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BitGo CEO Mike Belshe will be holding a fundraiser for Donald Trump’s campaign with special guest Republican vice-presidential nominee JD Vance. Organized for Monday in Palo Alto, California, the event is believed to attract much attention of the crypto-community.
Donald Trump Fundraiser by BitGo CEO
Mike Belshe, the CEO of BitGo, will be hosting a fundraiser for Donald Trump’s campaign where JD Vance, Trump’s vice presidential candidate, will be present. The dinner reception is scheduled for Monday, in Palo Alto, California. In an invitation secured by Bloomberg News, the attendees are expected to pay $3,300 for the reception, $15,000 for a photo with Vance, and $25,000 for a roundtable discussion. For $50,000, couples can become a part of the host committee of the event.
Belshe contributed $50,000 in Bitcoin to the Trump campaign back in June. This way, the connection between crypto-enthusiasm and political activism is demonstrated by his activity in supporting Trump. Donald Trump’s campaign started to allow contributions in digital assets in May 2024 and since then, there has been an increased contribution from the digital asset holders.
Some of the most notable contributors in the industry include the Winklevoss twins of Winklevoss Capital Management, Kraken’s co-founder Jesse Powell, and Ripple’s Chief Legal Officer Stuart Alderoty. The total cryptocurrency donations to Trump’s campaign now have reached more than $4 million.
Bitcoin Conference: Trump & JD Vance Present
Both Trump and Vance are expected to be at the Bitcoin Conference 2024 today in Nashville Tennessee as they hold key rally events in their bid to clinch the presidency. Concurrently, Trump is expected to address the Bitcoin conference and will meet with donors for a private fundraiser on the same day.
Vance, on the other hand, is embarking on his personal campaign trail with rallies in Ohio and Virginia. Both the candidates are now trying to make their stand in the campaign as this is a crucial phase especially for the tech and crypto supporters.
In addition, there have been speculations about the United States having a reserve of Bitcoins under the Trump administration. This proposal underscores the growing awareness of the possibilities of using Bitcoin as a strategic asset, with prominent figures like Elon Musk and Peter Brandt forecasting America going bankrupt with the potential dollar undervaluation.
Concurrently, this fundraiser represents the increasing popularity of Trump among the supporters of cryptocurrencies. Marc Andreessen, Ben Horowitz, and David Sacks have been also endorsed Trump for the presidency. They state that Trump’s pro-growth agenda that includes the extension of the expiring tax cuts and the deregulation of the government will enhance the growth of startups especially those that are into developing artificial intelligence and cryptocurrency.
Read Also: Bitcoin Price To Hit $13M, Michael Saylor Predicts Amid BTC Rally
The post Donald Trump Receives Extended Support From Bitgo CEO & JD Vance appeared first on CoinGape.
26 Jul 2024, 4:57 pmIn a bold forecast, MicroStrategy’s Michael Saylor predicts Bitcoin price could hit $13 million by 2045. His projection, made during the Bitcoin Conference 2024, comes amid a notable rally in the broader crypto market, sparking widespread discussion. Besides, he also predicts that in an extended rally, BTC could reach as much as $49 million in the same time frame.
Michale Saylor Made Bold Forecast On Bitcoin Price
During his appearance at the Bitcoin Conference, Saylor outlined a macro forecast for Bitcoin. The MicroStrategy co-founder shares his long-term prediction for Bitcoin price, forecasting that its annual growth rate might slow from 55% to 20% by 2045, but it would ultimately drive the cryptocurrency’s value to a staggering $13 million per coin.
Besides, he also mentioned a potential bull case where Bitcoin could reach $49 million by 2045. Saylor has always been bullish on Bitcoin. His company, MicroStrategy, holds a significant amount of Bitcoin, underscoring his confidence in its future.
Meanwhile, Saylor’s latest prediction aligns with his long-term optimistic view, projecting massive growth for Bitcoin despite its volatile nature. In addition, his latest comments have fueled discussions among investors, amid an ongoing rally in the broader cryptocurrency market and BTC price.
Also Read: Cardano Founder Charles Hoskinson Criticizes Peter Schiff’s Bitcoin Knowledge
Market Optimism Amid Price Surge
Saylor’s comments come as Bitcoin price soared past $68,000 again today. The surge is fueled by optimism surrounding the Bitcoin Conference and former President Donald Trump’s anticipated appearance. David Bailey, CEO of Bitcoin Magazine, suggested that Bitcoin could hit a new high during Trump’s speech at the event.
Meanwhile, Saylor’s bullish forecast is not surprising given his company’s substantial Bitcoin holdings. MicroStrategy has accumulated 226,331 tokens over the past four years, currently worth about $15 billion, significantly more than the purchase price. This demonstrates Saylor’s belief in Bitcoin’s long-term value and potential as a store of wealth.
However, Saylor also presented a bear case scenario where Bitcoin price could be valued at $3 million, accounting for 2% of global wealth. Despite the varying projections, Saylor’s overall message was clear that Bitcoin’s potential growth is immense, and it could become a significant asset in the global economy.
During writing, BTC price was up 2% and exchanged hands at $68,010, with its trading volume declining 20% to $31.18 million from yesterday. Besides, Bitcoin Futures Open Interest soared nearly 3%, indicating strong market confidence towards the flagship crypto.
Also Read: Pro-Bitcoin RFK Eyes Election Victory, Denies Endorsement For Donald Trump
The post Bitcoin Price To Hit $13M, Michael Saylor Predicts Amid BTC Rally appeared first on CoinGape.
26 Jul 2024, 2:41 pmA dog attack has caused former FTX Executive Ryan Salame to request the delay of his seven-and-a-half-year prison sentence.
Ryan Salame Files to Report to Jail by October 13
According to Salame, he needs to undergo surgery after a dog attack will make him unable to report to prison on August 29 as earlier scheduled.
The former FTX executive visited his friend in June and while visiting this friend’s home, the German Shepherd dog mauled him. The severity of the injury including a bite on the face mandates that he undergo surgery.
His legal representative filed a letter to the federal court asking that his surrender date be moved to October 13.
Two months ago, United States District Judge Lewis A. Kaplan sentenced the co-CEO of the Bahamian affiliate of FTX exchange, to 90 months (7.5 years) in prison. The court accused Ryan Salame of embezzling company funds and engaging in covert political lobbying.
He pleaded guilty to the charges levied against him including taking part in the process that led to FTX implosion. The court required that he pays more than $6 million in forfeiture and over $5 million in restitution.
Jail Sentences For Crypto Leaders
Ryan Salame’s sentence is one of the top profile cases that the crypto industry has seen this year. He is one of the four other former executives to receive sentence on criminal charges related to the 2022 implosion of the FTX Exchange and its sister hedge fund Alameda Research.
FTX co-founder Sam Bankman-Fried (SBF) is currently serving a 25-year prison term. SBF stole about $10 billion from customers, lenders and investors. The government clamored for him to get as much as 50-years jail time while SBF’s legal team pursued a 6-years sentence. He ended up with a 25-year prison term.
Similarly, Binance former CEO Changpeng Zhao received a four months prison sentence in April. CZ pleaded guilty to one-count charge of violating the Bank Secrecy Act (BSA). He also stepped down as CEO of the top crypto exchange and waived the right to appeal any jail term sentence up to 18 months.
The Department of Justice (DOJ) initially proposed a 3-year sentence for the crypto leader. However, Judge Richard Jones who presided over the case, did not agree to the proposition.
Read More: Anthony Scaramucci Clears Air On Political Debate On Crypto
The post Ex-FTX Exec Ryan Salame Is Not Ready For Jail, Here’s Why appeared first on CoinGape.
26 Jul 2024, 2:33 pmGrayscale Investments has received the green light from the U. S. Securities and Exchange Commission (SEC) for its new product, the Grayscale Bitcoin Mini Trust.
Expected to open for investment next Wednesday, the fund is designed to offer investors a cheaper solution than the Grayscale Bitcoin Trust (GBTC).
SEC Approval for Grayscale’s Bitcoin Mini Trust ETF
According to Nate Geraci, the president of The ETF Store, the US SEC has given the green light to Grayscale’s Bitcoin mini trust, with the ticker BTC as the company prepares for its trading debut. Concurrently, the new fund will be a spin-off of the current GBTC in which GBTC will transfer a certain percentage of its bitcoin to the new trust.
Like the Grayscale Ethereum Mini Trust, the management fee of the Grayscale Bitcoin Mini Trust is also set at 15 basis points.
Grayscale Bitcoin Mini Trust 19b-4 has been APPROVED…
Spinoff from GBTC set to happen next Wednesday (date of record is Tuesday).
Will be lowest cost spot bitcoin ETF at 15bps. pic.twitter.com/opFrSAENFu
— Nate Geraci (@NateGeraci) July 26, 2024
This initiative is expected to distribute new shares of the mini-trust to GBTC shareholders. The SEC has said that this step is aimed at preventing pricing manipulation and increasing market transparency and orderliness for the shares of the trust.
Regulatory Steps and Anticipated Launch
Grayscale is still waiting for the BTC Trust’s registration statement on the Form S-1 to become effective. This statement is very critical for legal and regulatory issues, which enables the trust’s shares to be offered to the public.
This means that the market is still waiting for this final process of the regulation to be completed.
The record date for the initial distribution of the Bitcoin Mini Trust shares is established for Tuesday, July 30, 2024, with the distribution expected to occur the following day. Each shareholder of record of GBTC as of the close of business on the record date will receive a one-for-one distribution of new shares in the Bitcoin Mini Trust.
Strategic Reduction in Fees and Market Impact
Due to the competitive pressures and the feedback from the investors regarding the fee structures, the upcoming Grayscale Bitcoin Mini Trust will have its fee at just 15 basis points.
This adjustment makes Grayscale to be more competitive as compared to other low-cost ETFs like those from Franklin Templeton Digital Holdings Trust and the Bitwise Bitcoin ETF whose fees are approximately 0.19% and 0.2% respectively.
The reduction in fee is considered as a strategic long-term plan of attracting more investors and cementing its position in the competitive and fast growing ETF industry especially in the current environment where there is increasing adoption of digital assets.
Read Also: Ex-FTX Exec Ryan Salame Is Not Ready For Jail, Here’s Why
The post Just-In: GrayScale Receives SEC Nod For Bitcoin Mini Trust ETF appeared first on CoinGape.
26 Jul 2024, 2:12 pmThis week, the second-largest cryptocurrency Ethereum experienced a significant decline in value despite the highly anticipated launch of a spot ETH ETF. The coin price dropped 13.3% from a high of $3560, settling at $3258, while its market cap fluctuated around $391.8 billion. This downturn was influenced by a considerable outflow from the Grayscale ETF ($ETHE), echoing the pattern observed with Bitcoin following its ETF debut in January. Market observers suggest that this trend of an initial decline could precede a substantial rally for the asset.
Watch Major Support & Resistance Amid Post ETH ETF Fall
![BINANCE:ETHUSDT Chart/ ETH ETF](https://s3.tradingview.com/snapshots/e/E47uZCRO.png)
Over the past four months, the Ethereum price has fluctuated, confined between a declining trendline and a $2850 support level. This horizontal support intact since November 2023 has formed a robust accumulation zone for buyers.
Amidst a market rebound, a recent bounce from this support propelled Ethereum’s price by 26.8% to reach $3558, before it entered a fresh correction phase. Today, the ETH price is up 3% seeking sustainability amongst 200 EMA. However, the altcoin below the daily EMAs (20, 50, and $100) indicates the path to lead resistance down.
As per the data from Arkham Intelligence, Grayscale executed a substantial transfer of 110,867 ETH, valued at approximately $358 million, to Coinbase Prime. This transaction occurred shortly after a notable outflow from the Grayscale Ethereum Trust (ETHE) on July 25, amounting to $346 million. The total historical outflow from ETHE has now reached a staggering $1.157 billion.
Should supply pressures continue, the Ethereum price forecast hints 8.5% to retest the lower trendline, a support that has revitalized buying interest after previous corrections.
The current correction resembles the post-Bitcoin ETF downfall in January. If the pattern holds true, the current sell-off could throw the weak hand off the market and attract strong players.
In a recent analysis by Eric Balchunas that these ETH ETFs have not matched the strength of their Bitcoin counterparts in mitigating the impact of Grayscale outflows, there is still positive news. The inflows and volume for these ETFs remain robust, suggesting healthy investor interest.
The ‘New Eight’ Ether ETFs not quite as strong as the ‘New Nine’ bitcoin ETFs in offsetting Grayscale outflows but good news is their inflows/volume is still very healthy, and the intensity of the $ETHE unlock will die down sooner than it did w $GBTC = outlook good but next few… https://t.co/DnOsKsouzP
— Eric Balchunas (@EricBalchunas) July 26, 2024
Balchunas notes that the intensity of the current unlock phase for the Grayscale Ethereum Trust (ETHE) is expected to subside more quickly than the previous unlock for the Grayscale Bitcoin Trust (GBTC). While the short-term outlook may present challenges, the overall forecast remains optimistic.
Overall, if Ethereum rebounds from the support trendline, there could be significant momentum towards breaking the upper resistance trendline. A successful breach could potentially propel prices past the previous high of $4891.
The post ETH Mimics BTC’s Post-ETF Crash, Hinting at Massive Rally Ahead appeared first on CoinGape.
26 Jul 2024, 1:57 pmAnthony Scaramucci, the founder of SkyBridge Capital, appeared on CNBC’s Squawk Box and emphasized the need for Democrats and Republicans to come together and regulate Bitcoin and cryptocurrency.
Anthony Scaramucci Clears Air On Political Debate
Anthony Scaramucci, in the interview, underscored the necessity for bipartisan support in regulating Bitcoin and other cryptocurrencies. Scaramucci stressed that collaborative efforts from both political parties are crucial in establishing a balanced regulatory framework for the burgeoning crypto industry.
This trend is evident with the recent passing of the Financial Innovation and Technology for the 21st Century Act by the U. S. House of Representatives with support from both Democrats and Republicans.
However, he particularly disapproved of the ‘Gary Gensler, Elizabeth Warren, anti-crypto approach’ as being counterproductive to the growth of the industry.
“We need to make Bitcoin and the regulation around blockchain and cryptocurrency bipartisan,” Scaramucci stated.
He highlighted ongoing discussions with White House officials, alongside prominent figures like Mark Cuban and Michael Novogratz, to address the risks associated with the current regulatory approach, which he described as anti-crypto.
Scaramucci claimed that recent market volatility is due to the German government unloading large amounts of Bitcoin and the release of about $9 billion worth of Bitcoin. He still holds a positive outlook towards digital currency if and only if there is a bipartisan approach to its regulation.
Political Influence on Bitcoin Regulation
Scaramucci noted that politicians, including US Vice President Kamala Harris, could positively influence the regulation of Bitcoin. He said that in the next election if Harris becomes the winner, she may take the middle ground on the regulation of Bitcoin.
He said,
“If Vice President Harris wins the election, I believe that she will shift toward the center on Bitcoin regulation.”
He also credited former President Donald Trump for the shift, noting that the positive sentiments towards cryptocurrencies from Trump made Democrats reconsider their positions. Scaramucci appreciated Trump for changing the Democratic approach to the regulation of cryptocurrencies and called on young democrats to switch to a fair position.
Scaramucci also spoke about the rising institutional adoption of Bitcoin as an investment asset. Comparing the situation with the gradual emergence of other revolutionary services like Uber, he claimed that the same could happen to Bitcoin. He highlighted the increasing interest from institutional investors, citing Wisconsin State’s large investments in Bitcoin and Jersey City’s shift into Bitcoin ETFs.
Upcoming Bitcoin 2024 Conference
Scaramucci and former President Trump are scheduled to speak at the Bitcoin 2024 conference this weekend. Speculation suggests that Trump may discuss plans for a Bitcoin strategic reserve, further legitimizing Bitcoin as an asset class in the U.S. government’s eyes.
This year the conference was also supposed to be attended by Vice President Kamala Harris, but due to her schedule, she could not attend the meeting. Scaramucci said: “It’s a miss for her, she should have been there, but she wasn’t; nonetheless, I understand why she wasn’t.”
Earlier in the week, Scaramucci had taken to Twitter to calm the crypto community, saying that Harris is supportive of cryptocurrencies. He noted that it would be wrong to regard Harris’s non-attendance at the Bitcoin Conference as hostility to the sector.
Scaramucci stated that
“Gensler will be fired and Warren will be sidelined as Financial Services Czar in a Harris Administration. Let’s keep crypto bipartisan; it will be healthier for the ecosystem in the long run.”
Read Also: Pro-Bitcoin RFK Eyes Election Victory, Denies Endorsement For Donald Trump
The post Anthony Scaramucci Clears Air On Political Debate On Crypto appeared first on CoinGape.
26 Jul 2024, 1:06 pmThe Independent candidate Robert F. Kennedy (RFK) has denied ever stepping away from the upcoming United States Presidential elections or even endorsing Republican nominee Donald Trump.
RFK Clarifies Donald Trump Endorsement Claims
RFK Jr. took to X to debunk any speculation about him dropping out of the elections through an endorsement for Trump. There were social media conversations between him and Trump at the time the former President got shot earlier this month. Amid these speculations, he said unequivocally that he was in the race to win it.
BREAKING: RFK JR. DENIES DROPPING OUT, EYES ALL 50 STATES BALLOT ACCESS
“I’m in it to win it. I lead in popularity and independents are now the largest voting bloc.
Momentum is shifting in my favor as I close in on ballot access in all 50 states.
I look forward to… pic.twitter.com/zpKiHLX1N6
— Mario Nawfal (@MarioNawfal) July 26, 2024
To ascertain his confidence in snapping the votes, Kennedy claims that Independents are the largest voting group currently. In his opinion, momentum is in his favor as he is closing in on ballot access in all 50 US states. In light of all these, the Independent candidate looks forward to competing headlong with Donald Trump, and whoever the Democrats will nominate to represent them.
Kennedy has support from top entities like Cardano founder Charles Hoskinson who is quite vocal about it. Hoskinson once said he would vote for RFK Jr as he believes he can make a difference regardless if he wins or not. In his endorsement for RFK, the Cardano innovator noted that the pro-Bitcoin contestant is the “horse to ride in November.”
After dropping out of the race, President Joe Biden endorsed Kamala Harris to take his place. She is yet to be approved by the Democrats leaders but Harris has gone ahead to launch her first official campaign video. This is only one week after Biden made his decision public.
In this ad video, Kamala Harris highlighted her swift rise to the position of presumptive nominee in an election just over 100 days away.
US Presidential Nominees And Crypto
From the crypto perspective, the presence of RFK in the race could stiffen the competition for Donald Trump. The reason is not far-fetched as it has to do with RFK’s pro-Bitcoin stance. It is widely believed that this year’s election will be influenced by the crypto inclination of the candidates.
Specifically, Trump has not stopped talking about his support for crypto firms. The former President constantly talks about all the favorable crypto policies he would introduce to the sector once elected president. He is one of the strongest crypto-inclined candidate in the US presidential elections. He has gotten much love thus far raising over $4 million in crypto for his campaign thus far.
Also, Harris recently refused to attend the ongoing Bitcoin Conference, a move that portrays her crypto stance.
Read More: Cardano Founder Charles Hoskinson Criticizes Peter Schiff’s Bitcoin Knowledge
The post Pro-Bitcoin RFK Eyes Election Victory, Denies Endorsement For Donald Trump appeared first on CoinGape.
26 Jul 2024, 12:56 pmCardano founder Charles Hoskinson has publicly criticized Peter Schiff’s understanding of Bitcoin. Peter Schiff, known for his anti-Bitcoin stance, has often voiced his skepticism about the cryptocurrency. In a series of recent X posts, Schiff has called BTC a “pyramid scheme” scam.
However, Hoskinson’s recent remarks highlight the ongoing debate between crypto advocates and skeptics.
Charles Hoskinson Slams Peter Schiff’s Bitcoin Understanding
In a recent X post, Peter Schiff expressed his concerns about Bitcoin. To be precise, he voiced his skepticism about BTC, arguing that its perceived connection to principles like sound money and limited government is misguided.
Meanwhile, he predicts that when the BTC “bubble” bursts, leaving millions with significant losses, the fallout will be used to justify increased government control and the adoption of Central Bank Digital Currencies (CBDCs). This comment reflects Schiff’s long-standing criticism of BTC as a volatile and risky investment.
However, responding to Schiff’s post, Charles Hoskinson remarked, “This is Peter. Peter doesn’t understand BTC. Don’t be like Peter.” Hoskinson’s comment underscores the divide between crypto supporters and detractors. He believes that Schiff lacks a fundamental understanding of BTC’s value and potential.
However, Schiff’s skepticism isn’t new. He has repeatedly labeled BTC as a pyramid scheme in a series of recent X posts. In a scathing critique, he debunked the notion that BTC is a level playing field, as portrayed in the documentary “God Bless Bitcoin”.
Meanwhile, the Cardano founder’s criticism also comes amid other posts from Schiff. For context, the BTC critic argued that this claim is a myth, and in reality, early adopters who buy in at lower prices have a significant advantage over latecomers who enter at higher prices, echoing the dynamics of a pyramid scheme.
A Closer Look Into Schiff’s Criticism
In a recent post, Schiff criticized the notion that everyone who investigates BTC eventually embraces it. He wrote, “Another big lie is that everyone who actually looks into Bitcoin embraces it. Many smart people, myself included, took a good long look at BTC and just didn’t like what they saw.”
In addition, he also targeted Michael Saylor, CEO of MicroStrategy, for advocating that the US government should buy more BTC . He accused Michael Saylor of seeking a government-backed rescue for BTC, ironically contradicting the cryptocurrency’s decentralized ethos.
Schiff claims Saylor wants the US government to serve as a safety net, effectively making American taxpayers responsible for absorbing the potential losses, thereby perpetuating a pyramid scheme. Meanwhile, Charles Hoskinson’s criticism of Schiff highlights a broader debate in the financial world.
While many, like Schiff, view BTC as a speculative asset with no intrinsic value, others, like the Cardano Founder, see it as a revolutionary technology with the potential to transform the financial system. As the flagship crypto continues to gain mainstream acceptance, the divide between supporters and critics remains sharp.
Hoskinson’s comments reflect the frustration of many in the crypto community who believe that skeptics like Schiff fail to understand the true potential of Bitcoin and blockchain technology.
The post Cardano Founder Charles Hoskinson Criticizes Peter Schiff’s Bitcoin Knowledge appeared first on CoinGape.
26 Jul 2024, 12:24 pmAbner Alejandro Tinoco and his company Kikit & Mess Investments, LLC. will have to pay a total of $31 million as a penalty in a Commodity Futures Trading Commission (CFTC) crypto fraud enforcement move.
The Forex And Crypto Fraud From El Paso
According to the CFTC, Senior Judge David C. Guaderrama of the U.S. District Court for the Western District of Texas entered an order on July 9. The said order assesses monetary relief of over $31 million against Tinoco and his firm. Precisely, the monetary relief order requires both entities to pay more than $6 million to about 199 investors who suffered from the perpetrated crypto fraud.
Another $6.2 million in disgorgement with dollar-for-dollar credit, is designated for restitution to any victim. For civil monetary penalty, the court has requested for $18.7 million, which is approximately three times the value of unlawful gains Tinoco made from running the illegal scheme. All these fees round up to approximately $31 million.
This enforcement action comes at a time when the US electioneering campaign is in full gear. While Donald Trump and Kamala Harris are trying to get their angles right, there are no concessions for crypto fraud.
For context, 27-years Tinoco orchestrated a Ponzi scheme that he operated through his business. He solicited millions of dollars of investments from clients with claims that he would invest their money into funds dealing with cryptocurrency and foreign exchange markets.
Through misleading claims, the El Paso man secured $9 million from his victims. Instead of investing these monies as promised, Tinoco went on a spending spree, buying luxury cars, private jets, real estate and jewelry.
Us DoJ Sentence Tinoco to 84 Months in Prison
Two years ago, the court entered an initial consent order of permanent injunction against Tinoco and his firm. This prohibited them from violating the Commodity Exchange Act (CEA) and CFTC regulations any further. It also prohibited them from trading in any CFTC-regulated markets and registering with the regulator. Then in October 2023, the US Department of Justice sentenced Tinoco to 84 months in prison for wire fraud.
“The defendant orchestrated an elaborate cryptocurrency investment fraud scheme that caused extensive financial harm to unsuspecting victims,” Special Agent in Charge John S. Morales for the FBI El Paso Field Office said.
This latest order have finally resolved the CFTC’s case with both Tinoco and Kikit & Mess Investments. It underscores regulators effort to secure crypto investors and their holdings. It also comes a few hours after the SEC sued GameStop short seller Andrew Left for market manipulation.
Read More: Filecoin Price Poised For Q1-Style Rally After Waffle Network Update
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26 Jul 2024, 11:22 amFilecoin price is back in the green as it consistently prints bullish candles in lower timeframes. The leading DePIN token surged 10% to exchange hands at $4.56 amid a trend reversal triggered by news of a network update called Waffle.
Price data by CoinMarketCap revealed modest increases in the 24-hour trading volume and the market cap to $138 million and $2.6 billion, respectively.
A Peek Into Filecoin’s Waffle Upgrade
Filecoin announced a new network update codenamed Waffle set to launch on the mainnet on August 6, 2024. With this update, developers intend to roll out several key improvements aimed at enhancing performance and unleashing new capabilities.
According to a blog post published on the update, the key updates have been bundled up in the Filecoin Improvement Proposals (FIPs) in NV23 including the launch of the FIP-00068 which enables F3 testing in the mainnet. Additionally, it sets the framework for the fast finality in future upgrades, featuring a potential holistic rollout in nv24.
The Waffle update includes support for Legacy Ethereum Transactions in FIP-91. Filecoin developers will add support for Homestead and EIP-155 Ether transactions while ensuring compatibility with other Ethereum tools and wallets.
The third update under the FIP is a non-interactive proof of replication or FIP-0092. With this, the network is set to introduce a raft of changes to the sector-sealing process. Sealing will be separated from storage to allow for independent execution.
In the grand scheme of these improvements, Filecoin targets enhanced performance, a broader ecosystem integration, and a faster, more efficient network.
“This upgrade is set to enhance Filecoin’s capabilities, efficiency, and integration with the broader blockchain ecosystem!” Filecoin said in the blog post.
In other developments, Filecoin announced a new strategic partnership with SingularityNET aimed at transforming AI data storage. This will achieved through “secure and verifiable model training.”
Filecoin appears to be making headway as the go-to DePIN project for AI projects including Bagel and Nuklai.
“By leveraging Filecoin’s robust decentralized network, these collaborations aim to enhance AI development, emphasizing the network’s growing influence and importance in the AI and blockchain sectors,” the statement continued.
Filecoin Price Begins Breakout, But For How Long
The news of the Waffle update has brought FIL on the global crypto map as traders rush to make early entries. FIL price bounced off slightly above $4, with support steadied by an ascending trend line.
![Filecoin price chart | Tradingview](https://coingape.com/wp-content/uploads/2024/07/FILUSDT_2024-07-26_20-23-54.png)
A subsequent increase in the trading volume fuels the rally with FIL seeking higher support above $4.5. Holding above all three key bull market indicators; the 20-day Exponential Moving Average (EMA), 50-day EMA, and 200-day EMA validates the uptrend.
On top of this improving technical structure is a buy signal from the Moving Average Convergence Divergence (MACD). The next key hurdle would be the region between $4.8 and $5. Should bulls not break this resistance, investors can expect a new sideways movement with support at $4.5 holding.
The post Filecoin Price Poised For Q1-Style Rally After Waffle Network Update appeared first on CoinGape.
26 Jul 2024, 11:12 amThe United States Federal Reserve has announced the termination of its enforcement action against Silvergate Bank alongside its holdings company Silvergate Capital Corporation. This year, the board of the central bank fined the institution $43 million over non-compliance with anti-money laundering (AML) regulations.
Federal Reserve Ends Action
According to a July 26 announcement, the Federal Reserve has terminated the action against the bank for breach of certain regulations. The bank has completed its liquidation following enforcement actions brought in May 2023. The crypto-friendly institution faced headwinds leading to an eventual collapse and a decision to wind down.
“The Board’s enforcement action, which has been in effect since May 2023, ensured that Silvergate would liquidate and wind down operations in a manner that protected the bank’s depositors. Since that time, Silvergate has completed its liquidation and wind-down plan, has paid back all deposits to its customers, and no longer functions as a bank,” the Federal Reserve wrote.
Apart from the enforcement action, the Federal Reserve fined Silvergate Bank $43 million for noncompliance with AML regulations. Alongside this, state regulators also fined the firm raising total fines to $63 million. The bank agreed to settle the charges which included a misrepresentation to shareholders about having proper Bank Secrecy Act compliance when it was not the case.
The bank alongside two executives Alan Lane, the former CEO, and Kathleen Fraher agreed to the settlements without admitting or denying the allegations. “On several occasions before November 2022, Lane and Fraher – and through them SCC – became aware that the Bank had serious deficiencies in its BSA/AML compliance program.”
Also Read: VanEck CEO Labels Bitcoin As ‘Freedom’, Here’s Why
Silvergate Bank Collapse Impacted Markets
The early part of last year was plagued with declining sentiments as the crypto-friendly Silvergate Bank collapsed. This followed the implosion of FTX the previous year which saw investors lose billions in assets. These incidents plunged market sentiments as crypto prices remained low until growing institutional adoption in Q4 2023. The approval of spot Bitcoin ETFs this year heightened institutional investment pushing the BTC price to a new all-time high above $73,000. At press time, BTC price stands at $67,376.
Also Read: Nomura To Launch High Yield Ether ETF Featuring Staking Options
The post US Federal Reserve Drops Enforcement Action Against Silvergate Bank appeared first on CoinGape.
26 Jul 2024, 10:58 amUS Senator Bill Hagerty of Tennessee has announced plans to introduce pro-Bitcoin legislation, sparking market discussions. This revelation comes amid the excitement of the Nashville Bitcoin Conference 2024, commenting on which Hagerty expressed his enthusiasm in a video shared on social media. His announcement highlights the growing influence of Bitcoin and the crypto industry in the political sphere.
US Senator Bill Hagerty To Introduce Pro-Bitcoin Legislation
US Senator Bill Hagerty’s announcement at the Nashville Bitcoin Conference underscores the increasing importance of Bitcoin in political discussions. In a video posted on the X platform, the US Senator shared his excitement about the event and the presence of influential speakers, including former US President Donald Trump.
Besides, he emphasized his commitment to promoting Bitcoin and the broader cryptocurrency industry. Hagerty stated, “Bitcoin and the crypto industry have become key issues in Washington D.C. As a member of the Senate Banking Committee, I am fighting to pass pro-Bitcoin and pro-crypto legislation that promotes the core principles of freedom and opportunity.”
Meanwhile, this commitment aligns with the broader trend of political leaders recognizing the potential of digital assets to transform the financial landscape. Notably, the Nashville Bitcoin Conference has garnered significant attention, with rumors suggesting that Donald Trump may announce Bitcoin as a US strategic reserve.
Additionally, Senator Cynthia Lummis is expected to make a major announcement at the event, further fueling speculation and excitement within the crypto community.
Also Read: Michigan Pension Fund Buys $6.6M In Ark Bitcoin ETF
Impact of Political Landscape
The growing political support for Bitcoin is a testament to its increasing legitimacy and potential impact on the global financial system. Senator Hagerty’s proposed legislation aims to create a favorable regulatory environment for Bitcoin and other cryptocurrencies, which could drive further adoption and investment.
Meanwhile, by advocating for pro-Bitcoin policies, the US Senator joins a growing list of lawmakers who recognize the importance of fostering innovation in the crypto space. His collaboration with other influential figures, such as Tennessee Senator Marsha Blackburn and industry leaders, highlights the bipartisan interest in supporting the digital assets sector.
The Nashville Bitcoin Conference, with key political figures like Bill Hagerty and Trump showing support, underscores the potential for Bitcoin to become a strategic asset for the United States. In addition, Bitcoin Magazine CEO David Bailey recently said that Bitcoin is likely to hit a new high during Donald Trump’s speech at the event.
During writing, Bitcoin price was up over 4% to $67,500, indicating strong market confidence towards the crypto. However, it’s worth noting that several users have seen the recent comment from the US Senator as a political stance, urging them to look for actions rather than words.
Also Read: VanEck CEO Labels Bitcoin As ‘Freedom’, Here’s Why
The post US Senator Bill Hagerty Plans To Introduce Pro-Bitcoin Bill appeared first on CoinGape.
26 Jul 2024, 10:43 amAmid the early week sell-off, the BNB price recorded a notable pullback from $605 to $553, registering a loss of 8.6%. However, the correction was short-lived as the broader market witnessed a rebound and rumors that Binance’s former CEO Changpeng Zhao will be released from Jail next month. The demand surged around the $555 level and offered buyers suitable support to prolong the current recovery.
Changpeng Zhao Not Set for Early Release: Debunking the Myths
This week, rumors circulated on X (formerly known as Twitter) among Binance enthusiasts that the exchange’s founder, Changpeng Zhao (CZ), would be released from prison on August 30. However, these claims were later confirmed to be unfounded.
@cz_binance was sentenced to four months in prison on Tuesday, April 30, 2024.
If he had started his jail time right away, his due date to be a free man would be August 30, 2024.#facts https://t.co/kk9tVKabkG
— Pahueg
(@pahueg) July 23, 2024
Confusion arose from a misconception that CZ’s imprisonment started on April 30, when US District Judge Richard Jones issued a four-month prison sentence for him in Seattle. However, due to some procedural delays in the criminal justice system, his term did not begin until late May.
A recent verification using the Bureau of Prisons database revealed that Changpeng Zhao (CZ) is not scheduled for release until September 29, 2024. Contrary to previous reports, he is not housed at the Seattle-based Seatac prison but is instead serving time at the Federal Correctional Institution Lompoc II, a low-security federal facility located three hours north of Los Angeles.
BNB Price Eyes $720 Breakout amid Wedge Pattern Formation
Over the past 4-months, the BNB price showcased a sideways trend resonating within a broadening wedge pattern. In theory, the diverging trendlines indicate market uncertainty and a need for a trendline breakout to regain direction rally.
Amid the recent market recovery, the Binance coin rebounded from the pattern’s support trendline at $454. The bullish turnaround uplifted the asset 32% to $603 before a short pullback.
![BINANCE:BNBUSDT Chart](https://s3.tradingview.com/snapshots/j/JGiovqqr.png)
This rising price reclaimed daily EMAs (20, 50, 100, and 200) highlights a positive shift in market sentiment. The BNB coin currently trades at $578 and holds a market cap of $84.4 Billion.
However, the circulated rumor accentuates that the upcoming CZ release could boost BNB’s price and bolster the ongoing rally. If the buying momentum persists, BNB could potentially exceed its all-time high of $720.67 and approach the wedge resistance near $850. A decisive breakout from this resistance will signal a sustainable directional trend.
On a contrary note, if the overhead trendline persists, the ongoing sideways trend could prolong and spark a fresh correction.
The post Will BNB Price Rise Ahead of Changpeng Zhao’s September Release? appeared first on CoinGape.
26 Jul 2024, 10:19 amLaser Digital, a subsidiary of Nomura Holdings Inc., is set to launch a high-yield Ether ETF before September.
The new fund has been launched with the support of Galaxy Digital and crypto startup Dinero and is designed to give institutional investors access to Ethereum staking, which is one of the components that other US-issued ETFs have excluded in order to gain regulatory approval.
Nomura to Launch High-Yield Ether ETF
A recent report suggests that Nomura Holdings’ crypto arm is planning to release an ether ETF with staking feature giving higher returns than the current Ether ETFs available in the market. The launch which is expected to happen in early September is being done in partnership with Galaxy Digital and Dinero.
Sebastien Guglietta, the head of asset management at Laser Digital, noted that the fund offers institutional investors the opportunity to access both the price appreciation potential of Ether and the additional returns from staking.
This comes amid the recently launched Ether ETFs that did not incorporate staking because of the laws against it.
Institutional Focus and Strategic Partnerships
Laser Digital’s new fund focuses on accredited investors and this includes hedge funds and private investment offices and not the retail clients. This is in line with the nature of the product and the legal perspective in the market.
The fund has been designed to target institutional investors and provide access to ETH and the income from staking, which can improve the overall return on investments.
Galaxy Digital will be the sole validator operator and will be in charge of validating Ethereum transactions, guaranteeing that the staking process is efficient and secure. Dinero is also giving the software technology that is needed in order to stake and generate yield. This partnership works best as each of the partners brings in their strength of financial services, technological support and legal compliance.
Staking Excluded from US Issued ETFs
There is no staking in the existing Ether ETFs due to the position of the SEC. The SEC’s concern is that the staking mechanism falls under the definition of a security especially under the Howey Test. According to the SEC, staking could be considered an investment contract, which means that it is subject to securities laws. This is because staking requires users to lock their Ether with the hope of getting returns, which the SEC argues is akin to selling an investment contract.
This exclusion was more of a tactical decision by issuers such as Fidelity and Blackrock in order to get the approval of the regulators. The SEC’s decision to approve Ether ETFs followed a more cautious approach compared to the approval of Bitcoin ETFs. The Ether ETFs that have started trading in the market recently have not included the staking option thus meeting the required standards by the SEC.
However, the SEC has not shared much information on the exact factors that led to the approval, but most in the industry think that the removal of staking and products related to it were decisive.
Read Also: Ripple CEO Warns Kamala Harris Against Anti-Crypto Lawmakers
The post Nomura to Launch High-Yield Ether ETF Featuring Staking Options appeared first on CoinGape.
26 Jul 2024, 10:18 amXRP price has seen significant fluctuations over the past few days, demonstrating a bullish trend across the board. The cryptocurrency has been hovering above the critical $0.59 support level, reflecting a resilient buyer presence in the market. This marks a notable recovery phase for XRP after a period of volatility.
However, over the past 24 hours, the market has witnessed a slight pullback in XRP price. The decline raises concerns about whether the support level will hold if bearish pressures continue. As of the reporting time, XRP is trading at $0.5906, with a slight decrease of 2% during the U.S. trading session.
XRP Price Fluctuates Amid SEC Rumors
Over the past week, the cryptocurrency has witnessed a notable surge in value, climbing by 9%. The price of XRP saw a weekly low of $0.54 and reached a high of $0.62 during this period. This upward movement is captured in its recent price, which shows significant fluctuations but an overall positive trend over the last seven days.
![XRP Price Rally Stalls As Experts Downplay Settlement Hopes After SEC Closed Door Meeting](https://coingape.com/wp-content/uploads/2024/07/XRPUSDT_2024-07-26_19-16-51-1.png)
The 4-hour technical chart for XRP/USDT on Binance indicates moderate volatility in the market over the past several weeks. The Moving Average Convergence Divergence (MACD) shows a relatively flat movement, suggesting a lack of strong directional momentum in the short term.
The MACD line is close to crossing below the signal line, a potential indicator of a bearish trend if it continues. The Relative Strength Index (RSI) stands at 43, indicating that XRP price is neither overbought nor oversold.
With the XRP settlement rumors swirling, Ripple Labs finds itself at a pivotal point in its ongoing legal tussle with the U.S. Securities and Exchange Commission (SEC). Enthusiasts of XRP have high hopes for a favorable outcome, stirred by recent statements from Ripple’s CEO about potential settlement talks. Legal experts supportive of XRP argue that a settlement could significantly affect Ripple operations.
They caution, however, that a settlement could bar further appeals, a reason it might not occur. A pro-XRP attorney criticized the SEC’s stiff demands, which include penalties totaling approximately $2 billion for disgorgement and interest. He expressed skepticism about the SEC’s ability to enforce such a substantial financial penalty against the cryptocurrency firm.
XRP price is facing strong rejection at $0.62. If bullish sentiment returns, it could reach $0.68 or even $0.70. However, if bears take control, the price may fall back to support levels at $0.58 or lower, potentially testing the resilience of the $0.55 support zone
The post XRP Price Rally Stalls As Experts Downplay Settlement Hopes After SEC Closed Door Meeting appeared first on CoinGape.
26 Jul 2024, 9:49 amRipple Labs CEO Brad Garlinghouse has subtly warned United States Vice President Kamala Harris against anti-crypto lawmakers and politicians.
The Ripple CEO Counsel To Kamala Harris
In a short clip posted on X, US Representative Brad Sherman compared Bitcoin (BTC), the leading cryptocurrency by market cap to a new coin dubbed “Skibidi.”
His tone suggested he intended to make a caricature of the top digital asset. Reacting to this post, Garlinghouse advised Harris against associating with such people who are out to crack down on crypto. Noteworthy, President Joe Biden recently endorsed Kamala Harris to run as Democrat nominee in the upcoming elections after he dropped out.
The Ripple CEO is certain that winning votes in this 2024 presidential elections is directly proportional to how ‘crypto’ a candidate is. Democrats are largely known for their anti-crypto stance, including the outgoing President Biden.
It would behoove VP Harris to not listen to (and distance herself asap from) folks like this who spout utter nonsense.
The Dems aren’t winning any votes for being anti-crypto (and thus anti-innovation), while the Republicans are gaining votes for embracing and encouraging… https://t.co/x3DurB6dlx
— Brad Garlinghouse (@bgarlinghouse) July 26, 2024
Even Caroline Crenshaw whom Biden re-nominated a few weeks ago for the position of SEC Commissioner is one of them. Only a few of them like Sen. Cynthia Lummis and Kirsten Gillibrand still associate with the crypto ecosystem.
With their anti-crypto stance, the Ripple CEO does not think the Democrats stand a chance. Consequently, dissociating herself from this anti-crypto entities is what Garlinghouse think is best for Harris, if she wants to win the election.
Harris Confuse Crypto Community About Her Crypto Stance
Ripple CEO is quite open-minded towards Kamala Harris and he has encouraged others to do the same. In his opinion, it is important to judge candidates based on their policies rather than political affiliations. Garlinghouse thinks Harris, with her Silicon Valley background, has a unique opportunity to reset critical issues like crypto regulation
Meanwhile, she recently turned down the invitation to speak at the ongoing Bitcoin Conference in Nashville. Bitcoin Magazine CEO David Bailey thinks her absence at the conference will avert a potential disaster. This is due to her involvement in policies that have imprisoned crypto developers and driven the industry overseas.
Following her refusal to attend the Bitcoin Conference, Republican presidential nominee Donald Trump played a “Uno Reverse” card on her. Trump previously agreed to have two debates with Kamala Harris on September 10. However, he backed out after her Bitcoin Conference refusal which surprised many including the crypto community.
Read More: VanEck CEO Labels Bitcoin As ‘Freedom’, Here’s Why
The post Ripple CEO Warns Kamala Harris Against Anti-Crypto Lawmakers appeared first on CoinGape.
26 Jul 2024, 9:15 amThe cryptocurrency market is struggling to grasp stability after Ethereum ETFs launched amid immense liquidity. VET price like majors Bitcoin, ETH, and Solana faces multiple trend-determining factors including supply, demand, and a potential trend reversal.
On the other hand, traders seem unsettled while scheming for potential entries, considering VeChain price correction from its Q1 peak of $0.055. A modest 0.06% increase in the futures market open interest may not be enough to turn the tables around for VET.
However, considering the ongoing developments in the ecosystem, VET might finally find a major price catalyst.
A Look Into VeChain’s VeBetterDAO Protocol
VeChain’s development team launched the groundbreaking VeBetterDAO; a decentralized app marketplace designed to support sustainable assets through tokenization.
The products target NGOs, enterprises, and individuals who wish to tokenize their sustainable actions. VeBetterDAO functions on a DAO principle implying that governance is in the hands of the community which holds 100% of the power.
However, VeBetterDAO is much bigger than tokenization and governance, especially with the protocol’s newly launched developer-centered features such as adding new apps, and a testnet environment.
The developer experience at VeBetterDAO just got a huge upgrade with the addition of a new ‘Developer Guides’ section to the platform’s docs!
New features and resources include:
– How to add apps to VeBetterDAOhttps://t.co/sEALYS2ceC
– Integration… pic.twitter.com/R9leZ0oRND
— VeChain (@vechainofficial) July 23, 2024
The reward system allows users interacting with applications on VeBetterDAO to earn B3TR tokens. Using sustainable apps, voting on governance proposals, and contributing to community discussions will see users increase their B3TR earnings.
Mixed Signals As VET Price Slides
A long-term descending channel reinforces VET’s downtrend. Attempts to break above this confinement have frequently resulted in a lower high and lower low pattern.
VET’s position below the three key Exponential Moving Averages (EMA)—the 20-day, 50-day, and 200-day shows the correction may continue.
![VeChain price chart | Tradingview](https://coingape.com/wp-content/uploads/2024/07/VETUSDT_2024-07-26_18-40-00.png)
A sell signal validated by the Moving Average Convergence Divergence (MACD) appends the deteriorating technical structure.
Traders can anticipate VET to face rejection at any of the moving averages as shown on the daily chart and the channel’s upper boundary.
Should VET slide further down to $0.025, traders may consider taking a swipe at lower-priced entries in the process creating liquidity for a sustainable trend reversal.
Based on the technical outlook, it might pay in the long run to wait for a second confirmation of the uptrend with VET price rising from the channel. Following such a breakout, VET would have a stronger tailwind to push for new milestones including its Q1 peak.
The post Can VeChain’s VeBetterDAO End VET Price Crash? appeared first on CoinGape.
26 Jul 2024, 9:07 amVanEck CEO Jan van Eck has doubled down on Bitcoin (BTC) freedom attributes drawing similar lines with gold in the past. As the crypto asset becomes more mainstream with institutional adoption, users are repositioning their investments with the launch of spot Bitcoin ETFs. The price increase and asset utility continue to rattle institutions.
VanEck CEO Says Bitcoin Is Freedom
VanEck CEO says he fully understands the description of Bitcoin as freedom as well as a comparison to gold. Speaking at the 2024 Bitcoin conference, the executive explained the origin of gold mutual funds in the United States including how it was illegal for Americans to hold gold as well as the company’s efforts.
“VanEck was founded in 1955, but we also started the first gold mutual fund in the United States in 1968 before the big inflationary run-up of the 70s, and there was the illegal for Americans to hold gold at the time…my mum is German and she was a refugee, she tried to flee the community secret police, so I get why Bitcoin, I get why freedom.”
The CEO also noted that Bitcoin was in his blood sparking wider community enthusiasm on social media spaces. He adds that Bitcoin was an evolving asset because not all areas so many investor classes haven’t joined. Personally he disclosed ownership of Bitcoin up to 30% of his portfolio while charging other investors amid the price bull run case.
Also Read: Ethereum ETF Shows Promise Despite Grayscale Outflows: Bloomberg Analyst
Institutional Demand See Widespread Adoption
In the last decade, the asset’s adoption has soared due to heightened institutional demand. The launch of ETFs has seen new levels of inflows with commentators showing a stronger price action. While the asset’s price soared past $73,000, bulls project a higher price when macro factors swing positive.
In a recent report, VanEck wrote that by 2025, BTC could be used to settle 5% of the world’s domestic trade and 10% to global trade including a potential price of $2.9 million per coin.
Also Read: LUNC News: Terra Luna Classic Dev Reveals Severe Issues In Tax2Gas Review
The post VanEck CEO Labels Bitcoin As ‘Freedom’, Here’s Why appeared first on CoinGape.
26 Jul 2024, 8:50 amThe State of Michigan has made a bold move in the crypto market, adding Bitcoin products to its pension funds. A recent SEC filing revealed that the state has acquired 110,000 shares of the ARK 21Shares Bitcoin ETF (ARKB), worth around $6.6 million. This move reflects the growing global interest in Bitcoin and its related investment products.
Michigan Pension Fund Adds Bitcoin ETF
Michigan’s decision to invest in the ARK Bitcoin ETF marks a significant development in the crypto market. The state’s pension fund has taken a notable step by incorporating Bitcoin into its investment portfolio. This move follows the lead of other states, signaling a broader trend of institutional adoption of cryptocurrency.
Meanwhile, a recent SEC filing highlighted the Michigan Retirement System’s acquisition, showing that the state has added $6.6 million in Bitcoin through the ARK ETF. This follows Wisconsin’s earlier disclosure of a $160 million investment in Bitcoin ETFs, demonstrating a growing confidence among state pension funds in the potential of cryptocurrency.
Additionally, the addition of Bitcoin to the state’s pension fund comes at a time when other regions are also showing interest in crypto investments. Just a day before Michigan’s announcement, Jersey City revealed plans to integrate Bitcoin ETFs into its pension fund allocation.
Jersey City Mayor Steven Fulop expressed his long-term support for cryptocurrencies, despite their volatility. He stated that the city is in the process of filing new papers with the SEC, aiming to complete the process by the end of summer.
Also Read: Terra Luna Classic Dev Reveals Severe Issues In Tax2Gas Review
Growing Institutional Interest In BTC
The trend of state pension funds investing in Bitcoin ETFs underscores the increasing institutional interest in the crypto market. Since the launch of the U.S. Bitcoin Spot ETF in January, there has been significant traction and robust inflows into the investment instrument. This indicates a strong institutional appetite for cryptocurrency as a viable investment.
Meanwhile, the move by Michigan Pension Fund and other states reflects a broader acceptance and integration of digital assets into traditional investment portfolios. As more state pension funds begin to include Bitcoin products, it signals a shift towards mainstream adoption of cryptocurrencies. This growing acceptance could drive further investment and innovation in the crypto space.
During writing, Bitcoin price was up nearly 5% and exchanged hands at $67,690. In the last two days, the U.S. Spot BTC ETF has recorded an inflow of about $75 billion, despite significant outflux from GrayScale BTC ETF.
Also Read: Ethereum ETF Show Promise Despite Grayscale Outflows
The post Just-In: Michigan Pension Fund Buys $6.6M In Ark Bitcoin ETF appeared first on CoinGape.
26 Jul 2024, 8:39 amLUNC News: The current code implementation for Tax2Gas by Genuine Labs can cause significant issues for the community, a popular Terra Luna Classic developer warns in a review. The Tax2Gas is a major upcoming upgrade to boost the chain utility and token prices.
Terra Luna Classic Developer Tax2Gas Implementation Readiness
Genuine Labs, core developer of Terra Luna Classic, requested a review of the Tax2Gas code changes via Github. The current review by StrathCole, a popular Terra Luna Classic developer, underscores possible delays in the implementation of the most-anticipated blockchain upgrade.
StrathCole said the Tax2Gas development still needs a good amount of work and discussion. He suggests the team must deploy it to a testnet before the final pull request. The current implementation would cause several issues impacting contracts, reduced rewards and burns, as well as transactions by the community.
“In my opinion, they could have spared themselves a lot of rework if they would have reached out to the community and devs prior to developing this stealth,” said the developer. The community members were mostly unfazed by this significant LUNC news.
LUNC News: Response From the Community
StrathCole and other validators pointed out the need for direct communication as it is one of the major upgrade to Terra Luna Classic. Genuine Labs has completed work on implementing Tax2Gas module, changes related to wasm handler plugin, and upgrading the handler.
The community and validators have supported the developer group, showing trust in the successful implementation of the big upgrade despite delays.
Also Read: PCE Inflation – Wall Street & Economists Predict Fed Rate Cuts Timeline
LUNC and USTC Price Performance
Terra Classic chain and tokens will get a prominent boost after the Tax2Gas implementation. The community believes LUNC may hit $1 after Tax2Gas due to listings on crypto exchanges and the return of dApps to the chain. In addition, other segments such as LUNC burn will also get a further boost.
LUNC price climbed 1% in 24 hours but still below the key level at 0.000090. The 24-hour low and high are $0.00007761 and $0.0000841, respectively. Moreover, trading volume decreased by 34% in the last 24 hours.
Meanwhile, USTC price is trading at $0.0193, rebounding more than 1% over the last 24 hours. The 24-hour trading volume saw a 40% drop.
Also Read: Why Is Aave Coin Price Soaring Today?
The post LUNC News: Terra Luna Classic Dev Reveals Severe Issues In Tax2Gas Review appeared first on CoinGape.
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