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Binance founder Changpeng Zhao (CZ) expressed his satisfaction over the agreement with the U.S. securities regulator preventing the freezing of the exchange’s assets in the United States. The crypto company’s American subsidiary also stated it’s pleased that the SEC’s request for a temporary restraining order has not been granted by the court. Agreement With the SEC Allows Binance US to Continue Business, Exchange Says The founder and CEO of the world’s largest digital asset exchange, Changpeng Zhao, took to Twitter on Saturday to mark the positive outcome of the latest episode in the clash with the U.S. Securities and Exchange Commission (SEC). CZ also sought to reassure customers that their funds are safe and secure on any of the platforms affiliated with . Although we maintain that the SEC’s request for emergency relief was entirely unwarranted, we are pleased that the disagreement over this request was resolved on mutually acceptable terms. User funds have been and always will be safe and secure on all Binance-affiliated… — CZ Binance (@cz_binance) June 17, 2023 Zhao’s comments came after he and the entities operating Binance’s American platform agreed to repatriate to the United States assets held on behalf of U.S. customers under a court order secured by the regulator. The emergency relief ensures that U.S. users will be able to withdraw funds from the platform while the assets they keep with the exchange will remain in the country. Earlier, the SEC had sought a temporary restraining order (TRO) for the assets of Binance US for the duration of its litigation against the exchange’s operators, BAM Trading Services and BAM Management US Holdings, and CZ. The Commission sued them for violating U.S. securities laws as well as commingling and diverting customer funds. In a separate tweet, Binance US informed users that the United States District Court for the District of Columbia has not granted the SEC’s request for a TRO and freeze of assets on the platform, stating that it was “clearly unjustified by both the facts and the law.” “Instead, we were able to reach a Court-ordered agreement with the SEC that allows us to continue our ordinary course business. There has never been any evidence presented by the SEC concerning mis-use of customer assets,” the exchange insisted. Binance US emphasized that the securities regulator’s request “would have effectively shuttered our business, which is consistent with the agency’s continued attempts to kill the crypto industry by any means.” The unit added that the fight with the SEC has damaged its business but not its resolve to defend against “unwarranted charges and ‘regulation by enforcement’ tactics.” Do you think Binance will eventually win the legal battle with the U.S. Securities and Exchange Commission? Share your thoughts on the case in the comments section below. View the full article

Blockchain developers from Malaysia will be working with Chinese colleagues to utilize artificial intelligence (AI) in foreign trade. The collaboration, which is part of a China-led international research program, aims to speed up cross-border transactions. Malaysia and China to Conduct AI Research for Trade Applications of Blockchain Technology Zetrix, Malaysia’s public blockchain platform developer, and the country’s leading research university, Universiti Malaya (UM), will be joining forces with the China Academy of Information and Communications Technology (CAICT) on implementing AI technology that can improve trade transactions. In a press release, Zetrix said that a project called “Research on Key Issues of Transborder Blockchain Infrastructure and Pilot Applications” has been selected as part of the intergovernmental collaboration on science, technology and innovation between Malaysia and the People’s Republic. Initiated by China’s Ministry of Science and Technology, the purpose of the collaboration is to foster research partnerships between the Chinese and other governments. Malaysia is among 14 nations participating in the program. The joint research will be focused on leveraging AI to streamline and optimize cross-border trade processes. The main goal is to reduce inefficiencies, simplify and speed of cross-border transactions, participants said. TS Wong, managing director of MYEG Services, the company behind Zetrix, commented: Our partnership with UM and CAICT continues to be instrumental in our journey towards leveraging 4th Industrial Revolution technologies to transform cross-border trade and settlement. China and Malaysia have been stepping up cooperation in various areas. In early April, Malaysian Prime Minister Anwar Ibrahim unveiled that Beijing is ready to discuss Kuala Lumpur’s proposal for the establishment of an Asian Monetary Fund. Such organization could allow Asian nations to cut dependence on the International Monetary Fund and reduce reliance on the U.S. dollar, now when China is promoting its own fiat for global use. Ibrahim also revealed that Malaysia’s central bank is working to enable bilateral trade in the national currencies of two countries, the ringgit and the yuan. Do you expect AI and blockchain technologies to significantly improve cross-border trade transactions? Share your thoughts on the subject in the comments section below. View the full article

PRESS RELEASE. Floxypay, the leading one-stop solution for cryptocurrency enthusiasts, is excited to announce the launch of its native ERC20 token, FXY. As the backbone of the Floxypay ecosystem, FXY brings a new level of convenience, profitability, and security to users navigating the digital asset space. Floxypay is a comprehensive platform that caters to every cryptocurrency need. It offers a decentralized wallet, a crypto payment gateway, a soon-to-be-launched cryptocurrency exchange, and Floxypay Travel for hassle-free hotel bookings. With FXY at its core, Floxypay is set to become the go-to destination for cryptocurrency enthusiasts worldwide. The Floxypay decentralized wallet is a game-changer, offering users a secure and user-friendly solution for managing their digital assets. The wallet supports a wide range of major cryptocurrencies, providing users with flexibility and convenience. Notably, Floxypay’s wallet boasts a unique feature of gasless transactions, ensuring fast and cost-effective transfers. Floxypay’s crypto payment gateway further enhances the platform’s revenue generation capabilities. With FXY as the medium of exchange, businesses can seamlessly accept cryptocurrency payments, tapping into a global market of digital asset enthusiasts. By embracing Floxypay’s payment gateway, merchants can expand their customer base and embrace the future of commerce. In response to the increasing demand for advanced trading options, Floxypay is set to launch its cryptocurrency exchange. This exchange will feature spot, margin, and future trading, providing users with a comprehensive suite of trading tools. With FXY serving as the cornerstone of the exchange, users can expect lightning-fast transactions, a diverse range of digital assets, and enhanced trading experiences. Additionally, Floxypay introduces Floxypay Travel, an online platform that allows users to book hotels using cryptocurrencies. With FXY as the preferred mode of payment, travelers can enjoy seamless and secure transactions while experiencing the freedom of utilizing their digital assets. To celebrate the launch of FXY, Floxypay is offering exclusive promotions and rewards to early adopters. Stay updated with the latest news and developments by visiting the Floxypay website. About Floxypay: Floxypay is a one-stop cryptocurrency solution platform that offers a comprehensive range of services to individuals and businesses to utilize the full potential of cryptocurrencies. Floxypay prioritizes security, convenience, and innovation to create a comprehensive cryptocurrency ecosystem that empowers users to embrace the potential of digital currencies. It is a platform of choice for individuals and businesses looking to leverage the power of cryptocurrencies. For more information about Floxypay and the FXY token, follow Floxypay on Instagram. Contact details: Floxypay info@floxypay.com This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. View the full article

Ripple CEO Brad Garlinghouse has blasted the enforcement approach of the U.S. Securities and Exchange Commission (SEC) after the release of the Hinman docs, which contain internal discussions that the institution had before the now famous 2018 speech offered by former SEC Division of Corporation Finance Director William Hinman. Garlinghouse stated that while he was a public servant, Hinman “received millions of dollars of payments from his law firm,” part of an alliance with a vested interest in his speech. Ripple CEO Brad Garlinghouse Blasts Former SEC Official William Hinman’s Actions Brad Garlinghouse, CEO of cryptocurrency-focused company Ripple, recently released a video where he comments on and criticizes the content of the Hinman docs, a set of documents that show internal discussions of the agency before the speech given in 2018 by William Hinman, a former director of the Division of Corporation Finance of the U.S. Securities and Exchange Commission (SEC). According to Garlinghouse, the documents, which were finally unsealed after seven court orders and over a hundred million dollars in legal bills, show that “at best, senior officials couldn’t agree on the law, and told Bill Hinman directly he would confuse the public even more about the rules for crypto.” Garlinghouse considered that, at worst, these documents show Hinman “deliberately ignored the law,” stating that: While he was a public servant, Hinman received millions of dollars of payments from his law firm, which was part of an alliance with others that had a vested interest in this speech. Fake ‘Open Arms’ Policy Ripple’s CEO accused the SEC of professing a fake “open arms and come in and register” policy. In his video statement, he explains that he met with former SEC Chair Jay Clayton and Hinman, answering all their questions and being fully open with the company’s operations. However, Garlinghouse detailed the SEC took advantage of this openness to turn it against the company. Garlinghouse stated: Not once did they suggest to me that xrp was a security. Garlinghouse believes that the SEC is trying to “kill crypto innovation” in the U.S. by weaponizing the lack of regulatory clarity to exert jurisdiction over the entire crypto space, something he had mentioned before. Brian Armstrong, CEO of Coinbase, one of the largest U.S.-based cryptocurrency exchanges — also being sued by the SEC on charges of operating as an unregistered securities brokerage — has alerted about the dangers of driving the crypto industry outside the country and the possible costs of repatriating it in the future. What do you think about the statements of Ripple’s CEO Brad Garlinghouse on the recently unsealed Hinman docs? Tell us in the comment section below. View the full article

International cooperation is necessary to regulate crypto conglomerates, according to the head of the central bank of France. Speaking at a tech forum in Paris, Governor Villeroy de Galhau also suggested that a new version of the EU’s recently adopted crypto law may be needed to deal with the issue. Regulation in Single Jurisdiction Insufficient in Case of Crypto Giants, Villeroy Convinced Cooperation on the international level is needed to regulate crypto conglomerates, the Bank of France Governor, Francois Villeroy de Galhau, stated at an event during the Vivatech technology conference in the French capital. Quoted by Bloomberg, Villeroy elaborated that it’s not sufficient to regulate one legal entity in one jurisdiction. He gave an example with U.S. crypto companies that have different legal entities operating in various jurisdictions which, in his view, creates the need for international collaboration. While emphasizing that the European Union is ahead in terms of crypto regulation, the central bank executive suggested that a new version of the Markets in Crypto Assets (MiCA) legislation may be necessary to tackle the regulation of crypto conglomerates, referring to it as “MiCA 2.” Members of the European Parliament greenlighted MiCA in April of this year and the EU Council approved the bloc’s first crypto rules in May. The package is also considered to be the first world’s comprehensive attempt to regulate and supervise the sector. MiCA comes in the aftermath of the collapse of major players, such as failed cryptocurrency exchange FTX, and a regulatory crackdown on other industry leaders, for example, the world’s largest trading platform for digital assets, , in the United States. However, a number of activities, products and services related to digital assets remain outside MiCA’s scope, including crypto lending, decentralized finance (defi) and non-fungible tokens (NFTs). This has led to officials and policymakers, including President of the European Central Bank (ECB) Christine Lagarde, calling for the adoption of a ‘MiCA 2’ set of regulations. “Decentralized finance is only a new technology. You have actors using this technology for financial services, they need to be regulated. Same action, same risks, same rules,” Banque de France Governor Villeroy insisted during the tech forum which gathers startups, executives, and investors in Paris. Do you expect global regulations to be adopted for crypto conglomerates? Tell us in the comments section below. View the full article

Goldman Sachs’ strategists have cautioned that markets seem to be more optimistic than they are about the pace of inflation’s decline. “Although we expect further declines in inflation going forward, markets appear considerably more optimistic than we are about the pace of cooling,” they explained. Goldman Sachs Expects U.S. Inflation to Decline Slower Than Market Anticipates Goldman Sachs’ strategists, led by chief interest rates strategist Praveen Korapaty, warned in a note Friday that inflation in the U.S. is projected to decrease at a slower pace than what is currently being priced by the markets, Bloomberg reported. The Goldman strategists explained that investors may be assuming that a sharp slowdown in economic growth would result in a more rapid decline in inflation. Moreover, they could also be more bearish about energy prices compared to what is implied by commodity futures. However, the strategists argued that these factors will have a limited impact on inflation, emphasizing that markets are additionally ignoring the potential for “delayed-onset inflation” in sectors like healthcare. They wrote: Although we expect further declines in inflation going forward, markets appear considerably more optimistic than we are about the pace of cooling. The Federal Reserve paused raising interest rates after 10 consecutive rate hikes at their Federal Open Market Committee (FOMC) meeting last week. Their decision followed the U.S. Bureau of Labor Statistics (BLS) reporting that inflation had cooled from 4.9% to 4% in May — the smallest 12-month increase since March 2021. However, core inflation remains elevated at 5.3%. While many people expect the Federal Reserve to start cutting interest rates soon, Fed Chair Jerome Powell said at a press conference Wednesday that while “it will be appropriate to cut rates at a time when inflation is coming down really significantly, we’re talking about a couple years out.” Do you agree with Goldman Sachs about inflation in the U.S.? Let us know in the comments section below. View the full article

JPMorgan’s strategists have explained that even if China overtakes the U.S. as the world’s largest economy around 2030, the U.S. dollar may remain the world’s dominant currency for the rest of the 21st century. The global investment bank cited the historical experience of when the U.S. overtook Great Britain as the world’s largest economy. JPMorgan Discusses Future of U.S. Dollar Amid China’s Projected Economic Dominance Global investment bank JPMorgan’s strategists recently discussed the potential impact on the U.S. dollar in the event that the Chinese economy surpasses the U.S. as the world’s largest economy. According to the Centre for Economics and Business Research (CEBR), one of the U.K.’s leading economics consultancies, China is projected to surpass the United States as the world’s largest economy by 2030. The JPMorgan strategists explained that even if China surpasses the U.S. economy, the USD is unlikely to lose its status as the world’s reserve currency immediately, citing historical experience suggesting that any transition would be gradual. “While the U.S. surpassed Great Britain as the world’s largest economy in the latter part of the 19th century, the U.S. dollar is commonly perceived to have overtaken the British pound as the world’s foremost reserve currency only by the end of WWII,” the JPMorgan strategists wrote, adding: Historical experience thus suggests that if China were to overtake the U.S. as the world’s largest economy around 2030, dollar dominance may persist even into the second half of the 21st century. According to JPMorgan, China is the only country that could replace the dollar and the U.S. economy in the long term. However, the global investment bank’s strategists believe that this is unlikely to happen, given the US’ economic, technological, demographic, and geographic advantages. Furthermore, the Chinese yuan’s potential for growth is contingent on China easing capital controls. Nonetheless, the JPMorgan strategists reiterated the possibility of gradual de-dollarization, stating that the process could be expedited by either diminishing confidence in the U.S. dollar or positive developments outside the U.S. that boost the credibility of an alternative currency. A potential alternative to the USD is the proposed common BRICS currency. The BRICS nations comprise Brazil, Russia, India, China, and South Africa. Some people believe that the Chinese yuan will replace the USD as the world’s reserve currency. The chairman of Russia’s second-largest bank, for example, expects the yuan to replace the USD as the world’s main reserve and settlement currency “as early as the next decade.” A senior economist at financial services firm TD recently stated that the largest challengers to the dollar today are the euro and the Chinese renminbi. Economist Stephen Jen, a former Morgan Stanley managing director, expects a shift “from a unipolar reserve currency world to a multipolar world,” with the Chinese yuan, the euro, and the U.S. dollar forming a “tripolar” reserve currency configuration. Do you think the Chinese yuan will replace the U.S. dollar as the world’s reserve currency? Let us know in the comments section below. View the full article

Amidst the buzz and persistent interest surrounding Bitcoin-derived Ordinal inscriptions, the co-founder of the Capsule 21 podcast introduced Ethscriptions, an analogous innovation that harnesses the power of the Ethereum blockchain. Ethscriptions, as described on the online platform ethscriptions.com, is a “new way of creating and sharing digital artifacts on Ethereum using transaction calldata.” From Bitcoin to Ethereum: Ethscriptions Take Center Stage in Crypto Community This weekend crypto enthusiasts have been discussing a new technology that is similar to Bitcoin’s Ordinal inscriptions except this idea leverages the Ethereum blockchain. The new concept is called Ethscriptions and it was created by the co-founder of the Capsule 21 podcast Tom Lehman. The Ethscriptions creator is also the co-founder and former CEO of genius.com. Let's take a moment to appreciate that after 6 years of stagnation on Bitcoin where other chains did all of the innovation, Ethereum is now copying the innovation happening on Bitcoin. Bitcoin is back. pic.twitter.com/6CmzEB6xuB — Leonidas.og (@LeonidasNFT) June 18, 2023 The creator showed off the new technology during a Twitter Spaces event held on June 16, 2023. Middlemarch wrote a thread about the concept on the same day while also introducing a collection called “Ethereum Punks.” Ethscriptions are created on Ethereum through successful transactions with unique data URIs. “Duplicate content is ignored,” Lehman detailed and “all valid mimetypes are supported.” To ensure uniqueness, no previous Ethscription in a block or in the same transaction block can have the same content. Ethscription transfers occur when a transaction’s input data is the hash of a valid Ethscription, and the transaction’s sender is the Ethscription’s owner. A file used for an inscription on the ETH chain must be under the 96-kilobyte threshold. “The recipient of the creation transaction is the Ethscription’s initial owner. The sender of the creation transaction is the Ethscription’s creator,” the Ethscription creator said. Lehman has also launched a website called ethscriptions.com, which enables visitors to view all the Ethscriptions or browse them by address. The website also facilitates the creation of inscriptions on the Ethereum chain. Since Lehman’s launch of the concept, thousands of Ethscriptions have been generated. Ethscriptions can be found on Opensea, and the Emblem Vault team has enabled the trading of a collection of Ethscriptions on the non-fungible token (NFT) platform. What are your thoughts on Ethscriptions? Share your views and opinions about this subject in the comments section below. View the full article

The U.S. Department of Justice (DOJ) and federal prosecutors in New York have opted to temporarily suspend five charges against the beleaguered FTX co-founder Sam Bankman-Fried (SBF). Nevertheless, these five charges have been “severed” and deferred until 2024, potentially leaving SBF’s legal team to juggle two cases in the future. 5 Counts Against SBF Severed and Scheduled for Another Trial Initially, FTX co-founder Sam Bankman-Fried (SBF) faced eight charges when indicted by the U.S. government, but shortly after, an additional five charges were tacked on including alleged bank fraud and bribing a Chinese government official. Yet, on June 14, federal prosecutors sought to detach these five supplementary charges, citing the need for approval from the Bahamian judicial system to fulfill the U.S.-Bahamas extradition treaty conditions. Consequently, the U.S. government requested a specialty waiver from the Bahamas regarding this issue. Although SBF is set to confront the initial eight indictment charges in October, the remaining five charges will be addressed in a trial slated for March 11, 2024. This trial will encompass counts four, six, nine, ten, and thirteen entailing bank fraud, derivatives and securities fraud, bribery, and operating an unlicensed money-transmitting business. As reported by Isource News—a Twitter account offering “minute-by-minute intelligence from named and unnamed sources”— sources claim that it appears SBF is “unlikely to see any jail time after major counts dropped today.” Citing an anonymous legal analyst, Isource News stated: “The prosecution is busily dismantling their own case to a degree that’s obvious. Someone doesn’t want SBF to get any jail time.” Additionally, Isource News referenced an insider who claimed: “The rest [of the charges] will be plea-bargained away.” Furthermore, defense attorney Marc Cohen—who previously represented convicted sex trafficker, Ghislaine Maxwell—requested the dismissal of the five charges. “We think [a] dismissal of those counts would be the better outcome,” Cohen asserted. Maintaining his innocence, SBF pleaded not guilty to all charges, while three high-ranking FTX staff members have already entered guilty pleas for multiple charges. What do you think the future holds for FTX co-founder Sam Bankman-Fried as he faces a divided legal battle with charges deferred and potential plea bargains? Share your thoughts and opinions about this subject in the comments section below. View the full article

Binance and the U.S. Securities and Exchange Commission (SEC) struck a deal to avoid the freezing of the crypto exchange’s assets in the United States. Under an emergency relief secured by the regulator, Binance agreed to repatriate to the U.S. funds held on behalf of customers of its American subsidiary. Binance US Users to Be Able to Withdraw Funds as Agreement With SEC Helps Avoid Asset Freeze The U.S. securities regulator announced on Saturday it has secured an emergency relief in which all entities responsible for operating Binance US and the founder of the world’s largest crypto exchange, Changpeng Zhao (CZ), agreed to repatriate to the U.S. assets held for the benefit of customers of the American unit. The order from the United States District Court for the District of Columbia helps ensure that Binance US users are permitted to withdraw their assets from the trading platform, the SEC emphasized. Also, the assets kept on Binance US will be protected and remain in the United States, the Commission assured in a press release. The announcement comes after earlier reports, citing court filings, revealed that Binance and the SEC have reached an agreement on the matter. According to Coindesk and Reuters, only Binance US employees will have access to US customer funds under the deal, and not officials from Binance Holdings, the operator of the global trading platform. The SEC sought a temporary restraining order for the assets of Binance’s US subsidiary, citing concerns over their safety, after it sued the cryptocurrency exchange for violating US securities laws. The regulator also accused Binance and its founder and chief executive of mishandling of customer funds and misleading investors. Lawyers representing Binance asked the court to reject the SEC’s request, arguing that an asset freeze would amount to a “death penalty” for the U.S.-based entity. At a hearing in Washington on Tuesday, U.S. District Judge Amy Berman Jackson gave the sides an opportunity to work out a deal ensuring user funds are safe without crippling the crypto business. Binance Required to Provide SEC With Oversight Over Business Expenses The latest court order also prohibits defendants BAM Trading Services Inc. and BAM Management US Holdings, Inc. from spending corporate assets other than in the ordinary course of business, the SEC pointed out. The entities have been also required to provide the SEC with oversight over such expenses. “Given that Changpeng Zhao and Binance have control of the platforms’ customers’ assets and have been able to commingle customer assets or divert customer assets as they please, as we have alleged, these prohibitions are essential to protecting investor assets,” its Director of the Division of Enforcement, Gurbir S. Grewal, was quoted as saying. He added: Further, we ensured that U.S. customers will be able to withdraw their assets from the platform while we work to resolve the alleged underlying misconduct and hold Zhao and the Binance entities accountable for their alleged securities law violations. is now required to maintain U.S. customer assets in the United States for the duration of the SEC litigation and to facilitate customer withdrawals. The court order prohibits BAM from transferring assets or funds or providing control over such, to Binance Holdings, CEO Changpeng Zhao, or their affiliates. What are your thoughts on the agreement between Binance and the SEC? Share them in the comments section below. View the full article

Solana climbed for a third consecutive session, as crypto markets rebounded to start the weekend. At the time of writing, the global market cap rose by 3.3%, as bullish sentiment returned. Polygon was another notable gainer, surging by over 5% on Saturday. Solana (SOL) Solana (SOL) raced to a one-week high on Saturday, as crypto prices rallied following a recent spell of downward sentiment. After falling to a low of $14.47 during yesterday’s session, SOL/USD bounced to a peak of $16.07 to start the weekend. The move came as the token continued to distance itself from a recent support point at the $14.00 mark. From the chart, it seems that the latest rise in price has pushed the relative strength index (RSI) to a resistance zone at 36.00. This has led to earlier bulls abandoning their positions, leading to the index now tracking at 35.77. In the event this hurdle is overcome, there is a good chance that SOL will move towards $17.00. Polygon (MATIC) Additionally, polygon (MATIC) also made sizeable gains on Saturday, climbing by as much as 6% today. MATIC/USD jumped to an intraday high of $0.6302 to start the weekend, a day after falling to a low of $0.5624. As a result of the surge, polygon once again rose past a floor at $0.5760 and seems set to collide with a ceiling at $0.6700. Despite today’s gains, MATIC still remains oversold, with price strength tracking at the 29.12 level. This is however a positive for bulls, as there is still substantial upside to entering at this current level. There is still a degree of uncertainty also, as a resistance point at 31.00 will likely test the strength of buyers. Register your email here to get weekly price analysis updates sent to your inbox: Do you expect polygon to make any further gains on Saturday? Let us know your thoughts in the comments. View the full article

Bitcoin bounced back strongly to start the weekend, as prices moved closer to the $27,000 mark in today’s session. After a recent spell of consolidation, bulls returned to action, buying the recent dip in the process. Ethereum was also higher, closing in on $1,800 on Saturday. Bitcoin Bitcoin (BTC) surged on Saturday, as bulls of the cryptocurrency moved to buy the recent dip in price. BTC/USD rose to a high of $26,769.39 to start the weekend, which comes less than a day after trading at a low of $25,245.36. The move pushed the price to its highest point since May 8, a day when the price was at a peak of $26,820. Looking at the chart, the rally came when the 14-day relative strength index (RSI) finally broke out of a key ceiling at 43.00. At the time of writing this, the index is tracking at 50.55, which is close to a new resistance at the 51.00 level. Traders are likely targeting the $27,300 level, and could hit this if momentum continues to be bullish this weekend. Ethereum Ethereum (ETH) also rebounded strongly to start the weekend, days after falling to a three-month low. Following a low of $1,653.17 on Friday, ETH/USD raced to an intraday peak at the $1,766.76 level earlier today. ETH fell to a bottom at $1,620 on Thursday, which was the weakest point that the price had hit since March 13. Similar to BTC, a breakout of the RSI was one of the triggers of the move, with price strength climbing past a ceiling at 41.00. The index is currently at a reading of 43.79, with the next resistance level at the 50.00 mark. Register your email here to get weekly price analysis updates sent to your inbox: Will ethereum move above $1,800 this weekend? Leave your thoughts in the comments below. View the full article

Kenyan President William Ruto has repeated his call on African countries to consider ditching the U.S. dollar when settling cross-border trades. The Kenyan leader claimed that the African continent already has a mechanism that enables the seamless settling of transactions between traders. Further, freedom advocate and entrepreneur Kimdotcom said as more countries reject the greenback the “U.S. Govt will pay a higher price for printing money.” Ruto: African Traders Do Not Need to Settle Using the Greenback Kenyan President William Ruto has again urged African countries to consider settling cross-border transactions with their respective currencies instead of the U.S. dollar. In his remarks made while addressing the Djibouti parliament, Ruto argued that the African continent’s Afreximbank already has the mechanism in place to enable seamless settling of transactions between traders. Just In: President of Kenya, @WilliamsRuto, Urges African Nations to Dump the US Dollar for Intracontinental Trade. WATCH pic.twitter.com/mHE8Bshquv — Simon Ateba (@simonateba) June 13, 2023 The latest remarks by the Kenyan leader, whose country is among several African nations facing dollar shortages, come just a few weeks after he similarly implored his counterparts to kickstart the process to ditch the U.S. dollar. As reported by Bitcoin.com News, Ruto believes trade between African countries is already hampered by the differences between their respective currencies. He said asking traders to source U.S. dollars only makes things worse. ‘We Are Not Against the U.S. Dollar’ In a video circulating on social media platforms, Ruto doubled down on his earlier call on African countries to de-dollarize, but said that “we are not against the U.S. dollar.” He also questioned why Kenyan and Djibouti traders need to settle transactions using the greenback. He asked: Why is it necessary for us to buy things from Djibouti and pay in dollars? Why? There is no reason. And we are not against the U.S. dollar, we just want to trade much more freely. Let us pay in U.S. dollars what we are buying from the U.S. According to the Kenyan leader, African countries ought to settle trades occurring on the continent using local currencies. Commenting on Ruto’s remarks, internet freedom advocate and entrepreneur Kimdotcom warned of the consequences for the United States if more countries were to heed the call. “Africa says bye to the US dollar. The President of Kenya, William Ruto urges African nations to dump USD under tumultuous applause. With every nation that rejects USD as reserve currency the US Govt will pay a higher price for printing money (inflation),” Kimdotcom said. Register your email here to get a weekly update on African news sent to your inbox: What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

The world’s largest crypto exchange, Binance, said it’s exiting the Dutch market as it has been unable to obtain registration as a crypto service provider. The news comes after Binance’s entity in Cyprus applied to be removed from the country’s register of digital asset service providers. Binance Leaves the Netherlands and Cyprus to Focus on Other EU Jurisdictions Binance, the leading global cryptocurrency exchange, is pulling out of the Netherlands. On Friday, the company revealed that its attempts to work in the country in compliance with local regulations have not resulted in a registration as a virtual asset service provider (VASP). Starting from July 17, existing customers will only be able to withdraw assets, Binance said in an announcement, while deposits, purchases, and trades will not be possible. “With immediate effect, no new users residing in the Netherlands will be accepted,” the platform emphasized. promised to “continue striving to obtain authorizations to provide our products and services to users in the Netherlands,” while pointing out it already meets requirements in other EU member states and prepares to be fully compliant with the bloc’s recently adopted Markets in Crypto Assets (MiCA) rules. The exchange also stated it will “engage productively and transparently with Dutch regulators” in the future. It has been previously warned by De Nederlandsche Bank, the Dutch monetary authority, that it’s operating without registration and fined in January, Reuters said in the report. The largest crypto exchange by trading volume has been under increased regulatory scrutiny. Last week, the U.S. Securities and Exchange Commission (SEC) sued Binance, its founder Changpeng Zhao and its American subsidiary for violating securities laws in the United States. Binance has also recently announced plans to leave Canada and Australia. Earlier this week, media reports unveiled that Binance Cyprus Ltd., the exchange’s Cypriot entity, has requested to be removed from the country’s register of crypto asset service providers, as evident from its listing on the local securities regulator’s website. It was registered in October 2022. A spokesperson explained the move with Binance’s intention to focus on its other regulated units in EU countries such as France, Italy, and Spain ahead of the implementation of the Union’s new crypto regulations in the next 18 months. “We are working hard to prepare our business to be fully compliant with MiCA,” the company representative stated. Do you think Binance will exit other markets in the European Union? Tell us in the comments section below. View the full article

Cameron Winklevoss, a co-founder of Gemini, a U.S.-based cryptocurrency exchange, criticized the U.S. Securities and Exchange Commission’s (SEC) posture regarding cryptocurrency regulation. Winklevoss stated that the SEC laws written in 1933 are obsolete today, and their application would mean that the crypto industry will leave the U.S. behind. Cameron Winklevoss Believes SEC Securities Laws Are Too Outdated to Deal With Crypto Cameron Winklevoss, a co-founder of Gemini, a U.S.-based cryptocurrency exchange, has criticized the U.S. Securities and Exchange Commission’s application of the Securities Act of 1933 in cryptocurrency cases. According to Winklevoss, the Securities Act, written in 1933 and still commonly used to determine if an asset constitutes a security at any given time, is outdated and not workable in today’s crypto paradigm. Winklevoss stated: Everyone including the SEC knows that securities laws written in 1933 don’t meet the realities of the world today. There are two choices: Update the law taking a first principles approach or be left behind. Furthermore, Winklevoss compared regular mail with email, remarking on the differences between the two and how equivalent regulation would have slowed down the internet’s development and adoption. On taking the same approach with crypto, he declared: You can’t pretend that crypto is an orange grove and expect it to flourish. Unless of course, your goal is to kill it. The SEC filed a complaint against Gemini in January, alleging the exchange engaged in an unregistered offer and sale of securities to U.S. retail investors. The case involves Genesis, a cryptocurrency lender that filed for bankruptcy in January. Pushing the Industry Away From the U.S. Winklevoss joins a group of cryptocurrency entrepreneurs and lawmakers that have repeatedly warned against the effects that the recent barrage of legal actions against exchanges like Coinbase and Binance will have on the future of the industry in the country. He explained what he thinks the industry will go through if the SEC doesn’t change its enforcement approach. Winklevoss explained: What does being left behind mean? Industry moves offshore. Brain drain. Lost jobs. Lost economic growth. National security risk. U.S. does not participate in developing future financial rails. Brian Armstrong, CEO of Coinbase, has also declared that the direction in which regulation is going in the U.S. might drive innovation offshore while other countries like China are embracing crypto and blockchain. What do you think about Cameron Winklevoss’ opinions on the SEC’s regulatory approach? Tell us in the comment section below. View the full article

Bank of Russia plans to pilot cross-border payments using digital assets and central bank digital currencies, according to a deputy governor. The top executive believes these alternative instruments could increase efficiency in foreign trade while such settlements will not be permitted inside Russia. Russian Government Backs Initiative to Test Digital Assets in Payments Abroad The Russian Federation intends to experiment with digital asset payments in settlements with trade partners, Deputy Chairman of the Central Bank of Russia (CBR), Alexey Guznov, told the daily Izvestia. Also quoted by the business news portal RBC, the official revealed that the plan is supported by the executive power in Moscow. The use of digital financial assets (DFAs) has the potential to increase the efficiency of foreign trade, Guznov elaborated. At the same time, he made it clear that these settlements will not be allowed within the country, a position that has been consistently maintained by Russia’s monetary authority. The trials will be carried out in two stages, the executive detailed. During the first, Russian authorities will adopt legislation creating the legal basis for the so-called experimental legal regimes under which cryptocurrencies can also be used. The necessary bill amending 30 legal acts is being prepared by the bank and the finance ministry. DFAs, as currently regulated by the law “On Digital Financial Assets” from 2021, usually represent tokenized traditional assets issued on private blockchains developed and operated by CBR-authorized entities. These include the tokenization service Atomyze and the fintech company Lighthouse. Among them are also major Russian banks like the private Alfa-Bank and the majority state-owned Sberbank. The latter recently announced it’s preparing to allow retail investors to trade digital assets on its blockchain platform as early as this month. Foreign Firms to Be Granted Access to Russian Digital Asset Market International transactions with digital assets will be tested during the second stage of the experiment. Both central bank digital currencies (CBDCs), like the digital ruble, and tokens issued by Russian companies together with foreign partners will be used during the pilot, explained the head of the parliamentary Financial Market Committee, Anatoly Aksakov. The foreign entities must be allowed to use Russia-based information systems, the lawmaker emphasized. In May, Aksakov said that the law on digital financial assets will be amended to facilitate their access to the Russian market. Aksakov also noted that DFA payments will help international settlements against the backdrop of sanctions. For more than a year, officials in Moscow have been discussing the legalization of cross-border payments with digital assets, including cryptocurrencies, amid unprecedented financial restrictions imposed on Russia over its invasion of Ukraine. Several bills are under review in parliament. Last month, Aksakov also remarked that large Russian firms are already using crypto in foreign trade settlements. Do you think Russian companies will expand the use of digital assets in cross-border payments? Tell us in the comments section below. View the full article

According to Chris Watkins, the co-founder and CEO of the non-fungible token (NFT) marketplace Digital Arms, many of the Web3 games developed in the last bull cycle were not only seemingly rushed but “lacked the essential element of fun,” hence they ultimately failed. Watkins also argued that the few games which did gain traction “relied on the allure of making money” which is not a sustainable model. Web3 Gaming Not a Passing Fad However, in his written answers sent to Bitcoin.com News, the Digital Arms CEO insisted that the industry’s focus has shifted back to making games with experiences and benefits which cannot be matched by traditional gaming. This shift in turn means Web3 gaming “is really just getting started” and may not be a passing fad as claimed by some critics, Watkins added. Concerning his platform’s reported collaboration with the firearms industry, the CEO disclosed that this was made possible by the fact that some of Digital Arms’ founding members, including himself, are veterans of the gun industry. Watkins also shared his thoughts on Apple’s augmented reality headset and how this is likely to be a game changer for the Web3 gaming industry. Below are Watkins’ answers to the questions sent to him via Telegram. Bitcoin.com News (BCN): What benefits do gamers have when they buy in-game non-fungible tokens (NFTs) versus traditional in-game assets? Chris Watkins (CW): The main advantage here is the true ownership and traceability of the assets. As Esports and the fanbase of popular leagues grow, the potential to buy and trade firearms used by your favorite Pro gamer is just one of the many exciting use cases. BCN: According to a recent report by Polaris Market Research, the worldwide blockchain gaming market size is expected to reach over $1 trillion by 2032, up from an estimated $5.4 billion in 2022. What key emerging trends do you see that will shape the future of Web3 gaming? CW: A prominent trend is the blending of real-world brands with the gaming scene, through either advertising rights or branded playable assets. Blockchain technology serves as the crucial link, unlocking new revenue streams for game developers via NFT licensing rights. As this trend progresses, I predict a surge in games integrating NFTs so seamlessly that players may not even realize they’re purchasing and trading these unique digital assets. BCN: Over the last few years, the Web3 gaming industry has experimented with play-to-earn, play-and-earn and a bunch of other models to attract players. Even though some Web3 games have gained traction, we have not yet landed upon a sustainable model that appeals to both players and game developers. What makes you believe that Web3 gaming is more than just a fad? CW: Games developed during the last bull run cycle often appeared rushed and lacked the essential element of fun. Those that did gain traction primarily relied on the allure of making money. This model is not sustainable in the long run as it depends on a continuous flow of players willing to spend. However, I’m seeing many emerging game developers creating high-quality, entertaining games with incorporated play-to-earn aspects. The focus is shifting back to making games that are fun to play and offer unique experiences and benefits that traditional gaming can’t match. In my opinion, Web3 gaming is really just getting started – exciting times ahead! BCN: Your company Digital Arms is reportedly the only NFT marketplace where gamers can buy, sell, and customize licensed digital firearms from the world’s leading brands. Can you explain why the firearms industry chose Digital Arms and why they can or can’t sell their IP on other NFT marketplaces? CW: The founding members of Digital Arms and I have over 25 years of experience in the firearms industry. We’ve built trust with leading brands and they’ve chosen us to guide them into the blockchain and digital collectable arena. We uphold their brand with high respect and ensure it’s delivered in a manner that aligns with their company image. No other marketplace or platform has our unique understanding of the firearms industry. Hence, the need for a unique marketplace like Digital Arms. You wouldn’t go to eBay or Amazon to buy a firearm, right? BCN: Self-expression through customization has been a part of video games for as long as we can remember. It would seem like there is an attractive opportunity for the firearm and hunting industries in the Web3 gaming realm. What challenges, in your opinion, do such brands face in bringing digital firearms to Web3 games, especially considering the firearms industry is heavily regulated in most parts of the world? CW: Maintaining a positive public image is very important to the firearms industry. The challenge is to ensure their products and branding are portrayed respectfully by game developers. As for firearm regulations, this is the exciting part. We are dealing with digital assets, not the actual firearm. Gamers in restricted regions now can own a piece of the brand. Digital Arms is producing limited edition, authentic IP-licensed NFT digital collectibles crafted from the original 3D CAD files used in the actual manufacturing of the firearm. BCN: Do you think Web3 gaming could become an attractive revenue stream for firearms manufacturers — or physical goods brands, in general — in the near future? CW: Yes, 100%! It’s already happening and is not limited to just firearms but many other in-game items and equipment. BCN: Apple has just launched an innovative augmented reality headset called Apple Vision Pro. What role could such devices, assuming they become popular among gamers, play in the evolution of the Web3 gaming industry? CW: Apple is leading the way, that’s for sure! This development is going to change the way we interact and play games in the future. Augmented reality can create immersive gaming experiences, combining digital items, such as our firearm NFTs, opens up a new world of possibilities. What are your thoughts about this interview? Let us know what you think in the comments section below. View the full article

Blackrock, the world’s largest asset manager, has filed to register a bitcoin trust that some believe is actually a spot bitcoin exchange-traded fund (ETF) in disguise. Blackrock is seeking to launch a bitcoin product despite the U.S. Securities and Exchange Commission’s (SEC) efforts to crack down on unregistered crypto platforms and securities tokens. The asset management firm has also chosen Coinbase, the Nasdaq-listed crypto exchange that was recently charged by the SEC for securities law violations, to serve as custodian for its bitcoin trust. Blackrock Files to Launch a Bitcoin Trust The world’s largest asset manager, Blackrock, filed for the registration of Ishares Bitcoin Trust (the Trust) with the U.S. Securities and Exchange Commission (SEC) on Thursday despite the regulator’s ongoing regulatory crackdown on the cryptocurrency sector. According to Blackrock’s filing: The assets of the Trust consist primarily of bitcoin held by a custodian on behalf of the Trust. The Trust seeks to reflect generally the performance of the price of bitcoin. “The Trust was formed as a Delaware statutory trust on June 8,” the asset manager explained, adding that Blackrock Fund Advisors is the trustee of the Trust and Coinbase Custody Trust Company is the custodian for the Trust’s bitcoin holdings. The sponsor of the Trust is Ishares Delaware Trust Sponsor, a Delaware limited liability company and an indirect subsidiary of Blackrock Inc. “The Trust issues shares only in baskets of 40,000 or integral multiples thereof,” the filing further details, adding: “Baskets may be redeemed by the Trust in exchange for the amount of bitcoin corresponding to their redemption value.” Moreover, Blackrock stated: Individual shares will not be redeemed by the Trust but will be listed and traded on Nasdaq. Many people view Blackrock’s filing as bullish for the entire crypto sector. Some have argued that the largest asset manager’s filing for a bitcoin trust is actually a filing for a bitcoin exchange-traded fund (ETF), which the SEC has not yet approved. So far, the securities regulator has rejected all filings for spot bitcoin ETFs. Some people were also surprised that Blackrock is seeking to offer a bitcoin product using Coinbase as custodian when the SEC is cracking down on the crypto industry and has filed charges against Coinbase for securities law violations. Onchain Capital co-founder Ran Neuner tweeted: Did Blackrock really just apply for a spot bitcoin ETF using Coinbase, a U.S. company that the SEC claims is actually an unlicensed securities exchange operating illegally? Several individuals drew comparisons between Blackrock’s bitcoin trust and Grayscale’s bitcoin trust (GBTC). Grayscale has been actively seeking to convert its bitcoin trust into a bitcoin ETF but the SEC has rejected its filing so far. Digibuild CEO Robert Salvador opined: “This is no different than the Grayscale. This can be used to short bitcoin into the floor. This is a Trojan horse, not a real ETF. Don’t be lulled to sleep.” Cardano enthusiast Chris O described: “Blackrock is a trust, but you can redeem it, so effectively working the same as an outright spot ETF. Probably packaged this way to justify their undoubted approval.” Eric Balchunas, a senior ETF analyst for Bloomberg, explained: “To all those saying the Blackrock filing is a trust and not an ETF. Do you consider $GLD to be an ETF? Well, this is same thing. Lot of structures under ‘ETF’ umbrella. Nothing like $GBTC. This is the real deal.” He stressed: Yes, it is a trust, but so is every other physical commodity ETFs like $GLD. Same structure. This is a real deal spot ETF filing vs GBTC. Venture Coinist’s Luke Martin noted: “$SPY & $GLD are good comparisons here. Both are ETFs structured as trusts. Same thing here. Key difference is it’s redeemable. unlike $GBTC.” Congressman Patrick McHenry (R-NC), who has been pushing SEC Chairman Gary Gensler to provide regulatory clarity for the crypto sector and has repeatedly criticized him for his enforcement-centric approach to regulating the crypto sector, emphasized: “The SEC must not pick winners and losers based on inconsistent factors. I’ll be watching this closely.” Vaneck advisor Gabor Gurbacs tweeted: “There are/were a number of earlier spot bitcoin ETF applications. Approve the active filings in order of first filing. That would be fair. But who are we kidding to expect fairness?” Do you think the SEC will approve Blackrock’s bitcoin trust filing? Let us know in the comments section below. View the full article

Amid the regulatory crackdown in the United States, the bankrupt crypto lender Celsius has announced that all of its customers’ “altcoins” will be converted to bitcoin (BTC) and ethereum (ETH). Over $215 million worth of coins such as CEL, ADA, LINK, LTC, and others will be sold beginning on July 1, 2023. Celsius Plans to Convert 15 Different Tokens to Bitcoin and Ethereum In mid-February 2023, Celsius announced it would be acquired by Novawulf Digital Management to execute the reorganization plan. The firm filed its plan on June 15, and as per the latest revisions, customers who possess “altcoins” will have their balances converted to BTC and ETH on July 1. The only accounts exempted from this conversion are the “custody and withhold accounts.” “Celsius will be selling all altcoins from all customers (except custody and withhold accounts) starting July 1st and will be converting them into bitcoin and ethereum,” the official Twitter account wrote. The coins included in the transition will be CEL, MATIC, ADA, LINK, LTC, DOT, BCH, AAVE, UNI, XLM, SOL, EOS, FIT, SRM, and BNB. Some of these tokens have been classified as securities by the U.S. Securities and Exchange Commission (SEC) in specific lawsuits. The sale will contribute more than $215 million worth of these tokens to the current selling pressure the market is already experiencing. However, the distribution among 15 different crypto assets will moderate the impact of the sales. The largest sales will involve $70 million of Celsius’s native token, CEL, and around $52 million of MATIC. Similar to FTX’s FTT token, CEL doesn’t have much to offer these days following Celsius’ bankruptcy. Over the past year, CEL has experienced an 80.8% decrease in value, with a 51.5% decline over the past 30 days. This week marks the one-year anniversary since Celsius suspended withdrawals and subsequently filed for bankruptcy protection. Of course, the plan to convert the altcoins to BTC and ETH must be approved by the bankruptcy court. David Adler, an attorney at McCarter & English who represents a group of borrowers in the case, said his group will oppose the plan. Adler tweeted, “This proposed treatment violates every consumer lending law out there.” What are your thoughts on Celsius’ decision to convert altcoins to bitcoin and ethereum, and how do you think it will impact the crypto market? Share your thoughts and opinions about this subject in the comments section below. View the full article

Republicans of the House Financial Services Committee have criticized U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler, stating he is using Rule 3b-16 amendments to impose his views on cryptocurrency assets. In a letter sent to the SEC, republicans push back against the new proposed definition of “exchange” and its implications. Financial Services Committee Republicans Push Back Against SEC’s Proposed Ruleset Republicans of the House Financial Services Committee are pushing back against the proposed amendments to Rule 3b-16 presented by the U.S. Securities and Exchange Commission (SEC) that expands the definition of “exchange.” The group, comprising Chair Patrick McHenry and 28 other representatives, sent a letter on June 13 criticizing the implications of the approval of the rule, and its effects on the cryptocurrency market and its operators. According to these representatives, passing this rule would imply that software protocols and even developers of decentralized financial products would have to register as exchanges with the SEC. This would be detrimental to adoption of the tech in the U.S. Republican representatives stated: The proposed rule will stifle innovation and harm digital asset market participants and the U.S. economy more broadly. We urge you to withdraw this proposal as it would effectively shut down development of the digital asset ecosystem and continue to stagnate U.S. technological innovation. Furthermore, the group of Republicans disagreed with an assertion made in the proposed rule, which states that “it is unlikely that systems trading a large number of different crypto assets are not trading any crypto assets that are securities.” The letter explains the SEC should not generalize or make “sweeping judgments” in its rulemaking. SEC Chairman Gary Gensler Said to Be Pushing His Personal Views The letter goes even further, accusing SEC Chair Gary Gensler of taking advantage of his position to propose rules that fit his perception of cryptocurrency. The letter states: It is clear that Chair Gensler is using this proposal to push his own personal views regarding digital assets. It appears this proposed rule is an attempt to assert this personal view as official SEC policy without adequate analysis or justification. Finally, the group accused the SEC of trying to front-run Congress, which is already working on different bills regarding cryptocurrency, with some of them being introduced by representatives part of the committee like Tom Emmer. Rep. Warren Davidson, who also signed the letter, recently introduced a bill to oust Gary Gensler from his position as chairman of the SEC, titled the “SEC Stabilization Act.“ What do you think about the House Financial Services Committee Republicans’ stance on the SEC’s proposed rule? Tell us in the comments section below. View the full article

The crypto community is abuzz with discussions on social media about the recent United States House Committee hearing held on June 13, 2023, which delved into regulatory clarity within the crypto industry. Notably, the co-CEO of an obscure cryptocurrency broker named Prometheum expressed support for the existing regulatory framework of the U.S. Securities and Exchange Commission (SEC) and its securities laws. Yet, the crypto community remains skeptical of Prometheum’s credibility, as the company remains relatively unknown and doubts have emerged regarding the co-CEO’s testimony. Who is Prometheum? Firm’s Endorsement of SEC Regulations Met With Controversy, Skepticism Who is Prometheum? That is the question being asked by crypto advocates on social media in the wake of the statement made by co-CEO Aaron Kaplan during the recent United States House Committee hearing. The executive from Prometheum emphasized the company’s endorsement of the existing regulations and securities laws established by the SEC. Kaplan asserted that the SEC is “the most capable financial markets regulatory agency in the world.” He also highlighted that the current framework is “clearly laid out,” adding that businesses seeking new crypto securities laws are “simply not willing to comply.” For those that didn’t stick around until the end of the @FinancialCmte hearing today, this exchange between @USRepMikeFlood and @PrometheumInc CEO Aaron Kaplan is an absolute must-watch. Flood explicitly lays out why Prometheum’s claims that their SPBD approval is evidence of a… pic.twitter.com/yCDDKHiLea — Alexander Grieve (@AlexanderGrieve) June 13, 2023 The company reiterated its viewpoint through a tweet, stating, “Prometheum’s stance is clear: There is a path forward for digital assets in the U.S. through the current regulatory frameworks set up by federal securities laws.” However, Kaplan faced questioning from U.S. representative Mike Flood, who read comments from a letter penned by the company in April 2021. The letter sought greater clarity on crypto assets. Flood also inquired whether the firm provided clients with the opportunity to acquire bitcoin (BTC) and ethereum (ETH), to which Kaplan responded by saying “no.” The Prometheum saga was described by Castle Island VC executive Matt Walsh as extraordinarily strange. Walsh added, “Bizarre that this fringe player with no biz model is being held up as an example of compliance by the SEC when the actual businesses in the United States can’t get a fair shot.” Although Prometheum was established in 2017 by Benjamin and Aaron Kaplan, the company remains an enigma to the wider crypto community. “Who the hell are these Prometheum guys?” questioned Charles Hoskinson, founder of Cardano, while others voiced even harsher criticism. “This is hillarious, I didn’t realize Prometheum doesn’t actually trade anything people want,” Omid Malekan tweeted. “But even if it did, who would use it? [This a] perfect example of a parasitic (and pathetic) startup that doesn’t think it can compete on the merits of its products, so it hides behind regulatory moats and licenses. This is a classic Tradfi strategy, and one reason why so much of our banking system is stuck in the dark ages.” Prometheum Investigation Jumps Into Hyperdrive Adam Cochran, a partner at Cinneamhain Ventures, uncovered several Prometheum executives who had affiliations with regulatory bodies and financial incumbents such as the SEC, FINRA, NYSE, and CBOE. Cochran highlighted that Prometheum utilized Regulation A to issue a token back in 2017, yet it has not yet introduced a product. The Cinneamhain executive alleged that the company “scrubbed their social media from prior to 2019,” despite archived data showing that their Genesis block was intended to launch in 2019. “But even to date, it acknowledges it can’t clear or settle transactions and therefore, even though it is registered it cannot operate,” Cochran added. Cochran further explained that in 2021 and early 2022, Prometheum brought on board former staff members from FINRA and the SEC, “with no clear product.” Additionally, he highlighted that Prometheum purportedly secured funds by partnering with Wanxiang, an alleged affiliate of the CCP, raising $48 million despite having no product to show for it. It was reported that the company made a payment of $1.5 million to Network 1 Financial Securities, a firm with a history of “20 regulatory or civil actions against them,” Cochran stated. Furthermore, he disclosed that Network 1 had ties to the team behind the Long Island Blockchain scam. Cochran maintains that the Prometheum narrative implies one of three scenarios. He suggests that it is conceivable that they may be individuals strategically placed as “plants” to benefit from a favorable regulatory arrangement from “engaging in the way the SEC wanted to.” Alternatively, they could be leveraging their connections with the SEC and FINRA to establish themselves as the sole approved entity “to capture the market.” Finally, Cochran posits the possibility that “these guys are grifters who raised a ton of money from sketchy sources and for years have been twisting worst and progress to continue to ride the grift.” He added: I don’t know which one it is, but something is rotten here. Regardless of the circumstances, the Prometheum narrative has captured the interest of the crypto community, prompting many to delve into the firm’s affiliations and history. In October 2022, the company made public its launch of an SEC-registered marketplace for digital asset securities through its subsidiary, Prometheum Ember. According to the web portal, institutional traders can register, establish a custodial account, link it to their trading account, and commence trading activities. Notably, the website refrains from showing the institutions utilizing their services, so it is unclear who uses Prometheum. What are your thoughts on Prometheum’s involvement in the regulatory clarity hearing and the skepticism surrounding its credibility? Share your thoughts and opinions about this subject in the comments section below. View the full article

A dormant Bitcoin address holding 50 Bitcoin, valued at approximately $1.25 million, suddenly sprang to life on June 15 after being inactive since June 21, 2010. This month has seen only one 2010 block reward transfer, with the previous two taking place on May 22, 2023. $1.25 Million in Bitcoin Moves After a Decade of Inactivity; 2023 Sees 6 Block Rewards From 2010 Spent Although Bitcoin’s price has dipped by 7.5% this month, the address, established on June 21, 2010, opted to move its entire 50 BTC balance worth $1.25 million — the first such activity in over 12 years. Nowadays, transfers of 2010 block rewards are relatively rare and were more prevalent when the cryptocurrency’s value was twice its current size. Blockchain parser Btcparser.com caught the movement of the entire balance from the “13CFn” address. Interestingly, data reveals that the owner didn’t spend the associated bitcoin cash (BCH) that is tied to the funds. The last ‘sleeping bitcoin’ transfers from 2010 happened 24 days prior on May 22, 2023. On that day, two block rewards amounting to a total of 100 BTC were moved. In April, a single block reward from 2010 was shifted without being detected by parsers due to an earlier dust transaction. Before April’s transfer, a separate transaction involving a 50 BTC block reward occurred on March 20, 202 In February 2023, a single block reward from 2010 was transferred. January did not see any transfers involving funds from that year. According to Blockchair.com’s privacy tool, the recent transfer of a block reward dating back to scored a “low” rating for privacy — a mere five points — with several identifiable issues in leakage such as a “sweep,” “same address in inputs,” and “various input types.” The entirety of this BTC balance was transferred to one address before reaching another wallet, and then it finally split into two addresses holding 23.11 BTC and 26.88 BTC, respectively. In total, 2023 has seen six block reward transfers from the 2010 era — all after more than a decade of inactivity. What do you think prompted the sudden activity of these long-dormant bitcoins? Share your thoughts and opinions about this subject in the comments section below. View the full article

Polygon moved closer to an 11-month low on Thursday, as crypto markets continue to react to yesterday’s United States Fed rate decision. The global market cap is trading 4% lower as of writing, as a wave of bears captured sentiment. Litecoin plunged to a three-month low today. Polygon (MATIC) Polygon (MATIC) was a notable mover on Thursday, as the price slipped by as much as 9%, nearing a multi-month low in the process. MATIC/USD fell to a floor of $0.5951 earlier in today’s session, after trading at a high of $0.6598 on Wednesday. As a result of this drop in price, polygon moved closer to Saturday’s bottom at $0.5059, which was its lowest point since last July. From the chart, today’s drop saw the token move below a floor at $0.6000, just as the relative strength index (RSI) found one of its own at the 21.00 mark. Currently, price strength is tracking at 22.19, which is still significantly oversold, and could potentially prompt long-term bulls to buy the dip. A ceiling at the 25.00 mark will likely act as a test for traders, and should they pass this point, there is a possibility that MATIC could be heading back above $0.7500. Litecoin (LTC) In addition to polygon, litecoin (LTC) also moved considerably lower in today’s session, hitting a three-month low in the process. After trading at a peak of $77.86 on Wednesday, LTC/USD retreated to a low at $72.02 earlier in the day. This bottom pushed litecoin to its weakest point since March 12, falling below a floor at $73.00 in the process. This downturn came as the 10-day (red) moving average (MA) extended its recent crossover with the 25-day MA. On top of this, the RSI also slipped below a key support zone at 31.00, and as of writing, is tracking at 30.89. LTC has since moved back above $73.00, with bulls now targeting a resistance level near the $80.00 mark. Register your email here to get weekly price analysis updates sent to your inbox: Why did yesterday’s Fed rate decision result in crypto market weakness? Let us know your thoughts in the comments. View the full article

According to statistics, over the span of 30 days, from May 15 to June 15, 2022, more than 2.4 billion stablecoins were redeemed. During this period, three of the leading stablecoins experienced a decline in their supplies ranging from 4% to 19% compared to the previous month. Stablecoin Economy Slips Lower In the realm of stablecoin projects, the diminishing supplies of various tokens have become an ongoing trend, and the past month witnessed notable redemptions for USDC, BUSD, and DAI. The second largest stablecoin, USDC, experienced a 5.7% reduction in its supply, while BUSD saw approximately 19% of its tokens redeemed. Similarly, Makerdao’s DAI stablecoin witnessed a 4% decline since May 15, 2023. However, amidst these fluctuations, two stablecoins stood out by showcasing increases in their supplies over the last 30 days — tether (USDT) and true usd (TUSD). Within the span of 30 days, USDT witnessed a 0.9% growth in its supply, reaching an all-time high market valuation of $83.614 billion. In a similar vein, TUSD witnessed a 0.3% rise in its supply, propelling its market capitalization to $2.04 billion as of June 15. On the other hand, pax dollar (USDP) recorded a 4.8% decrease over the past month, while FRAX managed to inch up 0.2% within the same timeframe. Tron’s USDD saw a reduction of 1%, whereas Gemini’s GUSD suffered a 1.9% decline. Additionally, liquity usd (LUSD) underwent a reduction of approximately 1.9% over the course of the last 30 days. Redemptions ranging from 1% to 19% have affected the market valuations of seven out of the top ten stablecoins. Since May 15, 2023, roughly 2.471 billion stablecoins have been redeemed, contributing to the overall decline in the stablecoin economy. The predominantly USD-pegged crypto assets that constitute the stablecoin economy have reached their lowest value in 20 months, and if the trend observed in June persists, a downturn lasting 21 months could be in store. While BUSD experienced a significant decline of 19%, the losses suffered by other stablecoin projects have resulted in the current value of $128.92 billion. At present, the stablecoin economy represents 12.12% of the crypto economy’s total value of $1.06 trillion. What do you think about the stablecoin economy’s performance over the past month? Share your thoughts and opinions about this subject in the comments section below. View the full article

Bitcoin fell below the $25,000 level for the first time since March, as the Federal Reserve opted to keep rates unchanged. However, to the surprise of many, the Fed also forecasted two further hikes in this current cycle. Ethereum reacted negatively to the news, dropping below $1,700. Bitcoin Bitcoin plunged to a multi-month low on Thursday, as markets continued to react to the U.S. Federal Reserve’s decision not to increase interest rates. Chair Powell did forecast two further hikes, with core inflation still higher than the bank would like. He stated: “I think if you look at the core PCE inflation overall, look at it over the last six months, you’re just not seeing a lot of progress.” BTC/USD dropped to an intraday low of $24,820.20 on the news, which comes following a high of $26,040.66 on Wednesday. As a result of the drop, bitcoin slipped to its weakest point since March 16, when price was at a bottom of $24,200. Today’s decline came as the 14-day relative strength index (RSI) fell below a support point at 36.00. It is now tracking at 34.55. Ethereum Additionally, ethereum (ETH) also tanked, with price falling below $1,700 for the first time in three months. Following a high of $1,749.16 on Wednesday, ETH/USD hit a bottom at $1,624.14 earlier in the day. This is the lowest level that ethereum has fallen to since March 15, which is the last time price traded at a floor of $1,620. Thursday’s decline comes as price strength moved into oversold territory, with the RSI now at a reading below 30.00 The index now sits at 29.17, which is the weakest point it has reached since November last year, at which time ETH was trading near $1,000. Register your email here to get weekly price analysis updates sent to your inbox: Could ethereum move even lower in the coming days? Leave your thoughts in the comments below. View the full article