US CoinDesk, Unusual Opinion Statement ── Is it okay for the US to crush crypto assets | coindesk JAPAN | Coindesk Japan

https://ourbitcoinnews.com/us-coindesk-unusual-opinion-statement-%E2%94%80%E2%94%80-is-it-okay-for-the-us-to-crush-crypto-assets-coindesk-japan-coindesk-japan/

When I walk my dog, I often see Harry in his 70s. A former New York City Police Department detective, he feeds stray cats on a nearby walkway every morning. We became friends through animals, but that’s the only place Harry can talk to. He believes in QAnon conspiracy theories and believes America is on the verge of another civil war. He is waiting for that “signal”.

Sometimes I actively respond to what Harry says, and other times I just listen. He also talks about crypto assets while he greets my dogs. I told him a few days ago that the banking crisis and increased regulation are going through tough times for crypto.

Harry reacted immediately. “Did you really think central banks and governments would allow fiat currencies to compete?”

I froze at his words. I found it hard to refute his conspiracy theories.

All-out attack on crypto assets

In just the past few weeks, US regulators and governments have been affected by the pervasive effects of the FTX bankruptcy, with a natural desire to “do something” to push domestic cryptocurrency projects (but not completely neutralize them). It’s getting easier and easier to think that we’re trying to beat them down.

As a conspiracy theory, this would be plausible. Even those in established positions, including former regulators, see the current situation as a coordinated attack.

The administration’s animosity towards cryptoassets has been made clear in public statements, and is accompanied by actual acts of tightening regulation. After years of ignoring industry calls for guidance and regulatory clarity, the U.S. government appears to be launching an all-out assault on all parts of crypto.

The all-out attack also includes a series of enforcement actions by the U.S. Securities and Exchange Commission (SEC) against licensed cryptocurrency companies like Coinbase and Kraken. Last week, the Commodity Futures Trading Commission (CFTC) sued Binance. The Biden administration released a “Presidential Economic Report” last week, arguing that cryptocurrencies are not a useful technology and highlighting a string of crypto-related frauds in recent years.

idealism and cynicism

There are two reasons why I still don’t believe in organized malice. One is based on idealism, the other on cynicism.

First, this is America, the land of opportunity and freedom. A deliberate attack on the economic freedom that crypto assets symbolize goes against American values.

Second, this is America, a country whose infrastructure is crumbling. Leaders can’t even coordinate the efforts needed to repair bridges and tracks. It is too daunting to think that we can cooperate with destroying the financial infrastructure of the future rather than maintaining the existing infrastructure.

Supporting the claim of lack of coordination is that in the Binance lawsuit, the CFTC claims the cryptocurrency Ethereum (ETH) is a commodity, while the SEC and the New York Attorney General say it is a security.

But it may not matter whether the current regulatory tightening is a systematic act of hostility to crypto assets. There are others who believe this, not just Harry. The idea that the United States is making crypto assets an enemy is spreading.

So some companies are considering moving abroad, while others are worried that they may lose or be unable to open bank accounts. Bankers are even refusing to speak at crypto-related events for fear of being targeted by regulators themselves.

Unless the Biden administration’s policies change significantly, the idea that America is anti-cryptoassets will soon become so entrenched that it will be difficult to reverse. This is largely due to the fact that most of the U.S. government’s response has been punitive rather than constructive.

Regulators and the White House need to be clear that cryptoassets have a future in America. There’s no better way to do that than to give the industry the regulatory clarity it’s been asking for.

Blueprints for a better framework have been proposed, such as in the Senate’s Responsible Financial Innovation Act. Most of the crypto industry would welcome such regulatory clarity. But regulators and many politicians seem reluctant to bring such clarity.

existential crisis

CoinDesk rarely takes official positions on specific issues. As I’ve said in the past, we value the breadth and balance of our coverage, rather than offering official views on specific topics.

However, the reason why we decided to present a common view as an organization here is because we thought that we should clarify our position this time. Our editors believe that the threats facing cryptocurrency, whether intentional or not, from the actions of the U.S. government are potentially good, representing technologies and industries that enable economic empowerment. I think that the more we need to clarify our attitude, the more it will affect our survival.

We believe that government attacks on crypto assets will not achieve the goal of protecting the American public from fraud and fraud.

The early reaction to increased regulation is very likely to push innovation out of the United States. For all but the most savvy insiders, then, it becomes difficult to distinguish between outright fraudulent behavior and solid efforts to innovate.

We are alarmed by the signs that tightening regulation is beyond the authorities’ powers under current law and running counter to the spirit of freedom and innovation that underpins America and the world of crypto.

Operation Coke Point 2.0

Regulators appear to be blocking crypto firms from accessing traditional banking services. Former lawmaker Barney Frank, a driving force behind strict banking regulation in the wake of the 2008 financial crisis, said he wanted to send a “very strong anti-crypto asset message” to regulators. Signature Bank, which served as a director, claimed to have been forced into liquidation by the New York State Department of Financial Services (NYDFS). NYDFS denies it.

But the claims appear to be backed up by recent moves by the authorities.

Reuters reported on March 16 that the Federal Deposit Insurance Corporation (FDIC) is contingent on the sale of Signature Bank to abandon its cryptocurrency business. The FDIC denied the reports, but once the sale took place, crypto-related clients were actually excluded from the acquisition.

He likened this approach to Operation Coke Point, an Obama-era policy that pressured banks to keep “legal but politically undesirable businesses” such as gun manufacturers and payroll lenders from doing business with them. Some call it Coke Point 2.0. These measures not only circumvent due process, but repeat mistakes of past administrations that have been criticized harshly by both the legislature and the legal system.

Surprisingly, current FDIC Chairman Martin Greunberg was the driving force behind the original Operation Coke Point.

Operation Coke Point eventually faced a number of lawsuits and hearings, largely settled on government abuse of power. To settle various lawsuits, the FDIC promised internal reforms to prevent regulator overreach against legitimate businesses, including ending the practice of tacitly interfering with banks on customer choices. I doubt now how sincere that promise was.

CoinDesk is working hard to uncover the true story behind recent events and determine if it was a coordinated effort to harass the cryptocurrency industry. But even before the full picture is revealed, the abuse of government power is reason enough to sound alarm bells.

indiscriminate carnage

What appears to be an implicit anti-crypto agenda must be distinguished from legal action against some scammers preying on the crypto world.

We are well aware that cryptocurrencies, like many pioneering technologies before them, are extremely attractive to fraudsters. I applaud criminals such as Do Kwon and Sam Bankman-Freed being prosecuted and possibly jailed.

At CoinDesk, we are actively working to stop fraud. CoinDesk’s award-winning journalists played a major role in exposing FTX’s massive fraud. Moreover, we warned investors to be vigilant even before the collapse of crypto lending firm Celsius Network and Kwon’s Terra.

But not giving crypto developers the tools or giving crypto service providers the ability to manage US dollars in American banks is not anti-fraud. It’s like a bomb that causes indiscriminate carnage.

Failure to establish a clear framework for regulated cryptocurrency issuance also makes it more difficult for consumers and law enforcement to prevent fraud. Because the most virtuous cryptocurrency projects lose the means to maintain their legitimacy.

cascading risk

Efforts that seem to try to suppress crypto-assets also have a large knock-on effect. Bankers are reluctant to speak publicly about crypto assets or participate in debates, fearing conflict with regulators. Getting central bankers to speak publicly is nearly impossible.

As a result, talking about the future of the industry risks repeating voices in favor of crypto instead of being a source of real truth and real innovation.

In addition, there is a risk that crypto assets will be politicized. The crypto community has often shunned partisan politics, preferring to stick to the spirit of freedom and individual autonomy.

In fact, constructive, bipartisan crypto bills were largely the norm. The sweeping bill by Republican Senator Cynthia Lumis and Democratic Senator Kirsten Gillibrand is a prominent example. But the view that the regime is anti-cryptoassets is destroying open collaboration. Individuals’ opinions of crypto assets may one day become dictated by their political affiliation. There are no winners in such situations.

Crypto-assets certainly have real-world utility and benefits, such as providing an alternative option for providing financial services to people around the world suffering from oppression and violence. For example, it was crypto assets that made it possible to deliver $100 million in immediate donations to Ukraine after the Russian invasion. Donations were delivered faster than through more formal government channels.

In addition, crypto assets are a core supporting tool for resisting the dangerous concentration of power in the digital world in the hands of companies that use large amounts of data and have turned surveillance and censorship into their main business. It also exists. The worrying rise of surveillance capitalism is now a clear concern for many lawmakers who feel banking regulators are encroaching on their power.

Much like tech stocks, speculation drives much of the trading of cryptocurrencies, but their prices are also driven by real demand from current users. Billions of dollars of value circulate around the world every day on the Bitcoin network.

not american

Bitcoin (BTC) and many other crypto assets will survive comprehensive and indiscriminate regulatory tightening functionally intact. That’s what crypto assets are all about. Cryptocurrency systems were created with the goal of giving individuals control over their destinies in the digital age, independent of government and corporate structures.

Cryptoassets, in short, test the principle of restraining government power that lies at the heart of the American psyche. Freedom of religion, freedom of speech, and other rights guaranteed by the U.S. Constitution are a blueprint for spreading freedom around the world. It has helped millions of people increase their prosperity, happiness and wealth.

Protecting those rights seems a given to many Americans today. But it was once considered dangerous and destabilizing by those in power. Even now, even in America, authoritarians are reverting to old habits and chasing the illusion of safety through censorship and restrictions.

Considering these realities, making economic autonomy as a matter of course protected in a democratic society as freedom of speech and freedom of religion is unlikely to be a grand project that will take years. Clear. Instead, if the government really wants to impede that progress, it should publicly declare its purpose and do so through transparent, democratic means.

I hope my conspiracy walking buddy Harry is wrong and the Biden administration isn’t trying to kill crypto. If so, the White House needs to make his positive intentions clear.

For example, support a bipartisan effort to require the SEC to have clear guidelines for crypto assets. Given the erupting and pervasive cynicism over heavy-handed government action against crypto, there is no other way to persuade the crypto industry that it does not need to flee the United States for safety. deaf.

Prove Harry wrong.

Kevin Reynolds: US CoinDesk Editor-in-Chief

|Translation and editing: Akiko Yamaguchi, Takayuki Masuda
|Image: Shutterstock
|Original: CoinDesk Editorial: It Sure Looks Like the US Is Trying to Kill Crypto

The post US CoinDesk, Unusual Opinion Statement ── Is it okay for the US to crush crypto assets | coindesk JAPAN | Coindesk Japan appeared first on Our Bitcoin News.

Open Letter Pausing AI Innovation?!

https://www.youtube.com/watch?v=MIokzR9LnGs

A letter signed by some of the worlds most influential people proposes that the world stops further innovation and experimentation with AI. Let us know in the comments, is this for the best?
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Cardano (ADA) Price Prediction 2025-2030: Can long-term holders propel ADA

https://ambcrypto.com/cardano-ada-price-prediction-27/

Disclaimer: The datasets shared in the following article have been compiled from a set of online resources and do not reflect AMBCrypto’s own research on the subject.

At press time, Cardano (ADA) was displaying indications of independence from the larger cryptocurrency market, underscoring its strength as a stand-alone commodity. This distance from other well-known cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) is evidence of ADA’s distinct price trajectory and long-lasting rise, which has lasted for more than a month.


Read Cardano’s (ADA) Price Prediction 2023-24


Notably, Cardano’s price has increased by over 10% in the last two days alone, further establishing it as a standout commodity in the cryptocurrency sector. This decoupling marks an important turning point in the development of the Cardano ecosystem and the increasing investor trust in its utility and long-term potential.

Cardano’s decoupling is not a transient occurrence, according to data from Santiment. In the last five months, large ADA holders with 10,000 or more coins have accumulated a total of 1.03 billion coins, representing a 3.3% increase in their holdings.

Source: TradingView

Cardano is betting on increased network development to overtake entities such as Ethereum. The Valentine (SECP) improvement, which promised to strengthen security and interoperability features on the blockchain, is one of the most recent upgrades predicted to trigger a price surge.

Other significant network operations include the continued expansion of the smart contracts’ capability, with the number of Plutus scripts approaching the 6,000 mark. Cardano blockchain transactions have also crossed the 61.4 million milestone.

Previously, the Vasil update was released, named after a notable Cardano community member. was designed to improve the ecosystem’s efficiency and block delay speeds. In terms of node compliance and exchange preparedness, the parent company’s website, Input Output Global, reported that over 75% of staking pool operators are running the required node versions.

Cardano developers will benefit from additional Plutus decentralized application (dApp) development support. The developers also stated in a blog that the majority of projects will be unaffected by the change.

The debut of Djed, the network’s stablecoin, is possibly the main factor driving Cardano’s ascent this month. Djed is an algorithmic stablecoin that is overcollateralized and pegged to the US Dollar. Additionally, it employs a rigorous verification procedure, making it one of the first stablecoins in the market. This indicates that it can be verified quantitatively and does not cause a bank’s audit of its collateral reserves.

Djed’s project’s creators disclosed that traders and investors will get extra benefits when they stake ADA to get Djed. This might drive up demand for ADA, which has led to advances over the previous several weeks.

Despite a challenging year for prices, Cardano has succeeded significantly in growing the number of new cryptocurrency wallets, adding more than 22,000 new staking addresses each month for 13 months.

Although the one-week gauges’ technical outlook is gloomy, traders may be more upbeat in the long run if they consider how the network is developing. In fact, over 20,000 new staking addresses have been added to Cardano on average monthly for more than a year.

Additionally, despite the collapse of FTX, Cardano’s wallet growth accelerated and added 30,000 wallets in a week. Additionally, over 300% growth was seen in the number of Cardano-based smart contracts, which for the first time topped 4,000.

According to CryptoCompare, the action increased the platform’s average daily active user base. The total number of Cardano’s daily active users increased by 15.6% last month to 75,800, the highest figure since May.

After multiple delays, Cardano’s Vasil mainnet upgrade, which promised to raise the network’s capacity and enhance the scalability of the blockchain, was released on 22 September. The same was first announced via a tweet by the Cardano Foundation.

On 27 September, Vasil’s full capabilities became available. Additionally, the Plutus V2 cost model was enabled by the Cardano blockchain, resulting in lower transaction costs for smart contracts.

It is anticipated that these modifications would increase ADA’s value. As of press time, however, this hasn’t happened. This is mostly because of the financial unpredictability around the world, according to Andy Lian, Chief Digital Advisor at the Mongolian Productivity Organization.

Interestingly, ADA has outperformed Bitcoin and Ethereum in terms of performance, having appreciated by 1100%. Cardano (ADA) is a relatively new coin. It is still a network with a lot of potential, though. Due to its modifications, the money transfer system is expanding without any problems in 2022, despite the crypto world crisis.

Cardano’s ADA reached its peak in the bull market in 2021. ADA’s price rose to a value of above $3 in September 2021. The price was forced to take losses once more. Before the significant bear market began, these losses occurred between September and November 2021.

The past few months have seen enormous losses for Cardano. Starting in September 2021, ADA lost a lot of its value. Prior to the same, the price had greatly increased as a result of the creation of smart contracts on the Cardano blockchain at the time. As a result, ADA’s price was able to rise significantly to $3.

Long favoured by long-term investors, ADA has suffered during much of 2022 and is down more than 80% from the year’s beginning when it traded at $2.28.

Even though ADA, along with the majority of the other crypto markets, had a gloomy September, important updates and strong token fundamentals suggest that it may be poised for a breakthrough in October. Historically, this has been a typically positive month for cryptocurrencies.

However, considering that important technical indicators like the RSI and MACD continue to be below 50, suggesting a bearish trend, it seems difficult for Cardano to hit $1 in the upcoming four weeks. Popular analyst Peter Brandt even asserted that ADA could decline to less than $0.25 in the near future.

There has been buzz surrounding contemporary blockchains like Solana and Avalanche. These pose a direct threat to Cardano and can be distinguished by extremely fast transaction speeds. Owing to the same, one can argue that Cardano needs to look over its shoulder.

Cardano’s Charles Hoskinson was recently in the news too, with the exec taking a shot at his favorite target – BTC maximalists.

Bitcoin [BTC] maximalist Bryan (@btc_bryan_21) took to Twitter to claim that Hoskinson could alter the number of ADA tokens as a result of purported centralization. Cardano’s maximum supply is set at 45 million ADA tokens.

However, the Twitter user claimed that since blockchain’s monetary policy is relatively changeable, nothing would stop the crypto-tycoon from modifying it.

Hoskinson outright denied the credibility of these allegations. He further called the Twitter user “stupid”. This is not the first time the Cardano founder has commented on BTC maximalists. In July 2022, he stated that BTC maximalists are “toxic” and “useless” people to engage with.

The aforementioned statement was made in response to the MicroStrategy CEO’s claims that ADA is unregistered security.

Since all ADA tokens now exist in the possession of their rightful owners, Cardano has consistently resisted the idea of destroying them. Hoskinson claims that this would be equivalent to stealing from the neighborhood.

Eight of the biggest cryptocurrency exchanges have modified their infrastructure, according to IOHK. Furthermore, the Cardano network’s development team is now prepared for the much-anticipated Vasil hard fork.

Furthermore, three of the top twelve exchanges for Cardano liquidity are ready for the upgrade. Several exchanges, including Gate.io, MEXC, Bitrue, OKx, Whitebit, BtcTurk, AscendEX, and Revuto, have improved their platforms.

Despite losses in recent months, Cardano’s price prediction should be fairly optimistic. Cardano should eventually become one of the most technologically advanced blockchains on the market thanks to its long-term, scientifically directed development. In the near future, Cardano might outperform Ethereum and other blockchains in every respect. What is the outlook for Cardano going forward?

Given everything, purchasing ADA must ultimately be prudent, right? The majority of analysts have optimistic forecasts for ADA. Furthermore, the majority of long-term ADA price forecasts are confident.

Why do these projections matter?

Cardano saw a substantial decline in 2022, falling from a high of $3.10 in September 2021 to a little over $0.47 in July 2022. However, only 75% of the total number of coins are now in use, thus there is still room for investors to amass coins.

Also, it seems like the conflict between Ethereum and Cardano may come down to an upgrade war. With the Goguen “Mary” update behind the latter and Vasil done too, it will be interesting to see what the impact of the same will be on the network and on ADA.

Over the past year, Cardano has established itself as one of the most active crypto-assets. As expected, it appears that cryptocurrency investors are optimistic as there has been an increase in the number of Cardano wallets. According to AdaStar, 121 new wallets have been created on average every hour since ADA’s record-breaking price run – A 98% hike.

Also, addresses holding between 10,000 and 10,000,000 ADAs have built on their accumulation tendencies, according to Santiment.

Since 27 July, these addresses have increased their portfolios by a total of 0.46% of ADA’s current supply. In just over 10 days, this amounts to an accumulation of ADA worth approximately $138 million.

3,105 Plutus-based smart contracts were implemented on the network, according to Cardano Blockchain Insights. Indeed, there has been an increase. In fact, in July, this number was 2,900. This demonstrates Cardano’s capability of enabling customers to create blockchain-related applications.

The bullish forecasts are in line with the generally bullish outlook on ADA that comes from network initiatives intended to make the asset more beneficial. The much-awaited Vasil hard fork is finally prepared for launch, according to Cardano’s Charles Hoskinson.

Supporters of the token are obsessed with price movement as it starts to recover. Despite slight gains, ADA is yet to meaningfully react to the upgrade. The coin has, however, profited from the recent two-month surge in the wider cryptocurrency market.

In this article, we’ll quickly review the current activity of the cryptocurrency with a focus on market cap and volume. In conclusion, predictions from the most well-known analysts and platforms will be summarized together.

ADA’s price, volume, and everything in between

The press time of ADA stood at $0.3878, with a market capitalization of $13,391,832,562. The price decreased by 1.63% last 24 hours, and was the seventh-largest cryptocurrency at the time of writing.

Source: ADA/USD, TradingView

The growth rate of FluidTokens, a DeFi lending platform that enables users to lend or borrow using CNFTs as collateral, was 54,000% over the previous month. However, the network did experience a considerable decline from its all-time high TVL of $326 million on 24 March.

By the end of the year, according to PLAYN creator Matt Lobel, ADA is likely to hike to $1.50. The management team’s quality-first philosophy, he claimed, will enable ADA “continue to develop and not encounter some of the quality challenges that other projects have,” although the rate at which it is expanding may be discouraging.

Martin Froehler, CEO of Morpher, concurred with this statement. He predicted that the value of ADA will reach $1 by the end of 2022 and stated simply that “slow and steady wins the race.” The CEO and Xo-founder of Router Protocol, Ramani Ramachandran, was not as convinced about the future applications of ADA, however.

The estimate for September was set by the community at $0.5891. A curious prediction made by the algorithm was that by the end of September, ADA will trade at $1.77. Needless to say, that didn’t happen.

And, if these predictions seem too much to you, then you must know that there are reasons why the sentiments are so bullish. According to the same Finder research stated earlier, one in five (20%) panelists believed that the Cardano hard fork, which aims to further decentralize the network and boost throughput, will have a favorable long-term effect on the altcoin’s price. Another 17% believed it will at least have a favorable effect shortly.

With Vasil past us now, it is safe to say that ADA is more likely to move at the behest of Bitcoin or other regulatory or macro-economic headwinds.

Source: Finder

The real value of the blockchain will increase as it becomes faster and more effective, and ADA’s value should increase along with it. Cardano may once again reach $1, according to the Motley Fool’s analysts, making it a solid investment at the moment.

The most cautious Cardano price forecasts anticipate roughly linear growth for ADA over the next five years. According to the Cardano projection, ADA will conclude 2022 at $2.74.

There’s good reason for the optimism behind Vasil too. In fact, according to developers,

“Vasil is the most significant Cardano update to date, bringing increased network capacity and lower cost transactions.”

Let’s now look at what well-known platforms and analysts have to say about where they believe ADA will be in 2025 and 2030.

Cardano ADA Price Prediction 2025

Now, even though most predictions are positive, some reasons force us to believe otherwise. Even though the much-awaited update of the blockchain is expected to take the price high, what if the update does not reach its promises and becomes a failure?

According to Changelly, the minimum ADA price is predicted to fall to $1.87 in 2025, while its maximum price will be $2.19. The cost of trading will typically be $1.93.

Cardano is forecasted by Finder’s team of FinTech experts to soar to $2.93 by 2025.

A cryptocurrency’s price typically reacts favourably to upgrades, as it did when Ethereum’s EIP-1559 was pushed and the asset’s value once again soared beyond the $ 3,000 mark. However, in the instance of Cardano, the assets’ value fell dramatically, by nearly 50% within one month of the launch of Alonzo.

However, even in a down market, Cardano strives to consistently improve its products. Investors should feel confident as a result because the project’s utility keeps growing. This distinguishes Cardano from several other “meme currencies.”

This seems to support a bullish Cardano prediction, which is why many analysts believe that ADA will be valuable in the long run. Building the utility now might serve as a launchpad for when the cryptocurrency markets heat up again, which would cause the price of ADA to soar dramatically, that it would even top its all-time high.


Are your ADA holdings flashing green? Check the profit calculator


And you have reasons to believe that. Until 2026, the Cardano blockchain project hopes to sign up as many as 50 banks and 10 Fortune 500 businesses, according to Frederik Gregaard, CEO of the Cardano Foundation.

Gregaard also discussed how he hopes to make it possible for banking institutions to use Cardano’s utility token in a formal presentation.

Cardano ADA Price Prediction 2030

Experts frequently advise to educate the public about cryptocurrencies before broad adoption takes place. And, the recent frenzy has probably done just that for many. As a result, many believe that ADA has a strong possibility of continuing to rise through 2030 and beyond.

It’s not “out of reach” for Cardano to surpass the “double-digit threshold,” according to Josh Enomoto, a former senior business analyst for Sony Electronics who has experience working with Fortune 500 businesses, who wrote about it in Nasdaq.com.

He first presented that argument in May 2021 and even forecast that the ADA price would reach $22 by the end of 2022 and perhaps $100 by the end of 2027. Both up and negative trends in altcoin prices are fairly powerful.

Finder’s panel has considered Cardano’s future, placing it in a good position. It believes ADA will hit $6.53 by 2030.

Furthermore, according to cryptocurrency exchange Kraken, the debut of the Minswap decentralized exchange (DEX) and growth in the SundaeSwap and MuesliSwap DEXs allowed Cardano’s total locked value (TVL) in decentralized finance (DeFi) apps to increase by more than 130% in March this year.

Eight years, though, are not without their ups and downs and rough patches. Inflation, recession, conflict, and the fear of an economic collapse are just a few of the hiccups.

Many in the cryptocurrency community are still optimistic about the chances of Cardano’s acceptance in the future.

In January, Ethereum’s Vitalik Buterin asked the community on Twitter which crypto, outside of ETH, they would prefer to see dominate transactions in 2035. ADA received 42% of the more than 600,000 votes, while Bitcoin received 38.4%.

 

Conclusion

A strong bullish sentiment among investors is also reflected in Cardano’s steady upward trajectory over the past month, which validates the project’s long-term goals and supports its ability to deliver on its promises.

The upward trend of ADA corresponds with the launch of Cardano’s latest network update on 17 March. The new node version, which supports bidirectional usage of block-producing nodes and relay nodes and may protect against errors or malicious behavior, is known as dynamic peer-to-peer (P2P) networking.

A more hawkish Fed tightening its views for the year has caused traders to price in an aggressive decline in the cryptocurrency’s price over the past few weeks. This coincides with broader crypto-market weakness as a result of strength in the US dollar, US rates, and weakness in equities.

Market anxieties about regulatory crackdowns in the U.S. and the recent collapse of crypto-friendly Silvergate Bank are just two examples of concerns related to cryptocurrencies

Whale transactions on Cardano (ADA) dramatically rose in February 2023. This is in stark contrast to the 300 daily transactions recorded in January 2023, with an average of 1,700 transactions per day valued at $100,000 or more. This increase in whale activity is good news for the cryptocurrency asset.

Until the ADA price moves over the long- and short-term barrier at $0.405, Cardano’s price will remain bearish. The RSI is leaning towards a negative trend because it is slightly below 50.

After a significant decline in 2022, analysts predict that ADA might eventually provide value and a strong return on investment. The volatility of cryptocurrencies, though, makes everything possible. Never put more money at risk than you can afford to lose.

Remember that within three months of its release, ADA surged to over $1 during the 2017 crypto bull run, which saw retail investor FOMO (fear of missing out) drive the price of Bitcoin to $20,000. The entire advance was subsequently totally retraced down to $0.02 during the 2018 bear market.

The number of purchasers on the one-day chart has increased as a result of the altcoin’s demand showing significant appreciation.

To reduce the likelihood of price volatility, the Cardano price must continue to rise. However, it is emphasized that there is always a potential for a price decline following a surge.

The price of Cardano is currently 88% lower than the record high it reached in September 2021. For the altcoin, a rise above its immediate resistance point will open a clean route.

Fundamental analysis (FA), such as a growth in network addresses and TVL, which indicate the growing mainstream adoption of a crypto-project, should be of greater concern to long-term investors.

In addition, MuesliSwap, the first Cardano-based decentralized exchange, announced the successful integration of Plutus V2, making it more effective and less expensive to operate. Another upgrade to Cardano is expected to be issued shortly, according to a cryptic tweet earlier this week from the project’s founder Charles Hoskinson.

Moreover, network activity increased to 97,959 because of the rush to purchase Cardano NFTs, a 75% month-over-month rise. Despite the fact that interest in the project has decreased by about 90% from its peak in 2021, the founder, Charles Hoskinson, has portrayed an unconcerned picture. By the time dApps created on the blockchain create their own value, he said, “2023, 2024,” billions in venture money will enter the economy.

Recently, Charles Hoskinson came under fire for saying that switching to contingent staking would help the cryptocurrency industry comply with regulatory requirements. This was in response to a crackdown on staking activities by American regulators.

The Fear and Greed Index of ADA stood at ‘neutral’ at press time.

Source: CFGI.io

Expect to see a break to the upside above $0.324 if markets attempt to force price action back up into a squeeze against any negative level in an effort to shake off the bearish attitude once more. If Jerome Powell and Christine Lagarde provide the markets with some encouraging messages before the year is over, look for $0.400 perhaps.

With the introduction of its first stablecoin, the Cardano network just accomplished a new feat. On the Cardano network, new stablecoins are being developed. The commercial division of Cardano, EMURGO, revealed earlier this month that its new USD-backed stablecoin USDA would be “the first completely fiat-backed, regulatory compliant stablecoin in the Cardano ecosystem.”

Reckless – Chapter 20: Staking Derivatives

https://blog.bitmex.com/reckless-chapter-20-staking-derivatives/

Chapter 20 of the book Reckless: The Story Of Cryptocurrency Interest Rates is published below. The full book is available on Amazon. The book was written before the bankruptcy of FTX and therefore does not include coverage of this event. However, the book does provide useful commentary in the run up to the failure of FTX, which provides context for the eventual calamity.

One of the most well-known potential weaknesses of Proof of Stake systems is the existence of staking derivatives. There is also the wider concept of simply outsourcing the staking process. This is when an Ethereum investor sends their Ethereum to a third party, who conducts staking on their behalf. This outsourced staking is potentially a serious problem with regards to the security and effectiveness of the staking consensus system. These third-party staking intermediaries take custody of the stake and the risk here is therefore potentially far greater than when Proof of Work miners use mining pools, as the usage of pools does not result in a change of control of the physical mining power.

The outsourcing of the staking process feels almost like a mainstream financial product, for both retail and institutional investors. Staking can economically be considered as a process which is purely financial in nature. Unlike Proof of Work mining, which can be thought of as an industrial process. As long as this industrial process continues, Bitcoin should continue to survive.

Most of the large cryptocurrency exchanges either offer or plan to offer custodial staking services. At the same time, staking seems quite suitable for an investment product. Why should anyone invest in a plain vanilla Ethereum fund or exchange traded product when they could invest in a version with staking and earn a higher return? Of course, many people actually need to use Ethereum to pay gas fees and balances needed for this cannot be staked, however most holders of Ethereum are still speculators and investors. For these investors they are likely to want staking investment products.

Core to an effective staking protocol is the slashing mechanism, a system whereby stakers are punished for bad behaviour, such as changing their vote and attempting to conduct double spend attacks. If staking is outsourced, the operators of the staking servers do not own the underlying stake and therefore they may not be sufficiently deterred by the slashing punishment system. Although, you could argue a similar problem occurs in Proof of Work, where ownership of the miners and operation of the miners could be separated, for example when a public company engages in Bitcoin mining.

Outsourcing the stake can also cause centralisation, if staking is concentrated in the hands of a small number of players. This could eventually result in the network being vulnerable to censorship and then the utility of Ethereum could quickly degrade. Financial products which pay a passive yield are often prone to the pressures of centralisation. The investment and financial services industry has a track record of consolidation and winners scooping up all the capital, often more so than in other industries. Regulation and economies of scale are a key driver for this. The centralisation here could be worse than in Proof of Work, where the natural geographic dispersion of appropriate energy assets, across multiple jurisdictions, could protect the system from centralisation to some extent.

This centralisation is already a significant problem in Ethereum.  Based on data from beaconcha.in, the top five staking services already account for 60.7% of the network by stake. These services are often cryptocurrency exchanges, who do not own the underlying coins and are staking on behalf of their customers. These exchanges typically already have relationships with financial regulators and a service like staking, which pays a yield, could very well be seen as a regulated financial product. Therefore, the risk of regulation and censorship is very real, even in the medium term.

Staking Service

Percent of stakers

Lido

28.2%

Coinbase

12.9%

Kraken

7.8%

Binance

5.9%

Staked.us

5.9%

Other

39.3%

Total

100.0%

Due to some of the nuances in the protocol, the impact of this possible censorship is difficult to assess. Proof of Stake is a far more complex system than Proof of Work and therefore discussing how the network may be censored can be quite difficult. We will not go into the details here, but a possible outcome is that many of these services stop providing staking services or reduce the extent of their services and provide a degraded yield. The result of these staking services ending or coming under intense regulatory pressure could be the following:

  • Limited actual effective censorship,
  • A slower blockchain in periods of turmoil related to the censorship,
  • Eventually, a more diverse staking landscape, with better censorship resistance characteristics,
  • Fewer stakers,
  • A lower Ethereum price, and
  • Higher staking yields.

Tokenised Staking Derivatives

The entities performing the outsourced staking as a service business, could also issue tokens to their clients, representing shares in the staking pool. Staking rewards could then be issued to these token holders. These new tokens could be issued on top of the Ethereum blockchain. The coins would be just like Ethereum, except they have credit risk associated with the staking pools and you cannot pay gas fees with the coins.

There are several key advantages associated with these token products. They provide owners of the staking pool the ability to enter and exit more easily, by buying or selling the tokens, without any lags. The tokenised staking coins also mitigate another key potential problem associated with staking on Ethereum. The staking yield needs to compete with other yields inside the Ethereum system, for example yields you could earn by providing liquidity in DeFi. With this tokenised staking approach, stakers can now earn two yields at the same time, thereby partially negating this problem. For example, one could deploy the staking pool token into the DeFi ecosystem and earn even more yield. These staking tokens could even have basically all the key properties of Ethereum. You could use them to make payments, make markets and even use them as collateral to borrow other coins. This also can be said to solve the other problem with proof of stake systems. The staking tokens, in theory, could even be invested in productive projects or spent on consumer goods. Therefore, no funds are locked up and no useful investments are prevented due to Ethereum’s staking system. With these strong and clear advantages, it is even possible that almost all the staked coins end up in tokenised staking derivative pools. Therefore, pretty much all the economic problems with the staking protocol could be solved.

The above may sound too good to be true and it probably is. There must be a catch somewhere. We can’t have all these advantages and no real costs. This very much exposes an ideological difference that various commentators and analysts in the cryptocurrency space have when evaluating Proof of Stake systems. Some people believe that you can’t have something for nothing and look for weaknesses. They believe that if it appears as if you have something for nothing, this may persist for a while, but the system will be unsustainable and eventually fail, perhaps in a catastrophic crisis. Others, a more optimistic group, do believe a consensus system with no real costs is possible and are actively trying to construct one.

The flaw in their reasoning, that staking tokens solve all the economic problems, appears to be that many of the security assumptions on which the Proof of Stake consensus systems relies, may begin to break down. If everyone has staking tokens and uses them for a variety of functions, such as making payments, providing liquidity in DEXs or as collateral to borrow, the ultimate economic beneficiary of the tokens will not be the same entity as the entities which are staking. Therefore, the actual stakers may not be sufficiently compensated by the rewards in the staking system, or sufficiently threatened by the punishments in the system. This issue, of misaligned incentives is quite common in the investment industry. Another issue is that if everyone is staking, then perhaps there is no real staking yield at all. If the yield is paid to everyone, then it looks more like adding zeros on to the end of the currency than a genuine investment return. It would all be smoke and mirrors. This system could work for a while, perhaps many years, but eventually it could result in a catastrophic failure in consensus. The multi-layered staking system could then collapse.

Despite this potential weakness, staking derivative tokens have proved to be extremely successful so far. There are three main providers of these tokens.  Lido has stETH, Binance has bETH and Rocket Pool has rETH. At the time of writing, Lido is in the lead and the stETH token has more Ethereum backing it than the two other tokens, which are small by comparison. A potential problem here is that this could be a winner takes it all type market. The economies of scale in tokens are extremely high. For example, the network effects when making and receiving payments are large and tokens with stronger liquidity on offer on exchanges can become dominant. Therefore, the centralisation risk is high and this is a considerable issue for Ethereum.

stETH

Around 28% of the staked Ethereum is currently allocated to the Lido pool and exists in the form of stETH. This is about US$7.2 billion worth of stETH floating around, at the time of writing. The most liquid venue for buying and selling stETH, is on the Curve DeFi exchange protocol.

In theory, the price of stETH should always be less than or equal to the price of Ethereum, because one can always subscribe for more stETH at par, by adding Ethereum to the Lido staking pool. One cannot yet redeem stETH for Ethereum, as stakers cannot yet withdraw. Therefore, for now, stETH should trade at a small discount. Once the withdrawal feature is implemented and activated, stETH should track the price of Ethereum more closely and its utility should therefore improve. This may result in the creation of even more stETH. Before the upgrade, stETH should trade at a discount, reflecting the uncertainty as to whether this upgrade occurs and when it occurs.

One key part of the June 2022 earn crisis left out of this book until now is stETH. Many of the earn platforms, like Celsius and trading counterparties, such as 3AC, had invested in stETH to earn the yield. However, their liabilities associated with this were typically in Ethereum, not stETH. Therefore, when the liquidity crisis occurred in June 2022, they had to pay back their clients in Ethereum, but they only had stETH. The trouble is of course that stETH is not redeemable. Therefore, the earn platforms had a significant duration mismatch.

Therefore, there was a rush to sell stETH on Curve. A significant stETH discount of around 3% first emerged in mid May 2022, as Luna failed. Then, during the peak of the crisis, on 18th June 2022, stETH traded as low at 0.925 Ethereum. Finally, by the end of September 2022, the price of stETH recovered, to a discount below 1%. 3AC received a significant haircut when it liquidated its stETH in the crisis. On 14th June 2022, 3AC sold 30,000 stETH. Celsius is believed to have held US$426 million of stETH, making it perhaps the largest holder. Again, Celsius is likely to have taken a considerable haircut.

Remember, Curve is not like a traditional exchange with an order book. Curve operates the Ethereum vs stETH market with two pools of liquidity, an stETH pool and an Ethereum pool. With all the pressure to sell stETH in May and June 2022, the pools became unbalanced. For example, in mid June, the pool had around five times as much stETH as it did Ethereum, 500,000 stETH and 100,000 Ethereum. One may think such an imbalance would cause more of a price dislocation than just 7.5%. However, Curve has a custom shaped curve with special parameters for each trading pair. Since the stETH vs Ethereum pair was designed when people expected the prices to be reasonably similar, the curve shape prevented the discount from reaching even larger levels. This benefited some of the distressed entities such as 3AC and Celsius. As we went into July 2022, some people wanted to buy stETH at a discount and eventually the pools became balanced again. At the time of writing the breakdown is 50.3% stETH and 49.7% Ethereum.

What the earn collapse showed, was that in a liquidity crisis, people preferred Ethereum to stETH. This was at least the case in this crisis. In the future, if the stETH ecosystem is more developed, people may be happy holding stETH as a form of liquidity in a crisis. In addition to this, an stETH crisis is unlikely to repeat itself in the same way, because next time there is a major cryptocurrency liquidity crunch Ethereum may have upgraded and stETH may be redeemable. On the other hand, even after the upgrade, there will be limits on the number of stakers who are allowed to withdraw in any given period. If all the stakers try to withdraw at once, the process could take over a year. Therefore, some kind of liquidity crisis causing a race to exit staking is possible, with the staking tokens trading at a discount.

Interest Rate Swaps

Another very different potential form of a staking yield derivative is an interest rate swap. With this type of product an investor could lock in the Ethereum yield for a period of time, converting it into a fixed income type product. For example, a staker could purchase a swap contract entitling them to receive fixed payments and pay variable payments, based on the actual Ethereum staking yield. This investor would then have locked in their staking yield at a fixed rate. They would no longer need to worry about more stakers joining or fewer miner tips causing the yield to fall. This swap type interest rate product is very popular in traditional finance. These fixed income type products can be attractive for certain investors, who for example, may have fixed liabilities they need to cover, for instance somebody who has borrowed Ethereum at a fixed rate. On the other hand, if someone has lent out Ethereum, they may be concerned the yield could increase and they could take the other side of this swap trade.

These swap products do not seem to exist yet. As the cryptocurrency economy becomes more accustomed to Ethereum’s inherent variable yield, it seems likely that many financial and derivative products may emerge that enable traders to speculate on, fix or hedge the important quasi-interest rate.

The post Reckless – Chapter 20: Staking Derivatives appeared first on BitMEX Blog.

Regulatory Uncertainty Forces Bittrex to Shut Operations In USA! What’s Next?

https://bitcoinwarrior.net/2023/04/regulatory-uncertainty-forces-bittrex-to-shut-operations-in-usa-whats-next/

The post Regulatory Uncertainty Forces Bittrex to Shut Operations In USA! What’s Next? appeared first on Coinpedia Fintech News

One of the biggest cryptocurrency exchanges in the world, bittrex informationinformation






bittrex

Centralised Exchange


 

, has declared that it will be discontinuing operations in the US by the end of the month. The choice was made in reaction to increased regulatory scrutiny of the cryptocurrency market and uncertain economic conditions in the United States. The announcement came on the platform’s ninth anniversary, marking a bittersweet moment for the company. Read on.

The reason behind Bittrex’s decision

Bittrex took to Twitter to announce that they have arrived at a tough decision to cease their operations in the United States, citing the persistent ambiguity surrounding regulations as the reason. The move will take effect from April 30, 2023. On top of that, Bittrex made it clear that all funds are secure and readily available for withdrawal without delay.

Richie Lai, co-founder, and CEO said that as the cryptocurrency ecosystem developed, regulatory requirements had grown to be more “unclear” and “enforced, without appropriate discussion or input,” creating an unlevel playing field for competitors. Due to the current economic conditions, Bittrex can no longer sustain its activities in the United States.

Overbearing regulations are hurting Crypto Companies in the USA

American crypto companies, including Kraken and Coinbase, have already been fined, with Coinbase receiving a Wells Notice for alleged unregistered securities. The world’s largest crypto exchange, binance informationinformation






binance

[email protected]

Centralised Exchange





, was also sued by the Commodity Futures Trading Commission (CFTC) recently.

Related: Ripple Execs Concerned About SEC’s Enforcement Approach

The regulatory authorities in the United States, namely the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), have adopted a stringent and firm approach with regard to their regulatory measures.

This unfavorable disposition towards the cryptocurrency industry in the country does not bode well for its overall atmosphere. The decision by Bittrex to wind down its operations in the U.S. is indicative of the regulatory pressures faced by such companies and may potentially set a precedent for other market players to follow suit.

Do you think other exchanges will soon exit the USA as well? 

Crypto Community In Shock As Bittrex Exchange Shuts Down U.S. Operations

https://zycrypto.com/crypto-community-in-shock-as-bittrex-exchange-shuts-down-u-s-operations/

The crypto community has been taken aback by the news of Bittrex winding down operations in the United States. The cryptocurrency exchange cited a challenging regulatory and economic environment in the U.S. as the main reason for the decision.

Customer Funds Are Safe

Bittrex is shutting down its U.S. platform.

In a Friday statement, the company assured that all customer funds are safe and United States-based clients should withdraw their capital by April 30, though trading will only continue for customers until April 14. The announcement, which was made on Bittrex’s ninth anniversary, noted that the exchange would continue operating its global platform, which caters to customers outside the U.S.

Bittrex co-founder and CEO Richie Lai revealed on Twitter that it was no longer “economically viable” to continue its operations in the U.S. 

“Regulatory requirements are often unclear and enforced without appropriate discussion or input, resulting in an uneven competitive landscape. Operating in the U.S. is no longer feasible,” He added.

Some Twitter users were saddened by the Bittrex closure as the exchange was their initial exposure to the crypto world. Bittrex is Seattle-based, founded in 2014 by three cybersecurity engineers. It’s the 32nd largest crypto asset exchange, with a 24-hour trading volume of $28 million, according to CoinMarketCap.

Regulatory Uncertainty In The U.S.

Bittrex’s shutdown comes as regulators in the United States have, in recent weeks and months, launched the sternest clampdown on the crypto sector yet. The U.S. SEC, for instance, forced Kraken to shutter its staking service last month and pay a $30 million fine

Just last week, the regulator served America’s largest digital asset exchange Coinbase with a Wells Notice because the firm’s staking products allegedly constitute unregistered securities. A Wells notice letter typically warns a company that SEC enforcement action is imminent.

News of Coinbase’s Wells Notice also followed the SEC announcing a suit against former diplomat for Grenada, Justin Sun, and eight celebrities over the offering, sale, and touting of Tron (TRX) and BitTorrent (BTT).

On Monday, the Commodity Futures Trading Commission (CFTC) sued Binance, the world’s largest crypto exchange by trading volume. The lawsuit claimed that Binance and its CEO Changpeng Zhao provided derivatives trading services to American customers without first obtaining the requisite derivatives license. According to experts, this lawsuit could be the beginning of the end for the crypto behemoth in the U.S.

Terra co-founder Daniel Shin’s arrest denied by court, citing low flight risk

https://cointelegraph.com/news/terra-co-founder-daniel-shin-s-arrest-denied-by-court-citing-low-flight-risk

A local court in South Korea denied the prosecutor’s request to issue an arrest warrant for Terraform Labs co-founder Shin Hyun-Seong, also known as Daniel Shin. This was the second attempt made by South Korean authorities to reign in Shin following the recent arrest of Do Kwon — Terra’s other co-founder.

On March 23, Kwon was arrested at Podgorica airport in Montenegro while attempting to use fake documents to fly abroad. The Seoul Southern District Prosecutors Office took advantage of this situation and, on March 27, requested an arrest warrant for Shin, citing his involvement in cashing in illicit profits from Terra (LUNA) and TerraUSD (UST) sales.

However, the Seoul Southern District Court denied the request while citing unconfirmed allegations and the unlikeliness of Shin being a flight risk or destroying evidence, according to local media Yonhap.

Shin currently faces multiple fraud charges, specifically in relation to allegedly hiding risks associated with investing in the in-house tokens by Terraform Labs.

Related: South Korea to examine crypto staking services following the Kraken case

Following Kwon’s arrest in Montenegro, authorities from both the United States and South Korea have tried to extradite the entrepreneur.

As Cointelegraph reported, Montenegrin Justice Minister Marko Kovač said the U.S. made diplomatic efforts to ask for Kwon to be handed over, while South Korean officials have requested extradition.

Magazine: US enforcement agencies are turning up the heat on crypto-related crime

“In the case when we receive several extradition requests, I would like to say that determining to which state they will be extradited is based on several factors like the severity of the committed criminal offense, the location and time when the criminal offense has been committed, the order in which we have received the request for extradition and several other factors,” said Kovač through an interpreter.

Bittrex Announces Closure of U.S Division Citing Regulatory Concerns

https://thenewscrypto.com/bittrex-announces-closure-of-u-s-division-citing-regulatory-concerns/

  • The exchange stated that trading will continue until the 14th of April.
  • Bittrex settled enforcement actions with U.S. authorities last year for $29 million.

Bittrex, a cryptocurrency exchange based in the United States, announced it will be closing its doors. The exchange stated in a statement on Friday that customers’ monies were secure and that they may withdraw them until April 30. It also stated that trading will continue until the 14th of April.

The announcement also confirmed that the company will maintain its international trading platform, Bittrex Global. Richie Lai, co-founder, and CEO of Bittrex, announced the exchange’s closure on Twitter, citing the “current U.S. regulatory and economic environment” as the reason.

Lai stated:

“Regulatory requirements are often unclear and enforced without appropriate discussion or input, resulting in an uneven competitive landscape.”

Most Severe Crackdown on Crypto Sector

Bittrex is a firm located in Seattle that was founded in 2013. According to CoinGecko, it has a 24-hour trading volume of just $11.7 million, making it the 71st biggest digital asset exchange. That’s lower than Uniswap, Pankcakeswap, and even Orca, three decentralized alternatives.

The news from Bittrex coincides with what may be the most severe crackdown on the cryptocurrency business from U.S. officials. Many American cryptocurrency firms, notably the widely used Kraken, have been punished with penalties by the U.S. Securities and Exchange Commission in recent months.

Coinbase, the largest cryptocurrency exchange in the United States and a publicly listed company received a Wells Notice this week alleging that its staking products are unregistered securities. The warning indicates that a legal proceeding to enforce the agreement is imminent.

Binance, the largest cryptocurrency exchange in the world, was sued by the Commodities Futures Trading Commission (CFTC) on Monday for allegedly breaking trading and derivatives laws. Bittrex settled enforcement actions with U.S. authorities last year for $29 million due to “apparent violations” of sanctions against nations including Iran, Cuba, and Syria.

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Crypto exchange Bittrex, once a U.S. leader, is shutting down in the country after volumes dwindled to less than 1% of the market, and blaming regulatory uncertainty

https://www.theblock.co/post/224379/bittrex-shutting-us-operations

Choke Point or no Choke Point, Bittrex says it’s leaving the U.S. and it’s placing the blame flat on Uncle Sam. 

"It’s just not economically viable for us to continue to operate in the current U.S. regulatory and economic environment," co-founder and CEO Richie Lai said in a message to customers in the country on Friday. "Regulatory requirements are often unclear and enforced without appropriate discussion or input, resulting in an uneven competitive landscape."

With exchanges including Coinbase, Kraken and Binance all facing legal scrutiny from multiple U.S. regulators in recent months, a growing chorus of industry watchers has been calling for regulatory clarity as the issue starts to take on political tones ahead of an election year. Galaxy Digital CEO Michael Novogratz on Thursday said the crypto industry was “under assault” from U.S. regulators and that he believed “Operation Choke Point 2.0,” a term used by some to speculate about the possibility of a broader, coordinated crackdown, was real. 

Securities and Exchange Commission Chair Gary Gensler said earlier this week that he didn’t believe additional legislation was needed for the industry. 

Bittrex volume had been dropping

While recent regulatory issues may have played a role in the exchange’s decision to depart from the country, it’s probably not the only reason, according to The Block research director Steven Zheng.

“Their volume in the U.S. is low enough that it isn’t worth the effort to continue maintaining operations,” he said, pointing to the planform’s bitcoin volume of just $4.5 million over the past 24 hours. 

graph of Bitrex Volume

Bittrex had been one of the largest exchanges in the U.S., with a market share of USD support of nearly 23% at the start of 2018, according to data from The Block. It collapsed to below 1% in 2021 and hasn’t recovered since. 

The exchange has had it’s fair share of problems with regulators in the country. In 2022, the Office of Foreign Asset Control and the Financial Crimes Enforcement Network announced settlements totaling $29 million with the company over its alleged facilitation of sanctioned transactions between 2014 and 2017. In 2019, the New York State Department of Financial Services denied the company a BitLicense needed to operate in the state.

When asked if the company was attributing all of the lost market share to the regulatory troubles, a spokesperson referenced Lai’s earlier statement and additional FAQ on the matter. Customers outside of the U.S. will not be affected.

Lai said that all customer funds were safe, and withdrawals for users who have met verification requirements will be processed until April 30.  

"Regulatory requirements are often unclear and enforced without appropriate discussion or input, resulting in an uneven competitive landscape," he said, adding that he would shift his focus to "helping Bittrex Global succeed outside the U.S."

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Cryptos Brace for More Enforcement Actions as SEC Seeks $2B Funding to Tame ‘Misconduct’

https://zycrypto.com/cryptos-brace-for-more-enforcement-actions-as-sec-seeks-2b-funding-to-tame-misconduct/

  • The agency brought 750 enforcement actions in the fiscal year 2022.
  • Chairman Gensler says the digital asset sector is rife with non-compliance. 

Gary Gensler, the Securities and Exchange Commission (SEC) Chair, is pushing for additional funding to increase oversight, especially in the cryptocurrency sector.

On Wednesday, Gensler told the House sub-committee on financial services that he supports President Joe Biden’s $2.4 billion funding allocation to the agency for the fiscal year 2024 to create additional 170 positions. He noted the number of positions in the SEC currently funded by Congress was 5,303 in the fiscal year of 2023, an increase of 400 from that of 2022.

According to the SEC chair, part of the funding would be directed toward taming non-compliance in the cryptocurrency sector due to the rapid sector growth.

“We have seen the Wild West of the crypto markets, rife with non-compliance, where investors have put hard-earned assets at risk in a highly speculative asset class,” he said. “Such growth and rapid change also means a possibility for wrongdoing. As the cop on the beat, we must be able to meet the match of bad actors.”

Gensler’s testimony came the same day the commission closed the crypto trading platform Beaxy and charged its current and former executives for gambling users’ funds and offering unregistered security, Beaxy token (BXY).

750 enforcement actions in FY2022

In total, the commission brought more than 750 enforcement actions in the fiscal year 2022 – an increase of 9% year-over-year – resulting in $6.4 billion in civil penalties and disgorgement, says Gensler. Cryptocurrency exchange Kraken, for instance, had to pay a $30 million fine to the SEC at the beginning of the year. Tron Foundation and its founder Justin Sun is also being investigated for failing to register Tronix (TRX) and BitTorrent (BTT) tokens.

Over the years, there has been an increase in the number of separate tips, complaints, and referrals from whistleblowers received by the commission, with those in FY2022 at 35,000. The authority also conducted over 3,000 examinations in tens of thousands of registrants, from investment advisers to broker-dealers to exchanges.

Bitcoin and XRP Whales Abruptly Move Over $650,000,000 Worth of Crypto in Just 24 Hours

https://dailyhodl.com/2023/03/31/bitcoin-and-xrp-whales-abruptly-move-over-650000000-worth-of-crypto-in-just-24-hours/

Deep-pocketed crypto investors are suddenly shifting hundreds of millions of dollars worth of Bitcoin (BTC) and XRP as the markets trade sideways.

According to new data from whale-surveying platform Whale Alert, crypto whales have abruptly moved over 500 million worth of the top crypto asset by market cap in just 24 hours, the biggest transaction being 6,582 BTC worth $182,629,202 being transferred from an unknown wallet to another.

Other transactions involving the king crypto on Whale Alert’s radar include:

Bitcoin is trading for $27,878 at time of writing, a 1.3% decrease during the last 24 hours.

The whale-tracking platform also notes that high-net-work traders are shifting XRP, the native asset used to operate Ripple Labs’ payments platform. One crypto whale moved a staggering 100,000,000 XRP, worth $53,439,878 at the time, from one unknown wallet to another.

Other notable transactions involving XRP noticed by Whale Alert include:

XRP is trading for $0.536 at time of writing, a 2.7% dip during the last day.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Jovanovic Dejan

The post Bitcoin and XRP Whales Abruptly Move Over $650,000,000 Worth of Crypto in Just 24 Hours appeared first on The Daily Hodl.

Bitcoin white paper makes its F1 racing debut on Kraken-sponsored car

https://cointelegraph.com/news/bitcoin-white-paper-makes-its-f1-racing-debut-on-kraken-sponsored-car

The Formula 1 car for the Williams Racing team will feature an excerpt from the Bitcoin white paper, as a result of a sponsorship deal with United States-based crypto exchange Kraken.

In a March 31 tweet, Kraken showed its logo shaped like the legendary sea monster contained text from the opening of the 2008 document released by creator Satoshi Nakamoto in 2008. The Kraken logo appeared to include the entirety of the abstract and introduction, as well as the sections on transactions and timestamp server of ‘Bitcoin: A Peer-to-Peer Electronic Cash System’.

The crypto exchange announced on March 28 it would be partnering with the Williams Racing F1 team as part of a sponsorship and Web3 deal. The arrangement marked one of the first times a crypto company had sponsored an F1 team since many similar deals fell apart amid the 2022 market crash.

Related: Formula One files ‘F1’ trademarks covering crypto, NFTs and Metaverse

Practice for the next Formula One event is currently underway at the Australian Grand Prix in Melbourne, with the main race scheduled for April 2. In 2022, roughly 420,000 people reportedly attended the 4-day event in person.

Magazine: Billions are spent marketing crypto to sports fans — Is it worth it?

Former FBI Agent’s Thoughts on Crypto

https://www.youtube.com/watch?v=F52QsrFWMFo

Chris Tarbell, former FBI agent shares his thoughts on crypto
#Bitcoin #cryptonews #money #blockchain #crypto #shorts

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Bitcoin whitepaper to make F1 debut as Kraken partners with Williams Racing

https://www.theblock.co/post/224348/bitcoin-whitepaper-f1-racing

Don’t blink, or you’ll miss the bitcoin whitepaper speeding down a Formula 1 racetrack in Melbourne this weekend.

Kraken, which earlier this week announced that it was partnering with Williams Racing to become its first-ever official crypto and web3 partner, is placing the opening excerpt of the nine-page document on the team’s cars that will be competing at the Australian Grand Prix

"Who said #Bitcoin isn’t fast!?" the crypto exchange said on Twitter

The document, which begins by outlining a "purely peer-to-peer version of electronic cash would allow online
payments to be sent directly from one party to another without going through a financial institution," will be featured on the nose cone of the car. Kraken said in an email that it wants to raise the profile of the crypto ecosystem in a sport draws 1.6 billion viewers over a race schedule that takes it through 20 countries a year.

Kraken's F1 car

“Featuring the bitcoin whitepaper on the Williams car is a symbol of our belief and commitment to crypto’s mission," Kraken Chief Marketing Officer Mayur Gupta said. "It’s an opportunity to showcase the original document that brought this entire movement to life through a sport that’s watched and loved by hundreds of millions of fans worldwide."

The crypto exchange is also planning give selected Kraken NFT holders a chance to see their digital collectibles displayed on the rear wing the Williams Racing car.

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Committing to Canada in the Wake of Hostility South of the Border – Which Exchanges Plan a Growing Presence?

https://www.securities.io/committing-to-canada-in-the-wake-of-hostility-south-of-the-border-which-exchanges-plan-a-growing-presence/

It is no secret that the Biden administration and various regulators within the United States are working hard to keep the digital asset sector in check.  These efforts have most recently culminated in various enforcement actions being levied against market giants like Coinbase, Kraken, Binance, and more.  With these actions coming amidst a banking crisis that saw multiple banks fail, many are wondering just how far the powers-that-be will go to limit on/off ramps within the nation.

Naturally, with Canada and the United States being more intertwined and reliant upon one another than arguably any other pairing of nations around the globe, fears among Canadian investors have also been stoked as they wonder if similar actions will take place north of the border.

To this end, multiple of these large exchanges have taken the time this week to allay these fears, sharing an intent to double down on their commitment for expansion in Canada by joining Crypto.com in filing for a ‘pre-registration undertaking’.

Coinbase

Of all the enforcement actions taken over the past few weeks, one of the most surprising involved Coinbase.  As a publicly traded entity that claims to have been in constant contact with regulators, it was thought that the level of transparency and cooperation on display would allow the company to at least be given the benefit of the doubt.

This was not the case though, as the SEC surprised the exchange with charges stemming from the Coinbase staking program, alleging that the platform was offering unregistered securities.  Needless to say, Coinbase was not impressed and shared a strongly worded response indicating that it will fight tooth-and-nail in court to prove the SEC has been acting in bad faith when it states that companies just need to come in and register.

With all this happening, Coinbase took the time to share information on its renewed efforts within Canada, stating that “On Friday, March 24th, Coinbase Canada signed an enhanced Pre-Registration Undertaking (PRU).”  Upon doing so, Coinbase notably took the time to thank Canadian regulators for their ‘efforts to bring clarity to the industry’ and that the company looks ‘forward to continuing [its] collaboration with them on regulation that protects consumers while embracing innovation’.  While this may be true, it is also a clear jab at the SEC.

Overall, Coinbase states that,

“We believe Canadians are eager to access the benefits of cryptocurrencies, and we are excited to be able to provide them with a trusted platform to do so. With our expansion into Canada, we are one step closer to realizing our mission of creating an open financial system and increasing economic freedom across the globe.”

At a time when Canadians are struggling with inflation, sky-high housing costs, and a litany of other financial stressors, it is always a positive to see companies creating skilled jobs.  To this end, Coinbase notes that its Canadian team already numbers 200+.

Kraken

Not to be left behind by Coinbase, Kraken has announced similar plans of its own this week that will see it expand operations throughout Canada.  Upon sharing its filing of a pre-registration undertaking, the exchange stated,

“Given the additional work required to obtain a regulatory license, some global exchanges have restricted or stopped offering services to Canadian clients. Kraken, however, is committed to supporting Canada as a cornerstone of our global business. In fact, we are proud to currently employ 250 Canadians who are all working hard to bring financial freedom to clients in their home jurisdiction!”

Kraken also went as far as elaborating on why it is planning on further expansion in Canada, noting that the nation is ‘quickly becoming a major player in the crypto market’.  It based this statement on the fact that 13% of Canadians already own digital assets, while another 31% plan on entering the market in the coming months.

With a population of ~39,000,000, this could potentially equate to over 17,000,000 market participants in need of reliable services before the calendar flips to 2024.

Existing Competitors

While Coinbase and Kraken may be expanding their efforts in Canada, the pair will by no means be operating without competition.  With impositions by Canadian regulators already resulting in various companies like KuCoin, Bittrex, and others being ousted from offering services to many Canadians, it has allowed for a few home-grown exchanges to gain a strong foothold on the market.  The following is a list of companies that have already gone through registration procedures and are authorized to do business in Canada.

  • Bitbuy
  • Bitvo
  • Coinberry
  • Coinsquare
  • Fidelity
  • Netcoins
  • Newton
  • CoinSmart
  • VirgoCX
  • WealthSimple

As of now, the only exchanges to be outright banned by the CSA are KuCoin and Poloniex.

Final Word

As it stands, there are no shortage of exchanges for Canadians to access.  However, a variety of those already dealing with low-volume may struggle with the expanded efforts of both Coinbase and Kraken, as the pair will no doubt be able to offer more streamlined, reliable, and versatile services through their respective platforms.

Notably, the worlds largest exchange, Binance, is believed to currently be mulling over its plans to either stay or exit Canada as it deals with its own regulatory woes in the United States.  While it has not announced the filing of an official pre-registration undertaking, the exchange is said to be working with regulators on potentially doing so.

The post Committing to Canada in the Wake of Hostility South of the Border – Which Exchanges Plan a Growing Presence? appeared first on Securities.io.

Bitcoin White Paper Sets a Kraken Pace at F1 Australian Grand Prix

https://blockworks.co/news/kraken-williams-f1-bitcoin

The Lakeside Drive straight is the fastest section of the course at the Melbourne Formula One Grand Prix circuit, where drivers can accelerate to over 200 mph in less than a mile.

So if you’re going to read the Bitcoin white paper on the nose of the Williams cars, you’re going to have to be a serious speed reader.

Crypto exchange Kraken is a new sponsor of the Williams Racing F1 team, and to kick off the partnership the firm has pasted Satoshi Nakamoto’s seminal paper onto the nosecone of the Williams cars driven by Alex Albon and Logan Sargeant.

The Formula One series attracts 1.3 billion viewers per year, and Kraken is not the first to see the potential to reach one of the world’s largest sporting audiences. Rival exchange Crypto.com has also maintained an F1 presence with the Aston Martin team, Tezos sponsors McLaren, and Red Bull and Bybit have a sponsorship agreement. Mercedes-AMG drew the short straw and featured FTX during the 2022 season.

But Kraken Chief Marketing Officer Mayur Gupta hopes that the partnership with Williams will involve more than simply adding a logo to the car.

Gupta told Blockworks that “Featuring the bitcoin whitepaper on the Williams car is a symbol of our belief and commitment to crypto’s mission, and a celebration of how far we’ve come in the past 12 years. It’s an opportunity to showcase the original document that brought this entire movement to life.”

NFT art on a Formula One car?

Kraken is also looking to involve fans in their sponsorship, Gupta says, and intends to run competitions for future NFT holders to win the opportunity to feature their artwork on the rear wing of the car.

“In the coming weeks and months, we aim to showcase how NFTs can enable both creators and fans to engage in whole new ways in a sport they passionately love. This isn’t about sponsoring a sports team to acquire new clients, it’s about sharing the ethos and principles of crypto — such as financial freedom — and highlighting how critical it is to every community around the world.”

“We want this win for Kraken to be a win for the industry,” he added.

In a nod to the growing importance of overseas markets to US-domiciled exchanges, particularly at a time when regulatory authorities in the US arguably dominate news cycles more than the technology they are attempting to regulate, Mayur noted that “Like crypto, F1 transcends geographical boundaries and builds communities out of a shared passion for engineering excellence and speed. F1’s popularity has skyrocketed globally, especially after Netflix’s Drive to Survive, bringing a younger and more diverse fanbase to the sport, including from countries such as India, Spain and Mexico.”

Williams has a storied history in Formula One, with nine constructors’ championships and seven drivers’ championships over the years. The team’s roster currently features Albon, a Thai-British driver in the FW45 number 23 car, and Sargeant, an American, in the number 02 car. 

Close-up of the Williams F1 nosecone and the Bitcoin white paper pasted by Kraken
Close-up of the Williams F1 nosecone and the Bitcoin white paper pasted by Kraken / photo courtesy Kraken


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The NFT Frontier 🤠

https://metaversal.banklesshq.com/p/frontier


Metaversal is a Bankless newsletter for weekly level-ups on NFTs, virtual worlds, & collectibles

Subscribe now


Dear Bankless Nation,

Welcome to another edition of the Metaversal Weekly Roundup, where I dive into the latest happenings and trends in the ever-evolving NFT ecosystem. 

While my previous post got you caught up on the past few months of the NFT frontier, for this recap post I’ll specifically zoom in on the past week’s biggest happenings here per usual.  

Happy reading everyone, and here’s to staying ahead of the curve in the world of NFTs! Have a great weekend 🤝

-WMP


🙏 Sponsor: Kraken the most trusted and secure crypto exchange in the world


🧠 The big picture

This week felt pretty slow in the NFT ecosystem, at least relatively speaking, and that general uneventfulness was reflected in the market cap of NFTs, which declined from 8.6 million ETH to 8.57 million ETH ($15.63 billion USD) for a small 0.35% drop on the week. We’ll see if this is the start of a more prolonged NFT crab market! 🦀

📊 This week by the numbers:

For the second week in a row, Wrapped CryptoPunks topped the NFT space’s 7D volume charts with over 49k ETH worth of trades in that span. Per usual BAYC, MAYC, and Otherdeed plots were no surprise in the top 5, so the fresh face this week was Nakamigos, the mysterious Sartoshi-linked collection’s that exploded onto the scene on the heels of its March 23 public mint. 

🔝 7D top collections by volume

🛒 7D NFT marketplace stats

With regard to weekly volume share, OpenSea climbed from 19% to 20% and Blur climbed from 69% to 73% over the past week. In contrast, OpenSea saw the amount of weekly trades it facilitated slightly grow while Blur saw its share of trades slightly shrink. In other words? The $BLUR wars status quo continues on for now


📰 General news

🏆 Digital collectibles

🎨 Cryptoart & music

🎮 Decentralized gaming

  • RON staking is now live, and a series of new gaming studios announced they are building on Ronin, too.  

🌐 Virtual worlds

  • Metaverse Fashion Week ran from March 28 through today, March 31, in Decentraland

🪙 NFTfi


🎆 Mint spotlight: Nakamigos

Is the collection connected to Larva Labs, or Sartoshi of mfers acclaim? It’s not clear who’s behind Nakamigos yet, but that uncertainty didn’t stop the 20,000-strong pixel art PFP series from undergoing an incredible boom of trading activity over the past week. For example, Nakamigos surpassed BAYC in all-time trade stats within only four days of its March 23 mint, and at the time of writing the floor price was 0.26 ETH per avatar. Will these NFTs have staying power? Only time will tell for now, but their arrival has been nothing short of explosive! 

🔭 Mint watch:

  • Boomboxheads v2 — A 3D collection of interoperable VRM CC0 avatars for the metaverse, allowlist is accepting applications via Typeform now!

  • The Lost Ghouls — A spinoff collection by the Based Ghouls project, this series will be released on Canto on a TBD date; track the Based Ghouls Twitter to stay up-to-date on further announcements. 

  • DenDekaDen A highly-anticipated PFP mint by Toei Animation; the collection’s upcoming mint phases are currently slated to take place between April 3-5. 


🙇 3 insightful threads weekly to level up your NFT knowledge!

1. fluffbear on the DeGods Ethereum bridging event, starting today:

2. Pirate Nation on “Mirroring,” an innovative new scaling technique in web3 gaming:

3. Will Robinson on the possibility of making an onchain version of a game like Food Chain Magnate, great read:


✨ My NFT tool of the week: Escher

Escher, a new curated platform for editioned fine art that I first wrote about earlier this month, just fully launched. If you’re interested in exploring aggregated NFT editions from iconic cryptoartists all in one place, Escher has you covered!


💥 ENS Name Wrapper is coming…

The ENS Name Wrapper mechanism is on the verge of launching, and it’s going to be a game changer for ENS domain holders. It’s not exactly a simple system to explain, but in short the tech will make it so you can “wrap” ENS subdomains or DNS domains into ERC1155 NFTs. This will pave the way to many new possibilities, e.g. readily airdropping subdomain NFTs to your DAO’s members or to your NFT collection’s holders. Keep your eye on these possibilities going forward!


😜 Gamers will come around eventually… right…

In 10 years, we’ll all look back and see game assets as one of the most obvious use cases for NFTs. But there’s no question that there’s still a lot of animosity in many mainstream gaming circles toward non-fungible digital assets. Make it make sense please…


Action steps


Author Bio

William M. Peaster is a professional writer and creator of Metaversal—a Bankless newsletter focused on the emergence of NFTs in the cryptoeconomy. He’s also recently been contributing content to Bankless, JPG, and beyond!


Subscribe to Bankless. $22 per mo. Includes archive accessInner Circle & Badge.

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🙏Thanks to our sponsor

KRAKEN NFT

Kraken NFT is built from the ground up to make it one of the most secure, easy-to-use and dynamic marketplaces available. Active and new collectors alike benefit from zero gas fees, multi-chain access, payment flexibility with fiat or 200+ cryptocurrencies, and built-in rarity rankings. Learn more at Kraken.com/nft

👉 Visit Kraken.com to learn more and open an account today.


Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.


Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here.


Crypto Crackdown: SEC Seeks More Funding, New Proposal To Ban Crypto Wallets

https://blockonomi.com/crypto-crackdown-sec-seeks-more-funding-new-proposal-to-ban-crypto-wallets/

With the increased level of the crackdown, funding is crucial for the SEC to enforce cryptocurrencies and other financial products effectively.

On March 29, the U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler requested an additional budget of $2.4 billion, citing an increased effort to conduct investigations and bring legal actions to “misconduct.”

Part of the funding will be used to invest in “new tools, expertise, and resources” required to keep up with the fast-paced industry. Alternatively, the SEC plans to expand its enforcement team by adding 170 new members.

The SEC Wants to Grow

The agency’s Division of Enforcement is responsible for investigating and prosecuting violations of federal securities laws, including those related to cryptocurrencies.

In 2022, the agency reportedly handled “more than 35,000 separate tips, complaints, and referrals from whistleblowers and others.”

The SEC brought 750 enforcement actions upon processing these claims, with crypto-related cases accounting for 250 actions. The total value of crypto fines spiked in 2022 at $242 million, representing a 36% increase over the 22 actions announced in 2021.

The SEC’s request came after the agency alleged the Beaxy crypto exchange and its executives for conducting an unregistered securities offering. Beaxy had to shut down its operation in the U.S. following the charges.

The exchange’s founder, Artak Hamazaspyan, was also accused of illegally raising $8 million in an unregistered securities offering of the native token BXY.

The SEC claimed that Hamazaspian embezzled $900,000 in funds for personal use. The agency also brought charges against other executives, Nicholas Murphy and Randolph Bay Abbott.

The U.S. Securities and Exchange Commission (SEC) has become increasingly active in bringing cryptocurrency companies and individuals to justice. Over the last few months, several claims and notices have been filed against prominent names in the industry.

Some notable cases included crypto exchanges Kraken, Genisis, the issuer of Binance USD (BUSD) Paxos, TRON’s founder Justin Sun, and most recently, top crypto exchange Coinbase.

Unstoppable Moves

On Wednesday, Massachusetts Senator Elizabeth Warren reintroduced a proposal called the “Digital Assets Anti-Money Laundering Act” to ban crypto wallets.

  • The proposal debuted in December 2022, focusing on increased consumer protection by prohibiting digital asset mixers and tightening non-custodial wallets.
  • The proposed Digital Assets Anti-Money Laundering Act has sparked a heated debate in the crypto community.
  • While some argue that it is necessary to regulate the crypto industry to prevent illicit activities, others believe the proposed ban on crypto wallets is not the answer.
  • Critics of the bill argue that it is misguided and that banning crypto wallets would be ineffective in preventing money laundering and harm legitimate users who rely on non-custodial wallets for privacy and security reasons.
  • In response to the criticism, Senator Elizabeth Warren defended her proposal, stating that closing the loopholes that allow criminals to use crypto to launder money and finance illegal activities is necessary.
  • She argues that by banning crypto wallets, the government can prevent bad actors from hiding their identities and tracing the flow of funds, making it easier to catch criminals.
  • The proposed bill has also received criticism from industry leaders and organizations, including the Blockchain Association, who argue that it is too broad and could stifle innovation in the crypto industry.
  • They suggest that instead of a ban, the government should focus on implementing effective regulation that balances consumer protection with innovation.

No entity can escape the power of the laws. Proper regulations are required to protect the crypto users. At the same time, regulators are called to embrace the natural law of evolution. The unstoppable effort to crack down on the industry is a double-edged sword; it could kill innovation.

Clearly, the moves in the U.S. are anti-crypto, but they are not global in scope.

The post Crypto Crackdown: SEC Seeks More Funding, New Proposal To Ban Crypto Wallets appeared first on Blockonomi.

Meet the Man Who Seized $5 Billion in Bitcoin

https://www.youtube.com/watch?v=7QUirOv1YR8

Meet the man who seized $5 billion in Bitcoin!
#Bitcoin #cryptonews #money #government #crypto #shorts

——
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Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.

Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here:
https://www.bankless.com/disclosures

Ripple Boss Urges Congress To Address SEC Chairman’s Latest Wild Assertions On Crypto

https://zycrypto.com/ripple-boss-urges-congress-to-address-sec-chairmans-latest-wild-assertions-on-crypto/

The chief executive of Ripple Labs, Brad Garlinghouse, has requested that U.S. lawmakers swiftly address recent comments made by SEC chair Gary Gensler, who indicated that rules for the crypto market already exist — and no new rules need to be written.

Garlinghouse Opposes SEC’s Unfair Crypto Regulation

Securities law has been a major point of contention for the crypto intelligentsia and unintelligentsia since Gary Gensler affirmed that most digital assets — but not the largest and oldest bitcoin — fall under the securities definition.

Gensler testified at the House Appropriations Subcommittee on Financial Services and General Government on March 29, maintaining that existing securities laws are adequate for effectively policing crypto markets. The direct quote was: “The regulations actually already exist. They’re called the securities regulation, and so there are disclosure regulations for when somebody tries to raise money from the public.”

The SEC has continued to pursue what industry pundits consider a “regulation by enforcement” approach when it comes to crypto assets, cracking down on firms and projects that drive what the regulator believes are unregistered securities.

In a Thursday tweet, Ripple CEO Brad Garlinghouse stated that such decisions should be based on legislation, instead of merely on Gensler’s personal stance. Garlinghouse explained that it’s “beyond comprehension” for the SEC boss to assert that he dictates what qualifies as securities instead of relying on legislation from which his commission derives its power.

Garlinghouse further accused Gensler of behaving like an autocrat, suggesting he will never want to provide clarity on cryptocurrencies. The chief of the blockchain firm, currently entangled in a $1.3 billion lawsuit with the SEC, added that “without clear jurisdiction, ambiguity masquerades as power.”

Gensler has claimed that the SEC is stretched thin and needs a whopping $2.4 billion in funding for the top U.S. securities regulator to crack down on “misconduct” in the cryptocurrency industry.

The SEC has already targeted some of the most recognizable crypto brands this year, including Gemini, Genesis, Kraken, and most recently Coinbase and Justin Sun. It is to be noted that the agency escalated its enforcement actions following the abrupt and shocking bankruptcy of crypto exchange FTX last November.

Meanwhile, crypto observers are anxiously waiting for a decision from a federal judge to settle the longstanding legal feud between the SEC and Ripple.

First Mover Americas: Ripple Labs’ XRP Token Marches Forward

https://www.coindesk.com/markets/2023/03/31/first-mover-americas-ripples-xrp-token-marches-forward/

U.S.-based cryptocurrency exchange Kraken said it will continue operating in Canada and complying with tougher rules set out by the country’s financial regulator, the Canadian Securities Administrators. Kraken has filed a pre-registration application with the Ontario Securities Commission as it works toward becoming a registered “restricted dealer” across Canada, the company said in a press release on Thursday. Canada has tightened its rules governing crypto exchanges and set a deadline for crypto companies to commit to a set of enhanced pre-registration requirements, causing some big firms to exit the country’s market – OKX, Deribit and Blockchain.com among them – while others say they will remain. A restricted dealer in Canada is one that doesn’t fit into a category of other kinds of dealers, which are entities that trade securities for their own accounts or the accounts of others.

Gensler Cheers $2.4B Funding Proposal for SEC in Biden Budget

https://blockworks.co/news/gensler-funding-sec-biden-budget

SEC Chair Gary Gensler voiced his support of President Joe Biden’s request to fund his agency to the tune of $2.4 billion, claiming the funding would go a long way to taming the “wild west” of the crypto markets.

“I am pleased to support the President’s [financial year] 2024 request of $2.436 billion for the SEC, to put us on a better track for the future,” Gensler said during a House Financial Services subcommittee hearing.

Rapid technological innovation in the financial markets, particularly crypto, has led to misconduct in emerging areas, he added in his published remarks.

Critics argue the agency, under Gensler, has unfairly targeted the industry, which has led to a series of high-profile enforcement actions through litigation — most recently with crypto exchange Coinbase’s receipt of a Wells notice earlier this month. 

The regulator is alleging Coinbase violated US securities through its spot market, staking service, Coinbase Prime and Coinbase Wallet. Weeks prior, rival exchange Kraken agreed to settle with the SEC for $30 million over similar allegations, without admitting wrongdoing.

The funding, if approved by Congress, would allow the agency to double its headcount, allowing the division handling crypto affairs “to investigate misconduct on a larger scale.”

“Addressing this requires new tools, expertise and resources,” Gensler said. It would also speed up the pace of enforcement investigation through “resolutions.”

The SEC did not immediately respond to a request for comment.

“These additional resources would strengthen the division’s ability to protect American families by addressing risks in the crypto markets, cyber and information security, and the resiliency of critical market infrastructure,” he said.

Crypto is “rife with noncompliance,” Gensler added, seemingly ignoring Coinbase’s accusation it has attempted to engage with the regulator on multiple occasions for a clear path to registration. 

“Investors have put hard-earned assets at risk in a highly speculative asset class,” he said.


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Some FTX clients want SBF’s exchange to come back from the dead despite being ‘scammed’

https://www.theblock.co/post/222461/ftx-sbf-clients-want-reboot-despite-scam

Prosecutors alleged that the FTX collapse was “one of the biggest financial frauds in American history.” 

That hasn’t stopped some customers from hoping the crypto exchange gets back in business. 

Despite FTX’s headline-grabbing implosion, there is a small universe of FTX clients who want to see the exchange back in action. They track the troubled exchange’s financial statements in bankruptcy court, tally up the “reboot” meetings disclosed in lawyers’ hourly bills and document it all online. 

“FTX is not SBF. … The management team that ruined the business is not involved in FTX anymore,” said Sunil Kavuri, an FTX creditor who says he has a seven-figure sum locked on the defunct exchange. Kavuri is suing former CEO Samuel Bankman-Fried and a raft of celebrities who endorsed FTX. “The underlying business, run properly, makes money. So for me, it makes zero economic sense to dismantle a profit-making business. And also it will generate returns in order to pay back users.”

The enthusiasm for reviving the exchange has left some industry experts scratching their heads. 

“Is there any goodwill left? Like, what is the value?” said Aaron Kaplan, the founder and co-CEO of Prometheum, a digital asset infrastructure firm. “Fool me once, shame on you. Fool me twice, shame on me.”

For his part, Bankman-Fried said through a spokesperson that he supports restarting his troubled crypto exchange. He noted FTX Japan resumed customer withdrawals last month. 

“Mr. Bankman-Fried has said since day one that any exchange that is solvent should be reopened so customers can retrieve their funds. The exchange in Japan has already reopened, and Mr. Bankman-Fried believes that the U.S. exchange should open today,” Bankman-Fried spokesperson Mark Botnick said in a text message. Recent financial statements made in court by FTX officials contradict Bankman-Fried’s claim that FTX.US is solvent.

With FTX, ‘everything is on the table’

Bankman-Fried is accused of using FTX customer funds to prop up his crypto trading firm Alameda Research, making illegal political donations, bank fraud, and bribing one or more Chinese government officials. 

The former FTX boss, who had pleaded not guilty to all charges, could spend the rest of his life in jail if he is convicted.

Three members of Bankman-Fried’s inner circle have already pleaded guilty and are expected to testify against him in court. The former FTX CEO awaits an October trial.

Still, the small group of FTX customers rooting for a reboot insist there’s a valuable business underneath all the (alleged) fraud. 

FTX collapsed in a blaze last fall. The crypto behemoth revealed it was short a stunning $8 billion in customer cash, its once-revered CEO left his Bahamian headquarters in handcuffs and 9 million users were locked out of their accounts. The unlikely push to restart the company comes even after court filings reveal details about how the previous management team seem to have run their firms into the ground.

New FTX CEO John Ray III, a veteran corporate restructuring specialist best known for maximizing returns for creditors in Enron’s bankruptcy, has floated rebooting the company. He took the helm of the exchange in November, when the company filed in the U.S. Bankruptcy Court for the District of Delaware.

“Everything is on the table,” Ray told the Wall Street Journal in January. “If there is a path forward on that, then we will not only explore that, we’ll do it.”

Rooting for a reboot at FTX

Ray’s comment sent the price of FTX’s utility token jumping, even though lawyers for the bankrupt exchange have marked FTT as an essentially worthless item on their balance sheets. 

Travis Kling, the chief investment officer at Ikigai Asset Management, recently called a potential restart “one of the most bullish outcomes possible for creditors.” Ikigai held a majority of its assets on FTX.

The company’s caretaker leadership has so far focused on selling off some parts of its business, clawing back funds in bankruptcy court and cooperating with the prosecutors handling with Bankman-Fried’s criminal case. Ray has not given an indication that a reboot will happen any time soon, if it actually goes forward. 

Proponents of an FTX reboot, as far-fetched as the idea may seem, doggedly track FTX’s progress in bankruptcy court filings. The law firm for FTX’s Official Committee of Unsecured Creditors has held several “reboot of exchange” meetings, according to fee statements filed in bankruptcy court. The committee and the law firm, Paul Hastings, did not comment. 

Ray is obligated to try to maximize the value of FTX’s assets, but it’s too early to tell whether restarting FTX would be the most valuable option, said Matthew Gold, a partner at the law firm Kleinberg, Kaplan, Wolff & Cohen. Any restructuring plan would be subject to approval from the bankruptcy court. 

“It’s certainly on their mind, but the answer will vary considerably depending on the underlying business issues at stake,” Gold said. “The legal side of getting a plan through is a process, but if the business realities support it, the plan process can move forward in a relatively straightforward way.”

Other high-profile bankrupt crypto firms have taken this step. Defunct crypto lender Celsius, for example, has proposed giving its largest creditors equity in a new company run by the investment firm NovaWulf. Voyager Digital, another failed crypto lender, proposed selling assets to Binance.US as part of a court-approved restructuring plan, though that faces unusual pushback from the U.S. government.

“If FTX has a fundamentally sound business model, that’s the key, right? A fundamentally sound business model, that it offers something that people want, that customers want, that it can provide because it has the infrastructure in place,” said Joe Moldovan, a partner at the law firm Morrison Cohen. “Because if whatever failings there were with the company can be fixed, then FTX can survive in some capacity.”

‘The oldest scam in crypto’

To FTX skeptics, rebooting the exchange sounds more like a pipe dream than a possibility. The exchange was valued at $32 billion at its peak. 

“In theory, from the perspective of a creditor who thinks their money is completely lost, it may seem to be a good idea to reboot FTX. However, in practice these reboot methods encourage creditors to deposit more money in the hope to be bailed out,” said Joseph Collement, general counsel for Bitcoin.com. “This is the oldest scam in crypto. If you want to withdraw your money, first you have to deposit more.”

If FTX were to restart business — especially in the United States — it is not clear how the exchange could operate in an increasingly strict regulatory environment. Regulators’ aggressive posture would make it more challenging for FTX to operate now than it did up until last fall said Kaplan, the Prometheum co-CEO.

A recent CFTC complaint brought against FTX’s rival Binance highlighted how that offshore exchange courted U.S. users despite not being legally registered to do business in the U.S. The Bahamian portion of FTX, its main arm, would have faced similar scrutiny from regulators had the firm not gone bankrupt first, after a Texas securities regulator was able to open an account on the site.

Since FTX went bankrupt, other major crypto exchanges have faced new scrutiny from regulators. Kraken settled with the Securities and Exchange Commission for $30 million, SEC staff suggested Binance.US is operating an unregulated securities exchange in the United States, and the commission just delivered a Wells notice to Coinbase, typically a harbinger of a coming enforcement action.

“The overwhelming probability is that they are not compliant and don’t operate in a manner that would allow them to be compliant with the federal securities laws,” Kaplan said of FTX. “I don’t know if the average retail trader, who to my understanding was the group of investors that was most significantly harmed in this debacle, would want to participate on that platform anymore."

Carlos Domingo, the founder and CEO of the digital asset security compliance platform Securitize, said the alleged fraud that occurred at FTX should keep the company out of the industry, regardless of its new leadership.

“The level of fraud associated with the FTX brand is beyond the pale. Companies and actors that give digital assets such a bad name should die and not be revived to become Frankensteins lingering around the ecosystem.  Investors are much better off focusing on companies that have a track record of good behavior, a willingness to register and strong regulatory compliance,” Domingo said. 

But you’re saying there’s a chance …

Proponents of the reboot acknowledge they were hoodwinked by Bankman-Fried and others who ran FTX until last year. Still, they say the company should outlast its disgraced founders. 

“Absolutely do I feel scammed, but that scam really was played on me by former management,” the operator of the “@AFTXcreditor” Twitter account, who tracks reboot efforts, said in a telephone interview. “FTX was a highly profitable exchange, which was robbed by a highly unprofitable hedge fund. And in that scenario, it makes complete sense to me to refinance this profitable business to resume activity and to generate profits and equity value which could be repurposed for making creditors more whole than they currently are.” 

Companies with tarnished reputations can survive, noted Moldovan, even if that means reopening under a new name or splitting up assets. Any possible reboot will come down to whether FTX can exit the bankruptcy process with a viable business. 

“Chapter 11 is a process which is within the absolute American personality,” Moldovan said. “Which is a country that lives on second chances."

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

BUSD deposits and withdrawals via OCBS suspended on Binance.US

https://cointelegraph.com/news/busd-deposits-and-withdrawals-via-ocbs-suspended-on-binance-us

Amid the ongoing uncertainty around the global banking turmoil, Binance’s United States-based arm Binance.US is halting some services.

According to Binance.US status dashboard, the U.S. crypto exchange on March 31 disabled Binance USD (BUSD) stablecoin pairs via One Common Billing System, referred to as OCBS.

The affected services include BUSD crypto deposits and withdrawals, or buying, selling and converting crypto options, the status notice says.

Binance.US said that the firm is currently investigating the issue, noting that the services are “suspended temporarily.”

Source: Binance.US status dashboard

The OCBS and BUSD issues on Binance.US came shortly after the firm halted certain U.S. dollar deposit services on March 30. According to the dashboard, Binance.US temporarily suspended Apple Pay and Google Pay deposits due to the company “transitioning to new banking and payment service providers over the next several weeks.”

For up to 5% of Binance.US customers, the platform has also halted debit card deposits starting from March 30, 2023. “We are working to restore all services as soon as possible,” Binance.US stated.

Related: Kraken to suspend Plaid withdrawals and deposits via ACH Silvergate

The news comes amid Binance.US’ global affiliate, Binance, facing legal action from the U.S. Commodity Futures Trading Commission (CFTC). On March 27, the CFTC filed a suit against Binance and CEO Changpeng “CZ” Zhao for alleged trading violations, arguing that the exchange failed to meet compliance obligations by not registering with the regulator.

Launched in September 2019 and headquartered in California, Binance.US operates as a separate entity from Binance, which is not available to U.S. users due to local regulations.

Catherine Coley, the first CEO of Binance.US, reportedly enlisted a former federal prosecutor and top cop at the CFTC to represent her in the U.S. government’s investigations into Binance.US. After leaving Binance.US in June 2021, Coley has remained silent about her whereabouts in media and hasn’t posted anything on her Twitter.

Magazine: Unstablecoins: Depegging, bank runs and other risks loom

Here’s Why Axie Infinity, Decentraland and Big Eyes Coin Are Ideal Crypto Investment Options In Quarter One

https://en.cryptonomist.ch/2023/03/31/big-eyes-coin-rise-meme-coin/

SPONSORED POST*

We are only in the second month of the first quarter of the year, but members of the cryptocurrency industry would be buzzing with excitement at how the year has been so far. The crypto market is currently experiencing a huge pump that has seen many poor-performing cryptos from last year go on an upward trajectory. From all indications, this bullish activity within the crypto market could last for a while and is the perfect opportunity for crypto investors to generate profits very early into the new year. Regardless of how perfect the year has been so far, it is important to note that the bear market has not ended yet, so a degree of caution is advised when navigating the crypto market.

big eyes coin

Late last year, many crypto analysts predicted a brief bull run at the start of the new year. They have since been proved right by the movements within the crypto market as more and more cryptocurrencies revert to their normal states. This recent turn of events means that crypto investing makes a lot more sense in the current climate and could be the perfect way to kickstart the year. Here are three highly promising altcoins that could be ideal crypto investment options in quarter one – Axie Infinity (AXS), Decentraland (MANA) and Big Eyes Coin (BIG).

 

Axie Infinity (AXS): Exploring the Exciting World of Blockchain-Based Crypto Gaming

Axie Infinity (AXS) is a popular crypto gaming platform within the cryptocurrency industry. In essence, it is a blockchain-based monster battling, trading and gaming crypto platform that is ideal for gaming enthusiasts, businesses and content creators seeking a new artistic medium. Like most crypto games and gaming platforms, Axie Infinity (AXS) infuses blockchain technology into its ecosystem. By doing so, it manages to provide an immersive and exciting experience. The Axie Infinity (AXS) platform is largely inspired by two popular Japanese games, Pokemon and Tamagotchi.

Axie Infinity’s native cryptocurrency, AXS, plays a major role in its ecosystem by providing utility and facilitating several crypto operations, including network governance, user interaction, payment fees and rewards. The AXS token is listed on top crypto platforms within the industry, such as Binance, Huobi Global, Coinbase, FTX, Bithumb, KuCoin, Gate.io and Kraken.

bigeyes coin

Decentraland (MANA): Exploring the Future of Blockchain-Based Virtual Reality and Gaming

Decentraland (MANA) is a popular blockchain-based virtual reality and gaming platform within the cryptocurrency industry. It runs on the Ethereum (ETH) blockchain network and is an ideal environment where users can create, experience, and monetize content and applications. The Decentraland (MANA) platform caters to all audiences but is perfect for content creators, businesses and individuals seeking a new artistic medium, business opportunity, or source of entertainment.

Its native cryptocurrency, MANA, is integral to its ecosystem. The token provides utility and facilitates several crypto operations, such as network governance, payment fees and rewards. The MANA token is listed on top crypto platforms within the industry, such as Binance and Coinbase.

big eyes coin

Big Eyes Coin (BIG): The Rise of an Emerging Meme Coin

Big Eyes Coin (BIG) is an upcoming meme coin within the cryptocurrency industry that is attracting a lot of interest, particularly from potential investors. The token has raised over $32 million in presale so far and is one of the most attractive meme coins within the industry. Native to the Big Eyes crypto project, Big Eyes Coin (BIG) plays a huge role in the project’s ecosystem, providing utility and facilitating several crypto operations, such as network governance and user interaction.

Big Eyes Coin (BIG) is currently on presale and is available for purchase via the presale link on its official website. For more information on the token, click here.

Big Eyes Coin (BIG)

Presale: https://buy.bigeyes.space/

Website: https://bigeyes.space/

Telegram: https://t.me/BIGEYESOFFICIAL

big eyes coin

*This article was paid for. Cryptonomist did not write the article or test the platform.

Binance and CZ Sued by CFTC Over Regulatory Violations

https://www.youtube.com/watch?v=82V2AzayQP0

Bankless Weekly Rollup
Last Week of March 2023

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📣 Infura | New SDK for NFT APIs For Devs
https://bankless.cc/Infura

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https://www.bankless.com/dashboard

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⚖️ ARBITRUM | SCALING ETHEREUM
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🐙KRAKEN | MOST-TRUSTED CRYPTO EXCHANGE
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🦄UNISWAP | ON-CHAIN MARKETPLACE
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🚁 EARNIFI | CLAIM YOUR UNCLAIMED AIRDROPS
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Topics Covered

0:00 Intro

3:56 Markets
5:49 2/3 of QT reversed


17:41 Staking tokens up – April 12 is the date
https://decrypt.co/124812/ethereum-staking-tokens-shanghai-upgrade-gets-date
19:14 Arbitrum
https://l2beat.com/scaling/projects/arbitrum


21:00 How much ETH is lost forever?

26:50 Binance gets busted
https://www.cftc.gov/PressRoom/PressReleases/8680-23


https://www.binance.com/en/blog/from-cz/czs-response-to-the-cftc-complaint-2408916493005890282

35:18 War on Crypto continues
https://www.whitehouse.gov/wp-content/uploads/2023/03/ERP-2023.pdf

43:20 Crypto has its defenders even outside of crypto!


https://www.bankless.com/congressman-tom-emmer-tackles-the-war-on-crypto
https://decrypt.co/124872/sec-gensler-insists-clear-rules-crypto-already-exist

57:38 ETH
57:45 Polygon ZkEVM launched


59:48 Consensys launched their zk-rollup Linea


1:00:18 L2Beat introduced Risk Rosette

1:02:39 Euler
https://etherscan.io/tx/0xf69c53b82273764989cdecf75b6daabb0c0bd30b4e659bca080948126c1f992c
https://etherscan.io/tx/0xf69c53b82273764989cdecf75b6daabb0c0bd30b4e659bca080948126c1f992c

1:05:39 MakerDAO

1:07:18 NFTs
Ticketmaster debuts NFT-gated ticket sales

Ticketmaster Launches Token-Gated Sales, Enabling Artists to Reward Fans with Prioritized Ticket Access and Concert Experiences Through NFTs

1:09:56 Microstrategy
https://www.coindesk.com/business/2023/03/27/microstrategy-pays-off-silvergate-loan-buys-more-bitcoin/

1:11:07 Nasdaq to launch crypto custody service in Q2

1:11:40 Avalanche C chain out of order for +50 minutes


1:12:27 U.S. charged SBF from bribing China
https://www.reuters.com/legal/ftxs-bankman-fried-charged-with-bribery-conspiracy-new-indictment-2023-03-28/
1:13:05 Pause on training AI

Pause Giant AI Experiments: An Open Letter

1:16:44 Dune Integrates Chat GPT4!


1:18:48 MetaMask is integrating SiwE natively!


1:21:00 Kraken partnership with Williams Racing


1:22:33 Conduit

1:23:33 Jobs
https://bankless.pallet.com/jobs/f39528ec-e381-4c1f-a9ad-907e69ac27bf

1:27:06 Questions from the Nation
Bigwiggle501
Goggart
RocketPoolster

1:34:18 Takes

1:43:55 What David’s Bullish On
1:46:00 What Ryan’s Bullish On

1:48:25 MEME of the Week

1:49:44 Risks & Disclaimers

—-
Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.

Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here:
https://www.bankless.com/disclosures

BabyDoge Price Surges, Will It Get Listed on Top Crypto Exchanges?

https://thenewscrypto.com/babydoge-price-surges-will-it-get-listed-on-top-crypto-exchanges/

  • BabyDoge price soared about 36% in the last 24 hours. 
  • The memecoin trading volume rose by over 531%.

Baby Doge Coin has buzzed “Crypto Twitter” with more than 113K tweets with the hashtag #BabyDogeArmy in the last 24 hours in response to the news of the top 10 crypto exchange list. Also, BabyDoge is enjoying its part in the current bull market, as evidenced by a more than 36.5% price surge in a single day.  

Due to Baby Doge’s recent activities, the memecoin has continued to be the talk of the town. The Elon Musk-inspired token also attracted the cryptocurrency community. And the meme token’s 24-hour trading volume underwent a significant surge. At the time of writing, Baby Doge Coin traded at $0.000000002886 with a 24-hour trading volume of $34 million, which climbed more than 531%. 

Baby Doge Coin (BABYDOGECOIN) Price Chart (Source: CoinGecko)

BabyDoge’s price jumped around 32% in a week, and it holds a market cap of $330 million, which rose about 34.5% in a day. Further, BABYDOGECOIN witnessed a massive burn, during which over 3 trillion tokens were burned, on March 28. 

Top Crypto Exchanges to List BabyDoge

According to the official Twitter account of Baby Doge Coin, it will get listed on the top 10 crypto exchanges today. The top 10 exchanges are Binance, Coinbase, Kraken, Kucoin, Bitfinex, Bybit, Bitstamp, OKX, Gate.io, and Binance US, as per CoinMarketCap data. 

Further, Baby Doge Coin holds a new multi-chain proposal. And the community vote is being held by the BNB Chain. The MemeFi projects to determine which blockchain BabyDoge should first expand to.

However, the BabyDoge community and its army expect the Binance list, the largest cryptocurrency exchange in the world by daily trading volume. If the crypto coin is added to the Binance trading list, it may have a chance to endorse notable price gains. All these events seem to indicate that the community is working hard to keep the platform trendy.

Recommended for you 

Crypto Exchange Kraken Takes a Stand as It Promises to Meet Canada’s Stricter Regulations

https://bitcoinwarrior.net/2023/03/crypto-exchange-kraken-takes-a-stand-as-it-promises-to-meet-canadas-stricter-regulations/

kraken exchnage SEc

The post Crypto Exchange Kraken Takes a Stand as It Promises to Meet Canada’s Stricter Regulations appeared first on Coinpedia Fintech News

As the cryptocurrency market continues to grow in popularity, regulators around the world are beginning to take notice. Many countries have implemented stricter regulations for crypto firms in order to protect consumers and prevent money laundering and other illegal activities. In response, several crypto firms have pledged to follow these tough regulations in order to stay in the market. Kraken, a top cryptocurrency exchange, has recently promised the Canadian crypto community to abide by the country’s crypto regulations to cater to its residents.

Kraken Files a Pre-Registration

Kraken, a cryptocurrency exchange based in the United States, has decided to stay operational in Canada and will adhere to the stricter regulations mandated by the country’s financial regulator, the Canadian Securities Administrators (CSA).

Kraken has revealed that it submitted a pre-registration undertaking to the Ontario Securities Commission in its efforts to become a registered Restricted Dealer throughout Canada, thereby displaying its dedication to adhering to the Canadian Securities Administrators’ updated investor protection directives.

David Ripley, Kraken’s chief operating officer, said:

“Canada as a geography is critical to our mission to empower people with new ways to connect and transact.”

In response to Canada’s tighter regulations on crypto exchanges, a deadline has been set for committing to a series of enhanced pre-registration undertakings (PRUs), leading to the departure of some major players such as OKX, Deribit, and Blockchain.com from the market. However, other firms have decided to remain despite the new regulations.

Kraken Promises to Follow Regulations

Following accusations from the Securities and Exchange Commission (SEC) of selling unregistered securities, cryptocurrency exchange Kraken has reached a settlement and agreed to cease staking activities in February involving retail investors. Kraken has also paid a $30 million fine as part of the agreement.

Kraken’s decision and the SEC’s ruling have sparked dissatisfaction among the cryptocurrency community and received criticism from both investors and politicians. Kraken’s Chief Legal Officer also communicated the exchange’s intentions to implement its ban.

Kraken has been serving Canadian customers for more than a decade and currently has a workforce of more than 250 individuals located in Canada. The exchange has been authorized as a money services business in Canada by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) since 2019.

Mark Greenberg, Kraken’s managing director for Canada, stated,

“We want both existing and prospective clients to know Kraken remains committed to Canada. As we forge this new regulatory path, we’ll continue engaging with our local regulators to enhance understanding of crypto’s economic benefits and transformative potential.”

On February 22, Canada introduced a fresh regulatory framework that mandates the segregation of assets held in custody and enforces stricter regulations on re-hypothecation, margin trading, and specific transactions involving proprietary tokens or stablecoins.

In conclusion, Kraken’s commitment to meeting Canada’s tougher regulations for crypto exchanges is a significant step towards improving the credibility and legitimacy of the crypto industry. It is a positive development that will help to protect investors and maintain market stability. With the increasing popularity of cryptocurrencies, it is crucial that industry players work together with regulators to create a safe and secure crypto ecosystem.

Ethereum Futures Monthly Trading Volume Reaches Highest Level Since May Last Year as Bitcoin Tangles at Recent Highs

https://ourbitcoinnews.com/ethereum-futures-monthly-trading-volume-reaches-highest-level-since-may-last-year-as-bitcoin-tangles-at-recent-highs/

Macroeconomics and financial markets

In the US NY stock market on the 30th, the Dow closed at $141 (0.43%) higher than the previous day and the Nasdaq at $87 (0.73%) higher.

The swift response by European and US financial authorities has eased the financial turmoil surrounding the bank failures that had rocked markets and improved investor sentiment.

connection:U.S. stocks continue to rise, U.S. quarterly GDP finalized downward | 31st Financial Tankan

connection:Stock investment recommended for cryptocurrency investors, representative cryptocurrency stocks of Japan and the United States “10 selections”

Virtual currency market

In the crypto asset (virtual currency) market, Bitcoin fell 2.72% from the previous day to $28,180.

BTC/USD Weekly

Since the beginning of the year, it has been trending in the latest high range while increasing its upper price, and the 200MA (moving average line), which had been on a downward slope since February last year, has begun to reverse.

According to Glassnode analysis, net inflows to exchanges (14-day average) were +4,180 BTC, the highest level since May 2022 when the Terra (LUNA) shock occurred.

Glassnode

At 17:00 today, major derivatives exchange Deribit will cut off options at the end of the fiscal year, followed by CME (Chicago Mercantile Exchange) futures SQ. With 141,000 BTC (approximately $4 billion) worth of options expiring on Deribit, it is pointed out that volatility (price volatility) may increase.

connection:Professional analysis of Bitcoin derivatives market before major SQ | Contribution: Virtual NISHI

altcoin market

Data from The Block shows Ethereum (ETH) futures monthly trading volume rose in March. It reached its highest level since May 2022.

The block

On the Chicago Mercantile Exchange (CME), Ethereum (ETH) options open interest also increased, reaching a record high. It seems to have anticipated the Shanghai (Shapella) upgrade scheduled around April 12 (epoch number 194,048).

The implementation of the ETH withdrawal (unlocking) function from the Ethereum 2.0 staking contract is attracting attention, and a certain amount of selling pressure is expected.

According to the official website, there are currently 558,606 validators and a stake of 17.84 million ETH. Staking means activating the validator software by depositing 32 ETH. A mechanism that allows income gain rewards to be obtained in exchange for maintaining the robustness of the network.

Waiting times and withdrawal limits are set to prevent network instability, and cumulative rewards are expected to be reinvested after unstaking, so the view is that the impact on the market will be limited. There is also Also, the assets associated with decentralized liquid staking platforms like Lido, which account for about 30% of total deposits, are already liquid.

Coinbase estimates that daily Ethereum trading volume far exceeds the estimated unstake volume.

connection:What is the ETH “Shanghai” upgrade?Summary of each company’s view on staking cancellation and ETH selling pressure

On the other hand, crypto asset exchange Kraken, which was recently sued by the U.S. SEC (Securities and Exchange Commission), was forced to suspend its staking service, and if Coinbase follows suit, selling pressure will increase accordingly. is also assumed.

Click here for a list of market reports published in the past

The post Ethereum Futures Monthly Trading Volume Reaches Highest Level Since May Last Year as Bitcoin Tangles at Recent Highs appeared first on Our Bitcoin News.

XLM Price (Stellar) Rallies $0.11 and Primed For More Upsides

https://www.newsbtc.com/analysis/xlm/xlm-price-stellar-rallies-10-pc/

Stellar (XLM) started a strong increase above the $0.100 resistance against the US Dollar. XLM price is trading nicely above $0.110 and it could continue to rise towards $0.120 or $0.1250.

  • There was a steady increase in Stellar’s token price above $0.100 against the US dollar.
  • It is now trading above $0.1080 resistance and settle above the 100 simple moving average (4-hours).
  • There is a major bullish trend line forming with support near $0.098 on the 4-hours chart of the XLM/USD pair (data source from Kraken).
  • The pair is likely to continue higher towards $0.1200 and $0.1250 as long as it is above $0.0980.

Stellar (XLM) is Gaining Bullish Momentum

After forming a strong support base above $0.0750, stellar (XLM) saw a strong increase above $0.080 against the US Dollar, similar to Bitcoin and Ethereum.

The price gained over 20% in a few days and was able to clear the $0.10 resistance zone. It even cleared the $0.110 level. A high is formed near $0.1108 and the price is now consolidating gains. XLM price is now trading above $0.1080 resistance and settle above the 100 simple moving average (4-hours).

It is positioned above the 23.6% Fib retracement level of the recent increase from the $0.0998 low to $0.1108 high. There is also a major bullish trend line forming with support near $0.098 on the 4-hours chart of the XLM/USD pair.

Source: XLMUSD on TradingView.com

On the upside, an immediate resistance is near the $0.1108 level. The next major resistance is near the $0.1150 level, above which the price could test $0.1200. A close above the $0.1200 level might start a steady increase towards the $0.1250 and $0.1265 levels. The next major stop could be $0.1300 or even $0.1320.

Dips Supported in XLM?

If XLM price struggles to continue higher, it could start a downside correction. An immediate support on the downside is near the $0.105 level or the 50% Fib retracement level of the recent increase from the $0.0998 low to $0.1108 high.

The next major support is near the $0.100 level or the trend line. A clear break below the $0.0980 support zone could spark a fresh decline. The next major support on the downside is near the $0.0900 level.

Technical Indicators

4-hours MACD – The MACD for XLM/USD is gaining pace in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI for XLM/USD is currently well above the 50 level.

Major Support Levels – $0.1050, $0.1000 and $0.0980.

Major Resistance Levels – $0.1108, $0.1200 and $0.1250.