The Ultimate Comprehensive and Up-to-Date Source to Master the Crypto Markets:
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Crypto ETFs Take a Hit: Fidelity and Grayscale Lead Losses
Nov 16, 2024 | 07:30 amOn Friday, after a tough Thursday of losses, the 12 spot bitcoin exchange-traded funds (ETFs) faced another dip. Similarly, the nine spot bitcoin ETFs didn’t fare any better, wrapping up the day in the red. Bitcoin and Ether ETFs—Fidelity, Grayscale, Valkyrie, Bitwise, Ark Invest, and Vaneck Hit With $430M Outflows On Nov. 15, U.S. spot […]
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Michael Saylor’s ‘No Second Best’ Holds Strong as BTC Outpaces Hypothetical ETH Investment
Nov 16, 2024 | 06:30 amBased on blockchaincenter.net’s “there is no second best” index—drawing from Michael Saylor’s well-known remark—Microstrategy’s strategy of purchasing bitcoin outshines what the company would have gained if it had opted for ethereum instead. Microstrategy’s Bitcoin Holdings Deliver, Leaving Ethereum Alternatives Behind Over the past month, bitcoin has held its own, but ethereum (ETH), the second-largest cryptocurrency […]
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It’s Morning in America for Crypto
Nov 16, 2024 | 05:00 amWith a decisive electoral sweep of the presidency and Congress, Trump’s second term could mark a transformative era for bitcoin, crypto, and the broader blockchain industry. This editorial is from last week’s edition of the Week in Review newsletter. Subscribe to the weekly newsletter to get the editorial the second it’s finished. Trump’s Victory Could […]
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Hong Kong Exposes Crypto Firms Misrepresenting as Licensed Banks
Nov 16, 2024 | 01:30 amThe Hong Kong Monetary Authority (HKMA) has issued a warning about the misuse of the term “bank” by overseas crypto firms operating in Hong Kong, cautioning the public to verify the legitimacy of such claims. The HKMA observed that two crypto firms, which are not licensed banks in Hong Kong, misrepresented themselves — one by […]
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Tourism Industry Veteran: Global Travel Lacks Standards, Blockchain the Missing Link
Nov 16, 2024 | 00:30 amA travel industry veteran believes blockchain technology can unify the global travel industry, standardize communication protocols and enhance transparency. Blockchain: The Missing Link Pablo Castillo, CEO and CTO of Travel4chain, argues that the global travel industry, which has remained largely unchanged for 40 years, lacks standards and a unified system. Castillo believes blockchain technology is […]
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Russia’s Massive Leap: Digital Financial Market Eyes Trillion-Ruble Milestone
Nov 15, 2024 | 23:30 pmRussia’s issuance of digital financial assets could reach 10 trillion rubles (approximately $101.36 billion) by 2026, according to Sberbank Deputy Chairman Anatoly Popov. Speaking in Moscow, Popov noted that the current market volume for digital financial assets in Russia has already surpassed half a trillion rubles in 2024, reflecting significant growth. He projected that this […]
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Norway’s CBDC Timeline Clouded by Expert Committee’s Bold Advice
Nov 15, 2024 | 22:30 pmA Norwegian expert committee advising lawmakers has recommended no immediate need to adopt a central bank digital currency (CBDC). Despite the declining use of cash, which dropped to just 2% of transactions at physical points of sale during the pandemic, the committee emphasized cash’s importance for secure and inclusive payments. It advised starting work on […]
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Hive Announces Paraguayan Mining Site Construction Update, Hardware Revamp
Nov 15, 2024 | 21:30 pmHive Mining, a data center and crypto mining company, gave an update on the construction of a Paraguayan bitcoin mega mining site that will host 100MW of mining hardware. The company also revealed a purchase of nearly $20 million in mining ASICs to revamp its current equipment. Hive Doubles Down on Paraguayan Mining Bet, Announces […]
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JPMorgan CEO Excluded From Trump’s Visionary Administration
Nov 15, 2024 | 20:30 pmU.S. President-elect Donald Trump has announced that JPMorgan Chase CEO Jamie Dimon, a vocal crypto critic, will not be invited to join his administration. Trump wrote on his social media platform Truth Social on Thursday: “I respect Jamie Dimon, of JPMorgan Chase, greatly, but he will not be invited to be a part of the […]
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Prosecutors Ease Off: Crypto Crimes Lose Spotlight in Manhattan
Nov 15, 2024 | 19:30 pmThe U.S. Attorney’s Office in Manhattan will scale back its focus on cryptocurrency crimes after securing high-profile convictions, including FTX founder Sam Bankman-Fried (SBF), according to Scott Hartman, co-chief of the securities and commodities task force at the Southern District of New York (SDNY). Hartman noted that while crypto cases will not be ignored, fewer […]
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Dogecoin and Elon Musk: Price Manipulation Lawsuit Ends
Nov 15, 2024 | 10:06 amAfter a two-year legal battle involving claims of fraud, a lawsuit accusing Elon Musk and Tesla of manipulating meme cryptocurrency dogecoin (DOGE) is ending. Investors who brought the case, alleging that Musk was causing the cryptocurrency's price swings through tweets and public stunts, have now withdrawn their appeal, Reuters reported. This follows a court dismissal in August. This decision left both parties without sanctions, or the huge payout investors initially sought.Investors Withdraw Legal AppealThe lawsuit, initiated by Dogecoin investors, accused Musk and his electric car company, Tesla, of fraud and insider trading and sought a whopping $258 billion in damages. Investors argued that Musk manipulated dogecoin’s market value through social media posts, including his frequent tweets and his appearance on NBC's Saturday Night Live. They claimed that Musk timed his trades to benefit from his own public statements, causing significant losses for other investors. However, after U.S. District Judge Alvin Hellerstein dismissed the case on August 29, investors decided to withdraw their appeal. The judge had reportedly ruled that reasonable investors could not base a securities fraud claim on Musk’s tweets, including his infamous declaration that Dogecoin could become the future currency of Earth. Following this, both sides agreed to drop their respective motions for sanctions against the opposing legal teams.I will keep supporting Dogecoin— Elon Musk (@elonmusk) June 19, 2022In an unusual twist, the case ended with neither side securing sanctions. Investors had accused Musk’s legal team of obstructing the appeal process and demanding excessive legal fees.No SanctionsMeanwhile, Musk and Tesla sought sanctions against the investors’ lawyer, arguing that the lawsuit was based on ever-changing legal theories meant to extract a quick settlement. Both motions were withdrawn in a stipulation filed in Manhattan federal court, which still requires Judge Hellerstein's approval.The lawsuit had undergone multiple revisions since it was first filed, with investors amending their complaint four times in two years. Ultimately, the court found that the claims did not hold enough legal weight to move forward, leading to the dismissal.In June, a group of investors brought a class action accusing the Tesla boss of influencing the price of Dogecoin for his own benefit. Specifically, they accused the billionaire of pumping the price of the meme coin by over 36,000% over two years and letting it crash. However, the billionaire refuted the claims, vowing to continue supporting the token. In a specific instance, the world’s richest man briefly replaced Twitter’s previous blue bird logo with Dogecoin’s Shiba Inu logo for a few days. This article was written by Jared Kirui at www.financemagnates.com.
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Shiba Inu Targets $0.00006: CoinMarketCap Ranks It 11th with $14 Billion Market Cap
Nov 15, 2024 | 09:06 amShiba Inu, a meme-inspired cryptocurrency, recently experienced a bullish surge but faced resistance at a critical level, leading to a bearish correction. With a market capitalization of about $13.75 billion, it ranks as the eleventh-largest cryptocurrency, according to CoinMarketCap. Its daily trading volume has risen sharply to approximately $1.47 billion.SHIB/USD Faces Resistance, Key SupportSHIB/USD encountered resistance at $0.00002935, triggering a decline to its current level of $0.00002350. The daily chart indicates potential support around $0.00002150, a price level where it previously showed a reaction. Notably, the token faced rejection at the same resistance zone in May 2024.The H4 chart shows that the price has been trading around 0.00002340 for a while. It has had several bounces at this level, which could result in a Double Bottom pattern. If that happens, buyers are likely to go long and push the price towards the North again. On the other hand, a bearish breakout at the support may attract the sellers and the bear may dominate for a while.Shiba Inu Targets $0.00006Referred to as the “Dogecoin killer,” Shiba Inu has developed into a notable meme token, driven by its Layer-2 solution, Shibarium, which addresses scalability challenges while expanding its ecosystem. Lucie, the project’s marketing lead, recently expressed optimism about SHIB’s potential to reach $0.00006, though the timeline remains speculative.Lead developer Shytoshi Kusama responded to criticism from Corleone Alpha News, which questioned Shiba Inu’s innovation compared to other meme tokens. Kusama highlighted the ecosystem’s focus on technology and utility as distinguishing factors, citing projects like Shibarium and its decentralized exchange. He also announced an upcoming educational podcast to emphasize the ecosystem's technical advancements.$SHIB ❤️❤️💥❤️❤️ pic.twitter.com/k2TmXwhPil— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) November 13, 2024Dogecoin Eyes $1 Mark After Price SurgeMeanwhile, Dogecoin, a meme-inspired cryptocurrency, has gained attention following a significant price surge, reaching $0.3292, as reported by Finance Magnates. This rally has reignited speculation about whether DOGE can break the $1 mark. With a 152% gain over the past month and an 86% increase in the last seven days, Dogecoin’s momentum is drawing interest from crypto enthusiasts.People kept saying $DOGE was done — I laughed every single time. Same goes for $SHIB.People really underestimate the power of the communities behind these two giants.— David Gokhshtein (@davidgokhshtein) November 10, 2024Should You Consider Dogecoin, Toncoin, and Shiba Inu?Cryptocurrency investors are always seeking new opportunities. While Bitcoin and Ethereum often dominate the headlines, other digital assets like Dogecoin, Toncoin, and Shiba Inu have also attracted significant attention and support. Each of these cryptocurrencies offers unique features and backing, making them worth considering for investment. Please note, this is not financial advice.Dogecoin benefits from a strong community, charitable efforts, and high-profile endorsements, particularly from Elon Musk.Toncoin's integration with Telegram, which has over 700 million monthly active users, could drive widespread adoption.Shiba Inu's “Shib Army” community has been crucial in promoting the coin and achieving major exchange listings. This article was written by Tareq Sikder at www.financemagnates.com.
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Will Dogecoin Go Up? A Complete DOGE Price Prediction Guide for 2024–2030
Nov 15, 2024 | 08:15 amDogecoin, often called DOGE, started as a joke cryptocurrency in 2013. Fast forward to today, it is one of the most popular digital assets, with a massive community of supporters and strong market influence. With the 2024 U.S. presidential election stirring excitement and Elon Musk’s growing involvement, many wonder, “Will Dogecoin go up?”In this article, we dive deep into Dogecoin price predictions for 2024, 2025, 2026, and beyond, analyze its historical price trends, and discuss whether DOGE could reach new all-time highs by 2030. This comprehensive guide includes technical analysis, predictions, and potential scenarios for Dogecoin’s future value.Dogecoin Overview: A Brief HistoryDogecoin is a cryptocurrency created by Billy Markus and Jackson Palmer as a parody of Bitcoin. What started as a lighthearted project has grown into a serious investment option with a loyal community.Key Milestones in Dogecoin’s History2013: Dogecoin launched as a meme-based cryptocurrency.2021: Dogecoin’s price skyrocketed to its all-time high of $0.73 due to social media buzz and Elon Musk's tweets.2024: Dogecoin’s value surged by over 350% following Donald Trump’s 2024 election win and Elon Musk’s appointment to lead a government agency called DOGE.Dogecoin Price History: From Creation to TodayThis week, Dogecoin's price reached multi-month highs, testing $0.4386 on Binance on November 12, 2024—the highest in over three years. Since the beginning of the year, DOGE's price has increased by nearly 300%.If you want to learn more about: “Why Dogecoin price is surging” in the last weeks, you can check this article.Dogecoin's Historical Price AnalysisEarly Years: Dogecoin remained below $0.01 for much of its history.2021 Surge: DOGE reached its all-time high of $0.73, driven by celebrity endorsements and meme culture.2024 Recovery: After a bearish period, Dogecoin’s current price in November 2024 is $0.35, reflecting renewed interest.After a very calm 2023 and a bearish 2022, during which DOGE lost nearly 60% of its value, 2024 is bringing highly dynamic growth. While these gains are nowhere near the speculative frenzy of 2021, which saw a 3,500% surge, they still outperform most of the major cryptocurrencies.Currently, Dogecoin is one of the biggest cryptocurrencies by market cap (6th) and by daily volumes (5th):Dogecoin Price Prediction 2024Factors Driving Dogecoin’s Price in 2024Donald Trump’s 2024 Election Win: His administration’s pro-crypto stance could boost Dogecoin.Elon Musk’s Role: Musk’s appointment as co-chair of the government’s DOGE agency has already driven investor optimism.Market Trends: Renewed interest in meme coins and altcoins is likely to sustain DOGE’s momentum.“DOGE has been an outstanding charting market following classical charting principles,” claims Peter Brand, the veteran trader from Wall Street. “I am going to follow up in a few hours with a comparison chart that will blow your mind (as long as I remember to do so at age 78).”DOGE $DOGE has been an outstanding charting market following classical charting principles I am going to follow up in a few hours with a comparison chart that will blow your mind (as long as I remember to do so at age 78) pic.twitter.com/xKuLflPgea— Peter Brandt (@PeterLBrandt) November 13, 2024Doge Price Prediction Table for 2024By the end of 2024, Dogecoin’s price is expected to reach around $0.60, barring major market disruptions. However, there are people with much more positive projections:$doge will hit $4.20 easily this cycleAnd I’m not even jokingResearch “Golden Bull”#dogecoin pic.twitter.com/l0CGK5GK4i— Coochie Fiend (@Coochie_Fiend_) November 6, 2024Dogecoin Price Predictions for 2025–20302025 Price PredictionThe price of DOGE may experience steady growth in 2025. Adoption by merchants and partnerships with payment processors like PayPal could drive the price higher. Analysts predict that the DOGE price could reach a maximum of $0.85 by the end of 2025.2026 Price PredictionBy 2026, Dogecoin’s price may increase with technological advancements. Its minimum price is expected to hover around $0.50, while its maximum price could reach $1.00. Find out more about the newest DOGE price predictions for 2026 here.2030 Price PredictionDogecoin’s long-term price target depends on broader adoption and market trends. If Dogecoin reaches its potential as a widely accepted digital currency, it could surpass $1.50 by 2030.Why Dogecoin Could Reach All-Time Highs Again1. Elon Musk’s InfluenceElon Musk’s ongoing support has played a pivotal role in Dogecoin’s growth. His involvement in the DOGE government agency and frequent mentions on social media keep Dogecoin in the spotlight.Elon Musk on D.O.G.E:"I think we can reduce the annual federal budget by atleast $2 trillion per year. Your tax money is being wasted and the Department of Government Efficiency is going to fix that." pic.twitter.com/KWtqEl8xEl— DogeDesigner (@cb_doge) November 13, 20242. Market SentimentThe Dogecoin community remains one of the most active and loyal in the cryptocurrency space. This enthusiasm often drives up prices during bull runs.3. Adoption and Use CasesMerchants Accepting DOGE: Companies like Tesla already accept Dogecoin for certain purchases.Future Partnerships: New partnerships with financial services or e-commerce platforms could increase demand.4. Broader Market TrendsDogecoin often follows the price action of larger cryptocurrencies like Bitcoin and Ethereum. A strong crypto market could push Dogecoin toward new all-time highs.Experts are also highlighting technical analysis. On the DOGE chart, a “golden cross” has just occurred, where two long-term moving averages have crossed.“The majority here don't seem to understand the implication of this golden cross that just occurred on DOGE,” pseudonymous analyst Mikybull, commented. “Last cycle, dogecoin rallied almost 7,000% after the golden cross.”The majority here don't seem to understand the implication of this golden cross that just occurred on $DOGE.Last cycle, dogecoin rallied almost 7,000% after the golden cross. pic.twitter.com/K0vBRQGrSs— Mikybull 🐂Crypto (@MikybullCrypto) November 12, 2024Should You Invest in Dogecoin Today?Risks of Investing in DogecoinVolatility: Dogecoin’s price can swing significantly within days.Lack of Utility: Unlike Ethereum, Dogecoin does not have smart contract functionality.Regulatory Uncertainty: Increased regulations could impact the cryptocurrency market.Rewards of Investing in DogecoinPotential Growth: If Dogecoin continues to gain mainstream acceptance, its price could skyrocket.Community Support: A loyal community helps maintain its relevance.Low Entry Point: Dogecoin is affordable compared to major cryptocurrencies, making it accessible to new investors.What $100 in Dogecoin Today Could Be Worth2024: $100 invested today could grow to $150–$200 if prices rise as predicted.2030: If Dogecoin hits $1.50, that same[…]
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Ethereum Whale Activity Signals Rebound, Defying Price Correction
Nov 15, 2024 | 06:26 amThe recent activities of Ethereum's large investors have raised hopes of a continued bull market. After a strong price move last week that saw Ethereum surpass $3,000 for the first time since August, there is a new wave of accumulation from Ethereum whales. The third quarter saw significant selling from this investor segment as multiple large holders offloaded their assets, dampening price momentum. At the time of publication, the second-largest crypto was trading at $3,049 after a 3% drop in the past day. The price has experienced a 4% jump in the past week. Whale ActivityHowever, things seem to have taken a turn in the fourth quarter. Onchain data from Lookonchain revealed that a new Ethereum whale address became active on November 9, accumulating over 18,000 ETH at an average price of $3,201, Cointelegraph reported. The wallet reportedly holds Ether worth $57.8 million, alongside $19.3 million in Tether (USDT). This substantial purchase is now valued at $23.44 million in the last 24 hours alone. The whale's decision to hold only Ethereum and USDT suggests a strategy of accumulating more ETH during potential price dips, signaling confidence in the asset's future value.Earlier, a prominent whale from Ethereum's 2016 initial coin offering sold off a significant holding, netting an impressive 80,000% return. More recently, another major Ethereum holder transferred 6,250 ETH (worth $20 million) to the Kraken exchange, reflecting a past trend where ICO whales offloaded their assets at key price points.Bitcoin ETF OutflowsWhile Ethereum whales make waves, Bitcoin exchange-traded funds have experienced their third-largest outflow since launch, with $400.7 million drained on Thursday, Coindesk reported. Bitcoin's price corrected by 6% from its all-time high of $93,000 earlier this week. Despite this, inflows into some ETFs like BlackRock's IBIT continue, showing mixed investor sentiment.Glassnode data shows that in the past three days alone, investors cashed in a staggering $15 billion. Such profit-taking is typical after a new all-time high, but if history repeats itself, Bitcoin is expected to find support and rebound.The return of whale activity hints at renewed confidence in Ethereum's long-term potential. This could be an opportunity for investors, especially if ETH sees further consolidation before a breakout. This article was written by Jared Kirui at www.financemagnates.com.
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Bitfinex Hacker Ilya Lichtenstein Jailed for Five Years
Nov 14, 2024 | 21:50 pmIlya 'Dutch' Lichtenstein, the mastermind behind the 2016 Bitfinex hack that led to the theft of around 120,000 Bitcoins, has been sentenced to five years in prison. Alongside the theft, he was convicted of money laundering conspiracy and will serve three years of supervised release following his prison term.One of the Largest Crypto Exchange HacksThe sentencing followed guilty pleas by Lichtenstein and his wife and co-conspirator, Heather Morgan, to one count of conspiracy to commit money laundering. Morgan’s sentencing is scheduled for November 18.Morgan, who went by the pseudonym "Razzlekhan" even made surreal rap music videos and posted them on internet. However, she remains inactive after her arrest.US authorities recovered the stolen Bitcoins, which were worth $3.6 billion at the time of their recovery in a 2022 raid on the couple. Today, those Bitcoins are worth more than $10.5 billion.Bitcoin recently hit a record value above $93,000 amid the ongoing bullish rally. Interest in cryptocurrency surged following the US presidential election, which led to Donald Trump's victory. Trump is perceived as crypto-friendly and is expected to be lenient with cryptocurrency industry regulations.🚨 Ilya Lichtenstein, derrière le hack de 120 000 BTC de Bitfinex, est condamné à 5 ans de prison. pic.twitter.com/cElbwN7k6a— Coin Academy (@coinacademy_fr) November 14, 2024Laundering Crypto Is DifficultAccording to court documents, Lichtenstein accessed the Bitfinex network in 2016 and fraudulently authorised over 2,000 transactions, transferring 119,754 Bitcoins from the crypto exchange’s wallets to those he controlled. He even deleted the exchange’s access credentials and other log files to cover his tracks.After the hack, he and his wife laundered the stolen funds. They used advanced techniques, including fictitious identities to set up online accounts and computer programs to automate transactions. They deposited the stolen funds in several darknet markets and crypto exchanges, then withdrew them to obscure the origin of the cryptocurrencies.Additionally, the duo converted Bitcoins into other cryptocurrencies, a process known as “chain hopping,” and used crypto-mixing services for further anonymity. They also purchased gold coins with the stolen funds. This article was written by Arnab Shome at www.financemagnates.com.
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SEC’s Chair Gary Gensler Hints at Exit, Defends Tough Crypto Regulations
Nov 14, 2024 | 13:11 pmOn his campaign trail, US President-elect Donald Trump vowed to fire Securities and Exchange Commission (SEC) Chair Gary Gensler if elected. But even before Trump gets to the Oval Office, Gensler has hinted at a possible exit from the agency. A recent speech by the SEC boss left many speculating about his potential resignation, CNBC reported. In what sounded like a reflective farewell, Gensler defended his regulatory approach, especially toward the crypto industry, and highlighted key accomplishments during his tenure.Leaving the SEC?Speaking at the Practising Law Institute’s 56th annual conference on securities regulation, Gensler expressed pride in his role at the SEC, a position he has held since April 2021. During the address, Gensler reviewed several of the SEC’s major accomplishments. Among the highlights were new disclosure rules aimed at increasing transparency. The regulations now require companies to provide more comprehensive information on data breaches, executive pay in relation to performance, and significant ownership stakes exceeding 5%. Although he briefly mentioned the climate change disclosure rule, which remains delayed in legal challenges, Gensler focused on the broader intent of these initiatives. Gensler also pointed to structural changes he implemented in the markets. These include new rules for the central clearing of Treasury securities and a reduction in the settlement cycle for stock transactions from two days to one.Additionally, he highlighted recent adjustments that allow stocks to be quoted in increments smaller than a penny, aimed at increasing liquidity and efficiency.Strong Stance on Crypto RegulationIn what has been a defining feature of his leadership, Gensler reiterated his strong stance on regulating the crypto sector. “It’s been a great honor to serve with them, doing the people’s work, and ensuring that our capital markets remain the best in the world,” Gensler mentioned as quoted by CNBC.While he acknowledged that Bitcoin does not fall under the SEC’s purview as a security, he emphasized that many of the 10,000 digital assets on the market do. He defended the SEC’s crackdown on unregistered offerings, noting that these actions align with existing securities laws.Gensler argued that the failure to properly regulate the crypto market has led to “significant investor harm,” reiterating his belief that most crypto assets have not demonstrated lasting value. Although Gensler did not explicitly announce his resignation, his words left room for interpretation. This article was written by Jared Kirui at www.financemagnates.com.
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Coinbase Lists Meme Token PEPE as Price Surges 115%
Nov 14, 2024 | 11:51 amCoinbase listed Pepe, a meme token created from a frog internet meme that gained popularity in the early 2000s. The long-awaited listing followed the recent bull market that drove most cryptocurrencies to unprecedented levels. The crypto rally also pushed the valuation of PEPE to more than $9 billion, making it the fifteenth largest digital asset. According to CoinMarketCap, the meme token was up 20% in the past day and 115% on the weekly chart at the time of writing. Currently, PEPE trades at $0.00002275.Coinbase Embraces Meme TokensOn Wednesday, Coinbase’s Chief Legal Officer Paul Grewal informed the crypto community that the exchange was soon listing the token. “You have long wanted the frog. Well, soon you'll get the frog. @coinbase is adding PEPE to our listing roadmap with the goal of listing later today. Thanks for your patience,” he wrote. Interestingly, Pepe’s description on CoinMarketCap states that it aims to capitalize on the popularity of other meme tokens like Shiba Inu and Dogecoin.You've long wanted the frog. Well, soon you'll get the frog. @coinbase is adding PEPE to our listing roadmap with the goal of listing later today. Thanks for your patience.— paulgrewal.eth (@iampaulgrewal) November 13, 2024Interestingly, Coinbase faced criticism from the crypto community on Twitter last year after it published a newsletter article criticizing the meme token. In the publication, the author described an Ethereum-based meme coin as a coin “that has been co-opted as a hate symbol by alt-right groups,” citing the Anti-Defamation League for the description.Past CriticismThe tussle came after PEPE reportedly became the fastest Ethereum token to hit $1 billion amid a rise in the popularity of meme tokens. “For a few, speculation on meme coins has led to massive profits, but that doesn’t come without risks too, sometimes meme coin frenzies even precede broad declines in Bitcoin and Ethereum,” the article added.Like most meme tokens, PEPE founders are anonymous. The token is described as a deflationary meme coin based on Ethereum. The meme project reportedly has three phases in its roadmap, including listing on CoinMarketCap and making the token trend on X. The project’s team also seeks to list on centralized exchanges. This article was written by Jared Kirui at www.financemagnates.com.
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Elon Musk’s Tweet Reignites Dogecoin as Price Surges over 100%
Nov 14, 2024 | 09:19 amElon Musk, the world’s richest man and self-proclaimed Doge father, is back to promoting the meme token following its skyrocketing prices. Musk retweeted a post on X praising the achievement of the digital asset that once started as an internet parody but is now worth billions of dollars.The Tweet came from Melissa Chen, the co-founder of Ideas Beyond Borders. In the post, which impressed the Tesla boss, Chen expressed her enthusiasm about how DOGE has gained popularity since starting as just a meme token.From Meme to Mainstream“I’m cracking up so badly listening to serious WSJ journalists pronounce “DOGE” in their professional radio broadcasting voice in the context of a serious news bit, and part of me cannot believe that it all started from a meme. A govt agency was memed into existence Much wow,” she wrote.This is so awesome 😎 😂 https://t.co/QLixI9t1tC— Elon Musk (@elonmusk) November 14, 2024DOGE was one of the cryptocurrencies that led the recent crypto rally. The meme token, which was created in 2013 from a dog meme, now ranks sixth in the crypto asset list with a valuation of $58 billion. At the time of writing, the meme token was trading at $0.3977 after soaring over 105% in the weekly chart.Crypto RallyAccording to a recent report by Finance Magnates, the surge in DOGE prices and the bullish sentiment in the broader crypto space are linked to political and economic factors and general market speculation.The crypto community welcomed Donald Trump's return to the White House after his victory in the US election. During his campaign, Trump lured the crypto community with many promises, including firing the Securities and Exchange Commission (SEC) Chair Gary Gensler if re-elected.In a July YouTube livestream by Sky News, the President-elect and business mogul lauded Bitcoin, saying, "It is not just a marvel of technology; it is a miracle of cooperation and human achievement. A lot of relationships are formed. Obviously, there is competition, but there are relationships. There is a friendship that is developed."Interestingly, despite the positive gains, most industry experts believe that DOGE could still retreat from the current high before any attempt at trading at $1. However, there has been significant buying activity among large investors, also referred to as whales. DOGE rally is also boosted by strong trading volumes. This article was written by Jared Kirui at www.financemagnates.com.
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Bitcoin and Dogecoin Price Push: Crypto Euphoria Creates a Bullish Barbell
Nov 14, 2024 | 04:32 amBitcoin has repriced rapidly since the US election result, in a move that some observers are calling the Trump trade, while others assert that gains were overdue anyway. And there seems to be truth in both points of view: the bitcoin halving cycle and BTC’s previous months-long sideways movement both pointed to an incoming bullish period, while rate cuts and increased liquidity are always fuel for bitcoin. At the same time though, the resolving of the election in favor of Donald Trump, by a very clear margin, looks like the emphatic catalyst that has kicked off that anticipated bullishness in explosive fashion. This move has seen BTC rise to new all-time highs with a price currently around the $90,000 mark, and trading is occurring amid positive speculation around Trump’s many pro-crypto pledges, including the possibility of a strategic bitcoin reserve, and a change of leadership at the SEC that should end the Commission’s hostility towards the crypto industry. However, it’s not only BTC that has been making strong moves, with spot ETH ETFs and many smaller coins also reacting sharply to the political changes now taking place in America.Ethereum ETFs Wake UpETH may be the second largest crypto by market cap, but it has underperformed this year in comparison to BTC, and also when placed side by side with some other Layer-1 blockchains, most notably Solana. Additionally, the spot ETH ETFs that launched in July had a conspicuously slow start when compared with the spot BTC ETFs that launched earlier in the year. However, those Ethereum funds finally started to move after the election, and since Trump's win was confirmed, the ETH ETFs have seen a cumulative $796.2 million in net inflows during the period from November 6th to November 13th. That said though, the price of ETH has yet to catch up with BTC in terms of yearly gains so far.DOGE and Other Memecoins Make MovesSecond only to the positivity around BTC–the central mover from which the rest of the crypto market derives its energy–the next greatest levels of market exuberance are currently to be found further out along the risk curve, in the world of memecoins. From the outside, these tokens–much like NFTs a few years ago–are difficult to get a handle on. Memecoins have zero utility and yet they are currently delivering some enormous returns, and what’s more–as the lines blur between crypto, current affairs, and traditional finance, we can now–remarkable as it might sound–find memecoins being referenced at the very highest levels of political leadership.This is apparent in plans from the incoming Trump administration to establish an office purposed to streamline government bureaucracy, to be headed by Elon Musk and Vivek Ramaswamy, and which is to be named the Department of Government Efficiency, or D.O.G.E for short. Musk is famously a long-time fan of DOGE the memecoin, which is the oldest meme token around and has soared in market cap from around $22 billion pre-election to around $60 billion now.Over the last 2 years, the Supreme Court has ruled that the administrative state is behaving in wildly unlawful ways. But slapping the bureaucracy on the wrist won’t solve the problem, the only right answer is a massive downsizing. https://t.co/EfdJzd9XuT— Vivek Ramaswamy (@VivekGRamaswamy) November 13, 2024 What’s more, memecoins are increasingly making it onto major exchanges for spot trading, with Robinhood this week adding the Ethereum-based memecoin PEPE, and Coinbase listing PEPE and Solana-based token WIF, having previously only listed DOGE, SHIB, and BONK from the memecoin sector. For the moment then, we’re seeing a barbell of interest: bitcoin is rising as a form of legitimized digital gold with institutional demand, while at the other tip, memecoin gains indicate consumer demand for the kind of rapid-fire, decentralized casino that only crypto can provide.Robinhood Brings Back SOL, XRP, and ADAAs well as listing PEPE, it’s notable that this week also saw Robinhood relisting alternative Layer-1 tokens SOL, XRP, and ADA for spot trading. These tokens were all withdrawn from Robinhood in 2023, at a time when there was legal pressure on the crypto industry from the SEC, and so the reappearance of these coins signals a significant shift. During election campaigning, Trump pledged to end anti-crypto actions from the authorities, and he is surrounded by crypto advocates, which on the whole adds up to an emerging new environment in which legal wrangles between the SEC and the crypto industry may become a thing of the past."Bitcoin is going to the moon" - Donald Trump pic.twitter.com/QTkg5UkJzR— Altcoin Daily (@AltcoinDailyio) November 7, 2024 When the dust settles then, one question raised might be as to exactly why the SEC under still-current Chair Gary Gensler waged war on crypto, but for now all eyes are on the future: it’s not yet clear how crypto and traditional finance will eventually co-exist, but what appears to be occurring is a recategorization of the entire crypto industry, which no longer looks vulnerable to regulatory chokeholds in the US. At the very least, that’s how it’s trading right now: with two months until Trump’s inauguration, and while the President-elect works with a strongly pro-acceleration, tech-friendly inner team. This article was written by Sam White at www.financemagnates.com.
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Will Bitcoin Reach 100K? Experts Share BTC Price Prediction for 2024
Nov 14, 2024 | 04:16 amAs Bitcoin (BTC) trades near record highs in 2024, the cryptocurrency market watches with strong positive sentiment as BTC inches closer to the coveted $100,000 mark. Since its inception in 2009, Bitcoin has seen dramatic price movements, but the current bull market suggests a six-figure price target is within reach. What is more, it can happen in the next few weeks.Bitcoin Price Prediction: From Bear Market to New All-Time HighThe crypto industry has witnessed unprecedented growth, with Bitcoin reaching a new all-time high of $93,495 on Wednesday, according to Coinbase data. Contributing to Bitcoin's surge are multiple factors, including Trump's presidential victory and BlackRock's institutional involvement. The spot Bitcoin ETFs have seen record inflows, demonstrating growing interest from both retail investors and institutional investors.Bitcoin has had an impressive run in 2024, gaining nearly 30% in recent weeks and surpassing $93,000. Analysts from various crypto and financial research firms have shared predictions on Bitcoin’s price for year-end and beyond, fueled by the recent rally and favorable economic conditions.Ryan Lee of Bitget Research believes the cryptocurrency’s November momentum could propel it past $100,000, citing historical patterns and post-halving cycle trends. “If history repeats itself, Bitcoin’s projected growth could take it well above $100,000 by month-end,” Lee remarked.Expert Analysis and Year-End PredictionsMeanwhile, Bitfinex analysts attribute Bitcoin’s bullish momentum to Trump’s presidential victory and the potential for continued interest rate cuts in the U.S. “We expect Bitcoin to accumulate and range, with $100,000 in a few months,” they explained, adding that Trump's administration is likely to support pro-crypto policies, boosting cryptocurrency adoption among institutional investors.Prediction Markets and Analyst ViewsThe following table compiles various Bitcoin price forecasts from multiple analysts, highlighting their predictions and underlying rationales:Note: These forecasts are based on analyses and opinions as of November 2024 and are subject to change with market dynamics.The Role of Trump’s Election and Institutional Inflows in Bitcoin’s SurgeTrump’s victory has created significant excitement in the cryptocurrency market. Analysts, including Fadi Aboualfa from Copper.co, argue that the election could set a supportive regulatory backdrop for Bitcoin. “Trump’s win has provided market stability, helping institutional investors show renewed interest in Bitcoin,” Aboualfa said, noting that Bitcoin ETFs saw $2.6 billion in inflows within days of the election. Copper.co’s forecast suggests that spot Bitcoin ETFs could drive the price closer to the $100,000 level by early 2025.With Bitcoin ETFs garnering interest from major institutions such as BlackRock, Pav Hundal from SwyftX sees an end-of-year target of $103,000. “If you apply a Fibonacci extension, Bitcoin could trade at $103,000 by year-end,” Hundal explained. Institutional inflows are likely to support higher price discovery, aligning with broader crypto adoption among investors and financial institutions.Bitcoin in 2024: Price Action and Market DynamicsWhile most analysts are bullish, others warn that volatility could pose challenges in the short term. Crypto.com’s CEO Kris Marszalek points out that Bitcoin’s leverage ratios have reached unsustainable levels.Leverage needs to be cleaned up before attack on $100k. Please manage your risk carefully.— Kris | Crypto.com (@kris) November 12, 2024“Leverage needs to be cleaned up before an attack on $100K. Please manage your risk carefully,” Marszalek cautioned, referring to Bitcoin’s high open interest across exchanges. Similarly, Ki Young Ju of CryptoQuant predicts potential pullbacks, setting his price target for Bitcoin at $58,974, well below the year-end goal others envision.I expected corrections as BTC futures market indicators overheated, but we're entering price discovery, and the market is heating up even more. If correction and consolidation occur, the bull run may extend; however, a strong year-end rally could set up 2025 for a bear market,…— Ki Young Ju (@ki_young_ju) November 10, 2024Crypto Exchanges and Trading ActivityThe price discovery process has intensified across major crypto exchanges, with:Record high open interestStrong trading volumesDecreased volatilityPositive price movementsInstitutional AdoptionBlackRock's spot Bitcoin ETF has become a freight train of institutional inflows, suggesting that Bitcoin could reach new heights. The former president Donald Trump's victory has created a crypto-friendly environment, potentially easing regulatory concerns.The upcoming $11.8 billion options expiry on December 27 is also expected to influence Bitcoin’s price movement. Analysts expect options market dynamics to add to Bitcoin’s volatility, as bulls and bears vie to shape the year-end outcome. Depending on market conditions, Bitcoin’s price could remain near $88,000 or surge above $90,000, leading to significant options-based adjustments.Price Movements Since Previous HalvingThe blockchain data shows significant changes since the previous halving:New bitcoins entering circulation at a reduced rateIncreased demand for BitcoinGrowing institutional interest on BitcoinPrice surge exceeding previous bull market cyclesDespite warnings, sentiment in prediction markets remains largely optimistic for Bitcoin’s future. Lennix Lai of OKX sees potential for Bitcoin to surpass $100,000 by year-end. “The crypto market is showing signs of a paradigm shift, which could push BTC beyond 100k,” Lai commented. According to eToro analyst Josh Gilbert, the six-figure mark is within reach, given the combination of institutional demand and cooling interest rates.Future Outlook and Market SentimentLong-term Bullish FactorsAmong investors, there's a strong consensus about Bitcoin potentially reaching the 100K mark before the end of this year. Views and opinions from leading analysts suggest several catalysts:Interest rate cut in SeptemberContinued ETF inflows into BitcoinGrowing retail investors participationStrong positive sentiment in the U.S. marketBen Simpson of Collective Shift and Mati Greenspan from Quantum Economics add to the bullish outlook, with both predicting sustained upward movement for Bitcoin. “Bitcoin’s limited supply and growing demand are key factors driving this bull run,” Simpson noted, pointing out that Bitcoin’s limited supply has been a strong driver for institutional and retail investors alike. Greenspan sees the rally as a longer-term trend, with the potential to surpass prior cycles.Bitcoin just hit another all time high.Are you tired of winning yet?!— Mati Greenspan (@MatiGreenspan) November 11, 2024Price Action and Trading DynamicsThe current price action shows Bitcoin trading near all-time highs, with:Predictions for Bitcoin’s future range from conservative forecasts of $80,000 to highly optimistic targets of $100,000 or more. Analysts remain focused on Bitcoin ETFs, institutional inflows, and market dynamics as key factors contributing to Bitcoin’s potential. Tom Wan, an independent analyst, echoes this view,[…]
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Bitcoin Miners from Wall Street Bleed Red in Q3, but This One Company Bucks the Trend
Nov 14, 2024 | 01:10 amThe third quarter of 2024 unveiled a tale of strategic divergence between two of Wall Street’s Bitcoin Miners, as Hut 8 Corp. (NASDAQ: HUT) and Bitfarms Ltd (NASDAQ: BITF) navigated through challenging market conditions with notably different approaches and outcomes. This fits well into the broader picture of an industry that, despite rising revenues, could not achieve profitability in the past quarter.Two Bitcoin Miners from Wall Street Chart Divergent Paths in Q3 2024While both companies demonstrated resilience in a post-halving environment, their financial results and strategic initiatives painted contrasting pictures of how to succeed in the evolving digital asset mining landscape.Hut 8 emerged from the quarter with a positive narrative, posting revenue of $43.7 million and achieving a modest net income of $0.9 million, compared to a net loss in the same period a year earlier. The company's success can be attributed to its disciplined operational approach and diversification into high-performance computing and AI infrastructure. Their energy costs showed rising efficiency, dropping 33% year-over-year to $28.83 per MWh, while maintaining a competitive mining cost of $31,482 per Bitcoin.“As of October 31, 2024, our development pipeline exceeds 5 gigawatts, with more than 1.5 gigawatts under exclusivity,” commented Asher Genoot, CEO of Hut 8. “Three projects from this pipeline are particularly promising for large-scale AI data center projects. Collectively, they represent over 430 megawatts of capacity, with power delivery expected to be available before the end of 2025.”In contrast, Bitfarms generated slightly higher revenue at $45 million but recorded a substantial net loss of $37 million. The company's aggressive expansion strategy and fleet upgrade program, while promising for future growth, resulted in higher operational costs with their total cost of production per Bitcoin rising to $52,400 in Q3 from $47,300 in the previous quarter. Despite these challenges, Bitfarms demonstrated strong operational growth, increasing its hashrate to 11.9 EH/s from 10.4 EH/s in Q2.“As previously communicated, 2024 has been a transformative year for Bitfarms,” stated Bitfarms’ CEO Ben Gagnon. “Year-to-date, we’ve refreshed nearly our entire fleet of miners, significantly improving our mining economics, acquired one new site and entered agreements to acquire two additional new sites in the U.S.,Both companies maintain robust balance sheets, though with different approaches to treasury management. Hut 8's holdings of 9,106 Bitcoin valued at $576.5 million, combined with $72.9 million in cash, represent a significant war chest. Bitfarms maintains a more conservative position with 1,147 Bitcoin ($73 million) and an equivalent amount in cash, reflecting a different risk management strategy.Top Wall Street Bitcoin Miners Cannot Stay ProfitableOn Wednesday, Finance Magnates reviewed the quarterly reports of three other publicly traded miners: Marathon Digital Holdings (NASDAQ: MARA), TeraWulf Inc. (NASDAQ: WULF), and HIVE Digital Technologies (NASDAQ: HIVE). It seems that so far, only Hut 8 has managed to reach modest profitability, while the remaining companies are in the red. MARA, the largest public Bitcoin miner by market capitalization, recorded a significant net loss of $124.8 million in Q3 2024, despite generating $131.6 million in revenue. The company’s operational expenses rose by $40 million over the quarter, overshadowing its 34.5% year-over-year revenue growth.TeraWulf reported a net loss of $22.7 million, widening from $19.1 million in the same period last year. Although TeraWulf achieved a 42.8% increase in revenue, reaching $27.1 million, its Bitcoin production dropped by 43.4% to 555 BTC. The decline is largely attributed to increased network difficulty and the impact of the Bitcoin halving event in April.HIVE showed a pre-tax net loss of $7.3 million, an improvement from the $22.9 million loss reported in the prior year. The company generated $22.6 million in revenue, with a substantial portion driven by its diversified high-performance computing services.“As Bitcoin reaches new all-time highs, HIVE is positioned to capitalize on the momentum for green energy and digital assets worldwide,” commented Frank Holmes, HIVE’s Executive Chairman. “With recent regulatory developments following the U.S. election, the environment for digital assets and Bitcoin mining is more favorable than ever.”Despite higher production reported by the largest publicly listed miners in Q3 and October, overall mining revenues declined for the fourth consecutive month. The gross profit from daily block rewards fell by 2%, hitting its lowest point in recent records. Miners earned an average of $41,800 per exahash per second (EH/s) from daily block rewards, marking a 1% drop compared to September. This article was written by Damian Chmiel at www.financemagnates.com.
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Wall Street's Crypto Appetite Soars: 57% Professional Investors Ready to Increase Stakes
Nov 14, 2024 | 00:00 amInstitutional investors are demonstrating increased confidence in digital assets, with 57% planning to boost their cryptocurrency allocations despite ongoing market volatility, according to Sygnum's Future Finance 2024 survey released today (Thursday).Institutional Investors Bullish on CryptoThe survey, which polled over 400 investment professionals across 27 countries, reveals a significant risk appetite among institutional investors, with 63% assessing their risk tolerance as high or very high. More than half of respondents maintain portfolio allocations exceeding 10% in digital assets.Single token investments remain the preferred strategy at 44%, closely followed by actively managed exposure at 40%. The primary motivation for crypto investment is exposure to the digital asset megatrend (62%), while portfolio diversification (52%) and macro hedging (45%) are also significant drivers.“Like the previous year, 2024 was one of the new developments and watershed moments for crypto and the broader digital asset ecosystem,” commented Martin Burgherr, Sygnum Bank's Chief Clients Officer. “Among the most important is perhaps the approval and the subsequent launch of the US Bitcoin Spot ETFs, which has the potential to accelerate the institutional adoption of digital assets.”Finery Markets' report for the first half of 2024 also confirms institutional interest in the cryptocurrency sector. It showed that volumes increased by 95% year over year, driven by ETF approvals. Furthermore, Nickel Digital's research from last month revealed that 92% of asset managers expect growth in funds focused on digital assets. Additionally, nearly 93% of surveyed financial institutions believe more traditional firms will enter the crypto space within three years. ETFs Adds Long-Term CredibilityThe approval of Bitcoin and Ethereum spot ETFs has significantly boosted market confidence, with 71% of respondents expressing increased trust in the crypto space. Lucas Schweiger, Digital Asset Research Manager at Sygnum Bank, commented for Finance Magnates that these ETFs provide “a trusted, regulated entry point to Bitcoin and Ethereum” while lending “significant legitimacy to the asset class.”According to Schweiger, leading TradFi issuers and their involvement also add credibility and long-term commitment to the industry. He forecasts that ETFs will attract a new wave of investors and institutional flows (especially those new to crypto).“This will / has led to a spillover effect, with more Bitcoin and Ethereum spot ETF approvals around the world,” Sygnum’s Digital Asset Research Manager added.Sygnum Bank achieved profitability in the first half of 2024 and amassed $4.5 billion in client assets, underscoring the growing interest of professional investors in the cryptocurrency sector. The bank's client base is approaching 2,000 institutional and professional investors, reflecting its expanding influence in the digital asset market.Shifting Investment PreferencesLayer-1 protocols dominate investor interest at 76%, while Web3 infrastructure has emerged as the second most attractive sector at 55%. DeFi interest has declined to 33%, potentially due to security concerns and the more than $2.1 billion lost to vulnerabilities in 2024.In the 2023 survey, real estate was the most popular tokenized asset of interest. This has now been overtaken by equity (44%), corporate bonds (41%), and mutual funds (40%). However, this might change too.“The upcoming rate cuts (lower treasury yields) and higher DeFi yields (increased crypto market activity) could shift interest from government bonds to higher risk altcoins,” explained Schweiger. “Another interesting new trend is transforming Bitcoin into a yield-bearing asset (through staking), potentially competing with traditional yields in the near future.”Asset volatility has replaced regulatory uncertainty as the primary barrier to institutional adoption, cited by 43% of respondents. Security and custody concerns remain significant at 39%, while 81% indicated that better information would encourage increased investment.In late October, Sygnum announced the successful conversion of its Yield Core crypto fund into a Luxembourg Reserved Alternative Investment Fund (RAIF) structure. This transition aims to enhance the fund's appeal to institutional investors by providing a regulated framework. Managing nearly $30 million in assets, the fund focuses on yield-generating strategies within cryptocurrency markets. This article was written by Damian Chmiel at www.financemagnates.com.
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Crypto.com Cements Australia Presence: Acquires Locally Licensed CFDs Broker
Nov 13, 2024 | 23:30 pmCrypto.com has enhanced its presence in Australia with its latest acquisition of Fintek Securities, a contracts for differences (CFDs) brokerage holding an Australian Financial Services (AFS) licence.Announced today (Thursday), the acquisition of the Australian Securities and Investments Commission-regulated company will allow the cryptocurrency company to offer deposit products, derivatives, securities, foreign exchange, managed investment schemes, and other products.Upcoming Product Details Remain UnknownAlthough Crypto.com highlighted that the upcoming products in Australia will be available only to “eligible users,” it did not define the target group. The details of the launch of the new services and products have yet to be revealed.While offering services to Australians, the exchange must define the target market properly, which is mandatory under the existing Design and Distribution Obligations. The local regulator, ASIC, also took action against multiple trading platforms. Last August, an Australian federal court, as well as the local operator of Kraken, another crypto exchange, noted violations of local rules related to offering fiat-based margin trading products to local customers.“The path of the Crypto.com roadmap is to expand our offering ambitiously by providing customers with the most comprehensive set of financial services, and this acquisition is the latest step in that direction,” said Kris Marszalek, CEO of Crypto.com. “The goal is to create one destination for all financial services where users can simplify their experience and maximise rewards.”Crypto.com’s Expansion ContinuesThe acquisition, which cements Crypto.com’s presence in Australia, came only over a month after it acquired United States-based Watchdog Capital, a Securities and Exchange Commission-registered broker-dealer. That acquisition enabled the crypto exchange to offer equities and equity options to “eligible” traders in the US.Interestingly, Crypto.com also secured an Australian licence with the acquisition of The Card Group in late 2020. However, the crypto platform has since removed the announcement of that acquisition from its website, signalling a possible issue with the deal. This article was written by Arnab Shome at www.financemagnates.com.
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FBI Raids Polymarket CEO’s Home, Seizes Phone
Nov 13, 2024 | 21:21 pmThe United States Federal Bureau of Investigation (FBI) raided the home of Polymarket’s CEO, Shayne Coplan, on Wednesday morning (local time) and seized his phone, as first reported by the New York Post. However, the 26-year-old hasn't been arrested or charged.Although there is no official confirmation, a Bloomberg report indicated that the Department of Justice is investigating Polymarket, as the platform allegedly allowed US users to bet on events.US Users Could Bet on PolymarketPolymarket allowed users to trade event contracts, betting on the outcome of various events using cryptocurrencies. The platform's popularity surged during the recent US Presidential election when its users successfully predicted Donald Trump’s victory.In a statement to the media, Coplan accused the outgoing Biden administration of the investigation and raid, calling the move political retribution.“It’s discouraging that the current administration would seek a last-ditch effort to go after companies they deem to be associated with political opponents,” Coplan wrote. “We are deeply committed to being non-partisan, and today is no different, but the incumbents should do some self-reflecting and recognise that taking a more pro-business, pro-startup approach may be what would have changed their fate this election.”new phone, who dis?— Shayne Coplan 🦅 (@shayne_coplan) November 13, 2024Polymarket does not allow US users to access event contracts and is only available outside the country. It even settled with the US Commodity Futures Trading Commission (CFTC) in 2022, paying $1.4 million and agreeing to block all US residents from accessing the platform. However, it was found that Americans could still place bets on the platform using virtual private networks (VPNs).Reactions from Industry LeadersThe action against the platform attracted the attention of other crypto leaders. Coinbase’s CEO, Brian Armstrong, criticised the outgoing administration on X, noting that the administration's move would “backfire.” However, he deleted that post.Deleted my prior tweet until all the facts are in - but doesn’t look good https://t.co/XKpjnevmvk— Brian Armstrong (@brian_armstrong) November 14, 2024While the Biden administration remained hostile towards cryptocurrencies, the incoming President Trump is considered pro-crypto. Following his victory, the crypto market is rallying significantly, with Bitcoin surpassing the $90,000 milestone and expected to cross $100,000. This article was written by Arnab Shome at www.financemagnates.com.
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Robinhood Adds Solana, Cardano, XRP, and Pepe in Major Crypto Push
Nov 13, 2024 | 10:55 amRobinhood expanded its cryptocurrency offerings for US customers by introducing Solana (SOL), Pepe (PEPE), Cardano (ADA), and XRP (XRP). This addition followed a shift in the digital asset space following Donald Trump's return to the White House. According to the company, this move seeks to provide more diverse investment options for fintech giant users amid demand for a wider range of cryptocurrencies.Robinhood's Crypto ExpansionRobinhood's latest update now brings the total number of cryptocurrencies available on its platform to 19. The timing of the new crypto listings with the latest crypto rally has seen Bitcoin soar to an all-time high of more than $90,000. Donald Trump's recent electoral win has stirred optimism in the crypto community. The President-elect, set to take office in January, has signaled a more favorable stance toward digital innovation.Commenting about the new additions, Johann Kerbrat, the VP and GM of Robinhood Crypto, said: "We've consistently heard from our customers that they want access to more digital assets, and we're excited to continue expanding our crypto offering. With lower barriers to entry, we believe crypto presents an opportunity for those who have been historically left behind by the traditional financial system."GM. Solana ($SOL), Pepe ($PEPE), XRP ($XRP), and Cardano ($ADA) are now available to trade on Robinhood.https://t.co/CBj6uKDkAZ pic.twitter.com/48wXE9zs8V— Robinhood (@RobinhoodApp) November 13, 2024Notably, Robinhood halted support for certain tokens last year, including Solana (SOL) and Cardano (ADA), after the tokens were named in an SEC lawsuit targeting Binance and Coinbase. The lawsuit classified some of these assets as unregistered securities, creating uncertainty around their legal status. The crypto industry is now hopeful for clearer guidelines from the SEC, especially under new potential leadership.Market Reactions and Industry ImpactThese updates from major trading platforms indicate a growing confidence in the digital asset market, boosted by the anticipation of a better regulatory environment.At the time of writing, the four tokens, SOL, PEPE, ADA, and XRP, had posted a price jump of 16%, 127%, 65%, and 33%, respectively. The tokens also posted positive price increases in the daily chart of 1.66%, 64%, 1.38%, and 3%, respectively. Meanwhile, Robinhood recently collaborated with major crypto companies to firms to introduce a Global Dollar Network. The firm lauded this move as an important expansion of the retail trading platform. The project, which brings together Kraken, Paxos, and Galaxy Digital, aims to challenge the current stablecoin market dominated by Tether and USD Coin. This article was written by Jared Kirui at www.financemagnates.com.
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Coinbase Acquires Utopia Labs Team to Expand Stablecoin Payments in Wallet
Nov 13, 2024 | 09:47 amCoinbase is acquiring the team behind Utopia Labs, a stablecoin and payments startup. Utopia Labs shifted focus last year from serving small crypto businesses to concentrating on stablecoin-based payments. This transaction was exclusively reported to Axios.Utopia Team Joins Coinbase WalletFour Utopia Labs team members will join Coinbase: Kaito Cunningham, Alexander Wu, Jason Chong, and Anthony Tat. Their work will center on integrating stablecoin-based payments directly into Coinbase Wallet, with cross-border payments likely to be included.Utopia raised $23 million from investors, including Paradigm and Coinbase. The company and its product are expected to cease operations after the sale.Coinbase Eyes More Startup AcquisitionsCoinbase has a history of acquiring startups. The firm noted further opportunities for acquisitions to support its Base network, including teams that enhance developer tools. Coinbase aims to improve user experiences in areas such as payments, creator tools, and social features."There's opportunities to acquire different developer tools and teams and integrate them similarly into Base," Coinbase noted. "The user experiences that we're focused on are payments, creators, and social."Coinbase Reports Soft Market ConditionsCoinbase reported Q3 2024 revenue of $1.2 billion, falling short of Wall Street’s estimate of $1.26 billion. Earnings per share came in at $0.28, missing the expected $0.45, as Finance Magnates reported. EBITDA of $449 million also missed projections by $20.2 million. These results led to a nearly 5% drop in Coinbase’s share price after hours. The company attributed the slowdown to “softer market conditions,” with a 17% decline in revenue quarter-over-quarter and a 27% drop in transaction revenue. Despite a $121 million loss on its crypto asset portfolio, Coinbase posted a net income of $75 million. Additionally, the company committed $25 million to Fairshake and authorized a $1 billion share buyback program.In a positive development, Coinbase and Visa launched real-time crypto deposits via Visa debit cards for US and EU customers. This partnership enables eligible Visa cardholders to instantly deposit funds into Coinbase accounts, eliminating delays. The feature allows for immediate buying, selling, and trading of cryptocurrencies, streamlining access for both new and experienced users. This article was written by Tareq Sikder at www.financemagnates.com.
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Bitcoin Hits New High of $89K as Spot ETFs Attracts Billions
Nov 13, 2024 | 05:39 amThe crypto market shows renewed momentum in 2024 after a challenging period marked by a historic new all-time high for Bitcoin and steady ownership rates across major markets. According to CoinMarketCap, the top cryptocurrency recently jumped to an all-time high of above $89,828. Gemini’s latest Global State of Crypto report highlights key trends, including a promising rebound driven by spot bitcoin ETFs and resilient long-term investors who view digital assets as a hedge against inflation.Top 100 CryptocurrenciesDespite the volatility that slashed the combined value of the top 100 cryptocurrencies from $2.7 trillion in 2021 to $830 billion by late 2022, ownership rates in the US, UK, France, and Singapore have remained consistent. Around 21% of adults in the US and 18% in both the UK and France reported owning crypto. Notably, Singapore saw a slight dip in ownership from 30% to 26%. 65% of current crypto owners view their holdings as a long-term investment, while 38% use it as a hedge against inflation. Gemini’s report suggests that a majority of past owners (over 70%) are likely to re-enter the market soon, indicating optimism despite previous losses.Meanwhile, the launch of spot Bitcoin ETFs in the US has been a key catalyst for the 2024 crypto market rally. This new investment vehicle has attracted billions in inflows, with Bitcoin reaching a new peak of $73,737.94 in March. Gemini’s survey revealed that 37% of US crypto owners now hold assets via ETFs, and 13% of these investors entered the market exclusively through ETFs.The appeal of ETFs lies in their ability to provide exposure to Bitcoin’s price movements without the complexities of directly purchasing digital assets. This has opened the market to a wider audience, including institutional investors who were previously hesitant. Regulatory UncertaintyDespite positive signs, regulatory clarity remains a significant barrier to crypto adoption. The survey found that 38% of non-owners in the US and UK cited concerns over unclear regulations as a key reason for staying away from crypto investments. In Singapore, this figure was even higher, with nearly half (49%) of respondents expressing regulatory concerns. In contrast, French investors showed slightly less worry about regulatory issues compared to previous years.For the first time, crypto has emerged as a key issue in the just concluded US presidential election. The vast majority (73%) of crypto owners in the US say they will factor in candidates’ stances on digital assets when voting. More than a third (37%) of US respondents said a candidate’s position on crypto would significantly influence their vote, indicating that regulatory clarity and supportive policies could play a pivotal role in shaping the future of the crypto industry.The report found that 75% of past crypto owners had sold their holdings over six months ago, but now, a substantial portion express renewed interest in re-entering the market. In Singapore, bullish sentiment has rebounded sharply, with only 10% of investors selling in the past six months compared to 49% a year earlier. This article was written by Jared Kirui at www.financemagnates.com.
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Coinbase’s cbBTC Launches on Solana DeFi, Targeting Bitcoin Gap Left by FTX
Nov 13, 2024 | 04:29 amNearly two years after FTX's collapse impacted Solana's decentralized finance (DeFi) sector, Coinbase is attempting to reintroduce bitcoin-based trading to the Solana blockchain with its new token, cbBTC. Launched recently, cbBTC is a bitcoin-backed token that users can transfer between their Coinbase accounts and Solana wallets, allowing easier bitcoin transactions within Solana's DeFi ecosystem.Solana DeFi Eyes cbBTC as Bitcoin SolutionSolana's DeFi sector has lacked a reliable bitcoin token since FTX’s downfall in November 2022, which rendered soBTC—widely used on Solana—unavailable. This absence created a disadvantage for Solana compared to Ethereum, which offers multiple options for bitcoin-backed tokens in its DeFi landscape. Coinbase's cbBTC aims to fill this gap, with contributors across Solana-based platforms expressing optimism that the token could become the go-to bitcoin substitute on Solana.Bitcoin 🤝 Solana@Coinbase has officially launched cbBTC on Solana — bringing more of Bitcoin’s value to Solana’s thriving DeFi ecosystem. pic.twitter.com/VKbPJc5s73— Solana (@solana) November 7, 2024One notable Solana contributor said there is "much higher hope" for cbBTC's success, especially as bitcoin prices surge. Coinbase’s move to issue cbBTC directly on Solana could also reduce risk, according to InfraRay, a contributor at Solana-based decentralized exchange Raydium. InfraRay explained that cbBTC might increase BTC liquidity on Solana, benefiting multiple DeFi protocols if it gains traction.BREAKING: @coinbase LAUNCHES $CBBTC, SPL TOKEN BACKED 1:1 BY $BTC, ON SOLANA pic.twitter.com/QoMuFW6fCP— DEGEN NEWS (@DegenerateNews) November 7, 2024Coinbase Expands Bitcoin DeFi AccessThe cbBTC rollout includes $10 million in tokens ready for Solana DeFi, with approximately $500,000 already circulating in trading pools on platforms like Meteora, Orca, and Kamino. Marius Ciubotariu, co-founder of Kamino, expressed optimism, suggesting that Solana could emerge as an alternative to Ethereum for bitcoin-backed DeFi activities.Coinbase’s strategy aligns with a broader plan to offer cross-chain options for bitcoin-backed DeFi, enhancing access across various networks. This article was written by Tareq Sikder at www.financemagnates.com.
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Revolut X Targets $200B European Crypto Market With Multi-Country Launch
Nov 13, 2024 | 02:18 amDigital banking powerhouse Revolut has announced a significant expansion of its cryptocurrency exchange platform, Revolut X, to 30 new markets across the European Economic Area (EEA).Revolut Expands Crypto Exchange Across EuropeThe expansion follows the successful launch of Revolut X in the United Kingdom earlier this year, where tens of thousands of traders have already embraced the platform. The standalone crypto exchange offers users access to over 200 digital tokens with competitive pricing, including zero fees for limit orders and a mere 0.09% fee for market orders."The feedback from experienced traders has been very positive, with many already taking advantage of our near-zero fees, wide range of available assets, and seamless integration with their Revolut accounts," said Leonid Bashlykov, Revolut's head of product for crypto exchange.JUST IN: Revolut officially launches Revolut X, their standalone crypto exchange 😳I have a feeling this will be a wild bull market… pic.twitter.com/IFxjyBcAFD— Linas Beliūnas (@linasbeliunas) November 13, 2024This expansion positions Revolut as a formidable competitor in the European cryptocurrency trading landscape. The company's approach combines traditional banking services with innovative crypto offerings, setting it apart from both conventional financial institutions and pure-play crypto exchanges.“With the expansion of Revolut X, we’re aiming to make a real impact in the crypto trading space and offer a strong alternative to some of the more established platforms,” added Bashlykov.Revolut has maintained a compliance-first approach, having secured necessary regulatory approvals across its operating markets. The company recently received its UK banking license in July 2024 and informed it wants to issue its own stablecoin.The UK Banking License after 3 Years of EffortsThe Prudential Regulation Authority (PRA) granted Revolut a UK banking license with certain restrictions, which is a standard approach for new entrants in the UK banking sector. This provisional status enables Revolut to expand its banking operations before a full-scale launch incrementally.The license approval follows Revolut’s efforts to address regulatory concerns, particularly around its financial reporting practices. Recently, the firm received an unqualified audit opinion from the UK accountancy advisory firm BDO, resolving earlier issues related to revenue recognition and IT systems. With this UK license, Revolut is now positioned to expand its product offerings in its largest market, where it serves around 9 million customers, alongside a global customer base of over 45 million. This step aligns with its European banking license, which it secured through Lithuanian authorities in 2021.Two months ago, the company revealed plans to launch its own stablecoin, aiming to expand its offerings in crypto-assets. By entering the stablecoin market, Revolut seeks to join established players like PayPal, Ripple, and BitGo. Sources suggest the firm is positioning itself as a significant player in the crypto space, focusing on compliance and security for crypto users. Revolut’s stablecoin plans emerge amid a wave of new entrants into the market.Last month, Revolut also announced its application for a banking license in Colombia, reinforcing its commitment to growth in Latin America. This move builds on the company's entry into Brazil last year and its acquisition of a Mexican banking license in April. This article was written by Damian Chmiel at www.financemagnates.com.
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Even Top Wall Street Bitcoin Miners Cannot Stay Profitable Despite Soaring Hashrate
Nov 13, 2024 | 00:00 amThree major publicly listed Bitcoin miners from Wall Street reported net losses in their third-quarter results, despite significant revenue growth and operational expansions amid volatile cryptocurrency market conditions.Wall Street Bitcoin Miners Report Net Losses in Q3 Despite Revenue GrowthMarathon Digital Holdings (NASDAQ: MARA), the largest public Bitcoin miner by market capitalization, posted a substantial net loss of $124.8 million in Q3 2024, despite generating revenue of $131.6 million. The company's operational expenses increased by $40 million during the quarter, overshadowing its 34.5% year-over-year revenue growth.In October 2024, MARA secured a $200 million line of credit, collateralized by a portion of its cryptocurrency holdings. This move underscores the increasing adoption of cryptocurrency-backed financing among corporations. TeraWulf Inc. (NASDAQ: WULF) reported a net loss of $22.7 million, widening from $19.1 million in the same period last year. While the company achieved a 42.8% revenue increase to $27.1 million, its Bitcoin production decreased by 43.4% to 555 BTC, primarily due to increased network difficulty and the Bitcoin halving event in April.“Power cost per bitcoin self-mined increased year-over-year, to $30,448 per bitcoin in Q3 2024 from $9,322 per bitcoin in Q3 2023, due to an approximate doubling in network difficulty and the bitcoin reward halving in April 2024,” TeraWulf commented in a statement.HIVE Digital Technologies (NASDAQ: HIVE) recorded a net loss before tax of $7.3 million, though this marked an improvement from the $22.9 million loss in the previous year. The company's revenue reached $22.6 million, with significant contributions from its diversified high-performance computing services.“As Bitcoin reaches new all-time highs, HIVE is positioned to capitalize on the momentum for green energy and digital assets worldwide,” commented Frank Holmes, HIVE’s Executive Chairman. “With recent regulatory developments following the U.S. election, the environment for digital assets and Bitcoin mining is more favorable than ever.”Hasrate Goes UpDespite the losses, all three companies reported significant operational expansions. Marathon increased its hashrate to 40.2 EH/s, while TeraWulf doubled its capacity to 10.0 EH/s, and HIVE reached 5.6 EH/s.“HIVE’s Bitcoin mining hashrate grew by 14%, from 4.9 EH/s in June 2024 to 5.6 EH/s in September 2024, supporting HIVE’s goal of reaching 12.5 EH/s by late 2025,” said HIVE.In the meantime, another publicly listed Bitcoin miner from Wall Street, Hut 8, announced its plans to achieve 6& hashrate growth to 9.3 EH/s by 2025. To achieve this, it has purchased 31,145 BITMAIN Antminer S21+ units as part of its initial ASIC fleet upgrade.“Cost of revenue (exclusive of depreciation) in the third quarter of 2024 increased 77.3% to $14.7 million compared to $8.3 million in the third quarter of 2023,” TeraWulf commented. It was “2023, primarily due to an approximate doubling in network difficulty and the bitcoin reward halving in April 2024, partially offset by a 62.0% increase in average operating hash rate and 117.3% increase in average value per bitcoin self-mined year-over-year.”Although the biggest publicly listed miners reported higher production in Q3 and last month, the overall mining revenues were falling for fourth straight month. The daily block reward gross profit declined by 2%, reaching its lowest level in recent records. Miners earned an average of $41,800 per EH/s from daily block rewards, representing a 1% decrease compared to September. This article was written by Damian Chmiel at www.financemagnates.com.
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