Whale Who Bought 20 Trillion Shiba Inu Is Now The 5th Biggest SHIB Holder

https://www.newsbtc.com/shiba-inu/whale-who-bought-20-trillion-shiba-inu-is-now-the-5th-biggest-shib-holder/

While SHIB saw a slight price increase yesterday, the Shiba Inu community saw the emergence of a new large SHIB holder. The investor added $176,800,000 worth of Shiba Inu tokens, Etherscan data shows.

On-chain data revealed that the whale accumulation happened in four consecutive equal transactions of 5 trillion SHIB tokens each.

SHIB Records 5th Major Investment

The newly emerged whale scooped 20 trillion SHIB tokens worth $176.80 million approximately 14 hours ago. According to data on Etherscan, the transfer has made the SHIB investor the fifth biggest holder.

Another remarkable thing about the transactions is that they occurred almost simultaneously. This new SHIB investor’s portfolio makes up 2% of the Shiba Inu supply.

The accumulation by the whale has not had any significant positive impact on the price of the digital asset though. The meme coin rose 1.17% in the last day but is still seeing a 0.56% decline on the 7-day chart.

Even though SHIB’s price started gaining slightly from May 14, closing at $0.00000883 against its opening price of $0.00000878, it reversed by May 16, closing at $0.00000880 against its opening price of $0.00000884.

Upcoming Advancements In Shiba Inu Ecosystem

A Shiba Inu marketing team member, Lucie Sasnikova, recently shared updates about the SHIB metaverse project. In her tweet, Lucie noted that the developer behind SHIB: The Metaverse project would reveal the previews of the hub by September. Notably, four new hubs will be unveiled, namely; Wagmi, Rocket Pond, Royshi, and Tech Trench.

SHIB metaverse advisor, Marci Jastrow, also answered questions regarding the project, noting that users can access the metaverse via PC, mobile phone, and Virtual Reality (VR).

Another interesting development is that the Web3 shopping platform, UQUID, recently integrated the Shiba Inu payment options into its services.

This integration will add real-world utilities to Shiba Inu, allowing SHIB holders to use their coins for several purposes, including airtime top-up, online shopping, and more.

The Shiba Inu team is also collaborating with Tangem, a blockchain tech firm, to roll out cold wallets exclusive to the Shiba Inu community.

According to reports, users can visit Tangem’s official website to preview the wallet’s features and pre-order the SHIB-themed wallet pending completion. Lucie also highlighted the wallet features in a tweet, noting that it supports over 6,000 currencies.

The SHIB marketing executive said the wallet would allow users seamless access to DeFi, NFTs, and decentralized exchange platforms. Additionally, the hardware wallet is wireless, portable, and does not require batteries.

The token has lost most of its gains over the past weeks, despite recording a slight price boost yesterday. At press time, SHIB has declined by 2.4% over the past seven days and 13.2% in the last 14 days.

Featured image from Pexels, chart from TradingView

Coinbase And Ripple Playing Game Of Poker With The SEC, CNBC Correspondent Says

https://www.newsbtc.com/news/ripple/coinbase-and-ripple-playing-game-of-poker-with-the-sec-cnbc-correspondent/

Amid deep regulatory uncertainty in the United States, several cryptocurrency firms consider sailing to more welcoming atmospheres. Top US-based firms Ripple and Coinbase, who’ve been cross-chairs with the Securities and Exchanges Commission (SEC), have already hinted at possible relocation. Reacting to the issues, two CNBC correspondents, Ryan Browne, and Arjun Kharpal, weighed in.

According to the journalists, crypto companies like Ripple and Coinbase are playing a poker game with the SEC.

Crypto Firms Threaten Relocation To Ease Regulatory Pressure

The regulatory atmosphere in the US crypto space has become supercharged over the past few months as the SEC accelerated their crackdown moves against crypto companies. The SEC turned its attention to Coinbase, Binance, Bittrex, and Kraken amid long-running litigation with Ripple.

These firms aren’t comfortable with the increased enforcement threats from the regulators as they complain the SEC has taken the regulation-by-enforcement approach without providing any clear guidelines for them.

Coinbase and Ripple even threatened to relocate their business outside the US, hoping regulators would reconsider their hawkish stance.

The CNBC correspondents further noted that Ripple executives joined forces to publicly criticize the SEC and gain support from the broader crypto community.

Prioritizing Politics Over Policy Is Unfavourable for the Economy, Ripple CEO Says

In their report, Browne and Kharpal quoted Ripple CEO Brad Garlinghouse, who, as a US citizen, expressed his disappointment with the situation.

In a statement, Garlinghouse said, “The US is getting passed not just by a little bit but by a lot.”

Garlinghouse claims more challenging is the fact that the US considers politics over policy, an unfavorable decision for investors. On most occasions, the SEC repeatedly argued that nearly all crypto tokens in the market constitute securities.

That was why the regulator sued Ripple in December 2020, accusing the firm of offering XRP as an unregistered security. However, Ripple has continued to contest this issue in court with the SEC, hoping to get a favorable ruling soon.

The SEC did not only point fingers at Ripple, as it recently came at Coinbase, issuing a Wells Notice alleging possible securities law violation.

Crypto exchange Kraken suffered the same fate and had no choice but to discontinue its staking services in the US with a settlement of $30 million.

The SEC claims its moves are to protect Americans from crypto investment risks. However, pro-XRP lawyer, John Deaton, asked the SEC chief, Gary Gensler, to stop claiming to protect the American public against crypto.

These regulatory actions have attracted reactions from industry figureheads, including Cardano founder Charles Hoskinson. Hoskinson urged crypto enthusiasts to support pro-crypto policies in the next elections to stop regulatory issues.

Featured image from Pixabay and chart from TradingView

Here’s The Best Time To Invest In Pepe, Former Dogecoin Millionaire

https://www.newsbtc.com/analysis/pepe/heres-the-best-time-to-invest-in-pepe-former-dogecoin-millionaire/

Pepe coin is one of the trending meme coins that emerged recently in the crypto space. Though the token has retracted in value, a former Dogecoin millionaire offers some insights on PEPE.

Glauber Contessoto, aka Dogecoin millionaire, took to Twitter to lay out a suitable period to invest in the meme coin.

Dogecoin Millionaire Recommends The Best Time For PEPE Investment

According to the crypto strategist, enthusiasts should wait till the meme token drop by 80% to 90% from its all-time high (ATH) of $0.00000431. Then, that will be the right time to invest in PEPE again.

Contesssoto’s tweet has attracted much criticism, as many users stated that the PEPE pump is over. Some users called his suggestion “unintelligent,” while others advised him to return to DOGE. A particular user asked DOGE Millionaire why he didn’t take the same investment approach for Floki Inu. In response, he said he wasn’t liquid then or would have bought 1 billion Floki Inu coins.

Contesssoto emerged in the spotlight due to coverage from top media outlets such as CNBC for his investment insights. He gained more popularity at the beginning of 2021. Many publications related Contessoto’s investment progress, citing how he threw his life savings into Dogecoin investment.

His investments saw him emerge as one of the DOGE millionaires, increasing his popularity for being bold and helping with relevant crypto strategies.

However, he has lost a substantial part of his net worth as he refused to sell and the largest meme coin by market cap, DOGE, has declined by almost 90% from its ATH in 2021, according to CoinMarketCap.

The Journey So Far

Pepe Coin is a meme coin developed on the Ethereum blockchain with a link to the internet meme ‘Pepe the Frog’. Following its launch, PEPE rapidly gained popularity as the token led to the explosion of meme coins recently.

According to data from CoinGecko, PEPE has seen an increase of over 21,950% within the past month. PEPE created a record as the fastest Ethereum coin to hit the $1 billion market cap in less than a month after its launch.

However, the meme coin faces fierce volatility, which has drained its value and market cap. Now, PEPE is trading at $0.0000016525, indicating a drop of 2.25% over the past 24 hours.

Also, the value of the meme coin has plummeted by over 60% from its ATH of $0.00000431. The market cap currently sits at $660.9 million.

Featured image from Pexels and chart from Tradingview

Shiba Inu Token Burn Hits 1.74 Billion In One Week, What’s The Current Status?

https://www.newsbtc.com/shib/shiba-inu-token-burn-hits-1-74-billion-in-one-week-whats-the-current-status/

The Shiba Inu community has remained consistent in burning SHIB tokens. In a week, it sent a whopping 1,748,403,277 SHIB tokens to the project’s dead wallet.

The burning mechanism is part of the processes that the Shiba Inu uses to maintain stability in its ecosystem. It is a strong measure to reclaim the value of the SHIB token as it removes more coins from circulation.

Community Burns 1.74B Tokens Through 20 Different Transactions

According to data from the Shiba Inu burning portal, Shibburn, over 1.74 billion SHIB coins were burned within 7 days. The community completed the burning mechanism for the week through 20 different transactions.

However, Shibburn disclosed that the Shiba Inu burn rate for the week decreased by 69.48% as against the previous week.

The token burning data for the previous week showed that 3.98 billion SHIB tokens were sent to the dead wallet. The process was completed through 19 separate transactions by the community.

The 24-hour token burning record has about 11.42 million Shiba Inu coins destroyed. This indicated a drop of 11.21% in the burn rate over the past day.

Furthermore, Shibburn highlights the week’s top 3 SHIB token burners: Mysterious Wallet, Blaze Token, and SHIB Super Store.

The Mysterious Wallet is among the top players in SHIB token burn as it destroyed 11.42 million SHIB coins through a single transaction.

The wallet has been a major contributor to the SHIB token-burning mechanism. Besides its massive destruction of SHIB tokens, the wallet still holds over 335.79 billion SHIB worth more than $2.96 million.

The prominent Shiba Inu Community-led burn project, SHIB Super Store, is the next top token burner. It sent about 10.45 million SHIB tokens to the protocol’s dead wallet on May 8 through a single transaction.

Blaze Token plays the highest contributory role, with the largest number of burned SHIB tokens for the week. The new token destroyed over 1.69 million SHIB coins through a single transaction on May 8.

Shiba Inu (SHIB) Price Action

The Shiba Inu community has kept removing lots of SHIB tokens from circulation through the burning process. But SHIB’s value is yet to mark a remarkable recovery.

The entire crypto market has been battling with the influence of the bears pushing most assets’ prices to the bearish zone.

At the time of writing, SHIB is trading at around $0.00000886, indicating a slight gain of 0.80% over the past 24 hours. Its market cap is $5.22 billion, with a 24-hour trading volume of $96 million. Its 7-day and 30-day price actions indicated a drop of 1.40% and 20.74%, respectively.

Featured image from Pexels, chart from Tradingview.com

Pro-XRP Lawyer Shares Opinion PEPE Explosion, What Did He Say?

https://www.newsbtc.com/altcoin/pro-xrp-lawyer-shares-opinion-pepe-explosion-what-did-he-say/

Pro-XRP lawyer John Deaton has dropped his opinions on PEPE while the viral meme coin’s investors brood over its massive price plunge.

The Pepe the Frog-themed meme coin became prominent immediately after launch, rallying 1,000% within the first two days.

Pepe’s performance and increasing popularity secured it a listing on Binance, further pushing its price by over 200%. However, some investors were uncomfortable with the sudden price surge and have been asking questions.

Deaton Suggests PEPE Is A Calculated Scam

Pepe coin’s explosive price actions moved the crypto industry. Bullish investors leveraged the coin’s growing popularity to accumulate more, while others appear to seek opinions from industry figureheads.

In a tweet, John Deaton revealed that he received several DMs and emails from people requesting his thoughts on PEPE. Deaton retweeted DeFi analyst Chris Blec’s opinion on Pepe.

In Blec’s tweet, the analyst warned people that Pepe is a carefully planned scam in which the creators use investors as pawns in a much bigger game.

In his words, such games have consumed the lives of many. He, however, advised investors to wise up. Deaton retweeting Chris Blec’s comment regarding Pepe as his response to people raised some questions.

Did the lawyer investigate before arriving at this conclusion, or did he trust Blec’s words for what it is?

The crypto community reacted to Deaton’s opinion, some in support while others disagreed. A Twitter user @StanzaErick said he doesn’t understand why people should ask a lawyer for investment guidance.

Another respondent Mark Hawkes, a pro-XRP crypto enthusiast, agreed with Deaton that projects like Pepe could wreck retail investors.

The Current Price Outlook

Meanwhile, the meme coin isn’t doing well at the moment. The token’s price has gone the opposite of the bullish performances recorded two weeks ago.

It has lost most of its 7-day price gain over the past few days. The data shows the meme coin is down 38.46% over the past seven days. That’s not all. Pepe favored the bears for most of last week, with a 31.3% price decline on May 9.

On May 12, it registered a 26.9% price decline before adding a 22.9% price gain on the 13th and 9.1% on the 14th.

Staying true to form, Pepe’s price has declined by a further 10.4% in the last 24 hours, with the technical indicators, including the Oscillators and Moving Averages, flagging strong sell signals.

Pepe is currently trading below the 10-day exponential and simple moving averages, an indicator that the bears are in control. The possibility of the meme coin rebounding from the dump depends on the bulls’ ability to overturn the situation.

Featured image from Pexels and chart from TradingView

Former Executive Backs Up Lawsuit Against FTX Celebrity Promoters

https://www.newsbtc.com/crypto/former-executive-backs-up-lawsuit-against-ftx-celebrity-promoters/

A former FTX regulatory officer, Daniel Friedberg, has come forward to back the lawsuit against FTX celebrity promoters, adding weight to the allegations leveled against the cryptocurrency exchange.

Due to his knowledge of the company’s internal compliance practices, Friedberg’s decision to support the legal action is a significant blow to FTX.

Notably, the lawsuit started mid-November last year, a few days after the exchange shut down.

FTX Lawsuit Gains Support From Former Executive

As revealed in the proposed amended complaint, Friedberg gave evidence that FTX promotional activity surfaced from Florida.

Daniel Friedberg was the compliance chief of the US arm of FTX and FTX’s chief regulatory officer.

So, his evidence could negate the defendants’ claims, stating that FTX’s activity has no connection with Florida, including the Miami court.

Friedberg also referred to the vice president of the US arm of FTX, Avinash Dabir, noting that he is based in Miami. He added that Dabir performed operations in the city from an FTX office in 2021.

He said that Dabir was responsible for overseeing FTX brand ambassadors, of which the court defendants are no exception.

The brand ambassadors noted were comedian Larry David, Shaquille O’Neal, a former basketball player, retired NFL player Tom Brady, and FTX founder Sam Bankman-Fried.

Other celebrity promoters include entrepreneur Kevin O’Leary, Steph Curry, a basketball star, with his team, the Golden State Warriors, and Brady’s ex-wife, model Gisele Bundchen.

Meanwhile, the class action lawyers saw that Friedberg’s statements countered the defendants’ claims.

They claimed it’s unlikely for such a conspiracy to erupt from Florida because the exchange did not intend to expand to Miami until September last year. It was after the move to Miami that they enacted the promotional agreements.

In the meantime, the lawsuit class action lawyers are assessing the new evidence from the defendants to amend the case.

Celebrities Face Lawsuits For Misleading Crypto Endorsements

Several crypto endorsements for celebrities have often landed in lawsuits. This happens when misleading statements regarding a cryptocurrency’s potential returns, security, or legitimacy make investors suffer financial losses.

Additionally, endorsing or promoting unregistered securities without complying with securities laws can have legal consequences.

An example is the case between the SEC and Jake Paul, Lindsay Lohan, and some other celebrities over failing to reveal a paid crypto promotion.

Aside from this, celebrities might unknowingly or intentionally participate in pump-and-dump schemes, artificially inflating prices through promotion and then selling their holdings, which can result in securities fraud charges.

As such, celebrities must comply with relevant regulations to avoid legal disputes and protect investors.

-Featured image from Pexels, chart from Tradingview.com

Crypto Analysts Predict XRP Price Rally Against BTC

https://www.newsbtc.com/analysis/xrp/crypto-analysts-predicts-xrp-price-rally-against-btc/

Market analysts are watching Ripple’s XRP for a potential price surge against the world’s leading digital currency, Bitcoin.

XRP, known for its lightning-fast transaction speed and secure blockchain technology, has recently experienced a rollercoaster ride due to its lawsuit with the US Securities and Exchange Commission.

However, an XRP and BTC chartist, Cryptoes, predicts a trend reversal for XRP based on current indicators on the chart.

Analysts See A Pump In XRP Price Against Bitcoin

The performance of XRP since the beginning of April has been very low compared to that of Bitcoin. This led to a notable decline in the XRP/BTC pair over the last five weeks.

Its poor performance does not affect how certain analysts picture the token. The positive view of XRP’s price can be attributed to a key support level at its current position.

Cryptoes called crypto enthusiasts’ attention to this occurrence in a tweet, revealing that the weekly chart of the XRP/BTC pair projects a major support level. The chart revealed that XRP’s price had slowed against Bitcoin’s since April 3.

However, the support level could prevent further decline of XRP tokens as it might be the bottom point. He added that the token might consolidate for weeks before initiating a rally.

Another popular crypto analyst, Egrag, has a different view from Cryptoes. According to him, the market currently projects a bearish trend.

His reason is hinged on the movements of two Simple Moving Averages (SMA), the 20 and 100 moving averages on the same chart.

According to Egrag, the 20 Simple Moving Averages (SMA) place sell pressure on the coin’s price. As such, the 100-moving average is a strong resistance against the current price of XRP. It could be difficult for the token to break out from such resistance.

He believes that the presence of these indicators signals market weakness, and XRP could yield to them. But time will tell if XRP will pump to close above the falling wage.

XRP’s Recent Price Performance

There is no significant difference between XRP’s price at the beginning of May and its current price of $0.4286. On May 1, the coin was trading around the $0.47 price mark, which eventually declined to $0.465 at the close of the day.

It maintained this price range between $0.45 and $0.46 over the next seven days and dipped slightly to $0.4186 on May 8. Since then, it has been hovering around the $0.41 and $0.42 price levels.

In the past seven days, it has declined by 7.25%. However, its 24-hour price trades sideways at the time of writing, while the trading volume and market cap have also increased by 18.45% and 1.93%.

-Featured image from Pexels, chart from TradingView

BONE Token Dominates India Exchange Poll, Outshining Rivals Like PEPE And FLOKI

https://www.newsbtc.com/crypto/bone-token-dominates-india-exchange-poll-outshining-rivals-like-pepe-and-floki/

The Shiba Inu’s governance token, Bone ShibaSwap (BONE), will grab a new and prominent listing in India. BONE overtook PEPE and FLOKI, rising to the top in an exchange poll for the next crypto listing.

Unocoin Poll Sees BONE At The Top

A crypto exchange firm in India, Unocoin, recently conducted a poll on Twitter. The poll, which presented BONE, PEPE, and FLOKI tokens, sampled customers’ feedback on the next coin for listing on the firm’s trading platform.

So far, the poll has amassed more than 9,800 votes and has 9 hours remaining to end. According to data, BONE is currently dominating the poll.

The Shiba Inu governance token shoved PEPE and FLOKI, with a wide gap accumulating about 84.7% of the total votes. Subsequently, PEPE has gathered just 7.2% of the votes while FLOKI crawls behind with 5.9% of the total votes.

Given the open inclination of the customers to BONE, the crypto firm Unicoin may soon add the token to its trading platform. Once it happens, Unocoin will be the fourth crypto exchange in India to list BONE. The other exchanges are Surypto, Giottus, and FlitPay.

Giottus crypto exchange announced the addition of BONE to its platform on May 10. The addition will see BONE traded as a pair with INR. Following the listing, Giottus also disclosed an exclusive giveaway contest to celebrate the addition of BONE.

This move aims to attract crypto enthusiasts, allowing them to win the prize of 2,000 INR. The contest is slated to end by 5 PM on May 15.

New Listing Alert!
@Giottus is thrilled to announce the listing of $BONE on our platform, with trading starting today! @Shibtoken
Get ready to trade $BONE now on INR Pair#Giottus #BONE #Shibarium #ShibariumBETA #SHIBARMY #ShibaArmy #Shiba #Shiboshis #SHIB $BONE $SHIB… pic.twitter.com/3DQO7DXEBz
— Giottus Crypto Platform (@giottus) May 10, 2023

To participate, the user will first join the Giottus social media. Then, the user will like, retweet, and tag at least three people on the giveaway contest post.

Ten lucky winners will emerge through random selection, sharing the 2,000 INR prize to get 200 INR worth of BONE each.

At the time of writing, BONE is trading at $0.8218, indicating a surge of 2% over the past 24 hours.

Shiba Inu Ecosystem Ready To Launch Cold Wallet

The Shiba Inu ecosystem has recently made impressive achievements with more innovative roll-outs.

Previously, the Shiba Ecosystem Official’s Content Marketing Specialist, LUCIE, took to Twitter to reveal the cold wallet launch this week.

The post stated that there would be more information regarding the cold wallet feature in a few days once everything falls into place.

In the announcement post, LUCIE also shared a screenshot of new moves by Shibarium, the Shiba Inu Layer 2 solution. Shibarium is organizing a general AMA with both Huobi Exchange and Certik and is considering a possible collaboration.

Featured image from Pexels, chart from Tradingview.com

IRS Asserts First Dibs On FTX Bankruptcy Payout To Recover $44 Billion In Taxes

https://www.newsbtc.com/ftx/irs-asserts-first-dibs-on-ftx-bankruptcy-payout-to-recover-44-billion-in-taxes/

The US Internal Revenue Service (IRS) has filed tax claims in the FTX bankruptcy as the defunct exchange’s creditors seek fund reimbursement. This recent report shows the IRS filed dues of $44 billion in taxes associated with FTX and its subsidiaries.

The disclosure revealed the agency filed the tax bill under administrative claims, prioritizing them over the creditors’ claims in the bankruptcy case.

Will Court Prioritize IRS Claims Over Creditors?

A filing by the IRS claiming billions of dollars in tax owed by Alameda Research has been circulating online. The filing shows the IRS is claiming over $20.4 billion in unpaid partnership and payroll taxes from Alameda Research alone under administrative priority.

The IRS filed 45 claims worth $44 billion in unpaid taxes from the now-bankrupt FTX exchange and its sister companies. However, the tax filing category under administrative priority has drawn more attention than the amount after circulating the Internet.

A section of the US Bankruptcy Code states that claims under administrative expenses receive priority distribution. That means administrative claims have the highest priority among creditor claims in a bankruptcy case.

The IRS tax bill under administrative claims means the court will likely consider them during funds distribution before other unsecured FTX creditors. However, the dispute is still in motion, and the court is yet to determine how the filing affects the situation.

Nonetheless, the current situation sparked people’s curiosity. A partner at General Catalyst, Nick Van Eck, is curious about how to calculate the amount and where the funds will come from.

But while reactions across the internet continue to emerge, the IRS remained silent without providing any details regarding the matter.

FTX Closer To Repaying Creditors, Mulls Reopening Plans

This development came after the news that FTX recovered $7.3 billion in assets, which was revealed by lawyers in an April 12 hearing at the Delaware bankruptcy court.

FTT remains bearish l Source: Tradingview.comFurther investigations into the bankrupt exchange’s assets are still ongoing. However, the legal team disclosed that FTX may resume operations in Q2 of 2024.

Meanwhile, the exchange’s former CEO, Sam Bankman-Fried, remains entrapped in webs of criminal charges by US prosecutors. His legal team has been working hard to save him.

In a recent court hearing, SBF’s lawyers asked the federal judge to waive the criminal charges, saying the case was more of a civil issue. The legal team also accused FTX lawyers of helping the prosecutors.

Featured image from Pexels, chart from Tradingview.com

Marathon Digital Selects Abu Dhabi For Immersion Crypto Mining Expansion

https://www.newsbtc.com/crypto/marathon-digital-selects-abu-dhabi-for-immersion-crypto-mining-expansion/

Marathon Digital Holdings Inc, a crypto mining company, recently announced its partnership with digital assets firm Zero Two.

This announcement marks a major milestone in Marathon Digital’s plan for global expansion. The creation of the “Abu Dhabi Global Markets JV Entity” will involve joint ownership between both companies, with Zero Two holding 80% ownership and Marathon Digital holding 20%.

Marathon plans to capitalize on the advantageous climate and energy costs in Abu Dhabi while forging valuable partnerships through its expansion efforts.

Marathon Digital Expands Into The Middle East

The newly formed joint venture with Zero Two will develop and operate two digital mining sites with a combined capacity of 250 megawatts.

The sites will be located at two different places in Abu Dhabi. The larger 200MW site will be located at a feasible hub in Masdar City. The second site of 50MW will be located in the port zone of Mina Zayed, Abu Dhabi.

Marathon and Zero Two anticipate leveraging the excess energy in Abu Dhabi to power the sites. According to the firms, this approach will increase the base load and sustainability of the Abu Dhabi power grid.

In the past, the two firms ran a trial project to see if Abu Dhabi, where the desert temperature has historically made air-cooled digital asset mining unattainable, might be a viable location for a large-scale operation.

As such, Marathon Digital and Zero Two developed a custom-built immersion solution that’ll cool the ASIC miners and also developed the right mining software. Notably, the infrastructure and mining equipment needed has already been requested, and construction is underway.

These mining sites are projected to be among the most technologically advanced and energy-efficient mining hubs globally. According to the current construction timelines, both sites might be operational by 2024, with a total hash rate of about 7 EH/s.

The news of the mining operation surfaced as executives from Coinbase visited the UAE to assess the region’s potential as a “strategic hub” for its global operations. The CEO of Coinbase, Brian Armstrong, spoke at the Dubai FinTech Summit and met decision-makers in UAE.

Several U.S.-based crypto companies, including Coinbase and Ripple, are considering relocating their operations abroad due to the unfavorable regulatory environment in the United States. The UAE appears to be a favorable jurisdiction for crypto companies seeking a more welcoming regulatory climate.

Marathon Digital’s Crypto Mining Operations Might Boost Local Economies

The latest advancement in immersion technology, coupled with the expertise of those involved, will be a significant benefit to the companies involved and the local economy.

As Marathon partners with local businesses, it can create new job opportunities and enhance economic growth in the region. With immersion technology, the firm can help minimize the worries about the negative effect of cryptocurrency mining.

Featured image from Pexels and chart from Tradingview.com

ALGO Stands Tall: Coinbase Legal Officer Discusses Its Continued Listing

https://www.newsbtc.com/analysis/xrp/algo-stands-tall-coinbase-legal-officer-discusses-its-continued-listing/

Chief Legal Officer of Coinbase, Paul Grewal, spoke to lawyer John Deaton, host for the Twitter-based podcast CryptoLaw, regarding the exchange’s decision to continue offering Algorand (ALGO).

The U.S. Securities and Exchange Commission (SEC) earlier classified Algorand as a security in its charges against the Bittrex crypto exchange.

Notably, Coinbase delisted XRP based on regulatory scrutiny in 2021. But it has yet to do the same with ALGO, even as the cryptocurrency faces a similar issue.

Paul Grewal Explains Coinbase Position On Algorand

In his interview, John Deaton discussed the confusion among XRP’s community regarding Coinbase’s approach to making and reviewing listing decisions.

Paul Grewal stated that secondary sales of assets do not make them securities. However, Deaton believes that the same argument regarding secondary sales applies to XRP tokens.

According to Deaton, XRP’s suspension from trading on Coinbase was due to the argument that the token is a security under U.S. law.

However, Coinbase still offers ALGO to traders, frustrating XRP holders who feel penalized. In response, Grewal reiterated Coinbase’s commitment to upholding the rule of law equally for everyone. He sympathized with the plight of XRP holders who believe that a double standard applies to various situations.

Further, Grewal states that laws and circumstances changed and referred to Coinbase’s amicus brief supporting Ripple in November 2022. He believes crypto exchanges and projects must “team up to withstand a solid adversary,” the U.S. SEC.

According to Grewal, the SEC is not “above mistakes” in interpreting the law, and the recent enforcements from the body are politically motivated.

Teamwork Necessary Moving Forward

These remarks come after a meeting between Paul Grewal and Ripple’s General Counsel, Stuart Alderoty. John Deaton remarked that the meeting showed two great General Counsels leading the front line in the battle to improve crypto regulation in the United States.

Two great GCs leading the front line in battle. I tip my Gents. https://t.co/YYVBf5wl5h
— John E Deaton (@JohnEDeaton1) May 3, 2023

John Deaton had recommended in a tweet in March 2023 that crypto companies facing SEC enforcement actions need to share ideas. He believes they can create coordinated strategies to defend themselves against the commission and its “excesses.”

Also, Attorney Bill Morgan reacted to the meeting between Coinbase and Ripple’s top legal officers. He believes nothing is “better than teamwork against a common enemy.” Interestingly, Ripple and Coinbase faced regulatory pressure from the SEC on different occasions.

The SEC charged Ripple for offering XRP tokens as unregistered securities in 2020. While the case continues, the commission served a Wells Notice to Coinbase in February 2023.

Meanwhile, some XRP enthusiasts have called on Coinbase to relist XRP. According to XRPcryptowolf, Coinbase must relist XRP if they “desire Ripple’s help to defeat the SEC.”

Featured image from Coinbase and chart from Tradingview

South Korean Authorities Investigate Lawmaker Over Alleged Crypto Transfers

https://www.newsbtc.com/crypto/south-korean-authorities-investigate-lawmaker-over-alleged-crypto-transfers/

There’s a rumor of a conflict of interest around the South Korean opposition lawmaker Kim Nam-Kuk over crypto transactions.

The growing domestic outrage alleged that Kim liquidated over $4 million worth of crypto assets before the lawmakers would enforce the Financial Action Task Force Travel Rule.

Lawmaker Moves Crypto Funds Before Implementation Of Law

A report from the news outlet, The Korea Times disclosed the joint investigation by the Korean authorities and the country’s Financial Intelligence Unit (FIU) on Kim.

The investigation is based on the allegation that Kim withdrew 800,000 WEMIX tokens between February and March 2022.

Between January and February 2022, Kim of the Democratic Party of Korea reportedly held 6 billion Won in his digital wallet.

However, the lawmaker was accused of transferring all his crypto holdings before the authorities could implement the Travel Rule on March 25, 2022.

It is important to note that regulations mandate all crypto service providers to disclose the personal information of investors involved in trades exceeding a value of 1 million Won in digital assets.

The FIU of the Financial Services Commission received the report concerning Kim’s withdrawals. The South Korean regulator classified them as suspicious transactions and reported them to the prosecutor’s office accordingly.

On his part, Kim Nam-Kuk denied cashing out his digital holdings, stating that he only moved the funds to another crypto exchange. Also, he maintained that he was not obligated to report such transactions by law.

The cybercitizens have condemned the act of the lawmaker who had positioned himself as a “poor” politician in the past. The Mayor of Daegu, Hong Joon-Pyo, commented that Kim should resign from his political position. The person expressed disappointment in the legislator’s actions, describing it as a serious moral problem.

The Mayor recalled that Kim was among those that delayed crypto taxation through legislative voting. This suggests that the lawmaker used his legislative position to cover personal gains in digital assets.

Government To Fix Loopholes In Disclosure For South Korean Public Officials

The Korean authorities are still investigating Kim’s alleged crypto holdings. According to The Korea Herald, the outcome of the investigation will play a vital role in deciding if public officials must disclose their crypto assets.

Such a move will mandate all public officials to include digital asset holdings in their asset reports or disclosures. Crypto investment has been a heated subject in South Korea and other parts of the world.

In the United States plans, some members of Congress want to pass a bill that will bar members from investing in digital assets and stocks. The Senators and representatives must disclose such investments in their assets reports, but nothing prevents them from trading them.

These investments have created controversy as many believe U.S. Congress members can benefit from insider trading without facing legal consequences. Just last week, a Democratic Congresswoman sold shares from the First Republic Bank just before financial behemoth JP Morgan acquired it.

Similarly, the Taiwanese government is considering extending disclosure reports of public officials to digital assets. Taiwon’s Ministry of Justice cited that the rule will ensure public servants disclose their crypto holdings.

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Stop Protecting American Public, Pro-XRP Attorney Tells SEC Chair

https://www.newsbtc.com/crypto/stop-protecting-american-public-pro-xrp-attorney-tells-sec-chair/

The pro-XRP Attorney and crypto lawyer John Deaton has told SEC Chair Gary Gensler to retreat his regulatory actions. The attorney demands that the commission stop protecting Americans by lashing on crypto companies.

The United States has increased the tension in its crypto industry through unclear regulatory measures. Crypto regulators like the Securities and Exchange Commission (SEC) also affect crypto firms with multiple enforcement actions.

Stop Protecting American Public While Harming Crypto Firms, John Deaton

In a statement via Twitter in response to Gensler’s post appreciating SEC’s staff for upholding the commission’s mission, Attorney Deaton asked SEC boss Gensler to stop protecting the American public.

On behalf of the American public we ask you to please stop protecting us.
— John E Deaton (@JohnEDeaton1) May 8, 2023

The SEC has enacted enforcement actions against several crypto entities through its forceful regulatory measures. Some include the Ripple (XRP) blockchain, Paxos (Issuer of BUSD stablecoin), Bittrex, Coinbase, and others.

In December 2020, the SEC sued Ripple Labs and some of its executives over the sale of XRP tokens under the Howey Test, stating that the asset passed the definition of an investment contract.

Attorney Deaton maintained that XRP is not a security but a digital currency, and the lawsuit has been taking several turns and is still ongoing.

The activity of the US SEC on crypto firms in the US has evoked a lot of reactions, especially from top firms such as Coinbase. However, the commission has maintained that its actions are measures to protect Americans.

Moreover, in a video, last month, the SEC chair maintained that intermediaries for investment contracts should comply with securities laws and register fully with the SEC.

He also said that the law only cares about “what something is and not what you call it” As such, digital asset investment firms that list securities must comply with the investor protection obligations like other firms.

SEC Pushing Legal Boundaries With Ripple Lawsuit

Crypto lawyer John Deaton mentioned earlier that the SEC is pushing legal boundaries by claiming that Ripple violated securities laws.

According to a Bloomberg Law publication, Deaton stated that the SEC’s allegation against XRP is beyond legal contemplation and court rulings on securities.

The lawyer mentioned that the US Supreme Court in 1946 defined security in its ruling on SEC v. Howey case. So, the ruling could not account for the complex digital assets with encrypted computer code after almost a century.

Featured image from Thinking Crypto and chart from Tradingview

Cryptocurrency Exchange Bittrex Files For Bankruptcy Amid SEC Probe

https://www.newsbtc.com/news/cryptocurrency-exchange-bittrex-files-for-bankruptcy-amid-sec-probe/

The popular crypto trading exchange Bittrex filed for Chapter 11 bankruptcy protection in the US Bankruptcy Court for the District of Delaware. This move comes three weeks after the United States Securities and Exchange Commission filed a lawsuit against it.

The US SEC charged Bittrex and its co-founder and former CEO, William Shihara, for allegedly operating an unregistered national securities Exchange, clearing agency, and broker house. It also filed another charge against Bittrex Global.

Bittrex Trading Platform Bankruptcy Details

According to the filing, the crypto exchange has over 100,000 creditors. Its assets were between $500 million and $1 billion, while the liabilities were between $500 million and $1 billion.

The bankruptcy filing covered different entities under Bittrex, including, Seattle-based entity Bittrex Inc, Bittrex Global GmbH, 2 entities in Malta, and an affiliated entity Desolation Holdings LLC. But Bittrex’s global entity based in Liechtenstein was not part of the bankruptcy filing.

BREAKING: @BittrexExchange has filed for Chapter 11 bankruptcy.
The move comes less than a month after the @SECGov charged Bittrex and its CEO for operating an unregistered national securities exchange, broker, and clearing agency.
— Eleanor Terrett (@EleanorTerrett) May 8, 2023

Regarding its creditors, the bankruptcy filing revealed that OFAC topped the list among others with a claim of $24.2 million. Other Bittrex creditors include a crypto wallet with a claim of $14.5 million.

Notably, FinCen is the top 50 creditor with a claim of $3.5 million, while the US SEC has an “undetermined amount of claims.”

SEC Lawsuit And Bankruptcy Filing Follows Bittrex Plans To Wind Down

Bittrex exchange has had it very rough in 2023. The firm first reduced its workforce in February, laying off 83 employees. According to the trading platform, the market crash and the collapse and bankruptcy of many crypto firms in 2022 affected its operations.

Some of the crypto exchanges and lending platforms that were also affected by the market were Celsius, Voyager Digital, and the FTX exchange crash that wreaked havoc in the industry.

Later in March, Bittrex announced plans to wind down its US operations by April 30 due to regulatory uncertainty. In the announcement, Bittrex assured customers their funds were safe but advised US customers to withdraw them before the slated date.

By April 17, the US SEC filed a lawsuit against the firm, alleging it operated an exchange for buying, selling, and trading crypto asset securities without proper registration. Three weeks after the lawsuit, the crypto exchange filed for bankruptcy.

Notably, while responding to a Twitter post about the lawsuit, the lawyer representing thousands of XRP holders, John Deaton, blamed the SEC Chair Gary Gensler for Bittrex’s decision.

Think of all the investors @GaryGensler just protected. He will go down as quite possibly the worst SEC Chairman in history. It’s not even that difficult to come up with a regulatory scheme that would offer more protection to investors than exists today, and foster innovation. https://t.co/xxW9yLAGsY
— John E Deaton (@JohnEDeaton1) May 8, 2023

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Pro-XRP Lawyer Weighs In On The Ongoing Lawsuit Ruling

https://www.newsbtc.com/news/ripple/pro-xrp-lawyer-weighs-in-on-the-ongoing-lawsuit-ruling/

Bill Morgan has weighed in on discussions regarding the XRP lawsuit while the crypto community awaits the judge’s ruling. Morgan responded to a Twitter user, Marc Fagel, who’s been debating the XRP lawsuit with John Deaton.

Morgan noted that Judge Torres was clear regarding her line of judgment on the Ripple case. Notably, the main issue in the case is whether or not Ripple sold XRP as a security.

Bill Morgan on Judge Torres

In Bill Morgan’s opinion, Judge Torres will base her judgment on facts regardless of the SEC’s broad and undefined position. Also, Ripple argues that it did not require registration since it didn’t sell XRP as an investment contract.

Judge Torres made it very clear in the Daubert motion decision that the issue she must decide is whether Ripple sold XRP as a security despite the SEC taking broader positions at times in this litigation that seemed to suggest any sale of XRP was an investment contract or /1 https://t.co/HL1mclv8Xg pic.twitter.com/BrcHGAQlG9
— bill morgan (@Belisarius2020) May 8, 2023

However, the SEC took a broader stand that all XRP sales are securities, relying on the first allegation that Ripple distributed XRP through statutory underwriters.

Morgan is unsure how Judge Torres will decide the case and why the SEC overstretches its positions towards XRP sales in the secondary market.

Morgan noted that the SEC argues that Ripple’s XRP continuous offering in the secondary market violates securities law, stretching toward ODL customers who are not investors. In addition, he said that all XRP sales occur in the secondary market since Ripple has only offered XRP to ODL partners since 2020.

He also responded to the founder of Crypto Capital, Justin Bons’ comment that Ripple’s defense hinges on XRP decentralization. According to Morgan, Ripple’s defense does not hinge on the XRP ledger’s decentralization but on the Howey test application.

However, the court is yet to decide the factual relevance of decentralization based on the Howey test.

Congress Should Prohibit Regulators From Working At Firms They Regulated

Recall that John Deaton called out the SEC on May 5 for its broad and undefined position on the XRP lawsuit. Deaton further noted the SEC couldn’t tag XRP as security since the sales do not meet the prongs in the Howey Test.

The attorney weighed in again today, noting specific things that should change in the SEC. The US-based lawyer said Congress should pass a law prohibiting regulators from leaving to work at a firm they previously regulated for at least three years.

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Binance Records Highest BTC Outflows In its History; What’s the Catch?

https://www.newsbtc.com/news/bitcoin/binance-records-highest-btc-outflows-in-its-history-whats-the-catch/

The latest report by on-chain tracker Whalewire shows Binance is experiencing unusual Bitcoin outflows over the past 24 hours, the highest in its history. Whalewire reported that over 162,000 BTC, worth more than $4.5 billion, left the exchange in a day.

The tracker believes something fishy is ongoing with Binance, as the crypto exchange has halted withdrawals three times today and has been offline for several hours. According to Whalewire, Bitcoin volume has plunged over 65% over the last 30 days.

162,000 BTC Moved In a Day, WhaleWire Reports

Binance, the largest cryptocurrency exchange, has been relatively stable and resilient amid several ups and downs in the crypto industry. However, the recent observation leaves one speculating if something fishy is going on with the exchange.

BREAKING: #Binance outflow data confirms largest withdrawal in it’s history, over 162,000 $BTC has left the exchange, valued at over $4.6 Billion.
Are Whales/Insiders jumping ship? pic.twitter.com/QSXYAEvHkt
— WhaleWire (@WhaleWire) May 7, 2023

Whalewire has called attention to the latest on-chain data recorded on CryptoQuant. The data shows Bitcoin outflow on Binance reached an all-time high of 162,000 BTC worth over $4.5 billion following current prices.

The data appear disturbing, as it could cause fear, uncertainty, and doubt, triggering massive price slumps across the market.

However, some respondents said Binance might be moving the coins to cold storage, while others blamed it on network congestion.

Binance Clarifies Reason Behind Massive Bitcoin Outflows

Binance also confirmed this in a tweet posted about four (4) hours ago to reassure that it is aware of the large outflow recorded by some on-chain trackers. The exchange clarified that it moved Bitcoin from hot to cold wallets due to Bitcoin address adjustments.

We’re aware that some data are showing a large volume of outflows from #Binance.
This ‘outflow’ are actually movements between Binance hot and cold wallets due to the BTC address adjustments.
— Binance (@binance) May 8, 2023

True to Binance’s reasons for the massive outflows, the Bitcoin network is experiencing issues, resulting in congestion and high fees.

According to a crypto enthusiast with a Twitter account @CryptoTea, Alexa, there are over 400,000 pending transactions on the Bitcoin network.

Crypto Tea claimed the Bitcoin network witnessed an exploit that allowed people to upload useless data to the blockchain. According to Crypto Tea, one person alone uploaded 10,000 pictures of monkeys to the Bitcoin blockchain, increasing the number of nodes by 1.4 GB. Now, the network memory use has reached 1 GB above a 300 MB limit.

However, another Bitcoin enthusiast has discounted the rumor that Bitcoin was the subject of an attack, saying that the increased usage due to the BRC-20 meme coins was the reason for the congestion.

The discrepancy caused congestions that led Binance to move BTC into cold wallets, halting withdrawals while the issues get resolved. It’s still uncertain how this issue will affect Bitcoin, but its price is 3.29% down in the last 24 hours.

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PEPE Whale Transfers 4.23 Trillion Coins To Binance – Will Price Tank?

https://www.newsbtc.com/crypto/pepe-whale-transfers-4-23-trillion-coins-to-binance-will-price-tank/

A crypto whale moved about 4.23 trillion PEPE coins worth $15.6 million to the Binance exchange. Though the meme coin has recently seen a massive price rally, could this be the start of a crash?

The blockchain data provider, Lookonchian, captured the transaction of the whale. The massive token movement was coming when the meme coin Pepe was to be listed on the crypto exchange Binance.

Could Massive Transfer Trigger Price Crash?

Lookonchain believes that the whale could later decide to sell as the price of Pepe Coin tickles to the north in the crypto market. Such a move could bring investors on a watch for any possible change in the price of the meme coin.

The crypto whale purchased the coins at an average cost of $0.0000002535 per token. The data provider noted that the whale purchased the tokens with 422 ETH and 200K USDC.

According to the current crypto market prices, the whale will profit significantly while selling off the tokens.

Binance Listing Boosts PEPE Price

Before now, the world’s largest crypto exchange Binance announced it would list Pepe (PEPE) and Floki Inu (FLOKI) in the innovative zone. According to the announcement, users of the exchange will get zero fees on the spot trading of the meme coins True USD (TUSD) pairing.

Subsequently, the price of PEPE skyrocketed. According to data from CoinMarketCap, the price action for PEPE shows a surge of over 830% in the past seven days.

At the time of writing, the meme coin is trading at around $0.000002953, indicating an increase of more than 43% over the past 24 hours. It is currently ranked as the 43rd top crypto asset with a market cap of $1.211 billion. Its 24-hour trading volume is $2.78 billion, increasing 291%.

Pepe Coin is one of the trending meme coins in the crypto industry. Its AI-powered technology enhances its functionalities and generation of unique memes. The crypto asset is drawing more attention from many investors and traders.

PEPE’s market capitalization surpassed $1 billion after being listed on Binance on May 5.

-Featured image from The Block and Chart from Tradingview.com

Crypto Firms’ Plans To Leave The US Speak Imminent Doom, Says Tim Draper

https://www.newsbtc.com/crypto/crypto-firms-plans-to-leave-the-us-speak-imminent-doom-says-tim-draper/

The United States is gradually becoming too hot for crypto firms to operate due to unclear and stringent regulatory approaches. For instance, a recent development that sparked an outcry was the proposal to impose a 30% excise tax on crypto-mining facilities.

US President Joe Biden’s budget proposal presented a phased-in tax on the electricity used by crypto mining firms. This tax and the Securities and Exchange Commission’s enforcement actions may push many top crypto firms and startups to consider offshore operations. As such, Tim Draper foresees a massive departure from the US that might crash its economy.

US Unclear Regulatory Environment Is Leading To Massive Crypto Exodus

In a Twitter post, the founder of DFJvc, Draper mentioned that Silicon Valley startups are relocating operations to Asia, Europe, and the Middle East.

He further stated that Gemini and Coinbase are moving out of the US due to the regulatory pressure on their operations. Coinbase CEO Brian Armstrong hinted at the same outcome in an April conference organized by the Innovative Finance industry body.

While speaking, Armstrong stated that the Bahamas-based FTX exchange that crashed in 2022 shows the need for clear crypto regulations. As such, the industry needs clear regulations in the US and UK, or more firms will establish operations in “offshore havens.”

New York Is Losing Blockchain Development Leadership

Draper also pointed out that countries like Singapore, Dubai, and London gradually overtake New York in blockchain development. A report by Global Media Insight on March 29, 2023, pitched the UAE as the most digital-friendly country in the world.

The report revealed that Dubai has many policies that support blockchain technology. As such, it is emerging as one of the best crypto trading markets worldwide.

In April, Binance also shared many reasons Dubai is crypto-friendly, mentioning tax-free zone, government support, high-tech infrastructure, etc.

Apart from the UAE, London, and Singapore also has a more crypto-friendly environment than the US. According to Draper, these countries have positioned themselves to accommodate crypto firms, thereby attracting more investments gradually.

In conclusion, Draper believes that such an outflow of investment and development might leave the US economy in bad shape, increase homelessness and lead to a massive loss of jobs.

-Featured image from CNBC and chart from Tradingview

Coinbase Might Soon Offer Banking-Like Services, Claims Ripple Board Member

https://www.newsbtc.com/news/coinbase-might-soon-offer-banking-like-services-claims-ripple-board-member/

The second-largest crypto exchange, Coinbase, is still progressing despite the US Securities and Exchange Commission’s enforcement action against it.

As such, a Ripple board member and an angel investor at PartyDAO, Asheesh Birla, predict it might offer crypto-enabled banking services.

Coinbase Is Transitioning From Crypto Exchange

In a Twitter thread, Birla recounted Coinbase’s mission, vision, and value proposition in the crypto industry, concluding that it might offer banking-like services backed by crypto.

According to the angel investor, the second largest exchange aims at building the crypto economy. This financial system will be accessible, efficient, transparent, powered by crypto, and fair to all users.

Birla further revealed that Coinbase’s 2023 quarter-one report showed that more of the exchange’s revenues came from deposits through interest income, custodial fees, and blockchain rewards. These revenue streams were classified under subscription and services.

Based on the quarterly report, Birla pointed out USDC deposits interest at $199 million, representing 18% of all Coinbase revenue.

Also, the exchange’s revenue gradually moves from consumer transactions to institutional consumers with high margins. Institutional trading revenue spiked by 67% from its 2022 Q4 amount.

The Ripple board member also noted that Coinbase now benefits from banking-like revenues not entirely dependent on the crypto market.

Banking Crisis Might Push Alternative Services

While concluding his post, Birla wondered if the time has come for consumers and institutions to turn to alternative services.

Notably, the recent banking crisis that led to the crash of Silvergate, Silicon Valley, and Signature Bank has reduced people’s trust in the traditional financial system.

Birla cited a recent Bloomberg Opinion piece by Matt Levine titled; “Nobody Trusts Banks Now,” asking if the timing is right for everyone to move on to alternatives.

In the piece, Levine described banking operations strategies in two ways. First, banks borrow short to lend long. Secondly, they borrow long to lend long. In the first strategy, banks use customers’ deposits subject to fast withdrawals to buy bonds and fund loans.

In the second strategy, banks use customers’ deposits which could also be withdrawn in the short-term, although not always to buy bonds and fund loans.

Considering these strategies purely dependent on customers’ deposits, Levine concluded that the banking business is inherently risky.

The reason is that if all depositors wake up to withdraw their money simultaneously, the banks will crash. Also, the banks are in trouble if the interest on customers’ deposits spikes.

That’s why research by Amit Seru disclosed that 200 more banks in the US face the same risks that crashed Silicon Valley Bank. As it stands now, only the future will tell if Birla’s musings will play out.

-Featured image from Pexels and chart from Tradingview

Upcoming Ethereum Upgrade To Reduce Fees – Details

https://www.newsbtc.com/news/ethereum/upcoming-ethereum-upgrade-to-reduce-fees-details/

The second largest crypto blockchain Ethereum is preparing for a new upgrade that will reduce transaction fees on the network. The upgrade tagged “Dencun” will also introduce more use cases for Ethereum.

Notably, Ethereum Foundation made the announcement of Dencun upgrade just three weeks after the Shapella upgrade.

With the upcoming Dencun upgrade, Ethereum network users can now transact with lower fees.

Introducing Dencun Upgrade – What You Need To Know

The upcoming Dencun upgrade will feature Ethereum Improvement Proposals (EIPs). These are proposals that aim to bring changes to the network. The Ethereum community usually reviews the proposals to accept or reject them.

If the community accepts the EIPs, they become a part of the Ethereum network codes. The Dencun upgrades have four proposals, including EIP-1153, EIP-6475, EIP-4844, and EIP-6748.

The first proposal is EIP-4844 or Proto-Danksharding or The Surge. The Surge aims to bring in “data blobs” for Layer 2 solutions to post transaction and proof data instead of CALLDATA.

The blobs offer lower gas costs since they’re never stored on the blockchain permanently. The blob aims to lower the transaction fee on Ethereum.

Other Dencun Proposals Bring Diverse Changes

The second important proposal for review is the EIP-6780. This proposal is to deactivate the SELFDESTRUCT opcode but still preserve its functionality. EIP-6780 proposal will allow the creation and erasure of contracts in a single transaction but not delete the contract code or storage.

The third proposal is EIP-1153 which will bring two new opcodes, TSTORE and TLOAD, to the network. The developers aim to provide transient storage that will be cleared once a transaction ends. This will add more use cases, from re-entry locks to single-transaction ERC20 approvals.

The fourth proposal is EIP-6475: SSZ Optionals. This change supports EIP-4844 since it defines one of its SSZ elements in the transaction format. The aim is to facilitate forward compatibility with SSZ objects that will be introduced to the network.

While the four proposals above remain the major ones, the development team has others that might be considered too. One of the probable ones is EIP-2537: Precompile for BLS12-381 curve operations.

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Former DoJ Kennedy Jr, Laments on Global Financial Censorship, Shows Support For Bitcoin

https://www.newsbtc.com/news/bitcoin/former-doj-kennedy-jr-laments-on-global-financial-censorship-shows-support-for-bitcoin/

The former US Department of Justice Attorney General Robert Francis Kennedy Jr, recently lamented the growing financial censorship worldwide and showed support for Bitcoin.

The financial censorship of political enemies is something we’re used to seeing under authoritarian regimes. No one was surprised when Russia froze more than 100 bank accounts tied to opposition leader Alexei Navalny. But Canada did it too, locking more than 200 accounts of…
— Robert F. Kennedy Jr (@RobertKennedyJr) May 5, 2023

According to Kennedy Jr, the major victims are political enemies of most governments that he classified as “authoritarian regimes.”

Political Enemies Made To Suffer Financial Censorship

In his Twitter post, Kennedy stated that the trend in this financial prohibition is evident in several countries globally. In 2019, Russian authorities froze over 100 bank accounts related to the opposition leader Alexei Navalny. Though the authorities stated that the action aligned with a money laundering investigation, many citizens believed it was politically inclined.

Last year, Canada froze over 200 accounts of people and firms connected to the protests in Ottawa against Covid-19 mandates.

According to the reports, Royal Canadian Mounted Police (RCMP) froze several financial products, which included bank and corporate accounts. Also, it froze a payment processing account with a valuation of about $3.8 million.

After citing these instances, the environmental lawyer stated that financial censorship is gradually creeping into the United States. This means a person’s account could be frozen due to his comments on social media or political stance.

Kennedy Jr cited the incidents in 2010 when PayPal, Mastercard, and Visa suspended an NGO and whistleblowing platform, WikiLeaks, that exposed big corporations and government institutions of unethical acts. Notably, the suspension was through the command of the US State Department.

DoJ Kennedy Jr On Bitcoin And CBDCs

The central banks of countries manage Central Bank Digital Currencies (CBDCs). This means that the government will control the financial accounts of all residents in a country that runs CBDC.

Kenndy Jr believes CBDCs could magnify a government’s power to suppress meaningful political dissent. The authorities could decide to cut the financial access of some individuals just because of political statements and opinions.

The lawyer noted that a meaningful dissent should include people’s ability to save and use their finances without political interference. It should be about maintaining the proper political protection from powerful personal interests regarding democracy.

But citizens’ meaningful dissent is at risk with the adoption of CBDCs and their power to the government. As such, Kennedy Jr supported Bitcoin, stating that the crypto asset would allow anyone to operate financially without government interference.

In his words, Bitcoin is a lifesaver that enables people’s free global movement and actions.

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Pro-XRP Lawyer Castigates The SEC’s Argument Saying It’s Unfounded And Absurd

https://www.newsbtc.com/news/ripple/pro-xrp-lawyer-castigates-the-secs-argument-saying-its-unfounded-and-absurd/

Pro-XRP lawyer representing thousands of XRP holders as Amicus Curiae has slammed the US SEC’s position in the ongoing Ripple lawsuit.

In a tweet, John Deaton claims the SEC undermined its once credible case by quoting an unrelated legal document. Deaton believes the document, dubbed ECF 640, supported his claim when the SEC stated that the XRP purchase was an investment in a “common enterprise.”

“The quoted legal document supports [what I said] by stating that even if some country recognizes XRP as fiat currency in the future, it would still be considered a security.”
If El Salvador recognized XRP as legal tender, like #BTC – the SEC claims it still a security. https://t.co/fI1Ofn23iN
— John E Deaton (@JohnEDeaton1) May 5, 2023

According to Deaton, the SEC will still regard XRP as a security even if other countries recognize it as a legal tender.

SEC’s XRP Theory Is Indefinable In Time And Space, Says Deaton

Deaton argued that the SEC cannot boycott the Howey test by alleging that every XRP sale (before, now, and future) meets all the test’s prongs. He noted that no underlying asset in an investment contract was ever tagged security since the Howey test started 76 years ago.

The legal expert further explained that no investment contract exists without a legal relationship between the buyer and promoter. Deaton’s tweets suggest the SEC’s argument is absurd and lacks credibility.

Deaton cited his Amici motion to the federal judge presiding over the Ripple case, Judge Torres. He addressed the SEC’s argument as a shorthand and analytically lazy contention, slamming the agency for tagging every XRP sale, from its ICO to the present, financial security.

In the lawyer’s opinion, the scope of the SEC’s arguments is overstretched and indefinable in time and space.

Community’s Responses to Deaton’s Argument

Deaton’s tweets attracted other crypto proponents. While responding, a Twitter user @Kashta9 said he thinks the SEC’s position in the lawsuit is that all XRP sales, including those in the secondary market, are investment contracts. Other respondents said they don’t care about anybody’s opinion but the judge’s.

Related Reading: Why Is Bitcoin And Crypto Up Today?

Deaton ended his argument by expressing his confidence in Judge Torres’ ability to recognize and act according to the massive public interest in the XRP lawsuit.

The Ripple lawsuit is among the most viral topics in the crypto industry, with many anticipating a ruling in Q2 2023. A total of 75,000 XRP holders from the United States and 143 countries joined the Ripple lawsuit. However, no one can predict if it will become security until the judge pronounces judgment.

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Ripple Could Gain A New Ally Against The SEC, BitBoy

https://www.newsbtc.com/news/ripple-could-gain-a-new-ally-against-the-sec-bitboy/

Crypto influencer Ben Amstrong, alias Bitboy, has dropped a hint regarding the ongoing XRP lawsuit. The influencer asserted that Ripple and XRP could get a new ally in the ongoing SEC lawsuit.

Following Bitboy’s assertion, the potential ally is the largest US-based crypto exchange, Coinbase, which recently filed a petition against the SEC.

Bitboy’s revelation follows a meeting between the chief legal officers of Ripple and Coinbase, Stuart Alderoty and Paul Grewal.

Recent Events Hint At Potential Coinbase And Ripple Alliance

Coinbase has been at cross-chairs with the SEC over the regulator’s approach to crypto regulation. This issue led Coinbase to sue the SEC in response to a Wells notice from the regulator alleging securities law violation.

Stuart Aderoty’s remark in response to Coinbase’s fight against the SEC led many to believe the two firms might align against the regulator. The recent statement by Bitboy and the meeting of the two lawyers further confirm these speculations.

Although the specifics of the meetings remain unknown, both lawyers seemed excited about it. Grewal confirmed this by saying that they need to meet more often.

More so, Stuart Alderoty expressed his gratitude, adding that Ripple’s legal team spent time discussing with Grewal. This statement suggests the meeting was professional and involved Ripple and Coinbase, not just a chance encounter.

Why This Alliance May Be Imminent

Due to the scarce information about the meeting, the XRP community began speculating on an alliance between the firms.

John Deaton, commenting on the meeting between the two attorneys, noted that survival in the US regulatory atmosphere could require a team-up with one’s enemy.

The alliance speculations follow advice from prominent personalities like US congress candidate January Walker and attorney John Deaton. These two have urged the crypto community to team up and fight against the SEC’s regulatory war on cryptocurrencies.

Coinbase’s recent lawsuit against the SEC asking the regulator for clear regulatory guidelines excited the XRP community and the broader crypto industry.

Moreover, Alderoty’s remark, “the enemy of my enemy is my friend,” shortly after Coinbase confirmed the Wells notice hinted at a potential alliance between both firms.

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Coinbase And Ripple CLOs Meet, Will XRP Listing Follow?

https://www.newsbtc.com/crypto/coinbase-and-ripple-clos-meet-will-xrp-listing-follow/

A new tweet by Coinbase Chief Legal Officer (CLO) Paul Grewal has sparked interest and speculations in the crypto community. The CLO expressed his appreciation to Ripple’s General Counsel, Stuart Alderoty, for their meeting, stating they needed to meet more often.

In response, Stuart Alderoty thanked him for chatting with their legal team. After the tweet, two top lawyers in the community supported the strategic meeting, and some others called on Coinbase to relist XRP on its marketplace.

Ripple And Coinbase OfficlainsLeading The Battle, Deaton

One of the notable reactions to the meeting between Ripple and Coinbase CLOs came from CryptoLaw founder John Deaton.

Deaton is the attorney representing thousands of XRP holders. His response to the tweet was that the picture shows two valiant General Counsels leading the front line in battle. Further, Deaton wrote that he “tipped his cap” to Alderoty and Grewal to express his respect.

By saying “frontline in battle,” Attorney Deaton reiterates his position that the crypto industry is battling with the US Securities and Exchange Commission. Notably, the attorney shared a tweet to that effect in March, calling every stakeholder in the industry to meet and share strategic ideas to win the war.

Following the recent tweet, the two firms battling SEC’s lawsuit may have listened to Deaton’s suggestion.

Another prominent figure that responded to the recent development was the Australian-based lawyer Bill Morgan. The lawyer stated that teamwork against a common foe is the best strategy to win.

However, Morgan further said he doesn’t regard Coinbase as a friend of XRP holders as it “ceased secondary market trading in its exchange.”

Crypto Users Call For XRP Relisting

Other responses following the recent tweet were calls for Coinbase to relist XRP. A Twitter user going by Jon Mann, who responded, asked Coinbase to relist XRP, stating that the meeting is the tag team the Ripple community has been waiting to see.

Another user XRPcryptowolf also supported the call maintaining that Coinbase should relist XRP if they need Ripple’s help beating the SEC.

There has not been any mention of why the parties met yet. However, the crypto space still hopes for a favorable summary judgment that will bring regulatory clarity for XRP.

Featured image/Pixabay and chart/

Nigeria’s Federal Executive Council Approves Blockchain Policy

https://www.newsbtc.com/crypto/nigerias-federal-executive-council-approves-blockchain-policy/

The Nigerian government has just approved a blockchain policy that will facilitate the development of a regulatory framework for the technology. The approval occurred in a May 3 Federal Executive Council meeting.

Blockchain Adoption Could Impact The Economy Positively

Notably, the Minister of Communications and Digital Economy, Professor Isa Ali Ibrahim, had presented a memo about the regulatory framework earlier.

While announcing the approval, the FMCDE cited a PricewaterhouseCoopers (PwC) report predicting the increasing blockchain adoption and how it will boost the global gross domestic product by 2030. It noted that the global GDP could gain an additional $1.76 trillion from various industries representing about 1.4% of the world’s GDP.

In October 2020, the country released a draft of the blockchain adoption strategy. The document mentioned decentralized ledger and blockchain technology would support the growth of the Nigerian digital economy.

The FMCDE developed the national policy by consulting stakeholders in the private and public sectors. The creation of the policy conforms to the seventh pillar of the national digital economy policy and strategy, with the major focus of the policy being on growing global innovative technologies and digital society.

Importance Of The New National Policy

The main purpose of the new policy is to create a blockchain-based economy suitable for digital activities in the country. It will ensure secure transactions, value exchange, and data sharing among individuals, companies, and the government. Also, the policy will impact the public and private sectors in the country positively.

Blockchain adoption strategy in Nigeria cuts across several pathways and initiatives. These include the establishment of a consortium for blockchain, fostering digital identity, and developing a national blockchain sandbox for piloting and testing.

Also, the strategy will involve the creation of blockchain business incentive programs, advancing digital awareness and literacy of blockchain technology, and building a robust regulatory and legal framework.

While FMCDE will supervise the policy initiatives, the coordinating responsibility lies on the National Information Technology Development Agency (NITDA). A multisectoral committee has also been created to oversee policy implementation.

Further, several regulatory bodies will be putting in some regulatory regimes for implementing blockchain technology in many sectors of the economy.

The Federal Executive Council appointed some bodies, such as the Central Bank of Nigeria, NITDA, the Securities and Exchange Commission, the Nigerian Communications Commission, and the National Universities Commission for using blockchain technology in different sectors for the betterment of the economy.

Featured image/Pexels and chart/Tradingview

Prominent Analysts Vouch For Crypto As The Banking Stocks Nosedive

https://www.newsbtc.com/crypto/prominent-analysts-vouch-for-crypto-as-the-banking-stocks-nosedive/

Chaos brews in the US financial sector as banking stocks tank further, and experts claim a crypto moment is brewing. The Fed’s continuous interest rate hike to curb inflation isn’t helping matters.

The rising crisis sparked reactions from prominent analysts who weighed in on a possible bull run for crypto as the bank stocks tank.

The analysts believe the rising crisis presents an opportunity for crypto and bonds to shine. In recent tweets, prominent financial analysts, David Rosenberg, and Raoul Pal, think people should move to bonds and crypto now that banks are failing.

Banking Stocks Nosedive

The past few weeks have been chaotic in the United States banking sector as top banks collapsed in the blink of an eye. Although the crisis slightly impacted crypto after three crypto-focused banks collapsed, asset prices gained momentum, soaring higher in the days following the news.

this is pure madness- it’s literally time for a massive rate cut
US Regional Bank Stocks Today: 1. PacWest, $PACW: -30% 2. Western Alliance, $WAL: -25% 3. Metropolitan Bank, $MCB: -21% 4. HomeStreet, $HMST: -15% 5. Zions Bank, $ZION: -10% 6. KeyCorp, $KEY: -7% 7.…
— Afshine Emrani MD FACC (@afshineemrani) May 2, 2023

Many attributed the rallies to the lost confidence in bank stocks among investors. Most investors resorted to crypto as an alternative to the declining bank stocks, increasing market sentiment and pushing asset prices.

Bitcoin rallied over 40% in the weeks following the collapse of top US-based global banks. Bitcoin hit and exceeded the $28,000 mark for the first time since June 2022.

This price movement suggested the banking crisis could be a blessing in disguise for crypto. But, banks aren’t happy with the Fed’s refusal to surrender its hawkish inflation-curbing strategy amid a looming recession, as it affects their liquidity and stock prices.

Bonds and Crypto Rally Brewing, Says, Analyst

In a tweet, the founder and CEO of Global Macro Investor, Raoul Pal, took to Twitter to share his opinion.

The banks are suggesting that the Fed would be absolutely bananas to raise rates again… and add to that the risk of more noise around the debt ceiling and possible liquidity removal. They are walking a very tight rope…
Feels like a bonds + crypto moment brewing…
— Raoul Pal (@RaoulGMI) May 2, 2023

In Pal’s words, bonds and the crypto moment are brewing. The banks suggest that the Federal Reserve raising rates again and adding to the risk of increasing attention on the debt ceiling and liquidity removal is risky.

Another analyst, David Rosenberg, founder and president of Rosenberg Research and Associates Inc., also weighed in.

The only central banker to tighten into a banking crisis was Powell’s hero, Paul Volcker, in 1984 (Continental Illinois) and even then, the greatest inflation dragon-slayer of all time quickly reversed course and cut 150 bps. Buy bonds!
— David Rosenberg (@EconguyRosie) May 2, 2023

He complained about the US Fed’s adamancy towards the growing banking crisis as it continues hiking interest rates, asking his 234,000 followers to buy bonds.

Featured image/Pexels, Chart/Tradingview

Biden Administration Proposes 30% Tax On Crypto Mining To Counter Environmental Impact

https://www.newsbtc.com/crypto/biden-administration-proposes-30-tax-on-crypto-mining-to-counter-environmental-impact/

Several US authorities have raised concerns regarding the environmental impact of crypto mining. Previously, US lawmakers probed the crypto mining energy use and environmental impact.

Biden’s administration is taking these concerns to another level. Biden’s Council of Economic Advisers (CEA) announced a 30% digital asset mining tax to offset its environmental impact. The new tax rule tagged DAME will take effect after a phase-in period.

Bitcoin Energy Consumption Attracts New Tax Rules

Crypto mining electricity consumption and carbon emission have been a bone of contention in the United States over the past years. A recently published New York Times article claimed Bitcoin has a voracious appetite for electricity, sparking several reactions among crypto community members.

The CEA announced plans to impose a 30% tax on all crypto-mining activities. The council believes the crypto mining industry’s operations negatively impact the environment and is ready to counter them.

The proposed tax, tagged Digital Asset Mining Energy (DAME), aims to make crypto mining firms take responsibility for their environmental impact. According to the CEA’s announcement, the new tax rules will have a phased-in period before taking its course.

Under the new tax guidelines, all mining firms in the US would pay taxes on 30% of their total electricity usage. The CEA feels crypto miners must take responsibility for the environmental pollution they impose on the local community from the increased greenhouse gas emissions.

Also, the CEA believes the crypto firms aren’t fully paying the cost of these pollutions, considering their energy consumption rate. The council cited the recently published New York Times (NYT) article, which criticized the digital asset industry for the environmental impact of its mining operations.

Crypto Community Reacts To New Bitcoin Mining Tax

The proposed DAME tax sparked reactions among members of the crypto community. Many tagged the tax as unfair, criticizing the government for the high tax without incentivizing clean energy usage.

Pierre Rochard, Riot Platforms’ VP of Research, who previously criticized the NYT’s article, condemned the DAME tax.

According to Rochards, the White House targets Bitcoin at the wrong time. To Rochard, the US government should instead focus on the failing banking system.

Featured Image/Pexels, chart/ TradingView

XRP Trading Volume Slumps While Price Gains

https://www.newsbtc.com/analysis/xrp/xrp-trading-volume-slumps-while-price-gains/

Since 2020, XRP has struggled to remain relevant and valuable to its investors. The US Securities and Exchange Commission’s attack on the project brought a drastic decline that no one expected. However, amid the ongoing case, XRP showed resilience, leading supporters to commend it as an asset to watch.

Even though the price has seen some pullbacks and rallies, the trend aligns with the fluctuations in the overall crypto market due to environmental factors. But today, the global market cap is up by 0.06%. XRP surpassed the first five assets with a 2.33% price gain in 24 hours.

XRP Price Gains Even With Declining Network Activities

The current price outlook for XRP is positive. The controversial asset trades above its 50-day and 200-day simple moving averages.

XRP price is $0.4814, with a 2.33% increase in 24 hours. Its seven-day price gains also show an addition of 5.89% in the same time frame. The hourly price change is also green, and CoinMarketCap data indicates the asset recorded a price change of 2.87% since yesterday’s closing price of $0.4803.

The difference between XRP’s opening and closing price indicates an uptrend since April 28, and continuing today. There’s hope for more gains as it remains above its SMAs.

However, the trading volume is declining by 48.86% in 24 hours. This indicates the traders’ uncertainty, given the upcoming summary judgment by Judge Torres.

XRP Technical Outlook

The Simple Moving Average (SMA) indicator computes the closing price of XRP in the nearest days. Since XRP is trading above its 50-Day and 200-Day Simple Moving Average (SMA), there are strong bullish signals in the market in the coming days to weeks.

For the past 39 days, March 21, 2023, there have been persistent Buy signals from the 200-Day SMA, while the 50-Day Buy Signal occurred in the last two days, April 27. As such, the XRP price may experience more rallies, resulting in price volatility for the asset.

On the other hand, the Relative Strength Index (RSI) value of XRP is 49.02 at the time of writing. Its upward movement shows that the indicator is gradually approaching the overbought region (above 70). Thus, there would be a possible price rise for short and long-term trades.

XRP’s Moving Average Convergence/Divergence (MACD) is below the signal line, confirming the asset’s current price drop. However, the faded histogram bar represents possible price growth in the nearest days.

The asset’s support levels are $0.3074, $0.3622, and $0.4105, while its resistance levels are $0.5527. XRP is trading below its $0.5527 resistance. If the bullish pressure continues, the asset could break through this resistance level.

According to the abovementioned indicators, XRP has a promising price outlook for the coming days and could extend to weeks. Thus, expect more rallies.

Featured image/Pexels and chart/TradingView

Cosmos (ATOM) Price Displays An Intense Momentum – What’s Driving The Rally?

https://www.newsbtc.com/cosmos-atom/cosmos-atom-price-displays-an-intense-momentum-whats-driving-the-rally/

Cosmos (ATOM) demand has risen these past few days, resulting in a significant performance. According to CoinMarketCap data ATOM price has fallen to $11.69 after gaining momentum.

The current market cap of ATOM is $3.3 billion, with a 24-hour trading volume of $100 million. However, the trading volume is still down by 31.18%, indicating reduced network activity.

Reason Behind The Surge In Cosmos?

Cosmos is a constantly growing network of interconnected blockchains created with developer-friendly application components.

Inter-Blockchain Communication (IBC) protocol is the technology that connects these apps. The SDK platform Cosmos offers allows programmers to produce top-notch decentralized apps (dApps).

Other developers have also constructed applications on top of it, such as MM Finance and VVS Finance. Cosmo’s (ATOM) recent price surge could be attributed to its influx of developers topping that of Ethereum.

The other reason for the ATOM price increase might be the announcement from dYdX that it is building an independent blockchain on the Cosmos ecosystem instead of Ethereum.

Also, Bitcoin price soared above $29,000, pushing the market cap of all cryptocurrencies to surpass $1 trillion. Many crypto assets, including ATOM, recorded price growth due to correlation to BTC.

ATOM Price Action

Below is the technical analysis of ATOM price action on the 4-hour trading timeframe. And also the possible resistance and support zones.

Cosmos has broken through the short-term resistance level of $11.69 and is currently trading between $10.571 and $15.484 support and resistance levels. ATOM must break through the $15.484 primary resistance level to confirm the bullish momentum.

However, the bears are trying hard to break the $10.571 support level but couldn’t due to the high bullish momentum. If the bull’s strength is not strong enough to push ahead, the bears might take over the trend and cause a trend reversal.

What Do The Technical Aspects Suggest?

ATOM’s 50-Day SMA’s change in direction caused the market’s structure to change. If the bullish momentum doesn’t pick up, the trend may change to a potential bearish market.

The 50-Day SMA established a Death Cross by crossing below the 200-Day SMA, indicating a potentially bearish signal and suggesting a selling opportunity.

The Relative Strength Index (RSI) analysis indicator enables traders to determine the momentum and strength of the price movement of an asset within a period.

At the time of analysis, the RSI of ATOM/USDT is at 61.74 above the neutral zone. Therefore, this shows that ADA is neither in the overbought nor oversold zone. However, the buyers are building momentum to take ADA to the overbought zone while the seller pushes it down despite weak momentum.

Featured image from Forkast News and Chart: TradingView