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Elon Musk Raises Possibility Of Government Witch Hunt If Trump Loses

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Elon Musk could face a government inquiry into his immigration status if Donald Trump loses in the upcoming election. Musk recently suggested that a Trump loss could expose him to government actions, sparking new discussions about his immigration past and raising questions about whether political influence might intensify scrutiny. 

Moreover, legal and immigration experts have weighed in, indicating that Musk’s citizenship status could be reconsidered. This is particularly true if he is found to have misrepresented his work history during the naturalization process.

Will a Donald Trump Loss Lead to Government Vengeance on Elon Musk’s Immigration Case?

In a recent statement on X, Elon Musk expressed concern over potential government actions against him. He claimed it is “100% likely” that he could be targeted if Donald Trump is not re-elected. Musk’s comment has brought renewed focus to his early immigration status and work history in the U.S.

Reports indicate that in the 1990s, Musk may have worked without authorization before obtaining his H-1B visa. This has raised questions about his eligibility for U.S. citizenship. According to immigration law, misrepresenting work history or immigration status during the naturalization process can be grounds for revoking citizenship, though such cases are rare.

Additionally, legal experts say that while Musk’s immigration status could be subject to scrutiny, pursuing denaturalization is an uncommon path. Amanda Frost, a professor specializing in immigration and citizenship law, explains that working without authorization can prevent eligibility for a green card if not properly disclosed. However, there is often discretion in enforcing these laws, particularly for cases involving minor violations that occurred decades ago.

Experts Weigh Possible Outcomes Amid Immigration Past 

The heightened interest in Elon Musk’s citizenship status follows a Washington Post report suggesting that Musk may have overstayed a student visa in the 1990s. This was while working on a startup venture, later known as Zip2, before securing the required work authorization. 

However, Elon Musk has publicly denied that he worked illegally in the U.S. at any point. He has previously stated that he was on a J-1 visa that later transitioned to an H-1B. Immigration experts, nonetheless, note that overstaying a student visa or working without authorization could have led to ineligibility for naturalization had it been undisclosed.

Elon Musk’s assertions that he would be targeted by government agencies have intensified public interest in his past visa status. Stephen Yale-Loehr, a professor at Cornell Law School, points out that if the Tesla CEO concealed details about his work history on his immigration forms, he could face legal challenges.

In addition, amid potential government retaliation, attention has also turned to Donald Trump’s running mate, JD Vance. A recent disclosure reveals that Vance holds between $250,000 and $500,000 in Bitcoin, reinforcing his commitment to digital assets. As a U.S. Senator, Vance has publicly questioned the regulatory approach of the SEC toward crypto firms, promoting clarity in policies. Vance’s association with Trump in the race has been noted as a potential boost for pro-crypto legislation.

More so, analysts suggest that a Donald Trump administration will bring regulatory reforms beneficial to the digital assets industry. Most recently, Bitwise CIO Matt Hougan predicted that a Donald Trump administration could benefit altcoins like Ethereum by providing regulatory clarity. 

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Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

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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US Job Data Signals Bitcoin & Altcoins Rally Ahead

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The latest US Job data showed that the non-farm payroll climbed by 12,000 in October, as compared to the market forecast of 110,000. On the other hand, the unemployment rate remained unchanged last month, sparking discussions in the market. Notably, this US non-farm payroll data is a crucial metric considered by the Federal Reserve to decide their monetary stimulus plans.

US Job Report Sparks Market Optimism

The latest US Job data by the Labor Department showed that the non-farm payroll surged by 12,000 in October, down from the revised figure of 223,000 noted in the prior month. Notably, the market was anticipating the figure to stay at 110,000.

On the other hand, the US unemployment rate remained steady at 4.1%, unchanged from the figure noted in September. It also comes in line with the Wall Street expectations. The Average Hourly earnings for October came in at 0.4%, while on a year-over-year (YoY) basis, it surged 4%.

Meanwhile, the latest job data appears to have given some relief to the investors, who were expecting the Fed to pause cutting the interest rates this month. Notably, the cooling non-farm payroll data and rising unemployment rate tend to boost the market sentiment. In other words, such conditions usually hint towards a hawkish move by the central bank.

Having said that, the latest job data indicates a potential US Fed rate cut in November, followed by another rate cut next month.

Will Bitcoin And Altcoin Prices Rally?

The latest US Job data raises hopes over a potential rally in the broader financial market, with optimism soaring over a dovish by the central bank at the upcoming FOMC next week. Besides, it also appears to have boosted the crypto market sentiment, with investors now anticipating a rebound in Bitcoin and other top altcoins.

Following the data, the US 10-year Bond Yield fell more than 1% to 4.242, while the US Dollar Index retreated 0.25% to $103.62. This has also sparked speculation as a weakening dollar is usually good for digital assets for Bitcoin and other crypto.

Meanwhile, many in the crypto market were expecting the Fed to pause its rate cut plans in November while anticipating robust job data. However, following the release, the market is now heavily betting towards a 25 bps Fed rate cut at the upcoming FOMC on November 7. CME FedWatchTool showed. Besides, the market is also expecting another same percentage point cut at the central bank’s December meeting.

CME FedWatch Tool US Job Report Fed rate cutCME FedWatch Tool US Job Report Fed rate cut
Source: CME FedWatch Tool

Besides, the upcoming US Election is also expected to boost Bitcoin and altcoin prices. Considering all these aspects, along with the historical trends noted in the final quarter of the year, many are now expecting the crypto market to move towards the north in the coming days.

As of writing, BTC price traded in the red, but wiped off some of its losses and crossed the brief $70,270 mark. Besides, on a 4-hour time frame, the Bitcoin Futures Open Interest also rose nearly 2% to 592.73K BTC, CoinGlass data showed.

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.

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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Ethereum Price Can Crash to $1550 Predicts Veteran Trader Peter Brandt

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The world’s largest altcoin Ethereum (ETH) continues to remain in the bear grip while failing to sustain above $2,600 for a long time. Amid the broader crypto market correction, the Ethereum price has slipped another 5.5% and is currently trading at $2,509 levels with a market cap of $302 billion. Veteran trader Peter Brandt predicts an ETH crash all the way to $1,550 amid low buying interest for the altcoin.

Ethereum Price Can Crash to $1,550, Says Peter Brandt

Veteran trader Peter Brandt noted the absence of a buy signal for Ethereum (ETH), emphasizing that the chart structure remains bearish. According to Brandt, ETH still has an unmet downside target of $1,551, reinforcing a cautious outlook for the altcoin amid recent crypto market movements.

Courtesy: Peter Brandt

The Ethereum price has been forming a downward trending channel of lower highs and lower lows. Popular crypto analyst Michael van de Poppe suggested that if ETH continues with its current downward momentum, the asset could see an additional 10-20% decline from here.

Courtesy: Van de Poppe

On the other hand, van de Poppoe also believes that the market conditions are nearing a potential reversal, both for U.S. Treasury yields and for ETH itself. He pointed out that tomorrow’s U.S. unemployment data will be pivotal, potentially influencing broader market direction.

ETH Approaches The Demand Zone, What Happens Next?

Popular crypto analyst Mammon highlighted that the Ethereum price is approaching a critical demand zone with bulls looking to form a higher low formation and support the ongoing bull trend. Mammon cautioned that a close below approximately $2,460 could signal risk, given the liquidity accumulation below the mid-range level.

Courtesy: Mammon

On the other hand, if Ethereum successfully forms a higher low within this support zone and retests the volume area high (VAH), Mammon sees a strong potential for a breakout. Reclaiming this level could set the stage for a significant price rally, according to his analysis. some market analysts are also giving targets of Ether price to $18,000.

Furthermore, the inflows into spot Ethereum ETFs have been picking up once again. Over the last three days, the spot Ether ETFs have registered net positive inflows. On Thursday, October 31, the BlackRock Ethereum ETF (ETHA) saw inflows of $50 million as per Farside Investors data. However, the Grayscale Ethereum ETF (ETHE) saw outflows of $36.6 million taking the total inflows to $13 million.

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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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XRP Whale Dumps 31M Coins As Ripple Lawsuit Nears Major Decision

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A massive transfer of 31.1 million XRP tokens, worth approximately $15.8 million, was detected moving from an unidentified wallet to the crypto exchange Bitso. This large transaction has caught the attention of the XRP community, as it coincides with critical developments in Ripple’s ongoing legal battle with the U.S. Securities and Exchange Commission (SEC).

XRP Whale Dumps 31 Million Coins

The large transfer, flagged by blockchain tracking service Whale Alert, comes amid heightened market activity and speculation around Ripple’s future. The movement of such a considerable amount of XRP into an exchange wallet often signals an impending sale, which can exert downward pressure on XRP’s price. 

This move comes amid a recent court order, where a U.S. judge directed Ripple Labs, its CEO Brad Garlinghouse, and other parties to consider a potential “alternative resolution” before the case advances further. The order comes as Ripple has requested a final judgment on class-action claims of securities law violations.

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Amid these legal uncertainties, crypto analyst Egrag Crypto has shared insights on social platform X, predicting that XRP could be on the verge of a rally. He noted a symmetrical triangle pattern on XRP’s price chart, a formation often associated with impending volatility as the asset price narrows toward a convergence point.

Egrag Crypto identified a breakout target of $0.5930, which is notably higher than Ripple’s token current trading price of approximately $0.5183. Should XRP break this threshold, it could face a resistance level at $1.5000, with further potential to climb as high as $7.5000, according to his analysis. This would represent a 1,347% increase from current levels.

Grayscale Receives Acknowledgment from US SEC

Amid these legal proceedings, there is growing interest in the potential approval of an XRP-focused exchange-traded fund (ETF). The U.S. SEC has formally acknowledged Grayscale’s application to convert its Digital Large Cap Fund (GDLC) into an ETF, which includes exposure to Ripple’s token, Bitcoin, Ethereum, and other major cryptocurrencies. 

Grayscale’s move to include Ripple’s token in its ETF application could provide institutional investors with regulated access to XRP, should the SEC approve the conversion.

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Grayscale’s filing follows recent XRP ETF applications from Bitwise and Canary Capital. Ripple’s CEO, Brad Garlinghouse, has consistently expressed confidence that an XRP ETF is “inevitable,” especially following the approval of Bitcoin and Ethereum ETFs.

XRP Price Struggles Near Support Level

XRP’s price has been trading near a crucial support level around $0.50, and the recent whale movement adds to concerns over potential volatility. Technical analysis shows that XRP has formed an inverse head-and-shoulders pattern on the 4-hour chart, which is generally seen as a bullish reversal signal.

If the Ripple token price can hold above the $0.50 support and break above the neckline around $0.58, it could indicate a trend reversal.

XRP/USD 4hr Price Chart (source: TradingView)XRP/USD 4hr Price Chart (source: TradingView)

However, the Chaikin Money Flow (CMF) indicator is currently at a neutral level, suggesting limited buying pressure. The Relative Strength Index (RSI) is also hovering near the oversold region, which implies the asset has been under downward pressure recently. For XRP to experience a sustained recovery, increased buying interest will be necessary, especially given the ongoing legal uncertainty and whale activity.

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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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