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Bitcoin Bull Michael Saylor Wants SEC To Corral Crypto Herd: ETH, ADA, SOL In The Crosshairs
Michael Saylor, the tech entrepreneur who steered MicroStrategy into a Bitcoin behemoth, is back in the headlines. This time, he’s not championing the orange coin, but rather aiming his laser focus at its altcoin rivals.
At the recent Bitcoin For Corporations conference, Saylor unleashed a flurry of predictions, painting a picture of a future where the SEC cracks down on leading altcoins like Ethereum (ETH), Binance Coin (BNB), Solana (SOL), Ripple (XRP), and Cardano (ADA).
Bitcoin’s Lone Wolf? Saylor Casts Doubt On Altcoin LegitimacySaylor’s stance on altcoins is about as subtle as a Bitcoin mining rig – there simply isn’t room for another top dog. He boldly claimed that the SEC will reject all applications for spot ETH ETFs, effectively throwing cold water on the hopes of investors eagerly awaiting such a product.
#Bitcoin – There is No Second Best pic.twitter.com/PLDgwGwF9J
— Michael Saylor (@saylor) May 2, 2024
But it doesn’t stop there. Saylor predicts the SEC will reclassify these altcoins as securities, yanking them away from their current status as commodities under the Commodity Futures Trading Commission (CFTC). This regulatory shift would significantly impact how these altcoins are traded and viewed by institutions.
“None of these tokens will ever be a part of a spot ETF, none of them will be embraced by Wall Street, and none of them will find favor with mainstream institutional investors as crypto assets,” declared Saylor.His comments come at a crucial time, with the entire crypto market holding its breath as the SEC mulls over applications for Ethereum ETFs from investment giants like VanEck and Ark Invest. The deadlines for these decisions fall on May 23rd and 24th, respectively, making the next few weeks a potential turning point for the altcoin landscape.
SEC’s Past Hints At Saylor’s Prophetic Potential?While Saylor’s predictions carry the weight of his industry expertise, it’s important to acknowledge his inherent bias as a Bitcoin maximalist. However, a look at the SEC’s recent history suggests there might be some truth to his warnings.
In 2023, the regulatory body came down hard on major crypto exchanges like Binance and Coinbase. The former’s case concluded with a hefty fine and imprisonment for its CEO, Changpeng Zhao, while the legal battle with Coinbase continues to unfold. These actions by the SEC demonstrate a growing focus on regulating the crypto space, and Saylor’s predictions might be a glimpse into the future of altcoin oversight.
Brace For Impact Or Business As Usual?Saylor’s pronouncements have sent ripples through the altcoin community. Some fear a domino effect, with the SEC’s potential crackdown on ETH impacting the entire altcoin market. Others remain cautiously optimistic, believing the SEC’s focus might be on unregistered securities masquerading as altcoins, not established players like ETH or ADA.
The coming weeks will be crucial in determining the validity of Saylor’s prophecies. If the SEC denies the applications for spot ETH ETFs and moves towards classifying leading altcoins as securities, it could significantly reshape the cryptocurrency landscape.
However, if the SEC takes a more measured approach, focusing on weeding out bad actors while allowing compliant altcoins to flourish, then Saylor’s pronouncements might fade into the background noise of the ever-evolving crypto world.
Featured image from Joe Raedle/Getty Images News, chart from TradingView
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Знаки и символы нашей победы
Группа клиентов попытается засудить Coinbase за продажу ценных бумаг
BTC-e Co-founder Enters Guilty Plea For $9 Billion Money Laundering Conspiracy
Co-founder of crypto exchange BTC-e, Alexander Vinnik, has pleaded guilty to charges of conspiracy to commit money laundering. In a public release by the US Department of Justice (DOJ) on May 3, the Russian national has admitted to his role as one of the operators of BTC-e, facilitating $9 billion worth of illicit transactions between 2011 to 2017 on the crypto trading platform.
Vinnik’s Role In BTC-e’s “Criminal” Operations – US DOJAccording to the DOJ, before its closure in 2017, BTC-e was one of the major money-transmitting platforms for cybercriminals across the world. The US authorities claimed the crypto exchange processed funds from several forms of bad actors including hackers, scammers, corrupt civil servants, and drug dealers.
The DOJ stated that as an operator of BTC-e, Vinnik was an ally of these criminals resulting in the loss of $121 million. They stated that to facilitate shady transactions, BTC-e lacked any anti-money laundering (AML) protocols and was not registered as a money transmitter platform with the US Financial Crimes Enforcement Network (FinCEN), despite having a significant portion of US citizens in its customer base.
The US prosecutors also highlighted that the crypto exchange worked with several unregistered shell companies with no KYC policies or AML measures in transferring funds for its million customers. In particular, they claim that Vinnik was responsible for establishing many of these shell companies which aided the operations of the BTC-e exchange.
Commenting on Vinnik’s guilty plea, Deputy Attorney General Lisa Monaco commended the DOJ’s efforts in fighting against crimes involving the use of digital assets.
Monaco said:
Today’s result shows how the Justice Department, working with international partners, reaches across the globe to combat crypto crime. This guilty plea reflects the Department’s ongoing commitment to use all tools to fight money laundering, police crypto markets, and recover restitution for victims.
What Next For Vinnik?Vinnik was first apprehended by Greek authorities in 2017 on allegations of money laundering based on a US arrest warrant. In 2020, the BTC-e co-founder was extradited to France where he was acquitted of charges of crypto-ransomware but found guilty of money laundering, leading to a five-year jail sentence.
After a two-year service in French prison, Alexander Vinnik was finally transferred to the United States. During his time in North America, Vinnik attempted to undergo a prisoner trade swap involving the US and the Russian Federation.
However, following Vinnik’s admission of conspiracy to commit money laundering through the BTC-e exchange, the Russian citizen shall now await judgment following a US federal district court judge in line with constitutional guidelines and other legislative principles.
Total crypto market cap valued at $2.267 trillion on the daily chart | Source: TOTAL chart on Tradingview.comПаоло Ардоино: Утечки личный данных клиентов криптобиржи Bitfinex — не было
Animoca Brands анонсировала запуск игрового токена в сети Биткоина
Elliptic применила новый алгоритм обнаружения отмывания средств через биткоины
Руководству криптокредитора Cred предъявлены обвинения в мошенничестве
Торгаши погубят Россию
Grayscale Spot Bitcoin ETF Turns Positive After $17.5 Billion In Outflows, Sees Inflows For The First Time
In a rather shocking development, Grayscale Bitcoin Trust (GBTC) has recorded its first-ever inflow after witnessing significant daily outflows since its launch.
Grayscale Bitcoin ETF Records Over $60 Million In InflowsGrayscale’s Spot Bitcoin ETF has finally broken its 82-day streak of outflows since its launch on January 11, 2024. GBTC saw its first day of inflows on May 3, after witnessing approximately $17.46 billion in outflows.
According to data from Farside, an investment management firm, Grayscale’s Spot Bitcoin ETF had amassed inflows of about $63 million, alongside other Bitcoin ETFs like BlackRock’s iShares Bitcoin Trust (IBIT) which had inflows of $12.7 million.
The total inflows recorded in that single day amounted to approximately $378.3 million, with Franklin Templeton’s Spot Bitcoin ETF, EZBC, leading the pack with the highest inflows of $102.6 million.
Expressing disbelief at Grayscale’s turnaround, Bloomberg senior analyst and ETF expert, Eric Balchunas remarked that he had to make thorough verifications to confirm the unexpected development.
Moreover, the surprising influx comes after a recent occurrence which saw 10 US Spot Bitcoin ETFs, including BlackRock’s IBIT, collectively recording enormous outflows worth over $563.7 million in a single day. These outflows were possibly triggered by the Federal Reserve’s (FED) decision to keep rates unaltered, resulting in a broader downturn in the crypto market.
BTC had also experienced significant declines around the same time, however, currently the cryptocurrency is up by 6.36% in the past 24 hours, jumping above $60,000 support levels to trade at $63,175, according to CoinMarketCap.
Factors Behind GBTC’s Massive OutflowsGrayscale saw its first recorded inflow after experiencing hundreds of millions worth of daily outflows since its inception. The asset management firm’s Spot Bitcoin ETF had also experienced its highest outflow of approximately $589.9 million on February 29.
Various factors have contributed to GBTC’s daily outflows, including its exorbitant annual management fee of 1.5%. Compared to all 12 Spot Bitcoin ETFs in the United States (US), Grayscale has the most expensive Spot Bitcoin ETF fee, exceeding even BlackRock, the second largest BTC ETF provider, which has an average annual management fee of 0.25%.
Some of Grayscale’s outflows were also a result of a reported selling connection with insolvent crypto exchange, FTX and other defunct cryptocurrency companies. FTX had sold about $1 billion worth of GBTC while Genesis, a cryptocurrency brokerage for institutional investors had sold almost 36 million shares in GBTC to purchase 32,041 BTC worth more than $2.1 billion.
Shiba Inu Scores Another Major Listing That Could Send Price Flying
Shiba Inu has scored another major listing as PayPal users within the United States can now buy the dog-themed cryptocurrency through MoonPay, opening up new avenues for adoption and potentially fueling a price increase.
PayPal Teams Up With MoonPay For Shiba Inu AccessAmerican multinational financial technology company PayPal has made a strategic partnership with MoonPay, a crypto payment platform, allowing US users to access cryptocurrency assets like Shiba Inu. MoonPay made the exciting announcement on X (formerly Twitter), revealing that PayPal can now offer seamless fiat-to-crypto transactions within the US.
The integration of MoonPay’s services into PayPal marks a significant milestone in the democratization of cryptocurrencies in the US. MoonPay has disclosed that it will allow PayPal users to purchase over 110 cryptocurrencies, including doggy-themed cryptocurrency, Shiba Inu.
Through the collaboration, millions of users in all 50 states of the US will be exposed to Shiba Inu tokens, presenting a step forward in the cryptocurrency’s vision for mainstream adoption. This could in turn potentially drive up the price of the cryptocurrency as it attracts new investors from different parts of the country.
Moreover, after the announcement of the partnership, the price of Shiba Inu surged considerably. The cryptocurrency jumped from $0.000022 to $0.000024 in just a day, increasing by 7.72% over the past 24 hours, according to CoinMarketCap.
MoonPay has outlined the process for users to access its extensive library of cryptocurrencies via PayPal, disclosing that new MoonPay users with a PayPal account can seamlessly conduct online cryptocurrency transactions.
The crypto payment platform disclosed that PayPal users can fund their crypto accounts through different channels including direct bank withdrawal, PayPal balance, and debit card.
Welcoming the pivotal partnership, MoonPay’s co-founder and Chief Executive Officer (CEO), Ivan Soto-Wright, emphasized the importance of the alliance, aimed at facilitating broader cryptocurrency adoption within familiar ecosystems.
He disclosed that MoonPay’s integration into PayPal underscores the crypto platform’s deep commitment to expanding access to cryptocurrencies through trusted networks.
MoonPay Set To Transform PayPal Crypto AccessIncluding Shiba Inu, MoonPay will also grant PayPal users within the US access to top cryptocurrencies like Solana (SOL), Ethereum (ETH), Dogecoin (DOGE), Bitcoin (BTC), and others. Additionally, the crypto service platform has revealed that other crypto assets initially available on its platform such as Pepe (PEPE), Cosmos (ATOM), Toncoin (TON), Binance Coin (BNB) and a few more, will not be accessible to US users.
MoonPay has also revealed key benefits it will be offering PayPal through its crypto services, including flexible payment methods, an extensive variety of cryptocurrencies, seamless onboarding, transactional speed, and other user-friendly features.
Furthermore, the crypto platform has hinted that in the third quarter (Q3) of 2024, it plans to integrate PayPal into its partner networks, expanding opportunities for the adoption of cryptocurrencies like Shiba Inu, which could potentially boost the token’s value.
Featured image from Pexels, chart from TradingView
Why Is Dogecoin And Shiba Inu Price Up Today?
The foremost meme coins, Dogecoin (DOGE) and Shiba Inu (SHIB) have recorded significant price gains in the last 24 hours. This upward trend is due to several metrics that signal a bullish outlook for the respective meme coins.
Dogecoin Sees Increased Interest From InvestorsData from the on-chain analytics platform IntoTheBlock shows that the number of new and active Dogecoin addresses has increased by over 74% and 21% in the last seven days, respectively.
IntoTheBlock further revealed in an X (formerly Twitter) post that over 28,000 new Dogecoin addresses were created on May 2, a 102% increase from its monthly low, set on April 29.
Market intelligence platform Santiment also highlighted Dogecoin’s network growth in a recent X post, noting that it has seen the second-largest growth in the last six months (only behind Bitcoin). The platform revealed that Dogecoin has seen its number of non-empty wallets increase by 27% to 6.6 million during this period.
Meanwhile, data from Coinglass shows that trading activity in Dogecoin’s derivatives market has also increased. Specifically, the meme coin’s open interest (OI) funding rate is positive again, currently at 0.0021%. This indicates that the bulls are back and that there is a bullish sentiment towards Dogecoin.
Further data from Coinglass shows that Dogecoin’s spot trading volume has increased in the last 24 hours. This indicates more investors are accumulating the meme coin ahead of a more parabolic price surge.
This was to be expected as Bitcoinist recently reported that Dogecoin had entered a major accumulation zone, which presented an excellent opportunity to buy the dip.
Shiba Inu’s On-chain Metrics Turn BullishData from IntoTheBlock shows that most of Shiba Inu’s on-chain metrics are bullish again which explains why the meme coin’s price has recently surged.
One of these metrics is large Shiba transactions, which have increased by 3.40% these past few days. This suggests that Shiba Inu whales are currently accumulating the meme coin. These whales play a crucial role and can help drive Shiba Inu’s price higher.
Shiba Inu’s price also looks to be finally reacting to its fundamentals, which paint a bullish outlook for the meme coin. Bitcoinist recently reported that Shiba Inu’s decentralized exchange (DEX) would now operate on Shibarium (and Ethereum), a development that could fuel leaps in the meme coin’s price.
From a technical analysis perspective, Shiba Inu also looked well primed for these price gains as crypto analyst Ali Martinez revealed a bull flag that had formed on the meme coin’s chart. The analyst noted that Shiba Inu could experience a breakout, sending its price to $0.000072323.
At the time of writing, Dogecoin and Shiba Inu are trading around $0.1497 and $0.00002473, up over 12% and 7%, respectively, in the last 24 hours, according to data from CoinMarketCap.
Featured image from @YOKOKIKUCHI_KS / CATERS NEWS, chart from TradingView
Ethereum Bounces Back Strongly After $2,871 Support Rejection
On Wednesday, ETH, the native coin of the Ethereum blockchain experienced a significant rejection at the resistance level of $2,871. Since this rejection, the price of Ethereum has gained a significant upward movement of over 9% and showing signs of even moving further.
At the time of writing, the price is still showing strong signs of moving upward toward the 100-day Simple Moving Average (SMA) and the trendline, both in the 4-hour and the 1-day timeframe. The price of ETH is currently trading around $3,116 and about 0.47% up in the last 24 hours.
A Further Look At The Ethereum Chart With The Following Technical Indicators100-Day Moving Average and Trendline: As seen in the image below, although the price of ETH is currently moving toward the 100-day simple moving average and the trendline, it is still trading below these two indicators. This means at a certain point, the price of Ethereum could make a possible reversal and continue in its movement toward the downside.
The RSI Indicator: Also observing the chart with the help of the Relative Strength Index Indication (RSI), it shows that the RSI signal line is trending above the 50 line which strongly indicates that the price might still move upward, as seen in the chart.
The 4-Hour MACD Indicator: After a close look at the MACD indicator in the 4-hour timeframe, it can be seen that the MACD histogram has moved above the zero line. Also, the MACD line and the signal line have crossed and are heading toward the zero line. This suggests there may be sustained upward price movement until a potential reversal.
Final Thought On ETH MovementBased on Ethereum’s previous movement, there are two resistance levels of $3,250 and $3,355, and a support level of $2,819. As the price of Ethereum is moving upward, if it manages to break above the resistance level of $3,250, it might continue to move even further toward the $3,355 resistance level.
On the contrary, if Ethereum fails to break its previous resistance level, it might reserve and start a move downward toward its previous support level of $2,819. Should ETH succeed in breaching this level of support, it may descend even further to establish a new low.
Friend.tech Fiasco: Token Tanks 98% After Airdrop Fails To Deliver
Friend.tech, a social media platform built on the Ethereum blockchain, aimed to celebrate the launch of its version 2 protocol with an airdrop of its native token, FRIEND. However, the well-intentioned initiative turned into a cautionary tale, with the token’s price experiencing a dramatic nosedive and user frustration reaching a fever pitch.
Friend.tech: Building A Social Network On BlockchainLaunched in 2023, Friend.tech positions itself as a Web3 social media platform that leverages blockchain technology to foster a more “authentic” and “decentralized” online experience.
The platform utilizes a unique “key” system, where users gain access through exclusive invites. These “keys” are essentially social tokens built on the ERC-20 standard, allowing communities within Friend.tech to establish their own governance and economic structures.
FRIENDly Faux Pas: Airdrop Chaos And Price PlungeOn May 3rd, Friend.tech airdropped FRIEND tokens to its user base in conjunction with the version 2 protocol rollout. Initial excitement was quickly dampened as the token’s price exhibited a dizzying rollercoaster ride. Soaring to a high of $167 shortly after launch, FRIEND then plummeted to a value under $2 within a matter of hours.
“It’s free money bro why is CT upset”
Um, it wasn’t? Users paid $60 million in fees, and $30 million(!!!) of that was extracted by Friendtech.
So collectively, users paid $30m in farming costs for a token that has a liquidity pool of only $3m ETH liquidity… pic.twitter.com/aCrpmVUaNQ
— Average Joe’s Crypto (@AvgJoesCrypto) May 3, 2024
Analysts point to two primary culprits behind the crash: liquidity issues and a sell-off frenzy. Friend.tech’s initial liquidity pool, the readily available funds for buying and selling tokens, appears to have been insufficient to handle the trading volume.
This lack of liquidity meant that even small sell orders had an outsized impact on the price, pushing it down rapidly. Further exacerbating the situation, a significant number of users who received airdropped tokens opted to sell them immediately, likely capitalizing on the initial price spike. This mass sell-off further depressed the price, creating a vicious cycle.
— MaxBid24 (@MaxBid24) May 3, 2024
Claiming Challenges Add Fuel To The FireAdding insult to injury, the process for claiming airdropped FRIEND tokens reportedly proved cumbersome for many users. Technical glitches and an unintuitive interface hampered the claiming process, leading to user frustration and accusations of a poorly designed launch.
Related Reading: Bitcoin Back In The Bullpen: Whales Spark Rebound With $2.8 Billion Purchase
A Silver Lining, Or A Statistical Mirage?Despite the initial chaos, there have been some signs of life for FRIEND. Liquidity has improved somewhat, and the number of token holders continues to grow. However, this growth might be misleading.
With the token price so low, the barrier to entry is minimal, potentially attracting new holders who are simply curious or hoping for a rebound. More importantly, the number of sellers continues to outpace buyers, indicating a lack of long-term confidence in the token’s value.
Featured image from Pexels, chart from TradingView
Investor Falls Victim To $71 Million Address Poisoning Scam
In a concerning turn of events, an anonymous crypto trader has lost approximately $71 million worth of assets in an address poisoning scam. This incident has roused much tension in the crypto ecosystem, underlining the need for improved safety measures.
Trader Loses 1,155 WBTC To Address Poisoning AttackAccording to multiple reports, an unknown trader fell victim to an address-poisoning scam on Friday in which they lost 1,155 Wrapped BTC (WBTC) valued at $71 million wiping off 97% of the victim’s wallet balance.
For context, address poisoning occurs when malicious actors deceive unsuspecting and innocent traders into transferring their cryptocurrencies to a fraudulent address. Usually, these fake addresses are designed via address mining to resemble the original intended address.
Back in August 2023, former Binance CEO Changpeng “CZ” Zhao raised an alert on this type of attack following an attempt to steal $20 million from one of the exchange’s users. CZ explains that these scammers usually commenced an attack by sending our dust transaction and inserting the fake address into the target’s transfer history.
The ex-Binance boss stated that this address manipulation took advantage of the fact that most wallets’ user interface only shows the beginning and end of addresses hiding the middle part.
In relation to the recent address poisoning incident, Meir Dolev, Founder of blockchain security firm Cyvers, has confirmed that the scammers’ address had the same six characters at the beginning and the end as the original address.
He also stated that the attackers have now exchanged the stolen WBTC for 22,956 ETH which has been distributed to 10 different wallets. Meanwhile, the scammers’ main address has been branded as “fake” or “phishing” on the Etherscan Explorer to avoid further attacks.
Crypto Losses Fall To $53 Million In AprilAccording to a report by security firm Immunefi, total crypto losses in April 2024 were estimated at $53 million. Of these figures, about $50 million were lost to hacks, while fraud and scams accounted for only $3.03 million.
Interestingly, While the reported losses for April 2024 are quite weighty, they represent a decline of 60% from the values recorded in March 2024, and importantly a 46% decrease from April 2023.
Nevertheless, the recent address poisoning attack has indicated the need for constant vigilance from investors alongside continuous innovation in terms of blockchain network security.
Total crypto market valued at $2.261 trillion on the daily chart | Source: TOTAL chart on Tradingview.comАмериканские конгрессмены призвали разрешить опционы на спотовые ETF на биткоин
Вилли Ву ожидает биткоин по $1 млн к 2035 году
Сооснователь BTC-e Александр Винник признал вину в отмывании $9 млрд
Bitcoin Spot ETF: SEC Delays Decision On 7RCC’s Eco-Friendly Fund
The US Securities and Exchange Commission (SEC) has extended its review period on the launch of crypto asset management company 7RCC’s Bitcoin spot ETF (exchange-traded fund).
SEC Extends Deadline For 7RCC’s Bitcoin Spot ETFIn a notice published on Thursday, May 2nd, the SEC said it will now decide to approve or disapprove the 7RCC Bitcoin spot and Carbon Credit Futures ETF by June 24, 2024. This represents an almost two-month (45 days) extension from the initial deadline, which was set for May 10.
The financial regulator said in the filing:
The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change.
The application submitted to the SEC in December 2023 shows that 7RCC’s fund is designed to provide direct exposure to Bitcoin alongside carbon credits. The firm’s filing revealed that the ETF will track the changes in the premier cryptocurrency’s price and carbon credit futures based on the Vinter Bitcoin Carbon Credits Index.
The ETF intends to invest 80% of its assets in Bitcoin and 20% in financial instruments, such as swaps, that provide exposure to carbon credit futures contracts tied to emissions allowances. Based on 7RCC’s application, the carbon credits are related to the European Union Emissions Trading System, the California Carbon Allowance, and the Regional Greenhouse Gas Initiative.
Crypto exchange Gemini has been named as the custodian of the Bitcoin Spot ETF. If approved, this fund will offer a new dimension to the ETF market, especially after the launch of 11 Bitcoin spot ETFs in January.
SEC To Deny Ether Spot ETFs: Michael SaylorAnother exchange-traded product awaiting the greenlight of the SEC is the Ether spot ETF. Unfortunately, conversations around the potential approval of the investment product have not been optimistic in the past few weeks.
MicroStrategy Executive Chairman and Co-founder Michael Saylor is the latest personality to dampen any hopes of seeing the ETH spot ETF launch in the United States. Speaking at MicroStrategy’s Bitcoin For Corporations conference, the Bitcoin advocate speculated that the SEC would label Ether as a security.
Saylor mentioned that the financial regulator could also designate other tokens, including BNB, SOL, XRP, and ADA as unregistered crypto asset securities. The MicroStrategy CEO said:
None of [these tokens] will ever be wrapped by a spot ETF, none of them will be accepted by Wall Street, and none of them will be accepted by mainstream institutional investors as crypto assets.
Michael Saylor is a vocal supporter of Bitcoin, as shown by his firm’s consistent BTC acquisition. As Bitcoinist reported on April 30, MicroStrategy holds 214,400 BTC – worth roughly $13.5 billion as of this writing.
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