US President Joe Biden has vetoed congressional resolution H.J. Res.109, which seeks to repeal the US Securities and Exchange Commission (SEC) Staff Accounting Bulletin (SAB) No.121, a controversial guidance measure that is widely viewed as anti-crypto. Interestingly, Biden’s action comes amidst rumors that the incumbent government was posturing to gain the favor of crypto voters […]
The post Top 10 Altcoins Poised for a Massive Rally: Insights from Top Crypto Analyst appeared first on Coinpedia Fintech News
In the rapidly evolving world of cryptocurrencies, identifying the next big winners is crucial. However, in a recent YouTube video, Crypto Banter highlighted the top 10 altcoins set to rally this cycle. Crypto expert analyzes his top altcoin picks for the current cycle, highlighting his highest conviction bets and the factors driving their potential success. …
Polygon (MATIC), a Layer-2 scaling solution for the Ethereum blockchain, finds itself in a curious position. Recent data from Messari paints a picture of a network brimming with activity – daily active addresses surging nearly 120%, new user sign-ups exploding by 70%, and daily transactions reaching a staggering 4 million. Yet, beneath this bustling surface lies a troubling undercurrent: a 19% drop in quarterly revenue compared to the previous quarter, and a hefty 40% decline year-over-year. Related Reading: Ethereum Bloodbath: Over $55 Million In Longs Liquidated As Price Plummets Polygon: A Network On Fire Polygon’s user base is clearly smitten. The first quarter of 2024 witnessed a land rush, with new addresses flocking to the network at an unprecedented rate. This surge in user adoption translated into a transaction frenzy, with daily interactions on the platform quadrupling. The decentralized finance (DeFi) sector on Polygon also thrived, with the total value locked (TVL) in DeFi projects climbing 30% compared to the previous quarter. The non-fungible token (NFT) ecosystem on Polygon also got a shot in the arm, with sales volume rising by nearly 20%. The Revenue Riddle So, why the long face amidst the celebratory confetti? The answer lies in Polygon’s dwindling revenue stream. Despite the exponential growth in activity, the network’s coffers are taking a hit. The $7 million earned in Q1 2024 pales in comparison to the $10 million and $12 million raked in during the previous quarter and the same period last year, respectively. This disconnect between booming activity and declining revenue is the million-dollar question that has analysts scratching their heads. MATIC market cap currently at $6.8 billion. Chart: TradingView.com Fee Fiasco Or Funding Flux? There are two main suspects behind this revenue paradox. The first culprit could be Polygon’s transaction fee structure. Perhaps, in a bid to attract more users, the network lowered its fees to an extent that, despite the massive increase in transactions, the overall revenue generation suffered. Another possibility lies in a potential shift in Polygon’s revenue sources. Maybe there was a decline in income from a specific source, such as grants or partnerships, that wasn’t adequately compensated for by growth in other areas. Related Reading: Can DEX Boom Save Cardano? ADA Seeks Recovery As Trading Activity Surges Christian Encila Christian Encila 22 hours ago 2 mins read What Lies Ahead Polygon faces a critical juncture. The network’s ability to attract users and foster a vibrant DeFi and NFT ecosystem is undeniable. However, if it fails to address the revenue conundrum, its long-term sustainability could be at risk. Moving forward, transparency from Polygon regarding its fee structure and revenue streams will be crucial in assuaging investor concerns. Additionally, exploring alternative revenue models, such as offering premium services or strategic partnerships, could be the key to unlocking Polygon’s full financial potential. Featured image from Zameen.com, chart from TradingView
The SEC is safeguarding the economy, but Roger Bayston sees a change in tone at the regulator.
The post Whales Begin to Accumulate DOGE, Will Dogecoin Price Rebound to $0.2? appeared first on Coinpedia Fintech News
Dogecoin is one of the most popular and the very first memecoin, which gained huge popularity and also triggered a massive bullish wave within the markets. Unfortunately, the trader’s activity faded on time, which also slashed the volatility of the token. Besides, the whales also showed less interest in the token, which made the market …
The post Spot BTC ETFs Going Strong With Continued Net Inflow Streak appeared first on Coinpedia Fintech News
The spot BTC ETFs extended its weekly net inflow streak to four weeks as it saw a total net inflow of $48.738 million on May 31 continuing its net inflow for 14 days consecutively. Grayscale witnessed an outflow of $124 million while Blackrock’s IBIT and Fidelity’s FBTC recorded net inflows of $169 million and $6 …
The post Ark Invest Withdraws From ETH ETF Application appeared first on Coinpedia Fintech News
While most of the applicants amended their S-1 filings, Cathie Wood’s Ark Invest has decided to withdraw from the application while also withdrawing its partnership with 21 shares. 21Shares will now proceed with the Ethereum ETF independently. However, ARK and 21Shares continue to remain partners on Bitcoin and futures ETFs. Furthermore, Eric Balchunas also noted …
United States Senator Cynthia Lummis claims that US President Joe Biden “doubled down on his administration’s failed policies.”
The long-awaited arrival of spot Bitcoin ETFs in January 2024 has proven to be a watershed moment for the cryptocurrency market. Industry figures like Lynn Martin, president of the New York Stock Exchange Group, are crediting these exchange-traded funds with a surge in liquidity and mainstream adoption of cryptocurrencies. Related Reading: Elon Musk Shuts Down […]
The post Cathie Wood’s Ark Invest Exits Ethereum ETF: 21Shares to Lead Independently appeared first on Coinpedia Fintech News
Cathie Wood’s Ark Invest has decided in a surprising move to withdraw its spot Ethereum Exchange-Traded Fund (ETF), despite the S-1 filings it has undergone earlier, hinting at a potential launch. This decision is significant, putting an end to Ark Invest and 21Shares’ partnership for this particular ETF. Ark Invest is well-known for using its …
The post Uncertainty Intensifies As Top Crypto Tokens Display A Stagnated Price Action! appeared first on Coinpedia Fintech News
The cryptocurrency market has displayed a consolidated price action throughout this week with top tokens such as Bitcoin and Ethereum recording a reduced price action. Moreover, with the increased volatility in the crypto space, the altcoin rally has also experienced a pullback in the chart. On the other hand, the Memecoins and Artificial Intelligence (AI) …
In a significant development, Tether, the issuer of the widely used stablecoin USDT, has acquired a $100 million stake in Bitdeer Technologies Group, a US-listed Bitcoin miner owned by Chinese billionaire Jihan Wu. Notably, the deal includes an option for Tether to purchase an additional $50 million shares within a year, strengthening its position in […]
Franklin Templeton has started the spot Ethereum ETF "fee war" by being the first to announce its fees in an amended S-1 application, according to ETF analyst Eric Balchunas.
The post Shiba Inu (SHIB) Gears Up for Major Bullish Breakout: Here’s Why appeared first on Coinpedia Fintech News
Leading Ethereum (ETH)-based meme coin, Shiba Inu (SHIB), has been preparing for the second leg of the macro bullish breakout towards retesting its all-time high (ATH). The large-cap altcoin, with a fully diluted valuation of about $25 billion, remains one of the most sought-after meme coins, with a daily average trading volume of about $653 …
Here’s how Dogecoin (DOGE) and Shiba Inu (SHIB) compare against the top coins in the cryptocurrency sector in terms of the “active addresses.” Dogecoin & Shiba Inu Compared Against The Others In Active User Count In a new post on X, the market intelligence platform IntoTheBlock shared an infographic that reveals where the various top […]
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 […]
Gabor Gurbacs, a strategic advisor at Tether, the issuer of USDT, recently spotlighted Bitcoin’s potential in “revolutionizing” how central banks handle and secure national reserves, using India’s logistical challenges with gold as a prime example. A Digital Solution For Traditional Gold Logistics India’s decision to relocate a significant portion of its gold reserves from the […]
Former OpenAI board members claimed there was “psychological abuse,” but their replacements say Altman was “consistently collegial.”
The post Breaking! Binance Ex-CEO Changpeng Zhao Imprisoned in California appeared first on Coinpedia Fintech News
As per CNBC Reports, Binance Ex-CEO Changpeng Zhao has been imprisoned in Lompoc, California. The News was confirmed by his defense team at Latham & Watkins. In April, the United States federal court in Seattle sentenced Changpeng Zhao to four months after he pleaded guilty to violating money laundering laws. The former CEO of Binance …
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 […]
During this bull cycle, the crypto market has been surfing off Bitcoin’s crest and enjoying the bullish momentum. However, investors hope for a seismic explosion to impulse Altcoins to new highs. Related Reading: Lil Pump-And-Dump: SEC Issues Warning As More Musicians Dump Their Memecoins As the crypto industry awaits, online reports revealed that, since FTX’s fall, only eight altcoins have hit a new all-time high (ATH) against Bitcoin. A crypto analyst shared his thoughts on the matter. Altcoins Underperforming Against Bitcoin This Cycle On Friday, Crypto analyst Miles Deutscher shared an interesting fact about the crypto market. Since November 2022, just eight altcoins have broken their previous ATH against the flagship cryptocurrency. To achieve this feat, tokens include Render (RNDR), Tellor (TRB), Injective (INJ), Astar (ASTR), SSV Network (SSV), SingularityNET (AGIX), True Wallet Token (TWT), and Binance Coin (BNB). It’s worth noting that RNDR was the latest one to accomplish this on March 11 and that the list only contains altcoins launched before FTX’s collapse. Deutscher explained that despite his initial shock, the news made sense to him and highlighted some takeaways based on the singularities of this run. First, the analyst considers that asset selection dynamics changed from previous cycles. Investors have been “punished” for being overexposed to certain sectors like L2 and gaming and “rewarded” for participating in others like Memecoins and AI. In contrast, in the last cycle, “you could basically bet on anything and beat $BTC.” According to the analyst, the market will likely continue experiencing specific sector outperformance despite the retail liquidity injection. He also explained that “crypto is an attention economy,” and money will flow where attention is. As a result, even the projects with the best technology won’t perform if there isn’t an exciting reason to buy. Deutscher’s second takeaway highlights the market’s current ATH dilution. As he points out, thousands of new products are being launched daily, and “low float/high FDV VC coins are launching in the billions.” These launches are seemingly outpacing the new liquidity, resulting in Altcoins struggling with performance. More Room To Catch Up The analyst’s third point explains that the bull run has been led by Bitcoin and spot BTC exchange-traded funds (ETH). Based on this, he considers it unsurprising that altcoins have “hardly pumped” so far. Various crypto analysts and experts share this opinion. Alex Krüger previously stated that the cycle has been “almost entirely” driven by the Bitcoin ETFs’ momentum. Deutscher sees Altcoins’ underperformance as a bullish signal since Bitcoin’s dominance has been instrumental in previous cycles. To him, this performance allows “more room to play catch up” and could drive altcoins to unseen highs. Related Reading: Is Solana Preparing For Liftoff Or Meltdown? Analysts Forecast SOL’s Future The analyst believes the market needs another catalyst for a true Altcoins season. Despite this, he highlights that many investors have had a record Q1 “even in mildly bullish conditions for most alts.” Ultimately, Deutscher considers there is still room to make big profits this cycle “even without the face-melting altseason we all crave.” Featured Image from Unsplash.com, Chart from TradingView.com
United States President Joe Biden said he vetoed the resolution because "he will not support measures that jeopardize the well-being of consumers and investors."
US President Joe Biden vetoed H.J. Res. 109, which aimed to overturn the of the SEC’s controversial SAB 121 rule, on May 31. Biden wrote that SAB 121 represents the “considered technical” views of SEC staff. He added that the resolution would constrain the SEC’s ability to set guardrails and address future issues and risks […]
The post Biden vetoes resolution to overturn of SEC’s controversial SAB 121 appeared first on CryptoSlate.
President Biden vetoes bipartisan resolution to overturn SEC's controversial crypto accounting guidance, emphasizing the need for consumer and investor protection in the digital asset market.
The post Biden vetoes resolution overturning SEC’s controversial crypto guidance, says repeal would ‘jeopardize’ consumers appeared first on Crypto Briefing.
XRP is among the altcoins that continue to command a large following even after putting on a poor performance for the last few years. At the same time, expectations for the altcoin have fluctuated between bullish and bearish, especially in the long term. However, in the short term at least, the machine learning algorithm at […]
In a blow to the momentum of the Uniswap native token, UNI, the decentralized exchange (DEX) has been forced to postpone a highly anticipated proposal that would have improved its token governance and fee distribution model. Meanwhile, the company is also locked in a legal battle with the US Securities and Exchange Commission (SEC) over the regulatory status of its UNI token. Postponed UNI Governance Upgrade Sparks Sell-off On Friday, the Uniswap Foundation announced that it was delaying the deployment of the first proposal to activate Uniswap Protocol Governance. The foundation cited the need for additional due diligence on “a new issue” raised by a stakeholder, underscoring the sensitivity of the proposed upgrade. The Foundation further stated: This was unexpected, and we apologize for the postponement. We will keep the community apprised of any material changes and will update you all once we feel more certain about future timeframes. Related Reading: Market Analysis: How Will Mt. Gox’s Bitcoin Distribution Affect Crypto Prices? The shelved proposal aimed to streamline Uniswap’s fee mechanisms, allowing UNI token holders who have staked and delegated their tokens to be rewarded. It would have increased the efficiency of fee adjustments and reduced the governance burden on delegates while maintaining the protocol’s “credible neutrality.” The delay has had a tangible impact on UNI’s price, as seen in the token’s daily UNI/USD chart above. The token has slid down to the key support level at $10.20—an 8.6% decline in the past 24 hours. Should the token fail to regain bullish momentum and the $10 support level, it could retrace further to $9.66 and potentially as low as $9.33. Uniswap In High-Stakes Showdown With SEC Adding to Uniswap’s challenges, the company is embroiled in a high-stakes legal battle with the SEC. The regulatory agency has issued a Wells Notice to Uniswap Labs, signaling its intent to recommend enforcement action against the firm. Uniswap Labs has pushed back, arguing that the SEC’s case is flawed and fails to recognize the distinction between tokens as stores of value and tokens as securities. The company has expressed confidence in a favorable outcome, noting that its legal team has a strong track record of victories against the SEC, stating: But we’re prepared to fight. Our lawyers are 2-0 in high-profile SEC cases. Andrew Ceresney, a former head of enforcement at the SEC, represented Ripple in their victory over the SEC. Don Verrilli, a former U.S. solicitor general, has argued more than 50 cases before the U.S. Supreme Court and represented Grayscale in its successful case against the SEC. Related Reading: Rumor Of Apple Partnership Sends Crypto Altcoin Soaring By 20% Despite these setbacks, Uniswap continues to demonstrate substantial growth, with a total value locked (TVL) of $6.1 billion and a market capitalization of $7.7 billion, according to DeFiLlama data. Moreover, CoinGecko data shows that the UNI token’s trading volume has increased by 21.5% over the past 24 hours, reaching $264 million. As the Uniswap community awaits updates on the delayed governance proposal and the outcome of the SEC battle, the platform’s long-term prospects will likely hinge on its ability to navigate these challenges and maintain its position in the market. Featured image from Shutterstock, chart from TradingView.com
The White House said the bipartisan-passed bill would “jeopardize the well-being of consumers and investors.”
Six companies updated their spot Ethereum ETF S-1 registration statements on May 31, with 21 Shares notably dropping Ark Invest from its filing. The relevant filing renames the “Ark 21Shares Ethereum ETF” to the “21Shares Core Ethereum ETF.” It also removes all mention of Ark Invest from its text, whereas previous submissions described Ark Invest […]
The post 21Shares drops Ark from ETH ETF as remaining applicants meet SEC deadline appeared first on CryptoSlate.
U.S President Joe Biden signed a veto of a House Joint Resolution that would have repealed the Securities and Exchange Commission's (SEC) Staff Accounting Bulletin 121.
Crypto analyst Egrag Crypto has provided another bullish narrative for the XRP price. This time, he outlined two scenarios that could occur and cause the crypto token to experience a breakout, potentially sending it as high as $7.5. This comes with the recent revelation that XRP’s Relative Strength Index (RSI) has reached its lowest ever. Time For An XRP Price Breakout Egrag Crypto shared a chart in an X (formerly Twitter) post that showed that the crypto token could rise to $7.5 when it accomplishes the breakout, which the crypto analyst claimed is imminent. Egrag highlighted a “White Triangle” breakout on the chart, which he stated is “aligning perfectly” with the previous charts and the Fib 0.702 to 0.786 levels. He added that the measured move is projected to be between $1.2 and $1.5 before XRP could take off and climb to $7.5. Egrag further remarked that the “critical breakout point” for XRP is around $0.70 and $0.7’5 and that the crypto token is “poised” to achieve this breakout in the “next couple of weeks. Egrag warned that XRP could still experience significant declines before then, stating that a retest of the breakout might be on the cards. However, he is convinced that a “MEGA RUN for XRP is on the horizon.” Meanwhile, for the second scenario of how XRP could achieve its impending breakout, Egrag Crypto highlighted an ‘Atlas Line’ on the XRP chart and claimed that the breakout point for XRP is at $0.6799. He noted that XRP is still holding strong “like a boss” on the atlas line, suggesting it shouldn’t be long before it breaks above $0.6799. In the meantime, $0.5777 and $0.5000 are key price levels that XRP holders should monitor. Egrag labels them resistance and support levels for XRP’s upward trend along this atlas line. XRP Hits Its Lowest RSI In History Egrag revealed in a more recent X post that XRP’s RSI is at its lowest ever. He noted that this assertion was based on the monthly time frame and shared a chart to prove his claim. Following his revelation, Egrag highlighted how bullish this was for XRP, stating, “If this isn’t a positive signal, I don’t know what is.” The chart he shared showed that XRP’s Relative Strength Index is at 38, which is indeed bullish for the crypto token. Low RSI levels are considered a buy signal since they suggest that the coin is oversold and undervalued. Therefore, crypto investors might be looking to accumulate XRP, with these buy orders expected to trigger a move to the upside for the crypto token. At the time of writing, XRP is trading at around $0.52, up almost 1% in the last 24 hours, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com