Vijay Chetty, the newly appointed CEO of Eclipse Labs, has announced his commitment to leading the company’s mission of bridging the gap between Ethereum and Solana with a high-performance and trust-minimized blockchain. Formerly the Chief Growth Officer, Chetty brings firsthand experience of Eclipse’s potential and has expressed his excitement about the project. He acknowledges the […]
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EOS Network Foundation Founder: Bitcoin Halving Spurs Development of Solutions Enhancing Network Efficiency
With Bitcoin transaction fees recently becoming a more critical component of miner revenue, Yves La Rose, CEO of Exsat, believes there is “an increased incentive to adopt and develop solutions that enhance transaction throughput and network efficiency.” According to La Rose, this can be achieved by integrating advanced layer two (L2) solutions which expand the […]
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$291 Billion Asset Manager Founder Predicts Bitcoin Will Hit $420,000
In an interview with Yahoo Finance’s “Wealth,” Ric Edelman, founder of the Digital Assets Council of Financial Professionals and 1 billion asset manager Edelman Financial Services, provided a striking forecast for the Bitcoin price. Edelman argued that Bitcoin’s price could surge to 0,000, attributing this potential rise to a modest global asset allocation towards Bitcoin.
Why Bitcoin Price Will Reach 0,000
During the interview, Edelman delved into the advantages of investing in Spot Bitcoin ETFs. He noted that these instruments make Bitcoin accessible in the same way as traditional ETFs, which are commonplace and familiar to investors using ordinary brokerage accounts.
“They’re incredibly inexpensive, 20-25 basis points cheaper than going to say Coinbase or other crypto exchange and being in a brokerage account, you can rebalance, you can dollar cost average, you can tax loss harvest,” Edelman highlighted. This setup simplifies the investment process, making it akin to managing any other asset class, thus broadening its appeal to a wider audience.
However, Edelman was also candid about the challenges and risks associated with Bitcoin. Despite the advantages offered by ETFs, the inherent nature of Bitcoin as a volatile and risky investment persists. “It’s still Bitcoin, which means it’s still very volatile, it’s still very risky. You could still lose everything,” he cautioned.
Edelman pointed to ongoing regulatory uncertainty, potential lawsuits, and prevalent fraud as significant risks that investors need to manage cautiously. He also criticized the trend of investing due to fear of missing out (FOMO), labeling it as a poor investment rationale.
Looking ahead, Edelman discussed the regulatory landscape, particularly concerning other cryptocurrencies like Ethereum. He noted that there are several applications pending for Ethereum ETFs, and while he anticipates initial rejections, approvals could follow by year’s end.
“After you have the Bitcoin ETFs and the Ethereum ETFs, I’m not sure how quickly you’ll see anything else after that, but these two will kind of open the doors long term. Five years from now, there will be dozens, perhaps even hundreds of crypto ETFs,” Edelman speculated. This perspective underscores a significant shift towards mainstream acceptance and integration of cryptocurrencies into traditional financial products.
Edelman’s prediction of Bitcoin reaching 0,000 is based on an assumption of global asset diversification. By his calculations, if all global asset holders allocated just 1% of their assets to Bitcoin, this would translate to a market cap of .4 trillion for Bitcoin alone.
“It’s remarkably simple. If you take a look at the world’s global assets, the value of the stock market, globally, the bond market, the real estate market, the gold market, you just look at all the assets everybody in the world owns, it’s about 0 trillion,” he explained. Such an allocation would dramatically increase Bitcoin’s market cap, driving its price up significantly.
Moreover, Edelman highlighted a shift in the perception of Bitcoin from a transactional currency to a store of value, similar to gold. “The use case of Bitcoin, although it’s strong for transmittal, is not the strongest argument. It’s now like gold, a store of value,” he stated. This perception shift has attracted more institutional investors, who view Bitcoin as a hedge or an alternative asset class, akin to other non-traditional investments like artwork or collectibles.
At press time, BTC traded at ,909.
dYdX Trading Inc Founder Antonio Juliano Steps Down As CEO, Token Takes a Hit
Antonio Juliano, the founder of dYdX Trading Inc., has announced his decision to “step down” as Chief Executive Officer (CEO), citing a mix of “personal and professional reasons.”
This move marks a significant change for the company behind the decentralized derivatives exchange dYdX. Juliano will transition to the roles of Chairman and President, with Ivo Crnkovic-Rubsamen set to take over as CEO.
Juliano Reflects On His Tenure And The Evolution Of dYdX
Juliano’s tenure as CEO saw dYdX grow into a prominent player in the decentralized finance (DeFi) sector, especially in derivatives trading.
Reflecting on his journey since the dYdX whitepaper in 2017, Juliano shared in the announcement that moments of “overwhelming” pressure made him consider stepping aside.
Juliano noted:
For my own part in this journey, I too have come far. I feel as though I’ve been gifted (and endured) a lifetime’s worth of adventure and growth since solo founding dYdX at 24. Chris Dixon once told me “founding is an emotional challenge disguised as an intellectual one”. I have now lived this, and know it to be true. dYdX has given me the rollercoaster of intense experiences from ibar, to excitement, to elation, to desolation. There have been times, many of them, when l’ve felt so overwhelmed I wanted to leave.
Notably, Juliano’s decision to change roles, as highlighted in the announcement, comes from a place of “personal satisfaction” and the “realization” that while he is irreplaceable as the founder, the role of CEO can be handed over to someone else.
Today, @AntonioMJuliano, announced that he is transitioning from CEO of dYdX Trading Inc. to the role of President and Chairman. Antonio’s product vision, leadership, and relentless dedication over the past 7 years have transformed dYdX from an idea into one of the largest DeFi… https://t.co/iUdSmjtQ5T
— dYdX (@dYdX) May 13, 2024
Impact Of The CEO Transition – Token Sees Sudden Drop
Ivo Crnkovic-Rubsamen, a long-time friend and collaborator of Juliano, is set to become the new CEO. Juliano expressed confidence in Crnkovic-Rubsamen’s ability to lead, noting that he has been “progressively” stepping back over the past two years, preparing for this transition.
Juliano will continue influencing “major decisions” and strategy at dYdX, working closely with the new CEO to oversee day-to-day operations.
He emphasized that dYdX’s mission is far from complete, pointing to the growing importance of DeFi and derivatives in the crypto landscape, noting:
dYdX is not finished. Not even close. The opportunity is bigger than ever now. It’s becoming incredibly obvious that DeFi will be the dominant way crypto is used, and derivatives will pily a large part in that.
Following the announcement of Juliano’s step-down, the price of the dYdX’s token experienced a decline, dropping by approximately 1.2% in the past 24 hours to a trading price of .01, with a 24-hour low of .94.
This downturn contrasts with the general recovery in the crypto market, highlighted by a 2.8% increase in Bitcoin over the same period.
Despite the dip in token price, dYdX’s total value locked (TVL) has remained stable, with a slight increase of 2.37% over the past month. It has maintained a level above 0 million since March.
Featured image from Unsplash, Chart from Tradingview
Uniswap Founder Shares His Two Cents On Good Token Distributions
Hayden Adams, founder of the Uniswap protocol, has shared his opinion on what characterizes a good distribution or rollout of a token. In a recent post on the X platform, the prominent crypto figure listed 10 qualities of good token distributions, highlighting the complexities surrounding the launch of a cryptocurrency.
Uniswap Founder Gives Opinion On Good Token Distributions
Adams began his take on good token distributions by stating that projects should allocate “tokens, not points” to the community. This phrase implies that participants should receive actual tokens that hold value within a particular ecosystem or on a network, instead of receiving points that may have limited utility.
Not aimed at any specific project, but have seen a ton of discourse recently on the topic so figured I’d share my take on good token distributions:
1) tokens, not points
2) don’t farm the farmers – teasing and creating ambiguity around a token distribution to grow your numbers…
— hayden.eth (@haydenzadams) May 4, 2024
Secondly, Adams warned against creating ambiguity or being vague about a token distribution to increase the number of participants or to “farm the farmers.” A good token distribution practice includes sharing real details when ready, according to the Uniswap founder.
Additionally, Adams criticized “low float tokens,” while calling them malicious. The prominent DeFi figure urged project teams to ensure sufficient tokens are available in circulation to prevent manipulation and allow genuine price discovery.
Adams also discouraged hyping a token’s price and how it will skyrocket before it launches. The founder believes hiring an influencer or a marketing company to promote a token’s value only depicts a get-rich-quick scheme rather than a genuine attempt at building real value.
What’s more, the Uniswap founder stressed the importance of free token airdrops during token distributions. “Don’t be stingy – give a significant amount away. If you don’t think the community deserves a significant amount, don’t release a token,” Adams said in his post.
Ultimately, Adams advised new crypto projects to be careful and thoughtful in their decision-making to avoid making mistakes that might put them at odds with the crypto community. “Create something you’re proud of and stand behind it,” the Uniswap founder added.
A Jab At Friend.tech and its FRIEND?
At the beginning of his post, the Uniswap founder clearly stated that the opinion is not aimed at any specific project. However, the timing is interesting, especially after social media platform Friend.tech’s “unsuccessful” token airdrop.
On Friday, May 3rd, Friend.tech airdropped its new FRIEND tokens to users in conjunction with the launch of the protocol’s version 2. While the token’s value quickly rose to 7 after launch, FRIEND’s price nosedived to below within a few hours.
Analysts pinpointed liquidity issues and a mass sell-off as the primary reasons behind the downturn of FRIEND and, ultimately, the ineffectual token launch. Moreover, many users complained about how challenging it was to claim the token airdrop, as technical drawbacks reportedly frustrated the process.
Top VCs Join EYWA’s Seed Round Led by Curve’s Founder
PRESS RELEASE. Road Town, British Virgin Islands — May 2, 2024. EYWA, a consensus bridge that secures transactions across multiple protocols, has raised a total of million as it delivers the new era of Web3 interoperability. The investment has been led by Curve Finance founder Michael Egorov — with the project recently attracting two […]
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Bitcoin.com Addresses Charges Against Early Investor and Founder Roger Ver
On April 30, 2024, the U.S. Department of Justice (DOJ) detained Roger Ver, a trailblazing investor in bitcoin, on accusations of tax evasion and submitting fraudulent tax returns. The following update is accompanied by a statement from Bitcoin.com regarding the allegations against the company’s founder. Bitcoin Investor Roger Ver Charged With Tax Evasion According to […]
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ETH Gate Conversation Intensifies After Ripple CTO And Cardano Founder Debate
Over the weekend, the conversation about the ETH Gate theories started again after the news of the Consensys lawsuit against the US Securities and Exchange Commission (SEC). The discussion intensified following the Ripple CTO David Schwartz and Cardano Founder Charles Hoskinson’s debate on X.
Is There A Double Standard For Ethereum?
On Thursday, crypto firm Consensys sued the US SEC, accusing the regulator of “unlawful seizure of authority” over Ethereum. Following the news, an online conversation sparked regarding the SEC’s alleged favoring of the second-largest cryptocurrency by market capitalization.
X users commented on crypto exchanges’ “double standard.” Many pointed out platforms like Binance, Coinbase, Crypto.com, and Bitstamp delisted XRP after the SEC’s crackdown on Ripple.
Hey @coinbase @cryptocom @BinanceUS @Bitstamp @BittrexExchange when delist Ethereum? Are you still trying to comply with regulatory concerns or no??? pic.twitter.com/QiWG9qEUbZ
— Digital Asset Investor (@digitalassetbuy) April 26, 2024
Moreover, members of the crypto community also asked for ETH’s delisting. One user stated that if the crypto asset “doesn’t get delisted, we know #ETHGate is real.”
The theories about the SEC attacking Ripple and XRP in favor of Ethereum are part of an ongoing saga that has raised concerns and speculation over the agency’s regulatory inconsistency.
Last year, lawyer and crypto expert Jeremy Hogan weighed in on the publication of Hinman’s emails and drafts from his 2018 speech. Hogan alleged that the former SEC’s Division of Corporation Finance director was likely paid by someone related to the Ethereum Foundation to give a speech giving ETH a “free pass.”
Ripple CTO Questions Hoskinson’s ETH Gate Stand
Charles Hoskinson stated that an apology from the XRP army and Ripple executives was needed before a project collaboration. Hoskinson alleged during a recent X Space meeting that XRP’s community has attacked him daily since 2022.
Following the session, members of the XRP army cursed him out and declared he was wrong. Hoskinson replied, seemingly trying to prove his point, alleging the hate “It’s never-ending and completely devoid of reason.”
Jack, a prominent figure in the XRP community, argued that platforming those who attacked Hoskinson would not help the situation. Cardano’s founder then corrected someone, claiming he “misspoke” and “mischaracterized” the community’s allegations.
Hoskinson clarified he didn’t misspeak, as people believe “members of the Ethereum community bribed the SEC to take out XRP.” According to him, this narrative has reignited several times with “no evidence of it.”
Ripple’s CTO joined the discussion, questioning Hoskinson over his claims of lack of evidence. Schwartz stated: “So, was Hinman not intimately involved? Did he not have a financial interest in Ethereum? Did he recuse himself? Or is that not evidence for some reason?”
So, was Hinman not intimately involved? Did he not have a financial interest in Ethereum? Did he recuse himself? Or is that not evidence for some reason?
— David "JoelKatz" Schwartz (@JoelKatz) April 28, 2024
To Hoskinson, Schwartz was “inciting a mob by spreading false information.” He also denied invalidating the ETH Gate arguments, claiming his “grand conspiracy statements have always been related to the belief that somebody from Ethereum bribed the SEC to go after XRP.”
The back-and-forth between the two crypto gurus ended with Ripple’s CTO further doubling down on his questions. He asked whether Hoskinson didn’t think any of his statements were evidence that Hinman’s interests influenced and affected the litigation against Ripple, which received no reply.
Ethereum Resurgence: TRON Founder Justin Sun Goes On 127,388 ETH Buying Spree
The second-largest crypto token by market cap, Ethereum (ETH), looks set to make a massive market recovery following recent buys suspected to be made by Tron’s founder, Justin Sun. Sun’s accumulation spree again highlights crypto whales’ recent bullishness on Ethereum despite fluctuating prices.
Sun Allegedly Buys 5 Million Worth Of ETH
In an X (formerly Twitter) post, the on-chain analytics platform Lookonchain drew the crypto community’s attention to a mysterious wallet suspected to belong to Justin Sun. This wallet is said to have bought 127,388 ETH (5.19 million) from Binance and decentralized exchanges (DEXs) since April 8 at an average price of ,127.
Meanwhile, Lookonchain tried to prove further its theory that this wallet likely belonged to Justin Sun. The platform alluded to a previous tweet mentioning that a suspected Justin Sun wallet bought 168,369 ETH at ,894 from Binance and a DEX between February 12 and 24. It noted that the “transaction behavior” of both wallets was similar, which suggests that they are both likely owned by Justin Sun.
If indeed both wallets are owned by Justin Sun, that means the Tron founder has accumulated 295,757 ETH (1 million) at an average price of ,014 since February 12. Like every whale activity, Sun’s alleged transactions have caught the crypto community’s attention, with many wondering why he is gaining so much exposure to the second-largest crypto token.
Ethereum Whales Are Bullish
Sun’s actions highlighted the bullish sentiment that Ethereum whales have towards the crypto token despite its recent unimpressive price action. Bitcoinist recently reported about an Ethereum whale who, despite already losing .5 million, opened another long position on the second-largest crypto token.
This whale also borrowed 17.3 million USDT just to increase their exposure to the crypto token. In a recent X post, Lookonchain again highlighted how Ethereum whales are still making bullish moves in the market. On-chain data shows a fresh wallet (0x9EB0) that withdrew 7,182 ETH (.06 million) from Binance, which suggests long-term holding by this whale.
Another wallet (0x1958) withdrew 5,181 ETH (.28 million) from Binance and put their ETH holdings to work by staking it into Bedrock and Pendle while anticipating further price gains in the crypto token.
Such bullish sentiment towards Ethereum could be good for ETH’s price as whales are known to have a significant impact on a token’s price discovery. It could also prove crucial during this period when Ethereum is experiencing declining network growth, which means that the rate at which new users come into the ecosystem has slowed.
At the time of writing, Ethereum is trading at around ,170, down over 1% in the last 24 hours, according to data from CoinMarketCap.
FTX Founder Bankman-Fried Agrees to Settlement, Aids Legal Action Against Celebrities
In a significant turn of events, former FTX CEO Sam Bankman-Fried has agreed to a settlement with investors, providing crucial cooperation in ongoing lawsuits against high-profile celebrities. The settlement, pending court approval, could mark a pivotal moment in the extensive legal battles following the crypto exchange’s colossal collapse. Former Crypto Tycoon and Now Convicted Inmate […]
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