The DoJ has proposed a lengthy sentence for former Binance CEO Changpeng Zhao.

On Tuesday, the DoJ filed for Zhao to spend 36 months in prison.

According to the DoJ, a severe punishment will serve as a deterrent to other potential offenders.

The U.S. Department of Justice (DoJ) has proposed a lengthy sentence for former Binance CEO Changpeng Zhao. In a recent filing, the DoJ asked the court to sentence Zhao to 36 months imprisonment in addition to a $50 million fine.

According to the DoJ, Zhao’s sentencing should be for his role while the crypto exchange violated U.S. sanctions and money laundering laws. Tuesday’s filing by the DoJ noted that the punishment will serve as a deterrent to Zhao and the rest of the world.

Meanwhile, the DoJ emphasized that Zhao reaped vast rewards from violating U.S. laws, noting that he must pay a significant price for his crime. The DoJ believes a severe punishment for Zhao will discourage individuals and businesses tempted to build fortunes for themselves by violating U.S. laws.

Zhao’s offense attracted a punishment of up to 18 months following his plea agreement. The DoJ on Tuesday asked the court to review the condition, considering the “massive” scope and ramifications of the former CEO’s misconduct. Hence, the suggestion to jail Zhao for three years, in addition to the $50 million fine already agreed between the prosecution and Zhao’s defense team.

The court initially scheduled Zhao’s sentencing for late February before postponing it by mutual agreement to April 30. The former CEO has remained in the U.S. since his initial court appearance in Seattle, Washington, unable to return to his partner and some of his kids living in Dubai.

Binance pleaded guilty alongside Zhao in the ongoing case. The renowned crypto exchange agreed to pay a substantial fine and report to a court-appointed monitor.

The post Changpeng Zhao Should Be Sentenced to 3 Years in Prison – DoJ appeared first on Coin Edition.

FTX plans to auction off an unspecified amount of Solana tokens this week through a “blind auction.”

Figure Markets, Pantera Capital, and Abra are the leading bidders of FTX’s Solana auction.

The bankrupt exchange recently sold $1.9 billion SOL, which was bought by firms like Galaxy Digital and Pantera Capital.

According to a recent Bloomberg report, the bankrupt crypto exchange FTX has decided to auction off another unspecified amount of Solana (SOL) tokens this week. People familiar with the matter revealed that a “blind auction” is scheduled for the next batch of SOL.

Kyle Chasse, a Bitcoin proponent, shared an X post on April 23, unveiling FTX’s plans for the next batch of SOL auctions. He stated, “FTX will be auctioning off its remaining SOL tokens.”

🚨LATEST: FTX WILL BE AUCTIONING OFF ITS REMAINING $SOL TOKENS

— Kyle Chassé (@kyle_chasse) April 23, 2024

Reportedly, FTX sold almost $307.6 million of SOL and ZBC tokens in March. In a previous report dated March 29, it was unveiled that 41 million locked Solana tokens worth $7.5 billion were sold by FTX, invoking investors’ speculations.

In a recent report, Mike Cagney, the co-founder and CEO of Figure Markets, hinted at FTX’s Solana auction deal. He asserted that the sale would not take place at a fixed price for the entire holding.

The report also spotted FTX estate’s recent sale of $1.9 billion SOL tokens. These tokens were purchased by leading firms like Galaxy Digital and Pantera Capital.

As per the recent Bloomberg report, Figure Markets, Pantera Capital, and Abra are the leading bidders in the auction. Figure Markets has already signaled its interest in raising funds and purchasing the tokens. Though the platforms’ representatives were reluctant to comment, people familiar with the matter hinted at the firms’ plans to make the bid.

Meanwhile, Solana is trading at $158.64, marking a daily increase of 2.16%. Over the past 7 days, Solana has grown by more than 12%. However, the SOL token has exhibited a notable decline of 8.55% in the last 30 days. 

The post FTX Auctions Off Solana Tokens This Week: Investors in a Buzz appeared first on Coin Edition.

Hong Kong prepares for spot-Bitcoin and Ether ETFs amid competition with Singapore and Dubai

US Bitcoin funds garner $56 billion assets, while Hong Kong’s issuers lack similar recognition

Regulatory distinctions and in-kind redemption mechanisms differentiate Hong Kong’s ETF landscape from the US

Hong Kong is poised to introduce a series of cryptocurrency exchange-traded funds (ETFs), taking a cue from the United States’ efforts. Hong Kong wants its tier 1 level cities to progress in establishing itself as a digital asset hub.

Several leading asset managers in China are in the final stages of preparations to launch spot-Bitcoin and Ether ETFs and they are anticipated to start trading by the end of April. 

These developments are Hong Kong’s ongoing efforts to position itself as a regulated centre for virtual assets, part of its broader strategy to create its image as a modern financial hub following recent challenges.

The forthcoming ETFs are expected to draw interest from various quarters including Chinese investors with wealth invested in Hong Kong as well as crypto exchanges and market participants active in the Asia-Pacific region. Analysts project that these funds could accumulate around $1 billion in assets under management over a two-year period.

However, it’s worth noting that the US has already witnessed success with Bitcoin funds offered by major players like BlackRock Inc. and Fidelity Investments which has garnered significant global attention and investment inflows.

In comparison, the Hong Kong-based issuers such as Harvest Global Investments Ltd, the local unit of China Asset Management and a partnership between HashKey Capital Ltd. and Bosera Asset Management (International) Co. may lack comparable brand recognition.

Despite this, Hong Kong’s regulatory landscape offers some distinctions. While the US Securities & Exchange Commission recently permitted ETFs directly investing in Bitcoin, it remains cautious toward the crypto market, especially in light of past market volatility and incidents of fraud. Conversely, Hong Kong has granted initial approval for spot-Bitcoin and Ether funds, according to the issuers. 

Additionally, the proposed ETFs in Hong Kong will be operating on an in-kind subscription and redemption mechanism, enabling the exchange of underlying assets for ETF units unlike the cash redemption model adopted by US funds.

The post Hong Kong To List Bitcoin and Ether ETFs in April appeared first on Coin Edition.

HealthMedi’s HMD token is now listed on the prominent exchange ProBit Global.

The listing paves the way for blockchain solutions to streamline transactions and reduce fees for plastic surgery patients and hospitals.

HealthMedi offers patients access to discounts and rewards while receiving educational content via a partnership with Pew TV.

HMD, the token of HealthMedi, the renowned global medical platform, is now officially listed on the prominent international exchange ProBit Global. In a recent press statement, HealthMedi disclosed this latest milestone, noting that the listing paves the way for revolutionary solutions to enhance the experience of medical tourists worldwide.

Notably, by utilizing blockchain technology, HealthMedi addresses the complexities that foreign plastic surgery patients and hospitals face. It offers innovative solutions to streamline processes and ensure optimal outcomes.

Emphatically, HealthMedi seeks to enhance the convenience of payment and transactions for medical tourists. It recognizes the burden of high fees associated with traditional methods, which often hinder the medical tourism experience for patients seeking affordable rates.

HealthMedi aims to alleviate this challenge by leveraging innovative solutions. It has proposed the HMD tokens as a seamless and cost-effective experience for patients seeking medical care abroad.

Moreover, HealthMedi’s mobile app, available on iOS and Android platforms, allows patients to access premium medical services and utilize HealthMedi’s native token (HMD) for transactions.

By leveraging HMD tokens, patients gain access to a wide range of discounts on medical services, enabling them to realize savings that would otherwise be challenging to attain. HealthMedi’s extensive network, which includes 180 affiliated hospitals, has facilitated this advantage, with a cumulative count of 607 events thus far.

Furthermore, HealthMedi is committed to democratizing access to plastic surgery by offering educational content ranging from vlogs to tutorials to informing pre-surgery patients about what to expect. Additionally, HealthMedi has partnered with Pew TV, a prominent plastic surgery channel on YouTube, to collaborate on developing a token ecosystem. This ecosystem enables both patients and hospitals to earn rewards and benefits.

With a vast database comprising 7,500 plastic surgery models, HealthMedi can translate high-quality content into various localized languages to facilitate the distribution of educational materials globally.

Ultimately, the HealthMedi team considers HMD’s listing on ProBit Global a monumental step forward in reshaping the medical tourism sector.

The post HealthMedi’s HMD Token Lands on ProBit Global: Redefining Medical Tourism with Blockchain Solutions appeared first on Coin Edition.

Coinbase launches three commercials across four channels highlighting the advantages of cryptocurrencies.

The ads use pizza as a symbol of money to showcase the long processes through which it goes.

Coinbase’s Chief Policy Officer Faryar Shirzad comments on the illusion of credit cards and other representations of traditional banking.

Coinbase has reportedly planned to launch three ads worth a total of $15 million, highlighting the advantages of cryptocurrencies over the traditional finance system. These commercials are set across four channels during the NBA Playoffs to attract sports enthusiasts to the crypto space.

The ads—one 60-second ad and two 30-second ads—will be launched on Wednesday on TNT, ESPN, ESPN2, and ABC. The basic intention of the ads is to demonstrate and prove the complexity of traditional payment systems compared to the smooth, less expensive, and fast crypto payment system.

Using pizza as a symbol of traditional finance, Coinbase’s tongue-in-cheek ad shows the long process pizza would have gone through if it were money. While the ad showcases pizza’s journey through several approval and authorization stages, the narrator says, “If pizza worked like this, you wouldn’t like pizza.”

The commercial takes further steps to spotlight the disadvantages of fiat currencies and the conventional banking system. While the ad moves through scenes that mimic credit card transactions, several people snatch slices from the pie. This symbolizes “what happens to your money whenever you spend it or send it.”

The ad ends when the pizza passes through a door marked “surcharge,” and the delivery boy picks up the pie. The delivery boy turns to the audience and says,

“We deserve a better system, easier, simpler, faster. That’s how crypto works.”

Coinbase’s Chief Policy Officer Faryar Shirzad commented on the “illusion” on which today’s public lives. He asserted, “We’re under the illusion that when we use credit cards or Venmo, things are happening instantly, but they’re actually just part of very complex plumbing that’s masked by a digital interface.”

The post Coinbase Launches $15M Worth Ads During NBA Playoffs Idolizing Crypto appeared first on Coin Edition.

PEPE token shows strong bullish signals, with a 5.5% increase and a target price of $0.00000919.

The token’s market cap rose to $2.885 billion alongside a 14.62% spike in trading volume.

Indicators suggest bullish momentum but caution over potential overbought conditions.

Pepe’s PEPE token has experienced a bullish trend over the last 24 hours, with prices ranging between $0.00000636 and $0.00000698, according to CoinStats data. The lower end of this range has served as a support level, while the upper end has acted as resistance to the token’s price movements. As of press time, the PEPE token is trading at $0.00000682, marking a 5.5% increase from the previous day.

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

This positive momentum has also been reflected in the token’s market capitalization, which has risen by 6.57% to reach approximately $2.885 billion. Additionally, the trading volume has seen a boost, up 14.62% in the last 24 hours, totaling $1.018 billion. This increase indicates a heightened interest and activity in trading the PEPE token.

PEPE/USD Price Action

The PEPE token is demonstrating an upward trend on the one-day chart, heading towards the 61.8% Fibonacci retracement level, with the potential to surpass this marker and challenge the overhead resistance. At the moment, the price is experiencing slight stagnation around the 50% Fibonacci level, indicating a pause in the bullish momentum.

PEPE/USD 4-Hour Chart (Source: TradingView )

If this bullish trend persists, it is expected that PEPE will breach the 61.8% level and potentially test the resistance zone above. Such a breakthrough could propel the token’s value to new heights, specifically targeting the $0.00000919 price point.

Conversely, should the bears regain market control, a retest of the 50% Fibonacci level or even a dip to the immediate support level below could occur. This scenario would provide traders with an opportunity to reassess and potentially reposition their stakes in anticipation of a bullish breakout.

Indicators Point to Continued Growth

On the technical analysis front, the Moving Average Convergence Divergence (MACD) indicator offers a bullish signal, positioned slightly above the signal line at 0.00000385. This setup indicates an accumulation of bullish momentum in the short term. Supporting this optimistic outlook, the MACD’s histogram bars are increasingly green and growing in size, further reinforcing the strengthening bullish trend.

PEPE/USD 4-Hour Chart (Source: TradingView )

Additionally, the Chaikin Money Flow (CMF) index aligns with this positive sentiment, trading above the zero line at a value of 21. This indicates a net inflow of money into the PEPE market, suggesting potential for further price appreciation. However, the proximity of the CMF to the 20 mark warrants caution, as it hints at possible overbought conditions. This could precipitate a short-term correction or price pullback before the upward trajectory resumes, offering a point for investors to consider their positions in the market.

The post PEPE Token Climbs 5% in One Day as Bullish Sentiment Prevails appeared first on Coin Edition.

Ripple challenges SEC’s last-minute expert testimony, alleging procedural violations.

Ripple’s legal team accused the SEC of “sandbagging,” a practice prohibited by Federal Rule of Civil Procedure.

Ripple urged the court to strike the Fox Declaration and any mentions of it in the SEC’s remedies motion.

Ripple has filed a motion to strike the new expert materials submitted by the U.S. Securities and Exchange Commission (SEC) in support of its motion for remedies and entry of final judgment. Prominent defense lawyer James Filan called attention to this latest SEC vs. Ripple drama in a recent post on X.

#XRPCommunity #SECGov v. #Ripple #XRP @Ripple has filed a Motion to Strike new expert materials the SEC submitted in support of its Motion for Remedies and Entry of Final Judgment.https://t.co/k8M84DxDiz

— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) April 22, 2024

Notably, Ripple filed the motion with Judge Sarah Netburn of the U.S. Magistrate Court of the Southern District of New York. The crux of Ripple’s argument lies in the timing and nature of the SEC’s submissions. 

Ripple contended that the SEC’s recent filings, featuring the declaration of Andrea Fox, an assistant chief accountant of the SEC, and accompanying exhibits, were untimely and failed to adhere to procedural rules mandating disclosure during discovery.

As a result, Ripple’s legal team accused the SEC of “sandbagging,” a practice prohibited by the Federal Rule of Civil Procedure. According to Ripple, the SEC’s delayed disclosure of expert witness testimony and analysis on Ripple’s accounts and XRP sales penalties to institutional investors violates the principles of fair litigation.

Central to Ripple’s objection is the assertion that the SEC portrayed Andrea Fox as a mere “summary witness” rather than an expert witness, downplaying the significance of her testimony. Ripple argued that such characterization belies the substantive nature of Fox’s contributions, which Ripple claims should have been disclosed during the discovery phase.

Based on the circumstances, Ripple urged the court to strike the Fox Declaration and any mentions of it in the SEC’s Remedies Motion. 

Furthermore, during discussions between the parties concerning this motion, an agreement was reached to suggest that the SEC be granted five business days to submit a letter in opposition. Accordingly, Ripple will have three business days to respond.

The post Ripple Files New Motions Challenging SEC’s Last-Minute Expert Testimony appeared first on Coin Edition.

Binance’s market share of Bitcoin trading fell from 81.3% to 55.3%.

Bybit and OKX increased their non-U.S. market shares to 9.3% and 7.3%.

Binance faces a new legal battle over unregistered crypto sales in Canada.

Binance, the leading global cryptocurrency exchange, has experienced a significant decline in its market share of Bitcoin trading outside the United States. Research from Kaiko indicates that Binance’s share dropped to 55.3% from 81.3% over the past year. For Altcoins, the share fell to 50.5% from 58%.

This shift is attributed to Binance ending a promotion that eliminated trading fees. Analysts at Kaiko suggest that this change has allowed smaller exchanges to gain traction as trading volumes rebound. Notably, Bybit and OKX have increased their market presence, particularly in Asian markets.

Bybit’s share of non-U.S. Bitcoin trading rose to 9.3% from 2%, while OKX now holds 7.3%, up from 3%. These gains come as Binance faces legal challenges, including recent guilty pleas to U.S. charges related to anti-money laundering and sanctions violations by its co-founder Changpeng Zhao.

Under new leadership from Richard Teng, a former Singapore regulator, Binance has enhanced its compliance measures. This includes stricter token listing criteria and the appointment of a new board of directors. These moves are part of Binance’s broader effort to restore its reputation and maintain regulatory compliance, particularly with U.S. authorities.

The cryptocurrency sector overall has benefited from a surge in Bitcoin prices. Since the beginning of last year, Bitcoin’s value has quadrupled, reaching a record high of US$73,798 last month. This price increase has stimulated trading activity across the industry.

In addition to regulatory challenges in the U.S., Binance faces legal issues in Canada. A class action lawsuit filed in Ontario accuses the exchange of selling crypto derivatives to retail investors without proper registration, a violation of local securities laws. This lawsuit seeks damages and rescission of the affected transactions.

The Superior Court of Justice in Ontario has acknowledged the claims, noting that crypto contracts are considered securities or derivatives under current regulations. The marketing of these products thus constitutes a distribution, necessitating proper registration and compliance.

The post Is Binance Losing Ground in Global Bitcoin Markets? appeared first on Coin Edition.

Memecoin investors earn over $2 million, profiting from MANEKI and BOME trades.

Trader seizes opportunity with BOME listing on Binance, netting profits from DEX purchase and subsequent liquidation.

Despite setbacks, strategic investments in BOME, SLERF, and MANEKI prove profitable.

On-chain provider Lookonchain revealed the trading activities of a crypto investor which attracted considerable attention after earning over $2 million through trading meme coins. 

Analysis of recent transactions showed that the investor purchased MANEKI for 300 SOL, worth $45.6K, and sold it for 2,462 SOL at $381K. Moreover, Lookonchain noted that his most lucrative venture was BOME, which yielded a significant return of 6,495 SOL, valued at $1.23M.

Upon Binance’s announcement of the BOOK OF MEME’s (BOME) listing, the trader seized the opportunity to acquire 3,000 SOL worth of the token from DEX. Afterward, he promptly deposited it on Binance for profitable liquidation. 

Based on data from CoinMarketCap, BOME trades at $0.010281, reflecting a 21% price increase month-to-date. Over the past 30 days, there have been 15 ‘green days,’ where the daily closing price outpaced the daily opening price.

However, the meme investor’s trading journey has not been without setbacks. A few hours ago, he succumbed to FOMO (fear of missing out) and invested 100 SOL in purchasing ANSOM at inflated prices. 

Unfortunately, the subsequent sale of ANSOM resulted in a loss, with the trader only able to recoup 53.87 SOL, translating to a loss of 46.13 SOL. In the early hours of today, ANSOM witnessed a significant rally, rising to $0.00357758. However, the coin later dipped by 82.51%, trading at  $0.0006257, per CoinGecko. Nonetheless, ANSOM has printed a 232.4% value increase over the last intraday trading session.

Despite trading approximately 60 coins over five months, the trader’s success rate remains below 33%. Even so, strategic investments in tokens like BOME, SLERF, and MANEKI proved profitable. 

The post Crypto Investor Nets $2M Profits in Memecoins BOME, MANEKI appeared first on Coin Edition.

SafeSEP22 activates the transferability of SAFE tokens via a successful SafeDAO vote.

The token contract is unpaused, enabling the transferability of previously locked tokens.

Despite the initial dip, Safe’s fully diluted valuation exceeds $2.74 billion, and its circulating supply is 427 million tokens.

SafeSEP22 has activated the transferability of SAFE tokens following a successful vote by SafeDAO. The company announced this via an X post on Tuesday morning, steering SafeDAO into a new era. “SEP22 has been executed! The Safe Token Contract is officially unpaused, and SAFE is transferable,” SafeDAO’s X post stated.

The proposal, which enables the transferability of SAFE tokens, involved executing the unpause method of the token contract via the SafeSnap module. As such, previously locked SAFE tokens have become transferable, while those remaining in the lock contract are ineligible for transfer.

Following the token unlock, SAFE’s value dipped by over 26%, hitting $2.72 at press time. Insights from CoinMarketCap indicate that Safe’s fully diluted valuation exceeds $2.74 billion, with a maximum supply of one billion tokens and a circulating supply of 427 million tokens.

Since its launch via airdrops in October 2022, SafeDAO’s tokens have been locked for nearly two years. A Safe spokesperson noted that the extended lock period is attributed to SafeDAO’s governance process. The SafeDAO representative stressed that the decision to enable token transferability was driven by community governance, with five milestones established to prompt a reevaluation of the transferability issue.

According to the Safe Insider, these milestones underwent thorough discussion over the past year, culminating in a DAO voting session on April 15. Impressively, over 99% of participants supported the proposal to unpause the Safe token contract, enabling transferability. 

The spokesperson also emphasized the significance of this development, asserting that the DAO governance and its members are responsible for token transferability rather than a select group of core contributors.

Furthermore, the representative reaffirmed SafeDAO’s commitment to progressive decentralization by acknowledging the enthusiasm within certain community segments for making the Safe token transferable. This includes prioritizing secure infrastructure, fair governance frameworks, and transparent resource allocation.

The post SafeDAO Greenlights Transferability Proposal SEP22 for SAFE Token appeared first on Coin Edition.

More than 8000 Runes etch have been created on Bitcoin since the 4th Bitcoin halving.

Since the halving event, a total of 1.4 million Runes-related transactions have been reported.

RSIC•GENESIS•RUNE is the Runes with the highest number of holders, with more than 21,000 addresses.

Recent updates revealed that more than 8,000 Runes etch have been created on Bitcoin since the fourth Bitcoin halving. As per Chinese crypto researcher Colin Wu’s post on his Wu Blockchain page on X, 1.4 million Runes-related transactions have been reported since then.

Since the halving on April 20, more than 8,000 Runes etch have been created on Bitcoin, resulting in more than 1.4 million Runes-related transactions. The Runes with the highest number of holders currently is RSIC•GENESIS•RUNE, with more than 21,000 addresses. The number of…

— Wu Blockchain (@WuBlockchain) April 23, 2024

Wu stated that the Runes with the highest number of holders is reportedly RSIC•GENESIS•RUNE, boasting more than 21,000 addresses. It is noteworthy that the number of Runes transactions on Bitcoin accounts for 40%-70% of the total number of transactions on the network after halving.

At the press time, the total number of Runes etched is 8161. The total Rune transaction till the moment is 1574720 by 101728 holders.

Source: Runealpha

Following the launch of the Runes protocol, the community created a frenzy with the rush to create new Rune-based meme coins, leading to an increase in Bitcoin transaction fees. Reportedly, following the Bitcoin halving, the average transaction fees of Bitcoin reached a historical high of $128.45, possibly due to the demand for Runes tokens.

Lucas Outumuro, Head of Research at IntoTheBlock, commented that the launch of Runes on Bitcoin has been “absolutely insane.” Further commenting on the increasing Bitcoin transaction fee and growing addresses, he stated,

<blockquote> “It’s been less than 48 hours since the launch of Runes and it has already made an impact of historic proportions. We’ll see how much of the early momentum will persist, but so far, it seems like $BTC’s long-term security problem is getting solved by sh*tcoins.” </blockquote>

Meanwhile, Bitcoin exhibits a comparatively stable price, with its price currently set at $66,380. Though the cryptocurrency hasn’t experienced notable changes over the past 24 hours, it has surged over 4% in one week and over 3% in one month.

The post 8000+ Runes Etch Created on Bitcoin; 1.4M Transactions: Report appeared first on Coin Edition.

XRP’s recent surge is supported by a double-bottom formation, signaling an imminent bullish trend.

Increasing XRP wallet holders with 1M+ tokens indicates growing investor confidence.

Mixed signals from RSI and MACD suggest uncertainty, but overall sentiment around XRP remains positive.

Ripple’s XRP is gaining momentum and showing bullish tendencies, stimulating a growing interest among investors and traders. XRP’s price has spiked lately, jumping to $0.5687 while registering a 6% increase in just one day. As per EGRAG CRYPTO, an analytic firm, this upward movement is underpinned by technical indicators hinting at a potential breakout, explicitly focusing on the double bottom formation. This classic bullish pattern suggests a forthcoming upward thrust.

#XRP Color Code 🎨 To $1.4(Update):Note: I've updated the consolidation zone to a supply zone and the wicking range to a demand and accumulation zone.Double Bottom Formation: The double bottom formation is giving us a strong bullish signal, and I'm highly confident that the… https://t.co/zBwbo5sKuA pic.twitter.com/Vi0j4fFtjn

— EGRAG CRYPTO (@egragcrypto) April 23, 2024

As highlighted by Santiment, a top analytic firm, recent data on XRP wallets holding at least 1 million tokens reveals a significant uptrend. Over 2,013 wallets are now in possession, nearing an all-time high. This surge in large-scale holders signifies growing confidence and accumulation within the XRP community, hinting at strong investor sentiment supporting further price appreciation.

🐳 The price of #XRP has jumped ahead of the #altcoin pack, jumping +6% and as high as $0.5687 today. The amount of wallets, 2,013, holding at least 1M $XRP has been surging over the past six weeks (rising 3.1%), and is within 1 wallet of the #AllTimeHigh. https://t.co/2ZfC9v79x9 pic.twitter.com/rqKgcOYJJx

— Santiment (@santimentfeed) April 22, 2024

According to the latest data, the price of XRP is at $0.547538 with a daily trading volume of $1.6 billion. Despite the recent progress, XRP’s 1-day RSI displays a position of “neutral” at 47.70 implying neither overbought nor oversold condition. This neutrality in RSI underscores the potential for price movement in either direction in the near term.

The Moving Average Convergence Divergence (MACD) indicator, however, is painting a more bullish picture, with the MACD line trading above the signal line a classic signal of a forming uptrend. This bullish sentiment is somewhat offset by the short-term bearish trend indicated by the 1-Day Know Sure Thing (KST), highlighting the underlying market uncertainty.

XRP/USD 1-Day price chart, Source: Trading view

Despite the mixed signals from various indicators, the prevailing sentiment around XRP remains positive, driven by the technical breakout pattern and increasing institutional interest. Investors are closely monitoring key resistance levels, particularly the $0.5687 mark, as a decisive breakthrough could pave the way for a sustained rally toward the $1.40 price target.

The post XRP Rockets 6% in a Day: Is $0.5687 the Launchpad for $1.40? Analyst Insights appeared first on Coin Edition.

Binance is facing a fresh legal battle in Ontario, Canada.

The Superior Court of Justice in Ontario has filed a class action lawsuit against Binance.

The court accused Binance of failing to comply with necessary registrations and prospectus filings.

Binance, the world’s largest cryptocurrency exchange by volume, is facing a fresh legal battle, this time, in Ontario, Canada. According to reports, the Superior Court of Justice in Ontario has filed a class action lawsuit against the cryptocurrency exchange. The Court alleged that Binance sold crypto derivative products to retail investors without registration, violating securities laws.

The recent lawsuit seeks both damages and rescission for the affected trades, accusing Binance of failing to comply with necessary registrations and prospectus filings as stipulated by securities regulations. 

Meanwhile, the court stated in the filed motion that the plaintiffs in the class action claimed the sales were illegal and void for lack of the required registration. The court recognized the classification of crypto contracts under current regulations, noting that they are considered securities or derivatives, and marketing them qualifies as distribution.

The latest class action represents one of the multiple legal cases that Binance is facing in Ontario. Before this case, the Ontario Securities Commission (OSC) scrutinized Binance, leading to the crypto exchange committing to cease operations in the region by early 2022. The firm rescinded that commitment in the weeks leading to its proposed departure, claiming that its authorization as a money services business allows it to continue operating in the province.

It is essential to note that the OSC continued investigating Binance over potential regulatory breaches. However, the commission had yet to make any formal allegations against the industry giant as of the time of filing this report.

As for the fresh case, the court rejected Binance’s argument that it merely facilitated trades between investors, not acting as a direct party. According to the court, “The only contracts found in the record are between class members and Binance itself.” It compared it to a relationship between a customer and a store, rather than between independent parties.

The post Binance Faces Fresh Legal Battle as Ontario Court Files for Class Action appeared first on Coin Edition.

According to Soso Value, Bitcoin ETF net inflow increased by $62.0899 million last Monday.

Grayscale’s GBTC recorded a net outflow of $34.993 million on the same day.

Bitcoin gained 2.89% following increasing ETF inflows after Friday’s halving event.

Data from Soso Value, the platform for ETF data aggregation, shows that the total net inflow of Bitcoin spot ETF on Monday, April 22, was $62.0899 million. Significantly impacting this net inflow was the outflow from the GrayScale GBTC, which Soso Value recorded as $34.993 million.

According to SoSoValue, the total net inflow of Bitcoin spot ETF yesterday, April 22, was $62.0899 million. Grayscale GBTC had a single-day net outflow of $34.993 million. The single-day net inflow of Fidelity ETF FBTC was US$34.8334 million, and the historical cumulative net… pic.twitter.com/yt2vTMA5bm

— Wu Blockchain (@WuBlockchain) April 23, 2024

Fidelity’s FBTC topped the ETF inflows on that particular day, with an influx of $34.8334 million worth of investment, pushing the historical cumulative net inflow of the Bitcoin spot ETF to $12.384 billion. Other ETFs added to this cumulative net inflow, with Ark Investment’s ARKB attracting a net inflow of $22.56 million.

Soso Value’s data further showed that the ETF with the third-highest inflow on Monday was BlackRock’s IBIT, with a net inflow of $19.65 million. Four other ETFs had notable inflows, including Franklin Templeton’s EZBC with $7.70 million and VanEck’s HODL with $7.51 million. Others are Invesco’s BTCO, which had a $2.66 million net inflow on Monday, and Bitwise’s BITB, with a net inflow of $2.17 million on the same day.

Notably, the increasing net ETF inflow across the listed products impacted Bitcoin’s price significantly on Monday. According to data from TradingView, BTC opened the day at $64,951 before printing a classic bullish candle. The flagship crypto price surged by 2.89%, closing the day at $66,855 after reaching a daily high of $67,241.

Yesterday’s rally pushed Bitcoin above significant resistance at $64,511, confirming an upward movement after last Friday’s Bitcoin halving. Bitcoin bounced off local support at $59,629 after the halving event and has gained 12.83% in the current rally. The pioneer crypto traded for $66,429 at the time of writing.

The post BTC Rallies Amid Increasing ETF Net Inflow Days After Bitcoin Halving appeared first on Coin Edition.

OrangeDX’s O4DX token is now listed on the exchange ProBit Global.

The listing enhances Bitcoin DeFi solutions, including the O4DX Bridge.

OrangeDX simplifies early-stage project participation with its launchpad.

O4DX, the native token of OrangeDX, a decentralized Bitcoin platform, has been officially listed on the prominent international exchange ProBit Global. The OrangeDX team announced this development in a recent press statement, emphasizing the new milestone for their project.

Notably, OrangeDX pursues a transformative Bitcoin DeFi journey that enables users to trade, swap, and launch BRC20 tokens through blockchain solutions. The platform provides diverse features and services tailored for investors and token issuers.

One standout offering is their O4DX Bridge, a solution designed to move BRC-20 tokens between the BTC native and Ethereum chains. According to the report, the unique capability to bridge BRC-20 tokens across various chains enhances interoperability and accessibility to BRC-20 tokens.

Meanwhile, OrangeDX has an automated market maker solution that facilitates efficient asset swaps while minimizing price slippage. The OrangeDX stressed that the functionality is invaluable in mitigating wide price disparities caused by slippage to ensure users obtain optimal prices during transactions.

Moreover, OrangeDX incorporates real-time adjustments to liquidity pool parameters to guarantee optimal trade execution. This capability empowers users to trade less popular BRC-20 tokens without liquidity concerns. OrangeDX’s perpetual trading platform also enables users to trade against major assets without incurring transaction gas fees, with profits received in O4DX tokens.

Essentially, OrangeDX is pioneering an early-stage BRC-20 project launchpad, allowing investors to participate. Unlike traditional platforms with complex requirements such as staking or tier systems, OrangeDX simplifies the process.

Investors can pay a small O4DX token fee and deposit funds into the launchpad contract for allocation. The contract operates on a first-come, first-served basis.  Ultimately, the OrangeDX team believes O4DX’s listing on ProBit Global introduces a unique Bitcoin DeFi experience for investors.

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Ripple’s CLO Stuart Alderoty has accused the SEC of intimidation.

According to Alderoty, the SEC is on an intimidation campaign against all of crypto in the US.

Ripple filed an opposition to the SEC’s motion for remedies while making an entry of final judgment.

Ripple’s Chief Legal Officer (CLO) Stuart Alderoty has accused the U.S. Securities and Exchange Commission (SEC) of intimidation following the ongoing case between Ripple and the regulatory commission. According to Alderoty, the SEC is on an intimidation campaign against all crypto in the U.S.

https://twitter.com/s_alderoty/status/1782579957874749647<

In a recent post on X, Alderoty confirmed that Ripple’s opposition to the SEC’s request for $2B in penalties for legacy institutional sales is now public. He noted that the SEC had no basis for such a request, following its lack of allegations or findings of recklessness or fraud against Ripple.

Alderoty further noted that Ripple had won the SEC on significant issues. He highlighted that his firm remains confident in the Judge’s ability to handle the final remedies phase fairly.

On Monday, April 24, Ripple filed an opposition to the SEC’s motion for remedies while making an entry of final judgment. Ripple cited the court’s recent ruling that it violated a section of the Securities Act, reaffirming its acknowledgment of the ruling.

Ripple told the court it has changed how it sells XRP and changed its contracts to avoid the problems initially identified. The fintech company also noted that it has ensured that counterparties qualify as accredited investors.

Furthermore, Ripple claimed that the SEC’s remedial requests are more evidence of the administrative overreach that has beset the ongoing case. According to the filing, Ripple accused the SEC of acting as though it had prevailed entirely and had proven reckless conduct.

In conclusion, Ripple pleaded with the court to deny the SEC’s request for an injunction, disgorgement, and pre-judgment interest. It asked the court to impose a civil penalty of not more than $10 million for the offense.

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PDVSA now requires digital wallets for oil trades to avoid U.S. banking sanctions.

Amid sanctions, PDVSA transitions oil sales to the USDT cryptocurrency to maintain financial flow.

U.S. sanctions push PDVSA to obtain individual trading authorizations, complicating exports.

Amid tightening U.S. sanctions, Venezuela’s state-owned oil company, PDVSA, is escalating its shift towards cryptocurrency for oil transactions as reported by Reuters. Consequently, the company now requires new customers to possess digital wallets for trading. This strategic pivot aims to sidestep restrictions that impede access to traditional banking systems.

Significantly, this move comes after the U.S. Treasury Department decided not to renew a general license, giving companies until May 31 to conclude their dealings under this arrangement. The decision is a response to Venezuela’s stalled electoral reforms. Hence, companies must now seek individual authorizations from the U.S. to deal with PDVSA. This requirement complicates efforts to boost Venezuela’s oil production and exports.

Moreover, PDVSA has adopted the digital currency USDT, commonly known as Tether. Tether is pegged to the U.S. dollar and offers a more stable value, which is critical under the current financial constraints. Additionally, the company has been integrating USDT into its transactions progressively since last year.

However, despite its challenges, cryptocurrency payments in the global oil market remain uncommon where the U.S. dollar is dominant. Moreover, some old contracts have been adapted to include digital currency payments, underscoring the company’s commitment to this new approach.

Furthermore, the shift has necessitated the use of intermediaries, especially for trades with China, to navigate around secondary sanctions imposed by the U.S. in 2020. This reliance on third parties may reduce the share of oil proceeds PDVSA can retain directly.

Venezuelan oil minister Pedro Tellechea remains optimistic. He asserts that PDVSA possesses robust trading strategies that will sustain its operations despite the sanctions return. Oil exports under his leadership have surged, reaching approximately 900,000 barrels per day in March, the highest in four years.

As the May 31 deadline approaches, PDVSA’s focus on digital transactions could become a model for other sanctioned states seeking similar solutions to circumvent financial barriers. This development reflects the changing space of international trade and signals a potential shift in how global oil transactions could be conducted in the future.

The post Venezuela Boosts Cryptocurrency Use in Oil Trades Amid Sanctions appeared first on Coin Edition.

Mt. Gox creditors receive updates on the $9 billion Bitcoin payout.

Repayment details include the number of tokens and potential dates.

Concern remains over the impact of mass sell-off on Bitcoin price.

Creditors of the once-dominant Mt. Gox cryptocurrency exchange have received long-awaited updates on their claims, indicating a potential turning point in the disbursement of a $9 billion Bitcoin hoard. 

These updates, according to creditors, include details such as the specific number of digital tokens slated for return and, in some cases, even tentative repayment dates. This marks a significant development for creditors who have been in limbo for nearly a decade following Mt. Gox’s collapse in 2014.

Mt. Gox, headquartered in Tokyo, reigned supreme as the world’s leading Bitcoin exchange before succumbing to a devastating hack in 2011. The hack resulted in the loss of a substantial portion of Mt. Gox’s Bitcoin holdings, ultimately forcing the exchange to file for bankruptcy three years later. Currently, the fallen platform holds roughly 137,892 Bitcoin, with an estimated market value of $9.2 billion.

The news of potential repayments comes as a welcome relief for creditors who have endured years of uncertainty. Brian Dixon, CEO of Off the Chain Capital, a firm that acquired Mt. Gox claims, expressed cautious optimism. 

He noted that this is the first time creditors have received such specific updates regarding the repayment process, highlighting it as a “good sign and a step in the right direction.” While Dixon confirmed receiving a repayment date, he restricted himself from disclosing the specific timeframe.

Similarly, Adam Back, CEO of blockchain infrastructure provider Blockstream and another creditor, reported receiving updates on the number of tokens he is slated to receive but is still awaiting concrete repayment dates.

The bankruptcy process has left many creditors wondering when they will see their lost funds returned.  Furthermore, creditors are concerned that the allocation of these Bitcoin holdings has an impact on the cryptocurrency’s market price. A mass sell-off by creditors could create a downward spiral for Bitcoin. However, as of Tuesday morning, the market appeared to be taking the news in stride with Bitcoin prices remaining relatively stable at around $66,710. It’s worth noting that Bitcoin’s value was a fraction of this amount when Mt. Gox went bankrupt, potentially mitigating the immediate impact of any large-scale sell-off.

The post Mt. Gox Creditors Closer to Reclaiming $9 Billion in Bitcoin appeared first on Coin Edition.

BNB shows growth potential in Q2, defying distribution expectations with a strong rebound.

BNB price surges as market cap hits $88.482B, reflecting increased investor interest.

Technicals suggest a strong BNB uptrend despite an overbought condition.

The crypto market is witnessing a performance by Binance Coin (BNB), outpacing Bitcoin (BTC), raising speculation about the strategies of Binance ex-CEO Changpeng Zhao (CZ). However, recent analysis indicates that BNB is not within a distribution range but is in a reaccumulation phase, exhibiting resilience and potential for growth.

BNB outperforming BTCWhat is CZ scheming from the shadows? pic.twitter.com/EKXCOz3udV

— DonAlt (@CryptoDonAlt) April 22, 2024

Following its peak, BNB experienced a significant drop but showed reluctance to break down until it reached a critical point in Q2 of 2022. This pattern of bouncing back was mirrored in 2023, displaying behavior inconsistent with distribution characteristics. The analysis underscores that after the pivotal dates in Q2 of both years, BNB was primed for a rebound.

There are a few reasons why $BNB is so strong but in short it's pretty simple.Its not inside a distribution range but a reaccumulation range instead: After the top, it had a sharp drop, but it didnt want to break down until it passed a first pivotal date in Q2 '22. Which is… pic.twitter.com/fC5abPdyqQ

— Astronomer (@astronomer_zero) April 22, 2024

Further confirming BNB’s strong position, the crucial price zone between $300 and $360 was successfully overtaken, leading to a smoother path towards all-time highs. Market participants keenly anticipated this pivotal level flip.

While BNB has not yet surpassed its all-time high, the trend suggests that once it breaks through convincingly, reaccumulation will be confirmed, possibly propelling the cryptocurrency to new heights.

BNB’s Price Action

The BNB crypto is experiencing a surge, showing signs that it might reverse previous declines. As of press time, its value has risen by 4.2% in a single day, bringing its price to $604.17. Along with its price, BNB’s market capitalization—the total value of all BNB tokens in circulation—has also grown by 2.20%, reaching $88.482 billion. 

BNB/USD 24-Hour Price Chart (Source: CoinStats)

Additionally, there’s a noticeable rise in trading activity, with the volume of BNB traded in the past 24 hours jumping by 5.29%, totaling $1.2033 billion. This increase suggests that investors are becoming more interested and are actively trading BNB, reflecting a positive mood in the market.

On the technical front, the BNB coin is showing a strong uptrend, as per the MACD indicator. Based on the 4-hour chart, the MACD line is climbing high above the signal line, which is at 11.2, hinting at a strong bullish market. This suggests that BNB’s price could rise even more soon. Adding to this positive sign, the green bars on the MACD histogram indicate that buyers are driving the market.

BNB/USD 4-Hour Chart (Source: TradingView)

On the contrary, the stochastic Relative Strength Index (RSI) suggests a nuanced picture. Despite the general market optimism, the RSI points to an overbought condition with a reading of 89.19. Moreover, the ‘K’ line’s position below the ‘D’ line within this zone hints at the possibility of a brief price correction or consolidation phase as the market digests its recent gains.

Nevertheless, overall, the upbeat market mood indicates that any potential corrective movements are likely to be temporary, with the token’s price trajectory expected to maintain an upward course in the coming period.

The post Binance Coin Outshines BTC as Technicals Signal Bullish Path appeared first on Coin Edition.

Paypal research proposes economic incentives for sustainable Bitcoin mining.

“Green miners” using clean energy get priority for certain transactions.

Locked rewards in transactions incentivize miners to go green.

PayPal’s Blockchain Research Group in collaboration with Energy Web and DMG Blockchain Solutions is proposing a novel approach to address the environmental concerns surrounding Bitcoin mining. The research uses the power of cryptocurrency’s core economic principles to incentivize miners towards sustainable practices.

Bitcoin’s robust security relies on its Proof-of-Work (PoW) consensus mechanism, but this process comes at a significant cost – immense energy consumption. This new research proposes a system that integrates seamlessly within the existing PoW structure, promoting a shift towards clean energy usage by miners.

The system identifies miners utilizing sustainable energy sources as “green miners.” These miners are assigned unique public keys, referred to as “green keys,” which act as identifiers within the network. 

Transactions with lower fees are then routed towards these green miners. However, a key element differentiates these transactions: a portion of the mining reward for these transactions is “locked” in a special multisignature payout address.

This locked reward becomes the crucial incentive for green miners. Only miners with green keys can unlock and claim this additional reward, creating a strong economic motivation to prioritize transactions that specifically support sustainable mining practices. 

The research emphasizes that this approach does not require any fundamental changes to Bitcoin’s core functionality. Instead, it builds upon the existing economic framework to influence miner behavior.

The successful implementation of this system has the potential to significantly improve the environmental footprint of Bitcoin mining. Furthermore, this research demonstrates the power of cryptoeconomic incentives to promote positive change within established blockchain networks. The researchers hope this approach can serve as a model for implementing similar sustainability-focused solutions across various industries moving forward.

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