trump pardoned Ross Ulbricht. Musk’s statement on X has sparked discussions about justice for crypto pioneers. The crypto community embraced this development as the global market cap rose 3.5%, reaching $3.6 trillion. This highlights how influential figures are reshaping narratives around cryptocurrency advocacy and legal reform.

Elon Musk’s X Post Sparks Debate On Roger Ver’s Pardon

On January 22, Elon Musk shared a post on X expressing his support for Roger Ver’s potential pardon. Responding to a discussion led by journalist Ian Miles Cheong, Musk questioned if President Donald Trump could extend a pardon to Ver, given the precedent set with Ross Ulbricht’s release. Musk’s statement amplified the ongoing debate about fair treatment for crypto innovators, drawing parallels to his clashes with regulatory systems.

The post reignited interest in Ver’s legal battles and the challenges faced by early crypto adopters. Following Musk’s involvement, Polymarket, a blockchain-based prediction platform, indicated a 34% chance that Trump would pardon Ver within his first 100 days in office. Elon Musk’s support underscores the increasing influence of tech leaders in shaping public opinion and their ability to spotlight injustices in the cryptocurrency landscape.

The Story of Roger Ver: Bitcoin Jesus And His Legal Struggles

Roger Ver, often called ‘Bitcoin Jesus,’ earned his title through his early and passionate advocacy for Bitcoin. As an early investor in prominent Bitcoin startups like Bitcoin.com, Blockchain.com, Ripple, and Kraken, Ver played a critical role in the cryptocurrency ecosystem’s growth. Despite his contributions, Ver’s journey has been marked by controversy and legal challenges.

Ver’s troubles began with a conviction for selling explosives on eBay, which he later described as a turning point that drew him to decentralized currencies. He gained wealth through Bitcoin investments but faced legal action for alleged tax evasion. The U.S. Department of Justice accused Ver of evading over $50 million in taxes tied to his crypto holdings. After renouncing U.S. citizenship in 2014, he became a vocal advocate for voluntaryism and financial freedom.

Roger Ver deserves a pardon to liberate him from the malicious prosecution he still faces–lawfare that threatens to take his freedom for 109 years for an exotic crime he *clearly* did not commit.

Pardoning Roger is the strongest signal the President could send that Biden’s war… pic.twitter.com/oOysjHw8ED

— Bret Weinstein (@BretWeinstein) January 20, 2025

Roger Ver, in an interview with Tucker Carlson, shared his journey and the impact of government overreach. His supporters see his case as an example of the clash between legacy systems and decentralized economies. Elon Musk’s advocacy echoes this sentiment.

Crypto Market and Regulatory Reactions Post-Ulbricht’s Release

President Donald Trump’s executive order to pardon Ross Ulbricht’s sentence has fueled optimism within the cryptocurrency market. Investors see this as a shift toward a more crypto-friendly regulatory environment under Trump’s administration. The overall crypto market cap surged by 3.5%, reaching $3.64 trillion, while Bitcoin’s price climbed 3.26% to $105,485.

Adding to the positive sentiment, Trump appointed Mark Uyeda as the acting U.S. SEC Chairman. Uyeda’s crypto-friendly stance has further buoyed investor confidence, reinforcing the administration’s commitment to fulfilling promises made to the crypto community. CoinGape highlighted five coins poised for growth amidst these developments, citing a favorable ecosystem for crypto innovation.

The release of Ross Ulbricht and Elon Musk’s support for Roger Ver reflects growing regulatory alignment with crypto goals. These developments drive momentum for legal reforms and market expansion. A more inclusive digital economy now seems increasingly achievable, signaling a promising future for cryptocurrency adoption and advocacy.

The post Elon Musk Pushes For ‘Bitcoin Jesus’ Roger Ver’s Pardon After Ross Ulbricht appeared first on CoinGape.

22 Jan 2025, 12:37 am

Donald Trump’s DeFi project World Liberty Financial is on a Tron buying spree after loading up on Ethereum earlier this week. In the last few hours, the project spent a total of $2.65 million USDT stablecoin to load up its TRX holdings. As a result, the TRX price is seeing a strong 5.76% surge amid fresh buying interest for the altcoin.

World Liberty Financial Accumulates Tron (TRX)

World Liberty Financial, the Donald Trump-owned DeFi project, has been aggressively expanding its crypto holdings with fresh Tron purchases. Data from Arkham Intelligence shows that the project has recently spent 2.65M USDT to acquire 10.81M TRX.

Following the current acquisition, the DeFi project holds a total of 30.11M $TRX, valued at $7.38M. The latest purchase by the DeFi project comes following massive Ethereum purchases earlier this week.

Additionally, on-chain data shows that World Liberty swapped 5,252 ETH, worth 17.43M, for stETH, and later staked it with Lido Finance. Over the past three days, the fund has invested a total of $168.4M in six tokens.

This includes $99.95M in Ethereum, $47M of WBTC, $7.35M in Tron (TRX), and another $4.7M each in AAVE, ENA, and LINK. Interestingly, World Liberty Financial has increased its positions in every token except ONDO, reported Spot on Chain.

Justin Sun Celebrates the Development

Tron founder Justin Sun celebrated this development while making big investment promises moving ahead. In his message on the X platform, Sun noted:

“Bought again! TRON has now become the 3rd largest asset held by World Liberty Financial, the president’s crypto project, with a current holding of $7.3 million TRX”.

Furthermore, Sun made big investment promises while commenting on Eric Trump’s post. Earlier today, Eric Trump noted that there’s no better time to invest in the United States and invest across sectors like technology, innovation, and crypto. Responding to this Sun said:

“Fully agreed! We have an outstanding plan that will bring over $200 billion worth of business to the United States. This will be massive and meaningful!”

Tron founder Justin Sun is himself one of the early investors in World Liberty Financial. Earlier this week, he expanded his investments into the DeFi project by acquiring WLFI tokens and taking total investments to $75 million.

TRX Price to Rally 100% From Here?

As of press time, the Tron price is trading 5.7% up at $0.251. As per the Coinglass data, the Tron futures open interest is up 14% to $258 million hinting bullish sentiment among traders.

The TRX price has been trading within a broad descending channel for the past several weeks, following a sharp rally to $0.45 in December. This price action has resulted in several swing highs and lows, indicating a battle between buyers and sellers.

On the RSI, there is a hint of a potential bullish divergence. A falling wedge pattern is emerging, suggesting a possible upside breakout. Additionally, Fibonacci retracement levels point to a potential move toward $0.30 at the 0.50 RSI level and $0.33 at the 0.382 RSI level. In his recent analysis, crypto analyst AMCrypto stated that the TRX price could reach as high as $0.50 by the end of Q1.

The post World Liberty Financial On Tron Buying Spree, 100% TRX Price Rally Ahead? appeared first on CoinGape.

22 Jan 2025, 12:15 am

Dogecoin price has been on the investors’ radar today with a surge of over 8%. Notably, the recent jump in DOGE value could be attributed to several factors including whale activity, growing institutional focus, and other related factors. Besides, Elon Musk has also refuted concerns over the recent lawsuits against Department of Government Efficiency (D.O.G.E.), which has further bolstered market sentiment.

Elon Musk Refutes DOGE Lawsuit Concerns

The Dogecoin price jump can be attributed to several factors, including Elon Musk’s reassurance regarding the lawsuits against the Department of Government Efficiency (D.O.G.E.). Musk’s comments have bolstered market sentiment, potentially driving the meme coin’s price higher.

The D.O.G.E. faced legal challenges just after Donald Trump’s inauguration on January 20, with a US watchdog group alleging violations of federal transparency laws. Interestingly, the DOGE price also took a hit just after the development as investors grew concerned. However, recent comments from Elon Musk appear to have relieved the investors, while potentially pushing the meme coin’s price higher.

For context, Elon Musk has recently shared an update on X which showed that DOGE has faced three lawsuits. Sharing the update, the tech mogul jokingly said:

“Can someone start a lawsuit counter? How long until we hit triple digits?”

Besides, Musk also recently said that “We’re going to take DOGE To Mars”, which has fueled investors’ confidence. Although, the remark was not directly related to Dogecoin, Musk’s previous backing for the meme coin has fueled speculations.

Meanwhile, here we discuss several other catalysts that might have fueled the recent rally of the meme coin.

Why Is Dogecoin Price Rising Today?

Bullish Crypto Market Sentiment

The broader crypto market recorded a strong rally today, indicating a bullish sentiment hovering in the market. Notably, as of writing, the global crypto market cap soared 3.5% to $3.63 trillion, with most of the top altcoins noting significant gains.

Bitcoin price was up around 3.2% and exchanged hands at $105.5K, while altcoins like Ethereum, XRP, Solana, and others, also recorded a robust surge. The meme coins segment also showed a similar performance, indicating the growing confidence of the investors towards the risk-bet assets.

DOGE Whale Buying

The Dogecoin whales are also on a buying spree, which has supported the recent rally of the meme coin. In a recent X post, popular market expert Ali Martinez said that the whales or large investors had purchased around 590 million DOGE recently, indicating strong confidence of the traders.

Meanwhile, this report contradicts the previous sentiment that whales had offloaded their holdings after the lawsuit. For context, a DOGE whale has recently dumped $140 million in Dogecoin, which has sparked concerns over a potential end to the meme coin frenzy.

Dogecoin Price Soars Amid ETF Filings

The recent ETF filings for the meme coin have further bolstered market sentiment. Recently, REX Shares, in collaboration with Osprey, has filed S-1 filings with the US SEC to launch a flurry of crypto ETFs.

According to recent reports, the asset manager has filed for XRP, SOL, BONK, and DOGE ETFs with the regulators. Besides, it also included an application to offer the newly launched meme coin, TRUMP ETF to institutional investors, which showcases the soaring confidence towards the meme coins space.

D.O.G.E. Featuring Dogecoin Logo

Donald Trump has recently signed an order to launch the Department of Government Efficiency, which has sparked market optimism. Notably, the acronym of the department resembles with Dogecoin ticker. As a result, the developments of the department often influence the Dogecoin price.

Having said that, the official website of D.O.G.E. featuring a Dogecoin logo has fueled market sentiment recently. It appears that this inclusion of the image has further cemented bets over a potential DOGE rally ahead.

Dogecoin Price To Hit $0.5?

DOGE price today surged 8.02% during writing and traded at $0.37 with its one-day trading volume jumping 17% to $8.46 billion. Notably, the crypto has touched a 24-hour high of $0.4, indicating strong market confidence. Besides, CoinGlass data showed that DOGE Futures Open Interest rose 6% to $4.96 billion, reflecting the bullish market sentiment.

Amid this, market analyst Ali Martinez has shared a bullish forecast for the meme coin. According to Martinez, Dogecoin price is maintaining its position above “the breakout zone” and showing resilience. Having said that, he predicted a potential rally for the crypto ahead to $0.5.

Echoing a similar sentiment, another market expert Rose Premium Signals also shared a bullish prediction. In a recent X post, the analyst has set three targets to watch for the Dogecoin price. According to the expert, Dogecoin price is gearing up for a strong rally and will hit $0.48 first, before a potential breakout to $0.57 and $0.66.

The post Dogecoin Price May Hit $0.5 As Elon Musk Refutes DOGE Lawsuit Concerns appeared first on CoinGape.

22 Jan 2025, 12:06 am

In what comes as a bullish market event, the Shiba Inu burn rate skyrocketed 600% on Wednesday, sparking immense optimism among traders amid a broader sector recovery. Recent burn data indicated that over 3 million tokens were taken out of the meme coin’s circulating supply. As an upshot, crypto enthusiasts expect a massive SHIB breakout ahead, driven by supply reduction and the community’s recent advancements.

Shiba Inu Burn Rate Blows Over 600% Echoing Bullish Market Sentiments

According to the latest data by Shibburn, the Shiba Inu burn rate shot up nearly 613% on January 22, dealing a massive blow to the circulating supply. Per the data, the massive burn rate surge came against the backdrop of 3.24 million tokens sent to a null address, thus permanently removing them from the supply.

For context, the SHIB burn mechanism is designed to reduce the crypto’s market supply, which many believe to be the reason behind the dog-themed meme coin’s broader sluggish performance. Thereby, with the abovementioned burn rate surge weighing in, traders and investors anticipate price gains for the crypto asset in light of the law of supply and demand.

Community Developments Add To Market Optimism

Further, a stockpile of ecosystem developments in recent days appears to have additionally bolstered the market sentiment for Shiba Inu amid its burn rate surge. CoinGape reported that SHIB lead developer Shytoshi Kusama stated a “big week” lies ahead for the meme token. This statement has sparked market-wide speculations of a looming advancement for the coin’s community.

Moreover, with American billionaire and investor Mark Cuban lauding SHIB’s potential recently, market watchers are extensively eyeing the crypto with bullish long-term views. Particularly in light of the community’s long-term goals and support, Cuban finds the meme coin to be one of the few promising projects in the sector. Overall, the Shiba Inu burn rate surge and these developments have solidified investors’ sentiments of a looming breakout, further driven by the recent pro-crypto Donald Trump frenzy.

What’s Next For SHIB?

At the time of reporting, SHIB price witnessed a 4% uptick in value, reaching $0.00002054. The coin’s 24-hour low and high were $0.00001983 and $0.00002127, respectively.

Notably, the coin rises alongside the intraday Shiba Inu burn rate surge and positive market sentiments building against the backdrop of Trump’s win and meme coin sector recovery. After a waning action yesterday, DOGE, PEPE, and TRUMP, among other meme coins, witnessed a remarkable upswing.

In light of this recovery-like trend, crypto enthusiast ‘VipRoseTr’ revealed on X that a $0.00004029 price target is ahead for the asset. Also, a recent Shiba Inu price analysis by CoinGape further cements the chances of a breakout approaching, as the coin showcases the potential to gain 100x this year.

This bullish prediction comes riding the back of strong market technicals and price patterns, flagging that a potential run to $0.00003340, followed by the March 4 high of $0.0000455, is possible. However, the $0.00001565 support remains extensively eyed by market watchers, given the crypto realm’s dynamic nature.

The post Shiba Inu Burn Rate Spikes 600% Indicating SHIB Breakout Ahead appeared first on CoinGape.

21 Jan 2025, 11:48 pm

Ethereum (ETH) price remains rangebound around No data found for ethereum on 1 hour ago, while whales accumulate 330K ETH worth $1 billion. A closer look at on-chain data shows other bullish signals are emerging that support a potential bounce. Technical analysis reveals the price is primed for a breakout rally to $4,000.

Ethereum Price Today: Reversal Likely as Whales Accumulate ETH

In anticipation of Donald Trump’s inauguration ceremony, Bitcoin (BTC) price struck an ATH of $109K over the weekend. This uptick caused many altcoins to shoot up, but Ethereum price remains rangebound and currently trades around No data found for ethereum on 1 hour ago as of No data found for ethereum on 1 hour ago. From a daily high of No data found for ethereum on 1 hour ago ETH’s value is down No data found for ethereum on 1 hour ago% on January 22. While the shor-term performance has been uninspiring, the outlook is likely to change for Ethereum, as suggested by on-chain metrics, whale accumulation data and technical analysis. All these bullish signals suggest that the price could bounce and revisit $4,000 soon.

*Ethereum price updated as of No data found for ethereum on 1 hour ago. 

Network Activity Spikes: Is New Capital Flowing into ETH?

Data from Santiment shows that the Network Growth indicator has spiked to 180K after hovering around 90K for the past three months. This indicator tracks new wallets joining the Ethereum blockchain and suggests that these investors are interested in buying ETH at the current levels. Hence, Network Growth can be interpreted as capital inflow.

This metric spiked in May 2024 after Ethereum crashed from $4,000 to $3,100. Shortly thereafter, the price surged 34%. If history rhymes, then investors can expect a bottom formation around the current levels and expect Etheruem price to kickstart a rally.

With such a bullish fundamental development in investor outlook, it is likely that Ethereum price could form a bottom here. Supporting this idea are whales or high-net-worth traders accumulating ETH.

Whales on Buying Spree 

Two metrics suggest why whales, also known as high-net-worth investors, are buying ETH. The first indicator is the supply of ETH held by non-exchange addresses, which has risen from roughly 52 million in March 2024 to 66 million as of January 2025.

This accumulation spree occurs while the supply of ETH held on exchanges has dropped drastically in the past two months, from 10.89 million on November 27, 2024, to 10.39 million as of July 22, 2025. A combination of these two events serve as a bullish sign that Ethereum price could be preparing for an impulsive move to the upside.

Additionally, supporting accumulation is the supply distribution metric that tracks wallets holding between 1,000 and 10,000 ETH. This cohort has increased its stack by 330,000 ETH in the past two weeks. At the current value of No data found for ethereum on 1 hour ago, they have accumulated ETH worth roughly $1.08 billion.

During a crash in July 2024, these wallets accumulated 620K ETH, which led to a price rally from roughly $2,400 to nearly $4,000 in the next five months. During the recent drop, these same wallets have accumulated 330K ETH, which hints that a potential uptrend could be brewing.

Will Ethereum Price Visit $4,000?

As noted above, on-chain metrics point to a bullish outlook for ETH and expect prices to rally. Technical analysis shows a falling wedge pattern forming for Ethereum on the four-hour chart. The bullish setup forecasts Ethereum price could rally 17% and tag $4,000. This target is obtained by adding the height of the wedge’s widest part to the breakout point of $3,400.

With bullish on-chain metrics like increased network activity and whales accumulating $1 billion worth of ETH, the outlook is as bullish as it can get. Investors must pay attention to these key support levels: $3,057 and $3,132. A breakdown of these barriers will spell trouble for ETH and could trigger a 13% to 15% crash to $2,657.

The post Whales Accumulate $1B ETH, Is $4,000 Next For Ethereum Price? appeared first on CoinGape.

21 Jan 2025, 11:11 pm

Bitcoin price is up 4% in the last 24 hours moving back above $106,000 as the broader market euphoria revives following Donald Trump’s inauguration and a large number of ETF filings. As BTC attempts a breakout from the $101-$106K range high, analysts are hopeful of a new all-time high coming soon. Furthermore, on-chain data shows strong whale accumulation and network activity.

Bitcoin Price Eyes New All-Time High

This week has been volatile for Bitcoin as the BTC price swung from the weekly lows of $96,703 all the way to its all-time high of $109,114. With today’s gains, Bitcoin price is making yet another attempt to hit fresh highs, as market leaders like MicroStrategy continue to accumulate.

Bitcoin is consolidating within the $101K-$106K range as it prepares for a potential breakout, according to insights from analyst Rekt Capital.

As per the above image, the confluent support zone, identified as a critical level for BTC, has provided a floor for the cryptocurrency to stabilize and gain momentum. As of now, Bitcoin price is challenging the upper limit of the range at $106K, signaling a possible move toward new all-time highs.

Rekt Capital highlighted the importance of a daily close above the $106K resistance, followed by a post-breakout retest, as key indicators of a historic rally. Another Bitcoin model also predicts that the BTC bull run is just half complete at the moment.

Key On-Chain Indicators To Support the BTC Rally

The recent Bitcoin rally comes along with strong whale accumulation as well as a surge in network activity. Prominent crypto analyst Ali Martinez reports that Bitcoin whales have acquired more than 22,000 BTC, valued at over $2.24 billion, recently.

Furthermore, the analyst also highlighted a notable uptick in Bitcoin network activity. Key metrics, including daily active addresses and whale transactions, have shown simultaneous increases, reflecting heightened engagement across the network. As per Martinez, this sets a bullish outlook for Bitcoin price rally to continue.

What Happens If BTC Faces Rejection At $106K?

Taking a contra bet, analyst Justin Bennet has expressed skepticism about Bitcoin’s recent surge, suggesting it may lose momentum following the Trump inauguration. In a post on the X platform, Bennet wrote: “Bitcoin pumped into the Trump inauguration, so there’s a good chance the rally fades from here.”

The analyst stated that he’s holding a short position for BTC at the current price levels. Highlighting Bitcoin’s current market structure, Bennett described the cryptocurrency as “range-bound until proven otherwise” and pointed to the January 13th lower wick as a potential target for a retest. This means that the Bitcoin price could retrace back under $92,000 as per the below chart.

The post Will Bitcoin Price Hit Fresh All-Time High Today? Key Factors To Watch appeared first on CoinGape.

21 Jan 2025, 10:28 pm

The Official Trump meme coin has bounced back strongly after forming a bottom at $32 with the TRUMP price up 20% at press time moving past $41. This surge comes amid developments of fresh TRUMP ETF filings with the US SEC on Tuesday. Interestingly, Donald Trump has commented on his meme coin frenzy, which led to strong volatility for the Solana meme coin.

TRUMP Price Breakout Sets $54 Target

Crypto analyst Ali Martinez reported that TRUMP token has successfully broken out of a falling wedge pattern, a bullish technical indicator. According to Martinez, the token’s breakout positions it for a potential surge, with a TRUMP price target of $54.

According to Coinglass data, the TRUMP futures open interest is up 14%, shooting past $1.0 billion, indicating bullish sentiment among traders. Also, the 24-hour liquidations have shot to $24 million, of which $14 million is in short liquidations.

Additionally, blockchain analytics firm Santiment reported that TRUMP is still the top trending crypto coin discussed among investors, following its contentious listing on Coinbase. In addition to its market activity, TRUMP has drawn significant attention due to its airdrop events. A recent airdrop distributed $1 million worth of TRUMP tokens, fueling heightened interest and engagement from the crypto community.

TRUMP Price Surge Amid ETF Filings

Another reason behind the TRUMP price surge today is the recent ETF filings for the newly launched meme coin. On Tuesday, REX Financial and Osprey Funds submitted their filings to the U.S. Securities and Exchange Commission (SEC) for a potential TRUMP ETF.

Interestingly, this filing comes just three days after the launch of the Official Trump (TRUMP) meme coin. It also outlines REX-Osprey’s plans to introduce a range of crypto-focused funds. In addition to TRUMP ETF, Rex also submitted ETF filings for other meme coins like Dogecoin and BONK.

Donald Trump Comments Stir Volatility

When asked about the TRUMP meme coin launch during yesterday’s press briefing to reports, the President said: “I don’t know much about it other than I launched it. I heard it was very successful. I haven’t checked.”

During a press briefing, a reporter noted that the TRUMP price surge generated several billion dollars in the past few days. In response, the president quipped, “Several billion? That’s peanuts for these guys,” gesturing toward SoftBank’s Masayoshi Son, OpenAI’s Sam Altman, and Oracle’s Larry Ellison, who were present in the room.

Meanwhile, Donald Trump’s comments instantly triggered sharp volatility in the meme coin. Soon after the US President made his comments at 6:00 PM ET, three minutes later, the TRUMP coin experienced a sharp 33% drop in value.

Buy-The-Dip Strategy Fuels Discussions

Notably, a wallet seized the opportunity, purchasing $5.09 million worth of the token at the exact bottom of the dip. This transaction marks one of the largest single purchases since the coin’s launch, reported The Kobeissi Letter.

The market quickly rebounded, and within 14 minutes, the trader’s investment had already gained $2.4 million in value. The timing of the purchase has raised doubts about whether it’s an insider job.

As Donald Trump takes charge at the White House, Wall Street heavyweights anticipate that Trump’s crypto policies will simplify investment pathways, creating opportunities for major players like JPMorgan and BlackRock Inc.

The post TRUMP Price Breakout & ETF Set $54 Target, Donald Trump’s Comments Stir Volatility appeared first on CoinGape.

21 Jan 2025, 9:52 pm

Polygon Labs, around a week after its partnership with Jio Platforms Limited (JPL) to bring Web3 capabilities into Jio’s ecosystem, made its first integration with Jio Sphere live on Tuesday. 

CA Aishwary Gupta, Global Head of Payments at Polygon Labs revealed the launch of native wallet, powered by Polygon Labs PoS Blockchain network, on Jio Sphere. He also hinted at many other such products in the pipeline.

Jio Sphere, the first Indian web browser developed by Jio Platforms, will have this Polygon integrated wallet where Jio Coins will reside. In an enthusiastic response shared by the users, Jio Sphere became the most downloaded application on the App Store right after the Jio Coins’ feature was announced. Though the partnership between the JPL and Polygon was announced last week, it has been revealed that the deliberations and discussions were going on for the past one and half years. Polygon has been closely working with Reliance on finding ways to develop and enable some of the Web3 products into Jio’s ecosystems.

How will users earn Jio Coins

As of Tuesday, Jio Sphere users have begun to notice Jio Coins on their smartphones. The support of Polygon protocol will ensure smooth and efficient transactions for the users.

The token built on top of Ethereum layer 2, listed on Polygon Labs, can be earned by users based on their surfing activities on Jio Sphere. 

After earning these Web3 tokens, users will receive their tokens on Jio Sphere. 

What are the potential uses of Jio Coins

Though as of now, Jio Coins are non-transferable and non-redeemable, experts suggest that Reliance can use them to create a close-loop economy. Jio Coins’ exact value is still unclear. With the Reliance conglomerate having its mega presence in telecom, energy and details sectors, Jio Coins are suggested to be used for making Jio mobile recharges, payments at Reliance gas stations or for any purchases within the Jio network.

Few have also called Jio Token as the replication of Basic Attention Token (BAT) which is used as a reward by the privacy-focused Brave browser. Speculations are up that JioTokens can be used by the conglomerate for incentivising user engagement – to make it an innovative advertisement model in the Indian markets. 

Watershed moment for Indian Blockchain Industry

Considering the fact that the Indian regulatory environment for Blockchain and crypto industry is delicate, the growth prospects of JioCoins remain under shadows. After the WazirX Scam, the Indian government has imposed a 30% tax on gains from virtual digital assets with 1% TDS (Tax Deduction at Source) – highlighting the challenging environment for the development of the Blockchain environment in India.

Nonetheless, this partnership of Jio Platforms with Polygon can be deemed as a watershed moment in the development of Indian Blockchain Industry. Though launched in the challenging environment, the prospects opened up by the entry of Reliance’s Jio Platforms in the crypto space will make Web3 space more accessible and available for Indians, especially for its 450+ million users.

The post Jio Coins go live on Jio Sphere Wallet, after teaming up with Polygon Labs appeared first on CoinGape.

21 Jan 2025, 9:48 pm

MARA Holdings CEO Fred Thiel has shared a plan to expand the adoption of Strategic Bitcoin Reserve across 50 states in the US. Another company executive Jayson Browder said that the MARA Holdings team will support Bitcoin-focused advocacy groups, further strengthening Fred’s plan.

Meanwhile, the BTC price has started recovering as evidenced by a surge of around 3% in its price.

MARA Holdings CEO Shares Plan For Strategic Bitcoin Reserve

MARA Holdings CEO Fred Thiel, in an X post, shares the firm’s plan for Strategic Bitcoin Reserve. The CEO said that they are now completely focusing on taking the Strategic Bitcoin Reserve (SBR) to all 50 states and the Federal Government.

Notably, the plan was shared in response to a statement by Jayson Browder, SVP of Government Affairs & Social Responsibility at MARA. Jayson said that SBR is a top priority for them, adding that MARA Holdings is engaging with the Trump Administration to take this forward.

Meanwhile, Browder also added that the company will continue to support Bitcoin-focused advocacy organizations. The CEO also supported this goal while emphasizing that they are working to expand the implementation of the Strategic Bitcoin Reserve.

Strategic Bitcoin Reserve Legislation Introduced

Amid the Mara Holdings CEO’s effort, another report by the Bitcoin Voter Project on X showed that eleven states in the US have introduced Strategic Bitcoin Legislation. This includes Florida, Alabama, Utah, Wyoming, and Massachusetts. It now remains to be seen which US state will introduce the SBR.

Meanwhile, Coinbase CEO Brian Armstrong has also backed the idea of having Bitcoin as a reserve. He interacted with the media and emphasized that any country that holds Gold should also hold Bitcoin as a reserve. Brian Armstrong is confident that the addition of the Bitcoin Strategic Reserve by the US will encourage more G20 nations to do the same.

Brian Armstrong is bullish on the future of crypto under the Trump Administration. He said during a panel discussion at Davos that the Trump effect is undeniable.

BTC Price Rally

Bullish sentiments are evident in the BTC price with an uptick of 3.01% in the last 24 hours. Bitcoin token is exchanging hands at $105,681.75 with a decline of 36.70% in its 24-hour trading volume. There is an increase of 3.90% in Bitcoin’s Open Interest as reported by Coinglass.

MARA Holdings CEO stating the plan to expand the implementation of the Strategic Bitcoin Reserve has instilled a sense of confidence within the crypto community. Also, the likes of Brian Armstrong are constantly coming out in support of having a Bitcoin-focused reserve in the US.

The post MARA Holdings CEO Reveals Strategic Bitcoin Reserve Plan For 50 US States & Govt appeared first on CoinGape.

21 Jan 2025, 9:37 pm

Crypto prices today have shown remarkable strength, mainly embarking on upward trajectories. Bitcoin (BTC) price crossed the $105K level amid renewed market interest post-Donald Trump’s inauguration, whilst Ethereum (ETH), XRP, and Solana (SOL) have traded dominantly in the green. Further, the meme coin sector has stolen the spotlight as DOGE, SHIB, and other top meme tokens reversed their previous price dips. Also, TRUMP and AI16Z tokens have led the pack, surging 20-30%.

Simultaneously, the global crypto market cap witnessed a 3% uptick in value, reaching $3.64 trillion. However, the total market trading volume from yesterday fell 36% to $202.11 billion. So, let’s take a closer look at some of the top cryptocurrencies and how they are delivering in the market today.

Crypto Prices Today: Market Gains Traction After Donald Trump’s Inauguration

The broader crypto market has shown a bullish movement two days after Donald Trump took office on Monday. BTC price gained nearly 3%, whereas ETH, SOL, and XRP pumped 2%-8% subsequently. Also, meme coins such as DOGE, SHIB, and PEPE witnessed gains worth 4%-8% intraday. Here’s a brief overview of some of the top crypto prices today, January 22.

Bitcoin Price Near $106K Amid Bullish Crypto Market

At the time of reporting, BTC price indicated gains worth 3% in the past 24 hours and is currently trading at $105,750. The flagship crypto’s 24-hour low and high were $101,002.39 and $107,180.92, respectively. Notably, as per top crypto analyst Ali Martinez, Bitcoin whales have purchased 22,000 BTC amid the token’s recent waning movement in the past 72 hours. The massive buying, worth $2.24 billion worth of coins, has further projected bullishness on future price movements. A recent CoinGape report revealed that the BTC may hit new highs in the wake of strong market technicals on on-chain statistics.

SosoValue data indicated that Bitcoin ETFs registered $140.64 million worth of inflows as of January 21, excluding BlackRock data. This inflow has added to market optimism surrounding the flagship digital asset. However, it’s also worth mentioning that Bitcoin’s dominance slipped 0.19% over the past day, reaching 57.52%.

Ethereum Price Soars 2%

ETH price witnessed a gain of slightly over 2% in the past 24 hours and is currently sitting at $3,333. The coin’s intraday low and high were $3,210.82 and $3,365.78, respectively. According to cryptocurrency market enthusiast “Crypto Caesar,” ETH is ready for an explosion, which has sparked noteworthy optimism surrounding the coin’s future movements.

Also, U.S. spot Ethereum ETFs witnessed $18.11 million in inflows as of yesterday, excluding BlackRock data. Overall, the current market dynamics remain bullish for the second-largest crypto by market cap.

XRP Price Holds $3

XRP price has maintained a hold above the $3 mark, soaring over 2% intraday to reach $3.17. The coin’s 24-hour low and high were registered as $3.02 and $3.23, respectively. Notably, the crypto continues to reflect a highly bullish sentiment, as also asserted by a recent XRP price analysis via CoinGape. The coin’s stats indicate that short-term volatility may be experienced, although the chances of hitting the $4.4 mark prevail.

Solana Price Shoots Up 7%

Simultaneously, SOL price has surged 7% in the past 24 hours and is currently trading at $254. Its intraday low and high were $231.68 and $259.83, respectively. Notably, Solana continues to see rising popularity amid President-elect Donald Trump’s TRUMP token launch on the network.

Meme Crypto Prices Today

On the other hand, meme coins have nabbed quite the investor attention, embarking upon significant bullish movements. DOGE price witnessed gains worth over 8% in the past 24 hours and is currently trading at $0.3727. SHIB price surged over 4% to reach $0.00002078. Even PEPE price soared over 5% to trade at $0.00001601.

Meanwhile, the recent talk of the crypto space, TRUMP token, shot up by 21% to reach $41.02. Intriguingly, another CoinGape report revealed that the TRUMP token’s next target is $54.

Also, AI16Z has further emerged among the top crypto market gainers for the day.

Top Crypto Gainers Prices Today

AI16Z

Price: $1.15
24-hour Gains: +30%

Sonic (prev. FTM)

Price: $0.6024
24-hour Gains: +20.5%

Hyperliquid (HYPE)

Price: $23.93
24-hour Gains: +14%

VeChain (VET)

Price: $0.05119
24-hour Gains: +14%

Top Crypto Losers Prices Today

Fartcoin (FARTCOIN)

Price: $1.60
24-hour Loss: -7%

Jupiter (JUP)

Price: $0.8671
24-hour Loss: -4%

Pudgy Penguins (PENGU)

Price: $0.02346
24-hour Loss: -3%

AIOZ Network (AIOZ)

Price: $0.8478
24-hour Loss: -$0.8478

Overall, the market’s gradual recovery after Donald Trump’s presidential inauguration has sparked hope among traders and investors globally. Further, with Donald Trump pardoning Silk Road‘s Ross Ulbricht, market participants have rejoiced as the 47th president is keeping promises made previously. Notably, with Ross’ arrest earlier, 173,991 Bitcoins were seized by the Federal Government, worth $33.6 Million then and $18.3 Billion today. Given that the U.S. government further decides to move this massive amount ahead, the broader market could see a significant impact.

The post Crypto Prices Today Jan 22: BTC Crosses $105K, TRUMP & AI16Z Up 20-30% appeared first on CoinGape.

21 Jan 2025, 8:44 pm

On Tuesday, President Donald Trump signed an executive order granting a full pardon to Ross Ulbricht, the founder of Silk Road. The announcement came through Trump’s social media platform, Truth Social, where he stated it was his “pleasure” to grant clemency to Ulbricht, who had been serving a life sentence since 2015.

Ulbricht, 40, was convicted for his role in creating and running Silk Road, a dark web marketplace used for the sale of illegal drugs and other items. The pardon fulfills a promise Trump made during his presidential campaign, which gained widespread attention among libertarian activists and criminal justice reform advocates.

Donald Trump Justifies Ross Ulbricht Clemency Decision

President Donald Trump has stated his displeasure with the legal process that resulted in Ulbricht receiving a life sentence. In a post on the Truth Social platform, he called the sentence “ridiculous” and lambasted the actors in the case as “the same freaks” who, he alleged, conspired against him during his time in the White House.

Trump said he had talked to Ulbricht’s mother during his first full day back in the White House and informed her that he would be pardoning her son. ”Ross has done enough time in jail for non-violent crimes,” said Trump. Amid this pardon, bullish momentum has resurfaced with TRUMP memecoin recovering and price soaring to $42.03, a 20% surge from the intra-day low of $32.

The pardon has elicited cheers and jeers as Ulbricht’s case has been a subject of division for quite some time. Some of the people defending him say that the punishment he received was severe while others claim that the platform was used to coordinate large-scale drug distribution. However, despite the pardon, Ross Ulbricht (ROSS) token price dipped over 51% to trade at $0.01091, as of press time.

Libertarian Support and Calls for Clemency

The Libertarian Party has been advocating for getting leniency for Ulbricht. Chair of the Libertarian National Committee Angela McArdle said he is a “political prisoner” and praised the decision to pardon as a victory for their cause.

“Ross Ulbricht has been a libertarian political prisoner for over ten years,” McArdle said in a statement. She also thanked Donald Trump for taking action, saying it was ‘a long-overdue step toward justice.’

Senator Rand Paul, who had encouraged Trump to intervene, also voiced support for a clemency for Ulbricht. Paul said that Ulbricht received a harsh sentence than the drug dealers who used the Silk Road. He pointed to several cases of car dealers getting from five to ten years behind the bars, while Ulbricht was given two life terms without a chance for parole.

Ulbricht’s Time in Prison and Path to Clemency

Ulbricht has spent more than 11 years in federal prison and has not violated any prison rules while serving time. According to media, he has not only spent his time in prison teaching math and science but also practicing yoga.

His defense and friends have also called attention to the inconsistencies in the case such as charges for murder for hire that were dropped. His clemency lawyer Brandon Sample thanked Trump for fulfilling the promise made during his campaign saying that the decision has bought ‘relief and hope’ to Ulbricht’s family.

Ulbricht’s case had not remained confined to the libertarian community only. Supporters of criminal justice reform said his punishment exemplifies what they believe is excessive punishment for non-violent crimes.

Broader Context of Donald Trump’s Pardons

The pardon for Ulbricht is within a list of many executive orders that Donald Trump has signed since he began his second term in office. On Monday, Trump commuted the sentences of approximately 1,500 people who have been charged in relation to the January 6 Capitol attack sparking controversies.

The pardon also had support from Tesla CEO Elon Musk, a supporter of the Trump administration. He announced the decision on social media where he said, “Ross will be freed too.”

Ulbricht, who founded Silk Road under the alias of Dread Pirate Roberts, was arrested in 2013 and found guilty in 2015. He was the first to offer his platform as a marketplace for purchasing goods and services using Bitcoin on the dark web.

The post President Donald Trump Signs Executive Order To Pardon Ross Ulbricht’s Sentence appeared first on CoinGape.

21 Jan 2025, 6:38 pm

Robinhood Crypto opened its business in Spain as part of its European growth plan. The company matched its expansion to the launch of the European Union’s MiCA rules, which lay out clear regulations for crypto businesses.

Robinhood Crypto Sets Foot in Spain, Boosting EU Market Presence

In a recent announcement on the X platform, Robinhood revealed the launch of its crypto services in Spain as of January 2025. This expansion is part of the company’s strategy to enhance its presence within the EU and the UK’s financial markets. The entry into Spain allows Robinhood to offer its users in the region a variety of services, including crypto trading, staking, and investing.

The launch coincides with Robinhood’s efforts to comply with the EU’s MiCA regulations, ensuring a regulated and secure environment for its customers. Last year, Robinhood set the stage for this expansion by introducing crypto transfer capabilities in Europe. This move allowed users to deposit and withdraw over two dozen tokens—a feature highly anticipated by its European user base.’

Co-founder of Robinhood, Vlad Tenev commented,

“We remain focused on providing industry-leading products that serve far more of customers’ financial needs, gaining market share, expanding internationally, and continuing to change the industry for the better.”

Apart from Robinhood’s EU expansion, another crypto exchange, CryptoCom, has made strides by securing an in-principle MiCA license. This approval allows CryptoCom to operate across all 27 EU member states under the new regulatory framework.

Regulatory Challenges and Strategic Adjustments

Additionally, recently, the top crypto exchange agreed to a $45 million settlement with the US Securities and Exchange Commission (SEC) over several regulatory violations. These included failing to maintain and preserve communication records, as well as neglecting to implement adequate measures to prevent identity theft. The SEC also cited insufficient cybersecurity practices as a major concern.

The settlement, split between Robinhood Securities and Robinhood Financial, underscores the firm’s commitment to fortifying its operational integrity.

More so, the firm’s proactive measures in addressing these challenges are crucial for maintaining trust and reliability among its users.

Expanding Reach and Integrating Trending Assets

As part of its continued growth strategy, Robinhood has also made a significant addition to its trading platform by listing the TRUMP meme coin on its spot trading market. This new listing, based on the Solana blockchain, diversifies the assets available on the exchange and taps into the growing interest in meme coins.

The inclusion of the TRUMP meme coin will enhance user engagement and attract a broader audience. This reflects the crypto exchange ability to adapt to market trends while expanding its service offerings in Spain and across Europe.

The post Robinhood Debuts Crypto Services In Spain Amid EU Expansion: Details appeared first on CoinGape.

21 Jan 2025, 4:43 pm

The Ethereum Foundation (EF) has been in the spotlight recently as the community scored a wind of some controversial operational and management issues. Amid EF’s ongoing leadership transition, Cardano Founder Charles Hoskinson has questioned what he believes is an anomaly. 

The Flaw In Ethereum Foundation Leadership Selection

Charles Hoskinson reacted directly to a post from Ethereum co-founder Vitalik Buterin’s post about his current role at the Foundation. Vitalik had staged a defense in support of Aya Miyaguchi, the Executive Director of the Ethereum Foundation. Notably, several community members are calling for her resignation.

To support Miyaguchi, Vitalik Buterin responded to an X user, CoinMamba, who highlighted plans to mount pressure on the ED for her to resign. Wading in, Buterin said the “keep the pressure on” tactic is not good for the ecosystem.

He said he is deciding the composition of the new EF leadership. While his statement meant no harm and sought to defuse the community’s toxicity, Cardano’s founder flagged something off.

Sharing a Batman animation on X, Hoskinson asked if the post from Vitalik means he” gets to unilaterally decide on the EF Leadership team?”

So V gets to unilaterally decide on the EF leadership team? https://t.co/7Xxn9yUYZx pic.twitter.com/UyMV98JNDX

— Charles Hoskinson (@IOHK_Charles) January 21, 2025

The Community Reaction

It is worth noting that the question posted by Charles Hoskinson has triggered sentiments related to this issue in the broader community. 

Many commenters contrasted the Cardano model for choosing constitutional committee members. Last year, ecosystem members voted for Delegate Representatives (DReps) to participate in decentralized governance.

Cardano achieved this at a time when it launched the change hard fork on the mainnet. Community members compared this model to Vitalik Buterin’s authoritative stance about choosing leaders for the Ethereum Foundation.

Meanwhile, Buterin revealed the primary focus for the EF in a post on X over the weekend. He claimed via the post that the Ethereum Foundation leaders will seek to enhance communications with the ecosystem.

The Fight For Dominance: Ethereum, Solana and Cardano In Spotlight

Pioneering the smart contract innovation has given Ethereum the first-mover advantage in the Web3 ecosystem. However, the duo of Cardano and Solana are introducing innovations to unseat Ethereum as the dominant chain.

Thus far, Cardano has only matched up with its introduction of decentralized governance. Solana has made an impressive showoff recently. However, it is beginning to experience troubling congestion issues. 

The launch of TRUMP and MELANIA over the weekend triggered some chain issues. These congestion issues came after Coinbase listed TRUMP. While these three chains deepen their rivalry in the smart contract ecosystem, many believe more work is required to take the ultimate leadership badge.

The post Cardano Founder Questions Vitalik’s Autonomy Over Ethereum Foundation Leadership Decision appeared first on CoinGape.

21 Jan 2025, 3:11 pm

Senator Cynthia Lummis thinks Bitcoin and digital currencies will succeed in America. After talking with the tech-savvy David Bailey about cryptocurrency, Lummis promised once again that she will work to tie Bitcoin more closely with America’s financial systems. Her statements have sparked talks about changes in government rules and America’s growing role as a top player in cryptocurrency.

Senator Cynthia Lummis Champions Bitcoin’s Growth in the US

US Senator Cynthia Lummis took to X platform to highlight the potential of Bitcoin in transforming the American financial system. In her post, she described her meeting with David Bailey as a productive exchange, underscoring their shared belief in BTC future. 

US Senator Cynthia Lummis emphasized,

“The future for Bitcoin and digital assets in America has never been brighter.”

As someone who supports cryptocurrency strongly, Senator Lummis keeps finding ways to demand better and more straightforward crypto regulations. She aims to get the U.S. recognized as a top country in blockchain tech and digital money. In her ongoing work with industry leaders, the Congresswoman keeps promoting Bitcoin’s influence on the global financial system.

In addition, the pro-Bitcoin Senator has been a significant advocate for crypto adoption in the U.S. In recent reports, the Senator threatened action against the FDIC over allegations of document destruction tied to Operation Choke Point 2.0. This controversial initiative reportedly targeted crypto businesses, restricting their access to banking services

CryptoCom Launches U.S. Services

Amid the ongoing US crypto expansion, CryptoCom has introduced institutional-grade exchange services in America, expanding its reach within the nation. The exchange platform now provides access to over 300 cryptocurrencies and 480 trading pairs. According to the company, this caters to advanced users seeking reliable trading solutions.

Kris Marszalek, CEO of CryptoCom, noted that the company invested heavily in building the exchange’s capabilities since its early testing in 2022. He expressed confidence in the platform’s potential stating, 

 “We took the time to build the best possible product for institutional and advanced users around the world and we are now incredibly excited to fully introduce it in the market we continue to be bullish about — the U.S.”

Meanwhile, Wall Street expects that Trump’s crypto policies will pave the way for easier entry into the digital asset space. Financial leaders are focusing on regulatory clarity, especially in areas like crypto custody, as they explore opportunities in the growing US crypto market.

Wall Street firms, including JPMorgan Chase and Franklin Templeton Investments, have shown interest in leveraging these opportunities. 

Supporting Senator Cynthia Lummis’ view on US Bitcoin and crypto leadership, Ripple CEO Brad Garlinghouse expressed optimism about blockchain’s role. Highlighting discussions during Trump’s inauguration events, Brad emphasized the potential of crypto and blockchain to create an inclusive financial ecosystem.

The post Senator Cynthia Lummis Declares New Era For Bitcoin In The US appeared first on CoinGape.

21 Jan 2025, 2:39 pm

Brian Armstrong, CEO of Coinbase Global, has confirmed that the cryptocurrency exchange would remove the stablecoin Tether (USDT) from its U.S. trading platform if it is required to comply with new legislation.

Speaking at the World Economic Forum in Davos, Switzerland, Armstrong highlighted Coinbase’s commitment to regulatory compliance and emphasized the need to provide customers with a secure and legal cryptocurrency trading environment.

Brian Armstrong Confirms Tether Delisting If Noncompliant

Tether, the most traded cryptocurrency globally, is pegged 1:1 to the U.S. dollar. However, it has been under pressure from regulators for its connection to criminal groups, sanctions bypassers, and terrorists to transfer money. Brian Armstrong mentioned that Coinbase will follow any U.S legislation on stablecoins and may delist Tether if it does not meet new legal standards.

Speaking to Charles Forelle, the Deputy Editor-in-Chief of The Wall Street Journal in Davos, Armstrong noted,

“There are a lot of people with Tether, and we want to give them an off-ramp to transition into a system that we think is more secure.”

Coinbase had earlier suspended Tether for its European users following the release of new European Union laws on digital currencies. These laws limit the stablecoin issuers to keep a part of the reserves in cash with the banks. Even though Tether has spoken out against these rules, stating that there are some risks, other stablecoin issuers, including Circle’s USDC, have stated that they will conform to the EU’s MiCA regulation.

Potential U.S. Stablecoin Laws Could Force Industry Changes

In the US, there are two bills that have been proposed in an attempt to regulate stablecoins, one of which seeks to bar offshore and unregulated entities like Tether from issuing the coins. Although these bills have not been moved forward, Brian Armstrong believes that the future legislation will likely support that stablecoin issuers should hold 100% of their reserves in the US Treasury bonds and should also be subjected to frequent audits.

Tether’s issuer is incorporated in the British Virgin Islands and states that its stablecoin is mainly backed by the U.S. Treasury bonds, but also by gold, Bitcoin, and other loans. Tether has not yet provided its financial statements that have been audited in full, which is problematic for the regulators. On the other hand, Circle, a U.S based stablecoin issuer which Coinbase is an investor in, has defended that its USDC stablecoin is in line with the current and developing regulations.

Brian Armstrong restated Coinbase’s position on operating within the legal framework but offering its clients the tools for transitioning into compliant assets. This is in line with company’s initiatives to meet and uphold the increasing legal requirements that govern the use of its platform.

Tether’s Strategic Moves Amid Growing Regulatory Pressure

To address the emerging complications from the authorities, Tether has taken some important steps. Kraken has recently announced the introduction of a new stablecoin, USDT0, to be issued on the Kraken’s Layer 2 blockchain platform, Ink. The launch is to facilitate easy cross-chain swapping of USDT0 by integrating the Omnichain Fungible Token (OFT) standard for efficient asset exchange.

Furthermore, Tether has moved its headquarters to El Salvador following the approval of the Digital Asset Service Provider (DASP) license. This move is in tandem with El Salvador’s embrace of crypto and helps Tether maintain its presence in more permissive jurisdictions.

Despite these efforts, Tether remains under investigation by U.S. authorities. The Justice and Treasury Departments are probing potential violations of sanctions and anti-money-laundering regulations. Tether has stated that it cooperates with law enforcement to combat illicit activities.

The post Brian Armstrong Confirms Tether Delisting If Noncompliant With US Laws; Report appeared first on CoinGape.

21 Jan 2025, 2:21 pm

As Donald Trump, who claims to be the “crypto president,” begins his second term, the industry anticipates revolutionary changes in the US crypto ecosystem. Wall Street giants expect Trump’s crypto policies will facilitate easy crypto investments, benefitting behemoths like JPMorgan Chase & Co. and BlackRock Inc. However, financial firms fear the President’s TRUMP memecoin could have unintended consequences for his potential crypto policies.

While the TRUMP memecoin is grabbing headlines, Wall Street companies are shifting their focus to Donald Trump’s crypto policies. Leaders who once doubted the crypto industry, viewing it as plagued by scams and fraud, are now exploring opportunities in the space.

Wall Street Giants Exploring Crypto Opportunities

According to a Bloomberg report, Wall Street executives discussed potential opportunities in the crypto sector at the World Economic Forum 2025 in Davos, Switzerland. Jenny Johnson, the CEO of Franklin Templeton Investments, stated, “I think that the thing with the Trump administration is we’re going to start to see them converge more the Tradfi and the crypto, which is something that we need.”

However, Wall Street firms highlighted the significance of regulatory clarity, especially for the custody of crypto assets. State Street Corp CEO Ron O’Hanley stated that the potential changes in the accounting rules could make it easier for banks to hold cryptocurrencies.

This discussion comes following the increasing urge for crypto regulations amid the recent memecoin frenzy. Experts like John Deaton and Bill Morgan emphasized that urgent regulatory reforms are necessary, particularly in the uncharted territory of memecoins.

Financial Leaders Highlight Memecoin Controversy

At the meeting, financial companies posited that the recent memecoin spree has significantly impacted Trump’s crypto policies. This statement is particularly noteworthy given Trump’s silence on crypto matters on his initial day.

Notably, TD Cowen analyst Jaret Seiberg stated that the TRUMP memecoin’s wild ride could hinder efforts to pass digital-asset legislation through Congress. Seiberg added that the controversy surrounding the token could strengthen Democratic opposition, making it more challenging for lawmakers to reach a bipartisan agreement on the crypto market structure bill. The companies see it as as one of the major hindrances to their easy exploration of the crypto space.

Further, Seiberg narrated the potential implications of the memecoin’s price surge, stating,

Democrats are going to demand details on who bought the coins and what is responsible for the increase in price. They will be searching for indications that foreign governments, foreign businesses and domestic companies are using the coin to influence Trump’s decision-making.

TRUMP Token’s Market Volatility in Focus

Donald Trump’s TRUMP token created ripples in the crypto market with its sudden rise and subsequent fall. Within three hours of launch, the token reached $8 billion, boosting investor confidence.

After reaching a high of $73, the token dipped to a low of $31. However, over the past 24 hours, TRUMP has gained a notable 5.7%, currently trading at $44.28.

The post Wall Street Sets Sights on Donald Trump’s Crypto Policies Amid Memecoin Frenzy appeared first on CoinGape.

21 Jan 2025, 12:13 pm

Ripple CEO Brad Garlinghouse attended a series of events in Washington, DC, during the inauguration festivities, marking the beginning of Donald Trump’s presidency. Events included the Crypto Ball, a dinner hosted by the Vice President, and gatherings at the Capitol. Sharing his enthusiasm on social media, Garlinghouse remarked on the growing momentum for leveraging blockchain technology for economic innovation in the United States and globally.

Ripple CEO Brad Garlinghouse Advocates for Blockchain

In a recent post shared on X, Ripple CEO Brad Garlinghouse reflected on his participation in multiple inauguration events. He attended the Crypto Ball, a Vice President-hosted dinner, and a Capitol gathering, emphasizing his optimism about the role of blockchain in driving economic growth.

Garlinghouse shared a picture with Vice President JD Vance, celebrating the collaborative efforts of the blockchain and political sectors during the festivities. His presence at these high-profile events showcased Ripple’s continued commitment to advancing blockchain adoption in the United States.

Ripple CEO comments come days after the XRP company CLO Stuart Alderoty celebrated Gary Gensler’s departure as SEC Chair, marking a shift in regulatory enforcement. Ripple CLO mocked Gensler’s exit, suggesting his relevance to the crypto industry would fade.

Growing Support for Blockchain Innovation

During his social media post, Ripple CEO Brad Garlinghouse stressed the potential of blockchain technology to address global challenges. He highlighted its rising acceptance in the U.S., signaling a new era of economic innovation.

Brad stated,

“There’s palpable excitement for all the good that’s possible leveraging crypto and blockchain in the US and globally.”

More so, Ripple CEO remarked that these discussions pave the way for an inclusive financial ecosystem, aligning with Ripple’s vision for cross-border payments.

XRP Lawsuit Status

Meanwhile, Ripple’s ongoing legal battle with the U.S. Securities and Exchange Commission (SEC) remains a key topic. The SEC continues to appeal the 2023 ruling that XRP sales to retail investors did not constitute securities. 

However, with Gary Gensler out as SEC Chair and a new administration taking charge, legal experts believe the case may be resolved. Reports suggest that the current SEC leadership could choose to drop the appeal, given the court’s earlier ruling favoring Ripple. This development could bring clarity to XRP’s regulatory status and support broader crypto adoption.

Moreover, most recently, Securities Lawyer Marc Fagel has speculated that the Ripple vs SEC case may see a delay extending up to 10 months. He suggested that the outcome depends on decisions from the new SEC Chair, Paul Atkins, who could settle the case sooner if he drops the ongoing appeal.

Despite the legal challenges, Ripple CEO Brad Garlinghouse’s active participation in inauguration events signals confidence in blockchain. 

The post Ripple CEO Brad Garlinghouse Highlights Crypto Optimism Following Trump’s Inauguration appeared first on CoinGape.

21 Jan 2025, 12:09 pm

American mining giant Critical Metal Corps has made a decisive showcased in its recently unveiled Bitcoin treasury strategy. The company said it plans to start allocating its excess reserve to BTC, a decision approved by its Board of Directors.

The Critical Metal Corps Bitcoin Strategy

According to the firm’s announcement, it may have access to a $500 million capital pool. This capital will come as part of the convertible note financing led by JBA Asset Management. The company said this funding is subject to the conditions contained in the transaction document.

Breaking down the $500 million capital pool, the mining firm said it will first allocate $100 million to buy Bitcoin. The company said this first tranche was offered with a 100% warrant coverage. Critical Metal Corps said it can access the remaining $400 million at buyers’ discretion with a 50% warrant coverage. 

Per the funding conditions, the firm said the convertible notes are secured by the cash raised and the underlying BTC acquired. While it is yet to unveil a strategic Bitcoin purchase, it said such a move would hinge on its cash flow requirements.

Ultimately, Critical Metal Corps said it may modify some of the strategy’s conditions as it deems appropriate.

Diverse Companies Embracing BTC

Critical Metal Corps is the first in its business line to invest heavily in Bitcoin. According to its CEO, Tony Sage, this move aligns with President Donald Trump’s strategic Bitcoin reserve plans.

Companies in other industries are also adopting the premier cryptocurrency. Earlier today, Coingape reported that MicroStrategy acquired 11,000 BTC for $1.1 billion. MicroStrategy has increased its total Bitcoin stash to 461,000 units as a business intelligence and software firm.

Besides Critical Metal Corps and MicroStrategy, energy management firm KULR Technologies has a robust Bitcoin portfolio. Earlier this year, KLUR bought $21 million BTC, achieving a more than 93% yield in its portfolio.

Nation-State Adoption is Growing

The potential of BTC is spreading beyond private and public companies to nations and states. Like the United States’ plans for a strategic Bitcoin Reserve under President Trump, countries like Hong Kong, Switzerland, and Germany are also mulling these plans.

To join the trend, many American states have started introducing legislation to support BTC adoption. Per an earlier report, Massachusetts introduced a reserve bill, coming off as one of the latest states to do so.

The price of BTC is recording a rebound, following the massive price slump from the start of the week. When writing, the coin was changing hands for $106,607, up by a marginal 0.6% in 24 hours

The post Mining Giant Critical Metal Corp Unveils Bitcoin Treasury Strategy appeared first on CoinGape.

21 Jan 2025, 11:42 am

The U.S. Securities and Exchange Commission (SEC) has announced the formation of a dedicated Crypto Task Force. Acting Chairman Mark T. Uyeda introduced the initiative, assigning Commissioner Hester Peirce to lead this agency-wide effort. The task force seeks to create a clear and practical regulatory framework for the cryptocurrency sector.

US SEC Mark Uyeda Launches Crypto Task Force

In a recent press release, Acting Chairman Mark Uyeda announced the formation of the Crypto Task Force to deal with the increasing complexities arising from the emerging crypto market. The task force will be instrumental in developing a complete set of rules, which will help eliminate any ambiguity that may be present in the eyes of investors and other professionals.

The task force comprises senior personnel from different divisions and offices of the SEC. Richard Gabbert, Senior Advisor to the Acting Chairman, will become the Chief of Staff, while Taylor Asher, Senior Policy Advisor to the Acting Chairman will become the Chief Policy Advisor. Peirce recounted the objectives of the task force that are to draw “clear regulatory lines”, and establish “reasonable avenues to registration” for the crypto firms.

Uyeda agreed with the need for improvement in the collaborative effort and communication with the public, saying, “The SEC can do better.” The task force will also look into the collaboration with federal, state and international authorities, including the Commodity Futures Trading Commission.

Focus on Public Engagement and Collaboration

In order to solve the problem of the uncertainty of regulation the task force plans to hold discussions with the industry members, scholars, investors and other interested parties. This is a paradigm shift from the previous SEC’s enforcement actions as a mean of regulating the crypto market.

Commissioner Peirce highlighted the role of inclusiveness saying, ‘This effort will succeed only if the task force has input from a broad spectrum of investors, industry players, and other stakeholders’ In an effort to increase public input, the SEC has provided an email address through which members of the public can make their contributions to Crypto@sec.gov. The task force also intends to convene subsequent round table meetings to address the emerging issues and regulations in the sector.

Besides interacting with the external counterparties, the task force will offer technical support to Congress as it considers modifications to the digital assets legal landscape. This cooperation demonstrates a general trend of synchronizing the increased speed of the crypto industry development with the regulatory process.

Will Better Crypto Regulation Be Among Trumps Obligations?

Due to the increasing attention of the SEC to cryptocurrencies, the crypto community has been concerned since Trump did not mention crypto at his inauguration speech. Consequently, the formation of the task force occurs at a time when there is increasing focus on the regulation of cryptocurrencies. Some recent statements have suggested that the president may consider executive actions on digital assets as one of his first steps. Despite the lack of specifics, Bailey announced on social media that he had the confirmation regarding the next executive orders.

Optimistic about the prospects of improved regulation of the crypto market, REX Shares has filed to launch several exchange-traded funds (ETFs) that will be investing in digital assets. The filings, made in cooperation with Osprey, contain proposed ETFs for such tokens as XRP, Solana (SOL), Dogecoin (DOGE), and Bonk (BONK).

The filings also contain filings for Bitcoin and Ethereum ETFs.One notable application involves an ETF tied to the newly introduced TRUMP meme coin, targeting institutional investors. If approved, these ETFs could expand investment options in the cryptocurrency space.

The post Breaking: US SEC Acting Chair Mark Uyeda Launches Crypto Task Force appeared first on CoinGape.

21 Jan 2025, 10:13 am

Pump.fun, a Solana-based meme coin launchpad, recently deposited 116,055 SOL, valued at $28 million, to cryptocurrency exchange Kraken. The transaction, reported by Lookonchain, comes amidst an ongoing class action lawsuit targeting the creators of Pump.fun for allegedly exploiting users and violating securities laws.

Pump fun’s Solana Deposits and Trading Activity

Over time, Pump.fun has grown to be one of the largest players in the Solana space having launched over 6 million tokens. According to Lookonchain, Pump.fun has made a total of 1,901,332 SOL deposits to Kraken, which is roughly equal to $386.8 million. Furthermore, the platform has sold SOL worth 264,373 which equates to $41.64 million in USDC.

However, there has been a lot of activity on the platform, and there are some concerns regarding its operations. 

According to the sources, Pump.fun generated $572 million in fees via its advanced token creation tools with alleged misuse of issuing volatile and unregistered tokens by some users. This financial situation has only added to the spotlight as Pump.fun is now facing a federal class action lawsuit.

Class Action Lawsuit Against Pump fun

Two law firms Burwick Law and Wolf Popper LLP filed a class action lawsuit against Pump.fun on behalf of investors who had been impacted. The suit, filed in the United States District Court for the Southern District of New York, alleges the platform preys on its users and promotes hate speech.

The lawsuit stated that Pump.fun permitted the sharing of abusive content regarding race, torture, and adult content, presumably to generate revenue from transaction fees. Plaintiff Kendall Carnahan also alleged that the Peanut the Squirrel platform offered unregistered securities and thereby violated securities laws.

The suit also claims that Pump.fun targeted unsuspecting investors with the aim of making them invest in volatile tokens which was detrimental to their investment. However, several users claimed to have made millions, however, only 0.41% of the wallets earned over $10000 in profit as per Dune Analytics.

Controversy Surrounding Operations

Founded in January of 2024, Pump.fun has come under fire for reportedly making a select few users profiting while the majority lose money. 

The platform had also been known for its live streaming service, which has since been pulled, with people performing dangerous acts like pretending to commit suicide.

The analysis revealed that 289 wallets connected with Pump.fun have made over a million dollars, whereas the majority of investors got little to no profit or even lost some of it. Some of the critics have claimed that the platform token creation tools were used in a wrong way and that is why there is legal battle at the moment.

Solana Price Rally Looming?

Pump.fun’s significant transactions involving Solana have drawn attention to the asset’s price movements. Solana’s price is currently consolidating in the $230–$250 range after reaching a high of $290. Analysts indicate that this consolidation phase is critical for determining the next price trend.

Technical indicators suggest that Solana’s price has support at $225, with $260 and $290 acting as immediate resistance levels. A breakout above $290 could potentially push Solana’s price to the $360 mark. The Relative Strength Index (RSI) currently stands at 55.65, signaling moderate bullish momentum.

Additionally, the Chaikin Money Flow (CMF) value of +0.05 indicates continued capital inflows, supporting the possibility of further price gains.

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21 Jan 2025, 9:44 am