Author: Faith Yakubu

This post was originally published on this site

Coinbase and Circle, two prominent players in the cryptocurrency industry, are contesting aspects of a proposal from the Basel Committee on Banking Supervision that aims to introduce stricter criteria for the regulatory treatment of stablecoins held by banks.

The committee’s consultation document, released in December, outlines requirements for stablecoins to qualify for preferential regulatory treatment under a “Group 1b category.” These requirements include maintaining low volatility and adequate liquidity. Comments on the proposal were due by March 28.

In response, Coinbase expressed disappointment with the committee’s approach in a letter submitted on March 28, criticizing many of the requirements as not being based on the actual risk these assets pose to banks. Coinbase argued that the proposed criteria seem to reflect broader policy objectives rather than strictly financial risk considerations.

Additionally, Coinbase accused the committee of aiming to significantly limit banks’ ability to hold and utilize stablecoins.

Circle, the issuer of a popular stablecoin, also raised concerns about the committee’s treatment of permissionless blockchains. The committee suggested that permissionless blockchains present unique risks and indicated they would not be allowed in Group 1 for the time being.

Circle argued that banks should be encouraged to leverage technologies like permissionless blockchains to enhance their digital transformation and cybersecurity efforts. They emphasized their successful partnerships with global banking institutions and advocated for a collaborative approach rather than stigmatizing blockchain-based financial services.

The Basel Committee on Banking Supervision, comprised of global standard setters, plays a crucial role in shaping regulatory frameworks for financial institutions worldwide.

Coinbase and Circle are pushing back against proposed stablecoin regulations from the Basel Committee on Banking Supervision. The proposed regulations aim to determine preferential treatment for stablecoins held by banks. Coinbase criticized the criteria as not being based on actual risk assessment, while Circle advocated for the use of permissionless blockchains in banking.

Featured Image: Megapixl

Please See Disclaimer

This post was originally published on this site

XRP’s price is witnessing a decline today, following the broader trend in the crypto market. Currently, down by over 5.5% to $0.59, it continues its volatile trading pattern seen in recent days.

The current dip in XRP’s price reflects a retracement that commenced in March after reaching a peak of $0.74. Since then, it has decreased by approximately 18.5%, with several factors contributing to its decline.

U.S. Manufacturing Data Impact on XRP Price

The downward movement in XRP’s price aligns with similar drops across the cryptocurrency market. Investors are reassessing their expectations regarding the Federal Reserve’s interest rate cuts following robust U.S. manufacturing data.

The Institute for Supply Management’s manufacturing index rose by 2.5 points to 50.3 last month, signaling a halt to a 16-month decline in manufacturing activity. This data suggests that the Fed may opt for two rate cuts this year instead of the previously anticipated three.

Reduced Interest in XRP and Whale Activity

Lower interest rates typically favor cryptocurrencies like XRP, which do not offer interest. However, recent trends indicate a decline in the number of significant XRP holders, often referred to as “whales.” Conversely, the number of addresses holding smaller amounts of XRP is increasing.

Market Outflows and XRP Dominance

XRP has underperformed compared to its major competitors in 2024, with a year-to-date performance of approximately -4.5%. The XRP Dominance Index has dropped by 36.55% during the same period, indicating a capital outflow from XRP to other cryptocurrencies.

This outflow is partly attributed to ongoing legal issues, including the SEC’s lawsuit against Ripple. Last week, Ripple’s chief legal officer revealed that the SEC is seeking a $2 billion penalty against the company.

Technical Analysis and Future Outlook

Technically, XRP’s current price decline is part of its fluctuation within an ascending triangle pattern. The cryptocurrency’s next downside target is projected around the triangle’s lower trendline, which intersects with its 200-week exponential moving average near $0.52 by mid-April. Conversely, a breakout above the triangle’s upper trendline could propel XRP’s price to $0.74, its local peak from March 11.

Featured Image: Freepik

Please See Disclaimer

This post was originally published on this site

Telegram has rolled out a new feature allowing users to purchase channel advertisements using Toncoin, as announced over the weekend. This update is part of the messaging app’s latest initiative for user monetization, wherein 50% of the revenue generated from ads displayed in public Telegram channels will be distributed to their respective owners.

According to Telegram, users can now promote their channels by spending as little as “a handful” of Toncoins. Users will have the flexibility to select the specific channels for placing their TON-powered ads, as mentioned in the announcement.

Moreover, channel owners will have the capability to withdraw their earnings without incurring fees. The withdrawal service is expected to be available in the coming weeks on Telegram’s Fragment exchange, according to the announcement.

Telegram justified its choice of the TON Blockchain due to its low fees, high transaction speeds, and impressive processing capacity. The TON Blockchain reportedly achieved a remarkable 100,000 transactions per second during a test conducted last November.

Pavel Durov, CEO of Telegram, hinted at this update on his channel last month. Despite Telegram channels amassing over 1 trillion monthly views, Durov revealed that only 10% of channels have utilized Telegram ads for monetization thus far.

Durov emphasized the potential for a positive feedback loop, wherein content creators can either cash out their Toncoins or reinvest them in promoting and enhancing their channels.

As of the time of publication, the price of Toncoin has risen by 2.32% in the past 24 hours, reaching $5.24.

Featured Image: Freepik

Please See Disclaimer

This post was originally published on this site

Binance Holdings Ltd. has recently formed a board of directors, a significant move amidst a period marked by changes and challenges, as reported by Bloomberg News.

The board comprises seven members, including CEO Richard Teng and three other company executives: Heina Chen, Jinkai He, and Lilai Wang. Additionally, three external members join the board: Gabriel Abed, Arnaud Ventura, and Xin Wang, according to Bloomberg’s coverage.

Gabriel Abed, formerly the Ambassador of Barbados to the United Arab Emirates and Kuwait, resigned from his position two months ago. Arnaud Ventura is an entrepreneur who has founded multiple companies, including PlaNet Finance. Xin Wang serves as the CEO at Bayview Acquisition Corp. and offers advisory services to financial institutions regarding mergers and acquisitions, as detailed on her LinkedIn profile.

Although Binance did not provide immediate comment on this development, the company did publish the board of directors on its website. However, the timing of this release remains unclear.

This announcement comes after Binance faced legal issues late last year, pleading guilty to various charges, including money laundering, conducting an unlicensed money-transmitting business, and violating sanctions. Former CEO Changpeng Zhao, also known as CZ, pleaded guilty to anti-money laundering and sanctions violations, agreed to a $50 million fine, and stepped down from his position. CZ’s sentencing is scheduled for April 30th.

Following CZ’s resignation, Binance appointed Richard Teng as its new CEO. Teng previously served as Binance’s Global Head of Regional Markets, bringing his extensive experience to the forefront of the exchange’s leadership.

Featured Image: Freepik

Please See Disclaimer

This post was originally published on this site

Stablecoin issuer Tether has expanded its Bitcoin portfolio significantly in the first quarter of 2024, acquiring an additional 8,888 bitcoins. This brings Tether’s total Bitcoin holdings to approximately 75,354 BTC, valued at over $5.2 billion. This milestone coincides with Bitcoin’s recent surge to an all-time high, currently trading around $69,500.

While Tether has not publicly disclosed its Bitcoin addresses, it was confirmed by The Block last year that Tether holds one Bitcoin address, which has been consistently accumulating bitcoins since September 2022. With the latest purchase in Q1, Tether has ascended to the rank of the seventh-largest Bitcoin holder, up from its previous position of 11 earlier this year.

When reached for comment, Tether CEO Paolo Ardoino confirmed the acquisition of 8,888 bitcoins throughout the first quarter. Ardoino explained that the purchase was spread out over the quarter and settled by the end, with one significant purchase observed on March 31.

Tether’s Bitcoin Strategy

Tether first disclosed its Bitcoin holdings in May 2023, announcing plans to allocate up to 15% of its profits quarterly towards Bitcoin purchases, shifting away from U.S. government debt and towards cryptocurrencies.

In addition to direct investments in Bitcoin, Tether has ventured into Bitcoin mining and energy production. The company has also expanded into the AI sector, aiming to lead in the development of open-source, multimodal AI models to drive innovation and accessibility within AI technology.

Tether’s core business remains the operation of the USDT stablecoin, which has enabled the accumulation of $5.4 billion in excess reserves as of December 31, 2023, according to its fourth-quarter attestation report. With a total USDT supply exceeding 109 billion, Tether remains the largest stablecoin issuer in the market, as reported by The Block’s Data Dashboard.

Featured Image: Freepik

Please See Disclaimer

This post was originally published on this site

On Thursday, the price of Dogecoin (DOGE) soared to its peak since December 2021, hitting 22 cents. This surge was fueled by heightened trading volumes and speculation regarding its potential integration into the social media platform X, owned by Elon Musk. Various posts from prominent members of the Dogecoin community on X speculated about the token’s potential adoption on the platform, especially considering a new payment branch acquiring additional licenses in the United States. This speculation contributed to bullish sentiment and trading interest in DOGE.

The token’s price tends to react to developments related to payments at companies owned by Elon Musk, such as X or Tesla. Elon Musk’s previous endorsements of Dogecoin have also influenced its price movements.

Trading volume for DOGE surged to $7 billion in the past 24 hours, up from an average of $3 billion earlier in the week. Futures tracking the token also saw open interest rise to nearly $2 billion across crypto exchanges, indicating increased bets on price volatility.

While speculation about DOGE’s usage on X has been ongoing since Musk acquired the company in 2021, there has been no official confirmation regarding whether DOGE will be accepted as a payment option on the platform. However, Musk’s previous statements and endorsements have fueled speculation about the potential integration of DOGE into X’s payment services.

Overall, the surge in DOGE’s price and trading activity reflects the continued influence of social media speculation and Elon Musk’s involvement in the token’s market dynamics.

Featured Image: Freepik

Please See Disclaimer

This post was originally published on this site

Google has introduced new functionality allowing users to search blockchain data on various networks, including Bitcoin, Arbitrum, Avalanche, Optimism, Polygon, and Fantom. This expansion enables users to search for wallet addresses and view their balances directly within Google search results.

When users type in wallet addresses, Google displays the remaining token balance in the wallet for each supported network, along with the timestamp indicating the last time the balance was updated. It’s important to note that balances only show the native token for each network, and the displayed balance reflects the state of the wallet as of the last external transaction. Updates to balances are not instantaneous.

This recent update builds upon Google’s previous support for Ethereum wallet balance searches, which began last May. Initially, Google enabled users to search for specific public addresses on the Ethereum network and view the wallet balance directly in the search results. Additionally, earlier this month, Google started showing search results for wallet balances when users searched for Ethereum Name Service (ENS) domains. ENS provides readable domain names for Ethereum wallet addresses, facilitating easier identification and navigation within the Ethereum ecosystem.

Google’s expansion of wallet address search functionality reflects the growing interest in blockchain technology and cryptocurrencies. By providing users with easy access to blockchain data directly through its search engine, Google is helping to enhance accessibility and transparency within the crypto space.

Featured Image: Freepik

Please See Disclaimer

This post was originally published on this site

Spot Bitcoin exchange-traded funds (ETFs) in the United States experienced net inflows for the fourth consecutive day, concluding the month with robust activity.

As of March 28, the daily total net inflow for spot Bitcoin ETFs in the U.S. amounted to $183 million, contributing to a cumulative total net inflow of approximately $12.13 billion. Data from SoSo Value indicates these positive trends.

Among the spot bitcoin ETFs, BlackRock’s iShares Bitcoin ETF recorded the largest net inflow of $95.12 million, followed by Fidelity’s Wise Origin Bitcoin Fund with a net inflow of $69.09 million.

Conversely, the Grayscale Bitcoin Trust observed net outflows, with nearly $105 million exiting the product during this period.

Spot bitcoin ETFs have garnered significant attention and adoption since their approval earlier this year. Despite a decline in volumes from their peak in early March, cumulative volumes are steadily progressing towards $200 billion, reaching $177.9 billion as of March 27, according to data from The Block.

Assets under management and on-chain holdings for spot bitcoin ETFs have also stabilized since their previous highs earlier in the month.

The current price of Bitcoin sits at $69,841, exhibiting a slight decrease of less than 1% for the day, according to The Block’s Price Page.

Featured Image: Freepik

Please See Disclaimer

This post was originally published on this site

Bitcoin futures open interest on centralized exchanges has surged to a new peak, reaching $38 billion. This uptick in open interest correlates with Bitcoin’s price spike to $70,000, marking a 66% increase year-to-date.

The heightened open interest for Bitcoin futures suggests increased trading activity surrounding the leading cryptocurrency by market capitalization. CoinGlass reports that aggregated open interest for Bitcoin futures soared to its all-time high on Friday.

Since the beginning of 2024, the daily open interest in Bitcoin futures has surged, more than doubling from approximately $17.2 billion on January 1st. This rise parallels Bitcoin’s price surge, indicating a strong market sentiment and heightened interest among traders.

Open interest serves as a metric for the total value of all outstanding or “unsettled” Bitcoin futures contracts across exchanges. It reflects the level of market activity and trader sentiment towards a specific asset.

The current open interest figure coincides with a monthly volume exceeding $2.3 trillion in Bitcoin futures during March across various exchanges, marking the highest level since May 2021, according to data from The Block’s data dashboard.

Additionally, Ether futures’ total open interest stands at $13.8 billion, showing an almost 90% increase since the beginning of 2024. Ether’s trading price has surged to $3,500, reflecting a gain of over 53% year-to-date.

In recent months, the introduction of Bitcoin spot exchange-traded funds (ETFs) by firms like BlackRock has influenced market sentiment, leading to cumulative net inflows of over $12 billion into Bitcoin spot ETFs to date.

Featured Image: Freepik

Please See Disclaimer

This post was originally published on this site

Bitwise has submitted a filing for a spot Ethereum ETF with the Securities and Exchange Commission (SEC) amid growing uncertainty surrounding the approval timeline for such financial products.

Earlier this month, Bitwise’s CIO, Matt Hougan, suggested that the approval for spot ether ETFs would be better deferred beyond May.

Despite ongoing speculation, Bitwise has proceeded with its S-1 filing for the Bitwise Ethereum ETF, submitted to the SEC on Thursday. This decision aligns with comments from Hougan, emphasizing a possible approval delay, especially considering the SEC’s upcoming assessment of pending applications for spot ether ETFs.

While optimism initially surrounded the prospect of a spot ether ETF approval, drawing parallels with the successful launch of spot bitcoin ETFs in January, recent estimations by Bloomberg ETF analysts suggest a lower likelihood of approval in May, estimated at approximately 30%.

The emergence of spot bitcoin ETFs has seen substantial trading volume, exceeding $150 billion, and has generally been regarded as successful. However, uncertainties persist regarding the SEC’s stance on spot Ethereum ETFs, adding to the complexity of the approval process.

Featured Image: Freepik

Please See Disclaimer