cryptocurrency
DeFi is a 1st Amendment right, expert says at hearing
Published
2 months agoon
By
adminDecentralized finance defenders argued against imposing stringent anti-innovation rules on the fledgling digital asset industry.
At a U.S. House Finance Services Committee hearing titled “Decoding DeFi: Breaking Down the Future of Decentralized Finance,” a roster of DeFi proponents testified to protect the sector from stricter rules focused on anti-money laundering and introducing total surveillance on web3 users.
Crypto skeptics like Representative Bill Foster and other Democratic Congress members claimed DeFi developers should be held liable for criminal uses of blockchain technology.
Rep. Foster and other anti-DeFi legislators reiterated proposals to tighten the regulatory noose around crypto activity. Specifically, Committee members highlighted the Treasury as the best agency to enforce stricter AML rules and crack down on blockchain code writers.
U.S. Representatives also questioned blockchain’s alleged use as a tax evasion tool. Coin Center research director Peter Van Valkenburgh staunchly opposed this assertion.
Van Valkenburgh argued that evading regulators using a public, transparent, decentralized ledger, known as a blockchain network, was difficult since anyone could inspect the transactions. Additionally, lawmakers in the so-called crypto caucus echoed Van Valkenburgh’s point, noting that criminals were more likely to use legacy financial systems to ferry billions to trillions in illicit wealth.
DeFi conversation intensifies
Since crypto’s inception, U.S. policymakers have generally regarded the Web3 complex as a Wild West rife with fraud. Still, the conversation around DeFi has gained traction in Congress and with some of the biggest financial names, like BlackRock. Proponents suggested that political headwinds have shifted in favor of crypto.
Coinbase CLO Paul Grewal said U.S. citizens would elect a pro-crypto Senate, regardless of who wins the presidential elections.
Bitcoin (BTC) and blockchain have also been hot topics in the race between Republican candidate Donald Trump and Democratic pick Kamala Harris. Former President Trump has promised to support the industry and established America as the world’s cryptocurrency capital. However, doubts exist over Trump’s ability to execute and actual concern over the industry.
Similarly, the industry has a complicated relationship with Harris’ potential regime. The incumbent Vice President has accepted crypto donations via Coinbase and reportedly engaged with industry leaders, but Harris’ stance and crypto policy approach leave much room for speculation.
Yet, crypto bigwigs like Ripple co-founder Chris Larsen have endorsed Harris for President.
Source link
You may like
The Bitcoin Report: Key Trends, Insights, and Bitcoin Price Forecast
Eclipse launches public mainnet of first SVM L2 on Ethereum
How Far Can Cardano Price Rise in November?
Bitcoin Indicator Signals Equilibrium After Trump Victory – A Clear Path To New Highs?
Satoshi Nakamoto: The Robin Hood of the Digital Age, But He Stole from Himself
Following SHIB’s success, XYZ coin could bring 19,900% gains: $1,000 could yield $200k
cryptocurrency
TRUMP, MAGA, and other Trump-themed tokens crash after election day
Published
10 hours agoon
November 7, 2024By
adminDonald Trump-themed meme coins TRUMP, MAGA, TREMP, and STRUMP have tanked, with their total market capitalization down over 21% on the day, after Trump secured a victory in the U.S. election.
MAGA (TRUMP), the largest Trump-themed meme coin in terms of market cap fell 50.7% over the past 24 hours, exchanging hands at $1.71 when writing. The altcoin’s market cap fell from $212 million seen on Nov. 6 to $79 million when writing.
MAGA Hat (MAGA) a meme token inspired by Trump’s iconic red hat worn during his political campaigns also collapsed by 51% with its market cap falling to $39 million.
Dark MAGA (DMAGA) which saw the highest gains on Nov. 5, climbing from $0.008 to $0.0018 overnight. The meme coin has since plunged by 62% from its pre-election level and was trading at $0.0045, wiping out over $13.5 million from its market cap. Similarly, Super Trump (STRUMP) also faced a sharp drop of 54.9%, with its market cap shedding $11 million.
Other popular meme coins that previously capitalized on Trump’s presidential victory but have crashed at press time, include Doland Tremp (TREMP), TRUMPCOIN, TRUMP 47 (47), and Pepe Trump (PTRUMP) which suffered losses between 50-65%.
Traders seemed to have sold the news, a familiar trend for meme coins, which often experience sharp sell-offs after hype peaks—just as with Dogecoin (DOGE), the industry’s first and largest meme coin.
Dogecoin’s meteoric rise leading up to Elon Musk’s Saturday Night Live appearance in May 2021 became a classic case of traders selling the news. DOGE rallied to an all-time high of $0.73 ahead of the May 8 airing date as Musk, an avid Dogecoin supporter, teased his role on SNL.
However, the hype fizzled quickly during and after the broadcast, as traders rushed to offload their holdings with the price of DOGE dropping over 30% within hours. At current prices, the token remains 74% below its all-time high.
This pattern also seems evident in PolitiFi tokens, which are often referred to as “event coins,” as they move in tandem with political developments. However, the downturn comes despite Trump’s victory, which could mean the hype around this meme coin subset is waning.
A likely scenario is that a lot of the liquidity from these PolitiFi tokens is flowing into Bitcoin (BTC) and other altcoins as the flagship crypto has been printing new highs over the past day fueling hopes that the bull market is starting.
Prominent altcoins like Ethena (ENA) and Raydium (RAY) have posted double-digit gains, while the overall meme coin market is up over 13%, suggesting that PolitiFi tokens are facing an isolated sell-off now that the elections are over.
Source link
cryptocurrency
Bitcoin, crypto stocks surge as Harris congratulates Trump
Published
19 hours agoon
November 6, 2024By
adminCrypto stocks surged sharply on Nov. 6 as Donald Trump’s victory for a second term as U.S. president bolstered the market’s bullish outlook.
While cryptocurrencies have ripped in the lead up to the election as betting odds showed Trump was headed for victory, things got juicy on Election Day. Bitcoin (BTC) shot to above $75,000 before taking a breather.
The Trump trade, which relates to conviction that markets would rip if the Republican candidate won, engulfed not just the top coin, but also altcoins. Ethereum (ETH) has jumped above $2,700, Solana (SOL) is eyeing $190 and Dogecoin (DOGE) broke $0.20.
Meanwhile, stocks of crypto related companies, including Coinbase, MicroStrategy and Riot soared pre-market, continuing higher during the U.S. trading session. This came as Vice President Kamala Harris called Trump to congratulate him. Harris was expected to give her concession speech later in the day.
At the time of writing, Coinbase shares had increased by 30% to $253.58, marking a 50% gain over the past month and a 193% rise over the past year.
MicroStrategy, the largest corporate holder of Bitcoin, saw its stock rise nearly 13% on the day and 40% over the last 30 days. MSTR has outperformed most stocks, delivering a return of over 460% in the past year.
Other stocks making notable gains included Bitcoin mining companies Marathon Digital, Riot Platforms, CleanSpark, and Hut 8. Marathon (MARA) was up 19%, Riot (RIOT) +21%, CleanSpark (CLSK) +20%, and Hut 8 (HUT) +9%, following positive quarterly results.
Robinhood, which offers crypto trading, also recorded significant gains, while Block Inc. was up on the day. Robinhood (HOOD) has gained 20% so far, and Block (SQ) has risen more than 7%.
Source link
Bitcoin
BlackRock’s IBIT records largest outflow day as Bitcoin ETFs log third consecutive day of outflows
Published
1 day agoon
November 6, 2024By
adminOn Nov. 5, BlackRock’s spot Bitcoin exchange-traded fund, BITB, recorded its largest net outflow day since inception, with $44.2 million leaving the fund.
Since its launch in January, BlackRock’s BITB has experienced only six days of outflows, with the previous largest single-day outflow of $36.9 million on May 1.
According to data from Farside Investors, the 12 spot Bitcoin ETFs recorded a net outflow of $116.8 million on Nov. 5, extending their outflow streak to three consecutive trading days. However, these outflows were significantly lower than the $541.1 million recorded on Nov. 4, which marked the second-largest outflow day for these investment products.
Across the sector, outflows were dominated by Fidelity’s FBTC, which saw $68.2 million withdrawn, leading the day’s redemptions. Other funds also posted notable outflows, including ARK Invest and 21Shares’ ARKB, which saw $12.5 million in redemptions, Franklin Templeton’s EZBC with $6 million, VanEck’s HODL with $3.9 million, and Valkyrie’s BRRR, which reported $1.3 million in net outflows.
In contrast, Biwise’s BITB was the only spot Bitcoin ETF to log net inflows, with $19.3 million entering the fund. Grayscale’s GBTC and several other spot Bitcoin ETFs saw zero flows for the day.
Bitcoin defies ETF outflows, surges to record high
Despite ETF outflows extending for a third day, Bitcoin’s price rose sharply overnight.
CoinGecko data shows Bitcoin (BTC) reaching an unprecedented $75,000 in a potential reaction to election news that former President Donald Trump might be gaining momentum in early voting.
The flagship cryptocurrency later retreated slightly, trading up 8.7% at $74,563 at the time of reporting.
Bitcoin’s performance has remained strong, especially following its previous all-time high of $73,797 set on March 14, though it has mostly traded below $70,000 for much of the year.
While Bitcoin ETFs experienced significant outflows, U.S.-based spot Ethereum ETFs had a quieter day, registering zero net flows on Nov. 5, according to Farside Investors. However, Ethereum (ETH) mirrored Bitcoin’s upward price momentum, gaining 6.7% to trade just above $2,600.
According to CoinGecko data, the global crypto market capitalization increased by 6.6% over the past day, reaching $2.58 trillion.
Source link
The Bitcoin Report: Key Trends, Insights, and Bitcoin Price Forecast
Eclipse launches public mainnet of first SVM L2 on Ethereum
How Far Can Cardano Price Rise in November?
Bitcoin Indicator Signals Equilibrium After Trump Victory – A Clear Path To New Highs?
Satoshi Nakamoto: The Robin Hood of the Digital Age, But He Stole from Himself
Following SHIB’s success, XYZ coin could bring 19,900% gains: $1,000 could yield $200k
Benjamin Cowen Issues Bitcoin Alert, Says Potential Plunge ‘That Scares People’ Incoming – Here’s His Outlook
Trump Memecoins Tanked More than 50%: Is It The End or Just A Temporary Downfall?
TRUMP, MAGA, and other Trump-themed tokens crash after election day
Dormant Ethereum Whale Returned With Donald Trump’s Win Making $30M
SEC Seeks Court Approval to Dismiss Kraken’s Major Legal Defenses
How Trump’s Promises Could Influence BTC $250k forecast
Polymarket Faces French Ban After Massive Bets On US Election Results
Bitcoin (BTC) Price Hits $76K as Crypto Liquidations Soar, Coinbase (COIN) Rockets 30% Higher on Trump Sweep
Trump victory creates over 11k new Bitcoin millionaires
182267361726451435
Top Crypto News Headlines of The Week
Why Did Trump Change His Mind on Bitcoin?
New U.S. president must bring clarity to crypto regulation, analyst says
Ethereum, Solana touch key levels as Bitcoin spikes
Bitcoin Open-Source Development Takes The Stage In Nashville
Bitcoin 20% Surge In 3 Weeks Teases Record-Breaking Potential
Will XRP Price Defend $0.5 Support If SEC Decides to Appeal?
Ethereum Crash A Buying Opportunity? This Whale Thinks So
Shiba Inu Price Slips 4% as 3500% Burn Rate Surge Fails to Halt Correction
‘Hamster Kombat’ Airdrop Delayed as Pre-Market Trading for Telegram Game Expands
Washington financial watchdog warns of scam involving fake crypto ‘professors’
Citigroup Executive Steps Down To Explore Crypto
Mostbet Güvenilir Mi – Casino Bonus 2024
Bitcoin flashes indicator that often precedes higher prices: CryptoQuant
Trending
- 2 months ago
182267361726451435
- 24/7 Cryptocurrency News3 months ago
Top Crypto News Headlines of The Week
- Donald Trump3 months ago
Why Did Trump Change His Mind on Bitcoin?
- News2 months ago
New U.S. president must bring clarity to crypto regulation, analyst says
- Bitcoin4 months ago
Ethereum, Solana touch key levels as Bitcoin spikes
- Opinion4 months ago
Bitcoin Open-Source Development Takes The Stage In Nashville
- Bitcoin3 months ago
Bitcoin 20% Surge In 3 Weeks Teases Record-Breaking Potential
- Price analysis3 months ago
Will XRP Price Defend $0.5 Support If SEC Decides to Appeal?