Author: Max Bauer
This week marks a pivotal moment for both cryptocurrency stakeholders and U.S. lawmakers as SEC Chair Gary Gensler and other SEC commissioners prepare to testify before Congress. Scheduled hearings with the U.S. House Committee on Financial Services and the Senate Banking, Housing, & Urban Affairs Committee promise to be anything but routine. A Departure from the Norm Typically, Gensler’s annual testimony is a quieter affair, with members of Congress taking their usual party lines. However, this year presents a unique scenario. With upcoming elections, the dynamics of party allegiance are shifting. Gensler has faced increasing scrutiny not just from the…
The Celestia Foundation today announced that it has secured $100 million in funding, led by Bain Capital Crypto. The investment, which brings the project’s total raised to $155 million, will support the continued development and expansion of Celestia’s modular blockchain technology. Celestia, launched in October 2023, is the industry’s first specialized modular consensus and data network. It offers a unique approach to scaling permissionless blockchains by separating the consensus and execution layers, allowing for greater flexibility and scalability. Since its launch, Celestia has seen significant growth, with developers deploying over 20 rollup chains and the network processing more than half…
A recent analysis by financial commentator Fejau suggests that a loosening of financial conditions could be a significant tailwind for Bitcoin. The Chicago Fed’s National Financial Conditions Index (NFCI) has been steadily declining, indicating a more accommodative environment for risk assets. Fejau’s analysis, shared on X, highlights the historical correlation between the NFCI and Bitcoin’s price. In periods of looser financial conditions, when liquidity is more readily available, Bitcoin has tended to outperform. This pattern was evident in 2013, 2017-2018, and more recently, as Bitcoin’s price surged from $25,000 to over $73,000 in March 2024, coinciding with a decline in…
Telegram founder Pavel Durov has announced a series of measures aimed at combating the misuse of the messaging app’s powerful search function. In a recent post on his personal channel, Durov stated that users who violate Telegram’s terms of service may face significant consequences, including the potential disclosure of their personal information. Durov explained that while Telegram’s search feature is intended to help users connect with friends and discover news, it has been exploited by some individuals to promote illegal goods. To address this issue, the platform has taken several steps:
DefiLlama founder 0xngmi has publicly criticized Coinbase’s cbBTC token for its lack of transparency. In a social media post, the founder stated that while most cross-chain bridges, including WBTC, provide proof of reserves to ensure user confidence, Coinbase has failed to implement this standard. 0xngmi explained that DefiLlama has not listed cbBTC on its platform due to the inability to verify its Total Value Locked (TVL). The founder emphasized that the platform maintains consistent standards for all projects and will not make exceptions, even for major players like Coinbase. Previously, Coinbase CEO Brian Armstrong admitted in a statement that cbBTC…
Police in China’s Shanxi province have dismantled a criminal gang involved in money laundering through USDT, arresting seven individuals, according to a report from the Heshun Public Security Bureau. After an extensive investigation, the Criminal Investigation Brigade successfully took down the gang, which specialized in defrauding victims, withdrawing cash, and using the cryptocurrency USDT to launder funds. The case began in early September 2024 when a local resident, identified as Zhao Moumou, was defrauded of 50,000 yuan by someone impersonating a government official. The funds were withdrawn from a bank in Chongqing, prompting police to investigate. Officers analyzed bank surveillance…
In a recent analysis, cryptocurrency research firm QCP Capital assessed the implications of Vice President Kamala Harris’ renewed support for the crypto industry, following her remarks at a fundraiser over the weekend. Harris pledged to assist in the growth of the cryptocurrency sector, aiming to win over the crypto community as part of her campaign strategy. Notably, her efforts are supported by prominent crypto advocates, including Anthony Scaramucci, who are collaborating on her campaign’s crypto policies. QCP Capital suggests that a victory for Harris in the upcoming election may not be as bearish for the cryptocurrency market as some analysts…
In a new bankruptcy filing, executives at Silvergate Capital Corporation, the parent company of the crypto-friendly bank Silvergate Bank, have attributed the bank’s closure to a “sudden regulatory shift.” Despite facing challenges from the shrinking cryptocurrency industry and rising interest rates, the bank had stabilized and was able to meet regulatory capital requirements. However, in 2023, “abrupt regulatory changes” from agencies such as the Federal Reserve, FDIC, and OCC made it clear that they would no longer tolerate banks with significant digital asset customers. Silvergate Capital Corporation CEO Elaine Hetrick’s statement in the bankruptcy filing provides a timeline leading to…
In a recent interview, VanEck’s CEO expressed a bullish outlook for Bitcoin, predicting that its market capitalization will eventually reach half of gold’s. This would put Bitcoin’s value at approximately $350,000 per coin. The CEO based this prediction on the growing adoption of Bitcoin and the potential for central banks to embrace it as part of their monetary systems. He also highlighted the long-term trend of Bitcoin’s increasing value, comparing it to the performance of Indian equities over the past decade. While acknowledging the risks and potential volatility associated with Bitcoin, the CEO emphasized the importance of diversification and including…
The Telegram Open Network (TON) chain has seen a significant surge in popularity, with its top five tokens boasting millions of addresses. This growth puts TON far ahead of Ethereum’s popular memecoin PEPE, which has only 280,000 addresses. According to recent data, the top five tokens on the TON chain are TON, USDT, CATI, NOT, and DOGS. TON, the native token of the network, leads the pack with a massive 19.39 million addresses. USDT, a stablecoin pegged to the US dollar, follows with 1.54 million addresses. Other notable tokens include CATI, NOT, and DOGS, which have 1.09 million, 2.86 million,…