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FTX co-founder Gary Wang has requested a federal judge not to send him to prison. He noted that he is testifying against the former business partner, Sam Bankman-Fried, someone he has known for a long time in a fraud case.
The lawyer for Wang submitted a sentencing memo in Manhattan federal court wherein he claimed that his client should not be incarcerated as he provided assistance to the prosecutors as well as his role in the scheme was comparatively less.
Wang, who pleaded guilty to fraud and conspiracy when FTX went bankrupt in 2022, is to receive his sentencing on the 20th of November.
FTX Co-Founder Gary Wang Appeals for No Jail Time
The defense counsel for FTX co-founder Gary Wang highlighted his client’s early cooperation with the federal prosecutors as one of the key reasons why the court should consider him for mercy. According to Graff, Wang was one of the first FTX executives to meet with the authorities and share information on the FTX and Alameda Research. Wang gave a testimony in the trial that led to the recent conviction of Bankman-Fried who was sentenced to 25 years in prison.
Speaking at the trial, Wang described how he was ordered to change the code of FTX in order to enable Alameda Research to use the assets of the company’s clients, which is one of the key points of Bankman-Fried’s fraud.
FTX co-founder’s lawyer noted that his involvement in the fraud was less than some of the other former executives, including Caroline Ellison, former CEO of Alameda Research, and Nishad Singh, FTX’s former head of engineering. Wang, his lawyer said, did not start or operate the scheme and was not personally involved in the provision of false information to the investors.
“Gary was not involved in the scheme at its inception, was never provided with details of the scheme, and, in contrast to Bankman-Fried, Ellison and Singh, never engaged in any affirmative action of deception,” Graff wrote.
Sentencing Comparisons to Other Executives
Wang’s attorney argued that a prison sentence would create an “unwarranted sentencing disparity” with Nishad Singh, who avoided jail time after pleading guilty and cooperating with the government. Singh, who faced potential decades-long sentences, was ultimately sentenced to time served and three years of supervised release.
Ellison, another major cooperator, received a two-year prison sentence. FTX co-founder Gary Wang contended that Wang’s level of involvement was even lower than Singh’s, supporting a non-custodial sentence for Wang as well.
Graff also noted Wang’s personal circumstances, stating that Wang is expecting the birth of his first child shortly after his sentencing date. Wang’s attorney suggested that allowing him to remain with his family would align with the court’s treatment of other cooperators in the case.
“Gary wants nothing more than to be a good husband and father and to continue his work to facilitate FTX victims’ recovery,” Graff wrote.
Separately, the U.S. government is working to reclaim approximately $13.25 million in political donations made by FTX executives, including Bankman-Fried and Singh. Judge Lewis Kaplan however granted the government additional time to negotiate the return of these funds, extending discussions with the PACs until January 15, 2025.
The post FTX Co Founder Gary Wang Appeals For No Jail Time, Here’s Why appeared first on CoinGape.
6 Nov 2024, 3:29 pmThe cryptocurrency market has been buzzing with optimism following the U.S. election results. Donald Trump’s victory as the 47th President of the United States has reignited buying pressure in the digital market, thanks to his pro-crypto stance and promise for America the crypto capital. Here are three crypto stocks to buy as investors anticipate a post-election rally.
3 Crypto Stocks Primed for Gains Post-Election
On Wednesday, November 6th, the crypto market witnessed a sudden surge in buying pressure as Donald Trump took the win for the 47th President of the United States. The pioneer cryptocurrency, Bitcoin, rallied nearly 10% to hit a new high of $76,800, accelerating the broader market. Here are three crypto stocks that show potential for a massive surge in 2025.
Coinbase (COIN)
The centralized exchange Coinbase tops our list of top crypto stocks as broader market movement could significantly impact its operation. As Trump’s leadership promises to boost crypto adoption, the heightened trading activity will increase.
With the crypto market today, the COIN price trades at $76,186 with an intraday gain of 31% and a market cap of $63.67 billion. The massive green candle offers a decisive breakout from the neckline resistance of an inverted head and shoulder pattern.
If the breakout is sustained, the coin buyers could drive a rally past $300.
MicroStrategy (MSTR)
MicroStrategy is renowned for its aggressive Bitcoin accumulation strategy, holding over 252,220 BTC in its treasury. The company’s stock highly correlates with Bitcoin’s price movements, making it a proxy for direct Bitcoin exposure MSTR.
In the last three months, the MSTR price witnessed a high momentum rally from $102 to $261, accounting for 155% growth. If the bullish momentum persists, the asset price coin drives another 30% before challenging key resistance at $334.
A potential breakout will accelerate the recovery momentum and drive a higher rally.
Marathon Digital (MARA)
Marathon Digital is one of North America’s largest publicly traded Bitcoin miners. BTC in price discovery mode could significantly boost miner profits and companies’ operations.
In tradingview’s daily chart, the MARA price shows the formation of a falling wedge pattern. This chart setup typically indicates a temporary correction before the buyer offers a major breakout.
Currently, Marathon Digital traded at $19.3 with an intraday gain of 19%. The MARA price is 4% away from a major breakout from the wedge pattern. If successful, the stock buyers could target a rally past $40.
Conclusion:
The election of a pro-crypto U.S. president has already set the stage for a bullish cryptocurrency market, and crypto stocks Coinbase (COIN), NVIDIA (NVDA), and Marathon Digital (MARA) are likely to follow suit.
The post 3 Crypto Stocks Positioned for Post-Election Rally appeared first on CoinGape.
6 Nov 2024, 2:55 pmTether CEO Explains Recent USDT Minting on Ethereum
Tether CEO, Paolo Ardoino, recently addressed the latest on-chain data released by Whale Alert, which reported that the Tether Treasury had minted and added 2 billion USDT on the Ethereum blockchain in a single transaction. He explained that the notification was delayed and pointed out that the transaction was part of a larger strategy.
Ardoino also referenced a recent post on X, which outlined the company’s coordination with a prominent third-party exchange to perform a chain swap. This swap involved transferring part of the company’s cold wallets from various blockchains to Ethereum.
Very very delayed notification.
Context:https://t.co/3Ps3qUxsBq— Paolo Ardoino (@paoloardoino) November 6, 2024
The company will, therefore, retire USDT from several low-activity blockchains, consolidating those tokens on Ethereum via several significant wallet transfers. This move would be part of the consolidation effort to swap the external tokens back to the Ethereum network for better asset management with increased liquidity.
To avoid market confusion, Ardoino gave notice that such token movements would occur and underlined the procedural nature of the change as part of regular issuance operations. This primary issuer consolidation strategy is mostly about reacting to shifting user demand and focusing resources where the token activity was at its greatest. Recently, the company said it recorded a group net profit of $2.5 billion in the third quarter of this year. The stablecoin issuer has also recorded a profit of $7.7 billion over the first nine months of this year.
Swapping USDT Across Different Blockchains
Tether announced it will soon initiate a large chain swap with a leading exchange to migrate part of its reserves from several blockchains to Ethereum. This involves converting tokens held in cold wallets on TRC20, AVAX, NEAR, CELO, and EOS into Ethereum-based USDT.
A chain swap is a process where cryptocurrencies are transferred from one blockchain to another. The process enables traders to extend the use of their digital assets to various blockchains that support the cryptocurrency owned.
For instance, the token is available on several blockchains: Ethereum, Tron, Solana, and Liquid, among others. Using a chain swap, clients can access any of these networks using their USD₮. A trader can “swap” the blockchain on which their USD₮ is operating. For instance, it can move it from a blockchain such as Tron onto another such as Ethereum. It enables the end-user to utilize different blockchain ecosystems. It does that by further extending the liquidity and usability of their digital assets.
The total supply of USDT issued by Tether will not increase. Still, its balance across different networks will be rebalanced because of increasing market demand for Ethereum-based token.
Specific figures, according to the post, entail the swap of 1 billion USDT from TRC20. There is also a swap of 600 million from the Avalanche-Chain, 300 million from NEAR, 75 million from CELO, and 60 million from EOS.
This is part of a broader strategy by the company to optimize its liquidity across different blockchain ecosystems. Strategy? To make USD readily available to users where demand for it is most robust. It routinely performs such chain swaps to enhance its users’ usability and flexibility. It does that while maintaining a stable total supply across all networks.
The Dominance Continues Despite Supply Reduction
The token supply decreased from 120.7 billion to 120.4 billion and remained the largest liquidity supply source on market. When regular trading occurs, roughly 85% of the total available USD supply is utilized. The rest will be inoperable.
The recent Bitcoin (BTC) rally to new all-time highs made mass usage of USDT shoot well over $160 billion in trading volume in one day. That’s fully 132% of its circulating supply.
That was a significantly more significant spike in turnover compared with USDC, which recorded just 47% of its market cap in volume-though it did grow on chains like Base. However, USDC has not entirely usurped the top position that USDT enjoys in every use case.
Stablecoin expansion in 2024, combined with the bull market for BTC, seems to have made it possible for issuers to keep pulling in heavy earnings, such as Tether. It remains overcollateralized with fiat and fiat-like assets, though there were concerns about its reserves, further cementing its leading role in the crypto ecosystem.
The post Tether Provides Clarification On $2 Billion USDT Mint appeared first on CoinGape.
6 Nov 2024, 1:36 pmAnalyst Peter Schiff, a well-known financial commentator, has reiterated his critical stance on Bitcoin, claiming that it stands in contrast to gold. Amid recent market optimism following the re-election of Donald Trump as U.S. President, BTC has surged, while gold has seen a decline. Schiff argues that this divergence highlights Bitcoin’s speculative nature, positioning it as an “anti-gold” asset.
Peter Schiff Calls Bitcoin “Anti-Gold” as Trump Victory Fuels Rally
In a recent post, Peter Schiff criticized BTC rally, contrasting it with gold’s role as a store of value. Schiff argues that, unlike gold, Bitcoin remains a speculative asset, with traders betting on Trump’s promises rather than viewing it as a stable asset. He warns that these price increases reflect speculation rather than economic fundamentals.
Schiff believes that Bitcoin’s upward trend stems from market enthusiasm surrounding Trump’s victory and his pro-crypto stance. However, Schiff points out that this enthusiasm may not translate into long-term stability.
In addition, Peter Schiff expressed concern over Trump’s economic policies, particularly his tax cuts. He warned that these measures, without spending cuts will increase annual deficits. According to Schiff, with defense, entitlements, and interest expenses untouched, deficits could surpass $1 trillion.
More so, Schiff predicts that this deficit-driven environment will impact the financial markets, especially if the Fed resorts to quantitative easing (QE). This fiscal strategy could push inflation higher, creating additional risks for traditional investments.
The analyst emphasized,
“The best Trump trade now is buying the dip in #gold and gold mining stocks. Cutting taxes is easy. We know from experience that substantive spending cuts are impossible.”
Trump’s Promises Include Capital Gains Tax Exemption for Bitcoin
In his many promises, Trump proposed removing the capital gains tax on Bitcoin, a move aimed at encouraging more Americans to invest in digital assets. This measure has been celebrated among cryptocurrency advocates, who believe it will drive broader adoption.
Peter Schiff, however, views this exemption with skepticism, suggesting it could contribute to unsustainable growth. The analyst also added more criticism stating,
“All of those promises can’t possibly be kept. In trying to keep some, the biggest sacrifice will be soaring debt & #inflation.”
Nonetheless, despite Peter Schiff’s continued criticism, Bitcoin recently reached a new all-time high, crossing $75,000 following Trump’s election win. This rally has boosted optimism among cryptocurrency investors, with many speculating that the incoming administration’s policies may boost digital assets.
Moreover, Senator Cynthia Lummis proposed that the Federal Reserve establish a strategic Bitcoin reserve to bolster the U.S. economy. This plan, part of her “Bitcoin Bill,” sets a goal for the U.S. to acquire up to 5% of Bitcoin’s total supply, with an annual target of 1 million BTC.
The post Peter Schiff Says Bitcoin Is ‘Anti-Gold,’ Here’s Why appeared first on CoinGape.
6 Nov 2024, 1:16 pmThe Bitcoin price has surged past $76,000 and is still eyeing new highs as US Vice President Kamala concedes defeat to Donald Trump. This price rally to new ATH comes just hours after the flagship crypto surpassed its previous ATH of $73,000, rising to as high as $75,000.
Bitcoin Price Hits New ATH As Kamala Harris Concedes
The Bitcoin price surged past $76,000, marking a new ATH on the same day as the flagship crypto had earlier rallied to $75,000 on the back of Donald Trump’s victory in the US presidential elections. This recent rally past $76,000 came as the Democratic presidential nominee Kamala Harris conceded to Trump.
The market looks to be pricing into this development, considering that it all but guarantees that Trump will become the next US president. Kamala’s concession is mainly significant as she will certify the presidential election results in her capacity as the US Vice President.
Therefore, her conceding indicates that she will gracefully certify the result once the time comes, which is bullish for the Bitcoin price as this will historically usher in the first pro-bitcoin US president.
The flagship crypto will likely keep hitting new highs from here on, as this marks the next leg of the bull run. Per a CoinGape analysis, BTC predictions suggest that the crypto will also likely never return to pre-election levels. Historically, the flagship crypto has also never gone below its price on the US election day following the aftermath of the elections.
A Rise To $100,000 Before Trump’s Inauguration
According to CNBC, multiple analysts predict that the Bitcoin price could reach $100,000 before Donald Trump’s inauguration, especially if he delivers on his pro-crypto campaign pledges. As part of his promise, the US president-elect has pledged to establish a national Bitcoin stockpile and fire the US SEC Chair Gary Gensler on his first day in office.
Trump promised to create this Bitcoin reserve asset with the US government’s $15.83 billion BTC holdings, which it accumulated through seizures. However, there is reason to believe that the Trump administration could even go further and adopt an active approach by purchasing more Bitcoin.
Pro-crypto Republican Senator Cynthia Lummis has put forward a Bitcoin purchase program bill that proposes that the US government buys 200,000 BTC manually over 5 years. Senator Cynthia Lummis has assured the crypto community that the strategic Bitcoin reserve will happen.
Donald Trump’s inauguration is scheduled for January 20, which shows that the Bitcoin price has more than enough time to reach this $100,000 target. It is worth mentioning that the US Federal Reserve will likely announce a 25 basis point (bps) rate cut tomorrow, which will also provide more bullish momentum for the flagship crypto.
The post Bitcoin Price Hits New ATH In Same Day As Kamala Harris Concedes appeared first on CoinGape.
6 Nov 2024, 1:15 pmThe U.S. Securities and Exchange Commission (SEC) has filed a motion seeking judgment in its case against cryptocurrency exchange Kraken, focusing on defenses such as “fair notice” and the “major questions doctrine.”
This move, led by SEC Chairman Gary Gensler’s team, aims to limit further discovery into the agency’s regulatory policies, particularly those affecting the crypto sector. The timing of the filing has drawn attention, as some in the industry view it as a strategic attempt to shield the SEC’s methods from closer examination.
US SEC Files Motion for Judgment Against Kraken
The SEC’s motion seeks to dismiss defenses put forward by Kraken that include the fair notice defense and the major questions doctrine. The fair notice defense argues that Kraken did not receive adequate regulatory guidance regarding its crypto-related activities.
Meanwhile, the major questions doctrine suggests that regulatory agencies, such as the SEC, should not make major policy decisions without clear direction from Congress.
Last night, while Americans exercised their sovereign right to choose their political future, Gensler's deputies at the SEC filed a motion seeking judgment in Kraken's case on defenses like fair notice and the major questions doctrine. This motion transparently attempts to avoid…
— Michael O'Connor (@JDMikeJ) November 6, 2024
Subsequently, the US SEC’s motion appears intended to prevent further discovery into its policies, which Kraken and other crypto advocates have criticized as inconsistent and unclear. A similar motion was filed in Ripple case, where the US SEC failed to secure a judgment. Michael O’Connor, an attorney representing Kraken expects a similar outcome in the Kraken case, though Kraken has indicated that it has additional defenses should this motion proceed.
Timing of the Motion Raises Questions Amid Political Change
The timing of the SEC’s motion has sparked discussion, particularly as it coincides with recent political developments. Gary Gensler’s term as SEC Chair may be nearing its end following Donald Trump’s victory in the 2024 U.S. presidential election.
Donald Trump previously expressed intentions to replace Gensler, signaling potential changes in the agency’s leadership and approach to crypto regulation.
Michael O’Connor argues that the US SEC’s motion may be an attempt by Gary Gensler’s team to push forward its regulatory stance before a new administration takes office. Concurrently, Galaxy CEO Mike Novogratz, have suggested that Commissioner Hester Peirce, known for her pro-crypto views, could be a favorable candidate for SEC Chair under the new administration.
Industry Leaders Push for Regulatory Reform
The crypto industry has been vocal in its desire for clearer and more consistent regulations, particularly as the SEC continues its “regulation by enforcement” approach. Novogratz, speaking on CNBC, endorsed Hester Peirce for SEC Chair, citing her long-standing support for a more transparent regulatory framework.
Ripple’s Chief Legal Officer Stuart Alderoty also voiced support for regulatory reform, suggesting that the incoming Trump administration has an opportunity to make the U.S. a leader in the crypto space.
Ripple CEO Brad Garlinghouse concurrently has echoed similar sentiments, presenting a checklist for reform that includes replacing Gensler and instituting a more favorable regulatory environment for blockchain technology.
The post Just In: US SEC Files Motion for Judgment Against Kraken, Challenges Key Defenses appeared first on CoinGape.
6 Nov 2024, 12:15 pmDuring Wednesday’s trading session, the cryptocurrency market witnessed a surge in buying pressure as Donald Trump secured his victory as the 47th U.S. President. The pioneer cryptocurrency, Bitcoin, surged 8.8% to a new high of $75,400, boosting recovery in the altcoin market. However, the Ethereum price could struggle to hit new ATH as crypto whale continues to offload ETH.
By press time, the ETH price trades at $2,647 with an intraday gain of 9.89%. According to Coingecko, Ether’s marketcap holds at $319.2 Billion, and 24-hour trading volume is at $38.169 Billion.
Ethereum Price ATH Delayed? Whale Sales Overshadow Election Momentum
On November 6th, the cryptocurrency market experienced a significant rally as Donald Trump secured the necessary 270 electoral votes to become the 47th President of the United States. Amid this rally, a crypto whale who received 150,000 ETH through the ICO recently transferred a substantial 25,000 ETH (worth approximately $65.63 Million) to Kraken at an average price of $2,625.
According to Lookonchain, this whale has sold a total of 90,000 ETH of the 150,000 coins at an average value of $2,527 (worth around $227.45M).
Breakdown of the Whale’s ETH Sales:
- July 2019: Sold 5,000 ETH at $218 ($1.09M).
- June 2024: Sold 10,000 ETH at $3,539 ($35.39M).
- September–October 2024: Sold 50,000 ETH at $2,516 ($125.34M).
- November 2024: Sold 25,000 ETH at $2,625 ($65.63M).
Historically, whale selling has coincided with major market tops and spurred a bearish sentiment in the market. Amid the supply pressure, the Ethereum price could witness a stalled recovery momentum and struggle to hit a new All-time-high.
在今天的大幅上涨后,通过 ICO 获得 15 万枚 ETH 的鲸鱼又准备出售一部分 ETH:过去 40 分钟里他将 2.5 万枚 ETH ($65.63M) 转进了 Kraken。
到现在他通过 ICO 获得的 15 万枚 ETH 已经以 $2,527 的均价出售了 9 万枚 ($227.45M):
一、2019 年 7 月以 $218 的价格出售 5,000 ETH ($1.09M);… https://t.co/fsr487zjLd pic.twitter.com/K9qVxaEOso— 余烬 (@EmberCN) November 6, 2024
ETH Chart Analysis Shows Porlong Consolidation Within Triangle
Over the past three months, the Ethereum price prediction has traded sideways, resonating within a symmetrical triangle pattern. The price action strictly resonated within two converging trendlines, indicating a lack of dominance from buyers or sellers.
With a massive green candle today, the ETH price is at $2,661, still consolidating within the triangle and 3% away from a major breakout. If the sellers continue to defend this resistance, the Ether price will revert again and prolong its sideways trend.
Therefore, a potential breakout from overhead resistance is necessary for buyers to regain control over the asset. If the ETH price surpasses the dynamic with the daily candle closing, the bullish momentum will accelerate to drive a surge above $3,500.
The post No ATH for Ethereum Price? ETH Whale Selling Persists Amid Election Boost appeared first on CoinGape.
6 Nov 2024, 11:18 amWhile commenting Trump’s win, US Senator Cynthia Lummis made a significant announcement and pulled back the curtains on a pivotal legislative proposal targeted at the Federal Reserve. She also reiterated that the US plans to build strategic Bitcoin reserve.
Ever since the election victory of Trump and its subsequent official swearing-in, American voters have started closely tracking action items from campaign promises.
Senator Cynthia Lummis Pushes “Bitcoin Bill” as Strategic Reserve Amid Trump’s Win
The post Senator Cynthia Lummis Assures Of Strategic Bitcoin Reserve Following Trump’s Victory appeared first on CoinGape.
6 Nov 2024, 11:07 amGoatseus Maximus (GOAT) price has surged to the forefront of the cryptocurrency market, leading with an impressive 40% jump in the past 24 hours. This sharp rise comes amid a broader upswing in digital assets spurred by a recent market rally.
Following recent U.S. electoral developments and a significant victory for Donald Trump, the cryptocurrency market is seeing rapid gains, with Goatseus Maximus now at the center of this bullish momentum. Since its launch, GOAT’s price has rocketed by a remarkable 600%, reflecting growing enthusiasm and investor interest.
GOAT Price Explodes 600%; What’s Fueling the Growth?
GOAT price has seen an explosive 600% price surge, capturing strong investor interest. Cryptocurrency, a meme-inspired coin integrating AI technology, has become a major trend in the market. Recent listings on popular exchanges, including Bybit and Woo, which now offer futures trading for the coin, have fueled its appeal. Binance and OKX have also introduced futures contracts for GOAT, further boosting its accessibility.
The current price is $0.6971, reflecting a 40% increase in just the past 24 hours and moving toward its all-time high. This level was previously achieved on October 24, 2024, at $0.8837, which now marks a decline of around 21%. However, GOAT remains significantly above its all-time low of $0.09728, set on October 14, 2024.
GOAT’s rapid rise parallels Bitcoin’s bullish momentum, which recently reached a record high of $75,000. Analysts believe this price hike is partially driven by high investor confidence amid the recent U.S. presidential election results, where Donald Trump emerged as the winner.
Bitcoin’s pump has sparked renewed interest in altcoins, and many expect GOAT and similar crypto markets to follow this upward trajectory.
The combination of AI appeal, meme-driven excitement, and major trading platforms has made GOAT a top contender in cryptocurrency.
Will Goatseus Maximus Price Hit $1 Soon?
The Goatseus Maximus price tests a key resistance level at $0.8, signaling a potential upward trend. If this upward trajectory continues, it could reach $0.8837, hitting the ATH, and may even extend to $0.9, matching previous highs. Sustained interest from buyers could push the price of GOAT to the $1 mark soon.
The Relative Strength Index (RSI), a key momentum indicator, climbed to 66.49, approaching the overbought zone near 70.
GOAT’s recent surge highlights strong investor enthusiasm and bullish sentiment. AI integration and exchange listings drive demand. If momentum continues, reaching $1 soon seems plausible.
The post GOAT Price Skyrockets 600%: What’s Behind the Rally? appeared first on CoinGape.
6 Nov 2024, 11:01 amPumpfun, a platform for Solana-based memecoins, has sold 36,400 SOL tokens worth approximately $6.77 million in its latest transaction. This move comes as the Solana (SOL) token has seen a 10% price increase over the past 24 hours.
The surge in SOL’s price follows renewed optimism around the possibility of an exchange-traded fund (ETF) approval under the incoming administration in the United States.
Pumpfun Sells Another $6.77M SOL Holdings
In addition to the recent SOL sale, Pumpfun has transferred the remaining $22.8 million in USD Coin (USDC) from its holdings to Kraken, one of the world’s largest cryptocurrency exchanges.
This follows an earlier deposit of 90,000 SOL, valued at about $14.97 million, into Kraken. By channeling assets to a high-liquidity exchange, Pumpfun aims to ensure smoother trading conditions for its users. These steps align with the platform’s broader goal of enhancing liquidity for its memecoin offerings on major exchanges.
By moving assets to Kraken, Pumpfun is positioning itself to support more flexible and accessible trading options, which could be advantageous for its user base amid the recent market rally in Solana.
Cumulative SOL Sales Reach $108 Million
Since its inception, Pumpfun has generated considerable revenue from SOL sales. To date, the platform has sold 672,243 SOL tokens, amounting to $108 million, at an average price of $160.5 per token.
This total forms part of the 1.14 million SOL ($212 million) in revenue that Pumpfun has generated, underscoring its substantial impact on Solana’s market liquidity. The latest sale, alongside the previous deposit on Kraken, suggests Pumpfun is actively managing its SOL holdings to maintain liquidity and meet the rising demand in the market.
This ongoing pattern of strategic sales and deposits highlights Pumpfun’s cautious approach to sustaining trading momentum on its platform, especially as market conditions shift. By leveraging Kraken, Pumpfun ensures that its assets remain readily tradable, accommodating users amid heightened market interest in Solana.
Solana’s Price Surge Linked to ETF Speculation
SOL’s recent 10% price increase is largely driven by speculation about a possible ETF approval under the Trump administration. Following Trump’s recent election victory over Kamala Harris, investors are growing optimistic that regulatory bodies could greenlight a spot Solana ETF in early 2025.
Prominent analysts, including Erick Balchunas from Bloomberg, have raised the probability of a SOL ETF approval, noting a 20% chance post-election.
Daniel Cheung, co-founder of Syncracy Capital, stated in a post on X that the market might be “mispricing” the potential impact of a Republican-led administration on cryptocurrency regulations. He noted that an ETF approval for Solana could lead to the token reaching significant price levels, with some analysts speculating that SOL could eventually challenge Ethereum’s position in the market.
Following the recent price surge, SOL is currently trading around $185.29. The token recently overcame resistance at $171.73, and analysts are now watching a critical resistance level at $188.36. If SOL can break above this threshold, further price gains may be possible. However, if SOL faces rejection at this level, the token could pull back to support zones around $171 or even $160.
The post Pumpfun Sells Another $6.77M SOL Holdings As Solana Price Surges 10% appeared first on CoinGape.
6 Nov 2024, 10:42 amThe XRP price has come under the spotlight following Ripple’s recent $250 million XRP transfer. This comes amid bullish predictions for the coin, with analysts saying that its price could enjoy a parabolic rally following Donald Trump’s win.
The XRP Price At Risk With Ripple’s $250 Million Transfer
The XRP price is at risk of a decline following Ripple’s transfer of $250 million worth of XRP to an unknown wallet. Onchain data shows that the crypto firm transferred 470 million XRP to this wallet (rP4X2…sKxv3). This unknown wallet has since transferred 100 million XRP to another wallet (rhWt2…E32hk).
The purpose of the $250 million transfer remains unclear. However, it could relate to Ripple’s On-Demand Liquidity (ODL) services or the ongoing SEC appeal case.
This development comes just a day after XRP whales moved $814 million, indicating whale accumulation. While the Ripple transfer is unlikely to impact the XRP price since it will likely be done over the counter (OTC) if it is a potential sale, it could still create a bearish sentiment among XRP investors.
However, crypto analysts are confident that XRP is currently in bullish territory following Donald Trump’s win in the US presidential elections. The coin could surge up to 3,336% as crypto analyst StephIsCrypto predicted a major above $2 following Trump’s victory.
A Price Surge Above $20 By Year-End
In an X post, Crypto analyst Amonyx made a bold prediction, stating that the XRP price will rise above $20 by year-end. In another X post, the analyst suggested that he was confident that this price surge would happen with the US SEC chair Gary Gensler set to be removed following Donald Trump’s victory.
Gensler’s removal is bullish for the XRP price because he has spearheaded the long-running legal battle against Ripple. The legal battle could have negatively impacted XRP all this time, creating doubts in investors’ minds.
However, with Gensler gone and the Ripple SEC lawsuit likely to end, investors could again become bullish on XRP and look to invest more in the crypto. Crypto analyst Ross Vandermeer also predicted that the XRP price could eventually rise to $1,000 thanks to Donald Trump’s US election victory.
Ripple CEO Brad Garlinghouse recently called on the US president-elect to fire Gary Gensler on day 1, just like he promised. Meanwhile, Ripple chief legal officer (CLO) Stuart Alderoty urged Trump to end the regulation-by-enforcement approach to position the US as the crypto capital.
The post XRP Price At Risk As Ripple Moves $250M? appeared first on CoinGape.
6 Nov 2024, 10:28 amUniswap price is on the cusp of soaring by another 32% after flipping an important resistance level and escaping its six-month correction. UNI token rose to $9.45 on November 6, its highest level since June 27.
Uniswap Price Poised for 30% Rally After Exiting Prolonged Correction
Uniswap, the biggest decentralized exchange (DEX) network, continued its strong rally and remained in a strong bull market. It has rallied by 96% from its August lows, and analysts expect the bull run to continue.
In an X post, a crypto analyst estimated that the coin would rise to $17, which would imply an 83% surge from the current levels.
Another analyst predicted that the coin would jump by between 100% and 120%, highlighting a potential breakout from a symmetrical triangle on the daily chart.
The ongoing Uniswap price rebound was driven by the changing sentiment in the crypto industry after Donald Trump won the closely watched election.
Uniswap is also demonstrating strong fundamentals, with the volume of assets traded on its platform rising to $12.16 billion in the last seven days. According to DeFi Llama, this volume means that it has flipped Raydium, which was the most active DEX network last month. Raydium had a volume of $7.8 billion in the same period.
UNI price surge also coincided with the sharp rebound of its futures open interest, which soared to over $169 million, its highest level in seven months.
UNI Chart Analysis Hints Key Breakout
Uniswap price bounced back after it formed a spinning bottom candlestick pattern on November 4. This pattern is characterized by a small body and small lower and upper shadows and is a common reversal sign.
UNI has remained above the green section of the supertrend indicator. It has also flipped the crucial resistance level at $8.61 into a support level. This was a key point since it was the highest swing on October 22.
It has also jumped above the upper side of the ascending channel that connects the highest swings since Aug. 21.
Therefore, a clean break above the psychological point at $10 will signal potential gains to $12, its highest level in June. Such a move would imply a 30% pop from the present level.
This bullish view will become invalid if UNI crypto price drops below $7.50, the lower side of the channel. If this happens, it will open the door for the coin to fall to $4.7, its lowest point in August.
The post Uniswap Price Eyes 30% Breakout as UNI Escapes 6-Month Correction appeared first on CoinGape.
6 Nov 2024, 10:11 amBinance cryptocurrency exchange reached a new all-time high in open interest, surpassing $8.3 billion in crypto derivatives. This surge in activity coincides with a sharp increase in Bitcoin prices, which recently hit a historic high following Donald Trump win in the U.S. presidential election. Blockchain analyst Burak Kesmeci noted that Binance now accounts for 35% of the global open interest on crypto futures, further establishing the exchange’s dominance in the market.
BNB Price Set for a Rally as Binance Open Interest Soars to All-Time High
According to on-chain data from CryptoQuant, Binance’s open interest in crypto derivatives surged to $8.3 billion. This marked a 10.24% increase in just 24 hours. Moreover, the record-breaking figure underscores the heightened trading interest on Binance, which now holds 35% of global open interest in crypto futures.
Kesmeci remarked,
“A sudden increase in Open Interest, anything above 3% within 24 hours is significant, often hints at upcoming liquidations in the futures market.”
Additionally, the increase in open interest aligns with Binance’s ongoing growth, as it now captures 35% of the open interest on crypto futures worldwide. This volume emphasizes Binance’s critical role in influencing broader market trends.
The recent surge in open interest can be attributed to Bitcoin price rally, which recently hit a new all-time high of $74K. This rally triggered liquidations of short positions across major exchanges. Consequently, over $370 million in short positions were erased with total liquidation volume reaching approximately $580 million. The sharp upward movement in Bitcoin’s value had a ripple effect on the broader crypto derivatives market.
Simultaneously, the aggregated open interest across major futures exchanges hit an all-time high of $23.3 billion, reflecting broader market enthusiasm.
BNB Price Prediction and Price Action
As Binance’s open interest hits record levels, BNB price is also positioned for potential gains. Recently, BNB chart formations have shown the cup and handle pattern, often a precursor to an upward price breakout. More so, analysts observed a resistance level around $700, a threshold that could be breached with the current trend.
With recent price action showing a rebound, BNB will strengthen further if the current open interest trend sustains. At press time, BNB price rallied a 2.6% reaching $583 over the past 24 hours. The trading volume surged by 46.55%, totaling $2.26 billion, and BNB’s market cap climbed to $84.12 billion.
The post Binance Open Interest Break New Record, BNB Price To Rally? appeared first on CoinGape.
6 Nov 2024, 9:52 amJPMorgan has rolled out a significant upgrade to its blockchain platform, and as part of this effort, the company is rebranding it from Onyx to Kinexys.
The bank also revealed plans to introduce on-chain foreign exchange capabilities on the Kinexys platform by Q1 2025. This new feature is expected to enable automation of 24/7, near real-time multicurrency clearing and settlement, further enhancing the platform’s functionality.
JPMorgan’s Blockchain Unit Rebrands as Kinexys
JPMorgan has renamed its blockchain platform from Onyx to Kinexys. The rebranding came as the banking behemoth throws its weight behind the tokenization of real-world assets. Umar Farooq, Co-Head of JPMorgan Payments, pointed to the company’s objective of shifting beyond the constraints of traditional technology. The goal is to create the full potential of a multichain world.
Farooq emphasized that JPMorgan wants an increasingly connected ecosystem, tearing down fragmented systems. It also wants to improve interoperability, and helpe the financial infrastructure overcome its limitations as it stands today.
The tokenization of real-world assets, including traditional financial instruments, has become a fast-growing focus within blockchain technology.
Central banks are ramping up their involvement in this particular focus area. JPMorgan was an early front-runner in that space with Onyx and its blockchain-based settlement technology, the JPM Coin. The system has now been rebranded to Kinexys Digital Payments.
JPMorgan’s Kinexys to Introduce On-Chain FX in Q1 2025
JPMorgan reportedly said the blockchain business had processed more than $1.5 trillion of transactions since its launch in 2020. This includes intraday repos and cross-border payments at an average daily transaction volume of more than $2 billion. Its customers include Siemens, BlackRock, and Ant International.
The bank also announced the introduction of on-chain foreign exchange capabilities on the platform by Q1 2025. It said it would achieve “automation of 24/7, near real-time multicurrency clearing and settlement.” The service will initially handle the US dollar and euro, with other currencies expected later.
JPMorgan believes this indicates increasing transaction volumes, client adoption, and product expansion by the bank. This places it in an excellent position to accelerate the integration of blockchain technology and tokenization into TradFi.
A Strategic Rebrand or a Distraction?
The recent rebranding of the blockchain platform of JPMorgan from Onyx to Kinexys raised many questions: Why now? It was announced on US election day and released in Singapore, raising speculation over why this strategic move had been made.
According to people familiar with the situation, one possible factor for a name change comes from a potential copyright issue with the Onyx name. Some have even pointed out that the timing becomes suspect, as it almost appears to have deliberately diverted the media’s attention from the political event.
While JPMorgan positions the rebranding as an enhancement of its blockchain platform for a strategic reason, the timing and motive encourage skepticism about whether this was the real reason for making the name change.
The post JPMorgan’s Blockchain Unit Rebrands as Kinexys, Targets 24/7 Multicurrency Settlements appeared first on CoinGape.
6 Nov 2024, 9:41 amRipple chief legal officer (CLO) Stuart Alderoty has revealed how US President-elect Donald Trump can make the United States (US) the crypto capital. The Ripple CLO statement came as Ripple CEO Brad Garlinghouse outlined his checklist for the Trump administration.
Ripple CLO Reveals How Trump Can Make US Crypto Capital
In an X post, Stuart Alderoty called on Donald Trump to move swiftly to end the regulation-by-enforcement approach that the crypto industry has endured and position the US as the crypto capital of the world.
As the Ripple CLO suggested, the US has been unable to claim the title of crypto capital due to its unfavorable regulatory environment. Regulators like the US Securities and Exchange Commission (SEC) have clamped down on crypto firms instead of providing regulatory clarity.
However, the Ripple CLO believes that is likely to change under Donald Trump. In his post, he also revealed that the president-elect had taken time to listen to Ripple’s story when they met and has also prioritized crypto as a key policy issue.
Indeed, the US president-elect was very vocal about crypto during his presidential campaign, making several promises to the crypto industry. As part of his promises regarding Bitcoin and the crypto industry, Donald Trump said he would fire US SEC Chair Gary Gensler on day one in office.
This is one of the major promises the crypto community is holding on to, considering that Gensler has spearheaded the anti-crypto crusade in the country.
Brad Garlinghouse Outlines Checklist For Donald Trump’s Administration
Before the Ripple CLO’s comments, Ripple CEO Brad Garlinghouse had outlined his checklist for the Trump administration’s first 100 days in office. First, he stated that Trump should fire Gensler on Day 1, just as promised.
In Gensler’s place, Garlinghouse recommended that the president-elect appoint either Christopher Giancarlo or Robinhood CLO Dan Gallagher, as they will be “massive upgrades” in rebuilding the rule of law at the SEC. Galaxy CEO Mike Novogratz also recently mentioned pro-crypto US SEC commissioner Hester Peirce as one of those who could also replace Gensler.
The Ripple CEO also asked Trump to get the US Congress to move the digital asset market structure bill forward in the Senate. Lastly, he asked if they could get some clarity for Ethereum, similar to that of Bitcoin and XRP since they are recognized as non-securities.
While Brad Garlinghouse didn’t endorse any candidate, Ripple CLO Stuart Alderoty and Ripple co-founder Chris Larsen made their stance known through donations. The Ripple CLO donated $300,000 to the Donald Trump campaign, while Larsen donated up to $11 million to Kamala Harris’ campaign.
The post Ripple CLO Reveals How Donald Trump Can Make US The Crypto Capital appeared first on CoinGape.
6 Nov 2024, 9:08 amX Empire price went vertical on November 6, soaring to its highest level in two weeks after KuCoin launched the X Savings Coin. It also rose after Donald Trump won the US election; a move that is expected to make Elon Musk more powerful. It peaked at $0.00010, up by 215% from its lowest level this month.
X Empire Price Reacts to KuCoin Savings Coin
KuCoin, one of the biggest crypto exchanges, launched a savings feature for X Empire, a recently launched Telegram token.
According to its website, the token will have an expected annual percentage return of 4%. The soft cap for a single user will be 100,000 tokens, while the hard cap will be 500 million coins.
This is a notable feature since KuCoin is one of the biggest crypto exchanges with over 34 million users. Its spot market handled tokens worth $1.4 billion in the last 24 hours, making it the tenth-biggest player.
The new listing is on top of several high-profile exchanges that have started to offer the coin. Most of its volume was in Bybit followed by OKX, Bitget, KuCoin, and Gate.io. As such, if this trend continues, there are rising odds that Binance, the biggest exchange will also list it.
X Empire price also jumped after Trump won, a move that will empower Elon Musk, who was his biggest supporter. He has promised to appoint Musk to lead the Department of Government Efficiency.
As a result, X Empire and other Elon Musk inspired coins like Dogelon Mars, ELON Coin, and King of MEMES jumped by double digits.
Additionally, the X crypto coin jumped after the futures open interest continued rising, reaching a record high of $10.8 million.
Could X Token Surge To $0.00015?
With crypto market today, the 4-hour chart reveals that X’s price bottomed at $0.000032 on November 3 before rebounding to $0.00010 by Wednesday.
This rebound happened after the token formed a falling wedge pattern between Oct. 25 and Nov. 3. A wedge is one of the most bullish reversal patterns.
X Empire coin has moved above the 25-period moving average. It has pulled back modestly as some investors start to take profits.
Therefore, there is a likelihood that the X price will bounce back as most cryptocurrencies recover.
More gains will be confirmed if the coin rises above this week’s high of $0.00010, invalidating a potential double-top pattern. If this happens, the X Empire price will rise to the key resistance level at $0.00015, which is 106% above the current level.
On the flipside, a drop below the support at $0.000066 will point to more downside, potentially to the all-time low of $0.000032.
The post X Empire Price Rises 66% as KuCoin Unveils Saving Coins; $0.00015 in Sight? appeared first on CoinGape.
6 Nov 2024, 8:52 amThe U.S. Election 2024 results are in, with Donald Trump securing a significant victory over Kamala Harris in both the House and Senate votes. This win, partly fueled by support from crypto-enthusiastic voters, highlights Trump’s influence within the digital asset community. Now, as the pro-crypto administration takes charge, many investors are considering Trump Coins to Buy to align with the new political landscape.
3 Trump Coins to Buy After Donald’s Election Win
Amid a significant bullish shift during the U.S. elections, Bitcoin surged to $75,000, triggering gains across the crypto market. Following Donald Trump’s recent election win, investors are now closely eyeing three notable “Trump coins” to buy, anticipating further momentum in this trend.
BREAKING: Donald Trump has won the 2024 election and will be the 47th president of the United States. pic.twitter.com/6KfH01s7K1
— The Kobeissi Letter (@KobeissiLetter) November 6, 2024
Maga (MAGA)
Maga (MAGA) is a cryptocurrency linked to the Make America Great Again movement. Since its inception, MAGA has experienced a remarkable surge of 16,009%, making it a prominent option among Trump cryptos to buy in light of the upcoming 2024 U.S. election.
MAGA ranks 321st among global digital assets, with a market capitalization of approximately $117 million. However, the asset has recently encountered volatility, prompting investors to rethink their strategies. Currently, MAGA’s price stands at $2.67, representing a 2% decline over the last 24 hours, reflecting the dynamic political climate surrounding it.
Following the upcoming elections, there are predictions that the price of MAGA could experience significant increases. If market conditions improve, the meme coin might rise to $3. Some forecasts even suggest a potential spike to $5. In an optimistic scenario, prices could reach as high as $10.
Super Trump (STRUMP)
Super Trump (STRUMP) is emerging as a popular cryptocurrency among investors interested in political finance. Priced at $0.003317, STRUMP has experienced a remarkable 172% increase over the past year.
Cryptocurrency resonates with President Donald Trump’s vision of reduced government interference and economic freedom. After the U.S. election, STRUMP has gained momentum, making it Trump crypto to buy. If market trends favor bulls, experts anticipate the STRUMP price may rise to $0.001 following the elections.
Doland Tremp (TREMP)
Doland Tremp (TREMP) is gaining attention as a meme coin on the Solana blockchain, cleverly themed around political satire. Since its launch, TREMP has surged by 70%, currently trading at $0.2345. Investor interest is expected to grow further following Donald Trump’s recent election victory. Market trends for Tremp have shown considerable fluctuations.
Data from Santiment indicates a significant price spike in early May 2024, followed by a steady decline into mid-June. This downward trend continued with minimal recovery in July and August. However, late September and October witnessed a surge in social activity, culminating in record social volume in early November. This suggests a resurgence of investor interest and speculation surrounding the token.
With Donald Trump’s strong election win and growing pro-crypto sentiment in the U.S., crypto investors are closely eyeing the top Trump coins to buy. These coins could gain momentum as the new administration pushes for blockchain-friendly policies, making this a unique investment opportunity for crypto investors.
The post Top 3 Trump Coins to Buy After Donald’s Election Win appeared first on CoinGape.
6 Nov 2024, 8:39 amGalaxy CEO Mike Novogratz believes that Commissioner Hester Peirce, who has been vocal in her criticism of SEC Chairman Gary Gensler’s approach of regulating the crypto industry through lawsuits rather than rulemaking, would be an excellent choice for the next US SEC Chair.
Novogratz’s endorsement of Peirce comes as she has been a staunch advocate for a more thoughtful, clear regulatory framework for the crypto space. Peirce’s position as the most outspoken Republican on the SEC under Gensler’s leadership further solidifies her potential candidacy for the top position at the agency.
Hester Peirce May Become Future US SEC Chair, Says Novogratz
While the crypto industry awaits the forthcoming shift in regulation, many are setting their gaze upon Hester Peirce – a prominent commissioner of the SEC – who is in a great position to have a lot to say about the future of cryptocurrency in this country. She would be an excellent choice for the US SEC Chair, at least when it comes to Galaxy CEO Mike Novogratz who openly supported Peirce, during his CNBC call.
.@novogratz says he sees a "substantial shift in the energy" of the crypto industry in the coming months if Trump appoints crypto supporters to SEC, FDIC and OCC roles. pic.twitter.com/IP63AbDfdI
— Squawk Box (@SquawkCNBC) November 6, 2024
The crypto community has often called her “Crypto Mom” due to her friendly stance toward crypto. Her influence has greatly influenced considering more friendly regulations toward digital assets. With Gary Gensler’s term ending in a few months as US SEC Chair, Peirce’s name comes out tall. One can see the elevation as turning the tide in a different direction concerning crypto regulation by the SEC.
She has also long supported bringing clarity and regulatory certainty to crypto. Her more open and balanced perspective is a far cry from that of Gensler. He was decidedly tough on the operators in the industry with his aggressive enforcement activities. His push for more strict regulation also resulted in significant friction with the crypto community.
With rumors that Gensler will soon resign, Peirce’s possible appointment is a cause for optimism in the cryptospace. Industry players like Novogratz believe that with Peirce, the SEC might finally turn toward a more enabling framework. As such, it could allow innovation rather than being throttled in growth.
At the conference Bitcoin Nashville in July, Donald Trump promised to fire Gensler if he won re-election in 2024. “On Day one, he will be gone,” Trump told attendees. But technically, he would have to cite legal reasons for removal, such as neglect or incompetence. The process could take longer than a year with legal reviews.
The crypto community widely regards Peirce as a “Crypto Mom” because she has criticized Gensler’s approach. In a September 16 dissenting opinion with Commissioner Mark Uyeda, she stated, “Leaving crypto to be addressed in an endless series of misguided and overreaching cases has been and continues to be a consequential mistake.”
Peirce has extensive experience in financial market regulation. She has done research at George Mason University and in advisory roles to the Senate Committee on Banking, Housing, and Urban Affairs. Peirce also worked as an attorney with the SEC and an associate at WilmerHale. Former President Obama appointed Peirce, and she has been an SEC commissioner since 2018.
While she has gained much support in the crypto industry, Peirce said to leave the commission when her term ends. Setting her up as the US SEC Chair because of this, therefore, would be very farfetched.
A New Era for Crypto Regulation?
The recent political jolts have given Mike Novogratz reason to speak loudly and clearly about the probable regulatory change in the pipeline. He believes that the crypto industry is in a better place with a Congress open toward blockchain and cryptocurrency.
He said more significant electoral victories have placed pro-crypto lawmakers in key positions that preach a wide trend of support for crypto-friendly policies. Novogratz underlined far more growth is yet to be seen. Of course, with the exemplary leadership of the most important regulatory agencies,
Novogratz said the whole dynamic changes if someone gets in charge of the SEC and is open-minded about crypto. He added that perhaps with Peirce as the US SEC Chair, the SEC could finally start fleshing out a regulatory regime friendlier to the crypto world. He said a scenario would follow in which large institutions would come aboard with digital assets. That would bring severe liquidity into the market, fostering innovation in the sector.
The crypto industry has seen tough regulatory times lately, but Novogratz remains optimistic about its future. He says that in the next couple of years, there is a likelihood of massive changes. These changes could help crypto grow further with new appointments like those announced in the SEC, FDIC, and FCC. “It is going to be a step change,” he said, of the wholesale regulatory change that could unleash billions in market value.
Still, Novogratz believes the long-term prospects of crypto are very bright. The regulatory landscape has only started shifting, and the hope is that this new leadership at the SEC will take away the uncertainty and allow for a better climate in which crypto can grow for investors, businesses, and innovators alike to have much-needed clarity.
The post Galaxy CEO Reveals Potential US SEC Chair Under Donald Trump appeared first on CoinGape.
6 Nov 2024, 7:42 amDonald Trump’s victory in the 2024 US Presidential election has sparked a surge of enthusiasm among cryptocurrency enthusiasts, especially regarding his promises for Bitcoin and the crypto industry. These promises have contributed to pushing Bitcoin’s value beyond $75,000. His re-election marks a pivotal shift in US policy, with a clear focus on making the country a dominant force in the global crypto landscape.
11 Promises Donald Trump Regarding Bitcoin And Crypto
According to a recent post on Spot On Chain, Trump has outlined 11 key promises aimed at strengthening his support among Bitcoin advocates. These commitments include regulatory updates designed to create a more favorable environment for digital currencies.
1. Fire SEC Chairman Gary Gensler
Trump promised to shake up crypto rules by firing SEC Chair Gary Gensler on his first day. Gensler has been a key player in crypto regulation. Trump’s move shows he plans to push for policies that support the crypto industry.
Several candidates, like pro-crypto SEC Commissioner Hester Pierce, have been mentioned as potential successors to Gary Gensler.
2. Establish a National Bitcoin Stockpile
Trump plans to create a US “Bitcoin Stockpile” treating Bitcoin as a national asset, like gold. This would mark a major shift in how digital assets are integrated into US financial policy.
This could also help the flagship crypto move from being a risk asset to a flight to safety, similar to the way investors view gold.
3. Donald Trump Plans To Make the US the Global Hub for Crypto
Trump’s administration aims to make the US the world’s “crypto capital.” This goal could boost investment in crypto and drive innovation in the blockchain space.
For a long time, many crypto firms have chosen to adopt countries abroad as their headquarters, but that could change with Trump’s plan.
4. Retain Bitcoin Holdings from Seizures
Trump promised to retain 100% of the 203,650 BTC ($14.95B) currently held by the US government. He plans to create a national reserve to protect the asset from legal seizures and secure it for future growth.
The US is already the largest BTC holder among world governments, and this would solidify the country’s position, especially if Trump and his administration actively purchased more Bitcoin.
5. Eliminate Capital Gains Tax on Bitcoin
Trump’s plan includes removing the capital gains tax on Bitcoin transactions. This would make it more appealing for US investors to buy, hold, and spend Bitcoin.
This would also ultimately drive more institutional inflows into the Bitcoin ecosystem since more firms will be confident about including the flagship crypto on their balance sheet.
6. Donald Trump To Support Domestic Bitcoin Mining
Trump plans to focus on US-based Bitcoin mining to boost energy independence and lead in the digital economy. He supports building mining infrastructure on American soil.
It is worth mentioning that the US is already home to a majority of crypto miners, and this would only help solidify the country’s dominance in Bitcoin mining.
7. End the Anti-Crypto Crusade
Trump plans to end the “anti-crypto crusade” and push for fair treatment of digital assets. His goal is to create a pro-crypto environment with balanced regulations.
This also relates to the fact that the president-elect will fire the US SEC chair Gary Gensler who has so far been one of those who have led the anti-crypto crusade.
8. Launch a Bitcoin and Crypto Advisory Council
Trump announced the creation of an advisory council to shape a clear regulatory framework. The council will include industry leaders and advocates to help guide policy.
This advisory council will help devise innovations that would ultimately benefit the crypto industry and market by extension.
9. Protect Self-Custody Rights
Trump pledges to protect Americans’ right to self-custody their crypto. This ensures citizens can keep control of their digital assets without relying on third-party institutions.
This move will lead to greater crypto adoption, especially with many investors still relying on the Spot Bitcoin ETFs and other crypto ETFs because of lack of clear regulatory oversight.
10. Oppose a Central Bank Digital Currency (CBDC)
Trump strongly opposes the idea of a CBDC, saying it violates privacy and personal finance control. His administration will block any CBDC initiatives from moving forward.
This promise undoubtedly benefits stablecoin issuers like Tether and Circle, with USDT and USDC currently dominating the market.
11. Donald Trump Promised To Commute Ross Ulbricht’s Sentence
Trump has promised to commute the double-life sentence of Ross Ulbricht, the founder of Silk Road. This decision highlights Trump’s push to reform the legal treatment of the digital finance sector.
As Trump gets ready for his presidential term, the crypto community is closely watching to see if these promises will change the nation’s crypto landscape.
The post 11 Promises US President Donald Trump Made To Bitcoin and Crypto Industry appeared first on CoinGape.
6 Nov 2024, 7:25 amWazirX, a cryptocurrency exchange that was recently hacked for over $230 million, plans to issue a Recovery Token to settle outstanding debts with creditors.
The official announcement said that the token will be airdropped in proportion to creditors on their platform balance, which will offer a tangible route for creditors to recover funds.
WazirX Proposes Recovery Token for Debt Settlement
WazirX has announced the issuance of a “Recovery Token” to settle outstanding debt on its books to platform creditors. It will be airdropped proportionally in favor of its creditors according to the balance amount within their respective accounts. It provides a systematic way for creditors to get their money back via multiple innovative channels.
Recovery Token for Outstanding Debt Settlement
We are working towards launching a Recovery Token. The token will be airdropped to Creditors proportionate to their balances on the platform.
The Recovery token will offer a path to recovery through:
1⃣ Future platform profits… pic.twitter.com/dNe0OBlPDj
— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) November 6, 2024
The Recovery Token’s key items include projected revenue ranges that highlight potential future profitability for the platform. Strategic business initiatives and the sale or liquidation of assets held by third parties are also part of the plan. Additionally, there will be efforts to recover stolen assets, along with potential “White Knight” proposals for new capital injections.
A key use of the Recovery Token for creditors is its buyback mechanism. It usually aims to boost recoveries and enable the platform to capture market upswings. This feature also gives creditors added liquidity, as they can trade the tokens on the open market. This offers flexibility to the creditor. It also provides a chance to access funds earlier, depending on market sentiment.
WazirX said it will announce more information about the mechanics and details regarding the Recovery Token. Recovery Token is unique for resolving outstanding debt and showing commitment towards the repayment of creditors.
North Korean Hackers Drain $234M
Hackers are being more inventive and aggressive every day. Just recently, UAE-based crypto exchange M2 crypto exchange encountered a cybersecurity breach, resulting in the loss of $13.7 million in digital assets. Maybe this WazirX decision helps its UAE colleagues to do whatever they can to protect investors.
In July this year, the India-based cryptocurrency exchange WazirX lost about $234.9 million in investors’ funds through a tremendous hack. On July 18, 2024, it folded its operations. On the very same date, July 18, 2024, North Korean hackers from the Lazarus Group moved $234.9 million in crypto assets from WazirX into a new wallet address.
Five WazirX and one Liminal signatory secured the multisig wallet, requiring three WazirX and one Liminal signature to process transactions. The hackers created a fake account on WazirX, deposited some tokens, and began buying Gala tokens. Right after draining the hot wallet, they logged into the cold wallet. In doing so, the attackers manipulated the intelligent contract in WazirX’s multisig wallet; the need for WazirX’s keys became nullified as they would, in turn, gain complete control over the funds.
WazirX officially shut down crypto trading on July 18, 2024. On August 29, 2024, rival exchange CoinSwitch filed a lawsuit against it to recover $9.65 million in trapped funds.
Bitfinex’s Recovery Token Precedent
Hong Kong virtual currency exchange Bitfinex had taken a similar measure back in 2016 when it was facing a humongous hack. The announcement of 2,000 confirmed transactions hacked from users’ wallet accounts into a single address in August 2016 seriously affected the exchange.
Within hours of the breach, cryptocurrency trading price nosedived 20% to shrink the value of the stolen money down to about $58 million. Immediately after noticing the breach, Bitfinex froze all Bitcoin withdrawals and trading.
In July 2023, Bitfinex, with the cooperation of the US Department of Homeland Security, recovered approximately $315,000 in cash and cryptocurrency hacked away in 2016.
The post WazirX Crypto Exchange Unveils Recovery Token Plan for Creditors appeared first on CoinGape.
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