Paul Ryan, a former speaker of the House of Representatives, has assessed the possible role that stablecoins will play in fighting an upcoming U.S. debt crisis. According to Ryan, the demand derived from the increasing relevance of dollar-backed stablecoins, which use U.S. treasuries as backing, will help keep a healthy demand on U.S. debt and […]
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The Bitcoin Policy Institute Launches the Peer-to-Peer Rights Fund to Help Defend Samourai Wallet Founders
The Bitcoin Policy Institute, a non-profit organization supporting bitcoin initiatives, has launched the Peer-to-Peer Rights Fund, a project seeking to protect bitcoin’s decentralized nature from regulatory overreach. The fund’s first objective is to aid in the defense of the founders of Samourai Wallet given the relevance of the case for the industry. Peer-to-Peer Rights Funds […]
Bitcoin News
Old Bitcoin Whales Moving Coins: Will This Help Push BTC Above $74,000?
While Bitcoin struggles to extend gains, on-chain data shared by Ki Young Ju, the founder of CryptoQuant, on X shows increased movement of old coins. As the Bitcoin Average Dormancy chart shows, this trend recently hit a 13-year high.
More Old Whales Moving Coins
The Bitcoin Average Dormancy shows the average number of days each BTC has been dormant. On-chain data indicates that coins held for 3 to 5 years have changed hands and moved to new owners.
While there was movement, interestingly, data shows that they were not transferred to exchanges. Instead, it is highly likely that they were traded over the counter (OTC).
Usually, any transfer to centralized exchanges like Binance or Coinbase could suggest the intention of selling. The more coins hit these exchanges, especially from whales, the higher the chance of price dumping. However, if trades are made via OTC, the impact on spot rates is negligible, which is a positive for bulls.
Further analysis of these transfers using the Spent Output Profit Ratio (SOPR) indicator suggests that whales moving them made decent profits. Historically, whenever whales dump and register profits, prices tend to dip.
Will Bitcoin Prices Retest All-Time Highs
However, in a post on X, one analyst says prices will likely increase because of the impact of spot Bitcoin exchange-traded funds (ETFs). These derivatives are like a buffer against price drops, considering the pace of inflows in the past weeks.
Spot ETFs allow institutions to gain regulated exposure to BTC. Coupled with decreasing outflows from GBTC, the odds of prices rising remain elevated.
According to Lookonchain data, GBTC unloaded 750 BTC on April 23. However, Fidelity and other eight spot ETF issuers bought 1,513 BTC on behalf of their clients. Spot Bitcoin ETF issuers sell shares representing BTC holdings. These coins can be purchased from secondary markets like Binance, via OTC platforms, or directly from miners.
BTC prices remain muted and capped below ,000, representing April 13 highs.
To define the uptrend, there must be a high volume expansion above this liquidation line, reversing recent losses.
Even so, looking at the BTCUSDT candlestick arrangement in the daily chart, bulls must break above all-time highs for a clear trend continuation. Ideally, the uptick above ,800 and the current range should be with expanding volumes, confirming the presence of buyers.
Entry of Tradfi Institutions Can Help Reshape User Perceptions Towards Crypto — Sami Start
The recent adoption of cryptocurrency by traditional financial (tradfi) institutions is likely to reshape user perceptions of this asset class and may even foster broader acceptance of blockchain technology, Sami Start, co-founder and CEO of the crypto trading platform Transak, has argued. Start added that the entrance of tradfi institutions into this market is likely […]
Bitcoin News
TRON Hits 95 Million Addresses Milestone, Will This Help Price?
On-chain data shows the total number of addresses on the TRON network has exceeded the 95 million mark, a major milestone for the blockchain.
TRON Addresses Carrying A Balance Have Broken The 95 Million Mark
According to data from the market intelligence platform IntoTheBlock, TRON has far left behind other layer 1 networks like Cardano and Avalanche regarding its address growth.
Here, the analytics firm has used the total number of addresses on the blockchain carrying some non-zero balance to keep track of this network growth.
When these addresses with a balance go up, it means that either fresh investors are joining the network or old holders are returning. Either way, such a trend can be a positive sign for any cryptocurrency, as it suggests that some net adoption of the blockchain is going on.
On the other hand, a decline in the metric implies some investors have decided to clear out their wallets, a potential sign that they have decided to leave the network behind.
Now, here is a chart that shows the trend in the total addresses with a balance for TRON over the past few years:
As displayed in the above graph, the total number of TRON addresses with a balance has been rising for a while now and has recently hit a new record of more than 95 million.
“Quite an impressive number, considering other layer 1 networks like Cardano and Avalanche have fewer than 10 million addresses,” notes IntoTheBlock. “Layer 1” blockchains handle transactions and security independently, without being dependent on other networks.
Given the pace at which the TRON network has seen addresses open up, it would appear that users have been preferring the blockchain to some of the other layer 1 networks.
Now, what this adoption might imply for the price of TRX can be complicated. The chart shows that adoption has been up for the asset for years, but this hasn’t exactly translated into its price.
One thing that’s usually certain about adoption is that it provides a solid foundation for the network and is a good sign that the asset will be around in the long term.
TRX Price
The cryptocurrency sector as a whole has been racing up recently, with Bitcoin leading the charge with its returns of 20% over the past week. TRON, however, has lagged behind the market, mustering only 3% profits in the same period.
The chart below shows that the coin is currently trading around the .14 level.
Regarding the market cap, TRX is currently the eleventh-ranked cryptocurrency. However, if the coin continues to be weaker than its competitors, it might slip down the list, as Chainlink (LINK), the twelfth largest coin, is currently closing the gap with its stronger returns.
Congressman Tom Emmer Offers to Help Donald Trump Fight Central Bank Digital Currencies
Congressman Tom Emmer has offered to help former U.S. President Donald Trump fight the creation of a central bank digital currency (CBDC) in the U.S. “I agree with President Trump; CBDCs pose a serious threat to Americans’ right to financial privacy. I look forward to working with him as we continue the fight against the expanding government surveillance state,” the lawmaker stated.
Rep. Emmer Joins Trump in Fight for Americans’ Right to Financial Privacy
House Majority Whip Tom Emmer (R-MN) has expressed support for former U.S. President Donald Trump in the fight against the creation of a digital dollar.
Last week, Trump promised the American people that if he is elected president of the United States in the upcoming election, he will make sure that a central bank digital currency (CBDC) does not get created in the U.S. “As your president, I will never allow the creation of a central bank digital currency … Such a currency would give a federal government … absolute control over your money … This would be a dangerous threat to freedom, and I will stop it from coming to America,” Trump said.
Commenting on Trump’s statement regarding CBDCs, Congressman Emmer wrote on social media platform X Friday:
I agree with President Trump; CBDCs pose a serious threat to Americans’ right to financial privacy. I look forward to working with him as we continue the fight against the expanding government surveillance state.
The lawmaker added in a follow-up post: “Congressional Republicans have been fighting against the implementation of a surveillance-style CBDC. My bill, the CBDC Anti-Surveillance State Act, has 75 cosponsors and we are continuing to build support.”
Several Fed officials and lawmakers question the need for a CBDC. Fed Governor Michelle Bowman, for instance, has yet to see a compelling argument that a digital dollar could solve any of these problems more effectively or efficiently than alternatives, or with fewer downside risks for consumers and for the economy.
The Federal Reserve has begun exploring a digital dollar, but it hasn’t committed to creating one. In September last year, Fed Chair Jerome Powell clarified, “We have not decided to proceed [with a digital dollar] … We see this as a process of at least a couple of years.”
Emmer recently said that Trump will likely become “a lot more” crypto-friendly in his second term as president. Recent data from the decentralized crypto-based predictions platform Polymarket suggests that Donald Trump, the 45th president of the United States, is currently leading with a 48% chance of victory. Several analysts, including those at asset management firm Vaneck, expect the price of bitcoin to hit record highs if Trump wins the U.S. presidential election in November.
What do you think about House Majority Whip Tom Emmer offering to work with Donald Trump to fight against the creation of a U.S. central bank digital currency? Let us know in the comments section below.
Cryptocurrency Regulations Set to Help Minimize Risks Associated With Crypto Trading — Turkey Finance Minister
Mehmet Simsek, the Turkish Finance Minister, recently revealed that a draft of his country’s crypto regulations is now in the final stage. Simsek said that once they come into force, the new regulations will help minimize the risks that are associated with trading crypto assets.
Minimum Operating Standards
According to Turkish Finance Minister Mehmet Simsek, the draft cryptocurrency regulations, which are expected to help the country get off the Financial Action Task Force (FATF)’s grey list once they become law, are now in the final stage. Simsek added that once they come into force, the new regulations will also minimize the risk of trading crypto assets.
In his remarks published by Reuters, the Finance Minister revealed the name of the body which is going to issue licenses to crypto platforms as well as the required operating standards.
“Crypto asset trading platforms will be licensed by the Capital Markets Board (CMB), and minimum operating standards will be required … including some conditions for founders and managers, organizational obligations, capital requirements,” Simsek said.
In October 2021, Turkey was placed on the grey list after the country’s anti-money laundering and terrorist financing mechanisms were deemed ineffective by the Financial Action Task Force (FATF). Since then, Turkey has been attempting to address some of the issues or concerns raised by the FATF.
According to a July 2023 report by the FATF, Turkey had made some progress in addressing most of the technical compliance deficiencies that were revealed in the watchdog’s 2019 Mutual Evaluation Report. The country was subsequently re-rated on six recommendations, the FATF said. However, the global watchdog also noted in the same report that Turkey’s ability to regulate virtual asset service providers (VASPs) may be affected by the lack of a law requiring them to license or register.
Meanwhile, Simsek suggested that Turkey’s goal of making crypto trading safer does not mean his country is against emerging technologies like the blockchain. He explained:
We aim to pave the way for the development of blockchain technology and the crypto asset ecosystem.
What are your thoughts on this story? Let us know what you think in the comments section below.
How Analysts Think Binance’s $4.3B Settlement Will Help Crypto Grow
While the recent settlement between Binance, its former CEO Changpeng Zhao, and the U.S. Department of Justice (DOJ) has shocked the entire crypto industry due to the supposed money laundering and terrorism-related financial implications it has, many analysts and execs believe this is ultimately a good outcome, considering that it will cause the crypto space to grow absent uncertainties related to one of its largest actors.
Analysts Argue Binance Settlement Signals Growth in the Industry
The landmark settlement between Binance, one of the largest cryptocurrency exchanges in the world, its former CEO Changpeng “CZ” Zhao, and the U.S. Department of Justice (DOJ) on the charges of money laundering and terrorism financing might bring a new era to the cryptocurrency industry, according to analysts and crypto executives.
Brian Armstrong, CEO of Coinbase, stressed that this action might open new roads for the industry, which will have to be built with compliance in focus. Armstrong stated:
Today’s news reinforces that doing it the hard way was the right decision. We now have an opportunity to start a new chapter for this industry. We took a lot of arrows operating here in the U.S. due to the lack of regulatory clarity, and my hope is that today’s news serves as a catalyst to finally achieve that.
Coinbase is also facing legal actions from the U.S. Securities and Exchange Commission (SEC), which alleges the exchange operates as an unregistered securities broker, evading U.S. regulations for years.
More Reactions
Analysts at JPMorgan, led by Managing Director Nikolaos Panigirtzoglou, also believe the settlement is significant for the cryptocurrency environment, eliminating future uncertainties related to the largest crypto actor. In statements offered to The Block, JPMorgan analysts declared:
We see the prospect of settlement as positive as uncertainty around Binance itself would subside and its trading and BNB Smart Chain business would benefit.
Furthermore, the .3 billion deal helps to dispel the potential “systemic risk” of a hypothetical collapse of Binance, according to JPMorgan.
Other analysts believe that with Binance under the DOJ’s surveillance and being forced to exit the U.S. completely, the opportunity for finally greenlighting a spot Bitcoin ETF is upon the crypto market. Michael Rinko, research analyst at Delphi Digital, told CNBC:
If you’re actively investigating the company and the CEO who’s telling everyone the price of these assets, how are you then going to greenlight an ETF? Having this settlement behind us could be the final big, big step needed for this ETF.
What do you think about the state of the crypto industry after Binance’s plea deal? Tell us in the comments section below.
Kenyan Blockchain Association Told to Help Draft Regulation Bill, ‘Demystify’ Crypto
The Blockchain Association of Kenya has been asked to help create the country’s first draft bill on crypto asset regulation. The National Assembly’s Departmental Committee on Finance and National Planning also asked the association to undertake “robust public education on cryptocurrency trade to demystify it.”
Kenya’s Initial Draft Crypto Bill
A Kenyan parliamentary committee has told the Blockchain Association of Kenya (BAK) “to undertake robust public education on cryptocurrency trade to demystify it.” The committee has also asked the association and other stakeholders to prepare the initial draft of what “would be Kenya’s virtual asset service provider’s bill.”
The National Assembly's Departmental Committee on Finance and National Planning has directed us and other industry stakeholders to prepare the first draft of what could become a virtual asset service provider's bill.
What are your thoughts?
Here are @RobertMuoka's comments. pic.twitter.com/Hr0YgdLQMg
— Blockchain Association of Kenya (BAK) (@BlockchainKenya) November 6, 2023
In its Oct. 31 statement on X, Kenya’s National Assembly’s Departmental Committee on Finance and National Planning said it had learned of the country’s status as the third most active in African crypto trade. The committee was also made aware of the nearly billion which was transacted between July 2021 and June 2022.
Digital Asset Tax
In its recent report, the blockchain intelligence firm Chainalysis showed that the East African state is still one of Africa’s top recipients of crypto inflows. Only Nigeria and South Africa are ranked higher than Kenya. Yet despite facilitating crypto transactions worth billions of dollars, most members of BAK are reportedly not paying the digital asset tax.
The claims that members of BAK are not paying the recently introduced digital assets tax in turn prompted Kenyan lawmakers to seek answers from the association. However, in their response to concerns raised by the parliament, BAK officials insisted that members were unable to pay due to the current structures which do not support the payment of taxes.
The association also identified a circular issued by the Kenyan central bank in the past as one of the issues that complicates matters.
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Robert Kiyosaki Shares Investment Allocation to Help You Survive ‘Greatest Crash in World History’
Rich Dad Poor Dad author Robert Kiyosaki has recommended an investment allocation that he says may help you survive the greatest crash in world history. Noting that financial experts have promoted a 60/40 portfolio allocation of stocks and bonds, he stressed that people with this allocation will be the “biggest losers.”
Robert Kiyosaki’s Recommended Investment Allocation
The author of Rich Dad Poor Dad, Robert Kiyosaki, has shared an investment allocation that he believes will help investors weather the upcoming financial crash, which he has warned will be the worst in world history. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries.
The famous author wrote on social media platform X Sunday: “Ship of Fools. Forever and ever financial experts have promoted the idea ‘Smart Investors invest in 60/40.’” The common 60/40 portfolio invests 60% in stocks and 40% in bonds. Kiyosaki cautioned: “In 2024, 60/40 investors will be [the] biggest losers.” He proceeded to recommend:
Before going down with the ship, consider a shift to 75% gold, silver, bitcoin [and] 25% real estate/oil stocks. This mix may allow you to survive the greatest crash in world history.
Kiyosaki has been recommending gold, silver, and bitcoin for quite some time. However, this is the first time he shared a specific investment allocation for these assets with his 2.4 million followers on X. Last week, Kiyosaki revealed his investment strategy, noting that he is not trying to invest like Berkshire Hathaway CEO Warren Buffett.
The renowned author has made multiple forecasts related to the prices of bitcoin, gold, and silver. He recently stated that BTC is headed for 5,000 while gold will soon take off. Back in August, he said that in the event of a global economic crisis, bitcoin’s price could surge to million, with gold reaching ,000, and silver climbing to ,000. In February, he projected that the price of BTC would reach 0,000 by 2025, while gold could rise to ,000, and silver might reach 0 within the same timeframe.
Kiyosaki used to be more into real estate. In October of last year, he explained on X that in his 2022 book Capitalist Manifesto, he stated that Marxists “took over the U.S. in the 2020 election,” warning that they would implement policies such as property tax increases and rent controls. In addition, property values would decrease due to rising interest rates. “I recommended investing in gold, silver, and bitcoin,” he concluded at the time.
Last month, the renowned author advised investors to buy bitcoin immediately, noting that he foresees a rush to buy BTC as stock, bond, and real estate markets crash. He additionally expressed his belief in the future of cryptocurrency, asserting that fiat money is toast and describing it as “fake money.” In his view, gold and silver represent “God’s money” while bitcoin is “people’s money.” Besides issuing multiple warnings about the greatest crash in real estate, stocks, and bonds, he also cautioned that the Federal Reserve raising interest rates will crash the U.S. dollar.
What do you think about the investment allocation recommended by Rich Dad Poor Dad author Robert Kiyosaki? Let us know in the comments section below.