Connect with us

24/7 Cryptocurrency News

Who Is Elisa Rossi and What’s Her Role?

Published

on


Solana (SOL) and the team are often in the news for the asset’s price performance and developments. However, things have turned different this time, as Elisa Rossi has pulled the Solana co-founder, Stephen Akridge, in a significant Solana Controversy, including staking reward thefts and much more. Let’s discuss the whole story.

Who is Elisa Rossi and Her Relation To Stephen Akridge?

Elisa Rossi was married to Stephen Akridge for 10 years before the couple got separated in February 2023. The couple had quite a long journey together and grew rich and famous, especially with Stephen’s role in Solana, the third biggest blockchain network. At present, SOL price sits at $187 with a market capitalization of $89.4B. However, Akridge moved away from Solana Labs in January 2024 and has launched Anza. He is also the CEO of Cyber Grant, which is a cybersecurity company.

The couple got divorced in early 2023 but are now in the limelight after Rossi sued Akridge. Rossi has openly called the divorce acrimonious and prolonged in a recent lawsuit. This Solana controversy highlighted the importance of understanding crypto distribution and management among spouses.

Stephen Akridge’s Sued in Staking Reward Theft

The Bloomberg report states that Rossi has sued her ex-husband, the Solana co-founder, for claims that Stephen used his crypto knowledge to steal millions of staking rewards from her portion of crypto. As a divorce settlement, Elisa Rossi received a significant portion of digital assets in three crypto wallets from her ex-husband, per Law.com. However, she had to file the lawsuit in San Francisco court after she realized that Stephen stole the staking commissions from her portion.

The alleged crypto steal happened between March and May when Akridge still controlled her crypto accounts and stole the stalking commission for himself by directing her SOL to his control. Rossi claimed that she found out about this two months after the divorce and has reached out to him over a dozen times in the last few months, but he has failed to do so and even laughed in her face, saying, “Good luck getting those staking rewards from me,” per lawsuit filings.

Overall, Rossi has sued Stephen Akridge for failing to adhere to divorce agreements, crypto theft, and fraud, and unfairly embezzling her money. With the Solana controversy and lawsuit, she wishes to receive compensation for the financial losses her husband has caused her. She also requests additional punitive or statutory exemplary damages and judgment interest per legal obligations.

Does it Impact the Crypto Industry?

Stephen Akridge’s lawsuit has gained significant attention from crypto enthusiasts, but it is a personal matter and does not really affect the performance of Solana or the crypto industry. However, this Solana controversy shows how people should have a decent knowledge of cryptocurrency and its functioning, considering its wide adoption and usage. In many cases, spouses like Elisa Rossi have faced similar crypto asset distribution issues due to unawareness. More importantly, in general, crypto scams have disturbed people’s lives. The most recent being Pudgy Penguin’s phishing scams targeting NFT holders.

✓ Share:

Pooja Khardia

With a deep-seated passion for reading and five years of experience in content writing, Pooja is now focused on crafting trending content about cryptocurrency market.

As a dedicated crypto journalist, Pooja is constantly seeking out trending topics and informative statistics to create compelling pieces for crypto enthusiasts. Staying abreast of the latest trends and advancements in the field is an integral part of her daily routine, fueling a commitment to delivering timely and insightful coverage

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.





Source link

24/7 Cryptocurrency News

Engineer Predicts Biggest Bull Run Coming Soon for Bitcoin; Here’s All

Published

on


With an almost negligible recovery in the last 24 hours, Bitcoin has been stranding around $94k despite hitting the ATH of $108.2k a few days ago. The Bitcoin price performance is also impacting the crypto market, but most experienced investors argue that this is a momentary phase. Interestingly, an engineer believes that the biggest Bitcoin bull run is coming soon, considering the M2 marker.

Understanding the Biggest Bitcoin Bull Run Phase

In a recent tweet, a popular crypto analyst & engineer, Ted Boydston, presented an interesting BTC price analysis, predicting the upcoming Bitcoin bull run phase. According to Ted’s analysis, the price oscillator on the M2 has recently formed, which provides buy and sell signals.  As the M2 money stock analyses the liquid cash circulation, including physical cash (M1), checking deposits, and other near money instruments like saving, money markets, etc, it is a key economic indicator that influences all the financial markets, including the crypto market.

The engineer’s prediction also focuses on the same, as he talks about the Bitcoin price movements and the global liquidity trends. More importantly, the oscillator derived from the PPO of M2 sits at the lower panel. As a result, it flashed the buy signal and entered the green zone. More importantly, historical reports confirm that such signals often head to major money printing and Bitcoin’s manic phase. Eventually, this leads to the famous Bitcoin bull run.

Bitcoin Bull RunBitcoin Bull Run

During this time, investors often witness increased price volatility and rapid price appreciation. Although this signal works pretty well, there was one exception in 2016. It failed to flash a signal back then, as the Bitcoin halving event primarily drove the BTC price rally.

Interestingly, the investor’s expectations are still consistent to witness Bitcoin regaining support and surging past the current ATH of $108.2k.

Expert Bitcoin Price Predictions & Forecasts

Until recently, the biggest target for BTC price was $100k, but that has been achieved, so now the eyes are on what’s more coming. Many crypto analysts have claimed to see Bitcoin price at $150k or even $1M, but the most understandable one is that Bitcoin might reach $225k per Boydston’s analysis.

Boydston talks about the manic phase bull market, wherein each BTC cycle, a top is formed at around 0.382 Fibonacci retracement level. If the same data is put in the current cycle, the BTC price target is $225K with the Bitcoin bull run. Another crypto analyst has come with a similar outlook and predicted that Bitcoin price could reach $225k in June 2025. More importantly, he also predicted a major altcoin season beginning after that.

Bitcoin price predictionBitcoin price prediction

Such similar outlooks increased the probability of that happening for real. One other outlook focuses on Tether’s dominance, which is in a tough spot with its decreasing circulating supply with Europe’s Tether Ban. 

Final Thoughts

Ted Boydston’s analysts’ Bitcoin price prediction has presented a new image of the possible bull market for this cryptocurrency. As the M2 has flashed a buy signal, this has hinted that Bitcoin’s manic phase will begin soon. Interestingly, another crypto analyst has added the timelines to that as the Bitcoin bull run could result in the BTC price hitting $225k in June 2025 before handing over the bulls to the altcoins. This might make hundreds of investors’ dreams come true. However, careful investment and strategic planning are a must, as many factors could hinder this path. More importantly, running the technical analysis and making smart decisions are the keys to returns, not the internet analysts’ prediction, as they vary from time to time and from person to person.

✓ Share:

Pooja Khardia

With a deep-seated passion for reading and five years of experience in content writing, Pooja is now focused on crafting trending content about cryptocurrency market.

As a dedicated crypto journalist, Pooja is constantly seeking out trending topics and informative statistics to create compelling pieces for crypto enthusiasts. Staying abreast of the latest trends and advancements in the field is an integral part of her daily routine, fueling a commitment to delivering timely and insightful coverage

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.





Source link

Continue Reading

24/7 Cryptocurrency News

Bitcoin Clean Energy Usage Soar, Tesla To Accept BTC Payments?

Published

on


The Bitcoin mining ecosystem is evolving at a very fast pace with visible progress in its utilization of clean energy. According to data insights from Woocharts, the percentage of clean or sustainable energy used in mining is now pegged at 56.76%. This reading has triggered a recall of an earlier promise from Elon Musk regarding Tesla Inc’s disposition to Bitcoin payments.

Tesla and the Bitcoin Payments Promise

According to the Woochart, the BTC clean energy usage has grown steadily since at least April 2021. The platform measures this clean energy usage using the Cambridge Center for Alternative Finance definition of sustainability in its computations.

Bitcoin Clean Energy Usage
Bitcoin Clean Energy Usage. Source: Woocharts

The metric plotted hinges on the percentage of crypto mining sourced from energy sources like Wind, Solar, Hydro and even Nuclear. That this sustainable mining operation is above 50% means a lot for the industry. It might help usher in the adoption of the coin by top corporations like Tesla.

Recall that in 2021, Elon Musk’s Tesla bought $1.5 billion worth of BTC. Per recent report, the firm still have 11,509 BTC in its reserve as of the third quarter of this year. At the time it made the purchase, the firm also announced the acceptance of Bitcoin as a payment method.

The electric car maker shortly discontinued the payment option, citing the high energy usage of the coin. In a June 13, 2021 post, he said if the coin achieves approximately a 50% clean energy usage, Tesla will resume its Bitcoin payments.

One major hurdle now remain whether the data source is enough to make Elon Musk make good on his promises.

BTC Miners Diversifying 

Over the past years, firms like Riot Platforms, MARA Holdings and other Bitcoin mining have intensified investments in clean energy. However, the costs of mining has continued to grow amid current global energy crises. To beat the situation, most of these miners are diversifying their excess capital to buy Bitcoin.

MARA Holdings and Riot Platforms are championing this move. Following its latest purchase of 667 BTC units, Riot Platforms now hold a total balance to 17,429 BTC on its balance sheet.

The plan is to properly hedge their capital and benefit from the coin’s growth, a strategy that has led to the inclusion of pioneers like MicroStrategy in Nasdaq-100 index.

✓ 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.

Follow him on X, Linkedin

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.





Source link

Continue Reading

24/7 Cryptocurrency News

DeFi Education Fund Sues US IRS Over Controversial Tax Rules

Published

on


Crypto industry advocacy group, the DeFi Education Fund has filed a lawsuit against the US IRS barely 24 hours after it released its controversial tax framework. Despite claims that the agency finalized the regulation months ago, the DeFi Education Fund tagged it a “midnight” rulemaking. Specifically, the lawsuit alleges that the tax body exceeded its statutory authority with its demand from DeFi platforms.

The Fight Against DeFi Tax Rules

The lawsuit from DeFi Education Fund alleges that the new tax rules targeting DeFi protocol violates the Administrative Procedure Act (APA). The Fund explained that during the rule’s comment period, the public advised the US IRS not to move forward with the planned tax rules.

However, the tax agency ignored the warnings that the rules will place unnecessary burden on software developers. The suit argues that this rule “puts unlawful compliance burdens on software developers who build so-called ‘trading front-end services.’”

The DeFi Education Fund said this regulation will stiffen innovation and burden American enterpreneurs if it stands.

As part of the provisions of the new DeFi tax, the trading front-end service providers will have to record the transaction details of users. This way, the outfits will need to provide these details on demand to the IRS with users advised to fill Form 1099 for tax reporting purposes.

Bill Hughes, a lawyer with software provider ConsenSys had already predicted that this rulemaking from the regulation will come with lawsuits. It remains to be seen how the case will pan out, even with the growing support from members of the community.

Controversial US IRS Regulations

Besides the DeFi broker tax rules, the broader crypto industry have always called out the US IRS for some of its demands. As reported earlier by Coingape, the regulator has declared that crypto staking is taxable upon receipt. The agency revealed this in a lawsuit, filed against it by an industry insider Joshua Jarrett.

In addition to these, the Digital Chamber has flagged some privacy concerns in some of the agency’s tax policies. Overall, experts believe the regulator is doing all it can to established some of its ideologies before the new administration takes over.

With key lawsuits now hanging over the US IRS, all eyes are now on Treasury Sec nominee Scott Bessent on whether these rules will be repealed or not.

✓ 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.

Follow him on X, Linkedin

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.





Source link

Continue Reading
Advertisement [ethereumads]

Trending

    wpChatIcon