Ten days ago, after former President Donald Trump was convicted on 34 counts connected to a hush-money scheme, Polymarket bets indicated his chances of winning the 2024 election still stood at 54%, compared to incumbent President Joe Biden’s 40%. Since that time, the gap between Trump and Biden has widened significantly, with Polymarket odds increasingly […]
Bitcoin News
SEC Ordered to Pay $1.8M for Misconduct — Debt Box Hails ‘Monumental Victory’ for Crypto Industry
A federal judge has ordered the U.S. Securities and Exchange Commission (SEC) to pay over .8 million in its case against the crypto firm Digital Licensing, also known as Debt Box. The penalty resulted from the SEC’s bad faith conduct in obtaining and defending an ex parte temporary restraining order (TRO) based on misrepresentations. Additionally, […]
Bitcoin News
Bitcoin Magazine CEO: A Trump Victory Will Trigger a Bitcoin ‘Space Race’
David Bailey, CEO of Bitcoin Magazine and crypto aide for the Trump campaign, believes that Trump’s victory in the upcoming election could trigger a bitcoin ‘space race,’ as countries rush to accommodate their policies to align with the U.S. Bailey also stated that they have secured several 7-figure commitments for Trump’s pro-crypto 0 million war […]
Bitcoin News
Texas Blockchain Council and Riot Secure Legal Victory in Bitcoin Mining Data Collection Lawsuit
In a landmark ruling, the Texas Blockchain Council (TBC) and Riot Platforms Inc. have triumphed in their lawsuit against the Biden administration, successfully halting the data collection efforts on bitcoin mining operations. TBC and Riot Platforms Win Case Against Bitcoin Mining Data Survey The United States District Court for the Western District of Texas has […]
Bitcoin News
XRP Records Highest Single Day Whale Accumulation Since Ripple’s Partial Victory Over SEC
Market intelligence platform Santiment recently revealed how XRP whales look to be going all in on XRP following significant purchases of the crypto token. Notably, these buys are said to be the most since Ripple’s partial victory over the Securities and Exchange Commission (SEC).
XRP Records 217 Whale Transactions
Santiment stated in an X (formerly Twitter) post the XRP Ledger processed 217 ‘ million whale transactions’ on the network on January 31. This happens to be the most transactions of such magnitude recorded in a single day since Judge Analisa Torres ruled that XRP wasn’t a security in itself last year July.
Just like Santiment noted, such an occurrence has the potential to impact XRP’s price positively. XRP had risen to as high as on the back of Judge Torres’ ruling as it strengthened the conviction of the altcoin’s holders, who then decided to double down on their investments. If such a similar scenario plays out again, then XRP is expected to experience price surges soon enough.
The market intelligence platform also added that some key signals indicated that XRP was “one of the better candidates for a bounce, assuming Bitcoin Bitcoin can stabilize the rest of the week.” The altcoin had dropped below the crucial support level of .5 following Bitcoin’s recent decline. However, it is back above that level as the market shows signs of recovery.
Meanwhile, despite XRP’s relatively stagnant price action, these whales do not seem to be worried. Santiment revealed that wallets holding at least 10 million XRP tokens combined to hold 67.2% of the available supply, the most since December 31, 2022.
Binance Freezes .2 Million Worth Of Tokens
Binance CEO Richard Teng stated in an X post that the crypto exchange had managed to freeze .2 million worth of XRP, which was part of the proceeds from the recent XRP exploit. NewsBTC had reported how there was a breach on the personal XRP accounts of Ripple’s co-founder Chris Larsen, which led to the theft of more than 213 million tokens.
Teng also mentioned that the Binance team will help retrieve the remaining funds in any way they can. He added that they were closely monitoring the majority of the funds in the exploiter’s external wallets just in case they tried depositing these tokens to Binance.
The exploiter is reported to have laundered some of these funds through crypto exchanges like MEXC, Gate, Kraken, OKX, and HitBTC.
Super Bowl 58 Wagers Heat up — 49ers Lead as Crypto Betting Markets Favor Their Victory
In just under two weeks, the National Football League (NFL) champions of the American Football Conference (AFC), the Kansas City Chiefs, and their counterparts from the National Football Conference (NFC), the San Francisco 49ers, will clash in the much-anticipated Super Bowl 58. As of right now, various cryptocurrency betting platforms indicate a preference for the 49ers to emerge victorious in the championship showdown.
49ers Edge Out Chiefs in Crypto Betting Markets
On February 11, 2024, a showdown is set between the Kansas City Chiefs and the San Francisco 49ers in Super Bowl LVIII, sparking a surge in betting activity. Crypto enthusiasts have also been actively wagering on the NFL’s forthcoming title match, with the 49ers emerging as the nominal frontrunner for victory.
Polymarket, the decentralized prediction market operating on Polygon, suggests that the 49ers hold a 52% likelihood of victory, while the Chiefs are close behind with a 48% chance. As of Jan. 30, 2024, wagers on Super Bowl 58 on Polymarket have soared to 5,362. This betting trend is mirrored on other digital currency platforms.
For instance, Stake.com lists the San Francisco 49ers as favorites with odds of 1.8, indicating a higher probability of their win compared to the Kansas City Chiefs, who are pegged at 2.02 odds, signaling a slightly lower chance of victory. Likewise, the bitcoin sportsbook at luckyblock.com echoes these odds, placing the 49ers in the lead.
Currently, conventional betting sites reflect identical odds for the Super Bowl. CBS News correspondent Jordan Dajani, reporting on Tuesday, labeled the Chiefs as the “slight underdogs.” Dajani, however, points out that these odds are subject to swift changes as the game approaches.
“It’s worth mentioning that these lines are live and they will surely experience some movement — which they already have, as the line dipped by a full 1.5 points overnight, with the Niners sitting at -1 on Monday morning,” Dajani wrote.
Betting odds and the wisdom of the crowd offer a fascinating glimpse into collective anticipation and opinion. As the Super Bowl 58 approaches, both traditional and cryptocurrency-based platforms showcase how enthusiasts engage with sports through predictive wagers. These markets not only reflect public sentiment but also serve as dynamic, real-time barometers of changing perspectives.
What do you think about the crypto betting sites predicting the outcome of Super Bowl 58? Let us know what you think about this subject in the comments section below.
Regulatory Victory: Gemini Receives Digital Asset Service Provider Registration In France
Cryptocurrency exchange Gemini, founded by the Winklevoss twins, has been granted crypto registration by the French markets watchdog Autorite des marches financiers (AMF).
According to a recent announcement made by the exchange, this approval allows Gemini to offer its services as a virtual asset services provider in France. The company plans to roll out its products to both retail and institutional clients in the coming weeks.
Gemini Seizes Growth Opportunities In Europe
As announced, Gemini customers in France will gain access to a wide range of cryptocurrencies for trading, as well as “advanced” trading platforms such as ActiveTrader. Institutional clients will also benefit from Gemini eOTC, an electronic over-the-counter trading solution.
Gemini’s regulatory approval in France marks a milestone in the company’s European expansion strategy. According to the exchange’s statement, with a strong sense of regulatory support for the cryptocurrency industry in Europe, Gemini sees growth opportunities in the French jurisdiction.
The founders of Gemini recognized the need for regulatory clarity, which is on the horizon with the European Union (EU) Markets in Crypto-Assets Regulation (MiCA). MiCA allows crypto companies to obtain licenses in one EU country and operate across the entire EU.
Interestingly, Gemini chose Ireland as its European headquarters, joining other major US crypto companies that have selected Ireland as their regulatory hub. On this matter, Gillian Lynch, Gemini’s Head of Ireland and EU stated:
We are delighted to welcome customers based in France onto the Gemini platform in the coming weeks as we further expand access to crypto across Europe. France is a global innovation leader and has a vibrant crypto community as showcased by the success of Paris Blockchain Week. We are excited to soon be able to provide French customers with compliant and secure access to the future of finance as we continue on our mission to unlock the next era of financial, creative, and personal freedom
US Crypto Companies Seek Regulatory Haven In Europe
According to a CNBC report, major US crypto companies are increasingly looking to expand their operations in Europe driven by regulatory challenges in the United States.
The crypto industry has faced scrutiny from US regulators, including the Securities and Exchange Commission (SEC). Gemini and Genesis, a crypto lender, were charged by the SEC last year for allegedly selling unregistered securities. Gemini is contesting the lawsuit, asserting that its interest-bearing products do not qualify as securities.
Per the report, the European Union offers a “more favorable” regulatory environment, and the MiCA regulation provides a framework for companies to operate across EU member states.
While the US has yet to approve comprehensive federal-level crypto regulation, recent developments indicate a growing acceptance of cryptocurrency trade. The SEC’s approval of the first-ever spot Bitcoin exchange-traded funds (ETFs) is seen as a significant step toward integrating crypto into traditional finance.
Despite initial concerns about market manipulation, the approval of Bitcoin ETFs by the SEC is a positive development for the industry. At the same time, several bills related to crypto regulation are making their way through the US House of Representatives.
Featured image from Shutterstock, chart from TradingView.com
SEC Scores ‘Huge Victory’ in Binance-DOJ Settlements, Former SEC Official Says
The U.S. Securities and Exchange Commission’s former head of internet enforcement has detailed why the SEC is a huge winner in the Binance settlements with the U.S. Department of Justice (DOJ), the Treasury, and other federal authorities. He stressed that what Binance has agreed to could “strengthen” the SEC’s lawsuit against the crypto exchange and its former chief executive.
‘SEC Netted a Huge Victory Against Binance’
Former U.S. Securities and Exchange Commission (SEC) official John Reed Stark explained in a lengthy post on social media platform X Wednesday why the settlements between Binance and U.S. authorities, including the Department of Justice (DOJ), are “a huge SEC victory.” He believes that the Binance settlements contain numerous elements that the securities regulator could leverage to bolster its case in the lawsuit against the crypto exchange and its former CEO, Changpeng Zhao (CZ).
The DOJ, the Treasury Department, the Financial Crimes Enforcement Network (FinCEN), and the Commodity Futures Trading Commission (CFTC) held a press conference on Wednesday to announce the Binance settlements, pleas, and consent orders.
Stark, who founded and served as chief of the SEC Office of Internet Enforcement for 11 years, pointed out that the securities watchdog, particularly Chair Gary Gensler, was “conspicuously absent” from the press conference. Noting that “The SEC appears to be the sole U.S. federal government holdout for a Binance-related settlement,” Stark opined:
The SEC netted a huge victory against Binance … without even filing a court document, without even negotiating a settlement agreement, and without even attending the DOJ/CFTC/FinCEN/Treasury press conference.
The former internet enforcement chief proceeded to outline multiple ways the securities watchdog could benefit from the Binance settlements. “The SEC now has at its disposal a treasure trove of fresh and comprehensive Binance-related inculpatory evidence gleaned from the various pleadings, orders, attachments, and other Binance-related charging documents,” he began, adding that they will “provide formidable cannon fodder for SEC investigators and litigators to strengthen their Binance-related accusations and contentions.”
Binance also agreed on multiple monitorships that will “undoubtedly create extraordinary and unique opportunities for the SEC’s investigative and litigation teams to identify and utilize a perpetual stream of newly discovered inculpatory evidence,” Stark described.
Moreover, Stark noted that Binance agreed on “an astonishing level of cooperation” by the exchange, ex-CEO Changpeng Zhao (CZ), and “every single Binance employee.” He added: “The SEC could use the cooperation requirements as leverage during any investigative or discovery disputes … For instance, Binance and Zhao will not want the SEC to complain to FinCEN, DOJ, Treasury, etc. about a lack of Binance-related cooperation, which could, in turn, result in additional fines, penalties [and] even prison time.”
Binance also agreed to file Suspicious Activity Reports (SARs), Stark continued, adding that “any newly filed Binance-related SARS will likely create a novel and continual flow of salient and compelling leads and inculpatory evidence relating to Binance.” In addition, he stressed that “Going forward, when the SEC makes reference to criminal conduct at Binance during the course of their Binance-related litigation, those characterizations will not be hyperbole, rumor or conjecture. Classifications of Binance-related conduct as criminal behavior will be fact.”
In conclusion, Stark noted that in addition to “the devastating facts alleged in the DOJ indictment against Binance” and “the 92 pages of vast and relentless AML violations” alleged by FinCEN, “the SEC could opt to add claims or facts relating to Binance’s failure to escalate red flags of potentially suspicious activity, as well as failing to adopt an AML program reasonably designed for its business.” The ex-head of internet enforcement concluded:
These new AML-related facts/allegations could not only strengthen the SEC’s case but could also trigger greater fines, penalties and disgorgement.
Do you agree with former SEC internet enforcement chief John Reed Stark that the SEC is a huge winner in the Binance settlements with the DOJ, Treasury, and other federal agencies? Let us know in the comments section below.
Ripple Gains a Victory as Judge Torres Rejects SEC’s Interlocutory Appeal
U.S. District Judge Analisa Torres rejected the Securities and Exchange Commission’s interlocutory appeal in the regulator’s lawsuit against Ripple, noting the SEC failed to explain why her prior decision was faulty. Torres set a trial date for April 2024 to address the remaining issues.
SEC’s Appeal in Ripple Lawsuit Denied by Judge Torres, Trial Set for April 2024
In a decision unveiled Tuesday, the judge at the helm of the SEC’s litigation against Ripple dismissed the regulator’s interlocutory appeal. The SEC had tendered a motion to certify an interlocutory appeal of two judgments pertaining to XRP in the Ripple case.
“The SEC’s motion for certification of interlocutory appeal is denied, and the SEC’s request for a stay is denied as moot,” Torres said in her ruling. Torres explained that the SEC had failed in demonstrating, within its appeal, that the decision was markedly faulty.
Rewinding to July, she decreed that Ripple’s Programmatic Sales of XRP “did not constitute the offer and sale of investment contracts.” She further articulated that concerning Programmatic Sales, XRP “is not necessarily a security on its face.”
Conversely, Torres’ verdict posited that institutional sales could be perceived as security transactions. In the wake of the verdict on Tuesday, XRP initially ascended by about 6% post-announcement, although it has relinquished a small fraction of those gains since then.
What do you think about Judge Torres’ decision? Share your thoughts and opinions about this subject in the comments section below.
The Secret Victory: How Bitcoin Flipped The Energy Consumption Narrative
The debate surrounding the Bitcoin network’s energy consumption has been intense and mostly tilted in favor of BTC detractors. These individuals and entities have used the Cambridge Bitcoin Electricity Consumption Index (CBECI) to make an argument against the cryptocurrency.
However, Cambridge has updated its CBECI to reflect new data, potentially flipping the discourse around Bitcoin’s sustainability. This report previously compared BTC’s energy consumption to some major European nations, but the revised models provide a deeper insight.
Bitcoin Mining Data Evolves, Models Should Follow
In an article called “Bitcoin Electricity Consumption: An Improved Assessment,” the institution provided the motivations behind the update. In addition, Cambridge acknowledged the difficulties in creating a methodology and getting the data due to BTC’s decentralized network.
Moreover, the institution received expert feedback and evaluated energy consumption as just one of many items to create an accurate index. Cambridge has been working on this issue since July 2019 and launching other tools besides the CBECI to help track Bitcoin’s energy consumption, hashrate distribution, and greenhouse (GHG) emissions.
The revised model uses data from BTC mining hardware manufacturers, governments, and other sources. This data affected estimations by looking into the distribution of newer mining equipment and the different energy sources leveraged by this nascent industry.
The institution clarified:
(…) the backbone of our previous CBECI methodology was the assumption that every profitable hardware model released less than 5 years ago equally fuelled the total network hashrate. This, however, led to a disproportionally large number of older devices compared to newer ones in our assumed hardware distribution during exceptionally profitable mining periods.
The chart below shows the new model’s discrepancies with the 2019 CBECI. In particular, the model differed from the 2021 model, when the Bitcoin price rallied, and mining profitability was high.
Energy consumption at that time stood at 89 Terawatt per hour (TWh), according to the revised CBECI model. The old model showed a much higher figure at 104 TWh. The report stated:
In terms of global electricity consumption, it represented about 0.38%. As for 2023, the year-to-date electricity consumption estimate has been revised from 75.7 TWh to 70.4 TWh.
A Look Into The Future
Cambridge expressed its desire to continue informing the public about Bitcoin’s energy consumption. However, the institution called the process “elusive” and committed to only providing approximated numbers on the nascent BTC mining sector.
The report acknowledged the advantages of using Bitcoin mining to offset carbon emissions via different methods and its impact on noise disturbances, water use, and thermal pollution.
This report is one of the many that have emerged over the past three months. Major consultancy company KPMG highlighted the benefits of using the cryptocurrency to push energy demand into its next era and generally attempted to tear down the myths surrounding the industry.
KPMG and Cambridge’s efforts have been celebrated across the crypto industry. Daniel Batten, an investors in transparent and sustainable energy, stated:
Cambridge have just updated their Bitcoin power/energy consumption methodology. First glance: it’s decreased around 25% and is now looking much more accurate (…).
Cover image from Unsplash, chart from Tradingview, and Cambridge