[ad_1] A widely followed crypto analyst is expressing bullish sentiment on a large-cap altcoin while updating his outlook on Bitcoin (BTC) and Ethereum (ETH). In a new thread, pseudonymous crypto trader Credible Crypto tells his 408,700 followers on the social media platform X that XRP, the token used to operate Ripple Labs’ payments platform, is due for a “inevitable mega run” now that its legal troubles are over. According to Credible Crypto, XRP is consequently now set for an explosion now that its legal bout with the U.S. Securities and Exchange Commission (SEC) ended with a $125 million fine. “New…
Author: dfrancis36
[ad_1] In a significant boost for the largest cryptocurrency on the market, Bitcoin (BTC) has surged nearly 9% in the last 24 hours, inching closer to the coveted $60,000 milestone. This price rally comes after BTC hit a 7-month low of $49,000 earlier this week amid broader market uncertainty. Fueling this crypto resurgence is a significant development in Russia, where President Vladimir Putin has officially signed a law legalizing cryptocurrency mining in the country. Russia Formalizes Crypto Mining Rules According to a local media report, the new law introduces several legal concepts related to the crypto mining industry, including digital…
[ad_1] The extradition of Kwon Do-hyung, also known as Do Kwon, from Montenegro to South Korea has been postponed once again. This decision was made by the Supreme Court of Montenegro yesterday (Thursday). The court will review the legality of the extradition request from South Korea before making a final decision, expected early next week.Legal Battle ContinuesLast Thursday, an appeals court upheld a previous ruling to extradite Kwon to South Korea, as reported by Finance Magnates. This decision rejected a request to extradite him to the United States instead. The appeals court’s ruling confirmed an earlier decision by a lower…
[ad_1] In a bust that once again reveals the dark side of cryptocurrency usage, the Hong Kong Customs cracked down on a sophisticated money laundering operation, seizing assets and making several arrests. According to the press release by the Hong Kong Government, the operation to bust this money laundering scheme is dubbed “Fencing,” and it particularly targeted a syndicate accused of laundering about $1.5 billion through shell companies and cryptocurrencies. Details Of The Crypto-Backed Laundering Operation The successful crackdown of the aforementioned money laundering scheme occurred on August 7 when the Customs officials in Hong Kong executed an extensive operation,…
[ad_1] Financial asset manager giant Franklin Templeton is the latest merging legacy financial mechanisms with blockchain technology. This leading global asset management firm expanded its digital asset integrations by launching its OnChain US Government Money Fund (FOBXX) on the Arbitrum network. Following this debut, Arbitrum network native token ARB has seen a significant surge in market price, adding to the overall bullish crypto prices today. Government Money Fund On Arbitrum As reported in a press release, Franklin Templeton’s latest collaboration with the Arbitrum Foundation aims to harness the “enhanced scalability and efficiency” of Arbitrum, currently one of the largest Ethereum…
[ad_1] Solana, a public blockchain known for its high transaction speeds, is again under scrutiny. After challenges around reliability in the past years, analysts are now highlighting another concern. Solana Facing New Transaction Processing Challenges Taking to X, one user said the network has alarmingly high transaction failure rates. This performance problem, the analyst added, tends to significantly impact user experience, watering down the network’s benefits, mostly centered on low gas fees and high scalability. Solana high transaction processing failure rate | Source: @ItsDave_ADA via X Sharing transaction data from Jupiter, a DEX aggregator on Solana, paints a worrying reality.…
[ad_1] On-chain data shows that the Bitcoin Network Value to Transactions (NVT) Golden Cross has dipped into the bottom region, which may be bullish for the asset’s price. Bitcoin NVT Golden Cross Has Seen A Sharp Decline Recently As an analyst in a CryptoQuant Quicktake post explained, the Bitcoin NVT Golden Cross is giving a bottom signal for the third time in 2024. The “NVT ratio” is an on-chain metric that keeps track of the ratio between the Bitcoin market cap and transaction volume. When the value of this metric is high, it means the asset’s value (that is, the market cap)…
[ad_1] According to a recent Bloomberg report, Japan’s top financial regulator is pumping the brakes on approving crypto-based exchange-traded funds (ETFs), taking a more conservative stance than regulators in some other countries. Crypto ETF Expansion Faces Headwinds In Japan Hideki Ito, commissioner of Japan’s Financial Services Agency (FSA), emphasized the need for “cautious consideration” when greenlighting crypto-linked ETFs in the country. Ito expressed concerns that crypto assets “do not necessarily contribute to the wealth creation of the Japanese people in a stable and long-term manner.” Hideki Ito’s comments come from global regulators who have softened their stance on ETFs that…
[ad_1] Toncoin (TON), the native token of The Open Network, has been one of the best performers this cycle. The token registered a 200% surge in the last six months, flipping Dogecoin (DOGE) by market capitalization. As a result, the crypto exchange Binance announced the listing of TON on August 8, which propelled the price by over 10%. Related Reading Toncoin Soars 14% After Binance Listing On Thursday, Binance, the largest crypto exchange by trading volume, announced it would list TON on the trading platform. The exchange stated that the seed tag, used for projects with higher volatility and risks…
[ad_1] Earlier this week, Bitcoin, the largest cryptocurrency asset witnessed a steep decline as a result of Japan’s stock market crash, demonstrating the volatile nature of the asset during macroeconomic turmoil. Following the recent market turbulence, Michael Saylor, the co-founder and Executive Chairman of popular business intelligence firm, MicroStrategy has taken the initiative to address the growing concerns regarding the volatility of Bitcoin. Michael Saylor Flags Bitcoin’s Volatility As A Feature, Not A Bug The MicroStrategy co-founder, Michael Saylor offered his insights on Bitcoin’s volatility in a recent interview on Bloomberg Open Interest. His insights are intended to comfort investors…