Shibaroum, a layer 2 blockchain solution designed to enhance the Shiba Inu ecosystem, has witnessed a significant drop in daily transactions following a temporary outage on the network. The downtime which affected the platform operation and user engagement has sparked concerns about its capacity.

Shibarium Recovers, Comes Back Online

Meanwhile, a prominent developer in the Shiba Inu ecosystem, Kaal Dhairya, took to his platform on X (formerly Twitter) to address the problem and give major updates. According to him, the brief outage was caused by networking issues amongst Shiba Inu validators, responsible for validating transactions on the Shibarium network.

In addition, Dhairya stated that while the network is back online, other services including Shibariumscan, a dedicated Shibarium transaction tracker, and Remote Procedure Calls (RPCs) might take longer to come back up. Dhairya noted that steps have been implemented to resolve the issue and these services may remain down until the steps are fully implemented.

However, at the time of writing, Shibariumscan has been fixed and is up and running. In concluding his tweet, Dhairya urged any external team working on the infrastructure level for the Shibarium network to reach out in a bid to “streamline communications” through platforms like Slack and Telegram.

There was a temporary shibarium outage caused because of networking issues amongst the validators. Network is back up and running now, some services like shibariumscan or external RPCs can still remain down until the steps provided are implemented. If you’re an external team…

— Kaal (@kaaldhairya) April 22, 2024

Notably, this is not the first time Shibarium will experience downtime. After its launch and re-launch in August 2023, the network experienced an outage that caused it to move into private mode while developers worked tirelessly to fix it. Additionally, in September 2023, Shibariumscan experienced downtime while rerouting its domain to the ‘www’. This has created a wave of concerns and speculations among community members about the capacity of the network.

Shibarium Transaction Volume Crashes

The transaction volume on Shibarium has experienced a sharp crash following the brief downtime. According to data from Shibariumscan, the daily transactions now rest at 10.77k, representing a major drop from 121.9k transactions recorded the previous day. The total transactions on the network now stand at 417.2 million with almost 1.8 million wallet addresses connected.

Source: Shibariumscan

In other news, to improve customers’ speed and accessibility, Shiba Inu has released a major update to its Shibarium user interface. With its redesigned UI, users can now access a wider range of wallets, such as Coinbase Wallet, MetaMask, and many more.

Shiba Inu (SHIB) Price Movement

Amid the downtime, the price of SHIB showed resilience, spiking by 1.8% over the last 24 hours. According to CoinMarketCap data, the coin is currently changing hands at $0.00002652. What is more, the activities surrounding the token as portrayed in its trading volume have dropped drastically by 41% to $857 million within the recorded time. Finally, SHIB occupies the #11 spot on the global crypto market chart with a live market cap of $15.6 billion.

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The long-awaited repayment process for creditors of the defunct cryptocurrency exchange Mt. Gox has recently seen updates, as detailed in the latest communications from the Mt. Gox trustee. 

Meanwhile, this update outlines the timeline and methods for distributing Bitcoin (BTC), Bitcoin Cash (BCH), and fiat currencies to those affected by the platform’s collapse in 2014.

Details on Bitcoin and Fiat Repayments

According to reports, the trustee of Mt. Gox has begun updating creditors via the official rehabilitation claims system. Creditors now have access to enhanced data tables showing the amounts of BTC, BCH, and fiat currencies they are due to receive. The updates include detailed entries regarding the status of repayments, specifying amounts that have already been completed and those still pending. This move has sparked a wave of optimism among former users, who are hopeful for the swift return of their funds.

A number of creditors have also reported receiving fiat repayments directly into their bank accounts. One creditor noted receiving funds in a USD account at HSBC, mentioning that the transaction incurred no fees. The timeline of these updates suggests a structured approach to repayment, with initial fiat disbursements following closely after account updates.

Platform and Verification Processes

The process for these repayments has been rigorously structured to ensure accuracy and security. Earlier in January 2024, the Mt. Gox trustee completed the verification of creditors’ identities along with their respective cryptocurrency exchange accounts designated for repayment. Major exchanges like Bitstamp, Kraken, Bitbank, BitGo, and SBI VC Trade are involved in facilitating these transactions.

In a more recent development, the trustee contacted creditors to confirm the Bitcoin addresses for the pending cryptocurrency repayments. A number of creditors affiliated with Bitstamp have confirmed receiving these notifications, indicating that the distribution of BTC and BCH is imminent.

Historical Context and Future Outlook

Founded in 2010, Mt. Gox dominated the Bitcoin exchange market until its dramatic downfall in 2014, when it lost 850,000 BTC due to a security breach. The lengthy legal and administrative processes that followed have only recently begun to conclude with a structured repayment plan. The trustee’s latest communications suggest a total of 142,000 BTC and 143,000 BCH will be returned to creditors alongside 69 billion Japanese yen (approximately $510 million) by October 2024.

This step towards restitution represents a crucial phase in addressing one of the cryptocurrency industry’s most historical disruptions. The return of these funds not only impacts the directly affected creditors but also broadly affects perceptions of security and recovery processes within the digital asset space.

The post Mt. Gox Trustee Announces Updates on Repayment Timetable appeared first on Coinfomania.

Shiba Inu begins the week with exciting news as it raises $12 million in funding through the stealthy launched TREAT token, creating excitement across the SHIB community.  The development which was announced on Shib Daily, a Shiba Inu-dedicated news platform, revealed that the deal was closed by Shytoshi Kusama during the recently concluded Token2049 event in Dubai.

Shiba Inu Closes Groundbreaking Deal

In a recent development, Shytoshi Kusama, the lead developer for the Shiba Inu ecosystem, has teased an exciting $12 million funding closed during the aforementioned blockchain event in Dubai. The funding round featured some key players in the venture capital space including Animoca Brands, Mechanism Capital, Cypher Capital, Shima Capital, Big Brain Holdings, Hercules Ventures, Morningstar Ventures, Woodstock Fund, and more. The funding was done by selling the  TREAT token to the VC firms.

TREAT is the latest addition to the Shiba Inu ecosystem. One of the token’s many functions will be to give the SHI Stablecoin more liquidity. It will also give rewards for the Metaverse and the blockchain version of the Shiba Collectible Card Game, taking the place of the BONE token as the ShibSwap reward token.

Speaking about this, Kusama pointed out that the funding will be used in collaboration with Zama to develop its Layer-3 blockchain solution to boost the security and privacy of the Shibarium network. Furthermore, he stressed that the TREAT token will be made available in the market later this year after a stealthy launch in January 2023. By raising funds with the TREAT tokens and the major hype surrounding it, investors and enthusiasts are already gearing up to amass the token when it hits major exchanges.

Shiba Inu Takes Centre Stage at Token2049

Meanwhile, the presence of Shiba Inu at the Token2049 event in Dubai underscores its exponential growth in popularity, legitimacy, and ambition within the cryptocurrency space. The project served as the gold sponsor for the event which hosted a showcase of technological innovations and discussions, as well as global crypto moguls.

The event provided a perfect space for the Shiba Inu team to showcase its various projects and cement its position among industry elites. As the dust settles, the SHIB Army and the larger crypto community are still on the edge of their seats looking out for a potential surge in the price of Shiba Inu.

According to data from CoinMarketCap, SHIB is currently changing hands at $0.00002712, signifying a 1.5% increase following the announcement. What is more, SHIB has a 24-hour trading volume of $888 million, a 36% drop over the last day with a live market cap of $15.9 billion.

The post Shiba Inu Team Raises $12 Million in Funding Through TREAT appeared first on Coinfomania.

Bitcoin, the largest cryptocurrency by market cap has witnessed a significant drop in transaction fees following the recently concluded halving event. The development which might catalyze increased transactions on the Bitcoin network has created excitement across the crypto community.

According to data from Mempool, the transaction fees dropped to $8.48 for medium-priority transactions and $9.32 for high-priority transactions earlier today. However, at the time of writing, the figures have moved up slightly to $10.08 for low-priority transactions, $11.00 for medium, and $12.11 for high-priority transactions.

Source: Mempool

Interestingly, the reduction in transaction fees comes amid Bitcoin’s price rally to $66,000 signifying a decrease in the financial requirements relating to completing transactions on the Bitcoin network.

Bitcoin has resumed the week with a notable spike in price rising by almost 2% at the time of writing. Consequently, the majority of the tokens in the market are trading in the green zone as seen in today’s crypto heat map. Notably, the total crypto market cap has surged by 1.7% over the last 24 hours to $2.43 trillion with a 24-hour trading volume of $65.69B, representing a 6.82% increase over the last day.  As Bitcoin continues to ride the wave of the past halving, the reduction in transaction fees could be a good push for an even upward movement in the price of the asset as users enjoy smoother transactions.

Bitcoin’s Hashprice Index Plummets Significantly

Meanwhile, the Bitcoin transaction fee is not the only thing to witness a drop post-halving. The Hasprice index, a metric used to calculate the amount a miner can expect to earn from a specific quantity of hashrate has crashed significantly.

According to data from HashrateIndex, the metric has plummeted from $182.06 hash/day to $81.4 in the space of 24 hours. As a result of this, Bitcoin miners now face increasing revenue challenges. Additionally, miners are now forced to navigate a world marked by lower incomes and more unpredictability.

Source: hashrateindex.com

At the time of writing, the price of BTC is $66,061 representing a 1.41% increase over the last day. What is more, the trade volume within this time has surged by 16% to $25,258,251,828 ($25.2 billion) with a live market cap of $1.29 trillion. As investors continue to observe the price movement, there is a lot of optimism surrounding the popular cryptocurrency as experts predict its price to shoot past $80k in the coming months.

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Tether, the company behind the stablecoin USDT, has issued $60 million worth of its digital currency on The Open Network (TON). 

This development follows closely on the heels of Tether’s partnership with the TON Foundation, which was publicized at the Token2049 conference in Dubai. The move is a further step in the expansion of Tether’s coverage across different blockchains, the latest of which is TON, which has become the 11th blockchain to support the stablecoin.

Tether’s Expansion to TON

The alliance between Tether and the TON Foundation had been disclosed at the Token2049 crypto conference, which took place in Dubai on April 19. That statement has established a new standard for stablecoin inclusion within the blockchain ecosystem. During the existence of this partnership, approximately $60 million in Tether has been minted on TON, which displays the fast adoption and popularity among the crypto community.

Moreover, Tether has also launched its gold-based stablecoin, Tether Gold (XAUT), on the TON blockchain, multiplying the products that are available on this blockchain.

Tether Tokens USD₮ and XAU₮ are now live on the Ton blockchain & available in the @telegram wallet. pic.twitter.com/9KdoKT19Jc

— Tether (@Tether_to) April 19, 2024

The Open Network highlighted how straightforward and fast it is to make cross-border payments on its network, comparing it to sending a text message on Telegram, which has a large user base. This move is aimed at simplifying financial transactions for Telegram’s 900 million users by providing immediate, free transfers with no need for a regular blockchain address or a download of an additional application.

Enhanced Accessibility and Integration

After USDT on TON launch asserts its victory post, the collaboration looks to improve the usage of Telegram’s messaging platform, supporting smooth transfers between its users. USDT on TON launch is supported by integrated on-ramps, enabling the conversion of most fiat currencies to USDT straight away.

Additionally, they will set up global off-ramps that will make it possible to convert USDT to supported fiat currencies and to withdraw through bank accounts or cards. This move will ensure that digital currencies are extremely accessible, as simple as sending a DM on Telegram.

3/ Faster, Cheaper, Easier.

This initiative is set to transform global peer-to-peer payments, allowing Telegram's users to send transfers freely and instantly between all Telegram users; all you need to do is send a DM, no need for a blockchain address, and no need to download a…

— TON (@ton_blockchain) April 19, 2024

Tether’s initiative on TON has rapidly gained traction, with the authorized supply reaching $60 million by 11:30 pm UTC on April 21, according to the Tether Transparency report. This venture represents a milestone for Tether’s integration on various blockchain networks, highlighting the company’s commitment to expanding the stablecoin’s accessibility and utility.

Market Dynamics and Tether’s Position

The stablecoin market is dominated by Tether, which controls 69% of the total market capitalization, which is around $159.5 billion. However, despite the competition, Tether’s nearest competitor, Circle’s USD Coin (USDC) holds a 21% market share with $33.7 billion in circulation. The majority of Tether’s $109.8 billion circulating supply is held on the Tron network with $57.8 billion, followed by Ethereum, which has $51 billion. The distribution of USDT on different blockchains is intended to prevent high network fees from affecting the coin, especially on the Ethereum blockchain.

The market positively perceived the announcement of the Tether issuance on TON, which initially resulted in a 22% increase in the value of Toncoin (TON). Nevertheless, the price was quickly stabilized, confirming the unpredictable character of cryptocurrency markets. At press time, Toncoin is quoted at $6.15, which represents a marginal 0.7% decrease for the day, according to CoinGecko data.

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The Shibarmy Scam Alert, a watchdog platform on X, has issued a critical warning to the Shiba Inu (SHIB) community about a surge in scam attempts. 

These phishing scams, particularly deceptive through emails promising nonexistent BONE airdrops, are targeting SHIB token holders. The alert specifically warns the community members against clicking on suspicious links contained within these emails, which are crafted to appear as legitimate SHIB communications.

The emails mimic the branding, logos, and tone of official SHIB communications to convince recipients of their authenticity. Once clicked, these links lead to malicious websites designed to steal sensitive personal and financial information, leaving investors vulnerable to significant losses.

The Mechanics of Phishing Scams

Phishing attacks involve sending emails that contain malicious links to steal sensitive information such as usernames, passwords, credit card numbers, and bank account details. For the SHIB community, the recent scam attempts have focused on fake announcements of BONE token airdrops. 

#Shibarmy, if you receive an email like this one, don't fall for it, it's NOT official, and it's a scam!

There are no $BONE airdrops!

Delete the email message, don't click on the link/picture! It sends the victims to a fake website intended to steal the wallets. Stay safe! pic.twitter.com/U8ezGpXrQd

— Shibarmy Scam Alerts (@susbarium) April 19, 2024

The Shibarmy Scam Alert emphasizes that there are currently no official BONE airdrops and advises community members to exercise extreme caution. It is crucial for safety to confirm the legitimacy of any such claims through official SHIB channels before engaging with any communications.

Exploiting the enthusiasm and trust of cryptocurrency community members is not new but continues to be effective for scammers, especially in large and active communities like Shiba Inu. The Shibarmy Scam Alert’s persistent efforts to educate and warn investors are vital in helping them navigate these threats confidently.

Rising Scam Activities in Crypto Communities

The broader cryptocurrency landscape has seen an uptick in scam activities, with phishing being just one of the array of tactics used by scammers. Impersonations, fake company alerts, misleading advertisements, and fraudulent giveaways are other common strategies employed to deceive investors. The Shiba Inu community, owing to its size and the significant interest in SHIB tokens, has been a frequent target.

Since the start of the year, the Shibarmy Scam Alert has identified over 50 distinct scam attempts aimed at the SHIB community. This alarming number reflects the persistent risk and the continuous need for vigilance among investors. Awareness and proper verification of information are essential in preventing these scams from succeeding.

Community Vigilance and Reporting

The ongoing efforts of the Shibarmy Scam Alert to monitor and expose scams play a crucial role in safeguarding the interests of Shiba Inu investors. Community members are encouraged to report any suspicious activities and to share information about potential scams with each other to foster a secure investing environment.

Staying informed about the latest scam tactics and maintaining skepticism towards unsolicited messages are imperative. The community’s collective effort in verifying information and cautious interaction with unverified sources is key to mitigating the risks associated with these deceptive practices.

Also read: Shibarium Becomes Hot Trending Topic in India, Shiba Inu Team Reacts

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Cardano (ADA), a notable player in the Layer 1 blockchain sector, is exhibiting signals that could suggest a major price rally despite recent market downturns and geopolitical uncertainties.

According to crypto analysts, ADA is positioned to potentially break the $1 mark soon if certain technical indicators align as they have in past trends.

Analyst Insights on Cardano’s Market Behavior

Crypto analyst Ali Martinez has highlighted a key metric, the Market Value to Realized Value (MVRV) ratio, which recently dipped below -22%. Historically, such a dip has preceded a significant price increase for ADA. The last instance of this indicator falling to similar levels was followed by a 75% rise in Cardano’s price. If history repeats itself, ADA could ascend above $1, a significant milestone considering its current trading metrics.

The last time #Cardano's MVRV Ratio dipped below -22%, $ADA 's price soared by over 75%. With the #ADA MVRV Ratio back under -22%, we could see another impressive rebound! pic.twitter.com/ABf0mp4pR4

— Ali (@ali_charts) April 19, 2024

Furthermore, another analyst, known as Trend Rider, supports the bullish sentiment on ADA, suggesting that the token could reach the $1 level within one to three months, provided it maintains the support level at $0.44. Trend Rider also noted that a surge past $0.54 could mark the beginning of a robust bull run, potentially reaching up to $3, reminiscent of its remarkable rise from $0.10 to $3 in October 2020.

Current Market Conditions and Future Outlook

Despite the optimism, Dan Gambardello, founder of Crypto Capital Venture, tempers expectations with a cautious outlook. He describes the current phase as not yet being “Cardano Season,” indicating that while a significant uptick is likely, it may not occur in the immediate future. Gambardello also pointed out the impact of global tensions, particularly fears of a conflict between Israel and Iran, which could push ADA’s price into the “lower 30s” before any potential recovery.

As of today, Cardano is trading at $0.4911, with a 24-hour volume of approximately $521 million. The past week saw a 2.80% decline in ADA’s price, contrasting with a 2.70% increase in the broader cryptocurrency market. However, it is performing slightly better than its Layer 1 counterparts, which have generally seen a 3.80% decrease.

Market and Technical Analysis

These analyses come at a time when the cryptocurrency market remains highly volatile, influenced by macroeconomic factors and geopolitical fears. Investors and enthusiasts of Cardano are closely watching these indicators as ADA aims to navigate through these turbulent times and potentially emerge stronger, echoing its past recoveries.

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In its latest filing, Grayscale, the Bitcoin ETF provider, unveiled details of its new venture, the Bitcoin Mini Trust, which will feature a competitive fee of 0.15%, lower than its predecessor, the GBTC product.

The filing disclosed pro forma financials that also highlight an initial contribution to the mini fund of 63,204 bitcoin, equivalent to 10% of the GBTC’s existing assets. Moreover, shares of the BTC trust will be automatically issued and distributed to existing GBTC shareholders.

These pro forma statements, which project future revenues and expenses, draw from the company’s historical data and anticipated future operations.

Bitcoin ETF Investors Won’t Have To Pay Capital-Gains Taxes On The Migration

Grayscale has launched the Bitcoin Mini Trust to offer GBTC investors a lower-cost alternative aligned with the competitive fees of other Bitcoin ETFs that were approved in January. This initiative provides an economical choice without triggering a capital-gains tax for existing GBTC shareholders, which is a critical factor for early investors who have seen their investments surge by thousands of percentages.

These shareholders can transition to the new fund without incurring the hefty taxes associated with moving to a similar, lower-fee product from competitors.

The original GBTC fund, known for its higher fee structure of 1.5%, has been available for over a decade, initially through private placements. It began publicly trading on an over-the-counter basis in mid-2015. In a significant development, GBTC transitioned to NYSE Arca in January 2024, where it now operates as a spot Bitcoin ETF.

As of now, Grayscale manages approximately $19.6 billion in assets, closely followed by BlackRock’s IBIT fund, which holds just over $17.5 billion. This move underscores Grayscale’s ongoing efforts to stay competitive and attract a broad range of investors by offering more financially accessible investment options.

The Halving Anticipation Turned Bitcoin ETF Inflows Positive Again

In the United States, Bitcoin ETF investments have turned positive, recording $59.7 million in inflows on April 19, effectively ending a five-day streak of outflows. This resurgence is led by FBTC, which gained $54.8 million, as Farside Investors reported. The uptick in investments comes amidst expectations of a value increase following the Bitcoin halving event.

Source: Farside Investors

Significantly, this shift to positive inflows marks a reversal from prior withdrawals, primarily from the Grayscale Bitcoin Trust ETF (GBTC), which occurred after the SEC approved spot Bitcoin ETFs. Other ETFs such as Bitwise Bitcoin ETF (BITB), ARK 21Shares Bitcoin ETF (ARKB), Invesco Galaxy Bitcoin ETF (BTCO), and Franklin Bitcoin ETF (EZBC) also reported notable inflows.

On April 20, the Bitcoin network underwent its fourth-ever halving at block 840,000, which led to a spike in network fees. Users paid 37.7 BTC, equivalent to over $2.4 million, to secure transaction space on this date.

Historically, the previous halving in 2020 propelled Bitcoin’s value from $8,500 to approximately $69,000 within two years. The recent surge in ETF investments reflects a bullish sentiment among investors, anticipating significant growth in Bitcoin’s value following the halving.

The post Due To Strong Market Competition, Grayscale Launches New Bitcoin ETF Fund With 0.15% Fees appeared first on Coinfomania.

Shibarium, the blockchain solution designed to enhance the Shiba Inu ecosystem, has become a trending topic in India on the X platform. The update has created a buzz beyond the Asian community to the global stage. Consequently, the Shiba Inu team has reacted with excitement.

#BridgeToShibarium Trends Across India

The hashtag #BridgeToShiabrium has triggered curiosity across the Indian crypto sphere with onlookers wondering why. Amid the conclusion of the Bitcoin halving, the trend underscores the growing popularity of Shiba Inu within the Indian crypto market, recognizing it as one of the top cryptocurrencies in a space where tokens like Bitcoin, Ethereum, and others dominate.

The Shiba Inu marketing lead known by Lucie spotlighted the trend on the micro-blogging platform, expressing her excitement while dropping words of praise for the SHIB project. In her post, she likened SHIB to a ‘tree’ that has reached its ‘final beauty.’ She emphasized the token’s journey from being a ‘simple meme’ to becoming one of the most talked about cryptocurrencies in the market backed by a powerful and vibrant community.

The $Shib has come a long way from a simple meme. The blooming is magical to witness. Some trees take time to reach their final beauty.#BridgeToShibarium Good things are coming. pic.twitter.com/Ds7xNzVx77

— 𝐋𝐔𝐂𝐈𝐄 | SHIB.IO (@LucieSHIB) April 20, 2024

In her inspiring tweet, she concluded by promising ‘good things are coming’ signifying further upgrades and the launch of more Shiba Inu-related projects. The trend was first highlighted by an account “Shib Mehta” on the platform, showing #BridgeToShibarium trending alongside the Bitcoin halving. But why is Shibarium trending today, let’s have a look.

DAMN and PIKA Token Launch

On April 15, Lucie introduced DAMN (aka Sol Killer), and PIKA (aka the Pre-sale Killer) to the Shiba Inu community. The post talked about how the tokens are making significant strides in Shibarium and the crypto world. DAMN is designed to manage liquidity and token supply through strategic burns, and PIKA is made to automate token presales on the Shibarium network.

The revealing of these two recently launched projects has been a major topic across the ecosystem and has created excitement among investors and enthusiasts, raising optimism for Shiba Inu. Evidently, the buzz has not dropped in India, hence the trending hashtag over five days later.

Shiba Inu (SHIB) Price Movement

Meanwhile, Shiba Inu caught attention with its price movement less than 24 hours ago. As previously reported by Coinfomania, the price of SHIB rose by a significant 5% amid the Bitcoin halving event on April 19. As a result, its trading volume surged by a notable 13% at the time. This immediately ignited positive sentiments for the memecoin with investors hoping for a further upward movement post-halving.

Moreover, at the time of writing, the price of SHIB is up by 1.06% over the last day, trading at $0.00002325 according to CoinMarketCap data. However, the activities involving the token as portrayed in its trading volume, have dropped by a significant 36% in the last 24 hours. Ultimately, SHIB enjoys the $11 position on the global crypto market chart with a live market cap of $13,685,871,095 ($13.6 billion).

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The U.S. Internal Revenue Service (IRS) has released a draft version of Form 1099-DA, designated for the reporting of digital asset transactions. 

This new form, intended to be implemented in 2025 for reporting activities of 2026, marks a pivotal development in the taxation of digital assets such as cryptocurrencies, nonfungible tokens (NFTs), and stablecoins. The form is part of an ongoing effort to enhance the clarity and enforcement of tax obligations stemming from digital asset transactions.

Brokers, including kiosk operators, digital asset payment processors, and both hosted and unhosted wallet providers, will prepare Form 1099-DA for each customer who sells or exchanges digital assets. This initiative aims to streamline the process of capturing necessary data such as token codes, wallet addresses, and transaction locations on blockchains for tax purposes.

Reporting Requirements and Industry Reactions

The introduction of Form 1099-DA is expected to address the IRS’s challenges in tracking the taxable events associated with digital assets, which are inherently difficult to trace compared to traditional financial products. The draft form requires brokers to report not only the proceeds from digital asset transactions but also, in some cases, the basis for these transactions. This is essential for taxpayers to calculate potential capital gains or losses.

The proposed rules have drawn significant attention and varying reactions from the cryptocurrency community. Industry leaders like Coinbase’s chief legal officer, Paul Grewal, have expressed concerns over privacy and the extensive scope of reporting that could affect even minimal transactions, such as buying a coffee with digital currency. These sentiments echo broader worries about the potential for invasive surveillance and the administrative burden on brokers who handle a large volume of transactions.

Challenges and Operational Concerns

Among the notable challenges highlighted by tax experts is the issue of decentralized finance (DeFi) platforms, where there is often no intermediary to facilitate reporting. This scenario could complicate compliance with the IRS’s requirements and increase the administrative load on entities that engage in reporting. 

The inclusion of "unhosted wallet provider" in today's draft broker form indicates that the IRS is not heeding our warnings from last fall (when the broker NPRM was open for comment). Continuing down this road will lead to tax policies that are contradictory to the statute passed… https://t.co/7biKN7rPEY pic.twitter.com/IyQ1Tryn8V

— Peter Van Valkenburgh (@valkenburgh) April 19, 2024

Additionally, there is currently no established mechanism for brokers to share information that would help determine the cost basis of transferred digital assets accurately. This lack of infrastructure raises questions about how brokers will differentiate between taxable events and non-taxable self-transfers of assets across platforms.

The draft Form 1099-DA also includes checkboxes that identify the nature of the broker’s role, whether as a payment processor, kiosk operator, or wallet provider. This classification is crucial for the IRS to understand the diverse functions and responsibilities of different entities within the digital asset ecosystem.

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HashKey, a Hong Kong-based cryptocurrency exchange, has declared that it will cease accepting deposits and processing withdrawals to and from wallets associated with Binance. 

Notably, this decision is set to take effect in May 2024, with deposits ending on May 10 and withdrawals on May 17. HashKey cited a policy change as the reason for this operational shift, although specific details about the policy were not disclosed.

HASHKEY TO BLOCK DEPOSITS AND WITHDRAWALS ASSOCIATED WITH BINANCE WALLETS

– According to a today release, the Hong Kong-licensed Hashkey exchange will “cease to allow any VA deposits from Binance hosted wallet address(es)”.

– The exchange will also cease to allow… https://t.co/40ZCh8fwGP pic.twitter.com/ZxGEnqomnm

— BSCN (@BSCNews) April 19, 2024

The crypto exchange reassured its users that the upcoming changes are limited only to Binance-hosted wallets. Transactions involving other wallet addresses will continue as usual, ensuring that the majority of its users remain unaffected by this update.

Operational Shifts and Regulatory Compliance

HashKey’s decision comes amidst a broader context of increasing regulatory oversight in the cryptocurrency sector. By restricting interactions with Binance wallets, HashKey aligns itself more closely with the regulatory frameworks expected by Hong Kong’s financial authorities. This move could be seen as an effort to enhance compliance and minimize risks associated with the high volatility and regulatory scrutiny in the crypto market.

Furthermore, HashKey is preparing to expand its global footprint. The exchange recently launched HashKey Global in Bermuda, a new platform that currently supports spot trading for 21 cryptocurrencies, including major names like Bitcoin and Ethereum. The Bermuda-based platform operates under a local license, demonstrating HashKey’s commitment to adhering to regulatory standards across different jurisdictions.

Developments and Industry Growth

Beyond operational changes, HashKey is actively pursuing broader strategic initiatives aimed at strengthening its market position and enhancing service offerings to its clientele. This includes plans to introduce futures contracts and staking features, which will diversify the trading options available to users and potentially attract a larger customer base.

In a recent statement, COO Livio Weng expressed ambitions to develop HashKey into one of the largest clusters of licensed exchanges globally within the next five years. This bold vision underscores the exchange’s commitment to growth and regulatory compliance, setting a benchmark for other platforms in the industry.

Educational and Collaborative Efforts

Earlier this year, HashKey partnered with Animoca Brands to boost the Web3 ecosystem in Asia. This collaboration focuses on educational initiatives designed to equip regional cryptocurrency enthusiasts with essential knowledge about the digital asset market. By providing resources and learning materials, HashKey and Animoca Brands aim to foster a well-informed community of users adept at navigating the complexities of the crypto space.

Additionally, this partnership will facilitate strategic developments that empower the Asian crypto market, including the listing of certain digital asset products on HashKey’s platform.

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April has been designated as National Financial Capability Month in the U.S., a period focused on promoting financial education nationwide, including crypto education. During this month, educational efforts not only cover traditional finance but also extend to cryptocurrencies due to their increasing popularity.

A recent Security.org study reported a 10% growth in cryptocurrency ownership in the U.S. last year, with 93 million Americans now holding one or more forms of cryptocurrencies. This surge in digital assets has underscored the need for comprehensive crypto education, as industry experts stress its growing importance.

Additionally, the anticipated Bitcoin Halving event is generating heightened interest in Bitcoin (BTC), further emphasizing the relevance of informed understanding in the evolving financial landscape.

Crypto Education Efforts In The US

Kendra Cole, Co-founder and CEO of Sparrow Finance, in an interview, emphasized the significance of the recent U.S. approval of Spot Bitcoin ETFs in elevating digital assets to mainstream status. Cole highlighted the necessity of enhancing educational opportunities about Bitcoin, particularly for women and children, citing the critical role women often play as the primary financial decision-makers within households.

According to Cole, fostering stronger community bonds through shared financial interests is crucial, and Sparrow Finance is dedicated to facilitating this with Bitcoin education. Cole also mentioned Sparrow Finance’s participation in Chicago’s Ultimate Baby Shower during Financial Capability Month, an event focused on financial education for new parents. The gathering served as a platform for discussing the involvement of women in digital assets and exploring how Bitcoin can be used to strengthen familial relationships.

Meanwhile, cryptocurrency exchange Coinbase is concentrating efforts on crypto education, as highlighted by a spokesperson in an interview. They revealed that a substantial 87% of Americans are calling for an overhaul of the financial system, driven by frustrations over excessive fees and slow transaction speeds.

To address these concerns and educate the public, Coinbase launched a new commercial this week explaining the Bitcoin halving event. The commercial is set to broadcast on major U.S. networks such as TNT, ESPN, and ABC during the NBA Playoff games, running from April 17 through April 22.

“This April the rate of new Bitcoins created will be cut in half—just like it has been every four years or so since it was created in 2009,” mentioned the spokesperson. “This halving ensures its supply remains finite overtime (similar to gold).”

Additionally, Coinbase’s marketing strategy is crafted to engage audiences effectively, integrating both digital and physical media to encourage interactive participation.

Food for thought:What if money was designed to get you more over time, not less?#Bitcoin pic.twitter.com/z8eHF8JltQ

— Coinbase (@coinbase) April 15, 2024

The Giant BlackRock Also Released An Educational Series About Bitcoin

Meanwhile, BlackRock, an asset management behemoth based in San Francisco with assets exceeding $10.5 trillion, has also ventured into Bitcoin and crypto education.

The firm offers a series of four concise educational videos on its official website, covering topics such as Bitcoin ETFs, the halving event, security features, and broader adoption issues.

These videos are designed to demystify complex concepts in an accessible format. Notably, one video explains that the halving event restricts the total issuance of bitcoins to 21 million, by halving the rewards received by miners every four years.

BlackRock’s educational course. Source: ishares.com How’s The World Approaching Crypto Education

As the importance of cryptocurrency education grows in the U.S., initiatives worldwide are also expanding to enhance understanding and adoption of blockchain technology.

Bitget, a cryptocurrency exchange, has committed up to $10 million to its Blockchain4Youth project, a part of its corporate social responsibility efforts, according to Gracy Chen, the Managing Director. Launched in May 2023, Blockchain4Youth aims to foster a blockchain-friendly educational environment and nurture young talent.

The initiative includes hosting campus roadshows globally, educating youths about blockchain. Recently, as part of the HUB FORUM 2024, Bitget held a Blockchain4Youth event at Ton Duc Thang University in Ho Chi Minh City, attracting over 1,000 students from various universities.

Chen emphasized the importance of such educational efforts, highlighting a Bitget study that suggests Millennials and Generation Z are poised to lead in crypto adoption. Further, Bitget plans to conduct educational events in the Philippines and Japan later this month.

Chen also noted that educating the public about cryptocurrencies could provide financial access to those underserved by traditional banking systems and teach them how to utilize decentralized financial services.

Meanwhile, Tether, the issuer of USDT stablecoin, has also launched an educational initiative in the Middle East. Partnering with digital asset infrastructure provider Fuze, the program aims to promote digital asset awareness among businesses and individuals throughout Turkey, the Middle East, and North Africa.

The collaboration will focus on developing programs and workshops to improve the understanding of cryptocurrency and blockchain technology among local financial institutions.

Crypto Education Still Has a Long Way To Go

The prioritization of crypto education is easy to spot, yet challenges persist, particularly due to the complexity of digital assets. Kendra Cole points out that a significant hurdle in digital asset education is bridging the knowledge and confidence gap.

This gap particularly impacts women, who often balance various responsibilities like careers, family duties, and financial management, making it difficult to find time for education on digital assets.

Cole suggests that leveraging community strength and organizing in-person events can be effective strategies to help women and families grasp the nuances of cryptocurrency.

On the other hand, Chen highlights the rapid pace of the crypto industry as a major issue for most individuals. With innovations emerging frequently—sometimes daily—it demands a high level of curiosity and initiative from learners to stay updated.

Chen also advises that those interested in learning about digital assets should not depend solely on articles or video materials from books and the internet to fully understand the industry, implying that a more comprehensive approach to learning is necessary.

The post How Important Is Crypto Education? Initiatives In The US And Across The Globe appeared first on Coinfomania.

Blockchain monitoring service Whale Alert reported that an investor transferred 100 million Dogecoin (DOGE) from the trading platform Robinhood to an unknown wallet. At the time of this transaction, the value of the coins was approximately $15.25 million, which led to speculation about a potential increase in the cryptocurrency’s price.

Robinhood facilitates the exchange of cryptocurrencies for fiat currencies, and typically, deposits into the platform are associated with an intent to sell. However, since the transfer was to a wallet not linked to any exchange, it suggests that the investor may plan to hold the cryptocurrency for a period. Such transfers often result in a rise or stabilization of the cryptocurrency’s price in the market.

Historically, Prices of Meme coins Like Dogecoin Have Surged To Astronomical Values Months After The Halving

It’s still difficult to determine the potential outcome for Dogecoin as it anticipates changes in the post-Bitcoin (BTC) halving scenario. Historically, meme coins like Dogecoin have experienced significant price increases months following the halving. Currently, DOGE maintains a price of $0.1535, showing a 1.8% rise within 24 hours.

Nevertheless, on-chain analytics from Santiment suggest that this increase may be short-lived due to trends observed in the one-day circulation figures. At the time of reporting, Dogecoin’s circulation had escalated to 1.07 billion, indicating increased usage and reduced removal from the market.

Should this metric persist in rising, it could lead to a decrease in DOGE’s value. Conversely, the coin’s velocity presents an alternative perspective, currently standing at a value of 1.49.

Correlation Between Dogecoin And Bitcoin

A high velocity in cryptocurrency trading often reflects robust economic activity, as it shows that holders are actively spending their coins. Conversely, a decline in velocity, such as currently observed with Dogecoin (DOGE), indicates a hesitancy to spend.

In the short term, increased circulation could potentially drive DOGE’s price below $0.15. However, if the velocity remains low over the next few months, there could be a rally in DOGE’s price, with potential targets ranging from $0.20 to $0.25.

Dogecoin’s relationship with Bitcoin was analyzed to determine if DOGE’s price movements might align with BTC’s in the upcoming weeks. According to Macroaxis, the 90-day correlation coefficient between the two cryptocurrencies stands at 0.94, on a scale where -1 indicates no correlation and +1 indicates a strong correlation.

Source: Macroaxis

Despite this correlation, Dogecoin has outperformed Bitcoin, yielding 1.66 times the return of BTC over the past three months if the same amount were invested in both.

Looking ahead, this trend may continue. If Bitcoin’s price falls, Dogecoin could potentially see an even steeper decline. Conversely, a significant surge in Bitcoin’s price could trigger a substantial rally in Dogecoin, reminiscent of the surge observed last March.

The Absorption Of 21.74 Billion DOGE Could Kick-Start Its Uptrend

Recent analysis from IntoTheBlock suggests that Dogecoin (DOGE) may be on the brink of a significant price increase, potentially reaching its highest value ever. A key driver behind this potential surge is the accumulation of 21.74 billion DOGE within a price range of $0.1636 to $0.671.

This large amount of Dogecoin, distributed across 953,590 wallets, is currently resulting in losses for its holders. A resolution of this supply concentration could lead to a notable rise in DOGE’s market price.

However, experts warn that as this large volume of DOGE begins to move within its price corridor, it might generate selling pressure in the market. Currently, DOGE is trading at $0.1535, with a record high of $0.74, indicating significant room for growth.

The volume under consideration is just a small portion of the total Dogecoin market. Statistics show that 5.13 million addresses control 122.75 billion DOGE, which accounts for 81.05% of all Dogecoin addresses. Although this widespread ownership underpins the meme-based cryptocurrency’s market stability, it could also lead to increased selling pressure.

Amidst these market dynamics, on-chain indicators point to a possible new price peak for DOGE. However, there is ongoing speculation in the Dogecoin community about how factors like investor sentiment and broader market conditions might affect its future price trajectory.

Doge Day 4/20/24 is TOMORROW! pic.twitter.com/OlYoQnEasl

— Tesla Model Ðoge (@TeslaModelDoge) April 19, 2024

Another factor that could kick-start the Dogecoin’s uptrend is the informal celebration known as DOGE Day on April 20. The date was humorously chosen by the crypto community to honor Dogecoin, though the exact reasons for this choice are ambiguous. Speculation suggests a connection to Elon Musk, for whom April 20 is reportedly a significant date.

Long-time observers of the cryptocurrency sector recognize that Tesla’s CEO is a prominent advocate for Dogecoin. Also, over the last two years, the price of DOGE has experienced several increases coinciding with this date.

The post How The Bitcoin Halving Will Impact The Famous Dogecoin (DOGE) appeared first on Coinfomania.

Trending memecoin Shiba Inu has captured the attention of investors as it regains bullish momentum amid the global crypto market recovery. The price of SHIB has surged by a remarkable 5% earlier today raising optimism about a potential further upward trend as the Bitcoin halving comes live.

The global crypto market has witnessed a significant upsurge over the last day, thanks to the upcoming Bitcoin halving slated to start today, April 19. Consequently, the majority of the tokens are trading in the green zone as shown in the crypto heat map. Furthermore, the total market cap has spiked by 3.50% to $2.34 trillion within this time. Additionally, the total trade volume in the last 24 hours has surged by 10.81% to $113.5 billion. Apart from the anticipated halving event, here are other factors that are fueling the present upsurge.

Massive Shiba Inu (SHIB) Burn

The Shiba Inu community has been actively burning substantial amounts of tokens over the past month. As previously reported by Coinfomania, the SHIB burn rate surged by a significant 500% earlier this week after a massive 19.3 million tokens were sent to burn addresses. According to data from Shibburn, a dedicated Shiba Inu burn tracker, more than 4.6 million SHIBs have been removed from circulation today with a burn rate increase of 81%.

The primary aim of burning SHIB is to drastically reduce the total circulating supply, creating scarcity and potentially impacting the price of the asset. The burning event usually aids the price action of SHIB. Shiba Inu investors are likely to capitalize on the hype surrounding the crypto market right now to fuel the price of their beloved assets.

Shibarium Increased Adoption

Shibarium has made the news this week with rising daily transactions signifying increased adoption. The layer 2 blockchain solution, designed to scale the Shiba Inu ecosystem has recorded an increase in its daily and total transactions. According to a previous report by Coinfomania, the Shibarium daily transactions surged by 160% on April 18, creating excitement across the ecosystem.

This hints at rising market activities within the ecosystem, indicating bullish sentiments. At the time of writing, Shibarium’s daily transactions rest at 475.03k with 417.3 million total transactions. What is more, the total wallet addresses connected to the network now stands at 1,783,249 (1.78 million). The rise in activities within the network reflects the self-proclaimed “Dogecoin killer” price movement.

Shiba Inu (SHIB) Price Today

Meanwhile, Shiba Inu has remained in the green zone today. According to data from CoinMarketCap, the price of SHIB is $0.00002296 signifying a 3.31% increase at the time of writing. In addition, the token’s 24-hour trading volume has increased by 13.6% to $643 million over the last 24 hours. Finally, SHIB maintains the #11 position on the global crypto market list with a live market cap of $13.5 billion.

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An unknown Ethereum whale has created optimism in the crypto market after staking a significant 20,000 ETH tokens today. The move which comes amid the global crypto market recovery underlines investors’ confidence and positive sentiment.

The majority of the global crypto market is ending the week in the green zone as depicted in the CoinMarketCap heat map. According to CMC data, the total crypto market cap has increased by 2.61% in the last 24 hours to $2.35 trillion. Additionally, the total trading volume in the market over the last day has surged by an impressive 11% to $113.3 billion. Stablecoins consist of 93% of the entire volume, now  $106.15 billion.

Significantly, the price of ETH dropped as low as 2,868.80 over the last day, coinciding with the pre-halving corrections and the geopolitical crises between Israel and Iran. But with bulls supporting the token and today’s impending halving adding to the excitement, ETH looks to be causing bullish waves to break out throughout the huge ocean of cryptocurrencies as its price is beginning to rise.

Ethereum Whale Stakes Large

Meanwhile, an anonymous Ethereum whale withdrew a massive 1,214 ETH tokens (valued at approximately $3.7 million) today from Binance, the largest crypto exchange by trade volume. Following this, the whales’ total ETH accumulations amounted to 20,545 tokens.

Subsequently, the unknown whale moved all the tokens to a wallet labeled ‘0xCbF,’ signifying intent to stake the tokens on Beacon Chain, the foundational component of the Ethereum 2.0 proof-of-stake (PoS) consensus mechanism. The move which has ignited optimism in ETH further underscores investor’s confidence in the long-term value of ETH.

Ethereum (ETH) Price Reaction

Meanwhile, Ethereum has demonstrated an impressive price movement today. According to CoinMarketCap data, Ethereum is currently trading at $3,105 representing a 1.67% increase in the last 24 hours. What is more, activities surrounding ETH, as depicted in its trading volume have surged by 5.38% within the recorded period to $20.4 billion with a live market cap of $372.7 billion.

In hindsight, ETH has dropped by 12% in the last seven days and about 5.19% over the last month. Additionally, Coinglass data shows an increase in open interest of almost 5% alongside a similar surge in derivative volume.

The post Unknown Whale Stakes Over 20k ETH Tokens, Igniting Optimism appeared first on Coinfomania.

The United States regulatory watchdog, the Securities and Exchange Commission (SEC), has revisited its lawsuit against Justin Sun, the founder of Tron to include other entities. The lawsuit’s amended document highlights Sun’s extensive travels within the U.S., which the SEC asserts validate its jurisdictional claim. The case which has been on for over a year, since March 2023, gets a new twist with this revision and inclusion of other entities like the Tron Foundation and BitTorrent Foundation.

The Updated Lawsuit

The regulatory agency claims that it has jurisdiction over Sun because of his prolonged stay in the US, where he was present for more than 380 days between 2017 and 2019. According to the updated lawsuit, Sun spent over 80 days in 2017, more than 120 days in 2018, and about 180 days in the United States in 2019 signifying his deliberate intention to target U.S. investors.

Important cities like New York City, Boston, and San Francisco were visited during these trips. In addition, the Tron Foundation and the BitTorrent Foundation, two of Sun’s connected organizations, are named in the SEC action, maintaining that Sun controlled both.

“During Sun’s business trips to the United States in 2019, he spent time in various cities, including New York City, Boston, Massachusetts, and San Francisco. Rainberry also rented an apartment where Sun stayed during some of his business trips to the United States in 2019,” the lawsuit stated.

Furthermore, the SEC repeated its accusation against the embattled founder, stressing the sales of unregistered securities through Tron (TRX) and BitTorrent tokens (BTT). It also pointed out Sun’s involvement in manipulative wash trading.

“Sun also directed the manipulative wash trading of TRX to create the artificial appearance of legitimate investor interest and keep TRX’s price afloat. Sun accomplished this wash trading through the Tron Foundation, whose employees conducted the trades at Sun’s direction; the BitTorrent Foundation, which, together with the Tron Foundation, owned and controlled nominee accounts used in the trading; and Rainberry, whose employees transferred funds to facilitate the trading and opened at least one nominee account used in the trading,” the lawsuit stated.

Sun Says SEC Lacks Jurisdiction

Meanwhile, in a significant response to the SEC in late March, Sun refuted the regulator’s allegations. He claimed on behalf of the Singapore-based Tron Foundation that the SEC had no jurisdiction over him and that it was inappropriate for the agency to apply U.S. securities law to actions that were mostly conducted abroad.

Sun stated that intentional steps were taken to avoid the U.S. market and that all TRX and BTT token sales were made overseas. At the time of writing, Sun’s legal team has remained quiet, ignoring requests for comments.

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Controversial crypto trader Avraham Eisenberg has been found guilty in a $110 million security breach fraud by a federal jury in the Southern District of New York. Following his arrest in Puerto Rico in December 2022, Eisenberg was charged with commodities fraud, market manipulation, and wire fraud related to the Mango Markets exploit.

Eisenberg inserted $5 million of USDC stablecoin into Mango Markets in October 2022, causing the event. The jury deliberated for two days before reaching a decision, which found Eisenberg guilty on many counts, including wire fraud, commodities fraud, and commodities manipulation.

How it happened

The court findings paint a clear picture of how the heist was carried out. According to the findings, Eisenberg artificially raised the price of MNGO, the platform’s token, by around 1,000% in a single hour after injecting that large amount of USDC. He was able to borrow and withdraw more tokens thanks to the fictitious increase, which significantly increased the platform’s negative debt position. Furthermore, he was able to remove significant amounts of other digital tokens from the platform thanks to the overnight surge in worth.

However, Eisenberg paid $67 million to Mango Markets, keeping $47 million per community governance vote. A few days after the exploit, he claimed that his actions were part of a lawful, very profitable trading plan, exploiting the platform’s capabilities as intended.

His defense team argued throughout the trial that his conduct was compliant with the permitted trading methods on Mango Markets. They argued that his activities were not manipulative or fraudulent because of the platform’s operational mechanisms and design. However, accounts from the impacted users and detailed analysis from financial specialists presented a different picture, exposing the grave implications for the market’s retail sector and stability as a whole.

During the trial, several victims came forward to testify. Notably, a UK-based customer testified about losing $124,000 and not being able to withdraw funds during that time. Meanwhile, Bloomberg disclosed that Eisenberg’s internet searches for terms related to market manipulation, fraud, and FBI surveillance-related words were visible to jurors. In the end, the exploit cost Mango Markets around $116 million in losses. The breach of the Mango Market and the substantial loss suffered by customers underscores the security issues facing the crypto industry.

At the time of writing, Mango (MNGO) is demonstrating very impressive price movement. According to data from CoinMarketCap, the token is currently changing hands at $0.02916, representing an 11% surge in the last 24 hours. Additionally, its 24-hour trading volume is up by 18% to $371k with a live market cap of $29 million.

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For over a year, artificial intelligence (AI) and AI stocks have dominated investment trends on Wall Street like no other. AI involves using software and systems that replace human operations and have the capability to autonomously learn and improve, making them increasingly adept at their functions. This technology has applications across nearly every industry and sector.

The cryptocurrency market has also demonstrated its capacity to significantly boost investor portfolios. It reached a peak market value of $3 trillion in 2021. Despite experiencing a downturn in recent years, the market is rebounding as investors anticipate lower interest rates and a strengthening economy, prompting a renewed interest in growth investments such as cryptocurrencies.

Top 5 AI Stocks Ready To Surf On This World-Changing Technology

However, those who prefer the stock market need not feel left out of substantial growth opportunities. In fact, some stocks currently offer even greater potential than cryptocurrencies, particularly in the rapidly growing field of artificial intelligence (AI).

The AI sector is expected to grow beyond a $1 trillion market by the decade’s end, with investors strategically positioning their portfolios to capitalize on this growth. Let’s examine five AI stocks that are poised to outperform their cryptocurrency counterparts.

Nvidia

Nvidia (NASDAQ: NVDA) shares have already skyrocketed in triple digits over the last year, yet this leading AI stock might still have significant growth potential. Nvidia dominates the AI chip market with an 80% share, and its strong brand and continuous innovation are likely to sustain this position.

Companies regularly choose Nvidia as their preferred supplier, underscoring its reliability. Recently, alongside the announcement of its Blackwell architecture which introduces the most powerful AI chip to date, Nvidia received high praise from Tesla’s CEO Elon Musk, who remarked on the unmatched quality of Nvidia’s hardware for AI.

The imminent release of this new architecture, coupled with increased investment in research and development, underscores the promising outlook for Nvidia’s financial performance. This has already translated into substantial increases in revenue and net income, reflected in last year’s earnings reports.

Given these factors, Nvidia’s stock, currently priced at 35.12 times forward earnings estimates, appears to be a great buy-and-hold opportunity with the potential for continued growth.

Source: Seeking Alpha Meta Platforms

Meta Platforms (NASDAQ: META) primarily generates its revenue through advertising, attracting advertisers to its popular social media platforms including Facebook, Messenger, WhatsApp, and Instagram. These platforms collectively engage over 3.1 billion people daily.

The substantial user base has provided Meta with an increasing revenue stream, which has also translated into profit. Currently, Meta is intensively focusing on artificial intelligence (AI), intending to integrate this technology throughout its products and services for the foreseeable future. The company has prioritized AI in its investment strategy, aiming to equip itself with 600,000 graphics processing units by year-end.

Meta has also developed its own large language model, Llama, and is actively working on its advancement with Llama 3. This development underpins new products like the conversational assistant, Meta AI. Due to Meta’s commitment to open-source practices, its software has the potential to set industry standards.

With significant aspirations in AI, Meta has everything to become a dominant player in the field, making it an attractive investment at 24 times forward earnings estimates.

Source: Seeking Alpha Baidu

China’s Baidu (NASDAQ: BIDU) is one of those AI stocks that could potentially outperform Nvidia in terms of returns. Benchmark analyst Fawne Jiang has reiterated a price target of $210 for Baidu shares on multiple occasions. With Baidu’s stock closing at $94.41 on April 17, this represents a possible increase of 122%.

Baidu is appealing to investors primarily because its robust business model is expected to continue producing substantial operating cash flow, even in the event of an AI market downturn. Historical trends show that nearly every major new technology investment experiences an initial bubble, and AI stocks are likely to follow this pattern.

The core of Baidu’s revenue generation is its internet search engine, which held a 60.44% market share in China as of March, data from GlobalStats indicates. Over the past nine years, Baidu has consistently captured between 60% and 85% of the domestic internet search market in the world’s second-largest economy, positioning it as an optimal platform for advertisers.

Currently, Baidu’s growth is driven by two main AI initiatives: its AI cloud services and its intelligent driving division. The Baidu AI Cloud ranks among the top four cloud infrastructure services in China, promising continued growth as corporate spending on cloud services expands.

Additionally, its subsidiary, Apollo Go, stands as the world’s most successful autonomous ride-hailing service. As of January 2, 2024, Apollo Go has completed over 5 million autonomous rides.

With over $28 billion in cash, cash equivalents, and investments, and trading at a historically low eight times forward-year earnings, Baidu presents a compelling investment opportunity. Thus, Jiang’s ambitious price target seems well within reach.

Source: Seeking Alpha Alphabet

You might primarily associate Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL) with its main source of income: Google Search. This platform is a magnet for advertisers who are willing to pay to showcase their products or services, as it provides a straightforward way to reach a wide audience, thanks to Google Search’s command of over 90% of the worldwide search market share.

Advancements in AI are poised to enhance Google Search further, improving the advertising process for marketers. Alphabet has recently introduced its most advanced AI model to date, Gemini 1.5, which it is integrating throughout its operations. In the realm of search, generative AI is now delivering quicker results and more extensive information on specific topics, which should encourage repeated use and sustained advertiser investment in search ads.

Alphabet also stands to gain significantly in the AI Stocks sector through its cloud division. Google Cloud provides clients with AI chips and a variety of other products and services to support their AI initiatives. Last year, the company made thousands of product improvements using AI, contributing to Google Cloud securing or enlarging contracts with prominent businesses like McDonald’s and Verizon.

Currently, Alphabet shares are trading at 22.85 times projected earnings, representing an excellent opportunity for investors looking at a robust long-term investment.

Source: Seeking Alpha Mobileye Global

Another important company in the AI Stocks sector that you should pay attention to in terms of investment returns is Mobileye Global (NASDAQ: MBLY), a developer of advanced driver assistance systems (ADAS) and various autonomous driving technologies. Citigroup analyst Itay Michaeli projects that the company’s stock could reach $72, marking a 132% increase from its closing price on April 17.

Unlike Baidu, which has a significant portion of its cash flow protected even if the AI sector falters, Mobileye heavily relies on the robustness of the U.S. economy and ongoing growth in AI-driven sales.

Mobileye’s technologies are integral to next-generation vehicles, which are increasingly dependent on advanced technology for operation. Thus, the vitality of the automotive market is crucial for Mobileye’s success. However, the company faces challenges as domestic demand for electric vehicles (EVs) declines, prompting automotive giants such as General Motors and Ford Motor Company to scale back their EV production plans.

On a positive note, Mobileye remains consistently profitable, maintaining a healthy flow of operating cash. It ended 2023 with around $1.2 billion in cash and no debt, positioning it well to continue its innovations regardless of economic conditions. The company also benefits from historical trends where periods of economic growth in the U.S. and globally tend to last longer than downturns.

Despite these strengths, Mobileye Global has substantial growth to achieve to justify a share price of $72, which would imply a market capitalization of $58 billion.

Source: Seeking Alpha

The post Top 5 AI Stocks Ready For The Future And That Could Bring More Returns Than Cryptos appeared first on Coinfomania.

Shiba Inu blockchain solution, Shibarium has recorded an impressive surge in its daily transactions according to recent data. This development has brought excitement to the community as it represents a wave of bullish sentiment across the network. Since the launch of Shibarium in August 2023, the layer 2 blockchain network has exhibited exponential growth with the number of transactions and wallet addresses connected to it increasing daily. Shibariumscan, a dedicated Shibarium tracker, paints a clear picture of the growth trend of the network.

Deep Look into Transaction Data

In a recent development, Shibarium, an advanced blockchain platform designed to enhance the Shiba Inu ecosystem, has seen a rise in the number of transactions. According to the aforementioned tracker, the network transactions have surged by an impressive 160% over the last 24 hours.

The number of daily transactions has climbed to 562.98k at the time of writing. Even though this is still below the all-time high of 958.5k reached on April 15, it represents a significant increase from the previous day’s record of 352.09k. Meanwhile, Shibarium’s daily transaction volume had increased by an incredible 1000% two weeks ago. According to Shibariumscan data, it increased by exactly 1082%, going from approximately 6,410 to 75,800 in a single day. Even with the tremendous increase, transaction volumes were not as high as they were earlier this year.

Source: Shibariumscan

What is more, the Shibarium network now has a total transaction of over 417 million. The increase in total transactions and significant surge in daily transaction volume underscores Shibarium’s position in the layer 2 ecosystem. Additionally, the total number of blocks mined now rests at 4.2 million with over 1.7 million wallet addresses connected to the network.

Other important performance metrics on the Shibarium network have remained stable, despite the daily changes in transactions observed on the L2. Interestingly, consumers’ enthusiasm for the network has not been altered by the disturbances.

Shiba Inu (SHIB) Price Reaction

The rise in transaction volume of Shibarium looks to have had an immediate effect on the price of the token. According to data from CoinMarketCap, Shiba Inu (SHIB) is currently trading at $0.00002259 signifying a 1.55% increase in the last 24 hours. Shiba Inu’s trading volume, however, has slumped by 21.4% to $482.9 million over the last day with a live market cap of $13.3 billion.

As the Bitcoin halving is approaching, investors are expecting a border crypto market uptrend which will potentially shoot the prices of tokens to new highs. Will Shiba Inu be one of the benefactors of the hype? Only time will tell.

The post Shibarium Transactions Records Massive Surge Amid Market Bounce Back appeared first on Coinfomania.

Increased attention to the Bitcoin halving event might indirectly influence the future of crypto regulations, suggests Natalia Latka, policy director and head of regulatory affairs at blockchain analytics firm Merkle Science.

Latka explained that although the halving events do not directly alter regulatory frameworks or the approaches of regulators, the economic and market shifts they initiate could have an indirect impact on regulatory discussions, particularly concerning market stability and investor protection.

Bitcoin Halving Could Also Impact Energy Consumption And Crypto Regulations Focused On Sustainability

The reduction in Bitcoin mining rewards known as the halving, along with the U.S. Securities and Exchange Commission’s (SEC) January approval of spot Bitcoin exchange-traded funds (ETFs), are contributing to a Bitcoin bull market, drawing increased attention to cryptocurrency.

If Bitcoin becomes more volatile amid this surge in interest and coverage by mainstream media, regulators may be motivated to take action.

Latka also suggested another scenario that could heighten regulatory oversight. She explained that the Bitcoin halving might lead to higher energy consumption, as rewards for mining decrease. This could potentially push less efficient miners out of the market, resulting in a more concentrated mining landscape both in terms of larger players and specific geographic locations.

Further, Latka noted that this shift might draw regulatory attention to the environmental effects of proof-of-work (PoW) systems, possibly prompting the implementation of sustainability-focused regulations.

Regardless Of The Bitcoin Halving, Crypto Regulations In The US Are Still Unclear

Andrew Balthazor, a litigator at Holland & Knight, in an interview, delved into the nuances of the U.S. regulatory environment concerning Bitcoin and other cryptocurrencies.

Balthazor highlighted the ambiguity in U.S. laws regarding what exactly qualifies as a security transaction, noting a general consensus that Bitcoin likely does not qualify, but pointing out the absence of definitive guidance on Bitcoin, Ether, or any cryptocurrency. He also expressed concern over the lack of clarity arising from inconsistent rulings by lower courts, which aren’t universally binding across the United States.

The current regulatory approach, often described as “regulation through enforcement,” leaves businesses operating under uncertainty, as they try to navigate what might be considered lawful without clear, preemptive guidelines. According to Latka, this lack of clarity forces companies to operate in what can feel like a regulatory minefield, uncertain of whether their actions comply with present or future legal interpretations.

Balthazor further shared the practical difficulties faced by businesses striving to comply with regulations, describing his clients’ frustration and uncertainty about whether their projects might be deemed securities. This uncertainty necessitates costly legal counsel, a financial burden only feasible for companies with substantial resources. He advocated for a more transparent mechanism for interaction between corporations and the SEC, suggesting a formal process where the SEC could directly communicate its concerns regarding projects suspected of resembling securities.

@gillibrandny and I are introducing the most comprehensive stablecoin bill to date.

Crypto assets are revolutionizing the world and as the undisputed leader in financial innovation, the U.S. must embrace crypto assets, but it cannot be done without clear rules for stablecoins. pic.twitter.com/vwRUEBUdsl

— Senator Cynthia Lummis (@SenLummis) April 17, 2024

How’s Europe Approaching Crypto Regulations

In Europe, the likelihood that the Bitcoin halving will influence the market appears diminished due to the region’s specific crypto regulations. The European Union’s Markets in Crypto-Assets Regulation (MiCA), which was established in 2023, offers a more detailed regulatory framework compared to the UK and a more tailored approach than that of the USA.

Despite this, Latka has pointed out that there are still areas requiring additional clarification and the need to develop technical guidelines. These should particularly address how MiCA interacts with existing EU financial regulations and directives.

Therefore, even within the EU, with the Bitcoin halving imminent, its potential impact on regulatory perspectives is uncertain.

UK’s Financial Conduct Authority Has Been Receiving Mixed Feedback So Far

In the United Kingdom, the Financial Conduct Authority (FCA) is responsible for regulating crypto assets, introducing rules that have received mixed responses. Some regulations, such as the approval of crypto investment products like exchange-traded notes (ETNs), have been positively received, while others, including the implementation of protective measures for U.K. customers of centralized exchanges, have faced substantial criticism.

Latka described the confusion stemming from the U.K.’s regulatory strategy towards crypto assets, noting that it involves adapting existing regulations in a gradual, phased approach. This method requires businesses in the crypto sector to continually adapt to an ever-changing regulatory framework, leading to increased costs, operational challenges, and legal uncertainties. This situation is particularly problematic when traditional financial regulations are applied to the fast-evolving crypto industry.

The UK is stepping up its crypto game! By mid-2023, expect new laws for stablecoins and more, making it a global crypto hub. Here's what's coming: 1⃣ Legislation for stablecoins, crypto staking, exchange, and custody. 2⃣ Regulatory framework by FCA and BoE. 3⃣ Aims to enhance… pic.twitter.com/Y9iBAeOyTc

— Semoto (@Semoto_io) April 18, 2024

In March, CryptoUK, a trade association representing the U.K. crypto industry, applauded the FCA’s decision to approve crypto exchange-traded notes, which are similar to exchange-traded funds but do not include retail investors. Despite this, CryptoUK has urged the FCA to reassess its stance on bans affecting retail investors’ access to certain financial products, vowing to continue advocating for these changes.

The critique of the regulatory environment in the U.K., as highlighted by commentators including Latka, reflects a widespread concern. Latka pointed out a notable gap between the increasing public interest in crypto assets and the existing regulatory measures, emphasizing the urgent need for alignment to address this disparity.

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