Bitcoin’s recent surge from $60,000 to $68,000 has sparked optimism, but the cryptocurrency still faces obstacles in reaching its all-time high. ETF Outflows Weigh on Bitcoin Spot Bitcoin ETFs, which once fueled Bitcoin’s rise, are now experiencing outflows. Investors are withdrawing from the Grayscale Spot Bitcoin ETF due to high fees, mirroring a similar trend…
Key Reasons: 1. FOMC Meeting: Optimism from Powell’s Remarks Federal Reserve Chair Jerome Powell’s dovish tone in the FOMC meeting reassured investors. Powell indicated potential interest rate cuts in 2024, despite high inflation. 2. Coinbase Premium Turns Green: Demand for Spot ETFs The Coinbase Premium, which reflects demand for spot Bitcoin ETFs, shifted to positive…
Extradition Ordered Do Kwon, the founder of TerraForm Labs, is being extradited to South Korea to answer charges related to the 2022 Terra ecosystem collapse. Montenegro’s appeals court has rejected his request to be extradited to the United States. Montenegro’s Decision The decision was based on the fact that South Korea submitted its extradition request…
Binance Pay Partnership Shiba Inu has partnered with Binance Pay, Binance’s payment service. This has led to a 30% increase in SHIB transactions on Binance Pay year-over-year. SHIB is also among the top 6 most popular currencies for Binance Pay transactions. Marswap Aggregator Marswap, Shibarium’s aggregator, has launched and promises to reduce trading costs on…
The XRP Ledger (XRPL) and Ripple are facing a crossroads, with concerns emerging that Ripple itself may be the biggest threat to the XRPL’s independence. Onledger’s Accusations Onledger, a prominent XRPL community member, has claimed that Ripple is the “greatest threat” to the XRPL. They allege that Ripple is planning to use an Ethereum Virtual…
Ethereum’s Regulatory Landscape Ethereum, the second-largest cryptocurrency, is facing regulatory scrutiny from the US Securities and Exchange Commission (SEC). The SEC’s investigation focuses on classifying Ether (ETH), Ethereum’s native token, as a security. This classification could have significant implications for the cryptocurrency market. Recent Developments Major financial institutions like BlackRock and Fidelity have applied for…
Coinbase Lists Arkham (ARKM) Coinbase, the leading US cryptocurrency exchange, has added the altcoin project Arkham (ARKM) to its listing roadmap. ARKM is an “intel-to-earn” platform where users can buy exclusive access to specific information. De-Anonymizing Controversy ARKM has sparked controversy due to its de-anonymizing nature. Critics have accused it of promoting “snitch-to-earn” or “dox-to-earn”…
Sam Bankman-Fried’s legal team has slammed the prosecution’s sentencing recommendations as “disturbing.” Draconian Punishment In a letter to Judge Lewis A. Kaplan, Bankman-Fried’s attorneys argue that the proposed 40-50-year sentence is “draconian” and portrays their client as a “supervillain.” Distorted Reality The lawyers accuse the government of distorting the facts to support its “loss” narrative…
SEC Sanctioned for Inaccurate Statement A federal judge in Utah has penalized the U.S. Securities and Exchange Commission (SEC) for making a false statement in a crypto fraud case. Allegations of Fraud In July 2022, the SEC accused Digital Licensing Inc. (DEBT Box) of selling fake “node licenses” to investors, promising they would generate crypto…
Despite Bitcoin’s recent dip, CryptoQuant CEO Ki Young Ju believes the bull market is far from over. Correction Underway Ju says Bitcoin is currently undergoing a short-term correction after reaching an all-time high of nearly $74,000 in March. He warns that the correction could continue down to $51,000, based on historical trends. Bull Market Not…
