Binance Square
LIVE
ZyCrypto
@ZyCrypto
ZyCrypto Is A Blockchain News Media, Pivoting On Intriguing Crypto Reports, Expert Opinions, Analysis, Reviews, And Extensive Coverage Of Web3 Projects.
Following
Followers
Liked
Shared
All Content
LIVE
--
German Government Runs Out of Bitcoin: Wallet Empty As Massive Sell-Off Finally EndsAfter weeks of sending billions worth of Bitcoin to exchanges and market makers, the wallets linked to the German government hit a balance of zero as of Friday afternoon. The relentless selling has arguably suppressed the price of Bitcoin below the $60,000 psychological mark. Germany’s BTC Selling Spree Concludes, Easing Lingering Market Jitters The German Federal Criminal Police Office (BKA) sold the last of its Bitcoin holdings on July 12, as per on-chain data compiled by blockchain analytics platform Arkham Intelligence. Earlier on Friday, the European nation’s wallet sent Bitcoin to crypto exchanges like Bitstamp, Coinbase, and Kraken, as well as to Cumberland DRW and an unidentified OTC service address. The last transaction included 3,846 BTC sent to “Flow Traders and 139Po,” which Arkham described as “likely institutional deposit/OTC service.” The German state of Saxony has been liquidating the 50,000 Bitcoins it confiscated earlier this year from the now-defunct film piracy website Movie2K. The state held around $3.4 billion worth of BTC one month ago, with roughly $2.9 billion as of July 1. Germany’s Bitcoin sell-off really started fervently on July 8, however, when its wallets still held $2.1 billion in BTC. At least one German lawmaker criticized the BTC dumping strategy, but it appears that her advice fell on deaf ears. Now, the Eurozone’s largest economy has zero BTC left.  BREAKING: The German Government is now out of Bitcoin.The German Government just sent 3846.05 BTC ($223.81M) to Flow Traders and 139Po (likely institutional deposit/OTC service).The German Government has 0 BTC ($0.00M) remaining. pic.twitter.com/R2vfylR1b2 — Arkham (@ArkhamIntel) July 12, 2024 The selling spree by German law enforcement coupled with the reimbursements to Mt. Gox’s creditors, is the key reason market observers pinpointed behind the latest crypto market retracement. Over the last two weeks, BTC plunged from the $63,000 zone to as low as $54,000. Despite rebounding above the $58,000 level as of publication time, the largest cryptocurrency by market cap still has to overcome some key price resistance levels to resume its uptrend. Notably, now that part of the supply overhang is gone, Bitcoin could regain bullish momentum. BTC is up 3.3% on the week, including 1.5% over the last 24 hours, at a current value of roughly $58,819 as of this writing.

German Government Runs Out of Bitcoin: Wallet Empty As Massive Sell-Off Finally Ends

After weeks of sending billions worth of Bitcoin to exchanges and market makers, the wallets linked to the German government hit a balance of zero as of Friday afternoon. The relentless selling has arguably suppressed the price of Bitcoin below the $60,000 psychological mark.

Germany’s BTC Selling Spree Concludes, Easing Lingering Market Jitters

The German Federal Criminal Police Office (BKA) sold the last of its Bitcoin holdings on July 12, as per on-chain data compiled by blockchain analytics platform Arkham Intelligence.

Earlier on Friday, the European nation’s wallet sent Bitcoin to crypto exchanges like Bitstamp, Coinbase, and Kraken, as well as to Cumberland DRW and an unidentified OTC service address. The last transaction included 3,846 BTC sent to “Flow Traders and 139Po,” which Arkham described as “likely institutional deposit/OTC service.”

The German state of Saxony has been liquidating the 50,000 Bitcoins it confiscated earlier this year from the now-defunct film piracy website Movie2K.

The state held around $3.4 billion worth of BTC one month ago, with roughly $2.9 billion as of July 1. Germany’s Bitcoin sell-off really started fervently on July 8, however, when its wallets still held $2.1 billion in BTC. At least one German lawmaker criticized the BTC dumping strategy, but it appears that her advice fell on deaf ears. Now, the Eurozone’s largest economy has zero BTC left. 

BREAKING: The German Government is now out of Bitcoin.The German Government just sent 3846.05 BTC ($223.81M) to Flow Traders and 139Po (likely institutional deposit/OTC service).The German Government has 0 BTC ($0.00M) remaining. pic.twitter.com/R2vfylR1b2

— Arkham (@ArkhamIntel) July 12, 2024

The selling spree by German law enforcement coupled with the reimbursements to Mt. Gox’s creditors, is the key reason market observers pinpointed behind the latest crypto market retracement. Over the last two weeks, BTC plunged from the $63,000 zone to as low as $54,000. Despite rebounding above the $58,000 level as of publication time, the largest cryptocurrency by market cap still has to overcome some key price resistance levels to resume its uptrend.

Notably, now that part of the supply overhang is gone, Bitcoin could regain bullish momentum. BTC is up 3.3% on the week, including 1.5% over the last 24 hours, at a current value of roughly $58,819 as of this writing.
Ripple’s XRP Steals the Show As Glassnode Execs Say a Roaring Altcoin Season May Be Just AheadFounders of blockchain analytics firm Glassnode believe the crypto market is on the cusp of another full-fledged altcoin rally. Are We Soon Entering The Season Of Altcoins? Altcoins are projected to reenter a bullish phase, with the signs becoming clear amid consolidatory Bitcoin price action. Glassnode founders Jan Happel and Yana Allemann highlighted on their shared X account “Negentropic” that the tech-heavy Nasdaq index dropped 2% on July 11. Contrarily, the iShares Russell 2000 ETF (IWM), an index composed of small-capitalization U.S. equities, gained over 3%. This basically suggests that investors are venturing into riskier assets as they seek to maximize their returns. The analysts likened the current scenario to November 2020. The small-cap industry started skyrocketing back then and continued extending its gains in the following months. Happel and Allemann believe a similar setup could happen in the crypto market as investors take some profits from crypto giant Bitcoin and plow them into Ether and other alternative cryptos. In such a scenario, BTC takes a breather as altcoins outperform. “Will we see the same again? Will rotation create a massive rally in Alts? We think that may well happen!” they posited. Ripple’s XRP Steals The Show Ripple-linked cryptocurrency XRP has recently outperformed Bitcoin in the wake of the German government’s relentless dumping of its BTC holdings in recent weeks. For context, the wallets tagged as belonging to the German state of Saxony have liquidated the 49,857 BTC it seized from film piracy website Movie2k in January, amounting to over $3 billion worth of sell-pressure. Moreover, the ongoing repayment of around 140,000 BTC to creditors of the now-defunct crypto exchange Mt. Gox has reduced traders’ appetite for Bitcoin. The price of BTC briefly surged above $59,000 on Thursday before slumping to $58,630 as of press time after a failed assault on the $60K level. XRP, on the other hand, rallied an eye-watering 10.7% on Saturday following the debut of CME Group’s real-time indices and reference rates for the Ripple-affiliated token.

Ripple’s XRP Steals the Show As Glassnode Execs Say a Roaring Altcoin Season May Be Just Ahead

Founders of blockchain analytics firm Glassnode believe the crypto market is on the cusp of another full-fledged altcoin rally.

Are We Soon Entering The Season Of Altcoins?

Altcoins are projected to reenter a bullish phase, with the signs becoming clear amid consolidatory Bitcoin price action.

Glassnode founders Jan Happel and Yana Allemann highlighted on their shared X account “Negentropic” that the tech-heavy Nasdaq index dropped 2% on July 11. Contrarily, the iShares Russell 2000 ETF (IWM), an index composed of small-capitalization U.S. equities, gained over 3%. This basically suggests that investors are venturing into riskier assets as they seek to maximize their returns.

The analysts likened the current scenario to November 2020. The small-cap industry started skyrocketing back then and continued extending its gains in the following months.

Happel and Allemann believe a similar setup could happen in the crypto market as investors take some profits from crypto giant Bitcoin and plow them into Ether and other alternative cryptos. In such a scenario, BTC takes a breather as altcoins outperform. “Will we see the same again? Will rotation create a massive rally in Alts? We think that may well happen!” they posited.

Ripple’s XRP Steals The Show

Ripple-linked cryptocurrency XRP has recently outperformed Bitcoin in the wake of the German government’s relentless dumping of its BTC holdings in recent weeks.

For context, the wallets tagged as belonging to the German state of Saxony have liquidated the 49,857 BTC it seized from film piracy website Movie2k in January, amounting to over $3 billion worth of sell-pressure. Moreover, the ongoing repayment of around 140,000 BTC to creditors of the now-defunct crypto exchange Mt. Gox has reduced traders’ appetite for Bitcoin.

The price of BTC briefly surged above $59,000 on Thursday before slumping to $58,630 as of press time after a failed assault on the $60K level. XRP, on the other hand, rallied an eye-watering 10.7% on Saturday following the debut of CME Group’s real-time indices and reference rates for the Ripple-affiliated token.
Polkadot (DOT) Positioned to Tap $10 As Multiple Bullish Factors AlignPolkadot’s native token DOT has been making strides since the start of the year, and the altcoin has positioned itself to soar to new levels. As displayed by notable indicators, the altcoin is well on its way to tapping a new price month soon. DOT kicked off the week interestingly, making a noteworthy upswing in price performance. The asset opened on Monday with a bullish recovery, soaring by more than 5% within 24 hours. The asset soared to $6.24, priming it for an upsurge above $8. Two key indicators, particularly weighted sentiments and Liquidation Heatmap, signal a continuation of an uptrend that could send the asset to $10. Notably, Weighted sentiment is an indicator that spotlights market players’ outlook on an asset in the global cryptocurrency market, focusing mainly on the asset’s fundamental prepositions. The data depicts an interesting shift in investors’ perception, with weighted sentiment moving from -0.143 to 0.307, a more positive zone.  A continuous increase in weighted sentiment could positively impact DOT’s current price performance, as online perception has historically impacted assets’ value. On the other hand, a Liquidated Heatmap is an indicator that attempts to pinpoint an asset’s potential price level at a point where a massive liquidation has been recorded. Liquidations in the cryptocurrency market typically occur when a trading position is forcefully closed because the available margin becomes insufficient. With high liquidity between $6.45 and $6.96, a surge in buying pressure could send the asset to new price levels. Market participants weigh in on DOT’s current trajectory Popular Cryptocurrency analyst Faibik took to X, formerly Twitter, to note the asset’s trajectory earlier this week.  “DOT has bounced back nicely and is on the verge of wedge breakout, so keep a close eye on it.” He wrote. During the time of this report, altcoins are trading sideways, with a handful still stuck in the red zone, while a good number has successfully made it back into the green zone after shedding off losses. In DOT’s case, the altcoin is currently experiencing mild daily losses. However, over the past seven days, DOT has increased by more than 4.75% despite monthly losses totaling 4.07%. Retreating from its daily high of $6.16, DOT trades at a press time price of $6.25.

Polkadot (DOT) Positioned to Tap $10 As Multiple Bullish Factors Align

Polkadot’s native token DOT has been making strides since the start of the year, and the altcoin has positioned itself to soar to new levels. As displayed by notable indicators, the altcoin is well on its way to tapping a new price month soon.

DOT kicked off the week interestingly, making a noteworthy upswing in price performance. The asset opened on Monday with a bullish recovery, soaring by more than 5% within 24 hours. The asset soared to $6.24, priming it for an upsurge above $8.

Two key indicators, particularly weighted sentiments and Liquidation Heatmap, signal a continuation of an uptrend that could send the asset to $10.

Notably, Weighted sentiment is an indicator that spotlights market players’ outlook on an asset in the global cryptocurrency market, focusing mainly on the asset’s fundamental prepositions. The data depicts an interesting shift in investors’ perception, with weighted sentiment moving from -0.143 to 0.307, a more positive zone. 

A continuous increase in weighted sentiment could positively impact DOT’s current price performance, as online perception has historically impacted assets’ value.

On the other hand, a Liquidated Heatmap is an indicator that attempts to pinpoint an asset’s potential price level at a point where a massive liquidation has been recorded.

Liquidations in the cryptocurrency market typically occur when a trading position is forcefully closed because the available margin becomes insufficient.

With high liquidity between $6.45 and $6.96, a surge in buying pressure could send the asset to new price levels.

Market participants weigh in on DOT’s current trajectory

Popular Cryptocurrency analyst Faibik took to X, formerly Twitter, to note the asset’s trajectory earlier this week. 

“DOT has bounced back nicely and is on the verge of wedge breakout, so keep a close eye on it.” He wrote.

During the time of this report, altcoins are trading sideways, with a handful still stuck in the red zone, while a good number has successfully made it back into the green zone after shedding off losses.

In DOT’s case, the altcoin is currently experiencing mild daily losses. However, over the past seven days, DOT has increased by more than 4.75% despite monthly losses totaling 4.07%. Retreating from its daily high of $6.16, DOT trades at a press time price of $6.25.
Cardano Chang Fork Could Still Launch in July After Whispers of a DelayCardano’s community is rippling with enthusiasm after the project’s co-founder Charles Hoskinson hinted at the launch of the Chang hard fork after an ill-fated delay in Q2. Chang, an upgrade expected to usher in community governance, is seen as the next big leap for Cardano in the quest to achieve true decentralization. In the Voltaire era, Chang is one part of the puzzle that aims to modify Cardano into a period of self-sustenance with developers keen on rolling out a voting and treasure system. Originally scheduled for the second quarter of 2024, the hard fork has seeped into the second half of 2024, sparking whispers of a lengthy delay. However, Hoskinson took to X (formerly Twitter) to clear the air on the hard fork, which is set to introduce Cardano Improvement Proposal (CIP) 1694. In an AMA session on X, Hoskinson updated community members on the status of several Cardano initiatives, jumping head-first into the progress of the Chang fork. According to Hoskinson, things have fallen in place for the hard fork to go live, and Chang is “basically there” for the taking. His statements hinted at a potential launch date in mid-July, barring any unforeseen roadblocks along the way. The outspoken founder noted that the leap to Chang has been in the works for nearly two years, with the end in sight for developers after a series of unintended headwinds. “It’s been a long last few years and we got jammed up in a few things but we’ve managed to unjam those things as an ecosystem,” said Hoskinson. “Governance in particular has taken us about two years to get all the pieces of CIP 1694 together.” In his words, the network is “fork-ready” for code implementation in the coming days, and investors are rubbing their hands in glee at the prospects of a rally from the hard fork.  Alongside the talk of decentralization, Cardano’s community is bracing for a price surge in the same mold as the Alonzo hard fork from 2021, which sent ADA to an all-time high of $3.10 in 2021. Analysts are already drawing similarities between the two hard forks, including the profound nature of their functionalities, delays, and potential for price surges. In the lead-up to the widely anticipated hard fork, ADA has largely traded sideways, climbing by 2% over a 24-hour period. However, pundits are describing the lull as the “calm before the storm” leading up to frenetic market activity.

Cardano Chang Fork Could Still Launch in July After Whispers of a Delay

Cardano’s community is rippling with enthusiasm after the project’s co-founder Charles Hoskinson hinted at the launch of the Chang hard fork after an ill-fated delay in Q2.

Chang, an upgrade expected to usher in community governance, is seen as the next big leap for Cardano in the quest to achieve true decentralization. In the Voltaire era, Chang is one part of the puzzle that aims to modify Cardano into a period of self-sustenance with developers keen on rolling out a voting and treasure system.

Originally scheduled for the second quarter of 2024, the hard fork has seeped into the second half of 2024, sparking whispers of a lengthy delay. However, Hoskinson took to X (formerly Twitter) to clear the air on the hard fork, which is set to introduce Cardano Improvement Proposal (CIP) 1694.

In an AMA session on X, Hoskinson updated community members on the status of several Cardano initiatives, jumping head-first into the progress of the Chang fork. According to Hoskinson, things have fallen in place for the hard fork to go live, and Chang is “basically there” for the taking.

His statements hinted at a potential launch date in mid-July, barring any unforeseen roadblocks along the way. The outspoken founder noted that the leap to Chang has been in the works for nearly two years, with the end in sight for developers after a series of unintended headwinds.

“It’s been a long last few years and we got jammed up in a few things but we’ve managed to unjam those things as an ecosystem,” said Hoskinson. “Governance in particular has taken us about two years to get all the pieces of CIP 1694 together.”

In his words, the network is “fork-ready” for code implementation in the coming days, and investors are rubbing their hands in glee at the prospects of a rally from the hard fork. 

Alongside the talk of decentralization, Cardano’s community is bracing for a price surge in the same mold as the Alonzo hard fork from 2021, which sent ADA to an all-time high of $3.10 in 2021. Analysts are already drawing similarities between the two hard forks, including the profound nature of their functionalities, delays, and potential for price surges.

In the lead-up to the widely anticipated hard fork, ADA has largely traded sideways, climbing by 2% over a 24-hour period. However, pundits are describing the lull as the “calm before the storm” leading up to frenetic market activity.
Shiba Inu ETF Could Become Reality As Coinbase Futures Move Fuels SHIB Price Explosion OptimismShiba Inu (SHIB) may be on the brink of a significant price rally following a filing by Coinbase Derivatives, a subsidiary of Coinbase, with the Commodity Futures Trading Commission (CFTC) to list SHIB futures contracts. According to a Monday tweet by International Blockchain Consulting Group (IBC group), the proposed SHIB futures contract is expected to be listed on July 15 and will be settled in cash monthly. Each contract will represent ten million SHIB, with a minimum tick size of $0.00001 per Shiba Inu and a minimum tick value of $0.10 per contract. Notably, this new financial product aims to provide investors with a regulated way to speculate on the price movements of Shiba Inu. Coinbase also filed applications for perpetual futures contracts for other notable altcoins, including Chainlink (LINK), Avalanche (AVAX), Stellar Lumen’s (XLM), and Polkadot (DOT). The exchange’s move to diversify its offerings underscores its commitment to expanding the accessibility of cryptocurrency derivatives in the United States. In its application, Coinbase detailed the mechanics of the SHIB futures contract, highlighting how the final settlement price will be determined. The price will be based on the Market Vector benchmark reference rate at 4:00 PM London time, using a 2-hour settlement window divided into 40 three-minute intervals. During each interval, the volume-weighted median price will be calculated, with the final settlement price being a simple average of these 40 values. That said, it’s important to note that volatility is a key consideration for SHIB, known for its significant price swings driven by community sentiment and low price compared to other cryptocurrencies.  Coinbase acknowledged SHIB’s 30-day trailing standard deviation of daily price changes at 5.2%, indicating higher volatility. However, the exchange expressed confidence in its ability to manage this volatility through various mechanisms, including price banding, daily price limits, kill switches, exposure limits, and margin levels. If approved by the CFTC, Coinbase will become the first U.S. exchange to offer margined futures contracts for SHIB. This pioneering move could enhance market accessibility and foster the maturation of SHIB derivatives in a regulated environment. Meanwhile, the Shiba Inu community is optimistic that this development could spark a price rally, similar to the impact of other cryptocurrencies following the introduction of futures contracts. The potential introduction of SHIB futures contracts also fuels speculation about a future spot ETF for Shiba Inu. With Bitcoin and Ethereum making strides in the ETF space, SHIB holders are hopeful that their favorite meme coin could be next in line, further solidifying its place in the crypto market. At press time, SHIB was trading at $0.00001648, having increased modestly by 0.15% in the past 24 hours. 

Shiba Inu ETF Could Become Reality As Coinbase Futures Move Fuels SHIB Price Explosion Optimism

Shiba Inu (SHIB) may be on the brink of a significant price rally following a filing by Coinbase Derivatives, a subsidiary of Coinbase, with the Commodity Futures Trading Commission (CFTC) to list SHIB futures contracts.

According to a Monday tweet by International Blockchain Consulting Group (IBC group), the proposed SHIB futures contract is expected to be listed on July 15 and will be settled in cash monthly. Each contract will represent ten million SHIB, with a minimum tick size of $0.00001 per Shiba Inu and a minimum tick value of $0.10 per contract. Notably, this new financial product aims to provide investors with a regulated way to speculate on the price movements of Shiba Inu.

Coinbase also filed applications for perpetual futures contracts for other notable altcoins, including Chainlink (LINK), Avalanche (AVAX), Stellar Lumen’s (XLM), and Polkadot (DOT). The exchange’s move to diversify its offerings underscores its commitment to expanding the accessibility of cryptocurrency derivatives in the United States.

In its application, Coinbase detailed the mechanics of the SHIB futures contract, highlighting how the final settlement price will be determined. The price will be based on the Market Vector benchmark reference rate at 4:00 PM London time, using a 2-hour settlement window divided into 40 three-minute intervals. During each interval, the volume-weighted median price will be calculated, with the final settlement price being a simple average of these 40 values.

That said, it’s important to note that volatility is a key consideration for SHIB, known for its significant price swings driven by community sentiment and low price compared to other cryptocurrencies. 

Coinbase acknowledged SHIB’s 30-day trailing standard deviation of daily price changes at 5.2%, indicating higher volatility. However, the exchange expressed confidence in its ability to manage this volatility through various mechanisms, including price banding, daily price limits, kill switches, exposure limits, and margin levels.

If approved by the CFTC, Coinbase will become the first U.S. exchange to offer margined futures contracts for SHIB. This pioneering move could enhance market accessibility and foster the maturation of SHIB derivatives in a regulated environment.

Meanwhile, the Shiba Inu community is optimistic that this development could spark a price rally, similar to the impact of other cryptocurrencies following the introduction of futures contracts.

The potential introduction of SHIB futures contracts also fuels speculation about a future spot ETF for Shiba Inu. With Bitcoin and Ethereum making strides in the ETF space, SHIB holders are hopeful that their favorite meme coin could be next in line, further solidifying its place in the crypto market.

At press time, SHIB was trading at $0.00001648, having increased modestly by 0.15% in the past 24 hours. 
XRP ETF Odds Increase Further After This Game-Changing Milestone Highlighted By Ripple’s Garlingh...Traditional futures powerhouse Chicago Mercantile Group has announced the debut of real-time indices and reference rates for Ripple’s XRP — a move that CEO Brad Garlinghouse said could boost institutional adoption of the eighth largest crypto. CME Group Introduces XRP Reference Rates  CME Group and CF Benchmarks have revealed plans to launch new reference rates and real-time indices for Ripple’s XRP cryptocurrency. XRP’s addition signifies a strong demand for a reliable price feed among institutional investors. Besides XRP, CME Group also introduced these products for Internet Computer (ICP). The new benchmarks will provide transparent pricing data to enable market participants to value their portfolios accurately.  “With 24 cryptocurrencies in our suite of CME CF References Rates and Real-Time Indices, we will provide pricing data across more than 93% of the investible cryptocurrency market capitalization, helping clients everywhere to better manage their risk,” said CME Group Global Head of Cryptocurrency Products Giovanni Vicioso.  The real-time indices for XRP and ICP will be updated every second based on order book activity on leading digital asset trading platforms, including Coinbase, Kraken, Gemini, and Bitstamp. The daily U.S. dollar price of each digital asset will be provided at 4 p.m. UTC. Notably, these reference rates and indices are not tradable futures products. Is An XRP ETF Coming Soon? Reacting to the news of new XRP reference rates and real-time indices, Ripple chief Brad Garlinghouse suggested this is the first step towards institutional crypto products. He further acknowledged the work put in by both CME Group and the CF Benchmarks towards launching the XRP Index, adding that “the market has spoken.” First step towards institutional crypto products is to have a trusted benchmark reference rate. Nice to see @CMEGroup and @CFBenchmarks collaborate on this for an XRP index. The market has spoken. https://t.co/cKqqMLswdw — Brad Garlinghouse (@bgarlinghouse) July 11, 2024 Meanwhile, speculations about a U.S.-listed XRP exchange-traded fund (ETF) are still ongoing. Highly regulated crypto ETFs are quite significant because they provide traditional institutional investors with exposure to cryptocurrencies without needing them to hold these assets directly. Garlinghouse previously asserted that an XRP ETF was inevitable. The Ripple boss also voiced optimism that the crypto market was headed toward a $5 trillion valuation owing to the recent approvals of spot Bitcoin and Ether ETFs in the United States. Experts have noted that the approval of an XRP-based ETF is greatly dependent on its presence in a prominent derivative exchange such as CME. This makes the latest development a notable milestone for XRP in its journey toward securing a spot ETF. XRP was trading for $0.4686 as of publication time, representing a 5.3% gain on the day.

XRP ETF Odds Increase Further After This Game-Changing Milestone Highlighted By Ripple’s Garlingh...

Traditional futures powerhouse Chicago Mercantile Group has announced the debut of real-time indices and reference rates for Ripple’s XRP — a move that CEO Brad Garlinghouse said could boost institutional adoption of the eighth largest crypto.

CME Group Introduces XRP Reference Rates 

CME Group and CF Benchmarks have revealed plans to launch new reference rates and real-time indices for Ripple’s XRP cryptocurrency. XRP’s addition signifies a strong demand for a reliable price feed among institutional investors.

Besides XRP, CME Group also introduced these products for Internet Computer (ICP). The new benchmarks will provide transparent pricing data to enable market participants to value their portfolios accurately. 

“With 24 cryptocurrencies in our suite of CME CF References Rates and Real-Time Indices, we will provide pricing data across more than 93% of the investible cryptocurrency market capitalization, helping clients everywhere to better manage their risk,” said CME Group Global Head of Cryptocurrency Products Giovanni Vicioso. 

The real-time indices for XRP and ICP will be updated every second based on order book activity on leading digital asset trading platforms, including Coinbase, Kraken, Gemini, and Bitstamp. The daily U.S. dollar price of each digital asset will be provided at 4 p.m. UTC. Notably, these reference rates and indices are not tradable futures products.

Is An XRP ETF Coming Soon?

Reacting to the news of new XRP reference rates and real-time indices, Ripple chief Brad Garlinghouse suggested this is the first step towards institutional crypto products. He further acknowledged the work put in by both CME Group and the CF Benchmarks towards launching the XRP Index, adding that “the market has spoken.”

First step towards institutional crypto products is to have a trusted benchmark reference rate. Nice to see @CMEGroup and @CFBenchmarks collaborate on this for an XRP index. The market has spoken. https://t.co/cKqqMLswdw

— Brad Garlinghouse (@bgarlinghouse) July 11, 2024

Meanwhile, speculations about a U.S.-listed XRP exchange-traded fund (ETF) are still ongoing. Highly regulated crypto ETFs are quite significant because they provide traditional institutional investors with exposure to cryptocurrencies without needing them to hold these assets directly.

Garlinghouse previously asserted that an XRP ETF was inevitable. The Ripple boss also voiced optimism that the crypto market was headed toward a $5 trillion valuation owing to the recent approvals of spot Bitcoin and Ether ETFs in the United States.

Experts have noted that the approval of an XRP-based ETF is greatly dependent on its presence in a prominent derivative exchange such as CME. This makes the latest development a notable milestone for XRP in its journey toward securing a spot ETF.

XRP was trading for $0.4686 as of publication time, representing a 5.3% gain on the day.
Analyst Predicts Bitcoin Surge to $330K As Whales Accumulate At Unprecedented RateBitcoin is poised for a parabolic rally to $330,000 during the bull cycle as smart money and whales accumulate more coins. Analyst @satoshibaggins on X believes smart money has doubled down on Bitcoin during the recent dip. This dip was the same in every Bitcoin cycle, where the price of BTC rallies to a fresh all-time high every four years. The analyst also compared Bitcoin’s performance in the past decade. Since 2012, the price of Bitcoin has made significant gains every four years. However, during each cycle, the returns shrink by around 60%. In the 2020 bull market, Bitcoin surged from $8K to $69K, marking a 1,200% price increase. Going by these past trends, BTC is poised for a 450% price in the current cycle, which will see the price hit $330,000 per coin.  While you're being scared, smart money is doubling down.That’s because this dip is nothing new.As you can see, Bitcoin goes to a new all-time-high every 4 years:2012: Bitcoin goes from $12 to $1000 = ~9,000% increase2016: Bitcoin goes from $650 to $19K = ~3,000% increase… pic.twitter.com/gxHsEwzLBs — Arsen | Bitcoin Therapy (@satoshibaggins) July 10, 2024 The analysis comes as Bitcoin struggles to breach the $60,000 price. The Bitcoin Fear and Greed Index has also been at its lowest level since early 2023, indicating that the price is in a state of “extreme fear.” Whales are Accumulating At The Fastest Pace Despite Bitcoin failing to recover from the recent price drop, whale investors continue accumulating, possibly taking advantage of the low price. According to a CryptoQuant report, whales have increased their Bitcoin holdings at a monthly growth rate of 6.3%, marking the fastest since April 2023. The rapid accumulation indicates that demand for BTC is rising. The report also noted that Bitcoin’s recent price movement could signal a price bottom. BTC recently hit a four-month low of around $53,000, causing small and whale investor losses. This crossover to the downside could indicate that the price has bottomed out, and a major correction could be coming. The rapid accumulation can also be seen in the increase in wallet addresses holding more than 10 BTC. According to Santiment, these addresses have surpassed 152,000, marking the highest level since May 21.  Bitcoin’s Relative Strength Index (RSI) has pushed above the neutral zone and now hovers around 58. As seen below, the RSI line is also tipping north, pointing towards increased buying pressure. If the price accumulation gives the price the support it needs to rally higher, BTC will likely attempt to breach the $60,000 price again. Holding the $60K price could sustain an uptrend that could drive fresh all-time highs.

Analyst Predicts Bitcoin Surge to $330K As Whales Accumulate At Unprecedented Rate

Bitcoin is poised for a parabolic rally to $330,000 during the bull cycle as smart money and whales accumulate more coins.

Analyst @satoshibaggins on X believes smart money has doubled down on Bitcoin during the recent dip. This dip was the same in every Bitcoin cycle, where the price of BTC rallies to a fresh all-time high every four years.

The analyst also compared Bitcoin’s performance in the past decade. Since 2012, the price of Bitcoin has made significant gains every four years. However, during each cycle, the returns shrink by around 60%.

In the 2020 bull market, Bitcoin surged from $8K to $69K, marking a 1,200% price increase. Going by these past trends, BTC is poised for a 450% price in the current cycle, which will see the price hit $330,000 per coin. 

While you're being scared, smart money is doubling down.That’s because this dip is nothing new.As you can see, Bitcoin goes to a new all-time-high every 4 years:2012: Bitcoin goes from $12 to $1000 = ~9,000% increase2016: Bitcoin goes from $650 to $19K = ~3,000% increase… pic.twitter.com/gxHsEwzLBs

— Arsen | Bitcoin Therapy (@satoshibaggins) July 10, 2024

The analysis comes as Bitcoin struggles to breach the $60,000 price. The Bitcoin Fear and Greed Index has also been at its lowest level since early 2023, indicating that the price is in a state of “extreme fear.”

Whales are Accumulating At The Fastest Pace

Despite Bitcoin failing to recover from the recent price drop, whale investors continue accumulating, possibly taking advantage of the low price.

According to a CryptoQuant report, whales have increased their Bitcoin holdings at a monthly growth rate of 6.3%, marking the fastest since April 2023. The rapid accumulation indicates that demand for BTC is rising.

The report also noted that Bitcoin’s recent price movement could signal a price bottom. BTC recently hit a four-month low of around $53,000, causing small and whale investor losses. This crossover to the downside could indicate that the price has bottomed out, and a major correction could be coming.

The rapid accumulation can also be seen in the increase in wallet addresses holding more than 10 BTC. According to Santiment, these addresses have surpassed 152,000, marking the highest level since May 21. 

Bitcoin’s Relative Strength Index (RSI) has pushed above the neutral zone and now hovers around 58. As seen below, the RSI line is also tipping north, pointing towards increased buying pressure.

If the price accumulation gives the price the support it needs to rally higher, BTC will likely attempt to breach the $60,000 price again. Holding the $60K price could sustain an uptrend that could drive fresh all-time highs.
Is Solana Gearing Up for a Parabolic Move As SOL Mirrors 2021 Pattern?Solana (SOL) continues to be one of the cryptocurrencies taking center stage thanks to its upside potential as various bullish indicators pop up. For instance, Solana seems to be following in its 2021 footsteps, which has the potential to push the fifth-largest cryptocurrency to the $250 price zone. Leading market analyst Ali Martinez acknowledged, “Solana seems to be mirroring the same price pattern we saw in 2021! Even the SOL RSI is at the same level it was back then before the big bullish breakout.” Source: Ali Martinez If Solana fully mirrors this pattern, SOL, based on Martinez’s analysis, could hit $250, $450, and $950 in the long run. Trader Tandigrade recently shared similar sentiments, pointing out that Solana was forming a similar symmetrical triangle like that of 2021, which would thrust its price to the $800 level. Will Solana Hit $200 in Short Term? Renowned for its fast and cost-effective network since it merges the proof-of-stake (PoS) and proof-of-history (PoH) consensus mechanisms, Solana remains top-of-mind for investors. As a result, SOL might be eyeing a possible double bottom that could scale to the psychological price of $200 after breaching major resistance at $154. Source: TradingView Similar sentiments were recently shared by a famed crypto YouTuber called Crypto Rover, who noted that Solana would go parabolic soon.  Source: Crypto Rover SOL was hovering around the $141 zone at the time of writing, according to CoinGecko data. Meanwhile, the Solana memecoin ecosystem continues to gain steam after football giant Lionel Messi embraced WATER Coin (WATER), resulting in a 400% surge.

Is Solana Gearing Up for a Parabolic Move As SOL Mirrors 2021 Pattern?

Solana (SOL) continues to be one of the cryptocurrencies taking center stage thanks to its upside potential as various bullish indicators pop up.

For instance, Solana seems to be following in its 2021 footsteps, which has the potential to push the fifth-largest cryptocurrency to the $250 price zone.

Leading market analyst Ali Martinez acknowledged, “Solana seems to be mirroring the same price pattern we saw in 2021! Even the SOL RSI is at the same level it was back then before the big bullish breakout.”

Source: Ali Martinez

If Solana fully mirrors this pattern, SOL, based on Martinez’s analysis, could hit $250, $450, and $950 in the long run.

Trader Tandigrade recently shared similar sentiments, pointing out that Solana was forming a similar symmetrical triangle like that of 2021, which would thrust its price to the $800 level.

Will Solana Hit $200 in Short Term?

Renowned for its fast and cost-effective network since it merges the proof-of-stake (PoS) and proof-of-history (PoH) consensus mechanisms, Solana remains top-of-mind for investors.

As a result, SOL might be eyeing a possible double bottom that could scale to the psychological price of $200 after breaching major resistance at $154.

Source: TradingView

Similar sentiments were recently shared by a famed crypto YouTuber called Crypto Rover, who noted that Solana would go parabolic soon. 

Source: Crypto Rover

SOL was hovering around the $141 zone at the time of writing, according to CoinGecko data.

Meanwhile, the Solana memecoin ecosystem continues to gain steam after football giant Lionel Messi embraced WATER Coin (WATER), resulting in a 400% surge.
Major Bummer As U.S. House’s Effort to Override Biden’s Veto on Pro-Crypto Banking Bill FailsU.S. House members voted on whether to overturn a veto from President Joe Biden, which failed on Thursday, leaving the Securities and Exchange Commission’s controversial crypto accounting bulletin intact. The bill would have required a two-thirds supermajority to pass the House, after which it would have required another two-thirds vote of approval in the Senate. While a strong majority voted against Biden’s veto, the turnout did not reach the two-thirds threshold from Democrats needed to override the president’s defense of the SEC. SAB 121 Stands As Presidential Veto Is Upheld In the July 11 vote, 228 lawmakers voted to override President Biden’s veto of H.J.Res. 109, overturning SEC’s contentious Staff Accounting Bulletin (SAB) 121 — 60 votes short of the two-thirds majority required. 21 Democrats and 207 Republicans voted yes, while 183 Democrats and one Republican voted no. Today's vote in the House to override the President's veto of the SAB 121 CRA demonstrated bipartisan support, but ultimately fell short of the required 2/3 majority. The following statement is attributed to @BlockchainAssn CEO @KMSmithDC: pic.twitter.com/NSPOni57Sd — Blockchain Association (@BlockchainAssn) July 11, 2024 The failed vote suggests that the presidential veto would likely stand, and American banks would be restricted from serving as crypto custodians for their customers. SAB 121 requires companies that custody crypto to record customers’s crypto assets as liabilities on their balance sheets. The ability for US banks to custody crypto became urgent this year after the Securities and Exchange Commission greenlighted spot Bitcoin ETFs and spot Ether ETFs to trade on Wall Street. Those investment vehicles require real BTC and ETH to be held by a third party. However, since traditional banks are barred from safeguarding digital assets, exchanges like Coinbase control the lion’s share of assets tied with such spot ETFs.  “It did not have to be this way,” asserted pro-crypto House Financial Services Committee Chair Rep. Patrick McHenry (R-NC) on Wednesday before the vote. “On digital assets, on the regulation of digital assets, on the functioning of a new asset class that a substantial number of Americans and the world are using. […] The Biden administration has been given every opportunity to work with this Congress on digital asset policy and to come to a reasonable resolution on digital asset policy.” Although crypto industry experts were hopeful, they knew SAB 121 faced low odds of veto-proof passage through the House. A statement in May from President Biden had stated that overturning the bulletin “would inappropriately constrain the SEC’s ability to set forth appropriate guardrails and address future issues.” The July 11 vote followed dozens of well-known crypto industry figures, including Ripple CEO Brad Garlinghouse meeting with lawmakers and Biden adviser Anita Dunn in a roundtable that aimed to articulate some of the differences between the industry and the Biden regime.

Major Bummer As U.S. House’s Effort to Override Biden’s Veto on Pro-Crypto Banking Bill Fails

U.S. House members voted on whether to overturn a veto from President Joe Biden, which failed on Thursday, leaving the Securities and Exchange Commission’s controversial crypto accounting bulletin intact.

The bill would have required a two-thirds supermajority to pass the House, after which it would have required another two-thirds vote of approval in the Senate. While a strong majority voted against Biden’s veto, the turnout did not reach the two-thirds threshold from Democrats needed to override the president’s defense of the SEC.

SAB 121 Stands As Presidential Veto Is Upheld

In the July 11 vote, 228 lawmakers voted to override President Biden’s veto of H.J.Res. 109, overturning SEC’s contentious Staff Accounting Bulletin (SAB) 121 — 60 votes short of the two-thirds majority required. 21 Democrats and 207 Republicans voted yes, while 183 Democrats and one Republican voted no.

Today's vote in the House to override the President's veto of the SAB 121 CRA demonstrated bipartisan support, but ultimately fell short of the required 2/3 majority. The following statement is attributed to @BlockchainAssn CEO @KMSmithDC: pic.twitter.com/NSPOni57Sd

— Blockchain Association (@BlockchainAssn) July 11, 2024

The failed vote suggests that the presidential veto would likely stand, and American banks would be restricted from serving as crypto custodians for their customers. SAB 121 requires companies that custody crypto to record customers’s crypto assets as liabilities on their balance sheets.

The ability for US banks to custody crypto became urgent this year after the Securities and Exchange Commission greenlighted spot Bitcoin ETFs and spot Ether ETFs to trade on Wall Street. Those investment vehicles require real BTC and ETH to be held by a third party. However, since traditional banks are barred from safeguarding digital assets, exchanges like Coinbase control the lion’s share of assets tied with such spot ETFs. 

“It did not have to be this way,” asserted pro-crypto House Financial Services Committee Chair Rep. Patrick McHenry (R-NC) on Wednesday before the vote. “On digital assets, on the regulation of digital assets, on the functioning of a new asset class that a substantial number of Americans and the world are using. […] The Biden administration has been given every opportunity to work with this Congress on digital asset policy and to come to a reasonable resolution on digital asset policy.”

Although crypto industry experts were hopeful, they knew SAB 121 faced low odds of veto-proof passage through the House. A statement in May from President Biden had stated that overturning the bulletin “would inappropriately constrain the SEC’s ability to set forth appropriate guardrails and address future issues.”

The July 11 vote followed dozens of well-known crypto industry figures, including Ripple CEO Brad Garlinghouse meeting with lawmakers and Biden adviser Anita Dunn in a roundtable that aimed to articulate some of the differences between the industry and the Biden regime.
Another Big Crypto Win: SEC Drops Investigation Into Paxos, Won’t Sue Over BUSD StablecoinThe U.S. Securities and Exchange Commission (SEC) has finally concluded its investigation into stablecoin issuer Paxos, with no enforcement action on the horizon. SEC Closes The Book On Its Paxos Probe Paxos announced on Thursday that the SEC notified the crypto infrastructure provider that it was closing its investigation and would not recommend an enforcement action against it. “On Tuesday, we received a formal termination notice from the SEC stating that it will not recommend enforcement action against Paxos Trust Company,” wrote Paxos on X (formerly Twitter), adding that the regulator’s probe had centered on the Binance USD (BUSD) token. “Paxos prevails in SEC investigation of BUSD stablecoin” On Tuesday, we received a formal termination notice from the SEC stating that it will not recommend enforcement action against Paxos Trust Company in the investigation of Binance USD (BUSD).View the letter and our… pic.twitter.com/8kjysfsPg3 — Paxos (@Paxos) July 11, 2024 The SEC sent a Wells Notice — a precursor to regulatory action— to Paxos last year over its involvement in BUSD. In response to the legal threat, Paxos asserted that BUSD did not fall under federal securities laws and indicated that it was ready to fight any charges initiated by the SEC. Paxos ultimately ceased minting BUSD under the guidance of the New York Department of Financial Services. The SEC had alleged that the BUSD stablecoin was an unregistered security in a lawsuit lodged against Binance last year. BUSD’s Status As A Non-Security Validated  Now, the SEC’s decision to conclude its probe into BUSD prompts questions about whether the top Wall Street watchdog views stablecoins as non-securities. “Paxos Trust Company has always maintained that its USD-backed stablecoins are not securities under federal securities laws,” Paxos said in a press release. “We believe this development will unlock a new wave of stablecoin adoption by leading global enterprises.” The withdrawal follows late last month’s court ruling siding with Binance, which cited Ripple’s historic July 2023 ruling in dismissing the Securities and Exchange Commission’s allegations that Binance’s native token, BNB, and the BUSD stablecoin qualify as securities when sold on secondary markets. Stablecoin USDC issuer Circle CEO Jeremy Allaire also celebrated the move by the SEC, saying “Regulatory clarity that payment stablecoins are payment money and not securities is prevailing all around the world.” The SEC also recently ended an investigation into Ethereum 2.0., inferring that it doesn’t deem Ether, the industry’s second-largest cryptocurrency by market capitalization, a security.

Another Big Crypto Win: SEC Drops Investigation Into Paxos, Won’t Sue Over BUSD Stablecoin

The U.S. Securities and Exchange Commission (SEC) has finally concluded its investigation into stablecoin issuer Paxos, with no enforcement action on the horizon.

SEC Closes The Book On Its Paxos Probe

Paxos announced on Thursday that the SEC notified the crypto infrastructure provider that it was closing its investigation and would not recommend an enforcement action against it.

“On Tuesday, we received a formal termination notice from the SEC stating that it will not recommend enforcement action against Paxos Trust Company,” wrote Paxos on X (formerly Twitter), adding that the regulator’s probe had centered on the Binance USD (BUSD) token.

“Paxos prevails in SEC investigation of BUSD stablecoin” On Tuesday, we received a formal termination notice from the SEC stating that it will not recommend enforcement action against Paxos Trust Company in the investigation of Binance USD (BUSD).View the letter and our… pic.twitter.com/8kjysfsPg3

— Paxos (@Paxos) July 11, 2024

The SEC sent a Wells Notice — a precursor to regulatory action— to Paxos last year over its involvement in BUSD. In response to the legal threat, Paxos asserted that BUSD did not fall under federal securities laws and indicated that it was ready to fight any charges initiated by the SEC.

Paxos ultimately ceased minting BUSD under the guidance of the New York Department of Financial Services. The SEC had alleged that the BUSD stablecoin was an unregistered security in a lawsuit lodged against Binance last year.

BUSD’s Status As A Non-Security Validated 

Now, the SEC’s decision to conclude its probe into BUSD prompts questions about whether the top Wall Street watchdog views stablecoins as non-securities.

“Paxos Trust Company has always maintained that its USD-backed stablecoins are not securities under federal securities laws,” Paxos said in a press release. “We believe this development will unlock a new wave of stablecoin adoption by leading global enterprises.”

The withdrawal follows late last month’s court ruling siding with Binance, which cited Ripple’s historic July 2023 ruling in dismissing the Securities and Exchange Commission’s allegations that Binance’s native token, BNB, and the BUSD stablecoin qualify as securities when sold on secondary markets.

Stablecoin USDC issuer Circle CEO Jeremy Allaire also celebrated the move by the SEC, saying “Regulatory clarity that payment stablecoins are payment money and not securities is prevailing all around the world.”

The SEC also recently ended an investigation into Ethereum 2.0., inferring that it doesn’t deem Ether, the industry’s second-largest cryptocurrency by market capitalization, a security.
Michael Saylor’s MicroStrategy to Split Stock 10:1 After Accumulating Over $13 Billion in BitcoinThe largest corporate Bitcoin holder MicroStrategy, announced Thursday that it will split its stock after MSTR shares more than tripled in price over the last year. The company indicated that the stock split aims to make its stock more accessible to investors and employees. What MicroStrategy’s 10-For-1 Stock Split Means MicroStrategy’s board of directors approved a 10-for-1 stock split of its class A and class B common stock. The stock split will be executed as a stock dividend, which gives stockholders of class A and B stocks nine additional shares for each share currently held, the firm said in a press release. The distribution is expected to occur after market close on August 7, with split-adjusted trading starting at market open on August 8. MicroStrategy said the split will make the company’s surging stock “more accessible to investors and employees.” MicroStrategy’s stock (MSTR) price more than tripled over the past year, and currently stands at around $1,400 — representing a 7% gain today amid the news. As a publicly listed company whose shareholders have a say, MicroStrategy clarified the stock split will not affect voting rights. This move was largely expected by industry pundits, given the meteoric growth of MicroStrategy shares since announcing its bold Bitcoin strategy in late 2020. Bitcoin Development Company MicroStrategy indicated within the Thursday announcement that it considers itself a Bitcoin development company. The Michael Saylor-founded software firm said it’s dedicated to advancing the Bitcoin network through its activities within the financial markets. MicroStrategy noted that it had accumulated Bitcoin as its primary treasury reserve asset. Notably, the company regularly issues corporate debt to raise funds to purchase more BTC for its treasury. After its latest acquisition last month, the company now holds 226,331 BTC, worth roughly $13.1 billion at the current market price of about $57,676. MicroStrategy spent a total of $8.33 billion to acquire the total BTC stash, meaning it’s sitting on over $5 billion in unrealized profits. Earlier in May, MicroStrategy announced plans to launch a Bitcoin-based decentralized identity protocol. With MicroStrategy’s unrelenting Bitcoin push, the company has motivated others like Japan’s Metaplanet to rip a page out of its playbook.

Michael Saylor’s MicroStrategy to Split Stock 10:1 After Accumulating Over $13 Billion in Bitcoin

The largest corporate Bitcoin holder MicroStrategy, announced Thursday that it will split its stock after MSTR shares more than tripled in price over the last year. The company indicated that the stock split aims to make its stock more accessible to investors and employees.

What MicroStrategy’s 10-For-1 Stock Split Means

MicroStrategy’s board of directors approved a 10-for-1 stock split of its class A and class B common stock.

The stock split will be executed as a stock dividend, which gives stockholders of class A and B stocks nine additional shares for each share currently held, the firm said in a press release. The distribution is expected to occur after market close on August 7, with split-adjusted trading starting at market open on August 8.

MicroStrategy said the split will make the company’s surging stock “more accessible to investors and employees.” MicroStrategy’s stock (MSTR) price more than tripled over the past year, and currently stands at around $1,400 — representing a 7% gain today amid the news.

As a publicly listed company whose shareholders have a say, MicroStrategy clarified the stock split will not affect voting rights. This move was largely expected by industry pundits, given the meteoric growth of MicroStrategy shares since announcing its bold Bitcoin strategy in late 2020.

Bitcoin Development Company

MicroStrategy indicated within the Thursday announcement that it considers itself a Bitcoin development company. The Michael Saylor-founded software firm said it’s dedicated to advancing the Bitcoin network through its activities within the financial markets.

MicroStrategy noted that it had accumulated Bitcoin as its primary treasury reserve asset. Notably, the company regularly issues corporate debt to raise funds to purchase more BTC for its treasury. After its latest acquisition last month, the company now holds 226,331 BTC, worth roughly $13.1 billion at the current market price of about $57,676. MicroStrategy spent a total of $8.33 billion to acquire the total BTC stash, meaning it’s sitting on over $5 billion in unrealized profits.

Earlier in May, MicroStrategy announced plans to launch a Bitcoin-based decentralized identity protocol.

With MicroStrategy’s unrelenting Bitcoin push, the company has motivated others like Japan’s Metaplanet to rip a page out of its playbook.
Buy-the-Dip Approach Takes Center Stage As Whales Amass LINK Worth At Least $76 MillionChainlink has been witnessing a beehive of activities thanks to a significant buying spree from whales after acquiring more than 6.2 million LINK worth a whopping $76.88 million in the past week. Therefore, this trend is a strong indicator that whales have adopted the buy-the-dip strategy, given that the crypto market recently experienced intensified selling pressure. Renowned market analyst Ali Martinez called out this development in the Chainlink network, depicting a bullish signal for the seventeenth-largest cryptocurrency based on market cap. Is Chainlink About to Bottom Famed for its prowess in the development of decentralized oracle networks (DONs), Chainlink continues to craft a name for itself in the crypto scene as one of the top twenty cryptocurrencies based on market value. This explains why whales are giving LINK a keen eye, with indicators high that the altcoin is gearing up for an upswing. Top crypto analyst Michael van de Poppe acknowledged, “LINK has been getting a seasonal pattern of finding bottoms in June of every year. Very likely, it’s having the same bottoming procedure in 2024 and will start to crawl upwards from here.” Source: Michael van de Poppe With Chainlink in oversold territory and its weekly relative strength index (RSI) hitting the lowest level since August last year, it is highly likely that LINK is in an uptrend. Source: TradingView Furthermore, the MVRV 30-day Ratio has painted a bullish picture for Chainlink. According to CoinGecko data, Chainlink was hovering around the $12.38 zone at the time of writing.

Buy-the-Dip Approach Takes Center Stage As Whales Amass LINK Worth At Least $76 Million

Chainlink has been witnessing a beehive of activities thanks to a significant buying spree from whales after acquiring more than 6.2 million LINK worth a whopping $76.88 million in the past week.

Therefore, this trend is a strong indicator that whales have adopted the buy-the-dip strategy, given that the crypto market recently experienced intensified selling pressure.

Renowned market analyst Ali Martinez called out this development in the Chainlink network, depicting a bullish signal for the seventeenth-largest cryptocurrency based on market cap.

Is Chainlink About to Bottom

Famed for its prowess in the development of decentralized oracle networks (DONs), Chainlink continues to craft a name for itself in the crypto scene as one of the top twenty cryptocurrencies based on market value.

This explains why whales are giving LINK a keen eye, with indicators high that the altcoin is gearing up for an upswing.

Top crypto analyst Michael van de Poppe acknowledged, “LINK has been getting a seasonal pattern of finding bottoms in June of every year. Very likely, it’s having the same bottoming procedure in 2024 and will start to crawl upwards from here.”

Source: Michael van de Poppe

With Chainlink in oversold territory and its weekly relative strength index (RSI) hitting the lowest level since August last year, it is highly likely that LINK is in an uptrend.

Source: TradingView

Furthermore, the MVRV 30-day Ratio has painted a bullish picture for Chainlink.

According to CoinGecko data, Chainlink was hovering around the $12.38 zone at the time of writing.
Trump Set to Speak At Upcoming Bitcoin 2024 Conference in Nashville — Crypto Community ReactsFormer President Donald Trump has been announced as a speaker at the upcoming Bitcoin conference in Nashville, Tennessee, later this month. The conference, one of the largest BTC events, is scheduled to take place from July 25 to 27. Trump To Deliver Keynote At Bitcoin Conference On Wednesday, Bitcoin conference organizers emailed to reveal that some speeches on the agenda had been rescheduled to accommodate a “very special guest.” Bitcoin Magazine later announced in a press release that Trump is scheduled to speak at the conference at 2 p.m. CT for 30 minutes on the last day of the conference (July 27). ANNOUNCING: PRESIDENT DONALD J. TRUMP TO SPEAK AT #BITCOIN2024 pic.twitter.com/F2mwECVMTW — The Bitcoin Conference (@TheBitcoinConf) July 10, 2024 Over the years, the Bitcoin conference has become a platform for groundbreaking statements, including El Salvador President Nayib Bukele’s 2021 announcement on adopting BTC as the nation’s legal tender.  The tradition of historic moments continued with the independent U.S. presidential candidate Robert F. Kennedy Jr.’s powerful endorsement of the premier cryptocurrency during the 2023 annual Bitcoin gathering. The John F. Kennedy nephew and fellow candidate Trump will also appear at the Bitcoin conference. Other politicians joining Trump and Kennedy at Bitcoin 2024 include former presidential candidate Vivek Ramaswamy, Wyoming Senator Cynthia Lummis, Tennessee Senator Bill Hagerty, Marsha Blackburn, and former Hawaii Rep. Tulsi Gabbard. Trump’s upcoming speech is the latest move by his campaign to woo crypto voters, despite previous criticism of the sprawling industry during his first term at the Oval Office. In May, the Trump campaign started accepting donations in cryptocurrencies such as Bitcoin, Ethereum, Dogecoin, and Solana. Last month, he met with representatives from leading Bitcoin mining firms and declared he wants all the remaining BTC to be made in the United States. Trump’s recent embrace of crypto notably casts a strong contrast with the Joe Biden administration. The program also includes keynotes from Bitcoin bull Michael Saylor on Friday,  with Edward Snowden set to speak on Saturday. Community Reacts Trump’s anticipated appearance at the Bitcoin conference has sparked debate among the crypto community. “July 27th we change the course of history,” Bitcoin Magazine CEO David Bailey stated in a July 11 post on X. For VanEck strategy adviser Gabor Gurbacs, Trump’s reelection would be a boon for crypto in America. “If Trump wins the election, America will grow two large orange balls. It’s time for America to get its balls back anyways,” he posited. CryptoQuant CEO Ki Young Ju, however, questioned the motives of the ex-POTUS’s July 27 speech: “Is this a strategy to gain votes, or is it a genuine effort to make the United States a #Bitcoin nation? Does anyone know?”

Trump Set to Speak At Upcoming Bitcoin 2024 Conference in Nashville — Crypto Community Reacts

Former President Donald Trump has been announced as a speaker at the upcoming Bitcoin conference in Nashville, Tennessee, later this month. The conference, one of the largest BTC events, is scheduled to take place from July 25 to 27.

Trump To Deliver Keynote At Bitcoin Conference

On Wednesday, Bitcoin conference organizers emailed to reveal that some speeches on the agenda had been rescheduled to accommodate a “very special guest.”

Bitcoin Magazine later announced in a press release that Trump is scheduled to speak at the conference at 2 p.m. CT for 30 minutes on the last day of the conference (July 27).

ANNOUNCING: PRESIDENT DONALD J. TRUMP TO SPEAK AT #BITCOIN2024 pic.twitter.com/F2mwECVMTW

— The Bitcoin Conference (@TheBitcoinConf) July 10, 2024

Over the years, the Bitcoin conference has become a platform for groundbreaking statements, including El Salvador President Nayib Bukele’s 2021 announcement on adopting BTC as the nation’s legal tender. 

The tradition of historic moments continued with the independent U.S. presidential candidate Robert F. Kennedy Jr.’s powerful endorsement of the premier cryptocurrency during the 2023 annual Bitcoin gathering. The John F. Kennedy nephew and fellow candidate Trump will also appear at the Bitcoin conference.

Other politicians joining Trump and Kennedy at Bitcoin 2024 include former presidential candidate Vivek Ramaswamy, Wyoming Senator Cynthia Lummis, Tennessee Senator Bill Hagerty, Marsha Blackburn, and former Hawaii Rep. Tulsi Gabbard.

Trump’s upcoming speech is the latest move by his campaign to woo crypto voters, despite previous criticism of the sprawling industry during his first term at the Oval Office.

In May, the Trump campaign started accepting donations in cryptocurrencies such as Bitcoin, Ethereum, Dogecoin, and Solana. Last month, he met with representatives from leading Bitcoin mining firms and declared he wants all the remaining BTC to be made in the United States. Trump’s recent embrace of crypto notably casts a strong contrast with the Joe Biden administration.

The program also includes keynotes from Bitcoin bull Michael Saylor on Friday,  with Edward Snowden set to speak on Saturday.

Community Reacts

Trump’s anticipated appearance at the Bitcoin conference has sparked debate among the crypto community.

“July 27th we change the course of history,” Bitcoin Magazine CEO David Bailey stated in a July 11 post on X.

For VanEck strategy adviser Gabor Gurbacs, Trump’s reelection would be a boon for crypto in America. “If Trump wins the election, America will grow two large orange balls. It’s time for America to get its balls back anyways,” he posited.

CryptoQuant CEO Ki Young Ju, however, questioned the motives of the ex-POTUS’s July 27 speech:

“Is this a strategy to gain votes, or is it a genuine effort to make the United States a #Bitcoin nation? Does anyone know?”
Bitcoin Bulls Hopeful As German Government Now Has Less Than 5,000 BTC Left to SellBitcoin bulls may have reason to cheer as the German government is nearing the end of its multi-billion dollar Bitcoin selling spree. Germany has reduced its Bitcoin holdings to less than $300 million as of Wednesday amid an apparent selloff that has drastically accelerated recently. How Much Bitcoin The German Government Holds After weeks of dumping Bitcoin and the resulting massive supply overhang, the German Federal Criminal Police Office (BKA) is about to run out of BTC to sell. The German State of Saxony started selling Bitcoin in the second half of June and has since liquidated 45,075 BTC, roiling the crypto market. The premier cryptocurrency has plummeted over 15% over the last four weeks, with prices even hitting a low of $53,500 sometime last week. According to data from Arkham Intelligence, the German government currently holds 4,925 BTC, valued at $285.53 million—compared to 49,860 BTC just last month. At the current pace, Germany’s Bitcoin market dumping spree could end as soon as Friday or early next week. UPDATE: The German Government is running out of Bitcoin.The German Government just sent another 5000 BTC ($286.44M) to Flow Traders, Coinbase, Kraken, Bitstamp, 139Po and bc1qu.Today, they have transferred 10627 BTC ($615.33M) in total to market makers and exchanges.They… https://t.co/vXtHwzUieK pic.twitter.com/4bOI56BJgN — Arkham (@ArkhamIntel) July 11, 2024 This sharp decline in Bitcoin holdings is a part of the German government’s strategy to unload a substantial portion of its haul seized from a privacy website. The government has moved over $2 billion worth to exchanges and market makers within the last week alone. Merely transferring Bitcoin from its wallets to exchanges doesn’t necessarily mean the funds were eventually liquidated. The German government entity has, at times, received millions worth of assets back from various exchanges and brokers. Nonetheless, the looming end of the state’s selling spree could ease crypto investors’ fears. Over the past several weeks, they have been engrossed in the on-chain movements of large potential sellers on the market. “One Of The Biggest Geopolitical Blunders” Some crypto commentators believe Germany is missing out on potential future gains by selling its Bitcoin stash now. “In a few years, this will be looked back on as one of the biggest geopolitical blunders of all time,” Capriole Investments founder Charles Edwards recently said in a post on X (aka Twitter). “It will be studied in universities.” German’s sales coincided with the U.S. government, which holds more than $12 billion in confiscated Bitcoin, transferred $241 million worth of Silk Road-linked BTC to Coinbase, and the bankruptcy estate of the now-defunct Japanese exchange Mt. Gox commencing repayments of 140,000 BTC to creditors.

Bitcoin Bulls Hopeful As German Government Now Has Less Than 5,000 BTC Left to Sell

Bitcoin bulls may have reason to cheer as the German government is nearing the end of its multi-billion dollar Bitcoin selling spree. Germany has reduced its Bitcoin holdings to less than $300 million as of Wednesday amid an apparent selloff that has drastically accelerated recently.

How Much Bitcoin The German Government Holds

After weeks of dumping Bitcoin and the resulting massive supply overhang, the German Federal Criminal Police Office (BKA) is about to run out of BTC to sell.

The German State of Saxony started selling Bitcoin in the second half of June and has since liquidated 45,075 BTC, roiling the crypto market. The premier cryptocurrency has plummeted over 15% over the last four weeks, with prices even hitting a low of $53,500 sometime last week.

According to data from Arkham Intelligence, the German government currently holds 4,925 BTC, valued at $285.53 million—compared to 49,860 BTC just last month. At the current pace, Germany’s Bitcoin market dumping spree could end as soon as Friday or early next week.

UPDATE: The German Government is running out of Bitcoin.The German Government just sent another 5000 BTC ($286.44M) to Flow Traders, Coinbase, Kraken, Bitstamp, 139Po and bc1qu.Today, they have transferred 10627 BTC ($615.33M) in total to market makers and exchanges.They… https://t.co/vXtHwzUieK pic.twitter.com/4bOI56BJgN

— Arkham (@ArkhamIntel) July 11, 2024

This sharp decline in Bitcoin holdings is a part of the German government’s strategy to unload a substantial portion of its haul seized from a privacy website. The government has moved over $2 billion worth to exchanges and market makers within the last week alone.

Merely transferring Bitcoin from its wallets to exchanges doesn’t necessarily mean the funds were eventually liquidated. The German government entity has, at times, received millions worth of assets back from various exchanges and brokers.

Nonetheless, the looming end of the state’s selling spree could ease crypto investors’ fears. Over the past several weeks, they have been engrossed in the on-chain movements of large potential sellers on the market.

“One Of The Biggest Geopolitical Blunders”

Some crypto commentators believe Germany is missing out on potential future gains by selling its Bitcoin stash now.

“In a few years, this will be looked back on as one of the biggest geopolitical blunders of all time,” Capriole Investments founder Charles Edwards recently said in a post on X (aka Twitter). “It will be studied in universities.”

German’s sales coincided with the U.S. government, which holds more than $12 billion in confiscated Bitcoin, transferred $241 million worth of Silk Road-linked BTC to Coinbase, and the bankruptcy estate of the now-defunct Japanese exchange Mt. Gox commencing repayments of 140,000 BTC to creditors.
XRP Poised to Explode to $250 As Key Technical Indicator Signals Historic 60,000% Rally AheadRipple’s XRP appears prime for a mega price rally in the coming months, according to a widely watched technical indicator. XRP’s monthly chart Bollinger bands have carved out a pattern that preluded the token’s near-vertical rally in 2017. XRP To Mirror 2017 Rally To New Highs? Chartist-cum-trader The Great Mattsby has expressed bullish optimism about XRP, emphasizing the cryptocurrency’s potential for a major rally. Created by renowned trader John Bollinger in the 1980s, Bollinger Bands comprises three bands. The middle one is the 20-period simple moving average of the asset’s price. The upper band is two standard deviations above the middle band and the lower band is two standard deviations below it. The narrowing of these bands is akin to a tightly compressed spring about to make a huge move in either direction. As The Great Mattsby observed in his post on X, XRP currently has one of the tightest monthly Bollinger Band squeezes in its history and the entire crypto market. The squeeze resembles developments before the previous parabolic bull rally in 2017 when the price of XRP skyrocketed by an eye-watering 60,000%. At the time, XRP witnessed a massive price rally, which preceded its surge to new all-time highs of $3.84 per coin by January 2018. $XRP has one of the tightest monthly Bollinger Band squeezes in its history and in all of crypto right now. The last time it squeezed like that it shot up 60,000% pic.twitter.com/WU1fspKkwz — The Great Mattsby (@matthughes13) July 11, 2024 Tightening of the Bollinger bands has been witnessed in several other instances after that, but similar parabolic price actions did not occur. In late 2020, for instance, this pattern preceded a marked sevenfold appreciation in the XRP price, reaching close to the psychologically important $2 mark by April 2021. As of writing, XRP is valued at $0.448, according to data from CoinGecko. If it repeats the 2017 60,000% surge, it could reach as high as $250. However, The Great Mattsby doesn’t see the asset reaching such heights before 2028. Notably, past results don’t guarantee future performance, and the possibility of a massive move to the downside cannot be ruled out. When asked what he thinks the price of XRP will be by the end of 2024, the pro-trader responded: “Probably nothing exciting. Most likely still under $1.” 

XRP Poised to Explode to $250 As Key Technical Indicator Signals Historic 60,000% Rally Ahead

Ripple’s XRP appears prime for a mega price rally in the coming months, according to a widely watched technical indicator. XRP’s monthly chart Bollinger bands have carved out a pattern that preluded the token’s near-vertical rally in 2017.

XRP To Mirror 2017 Rally To New Highs?

Chartist-cum-trader The Great Mattsby has expressed bullish optimism about XRP, emphasizing the cryptocurrency’s potential for a major rally.

Created by renowned trader John Bollinger in the 1980s, Bollinger Bands comprises three bands. The middle one is the 20-period simple moving average of the asset’s price. The upper band is two standard deviations above the middle band and the lower band is two standard deviations below it.

The narrowing of these bands is akin to a tightly compressed spring about to make a huge move in either direction.

As The Great Mattsby observed in his post on X, XRP currently has one of the tightest monthly Bollinger Band squeezes in its history and the entire crypto market. The squeeze resembles developments before the previous parabolic bull rally in 2017 when the price of XRP skyrocketed by an eye-watering 60,000%. At the time, XRP witnessed a massive price rally, which preceded its surge to new all-time highs of $3.84 per coin by January 2018.

$XRP has one of the tightest monthly Bollinger Band squeezes in its history and in all of crypto right now. The last time it squeezed like that it shot up 60,000% pic.twitter.com/WU1fspKkwz

— The Great Mattsby (@matthughes13) July 11, 2024

Tightening of the Bollinger bands has been witnessed in several other instances after that, but similar parabolic price actions did not occur. In late 2020, for instance, this pattern preceded a marked sevenfold appreciation in the XRP price, reaching close to the psychologically important $2 mark by April 2021.

As of writing, XRP is valued at $0.448, according to data from CoinGecko. If it repeats the 2017 60,000% surge, it could reach as high as $250. However, The Great Mattsby doesn’t see the asset reaching such heights before 2028. Notably, past results don’t guarantee future performance, and the possibility of a massive move to the downside cannot be ruled out.

When asked what he thinks the price of XRP will be by the end of 2024, the pro-trader responded:

“Probably nothing exciting. Most likely still under $1.” 
Bitcoin Can Still Get to $100,000 By the Year’s End: Skybridge CapitalDespite Bitcoin’s recent troubles, Anthony Scaramucci, the CEO of Skybridge Capital, still believes it will reach as high as $100,000 by the end of the current year. He made these comments during a recent interview with CNBC. Scaramucci’s comments come as Bitcoin has struggled for the better part of the past two months. The price index has fallen below $55,000 multiple times due to significant selling pressure in the market, which is largely attributed to Mt. Gox repayments and German government liquidations. Scaramucci Remains Unfazed According to the former White House Head of Communications, Bitcoin could easily reach triple digits within the next few months. This would be a significant price breakout, considering the digital currency is currently languishing below $60,000. “We still love the fundamentals of Bitcoin long-term. And I do think, as I said, it’ll be $170,000 post-halving, but I think you can get to $100,000 by year-end, but it has to chug through this slog right now.” FTX Settlement to Kickstart the New Price Rally? Scaramucci is especially big on the FTX settlement, worth $16 billion, which positively impacts the crypto market. The defunct exchange will pay this huge amount in cash to its affectees in the form of fiat, and one can expect that a large chunk of it will find its way back to the crypto market. “FTX is going to be releasing shortly $16 billion roughly of cash to investors that had their accounts at FTX. And so that’s very good news for Bitcoin holders.” Scaramucci’s Big Crypto Bet “The Mooch” is known for making bullish statements about cryptocurrencies. However, he is also known for his flamboyant lifestyle and outspoken personality. His White House tenure during the Trump presidency was a turbulent rollercoaster ride that ended with him being fired in less than a month. Since then, he has transitioned away from politics and back into the investment world, where he has enjoyed some success. He has also urged US President Biden to allow unimpeded crypto ownership in the country.  Skybridge Capital, heavily invested in the digital currency economy, is unlikely to back down. Neither are some of the big investment firms looking to capitalize on the highly anticipated 2024-2025 bull market. This is why, despite the recent “sell-the-news” situation, the digital currency will likely have steady demand from major players, limiting any potential price downturn.

Bitcoin Can Still Get to $100,000 By the Year’s End: Skybridge Capital

Despite Bitcoin’s recent troubles, Anthony Scaramucci, the CEO of Skybridge Capital, still believes it will reach as high as $100,000 by the end of the current year. He made these comments during a recent interview with CNBC.

Scaramucci’s comments come as Bitcoin has struggled for the better part of the past two months. The price index has fallen below $55,000 multiple times due to significant selling pressure in the market, which is largely attributed to Mt. Gox repayments and German government liquidations.

Scaramucci Remains Unfazed

According to the former White House Head of Communications, Bitcoin could easily reach triple digits within the next few months. This would be a significant price breakout, considering the digital currency is currently languishing below $60,000.

“We still love the fundamentals of Bitcoin long-term. And I do think, as I said, it’ll be $170,000 post-halving, but I think you can get to $100,000 by year-end, but it has to chug through this slog right now.”

FTX Settlement to Kickstart the New Price Rally?

Scaramucci is especially big on the FTX settlement, worth $16 billion, which positively impacts the crypto market. The defunct exchange will pay this huge amount in cash to its affectees in the form of fiat, and one can expect that a large chunk of it will find its way back to the crypto market.

“FTX is going to be releasing shortly $16 billion roughly of cash to investors that had their accounts at FTX. And so that’s very good news for Bitcoin holders.”

Scaramucci’s Big Crypto Bet

“The Mooch” is known for making bullish statements about cryptocurrencies. However, he is also known for his flamboyant lifestyle and outspoken personality. His White House tenure during the Trump presidency was a turbulent rollercoaster ride that ended with him being fired in less than a month. Since then, he has transitioned away from politics and back into the investment world, where he has enjoyed some success. He has also urged US President Biden to allow unimpeded crypto ownership in the country. 

Skybridge Capital, heavily invested in the digital currency economy, is unlikely to back down. Neither are some of the big investment firms looking to capitalize on the highly anticipated 2024-2025 bull market. This is why, despite the recent “sell-the-news” situation, the digital currency will likely have steady demand from major players, limiting any potential price downturn.
Ripple XRP Gains Weight in SEC Lawsuit After CFTC Chair Says 70-80% of Crypto Are Non-SecuritiesThe Chair of the US Commodities Futures Trading Commission (CFTC), Roston Behnam, believes 70-80% of cryptocurrencies are non-securities. Behnam’s recent statement contrasts starkly with that of the Chair of the US Securities and Exchange Commission, Gary Gensler. In May, Gensler said many cryptocurrencies are securities under US laws. The CFTC Chair’s remarks could favor the status of many cryptocurrencies in the market, including XRP, whose lawsuit with the SEC could end as early as July 13 or by the end of the month, as reported by ZyCrypto. CFTC Chair Deems Most Cryptocurrencies as Non-securities The CFTC Chair testified before the US Senate Committee on Agriculture, Nutrition, and Forestry earlier this week, where he reiterated that Bitcoin and Ether were commodities. During the hearing, Behnam referenced a July 3 ruling by an Illinois Court classifying BTC and ETH as commodities. The verdict was part of a $120 million Ponzi scheme case. Today, I testified on digital commodity assets in front of the Senate Agriculture Committee. Read my remarks at https://t.co/JojHNdQoVh — Rostin Behnam (@CFTCbehnam) July 10, 2024 The CFTC Chair stated that 70% to 80% of cryptocurrencies are non-securities. Therefore, the CFTC must be granted regulatory oversight over these crypto assets under the Commodities Exchange Act. Behnam’s testimony could end the years-long debate on which cryptocurrencies are securities and which are commodities. The SEC has filed lawsuits against cryptocurrency exchanges like Coinbase and Binance for selling unregistered securities. It is also suing Ripple for selling XRP as an unregistered security. The CFTC Chair believes that the lack of a clear regulatory framework and regulators’ inaction pose a significant risk to investors and financial markets. “Our current trajectory is not sustainable,” Behnam noted, adding that legislation at the federal level was urgently required.  CFTC Is Qualified To Regulate Crypto Behnam also noted that the CFTC was uniquely positioned to regulate digital assets not deemed as securities. He stated that the agency was ideally suited to create a regulatory framework matching the unique risk profile of crypto assets. This includes provisions for anti-money laundering, know-your-customer, and customer identification. According to Behnam, failing to regulate digital assets to avoid legitimizing them was a “flawed notion” that any regulatory agency should not adopt. In May, billionaire investor Mark Cuban advocated for the CFTC to regulate crypto assets. At the time, Cuban stated that Gensler’s anti-crypto stance would cost Joe Biden the US Presidency. “You could do the better option and assign all crypto to be regulated by the CFTC. They actually know what they are doing,” Cuban stated.  If the CFTC is granted oversight over the crypto industry, assets such as XRP, whose regulatory status remains uncertain, are poised to benefit. The XRP case is nearing its end, and the CFTC Chair’s statements could add weight to Ripple’s defense arguments. XRP was trading at $0.443 on July 11 at 02:36 a.m. after a slight 1% gain. 

Ripple XRP Gains Weight in SEC Lawsuit After CFTC Chair Says 70-80% of Crypto Are Non-Securities

The Chair of the US Commodities Futures Trading Commission (CFTC), Roston Behnam, believes 70-80% of cryptocurrencies are non-securities.

Behnam’s recent statement contrasts starkly with that of the Chair of the US Securities and Exchange Commission, Gary Gensler. In May, Gensler said many cryptocurrencies are securities under US laws.

The CFTC Chair’s remarks could favor the status of many cryptocurrencies in the market, including XRP, whose lawsuit with the SEC could end as early as July 13 or by the end of the month, as reported by ZyCrypto.

CFTC Chair Deems Most Cryptocurrencies as Non-securities

The CFTC Chair testified before the US Senate Committee on Agriculture, Nutrition, and Forestry earlier this week, where he reiterated that Bitcoin and Ether were commodities.

During the hearing, Behnam referenced a July 3 ruling by an Illinois Court classifying BTC and ETH as commodities. The verdict was part of a $120 million Ponzi scheme case.

Today, I testified on digital commodity assets in front of the Senate Agriculture Committee. Read my remarks at https://t.co/JojHNdQoVh

— Rostin Behnam (@CFTCbehnam) July 10, 2024

The CFTC Chair stated that 70% to 80% of cryptocurrencies are non-securities. Therefore, the CFTC must be granted regulatory oversight over these crypto assets under the Commodities Exchange Act.

Behnam’s testimony could end the years-long debate on which cryptocurrencies are securities and which are commodities. The SEC has filed lawsuits against cryptocurrency exchanges like Coinbase and Binance for selling unregistered securities. It is also suing Ripple for selling XRP as an unregistered security.

The CFTC Chair believes that the lack of a clear regulatory framework and regulators’ inaction pose a significant risk to investors and financial markets.

“Our current trajectory is not sustainable,” Behnam noted, adding that legislation at the federal level was urgently required. 

CFTC Is Qualified To Regulate Crypto

Behnam also noted that the CFTC was uniquely positioned to regulate digital assets not deemed as securities. He stated that the agency was ideally suited to create a regulatory framework matching the unique risk profile of crypto assets. This includes provisions for anti-money laundering, know-your-customer, and customer identification.

According to Behnam, failing to regulate digital assets to avoid legitimizing them was a “flawed notion” that any regulatory agency should not adopt.

In May, billionaire investor Mark Cuban advocated for the CFTC to regulate crypto assets. At the time, Cuban stated that Gensler’s anti-crypto stance would cost Joe Biden the US Presidency.

“You could do the better option and assign all crypto to be regulated by the CFTC. They actually know what they are doing,” Cuban stated. 

If the CFTC is granted oversight over the crypto industry, assets such as XRP, whose regulatory status remains uncertain, are poised to benefit. The XRP case is nearing its end, and the CFTC Chair’s statements could add weight to Ripple’s defense arguments.

XRP was trading at $0.443 on July 11 at 02:36 a.m. after a slight 1% gain. 
Solana Surges on ETF Buzz As CBOE Files 19b-4 Forms, Analysts Predict March DeadlineSolana gained over 8% after the Chicago Board Options Exchange (CBOE) filed with the US Securities and Exchange Commission (SEC) seeking approval to list Solana exchange-traded funds (ETFs). The cryptocurrency industry, especially the Solana community, has advocated for a Solana ETF after the SEC gave the green light to spot Ether ETFs in late May. Solana (SOL) was trading at $143 at 01:56 a.m. EST. Cboe Files 19b-4 Forms for Solana ETFs The CBOE Global Markets filed two 19b-4 application forms with the SEC on July 8. These forms come after 21Shares and VanEck filed for spot Solana ETFs last month, as reported by ZyCrypto. In its filing, CBOE stated that Solana ETF products had similar traits to spot Bitcoin and Ether ETFs. One of these traits was the network’s decentralized nature, making it less prone to manipulation.  “Like Bitcoin and ETH, the Exchange believes that SOL is resistant to price manipulation and that ‘other means to prevent fraudulent and manipulative acts and practices’ exist to justify dispensing with the requisite surveillance sharing agreement,” the exchange said. The CBOE further mentioned the scalability of the Solana blockchain. Transactions on the network happened with high speeds, and users paid relatively low fees. As a result, there was little room for manipulative tactics to happen. The recent filing has put the SEC on a clock. The SEC guidelines require that the regulatory agency decide whether to approve a product within 240 days. According to Bloomberg ETF analyst Eric Balchunas, the US securities regulator has a final deadline of mid-March 2025 to decide on the SOL ETFs. However, approval will depend on who wins the US Presidential elections in November. Looks like Solana ETFs are going to have a final deadline of mid-March 2025. But between now and then the most imp date is in November. If Biden wins, these likely DOA. If Trump wins, anything poss. https://t.co/ywkf6oA8Rc — Eric Balchunas (@EricBalchunas) July 8, 2024 Balchunas opined that if former US President Donald Trump wins the election, a spot SOL ETF will likely launch. Solana Turns Bullish The news around Solana ETFs has riled up the community. SOL is among the top gainers in the market. Analysts call for a potential bullish breakout as the coin positions itself for bold gains. According to trader @ali_charts on X, Solana’s chart is looking similar to its price performance in 2021. The buying activity also shows growing interest in the token, which could translate into solid gains. In a report published last month, market maker GSR noted that if a spot SOL ETF is approved, the price of Solana could rally as much as 8.9 times.

Solana Surges on ETF Buzz As CBOE Files 19b-4 Forms, Analysts Predict March Deadline

Solana gained over 8% after the Chicago Board Options Exchange (CBOE) filed with the US Securities and Exchange Commission (SEC) seeking approval to list Solana exchange-traded funds (ETFs).

The cryptocurrency industry, especially the Solana community, has advocated for a Solana ETF after the SEC gave the green light to spot Ether ETFs in late May.

Solana (SOL) was trading at $143 at 01:56 a.m. EST.

Cboe Files 19b-4 Forms for Solana ETFs

The CBOE Global Markets filed two 19b-4 application forms with the SEC on July 8. These forms come after 21Shares and VanEck filed for spot Solana ETFs last month, as reported by ZyCrypto.

In its filing, CBOE stated that Solana ETF products had similar traits to spot Bitcoin and Ether ETFs. One of these traits was the network’s decentralized nature, making it less prone to manipulation. 

“Like Bitcoin and ETH, the Exchange believes that SOL is resistant to price manipulation and that ‘other means to prevent fraudulent and manipulative acts and practices’ exist to justify dispensing with the requisite surveillance sharing agreement,” the exchange said.

The CBOE further mentioned the scalability of the Solana blockchain. Transactions on the network happened with high speeds, and users paid relatively low fees. As a result, there was little room for manipulative tactics to happen.

The recent filing has put the SEC on a clock. The SEC guidelines require that the regulatory agency decide whether to approve a product within 240 days.

According to Bloomberg ETF analyst Eric Balchunas, the US securities regulator has a final deadline of mid-March 2025 to decide on the SOL ETFs. However, approval will depend on who wins the US Presidential elections in November.

Looks like Solana ETFs are going to have a final deadline of mid-March 2025. But between now and then the most imp date is in November. If Biden wins, these likely DOA. If Trump wins, anything poss. https://t.co/ywkf6oA8Rc

— Eric Balchunas (@EricBalchunas) July 8, 2024

Balchunas opined that if former US President Donald Trump wins the election, a spot SOL ETF will likely launch.

Solana Turns Bullish

The news around Solana ETFs has riled up the community. SOL is among the top gainers in the market. Analysts call for a potential bullish breakout as the coin positions itself for bold gains.

According to trader @ali_charts on X, Solana’s chart is looking similar to its price performance in 2021. The buying activity also shows growing interest in the token, which could translate into solid gains.

In a report published last month, market maker GSR noted that if a spot SOL ETF is approved, the price of Solana could rally as much as 8.9 times.
U.S. CFTC Chief Behnam Insists Bitcoin and Ethereum Are CommoditiesRostin Behnam, the chairman of the Commodity Futures Trading Commission (CFTC), has once more asserted that Bitcoin (BTC) and Ethereum (ETH) — the two largest cryptocurrencies by market value — are commodities as regulators continue engaging in a tug-of-war to secure oversight of the fast-growing digital assets industry. Court Backs BTC And ETH’s Commodity Status Speaking on July 9 before the US Senate Committee on Agriculture, Nutrition, and Forestry, Behnam argued that a recent court ruling in Illinois reaffirmed Bitcoin and Ether’s status as commodities. In the Illinois crypto fraud case, district judge Mary M. Rowland sided with the CFTC and labeled Bitcoin, Ether, Olympus (OHM), and KlimaDAO (KLIMA) as digital asset commodities. “In its decision, the court reaffirmed that both Bitcoin and Ether are commodities under the Commodity Exchange Act (CEA),” the CFTC boss asserted. what’s time to be alive — Jeremy (@Jeremyybtc) July 10, 2024 Behnam further mentioned a 2022 report from the Financial Stability Oversight Council, which emphasized a gap in regulation of the spot market for crypto assets that are not securities and suggested his agency should take a greater role of oversight for digital commodities. Streamlined Oversight Of Digital Assets CFTC chair Benham told the Senate committee that failing to institute federal rules on cryptocurrency isn’t going to keep investors away, and would only lead to a bigger risk to financial markets and investors. “In short, our current trajectory is not sustainable. Federal legislation is urgently needed to create a pathway for a regulatory framework that will protect American investors and possibly the financial system from future risk,” he explained. Benham also encouraged the committee to urgently create a “disciplined, balanced framework” that defines what’s a digital commodity and what’s a security under existing legislation, as well as working to introduce an all-around education and outreach program involving cryptocurrencies in the US.  Behnam’s agency has often been touted in cryptocurrency circles as the preferred U.S. regulator. Industry pundits have contended that its handling of crypto assets is much more reasonable than its sister agency, the Securities and Exchange Commission (SEC). Benham noted that while the SEC and CFTC frequently coordinate legal enforcement actions, the two agencies lack regulatory coordination. CFTC officials first called Ethereum a commodity in 2019, when then-chief Heath Tarbert spoke at Yahoo Finance’s All Market Summit. While the SEC has never publicly claimed that Ethereum is a security, a since-dropped probe into “Ethereum 2.0” sparked speculation. Moreover, the Gary Gensler-helmed commission greenlighted applications for spot ETH ETFs in May, suggesting it now views the second-largest crypto as a commodity.

U.S. CFTC Chief Behnam Insists Bitcoin and Ethereum Are Commodities

Rostin Behnam, the chairman of the Commodity Futures Trading Commission (CFTC), has once more asserted that Bitcoin (BTC) and Ethereum (ETH) — the two largest cryptocurrencies by market value — are commodities as regulators continue engaging in a tug-of-war to secure oversight of the fast-growing digital assets industry.

Court Backs BTC And ETH’s Commodity Status

Speaking on July 9 before the US Senate Committee on Agriculture, Nutrition, and Forestry, Behnam argued that a recent court ruling in Illinois reaffirmed Bitcoin and Ether’s status as commodities. In the Illinois crypto fraud case, district judge Mary M. Rowland sided with the CFTC and labeled Bitcoin, Ether, Olympus (OHM), and KlimaDAO (KLIMA) as digital asset commodities.

“In its decision, the court reaffirmed that both Bitcoin and Ether are commodities under the Commodity Exchange Act (CEA),” the CFTC boss asserted.

what’s time to be alive

— Jeremy (@Jeremyybtc) July 10, 2024

Behnam further mentioned a 2022 report from the Financial Stability Oversight Council, which emphasized a gap in regulation of the spot market for crypto assets that are not securities and suggested his agency should take a greater role of oversight for digital commodities.

Streamlined Oversight Of Digital Assets

CFTC chair Benham told the Senate committee that failing to institute federal rules on cryptocurrency isn’t going to keep investors away, and would only lead to a bigger risk to financial markets and investors.

“In short, our current trajectory is not sustainable. Federal legislation is urgently needed to create a pathway for a regulatory framework that will protect American investors and possibly the financial system from future risk,” he explained.

Benham also encouraged the committee to urgently create a “disciplined, balanced framework” that defines what’s a digital commodity and what’s a security under existing legislation, as well as working to introduce an all-around education and outreach program involving cryptocurrencies in the US. 

Behnam’s agency has often been touted in cryptocurrency circles as the preferred U.S. regulator. Industry pundits have contended that its handling of crypto assets is much more reasonable than its sister agency, the Securities and Exchange Commission (SEC).

Benham noted that while the SEC and CFTC frequently coordinate legal enforcement actions, the two agencies lack regulatory coordination.

CFTC officials first called Ethereum a commodity in 2019, when then-chief Heath Tarbert spoke at Yahoo Finance’s All Market Summit. While the SEC has never publicly claimed that Ethereum is a security, a since-dropped probe into “Ethereum 2.0” sparked speculation. Moreover, the Gary Gensler-helmed commission greenlighted applications for spot ETH ETFs in May, suggesting it now views the second-largest crypto as a commodity.
We Are Only ‘Halfway’ Through the Current Bitcoin Bull Market, Says Permabull Cathie WoodBitcoin (BTC) has faced heavy bearish pressure recently on the back of significant negative developments within the alpha crypto’s ecosystem, prompting some to suggest that BTC’s bull market is over. Ark Invest’s Cathie Wood, however, says Bitcoin is still “halfway” through its current bull cycle, citing a wide variety of factors like increased institutional adoption and macroeconomic tailwinds that could be a boon for the price of BTC. The Bitcoin Bull Rally Is Only Half Over BTC/USD recovered strongly after hitting lows of $53,600 last week. And Ark Invest CEO Cathie Wood believes a major rally or the continuation of the bull market could be on the horizon. Speaking during a recent interview with science and tech entrepreneur Peter Diamandis, Wood revealed that Ark’s research team, specifically their expert in Bitcoin on-chain analytics, forecasts that the Bitcoin market is currently in the middle of a bull market. But, this does not necessarily indicate the price increase is halfway through.  “We have four people at ARK who are working on crypto generally, one dedicated to Bitcoin on-chain analytics. And judging by those, we are, we believe, halfway through this bull market,” she posited. “And halfway doesn’t mean we’re halfway through the price increase, because, you know, at the end of a bull market prices tend to go parabolic… We feel very strongly, just based on on-chain analytics, looking at them versus the short ten-year history, a little bit more than that, that we’re halfway through the bull market.” The star stock picker further noted that the soaring interest and major institutional adoption of Bitcoin Spot Exchange-Traded Funds (ETFs) could push the asset’s value to an explosive phase. Wood observed that since the debut of spot Bitcoin exchange-traded funds (ETFs) in January, none of the leading wirehouses, such as Morgan Stanley, UBS, Wells Fargo, Bank of America, and Merrill Lynch, have included Bitcoin and BTC ETFs to their platforms as they are all presently doing their due diligence. The Ark boss is convinced that one of these major brokers will add a spot BTC ETF to their platform in the next few months, and others will follow suit, leading to a rise in adoption and subsequent surge in the crypto asset’s price. Ark Invest is among the asset managers approved by the U.S. SEC to roll out Bitcoin ETFs. Wood Still Sees BTC Reaching $1.5 Million By 2030 During the interview with Diamandis, Wood reiterated her belief that the world’s largest cryptocurrency by market cap could hit $1,500,000 in price by 2030 in a bullish scenario. She pointed to three catalysts that could propel Bitcoin to these sky-high levels, including institutional decision-making, BTC’s potential to serve as an alternative to Gold, and its ability to act as an insurance policy during periods of economic uncertainty. Ark isn’t the only one expecting a massive jump in Bitcoin prices. Standard Chartered Bank recently predicted that the price of Bitcoin could rocket to $100K by U.S. election day and levels closer to $200,000 by the end of next year.

We Are Only ‘Halfway’ Through the Current Bitcoin Bull Market, Says Permabull Cathie Wood

Bitcoin (BTC) has faced heavy bearish pressure recently on the back of significant negative developments within the alpha crypto’s ecosystem, prompting some to suggest that BTC’s bull market is over.

Ark Invest’s Cathie Wood, however, says Bitcoin is still “halfway” through its current bull cycle, citing a wide variety of factors like increased institutional adoption and macroeconomic tailwinds that could be a boon for the price of BTC.

The Bitcoin Bull Rally Is Only Half Over

BTC/USD recovered strongly after hitting lows of $53,600 last week. And Ark Invest CEO Cathie Wood believes a major rally or the continuation of the bull market could be on the horizon.

Speaking during a recent interview with science and tech entrepreneur Peter Diamandis, Wood revealed that Ark’s research team, specifically their expert in Bitcoin on-chain analytics, forecasts that the Bitcoin market is currently in the middle of a bull market.

But, this does not necessarily indicate the price increase is halfway through. 

“We have four people at ARK who are working on crypto generally, one dedicated to Bitcoin on-chain analytics. And judging by those, we are, we believe, halfway through this bull market,” she posited. “And halfway doesn’t mean we’re halfway through the price increase, because, you know, at the end of a bull market prices tend to go parabolic… We feel very strongly, just based on on-chain analytics, looking at them versus the short ten-year history, a little bit more than that, that we’re halfway through the bull market.”

The star stock picker further noted that the soaring interest and major institutional adoption of Bitcoin Spot Exchange-Traded Funds (ETFs) could push the asset’s value to an explosive phase.

Wood observed that since the debut of spot Bitcoin exchange-traded funds (ETFs) in January, none of the leading wirehouses, such as Morgan Stanley, UBS, Wells Fargo, Bank of America, and Merrill Lynch, have included Bitcoin and BTC ETFs to their platforms as they are all presently doing their due diligence.

The Ark boss is convinced that one of these major brokers will add a spot BTC ETF to their platform in the next few months, and others will follow suit, leading to a rise in adoption and subsequent surge in the crypto asset’s price.

Ark Invest is among the asset managers approved by the U.S. SEC to roll out Bitcoin ETFs.

Wood Still Sees BTC Reaching $1.5 Million By 2030

During the interview with Diamandis, Wood reiterated her belief that the world’s largest cryptocurrency by market cap could hit $1,500,000 in price by 2030 in a bullish scenario.

She pointed to three catalysts that could propel Bitcoin to these sky-high levels, including institutional decision-making, BTC’s potential to serve as an alternative to Gold, and its ability to act as an insurance policy during periods of economic uncertainty.

Ark isn’t the only one expecting a massive jump in Bitcoin prices. Standard Chartered Bank recently predicted that the price of Bitcoin could rocket to $100K by U.S. election day and levels closer to $200,000 by the end of next year.
Explore the lastest crypto news
⚡️ Be a part of the latests discussions in crypto
💬 Interact with your favorite creators
👍 Enjoy content that interests you
Email / Phone number

Latest News

--
View More

Trending Articles

View More
Sitemap
Cookie Preferences
Platform T&Cs