Lido DAO’s LDO secures 2nd position among top gainers, rising 3.13% to $2.00.

The Chaikin indicator positioned at 0.48 suggests robust LDO buying pressure.

LDO token consolidates, primed for a bullish surge or support retest.

In an upturn in the crypto market, Lido DAO’s LDO token has captured the attention of investors by securing the second spot among today’s top gainers. As the trading day unfolds, LDO has seen its value increase by 3.13% over the past 24 hours, marking its price at $2.00.

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

The crypto asset, presently ranked 54th largest by market capitalization, continues to gain momentum. Consequently, LDO’s market cap has risen by 3.09%, reaching a total valuation of approximately $1.785 billion. This growth reflects a positive shift in market sentiment towards the token.

Moreover, LDO’s trading volume has surged by an impressive 19.69%, indicating a heightened activity level among traders. The current trading volume stands at around $70.867 million. This increase in trading activity is a strong indicator of the rising interest and confidence in LDO’s potential for further growth.

LDO Consolidates: Bullish Rally or Test of Support?

The LDO token is presently navigating a consolidation phase, fluctuating between $2.31 and $1.85. Positioned at the 23.6% Fibonacci retracement level, the token exhibits bullish momentum, hinting at a possible rally should current market trends persist.

LDO/USD 1-Day Chart (Source: Tradingview)

As market activities unfold, the LDO token, currently near the lower boundary of its recent price range, could experience significant movement. If the bullish momentum continues, it is poised to challenge and possibly breach the resistance at $2.31. Such a move would mark a definitive upward trajectory, aiming for the 50% Fibonacci level and potentially reaching higher targets within the bulls’ zone.

Conversely, should the LDO token encounter resistance and revert to lower prices, it risks retesting support at $1.85. A drop below this critical point could see the token decline towards its April low, underscoring the volatile nature of cryptocurrency markets.

Market Dynamics and Technical Indicators

From a technical perspective, investor interest in LDO has been marked by a noticeable influx of capital, as indicated by the Chaikin Money Flow indicator, which currently stands at 0.48. This figure suggests a robust buying pressure underpinning the token’s present trajectory. Such financial inflows hint at sustained confidence among investors, possibly setting the stage for further price increases.

LDO/USD 1-Day Chart (Source: Tradingview)

In contrast, the stochastic RSI, at 48.13, portrays a market in balance—neither overbought nor oversold. This neutral stance is mirrored in the token’s price movement, which has been largely horizontal recently. Yet, the proximity of the RSI line to the signal line could foreshadow an impending upward momentum shift, aligning with broader market optimism.

The post Lido DAO’s LDO Surges Over 3% in a Day, Eyes Bullish Rally Post-Consolidation appeared first on Coin Edition.

Mastercard and US banks collaborate on shared-ledger tech, aiming to streamline settlement of tokenized assets.

Major US banks seek SEC assistance for Bitcoin ETF participation amidst regulatory hurdles.

Republic First Bank’s closure underscores banking sector challenges, prompting calls for regulatory adjustments.

Mastercard, in collaboration with major US banks, is pioneering a new frontier in financial technology by testing shared-ledger technology as per Bloomberg report. This innovation aims to enable the seamless settlement of tokenized assets, including commercial bank money and various securities such as Treasury bonds and investment-grade debt. 

The initiative, known as the Regulated Settlement Network proof-of-concept, seeks to streamline transactions in dollars, with the ultimate goal of enhancing cross-border transaction efficiency while minimizing errors and fraud risks.

Mastercard is joining with financial institutions to test ledger technology that would allow the common settlement of tokenized assets https://t.co/Fv5D1ge1no

— Bloomberg Crypto (@crypto) May 8, 2024

Ledger technology holds transformative potential, potentially revolutionizing financial transaction processes. Currently, assets like commercial bank money and securities operate on disparate systems. 

However, by tokenizing these assets and leveraging distributed ledger technology, settlement processes could be consolidated onto a unified platform. This trial represents an evolution from a previous 12-week test focused on domestic and cross-border payments in dollars, initiated in late 2022.

The trial involves notable institutions like Citigroup Inc., JPMorgan Chase & Co., Visa Inc., Swift, and other significant players in finance. Additionally, expertise from entities such as the Bank of New York Mellon Corp. and the International Swaps and Derivatives Association will enhance the trial’s effectiveness.While financial institutions globally have been exploring shared ledgers for tokenized transactions, commercial deployment is not guaranteed from this trial.

In a separate development, major US banks are seeking assistance from the Securities and Exchange Commission (SEC) to participate in the recently approved spot Bitcoin exchange-traded funds (ETFs) market. 

Leading banking associations, including the Bank Policy Institute (BPI) and the American Bankers Association (ABA), have penned a joint letter to SEC Chair Gary Gensler, requesting targeted modifications to Staff Accounting Bulletin No. 121 (SAB 121) to facilitate their involvement.

Meanwhile, the recent closure of Republic First Bank, marking its second collapse after 2023, underscores the challenges facing the banking sector. This event highlights ongoing concerns within the industry and emphasizes the need for regulatory adjustments to address systemic vulnerabilities.

The post Mastercard and US banks collaborate to streamline settlement of tokenized assets. appeared first on Coin Edition.

Daan Crypto stresses the importance of patience in navigating Bitcoin’s fluctuating highs and lows.

Despite recent declines, Bitcoin’s RSI and MACD hint at a potential short-term price increase.

Speculation around a potential second Trump administration presents opportunities and challenges for Bitcoin’s market dynamics.

Daan Crypto Trades, a full-time crypto trader and investor, offers a pragmatic perspective on Bitcoin’s recent price fluctuations. Despite market euphoria and apprehension, Daan Crypto emphasizes the importance of patience in navigating the volatile landscape. Bitcoin’s current price of $62,371.65, along with a 24-hour trading volume of $25.19 billion, depicts a market mood marked by unpredictable highs and lows.

> Prices Bounce 15% from their lows on average.> People euphoric, all time highs next.> Prices come down 5% on average.> Ok this is it, cycle might really be done again.Somehow the expectation of the average market participant is that we're either going to move up or down… pic.twitter.com/gEBIXCozIZ

— Daan Crypto Trades (@DaanCrypto) May 8, 2024

Moreover, while the average participant anticipates linear movements, historical data suggests otherwise. Bitcoin’s price trajectory is marked by oscillations, with a 15% bounce from lows followed by a 5% downturn. Daan underscores the necessity of patience amidst this volatility, urging investors to acknowledge the gradual formation of higher lows or reversals.

Amidst the current market dynamics, Bitcoin exhibits resilience beyond typical cycle patterns. Despite a 1.85% decline in the last 24 hours, Bitcoin’s Relative Strength Index (RSI) of 43.63 hints at a potential short-term price increase. Additionally, a bullish trend indicated by the Moving Average Convergence Divergence (MACD) at 46 underscores the possibility of continued price appreciation.

Source: TradingView

Subsequently, external factors such as the political landscape also influence Bitcoin’s trajectory. Speculation surrounding a potential second Trump administration presents both opportunities and challenges for the cryptocurrency market. Analysts posit that Trump’s reelection could foster a supportive regulatory environment, positively impacting Bitcoin’s hedge against de-dollarization and declining confidence in the U.S. Treasury market.

.@StanChart says a Trump election win could be positive for crypto markets as his administration would likely push for a more supportive regulatory environment.https://t.co/BhWauonrAK

— CoinDesk (@CoinDesk) May 8, 2024

Moreover, a Trump victory may accelerate the withdrawal of foreign buyers from the U.S. Treasury market due to fiscal concerns. This could lead to a steeper nominal 2-year/10-year curve and an increase in term premium, consequently bolstering Bitcoin’s price. Notably, under Trump’s first term, average annual net selling of U.S. government debt amounted to $207 billion, compared to $55 billion under Biden’s presidency.

The post Bitcoin Bullish Signals Ahead As Analyst Deciphers Market Resilience appeared first on Coin Edition.

Majority of swing voters see the current financial system as outdated and favouring elites.

Only a third of respondents believe cryptocurrency could solve financial system problems.

Crypto owners express more optimism about its impact on financial well-being compared to non-owners.

Swing Voters Skeptical of Crypto’s Potential to Solve Financial System Woes, Survey Finds A recent survey conducted in six swing states reveals that while a majority of voters view the current financial system as outdated and in need of an overhaul, they are divided on whether cryptocurrency offers a viable solution.

Source:DCGHarrisPoll

According to the study conducted by the Digital Currency Group and The Harris Group, 70% of surveyed swing voters agree that the existing financial system favors elites over regular people, indicating a widespread dissatisfaction with the status quo.

However, despite this dissatisfaction there are only a third of respondents who believe that cryptocurrency could address these systemic issues. Additionally, nearly three-quarters of participants express skepticism that crypto offers a more equitable alternative to the current financial system.

Interestingly there is a divergence in opinions between current crypto owners and those who have never invested in digital assets. While over 90% of crypto owners plan to either increase their holdings or maintain their portfolios in the next six months only a small fraction of non-crypto owners intend to invest in the asset class.

A majority (76%) of voters who have experience with cryptocurrency report that it has positively impacted their financial well-being highlighting a potential divide in perception based on personal experience.

Despite growing interest and investment in cryptocurrency the survey suggests that educational and perception still barriers remain among swing voters. Many candidates expressed skepticism towards political candidates who fail to grasp the intricacies of blockchain technology and its potential implications on the financial landscape.

The post Swing Voters Divided on Crypto’s Role in Fixing Outdated Financial System, Survey Reveals appeared first on Coin Edition.

Large transactions suggest shifting investor strategies, impacting Pepe Coin’s short-term price volatility.

Technical indicators signal conflicting market sentiments, prompting caution and strategic decision-making.

Resistance and support levels highlight crucial price thresholds influencing Pepe Coin’s near-term trajectory.

Pepe Coin is currently worth $0.000008, and its value has dropped by 6.52% in the last day, with a total trading volume of $592,502,001. This decrease brings its market cap down to $3.32 billion. Nevertheless, the value of Pepe Coin has increased by 26.62% over the past week. Presently, there are 420.69 trillion Pepe coins in circulation, with a maximum supply capped at 420.69 trillion.

Moreover, recent data unveils significant Pepe transactions worth approximately $21 million, involving large volumes of the coin. The initial transaction involved the transfer of 1,238,332,920,144 Pepe coins, valued at about $10.5 million at that time, from an unidentified wallet to the well-known cryptocurrency exchange Binance. Such movements to exchanges are often seen as a sign of potential selling pressure.

🚨Just In🚨🐳 PEPE Whales Transfer $21M in Coins – Find Out Where They're Going #cryptocurrency #bitcoin #blockchain #crypto #finance #investment📜Read More: 👉 https://t.co/dHiNm5fRLF#Bitcoin #BTC #Crypto #blockchain #web3 #NFT

— TSGG.XYZ (@TSGGCryptoNews) May 7, 2024

Shortly after, a second transaction occurred, in which an equivalent amount of 1,241,850,000,000 Pepe coins flowed out from Binance to an undisclosed wallet. This outflow is generally viewed as a positive indicator, indicating that investors are opting to transfer their assets to personal wallets for long-term holding.

Furthermore, technical indicators like the Relative Strength Index (RSI) on the 4-hour price chart are at 40.77, indicating a potential buying opportunity as the market approaches oversold territory. However, the Moving Average Convergence Divergence (MACD) reading of -0.00000003 suggests a bearish trend, so traders should exercise care. The price chart shows a negative trend that began around 0.0000008433 and will conclude around 0.0000007884.

Source: TradingView

Nonetheless, there exists a resistance threshold around 0.00000085 and a potential support level approximately at 0.00000078. The market cap has experienced a 6.46% decline, while the trading volume has plunged by 32.73%, suggesting a growing bearish sentiment among traders.

The post Pepe Coin’s Recent Surge and Market Moves Amid $21M Whale Transactions appeared first on Coin Edition.

Bappebti, Indonesia’s regulatory agency, forms a committee to monitor the crypto sector.

Crypto Asset Committee ensures compliance and advises on trading.

Kasan stressed the importance of the Crypto Asset Committee.

Indonesia Commodity Futures Trading Regulatory Agency, Bappebti, has set up a special committee to monitor the country’s growing cryptocurrency sector. Plt. Head of CoFTRA Kasan disclosed this information during the inauguration of the 2024 Crypto Literacy Month (BLK) event at Thamrin Nine Ballroom in Jakarta on Thursday, May 2nd.

According to Kasan’s statement during the event, “This committee will be a driving force, ensuring that the crypto asset industry continues to operate smoothly and remains within the applicable legal framework. Therefore, optimizing the role of the Crypto Asset Committee should be a key focus in implementing the current crypto asset ecosystem.”

The Crypto Asset Committee comprises various stakeholders, including officials from Bappebti and relevant government ministries and institutions. It also encompassed representatives from crypto asset exchanges, clearing institutions, and academic and practitioner associations within the crypto asset space. 

Meanwhile, Kasan stressed that the establishment of the Crypto Asset Committee aligns with regulations introduced in January. He further added that it is mandated under Article 4, paragraph (1) of CoFTRA Regulation Number 8 of 2021 regarding “Guidelines for Organizing Physical Market Trading of Crypto Assets (Crypto Assets) on the Futures Exchange.” 

“The duties and functions of the Crypto Asset Committee are namely “to provide considerations or advice to Bappebti in connection with coaching and development activities for physical market trading in crypto assets,” Kasan stated. 

Furthermore, CoFTRA Secretary Olvy Andrianita emphasized the role of the Crypto Asset Committee within Indonesia’s growing crypto asset market. He explained that the committee will oversee the development of the “existing ecosystem,” particularly improving crypto asset trading.

“In carrying out activities for fostering and developing crypto asset trading, the Crypto Asset Committee can carry out its functions, among others, through analysis of industry reports and database management. In addition, the Crypto Asset Committee can carry out studies, evaluations, and preparation of risk assessments for crypto asset trading including feasibility crypto assets for trading,” Olvy stated.

The post Indonesia Sets up Crypto Committee to Oversee Industry Operations appeared first on Coin Edition.

Vitalik Buterin believes all of the best strategies for quantum-proofing piggyback on recursive STARKs.

Buterin noted that the best thing to do is to keep working hard on good and efficient STARK protocols.

The Ethereum co-founder has been creating quantum-resistant account abstracted wallet codes since 2017.

Ethereum co-founder Vitalik Buterin believes all of the best strategies for quantum-proofing piggyback on recursive STARKs. In a recent post on X, Buterin noted that the best thing to do is to keep working hard on good and efficient STARK protocols.

I've been creating quantum-resistant account abstracted wallet codes since 2017!https://t.co/I1vWaC2IgcAs for quantum-proofing the rest of the protocol, I think the issue is that all of the best strategies piggyback on recursive STARKs, and so the best thing to do today is to…

— vitalik.eth (@VitalikButerin) May 7, 2024

According to Buterin, he has been creating quantum-resistant account abstracted wallet codes since 2017. He thinks that by building efficient STARK protocols, blockchain developers can build signature aggregation with the protocols as the foundation.

The Ethereum creator further highlighted that with a ten to twenty years timeline on quantum computing, the right thing to do would be to immediately start working on the basic infrastructure, which he considers recursive STARK protocols. In addition, Buterin suggested that the blockchain industry ensures decisions made currently are forward-compatible with a quantum-resistant future.

Meanwhile, Buterin cited a protocol on Github with the code 4337, noting that it is forward-compatible with quantum-resistance in more ways than one. He highlighted that the protocol’s aggregation feature is optional for now. However, given the higher base overhead of hash-based signatures, he suspects it will become essential.

Buterin’s post was in response to Gregory Markou, ChainSafe’s co-founder, who prompted a discussion on the 3074 competitor, EIP-7702, authored by Buterin. Markou considered the spec good, noting that it addresses an essential hurdle of 3074, assumed as the special signing requirements.

Nonetheless, Markou did not agree to using quantum computing as a counter-argument. He believes many people have repeatedly used it without proposing a solution forward. He cited James Prestwich, the co-founder of Nomad, who said that if quantum computing is an actual concern instead of a political blocker, then there is a need for some extreme actions already.

The post The Best Quantum Computing Strategies Piggyback on Recursive STARKs – Buterin appeared first on Coin Edition.

Trump’s NFT venture showcases his adaptability to new markets, diversifying his revenue streams.

The allure of Trump’s persona transcends borders, drawing international attention to his post-presidential endeavors.

Controversies surrounding Trump’s legal battles intertwine with his entrepreneurial pursuits, adding layers to his public image.

Former President Trump’s unconventional foray into the world of non-fungible tokens (NFTs) continues to make headlines, with reports emerging of a lavish Mar-a-Lago dinner scheduled with supporters who splurged thousands on his “Mugshot Edition” NFTs. This event, while seemingly a detour from his ongoing legal battles, underscores Trump’s knack for leveraging his image for financial gain.

Trump’s lamentations about his legal woes impeding his campaigning efforts clash with his penchant for profit-making endeavors. Despite expressing desires to hit the campaign trail, he seems equally drawn to capitalizing on his name and likeness. This duality in his actions adds another layer to the intricate tapestry of his post-presidential activities.

While Trump’s trial recesses on Wednesdays, he’s not utilizing this time for campaign events, as evidenced by the absence of any scheduled activities from his campaign. Instead, he’s jetting off to join supporters at an exclusive gathering, facilitated by their investment in Trump NFTs. The allure of mingling with the former president appears to outweigh any political pursuits for these attendees.

The sale of Trump NFTs stands out as a separate endeavor from his official campaign, shedding light on his post-presidential financial strategies. According to financial disclosures, Trump reportedly earned a substantial sum from NFT sales alone, estimated between $100,000 to $1 million in 2022. These NFTs, particularly the “Mugshot” editions, depict Trump’s arrest in Fulton County, Georgia, presenting a diverse range of imagery, from his actual mugshot to fanciful portrayals casting him as “America’s Superhero.”

Supporters who secured invitations to the dinner through NFT purchases are promised not only an evening with Trump but also tangible mementos, including pieces of the suit he wore during his arrest. The inclusion of physical items adds a tactile dimension to the digital investment, enhancing its appeal to collectors and enthusiasts alike.

One attendee, Jordan, shares his anticipation of the event, expressing his eagerness to meet Trump firsthand. His journey from Canada to Florida underscores the international allure of Trump’s post-presidential activities, transcending geographical boundaries in pursuit of proximity to power and celebrity.Trump’s ventures extend beyond NFTs, encompassing a diverse range of merchandise, from Bibles to cologne. This entrepreneurial spirit intertwines with his legal battles, where controversies over gag orders and contempt of court fines underscore the ongoing drama surrounding his persona.

The post Trump Dines with NFT Buyers Amid Legal Battle Break appeared first on Coin Edition.

Three American sports celebrities have agreed to pay $2.425 million in Voyager settlement.

Rob Gronkowski will pay the lion’s share of $1.9 million among the three celebrities.

Victor Oladipo will pay $500,000, while Landon Cassill will pay $25,000.

Three American sports celebrities have agreed to pay $2.425 million in monetary relief as settlements over the allegation that they promoted the now-bankrupt cryptocurrency exchange, Voyager Digital. A publicized agreement shows that Retired NFL star Rob “Gronk” Gronkowski, NBA player Victor Oladipo, and NASCAR driver Landon Cassill reached settlements without agreeing or denying the allegations.

With the recent agreement, the plaintiffs have settled with Gronkowski, Oladipo, and Cassill, leaving Co-Defendants Mark Cuban and the Dallas Mavericks as the remaining Defendants for trial in November 2024.

Meanwhile, Gronkowski will pay the highest amount among the three individuals, as the agreement demands the retired NFL star to pay up to $1.9 million. His role in the Voyager debacle includes serving as a Voyager partner, brand ambassador, shareholder, and VGX tokenholder from September 2021. According to reports, Gronkowski agreed to pay the settlement out of empathy for his fans despite losing money himself with the defunct crypto exchange.

On their part, Oladipo and Cassill will pay $500,000 and $25,000 in settlement respectively to complete the total of $2.425 million. The agreement noted that the total sum would provide relief to individuals in the U.S. who enrolled in the Voyager Earn Program Account or purchased VGX tokens from October 2019 to the preliminary approval date.

Voyager collapsed in early July 2022 after the crypto exchange filed for Chapter 11 bankruptcy protection. The plaintiffs commenced a class action around August of the same year, filing a lawsuit entitled Dominik Karnas, et al. v. Mark Cuban, et al.  They amended the complaint at the end of October, adding claims against the settling defendants.

Reportedly, the plaintiffs plan to request an additional $792,000 in settlement for attorney fees incurred in the litigation process. It is essential to note that the settlements were negotiated through mediation. It also aimed at resolving whether Voyager products were unregistered securities and if the promoters solicited investors.

The post 3 American Celebrities Agree to Pay $2.42M in Voyager Lawsuit Settlement appeared first on Coin Edition.

Crypto venture capital consistently surpasses $1 billion monthly, signifying sustained market expansion.

Blockchain infrastructure firms lead in funding, followed by decentralized finance protocols, highlighting sector diversity.

Analysts predict VC funding to surge, expecting it to hit $500-650 billion in five years with exponential growth.

For the second month in a row, venture capital investment in the cryptocurrency sector has exceeded $1 billion, indicating the market’s continuous expansion. April saw a total of $1.02 billion raised over 161 investment rounds, somewhat less than the previous month’s $1.09 billion from 186 deals. This achievement is a significant milestone, matching the highs achieved in October-November 2022.

🗞️ Crypto NewsCrypto venture capital funding has exceeded $1 billion, signaling sustained investor interest in the industry.🔗 https://t.co/BYxyzN0kiA#CryptoNews

— CoinMarketCap (@CoinMarketCap) May 8, 2024

This accomplishment was made possible by notable fundraising efforts. Securitize, a real-world asset tokenization company, has received a $47 million investment headed by BlackRock. Monad, called the “Solana killer,” got a massive $225 million from Paradigm and Coinbase Ventures. Auradine, a blockchain infrastructure firm, won $80 million, while Berachain, a Cosmos-based layer-1 blockchain, received $100 million.

Blockchain infrastructure firms emerged as top recipients, garnering $1.7 billion in venture capital funding in 2024. Decentralized finance protocols followed closely with $626 million. Conversely, decentralized autonomous organizations received a mere $3 million this year.

VC firms Pantera Capital and Paradigm are actively seeking substantial funds for new cryptocurrency ventures. Pantera Capital aims for a $1 billion raise, potentially the largest in the crypto industry since May 2022. Meanwhile, Andreessen Horowitz, despite raising $7.2 billion for various tech sectors, refrained from allocating more funds to its crypto-focused fund.

Analysts at Bernstein Research project a growth trajectory for crypto funds, estimating $500 billion to $650 billion in VC funding within five years, a remarkable surge from the current $50 billion valuation. Such forecasts underline the immense growth potential and allure of the crypto market.

Since 2014, crypto venture capital funding has skyrocketed, surpassing $100 billion across 5,195 funding rounds. With 2024 already exceeding $3.67 billion across 604 rounds, the industry is poised to surpass the impressive $9.3 billion funding achieved in 2023, marking another milestone in its evolutionary journey.

The post Crypto Venture Capital Surpasses $1 Billion Mark for Second Consecutive Month appeared first on Coin Edition.

Susquehanna International Group reveals $1.3 billion investment in 10 Spot Bitcoin ETFs in the United States.

The platform acquired 17,271,326 shares in the Grayscale Bitcoin Trust (GBTC), valued at about $1.09 billion.

The firm invested $83+ million to purchase 1,349,414 shares of the Fidelity Wise Origin Bitcoin Fund (FBTC).

In a recent development, Susquehanna International Group, a global quantitative trading firm, revealed that the firm holds about $1.3 billion in investments in 10 Spot Bitcoin Exchange Traded Funds (ETFs) in the United States.

Reportedly, Susquehanna International Group has purchased almost 17,271,326 shares in the Grayscale Bitcoin Trust (GBTC), valued at about $1.09 billion. In addition, the firm also invested more than $83 million to purchase 1,349,414 shares of the Fidelity Wise Origin Bitcoin Fund (FBTC).

Susquehanna International Group’s other Bitcoin ETF investments include Ark 21shares Bitcoin ETF (ARKB), iShares Bitcoin ETF (IBIT), Bitwise Bitcoin ETF (BITB), etc. Notably, the platform boasts $36,116 in ARKB, $23,596 in IBIT, and $21,710 in BITB. In addition, the platform holds investments in Bitcoin ETFs issued by asset managers like VanEck, WisdomTree, Invesco Galaxy, Valkyrie, and Franklin Templeton.

Further, according to the revelation by investment research firm Fintel, Susquehanna International Group has investments in the ProSagres Bitcoin Strategy ETF (BITO), giving investors exposure to Bitcoin Futures contracts. The report stated that the company owned 7,907,827 shares of BITO as of March 31, valued at around $255.42 million. This marked a 57.59% increase from a February filing that listed 5,021,149 shares.

As per reports, the company had indirect exposure to Bitcoin’s spot price through MicroStrategy, the largest holder of the pioneer cryptocurrency. However, the platform reduced its shares in MicroStrategy by almost 15%, from 287,180 shares in February to 244,863 on March 31.

Meanwhile, Bitcoin is trading below $65k, with a recent dip of 1.67%. Currently valued at $62,485, Bitcoin experienced a notable decline of 10% over the last 30 days despite a 4% surge in the last week.

The post Susquehanna International Group Invests $1.3 Billion in Bitcoin ETFs appeared first on Coin Edition.

The SEC has officially filed its redacted remedies reply brief in the case against Ripple.

According to the SEC, Ripple is likely to repeat the offense it is accused of.

The SEC pleaded that the court enter its Proposed Final Judgment as The Final Judgment.

The U.S. Securities and Exchange Commission (SEC) has officially filed its redacted remedies reply brief and supporting exhibits in the ongoing case against Ripple. The filing is now publicly available after initial reports that the SEC made it under seal on the deadline day, May 6, 2024.

#XRPCommunity #SECGov v. #Ripple #XRP The @SECGov has filed its redacted remedies reply brief & supporting exhibits.https://t.co/qZ6GTtSFmL

— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) May 7, 2024

In the filing, the SEC urged the court to enter the requested injunctions, citing the parties’ agreement that the question is whether there is a reasonable likelihood that Ripple will repeat the offense. The commission also noted that Ripple does not dispute two key factors, one of which is being liable for a violation, and the other is that the offense happened over many years.

According to the SEC, courts readily enter injunctions in such cases because they indicate a higher likelihood of repetition. The commission further highlighted that Ripple’s ongoing business places it in a position where “violations could be anticipated.”

Meanwhile, the SEC did not dispute that Ripple may not have committed any violation since 2020. However, it noted that even if that is the case, it does not guarantee the non-anticipation of another violation by Ripple. According to the SEC, a defendant’s disclaimer of intent to violate the law in the future does not bar injunctive relief.

In furtherance of its argument, the SEC cited that Ripple maintains that its past conduct was blameless. Hence, the firm’s litigation of the rejected argument. The commission also highlighted Ripple’s argument that it voluntarily gave the SEC information about its business in 2013 without addressing the contravening steps it took in 2012.

Citing many other reasons for its filing, the SEC concluded by pleading that the court enter its Proposed Final Judgment as The Final Judgment in the ongoing litigation.

The post The SEC Urges The Court To Pass Its Proposed Final Judgment in Latest Reply Brief appeared first on Coin Edition.

SEC Chair Gary Gensler called for increased transparency in the crypto space.

Gensler seeks to eliminate the non-compliance in the space displayed by firms.

The SEC Chair deflected questions regarding ETH or ETH ETF applications.

Gary Gensler, chair of the U.S. Securities and Exchange Commission (SEC), appeared on CNBC’s “Squawk Box” on May 7, 2024, addressing key issues surrounding financial oversight and regulation. 

The SEC Chair talked to Andrew Ross Sorkin and stated that the regulator oversees markets worth $110 trillion, but he is mostly asked questions about the digital asset space, which is a fraction of this amount.

“Crypto is a small piece of our overall markets. And — but it’s an outsized piece of the scams and frauds and problems in our markets because without prejudging any one token, much of this field is noncompliant with the protections of our securities laws,” noted Gensler.

While talking about the Wells Notices sent to Coinbase and Robinhood, Gensler underscored the SEC’s commitment to ensuring transparency and fairness in the crypto market. 

He stressed the importance of providing full, fair, and truthful information to investors, highlighting that if crypto products are securities, the firms offering exposure to them must adhere to the same rigorous standards as other securities.

Additionally, Gensler was also seen deflecting questions regarding the approval of a spot Ethereum exchange-traded fund (ETF) in the United States. He also did not answer if ETH is a commodity or a security.

When asked about his future, Gensler expressed his commitment to his current role as SEC Chair. He noted his privilege in serving and emphasized his intention to continue in his role well into 2026. Gensler highlighted his focus on contributing to the robustness of American capital markets and protecting investor interests.

The post SEC Chair Tired of Answering Questions Regarding Crypto, ETH ETF appeared first on Coin Edition.

The SEC and Ripple have filed their briefs in the ongoing XRP lawsuit. 

The judge is expected to announce the verdict, said Jeremy Hogan.

Hogan is confident that XRP will not be deemed a security.

The United States Securities and Exchange Commission (SEC) and American fintech firm Ripple have filed their respective briefs in the ongoing lawsuit filed by the former against the blockchain payments firm. 

Jeremy Hogan, a prominent lawyer and partner at law firm Hogan & Hogan, stated in a post on social media platform X (formerly known as Twitter), that “The Ripple v. SEC briefs are FINISHED,” while adding:

“I think the SEC went out with a whimper here. It didn’t even try to attack ODL sales, just noting that Ripple was trying to re-litigate the issue (which it is). And it brought nothing new on damages.”

On the other hand, in a May 3 X post, Hogan confidently stated that he is certain that Ripple will “NOT be deemed a “crypto asset security unregistered” this summer.” 

This statement was a direct response to MicroStrategy’s former CEO, Michael Saylor, who said that Ethereum, BNB, Solana, Ripple, and Cardano will be deemed securities this summer and will never be accepted by Wall Street.

It is important to note that the SEC has asked Ripple to pay close to $2 billion in fines for selling XRP to institutional investors while the blockchain firm has countered with a $10 million price tag in its motion. Hogan noted in another post that the regulator seeks $2 billion from Ripple, “which would require Ripple to sell a lot of XRP, causing the price to drop, hurting the retail holder.” The lawyer questioned the SEC’s intentions of protecting market participants.

The post Ripple and SEC have Filed their Briefs, Judge to Pass Verdict: Lawyer Says appeared first on Coin Edition.

FTX files Reorganization Plan, assuring that all its customers will receive at least the amount lost during the exchange’s fall.

98% of FTX creditors are poised to receive a minimum of 118% of allowed claims in cash.

The firm anticipates that the total amount available for distribution is between $14.5 and $16.3 billion.

The bankrupt crypto exchange FTX recently filed their anticipated Reorganization Plan in the United States Bankruptcy Court for the District Court of Delaware. The firm has planned the “centralized distribution” to affected customers across the world, if the court approves.

According to a press release, the firm anticipates that the total amount available for distribution is between $14.5 and $16.3 billion. The anticipated figure is mostly based on the monetization of assets related to FTX’s sister firm Alameda Research.

While the platform plans to fully replay creditor claims, FTX also proposes to provide compensation for its customers. Reportedly, within 60 days of effectiveness, 98% of FTX creditors who hold claims below $50,000, are poised to receive a minimum of 118% of allowed claims in cash. The reorganization plan assured that all FTX customers will receive the amount they lost in 2022 when the exchange collapsed.

FTX CEO John J. Ray III shared his gratitude to the government agencies, officials and customers who supported the firm throughout the platform’s journey. He stated,

“We are pleased to be in a position to propose a chapter 11 plan that contemplates the return of 100% of bankruptcy claim amounts plus interest for non-governmental creditors…I want to thank all the customers and creditors of FTX for their patience throughout this process.”

However, industry experts like Mike Belshe, the CEO of BitGo, shared his disagreement with FTX’s plans. He starkly criticized FTX, commenting, “I understand why the bankruptcy process needs to work this way but let’s not pretend victims are getting their money back or that FTX wasn’t as awful as it was.”

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SEC’s remedies brief impacts Ripple’s XRP, prompting a price drop to $0.5217.

XRP market cap drops to $28.87B as trading volume plunges 36.7% amid bearish trends.

Technical charts indicate continued bearish momentum and potential further declines.

In the preceding 24 hours, the cryptocurrency landscape has endured a notable slump, contracting by over 1.5% to establish a market valuation of $2.3 trillion. This dip has particularly taken its toll on Ripple’s XRP token, which hovers precariously near the $0.52 threshold. As of press time, XRP is trading at $0.5217, marking a 2.99% reduction from its previous day’s valuation.

XRP/USD 1-Day Chart (Source: CoinMarketCap)

The downturn extends beyond XRP’s price to affect its overall market performance. In relation to Bitcoin, XRP has diminished by 1.65% over this same stretch of time. Further insights into XRP’s market behavior reveal a significant contraction in trading activities. 

XRP’s intraday market cap has fallen by 2.56%, landing at $28,866,077,273. More dramatically, its 24-hour trading volume has plummeted by 36.70%, reaching just $1,165,822,641. These figures suggest a withdrawal of investor engagement, with many likely securing profits amid the market’s downward trajectory.

SEC Remedies Brief Sparks XRP Decline

A recent brief from the Securities and Exchange Commission (SEC) appears to be the root cause of Ripple’s XRP woes. According to reports, the SEC dismissed Ripple’s assertion of responsible conduct, declaring that there shouldn’t be “widespread uncertainty” regarding the legal classification of XRP. The court had previously overruled Ripple’s “fair notice” defense, casting a long shadow over XRP’s recent price slide.

Despite claiming cooperation with the SEC since its 2013 ICO, Ripple now faces potential future violations. The SEC clarified that a defendant’s intent or stopping illegal activities doesn’t affect the availability of injunctive relief. It criticized Ripple’s adjustments to prevent future infractions as insufficient and noted that their assurances attempt to relitigate past arguments rather than ensure compliance.

Following the remedies brief, Ripple’s Chief Legal Officer, Stuart Alderoty, criticized the SEC, stating that it consistently fails to apply the law faithfully. He added that Ripple is closer to resolving the lawsuit, while analysts predict the final judgment may not arrive until September.

More of the same from the SEC — failing to faithfully apply the law and trying to pull the wool over the Judge’s eyes. The good news is that we are closer than ever to putting this lawsuit behind us, though unfortunately, many are just starting the journey. We trust the Court… https://t.co/JGhxAtOuk1

— Stuart Alderoty (@s_alderoty) May 7, 2024

Alderoty also suggested that international financial regulators with comprehensive crypto licensing frameworks should take note of the SEC’s perceived disregard for their efforts. He compared the agency’s views to treating these frameworks as “mere fishing licenses.”

XRP Price Action

The 4-hour chart shows the MACD indicator trending downward and approaching the zero line, suggesting a bearish outlook for XRP with further potential price decreases. Positioned 0.007 below the signal line, this reinforces the strengthening bearish trend dominating the XRP market.

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

Additionally, the MACD’s histogram features widening red bars below the zero line, reflecting strong seller momentum and signaling a high probability of continued downward movement. Similarly, the RSI indicator is moving downward, below the neutral zone, highlighting robust bearish sentiment. 

With a current reading of 42.44, the RSI remains below the signal line, indicating more room for further decline before the market potentially enters oversold territory.

The post Ripple’s XRP Plunges as SEC Brief Stokes Legal Woes appeared first on Coin Edition.

The team behind LocalMonero and AgoraDesk announces the platform’s closure.

The platforms cite internal and external factors as the driving forces behind the closure.

The post states that the Monera trade will be closed on May 14, and the firms will see their complete shutdown in November.

In a recent revelation, the team behind the peer-to-peer trading platforms LocalMonero and AgoraDesk announced the firms’ closure. As per the official notice, the platforms are being shut down due to a “combination of internal and external factors.”

The team declared that the platforms will stop facilitating the trade of the privacy-focused Monero token on May 14. In addition, both platforms have disabled new signups and advertisements on Monero.

AgoraDesk took to X on May 8 to announce the firm’s “difficult decision to close our [their] platform.” The X post stated, “The winding-down process begins today and finishes six months from now.”

After almost 7 years of operation, we have made the difficult decision to close our platform. The winding-down process begins today, and finishes 6 months from now. Our support will be available for help throughout this period. Read more: https://t.co/wxrydSbfN3

— AgoraDesk (@AgoraDesk) May 7, 2024

The post added that the platforms would be closed after 6 months, exactly on November 7, 2024, urging users to reclaim their funds prior to the date. The platforms added that the funds that aren’t withdrawn will be considered abandoned or fortified.

Further, the team appreciated their users’ love and support for the past 7 years. They added their trust in Monero’s future, stating,

“The Monero ecosystem has matured a lot over these years, and with the imminent launch of Haveno and other DEXs like Serai, atomic swaps, the coming addition of FCMP as well as the continuing and rapidly accelerating development of the Monero protocol, we’re confident that Monero’s future is bright, with or without our platform.”

These platforms’ shutdown has caused a stir in the community as it pose a question on the reliability of the Monero coin. Recently, Binance delisted Monero, leading to a significant depreciation of the privacy token.

As of press time, Monero (XMR) is trading at $129.13, marking a slight decline of 1.15% in the last 24 hours. However, XMR has seen a notable surge of 6% in one week despite a 2.6% monthly dip.

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Hong Kong launches a $1 billion HKD ETF liquidity fund.

Aims to improve liquidity and stability in the city’s ETF market.

Partnership is in place to increase investor confidence and market growth.

Hong Kong has taken a major step towards solidifying its position as a digital asset hub with the launch of its first-ever ETF liquidity fund. The $1 billion HKD (approximately $128 million USD) fund, established by LD Capital, Antalpha Ventures and Highblock aims to increase liquidity and stability within the city’s burgeoning ETF market.

This initiative comes alongside the recent approval of six Hong Kong-listed ETFs by the Securities and Futures Commission. These ETFs were launched on April 30th and include Bitcoin and Ethereum spot ETFs from ChinaAMC, Harvest Global and Bosera International. Reportedly the debut day trading volume reached nearly $100 million HKD.

The newly established liquidity fund will provide market-making services for these ETFs. This essentially means the fund will act as a buyer and seller, ensuring there are always interested parties on both sides of a trade. This promotes seamless transactions and reduces price volatility caused by sudden influxes or withdrawals of investment.

LD Capital, which is a prominent digital asset fund offers blockchain investment experience. Antalpha Ventures, affiliated with leading digital asset mining hardware manufacturer Bitmain, adds deep industry knowledge. Additionally, Highblock Limited with its experience in quantitative trading and licensing for digital asset operations in Hong Kong provides a good expertise in trading capabilities.

This strategic move is expected to increase investor confidence in Hong Kong’s ETF market. And, by mitigating liquidity risks and promoting market stability the fund paves the way for further growth and development within the city’s digital asset ecosystem.

The post Hong Kong Debuts First $1 Billion ETF Liquidity Fund  appeared first on Coin Edition.

The ATO is scrutinizing an estimated 1.2 million crypto-related accounts for potential tax discrepancies.

With the exercise, the ATO aims to uncover unreported transactions involving crypto assets.

The Australian tax regime treats cryptocurrencies as assets, not as foreign currency.

The Australian Taxation Office (ATO) is scrutinizing an estimated 1.2 million crypto-related accounts for potential tax discrepancies. According to reports, this action comes amid increasing crypto awareness in the country, prompting the Australian authorities to examine personal data and transaction details from crypto exchanges.

With the exercise, the ATO aims to uncover unreported transactions involving crypto assets, either as currency exchange or those involving goods and services. Understandably, there is often a genuine lack of awareness about tax obligations when dealing with cryptocurrencies. That arises from the complexity of the crypto industry and how crypto transactions vary from other mainstream financial processes.

Considering the relative lack of awareness, the ATO aims to use the current exercise to regulate and educate crypto users on their fiscal duties. However, the regulator highlighted that some crypto users may deliberately try to avoid tax obligations by using false information to execute crypto transactions.

It is essential to note that the tax regime in Australia treats cryptocurrencies as assets, not as foreign currency. By this classification, crypto investors are obligated to pay capital gains tax on profits made from selling crypto assets. With the ongoing scrutiny, the ATO noted that it is reinforcing its efforts to ensure all taxable activities are transparent and properly reported.

A recent treasury report reveals that crypto assets are growing in popularity on the shores of Australia. The department reported that over 800,000 taxpayers transacted in crypto assets over the past three years, with a notable spike of 63% in 2021.

Data from Statista, the online platform for data gathering and visualization, revealed that crypto revenue in Australia is expected to grow by 10.15% annually.  It also showed that the revenue will reach a projected total of $1.6 billion by 2028.

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Over 90% of stablecoin activity comes from bots and traders, not everyday payments.

Lack of user-friendliness is a major barrier to wider adoption of stablecoins.

Tracking real crypto activity with blockchain data is difficult, leading to inflated figures.

A new study by Visa and Allium Labs shares the idea of stablecoins becoming widely used for everyday transactions. The study reveals that a staggering majority (over 90%) of stablecoin activity stems from bots and large-scale traders, not real people.

To measure genuine use, Visa developed a metric that excludes bot activity. This metric showed that only a tiny fraction, roughly $149 billion out of $2.2 trillion in total transactions in April, originated from real users. This finding contradicts the optimistic view of stablecoin proponents who believe these tokens will revolutionize payments.

Proponents highlight the benefits of stablecoins, such as instant settlement and minimal fees. However, experts suggest user-friendliness is a major hurdle. Additionally, tracking real crypto activity using blockchain data is inherently difficult, leading to inflated figures.

Financial technology giants like PayPal and Stripe are still exploring stablecoins. However, this study suggests these tokens have a long way to go before becoming a major force in the payments industry. Despite potential advantages, user adoption and data transparency remain significant challenges.

Further complicating the picture, some experts worry that the dominance of bot activity could create artificial price inflation for stablecoins. This in turn could also discourage legitimate users from entering the market and would create a monopoly in the market making less users for the limited real-world adoption.

Ethereum which is the world’s leading smart contract blockchain network, witnessed a massive surge in stablecoin volume last month in April. According to data the surge reached unexpected levels. This surge also includes flash loan activity, which also soared the figures.

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