Monthly Archives: March 2024

Key Takeaways

Amidst a cryptocurrency market downturn since March 14, SOL shows remarkable resilience by pushing through to new highs. Today, it moved above $200, surpassing BNB based on its market capitalization.

Excluding the stablecoin USDT, SOL has only ETH left to surpass to become the second largest cryptocurrency. How much further does SOL need to climb to claim the second spot, and is such a feat within reach?

SOL has a market capitalization of $90 billion, while ETH is at $435 billion. A 483% increase is needed for SOL to surpass ETH, given the latters price does not budge at all.

At the current price with the current supply of slightly more than 443 million tokens, SOL would need to reach a price of $982 to surpass Ethereums market capitalization.

However, the supply of SOL has steadily increased over the last year. To the contrary, that of ETH has fallen, albeit only incrementally. As a result, a slightly lower figure will surpass ETH.

In January 2023, SOL had a circulating supply of 370 million tokens. In January 2024, the supply had ballooned to 432 million, an increase of 17%.

If in 2024 SOLs supply increases at the same rate as it did in 2023, SOL will have a circulating supply of 506 million tokens at the start of January 2025.

At these figures, the SOL price would have to be $860 for it to surpass ETH, given the latters price stays the same, still a daunting task that requires a more than 300% increase.

The SOL/ETH chart shows that the ratio between the two is nearly at an all-time high favoring SOL. The all-time high of 0.058 ETH per 1 SOL was reached in November 2021. Interestingly, SOL is also expected to reach a new all-time high against the dollar in the near future.

The wave count (white) suggests an all-time high will be reached soon. It indicates that SOL is in the fifth and final wave of its upward movement that started in December 2022. Wave three extended and the sub-waves are in black.

If wave five also extends and has the same length as waves one and three combined, SOL/ETH will reach a new all-time high of 0.080, increasing by more than 40% from the current price.

If the ETH price stays at $3,600, this SOL/ETH ratio would lead to a SOL price of $290, far from the $860 target required for SOL to surpass ETH.

Depending on the SOL supply, a ratio near 0.25 will be required to do so, given that the ETH supply is nearly four times smaller than the SOL one.

To conclude, SOL has been the best performing Layer-1 token this cycle, posting a more than 1,300% increase since the start of 2023.

Despite this surge, it is unlikely that it will surpass ETH in the near future, due to the sheer ground it has to make up and the fact that the SOL/ETH chart could be in the final portion of its upward movement.

Was this Article helpful? Yes No

Continue reading here:
SOL Flips BNB, Becoming 4th Largest Cryptocurrency as Ethereum Becomes Next Target - CCN.com

The meme coin surge in 2021 was nothing compared to its frenzy in 2024. The current cryptocurrency bull market is heavily influenced by meme coin dominance, with meme cryptos leading the sectoral rise.

The meme coins of 2024 are not limited to just delivering an entertainment narrative to investors; they are now birthing new millionaires with their stellar price rises.

Packed with massive potential, meme coins are giving contemporary cryptocurrencies stiff competition. Here are our top three meme cryptocurrency recommendations that could skyrocket this bull season.

Also Read: Cryptocurrency: 3 Meme Coins Set To Deliver 10x Returns For Beginners

A new Solana-inspired meme coin, Book of Memes, also known as BOME, is the latest meme coin to join the crypto league.

Launched by Darkfarms, BOME was created as a token that would encapsulate the evolving meme culture.

BOME has flipped major market coins and has acquired the 7th spot as the most traded coin among traders. Per CoinMarketcap, BOME has surged 1593% in the last 7 days, followed by another 1500% surge in the last month. This exceptional price rise has compelled investors to take a better look at BOME, with renewed interest.

JUST IN: Solana memecoin $BOME is now the 7th most traded crypto with $4.36B volume traded in the last 24 hours.

WIF rose to the $3 threshold within months, compelling investors to investigate its potential and impacts. The token has been labeled as a meme coin that aims for technological innovations.

The meme coin showcases a Shiba Inu wearing a distinctive pink knitted hat. Unlike many cryptocurrencies that aim for technological innovations or societal transformations, Dogwifhat takes a lighthearted approach, embracing its identity as a simple meme coin.

WIF has recently breached the $3 milestone. The coin has surged more than 26% in the last seven days. WIF is currently up 15% in the last 24 hours, trading at $2.77.The token has shown a remarkable price ascent as of late, portraying its might as a leading meme currency for investors to explore and hold.

Also Read: Cryptocurrency: Top 3 Memecoins To Watch This Weekend

The frog-inspired namecoin took the domain of crypto by surprise when it skyrocketed 300% past its usual metrics. PEPE is a frog-inspired cryptocurrency that is surging ahead in popularity among users.

Per the data from CoinMarketCap, PEPE is a deflationary meme coin launched on Ethereum. The cryptocurrency was created as a tribute to Pepe the Frog, created by Matt Furie, which gained popularity in the early 2000s.

PEPE was launched to capitalize on the popularity of meme coins, like Shiba Inu and Dogecoin, and strives to establish itself as one of the top meme-based cryptocurrencies, as CMC later describes.

Since then, the coin has surged remarkably well to woo investors holistically. PEPE has noted an upswing of 551% in the last month. The coin is up 1.48% in the last 24 hours, trading at $0.00000753.

Link:
Cryptocurrency: 3 Meme Coins That Could 15x This Bull Season - Watcher Guru

The recent remarkable surge in Bitcoin prices has sparked a pertinent query among Bitcoin investors: Will this trend change the fortunes of Indian cryptocurrency firms?

The nation's cryptocurrency exchanges are witnessing a substantial burst in demand, driven by the recent skyrocketing of Bitcoin prices to unprecedented highs.

The Indian cryptocurrency platform CoinDCX, for instance, has reported a significant five-fold increase in trading volumes over the past month.

Specifically, our spot trading volume, which began around $5 million at the beginning of February, rose to approximately $25 million by February 28, says Sumit Gupta, co-founder of CoinDCX.

The recent surge in Bitcoin's value has undeniably ignited a wave of enthusiasm and confidence.

Meanwhile, India's largest cryptocurrency exchange, WazirX, which is based in Mumbai, is also experiencing significant growth in cryptocurrency transactions.

My servers are humming at overcapacity, says Rajagopal Menon, vice president, WazirX, which has experienced a 20-fold increase in trading volumes since the beginning of the year.

My new users are up, my daily traffic is up. So, the long and short of it is that it is a function of sentiment the moment price goes up, it's herd mentality and everyone wants to buy. So, we are definitely seeing an uptick in people wanting to buy their favourite crypto.

Despite the rise in investor interest, volumes are still down from their peaks as crypto exchanges are burdened by heavy taxes imposed by the country.

In 2022, India imposed a 30 per cent tax on profits from cryptocurrencies, as well as a 1 per cent tax on all transactions of the virtual assets.

The crypto market, which includes currencies such as Bitcoin, pictured, has lost $2 trillion of its value in six months. Unsplash

While "there is no dearth of people" wanting to invest in cryptocurrencies, Mr Menon says, that retail investments have not reached the peak that we saw in 2021.

This development coincides with the growing apprehensions expressed by Indian authorities regarding cryptocurrency trading. The risks associated with it, coupled with fears of potential misuse for illicit activities like money laundering, have raised concerns.

There's also a worry that it could pose a threat to the stability of the nation's financial system.

These concerns resonate with numerous nations worldwide, including India. The Indian authorities are indeed wrestling with the challenge of how to regulate these assets, especially considering their sustained popularity.

Bitcoin, the largest cryptocurrency, has risen by almost 54 per cent year-to-date to over $68,000 as of Friday evening. This was lower than the new all-time high it reached on Thursday of $73,803, which dived further down to about $65,000 on Sunday.

The rise of Bitcoin has been driven by various factors, such as inflows into US spot exchange-traded crypto products and the expectation of global interest rates falling. This often leads traders to redirect capital into risky assets.

Investor interest in cryptocurrencies has grown following the approval of 11 spot Bitcoin exchange-traded funds (ETFs) by the US Securities and Exchange Commission in late January.

The Bitcoin halving event is anticipated to occur in April, resulting in a reduction in the rate at which new coins are generated. Historically, these events have led to an increase in the value of the cryptocurrency.

Indian exchanges are pleased to witness a resurgence in investor demand, after a challenging period for the sector.

We've witnessed a remarkable 150 per cent increase in spot market trading volume, says Mr Gupta. This surge in demand for Bitcoin is fuelled by the launch of Bitcoin ETFs, signalling a maturing market.

The growth trend is not limited to Bitcoin.

The company has seen significant growth across large-cap cryptocurrencies like Ethereum, Solana, Shiba Inu, and Binance Coin, says Mr Gupta.

The rise in demand isn't just confined to retail investors we've also seen a notable increase in engagement from high-net-worth individuals and institutional investors.

However, despite the renewed interest in virtual assets, exchanges are reporting that the current tax regime continues to dampen investor appetite.

Changes in India's regulatory landscape, including a new tax regime, have influenced the cryptocurrency appetite, says Pranav Srivan Elankovan, founder of Crypfi, a cryptocurrency exchange.

The introduction of taxes and regulatory uncertainties has prompted investors to adopt a more cautious approach, potentially dampening demand.

The taxes in 2022 have had an enormous impact on the industry, Mr Menon says.

The moment this happened, [crypto investors] stopped trading in India, he says.

They fled to exchanges abroad, because crypto knows no boundaries. So, you had a lot of foreign exchanges or offshore exchanges benefiting from Indian customers actually shifting the capital abroad.

Our volumes were down by 90 per cent in the bear markets, by the end of 2022 and last year, he says.

However, he adds that the Indian government has taken a very serious view of offshore exchanges not complying with Indian laws and is taking steps to prevent Indian citizens from trading cryptocurrencies on them, thereby benefiting Indian exchanges.

In January, India blocked access to the websites of major global cryptocurrency exchanges after issuing notices to them for not complying with the country's money laundering laws.

Furthermore, despite the high 30 per cent tax rate, it is widely accepted within the industry that this serves as a clear indication that the government acknowledges cryptocurrencies as a legitimate form of investment. Speculation had long persisted that India would impose a ban on cryptocurrencies.

Sustained demand hinges on ongoing regulatory clarity and the confidence of investors in the Indian cryptocurrency market, says Mr Elankovan.

Sidharth Sogani, the founder and chief executive of the cryptocurrency research firm Crebaco, made the decision to relocate from India to Dubai three years ago. He cited the UAE's more robust and open-minded approach to the cryptocurrency market as a key factor in his decision.

He states that despite the Bitcoin rally, Indian cryptocurrency exchanges are still at a disadvantage.

Volumes have not reached the previous bull cycles we observed in 2021, when the market had a way higher volume, and exchanges were more aggressive and they were advertising a lot, says Mr Sogani.

He asserts that regulation is of paramount importance.

India is not a regulated market for crypto. It is legal, but it's not regulated they are two different things, says Mr Sogani.

When you say regulation, that means the regulatory body is responsible for all the market exchanges to report in a certain manner and that regulatory body does not exist yet. Once it does exist, there will be a different market for India.

The exchanges have expressed their openness and readiness to embrace a regulatory framework.

We want clear guidelines, says Mr Menon. For example, it's very difficult, even now, for Indian crypto companies to get reliable banking connections.

But he believes a change is on the horizon. This belief stems from India's recent actions under its G20 presidency, which together with other member nations, embraced a strategic plan to guarantee a synchronised execution of a policy framework for crypto assets.

We are hopeful that regulation will make the [cryptocurrency] industry a better place to be in and things would be much better in the coming years for India, says Mr Menon.

Updated: March 18, 2024, 6:59 AM

See the article here:
Can the Bitcoin surge push India to overcome its cryptocurrency hurdles? - The National

Thinking about investing in the popular cryptocurrency? A recent report predicts that Bitcoin will reach a new all-time high in 2024.

Bitcoin (BTC) is expected to reach a new record of $88,000 (82,000) throughout the year, before it settles around $77,000 at the end of 2024, according to a new report.

The cryptocurrency's current price sits at around $43,000.

UK fintech firm Finder carried out a study based onexpert price predictions of 40 crypto industry specialists on how Bitcoin is expected to perform through to 2030.

Bitcoin, it found, is likely to hit an average peak price of $87,875 in 2024, with some experts predicting it will climb as high as $200,000.

On the flip side, the average lowest price Bitcoin could hit by the end of 2024, is seen as $35,734, the report said, with some predicting it will fall as low as $20,000.

More than half of the experts Finder surveyed expected the price to increase after a so-called "BTC halving event" in April 2024.

A halving event refers to a period every few years when the reward for mining Bitcoin transactions is cut in half. As things stand, those validating Bitcoin transactions currently get 6.25 bitcoins, which could go down to 3.125.

Halving events lead to a lower supply, with fewer Bitcoins made available, thereby leading to higher prices.

Just under half of the 40 panellists surveyed (47%) believe that Bitcoin is going to reach a new all-time high six months after the halving event.

Kadan Stadelmann, CTO of blockchain platform Komodo, said in the report that Bitcoin is probably facing a fair bit of pressure, not only because of the expected halving event but also because "major companies and institutional investors [are] showing growing interest [in Bitcoin, which] is likely to drive demand."

Many experts forecast more buyers on the market following the US Securities and Exchange Commission's recent approval of 11 Bitcoin ETFs (exchange-traded funds), making it easier for individual investors to trade Bitcoin-related investment funds in the US stock exchanges.

The price could be propelled further upward once the US Federal Reserve cuts the historically high benchmark rate, as analysts expect more liquidity to consequently flow into Bitcoin.

However,John Hawkins, senior lecturer at the University of Canberra, believes that cryptocurrency is still little more than a speculative bubble.

"If the new spot Bitcoin ETFs are popular, there could be a temporary price increase. But, in the medium to longer-term, I still regard Bitcoin as a speculative bubble," said Hawkins, adding there were high expectations about similar ETFs entering the market in 2021, but the price crashed later.

BTC is expected to potentially climb to $122,688 (114,310) in 2025 and $366,935 (341,878) in 2030.

However, the truncated mean, a statistical measure of central tendency, puts the expected price at around $220,708 (205,636) by 2030.

Overall, the majority (58%) of panellists believe now is the time to buy BTC; 38% advise people to hold while 5% of panellists are in favour of a sale.

Cryptocurrencies are not regulated in the UK and there is no protection offered by the Financial Ombudsman or the Financial Services Compensation Scheme.

Disclaimer: This information does not constitute financial advice, always do your own research on top to ensure it's right for your specific circumstances. Also remember, we are a journalistic website and aim to provide the best guides, tips and advice from experts. If you rely on the information on this page, then you do so entirely at your own risk.

Go here to see the original:
Bitcoin price predictions: How much more could it rise in 2024? - Euronews

March 18, 2024 by Diana Ambolis

5

The CFTC-Regulated Platform to Enable Traders to Wager on Ethereums Yearly High and Other Price Scenarios Amid Resurging Interest in Cryptocurrency and Prediction Markets. Kalshi, the sole regulated prediction market platform in the United States, is seizing the opportunity to tap into the resurgence of interest in cryptocurrencies following a two-year downturn. The New York-based

Kalshi, the sole regulated prediction market platform in the United States, is seizing the opportunity to tap into the resurgence of interest in cryptocurrencies following a two-year downturn. The New York-based company plans to introduce cryptocurrency betting options for its clients, starting from Monday, as confirmed by a company representative to the sources. These options will encompass five different cryptocurrency price predictions, such as the timing of Bitcoin (BTC) reaching $100,000 and the highest price projection for Ethereums ether (ETH) in 2024. Furthermore, additional markets are scheduled to be launched on Tuesday.

Its important to note that although these bets pertain to cryptocurrencies, they will be denominated in U.S. dollars, aligning with Kalshis approach for all its markets. Previously, traders on the platform have engaged in betting on various topics, including the number of Federal Reserve rate cuts in a year, the expected snowfall in New York for March, and predictions regarding the winners of the Oscars for best screenplay.

Kalshis venture into the realm of cryptocurrency coincides with what appears to be the dawn of a bull market for digital assets. Factors such as the introduction of bitcoin exchange-traded funds have propelled prices upward, as evidenced by the nearly 50% surge in the Sources 20 Index of major digital assets this year.

Also, read- Top 10 Amazing Ways Cryptocurrency Is Transforming The Financial Services Department

This move also comes at a time of renewed interest in prediction markets, which were historically confined to niche circles. Bitwise Investments researchers have forecasted a substantial increase in stakes within prediction markets, estimating over $100 million in total wagers by 2024, as they emerge as a prominent application within the crypto space. Notably, former U.S. President Donald Trump has shown interest in crypto-based prediction markets, frequently sharing screenshots of favorable odds on platforms like Polymarket.

Advocates of prediction markets argue that they serve a broader purpose beyond mere gambling. By incentivizing participants to back their beliefs with monetary stakes, prediction markets provide valuable insights into public sentiment, potentially offering a more accurate gauge than traditional polls or pundits opinions.

Kalshis decision to introduce crypto betting follows in the footsteps of its competitor, Polymarket, which currently hosts numerous markets related to cryptocurrency outcomes. However, Kalshi, being licensed by the Commodity Futures Trading Commission (CFTC), enjoys a unique advantage as it can cater to U.S. traders seeking to speculate on crypto price movements without directly engaging in crypto transactions.

Nevertheless, Kalshis regulatory standing with the CFTC has also brought challenges. The company is currently embroiled in a legal battle with the CFTC over its ability to list markets concerning the control of each house of the U.S. Congress. In contrast, platforms like PredictIt operate under special exemptions from the CFTC, albeit with certain restrictions. CFTC Chairman Rostin Benham recently announced plans to propose new regulations for prediction markets in the coming months.

Read more:
Kalshi Prediction Market To Introduce Cryptocurrency Betting (Payouts In USD) - Blockchain Magazine

The price of Bitcoin hovered around $72,000 on Tuesday, extending a rally that has helped mint a new crop of crypto billionaires.

The cryptocurrency has climbed by more than 50 percent since the Securities and Exchange Commission approved the first Bitcoin exchange traded funds in January, bringing a wave of mainstream investors into crypto trading.

Coinbase, a Nasdaq-listed crypto exchange, has seen its stock surge alongside Bitcoin this year. The company is pushing for more favorable treatment by regulators, suing the S.E.C. and accusing it of capricious behavior. It said in its suit that the agency has shirked its responsibility to write clear rules on how the industry should operate.

Tough tactics have worked before. Grayscale Investments, a digital asset manager, sued the S.E.C. last year after the regulator denied its application for a Bitcoin exchange-traded fund. A panel of judges agreed that the agency acted arbitrarily, a ruling that paved the way for the approval in January of new Bitcoin funds.

The industry is also flexing its political muscle. Coinbase and others backed a network of well-funded political action committees that some believe played a role in felling Representative Katie Porter, Democrat of California, a crypto-skeptic who lost her race to be the partys nominee for the Senate.

The sector is now looking at new targets to boost, or topple. The crypto advocacy community is feeling pretty good right now, said Kristin Smith, chief executive of the Blockchain Association, a trade group. For the first time since Bitcoin was created 15 years ago, we have the tools in place, on the policy front and the political front.

The sector got another shot in the arm on Monday when Travis Hill, vice chair of the Federal Deposit Insurance Corporation, called on regulators to ease restrictions on how banks handle customers digital assets.

Read more:
Bitcoin Hits Record $72,000, Emboldening Crypto Industry - The New York Times

Following what has been continued growth for the ecosystem, Solana (SOL) has flipped the Binance coin (BNB) to become the 4th largest cryptocurrency by market cap in the world. Indeed, the two assets have been swapping places, with BNB seeing its market cap fall more than 5% over the last 24 hours, according to CoinMarketCap.

The most recent milestone continues what has been an impressive few weeks for Solana. It recently reached a record DEX daily volume figure, outpacing Ethereums performance over the last 24 hours, according to DeFi Llama. Moreover, the network has seen a plethora of meme coins surge throughout March.

JUST IN: Solana flips #BNB becoming the 4th largest cryptocurrency in the world by market value.

Also Read: Solana Daily DEX Volume Surpasses Record $3.5B

Since the start of the year, the digital asset market has noted impressive performances. Bitcoin led the way, at one point reaching heights of $73,000. However, over the last several days, a host of tokens have faced corrections that have brought prices down across the board.

Yet one asset has been thriving despite the correction. Ultimately, it has catapulted it within the overall rankings, as Solana (SOL) has flipped BNB to become the 4th largest cryptocurrency in the world by market cap. The impressive performance of Solana has coincided with BNBs 5% decline in market cap over the last 24 hours.

Also Read: Solana [SOL] Post Halving Price Prediction

For Solana, the token is down less than 1% over the last day, with its market cap also facing minimal declines. Moreover, SOL is currently trading at $190 and is inching closer to surpassing $200 for the first time since 2021. Although it is far from its all-time high of $260, its recent performance has provided optimism.

On the other hand, most assets have started the weekend dropping. Among them is BNB, whose value has fallen by more than 5% over the last day. Despite reaching an all-time high on March 14th, Bitcoin has dropped as low as $67,000 today. Only time will tell how far the price corrections will take the assets.

Read the rest here:
Solana (SOL) Flips BNB to Become 4th Largest Cryptocurrency - Watcher Guru

A rash of cryptocurrency exchange traded products are likely to be listed in London after regulators softened their hardline opposition to allowing domestic access to funds with cryptocurrency exposure.

However, industry figures have criticised the UKs Financial Conduct Authority for limiting their availability to professional investors and continuing with its ban on retail investors buying crypto ETPs.

The FCA said last week it would not object to a request from bourses such as the London Stock Exchange and Cboe UK to list unleveraged crypto-backed exchange traded notes linked to bitcoin or ether, the two most popular cryptocurrencies. But it added that the vehicles should only be available to institutions such as investment firms, credit institutions, pensions funds and insurance companies.

Its stance is in contrast to the growing number of other countries that have opened the door to individual investors.

Nonetheless, the end of the FCAs blanket ban on crypto ETPs brings it a fraction more in line with continental Europe, Australia, Brazil, Canada and the US, which already boast crypto ETPs.

US-domiciled spot bitcoin exchange traded funds have garnered $31bn between them since their rollout in January, helping send the price of the digital token spiralling to an all-time high of $73,000 before losing some ground.

Despite the UKs cautious approach, a number of pre-existing crypto players are likely to come on board.

The LSE is such an important market for us we definitely will list products when possible and preparation is under way.We hope the retail ban will be lifted soon after, said Bradley Duke, chief strategist of ETC Group, which runs Europes largest crypto fund, the $1.6bn ETC Group Physical Bitcoin.

Townsend Lansing, head of product at CoinShares, which runs the next four largest, said: We look forward to engaging with the LSE about the new listing opportunities and to better understand their requirements and how our products might fit.

WisdomTree, which has more than $800mn across its range of eight European crypto ETPs, said the LSE would provide a more convenient access point for UK-based professional investors seeking exposure to crypto ETPs than overseas exchanges.

We are currently engaging with the FCA and LSE to explore the opportunity more thoroughly, it added.

Menno Martens, crypto product manager at VanEck, said the FCAs announcement was a very positive development and that it was looking into potentially listing our crypto ETNs in the UK.

The UKs stance is unlikely, though, to attract every issuer active in the European crypto ETP market which boasts 100 products with combined assets of $14.2bn, according to ETFbook data.

One house told the FT: Obviously, its not available to UK [retail] investors currently. Should the regulation change and there is client demand, we would consider something for clients in the UK.

Mandy Chiu, head of financial product development at 21Shares, another major player, said although the FCAs decision was encouraging it would continue to monitor the situation and did not have plans for any UK-listed products at present.

Recommended

The UK regulator said last week it continued to believe that crypto ETNs and crypto derivatives are ill-suited for retail consumers due to the harm they pose. Given that crypto assets are high risk and largely unregulated, those who invest should be prepared to lose all their money, it added.

Yet UK retail investors are free to buy cryptocurrencies directly on exchanges, which come with the additional need for digital wallets and private keys, as well as the risk of theft.

I find it ridiculous, said Pawel Janus, head of analytics at ETFbook. Retail investors can buy crypto on exchange. You have zillions of different platforms and they are all approved.

On the other hand regulators have a problem with giving a green light to the ETP, which generally is a better structure. You know its fairly priced otherwise there would be an arbitrage.

CoinShares Lansing said it was disappointing to see the FCA remain out of step in terms of retail investors, who, in the rest of Europe and the United States can use regulated listed products to access digital assets but who, if UK resident, are required to use uncollateralised and unregistered exchanges to invest in this asset class.

Hector McNeil, co-founder and co-chief executive of London-based HANetf, which lists six ETC Group crypto vehicles on its ETF white-label platform, said the FCAs announcement was a good step forward. It means the UK is catching up with other markets in Europe now.

However, McNeil said that as the door was only being opened to professionals, the bar is still too high. He argued that access should be along the lines of the UKs regime for complex instruments such as leveraged ETFs, whereby brokers act as gatekeepers, only allowing through retail clients who understand and can afford the risks of the asset class.

Tim Bevan, chief executive of ETC Group, referenced Prime Minister Rishi Sunaks push to make the UK a hub for digital assets.

If UK regulations permitted retail investors to invest in crypto ETPs via regulated markets this would bring the UK in line with much of Europe and allow those retail investors to take advantage of the built-in security that established exchanges provide, he said. It would also help advance the claim of the UK to be a global leader in fintech.

Read more from the original source:
Crypto ETN providers head for UK but urge rethink on retail ban - Financial Times

There is a big debate happening in the cryptocurrency world about whether Bitcoins price will keep rapidly rising or if a market bubble will cause prices to crash.

Richard Teng, the CEO of the major crypto exchange Binance, thinks Bitcoins price is on the verge of jumping over $80,000. He says this is because big investors like pension funds are pouring money into the recently launched Bitcoin ETFs in the United States. Teng stated Were just getting started on Bitcoins upward path.

However, Michael Hartnett, an investment strategist at Bank of America, is concerned that asset prices for things like Bitcoin, tech stocks, and AI companies are rising too far too fast in an unsustainable bubble. He warned of signs of irrational exuberance in markets.

So who is right the Bitcoin price hawks like Teng predicting new heights? Or the bubble worriers like Hartnett forecasting a painful pop? Teng acknowledges Bitcoins price will be volatile, bouncing up and down, on its way potentially over $80,000.

Only time will tell if this cryptocurrency rise is a legitimate trend or an unsustainable speculative mania about to go bust. Buckle up for a wild ride either way in Bitcoin markets.

Also Read: OpenAIs Murati Dodges Questions on Soras Training Data

More:
Bitcoin Bulls vs. Bubble Bears: A Cryptocurrency Clash - Crypto Times

Manhattan federal prosecutors say fallen cryptocurrency mogul Sam Bankman-Frieds theft of $8 billion from his customers should land the 32-year-old former billionaire in prison for 40 to 50 years.

In court papers filed Friday, the prosecutors called his crime likely the largest fraud in the last decade.

Justice requires that he receive a prison sentence commensurate with the extraordinary dimensions of his crimes, prosecutors wrote in the 116-page sentencing recommendation submitted to Judge Lewis Kaplan.

The defendant victimized tens of thousands of people and companies, across several continents, over a period of multiple years, prosecutors wrote. He stole money from customers who entrusted it to him; he lied to investors; he sent fabricated documents to lenders; he pumped millions of dollars in illegal donations into our political system; and he bribed foreign officials.

The maximum sentence for Bankman-Frieds crimes is 110 years.

Bankman-Friend was convicted on charges of wire fraud, conspiracy and money laundering by a federal jury in Manhattan in November.

Bankman-Fried, an MIT graduate, used the $8 billion he took from his cryptocurrency trading platform, FTX, to fund political contributions, luxury real estate in the Bahamas and business investments, prosecutors said. Before his companies went bankrupt,Bankman-Fried partied with celebrities as he built a crypto empire.

After his companies collapsed, Bankman-Fried was arrested in the Bahamas and extradited to the United States in December 2022. While awaiting trial, he was allowed to stay at his parents Palo Alto, Calif. home. That ended when a judge determined Bankman-Fried had tried to tamper with witnesses, and put him behind bars.

Federal prosecutors cited over $100 million in unlawful political donations Bankman-Fried made to hundreds of politicians, believed to be the largest-ever campaign finance offense. They also called a $150 million bribe he paid to Chinese government officials one of the single largest by an individual.

Even following FTXs bankruptcy and his subsequent arrest, Bankman-Fried shirked responsibility, deflected blame to market events and other individuals, attempted to tamper with witnesses, and lied repeatedly under oath, they wrote.

Last month, Bankman-Frieds lawyers asked the judge for a much-lower sentence of five years to 6 1/2 years. Their request came after federal probation officials suggested Bankman-Fried serve a 100-year sentence a proposal Bankman-Frieds lawyers have called grotesque.

Those who know Sam also know how deeply, deeply sorry he is for the pain he caused over the last two years, his lawyers wrote. And that he believes there is nothing he will ever be able to do to make [his] lifetime impact net positive, a devastating self-assessment for someone who has devoted his life to improving the welfare of others.

Bankman-Frieds sentencing is scheduled for March 28.

Asked for comment, Bankman-Frieds lawyer Marc Mukasey said in an email:

Next weekstay tuned.

Original post:
Imprison crypto fraudster Bankman-Fried 40 to 50 years, say feds - New York Daily News