Connect with us

24/7 Cryptocurrency News

Cardano Founder Charles Hoskinson Breaks Silence On Operation Chokepoint 2.0

Published

1 month ago

on


Cardano founder Charles Hoskinson has recently commented on Operation Chokepoint 2.0, calling it a global and highly targeted attack on the cryptocurrency industry. He said that the effects have led to long-term financial and psychological damages, and called on the industry to act as one and fight for new laws banning such activities from happening again.

Cardano Founder Stance on Operation Chokepoint 2.0

In a recent X (previously Twitter) post, Cardano founder Charles Hoskinson revealed his concerns about the global implications of Operation Chokepoint 2.0. He said the campaign is a systematic process of harassing, fining, auditing, and denying services to cryptocurrency businesses across the globe. These comments align with pro-crypto lawyer John Deaton’s stance that the Trump administration should investigate Operation Chokepoint 2.0. 

He said that the operation went beyond the United States, which made the banks move to debank cryptocurrency entities out of fear of losing their correspondent relationships with American banks.

Charles Hoskinson also pointed to the implications that this has for companies and people within the cryptocurrency space in terms of economic and emotional pain. He called on the industry to capitalize on the situation in order to lobby for laws against future actions of this kind. “We have a small window of time to get a law passed,” he wrote, stressing the urgency of collaborative action.

Industry Leaders Speak Out on Debanking Crisis

The remarks by the Cardano founder Charles Hoskinson echoes the sentiments of many in the industry as they criticize Operation Chokepoint 2.0. An entrepreneur from Barbados – Gabriel Abed told his story about how First Citizens Caribbean Bank closed his account after he received a deposit from Kraken related to Bitcoin. 

He said that the bank closed his account because the bank had concerns over the U.S. correspondent relationships while he had been banking with them for ten years.

Faryar Shirzad from Coinbase, Chief Policy Officer, provided similar examples of other players in the field, citing the research by Nic Carter. Shirzad has urged the need to enhance the public disclosure and the rule of law to the actions of such government agencies. He also stressed the importance of supervising the banks in order not to let such politically motivated campaigns happen again.

Ripple CTO and Others Condemn Indirect Regulation

Ripple’s Chief Technology Officer David Schwartz also joined the discussion to describe debanking as a form of indirect regulation. According to Schwartz, those actions violate basic legal concepts such as due process, freedom of speech, and prohibitions against unlawful searches.

“It is easier to force banks to stop doing business with undesirable clients than to make this business unlawful,” he said, calling on the government to use legal and transparent means to address the matter.

Many prominent tech individuals have also reported cases of debanking. Frax Finance founder Sam Kazemian was debanked by JPMorgan Chase in late 2022, while Coinbase CEO Brian Armstrong has made FOIA requests to discover the extent of government involvement. Armstrong called the campaign “unethical” and claimed that top-tier personalities like Senator Elizabeth Warren and SEC Chairman Gary Gensler were instrumental in the effort

✓ Share:

Kelvin Munene Murithi

Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





Source link

Related Topics:
Continue Reading

24/7 Cryptocurrency News

How a Crypto Trader Turned a 90% Loss Into a $2.5M Win?

Published

6 minutes ago

on

January 10, 2025

By


The crypto trading industry’s popularity grew with the spread of exponential investment growth stories. One such story of a crypto trader trends in the market today, as the trader lost 90% of the holdings’ worth before succeeding with the recovery. With that, the crypto investor made $2.5M within two months, bringing an optimistic experience for the rest of the community.

Crypto Trader’s Bold Move Cost Him $1M Before $2.5M Profits

The crypto trading industry gained its name for decentralized transactions and heavy returns, but many trades do not follow the expectation. Lookonchain highlighted an incident supporting the statement, where an enthusiastic crypto trader places trade in hopes of heavy returns. However, the trader faced a  $1M loss, with the portfolio losing 90% of its value. Interestingly, the trader’s patience paid off after some time,  as the crypto token’s worth grew, bringing a $2.5M profit to the investor.

According to the Lookonchain X post, the crypto investor spent 5,441 SOL, equivalent to $1.15M, and bought 20.46M PIPPIN. This happened two months ago, but volatility took over, crashing the Pippin token by 90%, leaving the investors with only a $1M loss. However, as the Lookonchain regarded the trader ‘diamond hand,’ it stayed patient.

Crypto trader's PIPPIN buyingCrypto trader's PIPPIN buying

To this day, the trader did not sell any crypto, and over time, the loss turned into $2.5M in profits, with the Pippin token’s recovery on the chart. This portrayed the market’s volatility, where a loss can become a profit and vice versa, depending on the situation. In two months, the aforementioned crypto trader’s $1.15M turned into $3.68M with a PIPPIN price pump.

PIPPIN Price Surge 130% Amid Higher Investor Interest

Pippin is an AI agent that has recently drawn attention in the crypto trading market. Although the token was launched just a few months ago and suffered losses, its demand has increased multiplefold in the last few days due to the increased hype around AI cryptos. As a result, its trading volume grew more than 150%, settling at $116,980,268 today. The PIPPIN price rose 130% to $0.21 from $0.091, gaining a market capitalization of $210,196,191.

Pippin token price surgePippin token price surge

Meanwhile, this surge equipped the trader to earn $2.5M in profits; this is not a rare event. Similarly, another crypto investor made three Million in just a few hours. However, along with the profiting incidents, there are losses as well, creating the need for smart investments.

What’s The Lesson Here?

Pippin token’s price performance reflects the volatile nature of the crypto industry, where investor sentiments play a significant role. The token crashed right after the crypto trader’s buy, putting the trader’s portfolio at a 90% loss. However, with time and increased demand for AI-themed cryptocurrencies, PIPPIN price grew, leading to a $2.5M profit for the crypto investor. Eventually, this journey from a $1M loss to a $2.5m profit hints at how the market often fluctuates and how the right crypto trading strategies and patience could defeat the volatility.

✓ Share:

Pooja Khardia

With a deep-seated passion for reading and five years of experience in content writing, Pooja is now focused on crafting trending content about cryptocurrency market.

As a dedicated crypto journalist, Pooja is constantly seeking out trending topics and informative statistics to create compelling pieces for crypto enthusiasts. Staying abreast of the latest trends and advancements in the field is an integral part of her daily routine, fueling a commitment to delivering timely and insightful coverage

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





Source link

Continue Reading

24/7 Cryptocurrency News

BTC, ETH, XRP & Top Altcoins Bleed Ahead Of Key Jobs Data

Published

3 hours ago

on

January 10, 2025

By


Cryptocurrency prices today indicate a bearish trend for Bitcoin (BTC) and major altcoins like Ethereum (ETH) and XRP. Bitcoin touched a low of $92,000, while ETH slipped by approximately 2.51% and XRP declined by 3%. These drops come as the market awaits the release of U.S. jobs data, expected later today. A strong labor market report could influence interest rate expectations, which may further impact crypto valuations.

The global crypto market cap fell by approximately 1.68%, now standing at $3.25 trillion. Additionally, overall trading volume saw an 11% drop, settling at $155 billion. Meanwhile, the Fear and Greed Index sits at 43, signaling neutral sentiment in the market.

Crypto Prices Today: BTC, ETH, XRP, and SOL Struggle to Hold Key Levels

Bitcoin (BTC) dropped to $92,000, continuing its bearish trend, while Ethereum (ETH) fell by 2.51%. XRP declined by 3%, and Solana (SOL) recorded losses amid overall market weakness. Meanwhile, CleanSpark announced that it has mined over 10,000 BTC in its treasury, showcasing resilience despite market volatility.

Bitcoin Price Today

Bitcoin (BTC) price was trading at $93,433 after hitting a low of $91,231 earlier in the day. The leading cryptocurrency was down by 1% at the time of writing. Its market cap has once again fallen below the $2 trillion mark, now standing at $1.85 trillion. As per Coinglass data, in the last 12 hours, Bitcoin saw a liquidation of $43 million, with $33 million from long positions and $9 million from short positions.

Ethereum Price Today

Ethereum (ETH) was trading at $3,245, down 2.55% in the past 24 hours. Its 24-hour low was $3,159, while the high touched $3,341. Crypto prices today remained bearish, but a CoinGape analyst suggested ETH could potentially hit its all-time high, as Fidelity deposited 103 million ETH into Coinbase, sparking fresh market interest.

XRP Price Today

XRP was trading at $2.28, reflecting a 3% drop in the last 24 hours. Its 24-hour low stood at $2.23, while the high reached $2.36. In other news, on-chain data revealed that Ripple Labs transferred 300 million XRP to an anonymous wallet, sparking concerns of a potential sell-off in the market.

Solana Price Today

Solana (SOL) was trading at $188, down by approximately 4% in the last 24 hours. Its 24-hour low was $182, while the high reached $195. The coin is facing some downward pressure, continuing the bearish trend in the broader market.

Top Cryptocurrency Gainer Prices Today

As per crypto prices today, here are the top 5 crypto gainers over the last 24 hours:

Kaia (KAIA)

Price: $0.21
24-hour gain: +3%

Litecoin (LTC)

Price: $103.93
24-hour gain: +2.15%

BitTorrent (BTT)

Price: $0.000001161
24-hour gain: +2.06%

Movement (MOVE)

Price: $0.88
24-hour gain: +2%

KuCoin Token (KCS)

Price: $10.60
24-hour gain: +1.67%

Top Cryptocurrency Loser Prices Today

As per crypto prices today, here are the top 5 crypto losers over the last 24 hours:

THORChain (RUNE)

Price: $3.27
24-hour loss: -17%

SPX6900 (SPX)

Price: $1.17
24-hour loss: -10%

Bittensor (TAO)

Price: $430.80
24-hour loss: -7.15%

Dogwifhat (WIF)

Price: $1.57
24-hour loss: -6.84%

Virtual Protocols (VIRTUAL)

Price: $3.21
24-hour loss: -6%

Meme Crypto Prices Today

Meme crypto has shown a mixed reaction as Bitcoin touched the $92K mark. Dogecoin (DOGE) was down by approximately 4%, trading at $0.326, while Shiba Inu (SHIB) was trading at the same price as yesterday, with a slight gain, now at $0.00002129.

Other top meme coins such as PEPE, PENGU, and BONK are down by approximately 4% in the last 24 hours.

On a more positive note, the hourly chart suggests some recovery, as Bitcoin and major altcoins are in the green in the last hour. AI16Z has been the top performer, up by 2% in the past hour.

✓ Share:

Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





Source link

Continue Reading

24/7 Cryptocurrency News

Senate Banking Committee Advances Plans for Crypto Subcommittee Vote

Published

6 hours ago

on

January 10, 2025

By


The Senate Banking Committee, under the leadership of Senator Tim Scott, is preparing to establish its first-ever subcommittee focused on cryptocurrency oversight. This initiative comes amid increased government attention on digital assets, including the recent sale of $6.7 billion in Bitcoin seized from the Silk Road case by the U.S. Department of Justice.

The move is seen as part of broader efforts to provide regulatory clarity for the rapidly growing cryptocurrency industry. According to a report shared by FOX Business reporter Eleanor Terrett, Senator Cynthia Lummis has been tentatively selected to chair the subcommittee.

Senate Banking Committee Pushes for Dedicated Crypto Subcommittee

The new cryptocurrency subcommittee is similar to the one established in the House Financial Services Committee in 2023 by Patrick McHenry. The decision made by the Senate Banking Committee is in line with the efforts made by both parties to fill the gaps in the regulation of cryptocurrencies, which has been a concern within the digital asset industry.

A Senate aide stated that a vote to formalize Senator Lummis as chair with new Republican and Democrat members will most probably take place next Thursday. This vote is to occur before another confirmation hearing for Scott Turner, the person chosen by President-elect Donald Trump for the position of Secretary of Housing and Urban Development.

Senator Lummis has been one of the biggest proponents of the growth of digital assets and blockchain technologies. Her leadership in the subcommittee may be able to help bring more attention to addressing industry issues, for example the uncertainty of regulation that has led some companies to shift operations overseas.

Industry Seeks Clearer Regulations Amid Government Action

Senator Lummis has been one of the biggest proponents of the growth of digital assets and blockchain technologies. Her leadership in the subcommittee may be able to help bring more attention to addressing industry issues, for example the uncertainty of regulation that has led some companies to shift operations overseas.

The formation of the Senate’s crypto subcommittee is likely to make the process of enacting coherent and comprehensible legislation even easier. This follows other actions by the government in the crypto sphere such as the sale of Bitcoin that was seized from Silk Road. The DOJ’s auctioning off of $6.7 billion worth of Bitcoin not only represented a significant enforcement action, but also highlighted the government’s increasing presence within the asset class.

As the change of government admin looms, the cryptocurrency industry is also putting pressure on the incoming President of the United States, Donald Trump, to support friendlier policies. Moreover, sources indicate that industry leaders have called for formation of a US Bitcoin reserve and executive orders to foster advancement of the blockchain technology.

Expectations for Senator Lummis’s Leadership

If approved as chair, Senator Cynthia Lummis will have a pivotal influence on setting up the new course for the U.S. cryptocurrency policies. Lummis has long been a proponent of digital assets, often campaigning for their acceptance into the US financial system.

This comes amidst appointments by the Trump administration to replace important regulatory heads such as SEC Chair Gary Gensler with others that are more liberal in the cryptocurrency space. There has also been a suggestion of a new White House position called the “Crypto Czar” within the transition team’s plans.

The creation of the Senate’s cryptocurrency subcommittee has been seen as a significant move to help combat the problems facing the sector. This is anticipated to help promote discussions between the government and businesses to support growth and coordination on regulations.

The vote to set the final list of the members of the subcommittee will be held on Thursday.

✓ Share:

Kelvin Munene Murithi

Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





Source link

Continue Reading
Advertisement [ethereumads]

Trending

    wpChatIcon