A massive whale transfer carrying thousands of Bitcoin, valued above $1 billion has turned heads in the crypto market. The significant transaction comes amid a global crypto market downturn that has removed about 2.84% of the total crypto market cap.

Even though the purpose behind this transaction is still unknown, one thing for sure is that it has joined other factors in sending the price of the flagship coin down to $65,000. Speculations amount to the identity behind the movement. While some predict that it is an internal transfer, others believe it might be a sell-off. Let us take a look.

Bitcoin Whale Shifts 16,000 BTC in a Single Transaction

Earlier today, Blockchain Explorer data dragged our attention to a humongous transaction moving almost 16k BTC to a new wallet address at once. According to the data provided, exactly 15945.14604856 (15,945) BTC coins were moved from their originating wallet to an unknown destination wallet. The total value of this transaction equals a staggering $1,041,413,046 ($1.04 billion). The whale carried out this transaction by paying a gas fee of just 78,372 SATS (worth $51.19).

However, some market observers have speculated that the receiving address belongs to the renowned Binance exchange, the largest cryptocurrency exchange by trade volume. While this is unconfirmed, it has certainly raised interest among market participants.

Meanwhile, this whale isn’t the only one busy with heavy transactions. Whale Alert, a prominent crypto large transaction tracker, reported two separate transactions carrying at least 700 BTC per transfer a few hours ago. The first one moved 749 BTC, valued at $50.06 million from an unidentified wallet to the Coinbase exchange.

749 #BTC (50,062,404 USD) transferred from unknown wallet to #Coinbasehttps://t.co/NxaqIWiWNY

— Whale Alert (@whale_alert) June 14, 2024

Shortly after, another transaction shifting 879 BTC (worth $57.6 million) was spotted from Coinbase Institutional to Coinbase. Cumulatively, both transactions are worth over $107 million. This has caused major concern as the price of BTC continues to dip, almost dashing the expectations of an imminent price rally. Let us take a look at Bitcoin (BTC) price movement within this time.

Bitcoin Price Today

According to data from CoinMarketCap, Bitcoin (BTC) has declined by a notable 1.99% in the last 24 hours, trading at $65,481. After almost touching the $70k mark earlier, the price of the coin took a shape dive to the current point.

Source: CoinMarketCap

Additionally, a close look at its trading volume over the last day signifies a 22.7% drop to $25.3 billion with a live market cap of $1.29 trillion. Bitcoin has traded between the range of $65,018.89 and $67,265.23 which is still 11.2% below its all-time high of $73,737 achieved on March 14 as a result of an inflow of institutional funds to Bitcoin ETFs. The extent to which these recent whale transactions will affect the price trajectory is still unknown, however, what lies before us is a downward trend that does not show evidence of a reversal soon.

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In a notable development within the cryptocurrency industry, the New York Attorney General’s office (NYAG) disclosed on Friday that Gemini, a major crypto exchange, has consented to pay $50 million in digital assets to investors of its Gemini Earn program as part of a settlement.

This agreement concludes a series of allegations that Gemini had misled investors regarding the inherent risks of the program.

Allegations Against Gemini

Gemini Earn had permitted its customers to loan their cryptocurrencies to the now-bankrupt Genesis Global Capital, LLC, offering returns up to 7.4 percent annual percentage yield (APY).

NYAG Letitia James had accused Gemini of deceiving thousands of investors by promoting the Gemini Earn program as a secure and lucrative venture.

In reality, according to James, the program misrepresented risks, locked investors out of their accounts, and ultimately prevented them from accessing their funds.

The settlement announced ensures that defrauded investors will receive full recovery of their initial investments. Additionally, the agreement prohibits Gemini from conducting any cryptocurrency lending operations within New York.

The legal dispute began to unfold in October when the NYAG filed a comprehensive complaint against Gemini, the crypto lending firm Genesis, and the crypto investment company Digital Currency Group (DCG).

The filing revealed a series of misrepresentations that allegedly concealed $1.1 billion in financial losses over several months. Gemini, as per the allegations, reassured its investors that the Earn program facilitated through Genesis entailed minimal risk, contrary to the actual high-risk nature of the investments.

Meanwhile, DCG and Genesis, along with two executives, were accused of disguising these substantial losses through a sustained campaign of false statements and omissions.

Earlier in May, preceding the final settlement, Gemini declared that all Earn users had successfully received their digital assets in-kind.

This meant that investors were returned the exact amount of cryptocurrency they had lent, such as one bitcoin for one bitcoin lent, totaling a reclamation of $2.18 billion in digital assets.

This recovery marked a 232% return rate from the period when Genesis, Gemini’s partner in the Earn program, halted withdrawals, prompting Gemini to also pause its own withdrawal operations.

Ongoing Legal Battles

The strained relationship between Genesis and Gemini has been further complicated by ongoing legal battles and the scrutiny of regulatory bodies including the U.S. Securities and Exchange Commission (SEC) and the NYAG.

In a significant legal move in October 2023, Gemini sued Genesis Global Capital for $1.6 billion concerning 60 million shares of the Grayscale Bitcoin Trust (GBTC) pledged as collateral.

This lawsuit aimed to secure assets that would satisfy the claims of Gemini Earn customers impacted by the suspension of withdrawals by Genesis in the previous year.

In response, Genesis countersued Gemini, seeking to recover $689 million based on allegations of preferential transfers that purportedly favored Gemini at the expense of other creditors.

Moreover, in March 2024, Genesis Global Capital agreed to settle SEC charges related to the Gemini Earn program by paying a $21 million civil penalty.

As part of Genesis’ ongoing bankruptcy proceedings, a court-approved $2 billion settlement established a victims’ fund, particularly for New Yorkers who had collectively invested over $1.1 billion in the Earn program. This settlement also prohibited Genesis from operating its business within the state.

Addressing these myriad issues, Tyler Winklevoss, Co-Founder and CEO of Gemini, emphasized that the root cause of the turmoil was not cryptocurrency itself but rather “old-fashioned financial fraud,” compounded by a lack of regulatory clarity.

This sentiment underscores the challenges the crypto industry faces as it navigates the complexities of financial regulations and seeks to establish a trustworthy framework for investors.

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Solana, the fifth-largest cryptocurrency by market cap, has experienced a downtrend following large SOL transfers by unidentified whales in the last 24 hours. According to a recent report, over 2.5 million SOL coins were transferred by the entities within the recorded. This development has raised speculations about the possible reason for the transaction and the potential impact on the asset’s future price.

Meanwhile, SOL is not the only coin to undergo major price corrections. Popular cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) have also experienced a significant loss in the last 24 hours, losing at least 2% of their value from the previous day. While the broader market is going through bearish sentiment, large investors are taking advantage by opening positions and acquiring tokens at discounted rates.

Solana Whales Shift 2.5 Million Coins: Details

According to data provided by Whale Alert, two notable transactions carrying at least 1 million SOL were recorded within the last day. Per the data, the first transaction moved a mouthwatering 1,519,488 Solana coins, valued at $224.6 million from a wallet labeled ‘unknown’ to another unidentified wallet. Not recovering from the shock, another transaction was initiated shortly after carrying exactly 1,000,000 SOL coins from an anonymous wallet to another unknown wallet.

1,519,488 #SOL (224,643,283 USD) transferred from unknown wallet to unknown wallethttps://t.co/v1AzDWTeoE

— Whale Alert (@whale_alert) June 14, 2024

The two transactions cumulatively shifted $372.4 million worth of SOL in less than one hour. The sudden transfer especially at a time when the crypto market is experiencing mixed (neutral) sentiment, has raised concerns among investors.

However, it is important to note that transactions of this magnitude do not always signify sell-offs, rather they can be attributed to several scenarios such as accumulation for long-term holding, asset repositioning by institutional investors, or even an internal wallet restructure by large investors (commonly called whales). While the exact reason is still unknown, it has added to the layer of worries exhibited by market participants.

Solana (SOL) Price Movement

Over the last 24 hours, the price of Solana (SOL) has decreased significantly. According to CoinMarketCap data, SOL is currently changing hands at $140.37, representing a 5.50% decline at press time. What is more, the activities surrounding the coin, as portrayed in its 24-hour trading volume have also dipped by 10.33% to $2.20 billion signifying reduced activities among traders.

Source: CoinMarketCap

Importantly, SOL has traded between the lows and highs of $140.81 and $148.73 in the last 24 hours, which is still 45.6% below its all-time high of $259.96 reached on November 2021. In hindsight, SOL has dropped by 10.08% in the last seven days, and by 1.99% over the last month.

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UNI, the native token of decentralized exchange Uniswap, has surged 9%, making it the top gainer in the crypto market today.

At the time of writing, UNI is trading at $10.60, marking an 8.05% rise over the past 24 hours.

Uniswap’s market capitalization has also seen a rise, reaching $6,357,789,142. This growth has elevated UNI to the position of the 17th largest crypto asset, according to CoinMarketCap data. The positive market response is largely attributed to recent developments and announcements from the Uniswap team.

Uniswap’s Enigmatic Announcement

The surge in UNI’s price coincides with an intriguing post by Uniswap Labs on June 14. The post, which featured a meme of a man sitting forward in his chair, included the message, “Locked in. Ready for the Endgame.” This cryptic message has fueled speculation within the crypto community about upcoming developments.

A subsequent post from June 1 hinted that Uniswap v2 is preparing to integrate a new Layer-2 (L2) blockchain. Although the specific L2 protocol has not been disclosed, community speculation points towards ZKsync, a well-known Layer-2 solution that offers scalable and low-cost Ethereum transactions. 

Locked in.Ready for the Endgame. https://t.co/IjhbYvyccH pic.twitter.com/Y50eMLCAoB

— Uniswap Labs (@Uniswap) June 13, 2024

However, the potential deployment on ZKsync has elicited mixed reactions from the community, with some users expressing dissatisfaction and concerns about the project.

The prospect of integrating ZKsync has not been universally welcomed. Some community members have voiced strong opposition, labeling the project as a scam and expressing concerns about its track record. A user named BehnamSasani articulated these sentiments, urging Uniswap not to support ZKsync, which he claims has scammed users for years.

Despite these criticisms, the broader crypto community continues to speculate on the potential benefits of such an integration. The anticipation surrounding this development has contributed to the positive price movement of UNI.

Growth in Layer-2 Volume and Adoption

Another factor contributing to UNI’s price surge is the impressive growth in Layer-2 volume processed through the Uniswap Protocol. Uniswap Labs highlighted this growth in a June 13 post, noting that it took 22 months to reach the $100 billion mark in L2 volume, 10 months to hit $200 billion, and just 3 months to surpass $300 billion. This exponential growth indicates increasing utility and adoption of Uniswap’s services in the decentralized finance (DeFi) space.

All-time L2 volume on the Uniswap Protocol:22 months to reach $100B10 months to reach $200BAnd just 3 months to reach $300B pic.twitter.com/CQahuxJHQN

— Uniswap Labs (@Uniswap) June 13, 2024

The rising popularity of Uniswap v2 pools on various L2 solutions, such as Optimism, Arbitrum, and Polygon, has also been noted by community members. An X user named Kyledoops pointed out that these L2 networks are being favored for their scalability, lower fees, and improved user experience. These attributes are driving demand for Uniswap’s offerings, further contributing to the token’s recent price increase.

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Galaxy Digital CEO Mike Novogratz has reaffirmed his staunch support for meme coins, describing them as the “cornerstone” of the crypto economy. 

This endorsement comes amidst a divided industry where many experts dismiss meme coins due to their origins as internet jokes and perceived lack of utility.

On Thursday, in a social media post on X, Novogratz shared a video in which he expressed his views on the influential narrative of meme coins. He emphasized that despite varying opinions within the industry, meme coins have garnered a significant presence in the market, boasting a combined valuation of approximately $60 billion.

Memecoins – whether you're a fan or not – have become a cornerstone of the crypto economy… In today's market, they're one of the most powerful narratives out there. At @galaxyhq we estimate that memecoins on permissionless blockchains have an aggregate market cap of more than… pic.twitter.com/wihxYIPwxi

— Mike Novogratz (@novogratz) June 12, 2024

Novogratz addressed the widespread notion that meme coins are merely a fleeting trend. He argued that memes possess enduring relevance, and there are two principal strategies to profit from meme coin investments. According to him, the first approach involves selecting a meme with robust community support and a strong humorous appeal. He stated that a successful meme investor must have a “quirky, frickin’ sense of humor” and the foresight to identify which memes will resonate with the public.

Investment Opportunities in Meme Coins

The second strategy, as outlined by Novogratz, involves creating a meme coin. He believes that meme creators are in a unique position to achieve substantial financial gains in the market. This view aligns with the growing trend of individuals and groups launching their own meme coins, capitalizing on the viral nature of internet culture.

Novogratz shared an anecdote about his son-in-law, who is deeply engaged in the meme coin market. He described him as a “great meme investor,” noting his dedication to Dogecoin (DOGE) and Dogwifhat (WIF). According to Novogratz, his son-in-law consistently profits from meme coin investments, demonstrating an intuitive understanding of the market despite never selling his holdings. 

“Yeah, my son-in-law is a great meme investor, I didn’t think there was such a thing until I met the guy, and he just keeps making money, he never sells, he loves Doge, he loves Dogwifhat,” he remarked.

Controversial Opinions Within the Industry

Despite Novogratz’s enthusiastic support, his views on meme coins are not universally accepted within the crypto community. Charlie Silver, CEO of the decentralized finance platform Permission.io, responded to Novogratz’s post by dismissing meme coins as “silly casino chips.” Silver argued that the true cornerstone of the crypto economy has yet to be established.

“Hate to disagree. Meme coins are just silly casino chips. The cornerstone of the crypto economy has yet to emerge,” he wrote on X.

Other industry participants have also expressed skepticism regarding meme coins. A user identified as McGavin labeled meme coins as “inefficient market activities,” echoing a common criticism among detractors.

Despite the criticism, certain meme coins have recently outperformed major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH). For instance, Daddy Tate (DADDY), associated with media personality Andrew Tate, experienced a remarkable 218% surge in the past 24 hours, according to DEX Screener. In contrast, Bitcoin saw a modest increase of just 0.32% during the same period.

These gains in the meme coin market illustrate their volatile yet potentially lucrative nature, which continues to attract a dedicated segment of investors. Novogratz’s support underscores the growing influence of meme coins within the broader crypto economy, despite ongoing debates about their long-term value and utility.

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Today, MicroStrategy® Incorporated (Nasdaq: MSTR), a leading business intelligence firm, has announced in a press release the pricing of its offering of $700 million aggregate principal amount of 2.25% convertible senior notes due 2032. This move is a bold step in the company’s ongoing commitment to Bitcoin, the world’s largest cryptocurrency by market cap.

MicroStrategy Announces Pricing of Offering of Convertible Senior Notes $MSTR https://t.co/ejEbX1a7P9

— Michael Saylor (@saylor) June 14, 2024

The Offering

The notes, initially set at $500 million, were upsized to $700 million. This increase reflects the company’s confidence in Bitcoin as a store of value and its commitment to increasing its digital asset holdings.

The notes will be sold privately to persons reasonably believed to be qualified institutional buyers. MicroStrategy also granted to the initial purchasers of the notes an option to purchase, within 13 days beginning on, and including, the date on which the notes are first issued, up to an additional $100 million aggregate principal amount of the notes.

The notes will be unsecured, senior obligations of MicroStrategy, and will bear interest at a rate of 2.25% per annum, payable semi-annually in arrears on June 15 and December 15 of each year, beginning on December 15, 2024. The notes will mature on June 15, 2032, unless earlier repurchased, redeemed, or converted by their terms.

Conversion and Redemption

Holders of the notes have the option to convert them into cash, shares of MicroStrategy’s class A common stock, or a combination of both. If certain conditions are met, MicroStrategy may redeem the notes for cash starting on or after June 20, 2029. If redeemed, the price will be 100% of the principal amount plus accrued interest. At least $75 million aggregate principal amount of notes must remain outstanding and not subject to redemption.

Strategy

MicroStrategy intends to use the proceeds from this offering to acquire additional Bitcoin. The company has been a prominent advocate for Bitcoin adoption, holding significant amounts of the cryptocurrency on its balance sheet.

The announcement comes amid growing interest in Bitcoin and the broader crypto market. MicroStrategy’s move signals confidence in the long-term potential of Bitcoin as a store of value.

Other companies, like Metaplanet—similar to MSTR in Asia—have also explored convertible notes to fund Bitcoin purchases. MicroStrategy’s previous offering in March 2024 raised $603.75 million in 0.875% convertible senior notes due 2031.

In the crypto industry, this move is seen as a bullish signal. MicroStrategy has been one of the most vocal proponents of Bitcoin, with its CEO, Michael Saylor, often touting the benefits of the digital currency. This latest move further cements the company’s position as a major player in the crypto space.

However, it’s not all smooth sailing. The offering is subject to customary closing conditions and is expected to close on June 17, 2024. This means there are still hurdles to overcome before the deal is finalized.

MicroStrategy’s upsized offering of convertible senior notes is a bold move that underscores the company’s belief in Bitcoin. It’s a significant development that could have far-reaching implications for the crypto market. As the saying goes, “Fortune favors the bold,” and MicroStrategy is proving bold in its approach to Bitcoin.

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In a major leap towards the self-regulation of Taiwan’s cryptocurrency industry, the Taiwan Virtual Asset Service Provider Association has been formally established, with an inaugural meeting held on Thursday, setting the stage for its role as a bridge between the private sector and government oversight in the crypto space.

We celebrate this momentous day with all virtual asset service providers in #Taiwan as an official industry association is formed.This marks an important milestone in an ongoing process towards a consultative and unique regulatory model for the #VASP industry in Taiwan. (1/4) pic.twitter.com/thzW3htCy2

— XREX Inc. (@xrexinc) June 13, 2024

This initiative, approved by Taiwan’s Ministry of the Interior and confirmed by a blog post by the blockchain firm XREX, marks a significant step towards formalizing the crypto landscape in the country.

The association brings together 24 cryptocurrency-related entities—representing various crypto-related businesses, including exchanges, peer-to-peer trading platforms, and wallet hosting companies—marking a crucial step toward self-regulation and industry collaboration.

Key Objectives and Responsibilities

The Taiwan Virtual Asset Service Provider Association’s primary mission is to foster cooperation between industry players and regulatory bodies. 

The Association will develop a comprehensive self-regulation code covering critical aspects of the crypto industry. These include industry classification, listing and delisting procedures, consumer protection measures, risk management, transaction monitoring, and advertising guidelines.

By acting as a liaison between the private sector and government, the Association seeks to enhance industry supervision. Its collaborative approach aims to strike a balance between innovation and investor protection.

Additionally, the Association is tasked with developing guidelines that align with international standards, focusing on areas such as anti-money laundering (AML) measures, security protocols, and investor protection. The organization will also serve as a bridge between the crypto industry and government regulators, advocating for policies that support innovation while safeguarding against illicit activities.

Leadership and Vision

Chairperson: Titan Cheng, founder and CEO of BitoPro, will lead TVASPA. His experience in the crypto sector positions him well to guide the association’s efforts.

Vice Chair: Winston Hsiao, Chief Revenue Officer at XREX, will support Cheng in steering TVASPA toward its goals.

The groundwork for the Virtual Asset Service Provider Association was laid by nine founding members in the previous year, with government approval in 2024. The association’s formation coincides with ongoing proactive efforts by Taiwan’s Financial Supervisory Commission (FSC) to set guidelines aimed at customer protection and industry oversight. These guidelines, released in September 2023, emphasize the need for enhanced customer protection measures and set the groundwork for the industry’s self-regulation.

The director of the securities firms division at the FSC, Hsiho Huang, said at the launch meeting on Thursday,

“The FSC places great importance on the development of the virtual asset industry. We believe that the healthy development of this industry is closely related to the development of society and the economy.” 

Taiwan’s crypto landscape has evolved significantly. Previously adopting a hands-off approach, the government now recognizes the need for regulation. The FTX scandal prompted a shift, leading to the introduction of legislation aimed at safeguarding investors and promoting responsible industry practices.

XREX Inc., a blockchain firm, celebrated the association’s formation, emphasizing its importance in shaping a consultative and unique regulatory model for Taiwan’s virtual asset service providers. The crypto community eagerly awaits the Association’s initiatives and anticipates positive impacts on the industry.

The Taiwan Virtual Asset Service Provider Association’s establishment signifies a pivotal moment for the country’s crypto ecosystem. With collaboration at its core, TVASPA aims to foster responsible growth while ensuring investor confidence in this dynamic sector.

The post Taiwan Virtual Asset Service Provider Association Formally Established with 24 Entities appeared first on Coinfomania.

Crypto savings accounts provide investors with the ability to earn interest from their cryptocurrency holdings. Working like a hybrid between a crypto wallet and a bank account, they reward users for deposits, either by staking or investing cryptocurrencies. They are therefore a good option for investors who plan to hold their tokens for longer periods of time.

Investors can open crypto savings accounts with many of the leading exchanges, as well as with cryptocurrency lenders and investment firms. While the choice can often be intimidating, this article will help retail investors navigate the market and pick the best crypto savings account for them.

Quick Comparison of Best Crypto Savings Accounts

Here’s a quick rundown of the savings accounts we’ll feature –

Account Provider Supported Crypto Max APY Founded Ratings Create Account Nexo 30+

15%

2018 4 Check Nexo YouHodler 58

15%

2018 4 Check YouHodler LEDN 4

10.5%

2018 4 Check LEDN Coinbase 1

10%

2012 4 Check Coinbase KuCoin 100+

10%

2017 4 Check KuCoin Crypto.com 18+

5.2%

2016 4 Check Crypto.com Cashaa 6

34%

2016 4 Check Cashaa CEX.IO 16

4%

2013 4 Check Cex.io

Best Crypto Savings Accounts

#1 Pick

Nexo

Founded: 2018

Cryptocurrency Support: 30+

APY: Up to 15%

Check Nexo Now

Nexo is a Zug-based cryptocurrency lender and trading platform known for offering the best crypto savings accounts. It provides such accounts through its Earn product, which is available for just over 30 cryptocurrencies, including Bitcoin, Litecoin, Ethereum, XRP, USDT, Dogecoin, Cardano, Solana, and Tron.

By depositing the eligible tokens, Nexo users can earn a yield of up to 15% APY, although they can top this up by an extra 2% when choosing to receive their interest in the form of the native NEXO token. It pays such high rates via its overcollateralized lending to other institutions, with its credit lines collateralized by anything from 200% to 500%.

One of the benefits of Nexo is that it provides daily interest payouts, while the Flex option enables users to withdraw deposited funds at any time. Choosing fixed-term deposits, where funds are locked up for at least one month, provides the chance to earn higher yields.

Nexo has very low minimum deposit amounts, requiring only 0.001 BTC to earn yields with Bitcoin, for example. It also allows you to stake Ethereum and earn a higher yield by choosing to receive rewards in the form of Nexo Staked Ethereum (NETH), with maximum rates rising from 8% to 12% in the latter option.

While certain cryptocurrency lenders (e.g., Celsius, Voyager) have collapsed in recent years, Nexo retains a strong reputation and is regulated in various countries worldwide, including as a Virtual Currency Operator in Italy.

Pros

Wide range of supported tokens

Highly regulated and trustworthy platform

Higher returns

Cons

Isn’t primarily a crypto savings account provider

#2 – Supports Most Crypto Coins

YouHodler

Founded: 2018

Cryptocurrency Support: 58

APY: Up to 15%

Check YouHodler Now

Regulated in the EU and Switzerland, YouHodler is arguably the best crypto savings account provider for European investors. It launched in 2018 and offers a highly competitive Yield Account that currently accepts 58 tokens, including Bitcoin, Ethereum, XRP, Solana, Litecoin, Tron, Avalanche, and Tether.

Its Yield Account is highly accessible, allowing users to open the account at the Basic level with a minimum deposit of only $100. Current rates for the Basic tier range from 3% for Bitcoin and Ethereum to 7% for Litecoin and 10% for Tether, while trading or depositing more can qualify users for fixed deposits and higher levels of interest. What’s particularly good about YouHodler is that it pays interest every week.

There’s also a YouHodler Earn program, which works with a wider range of cryptocurrencies, including meme coins like Shiba Inu, Dogwifhat, Pepe, and Floki Inu. It can offer up to 15% interest on some coins, such as Pepe and Dogwifhat while providing the option of either daily or weekly payouts.

All in all, YouHolder offers one of the best crypto savings accounts in the industry and is also an excellent trading platform. Given that it’s regulated in Switzerland and the EU, users can take reassurance from the fact that it’s one of the most reliable platforms in the sector.

Pros

Supports a massive range of tokens for savings

Licensed in Europe

Competitive rates

Cons

Lower rates on Bitcoin and other alts

#3 – Known for their Risk Management System

YouHodler

Founded: 2018

Cryptocurrency Support: 4

APY: Up to 10.85%

Check LEDN Now

LEDN offers several great options for investors looking for a crypto savings account. Its main product in this area is its Growth account, which offers very competitive rates on four eligible cryptocurrencies: Bitcoin, Ethereum, USDT, and USDC.

It offers 9.5% APY for accounts holding under 100,000 USDT and USDC coins and 10.5% APY if the accounts hold over 100,000 coins. For BTC, this rate is 1% APY for accounts with less than 2 BTC and 2.5% APY for accounts with more than 2 BTC, whereas Ethereum yields 3% APY for accounts holding less than 50 ETH and 4% for accounts holding more than this amount.

Reassuringly, LEDN’s Growth accounts provide ring-fencing from all of LEDN’s other activities, with deposited assets exposed only to the counterparties that generate interest for funds. What’s also helpful is that LEDN provides full transparency of the investment activities it pursues to generate interest.

LEDN customers can also opt to hold their cryptocurrencies in a Transaction account, which enables them to buy and sell crypto but is also quite secure as assets are kept in cold storage. Other products LEDN offers include the ability to borrow against your crypto, with the platform requiring a loan-to-value ratio of 50% and charging an interest rate starting at 12.4% APY.

Pros

Impressive APY on stablecoins

Offers borrowing services and products

Ring-fenced growth accounts provide greater stability

Cons

Small selection of supported tokens

#4 – Biggest Crypto Exchange

Coinbase

Founded: 2012

Cryptocurrency Support: 1

APY: Up to 10%

Check Coinbase Now

The biggest exchange in the US and one of the largest and most reputable in the world, Coinbase also offers a couple of services that enable investors to earn yields on their holdings.

The first is its USDC Rewards feature, allowing USDC owners to earn interest on their holdings of the Coinbase-backed stablecoin. It’s open to any Coinbase user who holds at least $1 in USDC, while there’s no maximum amount that would exclude customers.

While rates are lower than you would find with other platforms and crypto savings accounts, Coinbase calculates rewards on a daily basis and pays them out within the first five business days of each month. The yield can rise as high as around 10%, although they vary from country to country and according to your account type.

Coinbase also offers staking services for eight proof-of-stake cryptocurrencies, including Ethereum, Cardano, Solana, Avalanche, Polygon, Polkadot, Cosmos, and Tezos. Minimum deposit amounts are as low as $1 or nonexistent. Interest rates vary according to the cryptocurrency and the number of stakes, as do minimum staking periods and payout periods.

As a highly regulated exchange, Coinbase is also one of the safest options for holding cryptocurrency.

Pros

Lower minimum deposit with competitive returns

Highly reputable, ensuring safety and security

Exciting additional features

Cons

Savings are available only with USDC

#5 – Supports 100+ Cryptocurrencies

KuCoin

Founded: 2017

Cryptocurrency Support: 100+

APY: Up to 10%

Check KuCoin Now

The Seychelles-based KuCoin is a leading crypto exchange that provides a varied suite of savings-related products as part of its Earn program. These are divided into Balanced and Advanced categories. The balanced one is intended more for the general retail investor, whereas the Advanced one is focused on more experienced and professional traders.

Its range of “Balanced” Earn products includes savings accounts available for every cryptocurrency KuCoin lists. Users can choose to subscribe to a savings account for any token they hold, while they can also choose between flexible and fixed accounts. Rates of return are quite low if you choose the flexible option, with the current rates for Bitcoin and Ethereum, for instance, being 0.04% and 0.01%. These can rise with other cryptocurrencies, however, with USDT’s current flexible rate standing at 6.83%.

KuCoin also occasionally offers savings promotions on a limited first-come, first-served basis that provide larger rates of return. This is in addition to its staking program, which is available for many—but not all – of the proof-of-stake cryptocurrencies it supports, including Ethereum, Cosmos, Tron, Polkadot, ApeCoin, and Injective.

Its Advanced Earn products include Dual Investment, which offers non-guaranteed higher yields by settling in a token other than the one you initially purchased. This token is usually a stablecoin such as USDT, and the product pays a premium above what your initial investment is worth at the end of the period.

Pros

Wide range of promotions and bonuses

Savings available for all listed tokens

Cons

Very low rates on flexible plans for major tokens

#6 – Best for Saving Promotions

Crypto.com

Founded: 2016

Cryptocurrency Support: 18+

APY: Up to 5.2%

Check Crypto.com Now

Crypto.com is the top-20 cryptocurrency exchange by trading volume and one of the most reputable names in the market. It operates its own crypto savings service for 18 cryptocurrencies. And if you live outside such jurisdictions as the US, the UK, France, Germany, the Netherlands, and Japan, you can get the savings service for many other crypto coins.

Its Crypto Earn product works by paying yields to users who deposit a given cryptocurrency and lock up Crypto.com’s native CRO token for a given period. Users who lock more CRO will receive better rates, with Crypto.com paying out up to 5% APY for Bitcoin deposits as part of its basic tier. Users can also opt to become Private Members by locking up a sufficient quantity of CRO, which will add 2% to their basic yield.

As with many other crypto savings wallets and products, Crypto.com offers flexible and fixed services. Users can withdraw flexible savings at any time, but to earn higher rates of return, they must keep their funds deposited for either one or three months. Rewards accumulate every day and can be withdrawn every seven days.

Their Flash Rewards program offers higher yields for a limited time. They also offer an Earn Plus product specifically for USDC, enabling users to earn interest on significantly larger deposits, up to an equivalent of $2 million.

Pros

Established cryptocurrency exchange with a good reputation

Daily rewards and regular payouts

Higher yields if users hold the native token

Cons

Low interest rates on flexible plans

#7 – Best Interest Rates

Cashaa

Founded: 2016

Cryptocurrency Support: 6

APY: Up to 34%

Check Cashaa Now

Cashaa was launched in 2016 as a neobank and has since expanded into cryptocurrency, offering a crypto wallet that provides yields on deposits. While its suite of products is fairly streamlined compared to some of the large exchanges and platforms out there, it provides some of the most generous rates of return.

Its Earn product supports six cryptocurrencies, including Bitcoin, Ethereum, BNB, Tether, USDC, and Cashaa’s own native token, CAS. Users receive a higher yield depending on their tier, which depends on how much CAS they have staked. The Base tier currently offers 6% APY on Bitcoin deposits, which can rise as high as 24% if a user belongs to the highest membership tier and chooses to receive their interest in the form of CAS.

Cashaa also has flexible savings accounts, although users who want the highest possible yields will need to fix their deposits. For example, its maximum yield for stablecoins—Tether and USDC—is 34% APY, which would probably beat the rate of return of the vast majority of cryptocurrency traders and saving accounts. It compounds interest daily and requires a minimum deposit equivalent to $50.

Cashaa also enables users to buy, sell, and transfer crypto while providing business accounts to companies so they can pay employees and take out secured loans against the value of their assets. It is available in over 200 jurisdictions, and the firm currently boasts over 25,000 users worldwide.

Pros

Higher interest rates, particularly with stablecoins

Lower minimum deposits

Available in over 200 jurisdictions

Cons

Only supports six tokens at the moment

#8 – Best Staking Services

CEX.IO

Founded: 2013

Cryptocurrency Support: 16

APY: Up to 4%

Check CEX Now

Based in London, CEX.IO is a highly reputable exchange that also offers crypto savings accounts. It currently offers flexible savings accounts supporting 16 cryptocurrencies, including Bitcoin, Ethereum, Dogecoin, Litecoin, Shiba Inu, Tether, and USDC. CEX also plans to introduce fixed accounts for Bitcoin, Ethereum, and Tether in the near future.

Holding stablecoins such as USDT, USDC, and TrueUSD can presently offer you an APY of 4%, while Ethereum, Dogecoin, and Bitcoin receive 3%, 2.3%, and 0.5%, respectively. The returns compound daily, and since the accounts are flexible, you can withdraw funds at any time. There’s no minimum or maximum amount for savings accounts, allowing users to start simply by transferring funds within the CEX app.

CEX is a solid and dependable crypto-exchange, having gained registration in Lithuania and the EU as a Virtual Asset Service Provider and with FinCEN in the US as a Money Service Business. As such, users can rest assured that their funds are safer here than they would be in many other exchanges. That said, its savings accounts aren’t available in several notable countries, including the US, the UK, France, Germany, Italy, the Netherlands, and Canada.

It also allows users to stake coins, enabling them to earn higher yields on depositing their proof-of-stake tokens, such as Solana, Polygon, Tezos, Tron, Cardano, Polkadot, and Avalanche.

Pros

Supports a wide range of cryptocurrencies

Regulated in the EU and the US

Reliable and dependable name

Cons

Savings accounts unavailable in some major jurisdictions

How Do Crypto Savings Accounts Work?

Crypto savings accounts provide users interest rates on the tokens they’ve deposited in their account, much like a regular savings account. Users can either choose flexible or fixed accounts based on their needs. Fixed accounts obviously give you more returns but require you to lock the funds for a certain period.

Rewards are often compounded daily or weekly, while users can continue to invest in crypto coins with other funds while their tokens are held as savings.

At the exchange’s or platform’s end, cryptocurrency companies can afford to pay interest to savings account owners because they may use deposited funds to make investments. While cryptocurrency is, by nature, a volatile financial instrument, providers of savings accounts often reduce their levels of risk by over-collateralization, hedging, and other counter-risk measures.

Things to Consider When Selecting a Crypto Savings Account

Here are the main things to look for when shopping for a crypto savings account:

Rates of return: The whole idea of having a crypto savings account is to earn a yield on your tokens, so picking an account with the highest rates of return is the way to go, all other things being equal.

Regulated platforms with strong reputations: The cryptocurrency market has witnessed the downfalls of lenders such as Celsius and Voyager Digital in recent years. As such, you should consider picking providers with the most experience and highest levels of customer satisfaction.

Cryptocurrency Support: It’s important that crypto savings accounts support the cryptocurrencies investors wish to save. Platforms that offer more options and features can, therefore, make more sense if you hold different tokens.

Ease of use: For the average retail investor, it really helps if an account provider makes their website or app as easy to use as possible.

Crypto Savings Accounts Vs. Crypto Wallets

There isn’t a fixed dividing line between crypto savings accounts and crypto wallets, with the two often overlapping to various extents. That’s because savings accounts usually function as wallets, while a small number of crypto wallets provide savings.

Having said that, investors should be aware that if they hold their crypto in a savings account with a fixed term, they will not be able to withdraw and transfer their funds until the fixed term has matured.

FAQs

What are Crypto Savings Accounts?

Crypto savings accounts are like bank accounts but for crypto. They provide investors with interest payments for depositing cryptocurrencies.

Which Crypto Savings Accounts offer the highest interest rates?

The savings accounts with the highest interest rates include the offerings from Cashaa, YouHodler and LEDN. Cashaa offers a maximum of 34% APY on deposits in USDT and USDC, while LEDN and YouHodler offer 10% for these same stablecoins.

Is it a good idea to have your savings in Cryptocurrency?

The answer is Yes and No. The good thing is that they often pay considerably higher rates of interest than what you’d receive from a traditional savings account but the issue is that cryptocurrencies remain extraordinarily volatile, so you may find that your savings drop suddenly in value.

The post 8 Best Crypto Savings Accounts in 2024 appeared first on Coinfomania.

Ripple Labs has formally requested a reduction in the $2 billion penalty proposed by the U.S. Securities and Exchange Commission (SEC). 

The company, which has been engaged in a lengthy legal battle with the SEC, contends that the suggested fines are disproportionate. In a “notice of supplemental authority” issued on Thursday, Ripple argues that its fine should be closer to $10 million, drawing comparisons to recent fines imposed on Terraform Labs.

Comparison with Terraform Labs Settlement

Ripple’s legal team is leveraging the recent settlement between the SEC and Terraform Labs to support their case. On Wednesday, Terraform agreed to pay $4.47 billion in fines, a settlement subsequently approved by a judge. Ripple’s notice emphasizes the discrepancy between its proposed $2 billion penalty and the fines imposed on Terraform, which they argue involve more severe allegations.

Ripple’s lawyers stated, 

“The civil penalty sought by the SEC in Terraform demonstrates the unreasonableness of the civil penalty sought by the SEC in this case.” 

Moreover, they highlighted that in similar or more severe cases, the SEC has imposed penalties ranging from 0.6% to 1.8% of the defendant’s gross revenues, suggesting that Terraform’s settlement is aligned with this pattern.

Absence of Fraud Allegations

Ripple’s defense also differentiates its case from that of Terraform by pointing out the absence of fraud allegations. The SEC’s case against Terraform included a jury’s determination in April that Terraform Labs and its cofounder, Do Kwon, engaged in civil fraud. Ripple emphasizes that no such allegations exist in its case and that institutional buyers of XRP did not suffer substantial losses.

“Here, by contrast, the SEC seeks a civil penalty far exceeding that range, even though there are no allegations of fraud in this case and Institutional Buyers did not suffer substantial losses,” Ripple’s lawyers asserted. 

This comparison is a critical element of Ripple’s argument for a reduced penalty, positioning the company’s circumstances as less severe than those involving Terraform.

The SEC and Ripple have been entangled in legal proceedings for several years. The SEC accused Ripple of raising $1.3 billion through the sale of XRP, which it claims is an unregistered security. Last year, Judge Analisa Torres of New York ruled that some of Ripple’s sales, termed programmatic, of XRP did not violate securities laws due to a blind bid process. However, she also determined that other direct sales of the token to institutional investors did qualify as securities.

Despite being in its trial stage, the legal battle may drag on for years due to the complexity of the process and possible delays and appeals from both parties. According to Ripple’s CEO Brad Garlinghouse, the resolution may occur as soon as this summer. 

“My estimation is sometime before the end of the summer. Somebody asked me about the end of August, but I pointed out that September 21 is the end of the summer,” he recently said.

Possible Resolutions and Market Reactions

Another person who believes the case may officially end in the next few months is American lawyer Jeremy Hogan. 

He envisioned a $100 million settlement,

“I’m saying that the Judge will order 0 disgorgement but throws the SEC a bone and orders Ripple to pay a $100 million penalty.”

Some might view the SEC as the underdog in the lawsuit, considering the company’s three partial court wins secured throughout 2023. XRP’s price reacted positively after each triumph, meaning a decisive victory may once again cause a substantial rally.

The post Ripple Fights $2 Billion SEC Fine Citing Terra Settlement as Precedent appeared first on Coinfomania.

SHIB has been on the decline as the market has been bearish, and the price of SHIB has dropped. It fell by 14.67% this week and is currently valued at $0.0000216. Its market capitalization now stands at $12.72 billion. The company recorded the lowest 24-hour trading volume of $339.57 million. 

This volatility is not only visible in SHIB, but other altcoins are also facing similar issues. These movements have attracted the attention of investors and market analysts as they try to determine the effects on their investments. On the other hand, the 5thScape project is currently fighting against the odds as it remains one of the most demanded crypto projects of this year. 

5thScape: A VR Library with Everything You Need

The 5thScape project is currently trending in both the entertainment space and the crypto market. It offers several content types compatible with VR technology under a single hub. 

Some of these exciting experiences are VR games, movies, educational content, and more. It is undoubtedly an entertainment seeker’s dream-come-true destination. 

Check the official website of 5thScape here…!!!

With so many VR thrills to enjoy at one premium destination, 5thScape is capturing a large part of the Virtual Reality technology’s new audience. VR technology has become one of the most rapidly growing technologies on a global scale.  

This VR boom is sooner or later going to reflect in the popularity of 5thScape as it is the only platform offering such a comprehensive suite of experiences. The other contenders in the market are still stuck with their outdated VR games. 

5SCAPE: The Fuel of 5thScape Unlocking New Possibilities

The content library of the 5thScape platform can be explored using a utility token named 5SCAPE. It is not only an access token that lets one pick a VR-compatible entertainment option of their choice from the vast library of 5thScape, it also secures the blockchain platform that this innovative project is built upon. Additionally, it lets the 5SCAPE token holders participate in staking opportunities to receive lucrative rewards. 

Being at its presale, the token is priced quite affordably at the moment and offers a comfortable entry point for crypto investors. It is also a great chance for the new generation of entertainment seekers who want to indulge in immersive experiences to grab the 5SCAPE tokens at the best pricing. 

5SCAPE recently raised an impressive sum of $6.6 million in its presale haul which has instilled a strong confidence regarding this project in the broader market. 

Having its value tied to the growing VR technology segment is one of the most positive factors for the 5SCAPE token. The growth of VR technology across the globe and different sectors translates to the increasing demand for the experiences offered by 5thScape. 

Having said that, this increasing demand is going to quickly boost the prices of the 5SCAPE tokens as well since they have a capped supply. 

SHIB vs 5SCAPE – Which Token Is a More Compelling Investment

TakingTaking inspiration from the OG dog-themed coin, DOGE, the SHIB token started a revolution of meme coins. The SHIB token’s value mostly hinges on the community hype created around it. mostly hinges on the pumps or dumps led by crypto whales as well as on a larger hype created around it by online communities. 

These are the two main reasons why investing in SHIB can be a risky affair. It may seem like one of the most affordable tokens to invest in, but it lacks a true value as it does not serve a meaningful purpose. However, if you are still confident about this token’s future, now might be the best time to buy SHIB tokens as their value has dropped.

5thScape’s native token, 5SCAPE, is a more compelling option in this price range as its continuous rally has pushed all the boundaries – making it one of the most successful presales of the year 2024. It is eying a massive debut on crypto exchanges in the next few months which is keeping the early investors of the 5SCAPE token on their toes. 

Those who invested in the project’s first presale stage are expecting up to 600% returns on their investment – which is nothing short of magic!

If you have yet to invest in this VR-linked project, you still have a chance to grab the 5SCAPE token at the best possible price. People who already hold ETH, MATIC, or BNB tokens can use them to purchase the 5SCAPE token and get bonus rewards. 

Any investments above $500 USD are also eligible for exciting rewards like lifetime memberships to the platform’s VR hubs or flat 50% off on the VR accessories designed by 5thScape. 

The post While Shiba Inu Dips 0.42%, 5thScape’s Rally Captures Investor Attention—Here’s Why appeared first on Coinfomania.

Crypto savings accounts provide investors with the ability to earn interest from their cryptocurrency holdings. Working like a hybrid between a crypto wallet and a bank account, they reward users for deposits, either by staking or investing cryptocurrencies. They are therefore a good option for investors who plan to hold their tokens for longer periods of time.

Investors can open crypto savings accounts with many of the leading exchanges, as well as with cryptocurrency lenders and investment firms. While the choice can often be intimidating, this article will help retail investors navigate the market and pick the best crypto savings account for them.

Quick Comparison of Best Crypto Savings Accounts

Here’s a quick rundown of the savings accounts we’ll feature –

Account Provider Supported Crypto Max APY Founded Ratings Create Account Nexo Read more 30+

15%

2018 4 Check Nexo YouHodler Read more 58

15%

2018 4 Check YouHodler LEDN Read more 4

10.5%

2018 4 Check LEDN Coinbase Read more 1

10%

2012 4 Check Coinbase KuCoin Read more 100+

10%

2017 4 Check KuCoin Crypto.com Read more 18+

5.2%

2016 4 Check Crypto.com Cashaa Read more 6

34%

2016 4 Check Cashaa CEX.IO Read more 16

4%

2013 4 Check Cex.io

Nexo – Best for Flexibility

YouHodler – Best for Most Supported Coins

LEDN – Best for Risk Management

Coinbase – Best for Reputation and Customer Service

KuCoin – Best for Experienced Traders

Crypto.com – Best for Saving Promotions

Cashaa – Best for High Interest Rates

CEX.IO – Best for Staking Services

Best Crypto Savings Accounts

#1 Top Pick

Nexo

Founded: 2018

Cryptocurrency Support: 30+

APY: Up to 15%

Check Nexo Now Nexo

Founded: 2018

Cryptocurrency Support: 30+

APY: Up to 15%

Source: Nexo

Nexo is a Zug-based cryptocurrency lender and trading platform that offers one of the best crypto savings accounts in the market. It provides such accounts through its Earn product, which is available for just over 30 cryptocurrencies, including Bitcoin, Litecoin, Ethereum, XRP, USDT, Dogecoin, Cardano, Solana, and Tron.

By depositing the eligible tokens, Nexo users can earn a yield of up to 15% APY, although they can top this up by an extra 2% when choosing to receive their interest in the form of the native NEXO token. It pays such high rates via its overcollateralized lending to other institutions, with its credit lines collateralized by anything from 200% to 500%.

One of the benefits of Nexo is that it provides daily interest payouts, while the Flex option enables users to withdraw deposited funds at any time. Choosing fixed-term deposits, where funds are locked up for at least one month, provides the chance to earn higher yields.

Nexo has very low minimum deposit amounts, requiring only 0.001 BTC to earn yields with Bitcoin, for example. It also allows you to stake Ethereum and earn a higher yield by choosing to receive rewards in the form of Nexo Staked Ethereum (NETH), with maximum rates rising from 8% to 12% in the latter option.

While certain cryptocurrency lenders (e.g., Celsius, Voyager) have collapsed in recent years, Nexo retains a strong reputation and is regulated in various countries worldwide, including as a Virtual Currency Operator in Italy.

Pros

Wide range of supported tokens

Highly regulated and trustworthy platform

Higher returns

Cons

Isn’t primarily a crypto savings account provider

YouHodler

Source: YouHodler

Regulated in the EU and Switzerland, YouHodler is possibly the best crypto savings account provider for European investors. It launched in 2018 and offers a highly competitive Yield Account that currently accepts 58 tokens, including Bitcoin, Ethereum, XRP, Solana, Litecoin, Tron, Avalanche, and Tether.

Its Yield Account is highly accessible, allowing users to open the account at the Basic level with a minimum deposit of only $100. Current rates for the Basic tier range from 3% for Bitcoin and Ethereum to 7% for Litecoin and 10% for Tether, while trading or depositing more can qualify users for fixed deposits and higher levels of interest. What’s particularly good about YouHodler is that it pays interest every week.

There’s also a YouHodler Earn program, which works with a wider range of cryptocurrencies, including meme coins like Shiba Inu, Dogwifhat, Pepe, and Floki Inu. It can offer up to 15% interest on some coins, such as Pepe and Dogwifhat while providing the option of either daily or weekly payouts.

All in all, YouHolder offers one of the best crypto savings accounts in the industry and is also an excellent trading platform. Given that it’s regulated in Switzerland and the EU, users can take reassurance from the fact that it’s one of the most reliable platforms in the sector.

Pros

Supports a massive range of tokens for savings

Licensed in Europe

Competitive rates

Cons

Lower rates on Bitcoin and other alts

LEDN

Source: LEDN

LEDN offers several great options for investors looking for a crypto savings account. Its main product in this area is its Growth account, which offers very competitive rates on four eligible cryptocurrencies: Bitcoin, Ethereum, USDT, and USDC.

It offers 9.5% APY for accounts holding under 100,000 USDT and USDC coins and 10.5% APY if the accounts hold over 100,000 coins. For BTC, this rate is 1% APY for accounts with less than 2 BTC and 2.5% APY for accounts with more than 2 BTC, whereas Ethereum yields 3% APY for accounts holding less than 50 ETH and 4% for accounts holding more than this amount.

Reassuringly, LEDN’s Growth accounts provide ring-fencing from all of LEDN’s other activities, with deposited assets exposed only to the counterparties that generate interest for funds. What’s also helpful is that LEDN provides full transparency of the investment activities it pursues to generate interest.

LEDN customers can also opt to hold their cryptocurrencies in a Transaction account, which enables them to buy and sell crypto but is also quite secure as assets are kept in cold storage. Other products LEDN offers include the ability to borrow against your crypto, with the platform requiring a loan-to-value ratio of 50% and charging an interest rate starting at 12.4% APY.

Pros

Impressive APY on stablecoins

Offers borrowing services and products

Ring-fenced growth accounts provide greater stability

Cons

Small selection of supported tokens

Coinbase

Source: Coinbase

The biggest exchange in the US and one of the largest and most reputable in the world, Coinbase also offers a couple of services that enable investors to earn yields on their holdings.

The first is its USDC Rewards feature, allowing USDC owners to earn interest on their holdings of the Coinbase-backed stablecoin. It’s open to any Coinbase user who holds at least $1 in USDC, while there’s no maximum amount that would exclude customers.

While rates are lower than you would find with other platforms and crypto savings accounts, Coinbase calculates rewards on a daily basis and pays them out within the first five business days of each month. The yield can rise as high as around 10%, although they vary from country to country and according to your account type.

Coinbase also offers staking services for eight proof-of-stake cryptocurrencies, including Ethereum, Cardano, Solana, Avalanche, Polygon, Polkadot, Cosmos, and Tezos. Minimum deposit amounts are as low as $1 or nonexistent. Interest rates vary according to the cryptocurrency and the number of stakes, as do minimum staking periods and payout periods.

As a highly regulated exchange, Coinbase is also one of the safest options for holding cryptocurrency.

Pros

Lower minimum deposit with competitive returns

Highly reputable, ensuring safety and security

Exciting additional features

Cons

Savings available only with USDC

KuCoin

Source: KuCoin

The Seychelles-based KuCoin is a leading crypto exchange that provides a varied suite of savings-related products as part of its Earn program. These are divided into Balanced and Advanced categories. The balanced one is intended more for the general retail investor, whereas the Advanced one is focused on more experienced and professional traders.

Its range of “Balanced” Earn products includes savings accounts available for every cryptocurrency KuCoin lists. Users can choose to subscribe to a savings account for any token they hold, while they can also choose between flexible and fixed accounts. Rates of return are quite low if you choose the flexible option, with the current rates for Bitcoin and Ethereum, for instance, being 0.04% and 0.01%. These can rise with other cryptocurrencies, however, with USDT’s current flexible rate standing at 6.83%.

KuCoin also occasionally offers savings promotions on a limited first-come, first-served basis that provide larger rates of return. This is in addition to its staking program, which is available for many—but not all – of the proof-of-stake cryptocurrencies it supports, including Ethereum, Cosmos, Tron, Polkadot, ApeCoin, and Injective.

Its Advanced Earn products include Dual Investment, which offers non-guaranteed higher yields by settling in a token other than the one you initially purchased. This token is usually a stablecoin such as USDT, and the product pays a premium above what your initial investment is worth at the end of the period.

Pros

Wide range of promotions and bonuses

Savings available for all listed tokens

Cons

Very low rates on flexible plans for major tokens

Crypto.com

Source: Crypto.com

Crypto.com is the top-20 cryptocurrency exchange by trading volume and one of the most reputable names in the market. It operates its own crypto savings service for 18 cryptocurrencies. And if you live outside such jurisdictions as the US, the UK, France, Germany, the Netherlands, and Japan, you can get the savings service for many other crypto coins.

Its Crypto Earn product works by paying yields to users who deposit a given cryptocurrency and lock up Crypto.com’s native CRO token for a given period. Users who lock more CRO will receive better rates, with Crypto.com paying out up to 5% APY for Bitcoin deposits as part of its basic tier. Users can also opt to become Private Members by locking up a sufficient quantity of CRO, which will add 2% to their basic yield.

As with many other crypto savings wallets and products, Crypto.com offers flexible and fixed services. Users can withdraw flexible savings at any time, but to earn higher rates of return, they must keep their funds deposited for either one or three months. Rewards accumulate every day and can be withdrawn every seven days.

Their Flash Rewards program offers higher yields for a limited time. They also offer an Earn Plus product specifically for USDC, enabling users to earn interest on significantly larger deposits, up to an equivalent of $2 million.

Pros

Established cryptocurrency exchange with a good reputation

Daily rewards and regular payouts

Higher yields if users hold the native token

Cons

Low interest rates on flexible plans

Cashaa

Source: Cashaa

Cashaa was launched in 2016 as a neobank and has since expanded into cryptocurrency, offering a crypto wallet that provides yields on deposits. While its suite of products is fairly streamlined compared to some of the large exchanges and platforms out there, it provides some of the most generous rates of return.

Its Earn product supports six cryptocurrencies, including Bitcoin, Ethereum, BNB, Tether, USDC, and Cashaa’s own native token, CAS. Users receive a higher yield depending on their tier, which depends on how much CAS they have staked. The Base tier currently offers 6% APY on Bitcoin deposits, which can rise as high as 24% if a user belongs to the highest membership tier and chooses to receive their interest in the form of CAS.

Cashaa also has flexible savings accounts, although users who want the highest possible yields will need to fix their deposits. For example, its maximum yield for stablecoins—Tether and USDC—is 34% APY, which would probably beat the rate of return of the vast majority of cryptocurrency traders and saving accounts. It compounds interest daily and requires a minimum deposit equivalent to $50.

Cashaa also enables users to buy, sell, and transfer crypto while providing business accounts to companies so they can pay employees and take out secured loans against the value of their assets. It is available in over 200 jurisdictions, and the firm currently boasts over 25,000 users worldwide.

Pros

Higher interest rates, particularly with stablecoins

Lower minimum deposits

Available in over 200 jurisdictions

Cons

Only supports six tokens at the moment

CEX.IO

Source: CEX.IO

Based in London, CEX.IO is a highly reputable exchange that also offers crypto savings accounts. It currently offers flexible savings accounts supporting 16 cryptocurrencies, including Bitcoin, Ethereum, Dogecoin, Litecoin, Shiba Inu, Tether, and USDC. CEX also plans to introduce fixed accounts for Bitcoin, Ethereum, and Tether in the near future.

Holding stablecoins such as USDT, USDC, and TrueUSD can presently offer you an APY of 4%, while Ethereum, Dogecoin, and Bitcoin receive 3%, 2.3%, and 0.5%, respectively. The returns compound daily, and since the accounts are flexible, you can withdraw funds at any time. There’s no minimum or maximum amount for savings accounts, allowing users to start simply by transferring funds within the CEX app.

CEX is a solid and dependable crypto-exchange, having gained registration in Lithuania and the EU as a Virtual Asset Service Provider and with FinCEN in the US as a Money Service Business. As such, users can rest assured that their funds are safer here than they would be in many other exchanges. That said, its savings accounts aren’t available in several notable countries, including the US, the UK, France, Germany, Italy, the Netherlands, and Canada.

It also allows users to stake coins, enabling them to earn higher yields on depositing their proof-of-stake tokens, such as Solana, Polygon, Tezos, Tron, Cardano, Polkadot, and Avalanche.

Pros

Supports a wide range of cryptocurrencies

Regulated in the EU and the US

Reliable and dependable name

Cons

Savings accounts unavailable in some major jurisdictions

How Do Crypto Savings Accounts Work?

Crypto savings accounts provide users interest rates on the tokens they’ve deposited in their account, much like a regular savings account. Users can either choose flexible or fixed accounts based on their needs. Fixed accounts obviously give you more returns but require you to lock the funds for a certain period.

Rewards are often compounded daily or weekly, while users can continue to invest in crypto coins with other funds while their tokens are held as savings.

At the exchange’s or platform’s end, cryptocurrency companies can afford to pay interest to savings account owners because they may use deposited funds to make investments. While cryptocurrency is, by nature, a volatile financial instrument, providers of savings accounts often reduce their levels of risk by over-collateralization, hedging, and other counter-risk measures.

Things to Consider When Selecting a Crypto Savings Account

Here are the main things to look for when shopping for a crypto savings account:

Rates of return: The whole idea of having a crypto savings account is to earn a yield on your tokens, so picking an account with the highest rates of return is the way to go, all other things being equal.

Regulated platforms with strong reputations: The cryptocurrency market has witnessed the downfalls of lenders such as Celsius and Voyager Digital in recent years. As such, you should consider picking providers with the most experience and highest levels of customer satisfaction.

Cryptocurrency Support: It’s important that crypto savings accounts support the cryptocurrencies investors wish to save. Platforms that offer more options and features can, therefore, make more sense if you hold different tokens.

Ease of use: For the average retail investor, it really helps if an account provider makes their website or app as easy to use as possible.

Crypto Savings Accounts Vs. Crypto Wallets

There isn’t a fixed dividing line between crypto savings accounts and crypto wallets, with the two often overlapping to various extents. That’s because savings accounts usually function as wallets, while a small number of crypto wallets provide savings.

Having said that, investors should be aware that if they hold their crypto in a savings account with a fixed term, they will not be able to withdraw and transfer their funds until the fixed term has matured.

FAQs

What are Crypto Savings Accounts?

Crypto savings accounts are like bank accounts but for crypto. They provide investors with interest payments for depositing cryptocurrencies.

Which Crypto Savings Accounts offer the highest interest rates?

The savings accounts with the highest interest rates include the offerings from Cashaa, YouHodler and LEDN. Cashaa offers a maximum of 34% APY on deposits in USDT and USDC, while LEDN and YouHodler offer 10% for these same stablecoins.

Is it a good idea to have your savings in Cryptocurrency?

The answer is Yes and No. The good thing is that they often pay considerably higher rates of interest than what you’d receive from a traditional savings account but the issue is that cryptocurrencies remain extraordinarily volatile, so you may find that your savings drop suddenly in value.

The post 8 Best Crypto Savings Accounts in 2024 appeared first on Coinfomania.

On June 13, the European Commission unveiled the participants selected for the second cohort of the European Blockchain Sandbox initiative (EBSI), among which Iota stands out as a notable entry.

Iota, a well-established entity in the open-source distributed ledger and cryptocurrency domain, has been chosen for its innovative Web3 Identification solution, a project in collaboration with Walt.id, IDnow, Bloom Wallet, and HAVN.

Addressing Challenges of Traditional KYC Processes

The inclusion of Iota’s Web3 ID solution in EBSI signifies a pivotal advancement for the identity management technology. The project aims to address the challenges associated with traditional Know Your Customer (KYC) processes that are typically marked by high costs, inefficiencies, and privacy concerns.

Iota’s approach proposes a reusable KYC system that leverages distributed ledger technology (DLT) and tokenization, thereby enhancing security and granting users greater control over their personal data.

As part of this solution, the KYC process begins with remote identification handled by IDnow, ensuring adherence to EU Anti-Money Laundering (AML) and KYC regulations.

IOTA’s Announcement on X

Once verified, the identity is tokenized and stored in a user’s wallet as a soulbound token, which can be utilized across various Web3 applications to confirm identity without disclosing personal details.

The European Commission initiated the EBSI in 2023, aiming to provide a controlled testing environment for DLT solutions across diverse industries.

The sandbox allows up to 20 projects per cohort, offering them opportunities for practical testing, validation, and direct engagement with regulators from across the European Union.

The selection of projects alongside Iota includes diverse applications such as the RealEstate.Exchange (REX) by DigiShares, focused on blockchain solutions for real estate, DoxyChain which targets documents and business processes, Hacken which is involved in smart contract and blockchain security analysis, and Origintrail which integrates artificial intelligence into knowledge infrastructure.

A Timely Initiative Aligning with EU’s Digital Identity Push

This initiative by the European Commission is timely, given the active pursuit of a comprehensive digital ID scheme within the EU. A significant update to the European Digital Identity (EUDI) regulation on May 21 set forth the full implementation requirements by 2026.

This regulation mandates member states to provide at least one EU digital identity wallet to all citizens and residents, intended for use in electronically signing and storing various documents such as university diplomas and train tickets, showcasing a forward-thinking approach in enhancing how European citizens live and work.

Moreover, the concept of zero-knowledge proofs is under consideration for the creation and implementation of these digital ID wallets, reflecting an innovative stride towards privacy and security.

In a broader context, the digital identity sector is experiencing widespread innovation, as evidenced by The Open Network blockchain ecosystem’s recent initiative.

It has dedicated $5 million in Toncoin (TON) tokens to encourage users to verify their identity using advanced palm scanning technology.

This move is indicative of a global trend towards developing digital identity solutions in an increasingly digital world, marking a significant step forward in regulatory discussions and implementations surrounding KYC and privacy within a Web3 framework as initiated by Iota’s participation in the EBSI.

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Circle, a crypto financial firm, recently announced the expansion of its Web3 services to include support for the Solana blockchain, introducing advanced features such as programmable wallets and gas stations.

This development is set to enhance both the functionality and user experience of Circle’s offerings.

Streamlined Development with Programmable Wallets and Gas Stations

The integration will be executed in two main phases. Initially, Circle will introduce essential application programming interfaces (APIs) on the Solana blockchain to facilitate secure transfers of fungible tokens.

Key features of this phase include programmable wallets and a gas station, which will enable the sponsorship of transaction fees on behalf of users, thereby aiming to improve the user experience significantly.

Developers will benefit from the ability to scale their applications more effectively by overcoming technical complexities associated with private key security, node infrastructure, transaction fees, onboarding, and authentication flows.

Circle on X

This simplification is expected to allow developers to focus more on application and business expansion without the usual encumbrances.

In the subsequent phase of the rollout, Circle plans to introduce support for non-fungible tokens (NFTs) and enable program interactions through the Smart Contract Platform.

Such enhancements will align Solana with other major Web3-supporting blockchains like Ethereum, Polygon, and Avalanche.

The added functionalities are anticipated to empower developers with the necessary tools to integrate NFTs into applications, potentially transforming areas such as brand loyalty programs and gaming experiences.

Fostering Innovation in the Solana Ecosystem

Moreover, Circle emphasized its commitment to the Solana developer community by providing the essential tools and resources needed to create secure, scalable, fast, and cost-efficient applications. By doing so, Circle aims to facilitate the broader adoption of blockchain technology.

Circle expressed particular enthusiasm for Solana’s capabilities in handling payment use cases, which align closely with Circle’s mission of facilitating seamless value exchanges that contribute to global economic prosperity.

Notably, the integration highlights programmable wallets that allow for the configuration of automatic interactions with smart contracts, thereby reducing the need for manual task execution and enhancing transaction efficiency based on specific conditions.

The announcement also comes at a time when Solana has been witnessing significant growth and activity.

May saw a record high of 41.5 million active addresses on its blockchain, according to Hello Moon, signaling robust engagement within the ecosystem. This surge in activity is part of the reason Circle chose to support Solana.

Anticipating future needs, Solana is preparing for major upgrades, including the Firedancer upgrade slated for 2025, aimed at enhancing scalability and minimizing network downtime.

This upgrade comes in the wake of recent operational challenges, such as a notable five-hour outage. The Solana Foundation, in collaboration with Jump Crypto, is focusing on independent validator client development to support this upgrade.

Recognition from Fintech Leaders: PayPal and Coinbase

Other fintech giants like PayPal and Coinbase have also recognized and supported Solana’s ecosystem. PayPal integrated its stablecoin, PayPal USD (PYUSD), on Solana at the end of May, while Coinbase launched a new smart wallet.

This wallet is part of a broader effort to make digital transactions more accessible and secure, targeting a massive scale of one billion users. The wallet removes the need for recovery phrases, significantly enhancing user security and ease of use.

Coinbase Launches Smart Wallet

Additionally, Coinbase’s smart wallet promises a “gasless” on-chain experience, reducing transaction costs by leveraging multi-chain integrations. This innovative feature addresses major barriers such as high fees and slow processing times, which have previously deterred mainstream adoption.

The accompanying web app offers a range of management tools, enabling users to handle assets and identity more efficiently, alongside buying, sending, and managing NFTs.

These developments reflect a growing recognition and adoption of Solana in the fintech industry, spurred by innovations that streamline user interactions with cryptocurrencies and contribute to the ecosystem’s scalability and reliability.

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Ethereum, the second largest cryptocurrency by market cap, has witnessed a significant drop in value following a recent general market downturn. The decline which saw millions liquidated from the crypto market within a short time, sent the price of Bitcoin, the flagship cryptocurrency, crashing to $66,000.

Consequently, the total crypto market cap has lost 3.74% at the time of writing to rest at $2.43 trillion. However, regardless of the bearish movement, Ethereum investors are optimistic about a potential rally that could send the price of the token above $4,000. But how possible is this?

Is Ethereum Price to $4k Feasible?

According to fresh data from CoinMarketCap, Ethereum has suffered a notable drop in the last 24 hours. Per the data, the coin is currently trading at $3,475, representing a 2.48% decline within the recorded time. In hindsight, ETH has lost about 9.28% in the last seven days but has significantly increased by 18.06% in the last 30 days.

Source: CoinMarketCap

Earlier today, Coinfomania reported that Gary Gensler, the Chairman of the Security and Exchange Commission (SEC) hinted that the Ethereum Spot ETF S-1 is likely to be approved by the end of Summer, precisely between June and September ending. If the SEC pulls through, the listing could lead to a large inflow of institutional funds into the product

This information has birthed a wave of optimism among investors as the prospect of a price rally above $4,000 begins to circulate. Ethereum investors are hoping that the price of Ethereum will mirror the success of Bitcoin after a spot ETF was approved for the asset on January 11. The approval of a spot ETF pushed the value of BTC to a new all-time high of $73k with billions of funds flowing into the product from issuers.

Previously, a 19b-4 filing was approved by the SEC, which catalyzed the surge of ETH above 22% to trade above $3,700 underscoring the potential impact of a listing by the regulatory watchdog. Ultimately, the possibility of ETH climbing above $4,00 is dependent on several factors such as general market sentiment and the approval of a spot ETF S-1.

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Dogecoin (DOGE), the largest memecoin by market cap, has witnessed an increase in whale activities over the last day. This comes as they collectively accumulate millions of DOGE. As a result, investors might be looking to recover all the losses they recorded over the last few days.

The price of DOGE has dropped significantly within the last week, precisely by 11.88% following the global crypto market downturn. The sharp decline ignited a wave of bearish sentiment across the market as investors began to lose confidence in the future of the token. However, all that might change as large investors are beginning to show optimism with the recent whale activity data.

Whales Accumulates 900 Million DOGE

According to recent data from Santiment, a crypto intelligence tool, the addresses holding between 10 million and 100 million Dogecoins have collectively bought over 900 million tokens (valued at $129 million) in the last seven days. Consequently, the value of the coin might get a positive impact as such staggering accumulations often trigger bullish movements across the market.

Source: Santiment

Following this, the total DOGE held between these whales has amounted to 18 billion. While the market is currently down, the whales are seizing the opportunity to top up their holdings pending a potential rally to print gains. What is more, the 30-day MVRV of -7.4% for Dogecoin shows profitability, which could result in more accumulation.

In the past, Dogecoin has recovered because rallies are frequently preceded by MVRVs between -5% and -13%. This leads to the designation of this region as an accumulation opportunity zone. Thus, the data suggests that the price of Dogecoin might be ripe for a recovery.

Dogecoin (DOGE) Price Movement Amid Whale Activity

Meanwhile, Dogecoin is currently undergoing a period of decline as its value has dropped significantly in the last 24 hours. According to data provided by CoinMarketCap, DOGE is currently trading at $0.142, representing a 4.47% drop over the last day. Additionally, its trading volume within the recorded time has also suffered a hit, dipping by 19% to $957 million.

Source: CoinMarketCap

DOGE has traded between the range of $0.1407 and $0.1498 in the last 24 hours, signifying an 80.5% drop below its all-time high of $0.73 reached in May 2021. According to expert predictions, the DOGE price could likely be prime for a recovery in the coming days if it can breach the $0.15 support again. If this happens, it could clear the road for an upward trajectory to the $0.17 zone.

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U.S. Senator Bill Hagerty has announced his intention to urge the U.S. Securities and Exchange Commission (SEC) to provide clearer regulations for the cryptocurrency industry, as reported by Odaily.

Hagerty contends that without a proper regulatory ecosystem, the cryptocurrency sector risks being driven out of the United States. In response, SEC Chairman Gary Gensler emphasized that the distinction lies between violations of the law and the mere dislike of them, rather than a lack of regulatory clarity.

Advocacy for Clear Guidelines

Hagerty highlighted the existing uncertainty and ambiguity in the SEC’s actions and stressed that this “does not need to be the case.”

He advocates for clear guidelines to foster the growth and stability of the cryptocurrency industry within the United States, expressing concern that unclear regulations could push this burgeoning sector to other regions.

Contrarily, Gensler maintains that the current regulations are sufficiently clear and that the industry’s challenges stem from non-compliance and dissatisfaction with existing laws rather than a lack of clarity.

This debate underscores the ongoing discussions and differing perspectives within the U.S. government regarding the regulation of the rapidly growing cryptocurrency industry. The outcome of these discussions will significantly impact the future of cryptocurrencies in the United States.

SEC Chairman Gary Gensler also addressed the timeline for spot ether exchange-traded fund (ETF) listing approvals during a Thursday hearing at the U.S. Senate Committee on Appropriations.

When asked by Senator Hagerty about the approval process for ether ETFs, Gensler estimated that approvals could occur sometime this summer.

SEC Chair Gary Gensler Suggests the Approval of Ethereum ETFs Towards the End of Summer

He noted that individual issuers are still navigating the registration process, which is proceeding smoothly, and anticipated listing approvals to occur “sometime over the course of this summer.”

On May 23, the SEC approved the listing of spot ether ETFs. Industry leaders predict that trading could commence as early as July or August, and likely before November.

Market Reactions and Economic Indicators

The cryptocurrency markets experienced a downturn during U.S. trading hours on Thursday, according to CoinDesk. This decline followed the Federal Reserve’s indication that it only planned one rate cut this year.

Ether led a mid-morning bounce after Gensler’s statement in the Senate hearing that he expected full approvals for spot ether ETFs by the end of the summer. This announcement briefly boosted ether’s price by 1%, but it soon dropped over 3% an hour later.

At the time of reporting, ether was trading at $3,472, a 3% decrease over the past 24 hours. The broader CoinDesk 20 Index also fell by 4.9% during the same period.

Bitcoin’s price also fell nearly 3%, trading near a one-week low of $66,500. The market downturn began on Wednesday afternoon following the Federal Reserve’s hawkish policy meeting results.

The U.S. central bank maintained its benchmark fed funds rate range at 5.25%-5.50%, but surprised many with its updated projections suggesting only one 25 basis point rate cut in 2024. Rate futures markets had been pricing in two to three 25 basis point moves this year.

The macroeconomic sentiment in the crypto market did not improve with the release of U.S. economic data on Thursday morning, indicating a continued softening in both inflation and the economy.

The May Producer Price Index (PPI) fell 0.2% against expectations for a rise of 0.1%. On a year-over-year basis, PPI increased by 2.2% versus forecasts for 2.5%. Initial jobless claims also rose to nearly a one-year high of 242,000 against expectations of 225,000.

Despite recent bullish news, such as improving inflation data, a Bitcoin-friendly presidential frontrunner, spot ETH ETF approvals, and other risk asset markets reaching new all-time highs, the market has struggled to sustain growth.

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Toncoin, the native cryptocurrency of The Open Network (TON) blockchain, has recently soared to a new all-time high, capturing the attention of investors and analysts.

With a remarkable price rally and robust technical setup, Toncoin shows promise of potentially climbing to $10 in the foreseeable future. Lets explore the factors fueling Toncoin’s stellar performance and its optimistic market outlook.

Current Market Performance

As per the latest data, Toncoin is trading at $7.64, marking an 8.53% increase. Despite a general market downturn, Toncoin has achieved a market capitalization of over $18.5 billion, positioning it ninth globally. Its trading volume surged by 103.93% to $487 million within the last 24 hours.

Toncoin reached its peak price of $7.78 on June 5, 2024, just a mere 3.35% shy of its current price, as noted by CoinMarketCap.

Toncoin’s social metrics have also seen a significant uptick. Over the past five days, its social volume and dominance have grown, indicating heightened interest and activity in the crypto community.

Such increases in social metrics typically precede market rallies, suggesting that the heightened visibility could lead to more buying activity.

A key technical indicator, the 50-day moving average of Toncoin, has crossed above the 200-day moving average, forming a “golden-cross” pattern.

Source: TradingView

This pattern is widely regarded as a bullish indicator, suggesting a potential long-term uptrend for Toncoin. This development has helped shift market sentiment in favor of TON, reinforcing bullish perspectives.

Growth in Active Wallets

The number of active wallets on the Toncoin network has shown substantial growth, leaping from 1.28 million at the start of 2024 to over 8 million. This surge not only reflects a growing user base but also boosts investor confidence, indicating a thriving and expanding ecosystem.

In terms of network development, Toncoin’s blockchain has become increasingly popular among decentralized finance (DeFi) developers, which has significantly contributed to its network expansion.

The total value locked (TVL) on the Toncoin blockchain is approaching $1 billion, demonstrating the growing adoption of its platform for DeFi applications.

TapSwap, a leading contributor to the Toncoin ecosystem with a global user base of 49 million, is set to enhance network activity with an upcoming airdrop.

This initiative is designed to boost user engagement by facilitating token-to-fiat conversions, further increasing the utility and attractiveness of TON.

Moreover, Toncoin has been making strides in the tap-to-earn sector, where it competes with platforms such as Notcoin, which boasts over 30 million users and a market cap of $1.8 billion.

The tap-to-earn model allows users to earn tokens through simple online interactions, promoting user engagement and broader adoption. Toncoin’s success in this sector underscores its versatility and widespread appeal in the cryptocurrency landscape.

Future Outlook For Toncoin

Looking ahead, the immediate resistance level for TON is $8.0. A breakthrough beyond this level could set the stage for reaching the $10 mark, driven by its solid technical foundation, expanding user base, and escalating network adoption.

The confluence of a golden-cross formation, favorable RSI, increasing social metrics, and vigorous network growth positions Toncoin for further advancement.

Toncoin’s current trajectory and promising indicators suggest it is on course for continued growth. The blend of strong technical indicators, network expansion, and escalating user engagement lays a solid groundwork for further price appreciation.

As TON continues to draw investment and interest, reaching the $10 milestone appears increasingly achievable.

Investors are advised to monitor Toncoin’s price movements and network developments closely, as the dynamic nature of the cryptocurrency market is influenced by various factors. Given its current trajectory, Toncoin stands out as a notable contender in the crypto space, poised to reach new heights.

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The Chairman of the Securities and Exchange Commission, Gary Gensler, has implied that the Spot ETF S-1 is likely to be approved by the end of summer. Gensler made this known in a budget hearing while addressing Senators earlier today. This information has sparked discussion across the crypto community as a fulfillment of this could mark a major shift in the market.

The update comes amid ongoing speculations about the specific date for S-1 to launch trading. Besides the approval, Gensler also talked about the effect of DeFi on anti-money laundering laws (AML) in the country. Meanwhile, perspective Ethereum ETF issuers have been patiently waiting for the decision from the regulatory watchdog, however, it seems the wait will soon be over according to a recent report.

Gensler Hints at Summer Ending

In an exciting development, Fox reporter Eleanor Terrett informed the public via a post on X (formerly Twitter) that the SEC might be approving Ether Spot ETF S-1 this summer, likely between June and September ending. If this holds, the launch will be just in time for the presidential elections slated to happen on November 5.

According to the post, Gensler had informed Senator Bill Hagerty, a member of the Senate Banking Committee, that the approval process for the ETF’s S-1 filing could be completed at the aforementioned time.

NEW: @SECGov Chairman @GaryGensler just told Senator @BillHagertyTN he envisions $ETH Spot ETF S-1’s will likely be approved by the *end of the summer.*

— Eleanor Terrett (@EleanorTerrett) June 13, 2024

Consequently, a spot Ethereum ETF can now go live in the US with the regulatory approval of the individual issuers’ applications remaining to be completed. Notably, this follows the agency’s approval of stock exchanges’ 19b-4 petitions to list the product in late May. Earlier this month, the chairman clarified that the responsiveness of individual issuers to received comments will determine the period of listing and not the Commission.

Similar to the earlier approval of Bitcoin spot ETFs, the new ETH ETFs can be listed once those filings are accepted, opening up new markets to easily traded funds that own actual Ethereum. Recall that the SEC had previously refused a spot Bitcoin ETF but later changed their stance after a federal court ruled that the Commission wasn’t handling the matter properly.

Investors are closely watching the price trajectory of ETH, as the Spot ETF S-1 approval could shoot its value to new highs. Previously, the price of ETH surged impressively over 20% following the approval of the 19b-4 filings to trade above $3,700.

At the time of writing, Ethereum (ETH) is changing hands at $3,469, representing a 4.05% decrease in the last 24 hours.

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Coinbase CEO Brian Armstrong has been actively engaged in lobbying efforts in Washington, D.C., advocating for the establishment of definitive regulations in the cryptocurrency sector.

Over a recent 48-hour period, Armstrong held discussions with more than a dozen Senators from both the Democratic and Republican parties, emphasizing the necessity for clear rules and enhanced consumer protection within the fast-evolving cryptocurrency landscape.

Legislative Developments and Coinbase’s Response

In a move reflecting his commitment to regulatory clarity, Armstrong expressed his optimism regarding the bipartisan support for cryptocurrency regulation in a recent update on the social media platform X.

He highlighted the passage of the Financial Innovation and Technology for the 21st Century Act (FIT21) by the House of Representatives as a significant development.

Armstrong praised this legislative step as a historic vote, signaling a potential shift toward providing the much-needed regulatory framework and consumer safeguards for the cryptocurrency industry.

Armstrong’s proactive steps in the capital included pointing out American citizens’ keen interest in protecting their rights to use cryptocurrencies. He also raised concerns about the need for explicit regulatory guidelines that could deter potential misuse of the industry by activists.

Coinbase Co-founder & CEO on X

This stance is part of Coinbase’s broader campaign, ‘Stand With Crypto,’ which aims to unify the crypto community to ensure their voices are heard and their interests safeguarded. The campaign recently achieved a milestone by registering one million supporters on its X page.

Legal Challenges and Political Engagement

Coinbase’s push for clear regulatory guidelines is not just a response to external pressures but also stems from its own legal challenges.

The company has faced multiple lawsuits from the Securities and Exchange Commission (SEC), including allegations of operating unregistered securities, which Coinbase has denied.

In retaliation, Coinbase’s Chief Legal Officer, Paul Grewal, filed a lawsuit against the SEC, accusing the regulator of arbitrary and capricious behavior by not providing clear rules for the cryptocurrency sector.

The exchange has requested the court to mandate the SEC to develop new regulations for cryptocurrencies.

The crypto community is hopeful that the bipartisan support in the Senate will lead to substantive progress in establishing clear rules and protections for consumers.

This optimism is bolstered by reports that the Biden administration is engaging with crypto industry stakeholders to possibly allow cryptocurrency donations through Coinbase Commerce for political campaigns.

This platform, which supports various cryptocurrencies, is already being utilized by Donald Trump’s campaign for digital contributions.

Political Strategies and Crypto’s Role in Elections

Additionally, it has been reported that the Biden campaign is considering strategies to appeal to crypto-focused voters ahead of a competitive election. This includes potential discussions on accepting cryptocurrency donations, reflecting a significant policy shift.

This change follows criticism of the administration for obstructing a bipartisan effort to repeal SAB 121. As part of their strategy, the Biden team is reportedly exploring “quick wins” to demonstrate support for the crypto industry, amidst growing political clout from crypto-backed super PACs.

These groups, according to data from Open Secrets and Public Citizen, are becoming increasingly influential with a reported $100 million in resources.

As these discussions are still in the exploratory phase, the outcome remains uncertain. However, the move indicates a growing recognition of the importance of cryptocurrency in political and economic spheres, suggesting that the administration is adjusting its stance in response to the evolving landscape and potential electoral advantages.

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Taiwan has taken a step toward regulating its cryptocurrency sector by officially establishing the Taiwan Virtual Asset Service Provider Association. 

A total of 24 crypto firms, all registered with the Financial Supervisory Commission (FSC) for anti-money laundering (AML) compliance, have joined the association. This newly formed body is set to play a crucial role in the development and oversight of the crypto industry within the country.

BREAKING: Taiwan's crypto sector launched a new government-guided association for better self-regulation.24 crypto firms registered with the Financial Supervisory Commission for AML compliance. pic.twitter.com/2lGjayYyT1

— Kashif Raza (@simplykashif) June 13, 2024

The association will be chaired by Titan Cheng, founder and CEO of BitoPro, a leading cryptocurrency exchange in Taiwan. Winston Hsiao, co-founder and chief revenue officer of XREX, will serve as the vice chair. The association’s primary task is to create self-regulatory guidelines to ensure the industry’s proper functioning and alignment with government standards.

Role of the Financial Supervisory Commission

The FSC has mandated that the new association develop self-supervisory rules. The commission emphasizes the importance of the virtual asset industry’s growth and its connection to the broader societal and economic development of Taiwan. Hsiho Huang, director of the securities firms division at the FSC, stated, 

“The FSC places great importance on the development of the virtual asset industry. We believe that the healthy development of this industry is closely related to the development of society and the economy.”

Since July 2021, the FSC has required cryptocurrency service providers to adhere to AML laws. This regulation aims to ensure that the industry operates transparently and securely, safeguarding against financial crimes.

Goals and Responsibilities of the Association

The Taiwan Virtual Asset Service Provider Association’s primary objective is to formulate self-regulatory guidelines. These guidelines will focus on the classification and grading management of virtual asset service providers (VASPs). The association aims to balance the industry’s growth with the need to meet governmental expectations and protect consumer rights.

The association stated that the self-regulatory guidelines will cater to both industry interests and government requirements. This initiative is expected to create a more structured and reliable environment for cryptocurrency activities in Taiwan.

In addition to the formation of the association, Taiwan’s Ministry of Justice has proposed amendments to the existing AML laws. These amendments would require both domestic and overseas crypto firms wishing to operate in Taiwan to register for AML compliance. Failure to comply with these regulations could result in imprisonment for up to two years.

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