Из жизни альткоинов

The relationship between the US Securities and Exchange Commission (SEC) and the burgeoning crypto industry has taken a dramatic turn for the worse. A recent court ruling against the SEC in a case against crypto platform DEBT Box has exposed accusations of misconduct and cast doubt on the agency’s regulatory tactics.

The controversy centers around a lawsuit filed by the SEC in August 2023, alleging a $50 million crypto fraud scheme perpetrated by DEBT Box. To halt the Utah-based company’s operations, the SEC secured a temporary freeze on its assets and restraining orders against its executives.

However, the case unraveled spectacularly in March 2024 when Judge Robert J. Shelby of the Utah District Court sanctioned the SEC for “egregious misrepresentations” during the initial hearing.

SEC UNDER FIRE: LAWYERS RESIGN IN WAKE OF CRYPTO CASE SCANDAL

– Two SEC lawyers, Michael Welsh and Joseph Watkins, resigned after a federal judge sanctioned the agency for “gross abuse of power” in a crypto case.

– The case involved Digital Licensing Inc., known as DEBT Box,… https://t.co/sXqUDdAvvz pic.twitter.com/Dz3v4sGYzK

— BSCN (@BSCNews) April 22, 2024

Crypto Case: SEC Accused Of Fabricating Evidence

Judge Shelby’s scathing ruling accused the SEC of presenting evidence that “lacked any basis in reality” and was “deliberately misleading.” The court documents allege that SEC attorneys, led by Michael Welsh and Joseph Watkins, knowingly submitted false information to obtain the emergency freeze.

When questioned about the discrepancies, Welsh reportedly attempted to “gloss over” the issue instead of correcting the record. These allegations have severely damaged the SEC’s credibility and raised questions about its commitment to fair and ethical legal practices.

Lawyer Resignations Raise Questions About Internal Dissent

The fallout from the court’s decision has extended beyond public perception. Significantly, both Welsh and Watkins resigned from the SEC earlier this month. While the official reasons remain undisclosed, sources close to the case suggest they were pressured to leave after the judge’s harsh rebuke. These resignations could point to internal dissent within the SEC regarding its crypto enforcement strategy.

‘Regulation By Enforcement’ Strategy Draws Criticism

The DEBT Box case is not an isolated incident. The SEC, under Chairman Gary Gensler, has faced criticism for its “regulation by enforcement” approach towards the crypto industry. Critics argue that instead of providing clear regulatory guidelines, the SEC relies heavily on lawsuits and enforcement actions to police the space.

This strategy, they claim, creates significant uncertainty for businesses and stifles innovation in the rapidly evolving crypto landscape.

The recent court ruling and lawyer resignations add fuel to this criticism. Critics argue that the SEC’s aggressive tactics, exemplified by the DEBT Box case, could ultimately undermine US competitiveness in the global digital asset market.

Featured image from Pixabay, chart from TradingView

Посольство Китая в Анголе призвало своих граждан, проживающих в этой африканской стране, воздержаться от майнинга криптовалют, поскольку эта деятельность считается в Анголе уголовным преступлением.

Вице-президент по цифровой экономике Moody’s Ratings Кристиано Вентричелли рассказал, какими блокчейнами интересуются институциональные инвесторы для токенизации активов.

In the XRP lawsuit, Ripple has filed its opposition to the US Securities and Exchange Commission’s (SEC) motion for remedies and entry of final judgment. The fintech company counters the agency’s for nearly $2 billion in penalties with a proposed fine of just $10 million maximum. Filed late Monday, Ripple’s 186-page opposition document details its arguments against the SEC’s severe demands following a court ruling that found Ripple in violation of securities laws by selling XRP to institutional investors without proper registration.

Ripple Vs. SEC: $10 Million Or $2 Billion?

Ripple begins by acknowledging the violation, affirming its recognition of the court’s decision and detailing its compliance adjustments. “Ripple has publicly acknowledged that ruling, and does so again now. It has changed the way it sells XRP and changed its contracts to avoid the problems identified by this Court,” the document states. This acknowledgment is crucial as it sets the stage for the company’s argument that no further punitive measures, such as an injunction, are necessary.

The company strongly opposes the SEC’s proposed injunction, arguing that it has already implemented significant changes to prevent future violations. A key passage from the document asserts, “The SEC fails to establish a reasonable likelihood of future violations.” This argument is built on the premise that Ripple’s proactive remedial measures effectively mitigate the risk of repeating the past missteps.

Addressing the SEC’s demand for disgorgement, the fintech company contends that the request is unwarranted because the SEC has not demonstrated that Ripple’s actions caused any pecuniary harm to investors. The opposition states, “The SEC fails to show that any disgorgement is warranted. Govil bars disgorgement because the SEC cannot show pecuniary harm.” This point is critical in Ripple’s defense, emphasizing the lack of direct financial damage to investors as a result of its actions.

Regarding civil penalties, Ripple argues for a significantly reduced amount, citing the disproportionality of the SEC’s request compared to penalties in similar cases. “ANY CIVIL PENALTY SHOULD NOT EXCEED $10 MILLION,” the document states, suggesting that such a figure is more in line with precedent and the nature of the violations.

Legal precedents play a significant role in the defense, with numerous citations intended to bolster its position against harsh penalties. One such precedent is Arthur Lipper Corp. v. SEC, which the company uses to argue against the necessity of an injunction. The document notes that an injunction serves to “prevent threatened future harm” and requires “positive proof of a reasonable likelihood that past wrongdoing will recur,” something Ripple contends is not present given its corrective actions.

Reactions From The XRP Lawyer Community

Reactions from the pro-XRP legal community reflect a belief in the strength of arguments. Bill Morgan, a notable pro-XRP lawyer, commented on the strength of Ripple’s position against disgorgement, “In summary, I think this argument is correct and disgorgement should not be awarded where it would give investors a windfall. Ripple looks in good shape for Torres to apply Govil and order no disgorgement.”

Additionally, Jeremy Hogan argued via X, “The SEC has BIG legal problems to address if it wants to get a win against Ripple, and I still think it squandered its opportunity to get ahead with its first brief.”

James “MetaLawMan” Murphy explained what to expect next. According to him, Judge Torres has not set a deadline for a decision. “But, I would expect that this decision will come substantially quicker than the summary judgment rulings. Best guess would be 60 to 90 days after the last brief (May 6).”

At press time, XRP traded at $0.54921, up 2.5% in the last 24 hours.

In a significant development, a legal pad with the handwritten words “Buy Bitcoin” is currently garnering significant attention in the form of bidding, reaching nearly $140,000 in an ongoing online auction, as reported by Bloomberg. 

Janet Yellen’s ‘Buy Bitcoin’ Sign Sparks Auction Frenzy

The message, a rallying cry for cryptocurrency enthusiasts, gained notoriety after being displayed behind former Federal Reserve (Fed) Chair Janet Yellen during her congressional testimony about seven years ago. Bidding on the ink drawing is expected to close late Wednesday.

According to the report, the sign’s improvised creation can be attributed to Christian Langalis, a 22-year-old Bitcoin owner and intern at the libertarian think tank Cato Institute at the time. 

Seeing an opportunity, Langalis positioned himself behind Yellen during her appearance before the House Financial Services Committee in July 2017, quickly jotting down the now-famous phrase. 

However, his bold publicity caught the cameras’ attention, and he was quickly removed from the hearing. Unexpectedly, Langalis received about seven Bitcoin in unsolicited donations as a result.

During that period, BTC was experiencing its initial surge in public consciousness. It traded at around $2,300, a significant increase from its value of less than $1,000 just six months earlier. The market’s leading cryptocurrency skyrocketed over 13,000% in 2017, followed by a 74% crash the following year. 

Today, with established financial institutions such as BlackRock and Fidelity embracing cryptocurrencies through the spot Bitcoin ETF market, Langalis is looking to capitalize on the momentum that pushed BTC to an all-time high of $73,700 on March 14.

Impressive Bids In Auction

According to Bloomberg, in 2019, Langalis sold 21 replica editions of the iconic sign, with an average realized price of 0.8 BTC each. These numbered and time-stamped replicas, “meticulously” crafted by hand, were well-received by crypto supporters. 

Recently, Langalis was offered five Bitcoin, valued at approximately $330,000, for the original sign but decided to opt for the auction route, hoping to achieve an even higher price that would benefit his Bitcoin software work and his family.

The auction listing describes the item as an “Ink Drawing on Legal Pad” weighing half a pound. The legal pad also contains Langalis’s notes from the momentous hearing. 

The page featuring the sign drawing was initially detached from the notepad but has since been reattached using clear archival wire, preserving this “historical artifact.”

The auction winner will be announced at Pubkey, a BTC-themed eatery in New York City, where Langalis currently works as a co-working space. 

Currently trading at $66,400, BTC is inching closer to the $70,000 barrier that has acted as a notable wall of resistance for the largest cryptocurrency on the market over the past month.

Featured image from Shutterstock, chart from TradingView.com

The fourth Halving has now been completed for Bitcoin. Here’s how the miners have reacted to the event regarding their total hashrate.

Bitcoin 7-Day Average Hashrate Hit New All-Time High Recently

Halving is a periodic event for Bitcoin in which its block rewards—that is, the rewards that miners receive for solving blocks on the network—are permanently cut in half.

This event takes place roughly every four years, and the latest one was completed just recently. This was the fourth Halving the cryptocurrency has gone through, and its block rewards have now come down to 3.125 BTC from 6.25 BTC.

Bitcoin miners earn their living from two sources: the block rewards and transaction fees. Historically, however, the former has been a much more dominant income stream, as transaction fees have often stayed relatively low.

Since the Halvings drastically affect the block rewards, these events are naturally relevant for the miners. One way to track how the miners react to these events is through their hashrate.

The “hashrate” refers to the computing power the Bitcoin miners have connected to the network. Changes in this value can reflect the sentiment among the miners.

When the indicator goes up, it means that miners are finding the blockchain attractive to mine on right now. On the other hand, a decline could imply that some miners are finding it unprofitable to mine BTC and have decided to disconnect from the network.

As analyst James Van Straten pointed out in a post on X, the Bitcoin mining hashrate has always gone down following Halving events.

But what about this time? Are miners capitulating? Here is a chart that shows the trend in the 7-day average Bitcoin mining hashrate over the past year.

As the graph shows, the 7-day average Bitcoin hashrate actually set a new all-time high (ATH) of 650 EH/s on the day of the Halving. This could mean that miners weren’t worried about the Halving, or they may just have made a final push to get in on the higher block rewards while they still lasted.

The metric has declined since the event, implying some miners have disconnected. The indicator, however, is still floating around 629 EH/s, suggesting that the drawdown isn’t significant and that the hashrate continues to be around ATH levels.

Thus, only a few miners have been shaken out so far. However, this still doesn’t necessarily mean that miners are more persistent this time. As Straten has discussed in another X post, the miner revenue from the fees has been quite extraordinary since the Halving.

This spike in transaction fees has come due to the arrival of Runes for the cryptocurrency, a new protocol that allows users to create fungible tokens on the Bitcoin network.

While the hype has cooled down a bit, as fees now account for 30% of the total miner revenue instead of more than 75% as it was earlier, the revenue percentage they are contributing to is still quite high compared to the past, and this may be the reason why miners are sticking around post-halving.

BTC Price

At the time of writing, Bitcoin is trading at around $66,100, up more than 3% over the past week.

Taking to X on April 22, Willy Woo, an on-chain analyst, notes that the tides are turning in the age-old battle between gold and Bitcoin. While gold has enjoyed a 6,000-year reign as a scarce asset, advancements in mining technology have eroded its scarcity narrative, going by the accelerated production rate in the past few decades. 

Gold Versus Bitcoin: Which Is A Better Store Of Value?

Meanwhile, Bitcoin’s supply is decreasing as gold risks an oversupply in the next few years. With the Halving event on April 20, the BTC’s scarcity is only set to become even more pronounced in the years to come. 

Since launching, the Bitcoin network has reduced daily issuance to miners through Halving. In the fifth epoch, the network rewards 3.125 BTC to every successful miner or mining pool every 10 minutes. This rate is down 50% from epoch four when rewards stood at 6.25 BTC per block.

Overall, Gold and Bitcoin are considered safe-haven assets. However, over the past centuries, the scarcity of gold has made it the preferred store of value assets for banks and countries. Nearly all central banks in the world hold gold in their reserves.

However, due to technological advancements increased production rate, Woo now thinks gold holders will face rough times in the coming years as new supply floods the market. 

Woo backs Bitcoin, a digital asset considered digital gold due to its predetermined and transparent issuance schedule. Traditional gold investors have failed to recognize that the yellow metal is a “slow-moving rug pull” playing out over the next decade, Woo says.

Is BTC Preparing For A Sharp Rally?

In another post on X, Woo argues that the Bitcoin Price ratio suggests that the coin is gearing for a mega run upward. The rally, the analyst continues, has not even started despite Bitcoin surging to as high as $73,800 in March 2024. 

The spike in the coin’s valuation above the previous all-time high of $70,000 was a deviation from historical performance.

Even so, if history guides and prices surge even higher in the current epoch, a new all-time high will be recorded in alignment with Woo’s projections.

By analyzing how the Bitcoin Price ratio behaved relative to previous Halving events, Woo now thinks the current leg up will be a unique blend of solid market demand and dominance.

 

Bitcoin exchange Mt. Gox has reportedly begun repaying its users, providing a glimmer of hope for those affected by the exchange’s infamous hack over a decade ago. 

The trustee of Mt. Gox confirmed the verification process for eligible repayment clients three months ago, and now users are seeing actual payments being made. However, the repayment process raises concerns about the potential impact on the Bitcoin market.

Mt. Gox Users Receive Payments, But Challenges Persist

Users of the social media site Reddit have reported receiving payments from Mt. Gox, as the trustee added specific amounts and completion dates to their claim accounts. 

While some users expressed satisfaction with the repayment process and the absence of fees, others faced challenges such as failed transfers and extended deadlines. 

As seen in the image below, the trustee has been regularly updating the redemption tables to provide transparency on progress. However, users and customers of the defunct exchange remain concerned about the fees incurred during the redemption process.

As noted in the image, the payments made so far have been cash redemptions, leaving BTC and Bitcoin Cash payments pending. If users decide to sell the tokens they received, this is expected to impact the prices of both cryptocurrencies further. 

200,000 BTC To Be Release And Bitcoin Price Outlook

With over 10 years passing since the hack that resulted in the loss of 809,000 BTC, the release of 200,000 BTC to users could potentially impact the cryptocurrency’s price. 

Additionally, Mt. Gox still holds 143,000 BCH and 69 billion Japanese yen, adding further complexity to the situation. The potential selling of the received BTC by users waiting for their funds for years might dampen Bitcoin’s bullish sentiment and the ongoing price recovery.

While the amount of cash refunded has not been disclosed, it has come to light that users are being paid in Circle’s USDC stablecoin. This leaves Mt. Gox users who requested to be paid in BTC or Bitcoin Cash as key players in the market, as they could play a significant role in the current market conditions. 

The timing of the repayment and the users’ strategy toward holding or selling their BTC and Bitcoin Cash are critical factors determining the long-term effects on Bitcoin’s price.

Currently, BTC is trading at $65,900, showcasing a 1.9% surge within the last 24 hours. The $60,000 mark has emerged as a crucial threshold for BTC bulls striving to establish a strong consolidation above this level. 

On the other hand, Bitcoin Cash (BCH) is trading at $510, reflecting a 2.1% increase over the past 24 hours and an impressive 8.5% growth over the past month.

Featured image from Shutterstock, chart from TradingView.com 

Global crypto investment products saw a net outflow of $206 million last week, reflecting investor concerns over the “potential impacts of Federal Reserve policy decisions on interest rates,” as reported by Coinshares.

Global Impact Of Crypto Outflows On Bitcoin ETFs And Market Volume

CoinShares revealed that the recorded net outflow of $206 million marks the second consecutive week of outflows, driven by expectations that the Federal Reserve will maintain high interest rates for an extended period.

The outflows were particularly notable in crypto investment products offered by asset managers such as Ark Invest, Bitwise, Fidelity, Grayscale, ProShares, and 21Shares. 

CoinShares Head of Research James Butterfill noted:

The data suggests appetite from ETP/ETF investors continues to wane, likely off the back of expectations that the FED is likely to keep interest rates at these high levels for longer than expected.

Interestingly, global exchange-traded products saw a slight decline in trading volume last week, totaling $18 billion, which accounted for 28% of the total Bitcoin trading volume. This figure marks a decrease from the 55% observed a month ago.

The net outflows in the US spot Bitcoin ETFs significantly contributed to the global weekly outflow, reaching $204.3 million.

However, amidst this trend, BlackRock’s IBIT emerged as the sole spot for Bitcoin ETFs to sustain weekly inflows. It garnered $165.4 million in inflows, prolonging its streak to 69 consecutive days before the Bitcoin Halving.

Waking up on 4/20 to see $IBIT took in cash for the 69th straight day, which was also the halving. It’s a little too perfect https://t.co/7Z8W3t9L7h

— Eric Balchunas (@EricBalchunas) April 20, 2024

Region-Based Crypto Fund Flows And Market Trends

According to the coinshares report, adding crypto futures products in the United States led to total net outflows of $244 million last week.

Conversely, Canada and Switzerland-based funds saw net inflows of $30 million and $8 million, respectively. Global Bitcoin funds accounted for $192 million of the total net weekly outflows.

Notably, short-Bitcoin products experienced minimal outflows of $300,000 despite the outflows, indicating that few investors saw this as an opportunity to short, according to Butterfill.

Furthermore, Ethereum-based investment vehicles carried on with their outflow streak for the sixth consecutive week, with $34 million in outflow. On the other hand, Litecoin and Chainlink products saw inflows of $3.2 million and $1.7 million, respectively.

Meanwhile, blockchain equities faced an eleventh consecutive week of outflows totaling $9 million.  James Butterfill states this is so “as investors continue to worry over the consequences of the halving on mining companies.”

Amidst these fund flows, the overall crypto market has shown a slight uptick in the past 24 hours. Bitcoin, the largest crypto by market capitalization, recorded a 1.2% increase, while Ethereum, the second-largest, saw nearly 1% growth over the same period.

This price action coincided with Bitcoin’s fourth halving on April 20, reducing miners’ block subsidy rewards from 6.25 BTC to 3.125 BTC.

Featured image from Unsplash, Chart from TradingView

The Bitcoin ETF market has witnessed a notable inflow streak, with BlackRock’s iShares Bitcoin Trust ETF (IBIT) leading the race. Since gaining approval from the US Securities and Exchange Commission (SEC) on January 10, the ETF market has experienced over three months of trading. 

However, BlackRock stands out as the frontrunner, boasting an impressive inflow streak of 69 consecutive days, on the verge of setting a new record. 

Bloomberg ETF expert Eric Balchunas highlights this achievement, underscoring the growing interest in BlackRock’s Bitcoin ETF and the overall adoption of the largest cryptocurrency in the market.

BlackRock’s Bitcoin ETF Nearing Top 10 List

BlackRock’s iShares Bitcoin Trust ETF has consistently attracted inflows for 69 consecutive days, inching closer to a new record. Balchunas points out that the ETF will enter the top 10 list with just one more day of inflows and tie with the airline JETS ETF. 

Delving into the inflow data, IBIT has witnessed an average inflow of $223.4 million during April trading. Farside data reveals that the ETF recorded a maximum inflow of $849 million and a minimum inflow of $18 million. 

In comparison, the runner-up in the spot Bitcoin ETF race, Fidelity’s FBTC ETF, experienced an average inflow of $118 million in April, with a maximum of $473 million. 

It is worth noting that Fidelity’s ETF experienced zero inflows for three days in April (April 12th, 15th and 17th). Meanwhile, most of the other eight ETFs recorded zero inflows for more than eight days in April, highlighting the strong investor interest in Fidelity and BlackRock’s Bitcoin ETFs.

In contrast, the Grayscale Bitcoin Trust (GBTC) experienced significant outflows over the past three months, losing almost 300,000 Bitcoin. In April alone, GBTC recorded total outflows exceeding $1.6 billion. On the other hand, BlackRock’s Bitcoin ETF has gained similar Bitcoin inflows during the same period. 

In light of these developments, Grayscale appears to be taking action to boost performance and inflows to the firm’s assets under management (AuM). 

Grayscale Introduces Low-Fee “Mini Bitcoin ETF”

Grayscale has revealed plans to launch a new spin-off version of its GBTC fund, a “Mini Bitcoin ETF,” with a significantly reduced fee of 0.15%. According to Grayscale’s latest filing, this fee is expected to be the lowest among all available spot Bitcoin ETFs. 

The move can be seen as a strategic response to Grayscale’s recent challenges, including the absence of inflows into its flagship product due to its current high 1.5% fee. 

With the forthcoming launch of the Bitcoin Mini Trust, which features a competitive 0.15% fee, Grayscale aims to regain its popularity among investors. Presently, the Franklin Bitcoin ETF (EZBC) holds the title for the lowest-cost Bitcoin ETF, with a fee of 0.19%.

BTC is trading at $66,300, up 2% over the past 24 hours. 

Featured image from Shutterstock, chart from TradingView.com

Crypto analyst Ali Martinez has provided a bullish narrative for the foremost meme coin, Dogecoin (DOGE). Based on his recent analysis, there is a likelihood that Dogecoin can hit $1 sooner rather than later. 

Dogecoin’s Chart Flashes Buy Signal

Martinez mentioned in an X (formerly Twitter) post that the TD Sequential has flashed a buy signal on the Dogecoin daily chart. This indicates that the meme coin could experience an “upswing of one to four days,” the analyst claimed. In a subsequent X post, Martinez offered a more bullish outlook for DOGE, suggesting that the upward trend could last longer. 

He stated that Dogecoin “is showing its classic pattern once again,” as the meme coin is “currently consolidating after breaking out from a descending triangle.” He added that based on past trends, DOGE might just “rocket towards $1 in the coming weeks.” Martinez’s analysis undoubtedly adds to the growing belief that DOGE can attain such heights. 

Other crypto analysts, such as Mikybull Crypto, Altcoin Sherpa, and DonAlt, have also predicted that Dogecoin would rise to $1 in this bull run at some point. However, Martinez’s analysis suggests that DOGE’S move to $1 is imminent and could happen even earlier than expected. 

One factor that could play a significant role in Dogecoin’s rise to this price level soon is the institutional interest in the meme coin. This interest will skyrocket once Coinbase launches DOGE’S future for its institutional clients on April 29. Depending on how bullish they are, these institutional investors can inject an impressive amount of liquidity into the Dogecoin ecosystem, which could lead to further price surges. 

The Only Way For DOGE Is Up

Crypto analyst Myles G mentioned in an X post that Dogecoin has bottomed and boldly claimed that this is the lowest the market will ever see the meme coin at again. This means that DOGE will likely continue its upward price action from now on. 

Crypto analyst Kevin (formerly Yomi OG) also recently suggested another rally for the meme coin was on the horizon. He stated that Dogecoin still has “multiple weeks of upward price action away from achieving this bull market milestone.” 

In a recent X post, Kevin remarked that DOGE needs to achieve a monthly close above $0.16 for this bullish momentum to be confirmed. He said a close above that price level “would confirm a perfect retest of the previous bear market accumulation range” and set the “monthly momentum strongly for more upside.”

At the time of writing, Dogecoin is trading at around $0.16, up in the last 24 hours, according to data from CoinMarketCap. 

During his latest rally, pro-crypto US candidate Robert F. Kennedy Jr. promised to use blockchain technology to “bring transparency to American citizens” if elected. The independent candidate has constantly advocated for blockchain technology and the crypto industry, which has granted him the support of figures in the community.

The US Budget To Be “On Blockchain”

Presidential candidate Robert F. Kennedy presented the idea of putting the US budget on blockchain to achieve better transparency during a Michigan rally on April 21. The politician stated, “I’m gonna put the entire US budget on blockchain.”

Seemingly, US citizens want more transparency about where their tax money is being spent. The proposal would address this recurring concern among Americans:

Every American can look at every budget item in the entire budget, anytime they want, 24 hours a day.

If Kennedy were to win the November election and implement the idea, the US would have “300 million eyeballs on our budget.” Moreover, US citizens would know “if somebody is spending $16,000 for a toilet seat.”

Members of the crypto community received the proposition positively. Some users on social media platform X considered the idea “transformative” and “what the nation’s founders would have done if they had the tech.”

Most American's have no idea how transformative that would be. This is what the founders of the nation would have done if they had the tech. This is key to creating a government we can trust.

— optictopic (@Optictopic) April 22, 2024

Another user deemed the idea of a “refreshing” way of “looking at problems and finding solutions,” despite considering that the independent candidate has a “low chance of winning the election.”

The results of the US presidential elections that will be held in November could be decisive for crypto adoption and regulation in the country.  This electoral campaign has shown a variety of regulatory approaches and advocacy for cryptocurrencies among the candidates.

Most notably, former Republican candidate Vivek Ramaswamy advocated for better crypto regulations and warned of Central Bank Digital Currencies (CBDC). Ultimately, Ramaswamy influenced former US president and current Republican candidate Donald Trump.

Trump has now expressed his opposition to an American CBDC and shown a more pro-crypto stance. Despite his preference for the US dollar, the former president recognizes the importance of cryptocurrencies and the industry.

Cardano Founder Shows Support To RFK Jr.

The independent candidate’s campaign has received support from figures like Jack Dorsey, founder of Twitter and current CEO of Block Inc. More recently, the founder of Cardano, Charles Hoskinson, showed his support for the politician.

In X post, Kennedy shared a clip of Hoskinson expressing his stance on the November presidential elections. As of April 4, Cardano’s founder believes that RFK Jr is somebody “who actually could make a difference, regardless of if he wins.”

Crypto guru and Cardano co-founder Charles Hoskinson (@IOHK_Charles) endorses RFK Jr., saying he’s the best person to back this November.

#KennedyShanahan24 pic.twitter.com/a0taHwr0cD

— Robert F. Kennedy Jr (@RobertKennedyJr) April 17, 2024

He further asserted his endorsement of the candidate, calling him “the horse to ride this November.” Hoskinson wishes people would get inspired by this election. He added that win or lose, he hopes a “strong civic sense that things need to change” will be built.

Based on this, some X users believe that Cardano has a high chance of being the blockchain the presidential candidate would use to implement his “US budget on Blockchain” idea. Others find the Bitcoin blockchain would be better suited for the task.

Ultimately, Kennedy’s proposal seems to have fueled the conversation about ways blockchain technology could be implemented to solve problems in the American system and bring transparency.

Shiba Inu (SHIB) has been one of the crypto tokens that has been talked about the most since this market cycle began. Different analysts have weighed in and given several bullish price predictions on how high the meme coin could rise as this bull run progresses. 

Shiba Inu To Hit New All-Time High Soon

Shiba Inu’s Marketing Lead Lucie once predicted that the meme coin could hit a new all-time high (ATH) “soon before or shortly after BTC halving.” Back then, she reaffirmed her faith in the second-largest meme coin by market cap, stating that SHIB could pull this kind of “miracle recovery.” 

In March, Crypto analyst and trader Xanrox predicted that Shiba Inu would rise to a new ATH of $0.00008854 by July. He also mentioned that the meme coin would experience a 300% price gain before the year ends. This 300% price gain looks to be only the tip of the iceberg for the parabolic moves that SHIB Inu could make. 

Earlier this month, technical analyst Rekt Capital suggested that Shiba Inu was already mirroring its price action from 2021, the year that the meme coin enjoyed its historic price gain of 46,000,000%. In a recent update, the analyst again suggested that SHIB was showing enough strength to mount a similar run, although he didn’t give any price prediction. 

SHIB Could Rise To As High As $0.0001

In line with Shiba Inu mirroring its price action from 2021, Crypto analyst Bunchhieng mentioned that it is “quite possible” for the meme coin to rise to $0.0001 if history repeats itself. Crypto investor and analyst Oscar Ramos also believes this is possible, as he predicted that Shiba Inu could shed another zero and rise to $0.0001. 

Crypto analyst Javon Marks shares a similar belief, predicting that Shiba Inu will rise to $0.000081 and then rise further to $0.0001553. While analyzing Shiba Inu’s chart, crypto analyst Rafaela Rigo also suggested that the meme coin was indeed mirroring its price action from 2021. From the chart she shared, one could see that she was also hinting at SHIB rising to $0.0001. 

Crypto analyst Armando Pantoja has gone one further and predicted that SHIB could shed two zeros and rise to $0.001. Interestingly, he added that this could happen after the Bitcoin Halving. 

Meanwhile, crypto analyst Ali Martinez’s price prediction remains the most bullish for Shiba Inu yet. The analyst predicts that Shiba Inu could make another historic price gain and rise to as high as $0.011, although he didn’t state when exactly this will happen.

The recent Bitcoin halving event, meant to slow down the creation of new coins, has ignited a fresh debate within the cryptocurrency community.

Economist Peter Schiff threw gasoline on the fire by criticizing Bitcoin’s viability as a currency due to rising transaction fees and sluggish processing times.

However, the cryptocurrency community swiftly countered his claims, highlighting potential inaccuracies and offering alternative interpretations.

Schiff, a vocal Bitcoin skeptic, took to social media platform X to express his concerns. He claimed that a single BTC transaction now costs a staggering $128 and takes over an hour to process – a significant bottleneck for any potential widespread adoption as a medium of exchange.

These figures were met with skepticism by many users who pointed out that the average processing time falls between 10 and 20 minutes, significantly faster than Schiff suggested.

Bitcoin Transaction Fees: Sign Of Success Or Hurdle For Adoption?

Further fueling the debate, BitMEX Research, the research arm of a popular cryptocurrency exchange, offered a unique perspective on the high transaction fees.

They argued that these fees, while inconvenient, could actually be a sign of the crypto asset’s success. BitMEX contested the economist’s claim that Bitcoin is a “failure,” citing Schiff’s tweet.

The cost to complete a #Bitcoin transaction is now $128 and it takes a half hour to process. This is another reason why Bitcoin can’t function as a digital currency. The cost to actually use Bitcoin as a currency is prohibitively high for almost all transactions. It’s a failure.

— Peter Schiff (@PeterSchiff) April 22, 2024

Likening the situation to a trendy, crowded restaurant with long wait times, BitMEX Research suggested that high fees reflect high demand for Bitcoin transactions. They acknowledged, however, that excessively high fees could eventually deter users and hinder future mainstream adoption.

Scrutinizing Schiff’s Sources: Online Chatter Vs. Hard Data

Schiff’s credibility also came under scrutiny. When pressed about his information sources, he admitted to relying on online platforms, raising concerns about the accuracy of his claims.

The cryptocurrency community, known for its passionate user base, wasted no time in dissecting Schiff’s pronouncements. Many pointed out inconsistencies in his statements and questioned the reliability of his information.

This highlights the ongoing challenge of navigating the often-unverified world of online cryptocurrency discourse.

Despite the debate, Bitcoin’s resilience remains on display. The cryptocurrency continues to demonstrate strong market performance following the halving event, with its current price hovering around an impressive $65,000.

This price resilience suggests that investors remain confident in the crypto’s long-term prospects, even amidst concerns about transaction fees.

The recent spat between Schiff and the cryptocurrency community underscores the ongoing debate surrounding Bitcoin’s functionality as a viable currency.

While transaction fees and processing times remain hurdles, Bitcoin’s strong market performance indicates continued investor confidence.

Featured image from Pexels, chart from TradingView

В мире коллекционных товаров небольшая сенсация – автономные NFT, которые объединяют в себе невзаимозаменяемый токен и функционал смарт-контракта. Как технология работает, где может применяться и сможет ли вернуть популярность рынку NFT?

MATIC, the native token of the Polygon network, has had perhaps one of the most disappointing runs of the top cryptocurrencies in the last year. While most of the market rallied to new yearly highs, the MATIC price continued to struggle, leaving investors in massive losses. However, there may be light at the end of the tunnel for investors, as one crypto analyst has predicted a bullish breakout for Polygon.

Polygon Will Rally Once Again

In an analysis that was posted on the TradingView website, a crypto analyst who goes by the name Bixley painted a bullish picture for the Polygon price. Bixley explained that the MATIC price is currently on the trend line, which is just above the $0.7 where the altcoin is currently trading at.

Now, the thing about trend lines is that they need to be broken for the breakout to be actualized. In the cases where they fail to break, it could end up being very bearish for the coin’s price. However, in the case of Polygon, the analyst is optimistic that this trend line will be broken, which will lead to this breakout.

The crypto analyst also compared the Polygon price performance to that of Ethereum back in its early days. If this is the case, then the MATIC price could be in for a large move upward from here, especially if it succeeds in breaking the trend line.

For the targets once this breakout happens, Bixley reveals multiple levels where they expect the price to rise to. The first outlined in the chart is the $1.2 level which would constitute a 70% increase from the current price level.

Additionally, the crypto analyst expects the price to continue to rise, with another target sitting at $5.4. Reaching this level would mean an over 650% rise for the asset. Last but not least is the top target placed at $55. If MATIC were to rise this high, it would be a 7,800% increase in price.

MATIC Death Cross Worries Investors

In response to Bixley’s analysis, another crypto analyst took to the platform to point out a worrying trend. The analyst shared a chart that pointed out the formation of a death cross on the weekly chart for MATIC, something that could be very bearish for the price.

They point out that this formation could mean that the Polygon price is going much lower, and not higher, as Bixley believes. The chart shows a possible 70% drop from the current level, which would put the MATIC price well below $0.2.

If this analysis were to play out instead of Bixley’s analysis, then Polygon investors could risk losing even more of their investments during this time. However, with the bull market expected to resume and cryptocurrencies expected to follow Bitcoin, it is more likely to see an update compared to such a massive crash.

On-chain data shows the Bitcoin miner revenue percentage from the fees has exploded recently. Here’s what’s behind this sharp growth.

Bitcoin Runes Have Caused A Sudden Shake-Up In Miner Revenues

A couple of days ago, the much-anticipated fourth Halving, a periodic event taking place roughly every four years where block rewards that miners receive for solving blocks are permanently cut in half, finally took place on the Bitcoin network. While this was a major event for cryptocurrency, another watched development occurred on the network simultaneously. It was the release of the Runes, a new protocol for minting fungible tokens on the network.

The Runes protocol was developed by none other than the creator of the revolutionary Ordinals protocol, Casey Rodarmor. The Ordinals protocol was released back at the start of 2023 and provided a way to “inscribe” data directly onto a satoshi (sat), the smallest unit of Bitcoin.

Thanks to this protocol, a variety of applications became possible on the network, including Non-Fungible Tokens (NFTs). These applications have quickly gained popularity among users and have become mainstays on the network. With the launch of the Runes, there is now a sort of sequel to this legendary protocol.

How are the Runes different from the “inscriptions” that the Ordinals protocol produces? As Rodarmor’s “Ordinal Theory Handbook” puts it, “whereas every inscription is unique, every unit of a rune is the same. They are interchangeable tokens, fit for a variety of purposes.” Thus, the Runes create the opposite of NFTs: fungible tokens.

Fungible token functionality isn’t exactly new for Bitcoin, however, as the popular BRC-20 token standard already exists. So, why the hype behind the Runes? The reason behind that is the fact that the latter is much more simple and efficient than other standards.

The BRC-20 tokens use a roundabout way to inscribe fungible tokens, leveraging the Ordinals protocol, and running on an account-based system similar to Ethereum. Their complexity means that they require 3 transactions in order for 1 transfer to be complete.

The Runes, on the other hand, use an Unspent Transaction Output (UTXO) system (similar to how Bitcoin itself works) and are present entirely on-chain. This means that they can easily be accessed in block explorers. Also, unlike the BRC-20 tokens, they require only a single transaction.

Since their inception, the Ordinals-related applications have been making waves on the network and during peak mania periods, they have even been causing some temporary, but drastic effects on the economics of the cryptocurrency in terms of one particular metric: the transaction fees.

These applications naturally influence the traffic on the blockchain and when demand for them is high, this traffic can even surpass all other uses of the cryptocurrency.

The Runes appear to have followed in this lead, as the transaction fees on the network has also shot up since they have been introduced. As CryptoQuant Head of Research Julio Moreno pointed out yesterday in an X post, the miner revenue from transfer fees shot up to 75% alongside the Runes launch.

From the chart, it’s visible that the miners made a record-high $107 million in total revenues that day, a whopping $80.5 million of which came from the transaction fees alone.

Historically, fees have been much less relevant for miner revenues than the block rewards, but the recent applications on the network have caused at least temporary fluctuations where fees has spiked to notable levels.

With the latest Halving, the block rewards have been significantly slashed again, meaning that the primary source of revenue for these miners has been tightened.

As halvings would continue in the future and these rewards would shrink further, the miners would have to become increasingly reliant on transaction fees in order to survive.

Ordinals and Runes may provide a glimpse into a future where such applications would dominate the Bitcoin network and inflate the fees enough for it to serve as the main source of income for the miners.

BTC Price

Bitcoin had slipped under the $60,000 level in the leadup to the Halving, but since this low, the price has rebounded back towards $65,900.

Экономист, инвестор и сторонник инвестиций в золото раскритиковал сеть Биткоина за медленную скорость и высокую стоимость транзакций, а монету выставил нежизнеспособной.

К концу 2024 года количество трейдеров из Объединенных Арабских Эмиратов, ежедневно совершающих транзакции на мировых криптовалютных площадках, может превысить 700 000 человек. Об этом Bits.media сообщили аналитики Bitget Research.

The Shiba Inu development team announced a significant financial milestone, having successfully secured $12 million through the sale of its latest utility token, TREAT. This fund-raising round, led by the Web3-focused venture capital firm Animoca Brands, has drawn substantial support from a consortium of blockchain-focused investors, setting the stage for the development of an innovative Layer 3 blockchain.

Shiba Inu Dev Team Attracts Enormous Interest

The funding round attracted an array of global investors, including Mechanism Capital, Cypher Capital, Shima Capital, Big Brain Holdings, and Polygon Ventures, among others. Notably, the round included contributions from entities such as Morningstar Ventures, Woodstock Fund, and Comma 3 Ventures, underscoring the diverse investor interest in Shiba Inu’s technological aspirations.

Shytoshi Kusama, the pseudonymous lead developer of Shiba Inu, detailed the strategic deployment of these funds in an exclusive interview with The Street during the Token2049 event in Dubai. He revealed that the capital raised would primarily facilitate the development of the project’s new blockchain protocol and enhance the functionalities of its existing Layer 2 solution, Shibarium.

“The aim is to transform Shibarium into the meme center of the world while expanding security measures and ensuring regulatory compliance,” Kusama stated.

The most ambitious aspect of Shiba Inu’s roadmap involves the development of a Layer 3 blockchain, designed to function atop the Shibarium Layer 2 network. This new layer promises to introduce cutting-edge fully homomorphic encryption (FHE) technology, a pioneering method that allows data to remain encrypted even during processing, thereby offering unprecedented privacy and security benefits.

“This new encryption chain aims to address multiple issues in the crypto space, including privacy and trust, essential for our extensive community and potentially billions more as we expand our reach,” explained Kusama. The new blockchain also intends to maintain compliance with international laws, balancing user privacy with the necessary legal frameworks.

Beyond technological development, the Shiba Inu team is focused on expanding its reach and influence. Kusama noted that the current user base, predominantly crypto-savvy individuals, represents only a fraction of the potential market. “I can’t capture much more market share of the crypto world but, boy, is there a huge part of the world, like 95% of the world, that has no idea about crypto. They might’ve seen our brand, they might’ve seen our logo but they will (know us) by the end of the year,” he emphasized.

The funding will also support new partnerships and community initiatives, including the acquisition of a .shib top-level domain and collaborations aimed at leveraging blockchain technology to authenticate and distribute videos. These efforts are part of Shiba Inu’s broader strategy to evolve into a “social network state,” where the community’s governance and interaction are heavily integrated into the blockchain framework.

Roadmap And Tokenomics For TREAT

The TREAT token, integral to this funding round, will join Shiba Inu’s diverse ecosystem of tokens like SHIB, LEASH, and BONE. TREAT is designed as both a utility and governance token that will play a crucial role in the new Layer 3 blockchain. Despite not being officially released yet, Kusama warned against fake tokens circulating in the market, emphasizing the importance of community awareness.

Looking ahead, the Shiba Inu team plans to launch a testnet for the Layer 3 blockchain in the third quarter of this year, with a mainnet launch slated after comprehensive testing and auditing processes.

At press time, SHIB traded at $0.00002688.