The U.S. Securities and Exchange Commission (SEC) has urged a federal court to deny Coinbase’s interlocutory appeal, following a recent court decision that allowed a lawsuit involving the SEC and the cryptocurrency platform to proceed. Last month, Coinbase sought appellate review after failing to get the case dismissed, marking a significant development in the ongoing […]
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Robinhood’s Crypto Revenue Surges 232% Despite Looming SEC Battle
Retail trading platform Robinhood has announced that its crypto revenue grew by 232% in the first quarter. Despite this success, Robinhood faces potential enforcement action by the U.S. Securities and Exchange Commission (SEC), alleging that some of the cryptocurrencies offered on its platform are securities. Crypto Drives Robinhood’s Profitable Q1 Retail trading platform Robinhood Markets […]
Bitcoin News
Battle For The Halving Block: Bitcoin Users Spend Record $2.4 Million On Block 840,000
With Bitcoin finally completing its fourth-year halving cycle, many users are aggressively competing for halving blocks, paying exorbitant amounts of fees to mine a single block.
Bitcoin Mining Pool Pays Over .4 Million In Block Fees
Earlier today, the 840,000th block was added to the Bitcoin blockchain, triggering the onslaught of the highly anticipated halving event. While the price of BTC did not witness a dramatic change following the halving, transaction fees spiked to unprecedented highs.
Amidst the massive competition, a mining pool identified as ViaBTC had successfully mined the 840,000th Bitcoin block. Cumulatively, BTC users had spent a staggering .7 BTC in mining fees, equivalent to .4 million, recording the highest fee ever paid for a Bitcoin block.
According to reports from mempool, after ViaBTC had produced the 840,000th block, the protocol had initiated an automated reduction of miners’ reward by half, from 6.25 BTC to 3.125 BTC per block. In addition to the fees, ViaBTC had received a total payout of 40.7 BTC, valued at approximately .6 million, for mining the historic block.
While it may seem that Bitcoin miners had thrown caution to the wind by spending over .4 million on a single block, the 840,000th block had a major significance within the cryptocurrency space. The historic Bitcoin block is said to hold the first Satoshis, ‘sats,’ the smallest units of BTC following the halving.
There are several of these “epic sats,” that appear after the halving event, coveted as a rare collector’s item among cryptocurrency enthusiasts. Some even speculate that these Bitcoin fragments could be potentially worth millions of dollars.
Including the hype surrounding these fragmented BTC, much of the competition for the Bitcoin blocks, following the halving has been attributed to the new Runes Protocol which launched at the same time as the Bitcoin halving.
Degens Rush To Secure Infamous Rune Tokens
The Runes Protocol, created by Casey Rodamor, a Bitcoin developer, has sent shockwaves through the cryptocurrency community, as degens are avidly competing to etch and mint tokens directly on the Bitcoin network.
While mining pools were mining new Bitcoin blocks, degens had paid over 78.6 BTC valued at .95 million to mint the rarest Runes. This exponential surge in fees has been an unprecedented event, highlighting the increased adoption and participation of the Bitcoin network.
According to reports from Ord.io, a Rune labeled as ‘Decentralized’ was acquired for a fee of 7.99 BTC, equivalent to 0,760. While another titled ‘Dog-Go-To-The-Moon’ was obtained for a fee of 6.73 BTC, worth approximately 9,831.
Leonidas, protocol developer and host of the groundbreaking Ordinals, a system for numbering “epic sats,” has declared the Runes Protocol a remarkable success as degens have “single-handedly offset the drop in miner rewards from the halving.” He concluded that Runes have significantly impacted Bitcoin’s security budget, potentially playing a major role in ensuring the network’s sustainability.
Blackrock Closes in on Grayscale in the Battle for the ‘World’s Largest’ Bitcoin ETF
U.S. spot bitcoin exchange-traded funds (ETFs) experienced three consecutive days of net outflows, with a loss of million on Tuesday. Leading the outflow for the day was Grayscale’s GBTC. After Another Day of Outflow, IBIT Nears GBTC as Potential Leader in Spot Bitcoin ETF Market Grayscale’s GBTC continued to report reductions in its bitcoin […]
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XRP Battle Cry: Must Rally 70% To Reconquer $1 Peak After Market Turmoil
The price of XRP, the native token used on RippleNet for cross-border payments, has remained stubbornly below the coveted mark for months. This, despite a broader cryptocurrency bull run that began roughly six months ago. While some analysts predict a swift surge to bridge the gap, others remain cautious due to ongoing legal battles and a volatile market.
Currently, XRP hovers around .59, a significant distance from the many investors had hoped for. The token has experienced significant volatility in recent months, oscillating between .50 and .65. A brief rally to .75 in March offered a glimmer of hope, but it was quickly followed by a retreat.
XRP: Several Obstacles To Overcome
This underwhelming performance can be attributed to several factors. The ongoing lawsuit between Ripple Labs, the company behind XRP, and the US Securities and Exchange Commission (SEC) continues to cast a shadow over the token’s future. The SEC alleges that XRP is an unregistered security, a claim Ripple vehemently denies. The uncertainty surrounding the lawsuit has undoubtedly dampened investor sentiment.
Further complicating matters is the prevailing bearish sentiment in the cryptocurrency market. Bitcoin, the world’s leading cryptocurrency, has experienced a significant correction in recent weeks, dragging down the entire market with it. This broader market trend has limited XRP’s potential for independent growth.
Positive Vibe Lingers
However, a wave of optimism persists among some XRP proponents. They point to the token’s underlying utility on RippleNet, a network designed to facilitate faster and cheaper international payments.
RippleNet boasts a growing list of institutional partners, including major banks and financial institutions. This adoption, they argue, positions XRP for significant growth once the legal issues are resolved and the market stabilizes.
Adding fuel to this optimism are analysts who foresee a dramatic price increase for XRP in the near future. Some, like analyst Tylie Eric, have boldly predicted a 60% surge within a short timeframe, citing parallels to the explosive bull run of late 2017.
#XRP.
Im looking for a potential 60% pump in the next 9 days or so to kick things off. pic.twitter.com/nxDwMVJv7t— Tylie E (@TylieEric) March 28, 2024
Others, like EGRAG, a commentator within the XRP community, believe the token is mirroring the pre-bull phase of that period, suggesting an imminent breakout.
#XRP Guaranteed 6X to 10X!
Historical data serves as the blueprint for future movements.
Let’s dive into the minimum and shortest pumps observed when the 21 EMA crosses the 55 MA on 2W TF.
1) Green: 900% –> .5
2) Blue: 585% –> to #XRPArmy GET READY!pic.twitter.com/jmdrHDRnuM
— EGRAG CRYPTO (@egragcrypto) March 28, 2024
Meanwhile, before this cycle’s high, XRP’s price could rise 15 times in the near future, according to a well-known cryptocurrency analyst.
$XRP chart update. 3 day MACD turning bullish at the right time.
pic.twitter.com/VgJAjO0Bru
— CAPT. PARA8OLIC TOBLERONE (@CaptToblerone) February 16, 2024
However, not everyone shares this enthusiasm. Researchers at Changelly, a cryptocurrency trading platform, hold a more conservative view. They believe that reaching by the end of April is unlikely, with their most optimistic target for the month being .75.
The future trajectory of XRP remains uncertain. Overcoming the hurdle will require a confluence of factors, including a favorable outcome in the SEC lawsuit, a resurgence of bullish sentiment in the broader market, and a continued demonstration of RippleNet’s utility.
To make up for the price tag that XRP lost during the last bull market, its current price of .59 would have to rise by around 70% this month.
Featured image from Pexels, chart from TradingView
Paradigm Backs Prediction Market in Legal Battle Against CFTC
Paradigm has stepped up to back Kalshi in its legal battle against the Commodity Futures Trading Commission (CFTC), defending the right to offer prediction markets in the U.S. Congressional elections, and arguing for the critical role such markets play in risk management and information dissemination within the crypto industry.
Legal Battle Brews as Paradigm Supports Kalshi’s Election Prediction Platform Against CFTC
Investment firm Paradigm has thrown its support behind prediction market platform Kalshi in its ongoing legal dispute with the CFTC. The contention arises from the CFTC’s rejection of Kalshi’s proposed market, which would allow participants to speculate on the outcome of U.S. Congressional elections, particularly regarding which party will control each chamber of Congress.
Paradigm submitted an amicus brief last week in favor of Kalshi’s lawsuit against the CFTC. This legal action was initiated after the CFTC disapproved of a prediction market on Kalshi on the outcome of this year’s Congressional elections, critiquing it as a form of wagering that is illegal under state laws. In November, Kalshi challenged the regulatory body, claiming it had overstepped its jurisdiction.
The crux of Paradigm’s argument, as detailed in their Policy Blog and amicus brief, is the belief in the transformative potential of prediction markets for the cryptocurrency industry. These markets, according to Paradigm, offer critical insights and a method for companies to mitigate regulatory risks. This is especially pertinent given the significant influence U.S. Congressional elections have on legislative actions, regulatory appointments, and overall business climate for crypto startups in the United States.
Paradigm emphasizes the utility of such event contracts in providing real-time information to not only market participants but also the general public, enhancing the predictive accuracy regarding electoral outcomes compared to traditional polling methods. The firm argues that enabling contracts on Congressional control aligns with public interest, urging the court to overturn the CFTC’s prohibition.
As both sides present their arguments, the outcome may set a precedent for how similar products are treated by regulators in the future, potentially shaping the intersection of cryptocurrency, prediction markets, and regulatory oversight.
Do you believe prediction markets about the outcomes of political events are dangerous? Share your thoughts and opinions about this subject in the comments section below.
Bitcoin ETFs: Issuers Battle To Attract Investors With Google Ad Campaigns
After the approval and launch of spot Bitcoin ETFs (Exchange-Traded Funds) by the US Securities and Exchange Commission (SEC), ETF issuers have extensively promoted their products on different media platforms to attract retail investors.
Bitcoin ETF Issuers Looking To Attract Retail Investors
At the end of January, giant technology company Google changed its advertisement policy to allow crypto fund managers to advertise crypto products in the search engine. Beginning on January 29, the company would “update the Cryptocurrencies and related products policy to clarify the scope and requirements for the advertisement of Cryptocurrency Coin Trusts.”
This decision followed the approval of 11 spot Bitcoin ETFs on January 10 by the US SEC, a significant decision that marked a milestone for the crypto industry and investors, as the approval by the US regulator provided more legitimacy to digital assets and the flagship cryptocurrency in the eyes of traditional investor.
As several members of the community reported, the asset managers that have issued ETFs launched their ads on Google following the policy change.
@BlackRock, @Fidelity, @Grayscale and @vaneck_us are all using google ads to promote their ETFs.
The #Bitcoin Spot ETF approval is bigger than you think, we have just got started pic.twitter.com/9WpBenXYwo
— Alessandro Ottaviani (@AlexOttaBTC) February 1, 2024
BlackRock, Fidelity, Grayscale, VanEck, Invesco, and Bitwise are among the ETF issuers that have taken the biggest search platform in the world to advertise their exchange-traded products. The news seems to have fueled a bullish sentiment for crypto investors due to the exponential increase of exposure that Bitcoin ETFs and the cryptocurrency sector will receive from the tech giant’s platform.
Although most issuers have taken an interest in advertising their products on Google after the policy change, it’s worth mentioning that Valkyrie Digital Assets hasn’t taken the same route as its counterparts, and it’s not using Google ads to advertise its ETF.
A Financial Times report highlights Invesco’s positive reception to Google’s ads update. A spokesperson told the news media outlet:
We believe Google — among other search engines — is an important piece of our larger marketing strategy.
Will Facebook And Instagram Follow Google’s Steps?
The advertisement battle between the ETF issuers has also taken advantage of traditional media. Bitwise has its “The Most Interesting Man in the World” ad campaign on mainstream TV, and Blackrock projects its Ads on different buildings across the US, including buildings near Wall Street in New York.
#BitcoinETF Being Advertised On Mainstream TV
Is the #bullrun officially BACK??
pic.twitter.com/dlBw5cjCuz
— Satoshi's Sip (@SatoshisSip) February 4, 2024
Now, the ads war has broadened as social media platforms have started to show interest in advertising the newly approved crypto-based investment products. Nate Geraci, President of the ETF Store Inc., shared on his X account a fragment of a Wall Street Journal report explaining that Facebook and Instagram may soon allow spot Bitcoin ETF ads.
The report highlighted the comments from a spokesman for Alphabet, Google’s parent company, which began approving ads in the US for Bitcoin ETFs on its platforms, including Google Search and YouTube.
Similarly, Facebook and Instagram are likely to follow Google’s steps soon. Per the report, a spokesperson for the Parent Company Meta Platforms said that the company is updating its US advertisement policies after the US SEC’s decision.
Geraci considers that there’s “no bigger boomer honeypot than Facebook.” Notably, the social media platform could help broaden the reach of Bitcoin ETFs as it holds a large pool of older users.
The potential interest of older users in expanding their investment portfolios and being exposed to digital assets like Bitcoin, without the need to self-custody their keys, has been a significant advertisement component of the ad campaigns from the ETF issuers.
‘Blockchain Basics Act’ Introduced in Missouri Takes the Bitcoin Regulation Battle to State Level
The Blockchain Basics Act, introduced recently into the Missouri State House, seeks to guarantee crypto-related rights, including self-custody, transacting, mining, and staking, to the state’s people. Proposed by Rep. Phil Christofanelli, the bill aims to take the crypto legislation fight to the state level, according to Dennis Porter, CEO and co-founder of the Satoshi Action Fund.
‘Blockchain Basics Act’ Proposes to Guarantee Crypto Rights at a State Level in Missouri
The fight for crypto legislation clarity is changing. A new bill, the “Blockchain Basics Act” (HB2107), introduced in Missouri’s State House, seeks to guarantee a series of cryptocurrency rights to the people of Missouri.
Introduced by Rep. Phil Christofanelli on December 27, the bill protects the right of Missouri’s citizens to the custody of their cryptocurrency assets, the right to exert cryptocurrency mining activities without restrictions, the right to transact and make payments with crypto, and eliminates state capital gains taxes for transactions under 0.
The act, currently in its second reading by the House, is part of a new strategy to focus crypto regulation efforts in a different state-level direction. According to Dennis Porter, co-founder and CEO of the Satoshi Action Fund, a non-profit that works with lawmakers to issue crypto-friendly regulations, this might be the way of winning “the battle for bitcoin adoption.”
Porter, who supports this act, stated that the federal road might not be the best option for establishing a legal basis for Bitcoin adoption, comparing this situation with what has happened in the cannabis regulation field. He explained :
Consider how cannabis won the public and legal debate… The cannabis industry didn’t win over the Feds. They fought in the states and cannabis is now legal in 75% of the USA! You and I can win the battle for Bitcoin adoption by following the same strategy!
Although Porter recognized that passing this bill in Missouri would be an “uphill battle,” he stressed this was just the beginning and that many similar bills might be introduced in other states in the coming days.
What do you think about the “Blockchain Basics Act” introduced in Missouri? Tell us in the comments section below.
Antpool Surpasses Foundry in Hashrate Battle, Claiming Top Spot in November’s Bitcoin Mining Race
Over the past year, the mining pool titan Foundry USA has consistently led the network in terms of hashrate. However, this month, the bitcoin mining operation Antpool has edged ahead of Foundry, albeit marginally, in hashrate rankings. In November, out of the 4,436 blocks that were mined, Antpool was responsible for uncovering 1,218 of them, translating to 27.46% of the month’s global hashrate.
Antpool Edges Out Foundry, Leads November Bitcoin Mining Surge
After a lengthy period where Foundry dominated, Antpool has recently emerged as a frontrunner in hashrate achievement. Particularly in November, Antpool succeeded in mining the highest number of blocks. Over the recent three-day span, a total of 427 blocks were mined, with Antpool unearthing 126 blocks and Foundry uncovering 114. This translates to Antpool commanding a three-day average hashrate of 29.51%, while Foundry holds 26.70%.
For the entire month of November, Antpool’s tally stood at 1,218 blocks, representing 27.46% of the blocks mined over the 30-day period. Foundry was close behind, having mined 1,216 blocks, accounting for slightly less at 27.41%. Notably, Antpool was responsible for mining 12 of the 16 empty blocks during this period. However, in the all-time ranking according to btc.com, Antpool still trails F2pool in the total number of blocks mined since each pool’s inception.
F2pool has amassed a lifetime total of 82,410 blocks, while Antpool has mined 79,990, marking 9.76% of all blocks mined. In comparison, F2pool’s percentage stands at 10.06% as of December 1, 2023. Despite Foundry’s consistent lead throughout 2022 and 2023, its overall block count is 30,684, equating to 3.75% of all blocks mined. This places Foundry behind other mining pools like Btc.com, Braiins (formerly Slush), Viabtc, and the now-defunct Btc Guild.
Yet, in the past year, Foundry’s dominance is clear: it mined 16,335 out of the 53,811 blocks, contributing 30.36% of the year’s total mining. Antpool, in comparison, discovered 12,041 blocks, making up 22.38% of the total. Both significantly outperform the year’s third largest pool, F2pool, which mined 7,316 blocks, or 13.60% of the year’s total.
What are your thoughts on Antpool taking the lead over the past 30 days? Let us know what you think in the comments section below.
Ripple Vs. SEC: Epic Battle Unfolds Over $770M Disgorgement Demand
In a recent interview with CNBC, Brad Garlinghouse addressed the ongoing legal battle between Ripple and the US Securities and Exchange Commission (SEC) over the classification of XRP.
Garlinghouse highlighted three consecutive wins for Ripple in the legal proceedings, emphasizing that the first judgment on July 13 clearly stated that XRP is not a security. He also mentioned denying the court’s interlocutory appeal and dismissing allegations against Ripple co-founder Chris Larsen and himself.
Ripple CEO Brad Garlinghouse Criticizes SEC’s Regulatory Approach
In the interview, Garlinghouse criticized the SEC’s approach to regulation by enforcement and lawsuit patterns, stating that the SEC needs to step back and realize that their actions are deviating from its mission to protect investors.
Garlinghouse questioned who the SEC is truly protecting in this journey and called for a change in their regulatory approach.
Commenting on the exchange-traded funds (ETFs) currently awaiting approval, Garlinghouse acknowledged that an approved ETF could bring significant capital to the market.
However, Brad emphasized that regulatory clarity, utility, and scalable problem-solving are essential for the industry to thrive. Garlinghouse expressed his optimism for the industry’s future, citing macro catalysts that will propel it forward in the next five to ten years.
Pro-XRP Lawyer Challenges SEC’s 0M Disgorgement Demand
In a separate development, pro-XRP lawyer John Deaton chimed in on X (formerly Twitter), stating that Ripple would not come close to paying the 0 million disgorgement demanded by the SEC.
Deaton argued that the SEC’s claim for disgorgement related to XRP sales in the UK, Japan, Switzerland, and other jurisdictions is flawed. He pointed out that XRP is deemed a non-security in those jurisdictions and was considered a legal exchange/utility token.
Deaton questioned the SEC’s attempt to disgorge sales made in those jurisdictions and emphasized that the Court’s goal is not to punish Ripple as this is not a fraud case.
Deaton further explained that the disgorgement amount would be significantly reduced after deducting non-US sales, sales to accredited investors and considering the minimal harm caused by ODL (On-Demand Liquidity) transactions.
Deaton highlighted that a petition filed by 75,000 XRP holders claimed that the SEC, not Ripple, was causing harm, further bolstering Ripple’s position.
The remarks made by Brad Garlinghouse and John Deaton underscore the ongoing legal battle between Ripple and the SEC, with Ripple asserting its stance on XRP’s classification and criticizing the SEC’s regulatory approach.
The outcome of this high-profile case will likely have significant implications for the cryptocurrency industry as a whole.
As of the time of writing, XRP is currently trading at .660, exhibiting a sideways price movement and consolidating above this crucial level. Despite the lack of significant upward or downward movement, the token has experienced substantial gains amidst the recent bullish reversal in the market.
Over the past 30 days, XRP has surged by more than 35%, and on a year-to-date basis, it has recorded an impressive growth of over 70%.
Featured image from Shutterstock, chart from TradingView.com