New York Rep. Alexandria Ocasio-Cortez has criticized the involvement of Fairshake, a crypto-focused super PAC, in New York’s 16th congressional district democratic party elections. Ocasio-Cortez qualified the media campaign against incumbent Jamaal Bowman, valued at over million, as “corruption” and a “core threat to American democracy” on social media. Alexandria Ocasio-Cortez Tells Crypto PAC […]
Bitcoin News
As UK Elections Approach, Crypto Industry Leaders Turn Attention to Keir Starmer, Labour Party
With U.K. opinion polls indicating a strong performance by the Labour Party in the July 4 elections, crypto executives and lobbyists are reportedly focusing their attention on party leader Keir Starmer. The crypto industry has also prioritized two other pro-tech Labour Party leaders in its ongoing effort to influence the U.K. government’s policy on digital […]
Bitcoin News
South Korea’s Democratic Party to Introduce ETF and Digital Finance Reforms
South Korea’s Democratic Party of Korea (DPK) is eager to relax regulations on exchange-traded funds (ETFs), including those tied to spot bitcoin, despite resistance from the People Power Party (PPP). Although election concerns have temporarily halted the initiative, a crucial poll is set for April 10, and the parliament is predominantly controlled by the DPK-led […]
Bitcoin News
Euphoria Or False Dawn? Why The Ethereum $4,000 Party Might End Soon
Ethereum (ETH) experienced a euphoric surge in interest as bullish sentiment enveloped the crypto sector. The recent approval of the Bitcoin ETF served as a catalyst, propelling Ethereum’s price to new heights. However, as the thrilling ride continues, concerns are emerging regarding the sustainability of this upward trajectory.
Increased Demand For Put Options Fuels Market Correction Jitters
Investors are flexing their risk management muscles as they flock towards put options, seeking to protect their gains from potential losses. The mounting demand for these safeguards indicates a shift in sentiment towards a more cautious and bearish outlook for Ethereum. With significant leverage in the market, speculators are wary of a potential correction that could dampen the party atmosphere.
Dencun Upgrade Looms: Anxiety Surrounds Ethereum’s Future
All eyes are on the upcoming Dencun upgrade, set to revolutionize the Ethereum ecosystem. However, the anxiety surrounding this crucial development is palpable. Past upgrades, such as the ill-fated Merge update, which aimed to transition Ethereum to a Proof of Stake network, resulted in a massive correction. As anticipation builds, the market braces itself for the impact this upgrade could have on Ethereum’s price and sentiment.
Influx Of Funds Bolsters Market, Ethereum ETF Remains A Wild Card
Amidst the uncertainties, the crypto market experiences an awe-inspiring influx of approximately billion, with Bitcoin and Ethereum accounting for a staggering billion of that total.
This considerable investment, as revealed by popular crypto analyst Ali Martinez, signifies growing interest and confidence in digital assets. The influx of funds further bolsters the market, while the uncertain approval of an Ethereum ETF continues to be a wild card that could reshape Ethereum’s future.
Ethereum’s Price Soars, Traders Eyeing New Milestones
As the rollercoaster ride continues, Ethereum’s price skyrockets, surpassing ,000 and igniting the imagination of traders. The sentiment surrounding the Dencun hard fork upgrade is a driving force behind this surge.
With expectations set high, traders are eagerly eyeing a monumental milestone of ,000 post-upgrade. The reduction in transaction fees promised by the upgrade further fuels optimism among ETH enthusiasts.
Navigating Uncertainty: A Balancing Act For Ethereum’s Future
In the midst of this thrilling ride, Ethereum finds itself caught in a delicate balancing act. The uncertainty surrounding the approval of Ethereum ETF applications adds an additional layer of complexity to the market dynamics.
While the odds may have dropped, the impact of an ETF approval, as highlighted by Ali Martinez, cannot be underestimated. It could potentially propel Ethereum’s adoption and trigger a surge in price.
Meanwhile, new addresses were still becoming interested in Ether. Alongside that, the overall count of holders who were amassing ETH had also increased.
Amidst Ethereum’s exhilarating climb past ,000, the question lingers: Is this euphoria sustainable or a false dawn? With concerns of a potential market correction and uncertainty surrounding Ethereum ETF approval, the party’s fate hangs in the balance.
Featured image from Pinterest/Pexels, chart from TradingView
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Major Party in South Korea Proposes to Defer Cryptocurrency Taxation
The People Power Party, a major political party in South Korea, has proposed to defer cryptocurrency taxation for up to two years as part of a general election pledge. The Korean government has already postponed establishing cryptocurrency taxation until 2025 when income generated from cryptocurrencies will be taxed at 22%. South Korea to Delay Cryptocurrency […]
Bitcoin News
Bitcoin Hits $52,000 High: Are These Giant Sell-Offs About To Crash The Crypto Party?
According to a recent report from Spot On Chain, Bitcoin might be on the edge of a notable plunge. So far, the flagship cryptocurrency has recently broken through the ,000 mark and traded above it for the first time since December 2021.
However, Spot On Chain reveals that Bitcoin faces potential challenges that could affect its immediate market performance. Two significant sell-off events loom on the horizon, potentially influencing Bitcoin’s price dynamics in the short term.
These developments have sparked speculation, prompting a closer examination of their possible impacts on the cryptocurrency market.
Major Bitcoin Sell-Off Events On The Horizon
The first of these events involves Genesis, a prominent crypto asset manager authorized to offload a significant portion of its Grayscale Bitcoin Trust (GBTC) shares. The second event is marked by the US government’s announcement to sell some of its Bitcoin holdings acquired from the Silk Road platform.
Genesis has received approval to sell 35 million GBTC shares, estimated to be worth around .3 billion. This occurrence mirrors an earlier liquidation event involving FTX, which notably impacted Bitcoin’s market price, illustrating the potential volatility such moves can introduce.
It is worth noting that the upcoming Genesis sell-off represents a significant moment for Bitcoin, as it tests the resilience of its recent price gains against the backdrop of large-scale disposals.
The #Bitcoin price has been on the rise for the past 7 days and finally broke the K mark again after 2 years!
However, there are two impending big threats to the short-term $BTC price. Can it overcome?
1. #Genesis was approved to sell 35M Grayscale Bitcoin Trust shares… pic.twitter.com/Qn7wbQXaDa
— Spot On Chain (@spotonchain) February 15, 2024
The US government’s decision to auction off 2,875 BTC, valued at 0.6 million, adds to the market’s cautious outlook. With the government holding one of the largest Bitcoin reserves globally, its actions have a marked influence on market perceptions and the cryptocurrency’s price stability.
Spot On Chain highlighted historical instances, such as the sale of 8.2K BTC through Coinbase, which have shown that government sell-offs can temporarily lead to fluctuations in Bitcoin’s price.
Optimism Amid Uncertainty
Despite these concerns, certain segments of the crypto community view these events as minor hurdles in the broader trajectory of Bitcoin’s growth.
Non event… ETFs buying in 300-500m a day lol
— Cryptamurai
I County Capital (@cryptamurai) February 15, 2024
Notably, the increasing involvement of Bitcoin spot exchange-traded funds (ETFs) in the Bitcoin market suggests a growing institutional interest that could offset the effects of the sell-offs.
CryptoQuant has recently highlighted that roughly 75% of new investments into Bitcoin are coming from spot ETFs. This is quite evident as BitMex research reported that the Bitcoin spot ETF market saw an inflow of over 0 million yesterday.
Bitcoin Spot ETF Flow – 14th Feb 2024
All data in. Another strong day, with +0m net flow for all the Bitcoin ETFs pic.twitter.com/xy7t1hGhyw
— BitMEX Research (@BitMEXResearch) February 15, 2024
Featured image from Unsplash, Chart from TradingView
XRP Hurdle In The Run-Up To ‘Proper Party’ – Will Altcoin Price Slip?
XRP, a cryptocurrency Ripple Labs uses to facilitate transactions on its network, has been making headlines recently for all the right reasons. The digital asset has emerged as one of the top performers in the crypto market in recent months, largely owing to Ripple’s significant legal victory against the US Securities and Exchange Commission in July. This victory marked a turning point in the ongoing legal battle that has been unfolding since December 2020.
As XRP enthusiasts eagerly anticipate Ripple’s “Proper Party” scheduled for September 29, the crypto’s price remains a point of interest for investors and traders. The community of XRP holders is curious as to whether the company would reveal anything significant regarding the SEC litigation at the party.
Currently, XRP is trading comfortably above the critical support level of .5, indicating the resilience of its bullish momentum.
XRP’s Current Price Position
As of the latest data from CoinGecko, XRP is valued at .508916. While the past 24 hours have seen a minor decline of 0.6%, the cryptocurrency has exhibited a seven-day gain of 1.3%. These figures suggest that XRP remains firmly within the spotlight, even amidst the recent market turbulence caused by the Federal Reserve’s decision to pause the interest rate hike for September.
However, it’s not all smooth sailing for XRP. As shown in a recent price analysis, the coin faces a significant hurdle in the form of the 200-day Exponential Moving Average (EMA). For more than a month, this EMA has acted as a formidable barrier, thwarting XRP’s attempts to break through to higher price levels. The consistent rejections at this line have solidified its reputation as a formidable resistance zone for XRP.
For XRP bulls, the key focus now is to maintain the critical support level at .5. Failure to do so could expose the cryptocurrency to further downside pressure and the risk of a bear flag breakout. In such a scenario, XRP might be compelled to retest the .4 and .3 price levels, respectively.
Anticipating Bullish Momentum
If support at .5 holds steady and bulls manage to break through the confluence resistance at .5239, XRP could be poised for substantial gains. Enthusiasts and investors are eyeing a potential uptrend that could lead XRP to the .85 and price levels in the near future.
XRP’s recent performance and its legal victory against the SEC have undoubtedly rejuvenated the cryptocurrency’s prospects. While hurdles remain, the XRP community hopes the upcoming celebration and sustained market support will propel the digital asset to new heights in the crypto landscape.
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
Featured image from iStock
Party In The USA: Ripple Gets Ready To Properly Celebrate Triumph Over SEC
The Ripple community is currently at the edge of their seats after the company’s founder and CEO made announcements to officially host a party to commemorate the cryptocurrency’s triumph against the US SEC.
Hosting A Grand Celebratory Bash
Ripple, a leading global payments network, declared openly on Monday, August 28, its intentions to throw a dedicatory party to honor its win over the United States Securities and Exchange Commission (SEC).
Ripple’s win against the US SEC is not only a positive result for the cryptocurrency, but a significant milestone for the cryptocurrency industry in regards to regulatory clarity and transparency.
It’s understandable the relief the Ripple community feels after going through many hurdles that came with the SEC lawsuit, not just in monetary losses, but in its reputation and position as a cryptocurrency with as much potential as Bitcoin.
Ripple has disclosed some information about the celebratory party on X (formerly known as Twitter). The cryptocurrency firm stated that the party will be hosted in New York City on Friday, September 29, emphasizing to the general public to “save the date” and look forward to a great celebration.
“We’re hosting a community celebration on September 29 in New York City! Stay tuned for more details to come later this week,” Ripple tweeted.
The CEO of Ripple, Brad Garlinghouse also took to X, enthusiastically informing the public of the date of the party and how he looks forward to properly commemorating the cryptocurrency’s victory against the US SEC.
“As promised – it’s time for that proper victory party,” Garlinghouse said. “The last few years have been quite the journey and I look forward to sharing a celebratory toast on Sept 29 in NYC!”
The Spin-Off From Ripple And SEC Lawsuit
Ripple and the US SEC have been embroiled in a lawsuit for years. The SEC first filed a lawsuit against Ripple in 2020, alleging that the cryptocurrency firm was selling unregistered securities in its native token, XRP.
Instead of accepting the SEC’s demands and paying the liabilities, Ripple responded to the allegations by engaging in a legal battle that has been ongoing for about three years.
During those years, Ripple has lost hundreds of millions of dollars in its effort to defend against the SEC’s allegations. Its native cryptocurrency was delisted from several exchanges including Bitstamp. The token also suffered from massive liquidations in the XRP futures contract.
It was only this year that things started turning around for the cryptocurrency after Judge Analisa Torres ruled in favor of Ripple and declared that programmatic XRP sales should not be labeled a security.
XRP sales jumped following Ripple’s partial win against the SEC. The cryptocurrency firm also inked a new partnership with Mastercard and is poised to be listed on Gemini.
Even though the SEC is not too happy with Ripple’s win over the case and has submitted an interlocutory appeal against the cryptocurrency firm, XRP’s price remains somewhat stable. The crypto firm has also remained strong and enjoyed the support of notable cryptocurrency enthusiasts including Pantera CEO, Dan Morehead who labeled Ripple’s victory as a “positive black swan.”
South Korean Politician Quits Party Over Crypto Scandal
A member of the South Korean parliament is leaving his party amid mounting allegations of massive crypto investments inconsistent with his frugal public image. The controversy, which has caught the attention of the Korean society, involves accusations of conflict of interest and other irregularities.
Lawmaker Leaves South Korean Opposition Party Over Crypto Holdings
Kim Nam-kuk, a representative in the South Korean National Assembly, announced he will leave his political faction amid a growing scandal surrounding his alleged cryptocurrency dealings. In a Facebook post on Sunday, he wrote:
Today, I am briefly leaving the Democratic Party that I love. I decided that it would not be right to be a burden to the party and party members any longer.
Kim came under intense scrutiny after revelations that he owned around 800,000 Wemix coins in 2021, Yonhap reported. At the time, the digital assets were worth around 6 billion won (.5 million), “a significant amount inconsistent with his frugal image,” the news agency noted.
On Wednesday, the Democratic Party of Korea, the main opposition force in the parliament, urged Kim to sell off the assets, a call that the first-term lawmaker accepted. The party’s ethics committee launched a probe into his coin trading which has been suspended now.
Korean Legislator Suspected of Conflict of Interest and Insider Crypto Trading
The South Korean politician reportedly withdrew all his coins last March, ahead of the enforcement of the so-called ‘Travel Rule’ in the country. It obliges crypto exchanges to report personal information about crypto owners when a transferred amount exceeds a 1 million won.
Critics have pointed out that Kim Nam-kuk’s crypto holdings may constitute conflict of interest as he was one of the sponsors of a bill proposing to delay income taxation of virtual assets in July 2021. This was approximately six months before he withdrew his coins, Yonhap revealed in an earlier report this week.
While Kim has maintained that no irregularities were involved in his trading and has disclosed some of his transaction data, Korean media has also highlighted suspicions over the source of the money for his crypto investments and that he allegedly used insider information.
“I believe I should not cause any kind of harm to the party at this important time,” he also stated on Sunday while vowing to “stand up to the unjust political offensive until the end and uncover the truth.” Kim further noted that as an independent lawmaker he would demand legal accountability over media reports which he claims are based on false facts.
What are your thoughts on the case with the South Korean politician’s crypto investments? Tell us in the comments section below.
Leaked Memo Suggests Democrats on US House Committee Were Told to Support Party Position on Crypto Regulation
Democratic Party members of the U.S. House Committee on Financial Services were handed a memo instructing them to back the party’s position on crypto regulation moments before the commencement of the hearings on May 10. According to the party’s leaked memo, Democrats on the committee were expected to point to the Republican Party’s lack of interest in protecting investors. The memo also said the U.S. Securities and Exchange Commission (SEC) should be allowed to “continue to lead the regulation of the U.S. crypto market.”
Republicans Accused of Undermining the SEC
According to a leaked memo shared by Eleanor Terrett, a journalist with Fox Business, Democratic Party members on the U.S. House Committee on Financial Services were given instructions to back the party’s position on crypto regulation when the committee met on May 10. In a Twitter post, Terrett claimed that the memo stating this had been circulated among Democrat committee members prior to the start of the hearings.
SCOOP: Prior to today's @FinancialCmte/@HouseAgGOP hearing on digital asset regulation, a memo was circulated among Democrat Committee members.
It contained "key messages" for the @FSCDems to stick to including supporting the @SECGov's total authority over crypto regulation,… pic.twitter.com/AabSfwquaw
— Eleanor Terrett (@EleanorTerrett) May 10, 2023
As shown in the shared leaked memo, Democrats on the committee were expected to reiterate six key messages during the hearings. The first of these messages is the party’s argument that Republicans on the committee are hell-bent on “carving out space for the Commodities Futures Trading Commission (CFTC) in crypto.” Doing this, according to the memo, meant that Republicans are not only undermining the SEC but are also exhibiting a lack of interest in “protecting investors and consumers.”
The second and third messages claimed Republicans on the committee have no interest in averting an economic catastrophe that will befall the U.S. if the debt ceiling is not raised. According to the memo, Republicans’ only interest is passing digital asset laws which neither the Biden Adminstration nor investors have asked for.
As has been reported by Bitcoin.com News, the Biden Adminstration and U.S. regulators have hardened their stance on crypto since the start of 2023. And through the chairman of the U.S. Securities and Exchange Commission Gary Gensler, the administration has targeted crypto entities that are accused of offering securities without the requisite approval.
‘Mass Non-Compliance With Existing Laws’
The SEC’s unclear definition of what constitutes a security as well as the clampdown on crypto entities has so far forced entities like the crypto exchange Coinbase to mull relocating to jurisdictions with less hostile regulatory environments. However, according to the Democratic Party’s leaked memo, it is crypto entities’ refusal to comply with the laws which is the problem. The leaked memo’s message number 4 said:
The problem isn’t ambiguity — it’s mass non-compliance with existing laws, and crypto companies can’t be let off the hook. The U.S. has a regulatory system that has worked well and sustained mass innovation in the financial system for decades. We can’t invent new accommodating regulatory structures simply because crypto companies refuse to follow clear rules of the road.
Concerning the under-fire SEC chairman, the memo urged Democratic committee members to highlight how Gensler and his enforcement team have worked to protect investors and how Republicans are seeking to “reverse course and tie the hands” of the regulator. According to the Democrats, the SEC must be allowed to “continue to lead the regulation of the U.S. crypto market.” The U.S. Congress should play its part by providing the SEC with the resources it needs, the memo added.
What are your thoughts on this story? Let us know what you think in the comments section below.