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QCP analysts have pointed to a longer wait period before spot Ethereum ETFs take off in traditional markets. This is due to a distinction from Bitcoin (BTC) which had the digital gold tagline as well as a wider mainstream adoption. The first week of spot Ethereum ETFs trading saw a new $341 million outflow.
Investors Less Incentivized Without Staking: QCP
QCP noted that the first week of ETH ETF in the United States seems almost like a repeat of Bitcoin’s product with the ETH price recording $3,565 highs and $3,086 lows. This is because of the hefty fee of Grayscale’s products driving out huge outflows within days.
“Despite Grayscale introducing a Mini ETF (ETH) with the most competitive fee of 0.15%, net outflows continue to dominate with only 10% of the initial ETHE being converted to ETH. Crypto market pulling the classic ‘buy the hype sell the news’. Over positioning into an event and rushing out when there’s a lack of positive reaction.”
With net $341 million outflows, although largely due to Grayscale, ETH ETF needs time to record an upswing because, unlike Bitcoin, most traditional finance investors view it as an abstract concept. Bitcoin was hailed in several quarters as the digital gold, alongside mass adoption and a store of value. A main selling point for the second largest crypto was staking. However, without, the staking feature for spot Ethereum ETFs, investors become less incentivized.
Also Read: OneMedNet Stock Jumps 22% After $1.8 Million Bitcoin Exposure
Days of Outflows for Spot Ethereum ETFs
Spot Ethereum ETFs came with widespread anticipation and although most funds have recorded inflows, Grayscale remains riddled with exits. A look at flows in the first week of trading shows Graysclale’s ETHE at $1.51 billion outflow taking the net figure to $341 million.
However, BlackRock’s ETHA attracted $442 million while Bitwise’s ETHW posted $265.5 million. The fees of Grayscale continue to drive outflows but its Mini ETF has gained $164 million so far. Analysts point to the U.S. elections as a possible bullish driver for the wider market alongside interest rate cuts.
Also Read: WazirX Update: Indian Exchange To Lock 45% Assets In Recovery Plan
The post Spot Ethereum ETFs Saw $341M Outflows, Options Buying Ignites Hope: QCP appeared first on CoinGape.
27 Jul 2024, 12:44 amThe spot Ether ETFs went live this week but have seen consecutive net outflows in the past three days of trading. thanks to the Grayscale Ethereum ETF (ETHE) which has recorded more than $1.5 billion in outflows in the first four days. However, despite this, some market analysts have called the ETF launch a success.
Nate Geraci Calls Ether ETF Launch A Success
Despite the Ether ETFs seeing net outflows throughout this week, ETH Store President Nate Geraci calls it a success. He said that excluding the Grayscale Ethereum ETF (ETHE), $1 billion has flown into other ETF products this week. Although some investments have been recycled, Geraci believes that this was not the primary driver.
With investors gaining $1 billion of exposure through the traditional investment ETF channel, Geraci terms it a major success.
Ex-ETHE, well over $1bil came into spot eth ETFs this week…
A portion was clearly recycled from ETHE, but nowhere close to primary driver IMO.
Think highly successful debut.
Another way to think of this is investors wanted $1+bil eth exposure via tradfi rails.
In *4* days.
— Nate Geraci (@NateGeraci) July 27, 2024
Apart from ETHE, all other Ether ETFs have registered net inflows. For e.g. the BlackRock Ethereum ETF (ETHA) saw $442 million in flows as per data from Farside Investors. On the other hand, Bitwise ETHW came second with $265 million in inflows. Earlier this week, Bitwise also announced that they would be distributing 10% of their profits for Ethereum development activity. On Friday, ETH saw $16 million in inflows.
Also Read: Bitwise Ether ETF Reveals 10% Profit Donation To Ethereum Developers
Ethereum Price Sees Volatility
The Ethereum price has seen strong volatility this week amid the launch of the Ether ETFs. Earlier this week, the ETH price tanked all the way to $3,150 levels. However, it has partially recovered from the weekly bottom and is currently trading at $3,265. The altcoin has been mimicking Bitcoin post the Bitcoin ETF launch.
The launch of Ethereum ETF has been a sell-the-news event with analysts expecting a few more weeks of consolidation before resuming the bull journey ahead. Popular crypto analyst Michael van de Poppe predicts believe that the ETH price could double from here by the end of the year.
It’s interesting, isn’t it? In the past years, we’ve seen the second half of the year where #Altcoins accelerated massively.
In the first half of the year: downwards only.
The second half of 2024 is going to push $ETH to $7,000. Be ready. pic.twitter.com/0GY0imzqRQ
— Michaël van de Poppe (@CryptoMichNL) July 27, 2024
Also Read: Nomura to Launch High-Yield Ether ETF Featuring Staking Options
The post Nate Geraci Calls Spot Ether ETFs A Success Despite Outflows, Here’s Why appeared first on CoinGape.
27 Jul 2024, 12:41 amThe Shiba Inu coin has once again fueled a pool of investor optimism, primarily with its burn rate surge and price movements. Today, the SHIB price embarked upon a rising trajectory against the backdrop of hundreds of millions of SHIB burnt over the week. This chronicle has projected a ray of hope on the meme-themed token’s future potential to scale a $0.0000369 price target.
Here’s an in-depth report on the dog-themed meme coin’s latest burn and market statistics, and what it hints for the token’s future run.
Shiba Inu Coin Records 140 SHIB Burnt Over The Week
As per data by Shibburn on X today, July 27, the Shiba Inu coin registered a whopping 140.74 million SHIB burnt over the week. This burn resulted in a 122.54% spike in the coin’s weekly burn rate.
Meanwhile, data for the past 24 hours indicated that the SHIB burn soared 229.57%. This surge is attributable to 3.77 million SHIB burnt over the past day.
The SHIB burn mechanism, which is constantly reducing the coin’s supply, has now brought the meme token’s total supply down to 589.27 trillion SHIB. This reduction is a positive sign for the coin’s future stability and potential growth, abiding by the law of demand and supply. It’s also worth noting that data by Etherscan shows a gradual growth in Shiba Inu coin holders, worth 1.4 million as of today, July 27.
Meanwhile, the SHIB price appears to have levied the bullish aspects mentioned above. With the token’s supply decreasing and holdings increasing, a positive market sentiment is currently present in the market.
Also Read: OneMedNet Stock Jumps 22% After $1.8 Million Bitcoin Exposure
SHIB Price To $0.0000369?
The SHIB price gained 2.57% in the past 24 hours to trade at $0.00001719. Its 24-hour bottoms and peaks were $0.00001667 and $0.00001726, respectively. The Dogecoin rival is currently maintaining its hold above the critical support of $0.00001361.
Simultaneously, Coinglass data revealed a 14.36% surge in SHIB futures OI to $40.96 million, hinting at a market uptrend when coupled with today’s price upswing. Further, the 4-hour and 1-hour charts showed a continued spike in OI, gaining 2.32% and 0.89%, respectively. This data has painted an optimistic scenario over future price movements, further accompanied by the SHIB burn’s continuous supply killing.
Shiba Inu coin price prediction by CoinGape Media further reveals that the technical chart on the weekly time frame underscores the formation of a bullish reversal pattern. This pattern is called the rounding bottom, and offers renewed buying interest to the asset amid a bottoming downtrend, clearing the way for a potential 0.0000369 price target ahead.
Also Read: Peter Schiff Slams MicroStrategy’s Michael Saylor Over “Bitcoin Pyramid Scheme”
The post Shiba Inu Coin: 140M SHIB Burnt Weekly Projects Optimism, $0.0000369 Possible? appeared first on CoinGape.
27 Jul 2024, 12:36 amIndian crypto exchange WazirX which faced a massive hack earlier this month has come up with a user compensation plan by implementing a “fair and transparent” socialized loss strategy and thus distributed the impact across all users equally.
WazirX User Compensation Plan
The hacked crypto exchange has come up with a unique 55/45 approach that provides a faster and more flexible solution for funds recovery. With this approach, WazirX would give users immediate access to a significant portion of their asset with the possibility of more recovery going ahead for those who choose to way.
Wazirx founder Nischal Shetty said Thus, WazirX has proposed two options to users in order to manage the remaining crypto assets:
- 55% of the crypto assets would be available to users for trading or withdrawals.
- The rest 45% will be converted to a USDT-equivalent token and locked.
For both these options, WazirX will create a balanced portfolio for the 55% unlocked portion using a mix of crypto assets derived from other available crypto assets on the platform. If 55% of the user-unlocked portfolio includes affected tokens, WazirX will balance it by replacing the affected portion through a basket of unaffected crypto assets available on the platform. In its official blog post, WazirX noted:
“By socializing the loss, we ensure fairness across our user base and preserve the exchange’s stability. This approach balances quick access for some with potential recovery for others, aiming to resolve the situation more efficiently than traditional proceedings”.
Also Read: WazirX Founder Discloses New Details On Fund Recovery
Recovery Efforts Continue
Nischal Shetty said that the exchange’s recovery efforts are in place and they are working with other partners taking external help. Besides, the exchange is also considering other options like airdrops, new token use cases, etc.
“Recovery of such a large amount takes a longer time period. By socialising the loss similar to how other impacted exchanges have done in the past, we are in a position to open up the platform sooner for everyone,” added Shetty.
Also Read: VanEck Teases Solana ETF Again As SOL Surpasses BNB for 4th Spot
The post WazirX Update: Indian Exchange to Lock 45% Assets In Recovery Plan appeared first on CoinGape.
26 Jul 2024, 11:54 pmOn Friday, July 26, OneMedNet (NASDAQ: ONM) stock price surged by 22% after the company revealed a significant $1.8 million investment in Bitcoin, the world’s largest cryptocurrency. The announcement was made during the ongoing Bitcoin Conference, where industry leaders are exploring opportunities to gain exposure to the asset class.
OneMedNet Joins Other Corporates in Bitcoin Exposure
A large number of public-listed corporates are adopting the MicroStrategy playbook for holding Bitcoins on their balance sheets. With the USD losing its strength, corporates are finding solace in Bitcoin investments seeing it as a store of value and preventing any capital erosion.
On Friday, the OneMedNet stock surged all the way to $1.29 soon after the Bitcoin exposure announcement. However, it settled for 0.99 during the closing bell on Wall Street.
JUST IN:
US Public company OneMedNet buys $1.8 million worth of #Bitcoin pic.twitter.com/rsUdYvsaIL
— Bitcoin Magazine (@BitcoinMagazine) July 26, 2024
On Friday, another publicly listed firm Semler Scientific announced the addition of more Bitcoins to its balance sheet. The company has acquired nearly 828 Bitcoin for $57 million while deploying 90% of its cash reserves into Bitcoin. The Semler Scientific (NASDAQ: SMLR) stock was up by 4% during Friday’s trading session.
Also Read: Peter Schiff Slams MicroStrategy’s Michael Saylor Over “Bitcoin Pyramid Scheme”
State Pension Funds Gain Exposure to Bitcoin ETF
Seeing the strength of Bitcoin in the global economy, lawmakers are increasingly leaning towards the asset class and seeking exposure to the newly launched Bitcoin ETFs for state pension funds.
A day before, Jersey City mayor Steven Fulop said that they would partially allocate the state pension funds to Bitcoin ETFs. Joining the bandwagon, the Michigan pension fund purchases a staggering $6.6 million in shares of the Ark Bitcoin ETF (ARKB). Previously, Winconsin has also disclosed a $160 million investment in Bitcoin ETFs.
The spot Bitcoin ETFs have delivered a solid performance this month of July with staggering inflows led by BlackRock. On Friday, the Bitcoin ETFs saw inflows of $51.8 million with Bitwise (BITB) leading the show.
The Bitcoin price is also showing great strength surging by another 1.5% and moving past $68,000. Analysts predict BTC will surge further to $71,500 before deciding on the next move.
The retest was successful
Bitcoin has confirmed $65,000 as support
Price will now continue to occupy the $65000-$71500 region (red)$BTC #Crypto #Bitcoin https://t.co/k15SAxaizI pic.twitter.com/v1UBMtj0zk
— Rekt Capital (@rektcapital) July 26, 2024
Also Read: Jersey City To Adopt Bitcoin ETFs in Pension Fund Allocation
The post OneMedNet Share Price Jumps 22% After $1.8 Million Bitcoin Exposure appeared first on CoinGape.
26 Jul 2024, 10:14 pmToday’s crypto prices have fueled considerable optimism with a trading session mainly in the green zone. Bitcoin maintained its gains to hold firm above the $67K mark, whereas Solana (SOL) stole the market’s attention, overtaking BNB to secure the 4th spot in terms of market cap-based rankings. Meanwhile, Ethereum (ETH) continued encountering turbulence despite the spot ETH ETF launch, noting slight gains. However, XRP defied the broader market trend.
The global crypto market cap rose 0.84% to $2.42 trillion today. However, the total crypto market volume saw a 25.42% decrease from yesterday to $62.62 billion.
Here’s a collection of some of the leading cryptocurrencies by market cap and their price run today, July 27.
Crypto Prices Today
Bitcoin Price
The BTC price chart showed gains worth 1.15% today, with the coin reaching $67,880.89. Bitcoin’s 24-hour bottoms and tops were recorded as $66,858.35 and $68,207.60, respectively.
Michael Saylor’s recent anticipation of BTC price to $13 million by 2045 has further set the crypto town abuzz. Meanwhile, the flagship crypto is set to witness further buying in the coming days, as revealed by Semler Scientific’s plans to buy additional Bitcoin with stock sales.
Bitcoin’s dominance rested at 55.46% today, a slight increase of 0.04% over the past day.
Ethereum Price
Meanwhile, the ETH price gained 0.40% over the past day to trade at $3,248.56. Ethereum’s 24-hour lows and highs were registered as $3,223.99 and $3,285.76, respectively.
Crypto market participants have much-awaited a rising price action from the second largest crypto by market cap following its ETF launch. A recent ETH price analysis by CoinGape Media shows that the coin currently mirrors BTC’s post-ETF slumping action and a potential bull run lies ahead.
Solana Price
The SOL price illustrated a remarkable rising action, gaining 4.05% to reach $182.74 today. Solana’s 24-hour bottoms and tops were recorded as $175.62 and $184.12, respectively.
Moreover, it’s worth mentioning that SOL today overtook BNB to rest at the 4th spot in market cap-based rankings. Talks of a Solana ETF by VanEck amid this upswing have further garnered attention to the crypto.
XRP Price
Conversely, XRP price saw a decline of 1.29% to $0.5978 today. The Ripple-backed asset’s 24-hour lows and highs were recorded as $0.5875 and $0.6085, respectively.
DOGE & SHIB Prices
The meme coins sector mirrored the broader market sentiment, noting significant gains. DOGE price soared 4.58% in the past 24 hours to trade at $0.1346. SHIB price gained 2.35% to rest at $0.00001715 today.
Simultaneously, even Pepe coin gained 1.14% to $0.00001194.
Also Read: Bitcoin Price To Hit $13M, Michael Saylor Predicts Amid BTC Rally
Crypto Gainers Today
Conflux (CFX) price surged 14.81% to $0.1742.
eCash (XEC) price saw an 11.35% upswing to $0.0000381.
Popcat (POPCAT) price rallied 9.26% to $0.953.
Filecoin (FIL) price pumped 7.72% to $4.61.
Crypto Losers Today
Flow (FLOW) price dipped 3.67% to $0.6651.
Monero (XMR) price fell 3.47% to $162.46.
SATS (1000SATS) price tumbled 3.39% to $0.0003232.
Maker (MKR) price waned 2.74% to $2,634.
Besides, the hourly time frame charts showcased the presence of continued bullishness for BTC, ETH, and SOL, whereas even XRP gained momentum, generating optimism on crypto prices today.
Also Read: Anthony Scaramucci Clears Air On Political Debate On Crypto
The post Crypto Prices Today July 27: BTC Holds Firm Above $67K, SOL Tops $180 appeared first on CoinGape.
26 Jul 2024, 9:44 pmNow that the spot Ethereum ETFs have traded for almost a week on Wall Street, investors are keenly eyeing the next crypto ETF and gunning for the second-largest altcoin Solana. Interestingly, asset management giant VanEck is once again teasing the possibility of introducing a spot Solana ETF.
Will VanEck Push for Spot Solana ETF?
During the ongoing Bitcoin conference, VanEck recently shared a tweet stating that a large number of attendees inquired about Solana with them. As we know, VanEck submitted its Solana ETF filing in the last month of June even before the spot Ether ETFs went live. The recent tweet from VanEck suggests that there’s a strong interest in the altcoin and liquidity won’t be a major hurdle for the SEC to approve a Solana ETF.
A surprising amount of people asked us about Solana at our Bitcoin booth
— VanEck (@vaneck_us) July 27, 2024
However, other asset management giants like BlackRock are not much in support of having more Solana ETF or other crypto ETFs in the market. Speaking at the Bitcoin Conference, BlackRock Head of Digital Assets Robert Mitchnick said that the SEC would be drawing a line somewhere. He added that apart from Ethereum, all other altcoins contribute less than 5% of the total crypto market cap. Thus, he believes that it makes no sense to have more crypto ETFs in the market.
Also Read: Anthony Scaramucci Clears Air On Political Debate On Crypto
SOL Surpasses BNB for 4th Spot
In the latest development, Solana (SOL) has managed to surpass Binance Coin (BNB) as the fourth-largest cryptocurrency by market cap This is the first time in four years that SOL has managed to overtake BNB in the recent run-up.
Over the past two weeks, the Solana Price has been on a solid recovery path gaining more than 35%. In the same period, The Binance Coin (BNB) is up by 10%.
![](https://coingape.com/wp-content/uploads/2024/07/Solsna-Price-Surge.jpeg)
As of press time, the SOL price is trading at 3.88% up at $182 with bulls holding firmly above the crucial support level of $175. Popular crypto analyst Rekt Capital stated that Solana has managed to successfully hold above the support eyeing its next move to $202 with the Solana TVL surging by 15% this month.
Looks like the Solana retest was successful
Continue to hold this red area as new support and SOL will be able to at least revisit the $202 resistance over time$BTC #BTC #SOL #Solana https://t.co/63TiOIipdR pic.twitter.com/WC1MC1iH2h
— Rekt Capital (@rektcapital) July 26, 2024
Also Read: Bitcoin Price To Hit $13M, Michael Saylor Predicts Amid BTC Rally
The post VanEck Teases Solana ETF Again As SOL Surpasses BNB for 4th Spot appeared first on CoinGape.
26 Jul 2024, 9:25 pmBitGo 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
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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.
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