Author: Max Bauer
Bitcoin (BTC) continued its recovery on Tuesday, with the price approaching $58,000 by the end of the U.S. trading session. This represents a 1.7% gain in the last 24 hours and a nearly 10% increase from last Friday’s low. Other major cryptocurrencies, including Ethereum (ETH) and Solana (SOL), also posted gains of 1.5%. The broader crypto market recovery comes amidst the backdrop of the U.S. presidential election. While the upcoming debate between Donald Trump and Kamala Harris is unlikely to address digital assets directly, the contrasting policies of the two parties on cryptocurrency could influence market sentiment in the coming…
A recent Reuters poll indicates that the majority of economists anticipate the Federal Reserve will opt for a cautious approach to interest rate reductions, implementing three cuts of 25 basis points each throughout the remainder of 2024. This sentiment prevails despite recent data showing a softening labor market. The survey, conducted on September 10th, revealed that only a small minority (nine out of 101) of economists surveyed foresee a more aggressive 50 basis point cut at the upcoming Fed meeting next week. Stephen Stanley, chief U.S. economist at Santander Bank, suggested that the recent employment report, while weak, wasn’t alarming…
A new study by Social Capital Markets reveals that the Securities and Exchange Commission (SEC) has imposed over $7.4 billion in fines on the crypto industry since 2013. The massive $4.47 billion fine against Terraform Labs this year has pushed 2024 to a record-breaking year, with total fines reaching $4.7 billion. While the overall fine amounts have surged, the number of fines issued has decreased to 11 from 30 in 2023. The report suggests a strategic shift by the SEC towards fewer, but more impactful, cases, underlining the increasing financial risks associated with regulatory violations for crypto firms. Social Capital…
Caroline Ellison, the former co-CEO of Alameda Research and ex-girlfriend of disgraced FTX founder Sam Bankman-Fried, is scheduled to be sentenced on September 24th in a New York courtroom. Ellison pleaded guilty in December 2022 to multiple fraud charges related to the collapse of the FTX cryptocurrency exchange, which resulted in billions of dollars in losses for consumers. Ellison faces a maximum penalty of 110 years in prison, but her cooperation with prosecutors is likely to result in a more lenient sentence. Other former FTX executives, Gary Wang and Nishad Singh, have also cooperated with prosecutors and are awaiting sentencing.…
As the U.S. presidential debate between Donald Trump and Kamala Harris looms, the question of whether cryptocurrency will make its way into the discussion remains uncertain. Despite the growing prominence of digital currencies, prediction markets indicate that the odds are slim. On Polymarket, a platform where users bet on the likelihood of specific debate topics, the chances of Trump mentioning “crypto” or “Bitcoin” stand at a modest 17%. This reflects a cautious outlook among traders, who wager 17 cents per share on the possibility. Should Trump bring up these terms, each share would pay out $1 in cryptocurrency; otherwise, the…
As the highly anticipated debate between Donald Trump and Kamala Harris approaches, uncertainty surrounding the event is causing ripples in both the stock and cryptocurrency markets, according to analysts at QCP Capital. While the cryptocurrency market cap saw a modest 1.9% gain over the past day, major tokens like bitcoin and ether have experienced declines for the week, dropping 3% and 6%, respectively. The analysts attribute this to the broader market volatility, with the correlation between crypto and global stocks nearing a two-year high. “Macroeconomic uncertainty is currently dominating the cryptocurrency market,” noted QCP Capital analysts, highlighting the 30-day correlation…
Paypal and Venmo have integrated the Ethereum Name Service (ENS) into their platforms. ENS, a decentralized naming system built on the Ethereum blockchain, allows users to replace complex crypto addresses with readable names. Announced by ENS Labs on Tuesday, this integration will initially benefit U.S. users. When sending crypto, users can now input the recipient’s ENS name directly into the search field. The platforms will then automatically identify the corresponding wallet addresses, streamlining the process. ENS Labs highlighted that this feature will minimize errors in crypto transactions on Paypal and Venmo. Furthermore, it will make it easier for users to…
Vice President Kamala Harris, the Democratic presidential nominee, has released a detailed list of policy positions on her campaign website, outlining her vision for a future administration. While the platform covers a wide range of issues, including tax cuts for middle-class families and affordable housing, it notably omits any mention of cryptocurrencies. Harris’s policy document, titled “Supporting American Innovation,” focuses on bolstering U.S. leadership in key industries like semiconductors, clean energy, and artificial intelligence. The document emphasizes her commitment to building upon the progress made by the current administration in these sectors. The absence of any mention of cryptocurrencies in…
Following the arrest and subsequent investigation of Telegram founder Pavel Durov in Paris last month, Toncoin (TON) experienced significant market volatility. However, according to a recent analysis by cryptocurrency analysis company Kaiko, selling pressure on TON has eased in early September. Immediately after Durov’s arrest on August 24th, TON’s trading volume surged from $10 million to $156 million and reached an all-time high of $169 million on August 28th. Prices also plummeted by over 20% within three hours on August 24th and continued their downward trajectory in the following weeks. Kaiko’s analysis points to a sharp negative flip in TON’s…
Digital asset investment products experienced a substantial net outflow of $726 million last week, matching the record outflow seen in March, according to the latest data from CoinShares. Analysts attribute this negative sentiment to stronger-than-expected macroeconomic data, increasing the likelihood of a 25 basis point interest rate hike by the Federal Reserve. Bitcoin bore the brunt of the outflows, with a total of $643 million leaving Bitcoin-related investment products. In contrast, shorting Bitcoin saw inflows of $3.9 million, indicating a bearish sentiment among some investors. Ethereum also experienced outflows of $98 million. Solana was a notable exception, with inflows of…