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ZyCrypto Is A Blockchain News Media, Pivoting On Intriguing Crypto Reports, Expert Opinions, Analysis, Reviews, And Extensive Coverage Of Web3 Projects.
Disclaimer: Includes third-party opinions. No financial advice. See T&Cs.
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2 hours ago
Bitcoin Bulls Set Sight on $28,000 Price With Investors Adopting a Wait-And-See ApproachBitcoin could hit the $28K mark despite hawkish remarks by the Federal Reserve. Traders are keeping their eyes peeled on central bank decisions on monetary policy in leading economies. Other ancillary factors are expected to play a role in Bitcoin’s pricing in the coming weeks. As Bitcoin (BTC) continues to hover around the $27K mark, investors are brimming with optimism that the largest virtual currency can break the $28K mark despite the unsavoury remarks from the Feds. On Wednesday, the U.S. Federal Reserve hinted at plans to keep interest rates higher in 2024 at over 5%, contrary to the widely anticipated rates of 4.3%. According to a statement, the Federal Reserve noted that the decision was necessary to “return inflation to 2% over time.” Traditionally, BTC and other virtual currencies have recorded rallies in the days following a reduction in interest rates. On the flip side, it is not unusual for virtual currency prices to plummet during periods of monetary contraction. However, the markets took the Feds’ plan of a rate hike with an iron chin, with prices falling by only 1% in the hours following the announcement. After briefly falling to $26,900, BTC reclaimed $27,000, with analysts predicting a march to $28K in a strong show of resilience against the Feds’ decision to increase interest rates. Although optimism continues to run high, some analysts call for a measured approach from the bulls, pointing out that higher rates and a dip in the stock markets “are not good for BTC.” Others have noted that profit-taking should be expected in the coming days, particularly from retail traders, regardless of the “buying support” at the present levels. “It is hard for us to take today’s announcement with too much optimism,” said Michael Silberberg, an executive at AltTab Capital. “It came as a surprise that the report emphasized slower rate cuts moving forward than previously projected.” Apart from the FOMC meeting, investors are keenly watching the rate decision of regulators in key economies. The central banks of England, Switzerland, and Japan are expected to reveal new policy directives in the coming days, which pundits say could affect investor sentiments. “All financial markets have taken a wait-and-see approach ahead of monetary policy decisions in the U.S., Switzerland, the U.K., and Japan,” remarked Alex Kuptsikevich, an analyst at FxPro. Not so-promising technicals Onchain analysts opine that the technicals for BTC do not appear promising, forcing investors to latch onto fundamentals for direction. Some investors are banking on the historical seasonality of BTC for a bull run in the last quarter of the year, while others are expecting a jolt in prices from the US securities watchdog via a spot-based Bitcoin ETF. BTCUSD Chart by TradingView Over the last decade, the last quarter of each year is typically the strongest for BTC, with bulls hoping for prices to climb as high as $37K before the end of the year. “The situation for Bitcoin is bearish if one looks solely at the technical picture on the chart,” said Kuptsikevich. “The corrective bounce in BTC is formally over; the price has fallen below the moving averages, and the short-term oversold condition is complete.” 
Bitcoin Bulls Set Sight on $28,000 Price With Investors Adopting a Wait-And-See Approach
Bitcoin could hit the $28K mark despite hawkish remarks by the Federal Reserve.

Traders are keeping their eyes peeled on central bank decisions on monetary policy in leading economies.

Other ancillary factors are expected to play a role in Bitcoin’s pricing in the coming weeks.

As Bitcoin (BTC) continues to hover around the $27K mark, investors are brimming with optimism that the largest virtual currency can break the $28K mark despite the unsavoury remarks from the Feds.

On Wednesday, the U.S. Federal Reserve hinted at plans to keep interest rates higher in 2024 at over 5%, contrary to the widely anticipated rates of 4.3%. According to a statement, the Federal Reserve noted that the decision was necessary to “return inflation to 2% over time.”

Traditionally, BTC and other virtual currencies have recorded rallies in the days following a reduction in interest rates. On the flip side, it is not unusual for virtual currency prices to plummet during periods of monetary contraction.

However, the markets took the Feds’ plan of a rate hike with an iron chin, with prices falling by only 1% in the hours following the announcement. After briefly falling to $26,900, BTC reclaimed $27,000, with analysts predicting a march to $28K in a strong show of resilience against the Feds’ decision to increase interest rates.

Although optimism continues to run high, some analysts call for a measured approach from the bulls, pointing out that higher rates and a dip in the stock markets “are not good for BTC.” Others have noted that profit-taking should be expected in the coming days, particularly from retail traders, regardless of the “buying support” at the present levels.

“It is hard for us to take today’s announcement with too much optimism,” said Michael Silberberg, an executive at AltTab Capital. “It came as a surprise that the report emphasized slower rate cuts moving forward than previously projected.”

Apart from the FOMC meeting, investors are keenly watching the rate decision of regulators in key economies. The central banks of England, Switzerland, and Japan are expected to reveal new policy directives in the coming days, which pundits say could affect investor sentiments.

“All financial markets have taken a wait-and-see approach ahead of monetary policy decisions in the U.S., Switzerland, the U.K., and Japan,” remarked Alex Kuptsikevich, an analyst at FxPro.

Not so-promising technicals

Onchain analysts opine that the technicals for BTC do not appear promising, forcing investors to latch onto fundamentals for direction. Some investors are banking on the historical seasonality of BTC for a bull run in the last quarter of the year, while others are expecting a jolt in prices from the US securities watchdog via a spot-based Bitcoin ETF.

BTCUSD Chart by TradingView

Over the last decade, the last quarter of each year is typically the strongest for BTC, with bulls hoping for prices to climb as high as $37K before the end of the year.

“The situation for Bitcoin is bearish if one looks solely at the technical picture on the chart,” said Kuptsikevich. “The corrective bounce in BTC is formally over; the price has fallen below the moving averages, and the short-term oversold condition is complete.” 
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3 hours ago
Analyst Predicts Bitcoin Price to Reach $48,700 Before Halving; a Historical Pattern?Bitcoin (BTC) has demonstrated remarkable resilience this week, maintaining a firm grip above the $26,000 mark.  This achievement comes despite significant sell-offs in the equity markets and a surging U.S. dollar, which could have spelt doom for the world’s largest cryptocurrency. As of Sunday morning, Bitcoin was trading at approximately $26,515, showing a modest 0.2% increase since the week’s outset. Meanwhile, amid this volatile landscape, pundits have been making interesting predictions on Bitcoin’s price trajectory. On Saturday, popular crypto analyst “Titan of Crypto” took to X, confidently asserting that Bitcoin is poised to surge to $48,700 before the halving event. This bold forecast draws its credibility from a well-established historical pattern where Bitcoin has consistently approached the 78.6% Fibonacci retracement level before each halving. The analyst underscored the significance of the last four halving events, where the price reached this crucial level four months (2013), two months (2016), and twelve months (2020) before each respective event. With the next halving just seven months away, the pundit noted that “Bitcoin might reach the 78.6% Fibonacci retracement level within this period. And it lies at $48,700.” Elsewhere, renowned cryptocurrency PlanB also reaffirmed his optimistic outlook for Bitcoin. Mid this week, he reiterated his belief that Bitcoin’s bottom was at $15,500 in November 2022 and anticipates its upward trajectory leading to the 2024 halving. According to him, the 2024 halving event could push Bitcoin’s value beyond $32,000, possibly ranging from $32,000 to $66,000. Moreover, he envisioned a particularly bullish 2025, suggesting that Bitcoin could reach an astonishing $1 million from its projected $100,000 price point, a forecast that carries weight due to the historical accuracy of his PlanB Stock-to-Flow (S2F) model. “Rekt Capital,” on the other hand, offered a contrasting perspective, albeit suggesting that Bitcoin’s current cycle might echo past trends. Drawing parallels with the 2019 cycle, Rekt Capital noted the possibility of a lower high, potentially resulting in a 27% decline, reaching a macro higher low of around $20,300 by mid-February 2024. He also noted that historical data indicates that Bitcoin has taken 518 to 546 days to peak after each halving event. According to Rekt, this pattern could show a potential peak in either mid-September or mid-October 2025. Bitcoin halving is a process that occurs approximately every four years, during which the rate at which new Bitcoins are generated as block rewards is cut in half, making it a deflationary asset. Historically, halving events substantially influence Bitcoin’s price, with diminished supply typically sparking heightened demand and subsequent price surges. The forthcoming halving is slated for April 2024. That said, as speculations swirl around the possibility of Bitcoin surging before the halving, speculations are rife about whether this time will be any different.
Analyst Predicts Bitcoin Price to Reach $48,700 Before Halving; a Historical Pattern?
Bitcoin (BTC) has demonstrated remarkable resilience this week, maintaining a firm grip above the $26,000 mark. 

This achievement comes despite significant sell-offs in the equity markets and a surging U.S. dollar, which could have spelt doom for the world’s largest cryptocurrency. As of Sunday morning, Bitcoin was trading at approximately $26,515, showing a modest 0.2% increase since the week’s outset.

Meanwhile, amid this volatile landscape, pundits have been making interesting predictions on Bitcoin’s price trajectory.

On Saturday, popular crypto analyst “Titan of Crypto” took to X, confidently asserting that Bitcoin is poised to surge to $48,700 before the halving event. This bold forecast draws its credibility from a well-established historical pattern where Bitcoin has consistently approached the 78.6% Fibonacci retracement level before each halving.

The analyst underscored the significance of the last four halving events, where the price reached this crucial level four months (2013), two months (2016), and twelve months (2020) before each respective event.

With the next halving just seven months away, the pundit noted that “Bitcoin might reach the 78.6% Fibonacci retracement level within this period. And it lies at $48,700.”

Elsewhere, renowned cryptocurrency PlanB also reaffirmed his optimistic outlook for Bitcoin. Mid this week, he reiterated his belief that Bitcoin’s bottom was at $15,500 in November 2022 and anticipates its upward trajectory leading to the 2024 halving. According to him, the 2024 halving event could push Bitcoin’s value beyond $32,000, possibly ranging from $32,000 to $66,000.

Moreover, he envisioned a particularly bullish 2025, suggesting that Bitcoin could reach an astonishing $1 million from its projected $100,000 price point, a forecast that carries weight due to the historical accuracy of his PlanB Stock-to-Flow (S2F) model.

“Rekt Capital,” on the other hand, offered a contrasting perspective, albeit suggesting that Bitcoin’s current cycle might echo past trends. Drawing parallels with the 2019 cycle, Rekt Capital noted the possibility of a lower high, potentially resulting in a 27% decline, reaching a macro higher low of around $20,300 by mid-February 2024.

He also noted that historical data indicates that Bitcoin has taken 518 to 546 days to peak after each halving event. According to Rekt, this pattern could show a potential peak in either mid-September or mid-October 2025.

Bitcoin halving is a process that occurs approximately every four years, during which the rate at which new Bitcoins are generated as block rewards is cut in half, making it a deflationary asset. Historically, halving events substantially influence Bitcoin’s price, with diminished supply typically sparking heightened demand and subsequent price surges. The forthcoming halving is slated for April 2024.

That said, as speculations swirl around the possibility of Bitcoin surging before the halving, speculations are rife about whether this time will be any different.
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4 hours ago
Anthony Scaramucci Forecasts a ‘Remarkably Bullish’ Two Decades Ahead for BitcoinBitcoin (BTC) experienced a price drop earlier this week, falling below the $27,000 mark, as investors digested reports from the Federal Open Market Committee (FOMC) meeting following the Federal Interest Rate decision. The current market sentiment reflects a period of consolidation, potentially influenced by profit-taking following a previous upward trend in mid-September. Despite the ongoing market fluctuations, Anthony Scaramucci, founder of New York-based global investment firm SkyBridge Capital, remains steadfastly optimistic about Bitcoin’s long-term prospects. Speaking at the Messari Mainnet conference in New York on Wednesday, Scaramucci asserted that the worst of the bear market is over and that Bitcoin is superior to gold in value and utility. Scaramucci’s bullish stance is based on his belief that Bitcoin will continue to gain popularity, particularly among younger generations, who will play a crucial role in mainstreaming the cryptocurrency over the next two decades. “You (young people) will be mainstreaming Bitcoin the way my generation mainstreamed the internet,” he said. “The next 10 to 20 years are remarkably bullish (for bitcoin).” He acknowledged potential challenges in the macroeconomic environment, including rising interest rates and regulatory scrutiny, but maintained his conviction that Bitcoin’s appeal as a store of value will persist. Scaramucci further argued that, as wealth is created in society, a portion will flow into digital assets, with Bitcoin likely the primary beneficiary. He emphasized Bitcoin’s superiority to gold, even though gold’s purchasing power has grown significantly over the past five decades. “If you got your bitcoin, I wouldn’t sell your bitcoin, you made it through winter,” Scaramucci added, stressing this is one of the reasons he was bullish.  The former White House communications chief also revealed that he anticipates that the widespread adoption of Bitcoin exchange-traded funds (ETFs) by institutional investors will drive massive adoption and further widen the market for Bitcoin. Scaramucci’s positive outlook on Bitcoin comes just days after he called for the resignation of SEC Chairman Gary Gensler. He joins a chorus of voices within the crypto community and lawmakers who have expressed concerns about Gensler’s regulatory approach, which some perceive as stifling innovation. Meanwhile, while Scaramucci’s call for Gensler’s resignation remains verbal, some lawmakers, such as US Congressman Warren Davidson, have taken more concrete steps, including introducing a bill to reorganise the SEC to address concerns by the crypto sector. At press time, Bitcoin was trading at $26,620, with the price remaining largely unmoved over the past two or so days. 
Anthony Scaramucci Forecasts a ‘Remarkably Bullish’ Two Decades Ahead for Bitcoin
Bitcoin (BTC) experienced a price drop earlier this week, falling below the $27,000 mark, as investors digested reports from the Federal Open Market Committee (FOMC) meeting following the Federal Interest Rate decision. The current market sentiment reflects a period of consolidation, potentially influenced by profit-taking following a previous upward trend in mid-September.

Despite the ongoing market fluctuations, Anthony Scaramucci, founder of New York-based global investment firm SkyBridge Capital, remains steadfastly optimistic about Bitcoin’s long-term prospects. Speaking at the Messari Mainnet conference in New York on Wednesday, Scaramucci asserted that the worst of the bear market is over and that Bitcoin is superior to gold in value and utility.

Scaramucci’s bullish stance is based on his belief that Bitcoin will continue to gain popularity, particularly among younger generations, who will play a crucial role in mainstreaming the cryptocurrency over the next two decades.

“You (young people) will be mainstreaming Bitcoin the way my generation mainstreamed the internet,” he said. “The next 10 to 20 years are remarkably bullish (for bitcoin).”

He acknowledged potential challenges in the macroeconomic environment, including rising interest rates and regulatory scrutiny, but maintained his conviction that Bitcoin’s appeal as a store of value will persist.

Scaramucci further argued that, as wealth is created in society, a portion will flow into digital assets, with Bitcoin likely the primary beneficiary. He emphasized Bitcoin’s superiority to gold, even though gold’s purchasing power has grown significantly over the past five decades.

“If you got your bitcoin, I wouldn’t sell your bitcoin, you made it through winter,” Scaramucci added, stressing this is one of the reasons he was bullish. 

The former White House communications chief also revealed that he anticipates that the widespread adoption of Bitcoin exchange-traded funds (ETFs) by institutional investors will drive massive adoption and further widen the market for Bitcoin.

Scaramucci’s positive outlook on Bitcoin comes just days after he called for the resignation of SEC Chairman Gary Gensler. He joins a chorus of voices within the crypto community and lawmakers who have expressed concerns about Gensler’s regulatory approach, which some perceive as stifling innovation.

Meanwhile, while Scaramucci’s call for Gensler’s resignation remains verbal, some lawmakers, such as US Congressman Warren Davidson, have taken more concrete steps, including introducing a bill to reorganise the SEC to address concerns by the crypto sector.

At press time, Bitcoin was trading at $26,620, with the price remaining largely unmoved over the past two or so days. 
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a day ago
Cardano Sets New Industry Standard With Over 5 Years of Uninterrupted UptimeCardano, the decentralized proof-of-stake blockchain, is again making headlines, this time for achieving an impressive milestone of over five years of uninterrupted uptime. The news of Cardano’s remarkable uptime was brought to the forefront by a Twitter user named “TGK,” who took to social media to share the achievement. According to the pundit’s tweet, Cardano boasts an impeccable uptime record of precisely 2,174 days, equivalent to an astonishing 5.95 years without a single instance of downtime. In his tweet, Dave emphasized the resilience of Cardano, stating, “Built to last, an uptime the largest service providers in the world cannot and will never come close to challenging.” This sentiment resonates with Cardano enthusiasts worldwide, who have come to rely on the platform’s unwavering stability. Cardano’s exceptional track record in maintaining continuous uptime can largely be attributed to its status as one of cryptocurrency’s most actively developed blockchain networks. Earlier this week, on-chain analytics firm Santiment ranked Cardano among the top ten most developed chains over the past 30 days. Cardano secured the third position on this list, trailing only the Polkadot and Kusama networks. Notably, the so-called “Ethereum killer” garnered an impressive 3871 GitHub commits in the last 30 days, showcasing the community’s dedication to ongoing development. Cardano enthusiasts have more reasons to be excited as the blockchain hints at upcoming releases. After the release of Mithril, a stake-based signature protocol designed to enhance the speed and efficiency of node syncing in late July, the community is now looking forward to Midnight. Earlier this week, Cardano’s Input Output Global (IOG) unveiled an exciting announcement regarding the forthcoming launch of Midnight, a privacy-focused sidechain set to debut on the DevNet in the near future. Cardano’s Web3 wallet, Lace, is also poised for significant advancements. The recent release of version 5.3.0 for Daedalus, a wallet closely integrated with Cardano, brings support for the new Project Catalyst registration process and enhances the stability of the exchange rate conversion feature. These updates demonstrate Cardano’s commitment to continuous improvement and innovation. That said, Cardano’s exceptional accomplishments over the last half-decade have positioned it as a trailblazer, setting unprecedented benchmarks for stability and performance within the crypto industry. With exciting developments on the horizon, the prospects for ADA’s price recovery exceptionally well in the next bull run are exceedingly promising. At press time, the cryptocurrency traded at $0.246 after a 0.49% drop over the past 24 hours.
Cardano Sets New Industry Standard With Over 5 Years of Uninterrupted Uptime
Cardano, the decentralized proof-of-stake blockchain, is again making headlines, this time for achieving an impressive milestone of over five years of uninterrupted uptime.

The news of Cardano’s remarkable uptime was brought to the forefront by a Twitter user named “TGK,” who took to social media to share the achievement. According to the pundit’s tweet, Cardano boasts an impeccable uptime record of precisely 2,174 days, equivalent to an astonishing 5.95 years without a single instance of downtime.

In his tweet, Dave emphasized the resilience of Cardano, stating, “Built to last, an uptime the largest service providers in the world cannot and will never come close to challenging.” This sentiment resonates with Cardano enthusiasts worldwide, who have come to rely on the platform’s unwavering stability.

Cardano’s exceptional track record in maintaining continuous uptime can largely be attributed to its status as one of cryptocurrency’s most actively developed blockchain networks. Earlier this week, on-chain analytics firm Santiment ranked Cardano among the top ten most developed chains over the past 30 days.

Cardano secured the third position on this list, trailing only the Polkadot and Kusama networks. Notably, the so-called “Ethereum killer” garnered an impressive 3871 GitHub commits in the last 30 days, showcasing the community’s dedication to ongoing development.

Cardano enthusiasts have more reasons to be excited as the blockchain hints at upcoming releases. After the release of Mithril, a stake-based signature protocol designed to enhance the speed and efficiency of node syncing in late July, the community is now looking forward to Midnight.

Earlier this week, Cardano’s Input Output Global (IOG) unveiled an exciting announcement regarding the forthcoming launch of Midnight, a privacy-focused sidechain set to debut on the DevNet in the near future.

Cardano’s Web3 wallet, Lace, is also poised for significant advancements. The recent release of version 5.3.0 for Daedalus, a wallet closely integrated with Cardano, brings support for the new Project Catalyst registration process and enhances the stability of the exchange rate conversion feature. These updates demonstrate Cardano’s commitment to continuous improvement and innovation.

That said, Cardano’s exceptional accomplishments over the last half-decade have positioned it as a trailblazer, setting unprecedented benchmarks for stability and performance within the crypto industry. With exciting developments on the horizon, the prospects for ADA’s price recovery exceptionally well in the next bull run are exceedingly promising.

At press time, the cryptocurrency traded at $0.246 after a 0.49% drop over the past 24 hours.
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a day ago
SEC Official Hints At Even More Charges Against Crypto Exchanges in the Coming MonthsThe SEC says it will be increasing the intensity of its enforcement actions against erring crypto service providers. Despite the claim, the Commission appears to be underfunded in its quest to police the virtual currency ecosystem. The SEC is involved in several high-profile cases against virtual currency firms including Ripple Labs, Coinbase, and Binance. Despite juggling a string of high-profile cases, the SEC is keen on increasing the width of its enforcement to other crypto entities, putting a strain on the commission’s resources. The U.S. Securities and Exchange Commission (SEC) has reiterated its intent to heighten its scrutiny over the virtual currency sector for the protection of investors. According the David Hirsch, head of the SEC’s Crypto Assets and Cyber Unit, the securities watchdog will be instituting fresh legal action against more crypto firms  Hirsh disclosed that the enforcement action will extend to firms operating under the tag of decentralized finance (DeFi), hinting at a crackdown on unregistered securities. “We’re going to continue to continue to conduct investigations,” said Hirsch. “We’re gonna be active in the space, and adding the label of DeFi is not going to be something that’s going to deter us from continuing our work.” The SEC’s grouse is directed against the offer of unregistered securities with the regulator designating some virtual currencies as securities following a strict application of the rules in Howey’s test. The crusade against unregistered securities has seen the Commission begin legal proceedings against Ripple Labs over the issuance of XRP tokens. In a strong show of intent, the SEC extended its enforcement drive against Binance and Coinbase for facilitating the sale of unregistered securities on their platforms.  All three entities have opted to slug it out with the regulator in court without recourse to a settlement. The SEC’s action against mainstream financial firms usually ends up in multimillion-dollar settlements but the decision of virtual currency firms to defend themselves in court puts the SEC in unfamiliar territory. Hirsch conceded that the SEC’s crypto enforcement unit is grappling with several legal cases, hinting that resources may be stretched thin. With plans to expand enforcement action to DeFi protocols, the situation appears grim for the securities regulator. “There are more tokens extant than the SEC or any agency has the resources to pursue directly, and similarly there are a number of centralized platforms out there, some that are acting as unregistered exchanges,” said Hirsch. Grabbing the bull by the horns While things have not gone according to plan for the SEC in its campaigns against Ripple Labs and Binance, the Commission has shown little to no indication of throwing in the towel.  Back in 2022, the SEC announced that it had doubled the employee strength of its crypto monitoring unit to support its enforcement actions against erring firms in the industry. Since the establishment of the unit, the SEC says it has instituted over 80 actions against fraudulent activity in the space, leading to the recovery of over $2 billion worth of investors’ funds. “By nearly doubling the size of this key unit, the SEC will be better equipped to police wrongdoing in the crypto markets while continuing to identify disclosure and controls issued with respect to cybersecurity,” said SEC Chair Gary Gensler.
SEC Official Hints At Even More Charges Against Crypto Exchanges in the Coming Months
The SEC says it will be increasing the intensity of its enforcement actions against erring crypto service providers.

Despite the claim, the Commission appears to be underfunded in its quest to police the virtual currency ecosystem.

The SEC is involved in several high-profile cases against virtual currency firms including Ripple Labs, Coinbase, and Binance.

Despite juggling a string of high-profile cases, the SEC is keen on increasing the width of its enforcement to other crypto entities, putting a strain on the commission’s resources.

The U.S. Securities and Exchange Commission (SEC) has reiterated its intent to heighten its scrutiny over the virtual currency sector for the protection of investors. According the David Hirsch, head of the SEC’s Crypto Assets and Cyber Unit, the securities watchdog will be instituting fresh legal action against more crypto firms 

Hirsh disclosed that the enforcement action will extend to firms operating under the tag of decentralized finance (DeFi), hinting at a crackdown on unregistered securities.

“We’re going to continue to continue to conduct investigations,” said Hirsch. “We’re gonna be active in the space, and adding the label of DeFi is not going to be something that’s going to deter us from continuing our work.”

The SEC’s grouse is directed against the offer of unregistered securities with the regulator designating some virtual currencies as securities following a strict application of the rules in Howey’s test.

The crusade against unregistered securities has seen the Commission begin legal proceedings against Ripple Labs over the issuance of XRP tokens. In a strong show of intent, the SEC extended its enforcement drive against Binance and Coinbase for facilitating the sale of unregistered securities on their platforms. 

All three entities have opted to slug it out with the regulator in court without recourse to a settlement. The SEC’s action against mainstream financial firms usually ends up in multimillion-dollar settlements but the decision of virtual currency firms to defend themselves in court puts the SEC in unfamiliar territory.

Hirsch conceded that the SEC’s crypto enforcement unit is grappling with several legal cases, hinting that resources may be stretched thin. With plans to expand enforcement action to DeFi protocols, the situation appears grim for the securities regulator.

“There are more tokens extant than the SEC or any agency has the resources to pursue directly, and similarly there are a number of centralized platforms out there, some that are acting as unregistered exchanges,” said Hirsch.

Grabbing the bull by the horns

While things have not gone according to plan for the SEC in its campaigns against Ripple Labs and Binance, the Commission has shown little to no indication of throwing in the towel. 

Back in 2022, the SEC announced that it had doubled the employee strength of its crypto monitoring unit to support its enforcement actions against erring firms in the industry. Since the establishment of the unit, the SEC says it has instituted over 80 actions against fraudulent activity in the space, leading to the recovery of over $2 billion worth of investors’ funds.

“By nearly doubling the size of this key unit, the SEC will be better equipped to police wrongdoing in the crypto markets while continuing to identify disclosure and controls issued with respect to cybersecurity,” said SEC Chair Gary Gensler.
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a day ago
3 Pivotal Factors That Could Drive Ripple’s XRP Price to $12, According to This AnalystAs the crypto market continues to trade in turbulence, XRP, like BTC, ETH and other cryptocurrencies, has become ensnared in the volatility crisis, with investors now concerned about its future trajectory. Notably, despite positive developments in the past year, the fifth-largest cryptocurrency by market capitalization has continued to plunge and is currently down roughly 74% from its all-time high. Despite this uncertainty, well-known crypto analyst Zack Rector has outlined three pivotal factors that could drive XRP to new heights. On Monday, the analyst underscored the significance of the court denying an appeal by the U.S. Securities and Exchange Commission (SEC) in its ongoing tussle with Ripple, citing it as one of the catalysts with the potential to drive XRP prices to greater heights. For context, it’s worth noting that after Ripple’s significant victory on July 13, 2023, in their legal battle against the SEC regarding XRP’s market classification, the SEC swiftly countered with a motion for an interlocutory appeal. They aimed to contest the decision, contending that this appeal was essential to thoroughly address potential violations by Ripple and its leadership. Industry experts have stressed that the outcome of this appeal could have ramifications extending beyond Ripple. It might also significantly influence other ongoing SEC enforcement actions involving prominent entities like Coinbase and Binance. In his tweet, Zack also highlighted the potential positive impact on XRP’s price if a resolution is reached between the SEC and Ripple. A successful settlement could introduce clarity regarding XRP’s position and classification within the broader cryptocurrency sphere.  Furthermore, the analyst envisaged the potential adoption of XRP by US banks and financial institutions utilizing Ripple’s On-Demand Liquidity (ODL) system as another key driver for a price surge. Notably, the July ruling clarified by affirming that XRP sales to institutional investors should not be classified as securities, fostering optimism regarding ODL’s adoption within the United States. That said, while some anticipate a “retail pump” with the potential to drive XRP to around $12, others believe in the possibility of a “utility pump” propelling XRP to a minimum of $100. However, the timing and extent of these potential surges remain speculative, with pro-Ripple lawyer John Deaton reminding investors in a Sunday tweet that “no one knows what’s going to happen next until it happens.” XRP was trading at $0.5109 at press time after a 0.74% drop in the past 24 hours, per CoinMarketCap data.
3 Pivotal Factors That Could Drive Ripple’s XRP Price to $12, According to This Analyst
As the crypto market continues to trade in turbulence, XRP, like BTC, ETH and other cryptocurrencies, has become ensnared in the volatility crisis, with investors now concerned about its future trajectory.

Notably, despite positive developments in the past year, the fifth-largest cryptocurrency by market capitalization has continued to plunge and is currently down roughly 74% from its all-time high.

Despite this uncertainty, well-known crypto analyst Zack Rector has outlined three pivotal factors that could drive XRP to new heights. On Monday, the analyst underscored the significance of the court denying an appeal by the U.S. Securities and Exchange Commission (SEC) in its ongoing tussle with Ripple, citing it as one of the catalysts with the potential to drive XRP prices to greater heights.

For context, it’s worth noting that after Ripple’s significant victory on July 13, 2023, in their legal battle against the SEC regarding XRP’s market classification, the SEC swiftly countered with a motion for an interlocutory appeal. They aimed to contest the decision, contending that this appeal was essential to thoroughly address potential violations by Ripple and its leadership.

Industry experts have stressed that the outcome of this appeal could have ramifications extending beyond Ripple. It might also significantly influence other ongoing SEC enforcement actions involving prominent entities like Coinbase and Binance.

In his tweet, Zack also highlighted the potential positive impact on XRP’s price if a resolution is reached between the SEC and Ripple. A successful settlement could introduce clarity regarding XRP’s position and classification within the broader cryptocurrency sphere. 

Furthermore, the analyst envisaged the potential adoption of XRP by US banks and financial institutions utilizing Ripple’s On-Demand Liquidity (ODL) system as another key driver for a price surge. Notably, the July ruling clarified by affirming that XRP sales to institutional investors should not be classified as securities, fostering optimism regarding ODL’s adoption within the United States.

That said, while some anticipate a “retail pump” with the potential to drive XRP to around $12, others believe in the possibility of a “utility pump” propelling XRP to a minimum of $100. However, the timing and extent of these potential surges remain speculative, with pro-Ripple lawyer John Deaton reminding investors in a Sunday tweet that “no one knows what’s going to happen next until it happens.”

XRP was trading at $0.5109 at press time after a 0.74% drop in the past 24 hours, per CoinMarketCap data.
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ZyCrypto
Sept 22nd
Tether’s Co-Founder Expresses Doubt Over PayPal’s Foray Into Stablecoins, Predicting a Dearth of ...Tether’s co-founder says PayPal’s foray into stablecoins will not lead to greater sector innovation. He suggests that the payment giant could lean on stablecoins to increase profitability. Experts argue that PayPal’s push into stablecoins could disrupt the existing conditions in the ecosystem, given its deep user base. Nearly one month after launching its stablecoin, a measure of doubt continues to trail PayPal’s foray, with critics poking holes in the project’s innovativeness. Tether co-founder William Quigly submitted that PayPal’s decision to launch a stablecoin is largely fuelled by the desire to increase its profitability. In a recent interview with Coindesk, Quigly noted that he does not expect seismic levels of innovation from PayPal’s PYUSD stablecoin, hinting that the offering will be in the same mould as other stablecoins. “I don’t think much innovation will come from PayPal,” Quigly said. “I think PayPal will see this principally as a cost saving. They may or may not pass on a portion of that to their end users.” By pivoting to stablecoins, PayPal eliminates its reliance on financial intermediaries, which could save the company a fortune in foreign exchange fees. All transactions will be settled on PayPal’s private blockchain, which Quigly opines leaves the payment service with two options. According to Quigly, PayPal can leverage the removal of interchange fees to ultimately lower the cost of cross-border transactions for users or keep all the slush funds as profit. “PayPal can continue to assess consumers and merchants’ currency conversion fees on each transaction even though it no longer incurs those fees, and retain 100% of those fees as profit,” said Quigly. “Or it can eliminate the currency conversion charges it has heretofore assessed its customers and lower their overall cross-border transactions costs.” While it is unclear which direction PayPal will take, Quigly seized the opportunity to describe Tether’s early years. The co-founder noted that Tether began as a “charitable contribution” to the virtual currency space, specifically catering to the needs of the open-source community. Quigly added that the Tether’s earnings were an addition to the interest rates it received on its reserves. He added that at the start of the company’s operations, interest rates were at their lowest ebb, but in Q2, the stablecoin issuer netted over $1 billion in operational profit. PYUSD fails to hit the ground running At the moment, PYUSD has a market capitalization of $43.4 million, which puts it far behind Tether’s USDT and USDC. On-chain analysis indicates low adoption for PYUSD, with pundits blaming the low transaction volumes on several factors, including the project’s novelty. “PYUSD was listed on a few centralized exchanges at the end of August, notably Coinbase and Kraken, but its daily trade volumes have been volatile and quite low compared to other stablecoins,” said Kaiko analyst Dessislava Aubert. Data from CoinGecko reveals that PYUSD managed to hit a daily trading volume of $1.2 million compared to the over $13 billion reached by USDT.  Despite the slow start to life, experts believe that when PayPal’s 435 million users warm up to its stablecoin offering, PYUSD could snag a chunk of the market share controlled by USDT and USDC.
Tether’s Co-Founder Expresses Doubt Over PayPal’s Foray Into Stablecoins, Predicting a Dearth of ...
Tether’s co-founder says PayPal’s foray into stablecoins will not lead to greater sector innovation.

He suggests that the payment giant could lean on stablecoins to increase profitability.

Experts argue that PayPal’s push into stablecoins could disrupt the existing conditions in the ecosystem, given its deep user base.

Nearly one month after launching its stablecoin, a measure of doubt continues to trail PayPal’s foray, with critics poking holes in the project’s innovativeness.

Tether co-founder William Quigly submitted that PayPal’s decision to launch a stablecoin is largely fuelled by the desire to increase its profitability. In a recent interview with Coindesk, Quigly noted that he does not expect seismic levels of innovation from PayPal’s PYUSD stablecoin, hinting that the offering will be in the same mould as other stablecoins.

“I don’t think much innovation will come from PayPal,” Quigly said. “I think PayPal will see this principally as a cost saving. They may or may not pass on a portion of that to their end users.”

By pivoting to stablecoins, PayPal eliminates its reliance on financial intermediaries, which could save the company a fortune in foreign exchange fees. All transactions will be settled on PayPal’s private blockchain, which Quigly opines leaves the payment service with two options.

According to Quigly, PayPal can leverage the removal of interchange fees to ultimately lower the cost of cross-border transactions for users or keep all the slush funds as profit.

“PayPal can continue to assess consumers and merchants’ currency conversion fees on each transaction even though it no longer incurs those fees, and retain 100% of those fees as profit,” said Quigly. “Or it can eliminate the currency conversion charges it has heretofore assessed its customers and lower their overall cross-border transactions costs.”

While it is unclear which direction PayPal will take, Quigly seized the opportunity to describe Tether’s early years. The co-founder noted that Tether began as a “charitable contribution” to the virtual currency space, specifically catering to the needs of the open-source community.

Quigly added that the Tether’s earnings were an addition to the interest rates it received on its reserves. He added that at the start of the company’s operations, interest rates were at their lowest ebb, but in Q2, the stablecoin issuer netted over $1 billion in operational profit.

PYUSD fails to hit the ground running

At the moment, PYUSD has a market capitalization of $43.4 million, which puts it far behind Tether’s USDT and USDC. On-chain analysis indicates low adoption for PYUSD, with pundits blaming the low transaction volumes on several factors, including the project’s novelty.

“PYUSD was listed on a few centralized exchanges at the end of August, notably Coinbase and Kraken, but its daily trade volumes have been volatile and quite low compared to other stablecoins,” said Kaiko analyst Dessislava Aubert.

Data from CoinGecko reveals that PYUSD managed to hit a daily trading volume of $1.2 million compared to the over $13 billion reached by USDT. 

Despite the slow start to life, experts believe that when PayPal’s 435 million users warm up to its stablecoin offering, PYUSD could snag a chunk of the market share controlled by USDT and USDC.
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ZyCrypto
Sept 22nd
Major Crypto Exchange Bybit Suspends Services in the UK As New FCA Crypto Rules BiteCrypto exchange Bybit has announced that it will suspend its operations in the UK ahead of new crypto marketing rules set to be implemented by the country’s top financial regulator, the Financial Conduct Authority (FCA), next month. Bybit Bows Out Of UK Market Bybit, one of the largest crypto derivatives exchanges, is halting operations in the UK due to increasing regulatory heat. Starting from October 1, new customers will not be able to open accounts. This move will be followed by the suspension of new deposits, new contracts, and changes to positions for existing customers from October 8. Closing or reducing of positions and asset withdrawals will be available during the transition period, the official statement stated. Bybit’s decision is in response to the U.K. Financial Conduct Authority’s new crypto promotion and advertising laws for businesses. The FCA’s upcoming stricter rules will classify crypto as “restricted mass market investments,” which will require any advertisements or promotions to include “clear risk warnings,” and prohibit incentives to invest, such as “refer a friend” or “new joiner bonuses,” the regulator said earlier. “In light of the UK Financial Conduct Authority’s introduction of new rules regarding marketing and communications by crypto businesses as outlined in the June 2023 Policy Statement (PS23/6) entitled ‘Financial Promotion Rules for Crypto assets,’ Bybit has made a choice to embrace the regulation proactively and pause our services in this market,” the Dubai-based exchange said. Bybit indicated January 8, 2024, as the final deadline for UK users to wind down their remaining positions. Any positions left open after this date will be automatically liquidated, but the resulting funds will be available for withdrawal. Crypto Firms Exit UK Markets As Regulation Looms It’s not clear how long the suspension will last and if Bybit will eventually restart UK operations. However, the exchange did indicate that “the suspension will allow the company to focus its efforts and resources on being able to best meet the regulations outlined by the UK authorities in the future.” Notably, Bybit is not the only company winding down services in the UK in response to the new promotion rules. Payments behemoth PayPal, said last month that it would temporarily cease crypto purchases in the UK until early 2024.  Nonetheless, while firms exit the UK, other crypto titans are planning to stay in the changing regulatory environment. Ripple, for instance, applied for a crypto license in the United Kingdom after its partial victory against the U.S. Securities and Exchange Commission (SEC).
Major Crypto Exchange Bybit Suspends Services in the UK As New FCA Crypto Rules Bite
Crypto exchange Bybit has announced that it will suspend its operations in the UK ahead of new crypto marketing rules set to be implemented by the country’s top financial regulator, the Financial Conduct Authority (FCA), next month.

Bybit Bows Out Of UK Market

Bybit, one of the largest crypto derivatives exchanges, is halting operations in the UK due to increasing regulatory heat.

Starting from October 1, new customers will not be able to open accounts. This move will be followed by the suspension of new deposits, new contracts, and changes to positions for existing customers from October 8. Closing or reducing of positions and asset withdrawals will be available during the transition period, the official statement stated.

Bybit’s decision is in response to the U.K. Financial Conduct Authority’s new crypto promotion and advertising laws for businesses. The FCA’s upcoming stricter rules will classify crypto as “restricted mass market investments,” which will require any advertisements or promotions to include “clear risk warnings,” and prohibit incentives to invest, such as “refer a friend” or “new joiner bonuses,” the regulator said earlier.

“In light of the UK Financial Conduct Authority’s introduction of new rules regarding marketing and communications by crypto businesses as outlined in the June 2023 Policy Statement (PS23/6) entitled ‘Financial Promotion Rules for Crypto assets,’ Bybit has made a choice to embrace the regulation proactively and pause our services in this market,” the Dubai-based exchange said.

Bybit indicated January 8, 2024, as the final deadline for UK users to wind down their remaining positions. Any positions left open after this date will be automatically liquidated, but the resulting funds will be available for withdrawal.

Crypto Firms Exit UK Markets As Regulation Looms

It’s not clear how long the suspension will last and if Bybit will eventually restart UK operations. However, the exchange did indicate that “the suspension will allow the company to focus its efforts and resources on being able to best meet the regulations outlined by the UK authorities in the future.”

Notably, Bybit is not the only company winding down services in the UK in response to the new promotion rules. Payments behemoth PayPal, said last month that it would temporarily cease crypto purchases in the UK until early 2024. 

Nonetheless, while firms exit the UK, other crypto titans are planning to stay in the changing regulatory environment. Ripple, for instance, applied for a crypto license in the United Kingdom after its partial victory against the U.S. Securities and Exchange Commission (SEC).
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ZyCrypto
Sept 22nd
Binance and CEO Changpeng Zhao Make Bold Move in SEC Suit With New Motion to DismissBinance and its CEO Changpeng “CZ” Zhao have jointly filed a motion to throw out the case brought against them by the U.S. Securities and Exchange Commission (SEC). Binance Seeks Dismissal Of SEC Charges Binance CEO CZ and the cryptocurrency exchange itself have asked the court to dismiss the SEC lawsuit. In a September 21 filing with the U.S. District Court for the District of Columbia, both Binance Holdings and Changpeng Zhao argued that the American regulator had overreached its authority in the suit. According to the 60-page motion, the attorneys for Binance and Zhao accused the SEC of failing to provide a clear framework for the crypto industry before launching the complaint against the global digital asset exchange. As such, they claimed that the top regulatory agency was trying to impose its regulatory control over the nascent crypto sector retroactively. “The SEC pursues these novel theories retroactively, seeking to impose liability for sales of crypto assets that occurred as far back as July 2017, before the SEC provided any public guidance concerning cryptocurrency.” As the SEC lacks authority to do this, Binance Holdings Limited and Zhao strive to have the case dismissed. Binance’s legal team also contended that Wall Street’s biggest regulator fundamentally misconstrues securities laws and their application to crypto assets.  “In attempting to claim regulatory power over the crypto industry, the SEC distorts the text of the securities laws,” read the petition. “And the SEC’s wash trading allegations, while sensationalized with labels, are unsubstantiated with facts. Accordingly, the Complaint should be dismissed,” the attorneys added. The SEC Lawsuit The SEC hit Binance, Zhao, and Binance.US with a hefty lawsuit in June, alleging they illegally listed unregistered securities in the form of several crypto assets for trading and investment by American investors. In its initial complaint, the SEC also alleged billions of dollars of client funds “were commingled in an account” that belonged to an entity, Merit Peak, which CZ manages. A federal magistrate judge recently denied the SEC’s request to access the software powering Binance.US. That being said, the ongoing legal action has considerably affected trading activities at Binance.US. Notably, trading volumes at the exchange have plummeted by over 98% since September 2022. Moreover, Binance.US trimmed 30% of its workforce last week, with its president and CEO Brian Shroder also exiting the company. 
Binance and CEO Changpeng Zhao Make Bold Move in SEC Suit With New Motion to Dismiss
Binance and its CEO Changpeng “CZ” Zhao have jointly filed a motion to throw out the case brought against them by the U.S. Securities and Exchange Commission (SEC).

Binance Seeks Dismissal Of SEC Charges

Binance CEO CZ and the cryptocurrency exchange itself have asked the court to dismiss the SEC lawsuit.

In a September 21 filing with the U.S. District Court for the District of Columbia, both Binance Holdings and Changpeng Zhao argued that the American regulator had overreached its authority in the suit.

According to the 60-page motion, the attorneys for Binance and Zhao accused the SEC of failing to provide a clear framework for the crypto industry before launching the complaint against the global digital asset exchange. As such, they claimed that the top regulatory agency was trying to impose its regulatory control over the nascent crypto sector retroactively.

“The SEC pursues these novel theories retroactively, seeking to impose liability for sales of crypto assets that occurred as far back as July 2017, before the SEC provided any public guidance concerning cryptocurrency.”

As the SEC lacks authority to do this, Binance Holdings Limited and Zhao strive to have the case dismissed.

Binance’s legal team also contended that Wall Street’s biggest regulator fundamentally misconstrues securities laws and their application to crypto assets. 

“In attempting to claim regulatory power over the crypto industry, the SEC distorts the text of the securities laws,” read the petition.

“And the SEC’s wash trading allegations, while sensationalized with labels, are unsubstantiated with facts. Accordingly, the Complaint should be dismissed,” the attorneys added.

The SEC Lawsuit

The SEC hit Binance, Zhao, and Binance.US with a hefty lawsuit in June, alleging they illegally listed unregistered securities in the form of several crypto assets for trading and investment by American investors. In its initial complaint, the SEC also alleged billions of dollars of client funds “were commingled in an account” that belonged to an entity, Merit Peak, which CZ manages.

A federal magistrate judge recently denied the SEC’s request to access the software powering Binance.US.

That being said, the ongoing legal action has considerably affected trading activities at Binance.US. Notably, trading volumes at the exchange have plummeted by over 98% since September 2022.

Moreover, Binance.US trimmed 30% of its workforce last week, with its president and CEO Brian Shroder also exiting the company. 
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ZyCrypto
Sept 22nd
‪Analyst on Bitcoin: 4-hour Candlestick Closeup Could Signal the Return of the Bull RunProminent cryptocurrency analyst shares insight into the Bitcoin market and the possibility of the big bull making a highly anticipated comeback. In a recent post shared to X, formerly Twitter, pseudonymous analyst Ali Charts broke down an interesting pattern spotted in the Bitcoin charts. In his post, the analyst observed that since mid-April, the price of bitcoin has retraced every time the Relative Strength Index (RSI) hits 73.31 on the 4-hour chart. As depicted in a chart shared by the analyst, the pattern repeats itself as Bitcoin follows a new trendline. The apex cryptocurrency could hit a bump and lose momentum, he added. However, he points to a pattern that could signify the return of a long-waited bull run.  As he explains, “We’re seeing this again as BTC approaches a descending resistance trendline at $27,440. A correction from here might take BTC to $25,200 or below, providing a potential ‘buy the dip’ opportunity. However, watch out for a 4-hour candlestick close above $27,440 because it could signal the return of the bull run.” #Bitcoin | Notice that since mid-April, every time the RSI hits 73.31 on the 4-hour chart, the price of $BTC has retraced.We're seeing this again as BTC approaches a descending resistance trendline at $27,440. A correction from here might take #BTC to $25,200 or below,… pic.twitter.com/21Le8eARTj — Ali (@ali_charts) September 20, 2023 The analyst made a similar observation a while ago, highlighting the characteristics of a bull run, stating that an increase in on-chain activity is a significant pointer that a rally is underway. When the monthly average of new wallets exceeds existing ones, it is often considered an indicator that a rally is brewing. Bitcoin’s on-chain activities have not stalled despite the decline in the BTC’s price value. “This can be spotted when the monthly average of new wallets (red) surpasses the yearly average (blue), which indicates strengthened network fundamentals and increased use. Notice that BTC on-chain activity is expanding despite stagnant prices, suggesting the BTC bull run may soon resume!” He wrote.  At press time, Bitcoin is trading for $26,628. The apex cryptocurrency has successfully moved to the green zone after clearing out weekly losses. Bitcoin is closing the weekly on a more positive note as hourly gains surge. Although trading volume is still negative, dropping by more than 29% at press time. On the other hand, the market cap has continued to increase in value. Like Bitcoin, a handful of other altcoins also clear out weekly losses. Notably, Ethereum (ETH) and (XRP) have emerged as today’s highest hourly gainers in the top 5.
‪Analyst on Bitcoin: 4-hour Candlestick Closeup Could Signal the Return of the Bull Run
Prominent cryptocurrency analyst shares insight into the Bitcoin market and the possibility of the big bull making a highly anticipated comeback. In a recent post shared to X, formerly Twitter, pseudonymous analyst Ali Charts broke down an interesting pattern spotted in the Bitcoin charts.

In his post, the analyst observed that since mid-April, the price of bitcoin has retraced every time the Relative Strength Index (RSI) hits 73.31 on the 4-hour chart.

As depicted in a chart shared by the analyst, the pattern repeats itself as Bitcoin follows a new trendline. The apex cryptocurrency could hit a bump and lose momentum, he added. However, he points to a pattern that could signify the return of a long-waited bull run. 

As he explains,

“We’re seeing this again as BTC approaches a descending resistance trendline at $27,440. A correction from here might take BTC to $25,200 or below, providing a potential ‘buy the dip’ opportunity. However, watch out for a 4-hour candlestick close above $27,440 because it could signal the return of the bull run.”

#Bitcoin | Notice that since mid-April, every time the RSI hits 73.31 on the 4-hour chart, the price of $BTC has retraced.We're seeing this again as BTC approaches a descending resistance trendline at $27,440. A correction from here might take #BTC to $25,200 or below,… pic.twitter.com/21Le8eARTj

— Ali (@ali_charts) September 20, 2023

The analyst made a similar observation a while ago, highlighting the characteristics of a bull run, stating that an increase in on-chain activity is a significant pointer that a rally is underway.

When the monthly average of new wallets exceeds existing ones, it is often considered an indicator that a rally is brewing. Bitcoin’s on-chain activities have not stalled despite the decline in the BTC’s price value.

“This can be spotted when the monthly average of new wallets (red) surpasses the yearly average (blue), which indicates strengthened network fundamentals and increased use. Notice that BTC on-chain activity is expanding despite stagnant prices, suggesting the BTC bull run may soon resume!” He wrote. 

At press time, Bitcoin is trading for $26,628. The apex cryptocurrency has successfully moved to the green zone after clearing out weekly losses. Bitcoin is closing the weekly on a more positive note as hourly gains surge. Although trading volume is still negative, dropping by more than 29% at press time. On the other hand, the market cap has continued to increase in value.

Like Bitcoin, a handful of other altcoins also clear out weekly losses. Notably, Ethereum (ETH) and (XRP) have emerged as today’s highest hourly gainers in the top 5.
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ZyCrypto
Sept 22nd
XRP Attorney Gives Three Clues Ahead of His ‘Big Announcement’ Today Amid Ripple-SEC BattleLegal expert John E. Deaton, representing over 75,000 XRP holders in the SEC vs. Ripple lawsuit, has doused community tension with three intriguing clues regarding his promised “big announcement” today. The crypto lawyer shared the hints in a post on X (formerly Twitter) in response to a nudge from Jungle Inc., who he claimed was his friend. The first hint of what the community should expect in his imminent big announcement was a photo of himself kneeling beside a small table, deeply engrossed in examining some paperwork. Deaton then named the XRP Ledger as his second clue. While Deaton has previously primarily focused on XRP’s legal aspects and less on its technical prowess, the possibilities of the legal expert’s plans for the XRPL are further fueling anticipation from the XRPArmy and the wider crypto community. The final key clue provided by the XRP holders’ attorney is that the announcement will also touch on the Initial Coin Offering (ICO) conducted by the Ethereum network back in 2014. The ether ICO was notably a resounding success, etching its name in the annals of cryptocurrency history. It’s still unknown what the connection is among these three diverse clues at the moment. Still, the announcement is primed to highlight the claims of Deaton and other pundits about the selective legal actions imposed against Ripple Labs and XRP. It’s worth mentioning that Deaton indicated earlier that everything needs to work out before he can share the announcement with the public. He has also clarified that the announcement is not about him filing a lawsuit against anyone. Given that Deaton is an influential personality in the XRP community, whatever the announcement is about, it could shed light on the SEC’s actions even as the protracted legal brawl with Ripple nears the conclusion. Meanwhile, the cryptoverse waits with bated breath to hear the verdict of the SEC’s appeal bid.
XRP Attorney Gives Three Clues Ahead of His ‘Big Announcement’ Today Amid Ripple-SEC Battle
Legal expert John E. Deaton, representing over 75,000 XRP holders in the SEC vs. Ripple lawsuit, has doused community tension with three intriguing clues regarding his promised “big announcement” today.

The crypto lawyer shared the hints in a post on X (formerly Twitter) in response to a nudge from Jungle Inc., who he claimed was his friend.

The first hint of what the community should expect in his imminent big announcement was a photo of himself kneeling beside a small table, deeply engrossed in examining some paperwork.

Deaton then named the XRP Ledger as his second clue. While Deaton has previously primarily focused on XRP’s legal aspects and less on its technical prowess, the possibilities of the legal expert’s plans for the XRPL are further fueling anticipation from the XRPArmy and the wider crypto community.

The final key clue provided by the XRP holders’ attorney is that the announcement will also touch on the Initial Coin Offering (ICO) conducted by the Ethereum network back in 2014. The ether ICO was notably a resounding success, etching its name in the annals of cryptocurrency history.

It’s still unknown what the connection is among these three diverse clues at the moment. Still, the announcement is primed to highlight the claims of Deaton and other pundits about the selective legal actions imposed against Ripple Labs and XRP.

It’s worth mentioning that Deaton indicated earlier that everything needs to work out before he can share the announcement with the public. He has also clarified that the announcement is not about him filing a lawsuit against anyone.

Given that Deaton is an influential personality in the XRP community, whatever the announcement is about, it could shed light on the SEC’s actions even as the protracted legal brawl with Ripple nears the conclusion. Meanwhile, the cryptoverse waits with bated breath to hear the verdict of the SEC’s appeal bid.
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ZyCrypto
Sept 21st
Mystery Solved: Sam Bankman-Fried’s Alameda Caused Bitcoin’s Flash Crash to $8,200 in 2021A former employee of Alameda Research has revealed that the now-defunct quantitative trading firm was responsible for a rapid 87% plunge in Bitcoin prices in 2021. The incident occurred on October 21, when the world’s biggest and oldest cryptocurrency sunk to as low as $8,200 on Binance.US for no apparent reason. BTC’s Crash On Binance.US In 2021 Explained An ex-Alameda employee has shed light on what really caused Bitcoin’s unprecedented flash crash in 2021. According to former Alameda Research engineer Aditya Baradwajan, a trader at the firm accidentally entered a Bitcoin sell order on Alameda’s manual trading system with the decimal point off by a few spaces, selling a block of BTC for pennies on the dollar at the time. PART 2: THE FAT-FINGERorThe story of how a misplaced decimal point at Alameda Research caused a market crash that echoed around the world.(1/n) #SBF #FTX pic.twitter.com/jCykh6rg1o — Adi (e/acc) (@aditya_baradwaj) September 20, 2023 The result of this blunder was immediate. The Bitcoin price nosedived 87% on Binance.US in a flash on Oct. 21, 2021. The cryptocurrency dipped from $65,000 highs to $8,200 per coin in the span of minutes on the platform, while other BTC markets functioned normally.  At the time, the crypto exchange attributed the price flash crash to a “bug” in the trading algorithm of an institutional client in an effort to cover Alameda’s mistake. The sudden price action notably sent shockwaves across the crypto market as investors scrambled to figure out what was really happening. The Bitcoin price, however, quickly recovered as arbitrageurs capitalized on the mispricing. But Alameda suffered “tens of millions” in losses from the bad trade.  “But because it had been an honest mistake, there wasn’t much to do except to implement additional sanity checks for manual trades. And that’s what we did,” Baradwaj continued. SBF, who co-founded Alameda Research and its sister firm FTX, is readying for his first criminal trial scheduled to start on October 3. His second trial is expected to begin in March next year. The disgraced crypto tycoon has pleaded not guilty to all charges brought against him.
Mystery Solved: Sam Bankman-Fried’s Alameda Caused Bitcoin’s Flash Crash to $8,200 in 2021
A former employee of Alameda Research has revealed that the now-defunct quantitative trading firm was responsible for a rapid 87% plunge in Bitcoin prices in 2021. The incident occurred on October 21, when the world’s biggest and oldest cryptocurrency sunk to as low as $8,200 on Binance.US for no apparent reason.

BTC’s Crash On Binance.US In 2021 Explained

An ex-Alameda employee has shed light on what really caused Bitcoin’s unprecedented flash crash in 2021.

According to former Alameda Research engineer Aditya Baradwajan, a trader at the firm accidentally entered a Bitcoin sell order on Alameda’s manual trading system with the decimal point off by a few spaces, selling a block of BTC for pennies on the dollar at the time.

PART 2: THE FAT-FINGERorThe story of how a misplaced decimal point at Alameda Research caused a market crash that echoed around the world.(1/n) #SBF #FTX pic.twitter.com/jCykh6rg1o

— Adi (e/acc) (@aditya_baradwaj) September 20, 2023

The result of this blunder was immediate. The Bitcoin price nosedived 87% on Binance.US in a flash on Oct. 21, 2021. The cryptocurrency dipped from $65,000 highs to $8,200 per coin in the span of minutes on the platform, while other BTC markets functioned normally. 

At the time, the crypto exchange attributed the price flash crash to a “bug” in the trading algorithm of an institutional client in an effort to cover Alameda’s mistake.

The sudden price action notably sent shockwaves across the crypto market as investors scrambled to figure out what was really happening. The Bitcoin price, however, quickly recovered as arbitrageurs capitalized on the mispricing. But Alameda suffered “tens of millions” in losses from the bad trade. 

“But because it had been an honest mistake, there wasn’t much to do except to implement additional sanity checks for manual trades. And that’s what we did,” Baradwaj continued.

SBF, who co-founded Alameda Research and its sister firm FTX, is readying for his first criminal trial scheduled to start on October 3. His second trial is expected to begin in March next year. The disgraced crypto tycoon has pleaded not guilty to all charges brought against him.
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ZyCrypto
Sept 21st
Ex-Deutsche Bank Executive Facing Up to 30 Years in Prison After Pleading Guilty to Crypto FraudA former Deutsche Bank investment banker is facing up to 30 years in prison after pleading guilty to charges of misappropriating investor funds in a sophisticated cryptocurrency trading scheme. The Allegations Against Rashawn Russell Rashawn Russell, a former employee at banking giant Deutsche Bank, has pleaded guilty to cryptocurrency fraud. Russell, who was initially charged with choreographing an elaborate fraud scheme in April, admitted to participating in a scheme where he operated a fraudulent crypto investment fund dubbed the “R3 Crypto Fund.” In the period November 2020 and August 2022, the ex-Deutsche Bank exec defrauded 29 investors out of at least $1.5 million by leveraging their interest in cryptocurrency markets and his reputation as a licensed financial broker to promise that he would be able to yield guaranteed, huge profits on multiple crypto investments. In reality, a considerable chunk of the investors’ funds were misappropriated by Russell for his personal benefit, wagering, and repaying previous investors. Russell Faces Up To 30 Years Behind Bars Russell is also accused of creating counterfeit images of financial statements to mislead investors about their investment health. Another time, when one investor tried to retrieve their funds, the former investment banker refused to transfer the money and instead sent his victim a fabricated wire transfer confirmation that showed the return of the investor’s funds. According to the indictment in April, Russell’s fraudulent crypto scheme targeted “numerous individuals, including his friends, former college classmates, and former colleagues at [a] financial institution.” Their identities are known to the Grand Jury. Russell’s now-deleted LinkedIn page indicated that besides Deutsche Bank, he also worked at both JPMorgan and Moody’s. “The swift conviction in this case underscores this Office’s commitment to holding bad actors in the digital asset markets accountable,” U.S. Attorney Breon Peace opined in the statement. Upon sentence, Russell faces up to 30 years in prison for his crimes, with U.S. Magistrate Judge Sanket Bulsara ruling that he must also pay restitution exceeding $1.5 million.
Ex-Deutsche Bank Executive Facing Up to 30 Years in Prison After Pleading Guilty to Crypto Fraud
A former Deutsche Bank investment banker is facing up to 30 years in prison after pleading guilty to charges of misappropriating investor funds in a sophisticated cryptocurrency trading scheme.

The Allegations Against Rashawn Russell

Rashawn Russell, a former employee at banking giant Deutsche Bank, has pleaded guilty to cryptocurrency fraud.

Russell, who was initially charged with choreographing an elaborate fraud scheme in April, admitted to participating in a scheme where he operated a fraudulent crypto investment fund dubbed the “R3 Crypto Fund.”

In the period November 2020 and August 2022, the ex-Deutsche Bank exec defrauded 29 investors out of at least $1.5 million by leveraging their interest in cryptocurrency markets and his reputation as a licensed financial broker to promise that he would be able to yield guaranteed, huge profits on multiple crypto investments.

In reality, a considerable chunk of the investors’ funds were misappropriated by Russell for his personal benefit, wagering, and repaying previous investors.

Russell Faces Up To 30 Years Behind Bars

Russell is also accused of creating counterfeit images of financial statements to mislead investors about their investment health. Another time, when one investor tried to retrieve their funds, the former investment banker refused to transfer the money and instead sent his victim a fabricated wire transfer confirmation that showed the return of the investor’s funds.

According to the indictment in April, Russell’s fraudulent crypto scheme targeted “numerous individuals, including his friends, former college classmates, and former colleagues at [a] financial institution.” Their identities are known to the Grand Jury. Russell’s now-deleted LinkedIn page indicated that besides Deutsche Bank, he also worked at both JPMorgan and Moody’s.

“The swift conviction in this case underscores this Office’s commitment to holding bad actors in the digital asset markets accountable,” U.S. Attorney Breon Peace opined in the statement.

Upon sentence, Russell faces up to 30 years in prison for his crimes, with U.S. Magistrate Judge Sanket Bulsara ruling that he must also pay restitution exceeding $1.5 million.
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ZyCrypto
Sept 21st
Crypto Pioneer Arthur Hayes Suggests Massive Chinese Capital Outflows Bode Well for BitcoinCrypto OG Arthur Hayes has shared an insightful new outlook with his followers on the X (formerly Twitter) platform. The former BitMEX CEO is expecting to see billions of dollars flow from China into Bitcoin amid the ongoing devaluation of the yuan. China’s Unprecedented Capital Flight Arthur Hayes, who currently runs a crypto-focused investment fund called Maelstrom, has brought attention to possible capital exit from China, raising concerns as it worsens pressure on the beleaguered Chinese yuan (CNY). His analysis primarily focuses on the yuan shedding almost 15% of its value against the U.S. dollar on a year-to-date basis. This has sparked speculation about whether China could mull investing billions in Bitcoin and other assets to hedge against economic turmoil. Follow the money, a lot of noise is being made about possible China capital flight.Something is going on because $CNY has depreciated almost 15% YTD. pic.twitter.com/oHxBsc1Sd5 — Arthur Hayes (@CryptoHayes) September 20, 2023 Hayes reveals that he asked Chinese researcher Andrew Collie what the best indicator would be to estimate possible capital flight, who suggested examining the gap between China’s international net export earnings and its official foreign reserves. Data shows that while China’s foreign reserves have soared by roughly $32.407 billion this year, total net exports have increased by $553.25 billion, leaving approximately $520.85 billion that has potentially left China. BTC To Benefit The former BitMEX boss then hypothesizes on where this capital might be flowing to, including the possibility of China purchasing a lot of gold, paying down offshore USD debt of its banks and enterprises, or wealthy individuals shifting their wealth abroad pushed by the sputtering economy. Hayes sarcastically posits that China is definitely not acquiring more U.S. Treasuries. He further noted the relationship between the tumbling Japanese yen (JPY) and the CNY, suggesting that the CNY must weaken so that Chinese exports remain more competitive than Japan’s.  Furthermore, Hayes predicts that the capital flight out of China may continue to rise. In conclusion, Hayes implies that some of these funds could find their way into the crypto markets, specifically Bitcoin, as he astutely opines, “I hope some finds its way to Lord Satoshi and BTC.” The Bitcoin bull claimed last week that Bitcoin is primed to hit $70,000 even if the Fed and other central banks continued interest rate hikes to stimulate economic tightening or if they “print more money”.
Crypto Pioneer Arthur Hayes Suggests Massive Chinese Capital Outflows Bode Well for Bitcoin
Crypto OG Arthur Hayes has shared an insightful new outlook with his followers on the X (formerly Twitter) platform. The former BitMEX CEO is expecting to see billions of dollars flow from China into Bitcoin amid the ongoing devaluation of the yuan.

China’s Unprecedented Capital Flight

Arthur Hayes, who currently runs a crypto-focused investment fund called Maelstrom, has brought attention to possible capital exit from China, raising concerns as it worsens pressure on the beleaguered Chinese yuan (CNY).

His analysis primarily focuses on the yuan shedding almost 15% of its value against the U.S. dollar on a year-to-date basis. This has sparked speculation about whether China could mull investing billions in Bitcoin and other assets to hedge against economic turmoil.

Follow the money, a lot of noise is being made about possible China capital flight.Something is going on because $CNY has depreciated almost 15% YTD. pic.twitter.com/oHxBsc1Sd5

— Arthur Hayes (@CryptoHayes) September 20, 2023

Hayes reveals that he asked Chinese researcher Andrew Collie what the best indicator would be to estimate possible capital flight, who suggested examining the gap between China’s international net export earnings and its official foreign reserves. Data shows that while China’s foreign reserves have soared by roughly $32.407 billion this year, total net exports have increased by $553.25 billion, leaving approximately $520.85 billion that has potentially left China.

BTC To Benefit

The former BitMEX boss then hypothesizes on where this capital might be flowing to, including the possibility of China purchasing a lot of gold, paying down offshore USD debt of its banks and enterprises, or wealthy individuals shifting their wealth abroad pushed by the sputtering economy. Hayes sarcastically posits that China is definitely not acquiring more U.S. Treasuries.

He further noted the relationship between the tumbling Japanese yen (JPY) and the CNY, suggesting that the CNY must weaken so that Chinese exports remain more competitive than Japan’s. 

Furthermore, Hayes predicts that the capital flight out of China may continue to rise. In conclusion, Hayes implies that some of these funds could find their way into the crypto markets, specifically Bitcoin, as he astutely opines, “I hope some finds its way to Lord Satoshi and BTC.”

The Bitcoin bull claimed last week that Bitcoin is primed to hit $70,000 even if the Fed and other central banks continued interest rate hikes to stimulate economic tightening or if they “print more money”.
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ZyCrypto
Sept 21st
Grayscale Applies for New Ether Futures ETF After Big Court WinCrypto assets manager Grayscale Investments is the latest firm to file for a new exchange-traded fund (ETF) that tracks ether futures. The filing comes just a few weeks after Grayscale notched a bombshell legal victory against the U.S. Securities and Exchange Commission in its quest to convert its Bitcoin Trust (GBTC) into an ETF. Grayscale’s Ethereum Futures ETF Filing Grayscale Investments is attempting to gain approval from the SEC for an Ethereum futures ETF. Grayscale proposed to list and trade shares of the Grayscale Ethereum Futures Trust (ETH) ETF under the New York Stock Exchange (NYSE) Arca Rule 8.200-E in a Tuesday filing. It’s worth mentioning that the fund, if approved by the SEC, would “not transact in Ether and will not be required to retain an Ether custodian” and instead would deal exclusively in futures. The proposal, according to the Wall Street Journal, is pursuant to the Securities Act of 1933 — the regulation overseeing commodities and spot Bitcoin ETFs. Notably, Grayscale had previously filed for another Ethereum futures ETF under the Investment Company Act of 1940, the framework under which most securities-based ETFs are registered. The WSJ observed that the contrast is remarkable in that the SEC has previously given the go-ahead to Bitcoin futures ETFs registered under both acts. The ether financial vehicle would be managed by Grayscale Advisors, also termed as the “sponsor” in the application. “The Sponsor is in the process of becoming registered as a commodity pool operator with the Commodity Futures Trading Commission and is in the process of becoming a member of the National Futures Association,” the filing reads. Moreover, Grayscale Advisors have engaged Videnct Advisory as a subadviser, to act as the products commodity trading adviser. Long Journey Grayscale Investments, the manager behind the world’s biggest crypto fund, first filed paperwork for its GBTC to be transformed into an exchange-traded fund in October 2021. The SEC blocked the application in June 2022, stating in its decision that the filing failed to answer the agency’s questions about curbing market manipulation, as well as other concerns. Grayscale then appealed the SEC’s decision barely an hour after the regulator disapproved its application. The firm’s favourable ruling was unveiled in August, a few months after a flurry of traditional finance juggernauts such as BlackRock and Fidelity filed applications for spot bitcoin ETFs. The SEC first green-lighted a Bitcoin futures ETF back in 2021. But it’s been dragging its feet in approving a spot crypto product. While US investors wait for a spot Bitcoin ETF, which would catalyze further institutional adoption of BTC, ether futures ETFs might hit the market first.
Grayscale Applies for New Ether Futures ETF After Big Court Win
Crypto assets manager Grayscale Investments is the latest firm to file for a new exchange-traded fund (ETF) that tracks ether futures.

The filing comes just a few weeks after Grayscale notched a bombshell legal victory against the U.S. Securities and Exchange Commission in its quest to convert its Bitcoin Trust (GBTC) into an ETF.

Grayscale’s Ethereum Futures ETF Filing

Grayscale Investments is attempting to gain approval from the SEC for an Ethereum futures ETF.

Grayscale proposed to list and trade shares of the Grayscale Ethereum Futures Trust (ETH) ETF under the New York Stock Exchange (NYSE) Arca Rule 8.200-E in a Tuesday filing. It’s worth mentioning that the fund, if approved by the SEC, would “not transact in Ether and will not be required to retain an Ether custodian” and instead would deal exclusively in futures.

The proposal, according to the Wall Street Journal, is pursuant to the Securities Act of 1933 — the regulation overseeing commodities and spot Bitcoin ETFs.

Notably, Grayscale had previously filed for another Ethereum futures ETF under the Investment Company Act of 1940, the framework under which most securities-based ETFs are registered. The WSJ observed that the contrast is remarkable in that the SEC has previously given the go-ahead to Bitcoin futures ETFs registered under both acts.

The ether financial vehicle would be managed by Grayscale Advisors, also termed as the “sponsor” in the application.

“The Sponsor is in the process of becoming registered as a commodity pool operator with the Commodity Futures Trading Commission and is in the process of becoming a member of the National Futures Association,” the filing reads.

Moreover, Grayscale Advisors have engaged Videnct Advisory as a subadviser, to act as the products commodity trading adviser.

Long Journey

Grayscale Investments, the manager behind the world’s biggest crypto fund, first filed paperwork for its GBTC to be transformed into an exchange-traded fund in October 2021. The SEC blocked the application in June 2022, stating in its decision that the filing failed to answer the agency’s questions about curbing market manipulation, as well as other concerns.

Grayscale then appealed the SEC’s decision barely an hour after the regulator disapproved its application. The firm’s favourable ruling was unveiled in August, a few months after a flurry of traditional finance juggernauts such as BlackRock and Fidelity filed applications for spot bitcoin ETFs.

The SEC first green-lighted a Bitcoin futures ETF back in 2021. But it’s been dragging its feet in approving a spot crypto product. While US investors wait for a spot Bitcoin ETF, which would catalyze further institutional adoption of BTC, ether futures ETFs might hit the market first.
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ZyCrypto
Sept 20th
Elon Musk Floats Charging All X Users Subscription Fees to Combat Bots — Dogecoin to Play a Huge ...Eccentric billionaire Elon Musk shocked X (formerly Twitter) users on Monday after floating a paid-subscription model for the iconic social media app in an effort to eliminate bots. But will one of Musk’s favorite playthings: Dogecoin (DOGE), fit into the pay service? Musk Wants To Charge All X Users A Monthly Subscription Fee Hell-bent on raking profits out of a company that is famously unprofitable and cutting down on bots, X owner Elon Musk is scheming a way to charge all users a small monthly fee to access the platform. Musk revealed the plans to put the social media platform behind a paywall in a live-streamed interview with Israeli Prime Minister Benjamin Netanyahu late Monday. “The single most important reason we’re moving to have a small monthly payment for use of the X system is it’s the only way I can think of to combat vast armies of bots,” Musk stated. The multibillionaire contends that if all users have to pay a subscription fee to access the social media site, it would be more expensive for the bad actors who create bots to sustain their activities. The drastic increase in operating costs would basically discourage them from deploying more bots. Musk did not say exactly how much money he would charge each user but revealed it would be “lower-tier pricing” than what X charges its premium subscribers — which is around $8 per month. Dogecoin Integration On X’s New Pay Service? Musk’s evangelism of Dogecoin has been well-documented over the years, and now, with the potential introduction of his new pay-for-play system, speculation is growing about the potential impact on the canine-themed token’s price. The crypto community has been anxiously waiting to see if Musk will add a Doge payment function on X, as he has previously hinted. However, no concrete plans have been announced so far, and the likelihood looks diminished amid an acrid courtroom brawl over Musk’s alleged promotion of the token. Nevertheless, given that DOGE excels at such micro-transactions that would be implemented if X becomes a subscription-only platform, the meme cryptocurrency could easily factor into those plans. Musk clearly has an affinity for Dogecoin, and it wouldn’t come as a surprise if he actually went through with enabling payments on X via DOGE.
Elon Musk Floats Charging All X Users Subscription Fees to Combat Bots — Dogecoin to Play a Huge ...
Eccentric billionaire Elon Musk shocked X (formerly Twitter) users on Monday after floating a paid-subscription model for the iconic social media app in an effort to eliminate bots. But will one of Musk’s favorite playthings: Dogecoin (DOGE), fit into the pay service?

Musk Wants To Charge All X Users A Monthly Subscription Fee

Hell-bent on raking profits out of a company that is famously unprofitable and cutting down on bots, X owner Elon Musk is scheming a way to charge all users a small monthly fee to access the platform.

Musk revealed the plans to put the social media platform behind a paywall in a live-streamed interview with Israeli Prime Minister Benjamin Netanyahu late Monday.

“The single most important reason we’re moving to have a small monthly payment for use of the X system is it’s the only way I can think of to combat vast armies of bots,” Musk stated.

The multibillionaire contends that if all users have to pay a subscription fee to access the social media site, it would be more expensive for the bad actors who create bots to sustain their activities. The drastic increase in operating costs would basically discourage them from deploying more bots.

Musk did not say exactly how much money he would charge each user but revealed it would be “lower-tier pricing” than what X charges its premium subscribers — which is around $8 per month.

Dogecoin Integration On X’s New Pay Service?

Musk’s evangelism of Dogecoin has been well-documented over the years, and now, with the potential introduction of his new pay-for-play system, speculation is growing about the potential impact on the canine-themed token’s price.

The crypto community has been anxiously waiting to see if Musk will add a Doge payment function on X, as he has previously hinted. However, no concrete plans have been announced so far, and the likelihood looks diminished amid an acrid courtroom brawl over Musk’s alleged promotion of the token.

Nevertheless, given that DOGE excels at such micro-transactions that would be implemented if X becomes a subscription-only platform, the meme cryptocurrency could easily factor into those plans. Musk clearly has an affinity for Dogecoin, and it wouldn’t come as a surprise if he actually went through with enabling payments on X via DOGE.
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ZyCrypto
Sept 20th
This Prestigious University Intends to Return Millions of Dollars in ‘Gifts’ From FTXStanford University has announced plans to return all funds it received from the now-defunct cryptocurrency exchange FTX. The millions of dollars in gifts were allegedly masterminded by Sam Bankman-Fried’s parents, Joseph and Barbra, who are professors at Stanford Law School. Why Stanford Is Returning Donations From FTX Stanford is set to return contributions made by the now-collapsed FTX cryptocurrency exchange, according to a Bloomberg report. The California-based prestigious university confirmed its intention to repay the funds “in their entirety” after discussions with attorneys for the FTX debtors. Stanford received around $5.5 million in gifts from FTX between November 2021 and May 2022. The FTX Foundation and its affiliated companies had apparently donated gifts to Stanford mainly for pandemic-related prevention and research, a representative of the university said.  Stanford’s announcement comes after the FTX bankruptcy estate sued Joseph Bankman and Barbara Fried for reportedly stealing millions from the exchange. The suit was initiated on September 11 against the two legal scholars, alleging they misappropriated funds through their involvement with FTX to “enrich themselves, directly and indirectly, by millions of dollars”. Bankman and Fried allegedly pushed for tens of millions of dollars in political and charitable donations, including to Stanford University, “which were seemingly designed to boost Bankman’s and Fried’s professional and social status at the expense of the FTX Group,” the filing noted. Sam Bankman-Fried’s parents have refuted all the allegations, calling them “completely false.”  SBF has been accused of misappropriating billions of dollars of customer and investor funds, in what is arguably one of the largest frauds in American history. He faces an array of charges, including fraud and money laundering, which he has pleaded not guilty to. The disgraced 31-year-old founder and former CEO of the bankrupt FTX cryptocurrency exchange is readying for a trial next month while still behind bars. The current FTX team is exploring its options for clawing back the money doled out to promoters, politicians, and institutions over the years as one way to repay its substantial debts and possibly relaunch. Meanwhile, a bankruptcy court recently gave FTX the permission to sell, stake, and hedge its crypto holdings, which are said to be worth over $3.4 billion. 
This Prestigious University Intends to Return Millions of Dollars in ‘Gifts’ From FTX
Stanford University has announced plans to return all funds it received from the now-defunct cryptocurrency exchange FTX. The millions of dollars in gifts were allegedly masterminded by Sam Bankman-Fried’s parents, Joseph and Barbra, who are professors at Stanford Law School.

Why Stanford Is Returning Donations From FTX

Stanford is set to return contributions made by the now-collapsed FTX cryptocurrency exchange, according to a Bloomberg report.

The California-based prestigious university confirmed its intention to repay the funds “in their entirety” after discussions with attorneys for the FTX debtors. Stanford received around $5.5 million in gifts from FTX between November 2021 and May 2022. The FTX Foundation and its affiliated companies had apparently donated gifts to Stanford mainly for pandemic-related prevention and research, a representative of the university said. 

Stanford’s announcement comes after the FTX bankruptcy estate sued Joseph Bankman and Barbara Fried for reportedly stealing millions from the exchange. The suit was initiated on September 11 against the two legal scholars, alleging they misappropriated funds through their involvement with FTX to “enrich themselves, directly and indirectly, by millions of dollars”.

Bankman and Fried allegedly pushed for tens of millions of dollars in political and charitable donations, including to Stanford University, “which were seemingly designed to boost Bankman’s and Fried’s professional and social status at the expense of the FTX Group,” the filing noted.

Sam Bankman-Fried’s parents have refuted all the allegations, calling them “completely false.” 

SBF has been accused of misappropriating billions of dollars of customer and investor funds, in what is arguably one of the largest frauds in American history. He faces an array of charges, including fraud and money laundering, which he has pleaded not guilty to. The disgraced 31-year-old founder and former CEO of the bankrupt FTX cryptocurrency exchange is readying for a trial next month while still behind bars.

The current FTX team is exploring its options for clawing back the money doled out to promoters, politicians, and institutions over the years as one way to repay its substantial debts and possibly relaunch.

Meanwhile, a bankruptcy court recently gave FTX the permission to sell, stake, and hedge its crypto holdings, which are said to be worth over $3.4 billion. 
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ZyCrypto
Sept 19th
New Report Suggests Ethereum Is Trading Well Below Its Market Value, Citing a Valuation of $275 B...According to new on-chain research, Ether (ETH) is trading below its worth by a staggering 27%. The report hinges its analysis on user adoption levels of Ethereum’s layer 2 networks. Layer 2 networks have ballooned in popularity with Optimism and Arbitrum probing new functionalities. A new report has placed Ethereum’s network valuation north of $275 billion, relying on a modification of Metcalfe’s Law. RxR, a joint venture between Re7 Capital and Republic Crypto, has pegged ETH’s fair valuation at $275 billion in its latest analysis. According to the report, the network is currently trading below fair value by 27% if certain key factors are considered holistically. The report made use of a modified Metcalfe-centric model to arrive at its conclusion, noting that existing models do not take the scaling dynamics into account. Traditional models place a premium on the number of active users on the network’s mainnet, but RxR’s models rely on data from Ethereum’s layer 2 networks. Metcalfe’s law states that the financial value of a network is directly proportional to the square of the number of connected users, but extending the model to layer 2 activities yields new results. “Ethereum’s network valuation tracks the updated ML index better when the active user base of Ethereum’s scaling networks is factored into the model than when omitted,” said Lewis Harland, an RxR analyst. In the report, the research analyst noted that including the L2 activity proved more reliable for long-term forecasts. The analysts pointed out that ignoring off-chain and L2 activities may paint a grim picture that the Ethereum network may be overvalued. At the moment, ETH trades at $1,655 with a total market capitalization of $199 billion, showing glimpses of a rally on the horizon. RxR’s blended model suggests that contrary to popular opinion, the market is yet to “price in” Ethereum’s network adoption levels. “User growth on Ethereum as an application platform is set to outpace simple value-transfer networks over time implying higher relative valuations based on Metcalfe’s law,” said Harland. Ethereum’s thriving L2 ecosystem Ethereum’s L2 space has been a beehive of activity, with several projects experimenting with novel ways around the network’s scaling issues. Arbitrum and Optimism are pushing the frontiers of Ethereum’s scaling with their novel offerings, with Coinbase’s BASE recording sky-high adoption levels. With over 30 L2 networks in play, aggregate total value locked (TVL) has surged to $10 billion given the reliance on rollups and other novel scaling solutions. Experts have hailed the spike in L2 activity as preventing single points of failure and playing a key role in reducing congestion.
New Report Suggests Ethereum Is Trading Well Below Its Market Value, Citing a Valuation of $275 B...
According to new on-chain research, Ether (ETH) is trading below its worth by a staggering 27%.

The report hinges its analysis on user adoption levels of Ethereum’s layer 2 networks.

Layer 2 networks have ballooned in popularity with Optimism and Arbitrum probing new functionalities.

A new report has placed Ethereum’s network valuation north of $275 billion, relying on a modification of Metcalfe’s Law.

RxR, a joint venture between Re7 Capital and Republic Crypto, has pegged ETH’s fair valuation at $275 billion in its latest analysis. According to the report, the network is currently trading below fair value by 27% if certain key factors are considered holistically.

The report made use of a modified Metcalfe-centric model to arrive at its conclusion, noting that existing models do not take the scaling dynamics into account. Traditional models place a premium on the number of active users on the network’s mainnet, but RxR’s models rely on data from Ethereum’s layer 2 networks.

Metcalfe’s law states that the financial value of a network is directly proportional to the square of the number of connected users, but extending the model to layer 2 activities yields new results.

“Ethereum’s network valuation tracks the updated ML index better when the active user base of Ethereum’s scaling networks is factored into the model than when omitted,” said Lewis Harland, an RxR analyst.

In the report, the research analyst noted that including the L2 activity proved more reliable for long-term forecasts. The analysts pointed out that ignoring off-chain and L2 activities may paint a grim picture that the Ethereum network may be overvalued.

At the moment, ETH trades at $1,655 with a total market capitalization of $199 billion, showing glimpses of a rally on the horizon. RxR’s blended model suggests that contrary to popular opinion, the market is yet to “price in” Ethereum’s network adoption levels.

“User growth on Ethereum as an application platform is set to outpace simple value-transfer networks over time implying higher relative valuations based on Metcalfe’s law,” said Harland.

Ethereum’s thriving L2 ecosystem

Ethereum’s L2 space has been a beehive of activity, with several projects experimenting with novel ways around the network’s scaling issues. Arbitrum and Optimism are pushing the frontiers of Ethereum’s scaling with their novel offerings, with Coinbase’s BASE recording sky-high adoption levels.

With over 30 L2 networks in play, aggregate total value locked (TVL) has surged to $10 billion given the reliance on rollups and other novel scaling solutions. Experts have hailed the spike in L2 activity as preventing single points of failure and playing a key role in reducing congestion.
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ZyCrypto
Sept 19th
Blow As Regulator NYDFS Removes XRP, Dogecoin From Its Approved GreenlistThe New York Department of Financial Services (DFS) has tightened its noose on crypto assets, removing over a dozen well-known tokens such as Ripple’s XRP and meme coin Dogecoin from its “greenlist”. Implications For XRP, DOGE On Monday, New York’s Department of Financial Services (DFS), which oversees the conduct of firms dealing in digital assets, announced an update to its virtual currency oversight regime. As part of the revamp, the agency dramatically altered the makeup of the list. From boasting 25 popular tokens, including Dogecoin, XRP, Bitcoin Cash, Chainlink, Ethereum Classic, Litecoin, Stellar Lumens, and Synthetix, the amended greenlist now consists of only 8 approved tokens.  After Monday’s redrafting, the updated greenlist now features just six stablecoins issued by DFS-registered entities plus Bitcoin and Ethereum. The absence of XRP and Dogecoin will undoubtedly affect how crypto businesses operate in New York. Businesses wishing to transact with non-greenlisted tokens must inform the DFS at least ten days before launching their services. The DFS explained that it might consider adding a coin to its greenlist if “the coin or coin issuer has a demonstrated, historic record consistent with safety and soundness and the protection of customers, including broad marketplace adoption” or if “the coin is a stablecoin approved by DFS for issuance in New York by a VC Entity.”  Legal Expert Calls Decision To Remove XRP “Political” XRP holders’ attorney John E. Deaton has termed the decision to remove XRP from its approved list of cryptocurrencies as “political and punitive in nature”.  Judge Analisa Torres of the U.S. District Court for the Southern District of New York in July ruled that programmatic sales of XRP to retail investors via exchanges did not qualify as securities. After it was determined NOT to be a security. It’s not even a security if Ripple sells it on exchanges. Yea, this move isn’t political or punitive in nature. https://t.co/5DmIrqrXBc — John E Deaton (@JohnEDeaton1) September 18, 2023 Fellow lawyer Bill Morgan agreed with Deaton, highlighting that the DFS decision meant that a court verdict by a judge that a digital asset is not itself a security “has less weight for other US regulators than a speech of a senior SEC official about another crypto that the SEC itself disowned as expressing its official position.”
Blow As Regulator NYDFS Removes XRP, Dogecoin From Its Approved Greenlist
The New York Department of Financial Services (DFS) has tightened its noose on crypto assets, removing over a dozen well-known tokens such as Ripple’s XRP and meme coin Dogecoin from its “greenlist”.

Implications For XRP, DOGE

On Monday, New York’s Department of Financial Services (DFS), which oversees the conduct of firms dealing in digital assets, announced an update to its virtual currency oversight regime.

As part of the revamp, the agency dramatically altered the makeup of the list. From boasting 25 popular tokens, including Dogecoin, XRP, Bitcoin Cash, Chainlink, Ethereum Classic, Litecoin, Stellar Lumens, and Synthetix, the amended greenlist now consists of only 8 approved tokens. 

After Monday’s redrafting, the updated greenlist now features just six stablecoins issued by DFS-registered entities plus Bitcoin and Ethereum. The absence of XRP and Dogecoin will undoubtedly affect how crypto businesses operate in New York. Businesses wishing to transact with non-greenlisted tokens must inform the DFS at least ten days before launching their services.

The DFS explained that it might consider adding a coin to its greenlist if “the coin or coin issuer has a demonstrated, historic record consistent with safety and soundness and the protection of customers, including broad marketplace adoption” or if “the coin is a stablecoin approved by DFS for issuance in New York by a VC Entity.” 

Legal Expert Calls Decision To Remove XRP “Political”

XRP holders’ attorney John E. Deaton has termed the decision to remove XRP from its approved list of cryptocurrencies as “political and punitive in nature”. 

Judge Analisa Torres of the U.S. District Court for the Southern District of New York in July ruled that programmatic sales of XRP to retail investors via exchanges did not qualify as securities.

After it was determined NOT to be a security. It’s not even a security if Ripple sells it on exchanges. Yea, this move isn’t political or punitive in nature. https://t.co/5DmIrqrXBc

— John E Deaton (@JohnEDeaton1) September 18, 2023

Fellow lawyer Bill Morgan agreed with Deaton, highlighting that the DFS decision meant that a court verdict by a judge that a digital asset is not itself a security “has less weight for other US regulators than a speech of a senior SEC official about another crypto that the SEC itself disowned as expressing its official position.”
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ZyCrypto
Sept 19th
FTX Sues Sam Bankman Fried’s Parents to Recover Millions in ‘Misappropriated’ FundsBankrupt crypto exchange FTX has lodged legal action against founder and former CEO Sam Bankman-Fried’s parents, Joseph Bankman and Barbara Fried, alleging that they misappropriated millions of dollars of customer funds through their involvement in the exchange’s business. FTX Bankruptcy Estate Aims To Claw Back Millions Stolen By SBF’s Parents Joseph Bankman and Barbara Fried, the parents of the collapsed crypto exchange’s founder, Sam Bankman-Fried, have found themselves in a legal conundrum. A 63-page court filing on Monday submitted to the U.S. Bankruptcy Court for the District of Delaware showed that debtors of FTX and its affiliated firm Alameda Research filed a complaint to “recover millions of dollars in fraudulently transferred and misappropriated funds”. “As Bankman-Fried’s parents, Bankman and Fried exploited their access and influence within the FTX enterprise to enrich themselves, directly and indirectly, by millions of dollars, and knowingly at the expense of the debtors in these Chapter 11 Cases and their creditors,” the filing noted. The FTX ‘Family Business’ The lawsuit further noted that Sam Bankman Fried’s parents were “very much involved” in the FTX business from inception to its implosion last November, contrary to what the FTX founder claimed. The court document pointed out that despite touting itself to the public as a sophisticated group of cryptocurrency exchanges and businesses, the FTX Group was a self-proclaimed “family business,” adding: “And together, Bankman and Fried siphoned millions of dollars out of the FTX Group for their own personal benefit and their chosen pet causes.” In February 2022, Joseph and Barbra, both professors at Stanford Law School, reportedly purchased a luxurious 30,000-square-foot property in The Bahamas, referred to as “Blue Water” or “Old Fort Bay”. Legal filings indicated that the full cash payment for this purchase totaled over $18 million, inclusive of taxes and fees, with all funds procured from the debtors and none contributed by SBF’s parents personally. As per the plaintiffs, SBF’s father had sweeping authority to make decisions for FTX Group as its “de facto officer”, while his mother served as the “single most influential advisor” in FTX Group’s political and charitable contributions. The debtors urged the court to hold SBF’s parents accountable for their misconduct and recover assets for the debtors’ creditors, positing: “Award plaintiffs punitive damages in an amount to be determined at trial resulting from defendants’ conscious, willful, wanton, and malicious conduct, which exhibits a reckless disregard for the interests of plaintiffs and their creditors.” Sam Bankman-Fried is prepping for a trial in October while behind bars. The disgraced FTX founder is facing a series of criminal charges, including wire fraud and money laundering, to which he pleaded not guilty.
FTX Sues Sam Bankman Fried’s Parents to Recover Millions in ‘Misappropriated’ Funds
Bankrupt crypto exchange FTX has lodged legal action against founder and former CEO Sam Bankman-Fried’s parents, Joseph Bankman and Barbara Fried, alleging that they misappropriated millions of dollars of customer funds through their involvement in the exchange’s business.

FTX Bankruptcy Estate Aims To Claw Back Millions Stolen By SBF’s Parents

Joseph Bankman and Barbara Fried, the parents of the collapsed crypto exchange’s founder, Sam Bankman-Fried, have found themselves in a legal conundrum.

A 63-page court filing on Monday submitted to the U.S. Bankruptcy Court for the District of Delaware showed that debtors of FTX and its affiliated firm Alameda Research filed a complaint to “recover millions of dollars in fraudulently transferred and misappropriated funds”.

“As Bankman-Fried’s parents, Bankman and Fried exploited their access and influence within the FTX enterprise to enrich themselves, directly and indirectly, by millions of dollars, and knowingly at the expense of the debtors in these Chapter 11 Cases and their creditors,” the filing noted.

The FTX ‘Family Business’

The lawsuit further noted that Sam Bankman Fried’s parents were “very much involved” in the FTX business from inception to its implosion last November, contrary to what the FTX founder claimed.

The court document pointed out that despite touting itself to the public as a sophisticated group of cryptocurrency exchanges and businesses, the FTX Group was a self-proclaimed “family business,” adding: “And together, Bankman and Fried siphoned millions of dollars out of the FTX Group for their own personal benefit and their chosen pet causes.”

In February 2022, Joseph and Barbra, both professors at Stanford Law School, reportedly purchased a luxurious 30,000-square-foot property in The Bahamas, referred to as “Blue Water” or “Old Fort Bay”. Legal filings indicated that the full cash payment for this purchase totaled over $18 million, inclusive of taxes and fees, with all funds procured from the debtors and none contributed by SBF’s parents personally.

As per the plaintiffs, SBF’s father had sweeping authority to make decisions for FTX Group as its “de facto officer”, while his mother served as the “single most influential advisor” in FTX Group’s political and charitable contributions.

The debtors urged the court to hold SBF’s parents accountable for their misconduct and recover assets for the debtors’ creditors, positing:

“Award plaintiffs punitive damages in an amount to be determined at trial resulting from defendants’ conscious, willful, wanton, and malicious conduct, which exhibits a reckless disregard for the interests of plaintiffs and their creditors.”

Sam Bankman-Fried is prepping for a trial in October while behind bars. The disgraced FTX founder is facing a series of criminal charges, including wire fraud and money laundering, to which he pleaded not guilty.
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