The price of Bitcoin has plummeted more than 7.5% in the last 24 hours, plunging to around $62,000 on several major exchanges.

At the time of this publication, Bitcoin is trading at approximately $64,300 per unit.

Bitcoin's downfall was not an isolated event. The S&P 500 index, which comprises the largest American companies, also experienced a significant decline in the past week, accentuated on the last business day. The same occurred with markets in other countries, indicating a global market reaction.

The primary apparent reason for these market movements is the escalating tensions in the Middle East, specifically the conflict in Israel and the potential for a larger-scale conflict brewing, as Iran has launched attacks.

What Could Reverse the Trend?

The imminent approval of Bitcoin ETFs in Hong Kong, one of the world's five largest financial markets, could be a turning point. The impact of such a measure would be substantial, as it could potentially influence the Chinese government to relax restrictions on the use of digital assets.

Additionally, the next Bitcoin halving event, which reduces the issuance of BTC per mined block by half, is just days away. This event typically generates significant media attention and visibility for Bitcoin, serving as a remarkable marketing opportunity.

Furthermore, each halving reminds the market that Bitcoin is a scarce asset and that the available quantity for acquisition will become increasingly limited, which has historically acted as an upward catalyst for its price in the medium and long term.

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Author: Mark Pippen
London Newsroom
GlobalCryptoPress | Breaking Crypto News

 

On numerous occasions, China has banned various activities with bitcoin (BTC) and cryptocurrencies, including trading, transactions, and mining. For this reason, in mainland China, the launch of exchange-traded funds (ETFs) based on this type of financial asset is not permitted.

However, Hong Kong, while part of China, is considered a 'special administrative region' able to govern itself separately from mainland China in certain cases, one of which is the ability to regulate Hong Kong-based investment firms. When it comes to crypto, Hong Kong allows companies and residents to invest, putting them at odds with mainland China, where crypto remains banned.

Bitcoin ETF's via Hong Kong....

Financial news outlets in China are now reporting that financial giants such as Harvest Fund and Southern Fund have submitted applications to launch bitcoin ETFs through their Hong Kong subsidiaries. Harvest Fund manages more than $230 billion in total assets, while Southern Fund manages over $280 billion.

Additionally, smaller companies like 'Jiashi Fund' are attempting to use their Hong Kong subsidiary, 'Jiashi International,' to offer clients access to a Bitcoin ETF.

Regardless of size, all companies that have applied are now awaiting the decision of the Hong Kong Securities and Futures Commission, the regulatory authority that will be deciding on these applications.

Approval May Come Soon - Catching Many Off-Guard...

According to reports from China, these firms are expecting to receive approval to launch their Bitcoin ETF products and believe they could be actively promoting them as early as this quarter.

Bitcoin ETF approval in Hong Kong would be another major milestone for Bitcoin, making it easily accessible in one of the world's largest financial markets.

China has been off the radar for most crypto investors, there's been little reason to pay much attention as it's remained firm on their existing ban. While trading continued in Hong Kong, the volume coming from this small beacon of freedom isn't determining any winners and losers.   But ETF's bring the potential for large investments from Chinese corporations, also potentially attracting other Asian nations already active in the Chinese markets. 

An Influence on Mainland China...

If Bitcoin ETFs in Hong Kong turn out to be a success, and especially if they manage to attract international capital, companies in mainland China will likely respond by putting pressure on the government to reconsider their stance toward bitcoin.

Chinese President Xi Jinping will find it difficult to defend his position if the US, European nations, and now Hong Kong companies stake their claim in the multi-billion dollar Bitcoin ETF market, while those in mainland China are forced to remain spectators.

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Author: Adam Lee 
Asia News Desk / Breaking Crypto News

Sam Bankman-Fried's sentence of 25 years came down this week, following his lawyers and family making all possible attempts at getting him a shorter sentence.

Here we will review those attempts, knowing that ultimately in the end, they failed. 

Sam's Parents Fear His Social Awkwardness Puts him in 'Extreme Danger' in a Prison Environment...

Sam's family made a desperate plea to the judge, begging for leniency in his sentencing for the FTX cryptocurrency fraud case. His parents, Barbara Fried and Joseph Bankman, warned that their son's social awkwardness and inability to read social cues could put him in "extreme danger" behind bars, fearing for his life in a typical prison environment.

In a heartfelt letter, Barbara Fried described her son's touching but naive belief in the power of facts and reason, arguing that his outward presentation and misinterpretation of social cues could lead to potentially disastrous situations with fellow inmates. Joseph Bankman echoed these concerns, cautioning that his son's "odd" social responses could be misconstrued as disrespect or evasion, putting him at significant physical risk.

Also included, a letter from Sam's current jail bunkmate, a former NYPD officer arrested after being caught soliciting underage teens for explicit images on twitter, calling Sam the 'least intimidating person here' which has led to other inmates targeting him for harassment. 

Lawyers Argue for a DRASTICALLY Shorter Sentence...

With the value of crypto increasing, it appears the FTX's holdings are worth enough to fully cover everything owed to customers.

Focused on this new factor, Bankman-Fried's legal team also made an effort to secure a lighter sentence, arguing for a prison term of no longer than 78 months, or 6 ½ years. They say the trial largely revolved around the story of a rogue, careless CEO whos actions caused his customers to lose billions.

However, this argument inspired the team handling the FTX bankruptcy to write a letter to the judge, where they say removing Sam is the only thing that stopped the bleeding, and that he deserves no credit for the company's ability to pay users back today, because at the time he was spending customers money without their knowledge, he was gambling, and easily could have lost it all.  

In the End, All Attempts for a Lighter Sentence FAILED...

All hopes for leniency were shattered when U.S. District Judge Lewis Kaplan handed down a 25-year sentence for Bankman-Fried's role in the fraud that led to the collapse of FTX. Judge Kaplan firmly rejected Bankman-Fried's statements from the trial when he took the stand in his own defense,  accusing him of lying during his testimony.

"He knew it was wrong," Kaplan said, "He knew it was criminal. He regrets that he made a very bad bet about the likelihood of getting caught. But he is not going to admit a thing, as is his right."

Bankman-Fried was taken away by US Marshalls to begin his 25-year sentence - now living out the worst fears expressed by his concerned parents.

In conclusion...

It's expected that Sam's legal team will appeal, his parents stating they will "continue to fight" for their son, but the odds of that succeeding would be extremely low without some major new information coming to light.  

While Sam and his family may find it hard to find anything positive in how things ended, it's worth noting that his crimes gave the judge the option of sentencing him for up to 110 years in prison. While Sam's family and lawyers argued for a much shorter 6 years, getting 25 seems like a huge defeat - but compare to 110 years it seems the judge was still fairly lenient.

Sam will probably be free again, at 57 years old. It's widely believed that Sam has a secret stash of Bitcoin tucked away in a wallet no one knows belongs to him - what do you think the price of BTC will be in 2049?

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- Miles Monroe
Washington DC Newsroom
GlobalCryptoPress.com

That's what one lucky trader who used crypto exchange Bitmex managed to do yesterday.  As the market was in freefall and clearly intending to 'buy the dip' - the still anonymous user's 'dip' was more like a massive free leading deep under ground, finally landing at a discount of about $54,000!

The Obvious Question: How!?

It's important to note that there is no official answer to this question, yet. The exchange says they're "investigating the massive sell orders to better understand the circumstances that led to this unusual market activity".

We do know someone dumped 400 BTC onto the exchange, which is a lot for any exchange to immediately handle, and in the case of BitMEX they're not even among the top 10 exchanges daily volume.

Without any signs of a hack, or bug on the exchanges end, it appears the seller and his poor choice of where to sell his 400 Bitcoin was enough to cause a "flash crash" or a liquidity crisis. Flash crashes occur when there is a large sell order or a cascade of sell orders overwhelming the buy orders in the order book.

In Other Words, Someone Messed Up, BADLY...

While an exchange like Binance or Coinbase could handle selling 400 BTC  without causing any drastic price movement, BitMEX often doesn't move this much Bitcoin in an entire day.

Still, the seller could have at least set a fixed price near market value to prevent selling for much lower.  But this seems to have been a market order - which is designed to sell as fast as possible by accepting every offer on the books until they have nothing left to sell. 

For just a few seconds, Bitcoin drops under $9000, a price not seen since 2018...

It's strange, because this mystery trader was someone smart enough to have accumulated 400 BTC, but dumb enough to accidently sell them at price.

In Other Words, Someone Messed Up, BADLY...

While an exchange like Binance or Coinbase would have been able to handle a sell of 400 BTC  without causing any drastic price movement, BitMEX often doesn't move this much Bitcoin in an entire day.

Still, the seller could have at least set a fixed price near market value to prevent selling for much lower.  But this seems to have been a market order - which is designed to sell as fast as possible by accepting every offer on the books until they have nothing left to sell. 


How You Could Benefit from Situations like This in the Future...

Flash crashes are gone... in a flash, and you won't spot one happening until it's over.   So if you want to give yourself the very small chance that one day a flashcrash will benefit your wallet, you need to place low bids for your favorite coins now.  Make sure the orders are set 'Good Until Canceled' so your offers sit there ready to be accepted if they ever get the chance. But realistically, you should consider the funds used for this as funds you're simply HODLing, as the end result will probably be the same. 

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

The USDT (Tether) stablecoin, issued by the Tether company, has exceeded $100 billion in market capitalization for the first time ever.

While used on many blockchains, the Ethereum and Tron blockchains account for 99% of the total supply. 

This achievement not only reinforces USDT's position as the leading stablecoim , but also widens its lead over its main competitor, Circle's USDC , which currently boasts a market capitalization of just $28 billion. 

Tether Says Every USDT Token is Backed 1:1 with the US Dollar - This Was Once a Controversial Claim... 

"A few years ago there were major issues with Tether withholding information and putting off 3rd party audits, all while consistently minting millions of new tokens as they grew. Concerns that Tether had secrets that could crash the market were voiced by dozens of established industry members...."  says Global Crypto Press Association editor Ross Davis "Now this part is just my opinion, but I think these concerns were true at one point, but Tether managed to avoid the issue long enough that with their continued growth, they had the time and money to fix the problem."

Tether now undergoes 3rd party auditing, and publicly shares their treasury holdings on their website. Currently, Tether has $5 Billion more in assets than they have in liabilities.

A Bullish Signal...

More USDT being issued it considered a bullish indicator, showing increased intention to invest in the crypto market - there's really no reason to have USDT unless you plan to turn that into some other coin.

- Miles Monroe
Washington DC Newsroom / GlobalCryptoPress.com

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.

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

 

Over the last week there has been a growing chorus of voices, particularly among certain US senators and congressmen, claiming cryptocurrency is being used to fund terrorism, supporting the likes of the Hamas organization and other terrorist groups. They are now calling for investigations into USDT issuer Tether and exchanges like Binance US. 

While we support investigating such allegations, it's equally important to for the industry to immediately shut down any attempts by established anti politicians to fabricate, or exaggerate the claims.

The allegations against Tether and Binance US stem from a Wall Street Journal report that claims these crypto entities facilitated transactions involving individuals and entities subject to U.S. sanctions. The report further suggests that Tether used U.S. bank accounts for potentially suspicious transactions.

If There's Proof,  It's Been Hard To Find...

Blockchain analysis company Elliptic says it has found no evidence to support the claims of The  Wall Street Journal. They argue that the data has been misinterpreted.

Binance and Tether are so sure the story is wrong that they are urging the U.S. government to verify the facts, saying the Wall Street Journal's report contained misleading statements. Both have unequivocally stated they operate under a strict zero tolerance policy when it comes to providing services to anyone linked to terrorism. 

If Shady Journalists and Politicians are Successful in Linking Crypto to Terrorism, We Could See A New Level Of Government Aggression.

The allegations that organizations like Hamas used crypto assets to raise funds before attacks in October have far-reaching implications. They not only affect the cryptocurrency sector but also muddy the waters when it comes to regulatory clarity for the crypto ecosystem in the United States.

No surprise, it's the usual crew of tech-illiterate politicians, the ones we've seen having over-emotional meltdowns during various capitol hill hearings on crypto, who are pushing this narrative now.

Led by Senators Elizabeth Warren and Sherrod Brown, the senators recently told the press they've written to the White House demanded answers about the role of cryptocurrencies in recent events, specifically attacks against Israel. They've also questioned the White House about its plans to prevent the use of cryptocurrencies for terrorist financing. 

What they're doing is obvious - making sure they can still say 'We never claimed crypto was being used to fund terrorism' - and instead they just 'asked what we can do to prevent that from happening' - fully aware that this advances a misconception that crypto is key to shutting down terrorism financing, all while lacking any supporting evidence.

What's ironic in all of this, is that traditional banks have had a long history of being caught, knowingly or unknowingly, moving funds for everything from terrorists to cartels. 

Where are those bankers today? Still fully operational and controlling billions.

ING helped Iran move billions while under sanctions, they paid $619 million in fines. Standard & Charterer's also paid fines of $340 million after hiding being caught hiding records of Iranian clients transactions.  Or HSBC who basically became the official bank of Mexican drug cartels - leading to a fine of 1.9 BILLION.

In Closing...

Instead of rushing to judgment, it's crucial to conduct thorough investigations and present concrete evidence The truth is, if there is any crypto being used to fund terrorists, there's no  signs any company has helped them, and the amount must be so small that it isn't enough for researchers to spot on the blockchain.

Therefore, we must openly refuse to accept more blame than banks whos violations involved MUCH larger amounts. 

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Author: Jules Laurent
Euro Newsroom | Breaking Crypto News 

The SEC's legal battle against Ripple involved coming after them on 2 fronts - first was their claim the company illegally profited by selling an unlicensed security (XRP Tokens) violating the Securities Act of 1933. The second targeted the company's co-founders Christian Larsen and Bradley Garlinghouse, saying they were the ones who made the decisions at the company, so they were charged with "aiding and abettting”.

Today, the SEC's targeting of Larsen and Garlinghouse has officially come to an end as District Judge Analisa Torres announced that the US securities regulator notified the court that it would not continue in the case and has issued a “voluntary dismissal”.

Ripple's lead lawyer Stuart Alderoty shared the news first saying;

"The SEC made a serious mistake going after Brad & Chris personally – and now, they’ve capitulated, dismissing all charges against our executives. This is not a settlement. This is a surrender by the SEC.

That’s 3 consecutive wins for Ripple including the July 13 decision ruling that as a matter of law XRP is NOT a security, the Oct 3 decision denying the SEC’s bid for an interlocutory appeal, and now this." on X.

Current CEO Brad Garlinghouse responded saying;

"In all seriousness, Chris and I (in a case involving no claims of fraud or misrepresentations) were targeted by the SEC in a ruthless attempt to personally ruin us and the company so many have worked hard to build for over a decade.

The SEC repeatedly kept its eye off the ball while secretly meeting with the likes of SBF – failing again and again to protect US consumers & businesses. How many millions of taxpayer $ were wasted?! Feels good to finally be vindicated."

FTX a Massive Blemish On An Already Troubled SEC...

The SEC's 'crack down' on crypto has targeted companies like Coinbase, Binance and Ripple - but where are the investors accusing these companies of wrongdoing? Who did Coinbase, Binance, or Ripple scam? You would think reddit and other crypto related forums would be full of these complaints, but when searching for terms that should lead to them, nothing is found.

While the SEC was busy targeting these companies, FTX was actively misusing users funds and behaving suspiciously fearless of being caught.  Ironically, it was one of the people under SEC investigation who brought the FTX issue to light - Binance CEO 'CZ'.

This means if CZ had not exposed Sam Bankman-Fried, FTX would still be freely spending their users funds, while their top 2 competitors faced SEC harassment - suspicious to say the least.

It makes you wonder - could SEC deliberately be hiding corruption by appearing ignorant and disorganized? 

The Strangest Contradiction...

The most alarming and confusing factor in the SEC's current actions has to be the fact that the SEC evaluated Coinbase just a couple years ago, when they approved the company to go public and sale shares of their stock.  This process involves a deep evaluation of the business, and obviously, if a business's main source of income was unlawful, they would not have been approved.

But they were approved. Coinbase even passed a phase where the SEC asked questions about any parts of the business they wanted clarification on, Coinbase answered them, and they were approved. 

Nothing has changed since Coinbase was worthy of SEC approval. There's no new leadership at the SEC since they deemed Coinbase's business legitimate just two years ago, Coinbase isn't offering anything now that they were not then. But seemingly out of nowhere, suddenly Coinbase is operating outside of the law. 

So SEC saying;  just because they approved a company seeking approval to go public and sell share shares on the stock market, it does not mean that company is legitimate - no one has been able to make sense of why the SEC is now undermining themselves in such an extreme way.

Next For Ripple...

While the charges against company founders are dropped, the case against the company itself is still considered ongoing.  While the SEC lost on their first attempt, the last statement from them was that they are appealing that decision.

But some say dropping the charges against the founders is a sign they may do the same with the charges against the company - because if the company is guilty, those running it would be as well - it would be odd to drop one and not the other.

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Author: Mark Pippen
London Newsroom
GlobalCryptoPress | Breaking Crypto News

 

In a significant stride towards sustainability, Bitcoin mining has witnessed a remarkable transformation. A recent study from the University of Cambridge reveals that the energy efficiency of Bitcoin mining has soared to be "20 times greater" than figures from 2015.

But what does "energy efficiency" mean in this context? Simply put, it's the ability to achieve the same output using less electricity. When applied to the realm of mining, there have been notable advancements in devices operating on the Proof of Work (PoW) algorithm. These devices can now mine more Bitcoins while consuming equal or even lesser energy.

In his presentation at the World Digital Mining Summit 2023, Alexander Neumüller, an esteemed researcher at the Center for Alternative Finance (CCAF), attributes this efficiency leap to technological innovations in the mining sector. These advancements have not only reduced electricity consumption but also bolstered the processing power of the Bitcoin network.

Highlighting the magnitude of this progress, Neumüller emphasized an astounding "20-fold increase" in Bitcoin mining's energy efficiency over the past eight years.

Historically, Bitcoin mining has been criticized for its hefty energy consumption, which many environmentalists claim leads to increased pollution. However, with the dual approach of enhancing energy efficiency and integrating renewable energy sources, the cryptocurrency industry is making strides towards a greener future.

Story Published Sept 10

Update Added Sept 16: Jump to update

In a shocking turn of events, Vitalik Buterin's official Twitter account was compromised by hackers on Saturday, September 9, 2023. The breach led to a loss of nearly $700,000 in cryptocurrencies, highlighting the vulnerabilities even high-profile figures face in the digital realm.

The Deceptive Tweet

The hackers, with just a single tweet, managed to deceive a significant number of Buterin's followers. The tweet announced a purported free NFT giveaway from Consensys, a renowned blockchain technology company.

Many followers, seeing the tweet from the official account of Ethereum's creator, were lured into a trap. The link provided in the tweet redirected users to a malicious website designed to exploit their trust.

This type of scam, known as a 'drainer' tricks users into connecting their cryptocurrency wallets to a seemingly legitimate website. Once connected, the hacker can then transfer all assets from the victim's wallet to their own.

High-Value NFTs Stolen

In addition to the stolen cryptocurrencies, the hackers made away with two high-value 'Crypto Punks' NFTs. These digital collectibles have gained immense popularity and value in recent years.

The stolen NFTs were priced at a staggering 153.62 ETH (approximately USD 250,000) and 58.18 ETH (USD 95,000) respectively.

Update: 

We finally have a response from Vitalik, apparent a sim swap was the method used.

Considering this involves ;social engineering' AKA fooling an employee of the phone company in to switching a phone line from the legitimate customer to phone controlled by the hacker.

While the hacker is blame,, at least a little of the blame  must go to T-Mobile whos employees should be properly trained to spot a scam that is several years old.

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In the world of cryptocurrency, Cardano stands as a unique venture with far-reaching implications beyond profit. This blockchain-based platform, backed by meticulous academic research, has cultivated a robust community that has grown over time.

Cardano has suffered increasing volatility in recent months as ADA investors sought for signals of the rollout of its delayed Vasil upgrade, making a Cardano price projection for the cryptocurrency more challenging than it may have otherwise been, especially in light of a market rebound in early 2023.

If you’re an investor or trader looking for price predictions for the upcoming years, you’re at the right place. Remember that this is not financial advice and the prices of Cardano can quickly change to unprecedented levels, so take all crypto advice with a grain of salt.

Cardano (ADA): The Basics

Cardano, often dubbed as the third-generation blockchain, embodies a decentralized proof-of-stake (PoS) network. At its heart lies ADA, the cryptocurrency of Cardano, paying homage to Augusta Ada King, Countess of Lovelace—a pioneering figure in the realm of computing. This digital currency is an integral part of Cardano's PoS consensus mechanism, rewarding participants in the form of ADA for their contributions to the blockchain.

What Is the Process of Cardano Staking Pools?

Central to Cardano's architecture is the Proof-of-Stake (PoS) consensus algorithm, a departure from the energy-intensive PoW approach. PoS introduces the concept of staking, where individuals commit their coins to become validators, ensuring the network's integrity.

This process unfolds through stake pool operators and owners. Stake pools, akin to trusted nodes, validate transactions, while individuals can either establish their own pools or participate in existing ones. The symbiotic relationship between stake pool owners and operators underscores the intricate dance of responsibility and contribution.

2023 Price Prediction for Cardano

With 2023 ushering in a market resurgence, ADA has experienced heightened volatility. This phenomenon can be attributed to the anticipation surrounding the delayed Vasil upgrade. However, within this narrative, three pivotal factors demand attention in predicting Cardano's price trajectory.

Market dynamics: The third quarter of 2023 holds immense significance. ADA's ability to maintain its current support level in the midst of market shifts will offer insights into its resilience. A market downturn, coupled with the SEC designating ADA as a security, has generated apprehension. The lingering SEC v. Ripple case, laden with uncertainty, could potentially dissuade new investors.

Interest rate impact: The resurgence of interest rate hikes can cast shadows on ADA's price outlook. As interest rates rise, consumer spending contracts, subsequently impacting financial markets. The correlation between interest rate hikes and ADA's value underscores the nuanced interplay between market dynamics and economic forces.

Global acceptance: While challenges within the US regulatory landscape persist, global acceptance of cryptocurrencies continues to burgeon. Nations like the United Arab Emirates, the UK, and Hong Kong are embracing cryptocurrencies. Cardano's potential integration of "RealFi," aimed at bringing decentralized finance to the tangible world, presents opportunities for broader adoption and price growth.

2024 ADA Price Prediction

The legal battle between XRP and the SEC showcases that coins can appreciate even amidst regulatory turmoil. However, the outcome of ongoing SEC battles holds sway over the entire Crypto sphere. Amidst global debates on decentralization, the resilience of ADA is poised to be tested.

Optimism prevails as the world embraces crypto, yet the US regulatory stance looms as a potential damper. A forecasted ADA cost of $0.95 by 2024 is underscored by potential highs of $1.55 and lows of $0.35; a spectrum of possibilities underlined by regulatory shifts and market sentiment.

2025 Price Prediction for Cardano

By 2025, the Cardano ecosystem might be flourishing. Cardano has so far drawn criticism for having fewer dApps and TVL than Ethereum and for having a network that has developed significantly more slowly.

Cardano is less interoperable than Ethereum by design, which has stifled its development thus far. Longer term, however, this might be advantageous for users because Cardano is built to be decentralized, scalable, and safe.

The development of "RealFi" is Cardano's stated goal, according to research firm Input Output Hong Kong. Since many of the individuals who may most benefit from DeFi are now unable to access it, the term "RealFi" refers to bringing DeFi to the actual world. With Cardano, value transfers across borders will be seamless and inexpensive.

The 2025 ADA price will probably reflect the success of the deployment. As a result, at the end of 2025, our ADA price prediction pegs the price at $2.80. Depending on how the ecosystem develops and how the recent SEC claims turn out, people also anticipate potential highs of $3.50 and lows of $2.10 in 2025.

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Guest Author: David Lim
Content submitted via 3rd party is not necessarily endorsed or verified by GCPress

 

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? 

Asking to remain unnamed 'because this could still be anyone from some 17-year-old who got lucky, to a group of military-grade hackers from a rogue nation' one of the co-creators of one of the major mining pools involved shared this breakdown of what's been happening behind scenes over the last few days following the massive hack of DeFi platform Curve.

On Sunday, August 6, the deadline expired for what would be most hackers' dream come true - an offer to return 90% of the stolen funds and keep the remaining 10% of the approximately $62 million stolen, without repercussions. 

However, things didn't go as straightforward as one might expect...

I assumed we would either see those terms being met, or none of it returned. Why give some back if it's not enough to stop a global manhunt where you are the target? Especially when the offer includes keeping a few million.

But that's what happened, as most of the funds were returned, but they remain target of an investigation that just went in to overdrive, first by re-allocating some of the funds they were prepared to let the hacker keep, now going towards the bounty offered for information that leads to his location.

Starting August 5th, the individual or group responsible for the Curve protocol hack began transferring funds back to one of the impacted pools, Alchemix Finance. This saw a return of $22 million, divided into 7,258 ethers (ETH) and 4,821 alETH.

Moreover, another operation enabled Metronome to recover $13 million, adding another layer of complexity to the unfolding events.

The JPEG'd pool, having experienced a full return of their stolen assets amounting to $11.5 million (5,495.4 Wrapped Ethers or WETH), announced they would not pursue legal action. Instead, they labeled this a “white hat ransom” and agreed to the initial offer, rewarding the hacker with the promised 10%.

That left roughly $18 million still missing - so as the hacker's offer expired, Curve announced a public reward of $1.8 million (10% of the total value) for information leading to the recovery of the remaining funds. 

If the hacker told any friends, he better hope they like him more than a $1.8 million payout...

Anything being returned is a sign that whoever these hackers are, they're probably not working for their home government, and without that level of protection, they may discover things are a lot harder than expected for internationally wanted criminals with $2 million rewards attached to them - spending any of that stolen crypto may bring them more paranoia than enjoyment.

But Curve says there's still one way they would be willing to take their search off the table - if the hacker decides to return the full amount - the 'keep 10%' part is no longer a part of the deal.

Curve's primary focus has now shifted from trying to resolve the situation, to hunting down and "relentlessly pursuing" the individual or group responsible until they are apprehended.

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Author: Jules Laurent
Euro Newsroom | Breaking Crypto News 

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

Bitcoin might just soar to a whopping $120k by 2024's finale. That's what the big brains at Standard Chartered Bank are saying. Those outside of the UK may not understand exactly who that is - this bank is massive here, with 85,000+ employees and locations across the country.

They reckon Bitcoin's price rises, miners will be stashing away more than they're selling. Throw in all the new instructional investment coming in - and you end up with a lot of buyers fighting over a very small, and shrinking supply of BTC being sold. 

Back in April, the same bank forecasted Bitcoin could hit $100k by 2024, thinking we were out of the dreary 'crypto winter'. But now, the bank's head of crypto research, Geoff Kendrick, says there's a chance it could go beyond that.

Why's that? Well, Kendrick explains, with every Bitcoin they mine being more valuable, miners can sell fewer of them and still keep the cash flowing in. This means less Bitcoin in the market, pushing the price even higher. Simple supply and demand.

Bitcoin's had a strong year, rocketing up 80%...

But at the current price of $30k and change, we're till a far cry from the record $69k it hit last November.

2022 was rough, with heaps of dollars wiped off the sector as central banks got tough with interest rates and big crypto names like FTX exchange crashed and burned. But surprisingly, this year's failure of some old-school banks has actually helped crypto bounce back.

The More Bitcoin is Worth, the Less Miners Sell to Cover Costs...

The bank thinks the predicted price hike is because Bitcoin miners, who create about 900 new Bitcoins a day globally, might soon need to sell less of their stash to cover their costs - mostly the electricity needed to power their monster network of mining rigs..

According to Kendrick, miners are currently selling most of their newly minted coins. But if the price reaches $50k, they'd probably only need to sell 20-30%. So instead 900 new bitcoins hitting the market daily, only 180 to 270 would.

"Over a year, that's like reducing the number of coins miners sell from 328,500 to somewhere between 65,700 and 98,550 - meaning about 250k less Bitcoins flooding the market each year," Kendrick explains.

250,000 Less Bitcoins For Sale Means Buyers Will Have Convince Others to Sell - That Means Offering More Money...

And in another twist, come next spring, the total number of Bitcoins that can be mined each day is set to halve. It's part of Bitcoin's in-built design to limit the supply and keep its appeal.

But let's not forget that Bitcoin has a history of wild price guesses. Back in November 2020, a Citi analyst said Bitcoin could climb as high as $318k by the end of 2022. It ended up closing that year down about 65% at $16,500. So take all these predictions with a pinch of salt.
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