The BNB coin has hit a new all-time high (ATH), just after the launch of the token presale for “Bitnance ($BTN)”, the BEP-20 alternative to Bitcoin.

While the founder of Binance begins his federal prison sentence of 4 months, the US Government’s newly approved infrastructure for the Binance crypto ecosystem is reigning supreme. 

The BNB coin has hit a new All-time High, just after the launch of the token presale for “Bitnance ($BTN)”, the BEP-20 alternative to Bitcoin.

What is Binance (BNB) Coin’s All-Time High?

The new ATH for $BNB coin is now $720.67 [USD]. This was set yesterday, June 6th of 2024.

Prior to this, the native coin to the world’s biggest crypto exchange, would stagnant at a high of around $650 before falling back down in a correction. Twice before 2024, this has happened.

Why is BNB Coin Price Going Up?

There are numerous theories to why the price of $BNB coin is going up.

The foremost obvious, traders are expecting a spot ETF approval for the Binance Coin as soon this year. After Ethereum’s approval, many expect the coins BNB, SOL, XRP, and LTC will have similar fates.

The sudden explosion in price could also be attributed to Binance’s recent resuming of credit card purchases, at least those by Visa and Mastercard. 

This news broke just today, but was in the works for over a week, and could possibly indicate a whale investor getting the news earlier than the public.

Bitnance (BTN) Token Presale

A third reason being hypothesized by investors is Binance-Chain’s new BEP-20 token “Bitnance ($BTN).” The token presale was launched for the blockchain’s new version of Bitcoin ($BTC).

CryptoNews, InsideBitcoin, ICOHolder, and other media publications have begun pointing out to investors that the Binance-Chain has its own store-of-value token on the horizon. 

It will rival Bitcoin, offering the same anti-inflation metrics to help traders retain value while fiat currency falls in value. 

However, with Binance-chain having little to not trading fees, it will be far cheaper to use than Bitcoins.

This project is extremely attractive to investors in its initial ICO phase as well, because the current price of $0.357 is sure to double. 

Store-of-Value token’s price is driven by demand and the Binance Exchange is the biggest in the world.

How Many Traders Use Binance?

It’s reported 170-million crypto traders use Binance.

The top CEX administrates trading volumes that exceed $7.7-trillion dollars per year.

The BEP-20 network supports over 69 fiat currencies as well, making it one of (if not, the) the most viable options for cryptocurrency holders across the world.

Any product publicized to the gigantic audience could swing the price of the $BNB coin by association to its binance-chain but it’s the overall utility and problem-solving capabilities within its ecosystem that are fundamentally a catalyst to such growth.

With purchases via credit card re-approved, the new store-of-value token Bitnance (BTN) beginning to rise in popularity against Bitcoin (BTC), and a spot ETF, it’s possible the Binance Coin (BNB) could soon top $1000.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Binance, the largest cryptocurrency exchange in the world by daily volume, announced on June 8 it had reached 200M global users. 

The 200 million user mark represents over a third of all cryptocurrency holders worldwide.

To the best of our knowledge, no other exchange can boast near as many users. However, it bears mention that these figures are self-reported.

In true celebratory fashion, Binance marked the occasion across its social media platforms by framing the 200 million user mark as a milestone on the company’s quest to onboard a billion, or one in every eight people on Earth.

Today, we celebrate 200 million – and it's all because of YOU!

Your support is the heartbeat of our journey to 1 billion users.

Here's to the stars of our story – you!#Binance200M #Binancian #Binance pic.twitter.com/3cWTEHxg7j

— Binance (@binance) June 8, 2024

Per a post from the Binance account on X.com:

“Today, we celebrate 200 million – and it’s all because of YOU! Your support is the heartbeat of our journey to 1 billion users. Here’s to the stars of our story – you!”

As recently as 2022, Binance only had approximately 130 million users. 

In 2023 the exchange added 40 million users to bring its total count to 170. In the time since, just six months into 2024, it’s already added at least 30 million more. 

This puts Binance on pace to reach 300 million users by 2026, assuming trends remain the same for both the company and the industry.

The global cryptocurrency consumer installation base reached 562 million people in 2024, up 142 million over 2023’s 420 million users, according to research from Triple-A. 

These numbers indicate that Binance users account for approximately 36% of the global cryptocurrency user base.

Binance’s 200 million user milestone comes on the heels of another cryptocurrency industry record for the company. 

As reported back in March, Binance reached a total of $100 billion in user assets under custody. That averages out to about $500 worth of assets in custody per user.

The company’s legal woes are also largely in the rearview. With founder and former CEO Changpeng “CZ” Zhao currently serving a fourth month sentence on fraud charges, it appears as though Binance has emerged relatively unscathed.

CZ, for his part, is reportedly apologetic for his actions and dutifully serving his time in a minimum-security facility in California.

Decentralized gaming platform Ultiverse (ULTI) recorded a 13% price rally today amid the fall of wider crypto assets.

Ultiverse (ULTI) price rallied 13% today as bullish activity mounts.

Daily trading volumes hit 247% following listing from top exchanges.

This comes amid the fall in top crypto prices ushering in a bearish outlook.

Decentralized gaming platform Ultiverse (ULTI) is up 13% today amid the wider market slump. 

The asset’s sharp rise comes after major listings from top crypto exchanges like OKX and Bybit. As the digital asset bleeds, ULTI trading in the opposite direction has caught the attention of the community.

Ultiverse Price Outpaces Market

On-chain data shows bullish activity around Ultiverse following its listing in major platforms as users set sight on a higher price. 

At press time, ULTI trades at $0.06282, a 13% jump in the last 24 hours. This price rally drove up its market cap above $87.6 million. 

The uphill momentum of the asset can be seen in its surging volumes across multiple platforms. Daily trading volumes are up 147% placing it among the top 50 assets on the metric. 

The newly launched coin hit an all-time high of $0.07451 today and although a slight correction was observed, intraday trading placed the asset in the driving seat. 

ULTI Price Chart | Source: Coinstats

 

Ultiverse total open interest is up 265% in the past 24 hours with intraday volumes hitting over 7% in four hours. 

Two days ago, Ultiverse announced its token generation event with OKX, Bybit, and Kucoin listing the asset. 

OKX also announced a staking for ETH for mine ULTI, a move that ignited wider crypto users. 

Designed to connect web3 games into a single ecosystem, the platform seeks to reshape blockchain-based games. Ultiverse is backed by BinanceLabs and Sequoia.

Crypto Market Sees Red

The wider crypto market is still in the red zone with outflows recorded by top coins. The market capitalization fell 3.35% to $2.54 trillion while daily volumes were at $90.6 billion. 

Bitcoin (BTC) and Ethereum (ETH) are down 2.20% and 2.80% in the last 24 hours while other altcoins showed higher losses. 

Solana (SOL) and Ripple (XRP) plummeted 5.6% and 5.8% trading at $160 and $0.494 respectively. 

Top meme coins also posted huge losses with Dogecoin (DOGE) and Shiba Inu (SHIB) recording 8.71% and 7% losses respectively.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Shiba Inu’s trading volume has more than doubled since past day to reach 34.1 trillion SHIB.

Dog-themed cryptocurrency Shiba Inu (SHIB) has seen an extraordinary surge in trading volumes, skyrocketing by 110% in the past 24 hours. 

This spike in activity comes amid a broader market sell-off that has resulted in $410 million in liquidations.

According to CoinMarketCap data, Shiba Inu’s trading volume has more than doubled since the past day, marking a 110% increase to reach 34.1 trillion SHIB or $801 million.

This surge in trading volume indicates a significant rise in buying and selling activities as traders react to the current market conditions. The dramatic increase in volume suggests heightened interest and engagement with SHIB, even as the broader cryptocurrency market experiences a substantial sell-off.

The cryptocurrency market is currently facing a massive sell-off as investors digested a strong non-farm payrolls number for May sparking concerns that the Federal Reserve may not decrease interest rates as quickly as expected resulting in $410 million in liquidations, according to CoinGlass data.

The Bitcoin and cryptocurrency sell-off further accelerated after Keith Gill, known as Roaring Kitty, hosted a highly anticipated YouTube livestream for the first time in several years. 

GameStop (GME) shares fell, impacting a barrage of meme coins: Dogecoin (DOGE) is down by 10% over the past 24 hours, Shiba Inu (SHIB) has fallen by 8% in the said time frame, and Pepecoin (PEPE) off 11%.

The reasons for the surge in Shiba Inu’s trading volume may be varied. 

Traders may be taking advantage of the volatile market conditions to speculate on SHIB’s short-term price movements, driving up trading volumes. 

Investors could be reallocating their holdings, moving funds into or out of SHIB in response to broader market trends and liquidations.

Likewise, the market dip might be prompting both panic selling and opportunistic buying, with some traders exiting their positions to avoid further losses while others see the dip as a buying opportunity.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

The US Department of Justice (DoJ) indicted Bill Guan, the chief financial officer (CFO) of Epoch Times, on Tuesday of laundering $67M using cryptocurrency

Guan was taken into custody earlier this week.

The US Department of Justice (DoJ) indicted Bill Guan, the chief financial officer of Epoch Times, on Tuesday.

The DOJ alleges that Guan was involved in an international scheme to launder around $67 million of illicit funds using cryptocurrency.

The Scam

From 2020 to May 2024, Bill Guan engaged in a large-scale international money laundering scheme, collaborating with others to launder approximately $67 million of illegal funds into the bank accounts of his media company and its related entities, according to the official press release by the DOJ.

Guan managed the company’s “Make Money Online” (MMO) team, operating from a foreign office, to facilitate the scheme. 

Under his direction, the team used cryptocurrency to purchase tens of millions of dollars in illicit proceeds, mainly from fraudulently obtained unemployment benefits loaded onto prepaid debit cards.

These crime proceeds were bought at discounted rates of 70 to 80 cents per dollar via a specific cryptocurrency platform and then exchanged for digital assets. 

Stolen personal identification information was used to open various accounts, including prepaid debit card accounts, cryptocurrency accounts, and bank accounts, to transfer the illicit funds into the media company’s bank accounts.

Around the time the money laundering scheme began, the Media Company’s annual revenue surged by approximately 410%, from about $15 million to $62 million. 

When banks questioned Guan about the increased transactions, he allegedly lied and instead claimed that the funds were from donations.

However, in 2022, Guan wrote to a congressional office, falsely stating that donations made up “an insignificant portion of the overall revenue” of the Media Company.

Potential 80-Year Sentence

The 61-year-old exec from Secaucus, New Jersey, now faces charges for conspiracy to commit money laundering, which could result in a maximum 20-year prison sentence and two counts of bank fraud, each carrying a potential 30-year sentence.

Commenting on the allegations, US Attorney Damian Williams said,

“As alleged, Bill Guan, the Chief Financial Officer of a global newspaper and media company, conspired with others to benefit himself, the media company, and its affiliates by laundering tens of millions of dollars in fraudulently obtained unemployment insurance benefits and other crime proceeds.

Today’s charges reflect this Office’s ongoing commitment to vigorously enforcing the laws against those who facilitate fraud through money laundering and to protecting the integrity of the U.S. financial system.”

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

A crypto influencer and Ethereum (ETH) supporter currently holds $8 million in unrealized losses from a $15 Million investment in the ERC-20 token FRIEND.

The cryptocurrency market went through a shakeout, with most cryptocurrencies experiencing a crash in the past 24 hours. 

A crypto influencer and Ethereum (ETH) supporter currently holds $8 million in unrealized losses with the ERC-20 token FRIEND.

Notably, the pseudonymous influencer Machi Big Brother, with 164,400 followers on X, has over 50% losses with FRIEND. Lookonchain spotted the one-month losing position from the labeled account and reported it in a post on June 8.

Machi Big Brother(@machibigbrother) has been buying $FRIEND since May 3.

He has spent 4,975 $ETH($15.6M) to buy 8.6M $FRIEND at an average price of $1.81.

At the current price, he lost $7.9M on $FRIEND!https://t.co/j5UByo2jpN pic.twitter.com/tiew7f377A

— Lookonchain (@lookonchain) June 8, 2024

According to the on-chain analyst, Machi Big Brother has been buying the token since May 3. Overall, he bought 8.6 million FRIEND for an average price of $1.81. 

The crypto influencer spent 4,975 ETH, worth $15.6 million, in this investment, currently down 55%.

As of this writing, FRIEND trades at $0.808, having crashed 60% in the last 30 days. Therefore, Machi Big Brother’s position is now valued at $6.95 million, down $8.65 million in over a month.

FRIEND And Social Volume With Crypto Influencers

The well-known cryptocurrency trader Ansem has defined FRIEND as a meme coin and a “culture coin,” highlighting its ecosystem. 

Ansem posted this on X on May 4, suggesting he could have been building a position on the token approximately at the same time the other crypto influencer did.

friend token is the first memecoin that is also a culture coin that is also a dex that also has real revenue that is also distributed entirely to the community that is also backed by paradigm pic.twitter.com/bXDeSEaHGS

— Ansem (@blknoiz06) May 4, 2024

Interestingly, the token peaked in social volume and price in early May but never reached these levels again. 

Data from Santiment suggests FRIEND experienced a brief hype driving its prices and crypto influencers’ interest one month ago. However, this was a short-life surge, which has now been fading away and accumulating losses.

Meme Coins And The Greater Fool Theory

Meme coins, like FRIEND, come with significant risks that traders must not underestimate due to their speculative nature. 

These cryptocurrencies often lack intrinsic value, and their prices are primarily driven by social media hype and buzz.

Crypto influencers and traders who invest in meme coins are essentially gambling, hoping to sell at a higher price to others. 

This mindset aligns with the “Greater Fool Theory,” which suggests profits can be made from overvalued assets. However, this theory also underscores the inherent risk, as the market may eventually run out of willing buyers.

When hype fades and demand wanes, traders can be left holding worthless assets, resulting in substantial financial losses.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Crypto data aggregator firm, CoinGecko, has experienced a data breach through one of its third-party service provider. 

While no CoinGecko user accounts were compromised in this incident, the hackers accessed vital users’ personal information which they employed in launching a wide-scale phishing attack.

1,916,596 User Contacts Stolen In The Breach

According to a security notice on June 7, CoinGecko claimed that hackers gained access to an employee’s account at GetResponse, an email marketing platform, leading to a high level of unusual activity. 

On June 6, the team at GetResponse confirmed the attack stating that a data compromise had occurred. 

Through this hack, the bad actors transferred out 1,916,596 contacts from the CoinGecko GetResponse account before proceeding to send phishing emails to 23,723 of these contacts using another GetResponse account.

For context, a phishing mail represents a fraudulent mail designed to deceive an unsuspecting recipient into revealing particularly sensitive or important information. 

In this case, such information could be particularly detrimental, leading to a loss of assets. 

However, through a fast response,  the malicious emailing activity was quickly detected and halted by CoinGecko in collaboration with GetResponse. 

However, data of certain users including personal information such as users’ name, email address, etc, and metadata such as account sign-up date and subscription have been obtained by the hacker. 

Notably, the data breach at CoinGecko occurred on the same day following an alert from Tether CEO Paolo Ardoino stating that an established email vendor popularly used by crypto firms had been compromised. 

We received now 2 independent confirmations that a prominent vendor used by crypto companies to manage mailing lists might have been compromised.

Not making names yet until investigation is completed, but please beware of any emails suggesting crypto-airdrops received since 24h…

— Paolo Ardoino (@paoloardoino) June 5, 2024

To mitigate the potential damage from this incident, CoinGecko has reached out to all users affected by the data breach. 

Furthermore, the crypto data firm has commenced an investigation into the attack in partnership with GetResponse. 

CoinGecko admonishes all users to exercise caution in opening emails from strange sources/domains. 

In particular, they have warned against engaging with any email that claims to offer token airdrops by CoinGecko or GeckoTerminal. 

Commenting on the incident, CoinGecko Co-founder and Chief Operating Officer, Bobby Ong has emphasized similar warnings, saying: 

“Unfortunately GetResponse has confirmed that we are one of the impacted accounts that suffered a breach. This is a targeted supply chain attack on our email newsletter software vendor. There is no CoinGecko token being planned so don’t be duped by phishing emails.”

Binance TH to list LUNC, USTC, LUNA, SHIB, TIA, ETH, and other trending crypto to expand trading options for its users in Thailand.

Users can start trading LUNA, LUNC, USTC, TIA, AR, TAO, W, TRB, JTO, TNSR in USDT pairs on June 11.

Binance TH will list ETH on Base, Arbitrum, and Optimism and SHIB on BSC.

LUNC, USTC, and SHIB prices are expected to rebound next week.

Crypto exchange Binance TH, a joint venture between Binance and Gulf Energy, on Saturday announced the listing of new trading pairs and existing tokens on new networks. 

Binance’s Thailand arm to list trending crypto including Terra Classic (LUNC), USTC, Terra (LUNA), Shiba Inu (SHIB), Celestia (TIA), Wormhole (W), Bittensor (TAO), and others.

Binance TH Announces New Crypto Listing

Binance Gulf’s Thailand-based crypto exchange Binance TH said it will add trading pairs on June 11, as per an official announcement on June 8. The crypto exchange added 10 new cryptocurrencies for trading amid push to increase users on the new exchange.

Binance TH will list LUNA/USDT, LUNC/USDT, USTC/USDT, TIA/USDT, AR/USDT, TAO/USDT, W/USDT, TRB/USDT, JTO/USDT, and TNSR/USDT pairs. 

Terra Luna Classic community sees another commitment by Binance to LUNC, USTC, and LUNA tokens amid demand from domestic users.

In addition, crypto exchange will also list existing tokens on new networks for trading. Binance TH will list ETH on Base, Arbitrum, and Optimism; USDT on Arbitrum, Optimism, and Avax C-chain; WAVES and SHIB on BSC.

Users can start trading above-mentioned crypto at 2:00 PM local time on June 11, 2024. Interestingly, it comes a day before settlement between the U.S. Securities and Exchange Commission (SEC) and Terraform Labs.

LUNC, USTC, SHIB, and Crypto Prices To Surge?

Altcoins’ prices fell after the crypto market selloff in the last 24 hours, dragging the global crypto market cap by more than 3.40% to $2.54 trillion. 

However, market experts believe prices will rebound soon as inflation cools but

LUNC price fell 10% in the last 24 hours, with the price currently trading at $0.0001064. The 24-hour low and high are $0.0001018 and $0.0001219, respectively. 

The drop erased sentiment for a new rally as traders anticipated a start of a massive rally.

USTC price tumbled more than 12%, with the price changing hands at $0.02145. The selloff pared 22% gains USTC saw in a month.

Meanwhile, SHIB price also dropped over 6% and currently changing hands at $0.00002332. Trading volume in the last 24 hours has increased by more than 80%. However, Shiba Inu is likely to continue rallying after the lull.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Ripple Labs is having meetings with representatives of the National Bank of Georgia for a yet-to-be announced use case.

The duo might be exploring expanding their relationship beyond Digital Lari project

Ripple’s use cases with national banks have continued to grow.

Crypto payments firm Ripple Labs Inc. and the National Bank of Georgia are likely on the path to launching a new payment solution that will merge blockchain technology and traditional finance.

Ripple to Support Digitization of the Georgian Economy

According to Antony Welfare, an author and the Central Bank Digital Currency (CBDC) Advisor for Ripple Labs, the company’s Vice President James Wallis and Alistair Brown from software engineering service provider EPAM Systems are in close communication with the National Bank of Georgia (NBG).

Great to see James Wallis, VP @Ripple and Alistair brown from our partner @EPAMSystems engaging with the National Bank of Georgia https://t.co/iYnNZZQtEF pic.twitter.com/pzcjwhZkIf

— Antony Welfare (@AntonyWelfare) June 8, 2024

The screenshot that Welfare shared in his update on X highlighted how their discussion centered around exploring potential avenues for collaboration in the digitization of the Georgian economy.

Their conversations stem from the fact that Ripple is the technological partner for NBG’s pilot project on its CBDC, the Digital Lari. 

Markedly, the blockchain payments firm emerged the favorite after a couple of rigorous processes that involved nine companies. 

They were all judged based on sufficient technological potential, maturity, capacity, relevant experience, and desire to join the on-field exploration. In the end, Ripple emerged as the best partner for the Georgian Bank.

Ripple’s alliance with the bank involves the execution and delivery of the Digital Lari pilot program using the Ripple CBDC Platform that came alive a while back. 

The novel CBDC platform will be used to assess potential use cases of the Digital Lari to ascertain the benefits it holds for the public sector, businesses as well as retail users.

The Rise of More Use Cases For Ripple 

Similarly, Colombia’s Central Bank, Banco de la República once collaborated with Ripple to explore blockchain technology use cases for its Digital Peso pilot by utilizing the same CBDC platform.

The partnership involves the Ministry of Information and Communications Technologies (MinTIC) and a specialized blockchain technology firm known as Peersyst Technology. 

The mission focused on evaluating the potential efficiencies of a solution using the CBDC platform.

This massive endearment towards Ripple’s services earned the blockchain platform an award about a year ago. 

During the 2023 Digital Currency Conference, Ripple Labs bagged an award from Currency Research for its role in the Advancement in Digital Currency and Best Sustainability Initiative.

Judging by the focus of National Bank of Georgia’s meeting with Wallis, Ripple may be on its way to welcoming more use cases in the region.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Baby Doge reveals that the Solana deployment proposal has officially passed today, with plans to establish bridges between Ethereum (ETH), BNB Chain, and Solana (SOL) in the pipeline.

BabyDoge reveals plans to expand on Solana and initiate token bridges between ETH and BNB chain.

Solana’s appeal undermines Ethereum’s, prompting the meme coin’s decision.

BabyDoge price contrastingly slips.

Baby Doge, a dog-themed meme cryptocurrency inspired by Dogecoin, has once again turned heads across the cryptocurrency landscape. 

Following the token’s recent renouncement of ownership on Ethereum and BNB Chain, the coin has now cleared the waters to expand its ventures to Solana.

A recent post shared on X pointed out that the meme coin’s proposal to deploy the BabyDoge token on the Solana network has officially passed. 

This sets the stage for the next phase of developmental upgrades for the meme coin’s successful deployment on one of the most renowned blockchains.

BabyDoge To Deploy On Solana: Here’s Everything

According to a post shared by the meme coin’s community today, June 8, the proposal on snapshot.org has officially passed, with the odds drastically tipping in favor of it. Notably, 100%, or 2668 trillion community members, voted ‘yes.’

The next phase in development is research, followed by developing, testing, and deployment phases. 

This ensures the smooth transition of a Solana-compatible BabyDoge token smart contract on the planned network after complete testing. Simultaneously, token bridges, initiating bridges between ETH, BNB Chain, and Solana, will also be available.

Why Solana?

Today’s post also shed light on the strategic decision to expand on Solana. Compared to Ethereum, Solana offers more cost-effective transactions, making it a more attractive option. 

Additionally, not all tier 1 centralized exchanges support BNB Chain, further solidifying Solana’s appeal. These factors played a crucial role in the decision to expand Baby Doge on Solana.

Following the successful deployment of BabyDoge on the network, transaction speed is expected to be 65,000+ TPS. The fees will also be lowered to $0.00025 per transaction.

These factors appear to have offered the crypto’s community a great appeal to pass the proposal. However, BabyDoge’s price slumped at press time, stirring speculations despite the optimistic development.

BabyDoge Price Tumbles

As of writing, BabyDoge’s price dipped 8% in the past 24 hours and is currently trading at $0.000000001814. The token’s 24-hour bottoms and highs are $0.000000001814 and $0.000000001975, respectively.

The tumbled price movement primarily aligns with the broader crypto market’s waning price trend today. As the market recovers, a potential price rally may kick in for the meme coin.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

At the fundraiser in San Francisco on Thursday, Donald Trump positioned himself as a fervent advocate for cryptocurrencies, calling himself the future “crypto president.”

At a high-profile fundraiser in San Francisco on Thursday, Republican presidential candidate Donald Trump made a strong case for his support of the crypto industry while criticizing Democratic regulatory approaches. 

The event, held at the Pacific Heights home of tech investors David Sacks and Chamath Palihapitiya, successfully raised $12 million, as reported by attendees to Reuters.

According to a report by Alexandra Ulmer for Reuters, during the event, Trump positioned himself as a fervent advocate for cryptocurrencies. 

Trevor Traina, a tech executive and former U.S. ambassador, noted that Trump described himself as the future “crypto president.” 

This declaration comes as the cryptocurrency sector seeks to influence political figures amid increased scrutiny following significant industry bankruptcies in 2022, which exposed fraudulent activities and resulted in substantial investor losses.

Republican National Committeewoman Harmeet Dhillon conveyed that Trump emphasized the importance of cryptocurrency and expressed his robust support for the industry. However, Trump did not provide detailed plans regarding his approach to crypto policy.

Trump’s remarks contrast with President Joe Biden’s 2022 executive order aimed at ensuring the responsible development of digital assets. 

This order prompted agencies like the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission to develop regulatory guidelines to mitigate risks associated with cryptocurrencies. 

The Biden administration has also indicated a willingness to work with Congress on a regulatory framework for digital assets.

Robyn Patterson, a spokesperson for the White House, reiterated the administration’s stance, highlighting efforts to balance innovation in digital assets with consumer protection against the risks of new technologies.

The Reuters report went on to mention that despite San Francisco’s predominantly liberal leaning, Trump has found support among a growing number of venture capitalists and crypto investors in the area. 

These supporters, including several prominent figures, are concerned about what they perceive as overregulation under the current administration. 

Jacob Helberg, a Palantir adviser, mentioned that Trump vowed to halt what he described as the “Biden-Gensler crusade against crypto” within an hour of taking office, referring to SEC Chair Gary Gensler.

The event attracted notable attendees from the crypto industry, including executives from Coinbase and the Winklevoss twins, Tyler and Cameron, well-known for their significant crypto investments.

David Sacks and Chamath Palihapitiya, who have been vocal about their crypto investments, especially in Bitcoin, hosted the fundraiser in the Pacific Heights neighborhood. 

The alignment of the crypto community with Trump signals a strategic move driven by concerns over regulatory pressures seen as detrimental to industry growth and innovation.

Last month, Trump endorsed cryptocurrency during a special event for Trump NFT holders at his Mar-a-Lago resort in Florida. 

He voiced concern over the departure of crypto companies from the U.S., citing a perceived hostility towards digital assets. “If we’re going to embrace it, we have to let them be here,” he stated.

i asked donald trump how he’s going to keep crypto businesses in america.

sounds bullish pic.twitter.com/rvuztPmQ8P

— Malcolm (33.3%) (@macdegods) May 9, 2024

At the event, Trump engaged with the crypto-savvy audience, expressing his openness to accepting campaign donations in Bitcoin and other tokens. 

He also criticized the current administration, accusing President Biden and SEC Chair Gary Gensler of being both ignorant and hostile towards cryptocurrency.

BREAKING: DONALD TRUMP IS FINE WITH CRYPTO pic.twitter.com/SCJDKdHQUB

— Frank (@frankdegods) May 9, 2024

Additionally, Trump claimed credit for revitalizing the popularity of NFTs:

he also said “MAKE NFTs HOT AGAIN”

bro might be one of us pic.twitter.com/RbflwMEJjb

— Frank (@frankdegods) May 9, 2024

ZachXBT spotted a crypto theft involving approximately $2M worth of ANDY meme coins.

The thief had exchanged about half of the stolen crypto to ETH, transferring them to new wallets.

Memecoin hacker drained the victim’s wallet in three transactions in under one minute.

Blockchain sleuth ZachXBT uncovered a crypto theft targeting roughly $2 million worth of ANDY meme coins. 

In a post, the investigator revealed the thief exchanged half the stolen assets for Ethereum (ETH) and transferred them to new wallets.

ZachXBT shared a transaction diagram, a hallmark of his investigations. It showed the remaining stolen funds held in ANDY, a meme coin on the Base network. At the time of the report, the hacker held 4.2 billion ANDY, valued at approximately $1 million.

The investigation revealed the hacker stole the meme coins via three separate transactions within a minute. 

The stolen crypto was consolidated into a single wallet before being dispersed across five new addresses over multiple transactions. This transfer process took under 30 minutes.

The report highlights a couple of secondary transfers, with the most significant involving 8.38 ETH sent to a new wallet. The other involved a portion of the stolen meme coins.

ZachXBT’s alert coincides with surging interest in the meme coin sector fueled by the ongoing crypto market speculation. 

Many traders view meme coins as a potential source of quick profits due to their history of rapid price increases.

Some Nigerian crypto enthusiasts are of the opinion that the country’s decision to ban naira trade on cryptocurrency exchanges is likely to worsen matters for its volatile currency.

Due to the rapid decline of the naira and the resulting almost three-decade-high inflation rate of 29.9%, the government turned its focus to platforms providing cryptocurrency services.

Some Nigerian crypto enthusiasts are of the opinion that the country’s decision to ban naira trade on cryptocurrency exchanges is likely to worsen matters for its volatile currency.

In an interview with Rume Ophi, the executive secretary of the Stakeholders in Blockchain Technology Association of Nigeria (SiBAN), he stated that the official Nigerian narrative that global cryptocurrency platforms contributed to the naira’s depreciation is impractical.

Ophi said Nigeria can effectively regulate the cryptocurrency industry through a framework introduced by the Nigerian Securities and Exchange Commission (SEC) in 2022.

Due to the rapid decline of the naira and the resulting almost three-decade-high inflation rate of 29.9%, the government turned its focus to platforms providing cryptocurrency services. These websites have become famous for trading and establishing an informal value for the naira.

In a recent opinion piece, Iwa Salami, an associate professor at the University of East London, argued that crypto has been unfairly blamed for devaluing national currencies.

She suggested that Nigerian authorities should adopt a balanced regulatory approach instead of a complete ban, as crypto has never been directly linked to currency devaluation despite its associations with money laundering and drug trade.

“Nigeria needs a balanced approach to regulation if the industry is to thrive without harming financial and monetary stability. A stable financial system can allocate resources efficiently and manage financial risks. The approach must protect consumers and investors.”

Regulation Over Targeting Crypto Exchanges

Bitcoinworld has previously reported on Nigeria’s crackdown on cryptocurrency trading platforms. 

Nigerian authorities blamed these platforms for the naira’s rapid depreciation earlier in the year. Binance was particularly under focus and has since faced several charges, including tax evasion allegations.

Salami emphasized that Nigerian authorities can accomplish their goals through regulation rather than prohibition. 

By leveraging the 2022 regulatory framework established by the Nigerian SEC, authorities can require cryptocurrency exchanges to reveal the identities of wallet holders connected to suspicious activities, striking a balance between oversight and innovation.

According to the associate professor, global adoption of international standards for crypto assets, such as the Financial Stability Board’s recommendations, would provide a unified solution to the concerns raised by Nigerian authorities and other regulators worldwide, promoting clarity and consistency in regulating crypto asset activities.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

The price of Ethereum (ETH) has decreased 3.98% over the past 24 hours to $3,678.71, continuing its downward trend over the past week of -2.0%, moving from $3,782.30 to its current price.

The chart below compares the price movement and volatility for Ethereum over the past 24 hours (left) to its price movement over the past week (right). 

The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. 

The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.

The trading volume for the coin has tumbled 10.0% over the past week while the circulating supply of the coin has risen 1.19%. 

This brings the circulating supply to 120.15 million. According to our data, the current market cap ranking for ETH is #2 at $441.21 billion.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

According to the latest development, former US President and also a candidate in the new election, Donald Trump, introduced himself to his supporters as the “crypto president.”

Republican presidential candidate Donald Trump introduced himself as a cryptocurrency champion at a fundraiser in San Francisco today and criticized Democratic efforts to regulate the industry.

Trump raised $12 million at an event hosted by tech venture capitalists David Sacks and Chamath Palihapitiya at Sacks’ home in the upscale Pacific Heights neighborhood, according to three sources who were there.

“Trump said he would be the crypto president,” said Trevor Traina, a San Francisco-based technology executive and Trump’s former ambassador to Austria.

According to Republican National Committee member Harmeet Dhillon, Trump emphasized the importance of cryptocurrencies and declared his strong support for the industry. 

However, Dhillon noted that Trump did not provide specific details about his proposed crypto policy.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

The price of XRP has decreased 6.55% over the past 24 hours to $0.49, continuing its downward trend over the past week of -0.0%, moving from $0.52 to its current price.

The chart below compares the price movement and volatility for XRP over the past 24 hours (left) to its price movement over the past week (right). 

XRP Price and Volatility Chart

 

The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. 

The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.

The trading volume for the coin has increased 8.0% over the past week while the overall circulating supply of the coin has increased 0.98% to over 55.51 billion which makes up an estimated 55.51% of its max supply, which is 100.00 billion. 

XRP Price Chart | Source: Coinstats

 

The current market cap ranking for XRP is #8 at $26.99 billion.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

The price of Avalanche (AVAX) has decreased 8.97% over the past 24 hours to $33.22, continuing its downward trend over the past week of -8.0%, moving from $35.76 to its current price.

The chart below compares the price movement and volatility for Avalanche over the past 24 hours (left) to its price movement over the past week (right). 

Avalanche Price and Volatility Chart

 

The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.

Avalanche’s trading volume has climbed 22.0% over the past week, moving in tandem, directionally, with the overall circulating supply of the coin, which has increased 8.31%. 

This brings the circulating supply to 393.25 million, which makes up an estimated 54.62% of its max supply of 720.00 million. 

AVAX Price Chart | Source: Coinstats

 

According to our data, the current market cap ranking for AVAX is #13 at $12.99 billion.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Over the past 24 hours, the price of Dogecoin (DOGE) has fallen 8.83% to $0.15. 

This continues its negative trend over the past week where it has experienced a 1.0% loss, moving from $0.16 to its current price.

The chart below compares the price movement and volatility for Dogecoin over the past 24 hours (left) to its price movement over the past week (right). 

DOGE Price and Volatility Chart

 

The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.

The trading volume for the coin has tumbled 10.0% over the past week while the circulating supply of the coin has risen 1.11%. 

DOGE Price Chart | Source: Coinstats

 

This brings the circulating supply to 144.60 billion. According to our data, the current market cap ranking for DOGE is #9 at $21.30 billion.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

According to official statements, the Norwegian government managed to recover a significant part of the stolen amount of Ronin (RON).

The Norwegian government has successfully frozen and returned $5.7 million in funds linked to the infamous Ronin (RON) hack in 2022. 

This vulnerability, which led to a staggering loss of over $600 million, remains the largest DeFi vulnerability in history.

Ronin, an Ethereum sidechain, was developed to support the popular play-to-win web3 game Axie Infinity (AXS) developed by Sky Mavis. 

The funds were recovered through a coordinated effort involving law enforcement, lawyers, accountants and blockchain criminal firms such as Chainalysis.

The Norwegian National Agency for the Investigation and Prosecution of Economic and Environmental Crimes (Økokrim) played a key role in the recovery of the stolen assets.

In a recent post, Sky Mavis expressed her gratitude to everyone involved in the rescue effort, specifically mentioning Økokrim and the FBI in the USA.

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Sky Mavis confirmed that 15% of the recovered funds will be used to cover expenses, while the rest will be deposited into the Axie Infinity treasury. 

They also stated that a separate $40 million worth of assets have been frozen by law enforcement authorities, but it may take some time for these assets to be recovered.

The Ronin attack, which took place in March 2022, was linked to North Korea’s Lazarus Group, which is also suspected of other notable attacks, including the $100 million Harmony bridge attack in January 2023.

 However, Sky Mavis was unable to provide a specific timeline for the return of frozen assets at this stage.

Over the past 24 hours, the price of Chainlink (LINK) has fallen 6.88% to $16.17. 

This continues its negative trend over the past week where it has experienced a 11.0% loss, moving from $18.08 to its current price.

The chart below compares the price movement and volatility for Chainlink over the past 24 hours (left) to its price movement over the past week (right). 

Chainlink Price and Volatility Chart

 

The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.

The trading volume for the coin has increased 31.0% over the past week while the overall circulating supply of the coin has increased 0.28% to over 587.10 million which makes up an estimated 58.71% of its max supply, which is 1.00 billion. 

The current market cap ranking for LINK is #16 at $9.49 billion.

Chainlink Price Chart | Source: Coinstats

 

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.