In a significant regulatory shift, the US Securities and Exchange Commission (SEC) partially approved the long-awaited Ethereum ETF filings submitted by prominent asset managers three weeks ago, including BlackRock and Grayscale. SEC Chairman Gary Gensler has indicated that full approval for these Ethereum ETFs could come by the end of the summer, providing much-needed clarity […]
The association was formed after the country’s Justice Ministry proposed AML amendments for crypto firms that could result in penalties, including up to two years in prison.
The Australian government has cracked down on online gambling by banning crypto and credit card use for online bets. The measure comes as an effort to reduce investors’ losses in the country. Related Reading: Solana-Based DePIN Project CEO Steps Down Ahead Of Token Launch Australian Gov’t Bans Use Of Crypto In Online Gambling On Monday, […]
As the financial markets brace for the upcoming Federal Open Market Committee (FOMC) meeting on Wednesday, June 12th, the Bitcoin and crypto community is poised to assess the implications of any Federal Reserve announcements on digital assets such as Bitcoin. With the consensus forecast suggesting that the Federal Reserve will hold the federal funds rate steady at 5.25%-5.50%, the primary interest of investors has turned to the nuances of the Fed’s forward guidance and economic projections. Crypto analyst Tomo (@Market_Look) shared his insights on X, framing the upcoming FOMC meeting as a non-event for those expecting drastic moves. He stated, “Interest rates are likely to remain unchanged (5.25%-5.50%). There will likely not be any major changes to the statement or economic outlook, and the dot chart is expected to shift in a hawkish direction.” Tomo also highlighted the anticipated adjustments in the rate projections for the coming years, noting, “In 2024, the rate will shift from 3 cuts to 2 cuts. The hawkish surprise will be 1 cut.” He explained that the market has already priced in these expected adjustments, suggesting minimal surprise and limited market volatility in response. Related Reading: Hedge Funds Heavily Betting For Bitcoin To Fall: Will This Strategy Fail? “As of March, the distribution of dots for 2024 is 9 people in favor of keeping interest rates unchanged or cutting them twice, and 10 people in favor of cutting interest rates three or more times… a shift from three to two is already factored in.” Banking giant ING’s team of economists, including James Knightley and Padhraic Garvey, CFA, share a similar conservative outlook on the Federal Reserve’s potential moves. They anticipate that the Fed will underscore its cautious stance due to persistent inflation and strong employment figures, potentially delaying rate cuts further into the future. The ING team elaborated on their expectations, “The US Fed accepts that monetary policy is restrictive, but lingering inflation and strong jobs numbers mean it will indicate it’s prepared to wait longer before seriously considering interest rate cuts.” They anticipate that the dot plot, which will reveal individual FOMC members’ rate predictions, will show a reduction in the number of projected rate cuts for 2024 from three to possibly one or two. According to Nick Timiraos of the Wall Street Journal, JPMorgan and Citigroup have withdrawn their predictions for a rate cut in July following the recent jobs report last Friday. Currently, the majority of sell-side economists and other experts monitoring the Federal Reserve anticipate one or two rate reductions in either September or December of this year. JPM and Citi scrapped their calls for a July rate cut after last Friday’s jobs report. Most sell-side economists and other professional Fed watchers now anticipate one or two rate cuts this year in either September or December pic.twitter.com/x9tUD06Pmi — Nick Timiraos (@NickTimiraos) June 10, 2024 Impact On Bitcoin And Crypto Bitcoin and the broader crypto market have been quite sensitive to macro economic data recently. The anticipation of a dovish turn—particularly any hints of rate cuts—could weaken the dollar and bolster Bitcoin and other digital assets as alternative investments. Related Reading: Buy Or Sell Bitcoin Now? Analyst Reveals Ultimate Bias Guide Conversely, a reaffirmation of the current rate or a less dovish stance than expected could strengthen the dollar and apply downward pressure on crypto markets. However, the nuanced perspectives of FOMC members, as reflected in the dot plot and the accompanying economic projections, could provide clues about the medium-term trajectory of US monetary policy, which in turn could affect investor sentiment in the crypto markets. A hawkish tilt, suggesting fewer or delayed rate cuts, might strengthen the US dollar and put downward pressure on Bitcoin and other cryptocurrencies. Conversely, any dovish signals or indications of a softer stance on rate increases in the near future could buoy the crypto market. During the FOMC press conference, Chair Jerome Powell’s remarks will be crucial for setting the tone and expectations. Market participants will closely analyze his comments for any shifts in tone regarding inflation, economic growth, and future monetary policy adjustments. The interpretation of these remarks could lead to significant price movements in the Bitcoin and crypto markets. Moreover, the US Consumer Price Index (CPI) data for May 2024 just hours before the FOMC meeting will be critical. These data points will provide essential context for the Fed’s decisions, influencing their assessment of whether the current policy stance remains appropriate. At press time, BTC traded at $67,707, down -3.5% since yesterday’s high at $71,200. Featured image from Shutterstock, chart from TradingView.com
In a significant move reflecting its confidence in future growth, Core Scientific, one of North America’s leading operators of high-powered digital infrastructure for Bitcoin mining and hosting services, has rejected a non-binding acquisition proposal from CoreWeave. Related Reading: Crypto Chaos: 70% Of Dead Korean Exchanges Leave Investors High And Dry Core Scientific Rejects ‘Undervaluation’ The […]
During a San Francisco fundraiser hosted by tech venture capitalists David Sacks and Chamath Palihapitiya, former President Donald Trump positioned himself as the champion of crypto and criticized the Democratic party’s regulatory efforts in the sector. Donald Trump Raises $12 Million In Race For White House According to Reuters, the event was held at Sacks’ […]
Robinhood’s $200 million acquisition deal comes despite receiving a Wells notice from the SEC a month earlier.
Bitcoin price may be closer to the big milestone $100,000 mark than many realize as a looming banking crisis could see BTC become the new "safe haven asset."
Former US President Donald Trump’s crypto portfolio has surged to nearly $26 million, primarily due to the recent airdrop of a new memecoin. This dramatic increase was highlighted by the crypto intelligence platform Arkham, which revealed via X: “Donald Trump’s memecoin holdings have just doubled, to over $20M. Donald Trump was airdropped half of the […]
The University of Austin (UATX), set to welcome its inaugural class this fall, has embarked on a new venture by collaborating with cryptocurrency platform Unchained. Their joint goal is to raise $5 million in Bitcoin (BTC) to contribute to UATX’s long-term fund. According to a Bloomberg report, UATX sees Bitcoin as a unique opportunity to […]
Notcoin became the fifth most-traded cryptocurrency on Monday, beating the trading volume of Circle’s USDC stablecoin, as social interest continues to drive its price action.
In a recent filing, US-based cryptocurrency exchange Coinbase has made sharp accusations against the US Securities and Exchange Commission (SEC) and its chairman, Gary Gensler, claiming their actions aim to stifle the cryptocurrency sector. The filing comes amid an ongoing legal battle between Coinbase and the SEC, which alleges that the exchange engaged in unregistered […]
DMM Bitcoin, one of Japan’s largest cryptocurrency exchanges, recently suffered a major setback when it reported a loss of 48 billion yen ($305 million) in Bitcoin (BTC) due to a security breach. The incident, discovered on May 31, 2024, revealed the illegal leakage of BTC from a DMM Bitcoin wallet. As a result, several services […]
Experts say BTC and ETH derivatives will be instrumental in integrating crypto to TradFi and sending each to new all-time highs.
Babylon, a crypto startup co-founded by Stanford University engineering Professor David Tse, has secured $70 million in its latest funding round, according to a Bloomberg report. The company reportedly aims to bridge the gap between Bitcoin (BTC) and Ethereum (ETH), the two leading cryptocurrencies. Bitcoin As A Staking Asset Per the report, the funding round was […]
In a bold move that has sent its stock price soaring, medical device company Semler Scientific Inc. has announced that it has allocated a significant portion of its cash reserves to Bitcoin (BTC). According to Bloomberg, the San Jose, California-based firm purchased 581 Bitcoin for a total of $40 million, including fees and expenses. Semler […]
The trader made an over 400-fold return on his initial investment, which was worth a little over $2,600.
The crypto market is witnessing the rapid ascent of Turbo (TURBO), a memecoin conceptualized and executed with the assistance of OpenAI’s ChatGPT, which has now reached a market capitalization of $607 million, making it the 229th largest cryptocurrency by market cap. This marks a significant event in the crypto community, reflecting a growing interest in […]
A cat video filmed 20 years ago by former YouTube chief technology officer Steve Chen is now the basis for a memecoin with a market capitalization of more than $20 million.
Ether price could be on track to new all-time highs, provided it can close the week above the $4,000 mark.
The world of cryptocurrency is no stranger to the bizarre, but this week, a Solana memecoin developer took things to a fiery new extreme. Mikol, the founder of the newly launched “Truth or Dare” (DARE) token, is recovering in a Miami hospital after suffering third-degree burns during a livestreamed stunt gone horribly wrong. This incident […]
Paul Grewal, Coinbase’s chief legal officer, announced that New York users of the exchange can once again trade XRP.
With StepN Go, users are now able to share their digital sneakers with friends and split the earnings with the new token, the Go Gaming Token.
The US House of Representatives passed the Financial Innovation and Technology for the 21st Century Act (FIT21) by a resounding 279 to 136 vote. The bill, seen as a major win for the crypto industry, aims to establish a long-awaited regulatory framework for digital assets in the US. Related Reading: Nexo Fee Fury: Users Slam […]
In the lead-up to the November elections, cryptocurrencies have become a prominent topic in the race for the White House. Notably, the Biden administration has changed its approach to digital asset regulation, likely influenced by former President Donald Trump’s support for the nascent industry. Biden Administration Calls For Balanced Crypto Regulation In an executive release, […]
In a recent crackdown on illicit transactions involving crypto assets, the US Department of Justice (DOJ) arrested Rui-Siang Lin, a 23-year-old individual from Taiwan. Lin, who also goes by the names Pharoah and Faro, is accused of owning and operating a dark web drug marketplace known as the “Incognito Market.” The platform allegedly facilitated anonymous […]
In a move that has the crypto community buzzing, the US Securities and Exchange Commission (SEC) has asked major exchanges to refine their applications for spot Ethereum ETFs. According to a Reuters report, sources familiar with the process say this request is interpreted as a positive signal that the regulator may be ready to greenlight […]
In a significant departure from their previous skeptical stance, US regulators are reportedly leaning toward approving the long-awaited spot Ethereum ETFs for the second-largest cryptocurrency by market capitalization. SEC Staff Signals Spot Ethereum ETFs Approval According to a report by Barron’s, the US Securities and Exchange Commission (SEC) staff communicated to exchanges on Monday that […]
In a new YouTube analysis released to his 502,000 followers, crypto strategist Miles Deutscher shared his insights on the evolving landscape of crypto investments. Deutscher’s discourse delved deep into the inefficacies of traditional venture capital (VC) investment models in the crypto space and proposed an alternative strategy focusing on certain altcoins which he believes are poised for significant growth. Deutscher criticized the conventional VC-backed token launches, stating, “VCs get in at super low valuations […] Then, when these tokens launch, they’re incentivized to launch them as high as possible in fully diluted valuation terms.” This practice, he argued, results in launch prices that are too steep, blocking effective price discovery mechanisms essential for healthy market participation by retail investors.The subsequent overvaluation typically leads to rapid price declines as initial investors quickly sell off their holdings to realize gains. Highlighting a shift in market dynamics, Deutscher pointed out that meme coins have gained popularity as a form of retaliation against the VC-dominated ecosystem. “People do feel like the game has been rigged and they want to gain an edge,” he explained. According to him, the success of meme coins can be attributed to their generally fairer launch processes compared to traditional VC-funded tokens. To 8 Altcoins To Buy Now Throughout his video, Deutscher listed eight altcoins that align with this new investment “meta,” emphasizing tokens that are “fully diluted and have equally good narratives.” Each coin is selected based on its tokenomics, Fully Diluted Valuation” (FDV), market position, and potential for growth without significant sell pressure from initial large holders: Related Reading: BitMEX Founder Predicts The Dawn Of ‘Crypto Valhalla’: When Will It Start? Solana (SOL): Deutscher views Solana as a leader due to its technological prowess and significant community backing. It has shown resilience and innovation, making it one of his largest holdings due to consistent outperformance. “Solana has climbed to be one of my biggest holdings due to its outperformance. It’s a leader in the market for a reason, and congrats to everyone that’s gotten on board the Solana train with me.” Ton (TON): TON’s attractive FDV ratio suggests a stable market entry with less speculative risk compared to other high-valuation launches. Deutscher highlights its potential for growth without overwhelming sell pressure. He stated: “TON, being another layer one, is not just another blockchain. Okay, it’s relatively highly valued, but it’s mostly diluted in the market, which is good. Its FDV ratio is actually 68, so it’s a stable investment.” NEAR Protocol (NEAR): NEAR is emphasized as a strong AI proxy due to its technological foundation and leadership. Its high level of dilution (91% FDV) means most tokens are in circulation, reducing sell pressure. “NEAR comes in at a whopping 91% fully diluted, which means there isn’t much sell pressure. I do think NEAR is one of the top L1s, especially acting as a very strong AI proxy because the founder has his roots in AI,” Deutscher remarked. Injective Protocol (INJ): With a 94% market cap to FDV ratio, INJ is seen as having robust market health and less price suppression from unlocks. Deutscher believes it is poised for resurgence based on its strong fundamentals and recent market behaviors. “Injective has a 94% market cap to FDV ratio, which is really impressive and is one that outperformed earlier in the year but has just started to stagnate a bit. I think at some point, this is definitely going to rear its head again as a narrative,” he stated. Related Reading: Cardano Founder Predicts Crypto As Election Game-Changer: Impact On Price Arweave (AR): Deutscher praises Arweave as one of the top infrastructure plays, not just for data storage but also for its potential integration with AI. The fact that it’s fully diluted means minimal sell pressure moving forward. “Arweave positions itself as one of the top infrastructure plays. It’s still not a crazy FDV at 3.1, considering it has a 100% circulating market cap, which means all of the unlocks have taken place.” AIOZ Network (AIOZ): AIOZ fits into the AI and decentralized content narrative with its unique offering in decentralized streaming and storage solutions. The fully diluted status of AIOZ tokens makes them particularly appealing.”AIOZ is another coin that is fully diluted in the market. It’s a coin in the deep tech/AI sector. I like what they’re building and it also includes decentralized storage, but also it’s decentralized AI compute network,” Deutscher explained. WIF: Dogwifhat’s fair launch process and full dilution are major pluses, helping it to achieve strong price performance without the usual VC-induced sell pressure, according to Deutscher. PEPE: Deutscher has personally seen substantial returns from Pepe, noting its recent “healthy cool off” as an opportune time for accumulation. The coin’s community-driven approach and meme status offer unique market resilience. “Pepe is another leading meme coin in my opinion. Very healthy cool off and one that I’m welcoming as someone that would like to get more exposure,” he revealed. High Potential Cryptos With Low Float, High FDV Deutscher also discussed the potential of investing in low float, high FDV tokens under specific conditions. Using Ondo Finance (ONDO) as a case study, he detailed how a deep understanding of tokenomics could reveal hidden opportunities. “ONDO’s vesting schedule is public, showing that most insiders are locked till 2025, minimizing sell pressure and allowing for price appreciation,” he noted. Concluding his analysis, Deutscher urged his viewers to adopt a nuanced investment strategy that leverages both market trends and in-depth token analysis. He emphasized the importance of buying during periods of “extreme fear” and selling during “extreme greed” to maximize returns. At press time, SOL traded at $183.33. Featured image created with DALL·E, chart from TradingView.com
The Biden administration may be preparing for a strategic pivot on crypto regulations, potentially aligning closer with the digital asset community ahead of the upcoming November election. This speculation follows recent developments indicating a possible approval of a spot Ether ETF, a significant change in stance by the Securities and Exchange Commission (SEC). On Thursday, […]