Showing posts with label bitcoin news. Show all posts
Showing posts with label bitcoin news. Show all posts

Ethereum ETFs Next to Be Approved? There's Legitimate Reasons to Think YES... and NO...

ETH ETF

As BTC ETF anticipation gripped the market last year, traders have been looking at ether as the next likely candidate to get spot ETF approval in the U.S.

Will the SEC Approve an ETH ETF? Let's look at the arguments both ways...

Why Some Believe the SEC will DENY The Applications...

JPMorgan's analysts are skeptical. “While we are sympathetic... we are skeptical that the SEC will classify ether as a commodity as soon as May” lead analyst Nikolaos Panigirtzoglou said in a note to clients on Jan. 18, adding that the chances of approval of a spot ether ETF by May this year is “not higher than 50%.”

The main reason - Ethereum’s transition from the proof-of-work to proof-of-stake consensus mechanism in 2022 and the negative impact this has had on decentralization.  

Ether now looks similar to altcoins the SEC has classified as securities.

Why Some Think an ETH ETF Will Soon be APPROVED...

The SEC recently sued virtually every major US crypto exchange for selling unlicensed securities, providing all with a list of which coins they believe violate regulations - Ethereum was missing from all of them. 

Another potentially positive sign is the approval of ether futures-based ETFs in September last year, which implies the SEC has officially deemed Ethereum a commodity.

Note that the ETH Futures ETF's that were approved last year are generally used for speculative or hedging purposes - with a 'futures' ETF no party involved needs to actually purchase any crypto. Investors instead buy contracts where they attempt to guess what the price will be on preset dates the contract expires. A true ETF, like what was just approved for bitcoin, requires the company selling shares of the ETF it to truly own the coins the ETF represents, and the only price that matters is the actual price it is trading at.

What You Can Do Now...

Both sides have some very valid points/concerns, so what does that mean? In my opinion, the main takeaway is that there are legitimate reasons to speculate ETH ETF's may be approved.

Sure, same goes for it being denied, however, current ETH holders did not invest because they believed an ETF was eventually coming, so the potential of one being denied won't cause current investors to sell. However, the potential an ETF being approved brings in new buyers and causes existing investors to buy more.

This scenario where existing investors see no reason to sell if the ETF news is bad, while the potential for good news becomes a reason for people to buy, can only result in gains as anticipation builds. Of course, a non-ETF related story that overshadows everything could happen as well - but unless it does, there may be a great short-term opportunity regardless of the final outcome.

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Author: Justin Derbek
New York News Desk
Global Crypto Press Association / Breaking Crypto News

Someone Just Sent Over $1 Million Worth of BTC... to Satoshi Nakamoto - An Expensive 'Tribute' Donation? Or the First Step in EXPOSING Bitcoin's Creator?

Satoshi bitcoin

On January 5th, just two days after Bitcoin's 15th anniversary, a mysterious transaction has the cryptocurrency community scratching their heads. Someone sent 27 Bitcoin (approximately $1.2 million) to the network's genesis address, the very first wallet ever created that mined the first block of Bitcoin's blockchain. This legendary wallet, once controlled by the elusive Satoshi Nakamoto, has become a digital monument to the birth of Bitcoin.

The sender's history reveals only a single transaction: the withdrawal of 27 Bitcoin from the Binance exchange followed by their immediate transfer to Satoshi's dormant wallet. This gesture has sparked speculation and intrigue.

Some interpret it as a symbolic "tribute" to Bitcoin's origins, a fitting commemoration on the anniversary. The genesis wallet already holds 50 original mining rewards, hundreds of small transactions, and now, these 27 new Bitcoins, bringing its total value to nearly 100 BTC worth over $4.6 million.

Overall, there are dozens of wallet addresses created by Satoshi, and they hold over 1,100,000 Bitcoins worth almost $50 billion...

While 27 Bitcoin might be mere pocket change for the mythical Satoshi, for most others, it's a significant investment. 

"Either Satoshi woke up, bought 27 bitcoin from Binance, and deposited into their wallet, or someone just burned a million dollars," Coinbase director Conor Grogan said in an X post.

...or is there more behind it?

Flushing Out Satoshi?

One intriguing theory suggests this could be designed to force Satoshi out of hiding, by testing a new US law requiring all crypto transactions exceeding $10,000 to be reported to the IRS.

If Satoshi is a US citizen, even he would need to report the transfer.

Personally, I'm among a fairly large segment of the crypto world that believes Satoshi is long gone, and most likely passed away shortly after Bitcoin's launch.  

As with most Satoshi related stories, I'm not expecting to learn more than what we know now.

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Author: Mark Pippen
London Newsroom
GlobalCryptoPress | Breaking Crypto News

Crypto Set To DISRUPT the 2024 Election: US Crypto Ownership Now 52 MILLION People Strong, As Industry Prepares $70+ MILLION To Boost Pro-Crypto Candidates...

The crypto industry in the United States is making sure their voice is heard before the 2024 elections.  Their primary method of accomplishing this - a Political Action Committee (Super PAC), which is an organization able to raise and spend an unlimited amount of money on political activism - such as funding ads for, or against specific candidates. 

Going by the name 'Fairshake PAC' they have only one goal - a reasonable and clear regulatory landscape for crypto. This means companies no longer having to guess if SEC believes a 50 year old law written before the internet existed will be applied to crypto.

The Super-PAC Already has an Impressive $78 Million Raised, With Elections Nearly a Year Away, the Final Number is Expected to be Much Higher...

The PAC's financial backing comes from a coalition of "20 leading companies and voices in the industry" which includes notable names such as Coinbase, Circle, Kraken, the Winklevoss brothers, Ripple, Messari, Andreessen Horowitz, and others.

Fairshake's mission is clear: "To champion leaders who actively support progressive innovation, encompassing blockchain technology and the broader crypto industry." More specifically, the leaders elected in 2024 will be the ones to sign crypto regulations into law, so making sure these regulations will be fair, reasonable, and well-defined is important. 

With 52 Million Americans Now Owning Digital Assets, We Now Have The Power To Sway Elections... 

If just 14% of crypto owners see crypto as their main factor in deciding who to vote for, it would be enough to flip the who won the popular vote in the last 2 elections.

They're also willing to extend support to candidates from both political parties, emphasizing the inclusive nature of their agenda.

It's Easy To Instantly React Negatively to Anything Involving Money and Politics... 

It's important to consider the details - this is far from some secretive group of wealthy elite quietly pushing for something to bring them even more wealth. 

The community of crypto traders and investors is too large to not to have a seat at the table. While the major industry players are funding this Super PAC, crypto's popularly is how they're able to afford it.

From companies with hundreds of employees, to the independent crypto trader - we all want crypto regulations that treat us fairly, and are written by people who understand the fundamentals. 

Unfortunately an Alarming Number of Lawmakers Lack Even a Basic Understanding...

This isn't a matter of perception, members of the current US Congress are officially part of the oldest congress in entire US history - and nothing seems to highlight this generational gap more than tech related issues. Many lawmakers come from the 'senior citizen' demographic, they have held seats in Congress and the Senate for decades, and on multiple occasions where they were expected to announce their retirement, ended up announcing their run for re-election.

If there's any advice I'd give those who will be representing crypto in Washington DC, it would be that they take the time to figure out how to explain crypto to people who don't know how to send an e-mail. These politicians have proven themselves to be a 'high risk' when it comes to believing misinformation and alarmist headlines. In many cases you can find them discussing their struggles with technology in their own words - they called computers and smartphones 'confusing' and 'challenging', and joke about relying on their grandchildren for tech assistance.

We Need to Educate Lawmakers, Before They Make Any New Laws...

Candidates and their campaign managers will be aware of which industries have the largest budgets in the current election cycle, which is why a couple experts/VIPs from crypto industry can ask for, and successfully setup meetings in various lawmaker's offices. Here the pro-crypto case can be made, common anti-crypto misinformation can be corrected, and the politician can ask any questions they may have.

It is essential we the opportunity to present straightforward facts to lawmakers before they cast votes that can significantly impact the future of the crypto industry.

A perfect example of the kind of senseless challenges the industry faces is Brad Sherman, a Democrat from California.  He's been there 10 years, will be running for re-election in 2024, and holds the extreme opinion that crypto should be banned entirely. He is unable to mention 'Bitcoin' without immediately framing it as something only useful in 'illegal activities' -  his anti-crypto statements begun at the same time his largest campaign donor was a credit card processing company facing charges of illegally providing services to black market online gambling sites.

For Example, Here's How I would Lobby a Politician who Believes Crypto is Just used by the 'Bad Guys'...

Crypto's use in various illegal activities is a common topic for a politician to have distorted or completely inaccurate information on. This is something where properly presenting the facts shut down  immediately - between paper money, credit cards, checks, and cryptocurrency, crypto is actually the least-used in unlawful transactions.

Think crypto fraud has a larger total price tag after seeing multiple headlines over the past year about a hack where losses totaled in the millions?  Well, crypto fraud was the source of about $2.5 billion in losses last year according to the FBI.  Sure, that is a lot...unless you compare it to anything else.  The lowest-tech payment method, paper checks, was used in over $8 billion of fraud last year.  Credit Card fraud totaled around $3.5 billion - meaning crypto fraud was the lowest among all payment methods.

Crypto fraud peaked during and shortly after Bitcoin's first major bull run, people rushed to get into crypto, and scammers cashed in on people hoping to get a piece of the action.  After learning the hard way, nowadays, most people know no one can promise 'daily guaranteed profits' and companies that have no information on who owns and operates them may be hiding this info for a reason.

This leads to another powerful stat lawmakers need to be aware of - as crypto usage has grown, the annual rate of illegal/fraudulent transactions has gone down, for almost 3 years now. The biggest drop was this year, 2023 - and the firm that works with the FBI on crypto fraud cases is the source for this data.

Once this fact is established, any anti-crypto argument based on fighting crime or stopping fraud  sounds ridiculous... unless they're anti-credit card and anti-check as well. 

In Closing...

The crypto industry is ready to make its voice heard in the 2024 elections, and there is power in numbers. But the number more important than the amount of money the industry can spend in Washington DC, will be the 52 million crypto owners in US who will decide what standards, and how much effort  we demand from our leaders. If united, this is who ultimately will determine winners and losers.

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Author: Ross Davis
Silicon Valley Newsroom
GCP Breaking Crypto News

Terra/Luna Founder Do Kwon Successfully Appeals Extradition, Avoiding His Case with the US Justice Department... for now.

 

Terra / Luna Do Kwon

Do Kwon, founder of the failed Terra and Luna cryptocurrencies, will not be extradited to the United States for now. This is because a Montenegro appeals court ordered the suspension of the extradition ruling and a restart of the court case.

The Court of Appeals Gives Kwon a Small Win...

Following an appeal filed by Kwon's defense lawyer, the Podgorica High Court's decision to authorize Kwon's extradition has now been revoked. Kwon's case has been ordered returned to trial court to start a new case against him.

This overturns November's ruling that all legal requirements were met for Kwon's extradition. It also rules out forecasts he would be sent to the US to face fraud and other federal charges, which the Montenegro Justice Ministry had agreed to instead of extraditing him to South Korea.

Kwon's lawyer argued the extradition ruling violated criminal procedure provisions, meaning it was made without due process. The appeals court agreed the Podgorica High Court “acted in contravention of the law on international legal assistance in criminal matters.”

Kwon was Caught Fleeing South Korea, When Spotted in Montenegro in June 2022...

He was traveling on false documents and lying about his identity, while attempting to flee South Korea following the failure of his company's collapse.  

Before the collapse, Do Kwon had dozens of companies in the crypto industry to investing, attracting them with high-rate 'guaranteed' interest earnings. Between this, and their massive sell-off of Bitcoin held in reserves while attempting to rescue their stablecoin, the entire market turned red.

Do Kwon's failures are blamed for triggering the start of the 2022 bear market.

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Author: Mark Pippen
London Newsroom
GlobalCryptoPress | Breaking Crypto News


Bitcoin is BACK - Bulls See a Big 2024 For Crypto...


Cryptocurrency expert Meltem Demirors discusses the outlook for digital assets in 2024, highlighting the recent rally and factors such as macroeconomic conditions and the upcoming Bitcoin ETF approvals. She believes that the market has shaken off the worries and mishaps of 2022 and that there is new demand coming in from retail flows and institutional investors. Demirors is optimistic about the future of cryptocurrencies and sees this rally as a sign of a bullish market.

Crypto Market Almost FULLY RECOVERED From 2022 Collapse...

Crypto Market Recovery

*Update* Jan 8th 2024 - The market has officially recovered and surpassed levels preceding the 2022 crash.

The cryptocurrency market has almost returned to levels before the damaging collapses of Terra/Luna and FTX in 2022. Bitcoin recently surpassed $39,000 for the first time since May 2022, fueled in part by growing expectations that the U.S. Securities and Exchange Commission (SEC) could finally approve a spot bitcoin exchange-traded fund (ETF) in the next few weeks, or even days.

At the time of publishing, Bitcoin is trading around $39,700 - a gain of just $800 to $40,500 would officially represent a full recovery.

2022: A Year So Bad, it Took 2 Years To Recover From...

In 2022, two big hits cut Bitcoin's price in half over just few months.

The first came from the Terra/Luna debacle, triggered by the collapse of TerraUSD, an algorithmic stablecoin that was supposed to maintain a $1 peg but ultimately lost all value. Prior to its failure, the high interest rates offered by Terra through its Anchor protocol had attracted billions of dollars in investments, including from major crypto lending firms like Celsius Network. As the 'stablecoin' hit a liquidity crisis Terraform Labs began rapidly selling its bitcoin reserves in a desperate attempt to maintain the peg. This massive dumping of bitcoin put significant downward pressure on prices, contributing to bitcoin falling from around $30,000 down to below $20,000.

The second big hit came just months later when crypto exchange FTX filed for bankruptcy after questions arose over its financial health and potential commingling of customer funds. As one of the largest and seemingly most reputable exchanges, FTX's failure shook investor confidence and reignited worries of contagion across the crypto ecosystem. Bitcoin fell to under $16,000 amidst the fallout, its lowest level since late 2020.

Since then, the Market has Been Gradually Recovering...  

Some analysts believe bitcoin could soon surmount the key psychological barrier of $40,000 if momentum continues building ahead of a long-awaited bitcoin spot ETF approval.

Others caution bitcoin may retreat to around $35,000 if ETF approval doesn't happen soon, but still bounce past $40k when it eventually happens. 

But all are in agreement - the crypto winter is officially thawing.

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Author: Oliver Redding
Seattle Newsdesk  / Breaking Crypto News

The Biden Administration's DELUSIONAL Proposal to Tax Crypto Miners - A Plan Only America's Tech-Illiterate Elderly Leaders Could Come Up With...

 Biden crypto tax

There's a real danger living in a country where tech-illiterate elderly politicians create policy. 

Biden looks ridiculous talking about this elderly-brained fantasy of raising $3.5 billion by taxing crypto miners. 

"One new proposal in this year’s Budget, the Digital Asset Mining Energy (DAME) excise tax, is an example of the President’s commitment to addressing both long-standing national challenges as well as emerging risks – in this case, the economic and environmental costs of current practices for mining crypto assets (crypto mining, for short"). After a phase-in period, firms would face a tax equal to 30 percent of the cost of the electricity they use in crypto mining."

Occasionally there's moments with some of our older politicians where I'm reminded just how bad it is - of course I don't expect them to understand crypto, but the not grasping that this business can operate anywhere means he doesn't understand the basics of the internet. 

The press release goes on to gloat that it will  "raise $3.5 billion in revenue over 10 years".

Another Way To See This: LEAVE The US, Increase Profits by $3.5 Billion Over 10 Years..

I can only imagine Biden thinks these companies will 'have to stay where the mines are - you can't take a mine with you' - this is actually slightly less stupid than believing you can tell a relatively small industry "you'll make $3.65 billion more if you leave the US" and think they will stay.

This exposes another cause for concern - no advisor told him miners can set up operations anywhere in the world where there's internet access and electricity? If one country imposes heavy taxes or regulations, miners can easily relocate to a more favorable jurisdiction.

Once the global tech leader, America has become the grumpy, confused old man yelling "get off my lawn" while the house next door is having a BBQ and invited over the entire neighborhood. 

Because that's what is happening - countries with younger leaders, who aren't afraid of technology are actively competing to bring in the companies the US is scaring away. 

Some mining companies bring in a substantial amount of money, and the administration seems oblivious to the fact that their proposal is one that simply delivers this money to other countries - and the $3.5 billion someone misled the President in to believing just isn't coming.   I'd be shocked if 10% of that is collected. 

These blunders in policy decisions, especially in areas as dynamic as cryptocurrency, can have long-lasting implications for a country's economic and technological future.

Ironically, Bad For The Environment As Well...

Politicians are satisfied if they do something that gives the 'appearance' of helping the environment. When the United States increased emissions standards in the 90s and early 2000s,  many of its factories closed, and their workers lost their jobs. But the companies that owned those factories still needed to make whatever product they sold, so the factories simply popped back up in places like China  - where there were virtually no environmental regulations at all.

The end result was the same product, more pollution then ever before when manufacturing it, and the finished product now needed to be shipped to the United States to sell. 

Only since 2021's crypto ban in China has the US been the leading country for crypto mining, which was also an environmental success, thanks to states like Texas and Florida Chinese mining companies, previously running on coal fueled power plants, were now in the US and primarily powered by natural gas.

Sure, crypto has had its ups and downs - but none of crypto's downs came close to the 'dot com bubble' bursting which wiped out $7.5 TRILLION from the market, and people's retirements.  The market cap for all crypto was about 30% of that at it's high.

While thousands of companies went under, it left the United States with Google, Microsoft, Apple, Intel, Cisco, Adobe, which have since made up for the losses of every failed tech startup and then some.

Strange how no one is saying 'we should have banned American's from investing in tech startups' even with losses that dwarf any failed crypto. 

I'm located in Silicon Valley, and similar mistakes are driving companies away from here already.. Tesla's moving to Texas, and we're already seeing when a big name tech company needs more office space, they're not building it in California. This is because the workers with the skills they need are turning down offers to work here, and taking jobs with lower pay in other states - because once you factor in rent prices and taxes, they have more money left over even with a smaller paycheck in another state.

While California's Mismanagement Pushes Companies to Other States, Biden's Plan Brags that No State Will be Able to Escape a Federal Nation-Wide Tax...

The tech industry, crypto included, has shown they're willing to pay taxes when the tax rates are reasonable and fall somewhere near the average for other businesses.  But adding an additional 30% to a company's already largest expense (electricity) will make it hard to resist when smarter countries call offering tax breaks. 

One final thing to consider - there's a number of publicly traded crypto mining companies in the US, I wonder how investors would react if they were invested in a company that began paying this new tax, while competing companies that relocated were obviously benefiting from it when comparing earnings reports.  Would we see share holders demanding companies free themselves of this optional 30% increase in expenses? 


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Author: Ross Davis
Silicon Valley Newsroom
GCP Breaking Crypto News

We May Lose Nearly 25% Of All Bitcoin Miners Next Year, Following Next 'Halving' - New Math Shows Older Rigs Would Be LOSING MONEY...

There is one thing in crypto people can actually predict correctly - the next Bitcoin halving event. This changes the amount of Bitcoins miners receive as a reward for contributing computing power to keep the network running.

It effects the entire ecosystem because it decides the total amount of Bitcoin in circulation, halving instantly cuts the rate that number was growing in half. 

Initially, the reward for mining a block of transactions was 50 BTC. Then in 2012, this was 'halved' to 25 Bitcoins, again in 2016 it was halved to 12.5 BTC. Then most recently,  May 2020, halved again to 6.25.

Cutting their reward in half may sound drastic, but for some perspective, back when the reward was 50 Bitcoins per block mined, the most that was ever worth was $1000 when Bitcoin hit $20 in 2011. If Satoshi wasn't thinking long term, and these halving events were never programmed in, it would be like creating $300 million in new coins every day at today's price. 

Of course, prices would never have come close to what they are today if miners were constantly flooding the market with lots of easily earned coins.

Just like when a nation's government prints money, if they do too much, everyone's money becomes worth a bit less.  When politicians create more money because they want more money, not because the economy actually grew, we get inflation. Bigger, but only because it's been filled with worthless hot air. 

Some say Bitcoin has the solution to inflation built in to it...

These 2 rules make it different from any currency in human history:

First - no one has ability to create new Bitcoins.  Sure, it is a virtual item, and if your wallet isn't connected to the internet, you can mess with the code until the wallet believes it's holding 10 instead of 2 BTC.  Problem is, as soon as that wallet tries to use one of these counterfeit coins from nowhere, the transaction will fail.  A blockchain is literally a record of where every legitimate coin belongs, and no one is going to hack those records of the majority of miners (about 500,000 systems running thousands of different configurations). Yet even with this seemingly bulletproof security, there's still way too many people easily fooled in to opening the front door and letting thieves right in, but that's another story. 

So while no person can suddenly create a bunch of new Bitcoins, the code does this on its own at a rate for healthy growth, and since that rate isn't a secret, there's no surprises. Ironically, Bitcoin is constantly labeled volatile and unpredictable by the media, when it couldn't be more stable, and completely predictable. It's the humans trading it who seem to be constantly switching between buying as much as they can and selling it all off. 

New Bitcoin needs to be created to entice people to mine it, and just enough is created to accomplish that. Satoshi assumed as as time goes on, it would either be dead or growing in popularity, Satoshi set the rate of creating new comes to become LESS as and more people use it. This is a one of Bitcoin's major attractions to economists, bankers and investors, as it greatly raises the odds of Bitcoin having a positive long term outlook.

As time has gone on, the price tag on one of these halving events has a lot more people paying attention to them - the one set to happen next year will significantly reduce the annual amount of new Bitcoins by a whopping 164,250 coins - a dollar equivalent of dropping from $11.5 billion to $5.7 billion.

It's a delicate balance, and the next shake-up may throw some people off...

Mining experts from Blockware Solutions have crunched the numbers following the 2024 halving, examining the impact on different miners with a range of different hardware, and their report discovered a very a real risk for those running older, less efficient systems. 

The study even priced Bitcoin slightly higher than it is today, at $35,000, and used a network hashrate of 420 EH/s - the results show that a staggering 24% of Bitcoin's miners becoming unprofitable, spending more on electricity than they'd earn in Bitcoin - it's safe to assume they'll all just pull the plug. 

The survival of the fittest will be evident as only those miners equipped with the latest technology will thrive. Older rigs, with their diminishing efficiency, will need to be able to sell Bitcoin their Bitcoins at considerably higher prices, especially if electricity costs spike.

The Silver Lining For Bitcoin HODLers...

There's a popular belief that with fewer Bitcoins entering the market, demand might outstrip supply, potentially driving up prices. The low efficiency miners that would be eliminated are also typically the ones who immediately sell everything they earn, so removing their constant supply of new coins to the market could be good for anyone holding bitcoin.  

Blockware Solutions' comprehensive report also illustrates how cutting-edge equipment like the Antminer S19 and Antminer S19XP have a lower threshold for profitability and should continue to bring a profit for miners using them post 2024.

When you hear those estimates of "$1 million bitcoin" - this is what they're talking about, and why the dates they give are 15-30 years away.  Because with a steady, fairly reasonable growth rate, 20 years from now Bitcoin could be incredibly popular, and the supply of new coins so small, the only option buyers will have is to will continually raise the amount they're willing to pay.

The more difficult it becomes for someone to get Bitcoin, the tighter  HOLDers will grip on to what they have.

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Author: Mark Pippen
London Newsroom
GlobalCryptoPress | Breaking Crypto News



Coinbase Now Approved to Offer BTC/ETH Futures Trading in US...


Video courtesy of ABC News

Coinbase, the leading cryptocurrency exchange in the US, has secured regulatory permission to provide crypto futures trading for retail customers. While this isn't the debut for retail investors to delve into crypto futures (with the Chicago Board Options Exchange (CBOE) currently allowing various investors to partake in crypto derivatives), it marks the inaugural regulatory approval for a crypto-centric exchange.

This approval was granted by the National Futures Association (NFA), an independent regulatory body endorsed by the US Commodity Futures Trading Commission (CTFC).

Interestingly, this regulatory green light is unexpected, especially considering an ongoing lawsuit between Coinbase and the US Securities and Exchange Commission (SEC). The SEC had charged Coinbase in June with presenting unregistered securities to the public.

Simultaneously the SEC continues its legal battle with Coinbase over alleged illicit activities, even though the organization previously granted Coinbase the authorization to publicly list and trade its shares. There's no hiding how mismanaged the SEC currently is when looking at this stew of conflicting.

Weekly Wrap-up: This Week's Crypto News that Every Trader Should Know...

Crypto News and Bitcoin Newsroom

U.S Congressional Committee Passed Two Bills to Bring Regulatory Clarity and Remove Hurdles for Crypto Industry:

The U.S. Congressional Committee has passed two bills aimed at providing regulatory clarity for the crypto industry. These bills aim to remove existing hurdles and foster innovation in the sector. This move is seen as a significant step towards mainstream acceptance of cryptocurrencies.

US Prosecutors Seek to Put Sam Bankman-Fried in Jail Before His Trial:

US prosecutors are seeking to detain Sam Bankman-Fried before his trial. He's currently released under an agreement to remain in his parent's Palo Alto home until trial.

Decentralized Cloud Platform Aethir Closes Pre-A Funding Round at $150M Valuation:

Aethir, a decentralized cloud infrastructure platform, has successfully closed its Pre-A funding round, reaching a valuation of $150 million. A sign major investment is returning to blockchain startups.

Singapore High Court says Crypto is Should be Considered Property:

In a landmark decision, the Singapore High Court has recognized crypto as legal property. This ruling provides protection to cryptocurrency holders and could influence how other nations regulate
 cryptocurrency.

Market Movement:

Bitcoin and Ethereum saw insignificant movement this week with Bitcoin's 7-day change coming to just -0.23%, and Ethereum seeing a small loss of -1.74%

Among the top 10 coins, the largest changes include ADA losing -5.85% and Solana down -7.31%. 

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Author: Adam Lee 
Asia News Desk / Breaking Crypto News

Crypto Celebrates XRP's BIG WIN Against the SEC with an INSTANT BULL MARKET - Now Look Out for the Potential SECOND WAVE...

xrp news

In a significant development for the cryptocurrency sector, a U.S. judge has ruled that Ripple's XRP is not a security. This decision has led to a substantial surge in the value of XRP, with the cryptocurrency experiencing a 23.37% increase in the last hour following the announcement. This is a major breakthrough for Ripple and its XRP token, which have been embroiled in a legal dispute with the U.S. Securities and Exchange Commission (SEC) over the status of the token.

The SEC had previously claimed that Ripple conducted an unregistered securities offering by selling XRP. The classification of a digital asset as a security has far-reaching implications, as it brings the asset under the regulatory oversight of the SEC.

The implications of this ruling extend beyond Ripple and XRP. It provides much-needed clarity in the often ambiguous realm of cryptocurrency regulation, potentially paving the way for other digital assets to argue that they too should not be classified as securities. This could lead to a broader acceptance and integration of cryptocurrencies into the mainstream financial ecosystem.

Current SEC Chair Gary Gensler, Widely Regarded as the Worst Leader the Commission Has Had in Years, Was Just Put in His Place...


That's not bias opinion from someone in crypto, as SEC employee resignations are the highest they've been in years, and the former employees cite his poor leadership the reason they left. Even some of the employees who are still there openly criticize him.

But poor SEC leadership can effect crypto more than other investments they have oversight over, simply because there are no laws in place that were written when crypto existed - this means it's up to organizations like the SEC and CFTC to figure out how to apply decades old law to this new emerging tech.

But once the SEC attempts to use one of those old laws against a crypto company, the company can still try to fight back by challenging the decision in court - and the courts ruling becomes new law that applies to anyone that could use the same defense.

Gensler's strange leadership and mixed messages has accomplished nothing but to confuse investors - and the strange thing is, that often seems to be his actual goal, as he's never explained in person or in writing what he believes the rules are.  So the only way to figure the rules out were to watch his actions. 

Unfortunately, his actions were things like approving Coinbase to be traded on the stock market, then suing Coinbase calling their entire business illegal, claiming every coin but Bitcoin was an unlicensed security that Coinbase was not licensed to trade.

At the same time, licenses did not, and still do not exist. There is no way for a company to even begin applying for one. 

Confused? So were may investors, who have held off on getting in to the crypto market while someone like Gensler has authority over it.  But with today's ruling, some limits have been put on how far Gensler could go, as XRP and other coins with similar business models now legally become out of his reach.  Remember, he's the head of the Securities and Exchange Commission - and the ruling was that Ripple's XRP is not a security.

The rise we've seen today appears to be the immediate reaction of those already in the market celebrating by buying more.

Now I'm watching for a second wave of new investors that are now confident enough in crypto's future to invest. 

The immediate market reaction to the ruling underscores the importance of regulatory clarity for the performance of digital assets. The sharp increase in XRP's price following the announcement demonstrates the positive impact that such legal victories can have on a cryptocurrency's value. Investors and traders are likely to closely monitor further developments in this area, as they could have significant implications for the broader cryptocurrency market.

In conclusion, the ruling that XRP is not a security is a landmark decision in the world of cryptocurrencies. It not only benefits Ripple and XRP holders but also has broader implications for the cryptocurrency market as a whole. The decision could potentially influence the regulatory approach towards other digital assets and shape the future of the cryptocurrency industry.

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Author: Oliver Redding
Seattle Newsdesk  / Breaking Crypto News

FTX 2.0: Fallen Crypto Giant has Quietly Been Preparing to RE-LAUNCH...

FTX 2.0

FTX may be making headlines again soon, and finally not for more details on their spectacular fall from grace, actually, the total opposite - their potential resurrection!

In April we broke the story of an FTX relaunch even being a possibility, when our source inside the new FTX team told us they were considering two options - to pay back what they can and then close for good, or, the more intriguing option, re-open FTX for trading.

At that time they had just begun researching sentiment among former users, asking if all their funds had been returned to them, and knowing Sam Bankman-Fried was gone for good, would they consider trading at FTX again?

Then, if they determined enough users would return, they would still need to convince their larger backers, some of whom are owed millions, to go awhile longer or accept a smaller payment at first. However, if they support FTX's re-opening they could get 100% of their money back in the long run, because FTX would once again be generating profits.

That's Where We Left Off, And We Now Have An Update...

According to our source, re-launching the exchange is now their 'official' goal, as they've been instructed to begin preparing as if it is happening for sure — an order that comes directly from new CEO John Ray.

"I'll word it like this: it's not 100%, but it just went from a 50/50 chance to probably a 90% chance of FTX re-launching" our insider explained, but they still have some challenges ahead  "Right now we're legally a bankrupt company, so we don't have the freedom to just do something  we want to, there's additional oversight, and a process where we propose something and get approval to do it first."

When asked if they believed they would receive that approval, they told us "I think John (CEO) wants to make sure the proposal leaves no reason to say no. They'll want to see a company that fixed everything that went wrong under Sam, and see we've taken steps that would make a repeat impossible." I asked how close they were to being able to make those claims, and was told, "We can say all that now and it would be completely true" Reminding him I still needed an answer to the question, they added, "oh, yeah - yes" (they think the re-launch would be approved).

New Revelations...

This next part is a big deal - while I personally didn't have funds on FTX when it shut down, a lot of people did.  Since then, the media's coverage of the situation would probably give people the impression that most of what they stored on FTX is gone.

But when I asked what kind of responses they received from former FTX users when mentioning a possible re-launch, I got a surprising answer
"First, they say F-off and they would never use a platform that basically stole from them. Fair enough.  But then you ask, what if they didn't take anything from them? What if it opened and all the funds they left there were still there?"

'Are you saying this is what would actually happen?' I asked "I'm not in accounting, so I can't say this is the case with 100% of accounts, but one thing you'll probably be hearing if FTX re-launches or when Sam's case goes to trial - he didn't really mess with the FTX US funds".

This Wasn't a Total Surprise To Hear - It May Be Sam Bankman-Fried's Secret Weapon...

Back at the beginning of the year when FBI agents brought Sam back to the US where he was arraigned and pled 'not guilty' to the charges against him it seemed like the response from the crypto community was 'he's a liar and that won't work once he has a trial'. 

But that made no sense to me. Sam's parents are both literally famous lawyers and Stanford Law School professors - Sam takes their advice.  So why would they advise him to fight the charges against him when shortly before his arrest he appeared on various podcasts admitting to misusing user funds - his point at the time was 'I wasn't stealing user funds, I just got confused, used funds that belonged to my users, and lost some of it.'.

I could only come up with one theory that made sense, and published 'The Twisted Way Sam May Be Found INNOENT' which goes in to more detail, but basically the only way someone who already admitted so much on video could go to trial and stay out of prison is if he only misused funds belonging to non-US citizens, and only did that while at his company headquarters, which is also outside of the US, in the Bahamas.

What does the US justice department do when laws are broken in another country and none of the victims are American?  Absolutely nothing.

Users finding out all the crypto they left on FTX is still there would be great news, which I said in our conversation, but as we suspected, they warned that non-US may have some bad news coming soon. "It's the funds from FTX's international platforms that Sam really screwed with." our source said  "We're (his team) not involved with any of the international stuff, but several times I've had to talk with some of the guys that are. For the first few months they always sounded stressed out and exhausted, they were cleaning up one hell of a mess."

But recently, even the team cleaning up the worst of it started to sound less miserable. "Last couple of times I talked to them, they seemed way more chill. Remember Bitcoin was at like $20k when FTX shut down, FTX is holding a lot of BTC and other coins that have gained almost $2 BILLION since trading stopped." I didn't really think of that until now, but it makes sense. "Yep, so that instantly becomes funds we can use towards making users whole, if the market continues this way, there's a chance FTX won't owe anyone anything".

That really would be a great ending to an otherwise miserable story, if HODLing pays the rest of FTX's debts.

In Closing...

It's hard to say just how difficult a relaunch will be, the team must navigate a complex legal landscape of bankruptcy, and manage to meet all necessary requirements to gain approvals from an array of people both private and government sources. 

All this is happening at a time when exchanges that haven't had any major scandals are finding it challenging to operate in the US as seemingly incompetent leadership has taken over the agency that oversees them. 
 
One thing is for sure - they seem truly confident in their ability to pull it off.

Part of me says 'companies that go through what FTX has been through don't just come back one day'...  then I realized to company that went through what FTX did has ever even tried.

---------------
Author: Ross Davis
Silicon Valley Newsroom
GCP Breaking Crypto News

Bitcoin Rally Stalls After Breaking $30k, But Not For Long - The NEXT Rally's Trigger Already Spotted Ahead....

In a remarkable turn of events, Bitcoin suddenly went on the move, and smashed through the $30,000 barrier. This comes as traditional banking institutions that have dabbled or shown curiosity in crypto realm begin to make actual moves in to the space. 

This breakthrough is being hailed as a positive omen by investors and pundits alike, who are speculating that this could be the starting gun for a new Bitcoin rally.

BlackRock's Bitcoin ETF Proposal: A Potential Game Changer on the Horizon?

In related news, BlackRock, the world's most substantial asset manager, has been making waves with its proposal for a Bitcoin Exchange-Traded Fund (ETF). If given the green light, this could be a watershed moment for the cryptocurrency industry, potentially paving the way for more institutional investors to join the party. The proposal has ignited a flurry of speculation and debate within the financial community, with all eyes now on the regulatory authorities and their impending decision.

Bitcoin's Price Rally Levels Off - Just A Breather, Not a Full Stop..

Bitcoin is holding above the $30k mark so far, and that's about all it has done in the last 24hours.  But analysts overwhelmingly believe this is a pause rather than the end of the upward trend. While the digital currency has seen some turbulence in recent days, many are viewing these dips as attractive opportunities to buy. 

The overall sentiment remains bullish, with experts suggesting that the current market conditions could be the precursor to further gains in the near future.

Next Rally in Sight? Major Bank Forecasts a MASSIVE Multi-Trillion Market Shift Towards Crypto...

Adding fuel to the crypto fire, a major bank has dropped the bombshell that a market shift to the tune of $15 trillion could be on its way to Bitcoin and other leading cryptocurrencies such as Ethereum, BNB, XRP, Cardano, Dogecoin, Tron, Solana, and Polygon. This forecast underscores the growing acceptance of digital currencies as a bona fide asset class and their potential to revolutionise the global financial landscape.

Japanese banking giant Nomura's digital asset subsidary Laser Digital says a survey of professional investors managing almost $5 trillion show 96% want to invest in crypto.

In closing

As major financial institutions showing increasing interest in the crypto space is brining immediate demand, and adding overall legitimacy to Bitcoin's public image. On both fronts there's still a lot of room to grow - the rally has just begun.

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Author: Mark Pippen
London Newsroom
GlobalCryptoPressBreaking Crypto News


From Banned to BOOM: Hong Kong on Verge of Opening the Gates for Crypto's RETURN to CHINA...

Crypto returning to China?

Global Crypto Press was the first crypto news outlet to cover this story back in February when all we had was a single inside source. Three months later, our source's information seems to have been 100% accurate, as the 'rumors' from then are now part of official statements made by the government of Hong Kong.

For those just joining the story here, the important thing to know is that in 2021 China implemented a crypto trading and mining ban and ejected any company that existed for those purposes. China went from the country with the most mining power, to completely off of the top 10 list, with small countries like Malaysia and Iran now outperforming them.

You may wonder - why is that surprising? If they banned trading and mining, isn't it predictable that a sudden drop in mining hashpower coming out of China would follow? 

It's a fair question, and most people did predict the effect of a Chinese ban on crypto... at least once among the 6 times they 'banned' crypto before this, just to have its popularity continue to grow. 

But the 2021 ban was unlike any of their previous attempts, it was backed with enforcement as businesses that continued to leave their bitcoin miners running found themselves being raided, and their hardware seized. Now, with the choice to risk being next or relocate, companies either moved to other countries or simply sold their mining hardware to a company that was.

This is how the situation remained, until now.

Now, crypto appears to be on the verge of returning to China via Hong Kong...

Hong Kong is a unique situation, once fully independent of China, they are now officially 'part of China' - but unlike any other area of the country they maintain the ability to pass their own laws and remain economically independent from the federal government.  

It's with these additional freedoms that Hong Kong has just announced they will begin issuing permits to crypto based businesses beginning June 1st.

3 Things We Will Likely See Happen Almost Immediately...


- First, an increase in the overall demand for cryptocurrencies. China has one of the largest economies in the world, and if a significant portion of its population begins investing in or using cryptocurrencies, it could drive up the price of these digital assets. This could potentially lead to a new bull market in cryptocurrencies, benefiting investors and businesses in the sector.

This is why Binance CEO CZ tweeted that historically news like this is followed by a bull run. 

- Secondly, increased innovation in the crypto space. China is known for its technological prowess, and if Chinese companies are allowed to operate in the crypto space, it could lead to new technological advancements and applications for blockchain technology. 

Unfortunately, Chinese technological advances are often the result of stolen data as the nation infamously targets tech companies around the globe with the intent of recreating propritaty tech.

- Third likely impact we'll see is this decision influencing other countries' policies towards crypto. If China, once a staunch opponent of cryptocurrencies, reverses this to allow them  it could encourage other countries that have been hesitant about cryptocurrencies to reconsider as well.

I can't think of any examples of countries willingly staying out of a market both the US and China are in.

Multiple well known companies in the crypto space reportedly sent teams teams to Hong Kong where they are currently preparing to submit permit applications on June 1st, and securing office space for soon-to-come Hong Kong branches of their business.

One Concern Remains..


While Hong Kong still maintains some independence from the rest of the Chinese Government, Laws they pass in Hong Kong can be vetoed by the ruling party.

We brought this up when speaking to our source there nearly 3 months ago, that portion of the article reads:

...we're hearing that Hong Kong leaders are NOT being met with disapproval from China's leadership in Beijing "there's nothing to indicate mainland officials don't want this to happen, and I believe we're well beyond the point where they would make their stance known" our source explained.

Beijing quietly allowing this to happen may be thanks to some of China's wealthiest business leaders, who have been complaining to officials about being restricted from a market with huge growth potential..."


At the time we published that article Hong Kong was still several steps away from this becoming a reality, now they're on the final step having announced their intention to issue permits for crypto companies to operate there starting June 1st.

It's a situation where approval from the ruling Communist Party will come in the form of silence. Hong Kong is providing a way for the ruling party to reverse their 2021 crypto ban without the President or other high ranking party leaders having to acknowledge it. 

Considering we're just 3 days away from Hong Kong officially open to issue permits for crypto companies to provide their services to citizens, we believe if Beijing disapproved they would have made that clear by now.

In our opinion, this is actually going to happen.

------- 
Author: Adam Lee 
Asia News Desk 
Breaking Crypto News

PayPal QUIETLY Accumulating MASSIVE AMOUNTS Of Crypto...

PayPal crypto

We're learning of this only because PayPal's required quarterly report has now been filed with the SEC, from there you'll have to go 16 pages in before it's even mentioned.

It's rare for a company spend over $300+ million on anything without letting the public/and press know about it - but when PayPal decided to load up on crypto they clearly also decided it would be smarter to stay quiet while doing it.

Why So Secretive?

My guess is; they didn't want prices to go higher... yet. 

They did their buying over a 3 month period, and if news got out that the worlds biggest online finance company was spending so much on crypto, other companies may follow. It doesn't help them if prices go up while they're still buying.

While the report does not give the number of Bitcoins PayPal holds, it does give their total USD value of $499 million. This is based on Bitcoin's total value at the end of March, so doing the math and assuming they were paying slightly under market value by doing large OTC trades, we're estimating PayPal holds somewhere around 17,500 BTC.

They also spent another $110 million on Ethereum, and another $19 million on all other cryptocurrencies.

So Far in 2023 PayPal's Added Another $339 Million In Crypto - Bringing Total Near $1B...

PayPal began 2023 already owning over $600 million worth of cryptocurrency, but after the last 3 months of aggressive buying, they're almost able to join the small group of companies and individuals holding over a billion worth of crypto.

However, breaking $1 billion total is now within reach, and can be done without PayPal having to buy more. 

We estimate Bitcoin trading around $35k and ETH holding over $2k would be enough to put PayPal's total into the 10-digits.

-----------
Author: Ross Davis
Silicon Valley Newsroom
GCP Breaking Crypto News