cryptocurrency

Ripple CEO Predicts Crypto Market Explosion to $5 Trillion by 2024

Ripple CEO Brad Garlinghouse recently made a bold prediction, stating that he foresees the cryptocurrency market doubling in size to a staggering $5 trillion by the conclusion of 2024. This optimistic outlook is fueled by several key factors, including the introduction of the first U.S. spot bitcoin exchange-traded funds (ETFs) and the upcoming bitcoin “halving.”

Rise in Market Cap

Image Source: finbold.com

Garlinghouse’s statement regarding the potential doubling of the crypto market’s value is rooted in the significant developments and shifts occurring within the industry. He emphasized that the current market cap of the crypto sector is poised for substantial growth, attributing this surge to various macroeconomic influences.

Impact of ETFs and Bitcoin Halving

The introduction of U.S. spot bitcoin ETFs marks a significant milestone in the adoption and acceptance of cryptocurrencies within traditional financial systems. These ETFs are expected to attract a wave of institutional investors, injecting substantial capital into the crypto market and driving up its overall value.

Additionally, Garlinghouse highlighted the upcoming bitcoin “halving” event as another catalyst for market expansion. Bitcoin halving refers to the process by which the rewards for mining new blocks are halved, occurring approximately every four years. This event typically leads to a decrease in the rate at which new bitcoins enter circulation, which can contribute to an increase in bitcoin’s value.

Regulatory Momentum

In addition to these factors, Garlinghouse pointed to the potential for positive regulatory developments in the United States as a driving force behind the projected market growth. The crypto industry has long grappled with regulatory uncertainty, but recent signals of increased regulatory clarity and acceptance have sparked optimism among market participants.

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Garlinghouse’s optimistic forecast for the crypto market’s growth reflects a growing confidence and enthusiasm within the industry. The convergence of factors such as the introduction of ETFs, the upcoming bitcoin halving, and potential regulatory advancements sets the stage for a significant expansion in the overall value of cryptocurrencies. While challenges and uncertainties remain, Garlinghouse’s prediction underscores the ongoing evolution and maturation of the crypto ecosystem as it continues to integrate with traditional finance and gain broader acceptance globally.

Sandhya Gupta

I am a law graduate from NLU Lucknow. I have a flair for creative writing and hence in my free time work as a freelance content writer.

Bitcoin brings $40,000 onto the scene after more than doubling in a chaotic year

since the year draws to a close, cryptocurrency experts are focused on the possibility that Bitcoin may reach forty thousand dollars, since the greatest digital asset has risen by over double in value.

After the 2022 crypto meltdown, the token has recovered more than 130 percent over the last 11 months, outperforming gold and stock investments. Anticipations that the United States would approve the initial spot Bitcoin exchange-traded money and the belief that the Federal Reserve will decrease interest rates in 2019 combined to produce a powerful potion.

Image Source: bnnbloomberg.ca

The rally withstood a United States operation that resulted in the imprisonment of Sam Bankman-Fried for the FTX scam and the rap charges and heavy penalties meted out to Changpeng Zhao, the founder of Binance, the leading cryptocurrency exchange.

The current surge in ETF applications and the movement to stop dubious practices encourage believers that the cryptocurrency market is developing and may eventually see broader usage.

Fiona Cincotta, a senior financial industry expert at City Index Ltd., stated that they simply require the green light for the spot Bitcoin ETF to acquire $40,000. According to her, the coin has recently lost some of its appeal since significant fluctuations in currencies and stocks drew in investors.

A Group of US Spot Bitcoin ETFs are Anticipated, says Bloomberg Intelligence

A group of American spot Bitcoin ETFs are anticipated by Bloomberg Intelligence to receive Securities & Exchange Commission (SEC) clearance in January. Although unanticipated scowls for the ETFs or a change in rate bets might topple Bitcoin, for the time being, the mood is positive.

The biggest publicly listed legal Bitcoin owner, MicroStrategy Inc., increased its holdings of the cryptocurrency by the amount of $593 million in the past month, bringing its total to almost 6.5 billion dollars. The owner of Galaxy Digital Holdings Ltd., Michael Novogratz, stated on Wednesday that Bitcoin could reach an all-time high of around sixty-nine thousand in 2021 in a year.

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Before reversing course on Friday, the price of Bitcoin hit a nearly 19-month peak of $38,834. Ether and other smaller coins gained as well. The three charts that follow show important Bitcoin developments.

The previous week, the leading indicator for Bitcoin, the weekly relative-strength index, ended above 75. Although values over 70 are thought to indicate “overbought” situations, the situation is more complicated than that. After publishing a weekly RSI of greater than 75, the token increased by an average of fifteen percent in the previous ten years, a move that would have taken it far above forty thousand dollars.

Suhani Jain

I am a student pursuing my bachelor’s in information technology. I have a interest in writing so, I am working a freelance content writer because I enjoy writing. I also write poetries. I believe in the quote by anne frank “paper has more patience than person

Singapore Plans More Rules to Curb Retail Crypto Speculation

Leave a Comment / News, Tech News / By Sandhya Gupta

Singapore’s financial watchdog, the Monetary Authority of Singapore (MAS), has unveiled stringent new regulations aimed at curbing retail speculation in cryptocurrencies. The move comes as the city-state grapples with the risks associated with the volatile crypto market.

The MAS announced that individual investors would be barred from borrowing to trade cryptocurrencies. Additionally, digital payment token service providers are prohibited from offering incentives for retail trading in cryptocurrencies. This includes financing, margin, or leverage transactions. The use of locally issued credit cards for such transactions will also be prohibited.

Expanding Restrictions and Coverage

Previously, the MAS’ retail curbs only applied to investors within Singapore. However, the new measures will now encompass all investors, irrespective of their residency. Furthermore, the guidelines will cover incentives such as referrals and learn-and-earn programs associated with crypto trading.

These expanded measures are scheduled to be gradually introduced starting from mid-2024. The MAS aims to roll out these regulations in phases to allow time for adaptation within the industry.

Image Source: bloomberg.com

Ho Hern Shin, MAS’ deputy managing director for financial supervision, cautioned that while these measures aim to mitigate risks, they cannot completely shield customers from the inherent volatility and risks of cryptocurrency trading. He urged people to avoid dealing with unregulated entities, including those operating from overseas.

Additional Requirements

Apart from curbing speculative trading, the MAS will require crypto firms to maintain high availability and recoverability of critical systems, mirroring the stringent standards expected of traditional banks. Moreover, these firms must establish robust processes to handle customer complaints and resolve disputes.

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Singapore, a prominent crypto hub in Asia, has been taking steps to distance itself from speculative activities in the digital asset space. Previous efforts included plans to ban lending and staking following incidents like the collapse of hedge fund Three Arrows Capital.

As Singapore strengthens its regulatory framework, the MAS emphasizes the need for caution and adherence to the new guidelines to mitigate potential risks associated with cryptocurrency trading. These measures represent the government’s ongoing efforts to protect investors while fostering a responsible and secure financial ecosystem in the burgeoning crypto landscape.

Sandhya Gupta

I am a law graduate from NLU Lucknow. I have a flair for creative writing and hence in my free time work as a freelance content writer.

Binance CEO Resigns After Pleading Guilty to Money-Laundering Charges, Crypto Exchange to Pay $4.3 Billion in Penalties

Leave a Comment / Founder, News, Tech News / By Suhani Jain

The Department of Justice stated on Tuesday that Binance Holdings, the owner of the largest exchange for digital currencies around the globe, has entered a guilty plea to felony charges in the United States alleging that it had broken the Bank Secrecy Act along with other laws. The company also agreed to pay a penalty of $4.3 billion to end the inquiry.

Furthermore, according to the Department of Justice, Binance founder Changpeng Zhao filed a guilty plea for violating the BSA by neglecting to run an efficient money laundering prevention programme. Zhao is no longer the organization’s chief executive officer.

“Binance became the world’s largest cryptocurrency exchange in part because of the crimes it committed — now it is paying one of the largest corporate penalties in U.S. history,” U.S. Attorney General Merrick Garland said in a statement. Garland alluded to the U.S. government’s prosecution of another cryptocurrency executive, FTX founder Sam Bankman-Fried, who a jury found guilty on seven counts of fraud and conspiracy earlier this month. “The message here should be clear: using new technology to break the law does not make you a disruptor, it makes you a criminal,” Garland said.

variety.com

Binance's Deliberate Breaches Enabled Funds to go to Criminals

Image Source: coindesk.com

Treasury Secretary Janet Yellen stated in a statement that Binance’s deliberate breaches enabled funds to go to terrorists, and cybercriminals, including perpetrators of child abuse via its platform. Today’s significant fines and oversight to guarantee adherence to US laws and regulations represent a turning point for the digital currency market. Any organisation, wherever it may be, that wishes to profit from the American financial system must abide by the laws that protect us all against criminal activity, terrorist attacks, and foreign enemies.

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According to the Department of Justice, Binance, which debuted in 2017, aimed to draw in large numbers of clients. The company needed to register as a financial services firm with the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) and put in place an efficient money laundering prevention project that was fairly created to avoid Binance being utilised or used for the purpose of money laundering since it catered to American consumers, said the Department of Justice

Court records claim that Binance needed to put in place appropriate safeguards and operations, such as thorough know-your-customer policies or regular transaction tracking, to stop the laundering of cash. Furthermore, according to the Department of Justice, Binance never submitted a report of suspicious activity (SAR) to FinCEN.

Suhani Jain

Bitcoin Falls Back to US$26,000, Ether Nears ‘Death Cross,’ While Investors Await US Jobs Report for August

Leave a Comment / News, Tech News / By Sandhya Gupta

Cryptocurrency markets experienced a turbulent morning in Asia as Bitcoin, Ether, and most of the top ten non-stablecoin cryptocurrencies witnessed significant declines.

Bitcoin, hovering slightly above US$26,000, retraced most of its gains triggered earlier in the week by a favorable U.S. court ruling for Grayscale Investments in its Bitcoin ETF case against the SEC. Investors worldwide are now eagerly awaiting the U.S. payroll report for August in hopes of gaining insights into future interest rate policies.

Over the past 24 hours, Bitcoin plummeted by 4.42%, reaching US$26,042.84 by 07:00 a.m. in Hong Kong. For the week, Bitcoin’s performance showed a modest decline of 0.26%, according to CoinMarketCap data. This setback can be attributed to the U.S. Securities and Exchange Commission’s announcement of a delay in the decision on seven spot Bitcoin exchange-traded fund (ETF) applications, now postponed until October. Among those anxiously awaiting ETF approval are major asset management firms like BlackRock, WisdomTree, and VanEck. However, this delay has cast a shadow on market sentiment.

Benjamin Stani, Director of Business Development at Matrixport, a Hong Kong-based digital asset broker, remarked, “The pump we had from Grayscale-SEC news is now faded.” The market had been optimistic, hoping for a swift path forward after the Grayscale ruling and raising the probability of a spot ETF approval before year-end. However, with this delay, it appears that approval is not imminent.

Ether, the second-largest cryptocurrency, faced a 3.15% drop, falling to US$1,648.76 over the past 24 hours, resulting in a weekly loss of 0.33%. Analysts are closely monitoring technical signals for Ethereum, as it appears to be approaching a ‘death cross.’ This ominous pattern occurs when the short-term average falls below the long-term trend, typically indicating further losses ahead. Currently, the short-term 50-day average stands at 1808.3, while the 200-day average is at 1802.9.

Rachael Lucas, a crypto technical analyst at BTC Markets, cautioned, “It’s essential to consider these movements in the context of broader market dynamics, as the cryptocurrency space can be characterized by rapid price shifts.” Ether’s descent into negative territory on a weekly timeframe suggests a potential short-term pullback.

Several other top ten non-stablecoin cryptocurrencies experienced losses, with Solana’s SOL taking the lead with a 5.07% dip to US$19.81, its lowest level in over six weeks. Additionally, a U.S. court dismissed a class action lawsuit against Uniswap Labs, reinforcing the decentralized nature of cryptocurrency protocols and its implications for the industry.

This ruling is seen as a victory for decentralized finance (DeFi), with potential implications for regulatory clarity. Samer Hasn, a market analyst for online brokerage XS.com, emphasized the need for striking a balance between regulation and innovation in the DeFi space.

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The total crypto market capitalization fell by 3.46% to US$1.05 trillion, while trading volume increased by 16.61% to US$37.31 billion. Meanwhile, U.S. stock futures remained relatively stable after a mixed regular trading session on Thursday.

Economic indicators suggest a mixed outlook, with strong consumer spending but signs of an economic slowdown. The Federal Reserve’s aggressive tightening campaign may pause, with the potential for interest rate hikes being reevaluated in September.

Sandhya Gupta

I am a law graduate from NLU Lucknow. I have a flair for creative writing and hence in my free time work as a freelance content writer.

Binance and its CEO seek dismissal of CFTC complaint

Leave a Comment / News, Tech News / By Sandhya Gupta

Binance and its CEO Changpeng Zhao have taken a decisive step in response to the complaint filed against them by the U.S. Commodity Futures Trading Commission (CFTC). According to a court filing made on Thursday, the world’s largest cryptocurrency exchange and its CEO are seeking to have the CFTC’s complaint dismissed.

The CFTC had initiated legal action against Binance, Zhao, and former Chief Compliance Officer Samuel Lim in March, alleging that they had violated the Commodity Exchange Act and certain federal regulations. The regulatory body accused the exchange of operating an “illegal” exchange and having a “sham” compliance program.

One of the main arguments presented by Binance for the dismissal of the case is that the CFTC is attempting to regulate foreign individuals and corporations that are based and operate outside the United States. They cited a 2007 ruling that stated U.S. law governs domestically but does not have authority worldwide.

It is worth noting that the holding company of Binance is located in the Cayman Islands, and its CEO, Changpeng Zhao, is a Canadian citizen. The CFTC, however, claimed that Binance had been involved in offering and executing commodity derivatives transactions on behalf of U.S. persons since at least July 2019, which would be in violation of U.S. laws.

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In response, Binance asserted that starting from June 2019, it had implemented measures to restrict and off-board potential U.S. users and ensured that new users were not U.S. persons. The company also emphasized that the alleged digital asset derivative products were not offered until July 2019 and later, which was after the implementation of these restrictions.

Meanwhile, Samuel Lim, the former Chief Compliance Officer, has filed a separate motion to dismiss the CFTC claims against him, further complicating the legal proceedings. As of now, the CFTC has not provided any public comments on the recent motion filed by Binance and Zhao. The regulatory body is responsible for overseeing commodities and derivatives markets, including cryptocurrencies like Bitcoin.

It’s important to highlight that this is not the only legal challenge Binance and its CEO are facing. In June, they were also sued by the U.S. Securities and Exchange Commission (SEC), which accused them of operating a “web of deception.” The SEC listed 13 charges against Binance, Zhao, and the operator of its purportedly independent U.S. exchange.

As the legal battle unfolds, the cryptocurrency industry will be closely watching the outcome of these cases, as they may have significant implications for the regulatory landscape surrounding digital assets in the United States and beyond.

Sandhya Gupta

I am a law graduate from NLU Lucknow. I have a flair for creative writing and hence in my free time work as a freelance content writer.

Rise in Market Cap

Impact of ETFs and Bitcoin Halving

Regulatory Momentum

A Group of US Spot Bitcoin ETFs are Anticipated, says Bloomberg Intelligence

Expanding Restrictions and Coverage

Additional Requirements

Binance's Deliberate Breaches Enabled Funds to go to Criminals

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