Author: Max Bauer
Scroll, a leading Ethereum layer-2 scaling solution, has faced criticism for its decision to allocate 5.5% of its total token supply to Binance. In response to questions about the deal, Scroll Co-Founder Ye Zhang defended the move, citing the importance of Binance’s support for stablecoins in emerging markets. “Binance’s support for stablecoins is crucial, especially in Africa where it holds more legitimacy than Ethereum,” Zhang explained. “This partnership will provide a lot of other support besides listing, and strong CEX support is essential for attracting users to the Ethereum ecosystem.” Zhang also addressed concerns about the timing of the deal,…
Cryptocurrency analysis firm Alphractal has released a new report outlining potential price targets for Bitcoin (BTC) based on Fibonacci sequence analysis. The report focuses on the “True Market Mean Price,” a metric that excludes cryptocurrencies associated with mining to provide a more accurate representation of Bitcoin’s underlying value. Analytics Company Sets Lower and Upper Potential Targets for Bitcoin According to Alphractal, Bitcoin’s recent surge to the True Market Mean Price x 1.854 level is a significant indicator of market euphoria. This level aligns with previous historical peaks, suggesting that further upside potential may be in store. However, the report also…
Neiro, a popular memecoin, has announced the termination of its relationship with Gotbit, a market maker company that has recently faced legal scrutiny. The decision comes in response to criticism surrounding Neiro’s association with Gotbit, which was under investigation by the US Department of Justice. In a statement released by Neiro, the project emphasized that it was not involved in any wrongdoing related to Gotbit’s activities. However, the team felt it was necessary to distance themselves from the controversy to maintain the project’s integrity. To ensure a smooth transition, Neiro has withdrawn funds from Gotbit and is actively seeking new…
Solana’s SOL token, which has seen a remarkable 900% rebound since the FTX collapse, could surge even further, according to Geoff Kendrick, global head of digital assets research at Standard Chartered Bank. Kendrick believes SOL could reach $560 by the end of 2025, giving it a total market value of $264 billion. However, this bullish prediction hinges on three key factors: 1. US Election Outcome A Trump administration, according to Standard Chartered, would be more supportive of the broader digital assets ecosystem, including Solana. This could lead to the approval of a Solana spot ETF, which could drive up demand…
The trustee managing the assets of Mt. Gox, the once-largest cryptocurrency exchange, has announced a one-year delay in the repayment deadline for creditors. The decision, aimed at addressing logistical challenges and concerns about potential Bitcoin sell pressure, has been met with positive reactions from the market. Mt. Gox, which was hacked in 2014, has been gradually repaying creditors the equivalent of nearly $9 billion in recovered assets. However, a significant portion of the remaining funds, including 44,900 Bitcoin (BTC) valued at over $2.8 billion, is still held in on-chain wallets. The delay in repayments, according to the trustee’s statement, is…
The ongoing battle between cryptocurrency and the U.S. Securities and Exchange Commission (SEC) has taken a new turn. Crypto derivatives exchange Bitnomial filed a lawsuit against the SEC on Thursday, challenging the agency’s claim that XRP, the world’s seventh-largest digital asset, is a security. Bitnomial Sues SEC over XRP This lawsuit comes just weeks after a New York federal judge ruled in favor of Ripple Labs, a blockchain payments company, stating that XRP was not a security when traded on exchanges. The SEC has appealed that decision. The crux of Bitnomial’s lawsuit revolves around its planned XRP futures contract. The…
BlackRock strategists are predicting a slower pace of interest rate cuts by the Federal Reserve, citing a more stable economic outlook. In a recent report, the investment firm stated that they believe the Fed will have room to cut rates to 3.5% or slightly higher by early 2025. The analysis is based on the minutes of the Fed’s September meeting, which indicated a gradual approach to interest rate reductions. Rick Rieder, BlackRock’s chief investment officer of global fixed income, emphasized that the market’s previous expectations of a “hard landing” for the economy were overly pessimistic. Rieder noted that recent movements…
Federal Reserve policymakers indicated on Thursday that further interest rate cuts are likely in the coming months, citing signs of cooling inflation and a robust but potentially weakening job market. However, one official suggested that skipping a rate cut in November might be an option. Data released earlier in the day showed that consumer price inflation fell to 2.4% in September from 2.5% in August, and weekly jobless claims rose unexpectedly. Federal Reserve Bank of Chicago President Austan Goolsbee said that the central bank is aiming to maintain the current economic conditions and that rate cuts will be gradual. “The…
The U.S. Securities and Exchange Commission (SEC) has filed a complaint against Cumberland DRW LLC, alleging that the Chicago-based cryptocurrency trading firm acted as an unregistered dealer in the sale of $2 billion worth of digital assets. The SEC’s complaint, filed in the Southern District of New York, alleges that Cumberland DRW engaged in “dealer activity” in various cryptocurrencies, including Bitcoin and Ethereum, without registering with the SEC as a broker-dealer. The agency argues that the company’s actions violated Section 15(a) of the Securities Exchange Act of 1934. “Despite frequent protestations by the industry that sales of crypto assets are…
Ripple Labs Inc. has filed a cross-appeal with the U.S. Court of Appeals for the Second Circuit in its ongoing legal battle with the Securities and Exchange Commission (SEC). Ripple’s Stuart Alderoty Posts About the Appeal According to Ripple Chief Legal Officer Stuart Alderoty, the cross-appeal aims to solidify the company’s position and ensure that all key arguments are addressed. “The SEC lost on all key points—that’s why they appealed,” Alderoty stated in a press release. “Today, Ripple filed a cross-appeal to ensure nothing’s left on the table.” A cross-appeal is a legal maneuver where both parties in a lawsuit…