XRP, the seventh-largest cryptocurrency, has seen its price steadily decline against Bitcoin, the largest cryptocurrency by market cap despite Ripple’s partial victory over the Securities and Exchange Commission. This has caused major concerns across the XRP community.

For the past eight months, XRP has consecutively been in the red against BTC and it looks like this month’s closure will be no different. According to recent data, since Ripple secured a victory over the SEC about nine months ago in July 2023, the token has dropped by 72% against the flagship cryptocurrency.

XRP reached its all-time high back in May 2017 when the price skyrocketed to 0.00025 BTC. However, since that time, XRP has wasted almost all its gain as the price of the coin has dropped significantly by 97% from that peak. Recall that last year, Judge Analisa Torres of the U.S. District Court in San Francisco largely sided with the blockchain firm, stating that the secondary sales of the extremely controversial native cryptocurrency XRP, do not qualify as a securities offering. Although there was a significant increase in the price of XRP following the verdict, it was not sustained.

Ripple Counters SECs $2 Billion Fine

Meanwhile, the California-based blockchain firm, Ripple, previously filed an opposition to the Securities and Exchange Commission’s motion for remedies, stating that the company should not pay more than $10 million, which is a far cry from the $2 billion the SEC asked for. Ripple further claimed that it was interacting with US regulators regularly, and it did not demonstrate a careless disregard for the securities rules.

As we continue to wait for upcoming developments in the Ripple vs SEC case, all eyes are glued to the price movement of the XRP token to see how it will react. According to data from CoinMarektCap, the price of  XRP today is trading at $0.5193, representing a 0.01% increase over the last day. In hindsight, XRP has dropped by 0.96% in the last seven days and 17.31% over the last month. What is more, the activities surrounding the token, as portrayed in its 24-hour volume, have also declined by more than 36% in the last 24 hours.

So far, the token’s partial victory (regulatory clarity) over the regulatory watchdogs hasn’t resulted in any appreciable or major price increases thus far. Time will tell what will happen next.

The post XRP Keeps Falling Against Bitcoin Despite Regulatory Clarity appeared first on Coinfomania.

Cardano, one of the largest cryptocurrencies by market cap, has experienced a drop in wallet activity amid the ongoing global market recovery. The recent update has sparked speculation across the crypto community, with members wondering about the apparent cause and its effect on the token’s price.

The global crypto market looks like it will begin the new week in an upward trend. According to data from CoinMarketCap, the general crypto market capitalization has grown by a noticeable 1.33% over the last day to 2.38 trillion. As such, the majority of the tokens in the market are trading in the green zone as depicted by the crypto heat map. Additionally, the sentiment surrounding the crypto market looks positive as shown in the crypto fear and greed index. However, all doesn’t seem to be going well with Cardano (ADA).

Cardano Active Wallets Drops

Santiment, a cryptocurrency tracking intelligence tool, recently released fresh data showing active wallet activities across several cryptocurrencies like Bitcoin (BTC), Dogecoin (DOGE), and Cardano (ADA). According to the data, the total amount of active Cardano (ADA) wallets has dropped by 0.13% over the last three months stressing that ADA is one of the few networks to see an active drop in wallet activities.

Conversely, Bitcoin, the largest cryptocurrency by market cap, has seen a significant increase in active wallets within the last 90 days. Per the provided data, the number of non-empty BTC wallets has grown by 2.6% within the time. Also, the largest memecoin by market cap, Dogecoin (DOGE) was mentioned. Santiment data revealed that the non-empty Dogecoin wallets have skyrocketed by 13.8% in the last three months.

Source: X/ Santiment Cardano Sees Significant Dip Over the Last Month

Meanwhile, the Cardano active wallet activities are not the only thing to take a hit. Over the last 30 days, the price of the token has dropped significantly, creating worry among investors. According to data from CoinMarketCap, the Cardano (ADA) price has dropped by over 28% within the recorded time. Looking at the weekly chart, ADA has also declined by 5.40% of its value within the last seven days. At the time of writing, the coin is changing hands at $0.46, representing a 1.59% increase in the last 24 hours.

The declining numbers could indicate an undervaluation opportunity or serve as a caution signifying a decline in interest in Cardano. But it is crucial to take the whole picture into account. Uncertainty presently surrounds the entire cryptocurrency market, and variations in user behavior are not unusual. As projects adapt to shifting market conditions, periods of decline and consolidation sometimes precede periods of renewed development and bull market.

With the recent Cardano network upgrade that helped boost the capacity of the network, all eyes are glued to the price reaction of the token, hoping that it will bounce back to reach certain highs in the coming months.

The post Cardano Faces Decline in Wallet Activity Amid Market Recovery appeared first on Coinfomania.

Robinhood Wallet, a leader in multi-blockchain trading, now supports cross-chain swaps on the Polygon (MATIC) network, boosting its capabilities amidst a challenging market. 

As of April 27, 2024, the integration with 0x Project and LI.FI protocols have enabled this function, unlocking potential for the platform’s 23 million users. Despite a weak performance in early Q2, Polygon (MATIC) has seen key advancements, including a rise in on-chain activities and broader integration within the crypto ecosystem.

Robinhood Wallet has enabled crosschain swaps on Polygon PoS for tokens supported by @0xProject and @lifiprotocol.

enabling onchain access to over 23 million users on @RobinhoodApp pic.twitter.com/JbUGxUdiVT

— Polygon | Aggregated (@0xPolygon) April 26, 2024

This new feature on Robinhood Wallet allows users to seamlessly exchange any supported tokens across different blockchains, enhancing the utility and accessibility of the MATIC blockchain.

Polygon Dominates NFT Transactions, Exceeds in Stablecoin Growth

The announcement marks another milestone for Polygon in the second quarter of 2024. Over the past month, Polygon has emerged as the leading Ethereum Virtual Machine-compatible blockchain for NFT transactions and has seen huge growth in stablecoin usage. According to recent reports, Polygon now boasts 1.9 million on-chain stablecoin users, surpassing its competitors Ethereum and Arbitrum, which each have 1.4 million users.

.@0xPolygon is the leading EVM chain by number of NFT transactions.

Transactions counted here are those that involve NFT transfers only, where they counted the number of distinct hashes in the ERC721 and ERC1155 tables.

This highlights that @0xPolygon's NFT ecosystem is the… pic.twitter.com/4Jvkd15hJv

— Polygon Stats (@polygonstats) April 25, 2024

Polygon’s growing relevance is also highlighted by its increasing popularity among stablecoin users and NFT transactions, positioning it as a primary blockchain choice in the current digital asset landscape. This trend is further supported by Robinhood Wallet’s focus on expanding crypto trading, evidenced by its inclusion of all spot Bitcoin ETFs and extending services to European markets as of December 2023.

MATIC Price Action

Over the past 30 days, Polygon’s MATIC token has been experiencing a bearish trend, with its prices consistently declining to lower levels. This downward movement has been reflected in the weekly charts as well. Despite this, a noticeable shift in momentum occurred following Robinhood’s recent announcement that it now supports cross-chain swaps on the Polygon (MATIC) network—an update that could enhance the token’s capabilities.

MATIC/USD 24-Hour Chart (Source: CoinStats)

As of press time, the MATIC token is trading at $0.7141, marking a modest increase of 1.03% over the last 24 hours. This recent uptick accompanies an increase in its intraday trading volume by 1.45%, reaching $7,141,569,554. However, despite this rise in trading volume, there has been a 10.95% decrease in the last day’s trading volume, totaling $231,955,086. This suggests a recent dip in trading activity among investors and traders in the MATIC network. Presently, MATIC stands as the 18th largest cryptocurrency in terms of market cap.

Bullish Break or Bearish Pullback?

On a technical note, the MATIC/USD pair on the 1-day chart is testing the 38.20% Fibonacci retracement level, a crucial point for the pair’s near-term trajectory. If this level is surpassed, MATIC could approach and possibly breach the 50% Fibonacci level. This level is currently acting as minor resistance. Breaking through this resistance could trigger a bullish trend for the MATIC token, aiming for higher resistance levels.

MATIC/USD 1-Day Chart (Source: Tradingview)

Conversely, if the MATIC token fails to surpass the 38.2% Fibonacci level and instead drops below this threshold, it could test the lower trendline. A breach below this trendline might push the token towards the 23.6% Fibonacci level, which is acting as a lower support. A further decline through this support could lead to a pull towards more critical support levels, setting the stage for potential targets set by bearish traders.

The post MATIC Price Soars As Robinhood Integrates Cross-Chain Swaps on Polygon appeared first on Coinfomania.

The Depository Trust and Clearing Corporation (DTCC) has issued an update regarding its policies on collateral values. 

As of April 30, per the announcement, the DTCC will not consider exchange-traded funds (ETFs) that have exposure to Bitcoin or other cryptocurrencies as valid collateral. This adjustment will be part of its annual review and update of its line-of-credit facility.

This decision implies that financial entities utilizing DTCC’s clearing and settlement services will not be able to use cryptocurrency-linked ETFs as collateral when seeking credit or engaging in similar financing activities through DTCC’s system. The change is expected to affect how these ETFs are treated in terms of financial stability and credit assessment.

Market Reaction and Brokerage Activities

Despite the DTCC’s new regulations, the broader market and brokerage activities may see a small impact. According to statements from cryptocurrency enthusiast K.O. Kryptowaluty, the use of cryptocurrency ETFs as collateral or for lending purposes may continue at the discretion of individual brokerage firms, depending on their risk management strategies and tolerance.

The DTC system, or Depository Trust Company, is a key component of the financial infrastructure of the United States, acting as the central securities depository. DTC is part of a larger organization called the Depository Trust & Clearing Corporation (DTCC)

what you write…

— K.O Kryptowaluty (@KO_Kryptowaluty) April 27, 2024

Notably, the DTCC’s decision does not universally restrict the use of cryptocurrency ETFs in all financial transactions, but specifically within the context of its credit facilities. Brokerages and other financial institutions may still choose to accept such ETFs as collateral, adhering to their internal guidelines and risk evaluations.

The cryptocurrency market continues to attract institutional investors, particularly with the introduction of spot Bitcoin ETFs in the United States. Since their inception on January 11, 2024, these ETFs have garnered attention, amassing over $12.5 billion in assets under management within the first three months.

This burgeoning interest was evidenced by the substantial investment from financial institutions, accounting for approximately 75% of all new Bitcoin investments in February 2024. The approval and subsequent success of these ETFs suggest a growing acceptance and validation of cryptocurrencies within traditional financial markets.

Recent Trends in Cryptocurrency Fund Flows

Despite the initial surge in investments, recent data indicates a slowdown in net inflows to cryptocurrency ETFs. According to Farside Investors, notable outflows were observed in April, with the U.S.-based spot Bitcoin ETFs experiencing a combined net outflow of $338 million over two consecutive days. Grayscale’s GBTC ETF was particularly affected, reporting a single-day outflow of $82.4197 million.

This trend of net outflows could reflect a variety of market factors, including volatility in cryptocurrency prices, shifts in investor sentiment, or broader economic conditions. It remains to be seen how this trend will evolve and what implications it may have for the overall market stability of cryptocurrency-linked investment products.

The post DTCC Denies Collateral Status to Bitcoin-Linked ETFs in New Policy appeared first on Coinfomania.

Recent market fluctuations have seen meme coins on the Solana network rise unexpectedly, becoming standout performers amidst broader instability. Bonk (BONK) has seen a remarkable 130% increase over a 12-day period, closely followed by PEPE with a 109.8% gain.

This trend signals a shift in investor sentiment, with a growing preference for riskier assets as enthusiasm for Bitcoin diminishes. Among its peers, Bonk’s significant outperformance compared to other meme coins such as Dogwifhat (WIF) and Shiba Inu (SHIB) suggests increasing investor confidence in these more speculative digital assets.

BONK Can Hit Another All-Time High If Bitcoin And Ethereum Recovers Bullish Trend

In the midst of a general downturn in the crypto market, BONK, a meme coin based on the Solana blockchain, is bucking the trend with significant gains. Despite a global market cap decline to $2.37 trillion and a trading volume of $79.35 billion, the meme coin sector is showing signs of vitality, boasting a collective market cap of approximately $52.76 billion. Alongside KiboShib and SuperTrump, BONK ranks as one of the top performers in this niche.

Source: TradingView

After enduring a month-long price slump, BONK has recently rebounded, marking a substantial recovery. The resurgence began around April 20th, with the coin’s value at $0.0000148, escalating to a weekly high of $0.00002902. At present, BONK’s price stands at $0.00002545, reflecting a 71% increase. It now ranks 58th in market capitalization on CoinmarketCap, at $1.66 billion, showing a 5.52% rise, while its trading volume has surged by 27%, reaching $658.3 million.

This upward trajectory positions BONK just 45% below its all-time high, prompting analysts to speculate that it could soon hit the $0.000030 mark, potentially reaching new record levels if Bitcoin and Ethereum also recover. Conversely, should BONK lose its support level, the price could dip back down to $0.0000152, reversing its recent gains.

99.9% Of the Investors Supported The Massive Burn Of BONK Tokens

BONK DAO has recently decided to significantly reduce the number of BONK tokens in circulation, having announced plans to incinerate 78.393 trillion tokens following a community vote. This decision, publicized on April 18th, received overwhelming support from the community, with over 99.9% of votes favoring the token burn from a total of 418.625 billion votes cast.

This move is intended to boost the demand for the meme coin. The tokens to be burned are sourced from the treasury, accumulated via transactions facilitated by BONKbot, a Telegram-based trading bot launched by the organization last year.

BONK DAO has received a proposal to BURN ~280B BONK from its Treasury representing 100% of the BONK earned by BONK DAO from its revenue sharing agreement with BONKBot since launch.

— BONK DAO (@bonk_dao) April 17, 2024

BONK Price Analysis Predicts A Potential Bullish Breakout

The cryptocurrency BONK is currently exhibiting signs of a bullish trend, as indicated by its Moving Average Convergence Divergence (MACD) where the MACD line has surpassed the signal line. Moreover, its Relative Strength Index (RSI) is at 56, suggesting a moderately overbought condition. Despite these positive indicators, BONK is considered a risky investment, typical of meme coins, so a highly cautious approach is always needed.

The coin has established $0.000013 as a strong support level, based on its 200-day moving average, which should help stabilize its price in case of significant market downturns. Looking forward, BONK faces a resistance target at $0.000030, a level that could test the coin’s recent gains.

The post BONK Surges 130% In The Past 12 days — It’s Still Worth Buying It? appeared first on Coinfomania.

Custodia Bank has officially filed an appeal following a federal judge’s decision to deny the digital asset bank access to a Federal Reserve master account. 

The notice of appeal was lodged on Friday in the US District Court for the District of Wyoming. This legal move represents the latest effort in Custodia’s ongoing quest to secure a direct connection to the United States central banking system—a quest that began with its initial application in 2020.

NEW: @custodiabank has filed a notice of intent to appeal a Wyoming district judge’s March 29th ruling that the @federalreserve has full discretion to deny Custodia access to a Master Account. pic.twitter.com/HCn8zNqniC

— Eleanor Terrett (@EleanorTerrett) April 26, 2024

The Federal Reserve Board of Governors intervened in the decision-making process regarding Custodia’s application in the spring of 2021, indicating the high stakes and complexity of the bank’s request. Custodia later initiated a lawsuit in 2022 against both the Federal Reserve Board of Governors and the Federal Reserve Bank of Kansas City, citing undue delays in the decision on its application.

Details from the District Court’s Ruling

In a ruling issued last month, Judge Scott Skavdahl of the US District Court for the District of Wyoming decided that the Federal Reserve Banks are entitled to use their discretion when granting or denying master accounts. Judge Skavdahl articulated concerns that without such discretion, there could be minimal regulatory barriers preventing virtually any state-chartered institution from gaining direct access to the federal financial system. This, he suggested, could potentially lead to a regulatory “race to the bottom” among states.

Judge Skavdahl’s decision emphasized that the denial of Custodia’s master account application was a protective measure for the integrity of the US financial system. It suggested that direct access might allow less regulated entities to manage central bank funds and services too freely.

Custodia’s Position and Response

Founded by Wall Street veteran Caitlin Long, who played a role in crafting Wyoming’s special purpose depository institution law, Custodia operates under unique conditions. As a special purpose depository institution, Custodia is allowed to receive deposits and offer custody services, among other activities, but it is barred from lending customers fiat deposits. According to Custodia’s website, the bank is also required to hold these deposits fully in reserve.

Following the court’s decision, a spokesperson for Custodia indicated that the company was closely reviewing the judge’s ruling. Additionally, Custodia has contested the Federal Reserve’s request for legal fees associated with the case. The bank argues that the imposition of such fees, while the case remains active due to the pending appeal, could deter future legal challenges against government or quasi-government entities by other companies.

The post Custodia Bank Files Appeal Over Denied Federal Reserve Account appeared first on Coinfomania.

In a notable transaction facilitated by Fountain, a brokerage specializing in high-value NFTs, one of the rare Alien CryptoPunks was purchased for 4,000 ETH, which is approximately $12.5 million.

This sale, involving CryptoPunk #635, occurred on Thursday and was announced by the NFT art collection, CryptoPunks. Remarkably, this marks the third time in the past two months that an Alien Punk has fetched over $10 million, proving the high value and continued investor interest within this specific collection on the Ethereum blockchain.

CryptoPunk #635 Is The Fourth Highest-Value Piece In The Entire Collection

CryptoPunk 635, recognized as one of only nine alien-themed punks, represents a highly rare asset within its collection, achieving the fourth highest sale value to date. Originally owned by the creators at Larva Labs, this particular piece was most recently auctioned at Christie’s Contemporary Art Evening Sale in May 2021.

The transaction for CryptoPunk 635 to its latest, albeit anonymous, owner was managed by Fountain, a broker known for handling high-value NFTs. In a statement released on Thursday, the NFT project expressed pride in their involvement, extending congratulations to both the seller and the new owner.

CryptoPunk 635, the Alien originally owned by Larva Labs and sold at the Christie’s Contemporary Art Evening Sale in May 2021, has just been acquired by an anonymous collector in a deal brokered by Fountain. We’re honored to have played a small role in this sale. Congratulations… pic.twitter.com/glisy3MZpv

— Fountain (@Fountainxyz) April 25, 2024

How It All Started For The CryptoPunk Collection

CryptoPunks, established in 2017 by Canadian developers Matt Hall and John Watkinson, represents a pioneering digital art project consisting of about 10,000 unique characters. Inspired by the cyberpunk aesthetic, these digital artworks are created through algorithmic generation, ensuring no two pieces are identical. These collectibles, which predominantly feature human figures, also include rare depictions of zombies, apes, and aliens, adding to their uniqueness and appeal.

The project operates on the Ethereum blockchain, allowing for decentralized ownership and transaction of these digital assets. This feature ensures that each CryptoPunk can be securely owned and traded without intermediaries. Recently, one of the alien-themed CryptoPunks was sold for $16.03 million to an anonymous buyer, marking it as the second-highest sale in the collection’s history. In another powerful transaction, a piece from the CryptoPunk series fetched a staggering $23.7 million.

Despite This Record-Breaking Transaction, ETFs Are Actually Losing Their Traction

The value of the CryptoPunks collection, measured in Ethereum (ETH), has plummeted significantly from its 2021 peak. On October 8, 2021, the lowest-priced CryptoPunk was valued at 113.9 Ether, approximately $408,000, but this has since dropped to just 36.9 Ether, or about $117,000, marking a 70% decrease in value.

Similarly, the Bored Ape Yacht Club (BAYC) has seen a dramatic drop in its floor price, from 128 Ether in the previous year to merely 15.5 Ether, reflecting a 90% reduction. This decline in value is a common trend across various Non-Fungible Token (NFT) collections.

Despite achieving record trading volumes on April 30, 2022, driven by the release of Yuga Labs’ Otherside metaverse collection, which exceeded 200,000 Ether in trading volume on its first day, the overall NFT trading volume has since fallen sharply. According to data from DefiLlama, the total daily trading volume has diminished by 99%, currently standing at only 1,700 Ether.

While CryptoPunks NFTs have become more valuable and significant, other once-popular NFT collections like Azuki and Doodles have faced substantial declines in their lowest prices, indicating a shift in the NFT market landscape. The Bored Ape Yacht Club’s lowest price point has now reduced to just above $40,000, a significant fall from its high in 2022.

Rising Popularity of NFTs Among Gen Z and Millennials

A recent Policygenius survey reveals that a notable segment of younger generations—9% of Gen Z and 8% of Millennials—are exploring the realm of Non-Fungible Tokens (NFTs). These digital certificates, which authenticate ownership of diverse items ranging from artwork to sports highlights, are actively traded on platforms such as OpenSea and Rarible.

Source: Policygenius

The growing interest in NFTs among these younger cohorts underscores a generational divide in the adoption and understanding of emerging technologies. Unlike Baby Boomers and Gen X, who are less engaged, younger individuals perceive NFTs as avenues for both cultural expression and potential financial opportunities.

An example of how NFTs are being integrated into new platforms is the web 3.0 game, Chainers. This game offers users the chance to collect free NFTs daily, which they can then utilize within the game for various activities such as playing, socializing, creating augmented reality content, and trading within the game’s ecosystem. This illustrates the evolving role of NFTs from mere collectibles to dynamic tools for engagement and value creation in digital spaces.

The post NFT Market Shows Vital Signs As Rare CryptoPunk Has Just Been Sold For $12.5 Million appeared first on Coinfomania.

According to Bloomberg data analyst Jack Wang, the recent approval in Hong Kong for spot Ethereum and Bitcoin ETFs (exchange-traded funds) will not extend market access to investors from mainland China.

Following this regulatory green light, three Chinese asset managers—China Asset Management, Harvest Global Investments, and Bosera—launched their spot crypto ETFs via their Hong Kong subsidiaries on April 30. This development marks a significant step in the expansion of cryptocurrency investment vehicles in Hong Kong, although it remains inaccessible to the mainland Chinese market.

Bitcoin ETFs Won’t Have A Positive Impact On The Regulatory Environment In Mainland China

Despite the close ties between ETF issuers and mainland China, these financial entities will not be able to offer Bitcoin or Ether exposure to investors within that jurisdiction. During a Bloomberg webinar on April 24, which focused on Hong Kong’s approval of spot crypto ETFs, Wang emphasized that mainland Chinese citizens are barred from participating in these offerings. This exclusion is based on a directive from the Chinese State Council issued in September 2021, prohibiting financial institutions from creating accounts, transferring funds, or providing clearing services for crypto-related transactions.

Wang also shared an anecdote about his personal attempt to engage with a futures-based crypto ETF listed in Hong Kong, explaining that brokers outright rejected his trade attempt. He underscored that, at least in the short term, Chinese investors will remain completely isolated from this product. Moreover, Wang expressed a firm belief that the introduction of spot Ether and Bitcoin ETFs in Hong Kong would not positively influence the regulatory stance in mainland China nor would it open the cryptocurrency market to Chinese investors, with him stating that such a change is “100% not going to happen.”

Thomas Zhu, head of digital assets at Hong Kong-based China Asset Management, also known as China AMC, noted that the possibility for mainland Chinese investors to access crypto ETFs in Hong Kong hinges on potential future regulatory changes.

Bitcoin ETFs In The United States Have More Assets Than All ETFs In Hong Kong

Since 2014, regulators from Mainland China and Hong Kong have worked together to establish the Mainland-Hong Kong Stock Connect, as Zhu, a spokesperson, informed in an interview. This initiative allows Mainland investors to directly trade eligible stocks and ETFs listed in Hong Kong. This collaborative effort underscores a broader trend toward greater financial integration between the two regions.

Meanwhile, as Hong Kong gears up for the introduction of spot Bitcoin ETFs, optimism is mounting within the financial community. Bloomberg analyst James Seyffart highlighted the stark contrast in scale between the American and Hong Kong ETF markets in a recent post.

Seyffart pointed out that while the U.S. ETF market boasts nearly $9 trillion in assets, Hong Kong’s entire ETF market is valued at approximately $50 billion, with Mainland China’s ETF market considerably larger at around $325 billion.

Hong Kong Is Still 1000 Steps Ahead Of Mainland China When It Comes To Cryptos

Hong Kong is positioning itself as a significant hub for the cryptocurrency market despite broader market challenges and China’s stringent regulations. Recently, Hong Kong has moved to open up its crypto trading to retail investors and has granted the first exchange licenses to companies like HashKey and OSL Digital Securities, signaling a strong institutional embrace of cryptocurrency under regulated conditions​.

NEW: Hong Kong #Bitcoin ETFs launching in 4days.

Chinese investors with Hong Kong residence permits will be allowed to buy shares in these Bitcoin ETFs. pic.twitter.com/Px1c5EsMz9

— Bitcoin Archive (@BTC_Archive) April 26, 2024

Furthermore, the Hong Kong Securities and Futures Commission is finalizing rules that would allow retail investors to trade in major cryptocurrencies such as Bitcoin and Ether on licensed exchanges. This initiative reflects Hong Kong’s contrasting approach to mainland China, where crypto-related transactions remain strictly prohibited​.

While mainland China maintains a prohibitive stance on cryptocurrencies, banning crypto exchanges and all related trading activities since 2017, Hong Kong’s progressive regulations serve not only to boost its local market but may also set a precedent or act as a test bed for potential future policies in China.​

The post Hong Kong Bitcoin ETFs Won’t Be Available To Investors In Mainland China appeared first on Coinfomania.

Japanese firm Metaplanet, which specializes in Web3 consulting, real estate development, and various other services, has embarked on a strategic shift by investing approximately $6.25 million, or ¥1 billion, in Bitcoin.

This investment marks a pivotal move as the company aims to integrate Bitcoin as the primary asset in its treasury, signaling a robust commitment to aligning finance with innovation.

Earlier in the month, Metaplanet disclosed through a post on their X page their plans to initially deposit ¥1 billion in Bitcoin. This initiative is part of the company’s broader strategy to position itself at the forefront of financial innovation.

Today, we're thrilled to announce a groundbreaking shift in our financial strategy, as we embrace Bitcoin as the core treasury asset of the Company going forward by committing an initial JPY 1 billion. This strategic pivot is not just about embracing digital assets but also about… pic.twitter.com/OASxj9IBPG

— Metaplanet Inc. (@Metaplanet_JP) April 8, 2024

Metaplanet’s Stock Price Climbed After The Announcement

Metaplanet’s recent decision to invest in Bitcoin has resulted in a notable surge in its stock price, mirroring the successful strategy previously employed by MicroStrategy. Since 2020, the U.S.-based company has been aggressively accumulating Bitcoin, which significantly boosted its share price.

The positive response from investors to Metaplanet’s announcement earlier this month suggests a strong vote of confidence in similar strategic moves. Jason, a representative from Sora Ventures, lauded Metaplanet by comparing it to MicroStrategy, suggesting that it could be Asia’s equivalent, underscoring the potential transformative impact on the Asian market.

The Company’s Stock Is A Way To Get Exposure To Bitcoin Without The Hefty Taxes

Metaplanet’s new Bitcoin investment initiative is capturing the attention of Japanese investors, presenting them with a unique chance to invest in Bitcoin through the Tokyo Stock Exchange. This method avoids the hefty unrealized gains tax, which can reach up to 55%, associated with direct Bitcoin purchases.

Furthermore, it shields investors from the regulatory risks that typically accompany such transactions. This advancement is considered a significant stride forward for Bitcoin’s integration into Asia’s financial markets, signaling an increased acceptance and adoption by traditional financial entities and publicly traded companies.

Metaplanet’s Move Could Boost Crypto Adoption Worldwide

The increasing shift of corporate entities into cryptocurrency underscores the rising confidence in digital assets as a reliable store of value and a hedge against inflation. This trend is exemplified by Metaplanet’s recent foray into Bitcoin, reflecting a broader corporate endorsement of cryptocurrencies. Similarly, Nexon, an Asian corporation, made a significant purchase of $100 million in Bitcoin at an average price of $58,226 in 2021, further highlighting the growing trust in this digital currency.

In the United States, MicroStrategy has been proactively accumulating Bitcoin since 2020. The company’s aggressive strategy included a substantial acquisition of $2 billion worth of Bitcoin over a six-month period. This buying spree prompted JPMorgan to issue a warning about the potential market risks associated with such large-scale purchases, suggesting they could destabilize the cryptocurrency market. To date, MicroStrategy has gathered over 214,000 BTC, representing about 1% of the total circulating Bitcoin supply.

The entry of Metaplanet and other corporations into the Bitcoin market not only signals a strong belief in the long-term viability of cryptocurrencies but also might catalyze broader acceptance and integration of digital assets into mainstream financial systems. Despite ongoing regulatory challenges, substantial investments by well-established companies are enhancing investor confidence and could spur further adoption and growth within the global cryptocurrency industry.

How’s The Current Crpyo Landscape In Japan

The cryptocurrency landscape in Japan is undergoing significant regulatory and market developments. The Japanese government, led by Prime Minister Fumio Kishida, is actively working to enhance the environment for Web3 applications. This includes plans to use digital tokens to revitalize the content industry, signaling a strong commitment to integrating more advanced digital technologies into the mainstream economic framework​.

Moreover, Japan’s Financial Services Agency (FSA) has intensified its oversight on crypto transfers to curb unlawful activities such as fraud and money laundering. This includes directives to financial institutions to improve the monitoring of transactions to cryptocurrency exchanges. The FSA’s strategy aims to strike a balance between fostering the growth of the cryptocurrency market and ensuring robust security measures against financial crimes​​.

These actions reflect Japan’s nuanced approach to cryptocurrency, combining regulatory rigor with strategic incentives to support long-term corporate investments in digital assets. For example, recent revisions in tax regulations exempt corporations from taxes on unrealized gains from long-held cryptocurrency assets, encouraging deeper and more stable investments in the sector. This approach aims to harness the economic potential of cryptocurrencies while managing the inherent risks they present.

The post Metaplanet, The Asian Equivalent Of MicroStrategy, Buys $6.25 Million Worth In Bitcoin appeared first on Coinfomania.

Bitcoin has recently achieved a significant milestone by reaching the $73,780.07 all-time high, ushering in a new era of pricing following the latest Bitcoin halving. This event, often described as monumental, was anticipated to catalyze a rush in altcoin investments within the cryptocurrency market, heralding a promising future for various tokens.

As the impact of the halving begins to permeate the altcoin markets, major meme tokens and currencies are experiencing notable surges in their valuations. This trend is part of a broader movement as the financial world starts to explore meme tokens as potentially lucrative investment opportunities. In this scenario, 8 meme coins stand out as likely candidates to deliver exponential returns in May 2024, pointing to an exciting phase of growth and innovation in the cryptocurrency domain.

Dogeverse (DOGEVERSE)

Dogeverse (DOGEVERSE) is carving out a distinctive niche in the cryptocurrency world, striving to establish an extensive multichain network that includes major platforms like Ethereum, BNB Chain, Polygon, Avalanche, Base, and Solana. With a nod to the iconic Doge meme, Dogeverse emphasizes a spirit of community and enjoyment, foundational to its project ethos. Beyond paying tribute, the initiative is designed to enhance functionality by facilitating cross-chain interactions that enable token holders to engage with decentralized finance (DeFi) opportunities across various networks.

Since its recent introduction, Dogeverse has successfully attracted significant investment, amassing over $10.8 million from early backers. Currently, DOGEVERSE tokens are trading at $0.000301. Looking ahead, the team is preparing for the token’s debut on decentralized exchanges (DEXs), which is expected in the upcoming weeks. This move could potentially interest investors who are on the lookout for a meme coin that offers practical utility, positioning Dogeverse as a promising contender in the cryptocurrency market.

DogWifHat (WIF)

In a surprising turn of events, the meme token DogWifHat, commonly referred to as WIF, has taken the internet by storm. Bloomberg recently reported a significant development indicating WIF’s potential expansion into the hedge fund market. This news comes amid a growing frenzy over meme tokens, which has seen many notable altcoins lose ground.

WIF has notably surpassed Polygon in terms of 24-hour on-chain volume, showcasing a surge in user interest and engagement with the token’s capabilities. According to CoinCodex, WIF is anticipated to experience a dramatic 200% increase in value by May 2024, promising substantial returns for its holders.

Mumu the Bull (MUMU)

Mumu the Bull (MUMU), diverging from the popular doge-themed tokens, has swiftly captured the spotlight on the Solana blockchain. Unlike the prevalent cat or dog meme themes, MUMU adopts a bull motif, which has been well received by the cryptocurrency community.

Recently, the token has experienced a surge, delivering a 65% return over the past week and currently trading at $0.000016. MUMU’s popularity has soared, making it the top trending Solana meme coin on CoinGecko. The growth in the token’s community can be attributed to a strategic airdrop targeting holders of significant Solana NFT collections.

Source: CoinGecko

Despite the lack of a defined use case, MUMU’s distinctive theme indicates that it may warrant continued observation in the evolving market landscape.

Shiba Inu (SHIB)

Shiba Inu, known as the original meme coin, is experiencing a surge in price as the community’s sentiment grows increasingly aggressive and focused. The token is expanding its reach by adding new dynamics, including the introduction of elements like Shiba Hub and Shiba Eternity P2E in its Shibarium.

CoinCodex forecasts that by the end of May 2024, Shiba Inu’s price could rise by 229%, potentially reaching $0.00008284. This projected increase positions SHIB as a potentially profitable investment for portfolios, particularly in May, as investors look to capitalize on the anticipated gains.

Popcat (POPCAT)

The Popcat token (POPCAT), a new meme coin on the Solana network, has seen a remarkable surge in interest, with its price climbing 189% in the past week to reach $0.334. This uptick in value is largely driven by its association with the “Oatmeal” cat meme from 2020, featuring images of a cat with a surprised “O” expression, which has cultivated a vibrant online community.

Despite its lack of functional utility beyond meme culture, Popcat boasts several notable characteristics such as no transaction taxes, a burned liquidity pool, and an immutable contract. These features, combined with Popcat’s engaging branding and the robust meme coin ecosystem on the Solana blockchain, have significantly contributed to its popularity.

Source: Popcat’s official website

While Popcat does not have a clear roadmap or imminent catalysts for growth, the sustained demand for such tokens suggests that Popcat might be worth considering for those interested in the niche market of meme coins.

Pepe (PEPE)

The meme-inspired cryptocurrency PEPE, known for its frog motif and embraced by blockchain enthusiasts, has become one of the most promising crypto meme currencies on the market, exhibiting daily stellar price increases. Currently, PEPE is trading at $0.00000726, according to CoinMarketCap, with forecasts indicating a potential further increase in its value.

CoinCodex suggests that PEPE might see a significant surge, potentially rising by nearly 233% in May to reach the $0.0002 price level. This positions PEPE as an attractive investment opportunity for those interested in exploring meme coins to achieve profitability within a specific timeframe.

Slothana (SLOTH)

Slothana (SLOTH), a meme coin project rooted in sloth culture, is making its mark on the Solana blockchain with a distinct approach. By capitalizing on the appeal of sloth memes and promoting a laidback lifestyle, Slothana has cultivated a significant following through viral marketing efforts.

Remarkably, despite lacking any functional utility or specific use case, the project successfully amassed over $15 million during an impressively executed presale phase. The team’s savvy use of social media, particularly Slothana’s Twitter page, coupled with favorable rankings on platforms like ICOBench, played a critical role in attracting investment.

Source: Slothana’s official website

Looking ahead, Slothana is poised for its public trading debut with a scheduled listing on a decentralized exchange (DEX) in just three days. This upcoming market introduction is highly anticipated by early investors, who are keen to see how the token’s value will be influenced by market dynamics of supply and demand.

Samoyedcoin (SAMO)

Concluding our review of meme coins to pay attention to for the month of May, Samoyedcoin (SAMO) stands out as a promising contender. Over the past week, SAMO has experienced a notable surge in market activity, with its price increasing by 28% to $0.0087. As the inaugural meme coin developed on the Solana blockchain, Samoyedcoin has cultivated a robust community dedicated to attracting new users and promoting the Solana ecosystem.

The developers behind Samoyedcoin have also reached significant achievements, securing listings on top-tier exchanges such as Kraken and Gemini. Looking forward, the roadmap for Samoyedcoin is filled with ambitious initiatives, including expansive marketing campaigns and the introduction of new use cases.

The post 8 Meme Coins That Can Bring Double-Digit Returns In May 2024 appeared first on Coinfomania.

Stripe, the financial technology behemoth, is gradually reestablishing its presence in the cryptocurrency domain. On Thursday (April 25), the company declared that it would begin allowing customers to accept payments in cryptocurrency, specifically starting with USDC stablecoins, and initially on the Solana, Ethereum, and Polygon blockchains. This marks Stripe’s first foray back into accepting crypto payments since it ceased supporting Bitcoin in 2018, citing its instability.

The move in 2022 to reintroduce cryptocurrency transactions in a limited capacity, where Stripe facilitated payouts in USDC but not direct payments, featured Twitter as a prominent customer. Unlike the previous announcement, the latest update does not specify any customer engagements.

Stripe Is Reintroducing Crypto Payments To Enhance User Experience

At the upcoming Connect developer conference in San Francisco this week, Stripe’s co-founder and president, John Collison, is set to make a significant announcement. Earlier on Thursday, Collison highlighted improvements in transaction efficiency at Stripe, noting that the duration and cost of transactions are now far less than the lengthy and expensive nature of a Christopher Nolan film production. He revealed that Stripe is reintroducing crypto payments, this time utilizing stablecoins to enhance the user experience.

Crypto is back. @Stripe will start supporting global stablecoin payments this summer. Transactions instantly settle on-chain and automatically convert to fiat. Join the waitlist https://t.co/hws2OsU3Id and watch the demo (h/t @Solana) from Sessions. pic.twitter.com/zGKYW2FM6i

— John Collison (@collision) April 25, 2024

This strategic pivot reflects Stripe’s ongoing engagement with cryptocurrency, balancing innovation with the stability required of a major financial entity. Historically, Stripe has navigated a delicate balance with crypto, aiming to influence discussions on blockchain technology’s impact on financial services without compromising its core business operations. Last year, Stripe processed transactions totaling $1 trillion, underscoring its substantial growth and current valuation of $65 billion.

Stripe Will Also Let Customers Integrate Competing Payment Providers With The Company’s Tools

On Wednesday, ahead of this announcement, Stripe disclosed a series of other significant updates. For the first time, the company will allow its customers to integrate competing payment providers with Stripe’s suite of financial services tools. This move is a part of Stripe’s broader strategy to dismantle its ‘walled garden’ approach, signifying a major shift towards more open financial services.

The company revealed that three of its most popular offerings—the Optimized Checkout Suite, Stripe Billing, and Stripe Radar—will now be available even to companies that use other payment processing providers. This change is particularly impactful for large enterprises previously unable to utilize Stripe’s services without violating existing long-term contractual obligations.

Will Gaybrick, Stripe’s president of product and business, emphasized the company’s commitment to embracing modularity at its core, stating that a major area of future investment will be aiding users in managing the complexities associated with operating multiple payment processors.

Source: Stripe’s official website

The announcement is part of a wider initiative aimed at enhancing Stripe’s interoperability and fostering a broader ecosystem of partners. In this vein, Stripe has more than doubled the number of applications in its Stripe App Marketplace, expanding from 70 to 150. This expansion includes new apps designed for Salesforce, Netsuite, and Adobe.

Furthermore, Stripe is introducing new integrations for its Stripe Terminal hardware with systems from Oracle OPERA, Teamwork Commerce, Erply, Mercaux, and Tulip. Additionally, a new partnership with American Express has been established, adding to the roster of issuers in Stripe’s Enhanced Issuer Network, signaling a robust effort to extend Stripe’s capabilities and integrate more deeply with a variety of partners and platforms.

Stripe’s History With Crypto Payments

Stripe initially ventured into the cryptocurrency realm in 2014 by experimenting with Bitcoin, the first major cryptocurrency. Early testing partners highlighted Stripe’s pivotal role given Bitcoin’s departure from traditional monetary characteristics. However, by 2018, Stripe discontinued these activities, citing the cryptocurrency’s volatility and instability. The company noted that Bitcoin had evolved more into an asset than a medium of exchange, due to reached block size limits, rendering it less practical for payments.

In June 2019, as Facebook intensified its crypto initiatives, Stripe joined as one of the founding members of the Libra project. However, Stripe’s involvement was short-lived; by October 2019, it withdrew its support, although it expressed continuing interest in projects that enhance global online commerce accessibility, like Libra, and remained open to future collaboration with the Libra Association.

Three years later, Stripe re-engaged with the cryptocurrency sector, this time partnering with Twitter to implement stablecoin (USDC) payouts. This renewed interest reflects Stripe’s ongoing evaluation of various stablecoins and platforms, seeing potential opportunities at least in the short term. The future of Stripe’s commitment to this latest venture remains uncertain, as the company continues to assess the viability and timeline of its crypto-related efforts.

The post Stripe Will Accept Crypto Payments Again Using USDC Stablecoin appeared first on Coinfomania.

Today (April 25), the FBI released a public service announcement, designated as Alert Number I-042524-PSA, cautioning Americans about the risks associated with using cryptocurrency money transmitting services that are unregistered and do not adhere to Know Your Customer (KYC) standards.

The announcement emphasizes the importance of only transacting with registered Money Services Businesses (MSBs) that comply with anti-money laundering (AML) regulations, highlighting the agency’s commitment to safeguarding financial transactions in the digital currency space.

FBI Says Failure To Comply May Result In Financial Disruptions During Law Enforcement Actions

Under United States federal law, cryptocurrency money transmitting services are required to register as Money Services Businesses (MSBs) and comply with Anti-Money Laundering (AML) standards. The Federal Bureau of Investigation (FBI) has issued a warning that non-compliance can lead to significant financial disruptions, especially when funds are intertwined with money obtained through illegal means.

Source: FBI

The FBI further emphasized that any services found to be facilitating illegal transactions or breaching federal regulations are liable for investigation by law enforcement authorities. Users of such services risk losing access to their funds during enforcement actions. This advisory comes in the wake of recent legal actions taken by the U.S. Department of Justice (DOJ). Just yesterday, the DOJ apprehended the founders and CEO of Samourai Wallet, a well-known privacy-centric Bitcoin wallet and mixer. They were accused of laundering over $100 million derived from criminal activities.

Collaborating with law enforcement agencies in Portugal and Iceland, the DOJ arrested one of the founders and executed seizures of Samourai’s web servers, domain, and issued a seizure warrant for the application on the Google Play Store.

FBI Says That Just A Few Steps Can Avoid Bigger Problems

In the FBI release, the institution emphasized the importance of avoiding cryptocurrency money transmitting services that fail to collect mandatory Know Your Customer (KYC) information. KYC protocols typically require details such as name, date of birth, and address from customers to ensure compliance with regulatory standards.

Additionally, the FBI advises individuals to verify whether a business is registered as a Money Services Business (MSB) using a tool provided by the U.S. Financial Crimes Enforcement Network (FinCEN). An examination conducted using this tool confirmed that reputable crypto firms, including Coinbase and Kraken (officially recognized as Payward Financial Inc), are indeed registered as MSBs, highlighting their compliance with regulatory expectations.

How Criminals Exploit KYC Loopholes

RelyComply, the AML platform, has identified that criminals consistently exploit vulnerabilities in Know Your Customer (KYC) processes, particularly in sectors like fintech, cryptocurrency, and payments. These industries are particularly susceptible due to the appealing “super-fast” digital onboarding processes that often come with minimal checks.

Such procedures not only attract legitimate customers but also provide an easy gateway for criminals who use forged or stolen identity documents to quickly open multiple accounts. These accounts, often referred to as “money mule accounts,” then become channels for laundering illicit funds through what appear to be legitimate transactions.

Furthermore, shared KYC utilities, which are popular due to their high customer pass rates, are prime targets for exploitation. Criminals take advantage of these systems, which typically involve a single-time verification process. By bypassing these checks, they can create accounts at multiple financial institutions using synthetic identities or manipulated biometrics. This reliance on shared KYC data, coupled with a lack of robust verification and continuous monitoring, exposes firms to regulatory penalties and reputational risks.

Additionally, dormant accounts that have passed initial KYC checks pose another vulnerability. Criminals acquire these accounts, often through purchases on dark web marketplaces, and reactivate them to channel dirty money. The ease of updating account information and reactivating them allows criminals to evade the more rigorous scrutiny normally applied to new accounts, further facilitating the discreet integration of illicit funds into the financial system.

Source: RelyComply Regulatory Frameworks Are Always Behind Criminals’ Technological Edge

The challenges of combating money laundering are compounded by third-party KYC requirements, which are often less stringent and susceptible to exploitation. Criminals utilize sham companies or recruit money mules to exploit these weaknesses in the KYC process, thereby undermining the broader financial integrity.

Sophisticated obfuscation techniques pose significant hurdles even for robust KYC systems. Launderers employ various tactics such as smurfing, trade-based laundering, and the use of complex corporate structures to obscure the origins of their funds. These methods make it increasingly difficult to trace the illicit money and prosecute those responsible.

In the digital age, a new form of money laundering has emerged, known as cyber laundering. Criminals take advantage of online tools, including cryptocurrency tumblers and virtual asset trades, to anonymously move illicit proceeds. Despite the increasing prevalence of these digital laundering methods, regulatory frameworks remain outdated, thereby granting criminals a technological advantage.

A notable example of this exploitation occurred at Banxso, where the criminal group Immediate Matrix used advanced technologies like deepfakes to evade detection and execute scams. Although Banxso was not directly involved in the misconduct, the sophisticated nature of these scams inflicted significant reputational damage on the platform, highlighting the ongoing challenges in the financial sector.

The post FBI Advises To Steer Clear Of Crypto Money Transmitting Services That Don’t Comply With KYC appeared first on Coinfomania.

Software development company Consensys has initiated a lawsuit against the U.S. Securities and Exchange Commission (SEC) and its commissioners. 

The complaint, filed on April 25 in the U.S. District Court for the Northern District of Texas, accuses the SEC of improperly extending its regulatory reach to include Ether (ETH), the cryptocurrency used within the Ethereum network, as a security. This marks a pivot from the SEC’s prior indications that Ether was not classified as a security.

The SEC is being sued, yet again, this time by Consensys of #Ethereum fame. Wachtell lawfirm is on this one, Sulivan Cromwell was on the one from yesterday. Good precedent makes good law. May the courts bring justice! https://t.co/pSjHUUlrPv pic.twitter.com/GD1H0OIHC6

— Richard Heart (@RichardHeartWin) April 25, 2024

The litigation highlights Consensys’s concern over the SEC’s shifting stance, which it argues contradicts previous regulatory guidance suggesting that Ether was treated more akin to a commodity. The company stresses that such a regulatory flip could severely disrupt the Ethereum network and the broader ecosystem that includes developers, investors, and end-users of Ethereum-based applications.

Details of the Legal Filing

According to the filing, Consensys contends that the SEC’s actions represent an overreach of authority, potentially stifling innovation and threatening the operations of entities that rely on the Ethereum network. The company pointed out that it had structured its business and products, such as the MetaMask wallet, around the understanding that Ether was not considered a security by the regulatory body. MetaMask, which allows users to manage their Ethereum and other cryptocurrencies, is at the heart of the controversy. The SEC asserted that Consensys may be operating as an unregistered broker.

Consensys’s legal challenge also includes a request for judicial relief to affirm that Ether is not a security, that its MetaMask wallet does not qualify as a brokerage, and that its services related to cryptocurrency staking and swaps are not in violation of securities laws. The company seeks to preempt any enforcement action that could arise from the SEC’s current investigative posture, highlighted by the Wells notice received on April 10, which often precedes enforcement actions.

Broader Context and Industry Response

The lawsuit comes at a time of increased scrutiny and regulatory actions targeting the cryptocurrency industry. In recent months, the SEC has pursued cases against major platforms such as Coinbase, Binance, and Ripple, reflecting a broader regulatory clampdown on digital assets. This has sparked a wave of pre-emptive lawsuits from various crypto entities, aiming to secure favorable rulings before potential SEC enforcement.

Legal experts and industry watchers are closely monitoring this case as it may set a precedent for how cryptocurrencies are classified and regulated in the United States. The outcome could have profound effects on the innovation and use of blockchain technologies, particularly in how they are integrated into existing and new financial systems.

The case also explores constitutional arguments, asserting that the SEC’s approach violates due process protections by failing to provide fair notice under the law—a cornerstone of lawful regulatory action. Additionally, Consensys invokes the major questions doctrine, emphasizing that Congress must explicitly grant substantial regulatory mandates.

The post Consensys Files Lawsuit Against SEC Over Ether Security Status appeared first on Coinfomania.

On April 30, Hong Kong will introduce a series of new financial products, including the trading of spot Bitcoin and Ether exchange-traded funds (ETFs). 

This development positions Hong Kong as the first financial hub in Asia to integrate cryptocurrency products into its mainstream investment portfolio. The launch includes three Bitcoin and three Ether ETFs, which will be managed by prominent asset managers, including China Asset Management, Harvest Fund Management, and Bosera Asset Management, in collaboration with Hashkey.

Hong Kong spot Bitcoin ETFs to start trading from April 30.

The rumor is if HK ETFs do well, they'll want to do the same for mainland China.

The Chinese housing markets and stock market have been rekt.

People will flock to Bitcoin ETFs once they're approved!

Are you ready?

— Lark Davis (@TheCryptoLark) April 24, 2024

These ETs will allow investors to speculate on the prices of these leading cryptocurrencies without direct ownership, offering a significant advantage in terms of ease and investment security. By approving these spot crypto ETFs, Hong Kong’s Securities and Futures Commission is making a strategic move to bolster the city’s reputation as a global digital asset hub.

Differences from U.S. Crypto ETFs

The upcoming Hong Kong crypto ETFs distinguish themselves from their U.S. counterparts by adopting an ‘in-kind’ creation process, as opposed to the ‘cash-only’ model used in the U.S. This method allows for direct contributions and withdrawals of Bitcoin and Ether in exchange for ETF shares, which simplifies the transaction process and potentially reduces costs for investors, as per BitMEX research. 

According to Bloomberg ETF analyst Rebecca Sin, this approach not only streamlines investments but also opens opportunities for current cryptocurrency holders looking to transition into ETFs.

This innovative structure could set a new standard for cryptocurrency ETFs globally, reflecting Hong Kong’s ambition to lead in financial innovations. The introduction of these products is a calculated step towards enhancing Hong Kong’s appeal as a financial center amidst the evolving global landscape of digital assets.

Market Projections and Challenges

Despite the nature of these ETFs, market analyst Eric Balchunas from Bloomberg anticipates that the asset inflow into Hong Kong’s crypto ETFs might be relatively modest in comparison to similar products in the U.S., such as those offered by BlackRock and Fidelity. Initial estimates suggest that these ETFs could attract around $1 billion in assets under management within the first year or two of trading. This projection is somewhat conservative compared to the massive inflows seen in the U.S., where spot Bitcoin ETFs quickly amassed about $12 billion.

Latest on HK spot Bitcoin ETFs: They have been approved to exist but not launch (yet). Rumor has it launching next wk so to not compete w Dubai conf. Don't expect a lot of flows (I saw one estimate of $25b that's insane). We think they'll be lucky to get $500m. Here's why: 1. HK…

— Eric Balchunas (@EricBalchunas) April 15, 2024

One barrier is the restriction on mainland Chinese investors, who are currently prohibited from participating in cryptocurrency-related trades. This limitation could dampen the potential capital inflow into these ETFs. Nonetheless, the strategic launch of these products underlines Hong Kong’s proactive stance in accommodating and regulating new forms of investment in line with global trends.

The introduction of spot Bitcoin and Ether ETFs by Hong Kong marks a pivotal moment in the adoption of cryptocurrencies as legitimate financial assets in Asia. By facilitating safer and regulated investment avenues for digital currencies, Hong Kong is not only expanding its financial landscape but also setting a benchmark for other markets to follow.

Furthermore, this move comes at a time when cryptocurrencies have regained strong market momentum, with Bitcoin recently hitting a new all-time high. The successful integration of these ETFs could further stimulate the market, attracting both local and international investors looking for diversified investment options in a globally recognized financial hub.

The post Hong Kong to Debut Spot Bitcoin and Ether ETFs on April 30 appeared first on Coinfomania.

The Bitcoin (BTC) halving event has just taken place, cutting mining rewards from 6.25 to 3.125 BTC, setting the stage for significant movements in the cryptocurrency market over the next months. Historically, Bitcoin often experiences a price correction before the halving, followed by a vigorous bull market. This cycle, the uptrend began earlier than usual, fueled by spot ETF inflows. Combined with the halving and potential Federal Reserve rate cuts, the stage is set for potentially robust gains from current levels.

From a strategic standpoint, now is deemed a prime time to enhance cryptocurrency portfolios in anticipation of the next upward movement. While Bitcoin is considered a staple investment due to its lower risk compared to other cryptos, its potential for large gains might be diminishing. In contrast, smaller, lesser-known cryptos offer higher risks but also the possibility for substantial returns, presenting an opportunity to transform modest investments into significant sums.

It is also a valuable moment to revisit and assess both well-established cryptocurrencies and those lesser-known options that hold the potential for dramatic increases in value, often referred to as “baggers”. This approach not only aims to capitalize on the upcoming altseason but also carefully balances risk and reward across different cryptocurrency investments.

Solana (SOL): The “Ethereum Killer”

Solana (SOL) has positioned itself as a significant rival to Ethereum, boasting faster transaction speeds and lower fees while offering similar functionality. However, the Solana network has not been as rigorously tested as Ethereum’s, experiencing occasional outages and maintaining a degree of centralization. Despite these challenges, the Solana team has been making notable progress in enhancing both reliability and decentralization. This improvement in trust has enabled Solana to gradually capture market share from Ethereum, particularly in the realms of Non-Fungible Tokens (NFTs) and Decentralized Finance (DeFi).

Source: Solana’s official website

A considerable advantage for Solana emerges during bull markets, when its low transaction fees become increasingly appealing. As Ethereum’s network congestion pushes gas fees beyond $100, users frequently turn to Solana to avoid these steep costs, bypassing the complexities associated with Ethereum’s secondary solutions. With the potential to overcome its reliability issues and further decentralize, Solana continues to hold promise for significant returns over an extended investment period, reinforcing its status as a formidable “Ethereum-killer.”

Bittensor (TAO): The Fusion Of AI And Blockchain

Bittensor (TAO), a decentralized, blockchain-based machine learning network, has been at the forefront of AI cryptos buzz recently. The platform enables AI models to collaboratively train and earn TAO tokens in recognition of their contributions. Over the past five months, Bittensor’s value surged dramatically, climbing from below $50 to a peak of over $730, before settling at around $480.

Despite the current stabilization in price, the outlook for TAO remains highly optimistic. This enthusiasm stems from the compelling combination of AI with blockchain technology, which creates a powerful and innovative framework. As the network continues to attract more developers and users, the long-term potential for TAO appears significant, making the current market price an attractive entry point for investors anticipating future growth.

Bittensor’s structure Source: Bittensor’s official website Blue Kirby (KIRBY): If “High-Risk High-Reward” Was A Token

Blue Kirby (KIRBY) stands out as the most volatile investment on the market today, embodying the quintessential high-risk, high-reward profile among cryptos. Originally marred by what was described as a “soft rug pull” by its creators, KIRBY has become a symbol of the speculative mania that characterizes bull markets in the crypto sphere.

Despite its turbulent beginnings, this meme coin, based on the Fantom (FTM) blockchain, has demonstrated unexpected resilience and signs of rejuvenation. Following a significant token halving event, KIRBY’s distribution has grown markedly decentralized, and its holder base is expanding. The community engagement remains robust, even as the coin continues to trade sideways at very low prices.

The potential for a meme-driven frenzy to catapult KIRBY into significantly higher valuations exists, particularly as the broader altcoin market gains momentum. With Fantom itself holding a market capitalization exceeding $2.1 billion, KIRBY’s project shows signs of possessing greater longevity than many other meme coins.

Should KIRBY manage to escalate its valuation to $100 million from its current smaller scale, early investors could see incredible returns. However, the possibility of the coin’s complete failure remains a stark risk. For those aiming for potentially life-changing financial gains, KIRBY represents one of the most compelling, albeit speculative, cryptos to consider investing in.

Nano (XNO): Where Efficiency Meets Cost-Effectiveness

In the realm of cryptocurrency, where Bitcoin and Ethereum often capture the lion’s share of attention, challenges such as slow transaction speeds and high fees continue to hinder their potential for widespread use in consumer payments. That’s where Nano (XNO) comes as a significant player by offering free, near-instantaneous transactions, positioning itself as a superior alternative for daily financial activities.

Unlike Bitcoin and Ethereum, which grapple with scalability issues, Nano excels with its pure peer-to-peer system that not only ensures transactions are swift and cost-effective but also operates on a remarkably energy-efficient network. This efficiency enhances the user experience, making Nano an ideal candidate for everyday spending as cryptocurrency payments become more common.

Nano distinguishes itself by not pursuing the roles of a smart contract platform or aspiring to become a “world computer” like Ethereum. Instead, it remains dedicated to the core function of facilitating frictionless value transfer. This sharp focus allows Nano to thrive in its niche as a cryptocurrency primarily used for payments, demonstrating effectiveness in this specific application.

Although mainstream acceptance is essential for realizing Nano’s full potential, its modest market valuation, currently under $167 million, suggests that even minimal increases in adoption could significantly elevate Nano’s market position. This potential for growth indicates an optimistic future for Nano as it aims to reshape the landscape of cryptocurrency transactions.

Render Token (RNDR): GPUs’ Best Friend

The developing fields of the metaverse, augmented and virtual reality, 3D modeling, and video gaming are catalyzing a sharp increase in the demand for computer graphics and GPU computing resources. During this digital revolution, Render Token (RNDR) does its magic as a key player, optimally positioned to benefit from this trend.

Render operates as a decentralized GPU rendering platform, leveraging a global network of GPUs provided by individual computer owners. By contributing their GPU power, these participants receive RNDR tokens, turning an otherwise underutilized resource into a profitable venture while supporting the growing cryptocurrency ecosystem.

In a testament to its growing utility, Render’s network achieved a significant milestone by rendering over 3 million frames in the fourth quarter of 2023 alone. As the development of virtual worlds and the metaverse accelerates, the availability of spare GPU capacity is set to become increasingly critical. With this backdrop, RNDR is poised for potential growth as network utilization continues to expand dramatically.

The post 5 Cryptos To Buy Now That Are Not BTC or ETH To Surf The Post-Halving Trend appeared first on Coinfomania.

On Wednesday (April 24), Fireblocks, a cryptocurrency custodian, unveiled two new products designed to enhance DeFi protection and security for institutional participants in the decentralized finance market. The dApp Protection and Transaction Simulation tools are engineered to safeguard institutions from scammers, phishing sites, and compromised decentralized applications (dApps).

These products provide a rigorous examination of dApps across more than 40 blockchains, employing WalletConnect, Fireblocks’ browser extension, and MetaMask Institutional. This initiative by Fireblocks aims to mitigate the risks associated with engaging suspicious smart contracts and bolster the overall safety of DeFi transactions for institutional users.

According To Fireblocks, DeFi Protection Has Never Been More Critical

Since December of last year, Galaxy and FlowDesk have been beta testing two new products that have recently been launched to enhance the security of decentralized applications (dApps) on more than 40 blockchains. These applications are now able to utilize Fireblocks’ APIs, including WalletConnect and MetaMask Institutional, to conduct safety checks on dApps. Fireblocks emphasized the critical need for proactive security measures in the rapidly growing DeFi sector in a blog post published on Wednesday.

We're thrilled to launch the latest proactive security features as part of Fireblocks DeFi suite: dApp Protection and Transaction Simulation!

These new threat detection and transaction clarity capabilities are designed to defend against evolving on-chain threats, providing:…

— Fireblocks (@FireblocksHQ) April 24, 2024

The expansion of the DeFi sector over recent years has been accompanied by an increase in funds lost to hacks and scams, as criminals devise more sophisticated smart contract tools to defraud users of their digital assets. Data from Chainalysis indicates that the amount stolen from DeFi hacks decreased from $3.1 billion in 2022 to $1.1 billion in 2023. Despite this decline, CertiK’s data shows a resurgence in thefts, with losses amounting to $500 million in the first quarter of 2024 alone, driven by phishing websites, dApp takeovers, and supply chain attacks.

Fireblocks’ DeFi Protection Tool Provides Real-Time Threat Detection Alerts

The complex and often opaque nature of contract calls in the DeFi sector demands that users have access to automated tools to detect malicious or deceptive smart contracts before engagement. While a few Fireblocks customers maintain their own internal Web3 security teams, the majority do not possess the resources necessary to employ cybersecurity experts to manage these challenges effectively.

To address these challenges, Fireblocks has introduced a dApp and DeFi protection tool that offers real-time threat detection alerts. This tool warns users before they interact with phishing websites or potentially compromised decentralized applications. Additionally, Fireblocks provides a transaction simulation feature, which previews the estimated change to a user’s token balance resulting from a smart contract interaction before the transaction is executed.

Source: Fireblocks blog

Andrew Taubman, Deputy Chief Operations Officer at Fireblocks, highlighted the importance of these tools, stating that deploying on-chain trading strategies introduces new security considerations. He noted that Fireblocks’ dApp Protection and Transaction Simulation features are essential for staying ahead of evolving on-chain threats and providing transparency in the transaction approval process.

The DeFi sector is witnessing significant growth, with the total value locked in DeFi protocols surging from $54 billion at the beginning of 2024 to $94 billion today, according to DeFiLlama. This increase underscores the growing enthusiasm in the broader crypto markets.

Moreover, during a March webinar, experts from Chainalysis raised concerns about potential security threats. They suggested that hackers could increasingly use artificial intelligence and large language models (LLMs) to identify vulnerabilities in smart contracts, potentially leading to more DeFi-related crimes.

Experts Say That New Crypto Users Shouldnn’t Rush Into DeFi

The growing concerns about security in the cryptocurrency space have not dampened the overall user growth, with a report from Crypto.com indicating that the number of crypto users surged to approximately 580 million by December 2023, marking a 34% increase since January of the same year. Despite the prevalence of hacks, experts in crypto security are guiding new entrants on how to navigate this market safely.

Luciano Ciattaglia, the director of services at cybersecurity firm Hacken, advises newcomers to steer clear of decentralized finance (DeFi) and decentralized exchanges (DEXs) initially. He emphasizes the majority of digital asset holders rely on centralized exchanges and wallets, which he views as a safer starting point due to their established trust and reliability in handling user funds. Ciattaglia also highlights the importance of choosing platforms with a strong security track record and robust fund availability.

Echoing Ciattaglia’s advice, Ronghui Gu, co-founder of CertiK, also recommends that new investors prioritize security by opting for reputable exchanges and wallets. Gu advocates for the adoption of hardware wallets, which provide enhanced security by storing private keys offline, thereby reducing the risk of online hacking attempts. He stresses the importance of new users educating themselves about key aspects of crypto security, such as secure private key management, the use of strong passwords, and enabling multifactor authentication across all crypto-related accounts.

Additionally, Gu warns new entrants about the risks of sharing personal information online and advises vigilance against phishing scams. His recommendations aim to fortify the security framework for individuals venturing into the digital asset space, ensuring they are well-prepared to protect their investments against potential threats.

The post Crypto Custodian Fireblocks Now Offers DeFi Protection Tools For Institutions appeared first on Coinfomania.

On Tuesday (April 23), Block, the payments firm founded by ex-Twitter CEO Jack Dorsey, announced it is expanding its presence in the cryptocurrency mining sector by developing its own Bitcoin (BTC) mining system.

The company, previously known as Square, detailed in a blog post that it has successfully developed a three-nanometer mining chip. This project, initiated in April 2023, is currently in the full design stage in collaboration with a top global semiconductor foundry.

Block Intends To Foster Bitcoin Mining Decentralization Across The Market

Block has announced its plan to develop a comprehensive Bitcoin mining system, which will include both system design and a standalone mining chip, after extensive consultations with Bitcoin miners revealed multiple challenges within the industry. These discussions have informed Block’s strategy to support mining decentralization and potentially disrupt a market that is currently dominated by a few key players. Notably, Beijing-based Bitmain controls approximately 60% of the market, according to CoinShares estimates.

Block’s founder Jack Dorsey

James Butterfill, head of research at CoinShares, pointed out the limited competition in the sector, highlighting a substantial opportunity for new entrants to make an impact. In response to these market dynamics, Block completed the prototype of a five-nanometer Bitcoin mining chip in May 2023, employing technology comparable to that used in Bitmain’s S21 mining machine.

The advancements in chip technology, coupled with increasing Bitcoin demand and recent developments like the halving event on April 20—which reduced new Bitcoin issuance by 50%—underscore the growing need for more efficient, cost-effective, and reliable mining solutions. Butterfill suggested that the next generation of three-nanometer chips could offer even greater efficiencies, further enhancing the competitive landscape in this rapidly evolving industry.

According to Dorsey: “Bitcoin mining should be as easy as plugging a rig into a power source”

In 2021, Jack Dorsey highlighted the challenges of Bitcoin mining, pointing out that it isn’t accessible to everyone due to its complexity and the lack of sufficient incentive for individuals to operate their own miners. Dorsey expressed a vision for Bitcoin mining that involves simplicity akin to just plugging in a rig. This statement came as his company, Block, ventured into the mining hardware industry, aiming to make the process more user-friendly.

we’re building a mining rig https://t.co/IKOQHNSHgO

— jack (@jack) April 23, 2024

Amid concerns from the Bitcoin community about hardware vulnerabilities potentially affecting network stability, it is notable that the ASIC chips used in these rigs are predominantly manufactured in China—a country that has shown increasing hostility towards the cryptocurrency sector. In response, Block announced on a recent Tuesday that its project’s goal is to decentralize the supply of Bitcoin mining hardware as well as the distribution of hashrate, which reflects industry competition and mining difficulty.

The fintech firm also addresses a significant barrier: the scarcity and high cost of mining rigs, coupled with unpredictable delivery schedules. While specific details were sparse in their latest update, Dorsey had previously mentioned in 2021 that Block was exploring a Bitcoin mining system based on custom silicon. He advocated for more emphasis on vertical integration and silicon design, which he believes is overly concentrated among a few companies.

Moreover, Thomas Templeton, Block’s general manager for hardware, has shared plans to enhance the reliability and user experience of mining rigs, specifically tackling prevalent issues like heat dissipation and noise.

The post Payments Company Block To Build A Bitcoin Mining System appeared first on Coinfomania.

Australia has reached a new milestone in the cryptocurrency sector by becoming the third-largest host of Bitcoin ATMs worldwide. As of April 24, data from Coin ATM Radar shows that Australia hosts 1,008 active crypto-fiat machines, accounting for 2.7% of the global distribution.

This places Australia behind the United States and Canada in the deployment of these ATMs. The United States remains the dominant leader, hosting 31,179 crypto ATMs, which makes up 82.8% of the global share. Canada holds the second position with 2,918 ATMs, representing 7.7% of the total.

The Surge In Bitcoin ATMs Across Australia Reflects A Growing National Interest In Cryptocurrency

The proliferation of Bitcoin ATMs is a growing trend across the globe, with several countries hosting a significant number of these machines. Spain leads with 261 Bitcoin ATMs, followed closely by El Salvador with 215, Poland with 211, Germany with 194, and Hong Kong with 157. These ATMs enable users to buy or sell Bitcoin and other cryptocurrencies using cash or debit and credit cards, connecting directly to cryptocurrency exchanges or platforms for transactions.

A report by Coin ATM Radar in April 2023 highlighted that the Asian continent hosted 355 crypto machines, constituting 1% of the global total. In contrast, Australia reported having 225 machines as of June 2023, making up 0.6% of the worldwide distribution. This surge in Australian Bitcoin ATMs mirrors the country’s growing enthusiasm for cryptocurrencies. Data from Statista indicates that nearly one in four Australian adults own a cryptocurrency asset, a figure that correlates with heightened trading volumes on exchanges and an increase in daily active users of cryptocurrency wallet apps.

Despite this interest, the integration of cryptocurrencies into mainstream commercial activities remains limited in Australia. Few businesses across various industries have either installed a crypto ATM or accepted cryptocurrencies as a payment method in-store.

The Biggest Development Worldwide Was Bitcoin ATMs Supporting Other Cryptocurrencies

A recent report by Coin ATM Radar, dated April 18, highlighted a modest uptick in the growth of Bitcoin ATMs, anticipating a global increase in installations as more cryptocurrency users boost demand for these machines. In the latest statistics for March, the United States led the expansion with an addition of 360 machines, marking a 1.2% increase. Australia and Canada were not far behind, with 44 new ATMs (a 4.9% increase) and 41 new devices (a 1.4% increase), respectively. Luxembourg also made its entry into the Bitcoin ATM market with its inaugural installation at Épicerie Damas.

Moreover, the adaptability of these ATMs is on the rise, with 61.4% now supporting various cryptocurrencies beyond Bitcoin. In terms of specific currencies, Tether saw the most significant addition in March 2024, with 3,640 new machines accommodating it, reflecting a 77.73% surge. Ether and Litecoin also saw notable increases, with 949 (5% increase) and 911 (4.66% increase) new installations, respectively. Other altcoins like Dogecoin and Bitcoin Cash were added to 541 (6% increase) and 154 machines (1.73% increase), while Ripple was notably suspended from 22 ATMs.

Industry-wide figures for March 2024 revealed by the Bitcoin ATM map tracker included 669 new installations versus 192 closures, culminating in a net growth of 507 machines, which corresponds to a growth rate of 1.4%.

How Bitcoin ATMs Work?

Bitcoin ATMs or simply crypto ATMs provide a bridge between physical cash and digital currencies, facilitating the conversion of deposited cash into cryptocurrency through a direct connection to a cryptocurrency exchange. These ATMs process all transactions on the blockchain, a secure digital ledger used for recording financial transactions in cryptocurrency. Users interact with the ATM by scanning a QR code from their digital wallet, depositing cash, and then transferring the newly purchased cryptocurrency directly into their wallet.

In addition to direct crypto purchases, some crypto ATMs enhance user convenience by offering voucher-based transactions. These ATMs allow users to deposit cash, choose the cryptocurrency they wish to purchase, and print a voucher. The voucher can then be scanned using a mobile app to redeem the cryptocurrency, which is deposited directly into the user’s digital wallet.

While the majority of crypto ATMs currently support only one-way transactions—permitting purchases of cryptocurrency but not sales—a growing number feature two-way transaction capabilities. These ATMs enable users to both buy and sell cryptocurrencies. Selling involves scanning a QR code from their digital wallet at the ATM, selecting the amount of cryptocurrency to sell, and receiving cash once the transaction is completed. This type of transaction typically requires photo ID verification to enhance security.

The post Australia Hits The Mark Of Over 1,000 Bitcoin ATMS appeared first on Coinfomania.

Hedera’s cryptocurrency, HBAR, witnessed a 96% increase in its value. This surge was triggered by a widely misinterpreted announcement involving BlackRock, the world’s largest asset manager. 

The price of HBAR jumped from $0.087 to a peak of $0.175, driven by the excitement around the news that BlackRock’s ICS US Treasury money market fund (MMF) had been tokenized on the Hedera network. At press time, HBAR was trading at $0.1305, indicating a 47.11% increase in the past 24 hours, according to CoinMarketCap data.

HBAR/USD 1-day price chart (Source: CoinMarketCap)

However, it later became clear that BlackRock was not directly involved in the tokenization process. The actual participants were blockchain trading and infrastructure companies Archax and Ownera, who had utilized the Hedera network to tokenize the fund. This clarification led to a significant retraction in the price of HBAR, though details on the final settling price varied slightly among different reporting sources.

Today we witness #RWA history as @BlackRock’s ICS US Treasury money market fund (MMF) is tokenized on @Hedera with @ArchaxEx and @OwneraIO, marking a major milestone in asset management by bringing the world’s largest asset manager on-chain pic.twitter.com/1Kye8cjAJx

— HBAR Foundation (@HBAR_foundation) April 23, 2024

Market Response to the Tokenization Announcement

The market’s reaction to the news highlights the volatility and sensitivity of cryptocurrency prices to news and public perception. HBAR’s trading volume surged to $2.69 billion in the 24 hours following the announcement, as reported by CoinMarketCap. The initial misunderstanding was propelled by a post from the Hedera Foundation that seemed to suggest a direct partnership or involvement from BlackRock in bringing their fund “on-chain.”

This situation was further amplified by the rapid sharing and commentary on social platforms, with influential crypto figures discussing the perceived partnership. The Hedera Foundation’s promotional video, which suggested collaboration between Ownera, Archax, and BlackRock, was a significant factor in the misinterpretation, garnering over 2.1 million views and extensive reposts.

Clarification and Community Reaction

As the real details of the tokenization came to light, notable figures within the cryptocurrency community voiced their concerns about the misleading nature of the initial announcements. Chris O’Connor, the founder of the Cardano Ghost Fund DAO, criticized the Hedera Foundation for what he viewed as deceptive marketing practices. 

O’Connor emphasized that BlackRock’s involvement was limited to being merely “aware” of the tokenization that used Hedera’s blockchain rather than being an active participant.

#Cardano fam, it gets so tiresome!

To be clear. Blackrock the actual institution did NOT select HBAR for tokenizing a fund of theirs. Blackrock had no involvement whatsoever and has no connection to the protocol.

What did happen was a HBAR project through the secondary market… https://t.co/0IeFo0xUPv

— Chris O (@TheOCcryptobro) April 23, 2024

Industry leaders’ clarification and further investigation into the details of the announcement contributed to a more tempered understanding among investors and observers. Archax co-founder and CEO Graham Rodford later confirmed that the decision to tokenize the BlackRock fund on Hedera was solely at the discretion of Archax and Ownera.

Future Outlook for Hedera and HBAR

Despite the rollercoaster of price movements and the ensuing clarification, Hedera’s outlook remains optimistic among its supporters. The Hedera Global Governing Council recently approved the allocation of 4.86 billion HBAR, valued at approximately $408 million, for further network development. This funding is expected to bolster Hedera’s infrastructure and expand its user base into 2024.

In 2023 alone, the Hedera network processed over 33 billion transactions, showcasing its capability and the growing interest in blockchain solutions. While HBAR is currently trading well below its September 2021 high of $0.57, the recent events have renewed interest and discussion around Hedera’s technological offerings and their potential impact on the broader financial and technological landscapes.

The post HBAR Price Soars 96% After Misinterpreted BlackRock News appeared first on Coinfomania.

Several cryptocurrency wallets associated with prominent figures and entities in the digital asset space have substantial amounts locked in decentralized finance (DeFi) bridge contracts, as per a recent report from Arkham Intelligence. 

Among these, a notable wallet linked to Ethereum co-founder Vitalik Buterin has over $1 million immobilized for more than seven months. This incident underscores the operational challenges and user interface issues that can arise within the DeFi ecosystem.

GM

There are dozens of accounts with 6-7 figures stuck in bridge contracts, forgotten about.

These include prominent DeFi whales and even an account connected with @vitalikbuterin.

If you’re on this list, you may have misplaced a few million dollars.

Don’t worry – it happens. pic.twitter.com/YaLb5pjtzF

— Arkham (@ArkhamIntel) April 22, 2024

DeFi bridges are essential for enabling asset transfers across different blockchain platforms, facilitating interoperability and functionality in the broader cryptocurrency market. Despite their importance, these bridges vary in their operation, some requiring manual intervention to retrieve funds, which can lead to assets being inadvertently left in limbo if not promptly addressed.

Industry-Wide Issue of Stuck Assets

The report from Arkham Intelligence highlights that numerous crypto whale wallets are facing similar predicaments, with assets ranging from six to seven figures stuck on various bridge contracts for extended periods. Some wallets have been in this state for up to two years, including one associated with “thomasg.eth” which reportedly has $800,000 locked on the Arbitrum Bridge for nearly two years. 

Additionally, a wallet linked to Bofur Capital contains 27 wrapped bitcoins valued at approximately $1.8 million, which have been stuck for over two years.

These incidents illustrate a broader issue within some segments of the DeFi infrastructure, where the lack of automatic reminders and the requirement for manual retrieval can lead to significant sums being forgotten on bridges. The challenge is further compounded by the technical nature of blockchain and the necessity for users to keep track of their transactions across multiple platforms.

Response from Arkham Intelligence

In response to these findings, Arkham Intelligence has taken proactive steps to notify the owners of these wallets, emphasizing the need to recover their assets. The firm has reached out to individuals and companies alike, including a wallet believed to be owned by Coinbase, which reportedly has $75,000 worth of assets stuck on the Optimism bridge for nearly six months. The situation with Coinbase is a case of a forgotten transfer attempt involving USD Coin converted to Ethereum.

Arkham’s efforts to address these issues highlight the need for enhanced user interfaces and better transaction tracking mechanisms within the DeFi sector. By bringing these instances to light, Arkham hopes to not only aid in the recovery of funds but also to encourage the development of more user-friendly systems that can prevent such occurrences in the future.

The post Vitalik Buterin’s Wallet Holds $1M in Frozen Assets on DeFi Bridge appeared first on Coinfomania.