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Из жизни альткоинов

Dogecoin Whales Exit: Total Supply Plunges By Almost 9%

bitcoinist.com - 1 hour 56 min ago

On-chain data shows the Dogecoin whales have been shaving off their holdings over the past year, a sign that could be bearish for the memecoin.

Dogecoin Whales Have Notably Reduced Their Supply In The Last Year

According to data from the market intelligence platform IntoTheBlock, DOGE whales have lost supply share to other holder groups recently. The “whales” here refer to the Dogecoin addresses carrying at least 1% of the entire circulating supply of the memecoin in their balance.

These humongous holders are considered the most influential on the network due to the massive scale of tokens they control. Their collective behavior can be worth keeping an eye on, as even if it may not directly impact the price, it can tell us about the sentiment among this cohort.

Now, here is a chart that shows how the percentage of the total supply held by the Dogecoin whales has changed over the past year:

As displayed in the above graph, the Dogecoin whales have seen their share of the Dogecoin supply in circulation go down during this window. More specifically, these investors owned around 45.3% of the asset’s supply a year ago, but today they own about 41.3%.

The whales have sold around 9% of their net holdings since then. “In contrast, retail and mid-sized investors now hold a larger share of the total supply,” explains the analytics firm.

IntoTheBlock defines “investors” as the addresses carrying between 0.1% and 1% of the supply, while retail refers to the entities holding less than 0.1%. Currently, the former controls around 21% of the DOGE supply and the latter 37%.

Naturally, the whales’ reduced holdings over this period suggest that big money has been losing interest in Dogecoin, which can be bearish for its price.

On the other hand, the redistribution of the supply to smaller holders could be positive for the health of the DOGE ecosystem, as it means that the asset is less centralized over a few large entities.

In some other news, IntoTheBlock has shared in another X post an update on how the activity on the Dogecoin blockchain has been looking recently and how it compares to other meme-based coins in the cryptocurrency sector.

The chart on the left shows the trend in the number of traders for these assets, while the one on the right displays the number of transactions. In both of these metrics, Dogecoin is currently the number one memecoin.

Interestingly, the number two such asset isn’t Shiba Inu (SHIB) or PEPE (PEPE). Rather, it’s Degen (DEGEN). “This achievement is remarkable considering DEGEN’s market cap is only 0.79% of Dogecoin’s,” notes the analytics firm.

DOGE Price

Dogecoin has seen a plunge of more than 11% in the past week, taking its price to $0.122.

Here’s Why The Dogecoin Price Is Reversing Against The Bearish Market Trend

bitcoinist.com - 2 hours 56 min ago

The Dogecoin price has taken an interesting turn in the last day, going against the bearish wave that has wracked the majority of the crypto market. Given that the meme coin is green at a time when the majority of the market is nursing losses, it has led to speculations as to what could be behind its price increase. Therefore, this report analyzes the Dogecoin developments that have taken place in the last day that could explain why its price is in the green.

Dogecoin Payments Coming To X

One of the major drivers of the Dogecoin recovery over the last day has been mounting speculations that DOGE payments are coming to X (formerly Twitter). With these expectations that the DOGE payments are coming to the payment platforms, it has driven the demand for the DOGE meme coin.

The speculations began when a Dogecoin community member made a post that they had heard that DOGE payments were finally coming to the platform. The community member expressed excitement at this, explaining that it felt like the very first time they had bought DOGE.

Naturally, this got the attention of some community members, leading to a push for the meme coin. At the time, the Dogecoin daily trading volume spiked, and around the same time, the price rose while the broader market suffered.

However, this is not the only development that caught the attention as elsewhere, BitMex founder and crypto millionaire Arthur Hayes, has shown support for Dogecoin, revealing that he currently holds some of the altcoin.

Arthur Hayes Expects A Rally For DOGE

Amid the downtrend that has rocked the crypto space, with meme coins like Dogecoin suffering significant crashes, Arthur Hayes has found it a perfect time to buy. Taking to X (formerly Twitter), Hayes revealed that he actually loves the current downtrend that has sent ‘shitcoins’ spiraling and is using it as an opportunity to buy more.

The altcoins that Hayes revealed he is currently buying include Dogecoin and Pendle, an altcoin which the BitMex founder has previously declared support for. “I’m loving this choppy sideways to down shitcoin price action. I’m adding to my bags of $PENDLE and $DOGE,” Hayes’ post read.

Given Hayes’ influencer in the crypto market, alongside the expectations that Dogecoin payments are coming to X, it has served as a boost for the altcoin. While the likes of Bitcoin struggled, the DOGE price rallied over 3% in a red market, and eventually found support above $0.2.

Solana (SOL) Sinks To 45-Day Low Amidst Market Downturn, Here’s Why

bitcoinist.com - 3 hours 56 min ago

Amid a wider market decline, the Solana blockchain, one of the leading blockchain platforms known for its fast and inexpensive transactions, has fallen to a 45-day trading low. This has triggered quite a frenzy within the crypto community, with several proponents uncertain of the asset’s next short-term trajectory.

Solana Underperforms Major Cryptocurrency Assets

Trading platform and crypto analyst TOBTC shared the negative development on the X (formerly Twitter) platform. According to recent trading data cited by the expert, the blockchain has drastically declined, which is indicative of a major drop in investor trust in the cryptocurrency industry as a whole.

The platform noted that Solana fell to a 45-day low, with an additional 24% reduction since June 7, underperforming the larger cryptocurrency market. The Data shared by the platform shows that the Solana network has fallen significantly behind major networks like Ethereum, Arbitrum, BNB Chain, Polygon, and Optimism, among others.

This decline occurs when macroeconomic uncertainties and traders’ cautious attitudes are causing the digital asset market to experience greater volatility and selling pressure. For SOL, which has suffered a decline in price from its previous highs, the 45-day low represents a turning point that has raised concerns about the crypto asset’s near-term prospects. 

TOBTC attributes this decline to a combination of broader market weakness and particular difficulties the network is experiencing. These include reduced on-chain activity, lack of demand for leveraged positions, and competition from other smart contract-focused blockchains. 

Without heightened demand or institutional backing, the platform claims SOL’s valuation might persist in decline, possibly surpassing the pivotal $130 support level or less.

SOL‘s inability to sustain an upward trajectory and overcome significant resistance levels might also be attributed to the drop. SOL has lost its backing, falling from the $161 price to around $138 in the past week. However, the crypto asset has attracted positive price sentiment today, demonstrating strength for more gains.

SOL Poised For Substantial Rise In Autumn

Despite this negative development seen with Solana, a well-known cryptocurrency expert and Chief Executive Officer (CEO) of Real Vision, Raoul Pal is still bullish about a potentially massive rally for SOL in the short term. 

On Tuesday, Pal offered an exciting prediction for the digital asset, citing the current price as a good entry zone for investors interested in getting into the market. “If you wanted a cheeky top-up of your SOL position, this would likely be a good entry zone,” he stated.

Pal, in his bullish forecast, compared the potential growth of SOL to bananas that are now beginning to mature. As a result, he is confident that the digital asset during the upcoming autumn season should be magnificent.

Kraken Exposes $3 Million Exploit By Research Team, Launches Criminal Investigation

bitcoinist.com - 4 hours 56 min ago

Cryptocurrency exchange Kraken recently revealed that it had fallen victim to a critical security flaw, resulting in the appropriation of $3 million worth of digital assets by a research team. 

The incident unfolded after the exchange received a bug report through its bug bounty program on June 9 from a self-described security researcher who claimed to have discovered an “extremely critical” bug that allowed him to “artificially inflate” his balance on the platform. 

However, the situation took an unexpected turn when it was discovered that the researcher and their associates had exploited the flaw to withdraw a substantial sum. Kraken has launched a criminal investigation into the matter and is coordinating with law enforcement agencies to address the incident.

Kraken Faces Extortion Attempt

In a social media post, the exchange’s chief security officer, Nick Percoco, said that after receiving the initial bug report, Kraken assembled a cross-functional team to investigate the issue. 

Within minutes, they identified an isolated bug that enabled a malicious attacker to initiate a deposit, receive funds in their account without completing the deposit fully, and effectively create assets in their Kraken account for a limited time. 

The vulnerability was classified as critical, and the team reportedly mitigated the issue within an hour, ensuring it could not recur. The flaw emerged from a recent user experience (UX) change that allowed clients to trade crypto markets in real time before their assets cleared, a change that had not been thoroughly tested against this specific attack vector.

Further investigation revealed that three accounts had taken advantage of the flaw within a few days of each other. It is alleged that one of these accounts was linked to an individual claiming to be a security researcher who had discovered the bug and credited their account with a “small amount of crypto” to demonstrate the flaw. 

However, instead of reporting the vulnerability and earning a bug bounty reward, this individual disclosed the bug to two associates who fraudulently generated much larger sums. In total, the trio withdrew nearly $3 million from Kraken’s treasuries.

When Kraken requested the return of the funds, the researchers refused, demanding discussions with their business development team and specifying a speculated amount that the bug could have caused if undisclosed.

Legal Action Against Research Company

Percoco further disclosed in its address that Kraken firmly denounced the actions of the research team, considering their behavior as “extortion” rather than legitimate white-hat hacking

The exchange, which has maintained a Bug Bounty program for almost a decade, emphasized that it has never encountered issues with legitimate researchers and has always followed clear rules, such as not exploiting vulnerabilities beyond what’s necessary for proof, providing a proof of concept, and returning any extracted assets immediately. 

Lastly, the exchange’s chief security officer also stated that Kraken is treating the incident as a criminal matter and is actively cooperating with law enforcement. While the exchange expressed gratitude for the report, it intends to pursue legal action against the research firm involved.

Featured image from DALL-E, chart from TradingView.com

Crypto Exchange Predicts Price Surge For Shiba Inu Amid Positive Market Sentiment

bitcoinist.com - 5 hours 56 min ago

Crypto exchange Changelly has outlined its bullish price predictions for Shiba Inu (SHIB). The crypto exchange also highlighted several fundamentals that paint a bullish picture for the meme coin. 

Shiba Inu To Rise To $0.00002495 By July

Changelly predicted in a blog post that Shib Inu will experience a price increase of just over 40% from its current price level and rise to $0.00002495 by July 1. This forms part of their bullish expectations for the meme coin this year, with the crypto exchange predicting that Shiba Inu can rise to $0.0000389961 by year-end. 

Interestingly, Changelly made these bullish predictions despite noting that Shiba Inu is currently experiencing a bearish market sentiment. Despite that, they believe that the meme coin can still enjoy a strong upward trend, noting that the meme coin has shown a “very strong potential” lately. 

The crypto exchange further alluded to SHIB’s fundamentals as part of the reasons they are bullish on the meme coin. Changelly noted how Shiba Inu’s developers are “aiming to solve serious, real-life problems.” The blog post also highlighted how Shiba Inu is gearing towards becoming a “full-fledged” decentralized ecosystem with the community having 100% rights to manage the network without a centralized governing body. 

Meanwhile, Changelly stated that the overall market sentiment for the SHIB coin is “pretty positive” despite its recent downward trend. The crypto exchange mentioned Shibarium as a “key factor” which is generating a lot of excitement for Shiba Inu investors. The layer-2 network has become an integral part of the SHIB ecosystem and provides great utility for the meme coin, which could help contribute to future price surges. 

Changelly also claimed that Shiba Inu has the “distinct advantage of a large, dedicated, and passionate community.” The Shiba Inu community, famously known as the ‘SHIB Army’ have undoubtedly played a significant role in Shiba Inu’s rise to prominence and Changelly believes that they can also help to position Shibarium as one of the leading Ethereum layer-2 networks.

SHIB’s Road To A New All-Time High

Crypto analyst Javon Marks recently highlighted how Shiba Inu could reach a new all-time high (ATH). He stated that SHIB could soon experience a parabolic rise to $0.000081, considering that the meme coin is still up over 100% since breaking out from a resisting trend, which he highlighted on the chart. 

A rise to $0.000081 represents a price gain of over 200%, which Marks claimed is possible and that the recent pullback may contribute to such breakout. He further mentioned that a break or hold above $0.000081 could send Shiba Inu to $0.0001553, a new ATH for the second-largest meme coin by market cap. 

Bitcoin Dump Expected, BTC In The “Boring Zone” As Whales Exit

bitcoinist.com - 6 hours 56 min ago

Bitcoin is under immense selling pressure at spot rates, tracking lower from the all-important resistance level of $66,000. Although BTC may even crash below the psychological line at $60,000 towards $56,500 or May 2024 lows, some analysts are upbeat.

Bitcoin Drop Is Normal Post-Halving: Analyst

Taking to X, one analyst explained that the current correction is a normal part of its cyclic market cycle. If anything, savvy traders should continue accumulating on dips, targeting Q1 2024 all-time highs, and expect prices to chart fresh territories.

Looking at the formation in the daily chart, the analyst insisted that the current Bitcoin price action aligns with historical trends, especially the weeks after the network halves miner rewards.

Bitcoin is now in the fifth epoch after Halving on April 20, slashing miner rewards from 6.25 BTC to 3.125 BTC, significantly impacting miner revenue streams.

As things are, BTC finds itself in a familiar pattern, even with the 12% correction from the all-time high at $73,800. According to the analyst, BTC prices tend to rally before Halving.

From October 2023 to March 2024, prices soared, rising from as low as $25,000 to record all-time highs. However, the spike in demand was also accelerated by expectations of the United States Securities and Exchange Commission (SEC) to approve a spot BTC exchange-traded fund (ETF). The product began trading in January 2024.

BTC In The “Boring Zone” As Whales Dump

The pre-halving rally was followed by a sharp correction after the event, which saw BTC dump by 25% to as low as $56,500 in May.

Once this phase is done, prices tend to move sideways with minimal volatility before a final push lower to shake out traders.

Before prices push higher in the “Banana Zone,” prices enter another extended consolidation phase marked by stagnant prices. It remains to be seen whether BTC is in the “Boring Zone” due to the current drop within the $56,500 and $73,800 zone.

Ki Young Ju, the founder of CryptoQuant, a blockchain analytics platform, said whales have been dumping their BTC over the last two weeks.

According to on-chain data, these long-term holders have sold roughly $1.2 billion worth of the coin, likely through brokers, suppressing prices. The increasing outflows from spot Bitcoin ETFs have also slowed down the uptrend.

Ancient Bitcoin Miners Realized $550 Million In Profits This Year: Data

bitcoinist.com - 7 hours 56 min ago

On-chain data shows the early Bitcoin miners have participated in a large amount of profit-taking inside the recent price range of the asset.

Bitcoin Miners Have Harvested Large Profits Between $62,000 & $70,000

As pointed out by CryptoQuant founder and CEO Ki Young Ju in a new post on X, the ‘early’ BTC miners have realized a massive amount of profit this year. The early miners here refer to the Bitcoin validators who got in during the early phase of adoption of the cryptocurrency.

Miners generally sell what they mine in order to pay off their running costs, but some of them may choose to HODL instead. There are some early miners who haven’t moved their block rewards in ages.

These miners may also be HODLing, but a more probable explanation behind their dormancy could be that their wallets have simply become lost due to being forgotten or having their keys misplaced.

Nonetheless, it would appear that some of these old miners have awakened once more, as they have been making some moves recently.

Below is a chart that shows the trend in the “realized profit” for these early miners over the past decade:

Here, the realized profit is an indicator that measures the total amount of profit (in USD) that the early miners of the cryptocurrency are harvesting through their transactions.

The metric calculates this by subtracting the price at which the coins were last moved by these ancient entities, from the current spot price at which these investors are moving them again.

As is visible in the chart, the indicator’s value has registered a few very large spikes this year, suggesting that the early miners have decided to book some of their gains.

These large values of the indicator have come as the price has traded inside the $62,000 to $70,000 range and have corresponded to a total profit-taking spree of a whopping $550 million.

From the graph, it’s apparent that this kind of trend isn’t unusual for a bull market, as previous such phases of the cryptocurrency had also witnessed the early miners breaking their silence to realize large profits.

Another veteran cohort has also just participated in a large amount of profit-taking: the long-term holder whales. The long-term holders (LTHs) refer to the investors who have been holding onto their coins since more than 155 days ago, while the whales are typically defined as holders with at least 1,000 BTC.

Thus, the LTH whales would be the largest HODLers in the market. As the below chart shared by the CryptoQuant founder in another X post shows, the realized profit for these investors has seen a large spike recently.

BTC Price

At the time of writing, Bitcoin is trading at around $65,000, down around 4% over the past week.

Bitcoin Miners May See Profit Relieve As North American Heatwave Threatens Operations

bitcoinist.com - Wed, 06/19/2024 - 23:00

Thanks to the summer heatwaves in North America, Bitcoin miners may begin to record a considerable increase in their revenue. This extreme weather condition is also expected to significantly impact Bitcoin’s hash rate

Bitcoin Miners To See Increase In Profit Thanks To Lower Competition

Bitcoin miners are expected to see an increase in profit because many may have to shut down or cool off their operations due to the extreme heat that usually occurs in North America during the summer. The United States (US) is known to be home to most Bitcoin miners, with data from the University of Cambridge showing that about 37% of Bitcoin mining takes place in the US.


This development is significant considering that Bitcoin miners were already facing a profit squeeze, mainly thanks to the halving event, which cut their mining rewards in half. Bloomberg reported that these miners could lose up to $10 billion in revenue following the halving event. As such, a reduction in the number of miners during this period will undoubtedly be a relief to others who see an opportunity to make up for some of the projected losses. 

These miners have also faced increased competition, which is evident in Bitcoin’s hash rate or computing power, which has continued to spike all through the year, reaching an all-time high (ATH) of 835.86 EH/s, according to data from CoinWarz. 

Blockware analysts also highlighted how the summer heat affects Bitcoin miners, claiming that heat mitigation is the “number one” operational challenge these miners face. The Application-Specific Integrated Circuit (ASIC), the device these miners use for mining, is said to be capable of reaching “very high temperatures” without proper cooling measures.  

This situation tends to get worse during the summer months, with Blockware noting that many miners have to cut back their operations partly due to overheating. Residential energy consumption also reaches high levels during these summer months, enough to “activate demand response clauses in miners’ power purchase agreements.”

BTC To Face A Decline In Hashrate

Bitcoin’s hash rate is also expected to decline significantly due to the extreme heatwave in the US. Blockware noted that during the North American summer months, the hash rate stagnated or decreased in the past two years as miners curtailed their mining operations

These Blockware analysts predict another “summer of flat hash rate/difficulty growth” thanks to the heat-induced curtailments and the ongoing miner capitulation caused by the “crunched profit margins” from the halving event. Indeed, Bitcoin’s hash rate has been declining for a while now and is currently at 624.63 EH/s. 

At the time of writing, Bitcoin is trading at around $65,400, down in the last 24 hours, according to data from CoinMarketCap. 

Montenegrin PM’s Secret Crypto Deal With Do Kwon Exposed

bitcoinist.com - Wed, 06/19/2024 - 20:30

In a startling development that has sent shockwaves through both the political and crypto sectors, a court document has brought to light Montenegrin Prime Minister Milojko Spajić’s early investment in Terraform Labs. This revelation comes on the heels of Terraform Labs’ recent settlement with the US Securities and Exchange Commission (SEC), pertaining to a $40 billion fraud accusation against the company. Prime Minister Spajić, who took office in October 2023, is now at the center of this emerging controversy involving the notorious crypto entrepreneur Do Kwon.

Crypto Ties: Montenegrin PM Invested In Terra Luna

According to a report by the Montenegrin media outlet Vijesti, US court documents disclose that Spajić, in his capacity as a private investor, was one of the initial backers of Terraform Labs. In April 2018, he reportedly invested $75,000 to acquire 750,000 Terra (LUNA) tokens, ranking him 16th among the early investors. This was during the initial fundraising phase for the crypto project, which notoriously failed after four years.

A financial expert cited by Vijesti explained that Spajić purchased the LUNA tokens at a notably low price of 10 cents per token, a common practice in early-stage investing due to the high risk involved. The total fundraising during this period amounted to approximately $13.75 million over two days, contributed by 14 individuals and 10 companies.

The LUNA token, which reached a high of $119 in early 2022, plummeted to near zero shortly after, following the collapse of the crypto project. If Spajić did not sell any of his holdings before the crash, his potential losses could amount to nearly $90 million, reflecting the dramatic rise and fall of the token’s value.

The political ramifications of these revelations are significant, especially given the timing of Do Kwon’s legal troubles. Kwon, who is currently in Montenegro, is facing extradition proceedings to either the United States or South Korea, where he is charged with orchestrating a massive fraud.

The complexities of Spajić’s involvement extend beyond financial losses. He has previously stated that it was the company he worked for, and not him personally, that was defrauded by Terraform Labs. However, the disclosure of his direct investment challenges this narrative and raises questions about his financial disclosures and ethical conduct while in office.

So far, Spajić has refrained from publicly acknowledging his personal financial losses in the Terraform debacle. His responses to media inquiries have been evasive, focusing instead on the losses sustained by his company. The Prime Minister’s office and the Government Public Relations Service have yet to respond to questions about the nature of his investments and his current holdings in Luna tokens.

Another layer of controversy involves Spajić’s compliance with regulatory requirements. According to Vijesti, he has not disclosed his ownership of LUNA tokens in his financial declarations to the Agency for the Prevention of Corruption. His earlier financial disclosures indicated ownership of other cryptocurrencies, such as Bitcoin and Ethereum, but failed to mention LUNA specifically.

This omission raises significant concerns about transparency and potential conflicts of interest, particularly given the timing of his investments and the subsequent regulatory investigations into Terraform Labs. The lack of clarity in his declarations and the recent revelations from the US court documents paint a complex picture of Spajić’s financial and political entanglements with the crypto world.

At press time, Terra Luna Classic (LUNC) traded at $0.000090870.

Ник Перкоко: «Белые закеры украли у биржи Kraken $3 млн»

bits.media/ - Wed, 06/19/2024 - 19:26
Директор службы безопасности американской криптобиржи Kraken сообщил, что группа анонимных белых хакеров воспользовалась возможностями программы лояльности Kraken Bug Bounty и незаконно завладела цифровыми активами на сумму около $3 млн.

Spot Ethereum ETFs Race Heats Up With Double-Edged Filing From Hashdex

bitcoinist.com - Wed, 06/19/2024 - 19:00

Brazil-based cryptocurrency asset management platform, Hashdex has applied for the approval of a dual ETF, consisting of both Bitcoin and TH, the world’s largest cryptocurrencies. This development comes as the Spot Ethereum ETF race heats up in anticipation of an official debut before the end of the year. 

Hashdex Files Combined Bitcoin And Ethereum ETFs

In a June 18 X (formerly Twitter) post, Bloomberg analyst James Seyffart unveiled Hashdex’s recent 19b-4 filing for a combined Bitcoin and Ethereum ETF. Earlier on May 24, the crypto asset management company pulled back its Spot Ethereum ETF application, posting its notice of withdrawal one day after the SEC approved ETH ETF applications. 

Hashdex is taking a new approach in the cryptocurrency ETF market, choosing to file a dual Bitcoin and Ethereum ETF, instead of the conventional individual ETF. According to Seyffart, if the United States Securities and Exchange Commission (SEC) approves Hashdex’s new ETF application, then the crypto asset management company will be the first ever Spot Bitcoin and ETH ETF provider. 

The Bloomberg analyst has also disclosed that Hashdex’s dual crypto ETF will be a market-weighted asset. This means that the ETF will be weighted based on the total market capitalization of both Ethereum and Bitcoin

In the filing, the percentage of Bitcoin within the combined ETF will account for 70.54%, while Ethereum will remain at 29.46%. Hashdex’s filing has also disclosed that other crypto assets can be added to its Bitcoin and Ethereum dual ETF. However, only assets that meet certain criteria and are eligible for inclusion will be incorporated.

Seyffart also noted that Hashdex already manages a crypto index ETF in Brazil. This ETF includes a diverse range of crypto assets, with Bitcoin and ETH making up 90% of its holdings. As a result, the asset management firm’s filing for a dual crypto ETF in the United States comes as no surprise and effectively aligns with Hashdex’s strategic future goals. 

The Bloomberg analyst has also disclosed that Hashdex will be utilizing at least two custodians for its Bitcoin and Ethereum ETF. The filing revealed that the company has begun plans to enter an agreement with Coinbase Custody Trust Company, LLC and BitGo Trust Company, Inc to keep custody of all the trust’s Bitcoin and Ethereum assets.

When Will EthETHereum Spot ETFs Start Trading?

A crypto analyst identified as ‘Crypto Capo’ on X has predicted that Ethereum Spot ETFs S-1 approval and official trade will commence in the next few weeks. This prediction aligns with that of Bloomberg Senior Analyst, Eric Balchunas who has forecasted that Ethereum Spot ETFs would make its debut by July 2, 2024.

While the US SEC has approved 19b-4 forms of eight Spot ETH ETFs, the regulator still needs to approve S-1 registration statements to kickstart ETH ETF trading. Gary Gensler, the Chairman of the SEC, revealed last week that S-1 approvals would likely come sometime at the end of summer. 

Meanwhile, Seyffart has revealed that the deadline for the SEC’s approval of Hashdex’s combined Bitcoin and Ethereum ETF is scheduled around the first week of March 2025. 

Топ-менеджер Coinbase Лукас Мэтисон: «Канадские власти не заинтересованы в развитии криптоиндустрии»

bits.media/ - Wed, 06/19/2024 - 18:52
Директор канадского подразделения американской криптовалютной биржи Coinbase, выступая на конференции в Торонто, выразил сожаление, что местные законодатели уделяют мало внимания разработке правил регулирования криптовалют.

SEC Crypto Sheriff Steps Down – Regulation In Limbo?

bitcoinist.com - Wed, 06/19/2024 - 17:30

David Hirsch, the influential head of the Cryptocurrency and Network Division at the US Securities and Exchange Commission (SEC), has officially vacated his office. This move could signal significant shifts in the crypto regulatory landscape for cryptocurrencies in the US Hirsch’s departure comes at a pivotal moment for the industry, with major legal battles ongoing and the political climate poised to influence future regulatory approaches.

A Legacy Of Rigorous Enforcement

David Hirsch spent nearly a decade at the SEC, during which he became a prominent figure in the regulation of digital assets. Known for his firm stance on enforcement, Hirsch played a crucial role in the SEC’s aggressive crackdown on several high-profile crypto companies.

Under his leadership, the SEC pursued actions against industry giants such as Kraken, Coinbase, Binance, and Ripple, setting a tone of strict oversight that resonated throughout the market.

Hirsch’s approach was characterized by a commitment to collaboration, as evidenced by his farewell message on LinkedIn, where he referred to securities enforcement as a “team sport.”

Speculation And Denials

In the wake of Hirsch’s departure, the rumor mill has been in overdrive. Speculations emerged that he would join the meme coin project Pump.Fun as their new Head of Trading.

According to these rumors, Hirsch was set to lead the project’s ambitious initiative to launch thousands of new coins, a claim that Hirsch has since denied. These speculations highlight the buzz and intrigue surrounding his next professional move, though Hirsch has stated he plans to take a break and travel with his family.

We are excited to announce our new Head of Trading, David Hirsch!

After months of conversations with @a1lon9, David came to the realization that his work as a regulator was no longer fulfilling. He had to start a new chapter.

And what’s better than doing the very thing you… pic.twitter.com/qJrHjNdHpD

— pump.fun (@pumpdotfun) June 17, 2024

The Future Of Crypto Regulation

The question of who will succeed Hirsch is pivotal, as the new appointee will shape the next phase of crypto regulation.

Looking ahead, the upcoming US presidential elections add another layer of uncertainty. The candidates’ stances on cryptocurrency could dramatically alter the SEC’s approach.

Incumbent President Joe Biden’s administration has shown a mixed stance, recently approving spot Ethereum ETFs but maintaining a generally cautious regulatory approach.

In contrast, former President Donald Trump, a contender in the upcoming election, has positioned himself as a “crypto president” who promises a more favorable environment for digital assets.

A survey commissioned by Grayscale reveals growing public interest in cryptocurrencies, with 53% of respondents indicating they would support a candidate who understands digital assets.

This sentiment suggests that crypto regulation could become a significant issue in the election, influencing both voter behavior and future policy directions.

Featured image from Getty Images, chart from TradingView

Кунал Бхасин: «Технологии блокчейна кардинально изменят рынок коммерческой недвижимости»

bits.media/ - Wed, 06/19/2024 - 16:35
Соруководитель отдела цифровых активов канадского филиала международной аудит-консалтинговой корпорации KPMG заявил, что технологии блокчейна способны изменить рынок дорогостоящей коммерческой недвижимости, расширить список инвесторов и защитить их интересы.

Бразильские налоговики потребуют отчета о методах работы от иностранных криптобирж

bits.media/ - Wed, 06/19/2024 - 16:33
Департамент федеральных доходов Бразилии (Receita Federal) усилит надзор за иностранными криптовалютными биржами и потребует дополнительную информацию о методах работы.

Dogecoin Faces Downside Risk To $0.072 As Analyst Cites A Descending Triangle Formation

bitcoinist.com - Wed, 06/19/2024 - 16:00

Popular cryptocurrency analyst and trader, Crypto Daily Trade Signals, has issued a warning to the Dogecoin community about a potential downside risk for the popular meme-inspired crypto asset as it confronts a bearish technical pattern amid a wider negative sentiment in the digital asset market lately.

Dogecoin Forms Bearish Descending Triangle Pattern

Crypto Daily Trade Signals’ analysis delves into Dogecoin‘s current market structure, identifying the formation of a Descending Triangle Pattern. The descending triangle is characterized by a series of lower highs pushing against a flat support level which is currently located at $0.121, and is usually seen as a bearish continuation signal.

According to the expert, although the triangle’s base at $0.121 offers strong support for DOGE, the current bearish market conditions brought about by Bitcoin, the largest cryptocurrency asset, can make it meaningless. Furthermore, he noted that after testing the support level about 3 times, investors are hopeful that the level would hold this time around.

The post read:

DOGE price was previously trending inside a giant descending triangle. The base of the triangle provides robust support for DOGE but prevailing bearish market conditions created by Bitcoin may render it useless. The support has been tested three times before and investors are hoping it will hold water now.

Crypto Daily Trade Signal also underlined another bearish trend for the asset price, which is indicated by DOGE trending below the 50-day and 200-day Simple Moving Average (SMA).

It is important to note that triangles that descend are typically not bullish, but when they resolve upward, they usually trigger an explosive rally. In the event that there is a rebound at this price point, the analyst believes DOGE might break out of the existing market structure and reach $0.237. However, the crypto asset path on the upside might not be easy as Crypto Daily Trade Signals have pointed out two crucial resistance levels at $0.182 and $0.206.

Meanwhile, should the crypto asset fail to rebound and fall below the base of the triangle, the expert anticipates a decline toward the $0.96 price level and even further to the $0.072 level in the upcoming days.

Growing Pessimism From Investors

Given that Dogecoin has been having difficulty regaining traction, this technical analysis comes at a crucial time for the meme coin. The general market decline has exacerbated the difficulties, as investors continue to lose faith in the short-term potential of cryptocurrencies.

As DOGE continues to navigate this descending triangle, the next several days will be crucial in deciding if the asset can resist the bearish pressures or give in to a more severe decline.

At the time of writing, DOGE has attracted positive sentiment, trading at $0.125, demonstrating a 2.79% increase in the past day. Although its market cap has increased by over 2%, its trading volume is down by more than 34% in the past day. Today’s bullish momentum witnessed within the meme coin market suggests that DOGE may be in a position to attract more gains in the days ahead.

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