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Multicoin Capital To Fund Crypto-Friendly US Candidates In Solana

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3 days ago

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Through Solana (SOL), crypto hedge fund Multicoin Capital has extended a hand of goodwill to pro-crypto Republican lawmakers in the United States.

Multicoin Capital Supports Sentinel Action Fund

Kyle Samani, a managing partner with Multicoin Capital, announced the news of the firm’s special contribution to match up with the donation of SOL to Sentinel Action Fund. The blockchain investment company is looking to donate up to $1 million over the next 10 days. Cryptocurrency exchange Gemini is charged with processing the donations.

Notably, the Sentinel Action Fund is a conservative super-political action committee whose focus is to sit crypto-friendly politicians in the United States Senate. The group is led by Jessica Anderson, the former executive director of Heritage Action.

Currently, the Sentinel Action Fund supports Sam Brown in Nevada, Dave McCormick in Pennsylvania, Bernie Moreno in Ohio and Tim Sheehy in Montana.

Additionally, Moreno is contesting against Sherrod Brown in Ohio. Brown is the Senate Banking Committee Chair who has remained critical to crypto, seeking the crackdown of the burgeoning sector.  In his recent X post, Samani explained that Multicoin Capital is taking this step because of a realization that political engagement matters.

“….and it starts with supporting the candidates who believe America needs to remain free for innovation,” He said. “By making contributions, we’re giving @sentinelaction the tools to increase the number of pro-crypto senators like @BillHagertyTN — an innovator who understands and speaks our language.”

US Politicians Accept Bitcoin And Other Crypto Donations

Meanwhile, Senator Bill Hagerty, R-Tenn., is known for his apt crypto stance. Over time, he remains one of those pushing for crypto acceptance and regulation through the few bills that he has introduced. Explicitly, one of his bills from last year was focused on saving crypto exchanges like Binance, Coinbase and Kraken from the claws of the U.S. Securities and Exchange Commission (SEC).

Apart from candidates for the Senate position, other top politicians have also been receiving donations and contributions via digital assets. Presidential candidate Donald Trump opened a campaign for crypto donations in May. From that time till now, he has received millions of dollars in cryptocurrencies. He has received crypto donations from the likes of Winklevoss brothers and even Kraken exchange.

Similarly, President Joe Biden followed suit with a crypto campaign but he received severe backlash for accepting Bitcoin and other crypto donations. Though there has not been full acceptance of crypto in the government house, the advent of crypto donations suggest that the wait may soon be over.

Read More: Bitcoin Price To Crash $42,000? Here’s What To Watch Out For

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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. Follow him on Twitter, Linkedin

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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Grayscale Announces Distribution Date for ‘Mini’ Ethereum ETF Shares

Published

21 mins ago

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July 8, 2024

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Grayscale Investments, a crypto asset management firm, has revealed the record date for the first issuance and distribution of shares of its new Grayscale Ethereum Mini Trust. This move is set to happen on the 18th of July, 2024 and will add to the firm’s list of crypto investment products with existing shareholders expected to be affected.

Grayscale Distribution Date for ‘Mini’ Ethereum ETF 

Grayscale Investments has announced July 18, 2024, as the record date for the initial creation and distribution of shares of the Grayscale Ethereum Mini Trust (ETH Trust) to shareholders of Grayscale Ethereum Trust (ETHE). This Initial Distribution will entitle each ETHE shareholder to receive shares of the ETH Trust in proportion to their ETHE holdings.

In particular, ETHE will transfer 10% of its Ether holdings to the ETH Trust, and each ETHE share held at 4:00 PM ET on the Record Date will be exchanged for one ETH Share.

The ETH Trust, which is sponsored by Grayscale and is a Delaware statutory trust, seeks to be listed on the NYSE Arca under the ticker symbol “ETH” subject to regulatory approval. This is in line with Grayscale’s current approach to expanding the available rates of crypto investment products and to increase the value for shareholders.

Mechanism and Conditions

According to the preliminary information statement on Schedule 14C filed with the Securities and Exchange Commission (SEC), the Initial Distribution does not require payment or action from ETHE shareholders. Once the distribution conditions are met, each ETHE shareholder will automatically receive ETH Shares in their portfolios or investment accounts.

The Distribution Date will happen after meeting certain events such as the effectiveness of the registration statement of ETH Trust on Form 8-A and Form S-1 and the approval of NYSE Arca for the listing of the ETH Shares. 

Subsequently, the earliest possible Distribution Date is fixed as the 19th day of July. However, due to the legal and procedural factors, Grayscale noted that there is no assurance that the initial distribution will take place as projected.

Grayscale Filing for the Grayscale Ethereum Mini Trust

This development comes in the wake of a number of strategic actions that Grayscale has been undertaking to grow its product line as well as respond to the changing legal environment. 

In April, Grayscale applied for the establishment of the Grayscale Ethereum Mini Trust which will be funded initially by the assets of the Grayscale Ethereum Trust. This will be aimed at long-term investors and will charge lower fees when compared to the original ETHE.

Grayscale has been already pursuing the licenses for its crypto investment products. In the last few months, the firm submitted an amendment to the 19b-4 filing for the Ethereum Mini Trust, which is significant for the launch of the spot Ethereum ETF. This push is in response to the overall market initiative to secure the approval for spot cryptocurrency ETFs due to the increasing interest in digital asset investment vehicles.

Implications for ETHE Shareholders

The creation of the ETH Trust represents a significant development for ETHE shareholders. As of July 18, 2024, ETHE shares will trade without the right to receive ETH Shares, marking an “Ex-Distribution Date.”

Following the initial distribution, shareholders will automatically see both ETHE Shares and ETH Shares in their investment accounts.

Grayscale’s announcement indicates that the Initial Distribution is expected to be tax-neutral for U.S. federal income tax purposes. However, neither the contribution of Ether to the ETH Trust nor the distribution of ETH Shares is anticipated to result in taxable income, gain, loss, deduction, credit, or proceeds for ETHE shareholders.

Read Also: Solana Memecoin WATER Jumps 23% As Lionel Messi Boosts Awareness On Instagram

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Kelvin is a distinguished writer specializing in crypto and finance, backed by a Bachelor’s in Actuarial Science. Recognized for incisive analysis and insightful content, he has an adept command of English and excels at thorough research and timely delivery.

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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Bitcoin (BTC) Price, Volume Contrasts In Fight For Rebound

Published

5 hours ago

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July 8, 2024

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The price of Bitcoin (BTC)e is yet to wriggle off from its bearish sentiment. It has doubled down on its selloffs from the past week.

BTC Trading Volume Records 94% Surge

At the time of this writing, Bitcoin was trading at $55,677.54 with a 2.34% drop in the last 24 hours. This has been the trend with the cryptocurrency in the last few weeks.

Markedly, this downtrend has been since the German government began to transfer Bitcoin to cryptocurrency exchanges, in addition to Mt.Gox repayment of its customers. The frequent offloads are an indication that Bitcoin investors including wallets that have stayed dormant for several years, are beginning to exit their positions, both short and long.

On the flip side, Bitcoin trading volume is moving upward. According to CoinMarketCap, Bitcoin’s trading volume has shot up by approximately 94.66% within the last 24 hours. Currently, BTC has hit a trading volume of $38,838,830,710. This suggests that investors are still showing interest in the coin amidst a broad market downturn. It reflects the change in market dynamics on the upside. This suggest that the market may be heading towards a bullish sentiment and probably hit a new all-time-high (ATH) as earlier projected.

For now, the selling pressure is still mounting. According to QCP Capital analysts, Bitcoin prices are continuing “to chop violently on very thin liquidity.”

Bitcoin Liquidation Continues With Mt.Gox And the German Government

More Bitcoin are still leaving the German government wallet, triggering more selling pressure. In the early hours of Monday, the German government dumped BTC to crypto market maker Cumberland DRW and Flow Traders, including crypto exchanges Coinbase, Bitstamp, and Kraken and other wallet addresses. This time around, almost 5,000 BTC were sent out by the German government.

The transfer to Cumberland DRW was made in two transactions. Markedly, the first one was a transfer of 0.001, likely a test transfer to follow with large transfers in the future. The total Bitcoin transfer to the crypto market maker summed up to 133.723 BTC worth nearly $7.63 million.

Just before publishing this story, the government moved another 2,300 BTC in its ongoing liquidations. It is believed that the German government still has as much as 32,488 BTC with an estimated worth of $1.855 billion

Similarly, Bitstamp is working on hastening the Mt.Gox repayment process. The exchange has a 60-day window to distribute tokens but aims to compensate investors much sooner. When this Bitcoin hit the market, the trajectory of Bitcoin is bound to change but the direction remains uncertain.

Read More: Bitcoin Miner Bitfarms Appoints New CEO Amid Riot Takeover Bid

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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. Follow him on Twitter, Linkedin

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 Eyes Recovery Amid Massive Accumulation, What’s Next?

Published

11 hours ago

on

July 8, 2024

By


XRP is showing signs of a strong recovery, buoyed by substantial whale accumulation and renewed investor confidence. Having dipped below $0.41 recently, XRP has rebounded to around $0.44, reflecting a positive shift in sentiment.

Meanwhile, this resurgence is driven by notable market movements, including a significant purchase by a whale and speculation surrounding Ripple’s ongoing legal battle with the U.S. SEC.

Whale Accumulation Sparks Market Optimism

The crypto community has been abuzz with reports of a massive XRP accumulation by a whale identified as “rPz2q…N4iNf.” According to Whale Alert, this whale acquired 300 million coins from Binance, worth approximately $130.13 million. Such significant purchases often signal confidence in a crypto asset, potentially indicating expectations of future price increases.

Meanwhile, this whale activity comes amid broader market turbulence, where recent crashes have created buying opportunities for investors. Pro-XRP lawyer Bill Morgan recently stated that he has increased his XRP holdings during the price dip.

Besides, Morgan also mentioned his plans to accumulate more if prices decline further, highlighting a bullish outlook among XRP enthusiasts. In addition, the ongoing legal saga between Ripple and the U.S. SEC has added another layer of intrigue.

The anticipation of Ripple soon achieving a favorable outcome has fueled speculation and optimism among investors. Historical patterns suggest that positive legal developments have previously led to robust gains for XRP.

Having said that, investors are now closely watching for any signs that could signal the conclusion of this high-profile case, potentially driving further price recovery.

Also Read: Solana Outperforms Ethereum Amid $441M Money Inflow Into Crypto

XRP Price Soars

The Ripple vs. SEC case continues to be a focal point for the XRP community. Anticipation around the possible conclusion of this legal battle by July has heightened market interest.

On the other hand, the XRP enthusiasts argue that the crypto has reached a price floor, suggesting it is poised for a rally. Bill Morgan noted that favorable rulings in the past have significantly boosted XRP’s price, and a similar outcome in the current case could yield comparable results.

The market’s attention is also on Judge Torres, who previously issued a ruling that positively impacted XRP holders. A favorable decision for Ripple could potentially replicate those gains, boosting investor sentiment and driving the price higher.

During writing, XRP price soared past the $0.44 mark with an increase of 1.55%. The crypto has touched a low of $0.4047 in the last 24 hours. Furthermore, its trading volume rocketed 86% from yesterday to $1.33 billion.

Besides, CoinGlass data showed that XRP Futures Open Interest recovered from yesterday, potentially indicating that the market is regaining confidence towards the crypto.

Also Read: Ronin Network Adds PHPC Stablecoin, Boosting Filipino Crypto Adoption

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Rupam, a seasoned professional with 3 years in the financial market, has honed his skills as a meticulous research analyst and insightful journalist. He finds joy in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam’s expertise goes beyond conventional boundaries. His contributions encompass breaking stories, delving into AI-related developments, providing real-time crypto market updates, and presenting insightful economic news. Rupam’s journey is marked by a passion for unraveling the intricacies of finance and delivering impactful stories that resonate with a diverse audience.

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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