ARK Invest shifts from ProShares Bitcoin ETF to ARK 21Shares Bitcoin ETF and Ethereum.

Strategic acquisitions of Meta Platforms shares signify diversification within ARK’s portfolio.

Divestment of SQ stock indicates a strategic move to reallocate resources within ARK’s investments.

Investment company ARK Invest, led by Cathie Wood, has completed selling its holdings in the ProShares Bitcoin Strategy ETF (BITO), a move that suggests a shift in the business’s approach to investing. At the close price of $28.22, the company sold 237,983 BITO shares from its Next Generation Internet ETF (ARKW), generating transactions of $6.7 million.

In late 2023, ARK made a significant move by acquiring over 4 million BITO shares, foreseeing a short-term opportunity pending the approval of spot bitcoin ETFs in the U.S. However, with the continuous sales in January and the recent divestment of the remaining shares, ARK has effectively exited its position in BITO.

Consequently, ARK’s attention has now turned to its own ARK 21Shares Bitcoin ETF (ARKB), which has emerged as the largest holding within the fund. With 2,480,644 shares valued at $160.6 million, ARKB constitutes a substantial 10.4% weighting of the fund’s total value, further solidifying ARK’s commitment to cryptocurrency investment.

Earlier, on April 19, ARKW sold 28,936 shares of BITO while simultaneously increasing its holdings with the acquisition of 139,152 shares of ARKB, ARK’s bitcoin ETF. Moreover, ARK expanded into Ethereum investments, buying 41,068 shares of ProShares Ether ETF.

In addition, while BITO shares were being sold off, ARK Invest strategically bought shares of Meta Platforms (META). These purchases were made through ARKW and ARK Innovation ETF (ARKK), totaling 25,355 shares bought, valued at around $11.20 million based on the most recent closing price.

Whilst, Ark Invest expedited the divestment of the SQ stock. The firm dumped 212,715 shares of the Block Inc. from ARKK and Ark Fintech Innovation ETF (ARKF). The offloading was worth $15.48 million at the closing price of $72.79, dropping 1.67%. In the pre-market session, the SQ stock was up 0.77% to $73.35 on Friday.

The post ARK Invest Sells Off BITO, Embraces ARKB for Crypto Future appeared first on Coin Edition.

ADA’s ranking drops to 10th by market cap amid a significant price decrease.

Only 35% of ADA holders are currently in profit, contrasting with BTC and ETH.

ADA’s on-chain activity declines, reflecting reduced engagement amidst the price drop.

Cardano (ADA), a layer-1 blockchain network, is facing a challenging period as its price continues to drop and its market ranking declines. Notably, ADA is now ranked as the tenth largest cryptocurrency by market cap, following a huge decrease in value. In the last month alone, ADA’s price has fallen by 28%, and it has seen a nearly 22% drop year-to-date, according to CoinMarketCap.

Moreover, recent data from IntoTheBlock shared on X reveals that only about 35% of ADA holders are currently in profit. This contrasts starkly with other major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), where 86% and 81% of holders, respectively, are seeing profits. The situation has led to increased scrutiny of Cardano’s near-term demand potential as more investors are facing losses.

The chart below shows the percentage of holders in profit on several top layer 1 networks 👇Bitcoin remains king, with $TRX being a close second. $DOGE and $ETH also have the vast majority of holders in profit. $ADA stands out with only 35% of holders in profit. But is this… pic.twitter.com/x9YwfuNIN4

— IntoTheBlock (@intotheblock) April 24, 2024

ADA’s market performance has also influenced its position relative to other cryptocurrencies. Over the past month, it has been surpassed in market valuation by Dogecoin (DOGE) and Toncoin (TON). Furthermore, the network has seen its average unrealized loss widen to 15.71%, indicating that if holders were to sell their ADA at current prices, they would incur an average loss of 15.71%.

A significant drop in on-chain activity accompanies the downturn in ADA’s market value. According to Santiment data, daily active addresses on the Cardano network have decreased from over 70,000 during its price peak to about 30,000 currently. This decline in activity reflects the reduced engagement and transaction volumes on the network.

Source (Santiment)

Despite the current market conditions, ADA’s recovery remains possible. Historical data suggests that ADA could enter a super cycle in 2025, potentially reaching new all-time high levels, following a pattern observed a year after the 2020 Bitcoin halving.

Source (Santiment)

However, investor sentiment remains tepid as data from Santiment shows that whale cohorts have been net sellers, reducing their holdings consistently over the last 2-3 months. This lack of significant buying activity during the price dip raises questions about the depth of investor interest in ADA at lower prices.

ADA/USD Price Action

On the 4-hour chart, the ADA token is under the influence of a bearish sentiment, indicating potential further price declines. Since reaching a crucial level on April 12, ADA has seen a significant drop of 32.15%, as depicted by the price range tool. Presently, ADA’s price hovers around the 38.20% Fibonacci retracement level.

ADA/USD 4-Hour Chart (Source: Tradingview )

Should ADA manage to close above this point, it may signal an upward trajectory, potentially challenging the 50% Fibonacci level and even surpassing resistance levels favored by bulls. Conversely, should ADA continue its bearish momentum and close below the 38.20% Fibonacci level, it could signal a continuation of downward movement, possibly retesting the support level below it. A successful breach of this support level could lead ADA prices further downwards, aligning with bearish targets.

The post Cardano’s ADA Faces Market Downturn Amid Whales’ Reluctance to Invest appeared first on Coin Edition.

FBI warns against unregistered crypto exchanges.

Users were urged to avoid crypto services that lack KYC.

Clients can verify exchange registration with FinCEN.

The FBI has urged Americans to stop using unregistered cryptocurrency exchanges. The Internet Crime Complaint Center (IC3), Alert Number I-042524-PSA, announced this in a press release on Thursday. In the statement, the FBI encouraged users to patronize firms registered as Money Services Businesses (MSBs) and comply with anti-money laundering regulations.

The agency instructed users to avoid any crypto service provider that fails to implement the required ‘know your customer’ (KYC) protocols. The FBI noted, “A few simple steps can prevent unintentional use of non-compliant services. For example, avoid cryptocurrency money transmitting services that do not collect ‘know your customer’ (KYC) information from customers when required.”

KYC usually involves collecting a customer’s name, birth date, and address.

To help identify compliant businesses, the FBI directed individuals to verify the registration status of an exchange using “a tool from the U.S. Financial Crimes Enforcement Network (FinCEN).” 

The FBI recently took action against cryptocurrency platforms without the required licenses. Per the agency’s report, “people who use unlicensed cryptocurrency money transmitting services may encounter financial disruptions during law enforcement actions, especially if their cryptocurrency is intermingled with funds obtained through illegal means.”

The statement also pointed out that apps found in app stores might not meet legal standards. Hence, users employing such services could lose access to their funds during law enforcement interventions. 

Furthermore, the FBI noted that crypto services found to be breaking the law or facilitating illegal transactions will be probed. Therefore, the agency stressed that users should ensure their chosen platforms comply with legal requirements to avoid potential legal and financial problems.

This development follows recent legal actions by the U.S. Department of Justice (DOJ), which resulted in the arrest of the founders and CEO of Samourai Wallet on April 24. The DOJ partnered with law enforcement agencies in Portugal and Iceland to arrest one of the founders, seizing Samourai’s web servers and domain. The department also issued a seizure warrant for the application on the Google Play Store. 

The post FBI Urges Caution To Avoid Unregistered Cryptocurrency Exchanges appeared first on Coin Edition.

Solana-based memecoin airdrops briefly covered the cost of “Chapter 2.”

MANEKI and MEW are reportedly connected to the soon-to-launch mobile device.

The memecoins’ combined value reached $459 on Thursday, topping Chapter 2’s $450 cost.

Two cat-themed Solana-based memecoin airdrops briefly covered the cost of “Chapter 2,” the upcoming Solana mobile phone expected to roll out in 2025. The memecoins, MANEKI and MEW, are reportedly connected to the soon-to-launch mobile device and reached a combined value of $459 at some point last Thursday.

Altogether, 5,199 Maneki (MANEKI) tokens launched in an airdrop on April 24, joining the 37,600 Cat in a Dogs World (MEW) tokens that launched on April 1. By reaching a combined value of $459, the airdrops covered the $450 pre-order cost of Chapter 2 per Solana Floor.

MANEKI traded for $0.02326 at the time of writing, reflecting a 9.8% rally in the past 24 hours, according to data from CoinGecko, the crypto foremost crypto aggregation platform. Overall, the newly launched memecoin has gained approximately 9% since it became listed on the platform about 48 hours before the time of writing. MANEKI started from $0.01443 and dropped to a low of $0.01334 before rallying on Thursday to a peak of $0.026919.

Meanwhile, MEW traded for $0.005617 at the time of writing, reflecting a 1.9% dip in the past 24 hours, according to data from CoinGecko. MEW’s current price marks a recovery from its most significant dip since it reached a peak price of $0.009715. 

Chapter 2 is Solana’s second mobile, succeeding Saga, another mobile device the project launched in January that reached 60,000 pre-orders within one month. Customers pre-ordering Chapter 2 can connect their Solana wallet addresses to the device. That way, they can receive the airdrops before getting hold of the gadgets in 2025.

The new phone’s features are similar to those of Saga. Like Saga, Chapter 2 will have a built-in crypto wallet, a dapp store, and custom Android software. However, its hardware will be different from that of the pioneer device.

The post Airdrops Briefly Covers Cost of Acquiring Solana’s Upcoming Mobile Phone appeared first on Coin Edition.

Bitcoin stalls around $60K, prompting anticipation of the U.S. Treasury’s QRA. 

Analysts believe a decrease in the Treasury’s cash target could trigger bullish sentiment in crypto.

Meanwhile, an increased TGA target could unfavorably impact risk assets.

Over the past few weeks, crypto traders have endured a rather dull period. Bitcoin (BTC), the foremost crypto, has remained primarily stagnant within the $60,000 range, with its price experiencing more declines than gains.

Nonetheless, a glimmer of hope may be on the horizon. Analysts anticipate next week’s U.S. Treasury Secretary’s quarterly refinancing announcement (QRA) to boost risky assets like crypto.

Historically, the QRA has served as a barometer for market sentiment. It reflects the U.S. government’s borrowing needs and its impact on broader financial dynamics. In particular, the quarterly QRA reveals the U.S. government’s borrowings for the next three months, affecting bond prices, yields, and market risk appetite. 

Higher bond issuance suppresses prices and boosts yields, discouraging risk-taking. Conversely, diminished issuance yields the opposite effect, influencing market dynamics accordingly.

In its previous announcement in January, the Treasury projected a second-quarter net borrowing of $202 billion and a TGA cash balance of $750 billion. This figure is down from $760 billion in the first quarter. 

Althea Spinozzi, head of fixed income strategy at Saxo Bank, anticipates a decline in quarterly gross issuance for the first time in two years. Spinozzi argued that risk assets like cryptocurrencies will likely rally if the QRA maintains or lowers the TGA target to $750 billion. “This might lead to bullish sentiment in risky assets,” Spinozzi remarked.

Conversely, if the debt announcement increases the TGA target, indicating the government’s intention to hold more cash, it may not be favorable for risky assets. Arthur Hayes, co-founder of the BitMEX exchange, recently expressed his view on X. 

As expected tax receipts added roughly $200bn to TGA. Forget about the May Fed meeting the 2Q24 refunding annc comes out next week. What games will Yellen play, here are some options:1. Stop issuing treasuries by running down the TGA to zero, that is a $1tn injection of… pic.twitter.com/F6AsShYhr4

— Arthur Hayes (@CryptoHayes) April 26, 2024

Hayes suggested the Treasury could halt long-term Treasury issuance, draining the TGA balance, or increase short-term bill issuance, unlocking liquidity through the RRP facility. He suggested that any of these options could lead to a rally in stocks and a resurgence in the crypto bull market.

The post US Treasury Refunding Announcement Holds the Key to Bitcoin Bull Run appeared first on Coin Edition.

Data from Soso Value shows there was a $218 million net outflow from Bitcoin ETFs last Thursday.

GBTC recorded the highest outflow, accounting for $139 million of the total outflow.

FBTC and BRRR recorded daily net outflows for the first time.

Data from Soso Value, the leading ETF analytics platform, shows a $218 million net outflow from Bitcoin ETFs last Thursday. A report from the renowned Chinese crypto journalist Colin Wu showed that Grayscale’s GBTC accounted for $139 million of Thursday’s outflow, making it the ETF with the highest outflow in the day.

According to SoSoValue, the total net outflow from Bitcoin spot ETFs was $218 million yesterday. Grayscale ETF GBTC had a net outflow of $139 million, Fidelity ETF FBTC had a net outflow of $22.61 million, and Valkyrie ETF BRRR had a net outflow of $20.16 million, marking the… pic.twitter.com/PhmFgEb9ng

— Wu Blockchain (@WuBlockchain) April 26, 2024

Furthermore, Wu’s report revealed that the Fidelity ETF (FBTC) had a net outflow of $22.61 million, and the Valkyrie ETF (BRRR) had a net outflow of $20.16 million. It is essential to note that Thursday’s records marked the first time FBTC and BRRR recorded daily net outflows. However, while other ETFs recorded net outflows, Franklin ETF (EZBC) was the only Bitcoin spot ETF that saw a net inflow, with a daily net inflow of $1.8745 million.

Meanwhile, two other ETFs, Ark Invest’s ARKB and Bitwise’s BITB, also recorded outflows, adding to the overall figure of the day. ARKB had a daily net outflow of $31.34 million, while BITB recorded a daily net outflow of $5.99 million, per data from Soso Value.

The notable outflows from Bitcoin ETFs on Thursday impacted Bitcoin’s price significantly. The flagship crypto experienced a 3.79% dip before mounting a recovery amid a battle between the bulls and the bears. TradingView data showed that Bitcoin dropped from a $665,286 daily high on Thursday to a low of $62,785 before rebounding to $64,493 at the close of the trading session.

The impact of yesterday’s Bitcoin ETF net outflow on BTC shows how the newly launched funds affect the Bitcoin market. Soso Value’s data shows the cumulative total net inflow across all the existing ETFs was $12.08 billion as of Thursday. That is a significant volume with a notable impact on the Bitcoin market.

The post BTC Slumps Following a $218 Million Daily Net Outflows From Several ETFs appeared first on Coin Edition.

Coinbase’s CLO voices support for Consensys’ lawsuit against the SEC over Ethereum’s classification.

Consensys aims to safeguard Ethereum’s status as a non-security.

Paul Grewal urges the SEC to admit ETH is a commodity and quit playing games

Paul Grewal, the chief legal officer of Coinbase, has delightedly reacted to the latest lawsuit filed against the U.S. Securities and Exchange Commission (SEC). Consensys, a software development firm, lodged this lawsuit on Thursday in a district court in Texas, USA. The lawsuit accuses the SEC and five commissioners of intending to classify Ethereum as a security.

Consensys stated that the lawsuit aims to uphold Ethereum as “a vibrant and indispensable blockchain platform” and ensure continued access for developers, market participants, and institutions invested in It.

The company stressed that the SEC should not have unchecked authority to extend its regulatory reach to encompass the future of the Internet by misclassifying ETH as a security. It highlighted the SEC’s “reckless approach” as causing turmoil among developers, market participants, institutions, and nations that are either constructing or already overseeing essential systems operating on Ethereum.

Last month, the news broke that the U.S. regulator was stealthily moving to categorize ETH security by requesting financial documents from all U.S. firms that have had engagements with Ethereum. Now, Consensys seeks to preempt the SEC’s move to safeguard the interests of other ETH stakeholders. 

Consensys’ bold action to file a lawsuit against the SEC has attracted widespread commendations from the crypto community. Among the prominent figures reacting to this development is the CLO of Coinbase, a firm that is in ongoing litigation with the SEC.

Grewal pointed out the widely held view that ETH is a commodity. He cited the U.S. CFTC’s agreement with this view. Accordingly, he remarked that it is time for the SEC to admit this fact and quit playing games. 

“It’s time for the SEC to admit that it still knows ETH is a commodity too. No more games,” the Coinbase lawyer remarked. He expressed his appreciation to Consensys for “standing up against the SEC’s unlawful expansion of authority.”

I know ETH is a commodity. You know ETH is a commodity. The CFTC knows ETH is a commodity. It's time for the SEC to admit that it still knows ETH is a commodity too. No more games. Thank you to @Consensys for standing up against the SEC's unlawful expansion of authority. https://t.co/8w7A4PBwUK

— paulgrewal.eth (@iampaulgrewal) April 25, 2024

Notably, in the complaint Consensys cited the SEC’s record of declaring ETH was not a security as early as 2018.

The post Coinbase Legal Chief Applauds Consensys’ Lawsuit Against SEC appeared first on Coin Edition.

Ripple’s shift from XRP to USDT for ODL in the US reflects a strategic response to regulatory pressures.

Ripple’s Singaporean subsidiary now handles XRP sales, signaling a move to non-US entities to navigate legal hurdles.

Uncertainty looms over Ripple’s ODL operations abroad, amidst concerns about the SEC’s wide-reaching injunctions.

Recent disclosures have revealed substantial changes within Ripple’s blockchain payment protocol in response to Bill Morgan’s concerns about the SEC legal battle and Ripple’s On-Demand Liquidity (ODL) operations. Ripple has transitioned its ODL services for US clients from XRP to Tether’s USDT, as indicated in a recent court filing.

Ok Matt. Didn’t have time yesterday but given that you were kind enough to cover this issue on YouTube I have followed up on the point you made about Ripple not having ODL customers and operating through overseas subsidiaries, in response to my concern that a wide injunction can… https://t.co/Lt2OflA9K6 pic.twitter.com/QmymbOEATV

— bill morgan (@Belisarius2020) April 26, 2024

This transition follows a court ruling last year that deemed the institutional sale of XRP tokens in violation of US security laws. Consequently, Ripple engaged non-US entities to facilitate XRP sales to ODL customers, with US-based clients now using USDT as the bridge currency for transactions.

Moon Lambo, an XRP Youtuber, took to the X platform to assert that Monica Long, Ripple’s President, emphasized swift compliance with legal restrictions while ensuring uninterrupted ODL services for US clients. He further stated that a Singaporean subsidiary of Ripple now serves as the primary contracting party for XRP sales, indicating a strategic shift towards non-US entities to circumvent legal hurdles.

Ripple President Monica Long says they don't have any ODL customers. According to Ripple's latest filing, a Singaporean subsidiary has ODL customers using $XRP , but Ripple itself does not. Would an injunction to stop's Ripple's ODL apply to Singaporean subsidiary? If not, then as…

— Moon Lambo (@MoonLamboio) April 25, 2024

Furthermore, internal communications revealed that Ripple implemented minimum asset requirements for ODL clients, with a $5 million threshold to ensure financial robustness. Exceptions are made for “otherwise sophisticated entities,” reflecting Ripple’s commitment to safeguarding end customers amidst regulatory challenges. 

However, concerns persist regarding the impact of a wide injunction sought by the SEC on Ripple’s overseas subsidiaries and their ODL operations. While Ripple itself does not have ODL customers, its subsidiaries reportedly do, raising questions about the applicability of injunctions to non-US entities.

Furthermore, Moon Lambo suggests that as long as ODL transactions do not touch US jurisdictions, they may continue unhindered. This uncertainty underscores the complex regulatory landscape Ripple navigates as it seeks to maintain its position in the digital payments ecosystem. As the legal saga unfolds, Ripple’s adaptation to regulatory challenges will continue to shape the future of its ODL services. 

The post Ripple Makes Waves With USDT Transition for ODL Services appeared first on Coin Edition.

SEC’s use of Wells Notices without subsequent lawsuits raises questions on regulatory intent.

Consensys denies SEC’s allegations, emphasizing MetaMask’s role as an interface, not a broker.

Challenging the SEC’s authority over Ethereum, Consensys underscores regulatory inconsistencies.

Prominent crypto analyst on X (formerly Twitter), Mr. Huber, recently highlighted a curious pattern regarding the U.S. Securities and Exchange Commission’s (SEC) actions against Ethereum-related entities. He noted the issuance of Wells Notices, indicating impending enforcement actions, but observed a notable absence of actual lawsuits filed by the SEC. This observation raises questions about the regulator’s intentions and the perceived threat it poses to Ethereum and its affiliated projects.

See a pattern? A two-year-old Wells Notice, but no lawsuit has ever been filed. The SEC hasn't filed any lawsuit within years of issuing these Wells Notices. It looks like a ploy to me. They act as though they would threaten Ethereum, Lubin, and his token foundry like the rest of… https://t.co/WHGCa70IY9

— Mr. Huber🔥🦅🔥 (@Leerzeit) April 26, 2024

Consensys has now stepped into the fray by taking legal action against the SEC. Filed in the District Court for the Northern District of Texas, this lawsuit challenges what Consensys perceives as regulatory overreach concerning Ethereum and its associated products. At the heart of the matter is the SEC’s issuing a Wells Notice on April 10, targeting Consensys over alleged violations related to its MetaMask wallet product.

As highlighted by lawyer Bill Morgan, according to the SEC, Consensys’ offering of MetaMask Swaps qualifies it as an unregistered broker-dealer. At the same time, its MetaMask Staking service allegedly involves the sale of unregistered securities. Consensys vehemently denies these allegations, asserting that its MetaMask wallet serves merely as an interface and does not conduct brokerage activities or hold customer assets.

Consensys received a letter from the SEC on 4 April 2022 from the SEC’s Division of Enforcement informing it of an investigation into MetaMask and MetaMask Swaps. In September 2022 it received a letter from the SEC about an investigation into staking protocols on the Ethereum…

— bill morgan (@Belisarius2020) April 25, 2024

Moreover, Consensys contends that the SEC’s purported expansion of authority over Ethereum contradicts previous statements by the regulatory body itself. Of note, former director Bill Hinman critiqued Ethereum as a commodity rather than a security during his 2018 speech. Consensys also points to the oversight role of the Commodities Futures Trading Commission (CFTC) in regulating derivative products tied to ether, complicating the SEC’s jurisdictional claims.

The lawsuit embodies Consensys’ worries about the consequences that the SEC’s actions may have on the Ethereum Network. By challenging the SEC’s authority, Consensys aims to preserve the regulatory certainty crucial for its operations and the wider crypto industry.

In framing its legal argument, Consensys invokes the “major questions doctrine,” a legal principle limiting federal regulators from exceeding their Congressional mandates. However, previous attempts to apply this doctrine to crypto-related matters, such as cases involving Terraform Labs and Coinbase, have faced judicial skepticism.

The post Consensys Fights Back Defending Ethereum Against SEC appeared first on Coin Edition.

The Chinese government is investigating its most pro-blockchain official for suspected law violations.

Qian was the creator of China’s Central Bank Digital Currency (CBDC).

China is renowned for its strict laws regarding cryptocurrency-related issues.

According to reports, the Chinese government is investigating its most pro-blockchain official, Yao Qian, for suspected law violations. Although the specific reasons behind the investigation are yet to be known, Qian was the creator of China’s Central Bank Digital Currency (CBDC). He also served as the Director of the Central Bank’s digital currency research institute.

China’s most prominent pro-blockchain official, Yao Qian, is under investigation by the Chinese government for suspected violations of law. The specific reasons are unknown. He was the creator of China’s CBDC and served as the director of the central bank’s digital currency…

— Wu Blockchain (@WuBlockchain) April 26, 2024

Qian was at the forefront of China’s CBDC campaign, significantly impacting its actualization. In 2017, Qian advocated for issuing a state-owned digital currency, noting its importance in guaranteeing the market position of China’s local currency.

The renowned CBDC advocate held several posts in the Chinese government, including Director of the Science and Technology Supervision Department and Director of the Information Center of the China Securities Regulatory Commission.

Meanwhile, Qian’s allegation comes from the Discipline Inspection and Supervision Team of the Central Commission for Discipline Inspection and the National Supervision Commission at the China Securities Regulatory Commission. Also involved in the investigation is the Guangdong Provincial Commission for Discipline Inspection and Supervision.

As earlier stated in this post, Qian’s accusers have not provided a clear indictment nor stated the actual reason for his investigation. They only noted that the top government official is investigated for “serious violations of discipline and law and is currently under investigation by the Central Committee.” 

China is renowned for its strict laws regarding cryptocurrency-related issues. The outright ban on crypto activities in 2021 led to an exodus of several crypto firms and cryptocurrency miners that operated in the region. It marked a significant era in the crypto industry’s evolution as the geographical concentration of crypto activities shifted from China to other parts of the world.

The post China’s Most Prominent Pro-Blockchain Official Undergoes Investigation appeared first on Coin Edition.

CatCoin wins Gate.io’s Crypto Dark Horse Competition; bullish trend follows.

CAT token surpasses $0.000000000704, eyes $0.000000001135 resistance.

The Chaikin Money Flow indicates a deficit, yet bullish signs emerge.

In a recent revelation by crypto exchange Gate.io, the third season of the Crypto Dark Horse Competition has concluded with CatCoin securing the championship title. The competition, known for highlighting emerging cryptocurrencies, showcased a rigorous contest among various participants, ultimately crowning CatCoin as the winner.

🔊#GateioStartup Crypto Dark Horse Competition Season 3 Result Announced! 🏆Champion: #CATCOIN @catcoin 🎉Congratulations to all Champion voters!Startup Crypto Dark Horse Competition (Season 4) is ongoing, join and win a $2,000 Prize Pool: https://t.co/DPcCoJd4Ox pic.twitter.com/ozA24rn8z7

— Gate Startup (@Gateio_Startup) April 25, 2024

The announcement was made through the official Gate.io Startup X (formerly Twitter) account, which congratulated CatCoin, a lesser-known crypto that has shown promise and modernism in the crypto community. Following the announcement, CatCoin has experienced an increase in its market activity.

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

In the last 24 hours, the price of CatCoin surged by 2.32%, reaching a value of $0.0000000007829 per token. This price movement is part of a broader trend of bullish momentum for the cryptocurrency, as evidenced by a 3.92% rise over the past week. The trading volume for CatCoin also spiked, with an increase of 207.13%, amounting to $32.82 million in transactions.

CAT Token Price Action

On the 4-hour chart, the CAT token exhibits a bullish trajectory, notably after it surpassed its previous support level at $0.000000000704. This key movement allowed the token to retest this level for additional support, setting the stage for further upward movement. Currently, the CAT token is ascending with determination towards the 50% Fibonacci retracement level, which is now acting as a low-level resistance.

CAT/USDT 4-Hour Chart (Source: TradingView)

The token’s ability to close above the 23.60% Fibonacci level will be crucial for sustaining this upward momentum. Achieving this could pave the way for the token to target higher resistance levels, specifically at $0.000000001135, potentially leading to significant price gains. 

Conversely, if the CAT token fails to maintain its position above the 23.60% Fibonacci level and closes below it, there is a likelihood of a downward trend. This scenario could see the token retesting at a lower support level, with potential further declines if this support is breached again.

CAT/USDT 4-Hour Chart (Source: TradingView)

From a technical perspective, the Chaikin Money Flow (CMF) indicator presents a challenging outlook, with a reading of 0.07 in the negative zone. This suggests that the CAT token is facing a deficit in money flow, which could exert downward pressure on its prices. 

However, there is a glimmer of positive momentum as indicated by the Bull Bear Power indicator. Despite originating from the negative region, this indicator is showing green bars approaching the zero line, signaling a build-up of bullish energy in the short term. Should these bars cross above the zero line, it would indicate a robust shift to bullish momentum. 

The post CatCoin’s CAT Soars Amid Triumphs in Gate.io’s Crypto Dark Horse Contest appeared first on Coin Edition.

Stripe will support global stablecoin transactions this summer.

The firm has already posted a waitlist for this upcoming feature.

Stripe enabled Bitcoin payments in 2018 but ended the service.

Stripe CEO Patrick Collison announced that the company will begin supporting global stablecoin payments this summer. Transactions will instantly settle on-chain and automatically convert to fiat currency. The CEO has already posted a waitlist for this feature.

Stripe, a payment service provider, enabled Bitcoin payments 10 years ago but ceased this service in 2018. Collison described the Bitcoin payment experience at that time as “pretty terrible,” and Stripe cited a lack of demand as a reason for discontinuing the service.

The upcoming offering will allow merchants to accept stablecoins for online transactions using the Stripe platform. Collison highlighted the technical improvements in the crypto space, highlighting increased transaction speeds, reduced fees, and the growing stability of stablecoins.

During Stripe’s annual conference, Collison demonstrated the new feature by showcasing a payment using USDC (USD Coin), a popular stablecoin, while revealing that the “transactions instantly settle on-chain and automatically convert to fiat.”

The company’s blog post from January 23, 2018, announcing the decision to discontinue Bitcoin support, was updated to reflect the new announcement: 

“This summer, businesses using Stripe to accept payments online can add the option for their customers to pay with stablecoins.”

Although Stripe had been an early supporter of Bitcoin payments, the firm cited technical challenges, including lengthy transaction confirmation times, high failure rates, and exorbitant transaction fees, as reasons for halting the service. The issues led to a decrease in demand from both Stripe clients and retail customers.

The post Stripe to Debut Support for Global Stablecoin Payments This Summer appeared first on Coin Edition.

Pantera Capital’s $1 billion fundraising for Fund V offers diversified exposure across the blockchain.

Led by seasoned investor Dan Morehead, Pantera’s strategic vision signals a resurgence from challenges in 2022.

Pantera’s strategic acquisition of SOL tokens from FTX bankruptcy estate highlights agile investment tactics.

Pantera Capital is on the brink of launching a significant fundraising initiative for its latest venture. Seeking to amass over $1 billion, the Pantera Fund V promises investors diversified exposure across blockchain assets, marking a pivotal move in the crypto investment landscape.

Pantera Capital is seeking to raise more than $1 billion for a new fund that would offer investors exposure across the spectrum of blockchain assets https://t.co/ZJg65ZBfjV

— Bloomberg (@business) April 25, 2024

The upcoming fund, Pantera Fund V, represents a strategic evolution for the company, encapsulating a comprehensive approach that spans startup equity, early-stage tokens, liquid tokens, and other assets. This bold endeavor underscores Pantera’s commitment to navigating the dynamic terrain of cryptocurrency investments with agility and foresight.

Moreover, this ambitious fundraising endeavor signals a resurgence in investor confidence, surpassing the fallout from the tumultuous period characterized by scandals and bankruptcies in 2022. Indeed, the projected success of Pantera’s initiative stands as a testament to the revitalization of the crypto investment sector, with notable players like Paradigm also venturing into substantial capital raises.

Dan Morehead, the seasoned Bitcoin investor heading Pantera, brings a wealth of experience to the table, drawing on insights cultivated during his tenure at Tiger Management. His leadership emphasizes Pantera’s strategic vision, positioning the firm as a formidable presence in the crypto investment arena.

As excitement builds, Pantera Fund V prepares to revolutionize crypto investment strategies. With a $1 million minimum investment requirement for eligible investors, the fund offers a unique chance to engage in the growing blockchain landscape. The anticipated first close on April 1, 2025, signifies a crucial turning point in the fund’s journey.

Moreover, Pantera Capital’s recent acquisition of Solana (SOL) tokens injects an interesting element into its investment strategy. Taking advantage of the liquidation of assets from the FTX bankruptcy estate, Pantera seizes an opportunity to strengthen its portfolio by acquiring more SOL tokens, showcasing its dedication to strategic investments.

An undisclosed source familiar with the transaction revealed that approximately 2,000 SOL tokens were involved in the sale. Reports indicate that the Solana tokens fetched a higher price compared to those sold in previous auctions, hinting at a potential increase in interest in the asset despite its initial ties to FTX.

The post Pantera Capital’s Focus on Startup Equity and Tokens in New Fund appeared first on Coin Edition.

Changpeng Zhao writes an apology letter to the court ahead of his 3-year prison sentence.

The judge receives more than 161 support letters from Zhao’s family and friends seeking leniency.

CertiK founder Ronghui Gu shares his support for Zhao, acknowledging him as a hero.

Changpeng Zhao, the former CEO of Binance, wrote a letter to the U.S. Judge from the Western District of Washington, Richard A. Jones, conveying apologies for his conduct ahead of his sentence. The judge also received about 161 support letters from Zhao’s family, friends, and acquaintances seeking leniency.

CertiK Co-Founder Ronghui Gu shared his support and regards for Zhao via an X post. Along with sending a support letter to the court, Gu wanted to publicly express his support for Zhao.

It was totally unexpected that all the information came out like this, but since my letter is out there, I want to publicly express my support and best wishes for @cz_binance. You are a hero, big bro! Hope everything will be OK. pic.twitter.com/rLb8eQZEV1

— Ronghui Gu (@RonghuiGu) April 24, 2024

In his X post, CertiK co-founder acknowledged Zhao as a “hero.” In addition, he reiterated his belief that Zhao would find justice. His X post read,

“It was totally unexpected that all the information came out like this, but since my letter is out there, I want to publicly express my support and best wishes for @cz_binance. You are a hero, big bro! Hope everything will be OK.”

As per a recent court ruling, Zhao is expected to face a 36-month prison sentence on April 30 for violating anti-money laundering laws. In the recent letter, Zhao took complete responsibility for his actions and apologized for his “poor decisions.” He added, “There is no excuse for my failure to establish the necessary compliance controls at Binance.”

Zhao’s sister, Jessica Zhao, his wife, Yang Weiqing, Binance co-founder, He Yi, and many others wrote to the judge pleading for mercy. Jessica asserted that Zhao hasn’t misused customer funds and cares for others’ well-being. Meanwhile, He Yi stated, “If the cryptocurrency industry is compared to the Wild West, then CZ is the guardian of this wilderness.”

The post Changpeng Zhao Faces 3-Year Sentence: Friends, Family Seek Leniency appeared first on Coin Edition.

Ripple highlights SEC’s approval of spot Bitcoin ETFs for mainstream cryptocurrency integration.

Insights from the Ripple team highlight the importance of secure custody, compliance, and investor access.

Ripple’s analysis shows implications for investors, custodians, and the regulatory landscape.

A recent article shared by cryptocurrency giant Ripple highlights the critical role of custodians in managing ETFs. Custodians are responsible for the security, accessibility, and regulatory compliance of the Bitcoins held within the ETFs.

Using an enterprise-grade digital asset custody provider is crucial for ensuring the safety, security, and accessibility of cryptocurrencies and tokenized assets.Learn about the key considerations for spot bitcoin ETFs and why secure custody matters. https://t.co/iqlEJXmrxH

— Ripple (@Ripple) April 25, 2024

The article highlights some of the key areas for custodians to focus on. First and foremost, proper security measures are important. This means using strong key management practices, multi-signature wallets, cold storage for offline assets, and encryption to help secure Bitcoins from theft and cyberattacks.

The U.S. Securities and Exchange Commission (SEC) gave the green light to eleven spot Bitcoin ETFs in January and that move has started discussions about self-custody of these new financial products.

Spot Bitcoin ETFs offer a new way to invest in Bitcoin, different from directly buying the cryptocurrency. Instead, these ETFs track the price of Bitcoin through derivative contracts. This shift in ownership structure makes secure custody of the underlying Bitcoins crucial.

Another important aspect is following regulations like Know Your Customer (KYC) and anti-money laundering (AML) rules. These rules help prevent illegal activities and maintain investor trust in the system.

The article also speaks about the importance of using advanced technology. Custodians should use tools like hardware security modules (HSMs) and multi-party computation models (MPCs) to manage these digital assets.

To conclude, the article stated that while the SEC’s approval of spot Bitcoin ETFs marks a significant step towards mainstream adoption of cryptocurrencies, it also presents new challenges regarding keeping these investments safe. Custodians play a vital role in addressing these challenges by prioritizing good security, regulatory compliance, and utilizing cutting-edge technology.

The post Ripple Team Shares Insights on Bitcoin ETF’s Impact on Self-Custody appeared first on Coin Edition.

A ‘Buy Bitcoin’ notepad, famously displayed behind Janet Yellen, has sold for over $1 million.

It was sold to the highest bidder with 16 BTC following the week-long auction.

Christian Langalis held up the “Buy Bitcoin” sign during a televised congressional testimony in 2017.

The individual who photobombed former Federal Reserve Chair Janet Yellen with a “Buy Bitcoin” pad has auctioned off the very notepad for over $1 million.

Notably, the yellow pad containing the “Buy Bitcoin” inscription was flashed by the then-22-year-old Christian Langalis during Yellen’s televised congressional testimony in 2017. Little did Langalis know that his impromptu act would later become a symbol of enduring allure in the crypto sphere. The now iconic sign was auctioned on the Scarce City platform last week.

The Pubkey Bar in NYC hosted the concluding event on Wednesday, April 24. Throughout the duration of the auction, the iconic “Buy Bitcoin” sign was prominently displayed for public viewing at Pubkey.

Remarkably, Langalis himself was at the final auction event. Following the week-long auction, the iconic sign was sold to the highest bidder, the pseudonymous “Squirrekkywrath.” He outbid others with 16 BTC worth $1,023,915.52.

The closest to Squirrekkywrath’s bid was 15.5 BTC by NoCBs. The auction website noted that the yellow legal pad “marked Bitcoin’s intrusion into the global monetary landscape.” It added that the “Buy Bitcoin” display “is one of few widely recognized physical Bitcoin artifacts, given Bitcoin’s virtual nature.”

Notably, Christian Langalis, who was an intern at Cato Institute, made headlines in July 2017 when he boldly held up the “Buy Bitcoin” sign behind Janet Yellen. Yellen was reportedly delivering remarks on the Fed’s semi-annual monetary policy report to Congress.

Source: Bloomberg

Although Langalis was later escorted out of the hearing room for his actions, the impact was immediate. As reported by CNBC, the price of Bitcoin surged by 3.7% during the broadcast.Since then, Bitcoin has maintained remarkable upswings in value. From around $2,700 in July 2017, Bitcoin has soared by 2,631% to peak at  $73,750 in March 2024.

The post Here’s How the “Buy Bitcoin” Notepad Sold for $1,023,915 appeared first on Coin Edition.

Thai SEC intensifies crackdown on unauthorized digital asset service providers.

Binance and Bybit are highlighted as major platforms operating without proper licenses.

SEC advises users to withdraw assets from unlicensed platforms.

The Thai Securities and Exchange Commission (SEC) is intensifying its crackdown on unauthorized digital asset service providers. SEC Secretary-General Pornanong Busaratrakul announced that the commission actively blocks access to these illegal platforms to curb financial crimes.

The SEC pointed to similar cases with major platforms, such as Binance and Bybit, accused of operating without proper licenses. Binance, in particular, faced accusations in 2021 but later established a regulated exchange in Thailand through a joint venture. Furthermore, Bybit, flagged by the SEC in December 2023, continues to operate despite regulatory issues.

The Thai SEC has advised users of unlicensed platforms to withdraw their assets promptly, echoing similar measures taken in India and the Philippines. The Philippine SEC chair, Emilio Aquino, stated on April 23 that Binance’s actions violated securities regulations. In light of this, the agency instructed tech companies to remove the Binance app from digital marketplaces.

This move followed Philippine’s recent blocking of “Binance websites by the SEC and the National Telecommunications Commission (NTC) on March 25.” In January 2024, Binance was one of the nine cryptocurrency exchanges banned in India for failing to observe FIU and PMLA guidelines.

While the Thai SEC seeks to hunt down unauthorized operators, the specific platforms facing impending restrictions remain unclear.

These developments mirror regulators’ delicate balance when addressing crypto-related issues. For example, Hong Kong’s Securities and Futures Commission has intended to approve crypto ETFs. At the same time, the agency is taking steps to enforce licensing requirements to combat investment fraud.

Furthermore, this action by the Thai SEC adds to Binance’s ongoing financial issues. In November 2023, the company’s CEO, Changpeng Zhao, was replaced by Richard Teng, the former head of the Abu Dhabi Global Markets regulator. The Binance founder voluntarily stepped down after pleading guilty to money laundering charges. 

Meanwhile, the Central Bank of Nigeria (CBN) has identified Binance, KuCoin, and OKX as unauthorized crypto operators within the country.

The post Thai Regulators Reference Binance and Bybit in Asia’s Crypto Crackdown appeared first on Coin Edition.

A ‘Buy Bitcoin’ notepad, famously displayed behind Janet Yellen, has sold for over $1 million.

It was sold to the highest bidder with 16 BTC following the week-long auction.

Christian Langalis held up the “Buy Bitcoin” sign during a televised congressional testimony in 2017.

The individual who photobombed former Federal Reserve Chair Janet Yellen with a “Buy Bitcoin” pad has auctioned off the very notepad for over $1 million.

Notably, the yellow pad containing the “Buy Bitcoin” inscription was flashed by the then-22-year-old Christian Langalis during Yellen’s televised congressional testimony in 2017. Little did Langalis know that his impromptu act would later become a symbol of enduring allure in the crypto sphere. The now iconic sign was auctioned on the Scarce City platform last week.

The Pubkey Bar in NYC hosted the concluding event on Wednesday, April 24. Throughout the duration of the auction, the iconic “Buy Bitcoin” sign was prominently displayed for public viewing at Pubkey.

Remarkably, Langalis himself was at the final auction event. Following the week-long auction, the iconic sign was sold to the highest bidder, the pseudonymous “Squirrekkywrath.” He outbid others with 16 BTC worth $1,023,915.52.

The closest to Squirrekkywrath’s bid was 15.5 BTC by NoCBs. The auction website noted that the yellow legal pad “marked Bitcoin’s intrusion into the global monetary landscape.” It added that the “Buy Bitcoin” display “is one of few widely recognized physical Bitcoin artifacts, given Bitcoin’s virtual nature.”

Notably, Christian Langalis, who was an intern at Cato Institute, made headlines in July 2017 when he boldly held up the “Buy Bitcoin” sign behind Janet Yellen. Yellen was reportedly delivering remarks on the Fed’s semi-annual monetary policy report to Congress.

Source: Bloomberg

Although Langalis was later escorted out of the hearing room for his actions, the impact was immediate. As reported by CNBC, the price of Bitcoin surged by 3.7% during the broadcast.Since then, Bitcoin has maintained remarkable upswings in value. From around $2,700 in July 2017, Bitcoin has soared by 2,631% to peak at  $73,750 in March 2024.

The post Here’s How the “Buy Bitcoin” Notepad Sold for $1,023,915 appeared first on Coin Edition.

Progress on stablecoin regulation could enhance investor confidence and broaden adoption.

Federal oversight aims to protect investors and ensure stability in the stablecoin market.

Advocacy for marijuana banking legislation reflects efforts to address industry challenges and foster financial inclusion.

Democratic Representative Maxine Waters has pointed out the major breakthroughs in stablecoin regulation and cannabis banking bills, pinpointing the potential for future improvements in these critical fields.

In an interview on Bloomberg Television’s “Balance of Power,” Waters, the ranking member of the Financial Services Committee, talked optimistically about a near-term deal with Committee Chairman Patrick McHenry on an act governing stablecoins. Additionally, she emphasized her efforts towards advancing marijuana banking legislation, aiming to address long-standing issues faced by the cannabis industry.

Waters, a member of the Southern California District, discloses that the negotiations with McHenry of North Carolina have been going on for nearly two years. While acknowledging the need for more adjustments, Waters expressed confidence that the forthcoming legislation would garner bipartisan support. 

She noted consultations with Senate Majority Leader Chuck Schumer and Senate Banking Chairman Sherrod Brown and inputs from the Federal Reserve, Treasury Department, and the White House in shaping the bill.

As articulated by Waters, this legislation’s primary objectives are investor protection and ensuring stability within the stablecoin ecosystem. By introducing federal oversight, Waters believes that stablecoins’ legitimacy could be reinforced, potentially paving the way for wider adoption and market confidence.

In tandem with the stablecoin legislation, Waters also expressed hopes for advancing the marijuana banking bill championed by Senator Brown’s committee. Despite the legalization of marijuana in various states, federal restrictions have hindered the industry’s access to mainstream banking services, leading to operational challenges primarily reliant on cash transactions.

The current political climate appears conducive to legislative breakthroughs in stablecoins and marijuana banking. Waters urged for timely action, highlighting the opportunity to address lingering hurdles in financial services faced by the cannabis sector.

Senator Brown’s recent openness to combining stablecoin regulation with other legislative initiatives, including executive compensation at failed lenders, underscores a strategic approach to simultaneously advancing multiple financial reform measures. This approach could facilitate bipartisan support and streamline the legislative process.

The post Democrat Maxine Waters Pushes for Stablecoin, Cannabis Banking Reforms appeared first on Coin Edition.

BNB’s price rose 11.57% in a week, hitting a high of $615.38.

Trading volume surged 4.32%, signaling increased investor interest.

Despite bullish trends, technical indicators hint at possible corrections.

Over the past week, Binance’s BNB token has enjoyed a robust bullish trend, marking an 11.57% increase in value. Throughout this period, its price has fluctuated between $615.38, its weekly high, and $528.57, its weekly low. However, in the last 24 hours, the bullish momentum has tempered slightly. As of press time, the BNB token is trading at $607.83, reflecting a modest increase of 0.08%.

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

In tandem with this, its intraday market capitalization has followed a similar trajectory, edging up by 0.09% to reach $89,726,634,461. Notably, trading volume has surged over the past day, climbing by 4.32% to $1,479,606,735. This surge in trading volume suggests heightened investor interest and engagement with the BNB token despite the recent moderation in bullish sentiment. 

Keep an eye on $BNB 🧐Looks Promising for the 40-45% Bullish Wave in the Short term..📈#Crypto #BNB #Binance pic.twitter.com/qYMLkI1MlJ

— Captain Faibik (@CryptoFaibik) April 25, 2024

Prominent crypto analyst Captain Faibik echoes this sentiment, suggesting potential for a significant bullish wave, estimating it to be in the range of 40-45% in the short term.

BNB/USD Price Action

The BNB token is demonstrating a bullish pattern on the 4-hour chart, characterized by a consistent trajectory where new highs surpass previous peaks and old lows remain solid. This positive momentum is supported by a 20.6% increase from its recent swing low, which was established a week ago, as depicted by the price range tool. 

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

As of press time, the price of the BNB token is above the 78.6% Fibonacci retracement level, targeting the $630.9 mark, which serves as a critical resistance point during this period. Despite the bullish signs, there are potential risks from bearish forces. Should the bears gain control, the BNB price might retreat to test the support level beneath it before potentially rebounding.

Contrasting with this optimistic trend, technical indicators suggest a more cautionary scenario. The Moving Average Convergence Divergence (MACD) indicator is showing signs of bearish sentiment as it points downward at 8.3, positioned below the signal line. This orientation suggests a possible bearish trend in the near future.

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

However, since it remains in the positive region, this bearishness could represent a brief correction within an overall bullish context and may not persist. Additionally, the MACD histogram is expanding its red, below-zero bars, indicating that bearish sentiment is intensifying.

Parallel to these indicators, the Chaikin Money Flow (CMF) indicator reinforces the concern of bearish pressure. With the CMF moving below the zero line at 0.11, it signals a reduction in money flowing into the market, which could exacerbate the downward price movement in the short term.

The post Binance’s BNB Trends Bullish Despite Emerging Bearish Signals appeared first on Coin Edition.