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Elon Musk Joins Pro-Bitcoin RFK Jr. To Slam Kamala Harris
Published
3 months agoon
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adminIn a recent series of posts on X, Elon Musk and notable cryptocurrency advocates have voiced their criticism against Vice President Kamala Harris. The industry is calling for significant changes in her administration, including the dismissal of SEC Chair Gary Gensler. This comes amid heightened political activity following President Biden’s resignation as the Democratic nominee.
Elon Musk & RFK Jr. Criticize VP Kamala Harris
Elon Musk, CEO of Tesla and a key figure in the crypto industry, questioned the legitimacy of Harris’s ascension. He wrote, “About 3 weeks ago, the media told you that Biden was ‘sharp as a tack.’ 2 days ago, the poor guy was basically forced at gunpoint to resign as Dem nominee. His staff weren’t even informed. Now they say Kamala is the best thing ever.”
Moreover, Musk’s skepticism extended to the process of selecting the nominee. He added, “Shouldn’t the nominee be decided by a party vote? Democracy etc …” This exchange was excarberated by a spotlight on Robert F. Kennedy Jr.’s recent press conference.
In the press conference, the pro-Bitcoin presidential candidate labeled Harris a “corporate hawk.” Kennedy criticized Harris’s stance on key issues. He stated, “Kamala Harris is the party of war. She’s a war hawk on Ukraine. She’s a war hawk on China. I think we should be figuring out ways to coexist with the rest of the world as best we can.”
Additionally, he also questioned her record on civil rights and economic issues, citing her controversial decisions during her tenure as California’s attorney general. Elon Musk echoed the sentiment and dubbed Harris “just another corpo puppet.” However, Solana co-founder Anatoly Yakovenko defended the current political structure in response to Musk’s comments.
Yakovenko argued, “VPs job is to step into the president’s shoes at any moment. People voted for the Biden/Harris ticket, Biden chose to step down, Harris stepped up. Direct democracy has a ton of corner cases and is fragile. That’s why we have representative democracy instead.”
Moreover, he emphasized the role of delegates in the Democratic Party’s process. Yakovenko stated, “Biden released his delegates, they re-pledged to Harris, consistent with the voters’ wishes who voted for the Biden/Harris ticket.”
Also Read: XRPScan Shuts Down Elon Musk XRP Ownership Claims
Calls To Fire Gary Gensler
The crypto community’s demands for Harris to distance herself from the current administration’s policies were echoed by several industry leaders. Bitcoin Conference CEO David Bailey announced talks with Harris’s campaign for her to speak at an upcoming conference. He suggested that it would be a strategic move for her to engage with the growing voter bloc interested in cryptocurrency.
However, Tyler Winklevoss was skeptical, stating, “Talk is cheap. She would need to start by immediately firing Gary Gensler, withdrawing all SEC enforcement actions against good actors, and ending Operation Choknt 2.0.”
Justin Slaughter, Paradigm Policy Director, also weighed in, suggesting that Harris has a significant opportunity to reset her relationship with several industries. “The bar for a reset by VP Harris with several industries is really quite low, even subterranean: Innovation is good. I’ll be making staffing changes at many key agencies to bring in new blood (e.g., finreg). Business has an open door to my administration, as do all stakeholders,” he wrote.
Former Coinbase executive Balaji Srinivasan was more direct in his demands, calling for immediate action against Gensler. “She’s essentially the acting President as Biden is a lame duck. So as concrete actions she should immediately fire Gensler, end the Biden assault on AI, and repudiate the unrealized capital gains tax.” He warned against mere gestures, insisting on substantial changes. “Gestures don’t matter at all. Until Gensler is fired and the AI ban is repealed, it’s not real.”
Also Read: Bitcoin ETFs End Inflow Streak Amid High Odds Of Kamala Harris At Bitcoin Conference
Kritika boasts over 2 years of experience in the financial news sector. Currently working as a crypto journalist at Coingape, she has consistently shown a knack for blockchain technology and cryptocurrencies. Kritika combines insightful analysis with a deep understanding of market trends. With a keen interest in technical analysis, she brings a nuanced perspective to her reporting, exploring the intersection of finance, technology, and emerging trends in the crypto space.
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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Ethereum Researcher Justin Drake Quits EigenLayer Advisory Role
Published
2 hours agoon
November 2, 2024By
adminLess than six months after disclosing his advisory role at EigenLayer, Ethereum Foundation Justin Drake has decided to relinquish the same position. This comes amidst backlash from members of the crypto community who raised concerns of a conflict of interest.
No EigenLayer (EIGEN) Token Vested
In recent time, it turns out that there may be deep divisions within the Ethereum community. This confusion involve some of its most prominent figures. Most of them are concerned about the industry’s still-developing norms concerning conflicts of interest.
Justin Drake claimed that he negotiated the role in good faith. Unfortunately, many have found it difficult to reconcile the EigenLayer position with his responsibility at Ethereum.
Drake also apologized to the community and his colleagues at the Ethereum Foundation. “In hindsight it was a bad move for me to make,” he added. Drake also confirmed that his advisorship got terminated even before any of his EIGEN tokens had been vested.
“Going forward I will turn down all advisorships, angel investments, and security councils,” Drake said on X. “This personal policy goes above and beyond the recent EF-wide conflict of interest policy, not because that was asked of me but because I want to signal commitment to neutrality.”
TLDR: I dropped the EigenLayer advisorship, left the ultra sound team, and made other changes to double down on neutrality and focus on L1 research and coordination.
In September I let go of the EigenFoundation advisorship. I want to apologise to the Ethereum community and EF…
— Justin Ðrake 🦇🔊 (@drakefjustin) November 2, 2024
Controversy About Justin Drake and Conflict of Interest
Dankrad Feist, an Ethereum Foundation researcher, has joined Drake to tender their resignation from EigenLayer. Both developers have worked with the cryptocurrency project for a few years. EigenLayer serves as a platform where crypto applications can “borrow” Ethereum’s security. It harnesses a novel concept known as “restaking.”
In May, Drake and Feist disclosed an advisory role at Eigen Foundation, a pivot which came with a corresponding token allocation. However, the atmosphere became heated after discussions about potential conflicts of interest between EigenLayer and his employer, the Ethereum Foundation, arose. At the time, core devs and researchers at the organization were consistently taking advisory roles with other projects.
While the public voiced their concerns about the supposed double-mindedness, Ethereum co-founder Vitalik Buterin took to X to say he was proud that Ethereum did not have a culture of preventing people from speaking their minds. He highlighted that even negative opinions regarding the protocol or its ecosystem were allowed to be said.
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.
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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Solana-based GRASS Token Rallies 125% In Three Days of Launch, Here’s Why
Published
8 hours agoon
November 2, 2024By
adminSolana-based decentralized physical infrastructure network (DePIN) Project Grass has been gaining massive traction recently with the GRASS token airdrop happening earlier this week on October 28. the governance token GRASS has gained massive traction with a staggering 125% happening just over the past three days.
What’s Behind the GRASS Price Rally?
As of press time, the GRASS price is trading 60% up at $1.82 with its market cap soaring to $450 million and daily trading volumes shooting past $400 million and is among the trending cryptocurrencies for this week. Interestingly, the GRASS token airdrop earlier this week turned out to be the largest within the Solana ecosystem with nearly 1.5 million addresses claiming the governance token.
Prior to this, the popular decentralized exchange Jupiter held the record for the largest Solana airdrop with nearly 639,000 users claiming the tokens. During the initial distribution of the GRASS token on Monday, October 28, it led to an outage on Solana’s largest wallet Phantom.
Over 2.8 million wallets are eligible to receive GRASS tokens, the governance token for the Solana-based DePin project, as they connected within the required timeframe.
One of the major reasons behind this current GRASS price rally has been the growing expectation of listing on Tier-1 exchanges. On the other hand, the futures open interest for the governance token per the Coinglass data has surged by 73% to $90.33 million. Also, the daily trading volume for GRAS futures has surged by 146% to $1.30 billion.
More Understanding About the Solana-based DePIN Project
Grass is one of its one-of-a-kind DePIN projects featuring an open internet-scale web crawl that scrapes and validates data to train AI bots. Millions of users have already downloaded its browser extension and mobile app that collects and cleans the website data while receiving GRASS tokens as rewards. Andrej Radonjic, CEO of Wynd Labs, a core contributor to Grass, said:
“Historically, your bandwidth has been stolen from you by companies that pay developers to sneak software into your free apps. They then turn around and allow F500’s and AI companies to use your device to scrape valuable web data. Today marks the first time ever that users are receiving network ownership for sharing their bandwidth. This bucks a 20+ year trend in an industry that has been reliant on extractive incentive structures”.
The GRASS token will also serve for staking on the protocol, enabling “web traffic flow through the network” and covering bandwidth costs.
Strong Market Momentum Supporting the GRASS Token Rally
Driven by several market shifts, the GRASS token has experienced impressive growth over recent days. Some of the supporting factors for this rally include:
- Rising Bullish TGEs: Token Generation Events (TGEs) are regaining popularity, showing a robust market interest.
- Utility Over Memes: Investor focus is shifting from meme coins to utility tokens, with GRASS capturing significant attention.
- DePIN Sector Dominance: DePIN remains a leading vertical, underscoring the market’s sustained interest in decentralized physical infrastructure.
- Evolving Tokenomics: The trend of low-float, high-FDV models is pivoting towards larger initial unlocks—25% in the case of GRASS—a strategy that has proven effective.
- High Volume Without Binance: Despite not being listed on Binance, GRASS hit nearly $500 million in volume, indicating strong demand.
- Valuation Strategy: Initially pegged at a $600 million valuation, the decision to start lower and allow community gains has paid off, boosting momentum.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
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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BlackRock Bitcoin ETF Inflows Hit Speedbreaker As US Election Odds Shift
Published
11 hours agoon
November 2, 2024By
adminOn Friday, the total inflows into US spot Bitcoin ETFs finally hit a speedbreaker as the dynamic of the US elections shifted just three days before the results. Kamala Harris seems to be taking the lead in some of the swing states while Donald Trump continues to lead in others. All of the nine BTC ETFs yesterday, saw net outflows of $55 million with the BlackRock Bitcoin ETF (IBIT) seeing zero inflows for the first time in nearly a month.
BlackRock Bitcoin ETF Inflows Hit Speedbreaker
This week, except Friday, BlackRock’s IBIT led the most inflows contributing nearly around $2.2 billion so far. It has been single-handedly dominating the BTC ETF inflows in the last month of October.
However, on Friday, the spot Bitcoin ETF inflows hit a speedbreaker with $54.9 million in outflows. Fidelity reported $25.6 million in outflows, followed by ARK with $24.1 million, per Farside Investors data. On the other hand, the BlackRock Bitcoin ETF registered zero inflows for the first time in the past several trading sessions. This signals a possible pause in the demand after record-breaking contributions.
The spot Bitcoin ETFs have seen significant inflows and now hold more than 5% of the total BTC supply, surpassing 1 million Bitcoin holdings. Interestingly, BlackRock’s IBIT alone holds 2% of the total supply.
💥BREAKING: Yesterday the Spot #Bitcoin ETF saw $54.94 MILLION outflow! pic.twitter.com/kUEF6icGf6
— Crypto Rover (@rovercrc) November 2, 2024
Furthermore, Friday’s outflows coincide with a shift in the US election dynamics as Kamala Harris once again gains ground in the swing states. Thus, investors could be taking a wait-and-watch approach moving ahead.
Is Donald Trump Losing Ground?
As per the Polymarket data, the odds of Doland Trump victory slipped 4.5 percentage points on Friday, with his overall winning prediction now at 58.1% while Kamala Harris has gained the same amount moving to 41.9%.
As a result, the broader crypto market has paused waiting for some clear indications for the further move. After moving all the way to $73,000 earlier this week, the Bitcoin price has once again dropped under $70,000 as of October closing.
Popular crypto analyst Ki Young Ju noted that ETF flows would be crucial for Bitcoin to gain further highs. He wrote:
“Stablecoins alone can’t provide enough buy-side liquidity for Bitcoin. The BTC-to-stablecoin ratio is 6.05, meaning BTC reserves are six times higher than stablecoins, similar to the last ATH. ETF flows and Coinbase USD liquidity will be crucial for the next few months”.
Apart from Bitcoin, altcoins have also been under a bit of selling pressure with the Ethereum (ETH) price slipping to $2,500 as bulls fail to gain enough traction.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
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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