“You’ll have a lot of fast, cheap money, and then it’ll pour into crypto,” he said in a recent interview.
Cointelegraph Research delves into 2024’s defining trends, analyzing Bitcoin’s historic rise, DeFi’s recovery, altcoin dynamics and regulatory shifts.
The United States, Japan, and South Korea have joined together to warn the industry about the ongoing hacking threats by North Korean actors after observing “aggressive” targeting of the crypto industry. Related Reading: US Supreme Court Rejects Binance’s Appeal In Revived Crypto Investors Lawsuit US, Japan, South Korea Send Warning In a joint statement, the […]
One crypto executive speculates Warren’s letter is a veiled attempt to justify an expansion of regulation against “neutral crypto technology providers.”
Some crypto traders have made millions of dollars from the latest leading narrative, Artificial Intelligence (AI) related tokens. However, the sector’s quick rise in popularity has received backlash from several community members and industry figures, who consider the tokens “worse” than the memecoin trend. Related Reading: Bitcoin Bounces Back Above $100K – Is the Bull Run Resuming or a Correction Ahead? Crypto Traders Make Millions From AI-Related Tokens On January 6, on-chain data analysis firm Lookonchain shared that a smart Solana trader obtained massive returns from AI agent and memecoin ai16z (AI16Z). The investor turned $2 million into $21 million in less than two months amid the AI-related tokens rally. The AI-managed crypto fund is on the Solana blockchain and governed by the ai16zDAO. Its name is a wordplay originating from the venture capital firm Andreessen Horowitz, also known as a16z, seemingly created to bring attention to the project. According to the post, the whale purchased 10.6 million ai16z, worth $2.27 million, between November 15 and November 22, 2024, at an average cost of $0.214. Since then, the cryptocurrency has seen a 965% surge to trade around $2.28. At the time of the report, the investor’s holdings were valued at around $21 million, making $19 million in unrealized profits. Earlier today, the whale sent 5.3 million ai16z, worth $10.68 million, into Jupiter to sell via limit order. Meanwhile, another trader turned $123,000 into $4.5 million after betting on ai16z when the token’s market capitalization was $22 million. The whale purchased 6.17 million ai16z and sold 4.67 million for around $1.78 million last month. The investor currently holds 2.65 million ai16z tokens, valued at $2.9 million, bringing the total profits to more than $4.5 million in two months. This whale also made another $13.4 million from other AI crypto tokens like GOAT, FARTCOIN, and ARC. Community Calls AI Agent Tokens ‘Overrated’ In late 2024, AI Agent tokens gained massive popularity among crypto investors, with several experts predicting that AI-related tokens, alongside memecoins, would be the largest narrative of this year. Meanwhile, AI memecoins stole the spotlight as the year ended, sending some of the tokens in the sector to the top 10 memecoins ranks in late December. Ai16z, the largest AI memecoin by market capitalization, has seen a 251% increase in the past month, hitting an all-time high (ATH) of $2.47 on January 2. The token is also the third-largest AI agent crypto and has seen a 25% surge in the last 24 hours, trading between $2.25 and $2.28 throughout Monday morning. Nonetheless, the sector has received heavy criticism recently from the crypto community. On-chain sleuth ZachXBT recently called AI agent tokens a scam. Responding to Justin Taylor, another industry member, the crypto detective stated that “99% of it is a scam” and suggested that “the AI agent wrapper grifts are probably worse than other past trends.” Related Reading: Litecoin Comeback: LTC Breaks Free And Guns For $400 Zach argued that memecoins “at least” promised nothing, “AI coins try to larp as much as possible to appear legit to unsuspecting buyers.” Similarly, Solana founders consider AI agent tokens to be overhyped. According to an anonymous poll of 42 Solana founders, several of the polled considered AI Agents, alongside Blinks, to be the “most overrated Solana sector.” Despite the criticism, the sector still registers a 5% increase in the last 24 hours, with a daily trading volume of $2.28 billion and a market capitalization of $17.5 billion, according to CoinGecko data. Featured Image from Unsplash.com, Chart from TradingView.com
Bitcoin’s 2024 returns were doubled by the XRP token, following a significant legal victory for Ripple Labs and expectations of the SEC potentially dropping the lawsuit.
Crypto advocacy group Blockchain Association has reached out to US President-elect Donald Trump and the newly elected US Congress on ways to create a favorable regulatory environment for the digital asset industry. Related Reading: Strategic Bitcoin Reserve Possible Within Trump’s First 100 Days, Says Insider Trump’s Ideal Crypto Priorities For First 100 Days: Blockchain Association […]
Donald Trump was not always a cryptocurrency fan, but the community has rallied around him as a pro-crypto candidate in the 2024 US presidential election.
As the US presidential elections near, Ripple co-founder Chris Larsen revealed the reason for supporting the US Vice President and Democratic nominee Kamala Harris. Larsen became the largest single donor of the crypto industry this election cycle after his two XRP donations to Harris’ campaign earlier this month. Related Reading: Bitcoin Leads Crypto Investment Product […]
Private wealth management brokerage Bernstein has predicted Bitcoin (BTC) price action based on the results of the highly anticipated US Presidential elections in November 2024. Bitcoin Could Hit New ATH If Trump Wins According to the Bernstein report, Bitcoin is a “Trump trade” as a win for the former US President could propel the leading […]
While the government’s concerns are valid, industry stakeholders agree that a more measured approach could yield better outcomes.
To enhance its foreign economic activity (FEA), Russia plans to launch two major crypto exchanges in its region—one in Moscow and the other in St. Petersburg. According to the report, this initiative highlights Russia’s “strategic” move to integrate digital assets into its economy. It focuses on creating and utilizing stablecoins pegged to the Chinese yuan and […]
Critics argue that the US Federal Reserve’s actions are a significant overreach and could stifle innovation in the cryptocurrency sector.
The roundtable hosted by Representative Ro Khanna is an opportunity for the cryptocurrency industry to influence the policy direction of Vice President Kamala Harris’s election campaign.
The roundtable hosted by Representative Ro Khanna is an opportunity for the cryptocurrency industry to influence the policy direction of Vice President Kamala Harris’s election campaign.
The BWA’s initiatives highlight an increasing awareness of the importance of cybersecurity in preserving trust and integrity in digital finance.
As the 2024 election approaches, the interplay between political strategies and industry dynamics will continue to evolve.
Local crypto businesses pushed for a reduction in the 1% TDS to 0.01% to revive its customer base.
United States President Joe Biden has announced he will bow out of the 2024 presidential election.
Cardano Founder Charles Hoskinson responded to Ben Armstrong’s comments about ADA status as a ‘dead coin’. Hoskinson’s reply sparked a conversation about the state of the crypto industry and what’s valued in projects. Related Reading: Gala Games Announces Partnership With Animoca Brands, GALA Token Plunges 6.7% Cardano And Polkadot Labeled ‘Dead Coins’ On Wednesday, crypto influencer Ben Armstrong, known as BitBoy Crypto, shared his thoughts on Cardano (ADA) and Polkadot (DOT). The influencer took X to explain his previous comments, stating that both cryptocurrencies were dead. In a YouTube Video from April, Armstrong said that ADA was “dead for real.” The crypto influencer believed that this time “was different.” To him, investors had to question whether they were okay “standing on ideals” while watching their portfolio take a hit. Per the influencer, ADA’s disappointing performance was because it doesn’t have the same backing as other tokens. He explained that “numbers go up” for institutionally backed tokens. Armstrong also noted that, despite not having “awful” institutional numbers, ADA can’t compete with Ethereum (ETH) or Solana (SOL). Moreover, the influencer considers that “crypto is changing,” investors are turning their heads toward new projects to feel like they are early. On X, Armstrong reiterated his opinion about ADA and DOT, stating that both were “dead to institutions.” However, he clarified the implications of his statement. The token’s dead coin status doesn’t mean ADA and DOT won’t pump this bull run. To him, the tokens will offer returns to investors, but they will be “mid.” Charles Hoskinson Claps Back Cardano’s founder responded to Armstrong’s comments, questioning the crypto influencer’s stance. To Hoskinson, his logic goes against the ethos of crypto. “I remember when the point of cryptocurrencies was to replace institutions instead of acting out a scene from deliverance,” the post read. Armstrong’s comments ignited a discussion in the replies, with several crypto users disagreeing with his take. One X user agreed with the Cardano founder’s reply, wondering, “When did crypto become people begging for institutional investment?” Another user stated that if Satoshi Nakamoto had shared Armstrong’s logic, the crypto industry and none of us would be here. “Hinging the success of a decentralized chain on centralized entities is hustling backward,” they added. Nonetheless, some crypto investors agreed with the crypto influencer comments. A community member considered that, unlike Hoskinson, Armstrong is “at least adding content and valued entertainment into the space.” This has been a constant criticism toward the Cardano ecosystem and its founder. Cardano users defended the project, claiming that the blockchain is one of the “few that haven’t lost the DeFi plot.” Many also concurred that the ecosystem is not there for VC funds or Armstrong but for its users. Related Reading: FET Drops 9% As ASI Token Merger Phase 1 Kicks Off Ultimately, crypto investors agreed that if a project has a strong community and technology, more user and institutional investments “will follow the network effect.” At the time of writing, ADA is trading at $0.3861, a 4.4% decline in the last 24 hours. Featured Image from Unsplash.com, Chart from TradingView.com
Former US President and Republican Presidential candidate Donald Trump has pledged to support cryptocurrency companies if re-elected. This announcement comes as the American billionaire challenges incumbent President Joe Biden, whose administration seems to be reversing its stance on crypto policy. With the US Presidential elections nearing later this year, the contrasting approaches to cryptocurrency regulation […]
While the reason behind the three hour, system-wide outage remains unknown, some users are still unable to transfer or withdraw their funds from the exchange.
SIBAN’s executive secretary, Rume Ophi, stressed that Binance should reveal names to substantiate the claim and allow authorities to address wrongdoing.
U.S. investors now have access to regulated bitcoin ETFs that provide the same protections as buying stocks and reduce the incentive to move to unregulated offshore exchanges, the report said.
There are a couple of events to watch out for this week, as they could prove pivotal in determining the future trajectory of the crypto market. These events could provide some certainty to the market or cause investors to wait on the sidelines for more favorable market conditions. Events That Could Affect The Market This Week Some Federal Reserve officials are scheduled to speak at different events this week. One of them is Governor Lisa Cook, who will give a lecture on March 25. Fed Chair Jerome Powell will also participate in a discussion at the Monetary Policy Conference on March 29. Related Reading: Bitcoin ETFs Bleed For One Week Straight – Can Price Recover To $73,000? Their speeches are significant as they could provide valuable insights into the current state of the economy and what to expect from the Federal Reserve regarding interest rates in its fight against inflation. Macroeconomic factors like interest rates usually impact the crypto market and partly determine the sentiments among crypto traders. The crypto market is usually bullish whenever the Federal Reserve adopts a dovish stance on whether or not to hike interest rates. Therefore, these officials sounding positive in their speeches could help boost investors’ confidence in the crypto market since they would be less worried about things on the macro side. Meanwhile, several economic data will be released this week, including the Consumer Confidence and Consumer Sentiment data and the Personal Consumption Expenditures (PCE) index. These releases offer insights into the economy’s strength and guide the Fed in deciding on future interest rate decisions. Crypto Needs A Big Win This Week Stakeholders and investors in the industry will no doubt hope that the events lined up for this week will provide a momentum boost for the crypto market. Last week was one to forget as things cooled after weeks of seeing the flagship crypto, Bitcoin, and altcoins make significant runs. This downward trend is believed to have been due to some external factors. Related Reading: Bernstein Analysts Says Bitcoin Will Reach A New ATH By Year End, Here’s The Target One of them is the net outflows that the Spot Bitcoin ETFs recorded throughout last week, with many investors taking profits from the various funds. These Bitcoin ETFs had previously seen an impressive amount of inflows into them, which positively affected Bitcoin’s price. As such, a trend of outflows was also expected to influence Bitcoin’s price, although negatively. These Spot Bitcoin ETFs will again be in the spotlight this week, with the crypto community waiting to see if the sentiments among the ETF investors will change. A sustained trend of profit-taking this week could spark another decline in the crypto market. Total market cap chart at $2.47 trillion | Source: Crypto Total Market Cap on Tradingview.com Featured image from CNBC, chart from Tradingview.com