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Received — 10 July 2024 ⏭ The Crypto Daily News

Analyst Highlights 5 Altcoins with 55x Profit Potential

By: Daniel
10 July 2024 at 23:00
Analyst Highlights 5 Altcoins with 55x Profit Potential

The cryptocurrency market remains calm, with many waiting for the next big bull run. Altcoins, in particular, are still trading at lower levels, poised for a possible explosion. Amid this anticipation, excitement brews as analysts spotlight five specific altcoins with the potential for up to 55 times profit. In this article, the discussion will delve into these promising coins and their growth prospects.

CYBRO Presale Exceeds $1 Million: A One-in-a-Million Next GEN DeFi Investment Opportunity

CYBRO is capturing the attention of crypto whales as its exclusive token presale quickly surges above $1 million. This next-generation DeFi platform offers investors unparalleled opportunities to maximize their earnings in any market condition.

Experts predict a potential ROI of 1200%, with CYBRO tokens available at a presale price of just $0.025 each. This rare, technologically advanced project has already attracted prominent crypto whales and influencers, indicating strong confidence and interest. In another exciting update, CYBRO has introduced a referral program that runs until July 15. It offers 12% commissions from direct referees’ token purchases, 3% from second-level referees, and 2% from third-level referees. Rewards are distributed weekly in USDT, and referees receive double CYBRO Points on their first deposit using the referral code.

Holders of CYBRO tokens will enjoy lucrative staking rewards, exclusive airdrops, cashback on purchases, reduced trading and lending fees, and a robust insurance program within the platform.

With only 21% of the total tokens available for this presale and approximately 25 million already sold, this is a golden opportunity for savvy investors to secure a stake in a project that’s truly one in a million.

Join CYBRO and aim for future returns up to 1200%

Sei (SEI) Bullish Momentum and Growth Potential Despite Recent Decline

Sei (SEI) suggests that bulls still hold some strength, despite the recent dip. Trading between $0.22 and $0.32, SEI could soon challenge the resistance at $0.39. Its RSI at just over 64 hints at healthy buying interest. If SEI breaks past $0.39, it has the potential to reach $0.50, marking an impressive near term gain of about 56%. Long-term trends also look promising, as breaking past $0.50 could even set higher targets on the horizon. Despite a challenging past month, SEI might be poised for a bullish recovery.

Blast (BLAST) Eyeing Big Gains Amid Market Recovery

Blast (BLAST) has recently shown strong price movement, bouncing between $3.01 and $4.71. Despite some market dips, the bull run seems intact with a 14.71% gain in the past week and a phenomenal 527.31% increase over the past month and six months. Currently, bulls are showing strength with BLAST staying above key support at $2.02. If momentum continues, we could see a rise to the nearest resistance of $5.42, which represents about a 15% increase from its upper range. Further growth might drive the price towards the next resistance level at $7.12, marking potential gains of around 50%. With bullish indicators like an RSI of 74.81 and a high stochastic value, BLAST seems poised for further upside.

Worldcoin (WLD) Shows Potential Amid Bearish Trends

Worldcoin (WLD) is navigating through a turbulent phase but shows signs of potential growth. Currently trading between $1.57 and $2.37, it’s clear bears have the upper hand. However, its movement around the $1.92 Simple Moving Average indicates possible stability. If bulls rally, breaking the resistance at $2.87 could see prices climb toward $3.67, representing a significant gain. Despite a month-long drop of nearly 55%, historical patterns from 2021 hint at a potential resurgence. Keep an eye on its RSI of 54.12 and Stochastic at 76.42. A push above the recent range could mark the start of a bullish momentum.

Bullish Signals for LayerZero (ZRO), Despite Recent Crypto Market Dumps

LayerZero (ZRO) is showing strong bullish momentum despite recent market downturns. The coin’s price is currently moving between $3.00 and $4.71. Recent gains of nearly 15% in the last week and over 339% in the past month suggest significant upward potential. With an RSI of 75.18 and a strong MACD level, the bulls seem to be in control. If ZRO breaks through the $5.42 resistance, we could see it rocket up to $7.13, representing a potential gain of roughly 50%. The strong buying signals indicate that LayerZero could lead the next altcoin season.

Conclusion

SEI, BLAST, WLD, and ZRO appear strong but may offer less potential in the short-term. For maximizing earnings in 2024’s bull run, CYBRO, a sophisticated DeFi platform, stands out. Leveraging AI for yield aggregation on the Blast blockchain, it delivers lucrative staking rewards, exclusive airdrops, and cashback on purchases. CYBRO ensures a smooth user experience with easy deposits and withdrawals. Its commitment to transparency, compliance, and quality attracts significant interest from major crypto influencers and whales.

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https://thecryptobasic.com/2024/07/10/altcoin-season-kicks-off-analyst-highlights-5-altcoins-with-55x-profit-potential/

Crypto tax calculator | How to choose a right one

By: Daniel
10 July 2024 at 22:55
Crypto tax calculator | How to choose a right one

Learn about cryptocurrency tax calculators in 2024. Calculate your crypto tax liabilities with ease using CoinTracker, CoinLedger, TokenTax, ZenLedger, and more.

In most countries, including the U.S., U.K., Canada, Australia, and India, tax authorities require you to pay taxes on cryptocurrency transactions. When it’s time to file your taxes, you need to record the details of each crypto transaction. 

However, unlike traditional stock brokers, top crypto exchanges might not provide tax documents summarizing your yearly transactions. Therefore, it’s up to you to figure out your earnings and how they impact your taxes based on your country’s crypto tax rate.

While you can file by hand, this can be cumbersome if you have many transactions. That’s where a crypto tax calculator can help. This software calculates your crypto profits, losses, income, and tax liabilities based on your investing activity and data, retrieving information from your exchanges, wallets, and other crypto platforms.

Whether you’re a seasoned trader or a casual investor, a reliable cryptocurrency tax calculator is essential to ensure compliance and ease the burden of tax filing. Here’s a detailed guide on some of the best crypto tax calculators to consider in 2024.

CoinLedger

CoinLedger is a go-to tool for automating your cryptocurrency and non-fungible token (NFT) tax reporting. According to the platform, since its launch, more than 500,000 crypto investors have used it for tax calculations.

You can calculate crypto taxes using CoinLedger in three simple steps:

1. Import your crypto transactions from your wallets and exchanges.

2. Preview your report.

3. Generate your tax report.

The platform directly integrates with other popular crypto tax tools, making it easy to import all your historical transactions, whether you’re trading, earning interest, or buying NFTs.

It also allows you to download your completed tax forms to file yourself, send them to your accountant, or import them into your preferred tax filing software.

Key features:

  • Unlimited transactions: Import all your crypto transaction history for free.
  • Wide integration: Directly integrates with TurboTax, TaxAct, and other crypto tax platforms.
  • NFT and decentralized finance support: Handles transactions involving NFTs, decentralized finance (defi), and margin trading.
  • Recalculate reports: Regenerate tax reports as many times as needed for free.

Pricing:

  • Free: $0 for unlimited transactions
  • Hobbyist: $49 for up to 100 transactions
  • Investor: $99 for up to 1,000 transactions
  • Pro: $199 for up to 3,000 transactions

Pros:

  • Free plan with unlimited transactions
  • Affordable paid plans
  • Easy integration with other tax software
  • Rerun and recalculate reports at no extra cost

Cons:

  • Full tax report download requires a paid plan
  • No mobile app is available

CoinTracker

CoinTracker, which, per its official website, is used by over 2 million people, supports more than 500 crypto wallets and exchanges, over 10,000 cryptocurrencies, and more than 20,000 defi smart contracts. 

The crypto tax calculator automatically syncs all your crypto activity across exchanges, wallets, defi platforms, and NFTs.

When it comes to security, CoinTracker provides read-only access to your data, end-to-end encryption, and token-based two-factor authentication. It is also SOC 1 and SOC 2 compliant.

It also comes as a mobile app with features that allow you to easily view your investment performance and filter your transaction history from anywhere. 

CoinTracker also offers full support in the U.S., India, and the U.K., with partial backing available in other countries.

Key features:

  • Comprehensive support: Syncs crypto activity across exchanges, wallets, defi, and NFTs.
  • Security: Read-only data access, end-to-end encryption, and token-based 2FA.
  • Mobile app: Monitor investment performance and transaction history anywhere.

Pricing:

  • Free: $0 for 25 transactions
  • Base: $59 for 100 transactions
  • Prime: $199 for 1,000 transactions
  • Ultra: $599 for up to 10,000 transactions

Pros:

  • Offers a free plan
  • Supports over 500 exchanges and wallets
  • Robust security features
  • Convenient mobile app

Cons:

  • Limited support for futures, swaps, and derivatives
  • Supports a limited number of tax jurisdictions

TokenTax

TokenTax is crypto tax software developed by crypto tax experts. It offers both tax calculations and full accounting services for investors globally. 

It features fast, universal data import, instant access to tax forms, real-time tax estimate previews, and is available to taxpayers worldwide.

Using TokenTax is straightforward:

1. Import and review data: The software syncs with your wallets and accounts, eliminating manual data entry and ensuring accuracy.

2. Preview your estimated tax liability: Review your crypto transactions and tax data in one place, with real-time previews of your estimated tax liability.

3. Export completed forms: Access all the forms you need to complete your taxes, whether you file with TokenTax or another provider like TurboTax.

The crypto tax calculator allows you to import data from nearly every crypto exchange, blockchain, protocol, and wallet. However, if it doesn’t have automation for a particular platform, you can use its manual CSV template to import data.

Key features:

  • Data import: Syncs with all wallets and accounts, with manual CSV templates for unsupported platforms.
  • Real-time estimates: Preview tax liabilities in real-time.
  • Comprehensive forms: Exports all necessary forms for filing taxes.

Pricing:

  • Basic: $65 for up to 100 transactions
  • Premium: $199 for up to 5,000 transactions
  • Pro: $1,599 for up to 20,000 transactions
  • VIP: $2,999 for up to 30,000 transactions

Pros:

  • Full-service tax filing
  • Customizable reports for various countries
  • Human customer support
  • Supports almost all wallets and exchanges

Cons:

  • No free plan
  • High cost for some plans

ZenLedger

ZenLedger is renowned for its crypto tax software tailored to defi portfolios. It has reportedly managed over 10 billion transactions for more than 100,000 customers.

The crypto tax tool integrates with over 100 decentralized platforms, such as 1Inch, Aave, Uniswap, and PancakeSwap. 

It also supports more than 400 cryptocurrency exchanges and over 10 NFT platforms, allowing you to import your trading history, calculate your taxes instantly, and generate an IRS Schedule D.

Using your cryptocurrency transaction history, ZenLedger can also easily generate IRS Form 8949 to report your crypto gains and losses.

Another standout feature of the crypto tax calculating platform is its seamless integration with other popular online tax tools like TurboTax and TaxAct. This lets you file your taxes for your entire portfolio, including crypto holdings, all in one place.

ZenLedger can also help you determine the total value of any profit from airdrops, staking, mining, and other sources as they grow and accumulate in real time.

Key features:

  • Defi and NFT support: Integrates with major defi platforms and NFT exchanges.
  • IRS compliance: Generates IRS Schedule D and Form 8949 for accurate crypto tax reporting.
  • TurboTax integration: Seamlessly integrates with popular crypto tax tools.

Pricing:

  • Silver: $49 for up to 100 transactions
  • Gold: $199 for up to 5,000 transactions
  • Platinum: $399 for up to 15,000 transactions
  • Professional: From $275 for a consultation to $6,500 for multi-year plans

Pros:

  • Excellent customer support
  • Quick crypto tax report generation
  • Leading software for defi earnings
  • Extensive exchange and platform integration

Cons:

  • No free plan
  • Defi and NFTs are only supported in professional plans

If you’re searching for a free crypto tax calculator, Crypto.com Tax is an excellent choice. Whether you’re new to the process or experienced, navigating Crypto.com Tax and generating your tax report is straightforward. 

It is fully integrated with four wallets and 25 exchanges and supports over 10,000 cryptocurrencies. The free crypto tax software is currently accessible in 11 countries, including Australia, Canada, New Zealand, the U.K., and the U.S.

However, as of June 25, Crypto.com Tax will no longer be operational but will instead offer its free crypto tax services through partnerships with Koinly and TokenTax.

Key features:

  • API and CSV support for easy data import.
  • Calculates capital gains and losses.
  • Allows for the generation of multiple tax reports.
  • Completely free for unlimited transactions.

Pricing:

  • Free: $0 for unlimited transactions

Pros:

  • Currently absolutely free
  • Easy-to-use interface
  • Supports thousands of cryptocurrencies

Cons:

  • Limited mobile functionality
  • Smaller number of supported exchanges and wallets

Final thoughts

By choosing the right crypto tax calculator for your needs, you can ensure a smoother tax filing process and stay compliant with tax regulations. 

Although not an exhaustive list, each of the options in our guide offers unique features tailored to different types of crypto investors, so select the one that best fits your trading activities and reporting requirements.

For instance, CoinTracker and CoinLedger offer robust features and extensive integration options, making them ideal for most users. ZenLedger, on the other hand, excels in managing defi portfolios, while TokenTax provides comprehensive services for those needing more personalized support. 

For a completely free solution, Crypto.com Tax is a great option, especially for beginners. Evaluate your needs and choose the tool that best suits your crypto trading activity and tax filing requirements.

FAQ

How do I calculate my crypto taxes?

To calculate your crypto taxes, you need to tally up all your transactions throughout the tax year, including buys, sells, trades, and other crypto activities. A crypto tax calculator automates this process by analyzing your transaction history and applying relevant tax rates to calculate your taxable gains or losses.

Why do I need a crypto tax calculator?

A crypto tax calculator simplifies the complex process of calculating taxes on cryptocurrency transactions. Unlike traditional investments, crypto transactions aren’t automatically documented for tax purposes by most exchanges. A tax calculator gathers all your transaction data, computes profits, losses, income, and tax liabilities, ensuring accurate reporting and compliance with tax laws.

What is the best crypto tax calculator?

The best crypto tax calculator depends on your specific needs and trading activities. Options like CoinTracker, CoinLedger, TokenTax, and ZenLedger offer comprehensive features for different types of investors. CoinLedger stands out for its integration capabilities and free plan, while ZenLedger excels in managing defi portfolios. 
For beginners seeking a free solution, Crypto.com Tax provides a straightforward interface and supports a wide range of cryptocurrencies. Choose based on your trading volume, complexity, and reporting requirements.

https://crypto.news/crypto-tax-calculators/

BlockDAG 2 Months Ahead of Timeline as X1 Miner Launches on App Store; More on Litecoin and Pepe Prices 

By: Daniel
10 July 2024 at 22:20
BlockDAG 2 Months Ahead of Timeline as X1 Miner Launches on App Store; More on Litecoin and Pepe Prices 

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Litecoin’s active addresses have doubled, signaling robust network engagement. Meanwhile, the PEPE price changes also reflect notable market activity. Amid these shifts, BlockDAG revolutionizes mining with its X1 mining app, now launched on the App Store, accelerating its timeline by two months. This strategic advancement boosts BlockDAG’s presale figures to $57.1 million and mining sales to $3.6 million, underscoring BlockDAG as the best crypto to mine. With immediate mining available on Devnet, the platform offers unprecedented opportunities for early participants to capitalize on potential gains.

Litecoin’s Network Activity Surges 

This month has seen a significant uptick in the Litecoin blockchain’s activity. Data from blockchain analytics firm Santiment reveals that the number of Litecoin active addresses has more than doubled recently, escalating from 345,000 in May to over 700,000 currently. This surge in Litecoin active addresses indicates a heightened level of transactions and interactions within the network.

The increase in Litecoin active addresses is not just a numeric rise but a broader engagement across the network. Interestingly, Litecoin’s active addresses now surpass those of heavyweight cryptocurrencies Bitcoin and Ethereum. This growth in Litecoin’s active addresses showcases its enduring relevance and innovation within the cryptocurrency landscape.

PEPE Price Trends: A Snapshot of Market Dynamics

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The PEPE price has recently captured the attention of the cryptocurrency market with a notable rise of 11.60% in just under 72 hours, showcasing a robust bullish momentum amidst a mix of market signals. Current insights reveal that the PEPE price has nudged up by 2.56% in the last 24 hours, reaching $0.0000116, according to CoinMarketCap. 

Market analysis highlights that the recent PEPE price increase is closely tied to significant liquidation activities. Historical trends indicate that when these elements align, the PEPE price often experiences a surge, presenting a cautiously optimistic outlook for its near future.

Transforming Crypto Mining: BlockDAG’s X1 Miner App Goes Live

BlockDAG has revolutionized crypto mining, releasing its X1 mobile mining app on the Apple App Store. This release has spiked miner sales to $3.6 million and accelerated the presale to a staggering $57.1 million. The X1 is one of the best crypto mining apps, offering an intuitive interface and advanced security features directly from a user’s smartphone.

The X1 app allows miners to operate from any location anytime, eliminating the need for bulky, energy-consuming home rigs. Registration is straightforward, enabling users to start mining up to 20 BDAG coins daily. This easy access to mining introduces a greener, more user-friendly approach to cryptocurrency mining.

Additionally, the app’s referral program offers the potential to significantly boost mining rates by inviting new users to the platform. This increases the individual’s earnings and expands the mining community, enhancing the network’s overall strength and efficiency.

BlockDAG’s innovative strategy doesn’t just stop at mobile access; it ensures that all mining activities begin on the Devnet, with future transitions planned to the testnet and, ultimately, the Mainnet. This allows miners to follow their progress and see their holdings increase in real-time. Given these exciting developments, starting with the X1 app could be a wise move for those looking to capitalize on early mining benefits and watch their assets grow as BlockDAG continues to lead in the crypto-mining sector.

Seize the Future of Mining with BlockDAG

While Litecoin’s active addresses and PEPE’s price fluctuations highlight the volatile nature of the crypto market, BlockDAG presents a more promising opportunity. By launching the X1 app and enabling mining two months ahead of the initial schedule, BlockDAG has accelerated its roadmap and solidified its status as the best crypto to mine. With the presale already reaching $57.1 million and mining sales surging to $3.6 million, now is an ideal time for forward-thinking users to consider BlockDAG’s potential for substantial returns.

Join BlockDAG Presale Now:

Website: https://blockdag.network

Presale: https://purchase.blockdag.network

Telegram: https://t.me/blockDAGnetworkOfficial

Discord: https://discord.gg/Q7BxghMVyu


Disclaimer: This is a sponsored article, and views in it do not represent those of, nor should they be attributed to, ZyCrypto. Readers should conduct independent research before taking any actions related to the company, product, or project mentioned in this piece; nor can this article be regarded as investment advice. Please be aware that trading cryptocurrencies involve substantial risk as the volatility of the crypto market can lead to significant losses.

https://zycrypto.com/blockdag-2-months-ahead-of-timeline-as-x1-miner-launches-on-app-store-more-on-litecoin-and-pepe-prices/

Bitcoin price faces major ‘summer of 2021’ style correction despite BTC whale buying

By: Daniel
10 July 2024 at 22:10
Bitcoin price faces major ‘summer of 2021’ style correction despite BTC whale buying

Bitcoin is at a “pivotal point” as several onchain metrics signal further downside, while whales experience the fastest Bitcoin accumulation rate in more than a year, according to a new CryptoQuant report.

Bitcoin (BTC) has been in a downtrend since turning away from its new all-time high in March. Over the last month, Bitcoin’s price action has been characterized by a series of lower highs and lower lows, reaching a two-month low at $53,500 on July 5.

Despite rebounding back above $57,000, continued Bitcoin selling by the German government and Mt. Gox repayments threaten further losses for BTC.

The CryptoQuant report reveals that the profit and loss (P&L) index is hovering around its 365-day moving average (MA). The onchain data provider explains that if this index drops below its 365-day, Bitcoin could embark on a major correction as those seen in previous drawdowns.

“A crossover to the downside has been associated with major corrections (May-July 2021) or the start of a bear market (November-December 2021). See red circles.”

Bitcoin P&L index. Source: CryptoQuant

CryptoQuant’s Bitcoin bull-bear market cycle indicator is also approaching a critical level and could “switch to bear market if prices decline further.”

The chart below shows that the indicator is currently playing out in a similar way it did in March 2020, May 2021 and November 2021. A drop below the neutral line will mean that the market has switched to a bear phase, pointing to further declines.

Bitcoin bull-bear market indicator. Source: CryptoQuant

According to CryptoQuant, these two metrics show that Bitcoin is at “a level where a local bottom can form or a major ‘summer-of-2021’ style correction can occur.”

In addition, Tether’s (USDT) market cap growth has stalled, suggesting that a rally might be hard to come by as historical recoveries can be attributed to a rise in stablecoin liquidity, CryptoQuant added. Growth in the market of USDT is often considered a key driver of bull markets.

“USDT market capitalization is still slowing down. Bitcoin price typically rallies as more liquidity enters the crypto market via USDT minting, a condition that has still not been met.”

USDT market change vs. BTC price. Source: CryptoQuant

Related: Price analysis 7/10: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB

Meanwhile, Bitcoin whales have been aggressively accumulating as the recent downswing gave large holders an opportunity to buy more on the dip, boosting their stack by 6.3% over the past month, the fastest pace since April 2023.

Total Bitcoin holdings and monthly change. Source: CryptoQuant

CryptoQuant said that this indicates “rising demand for Bitcoin” at lower levels. This is corroborated by increased inflows into US-based spot Bitcoin exchange-traded funds (ETFs).

Data from SoSo Value shows that despite BTC’s price drop to four-month lows on July 5, institutional investors poured $143.1 million into spot Bitcoin ETFs that day. This was followed by $294.9 million and $216.4 million net inflows on July 8 and July 9, respectively.

Total spot Bitcoin ETF net flows. Source: SoSo Value

This institutional support has counterbalanced the selling pressure while simultaneously demonstrating BTC’s acceptance within the financial mainstream.

From a technical perspective, Bitcoin’s short-term resistance rests at $59,000, embraced by the 200-day simple moving average, as observed by Benjamin Cowen, founder of the “Into The Cryptoverse” newsletter.

Note that the price has been sealed below this level since breaching it on July 4, and bulls were required to flip it back into support to avoid further losses.

“This is the 200D SMA and would also correspond to a backtest of the trend line that BTC broke down from.”

BTC/USD daily chart. Source: Benjamin Cowen

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

https://cointelegraph.com/news/bitcoin-price-faces-major-summer-of-2021-style-correction-despite-btc-whale-buying

Mt. Gox repayment shakes crypto market, causing volatility

By: Daniel
10 July 2024 at 20:30
Mt. Gox repayment shakes crypto market, causing volatility

In a long-awaited move, Mt. Gox, the infamous Bitcoin exchange that collapsed in 2014, has finally started repaying its creditors. 

This resolution to one of crypto’s most notorious scandals is not just closing a chapter to one of Bitcoin’s darkest hours but is also actively shaping the asset’s market dynamics in real time.

On July 5, Nobuaki Kobayashi — the rehabilitation trustee for Mt. Gox — announced the commencement of debt repayments to creditors in Bitcoin (BTC) and Bitcoin Cash (BCH). The repayments are facilitated through a complex network of exchanges, with each entity playing a crucial role in distributing the funds.

The scale of the repayments is staggering. According to available data, approximately 47,288 BTC, valued at roughly $2.7 billion, has already been moved from Mt. Gox-associated wallets to new addresses.

This is just the beginning, with a total of around 140,000 BTC — worth a whopping $9 billion at current prices — set to be returned to the victims in the coming weeks. The sheer magnitude of the transfers has put the entire crypto market on edge, with traders and investors closely monitoring every movement.

Moreover, on paper, the repayment process seems to be quite a logistical feat, with five exchanges, namely Bitbank, SBI VC Trade, Bitstamp, Kraken and BitGo, tasked with distributing the funds. Each exchange has its own timeline for processing the payouts, ranging from immediate distribution to a 90-day window.

Both Japanese exchanges — Bitbank and SBI VC Trade — have already completed their distributions, processing the payments within hours of receiving the funds. This swift action relieved creditors but also contributed to the ongoing market volatility as some recipients quickly sold their newly acquired Bitcoin.

Bitstamp also pledged to expedite its distributions, with exchange officials stating that it is committed to compensating investors earlier than its given 60-day window.

A ripple effect in motion

The immediate impact on Bitcoin’s price was swift. As news of the repayments spread, Bitcoin plummeted from approximately $62,000 to as low as $53,600 on July 4 — a 10% drop in a matter of hours.

BTC price action following the distribution. Source: CoinGecko

This sharp decline triggered a wave of liquidations across the crypto market, with over $425 million in leveraged positions being wiped out. The volatility wasn’t limited to Bitcoin; the entire cryptocurrency market felt the tremors, with many altcoins experiencing double-digit percentage drops.

However, the market’s reaction wasn’t solely due to Mt. Gox. Coinciding with these repayments was news of the German government offloading hundreds of millions of dollars worth of Bitcoin seized from criminal activities.

On July 8, a German government-labeled crypto wallet sold around $900 million worth of Bitcoin, transferring roughly 16,309 BTC in multiple transactions to various external addresses, marking its largest single-day Bitcoin liquidation.

Recent: Labour victory in UK elections renews crypto industry optimism

Some of the transfers were directed to crypto exchanges such as Bitstamp, Coinbase and Kraken, as well as market makers such as Flow Traders and Cumberland DRW.

With the German government now around halfway through its selling spree, reducing its holdings to 23,788 BTC from 50,000 BTC, traders expect Bitcoin prices to stabilize and potentially climb again once the immediate selling pressure eases.

The fall of Mt. Gox

A visit to the history books is important to understand the magnitude of the current repayment scheme.

Founded in 2010 by Jed McCaleb and later sold to Mark Karpelès in 2011, Mt. Gox quickly became the world’s largest Bitcoin exchange, handling a staggering 70% of all global BTC transactions at its peak.

This dominance made it the go-to platform for early Bitcoin adopters and played a crucial role in establishing Bitcoin’s legitimacy in its formative years. However, in February 2014, Mt. Gox suspended all Bitcoin withdrawals, citing technical issues. The truth soon emerged that the exchange had lost approximately 850,000 BTC in a long-standing security breach.

This loss, valued at roughly $450 million at the time, would be worth over $48 billion at today’s prices. The event sent shockwaves through the crypto community and severely damaged Bitcoin’s reputation, setting back mainstream adoption efforts by years.

The fallout was immediate and severe. Mt. Gox filed for bankruptcy, leaving thousands of customers in limbo. In 2018, the case shifted to civil rehabilitation, offering a glimmer of hope to creditors. In 2019, Karpeles was convicted of falsifying financial records, adding yet another layer to the complex legal saga.

However, a legitimate plan of action emerged in 2020 when Kobayashi announced a draft rehabilitation scheme. The plan faced numerous delays and revisions over the next couple of years, mainly due to various legal and logistical challenges. In 2023, the repayment deadline was extended once again to sometime in the third or fourth quarters of 2024.

Throughout this period, the crypto landscape continued to evolve, with new exchanges rising to prominence and regulatory frameworks beginning to take shape.

Bitcoin’s rocky road ahead

The commencement of Mt. Gox repayments has injected a new level of volatility into an already dynamic crypto market. However, as the dust settles, a more nuanced picture seems to be emerging. For instance, Bitcoin has shown immense resilience since July 5, rebounding to around $59,000 after its initial plunge to $53,600.

The market’s ability to absorb such a large influx of supply speaks to the increased liquidity and maturity of the cryptocurrency ecosystem compared to its state during Mt. Gox’s collapse. In fact, some analysts even believe that much of this selling pressure was already “priced in” before the event itself, thus explaining the relatively quick price recovery.

Recent: Memecoins and AI are pushing Gamefi out of the spotlight

Furthermore, some large investors viewed the price dip as a buying opportunity, as evidenced by increased inflows into US-based spot Bitcoin exchange-traded funds (ETFs). This institutional support has counterbalanced the selling pressure while simultaneously demonstrating BTC’s acceptance within the financial mainstream.

The inflow of funds into BTC ETFs. Source: Bloomberg

Shifting back to the broader macroeconomic landscape, the upcoming US Consumer Price Index (CPI) report and Federal Reserve Chair Jerome Powell’s testimony before the US Congress are also being closely watched since they could significantly influence Bitcoin’s price trajectory in the coming months.

Also, the US presidential election on Nov. 5 could very well be another wild card, with some speculating about a possible “Trump Trade” rally if the former president wins, given his recent overtures to the crypto community.

The broader crypto market also shows signs of decoupling from Bitcoin’s movements. Ether (ETH), for instance, has stayed above the $3,000 mark despite BTC market volatility.


https://cointelegraph.com/news/mt-gox-repayment-crypto-market-volatility

BRETT Sees Biggest Drop Ever As Meme Coins Like Dogecoin (DOGE) Tumble; Rollblock Leading Way With Gains For Altcoins

By: Daniel
10 July 2024 at 10:55
BRETT Sees Biggest Drop Ever As Meme Coins Like Dogecoin (DOGE) Tumble; Rollblock Leading Way With Gains For Altcoins

With the top meme coins suffering more than most other cryptos during the pause in the bull market, what next for the likes of Dogecoin and Brett? No doubt, their fortunes will turn around as the altcoin rally picks up, but investors and speculators are moving away from useless meme coins now in favor of tokens with actual utility. Step forward Rollblock: a presale token that’s set to disrupt the vague and corrupt gambling industry. Tipped by many analysts for major returns, Rollblock might just be the token to lead the alt season.

Brett is one of the top meme coins of Q1, but can it bounce back?

Brett is a Base Chain meme coin touted as Pepe’s best friend. As a cultural icon, Brett has been one of the top meme coins this year, and its price projection has impressed. The Base Chain’s rapidly expanding ecosystem provides a robust foundation for Brett‘s success as it leverages the resources of one of the fastest-growing crypto networks.

Despite its strong cultural presence and initial success, Brett‘s price is down 40% from its June all-time high (ATH). Brett‘s decline reflects the typical volatility of meme coins, as investors look more for cryptos with utility. That said, one would be a fool to write off meme coins, especially when the altcoin rally gets going again.

Can Dogecoin reclaim its 2021 brand awareness?

Dogecoin is the leader of all top meme coins and has actually grown into one the biggest crypto brands. Dogecoin’s rise to fame was helped by Elon Musk, whose tweets and endorsements caused the DOGE price to skyrocket in the last bull cycle. Musk’s influence turned Dogecoin into the “people’s crypto,” and with it attracted a large and enthusiastic community. 

Despite its meteoric rise, DOGE, like other top meme coins, has faced considerable price volatility. And while speculators move away from useless meme coins, the one thing about Dogecoin is that it has brand appeal. 

Timing is perfect for Rollblock as the bull market and demand for utility pick up

Rollblock is an innovative GambleFi platform that’s capturing the attention of investors and gamers. It boasts the first casino-backed Play-to-Earn token, and this allows Rollblock to integrate the benefits of centralized casino gaming with decentralized technology and expose and eradicate the corruption of the gambling industry.

Central to Rollblock’s ecosystem is the $RBLK token. This facilitates transactions, payments, and interactions within the Rollblock platform and is currently available during its presale. Any $RBLK hodler will be able to gain access to the multitude of gaming options, and best of all, there will be no overburdening KYC checks.

Another of Rollblock’s enticing features is its staking and passive rewards system. By staking tokens, $RBLK holders can earn through the Hold to Earn program, which is basically a portion of the platform’s weekly income given to stakers. 

Then there’s Rollblock’s revenue-sharing model, which offers direct financial benefit to $RBLK holders. A percentage of the platform’s weekly revenues is distributed to token holders, so the more successful the platform is, the more revenue a token holder will get.

This is complemented by a buyback and burn mechanism, where Rollblock repurchases tokens from the open market. Half of the tokens will be burned, and this will reduce the circulating supply, increase scarcity and no doubt the value of the remaining tokens.

Conclusion

Writing off the top meme coins would be a little premature, and with BRETT and DOGE, there’s a good chance they will pump once the altcoin rally gets going. However, in all bull cycles, it’s the newest cryptos that offer the biggest returns, and Rollblock ticks all the boxes: a token with utility, a presale that is attracting big investment, and perfect timing for launching just before the 2024 bull market starts moving.

Discover the exciting opportunities for the Rollblock (RBLK) Presale today!

Website: https://presale.rollblock.io/ 

Socials: https://linktr.ee/rollblockcasino 

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https://www.crypto-news-flash.com/brett-sees-biggest-drop-ever-as-meme-coins-like-dogecoin-doge-tumble-rollblock-leading-way-with-gains-for-altcoins-2/

Can It Surpass Binance Too?

By: Daniel
10 July 2024 at 10:45
Can It Surpass Binance Too?

Data published by crypto analytics firm Kaiko last week demonstrated some surprises when it came to the rankings of centralized crypto exchanges, as determined by their respective global market shares. Arguably, the most recognizable exchange names are Binance and Coinbase, but right now, it’s Bybit that is catching attention, as the numbers showed it leapfrogging Coinbase to take the number two spot behind market leader Binance while also significantly outperforming Binance in terms of market share changes.

In detail, Bybit–which is headquartered in Dubai and was founded in 2018–has, from October last year to this June, seen its market share double from 8% to 16%, while Binance’s share has dropped over the same time period from 60% to 54%. Coinbase registered a modest 1% gain, rising overall from 7% to 8% (meaning, as respective market shares fluctuated, that Binance climbed above Coinbase in March), and OKX experienced a 2% gain from 5% to 7%. Simultaneously, Upbit dropped from 9% to 4%, and over fifteen smaller exchanges endured a collective drop from 13% to 10% of market share.

Market Share of Volume, charts from Kaiko

Market Share of Volume, charts from Kaiko

The standout shifts, then, are Bybit’s large gain coupled with Binance’s loss, raising questions about the driving forces behind these recent trends. Bybit COO Helen Liu responded to Finance Magnates’ questions on this topic by identifying Bybit’s innovative trading facilities as a key factor, explaining,

“Bybit’s growth was fueled by its industry-leading Unified Trading Account (UTA) and robust spot listing policy. UTA, central to Bybit’s platform, streamlines asset transfers within exchanges, calculates margins across positions and balances, and optimizes capital efficiency and risk management. This system supports seamless trading across Spot and Derivatives markets, ensuring transparency and security.”

And Liu added,

“Bybit has streamlined its spot-listing process to swiftly capitalize on crypto market trends, offering competitive trading opportunities ahead of rivals.”

Helen Liu, COO at Bybit

It appears also that Bybit is focused on offering new products, with notable incoming developments including, according to Liu, a “Futures Combo bot” that “allows users to build a portfolio of long/short positions that automatically rebalances as the market moves”, and there is also the Bybit card, which “recently integrated with Google Pay and Apple Pay, meaning that our clients can use their crypto balances to pay for any fiat purchases they like, easily. The whole time, their idle funds automatically earn an attractive yield”. Furthermore, there are plans to roll out the card “in more countries in the near future”, and Liu also highlighted Bybit’s annual World Series of Trading event, a crypto trading competition offering substantial prizes.

CEX trading fees, Source: Kaiko

BTC and ETH Trading Makes Gains on Altcoins

Returning to the initial data, we can also find some telling differences between Bybit and Binance when it comes to which coins make up the bulk of their trading volumes. On Bybit in 2023, altcoin trading made up a huge 82% of volume, and BTC and ETH were at only 10% and 7%, respectively. However, it’s a different story in 2024, with altcoin trade dropping to 44% of volume, and BTC and ETH now making up 31% and 22%, respectively.

This comes as Binance has experienced the opposite, with–according to Kaiko’s report–“a stronger increase in altcoin volume”, while volumes on BTC and ETH combined have fallen from 59% to 43%. This seems relevant since altcoins have underperformed this year, while seasoned crypto traders discuss whether an altcoin season–a regular feature of past cycles when alts outperform BTC–might be incoming soon, or whether this cycle, now that BTC has spot ETFs and can attract institutional buyers, might unfold along different lines.

NEW: Modus Advisors ($432m AUM) has a $4.8m #Bitcoin ETF holding in FBTC

That puts them in the top ~5% of holders by AUM% pic.twitter.com/RxiMOhyRNu

— Julian Fahrer (@Julian__Fahrer) July 2, 2024

Effectively Navigating Crypto Turbulence

There are also questions around Binance’s clashes with regulators, along with its changes at the top as new CEO Richard Teng–formerly the Global Head of Regional Markets–stepped up while founder, former CEO, and all-round influential character Changpeng Zhao (widely known as CZ) was sentenced to four months in prison for money laundering violations.

Perhaps–post-FTX and with Sam Bankman-Fried serving 25 years for fraud and conspiracy charges–the crypto world is acclimatized to courtroom drama, and CZ’s sentence is relatively light anyway, but still, it’s plausible that the Binance founder’s legal wrangles could have affected public perceptions of the exchange he is synonymous with.

What’s more, as part of CZ and Binance’s plea deal, the US Department of Justice last October announced that it was imposing a $4.3 billion settlement charge on Binance, which could have been interpreted in two ways. On the one hand, it’s one of the largest criminal fines in US history and at the time, Attorney General Merrick Garland stated that, “Binance prioritized its profits over the safety of the American people.” However, at the same time, the settlement signified closure on a period of turbulence and uncertainty, a perception further underlined by the change of CEO at the company as CZ departed.

With regard to Binance, Helen Liu told Finance Magnates that “Bybit emphasizes collaboration with industry leaders to enhance crypto accessibility globally, avoiding adversarial relations”, but for the moment, Bybit appears to have navigated volatility in the crypto world more effectively than its competitors, with well-executed trading features apparently core to its growth.

Data published by crypto analytics firm Kaiko last week demonstrated some surprises when it came to the rankings of centralized crypto exchanges, as determined by their respective global market shares. Arguably, the most recognizable exchange names are Binance and Coinbase, but right now, it’s Bybit that is catching attention, as the numbers showed it leapfrogging Coinbase to take the number two spot behind market leader Binance while also significantly outperforming Binance in terms of market share changes.

In detail, Bybit–which is headquartered in Dubai and was founded in 2018–has, from October last year to this June, seen its market share double from 8% to 16%, while Binance’s share has dropped over the same time period from 60% to 54%. Coinbase registered a modest 1% gain, rising overall from 7% to 8% (meaning, as respective market shares fluctuated, that Binance climbed above Coinbase in March), and OKX experienced a 2% gain from 5% to 7%. Simultaneously, Upbit dropped from 9% to 4%, and over fifteen smaller exchanges endured a collective drop from 13% to 10% of market share.

Market Share of Volume, charts from Kaiko

Market Share of Volume, charts from Kaiko

The standout shifts, then, are Bybit’s large gain coupled with Binance’s loss, raising questions about the driving forces behind these recent trends. Bybit COO Helen Liu responded to Finance Magnates’ questions on this topic by identifying Bybit’s innovative trading facilities as a key factor, explaining,

“Bybit’s growth was fueled by its industry-leading Unified Trading Account (UTA) and robust spot listing policy. UTA, central to Bybit’s platform, streamlines asset transfers within exchanges, calculates margins across positions and balances, and optimizes capital efficiency and risk management. This system supports seamless trading across Spot and Derivatives markets, ensuring transparency and security.”

And Liu added,

“Bybit has streamlined its spot-listing process to swiftly capitalize on crypto market trends, offering competitive trading opportunities ahead of rivals.”

Helen Liu, COO at Bybit

It appears also that Bybit is focused on offering new products, with notable incoming developments including, according to Liu, a “Futures Combo bot” that “allows users to build a portfolio of long/short positions that automatically rebalances as the market moves”, and there is also the Bybit card, which “recently integrated with Google Pay and Apple Pay, meaning that our clients can use their crypto balances to pay for any fiat purchases they like, easily. The whole time, their idle funds automatically earn an attractive yield”. Furthermore, there are plans to roll out the card “in more countries in the near future”, and Liu also highlighted Bybit’s annual World Series of Trading event, a crypto trading competition offering substantial prizes.

CEX trading fees, Source: Kaiko

BTC and ETH Trading Makes Gains on Altcoins

Returning to the initial data, we can also find some telling differences between Bybit and Binance when it comes to which coins make up the bulk of their trading volumes. On Bybit in 2023, altcoin trading made up a huge 82% of volume, and BTC and ETH were at only 10% and 7%, respectively. However, it’s a different story in 2024, with altcoin trade dropping to 44% of volume, and BTC and ETH now making up 31% and 22%, respectively.

This comes as Binance has experienced the opposite, with–according to Kaiko’s report–“a stronger increase in altcoin volume”, while volumes on BTC and ETH combined have fallen from 59% to 43%. This seems relevant since altcoins have underperformed this year, while seasoned crypto traders discuss whether an altcoin season–a regular feature of past cycles when alts outperform BTC–might be incoming soon, or whether this cycle, now that BTC has spot ETFs and can attract institutional buyers, might unfold along different lines.

NEW: Modus Advisors ($432m AUM) has a $4.8m #Bitcoin ETF holding in FBTC

That puts them in the top ~5% of holders by AUM% pic.twitter.com/RxiMOhyRNu

— Julian Fahrer (@Julian__Fahrer) July 2, 2024

Effectively Navigating Crypto Turbulence

There are also questions around Binance’s clashes with regulators, along with its changes at the top as new CEO Richard Teng–formerly the Global Head of Regional Markets–stepped up while founder, former CEO, and all-round influential character Changpeng Zhao (widely known as CZ) was sentenced to four months in prison for money laundering violations.

Perhaps–post-FTX and with Sam Bankman-Fried serving 25 years for fraud and conspiracy charges–the crypto world is acclimatized to courtroom drama, and CZ’s sentence is relatively light anyway, but still, it’s plausible that the Binance founder’s legal wrangles could have affected public perceptions of the exchange he is synonymous with.

What’s more, as part of CZ and Binance’s plea deal, the US Department of Justice last October announced that it was imposing a $4.3 billion settlement charge on Binance, which could have been interpreted in two ways. On the one hand, it’s one of the largest criminal fines in US history and at the time, Attorney General Merrick Garland stated that, “Binance prioritized its profits over the safety of the American people.” However, at the same time, the settlement signified closure on a period of turbulence and uncertainty, a perception further underlined by the change of CEO at the company as CZ departed.

With regard to Binance, Helen Liu told Finance Magnates that “Bybit emphasizes collaboration with industry leaders to enhance crypto accessibility globally, avoiding adversarial relations”, but for the moment, Bybit appears to have navigated volatility in the crypto world more effectively than its competitors, with well-executed trading features apparently core to its growth.



https://www.financemagnates.com/cryptocurrency/bybit-surged-among-crypto-exchange-rivals-can-it-surpass-binance-too/

North Tonawanda poised to ban new crypto mining facilities

By: Daniel
10 July 2024 at 10:15
North Tonawanda poised to ban new crypto mining facilities

The City of North Tonawanda is set to ban new cryptocurrency mining operations from moving in for two years while it works to combat noise issues at the existing facility owned by Digihost.

During a meeting Tuesday evening, the city’s Common Council read a resolution to ban new, or the expansion of existing, “data centers” for the next two years. 

Those data centers can include “facilities housing multiple banks of computers within a building, modular facilities containing processors in multiple storage-like containers, server clusters … and other operations related to cryptocurrency mining, blockchain authenticating, Artificial Intelligence (A.I.) processing, general data computing, processing and storage, and other large-scale electronic-based centers of the like,” according to the resolution.

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The noise from the Digihost facility has been polluting the North Tonawanda community for more than two years. Since then, residents said the city has done little, despite countless complaints, to enforce its noise ordinance against Digihost and give relief to those living around the facility.

If the two-year moratorium is approved, the city expects to update its zoning codes and ordinances to address high noise levels and greenhouse gas emissions, particularly from Digihost, the cryptocurrency mining company that acquired the Fortistar gas power plant off Erie Avenue to run its operations. 

Since it began operations in February 2022, Digihost has reportedly created noise pollution likely from fans used to cool down bitcoin-mining computers in buildings on its property. The resulting noise reverberates around nearby neighborhoods and frustrates residents.

Additionally, Digihost has, while operating on an expired air permit, produced more carbon dioxide emissions in the first three months of 2024 than it had in any year prior, according to data from the U.S. Environmental Protection Agency’s Clean Air Markets Program.

The North Tonawanda Common Council plans to vote on the two-year moratorium during its meeting on July 16.

During a rally before the Tuesday evening meeting, residents advocated for the moratorium and said it would help protect their health.

North Tonawanda residents ask state to step in to regulate noise from crypto mining company

Fed up with the noise from a nearby crypto mining plant, North Tonawanda residents are turning to the state Department of Environmental Conservation as they seek to return their neighborhood to its former tranquility.

“The noise levels have been so disruptive, it kicks me out of my own backyard,” said Mark Polito during the rally. “We’re asking our Common Council, please do the right thing this time around – get this place to stop eventually no more noise, no more (greenhouse) gases. And give us a nice, clean environment that we can call home again.”

Deb Gondek, a North Tonawanda resident who has advocated against Digihost since its inception, said the two-year moratorium won’t stop the current issues with the facility, but “it will stop it from getting worse.”

In a meeting on July 2, the North Tonawanda Common Council voted to hire an outside expert to conduct noise readings around the Digihost facility. The “legally enforceable” readings would determine whether the facility is violating the city’s existing noise ordinance, according to the July 2 resolution.

The chosen expert, Les Blomberg of the Noise Pollution Clearinghouse, will also train the North Tonawanda Police Department on how to properly use equipment that is necessary to enforce its noise ordinance. The city will transfer $10,000 from its general fund to the police department for the training, new equipment purchase and contract with Blomberg.

The move by the city came a few weeks after a report by The Buffalo News that cited Blomberg,  who suggested the city update its noise ordinance and buy proper equipment to enforce its noise ordinance.







Digihost facility

An aerial view of the Digihost crypto mining facility on Erie Avenue in North Tonawanda.




During the July 2 meeting, residents were unhappy the city was footing the bill for looking into the noise issues. Instead, they wanted Digihost to pay since it was the company creating the noise issues.

However, city officials shot down that idea during the July 2 meeting and reiterated it during the Tuesday evening meeting.

“We’re on the hook to do the noise readings, the city is, to see if they currently follow our ordinances,” said Council President Frank DiBernando during Tuesday’s meeting. “They (Digihost) can give reimbursements down the road or they can’t. It’s up to them. Right now, we fund it ourselves.”

DiBernardo and North Tonawanda Mayor Austin Tylec added that Digihost is working on mitigation measures to possibly reduce the noise coming from the Erie Avenue facility.

Those mitigation measures are reportedly to build a new acoustics dampening wall on the property and swap to more efficient equipment, Tylec said.

Most state permits for Western New York's biggest air polluters expired years ago

In Erie and Niagara counties, the DEC has failed to renew 33 of the 38 issued Title V permits, or 87%, before their expiration date.

Beyond the noise issues, Gondek said she worries about the pollution issues stemming from the Digihost facility. 

The Title V air permit issued by the state Department of Environmental Conservation for Fortistar passed its expiration date in November 2021. Digihost acquired Fortistar in September 2022 – a move that is now being challenged in court.

Most Title V permits in New York, administered under the federal Clean Air Act for major polluters, are outdated. In Western New York, 87% of major polluters had expired Title V air permits, according to data from the DEC.

Reporting by The News found that after some facilities’ Title V permits’ expiration dates passed, their emissions skyrocketed, including Fortistar.

From January through March of this year, Fortistar emitted more than 53,000 tons of the greenhouse gas carbon dioxide, according to data from the EPA’s Clean Air Markets Program.

That’s a massive uptick from years prior as the most carbon dioxide Fortistar had ever reportedly produced over the course of an entire year was 44,000 tons, the data show.

The DEC is reportedly reviewing the renewal of Fortistar’s Title V permit.

“It is our position that Fortistar’s air permit shouldn’t be renewed at all since it’s for an entirely new use: bitcoin mining by Digihost which has significantly increased emissions,” Gondek said before the Tuesday council meeting.

Tylec said that the city is hoping the DEC will address the outdated Title V permit soon.

“This is really when it comes down to the DEC and taking their Title V clean air permits seriously,” he said after Tuesday’s meeting.

Reach climate and environment reporter Mackenzie Shuman at mshuman@buffnews.com or 716-715-4722.

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https://buffalonews.com/news/local/north-tonawanda-poised-to-ban-new-crypto-mining-facilities-for-two-years/article_fa660aa4-3e52-11ef-aca5-07b9f7742ed3.html

Bitcoin to Reach $250K, Solana to Surge to $800: Here’s How And Why

By: Daniel
10 July 2024 at 10:00
Bitcoin to Reach 0K, Solana to Surge to 0: Here’s How And Why

A popular analyst has raised his price target for Solana (SOL), projecting a potential value of $480 by the end of 2025, with a high-end estimate reaching $800. Virtual Bacon’s latest forecast hinges on several key metrics, including Solana’s supply and market cap. Currently, Solana has a supply of 579 million tokens with an annual inflation rate of 5.2%. By the end of 2025, this supply is expected to grow to approximately 625 million tokens.

In terms of market capitalization, the analyst projects that Bitcoin will reach a price of $250,000 by the end of 2025, resulting in a market cap of around $5 trillion. Assuming Bitcoin maintains a 50% dominance in the cryptocurrency market, this suggests a total market cap for all cryptocurrencies of $10 trillion.

Solana’s market dominance has increased from 0.75% to 3% over the past year. Assuming it remains at this level, Solana’s market cap would be $300 billion, leading to a price target of $479 per token. If Solana’s dominance increases to 5%, the price could rise to $800 per token.

He said, “I had estimated a price of $240 to $250 based on a lower market dominance assumption for Solana. However, with its current growth, I now expect Solana’s price to reach around $480, assuming a 3% market dominance. If Solana’s market dominance increases to 5%, the price could potentially reach $800.”

Reason Behind This Massive Prediction 

So, how has Solana managed to achieve such a drastic increase in retail adoption? There are two major factors that have played a significant role: the Solana Mobile initiative and Solana Pay.

Solana Mobile, active for about two years, offers a mobile-first app store for decentralized applications, making it easier for new users to access and use crypto. This focus on mobile experience has led many new users to choose the Phantom wallet over other options like Metamask or Coinbase.

Solana Pay, a micropayment solution, supports SOL tokens and stablecoins like USDC and USDT. It has been integrated with Shopify for over a year and recently introduced new features such as Solana Actions and blockchain links (Blinks). These initiatives are driving Solana’s increased retail adoption and enhancing its overall user experience.

Also Read : Top Mid-cap Altcoins To Stack For 100% Surge In Q3!

https://coinpedia.org/news/bitcoin-to-reach-250k-solana-to-surge-to-800-heres-how-and-why/

Standard Chartered’s crypto arm eyes buying billionaire’s crypto OTC firm: Report

By: Daniel
10 July 2024 at 08:20

Zodia Markets, the crypto subsidiary of British multinational bank Standard Chartered, is reported to be in talks to buy Elwood Capital Management, a crypto firm backed by billionaire hedge fund manager Alan Howard.

The deal between Zodia Markets and Elwood Capital — which offers over-the-counter crypto trading and settlement services — is expected to close before the end of this month, Bloomberg reported on July 9, citing people familiar with the matter.

Zodia Market’s acquisition of Elwood Capital would provide the firm with licenses as a virtual asset provider and investment business in Jersey — an island British crown dependency off the coast of Northern France — one person familiar with the deal said.

This would reportedly bolster Zodia’s ongoing efforts to focus on OTC settlement services.

Zodia Markets is a crypto exchange launched by Standard Chartered in 2021, a joint venture between the bank’s venture capital subsidiary and Hong Kong’s BC Technology Group.

It shuttered its services earlier this year due to tepid demand for crypto products, the firm’s CEO Usman Ahmad told Bloomberg in June.

Related: Standard Chartered expects SEC to greenlight spot Ether ETF this week

Howard, the billionaire hedge fund manager of Brevan Howard Asset Management, put up several of his private holdings in crypto companies up for sale in February, with the intention to reinvest the earnings into Brevan Howard Digital, the crypto subsidiary of the hedge fund.

Standard Chartered has been making efforts to expand its footprint in the crypto industry. On June 21, it was reported the bank may be looking to launch its own trading desk for Bitcoin (BTC) and Ether (ETH).

Source: Richard Teng

If launched, this would see Standard Chartered become one of the first global banking institutions to become involved in the spot trading of cryptocurrencies.

Magazine: Crypto exposes sudden rift among Democrats months ahead of election


https://cointelegraph.com/news/standard-chartered-crypto-arm-elwood-capital-buy-deal

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