ReportWire

Tag: crypto

  • Crypto Current Climb: JPMorgan Suggests Rally May Be Reaching Its Peak

    Crypto Current Climb: JPMorgan Suggests Rally May Be Reaching Its Peak

    [ad_1]

    JPMorgan analysts have cast a skeptical eye over the recent crypto rally, indicating it may be built on sand rather than solid ground. Their latest report conveys a guarded stance, suggesting that the market’s exuberance may be outpacing the underlying fundamentals.

    As the market’s enthusiasm swells, fueled by pivotal developments such as the US Securities and Exchange Commission’s (SEC) potential green light of the spot Bitcoin exchange-traded fund (ETF), these financial experts are urging caution, advocating a closer examination of the elements at play.

    A Closer Look At ETF Approval And Regulatory Battles

    Within the crypto sphere, JPMorgan analysts disclosed that two significant events have captured investor interest and driven prices upward.

    These events include anticipating a US-approved spot Bitcoin ETF, which has ignited hopes of new capital inflows. At the same time, recent legal tussles involving the SEC have raised expectations for a more permissive regulatory environment.

    However, the JPMorgan team, led by analyst Nikolaos Panigirtzoglou, presents a contrarian view, deconstructing these drivers and their probable impact on the market. They argue that an ETF approval would usher in fresh capital, which might be misleading.

    The analysts propose that rather than attracting new investment; the approval could redirect existing funds from current Bitcoin investment products into the new ETFs. The JPMorgan team noted:

    First, instead of fresh capital entering the crypto industry to be invested in the newly-approved ETFs, we see as a more likely scenario existing capital shifting from existing bitcoin products such as the Grayscale bitcoin trust, bitcoin futures ETFs and publicly listed bitcoin mining companies, into the newly-approved spot bitcoin ETFs.

    This shift, they assert, would not necessarily expand the market’s capital base. JPMorgan’s team points to the tepid response to similar products in Canada and Europe as evidence, suggesting that a US spot Bitcoin ETF might encounter the same lukewarm reception.

    Legal victories against the SEC in high-profile cases like Ripple and Grayscale are also interpreted as potential precursors to a regulatory softening. Yet, the analysts remain unconvinced, citing the lingering aftereffects of the FTX scandal and the inherent risks of an under-regulated market.

    They further disclosed that these factors will likely keep the regulatory tightening trend intact, with little room for significant easing.

    Bitcoin Halving: A Pre-Priced Crypto Event?

    The report delves into the much-discussed Bitcoin halving, which traditionally stokes bullish forecasts. However, JPMorgan’s analysts believe the market has already factored in the halving’s supply-squeeze implications. They noted:

    This argument seems unconvincing as the Bitcoin halving event and its effect are predictable and in our opinion are well factored into Bitcoin price.

    They calculate that based on current data, the production cost of Bitcoin post-halving should double, particularly from the current $ $21,000 to $43,000.

    Their analysis concludes with a sobering outlook, anticipating a potential “buy the rumor, sell the fact” scenario post-ETF approval. Such a dynamic could see prices climb on anticipation and plummet once the event materializes, a pattern familiar to seasoned market observers.

    Echoing similar sentiments, financial commentator Peter Schiff has cast doubt on the longevity of Bitcoin’s price surges driven by ETF speculations.

    Schiff warns that post-approval, Bitcoin might face a shortage of positive triggers, potentially culminating in a market sell-off as the ‘buy the rumor, sell the news’ phenomenon unfolds.

    Meanwhile, Bitcoin has seen quite a significant move in the past few hours. The asset has now marked a new high for 2023, surging above $37,000, up by nearly 10% in the past day.

    BTC’s price is moving sideways on the 4-hour chart. Source: BTC/USDT on TradingView.com

    Featured image from Unsplash, Chart from TardingView

    [ad_2]

    Samuel Edyme

    Source link

  • Want To Get Into XRP? Crypto Analyst Reveals The Ideal Price

    Want To Get Into XRP? Crypto Analyst Reveals The Ideal Price

    [ad_1]

    As the market continues to rally, many begin to feel that they have missed the chance to get in early on their favorite altcoins, including XRP. However, a prominent crypto analyst has provided hope to those still looking to get in on the token as he talks of the possibility of a correction and the ideal price to accumulate the crypto token. 

    The Right Time To Be A “Buyer”

    In a post shared on his X (formerly Twitter) platform, the CEO and founder of MN Trading, Michaël van de Poppe, acknowledged how the price of XRP has been rallying in recent times. He further went on to hint at the fact that XRP has always corrected whenever it experienced such rallies. The one that he pinpointed was when the token corrected from $0.93 to $0.45 before its resurgence.

    As such, his belief seems to be that the XRP will dip once again. This time, he stated that an ideal time to be a buyer will be if XRP is able to correct to around $0.54. 

    However, many in the XRP community will be hoping that XRP continues to rally from henceforth, especially considering that it just recently hit the $0.7 price mark. The technical and fundamental analysis surrounding the XRP ecosystem seems to be bullish, with many predicting more upward trend from the $0.7 mark.

    In a recent X post, renowned crypto analyst Egrag, who had predicted that a god candle was coming for XRP, mentioned that that XRP just witnessed an “exciting development.” This is because the 21 Exponential Moving Average (EMA) has crossed over the 55 MA. According to him, this “bullish crossover” historically signifies the beginning of “significant price explosions.”

    
Source: X

    To consolidate this development, he stated how XRP closing above the $51.3 billion Fib 0.702 level was critical as it could be the “watershed moment for our victory.”

    XRP Fundamentals Are Also Bullish 

    The Ripple Swell Conference 2023 is currently ongoing, and the event has lived up to the hype following Ripple’s latest announcements. Apart from the rebranding of its payment service as Ripple Payments, the crypto company also announced how its partner Onafriq will begin utilizing its payment service. This move would see Ripple open up the cross-border payments structure across three continents: Africa, Europe, and Australia. 

    The crypto company is also expected to make more announcements before the conference comes to a close on November 9. Ripple isn’t resting on its laurels, as the company feels more confident than ever to keep expanding. By extension, this will increase the utility of the XRP token, which is an important piece in its Ripple Payments service. 

    XRP price chart from Tradingview.com

    Token price readies to retest $0.7 | Source: XRPUSD on Tradingview.com

    Featured image from Decrypt, chart from Tradingview.com

    [ad_2]

    Scott Matherson

    Source link

  • FTX Redemption Path: Former NYSE President Paves The Way | Bitcoinist.com

    FTX Redemption Path: Former NYSE President Paves The Way | Bitcoinist.com

    [ad_1]

    In a recent report by FOX Business, it has been revealed that a company led by former New York Stock Exchange (NYSE) President Tom Farley is among three potential suitors vying to reboot the now-bankrupt cryptocurrency exchange, FTX. 

    Bullish, the crypto exchange headed by Farley, fintech startup Figure Technologies, and crypto venture-capital firm Proof Group are competing to acquire the remnants of FTX as the auction for the collapsed exchange, founded by Sam Bankman-Fried, nears its final stages.

    FTX Rebirth On The Horizon

    Per the report, the prospective buyer of FTX may have the opportunity to restart the exchange following its planned exit from bankruptcy next year. 

    Should a new owner take control of the exchange, there is a possibility that customers could receive shares in the rebooted exchange or new tradable tokens as partial compensation for their outstanding debts.

    Approximately $9 billion of customer deposits on FTX remain unaccounted for. However, some industry observers caution that relaunching FTX may face challenges in gaining the trust of professional traders, given the exchange’s tainted history of fraud and embezzlement. 

    As a result, discussions have occurred among potential bidders regarding rebranding the revived exchange by dropping the FTX name.

    Former NYSE President’s Bullish Bid

    Bullish, backed by notable investors such as Peter Thiel’s Founders Fund and hedge-fund manager Louis Bacon, is one of the contenders interested in acquiring the crypto company. 

    Tom Farley, the former NYSE President who served from 2014 to 2018, leads Bullish. Figure Technologies, a startup co-founded by former SoFi CEO Mike Cagney, and Proof Group, part of the consortium that successfully bid for bankrupt crypto lender Celsius, are also in the running to purchase FTX.

    The sales process for the exchange does not include the exchange’s real-estate portfolio in the Bahamas or other assets. The auction winner is expected to be announced in December, with the potential for a relaunched FTX to compensate customers through equity or tradable tokens. 

    However, the challenge lies in rebuilding trust and credibility among professional traders who may harbor reservations due to FTX’s history.

    FTX, once ranked as one of the world’s largest crypto exchanges, abruptly collapsed in November 2022 after a run on customer funds. Bankman-Fried, the founder of FTX, was subsequently charged with fraud, accused of misappropriating billions of dollars of customer funds for personal investments, luxury real estate, and political donations. 

    As reported by Bitcoinist, last week, a New York federal jury convicted him on all seven counts, and he is set to be sentenced in March, facing a potential prison term of up to 115 years.

    As the crypto industry closely monitors the outcome of the exchange auction, the involvement of a former NYSE President and prominent investors underscores the significance of this potential relaunch. 

    FTT’s 2% pullback on the daily chart over the past 24 hours. Source: FTTUSDT on TradingView.com

    Featured image from Shutterstock, chart from TradingView.com 

    [ad_2]

    Ronaldo Marquez

    Source link

  • CFTC’s Landmark Year? Crypto Cases Account For Half Of 2023’s Major Fines

    CFTC’s Landmark Year? Crypto Cases Account For Half Of 2023’s Major Fines

    [ad_1]

    The crypto regulation landscape in the United States witnessed a defining year in 2023, as evidenced by the United States Commodity Futures Trading Commission’s (CFTC) recent enforcement report. According to the commission, half of all enforcement cases pursued during the fiscal year were tied to the burgeoning digital asset market.

    As detailed in the CFTC’s statement, the Division of Enforcement (DOE) launched roughly 96 enforcement proceedings over the fiscal year. These cases spanned various infractions, including fraudulent schemes, market manipulation, and other serious violations that affect both the digital asset and swaps markets.

    Collectively, these efforts by the CFTC culminated in a substantial sum of more than $4.3 billion in fines, restitution, and disgorgement orders, highlighting the financial impact of regulatory breaches.

    Digital Assets In The Regulatory Spotlight

    As disclosed in the report, the CFTC’s enforcement arm launched 47 distinct actions, accounting for 49% of the commission’s total caseload for the year.

    These actions covered a broad spectrum, from combating fraudulent exchange activities and dismantling Ponzi schemes to securing court victories against a decentralized autonomous organization (DAO) and a digital asset futures platform. 

    The commission’s litigation efforts also addressed cross-market manipulation facilitated by blockchain technology.

    Chairman Rostin Behnam expressed pride in the CFTC’s dedication to curbing fraud and market manipulation, particularly in the crypto domain, which yielded a record-setting number of enforcement actions.

    Behnam lauded the DOE’s performance, resulting in significant legal decisions and a commitment to maintaining transparency and fairness within markets under the CFTC’s jurisdiction. The chairman particularly noted:

    The Commission continues to remain laser-focused on stopping and deterring fraud and manipulation in the U.S. I am proud of the Division of Enforcement’s groundbreaking work in the digital asset space, which resulted in a record number of cases, as well as staff’s dedication to holding registrants and market participants accountable for their conduct in CFTC regulated markets.

    CFTC Continous Crackdown On Crypto

    Notably, the US CFTC reaching a record enforcement action is quite evident in its crackdown on the crypto industry. Aside from the commission clash with Binance, the CFTC has sharpened its scrutiny on the decentralized finance (DeFi) sector.

    In September, the commission issued concurrent orders targeting DeFi entities Opyn, ZeroEx, and Deridex, Inc. These entities faced allegations of conducting “unauthorized digital asset derivatives trading” and failing to adhere to mandated regulatory standards. The infractions centered around their operation within the DeFi ecosystem, utilizing blockchain protocols and smart contracts without “proper oversight.”

    In response to these violations, the CFTC has mandated Opyn, ZeroEx, and Deridex to disburse civil monetary penalties amounting to $550,000 collectively. Furthermore, they are mandated to desist from further breaches of the Commodity Exchange Act (CEA) and CFTC regulations.

    Complementing these enforcement actions, the CFTC has also been rewarding whistleblowers who supply critical intelligence leading to successful legal actions. As reported by Bitcoinist, the CFTC has disbursed $16 million in whistleblower rewards this fiscal year, incentivizing the revelation of malpractices within the crypto sphere.

    The global cryptocurrency market cap value on the 1-day chart. Source: Crypto TOTAL Market Cap on TradingView.com

    Featured image from Unsplash, Chart from TradingView

    [ad_2]

    Samuel Edyme

    Source link

  • Crypto Analyst Says XRP Price Has Entered Markup Phase, Why This Is Important

    Crypto Analyst Says XRP Price Has Entered Markup Phase, Why This Is Important

    [ad_1]

    The XRP price is still in an incredibly bullish position despite the recent pullback and the general sentiment in the community matches this bullishness. One crypto analyst explains the current trend as the altcoin having entered what is referred to as a “markup phase.”

    XRP Price Leaves Accumulation To Markup Phase

    Crypto analyst and trade The Signalyst took to TradingView to share an interesting phase that the XRP price had entered. Using a chart, the crypto analyst outlined where the altcoin’s price had been in the past, where it is now, and where it is headed using distinct terms.

    The first phase outlined in the chart is the markdown phase which took place after the price surge following Ripple’s first victory over the United States Securities and Exchange Commission (SEC) in July. This markdown phase saw the price go from as high as $0.9 to as low as $0.45 when all was said and done.

    What came after the markdown phase was complete was the accumulation phase. Here, the XRP price traded in a pretty tight range, offering an opportunity for investors to buy as many coins as possible. During this phase, the price never crossed above $0.55.

    Source: TradingView.com

    Next came the markup phase which is where the XRP price is currently residing. This markup phase is when the price starts to recover. “After breaking above the 0.55 level mentioned in my previous idea, XRP exited the accumulation phase and entered the markup phase,” the analyst said.

    This markup phase is important in the fact that it possesses the strength for the XRP price to continue to grow. However, like with any rally, it faces a good measure of resistance from bears who continue to try to pull the price down.

    XRP price chart from Tradingview.com (Markup phase)
    XRP recovers above $0.68 | Source: XRPUSD on Tradingview.com

    The most important level for bulls to break in this markup phase, according to the analyst, is $0.7345, from which the price has already been rejected once on Monday. The Signalyst believes that if this level is broken, then bulls can maintain control of the price. The chart suggests a rise as high as $0.8 following a break of this resistance; an event that would cement XRP’s bull rally.

    “Meanwhile, XRP could still face rejection at the resistance, which can be confirmed on lower timeframes,” the analyst warned. “In this scenario, a correction towards the 0.55 support level would be anticipated.”

    Despite the drawdown, the XRP price is still showing bullishness and a high level of interest from investors. Its daily trading volume is up 32% in the last day, breaking above $3.3 billion. Its price is currently sitting at $0.69, up 1.63% and 21% on the daily and weekly charts, respectively.

    [ad_2]

    Best Owie

    Source link

  • Polkadot (DOT) Market Cap Dips: Q3 Sees 16% Decrease In Value

    Polkadot (DOT) Market Cap Dips: Q3 Sees 16% Decrease In Value

    [ad_1]

    Polkadot (DOT), one of the prominent blockchain networks in the crypto space, experienced a 16% decline in market capitalization in the third quarter (Q3) of 2023, according to a recent report from Messari. 

    This decline came after a moderate downturn in the overall cryptocurrency market during Q3, despite favorable court rulings for XRP and Grayscale. The total crypto market capitalization declined by 5.8%, with Bitcoin (BTC) and Ethereum (ETH) falling by 7.5% and 10.0%, respectively.

    Polkadot Closes Q3 With $5.2 Billion Market Cap

    As reported by Messari, Polkadot’s market capitalization closed at $5.2 billion, positioning it as the 13th largest crypto asset by market cap in Q3 2023 (currently 15th). 

    DOT’s Q3 2023 circulating market cap. Source: Messari

    Polkadot’s financial structure is based on a weight-based fee model, which differs from the gas-metering model in other networks, such as Ethereum.

    Transaction fees in Polkadot are determined and charged before execution, with the calculation comprising a weight fee reflecting computational resources, a length fee based on transaction size, and an optional tip to incentivize block authors. 

    In Q3 2023, Polkadot generated revenue amounting to $94,000, representing a 3% decrease compared to the previous quarter. Messari suggests that Polkadot’s revenue tends to be relatively lower compared to its competitors due to the network’s structural design.

    On the other hand, the native token of Polkadot, DOT, serves three primary purposes: governance, staking, and parachain bonding. During Q3 2023, the staking percentage of DOT rose by 12% compared to the previous quarter, reaching 49%. 

    This increase led to reduced staking rewards and a 12% decline in the annualized nominal yield to 15%. According to Messari, the close alignment of Polkadot’s staking rate with the ideal rate demonstrates the effectiveness of its mechanism.

    Polkadot’s OpenGov Milestone

    The Polkadot treasury supported various initiatives in Q3, including software development, bounties, client upgrades, and community events like meetups and hackerspaces. 

    According to Messari, the implementation of OpenGov on June 15 marked a significant milestone, revolutionizing treasury management and enabling concurrent proposals with distinct requirements. At the end of the quarter, the Polkadot treasury held approximately 45 million DOT ($185 million).

    Polkadot
    Polkadot treasury’s DOT holdings as of Q3 2023. Source: Messari

    Furthermore, Polkadot has recently completed the official release of Polkadot 1.0, marking the achievement of a significant milestone outlined in the Polkadot whitepaper. 

    The network’s codebase has been fully transitioned to a repository managed by the community through Polkadot OpenGov and the Technical Fellowship. The roadmap for the next iteration, Polkadot 2.0, will be determined through community discussions and consensus. 

    Founder Gavin Wood has proposed ideas for additional mechanisms to allocate Polkadot’s block space and for creating treaty-like agreements between multiple blockchains called “accords.”

    Polkadot
    DOT’s sustained uptrend on the daily chart. Source: DOTUSDT on TradingView.com

    As of this writing, the DOT token has exhibited a noteworthy upward trend since October 19, closely following Bitcoin’s lead. Presently, the token is trading at $4,839, reflecting a notable increase of over 16% within the past fourteen days.

    Featured image from Shutterstock, chart from TradingView.com 

    [ad_2]

    Ronaldo Marquez

    Source link

  • WAVES Return To Glory: Crypto Analyst Charts 2400% Growth Trajectory To $49 | Bitcoinist.com

    WAVES Return To Glory: Crypto Analyst Charts 2400% Growth Trajectory To $49 | Bitcoinist.com

    [ad_1]

    Waves (WAVES) was one of the blockchains launched back in 2016 around the time when blockchains like Ethereum and Cardano were just coming into the market. At the time, WAVES was promising but it has been unable to keep up with the times and has fallen out of favor with investors. That is, until now, when one crypto analyst sees an explosive recovery that could send it back toward its 2022 all-time highs.

    WAVES Gearing Up For 2400% Explosion

    Crypto analyst and trader AlanSantana presented an incredibly bullish scenario for WAVES in an analysis that carried four total price targets for the digital asset. Santana explains that the WAVES price has been trading very close to its January 2023 lows, which means that it has not really followed the recent market recovery as much as the other altcoins.

    There had been times when the altcoin’s price had seen recovery. But it was to a much smaller extent compared to where the market currently is. Instead, WAVES has continued to consolidate for the better part of a year, which makes it primed for a breakout.

    Due to this sustained consolidation, the crypto analyst believes that WAVES’s next move up “can be really strong.” This is also backed by other factors such as the increase in trading volume, as well as a strong RSI for the token. Mainly, the RSI backing this move is that it has remained strong at 75 even while prices were down as the analyst explains.

    Price recovers above $2 | Source: WAVESUSDT on Tradingview.com

    Mapping Out The Price Targets

    In the chart shared on TradingView, Santana outlines where they are looking for the price to land. The main targets are four, but the first move, and perhaps the most important one, will be the one that takes WAVES from its current under $2 price level to above $7. This first target will mean an approximate 290% increase from its present market value.

    Then moving on from this $7 mark, the expectations start to get interesting with even bigger price targets. The next target sits at $18, translating to an 8.15% move in price. Next in line is another $10 move to reach the $28 mark, a 1,323% increase.

    WAVES price chart from Tradingview.com

    Source: Tradingview.com

    Not ending there, the next price level sits at the $28 mark which is a 1,872% increase. Last but not least is the last price level at $49.2, an over 2,400% increase from $1.98. Reaching this level would push it very close to its previous all-time high price of $62.

    As for a timeframe, the crypto analyst does not provide one for when WAVES might hit these levels. However, given that the last time that the digital asset saw such a move, it’s safe to say that the forecast could play out in the next crypto bull market.

    [ad_2]

    Best Owie

    Source link

  • XRP Price Rises Above $0.68 To Outperform All Crypto Large Caps, Here’s Why | Bitcoinist.com

    XRP Price Rises Above $0.68 To Outperform All Crypto Large Caps, Here’s Why | Bitcoinist.com

    [ad_1]

    The XRP price has been on a massive tear, rising over 10% on the last day to cross the $0.68 level. Its gains now put it in front of other crypto large caps such as Bitcoin and Ethereum. As this outperformance grows, there are factors that have been driving it and these factors could indeed provide more fuel for it to continue.

    Rise In Daily Transactions Could Be Driving The XRP Price

    Over the weekend, XRP saw some interesting metrics that could point to why the price has been rallying lately. One of these has been the rise in the number of transactions being carried out on the XRP Ledger.

    According to the data available on BitInfoCharts, there has been a marked rise in the number of XRP transactions being carried out on a daily basis. The figure had dropped below the 1 million daily mark toward the end of October. However, November came with good tidings.

    Daily transaction count crosses 1 million | Source: BitInfoCharts

    By November 1, XRP daily transactions were back above 1 million and there was a jump above 1.1 million on November 5. What this suggests is an increase in interest among participants of the blockchain, which is likely one of the factors driving the price.

    Ripple Lawsuit Coming To A Natural End

    After securing multiple victories against the United States Securities and Exchange Commission (SEC) this year, Ripple is likely moving toward the end of a very bitter and long battle with the regulator. A potential settlement has been circulating the airways with the SEC wanting $770 million. But legal experts have said they expect this figure to be lowered.

    Pro-XRP attorney John Deaton talked about the possibility that Ripple ends up paying $20 million and that this would mean a 99.9% victory for Ripple. Another pro-XRP lawyer Jeremy Hogan also chimed in to share that the settlement figure between the two parties will likely end up being “something much less.”

    While both the SEC and Ripple are yet to comment on a possible settlement figure, the talks signal an end to a lawsuit that has adversely affected the XRP price over the years. As such, community members expect a conclusion to give the XRP price room to grow.

    A Possible IPO

    A possible Ripple IPO is still very much dominating conversations in the community given the implications of such a move. Pundits anticipate that going public will send Ripple’s valuation to cross $100 billion and expectations are that the XRP price will follow the same growth trajectory.

    There are some who believe that an IPO will eventually be bad for the XRP price. However, crypto expert Panos Mourkas believes such a move would actually increase the awareness of Ripple and any asset associated with it, such as the XRP token. “And remember: Ripple is one company, while XRP is a universal digital asset with multiple use cases & unlimited potential,” Mourkas argues.

    XRP price chart from Tradingview.com (Ripple)

    XRP sitting above $0.68 | Source: XRPUSD on Tradingview.com

    Featured image from AMB Crypto, chart from Tradingview.com

    [ad_2]

    Scott Matherson

    Source link

  • Shiba Inu Whales Bet Big As Shibarium Grows, Road To $0.1?

    Shiba Inu Whales Bet Big As Shibarium Grows, Road To $0.1?

    [ad_1]

    Shibarium has had quite the adoption and growth since its launch. The layer-2 solution has grown in various metrics over the months, demonstrating strong momentum. Shibarium is closely approaching the 4 million milestone in total transactions. At the same time, whales are increasing their activities, as large transactions spiked in the past week. 

    Shibarium Nears 4 Million Transactions

    The momentum behind Shiba Inu’s own scaling solution is growing at an incredible pace. Shibarium has taken off and become the preferred method for SHIB whales and retail investors alike to buy and sell SHIB tokens.

    According to NOWNodes, Shibarium was one of the best-performing networks this month, as the blockchain node provider reached 66 million processed requests to Shibarium. In less than three months after its launch, the network is now approaching four million total transactions and shows no signs of slowing down.

    Data from Shibariumscan puts the total transaction count at the time of writing at 3.81 million, with a total of 1.51 million blocks mined. The number of daily transactions is also at 13,700 in the past 24 hours, and the number of wallet addresses has recently surpassed 1.26 million.

    At the same time, Shiba Inu whales have upped their activity. Data from IntoTheBlock has shown the Shiba Inu ecosystem saw a 45% jump in large transaction volume, which totaled $46.12 million as October came to a close.

    SHIB market cap currently at $4.839 billion. Chart: TradingView.com

    Road To $0.1 For Shiba Inu?

    Past news around Shibarium has always positively affected the price of SHIB. Each new milestone and benchmark reached in developing Shibarium generates excitement and drives up the price of SHIB. At the time of writing, SHIB is trading at $0.000008154 and only 22.14% of holders are currently making a profit.

    A cross over the four million milestone in Shibarium could lead to another hype in the Shiba Inu ecosystem, even if only temporarily. This could propel Shiba Inu past the current resistance of $0.0000082 and towards its August high of $0.00001072.

    As more SHIB holders discover the benefits of Shibarium, like lower fees and faster transaction speeds, the rate of adoption will only accelerate. At the same time, various developments have pointed towards sustained price growth for SHIB. 

    Shytoshi Kusama, SHIB’s lead developer, recently unveiled a naming service on Shibarium to convert complex Shibarium addresses into simple human-readable names. A $0.1 price point at this moment seems very unrealistic, but updates like this indicate a starting point for sustained price growth.   

    Featured image from Pexels

    [ad_2]

    Scott Matherson

    Source link

  • Is A Ripple IPO Good Or Bad For XRP? Expert Shares Reasons

    Is A Ripple IPO Good Or Bad For XRP? Expert Shares Reasons

    [ad_1]

    A number of intriguing developments have emerged, all of which point to cryptocurrency giant Ripple may be in the works of launching an Initial Public Offering (IPO). As expected, concerns have been raised among the XRP community about whether a Ripple IPO could negatively affect the price of XRP in the long run. But crypto expert Panos Mourkas isn’t worried, dismissing concerns about the launch of an IPO negatively impacting the price of XRP.

    Concerns Surface Over Ripple’s Planned IPO Hurting XRP

    Ripple hasn’t announced its going public yet, but crypto analysts have pointed to the company’s recent hiring trends as preparations. Crypto analyst Lewis Jackson pointed out this hiring trend in a YouTube video, signaling reactions from XRP enthusiasts. One concern that came from this video was a comment about an IPO being the death of Ripple. According to the comment, an  XRP “might pump off the news,” but then Ripple could “dump and manipulate XRP.” The screenshot of this comment was shared on X by Mason Versluis, sparking another round of debate. 

    https://x.com/MasonVersluis/status/1720530978064789910?s=20 

    However, according to Mourkas, Ripple’s IPO will likely increase interest in XRP rather than hurt it. It’s no news that the price of XRP is largely affected by happenings around Ripple. As Ripple’s visibility and credibility rise on Wall Street, more mainstream investors will recognize the potential of its offerings, one of which is XRP. This exposure and validation can attract new buyers to the XRP market, boosting demand and prices.

    https://x.com/panosmek/status/1720547127703560532?s=20 

    It’s also important to note that Ripple and XRP are two separate entities. XRP is an independent digital asset. Therefore, an IPO from Ripple will involve selling shares of Ripple stock, not XRP tokens. Experts have predicted Ripple’s valuation could exceed $100 billion after going public. Even if this valuation were to drop post-IPO, XRP remains independent with more utility beyond Ripple. 

    XRPUSD currently trading at $0.62757 level today. Chart: TradingView.com

    Future Of Ripple And XRP

    Ripple is now on its way to putting its ongoing legal tussle with the SEC behind it, and a settlement is now in sight. The company was recently selected by the National Bank of Georgia as an official partner for a pilot of the Georgian Lari currency. 

    XRP, on the other hand, is starting to grow without restraint after it was deemed not to be a security by a US federal judge. The crypto is up 13.73% in a seven-day timeframe and is looking to establish a strong footing over the $0.62 level. XRP was recently integrated into the Dubai crypto market by the Dubai Financial Services Authority. 

    In essence, recent happening point to a further potential upside for XRP when a Ripple IPO is fully established. According to one of Ripple’s co-founders, XRP price will climb to $10,000.

    Featured image from Freepik

    [ad_2]

    Scott Matherson

    Source link

  • Ethereum Insider Drops Bombshell: ETH Founders’ Fraud Bigger Than FTX Fraud | Bitcoinist.com

    Ethereum Insider Drops Bombshell: ETH Founders’ Fraud Bigger Than FTX Fraud | Bitcoinist.com

    [ad_1]

    An Ethereum insider has made allegations against Ethereum’s founders, claiming that their fraudulent activities far surpass those seen in the notorious FTX fraud case. 

    Ethereum’s Credibility Under Spotlight

    Attorney and former Advisor for ETH, Steven Nerayoff recently published a shocking piece about Ethereum in an X (formerly Twitter) post on Thursday. 

    The lawyer who has personal knowledge of ETH having worked for the blockchain network previously, has come forward with explosive allegations regarding the actions of Ethereum founders, Vitalik Buterin, and Joseph Lubin. 

    According to Nerayoff, these two Ethereum founders have allegedly orchestrated fraudulent activities regarding the ETH blockchain that exceed the scale of the actions committed by Former CEO and founder of FTX, Sam Bankman-Fried. 

    “Ethereum is the fraudulent elephant in the room in plain sight 1000x bigger than SBF,” Nerayoff stated. 

    The FTX case which has been in the headlines for about a year was one of the leading crypto fraud cases which resulted in the financial loss of many investors. About $8 billion in customer funds were found misappropriated in FTX accounts and millions were transferred into a subsidiary company, Alameda Research owned by Bankman-Fried. 

    The founder of FTX was recently found guilty on all seven charges of fraud and conspiracy on Thursday. Bankman-Fried also stands to serve potentially over 100 years in prison which is the amount the charges lead to. 

    Nerayoff has not provided any concrete evidence to support his claims against ETH founders’ alleged fraudulent activities. But this is also not the lawyer’s first time targeting ETH founders with corrupt accusations. 

    Earlier in September, the former Ethereum advisor accused Vitalik Buterin and his father, Dmitry Buterin of a combined effort to ruin his reputation by accusing him of the extortion of an ETH ICO. 

    Insider Says ETH Linked With Corrupt US Officials

    Following his statement of Ethereum allegedly being involved in fraudulent schemes higher than Sam Bankman-Fried’s FTX fraud case, Steven Nerayoff disclosed that founders Joseph Lubin and Vitalik Buterin have allegedly been colluding with corrupt US government officials from some of the highest federal agencies. 

    The former advisor mentioned prominent government figures that Ethereum may have had secret dealings with including present United States Securities and Exchange Commission (SEC) Chairman, Gary Gensler and former US SEC Chairperson Jay Clayton. 

    “Joe Lubin and Vitalik Buterin have been at the front with corrupt officials at the highest levels of federal agencies such as Clayton, Gensler & many others,” Nerayoff said. 

    Nerayoff’s allegations suggest that Ethereum’s corruption runs deep and high, allowing the platform to have an unfair advantage in the crypto space. The claims which are yet to be verified, have raised questions and concerns among many crypto community members. 

    ETH bulls maintain control | Source: ETHUSD on Tradingview.com

    Featured image from CoinGape, chart from Tradingview.com

    [ad_2]

    Scott Matherson

    Source link

  • Shiba Inu Promising Developments Point Toward Sustained Price Growth

    Shiba Inu Promising Developments Point Toward Sustained Price Growth

    [ad_1]

    The layer-2 network Shibarium continues to make great strides, as recent happenings in the ecosystem suggest. These developments have also further reignited the bullish sentiments among many in the Shiba Inu community as they predict an upward momentum in the token’s trajectory. 

    Shibarium Standing Strong

    Shibarium has continued to make great strides since relaunching after its botched launch. The network recently launched its name service, which provides an easier and more seamless way for users on the network to transact. 

    The network also seems to be generating a lot of buzz and utility as the node provider NOW Nodes recently announced that Shibarium was one of the best-performing networks in their ecosystem in recent times. 

    According to them, they have processed over 66 million requests to Shibarium since launching shared access to the Shibarium RPC full nodes in September. Meanwhile, they also highlighted plans to bring Shibarium to “big exchanges and wallets.” 

    As part of these plans, the next step includes finding liquidity providers that will help these exchanges and wallets “fully integrate Shibarium.” One such exchange could be the Australian-based GroveX, which announced that they were in the process of integrating the network into their platform. 

    Meanwhile, on-chain activity on the network continues to rise. According to data from the network explorer Shibariumscan, the network is close to hitting the four million mark in terms of transactions processed. Shibarium is also currently seeing an average of 14,000 daily transactions. 

    From all indication, there is no doubt that the network’s team are putting in “true work,” as Shiba Inu’s lead developer, Shytoshi Kusama, once pinpointed it as what was needed if the community members were going to see a significant increase in SHIB’s price. 

    Shiba Inu is currently trading at $0.00000792 territory. Chart: TradingView.com

    Atomic Wallet Reportedly Adds Support For Shibarium 

    In a post shared on her X (formerly Twitter) platform, Shiba Inu’s marketing lead, Lucie mentioned that some token holders in the Shibarium community informed her that the decentralized wallet Atomic Wallet had allegedly added Shibarium to their platform. 

    However, this move is yet to be confirmed as the decentralized wallet hasn’t released any statement about such integration neither does Shibarium seem supported on the wallet as the time of writing.

    Back in January this year, Atomic had mentioned that they were going to support Shibarium upon the layer 2 network launching, but nothing has been said to that effect since then.

    If eventually confirmed, such news will undoubtedly be bullish for the ecosystem. Such a move could see Atomic’s 5 million plus registered users get onboarded into the network and further increase the demand for the ecosystem’s utility tokens. 

    Shiba Inu is currently trading at around $0.000007893, up over 2% in the last 24 hours, according to data from CoinMarketCap. 

    Featured image from Shutterstock

    [ad_2]

    Scott Matherson

    Source link

  • Bitcoin Falls Under $35,000 But 88% Of Supply Remains Unmoved

    Bitcoin Falls Under $35,000 But 88% Of Supply Remains Unmoved

    [ad_1]

    A look into the Bitcoin price action shows a consolidation under the $35,000 support level has resumed, but the majority of holders are holding steady. Onchain data has revealed that the number of Bitcoin unmoved in a 3-month timeframe has reached a record high of 88.5%. The upside potential remains huge despite the ongoing consolidation, as the top crypto is still up by 26% since the beginning of October.

    BTC Price Drops Below $35,000 But Investor Sentiment Remains Bullish

    Bitcoin managed to push above $35,000 a few times this week,  propelling millions of BTC wallets into profitability. The crypto has since dropped below $35,000, but long-term investors remain optimistic, according to on-chain analytics of Bitcoin movement. One particular metric that speaks a lot about the current Bitcoin cycle is Glassnode’s HODL Waves.

    HODL Waves change color based on their age in wallets. Bitcoins start at red immediately after they’re transferred into wallets and gradually transition to purple as they continue to remain unmoved. 

    This metric, which tracks the age of Bitcoins on the move and on wallets, has shown almost 90% of BTC total supply has remained idle in the past three months. 

    A similar metric from IntoTheBlock has shown retail traders joining the long-term holder bandwagon as investors start to hold on to their assets in the prospect of a BTC spot ETF approval by the SEC. IntoTheBlock’s holding metric puts the number of addresses holding Bitcoin for more than one year at an all-time high of 34 million addresses.

    BTC market cap currently at $679.499 billion on the daily chart: TradingView.com

    Investors Anticipate SEC Approval Of Spot Bitcoin ETFs

    Several factors have contributed to the increase in long-term confidence of Bitcoin investors, one of which is the commencement of a spot ETF trading in the US. The industry expects the SEC’s approval of spot Bitcoin ETFs to ignite the next bullish run for the price of Bitcoin. A top executive at Valkyrie Investments is very confident these ETF applications will be approved by the end of the month.

    However, Singapore-based QCP Capital attributed the recent spike in Bitcoin to macro forces like the drop in US bond yields, not the excitement around spot ETFs. Low bond yields force investors to look into higher-yield investments like BTC.

    Overall, Bitcoin looks to remain in a consolidation phase until buyers step back in or some catalyst drives the next rally. The last time Bitcoin’s supply reached 88% for this metric was during a consolidation in late 2022, where bears got the better and Bitcoin dipped below $20,000. A continued consolidation could see Bitcoin follow this pattern, breaking below its current range to reach $30,000.

    Featured image from Shutterstock

    [ad_2]

    Scott Matherson

    Source link

  • Google Joins Microsoft To Run Nodes On The XRP Ledger? Here’s The Tea

    Google Joins Microsoft To Run Nodes On The XRP Ledger? Here’s The Tea

    [ad_1]

    The crypto community is running with a mix of optimism and caution as rumors fly about Google’s possible engagement with the XRP Ledger. 

    Google And XRP Ledger Buzz 

    CEO of Alpha Lions Academy and Head of Social Adoption at XRP Healthcare, Edo Farina, released a screenshot on X (formerly Twitter) on Tuesday, showing data of computers running nodes on the XRP Ledger (XRPL) and their IP addresses. 

    In the list of addresses, an IP said to be hosted by US tech giant Google, was displayed. Google’s LLC was also listed as an Internet Service Provider (ISP). 

    From the data displayed, Farina had concluded that Google was running XRPL nodes similar to Microsoft, a leading global vendor of computer software that runs an XRPL validator node via its Azure Blockchain as a Service (BaaS). 

    “Following Microsoft steps, more recently GOOGLE is currently running XRPL nodes,” Farina stated.

    The speculation of Google running a node on XRPL caused a stir in the XRP community as many community members are hopeful that Google’s involvement in XRPL would boost the position of XRP in the crypto market. 

    There have also been mixed reactions in the community, with some members raising doubts and attempting to provide more clarity on the data disclosed in the screenshot.

    A prominent XRPL Ambassador, Daniel responded to the post, stating that the IP thought to be owned by Google was a google cloud platform IP address which is likely a result of someone running Ripple on Google Cloud’s infrastructure. 

    “This is Google Cloud IP, it’s more likely that someone runs rippled on it, which means a customer is doing it,” Daniel said.

    XRP market cap currently at $33.008 billion. Chart: TradingView.com

    XRPL Layer-2 Platform Update

    Evernode, a layer 2 smart contract solution built on the XRP Ledger recently released an update regarding its launch. 

    The platform has scheduled its launch target date for the 27th of November and following the smart contract platform’s takeoff Evernode has announced it would plan an airdrop to XRP investors who hold a large number of Evers. 

    About 5,160,960 Evers would be distributed to XRP holders with at least 50,000 XRP tokens on XRPL to their Xahau wallets.. 

    The platform has also made a few changes for the upcoming beta tester airdrop, incorporating a 500 Evers fee for registration and airdropping a full gift to beta hosts during the launch. 

    Featured image from Shutterstock

    [ad_2]

    Scott Matherson

    Source link

  • Why This Fidelity Investments Director Believes Bitcoin Is ‘Exponential Gold’

    Why This Fidelity Investments Director Believes Bitcoin Is ‘Exponential Gold’

    [ad_1]

    The Director of Global Macro at Fidelity Investments, Jurrien Timmer, recently provided insights into the potential of the flagship cryptocurrency, Bitcoin, and went as far as labeling the crypto token as “exponential gold.”

    A Glance At Bitcoin’s Adoption Curve

    In a post released on his X (formerly Twitter) platform, Timmer mentioned that Bitcoin’s scarcity and adoption curve potentially allow it to be a “high-powered hedge against monetary shenanigans,” likely alluding to the fact that the token’s features make it a great option to hedge against inflation. That is why he sees the token as “exponential gold.”

    Source: X

    He further elaborated on Bitcoin’s adoption curve, stating that it has so far followed a “typical S-curve shape,” which places it in good company with other major innovations that went through such an adoption journey. One of them is mobile phones, as Timmer noted that Bitcoin’s adoption curve in 2020 resembled that of mobile phones in the ‘80s and ‘90s. 
    Bitcoin 1

    Source: X

    Bitcoin, however, seems to have moved to another stage in the adoption curve, as Timmer stated that the “real-rate narrative changed from dovish in 2020 to hawkish in 2022.” He further suggested that Bitcoin has moved past the stage of a rapid rise as its adoption curve has flattened out. With this, Timmer believes that it now shares similarities with the adoption curve of the internet in the 2000s as the crypto token “has not made much progress since 2021.”

    Bitcoin Volatility: Good Or Bad?

    In a subsequent post, Timmer put Bitcoin’s volatility in perspective as he compared it with other asset classes. First, he shared a risk-reward chart for the pandemic and post-pandemic era ranging from 2020 to this year. The SPX seemed to provide the best risk-reward with close to 24% return. 
    Fidelity Investments Director

    Source: X

    Timmer then went on to share another chart, which included Bitcoin this time around. The foremost cryptocurrency notably stood out from the rest, as he mentioned that Bitcoin was “in a different universe,” with a 58% return. 

    Bitcoin 3

    Source: X

    Bitcoin’s high volatility seems to have contributed to such returns in no small way, as Timmer mentioned that the crypto token’s huge drawdowns also come with large gains. To drive home his point, he shared another chart that showed drawdowns and rallies, which various asset classes have experienced from their 2-year high and low, respectively. 

    Fidelity Investments Director

    Source: X

    The chart showed that Bitcoin experienced a 54% drawdown from its two-year high but is also up by 84% from its low in the same period. 

    This is more impressive when one considers how other asset classes have fared in the same period as Timmer stated that Government bonds “can’t hold a candle” to Bitcoin’s risk-reward math.  

    Bitcoin price chart from Tradingview.com (Crypto)

    BTC jumps back to $34,800 | Source: BTCUSD on Tradingview.com

    Featured image from Capital.com, chart from Tradingview.com

    [ad_2]

    Scott Matherson

    Source link

  • RUNE Rally Hits Barrier: THORChain Price Nears Resistance

    RUNE Rally Hits Barrier: THORChain Price Nears Resistance

    [ad_1]

    THORChain’s price has been up by over 100% since the last week of October, hitting levels not seen since May 2022. This is an amazing increment in price. But caution is advised since RUNE, an altcoin, seems overbought, possibly signaling a 20% drop in the near future.

    At the time of writing, RUNE was trading at $3.42, climbing over 15% in the last 24 hours, and registering an impressive 37% rally in the last seven days, figures by CoinMarketCap shows.

    RUNE: Potential To Reverse Bearish Trajectory

    If RUNE closes above the psychological $3.500 mark, it could negate the present downturn and cause the bearish attitude to change. The significance of RUNE closing above the critical $3.500 mark lies in its potential to reverse the prevailing bearish trend and trigger a shift in market sentiment.

    Achieving this milestone could signify a break in the current downtrend, potentially instigating a more positive outlook among investors and traders.

    Source: CoinMarketCap

    THORChain underwent a notable phase of consolidation, a period marked by relatively stable prices and limited fluctuations. Following this consolidation, the market witnessed a substantial surge, propelling THORChain’s price upwards by over 40%.

    However, in the aftermath of this surge, the price has demonstrated a consistent stability, remaining within a relatively similar range. This stability has coincided with a broader downturn in market dynamics, where fluctuations and overall activity have shown a decrease across the market.

    Despite the prior surge, THORChain’s price has maintained a consistent level, reflecting a degree of resilience amid the current market trends.

    RUNE market cap currently at $1.16 billion on the weekend chart: TradingView.com

    The RUNE token holds a substantial long-term liquidation value surpassing $70 million, signifying a considerable reserve or potential value inherent in the token’s existence. However, a cautionary note emerges from the chart analysis, which reveals a prominent positive deviation highlighted in green.

    This deviation might signify an impending decrease in price in the near future, suggesting a potential shift or correction in the market valuation of the token. This could prompt investors to stay vigilant and consider potential fluctuations in the token’s value in their future investment decisions.

    The price of RUNE garnered significant attention subsequent to a substantial market surge, as the cryptocurrency experienced a portfolio increase of more than 40% inside that period.

    Signs Of Market Correction For RUNE?

    Analyzing the technical indicators, THORChain reveals an RSI figure of 72.24, typically signaling overbought conditions when surpassing 70. This situation hints at the possibility of profit-taking or a slight downturn in the coming days.

    Despite indicating a robust bullish sentiment with an RSI above 50, THORChain might be treading into overextended territory, potentially requiring cautious observation for signs of a market correction or adjustment.

    Source: Santiment

    Meanwhile, according to Santiment’s research, there is a decline in the social dominance of the RUNE cryptocurrency, which means there is less of a presence and conversation on social media. When conversations do happen, they usually center on the altcoin’s remarkable rise, which may allude to investor anticipation of an upcoming fall.

    In line with this reality is the rising open interest, which is the sum of all long and short positions in the market. After such a meteoric increase of 120%, short sellers should outnumber long sellers for RUNE among traders.

    (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

    Featured image from Frank Cone/Pexels

    [ad_2]

    Yuna Rin

    Source link

  • US Treasury Cracks Down: Sanctions Crypto Money Launderer Tied To Russian Elite

    US Treasury Cracks Down: Sanctions Crypto Money Launderer Tied To Russian Elite

    [ad_1]

    In a significant move to combat sanctions evasion and illicit financial activities, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) has imposed sanctions on Ekaterina Zhdanova, a Russian national allegedly involved in laundering and transferring funds using crypto on behalf of Russian elites. 

    According to the announcement, the action aligns with the G7’s commitment to closing loopholes that allow Russian state actors, oligarchs, and proxies to exploit virtual currency to circumvent international sanctions.

    Crypto Money Laundering Exposed

    Under Secretary of the Treasury for Terrorism and Financial Intelligence, Brian E. Nelson emphasized the alleged role played by key facilitators like Zhdanova in aiding Russian elites, ransomware groups, and other illicit actors in evading US and international sanctions through the abuse of cryptocurrencies. 

    Nelson stated that the Treasury remains steadfast in its efforts to safeguard the global financial system against such exploitation and other risks within the crypto ecosystem.

    Allegedly, Zhdanova’s involvement in obfuscating the source of wealth for a Russian client, enabling the transfer of over $2.3 million into Western Europe via fraudulent investment accounts and real estate purchases, drew OFAC’s attention. 

    Zhdanova’s services provided sanctioned Russian individuals access to Western financial markets that would otherwise be restricted due to US and international prohibitions. 

    The US Treasury Department alleges that such illicit financial activities enable the evasion of multilateral sanctions and undermine efforts to hold Russia accountable for its unprovoked war and aggression.

    Utilizing cryptocurrencies as a facilitator of large cross-border transactions, Zhdanova relied on entities lacking Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) controls, including the OFAC-designated Russian cryptocurrency exchange, Garantex Europe OU. 

    Zhdanova employed various methods to transfer funds internationally, including cash transactions and leveraging connections with other money laundering associates and organizations. 

    Additionally, she utilized traditional businesses, such as a luxury watch company with global offices, to maintain access to the international financial system.

    Furthermore, it is alleged that Zhdanova conducted crypto exchange transfers on behalf of oligarchs who relocated internationally, facilitating the movement of over $100 million to the United Arab Emirates. 

    Unveiling The Scheme

    Zhdanova also provided a tax residency service in the UAE to Russian clients, potentially participating in identity obfuscation. This service offered clients a UAE tax residency, identification card, and bank account, with payments made in cash or virtual currency, subsequently transferred to foreign bank accounts at the client’s discretion.

    Notably, Zhdanova’s services extended to individuals associated with the notorious Russian Ryuk ransomware group. Zhdanova allegedly laundered approximately $2.3 million in suspected victim payments for a Ryuk ransomware affiliate, which has targeted numerous victims worldwide, including the United States, particularly in the healthcare sector.

    As a consequence of this action, all US persons must report any property or interests in property belonging to Zhdanova or any entities directly or indirectly owned by her. Transactions involving such property are generally prohibited unless authorized by OFAC.

    The total crypto market cap consolidation above the $1.20 trillion mark. Source: TOTAL on TradingView.com

    Featured image from Shutterstock, chart from TradingView.com 

    [ad_2]

    Ronaldo Marquez

    Source link

  • US Authorities Confiscate $54 Million In Ethereum From Convicted Drug Dealer

    US Authorities Confiscate $54 Million In Ethereum From Convicted Drug Dealer

    [ad_1]

    In recent developments, US authorities led by US Attorney Philip R. Sellinger successfully seized $54 million worth of Ethereum (ETH) from Christopher Castelluzzo, a convicted drug dealer operating in Lake Hopatcong, New Jersey. 

    Massive Crypto Bust

    The US Attorney’s Office filed a civil forfeiture action to recover previously seized cryptocurrency that was determined to be the proceeds of an illegal narcotics distribution scheme operating in and around New Jersey. 

    US Attorney Philip R. Sellinger emphasized law enforcement’s “commitment” to seizing financial gains from criminal activity, regardless of the form they take. Sellinger further stated:

    The civil action we are taking today seeks to recover millions of dollars of cryptocurrency, which the defendant allegedly obtained from drug sales. Whether it’s as simple as bags of cash or as sophisticated as cryptocurrency, we will take the steps necessary to seize financial gains defendants obtain from criminal activity. 

    According to the US Department of Justice’s (DOJ) press release on the case, the prosecution sheds light on using cryptocurrencies such as Bitcoin (BTC) and Ethereum by criminals on the darknet to evade detection.

    In addition, James E. Dennehy, Special Agent in Charge of the Federal Bureau of Investigation (FBI) in Newark, stated that the FBI played a critical role in uncovering the illegal conduct and ill-gotten proceeds.

    Drug Trafficker’s Ethereum Stash Seized

    According to court documents and the investigations conducted, Christopher Castelluzzo and his associates conspired to sell narcotics between 2010 and 2015. 

    In 2013, they allegedly began trading drugs on darknet platforms in exchange for Bitcoin. Castelluzzo, using proceeds from narcotics sales, participated in Ethereum’s Initial Coin Offering (ICO) in July 2014, acquiring 30,000 Ethereum. Additionally, Castelluzzo received 30,000 ETH Classic in 2016.

    Castelluzzo’s plan to move the funds to a tax haven in Ireland, Malta, or the Bahamas, or potentially keep them in USDT (Tether), was revealed in forfeiture documents. 

    However, a subsequent search warrant led to the raid of Brian Krewson’s residence, an associate of Castelluzzo. Police discovered the relevant crypto wallets under Krewson’s control, and after obtaining the necessary passwords, law enforcement executed the seizure of the Ethereum, valued at $31 million at the time.

    Currently serving concurrent 20-year federal and state prison sentences for drug distribution convictions, Castelluzzo attempted to evade taxes and transfer the 30,000 Ethereum out of the United States while incarcerated. 

    However, Castelluzzo’s plans were intercepted when recorded prison telephone calls exposed his efforts to launder the cryptocurrency. As a result, the United States intervened and seized Castelluzzo’s cryptocurrency holdings linked to his drug trafficking crimes.

    The current value of the 30,000 Ethereum stands at approximately $54 million, underscoring the significant impact of the seizure. 

    ETH’s bullish momentum continues, as seen in the 4-hour chart. Source: ETHUSDT on TradingView.com

    As of the time of writing, ETH is trading at $1,815, reflecting a 0.9% increase over the past 24 hours and a steady upward trend of over 2% in the past seven days, exhibiting strong bullish momentum in the market.

    Featured image from Shutterstock, chart from TradingView.com

    [ad_2]

    Ronaldo Marquez

    Source link

  • Researcher Successfully Syncs Ethereum Node On PlayStation 4 | Bitcoinist.com

    Researcher Successfully Syncs Ethereum Node On PlayStation 4 | Bitcoinist.com

    [ad_1]

    In a groundbreaking experiment, Mario Havel, a protocol supporter and researcher of the Ethereum (ETH) Foundation, has achieved the synchronization of an ETH node on an unlikely device – a PlayStation 4 gaming console. 

    According to a recent post, Havel’s journey began with delving into “PlayStation jailbreaking,” where he discovered vulnerabilities in older PlayStation 4 firmware that allowed for control takeover. 

    Jailbreaking refers to bypassing the restrictions imposed by the official software (firmware) of a device, in this case, a PlayStation 4 console. 

    By jailbreaking the console, the researcher, Mario Havel, gained unauthorized access to the system, allowing him to run custom software and applications and make modifications not typically allowed by the manufacturer.

    Armed with an “old PlayStation 4 machine” running firmware 9.00 or older, Havel embarked on a mission to transform the gaming console into a fully functional Ethereum node.

    From Gaming To Blockchain

    The initial challenge was to obtain a “suitable, hackable” PlayStation 4 console with the desired firmware version. Havel emphasized the importance of avoiding system updates, as newer firmware versions are incompatible with the exploit. 

    After acquiring the appropriate console, Havel manually installed the 9.00 firmware using a USB drive, ensuring the machine remained offline to prevent unwanted updates. 

    To prevent automatic updates while connected to the internet, Havel recommended using a custom domain name system (DNS) server that blocks updates and redirects the user guide homepage to an exploit host. 

    This setup allowed Havel to host a website locally or publicly, providing the necessary tools and resources for the PlayStation 4 jailbreaking process. 

    The jailbreaking process relied on an exploit discovered by comparing firmware versions 9.00 and 9.03. By exploiting a filesystem bug, Havel could trigger the vulnerability by inserting a specially formatted USB device immediately. 

    The exploit required an exfathax.IMG file, which could be downloaded and flashed onto a USB drive using software such as Balena Etcher, a cross-platform tool. Havel noted that the USB drive would be formatted during each jailbreaking session, and it was advisable to use a dedicated flash drive for this purpose.

    According to Havel, once the exploit was successfully activated, the PlayStation 4 gained new capabilities, allowing it to install various packages, tools, and games directly on the console. 

    Linux-Based Ethereum Node Hosting

    Havel mentioned the ability to install packages over a local network for a “smoother installation process.” He also highlighted the ability to run a GNU/Linux distribution – an operating system that can interact with computers and run other programs – on the PlayStation 4, turning it into a versatile personal computer.

    With Linux successfully running on the PlayStation 4, Havel set up an Ethereum node on the console. He recommended downloading portable versions or compiling Ethereum clients suitable for the PlayStation 4’s GNU/Linux environment. 

    Havel shared his experience with clients, highlighting the importance of optimizing resource consumption for smoother operations. He also mentioned monitoring applications to ensure optimal temperature and fan control.

    Having established secure shell (SSH) access over the local network, Havel could connect to his PlayStation 4 node from his laptop, treating it like any other server. 

    This setup allowed for continuous Ethereum synchronization and showcased the PlayStation 4’s potential as a dedicated node-hosting device.

    Ultimately, by repurposing a PlayStation 4 as an Ethereum node, Havel has opened up new possibilities for node hosting, decentralization, and utilizing existing hardware for blockchain network participation. 

    As the experimentation continues, researchers and enthusiasts will likely explore similar avenues, pushing the boundaries of what can be achieved with gaming consoles and decentralized technologies.

    ETH’s uptrend on the daily chart. Source: ETHUSDT on TradingView.com

    Featured image from Shutterstock, chart from TradingView.com 

    [ad_2]

    Ronaldo Marquez

    Source link

  • Bitcoin Magazine Faces Lawsuit Threat From US Federal Reserve Over Parody Apparel | Bitcoinist.com

    Bitcoin Magazine Faces Lawsuit Threat From US Federal Reserve Over Parody Apparel | Bitcoinist.com

    [ad_1]

    The US Federal Reserve (Fed) has taken legal action against Bitcoin Magazine, alleging that the publication’s parody merchandise infringes on its image and trademarks. 

    The dispute revolves around using the FedNow Service image and trademark in merchandise sold by Bitcoin Magazine, which aims to critique the surveillance capabilities of the FedNow system and its potential impact on civil liberties. 

    Bitcoin Magazine has responded with an open letter, asserting its First Amendment rights and refusing to comply with the cease-and-desist request.

    Fed Accuses Bitcoin Magazine Of Unauthorized Infringement

    According to Bitcoin Magazine, the US Federal Reserve has initiated legal proceedings in response to the publication’s parody merchandise. 

    The central bank claims that the merchandise, which uses the FedNow Service image and trademark, constitutes unauthorized infringement and misleading association with the Federal Reserve.

    In an open letter penned to the Federal Reserve Financial Services’s Deputy General Counsel, Bitcoin Magazine’s editor-in-chief, Mark Goodwin, expressed gratitude for the inquiry while asserting the publication’s refusal to comply with the cease-and-desist request. 

    Goodwin highlighted concerns regarding the FedNow system’s potential infringement on civil liberties and emphasized the publication’s First Amendment rights to criticize and parody the system.

    First Amendment Battle

    Bitcoin Magazine firmly believes that its parody merchandise falls within protected speech under the First Amendment. It argues that the imagery used serves as social commentary, specifically critiquing the surveillance aspects associated with the FedNow system. 

    The publication maintains that its readership would not associate Bitcoin Magazine with the Federal Reserve and that no confusion or deception is intended. Goodwin further claimed:

    We do not believe that anyone that is familiar with our editorial guidelines and general stance on the world would ever associate Bitcoin Magazine with the Federal Reserve. We agree with your assertion that “no such association or relationship exists.” We look forward to defending our First Amendment rights, and the opportunity to make clear to all Americans the difference between the open, free, and decentralized financial system that is Bitcoin, and the centralized FedNow system that threatens our nation’s founding values.

    The legal dispute between the US Federal Reserve and Bitcoin Magazine over parody merchandise sold by the publication highlights the clash between intellectual property rights and freedom of speech. 

    Bitcoin Magazine asserts its First Amendment rights to criticize and parody the FedNow system, emphasizing the importance of open dialogue and the distinction between the publication and the Federal Reserve. 

    The outcome of this legal battle will have implications for the boundaries of protected speech and the ability to critique public institutions.

    BTC’s pullback on the daily chart. Source: BTCUSDT on TradingView.com

    After a brief rally to the mid-$35,000 level, Bitcoin (BTC) has again pulled back, falling below this threshold and failing to establish a strong consolidation above it. Currently, the market’s leading cryptocurrency is trading at $34,700, down 0.5% over the past 24 hours.

    Featured image from Shutterstock, chart from TradingView.com 

    [ad_2]

    Ronaldo Marquez

    Source link