U.S. presidential candidate Robert F. Kennedy Jr. (RFK Jr.) has promised to pardon Ross Ulbricht if elected. Like former U.S. President Donald Trump, Kennedy advocates for Ulbricht’s release. Both candidates vow to stop President Joe Biden’s anti-crypto policies and oppose the creation of central bank digital currencies (CBDCs). RFK Jr. Advocates for Ross Ulbricht’s Pardon […]
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X Launches ‘AI Audience’ for Advertisers, Promises Precision in Targeting
The business account for the social media platform formerly known as Twitter, now referred to as ‘X,’ announced a new artificial intelligence (AI)-enhanced feature for advertisers called “AI Audience.” This feature enables advertisers to define their target audience in brief descriptions, after which X’s AI systems will quickly generate a relevant user pool for that […]
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Investor Alert: Ethereum Q2 Potential Promises Double-Digit Gains – Analyst
Ethereum investors are navigating the second quarter of 2024, cautiously embracing optimism, leveraging insights from historical trends and market data to anticipate potential gains.
Santiment’s recent analysis reveals that the number of Ethereum addresses holding coins has reached highs of more than 118,000, with midterm MVRV suggesting a mild bullish signal. These indicators, combined with past data indicating Ethereum’s tendency for robust performance during Q2, fuel hopes for another season of positive returns.
Ethereum: Historically Strong Q2 Performance
Crypto analyst Ali Martinez recently shared a screenshot of Ethereum’s quarterly returns on social media platform X, highlighting the cryptocurrency’s significant spikes during previous second quarters, notably in 2017 and 2019. These spikes, with increases of 450% and over 100% respectively, have intrigued investors and led them to closely monitor Ethereum’s performance in the current quarter.
Q2 has historically been very bullish for $ETH!
However, we must consider the high probability that the @SECGov will delay the approval of a spot #Ethereum ETF, which may cause turbulence in the market. pic.twitter.com/TlZ3KZhr4e
— Ali (@ali_charts) April 1, 2024
Several key financial players, including BlackRock, Fidelity, and Grayscale, have expressed interest in launching a spot Ethereum ETF. However, the regulatory hurdles present significant challenges, raising questions about Ethereum’s integration into traditional financial markets.
Market indicators reflect Ethereum’s current state, with nearly 5% decline in the last 24 hours, trading at ,380. Despite this dip, Ethereum briefly surpassed ,500 over the weekend, showcasing resilience amidst market fluctuations.
While market indicators point towards a potentially bullish period for Ethereum, uncertainty looms over the regulatory landscape, casting a shadow of caution over investors’ optimism.
The impending decision by the Securities and Exchange Commission regarding the approval or rejection of the spot Ethereum ETF by May 23 is eagerly anticipated. Analysts cautiously estimate a modest 25% likelihood of approval, acknowledging the regulatory complexities surrounding cryptocurrency investment vehicles.
ETF Approval: Boon For Ether?
Approval of the ETF could herald a new era for Ethereum, opening the floodgates for increased institutional investment and potentially igniting heightened market demand.
Institutional investors, previously hindered by regulatory uncertainties and limited investment avenues, would gain access to a regulated and transparent platform, thus bolstering Ethereum’s legitimacy within traditional finance. Such a development could fuel a surge in Ethereum’s market value, attracting both seasoned investors and newcomers alike.
Related Reading: Get Ready For A Bitcoin Cash Revolution: Analyst Forecasts Historic Breakout
Conversely, a rejection or further delay in approval may deliver a blow to Ethereum’s short-term prospects, potentially triggering short-term volatility and denting investor sentiment. The market, accustomed to swift movements and rapid changes, may experience a period of turbulence as investors reassess their strategies in light of regulatory setbacks.
Ethereum’s second quarter outlook is marked by a delicate balance between historical performance patterns, regulatory uncertainties, and market dynamics. While past trends hint at potential gains, the pending decision on the spot Ethereum ETF introduces a level of unpredictability to the market.
Featured image from Gary Bendig/Unsplash, chart from TradingView
Ethereum’s Dencun Upgrade Goes Live, Promises Lower Fees and Enhanced Scalability
The Dencun upgrade was seamlessly integrated into the Ethereum mainnet at 9:55 Eastern Time (ET) on March 13, 2024. The upgrade officially went live at Beacon slot 8626176. Ethereum’s Leap Forward with Dencun Upgrade Expected to drastically lower the transaction costs for layer two (L2) networks, Dencun introduces vital improvements aimed at boosting Ethereum’s scalability. […]
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Uma’s Latest Innovation Ova Promises Fairer Profit Distribution in Defi
UMA has officially introduced Oval, a novel product designed to optimize the use of oracle data by defi protocols. This tool changes how protocols manage oracle-based MEV, enhancing efficiency and fairness in Ethereum’s blockchain profits.
Oval Launch by Uma Aims to Redistribute Profits Back to Defi Protocols
Ethereum-based oracle protocol Uma unveiled its latest product Oval today, which Uma claims “lets lending protocols capture Oracle Extractable Value by auctioning the right to liquidate positions.” The new tool is designed to enable defi protocols like lending protocols such as Aave and Compound, to more efficiently utilize oracle data.
Oval’s introduction addresses a particular subset of Maximal Extractable Value (MEV), that Uma calls Oracle Extractable Value (OEV). MEV refers to the profit that miners, validators, or searchers can make through manipulating the order of transactions in a blockchain block. MEV arises because the sequence of transactions can significantly impact the outcome of trades. Miners or validators, who have the authority to decide the order of transactions in a block, and searchers, who can find opportunities in the mempool, can profit by reordering, inserting, or censoring transactions.
For instance, they can “front-run” a large trade by placing their own transaction first to profit from the expected price movement. This manipulation can lead to higher transaction fees and potential network congestion, as users bid higher gas fees to prioritize their transactions.
This extracted value has been predominantly captured by external parties such as block builders, validators, and searchers. With Oval, Uma aims to reapportion much of this value back to the originating applications, thereby creating a more equitable distribution of profits within the blockchain ecosystem.
Major protocols like Aave have been overpaying to incentivize liquidators due to the current system, leading to a disproportionate accumulation of profits by validators. Oval seeks to rectify this imbalance by facilitating an auction mechanism where searchers can bid for the right to use Chainlink’s price data. The proceeds from these auctions will be shared among Aave, Uma, and Chainlink, with Aave receiving the majority share. On their website, Uma claims that Oval allows a protocol to, “capture as much as 90% of all the OEV [a] protocol creates.”
“Aave and Compound are losing ~m/year in MEV (in a bear market). DEX perps are losing boatloads too,” said Uma co-founder Hart Lambur.
The transition to Oval will necessitate changes in the operational dynamics for block builders and validators, who stand to lose a portion of their current revenue streams. However, participation in this new system will be mandatory once major protocols like Aave integrate Oval.
Do you think Oval will be adopted by Ethereum ecosystem parties? Share your thoughts and opinions about this subject in the comments section below.
Donald Trump Promises to Block Digital Dollar Creation — Calls CBDC ‘Dangerous Threat to Freedom’
Former U.S. President Donald Trump has promised to stop the creation of a U.S. central bank digital currency (CBDC) if he is elected president of the United States. He explained that a digital dollar would give the federal government “absolute control over your money,” warning that the government could take your money and you wouldn’t even know that it’s gone. “This would be a dangerous threat to freedom, and I will stop it from coming to America,” Trump vowed.
Donald Trump Says He ‘Will Never Allow’ CBDC in the US
Former U.S. President Donald Trump held a rally in the state of New Hampshire on Wednesday. Among various promises Trump made was the creation of a U.S. central bank digital currency (CBDC). The former president said:
Tonight I’m also making another promise to protect Americans from government tyranny. As your president, I will never allow the creation of a central bank digital currency.
“You know what they’re doing. Such a currency would give a federal government — our federal government — absolute control over your money. They could take your money. You wouldn’t even know it’s gone. This would be a dangerous threat to freedom, and I will stop it from coming to America,” Trump exclaimed.
Many lawmakers share Trump’s skepticism of central bank digital currencies, including Rep. Tom Emmer (R-MN). The congressman has introduced the CBDC Anti-Surveillance State Act, which now boasts 75 co-sponsors. The bill prohibits the Federal Reserve from using CBDCs for monetary policy or offering services directly to individuals.
Several Fed officials and lawmakers question the need for a CBDC. Fed Governor Michelle Bowman, for example, said in October last year: “I have yet to see a compelling argument that a U.S. CBDC could solve any of these problems more effectively or efficiently than alternatives, or with fewer downside risks for consumers and for the economy.”
While the Federal Reserve has started exploring the implications of a digital dollar in the U.S., they haven’t committed to actually creating one. In September last year, Fed Chair Jerome Powell clarified: “We have not decided to proceed [with a digital dollar] and we don’t see ourselves making that decision for some time … We see this as a process of at least a couple of years where we are doing work and building public confidence in our analysis and in our ultimate conclusion.”
What do you think about former U.S. President Donald Trump vowing to stop the creation of the U.S. central bank digital currency if he is elected this year? Let us know in the comments section below.
Ethereum Co-Founder, Consensys Sued By Early Employees Over Alleged Equity Promises
More than two dozen early employees of the blockchain software company Consensys have filed a lawsuit against Ethereum co-founder Joseph Lubin, Consensys, and other parties. The plaintiffs allege Lubin broke contractual promises related to equity compensation made when the employees joined the company in its formative years starting in 2014.
Ethereum Co-Founder Joseph Lubin Faces U.S. Lawsuit
The lawsuit filed in New York comes as Consensys, now valued at over billion, has evolved from its early experimental structure to a more traditional centralized company. The lawsuit was filed on October 19, 2023, in New York state court by 27 former Consensys employees.
The court filing names Joseph Lubin, Consensys, and JPMorgan Chase as defendants. The plaintiffs claim Lubin induced them to join Consensys in its early days with offers of equity in the parent “hub” company Consensys AG.
The former staff members allege Lubin promised this equity would not be diluted. However, in 2020 Consensys restructured, reportedly moving key assets to a new Delaware entity Consensys Software Inc. (CSI). The plaintiffs claim they were largely excluded from the restructuring, leaving their shares in the original Consensys AG far less valuable.
“Lubin made a similar offer to each plaintiff in connection with his or her joining Consensys; plaintiffs accepted the deal, and an agreement was formed,” the lawsuit details.
Lubin allegedly broke a deal that early employees would “win or lose – together – alongside Lubin and Consensys.” The suit claims “Finance took precedence over founding employees.” It seeks damages for breach of contract and fiduciary duties.
It’s not the first instance where Consensys and Lubin have faced such allegations. On March 1, 2022, a collective of thirty-five ex-staffers, accounting for over half of all recognized Consensys AG (CAG) stakeholders, lodged a petition for a distinctive review in line with article 697a and following sections of the Swiss Code of Obligations. The intent? To delve deep into significant discrepancies within CAG.
A spokesperson for Lubin and Consensys fervently refuted the allegations, describing them as “frivolous” in an email sent to Bloomberg. “After two years of getting nowhere with their frivolous claims against Consensys Mesh in a Swiss court, plaintiffs now believe their merit-less claims stand a better chance of yielding a pay day if they game U.S. courts and entangle Consensys Software and other unrelated parties in litigation,” the spokesperson stressed.
What do you think about the lawsuit against Lubin and Consensys? Share your thoughts and opinions about this subject in the comments section below.
Robert Kennedy Jr. Promises to End White House War on Bitcoin — Says We Need ‘Freedom Currency’ That Government Can’t Control
U.S. presidential candidate Robert F. Kennedy Jr. (RFK Jr.) has promised to end the White House’s war on bitcoin if he is elected President of the United States. “I’m going to make sure that bitcoin is protected, that people can keep their own wallets, that the current White House war on bitcoin will be over, that transactions will be protected and encouraged,” said the presidential hopeful.
RFK Jr.’s Bitcoin Promises
U.S. presidential candidate Robert F. Kennedy Jr. (RFK Jr.) discussed a variety of topics, including bitcoin, in an interview with Bitcoin Magazine, published Wednesday. RFK Jr. is a son of former U.S. Attorney General and Senator Robert F. Kennedy and nephew of former U.S. President John F. Kennedy.
The presidential candidate pledged that if elected as the President of the United States:
I’m going to make sure that bitcoin is protected, that people can keep their own wallets, that the current White House war on bitcoin will be over, that transactions will be protected and encouraged.
He added that he will look “ultimately at treating it [bitcoin] as a currency, rather than a commodity, particularly for smaller bitcoin owners.”
When asked about how he plans to implement his policies, Kennedy detailed: “I’m going to do everything I can without going to Congress. I’m going to do it through my control over Treasury policy.” He noted:
A lot of the bad policies towards bitcoin are not being driven by legislation — They’re driven by White House policies. So I’m going to end the war.
When asked if he is concerned about the government’s influence over bitcoin mining, RFK Jr. shared: “I’m very concerned about all the government attacks on bitcoin. What I would like to do is to provide at least some issuance of Treasury bills that are backed by hard currency, and that could be a bucket that includes bitcoin, that includes platinum, gold, silver, and other hard assets.”
Kennedy Jr. explained that his interest in bitcoin grew when he witnessed government actions during the Ottawa truckers’ strike, where peaceful protesters faced punitive measures, including bank account closures without charges or convictions. “The government used surveillance techniques to determine their identities, to determine their license plates on their cars, and then close their bank accounts and deprive them of their access to their own money, without any charges being filed, certainly without any convictions, but simply to silence them,” he described.
“At that point, I began to understand that freedom of transaction is as important as freedom of speech. I can see this trajectory towards central bank digital currencies [CBDCs], and the power that will give nations, this ultimate power over whether we live or die, ultimately,” he cautioned, elaborating:
And I understood that we need a currency that is a freedom currency, that is independent and can’t be controlled by the government.
What do you think about the promises by Robert F. Kennedy Jr. regarding bitcoin if he is elected President of the United States? Let us know in the comments section below.
New BRC69 Token Standard Promises 90% Savings for Bitcoin’s Ordinal Inscriptions
While Ordinal inscriptions continue to rise, nearing the 15 million range, a new token standard was revealed on July 3 called BRC69. According to the creators of the concept, it can reduce the costs of inscriptions for Ordinal collections by over 90%. The launchpad Luminex, which announced the BRC69 token standard, insists that the “brilliance of BRC69 lies in its simplicity.”
BRC69 Token Standard Aims to Enhance Efficiency of Ordinal Inscriptions on Bitcoin
There have been several new concepts created on top of the Bitcoin blockchain via Ordinal inscription technology, and things have progressed further with the advent of recursive inscriptions. On Monday, the crypto startup Luminex, a firm that helps projects initiate launchpads, revealed the BRC69 token standard on Twitter.
“Today, we’re excited to introduce BRC69, a revolutionary standard for creating Recursive Ordinals collections with ease,” Luminex stated. “This standard will be instrumental in launching Recursive collections on Bitcoin.”
Luminex also shared the BRC69 token standard’s Github, which discloses that the proposed standard employs recursive inscriptions to enhance the efficiency of inscribing on Bitcoin through the Ordinals protocol. By adopting this standard, onchain functionalities like pre-reveal collection launching and onchain reveals can become more accessible and captivating. The breakthrough lies in the automatic rendering of images on the Ordinals explorer, eliminating the need for extra steps.
Consequently, the Github summary says, costs are optimized, while the potential for engaging experiences is maximized. “As the Ordinals protocol gains traction, more users are inscribing data into non-fungible Ordinals collections on Bitcoin,” Luminex details. “This increased usage has led to a higher demand for Bitcoin block space, subsequently causing a rise in Bitcoin network fees.” The crypto startup added:
In order to continue encouraging creators to launch their innovative ideas on the Bitcoin blockchain, we must optimize the current standard for launching Image Ordinals Collections.
Recursive inscriptions enhance the efficiency of inscriptions by enabling interconnectedness among them. Luminex detailed that with the BRC69 standard, it can “reduce the costs of inscriptions for Ordinals collections by over 90% — This reduction is achieved through a 4-step process: (1) inscribe traits, (2) deploy collection, (3) compile collection, and (4) mint assets.”
At the time of writing, there have been 14,685,362 Ordinal inscriptions minted on the Bitcoin blockchain. Furthermore, a token standard called BRC20 was created, and to date, there are more than 35,500 BRC20 tokens. According to statistics collected by Dune Analytics, miners have collected 1,806.44 BTC, worth .14 million using today’s BTC exchange rates.
What are your thoughts on the BRC69 token standard and its potential to reduce the cost and accessibility of Ordinal collections on the Bitcoin blockchain?
Robert Kennedy Jr Promises to Protect Your Right to Use and Hold Bitcoin as President
U.S. presidential candidate Robert F. Kennedy Jr. (RFK Jr.) has promised to ensure that “your right to use and hold bitcoin is inviolable” if he is elected U.S. president. “Bitcoin is not only a bulwark against totalitarianism and the manipulation of our money supply, it points the way toward a future in which government institutions are more transparent and more democratic,” said the presidential hopeful.
Robert F. Kennedy Jr.’s Bitcoin Promise
U.S. Presidential candidate Robert F. Kennedy Jr. (RFK Jr.) has made a promise regarding bitcoin if he is elected president of the United States. Kennedy is a son of former U.S. Attorney General and Senator Robert F. Kennedy and nephew of former U.S. President John F. Kennedy. RFK Jr. tweeted Tuesday:
As president, I will make sure that your right to use and hold bitcoin is inviolable.
“Bitcoin is not only a bulwark against totalitarianism and the manipulation of our money supply, it points the way toward a future in which government institutions are more transparent and more democratic,” he continued.
The presidential hopeful explained in May that he opposes central bank digital currencies, stating that CBDCs “will vastly magnify the government’s power to suffocate dissent by cutting off access to funds with a keystroke.” Warning that central bank digital currency could lead to financial slavery and political tyranny, he emphasized:
I support bitcoin, which allows people to conduct transactions free from government interference. Bitcoin has been a lifesaver for people’s movements around the world, especially in Burma.
“Cryptocurrencies, led by bitcoin, along with other crypto technologies are a major innovation engine. It is a mistake for the U.S. government to hobble the industry and drive innovation elsewhere. Biden’s proposed 30% tax on cryptocurrency mining is a bad idea,” he also tweeted in May.
Kennedy, who accepts bitcoin donations for his presidential campaign, also recently slammed the U.S. Securities and Exchange Commission (SEC) for protecting banks instead of the American people. “I don’t want people on the SEC commission who are anti-crypto,” he stressed. “At most, they should be neutral, and we should have people on there who are from the crypto community.”
What do you think about the promise by Robert F. Kennedy Jr. to safeguard the right to use and hold bitcoin? Let us know in the comments section below.