Feed aggregator
Валютный пазл, или Новые контуры мироустройства
Coinbase: Федеральная корпорация по страхованию депозитов мешает банкам обслуживать криптокомпании
Kraken Sacks 15% Of Staff—A Strategic Pivot For Growth Or A Risky Gamble?
An American cryptocurrency exchange announced that it will streamline its operations and make changes in its organizational structure as it aims to become the world’s largest crypto platform. As part of the changes, the Kraken crypto exchange will downsize its workforce by at least 15%.
More Focus On InnovationIn a statement, Kraken stated that the goal of the corporate restructuring is to make innovation the cornerstone of their operations.
The crypto platform will shift its attention to product engineering, saying that it plans to make teams involved in engineering, product, and design teams “more accountable for results”.
According to the exchange, it aims to leverage data in making decisions that will benefit its clients.
The company also plans to align its high productivity with client needs, which the crypto firm sees as significant for its success.
Kraken, one of the world’s largest cryptocurrency exchanges, on Wednesday announced the layoff of 15 percent of its workers, a corporate restructuring and the appointment of a new co-chief executive. The cuts amounted to about 400 of the company’s roughly 2,600 employees. They…
— Wu Blockchain (@WuBlockchain) October 30, 2024
Further, Kraken will reinvent itself by turning into a leaner organization by abolishing administrative layers and shifting its manpower to technical and product-focused teams, a move that will make the crypto exchange more efficient while maintaining its innovative quality.
Downsizing ManpowerKraken stated in a blog post that the company will reduce its workforce by letting go 15% of its 2,600 employees, a move associated with its corporate reorganization, saying that it is part of its “organizational discipline decisions” to reduce redundancies.
Around 400 workers will be furloughed by the company. Among these are two individuals in leadership roles, chief operating officer Gilles BianRosa and chief technology officer Vishnu Patankar.
The company disclosed organizational changes are never easy, saying that the crypto firm understood its “profound impact on people’s lives”.
“We deeply appreciate those who helped us get here and for their many contributions, and we will support them during this transition,” the company said in a statement.
Appointing Another CEOKraken disclosed that it brought in a new executive who will serve as co-CEO of existing CEO Dave Ripley who assumed the role in 2023 after Kraken’s founder Jesse Powell left the company due to internal disputes with the employees.
In the company’s blog, Kraken welcomed Arjun Sethi as the new co-chief executive who is seen providing a fresh vision to the crypto firm. Sethi is also known as the Co-Founder and Chairman of Tribe Capital and was a former executive for Yahoo.
Ripley said that he and Sethi have already worked closely with each other for many years, expressing confidence in what Sethi can bring to the table. “I’m excited to team up with him as we chart Kraken’s next phase of growth,” he added.
Kraken Layoff: Wise Move Or Not?Is Kraken’s reorganizing a calculated risk in a volatile market or a smart action meant for expansion? Cutting its staff and focusing on innovation will help Kraken increase efficiency and drive expansion. Could this leaner strategy backfire in the very competitive crypto space, or will it help Kraken ahead?
Featured image from Dall-E, chart from TradingView
Canary Capital подала заявку на регистрацию ETF на Solana
Lookonchain: Крупный держатель HarryPotterObamaSonic10Inu обрушил цену токена на 60%
Dogecoin Price Completes October In The Green, Here’s What Historical Data Says About November
Following Bitcoin’s recent bullish trajectory, the Dogecoin price has ended October in the green, marking its second-highest monthly returns in October since 2014, according to Cryptorank’s historical data. Now, as November unfolds, investors and market experts are eager to see what the month has in store for the popular meme coin. With market sentiment high and demand for Dogecoin rising, the meme coin could see a bullish November or a relatively muted one.
What November Holds For The Dogecoin PriceThroughout October, the Dogecoin price has experienced its fair share of market fluctuations, following trends set by established cryptocurrencies like Bitcoin (BTC). By the end of October, Dogecoin closed the month in positive territory, experiencing a 41.4% increase in monthly returns—the second highest ever seen since 2022, when it saw a rise of approximately 105.8%, according to CryptoRank’s data.
The steady increase in the Dogecoin price throughout October is notable, as its price has rallied by an impressive 42.65%, according to CoinMarketCap. This price rally has been triggered by a confluence of several bullish factors, including the resurgence of interest in the retail investor community, the renewed optimism spurred on by SpaceX CEO Elon Musk’s D.O.G.E proposal and the positive performance of Bitcoin in the month of October.
With October now over, a look at Dogecoin’s historical performance during November could help provide more insight into its future trajectory. Based on CryptoRank’s data, Dogecoin has shown mixed performance in November.
Historically, the Fourth Quarter (Q4) has been volatile regarding Dogecoin prices. CryptoRank reports that in November 2023, Dogecoin saw a 22.5% increase in monthly returns, also experiencing declines of 14.6% and 23.4% in November 2022 and 2021, respectively. Dogecoin’s highest monthly returns for November were in 2017, with an 81.9% increase, while its lowest returns were in 2018, with a 42.2% decline.
Based on historical data, it appears Dogecoin had a slightly muted November performance, recording four months of positive returns and six November of negative returns since 2014. Given this trend, investors should closely monitor the Dogecoin price, as critical indicators like positive sentiment, trading volume, and increased demand could significantly impact the meme coin’s market trajectory this November.
DOGE Sets Stage For Parabolic Run In NovemberIn a recent X (formerly Twitter) post, crypto analyst Ali Martinez unveiled a significantly bullish forecast for the Dogecoin price in November 2024. Martinez revealed that the Dogecoin price historical performance suggests that November could spark a parabolic run for the meme coin.
In a detailed chart, Martinez illustrated two distinct triangle patterns in the Dogecoin price between 2014 and 2022. The first triangle pattern saw Dogecoin break out in 2017, resulting in an impressive 8,933.01% price rally. The second triangle pattern led to an even more significant rally, with Dogecoin’s price recording a 15,524.74% increase following a breakout in 2021.
With the newest triangle formation, which began in 2021, if Dogecoin can successfully break out of this pattern, Martienz has predicted that a sustained close above $0.2 could be possible.
Bitcoin Market Sentiment Enters Extreme Greed Zone, What Does This Mean For BTC?
Despite facing strong resistance at the $73,000 price level, leading to a notable price drop on Thursday after a remarkable week of upside movement, traders and investors are still betting on Bitcoin, demonstrating a persistent demand for the crypto asset.
Bitcoin In Extreme Greed Territory Again After Fews MonthsInvestors’ sentiment around Bitcoin has witnessed a sharp increase as BTC’s Fear and Greed index has moved into extreme greed levels, signaling an optimistic outlook for the crypto asset. Jason Pizzino, a macro trader and investor, reported the development in a recent post on X, which may suggest an overvaluation of the asset.
The macro expert pointed out that for 2 days in a row, Bitcoin was within the extreme greed zone, marking its first time since June this year. He further warned that this market sentiment may persist throughout the next few months as seen in the past market trends.
Specifically, the Fear and Greed index is a tool for examining BTC’s superiority over other digital assets by assessing variables like volatility, momentum, and social media trends. It has been a reliable indicator that offers investors insights on when to sell and buy BTC.
According to Pizzino, near the peak in February and April were the last time Bitcoin experienced prolonged periods of extreme greed, suggesting renewed confidence and optimism in BTC. Even though there was still a lot of price activity during this period, Pizzino claims development is a “top signal.”
This increase in market sentiment reflects a constant rise in confidence among retail and institutional investors, triggering an upward direction for the price of Bitcoin. While this shift in enthusiasm often implies that investors are anticipating more gains, there is a risk of overbought conditions.
In the meantime, the expert has urged investors to be wary of those promoting the large inflows of the historical Spot Bitcoin Exchange-Traded Funds (ETFs) presently or Michael Saylor’s current comments about BTC, claiming everything was the same 8 to 10 months ago.
BTC In A Bearish Territory Amidst Extreme GreedDespite the strong optimism around BTC, the crypto asset has fallen to the $69,000 threshold, showing signs of an extended decline. Given that this drop comes after a week of upward movement, it has sparked speculations about its short-term potential.
However, with the surge in trading volume in the past 24 hours by over 21%, there is the possibility of a brief price rebound as the bulls seem to be gradually regaining control of the market.
The decline has also led to a dip in Bitcoin’s dominance in the market, which has fallen to 58%, previously situated close to 60%. This slight decrease in market dominance during waning performances in BTC raises the potential of diversification towards altcoins.
Satoshi Nakamoto Unmasked? PR Agency’s Claim Raises Skepticism
For over 10 years, the mystery of Satoshi Nakamoto has captured the attention and fascination of crypto users and the general public around the world.
Satoshi Nakamoto’s white paper on a peer-to-peer electronic cash system became the basis of Bitcoin and has spawned similar projects and developments. However, Nakamoto suddenly disappeared from the limelight in 2010, leaving many to question and speculate: who is Satoshi, and is it true that he’s now worth billions of dollars?
Now, the mystery is about to be unlocked, and we’re about to meet the person behind the name—well, at least according to PR London Live.
In an October 30th press release, the PR agency claims Satoshi Nakamoto is ready to face the public this October 31st.
Organizers Invite Everyone To Meet The Real Satoshi NakamotoPR London Live has invited interested individuals to attend the planned meet-up with Satoshi Nakamoto through a press release. According to the agency, the press conference will take place at 11:30 a.m. at the Frontline Club in Paddington.
SATOSHI NAKAMOTO’S IDENTITY TO BE REVEALED: LONDON PR FIRM CLAIMS
– London Live, a PR agency, claims it will unveil the true identity of Bitcoin’s enigmatic creator, Satoshi Nakamoto, in a live press conference today.
– This event is set to take place at the Frontline Club in… https://t.co/bwZG1eAzBl pic.twitter.com/cWT3LAiFwM
— BSCN (@BSCNews) October 31, 2024
However, the release and invite have raised some eyebrows and a few questions. For example, around 123 individuals have signed up for the “Meet Satoshi” online group formed two years ago. Also, some social media users have questioned the PR agency’s motivation to schedule the meetup.
One Twitter/X user shared that showing up at a public press conference is unlike Satoshi. Others are more direct in their comments, saying that the planned meet-up is fake and inappropriate.
PR London Live: The Team Behind The Planned Meet-UpCrypto enthusiasts and social media users immediately checked the PR agency’s background after the press release had been posted. The agency claims to be a London-based firm that publishes significant content. However, its official website doesn’t feature partners or clients.
The company’s site identifies Charles Anderson as its content manager and CEO. Interestingly, Anderson claims he’s the only person who knows Satoshi Nakamoto now. Over at LinkedIn, Anderson’s profile indicates that he’s a personal assistant to Nakamoto and has hosted “The Big Reveal,” a show that aims to reveal the person behind Bitcoin.
A Questionable Agency And Press ReleaseSocial media users quickly commented on the agency’s background, website, and press release. For example, some internet users noticed grammatical and spelling errors on the agency’s website. When some users checked the agency’s official address in London, they discovered it was for a third-party event site listed as a farm lot in Google Maps.
Also, the agency’s press release was AI-generated, further underscoring the suspicious nature of the event. Finally, the Frontline Club, identified in the press release, has not announced any formal event related to Nakamoto.
Featured image from Pexels, chart from TradingView
Machine Learning Algorithm Predicts 109% Surge For Shiba Inu Price, The Timeline Is Shocking
The Shiba Inu price has seen a slight decline over the past 24 hours, suggesting that some traders may be taking profits after its recent price rally that peaked at $0.00001972. This dip, however, hasn’t dampened the overall bullish outlook for the meme coin. According to predictions from CoinCodex, a machine learning algorithm, the Shiba Inu price is set to maintain its upward trajectory throughout the week. In particular, CoinCodex is predicting a substantial 109% increase, which would position Shiba Inu to reach a new 2024 high if realized.
CoinCodex Predicts Interesting Surge For Shiba Inu PriceCoinCodex’s machine learning algorithm provides an optimistic forecast for the Shiba Inu price trajectory this week. Despite a slight recent decline, Shiba Inu’s Fear & Greed Index, a popular tool for gauging investor sentiment, stands at 69 at a “greed” state, which often aligns with increased buying interest.
According to the forecast by CoinCodex, the Shiba Inu price is on track to hit $0.00003679 in the next five days. At the time of writing, Shiba Inu is trading around $0.00001743 and nearing a critical support level. CoinCodex’s prediction anticipates a steady reversal from this point, projecting Shiba Inu to reach $0.00001752 on November 2, climb to $0.00002256 by November 3, then $0.00002937 on November 4, and continue rising to $0.00003650 on November 5. The final target for November 6 is set at $0.00003679, which would represent an impressive 110% return from Shiba Inu’s current price.
What’s Next For SHIB?A surge to this level would see the meme coin breaking past its current 2024 high of $0.00003592, which would most likely open up to the stage to FOMO and cause more rallies. However, despite this optimistic short-term outlook, CoinCodex’s projections beyond November 6 indicate that Shiba Inu may face a notable correction in the days that follow.
According to CoinCodex’s analysis, the Shiba Inu price is expected to close the month of November at around $0.00001782. For this prediction to materialize, Shiba Inu would need to reverse nearly all of the gains it is projected to achieve in the coming days. Nevertheless, a reversal to $0.00001782 could set up the ground floor for another steady increase before the end of 2024.
As noted by CoinCodex, Shiba Inu has support levels at $0.00001698 and the strongest support at $0.00001614. On the upside, Shiba Inu faces resistance at several strategic levels, including $0.00001881, $0.00001964, and $0.00002014. Each of these resistance points has the possibility of intensifying selling pressure at each level.
Shiba Inu is currently down by 7% in the past 24 hours, which is a testament to the intensely volatile nature of meme coins. It is now on its way to retesting the support $0.00001698, which could make or break the projected rally.
SEC Crackdown Costs Crypto Firms $426 Million: Gensler’s Compliance Mandate Hits Hard
Blockchain Association, a crypto-focused lobby group, announced that crypto companies have spent around $426 million fighting lawsuits filed by the US Securities and Exchange Commission (SEC) under its chief, Gary Gensler.
In its October 31st report, in partnership with HarrisX, the group criticized the agency for its “regulation by enforcement” approach, which impacts the whole crypto industry. In addition to the costs of fighting the complaints and cases, the Blockchain Association also noted the loss of jobs, which trickle down to the economy.
SEC’s Costly ApproachThe Blockchain Association has partnered with HarrisX, a research and analytics company, to highlight the industry’s ongoing problems and issues. In the same press release, the group noted that the US agency has filed 104 cases against crypto companies from 2021 to 2023, while Gensler was the agency’s chairman.
Based on data reported by its members, they said expenses amounted to $426 million due to defensive litigation.
According to the group, it’s time for a change and to give cryptocurrency companies a fair shot. The group called Gensler’s approach a “law-fare,” a practice that must end. The group said that changing the agency’s leadership is the first step.
SEC’s Aggressive Regulation On Crypto Now An Election IssueThe press release also advocated for a change in leadership by motivating crypto voters to take action. Under Gensler’s watch, the agency has filed cases and inquiries against top blockchain companies such as Ripple, Binance, and Coinbase.
Aside from the loss of money, Gensler’s approach has been anti-innovation, which resulted in the loss of jobs and investments. In another Twitter/X post, the group’s CEO, Kristin Smith, encouraged digital currency users and developers to support the call for change in leadership. Her post did not specify or identify any names or political organizations that they would help in this election.
US Elections To Shape Next SEC Policies?Gensler’s future has been a hot topic not just for crypto watchers but also for the US presidential candidates. Reports have it that he will get the boot once Donald Trump becomes the president. The Democrat Kamala Harris, on the other hand, will be looking for a possible replacement for the embattled head.
Blockchain Association says cryptocurrency is a crucial election issue that can sway voters. No party controls this issue, shared the group, and the candidate that supports innovation in digital assets will likely get the support of crypto voters.
According to estimates, 18% of the total voting population are crypto voters, and they can easily influence the results of the elections. The US elections are set for next Tuesday, but some states are having their early voting.
Featured image by Dall.E, chart from TradingView
Cardano Founder Slams Meme Coins As ‘Worthless’, Warns Speculators
Charles Hoskinson, the founder of Cardano, delivered a scathing critique of meme coins in a live stream broadcasted on Halloween, October 31, 2024. Speaking from Colorado, Hoskinson addressed the current state of the crypto market, focusing particularly on the proliferation and perceived inherent flaws of meme-based cryptocurrencies.
Cardano, Not Meme CoinsHoskinson did not mince words in his assessment of meme coins, labeling them as fundamentally devoid of value. “Meme coins, they have no value, they never will have value, they will never ever have value, stop, stop thinking they will you degenerates. Grow the hell up,” he asserted.
Expanding on his criticism, Hoskinson elaborated on the speculative nature of meme coins, characterizing them as inherently unstable and prone to pump-and-dump schemes. “What do you honestly expect? What do you expect? What is the outcome of this game? You buy a token and the token goes up a little bit and a whole bunch of other people rush in and the token goes up and then what happens? People dump on you. That’s how that game works. It’s always worked that way for meme coins, always will work that way for memecoins,” he explained.
Hoskinson also took aim at the role of social media in perpetuating the meme coin phenomenon. He criticized the lack of accountability among self-proclaimed experts and analysts and the ease with which meme coins can be launched and promoted online. “They have no utility. There’s no culture behind somebody taking a picture of me and turning it into a meme coin for the purposes of a pump and dump,” he stated.
The Cardano founder also pondered why meme coins have become that popular this cycle. “We all know that these things [meme coins] have no value. There’s no utility behind them. When they lose their luster, they go to zero. […] The reason why meme coins have any any popularity right now is people are bored […]. We’ve gone through three years of a brutal bear market. It’s been horrible and so people got to do something with all this crypto wealth,” Hoskinson elaborated.
In stark contrast to meme coins, Hoskinson lauded the foundational strengths and long-term vision of Cardano. “Look at something like Cardano. There’s an on-chain government. There’s a smart contracting stack. There is a network that has 1.4 million users inside of it that enables you to store information in a secure way. It’s been running for seven years straight. You can use it as the foundation to rebuild the social fabric of society itself,” he emphasized.
Beyond crypto, Hoskinson delved into broader societal issues, expressing frustration with the current state of public discourse and accountability. He linked the rise of meme coins to a “bare market” and societal distractions, suggesting that the lack of depth in discussions—both in crypto and beyond—contributes to the prevalence of speculative and unproductive financial activities.
Hoskinson concluded his address with a call to the crypto community to prioritize meaningful engagement and responsible investment. He urged users to focus on the tangible utility and long-term potential of blockchain technologies, rather than succumbing to the fleeting hype of meme coins. “If you can do that, you’re a true crypto user, a true one because you’re worthy of being your own bank and being in charge of your own life,” he stated, reinforcing the ethos of self-sovereignty that underpins Cardano’s mission.
At press time, ADA traded at $0.3468.
SEC Takes Aim At IMX: Immutable Faces Potential Lawsuit Over Token Sales
The US Securities and Exchange Commission (SEC) has filed a Wells Notice to Immutable over its sales of IMX tokens. The SEC’s contention is related to a 2021 blog post on the pre-launch investment made in the IMX tokens priced at $0.10 or a $10 pre-100:1 split.
Immutable has questioned the SEC’s judgment, saying that the price was inaccurate; thus, the charge is “incorrect” since no exchange happened between parties.
Immutable (IMX) was one of the popular gaming-focused projects in 2021, a time of the growing popularity of play-to-earn (P2E) blockchain projects. The blockchain project featured an NFT marketplace and an L2 scaling solution, primarily serving third-party game developers.
Immutable has received a Wells notice from the SEC, the latest in their de facto policy of regulation by enforcement. We received this within hours of our first ever conversation, on a timeline clearly accelerated to land before an election.
Sadly, stories like this are becoming…
— Immutable (@Immutable) October 31, 2024
Wells Notice Targets ‘Sale Of IMX Tokens’Immutable is a leading Australian blockchain that launched a $320 million pre-sale. Around 14% of the IMX tokens went to the public. SEC believes that the same IMX tokens during its launch violated some laws, hence the decision to file the notice.
In the US, companies and individuals may receive a Wells Notice from the agency if they are investigated for possible violations. Immutable immediately responded to the notice, saying that the agency was deliberately harsh on start-ups despite little evidence of wrongdoing.
Upon issuance of the notice, the agency contacted the company for a conversation. With a Wells notice filed, Immutable may face a lawsuit soon.
Token Price Dips To One-Month LowThe recent news on Immutable and the potential investigation spooked many traders, pushing the token’s price to $1.22 from $1.37, a one-month low. However, the SEC issuance was also helpful for the company as the volume of its open interest increased. For Immutable, the open interest covers coin-margined and stablecoin-margined contracts in USD.
Recently, IMX’s open interest went from a low of $22 million to a high of $27 million in just a few hours. While many consider IMX risky, analysts see a possible and quick recovery from its lows. Top exchanges, including Coinbase and Binance, carry IMX.
Immutable Slams SEC For Its Aggressive EnforcementAustralia’s Immutable shared its frustrations over Twitter/X, saying that these notices and investigations are becoming less surprising. The company used the experiences of other blockchain companies like Coinbase, OpenSea, and Uniswap as examples. Immutable added that the agency’s recent aggressive moves now extend to gaming.
In the same post, the company reiterated its commitment to the industry and said it would continue building to support gaming. If necessary, the company will also fight and defend gamers’ rights. So far, the SEC’s Wells notices have not led to company or project delistings, except for XRP, which was removed from Binance for one year.
Featured image from TechCrunch, chart from TradingView
Ripple Vs. SEC: New Deadline Announced By Second Circuit Court
The United States Court of Appeals for the Second Circuit has issued an order in the XRP lawsuit between the Securities and Exchange Commission (SEC) and Ripple Labs, Inc. The court has mandated that the SEC must file its appellate brief by January 15, 2025, setting a firm deadline.
Ripple Case Update: New SEC Filing DeadlineThe court’s order, dated October 31, 2024, states unequivocally: “It is HEREBY ORDERED that Appellant-Cross-Appellee’s brief must be filed on or before January 15, 2025. The appeal is dismissed effective January 15, 2025, if the brief is not filed by that date. A motion to extend the time to file the brief or to seek other relief will not toll the filing date.”
This stringent directive emphasizes that failure to comply will result in the dismissal of the SEC’s appeal, underscoring the court’s insistence on adherence to procedural timelines.
The order by the court follows recent controversy surrounding the SEC’s filing of Form C, which outlines the specific issues the agency intends to address on appeal. Within the XRP legal community, there was considerable speculation that the SEC had missed the deadline for this crucial filing.
The SEC managed to submit Form C just before the debated deadline on October 17, 2024. The exact cutoff was a point of contention, with discussions centering on whether it fell on October 16 or 17. A missed deadline could have jeopardized the SEC’s ability to proceed with the appeal. However, legal experts noted that while missing such a deadline constitutes a procedural error, courts often afford federal agencies some leeway to rectify these mistakes.
The court’s order elicited notable reactions from legal professionals engaged in the XRP community. Pro-XRP attorney Bill Morgan commented on X: “At least the consequences for not meeting this deadline are clear.” Commercial litigator and Bitcoin advocate Joe Carlasare observed: “This is the standard order.” Carlasare’s comment suggests that while the order is strict, it aligns with typical procedural directives in appellate cases, not relating to the previous Form C filing by the SEC.
Adding another layer of complexity, the upcoming US presidential election could significantly influence the SEC’s approach to the case. If former President Donald Trump succeeds against Vice President Kamala Harris, regulatory leadership may shift. At the Bitcoin 2024 conference, Trump made a bold assertion that he will fire Securities and Exchange Commission Chair Gary Gensler on day one.
This statement has fueled speculation that a new SEC chair under a Trump administration might opt to drop the case against Ripple before the January 15 deadline. However, if Trump loses, the next major date is set in the Ripple vs. SEC case.
At press time, XRP traded at $0.5117.
Новый обзор рынка: биткоину немного не хватило до исторического максимума
Правительство России утвердило лимит энергопотребления для майнеров-физлиц
XRP ETF Moves Closer To Reality As 21Shares Files S-1 With SEC
On Friday, crypto asset manager 21Shares filed an S-1 registration form for a spot XRP ETF with the US Securities and Exchange Commission (SEC) to establish the 21Shares Core XRP Trust.
This filing follows similar applications from other firms, including Canary Capital and Bitwise in the past months, as interest in crypto ETFs surges, particularly in the wake of successful approvals for Bitcoin and Ethereum ETFs earlier this year.
21Shares Files For XRP ETF Amid Strong DemandThe filing indicates a strong demand for alternative crypto investments, particularly as Bitcoin and Ethereum ETFs have gained traction among investors. However, the path to approval for the XRP ETF is fraught with uncertainty.
The SEC has been scrutinizing the crypto space more closely, particularly concerning its ongoing legal battle with Ripple Labs, which has significant implications for the classification of XRP.
The SEC has argued that XRP should be considered a security under the Howey Test, a legal framework used to determine whether certain transactions qualify as investment contracts.
This regulatory ambiguity poses considerable challenges for the approval of the three XRP ETF applications by the asset managers currently under review.
Trump And Harris Signal Potential Regulatory ReformsWhile there is optimism among some industry leaders, including Ripple Labs CEO Brad Garlinghouse, who had recently stated that the launch of an XRP ETF in the US is “inevitable,” it remains to be seen how the SEC will respond to these new applications.
Adding another layer of complexity is the upcoming US presidential election. Both candidates, Donald Trump and Kamala Harris, have signaled intentions to reform the current regulatory stance on cryptocurrencies, which could lead to greater clarity and potentially more favorable conditions for crypto assets moving forward.
Such changes, if in fact completed, could pave the way not only for the approval of the new XRP ETF applications but also for other recently filed forms, including those for Solana and Litecoin.
At the time of writing, XRP was trading at $0.52, up more than 2% following the announcement of the new filing.
Featured image from DALL-E, chart from TradingView.com
Seized Alameda Funds On The Move: US Gov’t Shifts Additional Crypto Assets
The US government has swapped its ANT tokens for more liquid Ethereum ahead of a planned crypto phaseout.
The government-controlled crypto wallet that holds nearly $974,000 worth of digital assets has, for the first time in almost 24 months, been activated, according to Arkham Intelligence.
This is less than a week before a scheduled token phaseout is to take place on 2nd November. Early last year, AragonDAO resolved to dissolve the organization and exchange ANT for ETH.
According to the report by Arkham Intelligence, these ANT tokens are sold in two tranches worth $550,000 and $518,000 in ETH.
ANT Token Swap Is The First Transaction In Almost Two YearsOnchain data reveals that the government-initiated transaction was the first activity on the crypto wallet in almost two years. Before this recent transaction, the US government crypto wallets got a small transfer from a high-balance crypto wallet account, which isn’t connected to ANT liquidations.
Also, this specific wallet transferred a small amount of ETH from a Coinbase wallet. These then interacted with the AragonDAO’s redemption wallet, converting the funds into Ether.
AragonDAO has decided to phase out its ANT tokens after rejecting the planned creation of a community-owned organization. There were concerns that the DAO could be the target of a Sybill attack or that concealed crypto whales could seize control of the blockchain.
Today, the industry considers AragonDAO a failed ecosystem and has locked up its Twitter/X account.
US Gov’t Used A Loophole To Swap ANT Into More Liquid AssetsThe US government has found an opportunity to swap the seized ANT tokens for more liquid and tradable assets, like ETH. The AragonDAO contract operates and currently accepts retail and professional investors.
According to the approved schedules, token swaps and redemptions are still allowed until November 2nd. A fixed rate is used for the token swaps, ignoring the erratic market pricing for the remaining ANT trades.
While Aragon has shut down its tokens, it plans to remain active after collecting the remaining funds on November 3rd to focus on other projects.
Some Alameda Crypto Wallets Are Still ActiveAlameda wallets are still active, and the recent transfers boosted its value to $980,000 in ETH and other tokens. This wallet’s value is small compared to the expected distribution for FTX, which will need to pay off investors $12 billion and distribute $16 billion in expenses and fees. This development suggests that a final reimbursement for investors is coming.
While many Alameda wallets are empty or contain just minor quantities of digital assets, some nonetheless have great value. One Alameda crypto wallet, for instance, had at least $500,000 in AMPL tokens.
Some of these wallets have shown trading activities, including the trading of FTM tokens. Alameda is also trading its World (WLD) tokens, and just the other day, its wallet sent 143.77k WLD tokens to Binance.
Featured image from Pexels, chart from TradingView
$100,000 Shiba Inu Burn Triggers Epic 252,910% Surge, Why Investors Should Beware
The Shiba Inu burn rate skyrocketed by 252,910% as $100,000 worth of SHIB tokens was burnt in one transaction. This typically presents a bullish outlook for the Shiba Inu price, but the scam detector platform Susbarium has explained to investors why they should be wary of such token buns.
Shiba Inu Burn Rate Skyrockets, But It Might Not Be GoodShibburn data shows that the burn rate surged by 252,910% in the last 24 hours, with 5.6 billion SHIB tokens burnt during this period. A single transaction made up for most of these, with 5.5 billion SHIB burnt. A burn of such magnitude is bullish for the Shiba Inu price, considering that the meme coin’s price will ultimately become more valuable as more coins are burnt.
However, in an X post, Susbarium warned SHIB investors to be cautious about this burn transaction. The platform explained that some projects use these big burns to attract Shiba Inu community members with presales or low-quality tokens. According to the platform, this isn’t the first time it has happened, and it won’t be the last.
To avoid falling prey to such projects, Susbarium told the Shiba Inu community to ensure to look at the full picture. The scam detector outlined ‘DYOR’ tips that these investors could follow while trying to look at the full picture. First, investors were advised to go beyond the burn transaction and check the team’s background, roadmap, and whether the token has a real utility.
Secondly, Susbarium stated that Shiba Inu investors should review the token’s distribution and how much of the supply is allocated to the team or insiders. A huge allocation to the team or insiders can be a red flag. Furthermore, investors are advised to look into the supply, liquidity, and the token’s structure. The platform mentioned that projects with a balanced setup tend to be more secure.
Lastly, Susbarium told SHIB investors to question promotions. The platform noted that influencers and large accounts rarely promote for free. As such, investors should be wary when they see influencers hyping a particular project and verify the details before investing.
Team Members React To The Token BurnShiba Inu’s Marketing Lead, Lucie, also reacted to the $100,000 worth of SHIB tokens that were burnt and seemed surprised, considering that it isn’t a figure that is recorded daily. She also seemed to support Susbarium’s warning, reposting the post in which the scam detector platform had warned investors about such burns.
Shiba Inu developer Kaal Dhairya also reacted to Susbarium’s post, simply saying, “Love this account,” indicating his support for the warning to SHIB investors. Susbarium also recently warned the community to be wary of scammers who were promoting fake ‘TREAT’ tokens, as there has yet to be an official token from the team.
Школа народной свободы, или Антимигранты и другие герои нашего времени
Bitcoin Bound For $100,000 As Bitwise CIO Claims It ‘Doesn’t Need Washington’ To Succeed
With just four days to go until the US presidential election, crypto enthusiasts are hoping that a victory for their preferred candidate will lead to a higher Bitcoin (BTC) price.
Who Will Be More Beneficial For Bitcoin?From a crypto-enthusiast perspective, the 2024 US presidential elections are unlike any other as both candidates recognize the rising importance of digital assets.
While a win for Republican candidate Donald Trump is seen as beneficial for the crypto industry, Democratic candidate Kamala Harris has pledged a fresh approach to digital assets, contrasting with the Biden administration’s perceived hostility.
Both the candidates are trying to court the ‘crypto voting bloc’ – a significant proportion of voters are more likely to support a candidate with a pro-crypto stance.
Bitwise CIO Matt Hougan mentioned in a recent interview with Yahoo! Finance that the most crucial outcome for BTC is simply that “the elections happen.”
Hougan stressed that regardless of a Trump or Harris win, the regulatory environment for crypto is witnessing steady improvement. He attributed the recent positive movement in digital asset prices to a maturing regulatory framework.
The Bitwise CIO mentioned that although, in the short-term, the crypto market favors a Trump victory over a Harris victory, Bitcoin “really does not need Washington to succeed.”
The crypto executive added that regardless of the election results, institutional investment in the digital assets space is on the rise, which is evident from the strong Bitcoin spot exchange-traded funds (ETF) inflows in recent days.
When asked about regulatory clarity’s role in crypto, Hougan pointed out that it impacts altcoins more than BTC. He anticipates a greater chance of an altcoin rally than a BTC rally if Trump wins. Hougan added:
This is the best single time to invest in Bitcoin from a risk-adjusted perspective. All of the major existential risks of Bitcoin have been washed away. We have an ETF, we have institutions. They are coming into the space. The biggest catalyst is that move of institutional adoption.
Path To New ATH Won’t Be EasyAlthough BTC is trading very close to its all-time high (ATH) price of $73,737, it has yet to touch the March 2024 price level.
Rising geopolitical tensions worldwide add to the volatility of an already volatile asset, which may discourage the more risk-averse investors from buying more BTC.
However, the existing macroeconomic uncertainties are not deterring crypto analysts from sharing their ambitious price targets for the top cryptocurrency.
Recently, analysts at trading firm Bernstein predicted that a $200,000 BTC by 2025 end might be a conservative target.
That said, weekly charts show BTC attempting several runs past its ATH, only to drop each time. At the time of writing, BTC is trading at $70,840, approximately 4% below its ATH.