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Charles Hoskinson Addresses Cardano Foundation Oversight Saga
Published
4 days agoon
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adminCardano founder Charles Hoskinson has addressed concerns surrounding the ongoing discussions about the governance structure of the Cardano Foundation (CF).
The debate gained momentum following public statements from Rick McCracken, a prominent figure in the Cardano community, who raised issues about leadership and organizational transparency. This has sparked widespread discussions about community oversight and the future of Cardano’s ecosystem governance.
Charles Hoskinson Addresses Cardano Foundation Oversight
Charles Hoskinson has been keen to assert the Cardano Foundation’s commitment to the principle of decentralisation and, in particular, the need for community supervision over the foundation. He pointed out that the Foundation is not affiliated with IOHK (Input Output Global) or Emurgo, the other two main stakeholders in the ecosystem.
Hoskinson said, “This isn’t a Charles versus CF debate… This is a discussion on the issue of whether the community foundation should be answerable to the community.
He noted, however that the Cardano Foundation’s $600 million ADA treasury has no direct representation of the community regarding its utilization. In his view, the Foundation’s lack of enthusiasm in supporting grants and funding for projects like Catalyst can hinder the growth of the ecosystem.
Charles Hoskinson also pointed out that this approach may lead to future problems in the ecosystem sustainability, especially in the case when major contributors like IOHK are expected to work without proper motivation.
Rick McCracken’s Concerns About Transparency and Leadership
Rick McCracken, a Cardano supporter, raised some questions about the transparency of IOHK, which he said is evident by the negative reviews published on Glassdoor. McCracken raised issues over decision making within leadership and the overall direction of the ecosystem, and advocated for change in governance.
Charles Hoskinson’s reply to McCracken’s statement was that the comments made were quite “distasteful” and “disappointing”. He pointed to the fact that IOHK has had some issues, such as the need to cut down on its workforce during bear markets, but has always remained focused on the ecosystem.
Hoskinson apologized for McCracken’s words and said, “I’m sorry that your ego got hurt, Rick; you are not doing any good to the community with your actions.”
CIP-1694 and Cardano Constitution Updates
Charles Hoskinson has recently provided updates on Cardano’s governance initiatives. He highlighted the progress made since the launch of the governance workstream during the Age of Voltaire conference in late 2022. This initiative has resulted in CIP-1694, which outlines processes for decentralized governance, and a draft Cardano Constitution.
The governance proposal aims to bring an end to the technical bootstrapping phase of Cardano’s on-chain governance. If enacted, it will establish a framework for decentralized decision-making, allowing the community to have a greater role in governance. Charles Hoskinson reiterated that the governance process has involved extensive community discussions over the past two years
As governance discussions continue, ADA price has experienced fluctuations amid broader market trends. Over the past two weeks, ADA price has dropped significantly from $1.3264 to lows of $0.7620. However, some analysts believe the decline may have reached a bottom.
Michael van de Poppe, founder of MN Consulting, has suggested that ADA price could bounce back from the $0.7460 support level. He noted that the token’s performance in 2024 suggests potential for further growth, with possible resistance near $1.2430. At press time, Cardano price was trading at $0.854, a 0.11% decline from the intra-day high of $0.8962.
Despite this, Van de Poppe expressed optimism about ADA’s long-term growth potential, citing its recent 300% rise from November lows as part of a broader bull market cycle.
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.
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SHIB Burn Rate Soars 1500% As Shiba Inu Price Eyes Rally To $0.001
Published
5 hours agoon
January 3, 2025By
adminThe renowned dog-themed meme token Shiba Inu captured noteworthy market attention on Friday, witnessing a remarkable surge in the SHIB burn rate. Notably, intraday burn statistics flagged a whopping 1500% uptick, primarily against the backdrop of over 30 million tokens destroyed. In turn, crypto market participants are now speculating whether Shiba Inu price could hit a $0.001 target this month.
SHIB Burn Rate Shoots Up 1500% Echoing Market Optimism
As per a recent X post by the community’s official tracker Shibburn, the SHIB burn rate was up 1550%, underscoring a massive hit to the circulating supply. Per the data shared, 33.01 million coins were burnt in the past 24 hours, aiding the burn rate uptick.
For context, the Shiba Inu token burn mechanism primarily focuses on permanently reducing the asset’s circulating supply. As a result, market participants anticipate a bullish impact on the top meme coin’s future movements, aligning with the law of supply and demand.
Simultaneously, weekly burn statistics indicated that 44.03 million tokens were taken out of the supply, adding to market optimism surrounding the asset. Also, recent ecosystem developments have further aided the leading dog-themed meme coin in retaining its bullish stance across the market.
CoinGape reported that the crypto’s lead developer, Shytoshi Kusama, recently confirmed the TREAT token launch. This chronicle, expected to support the broader ecosystem substantially, remains much awaited in the market. Simultaneously, the Shiba Inu price also remains extensively eyed by market watchers in anticipation of considerable gains in 2025, primarily in the wake of community advancements and constant SHIB burns.
Price To Hit $0.001 This Month?
SHIB price today showcased gains worth 2% intraday and is currently resting at $0.00002264. The meme coin’s 24-hour low and high were $0.00002198 and $0.00002294, respectively. Notably, the rising price trajectory aligns with the remarkable surge in the SHIB burn rate, as mentioned above.
Moreover, a recent Shiba Inu price analysis by CoinGape further rationalized a $0.001 price target for the token, looming for this month. Breaking through the critical resistance level of $0.000025 remains highly pivotal for the crypto. Besides, the broader ecosystem developments and rising adoption of Shibarium have further weighed the scales towards the bullish side of the coin. As the supply continues to shred in the interim, a $0.001 price target appears to be scalable ahead, as market experts also expect a bull cycle continuation in 2025.
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.
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Robert Kiyosaki Predicts Bitcoin Price To $175K And $350K This Year
Published
8 hours agoon
January 3, 2025By
adminRobert Kiyosaki, the author of the famous ‘Rich Dad Poor Dad’ has revealed his expectations for a whopping rise in the value of Bitcoin in 2025. Kiyosaki values BTC price between $175,000 and $350,000 as he continued to take a bullish approach towards the popular cryptocurrency. The following forecasts come after Bitcoin’s outstanding year in 2024, which saw the crypto rise by 121% and hit a record $108,135 in December.
Robert Kiyosaki Says Bitcoin Will Surge to $175K-$350K In 2025
In a post on X, Robert Kiyosaki reiterated his bullish outlook on Bitcoin, predicting that the cryptocurrency could climb to $175,000 or even $350,000 in 2025. He attributed this to the growing market demand and the enhanced usage of Bitcoin as an investment instrument.
Bitcoin, the world’s largest crypto by market capitalization, surged 121% in an year and hit a record high of $108,135 in mid-December. As of the time of this writing, Bitcoin has made a sharp recovery: from the low of $94,280, the cryptocurrency has managed to rise above $96,900.
The price increase represents a 2.72% gain within the last 24 hours, with trading volumes spiking by 87.07% to $45.93 billion. This rally shows a rising market sentiment as Bitcoin price nears the $97k mark and increasing the market capitalization near $2T.
Similarly, in December, the Rich Dad Poor Dad author warned of an impending global economic depression, highlighting downturns in Europe, China, and the U.S. Robert Kiyosaki advised individuals to protect their wealth by investing in assets such as Bitcoin, gold, and silver.
Therefore, he stressed the need for self-custody of Bitcoin and discouraged investors from focusing on the institutional investment products such as ETFs. Interestingly, Kiyosaki did not change his stand that Bitcoin price could reach $350,000 by 2025.
Bitcoin Price Actions and Other Analysts’ Predictions
Other market experts have echoed Robert Kiyosaki bullish sentiments for Bitcoin. Fundstrat’s Tom Lee has projected a target of $250,000 for Bitcoin in 2025, while Galaxy Digital anticipates the cryptocurrency could surpass $150,000 within the first half of the year. Analysts point to growing institutional interest and macroeconomic conditions as drivers for these projections.
Additionally, an economist, Alex Krüger, suggests that a dovish stance from the Federal Reserve in 2025 could act as a catalyst for BTC price rally. He explains that reduced interest rates may create a risk-on environment, boosting assets like Bitcoin. Krüger also notes that a strong equities performance in March or April could further amplify Bitcoin’s upward momentum.
Moreover, Jeff Park, Head of Alpha Strategies at Bitwise, suggested that Bitcoin could reach $1 million in 2025. However, he cautioned that this would depend on the implementation of a U.S. Bitcoin Strategic Reserve, which he estimated has less than a 10% chance of occurring. Market optimism remains high, fueled by Robert Kiyosaki’s predictions and prospect of enhanced adoption and regulatory clarity.
Ronny Mugendi
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Circle’s Exec Corrects Key Compliance Misconceptions
Published
12 hours agoon
January 2, 2025By
adminThe compliance with the European Union’s Markets in Crypto Assets (MiCA) law is barely three days in and has already drawn major misconceptions. On this premise, Circle’s Policy Head Patrick Hansen took to X to clear a few of the misconstrued takes.
Crypto Exchanges, Travel Rule and MiCA
The Circle executive admitted to seeing several post from people who were mixing up EU’s Transfer of Funds Regulation (TFR) Travel Rule and the newly implemented MiCA. The former mandates financial service providers to gather and exchange customers data amongst others. The Travel Rule also came into force on December 30, 2024, the same day as MiCA.
As a result of its implementation, Hansen said Crypto Asset Service Providers (CASPs) like custodian and brokers are now required to request for more information from users. This applies to both sender and receiver in any transactions. In addition, he added that CASPs are at liberty to exchange this information within themselves.
The Circle Policy Head said this info exchange might take place through encrypted channels or travel rule networks like Trust or Notabene. The aim is to ensure that customers are not exposed to scams while trying to complete their crypto transactions. CASPs can also take some more delicate steps, depending on the amount of funds involved.
Quick addition since I am seeing a ton of people mixing up EU crypto regulations (MiCA & TFR):
Yes, since end of last year, the EU implementation of the travel rule (TFR) is in force as well. The application date (December 30th) was the same as for MICA.
Exchanges and other… https://t.co/FYn2RN8Ei7
— Patrick Hansen (@paddi_hansen) January 2, 2025
Specifically, Hansen said CASPs would request that a customer verify ownership of his self-custody wallet once the transaction tops €1,000. Noteworthy, TFR or Travel Rule, like MiCA is designed to combat money laundering and terrorist financing.
However, Hansen stated clearly that both rules are entirely unrelated, the major miscommunication among users.
MoonPay Secures Approval Under New Regime
Several crypto asset service providers are making efforts to ensure that they are not left out of the new crypto regulation dispensation in the EU. Renowned crypto infrastructure service provider MoonPay is one of firms that has taken a monumental stride by securing MiCA approval.
By all means, the move aligns with the firm’s expansion plans in Europe. Meanwhile it has also positioned MoonPay as a crypto regulation-compliant entity in Europe.
In the past, it has gained significant traction while empowering crypto payments across the region. With this achievement and the continuous bull cycle in 2025, MoonPay is likely to capture more EU market share.
Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
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