The SEC’s decision to close the case reinforces the view industry proponents held—that NFTs do not fall under existing securities regulations.
In a move that’s sending ripples of excitement through the DeFi space, Lido, a leading decentralized staking solution, has announced the expansion of its staked ETH offerings, stETH and wstETH, to Unichain. This development opens up a new chapter for users seeking to maximize their DeFi strategies within the rapidly evolving Ethereum ecosystem. But what exactly does this mean for you, and how can you leverage this integration? Let’s dive into the details and explore the exciting possibilities that this expansion unlocks. Unlocking New Potential: Lido’s stETH and wstETH Arrive on Unichain For those unfamiliar, Lido has established itself as a dominant force in the decentralized finance landscape, particularly within Ethereum staking. Lido allows users to stake their ETH and receive stETH in return, a token representing their staked ETH and accrued staking rewards. Wrapped stETH (wstETH) is another form of stETH, designed for easier integration into various DeFi protocols. Now, these powerful assets are making their way to Unichain, a cutting-edge Ethereum Layer-2 solution incubated by Uniswap Labs. Unichain, built with a focus on DeFi applications, aims to provide a scalable and efficient environment for decentralized exchanges and other financial instruments. By bringing stETH and wstETH to Unichain, Lido is not just expanding its reach but also contributing to the growth and vibrancy of the entire DeFi ecosystem. This integration was smoothly facilitated by Lido’s Multichain Automaton, showcasing the protocol’s commitment to seamless cross-chain deployments. Why is this Expansion of stETH and wstETH to Unichain a Big Deal? This isn’t just another routine update; it’s a strategic move with significant implications for both Lido users and the broader DeFi community. Here’s why this expansion to Unichain is generating buzz: Enhanced DeFi Opportunities: Unichain, being a DeFi-native Layer-2, is designed to optimize decentralized financial applications. Bringing stETH and wstETH here means users on Unichain gain access to highly liquid and yield-generating assets. This integration can fuel new DeFi strategies and opportunities within the Unichain ecosystem. Reduced Transaction Costs: Ethereum Layer-2 solutions like Unichain are built to tackle Ethereum’s scalability challenges. By operating on Layer-2, transactions are significantly cheaper and faster compared to the Ethereum mainnet. Bridging stETH and wstETH to Unichain allows users to engage in DeFi activities with these assets without the burden of high gas fees. Increased Accessibility: Expanding to Unichain broadens the accessibility of stETH and wstETH. Users who are primarily active within the Uniswap ecosystem or prefer Layer-2 solutions now have direct access to these assets, lowering the barrier to entry for participating in Lido’s staking ecosystem within their preferred environment. Growth for Unichain Ecosystem: The arrival of stETH and wstETH can act as a catalyst for growth within the Unichain ecosystem. These are highly sought-after assets in DeFi, and their presence can attract more users and developers to build and utilize Unichain for their DeFi endeavors. Navigating the Bridge: How to Bring stETH and wstETH to Unichain Interested in moving your stETH or wstETH to Unichain? The process is designed to be user-friendly. Here’s a general outline of how you can bridge your assets: Identify a Bridge: You’ll need to use a bridging mechanism to transfer your stETH or wstETH from the Ethereum mainnet to Unichain. Lido’s announcement likely includes information or links to recommended or official bridges. Keep an eye on Lido’s official channels for specific instructions and bridge recommendations for Unichain. Connect Your Wallet: Ensure your crypto wallet is compatible with both Ethereum mainnet and Unichain. You’ll need to connect your wallet to the chosen bridge platform. Initiate the Transfer: Within the bridge interface, you’ll select stETH or wstETH as the asset you want to transfer and specify Unichain as the destination network. Enter the amount you wish to bridge. Confirm the Transaction: Review the transaction details, including gas fees on the Ethereum mainnet for initiating the bridge. Confirm the transaction in your wallet. Wait for Confirmation: Bridging can take some time, depending on network congestion and the specific bridge being used. Once confirmed, your stETH or wstETH will be available on Unichain. Exploring DeFi Strategies with stETH and wstETH on Ethereum Layer-2 With stETH and wstETH now on Unichain, a realm of exciting DeFi strategies opens up. Here are a few potential avenues to explore: Yield Farming: Unichain’s DeFi ecosystem is likely to feature yield farming opportunities involving stETH and wstETH pairs. You could potentially earn additional rewards by providing liquidity to pools containing these assets. Lending and Borrowing: DeFi lending and borrowing platforms on Unichain may integrate stETH and wstETH as collateral or lendable assets. This allows you to leverage your staked ETH for further DeFi activities. Trading on Decentralized Exchanges (DEXs): Unichain, being DeFi-focused, will undoubtedly have DEXs. You can trade stETH and wstETH against other tokens within the Unichain ecosystem, capitalizing on potential price movements. Staking Derivatives and Composability: The composability of DeFi allows for innovative strategies. The presence of stETH and wstETH on Unichain can lead to the development of new staking derivatives or complex DeFi protocols that leverage these assets in novel ways. Potential Challenges and Considerations for stETH and wstETH on Unichain While the expansion to Unichain is undoubtedly positive, it’s important to be aware of potential challenges and considerations: Bridge Risks: Bridging assets always involves some level of risk, including smart contract vulnerabilities or bridge failures. It’s crucial to use reputable and secure bridges and understand the risks involved before transferring significant amounts. Liquidity on Unichain: While stETH and wstETH are liquid assets on Ethereum mainnet, liquidity on Unichain may initially be lower. Users should be mindful of potential slippage when trading or engaging in DeFi activities with these assets on Unichain, especially in the early stages of integration. Smart Contract Risks: Interacting with any DeFi protocol carries smart contract risks. Ensure you understand the protocols you are using on Unichain and exercise caution when deploying your assets. Ecosystem Maturity: Unichain, while promising, is still a relatively newer Layer-2 solution compared to more established ones. The DeFi ecosystem on Unichain may be less mature, with fewer protocols and potentially higher volatility in the initial phases. Actionable Insights: Getting Started with stETH and wstETH on Unichain Ready to explore the DeFi opportunities with stETH and wstETH on Unichain? Here are some actionable steps you can take: Stay Informed: Follow Lido’s official channels (blog, Twitter, etc.) for announcements, bridge recommendations, and updates related to the Unichain integration. Research Bridges: Investigate reputable bridges that support transfers to Unichain and stETH/wstETH. Look for bridges with a strong security track record and user reviews. Explore Unichain DeFi Protocols: Familiarize yourself with the DeFi platforms and protocols being built on Unichain. Identify potential opportunities for yield farming, lending, or trading with stETH and wstETH. Start Small: When initially bridging and experimenting with DeFi on Unichain, start with smaller amounts to get comfortable with the process and mitigate potential risks. Community Engagement: Engage with the Lido and Unichain communities. Ask questions, share your experiences, and learn from others exploring this new integration. Conclusion: A Positive Leap for DeFi and Ethereum Layer-2 Expansion Lido’s expansion of stETH and wstETH to Unichain represents a significant step forward for the DeFi ecosystem. By making these key staked ETH assets available on a DeFi-native Ethereum Layer-2, Lido is empowering users with more options, lower costs, and enhanced opportunities within the ever-expanding world of decentralized finance. This integration not only benefits Lido and Unichain but also contributes to the overall growth and accessibility of the Ethereum ecosystem, paving the way for a more scalable and user-friendly DeFi future. The synergy between Lido’s robust staking solutions and Unichain’s DeFi-optimized infrastructure holds immense promise for innovation and user empowerment in the crypto space. To learn more about the latest crypto market trends, explore our article on key developments shaping Ethereum price action.
The new chief counsel of the U.S. Securities and Exchange Commission’s (SEC) freshly-created Crypto Task Force is a crypto lawyer. Michael Selig, who was named chief counsel of the task force in a Monday announcement from the SEC, was previously a New York-based partner at white-shoe international law firm Willkie Farr & Gallagher, where he was a member of the firm’s crypto practice. Before joining Willkie, Selig interned for the Commodity Futures Trading Commission (CFTC). In a Monday X post, former CFTC Chairman Chris Giancarlo, affectionately known as “CryptoDad” by many in the industry, congratulated Selig on his appointment. Giancarlo is also senior counsel at Wilkie Farr, where he leads the firm’s Digital Works practice. “Proud and excited for my protege, former CFTC intern and Willkie partner Mike Selig to be named chief counsel to the new SEC Crypto Task Force,” Giancarlo wrote. Last October, Selig wrote an op-ed for CoinDesk laying out his suggestions for how the SEC could move away from the so-called “regulation by enforcement” the agency practiced under former Chair Gary Gensler and instead create a regulatory environment that encourages innovation. Several of Selig’s suggestions — including rescinding the controversial Staff Accounting Bulletin 121 and withdrawing from certain lawsuits – have already been implemented by the new Crypto Task Force. Selig was one of 14 staff members named in the Monday announcement. His colleagues include several crypto industry natives — Landon Zinda, former policy director at crypto think tank Coin Center, and Veronica Reynolds, a former attorney at Baker Hostetler LLP focused on NFTs and metaverse-related legal issues, both of whom will serve as senior advisors to the task force — as well as career SEC staff. Zinda’s appointment to the task force was announced in February. “The Crypto Task Force exhibits deep expertise and an enthusiastic commitment to identifying — with the help of other talented staff across the Commission and interested members of the public — workable solutions to difficult crypto regulatory problems,” Commissioner Hester Peirce, the leader of the task force, said in a Monday statement.
Get ready, crypto enthusiasts! March is not just another month; it’s shaping up to be a potentially explosive and landmark period for the cryptocurrency industry, especially in the heart of Washington D.C. As Fox Business reporter Eleanor Terrett aptly pointed out on X, we’re entering what could be dubbed “crypto month” in the nation’s capital. Buckle up as we dive into the crucial crypto events scheduled that could significantly influence the future of digital assets. Why is March Being Hailed as ‘Crypto Month’ for Crypto Regulation? The confluence of several high-profile events makes March exceptionally significant. It’s not just about one or two isolated meetings; it’s a series of carefully timed discussions, votes, and forums that touch upon various critical aspects of crypto regulation . From stablecoins to tokenized assets and leadership changes at key regulatory bodies, Washington D.C. is poised to be the epicenter of crypto-related policy conversations. Let’s break down the key events: CFTC CEO Forum (March 6): Exploring Tokenized Assets and Stablecoins The Commodity Futures Trading Commission (CFTC) is kicking things off with a CEO Forum. The central theme? Delving into the potential of tokenized assets and stablecoins as collateral within the futures market. This is a big deal because it directly addresses the practical application and integration of digital currencies into traditional financial systems. What’s the buzz about tokenized assets and stablecoins? Imagine representing real-world assets like real estate or commodities as digital tokens on a blockchain. That’s tokenization. Stablecoins, on the other hand, are cryptocurrencies designed to maintain a stable value, often pegged to a fiat currency like the US dollar. Why does this CFTC forum matter? Institutional Adoption: Allowing tokenized assets and stablecoins as collateral can pave the way for greater institutional adoption of crypto within established financial markets. Market Efficiency: It could streamline processes and reduce friction in futures trading by leveraging the speed and efficiency of blockchain technology. Regulatory Clarity: The forum indicates the CFTC’s proactive approach to understanding and potentially regulating these innovative financial instruments. White House Crypto Summit with President Trump (March 7): A Presidential Perspective on Crypto Events Next up, the White House is hosting a Crypto Summit, and yes, President Trump is expected to be there. This is significant as it brings cryptocurrency to the highest level of government discussion. A White House summit signals the growing importance of crypto on the national agenda and could hint at the administration’s stance and future policies. What could be on the agenda at the White House Crypto Summit? National Crypto Strategy: Discussions might revolve around developing a cohesive national strategy for cryptocurrency, encompassing innovation, regulation, and national security aspects. Economic Impact: The summit could explore the potential economic benefits of crypto and blockchain technology, including job creation and financial inclusion. Global Competitiveness: The US’s position in the global crypto landscape and how to maintain a competitive edge could be a key topic. Presidential involvement elevates the conversation and underscores the mainstream recognition crypto is gaining. It’s a far cry from the early days when crypto was seen as a niche, fringe technology. Senate Banking Committee Vote on Stablecoin Bill (March 10-14): Will the Stablecoin Bill Finally Pass? All eyes will be on the Senate Banking Committee as they are expected to vote on the stablecoin bill proposed by Senator Bill Hagerty, a known pro-crypto advocate. This vote is crucial because stablecoins are a cornerstone of the crypto ecosystem, facilitating trading and providing stability. The outcome of this vote could have far-reaching implications for the entire stablecoin bill landscape in the US. What’s at stake with the stablecoin bill? Regulatory Framework: The bill aims to establish a clear regulatory framework for stablecoins, addressing concerns around consumer protection, systemic risk, and illicit finance. Market Growth: Clear regulations can foster trust and encourage further growth and innovation in the stablecoin market. Conversely, unfavorable regulations could stifle development. Industry Clarity: A successful bill would provide much-needed clarity for businesses operating with stablecoins, allowing for more confident planning and investment. The crypto community is keenly watching this vote, hoping for a positive outcome that promotes innovation while ensuring responsible growth. SEC Industry Roundtables (March 21 onwards): What to Expect from the SEC Crypto Roundtables? The Securities and Exchange Commission (SEC) is stepping up its engagement with the crypto industry by holding the first of five planned industry roundtables on March 21. These roundtables are significant as they offer a direct channel for dialogue between the SEC and crypto businesses. It’s a chance for industry players to voice their concerns, seek clarity, and potentially influence the SEC’s regulatory approach to SEC crypto matters. Why are these SEC roundtables important? Industry Input: The roundtables provide a platform for the crypto industry to directly engage with the SEC, offering insights and perspectives that can inform regulatory decisions. Regulatory Understanding: For the SEC, these sessions are an opportunity to deepen their understanding of the complexities and nuances of the crypto market. Path to Compliance: Discussions can help identify pathways for crypto companies to operate within regulatory boundaries and foster a more compliant industry. While the specific topics for these roundtables haven’t been detailed yet, they are expected to cover a range of issues pertinent to SEC crypto regulation and enforcement. Confirmation Hearing for Paul Atkins as SEC Chairman: A New Era for SEC Crypto? Adding another layer of intrigue to March is the expected confirmation hearing for Paul Atkins, President Trump’s nominee for SEC Chairman. If confirmed, Atkins could bring a potentially different approach to crypto regulation compared to the current leadership. His confirmation hearing will be closely watched for signals about the future direction of the SEC’s stance on CFTC crypto and broader digital assets. What could a new SEC Chairman mean for crypto? Policy Shift: A new chairman could bring about changes in the SEC’s enforcement priorities and regulatory interpretations related to cryptocurrencies. Industry Relations: The tone and approach of the SEC towards the crypto industry could evolve under new leadership, potentially becoming more or less collaborative. Regulatory Certainty: The confirmation process and Atkins’ statements during the hearing could provide clues about the future regulatory landscape and the SEC’s focus areas. Navigating the Crypto Month: Actionable Insights March is packed, and for anyone involved or interested in crypto, staying informed is paramount. Here are some actionable insights: Stay Updated: Follow crypto news outlets and social media channels (like Eleanor Terrett’s X account) for real-time updates on these crypto events . Engage in Discussions: Participate in online forums and discussions to understand diverse perspectives and contribute to the community dialogue. Prepare for Volatility: Major regulatory developments can often lead to market volatility. Be prepared for potential price swings and manage your risk accordingly. Advocate for Clarity: If you’re in the industry, consider participating in public consultations or engaging with policymakers to advocate for sensible and innovation-friendly regulations. Conclusion: A Pivotal Moment for Crypto Regulation March truly stands out as a pivotal month for cryptocurrency. The convergence of these crypto events in Washington D.C. – from CFTC forums to White House summits, Senate votes, SEC roundtables, and potential leadership changes – underscores the increasing importance of crypto on the national and global stage. The decisions and discussions in March could set the tone for crypto regulation and innovation for years to come. It’s a month to watch closely, engage actively, and understand the evolving landscape of digital finance. To learn more about the latest crypto regulation trends, explore our article on key developments shaping crypto policy and institutional adoption.
Just when the crypto market breathed a sigh of relief with Bitcoin’s recent price rebound, a new development has emerged that’s making investors sit up and take notice. Data reveals that significant movements of Bitcoin (BTC) by long-term holders, specifically whales who’ve held their assets for years, have occurred following this price uptick. Is this a routine portfolio adjustment, or are we witnessing early signs of a potential whale sell-off? Let’s dive into the details and explore what this unusual activity could mean for the future of Bitcoin and the broader crypto market. Understanding Bitcoin Long-Term Holders and Their Significance In the fascinating world of cryptocurrency, not all Bitcoin holders are created equal. Distinguishing between short-term traders and Bitcoin long-term holders is crucial for understanding market dynamics. Long-term holders, often referred to as ‘hodlers’ in crypto slang, are individuals or entities that have accumulated Bitcoin and held onto it for extended periods, often years. Their conviction in the asset’s long-term value is unwavering, and their actions can offer significant insights into market sentiment. Why are these long-term holders so important? Market Stability: Long-term holders are often seen as a stabilizing force in the volatile crypto market. Their reluctance to sell during price dips reduces selling pressure and can cushion market corrections. Price Discovery: Their holding behavior influences Bitcoin’s scarcity and supply dynamics. Reduced circulating supply, due to long-term holding, can potentially drive up prices over time. Market Sentiment Indicator: When long-term holders start moving their BTC, especially after a price increase, it can be interpreted as a shift in sentiment. Are they taking profits, anticipating a downturn, or simply rebalancing their portfolios? Whale Influence: Within the long-term holder category, ‘whales’ – entities holding very large amounts of Bitcoin – wield substantial influence. Their large transactions can significantly impact market prices and trigger broader market reactions. Shocking BTC Whale Movement After Price Rebound – What Does It Mean? Recent data from CryptoQuant reveals a noteworthy trend: BTC whale movement has picked up pace following Bitcoin’s recent price rebound. Specifically, whales who have been holding Bitcoin for extended periods, ranging from 5 to 10+ years, have started moving their assets. Let’s break down the numbers: Holder Duration BTC Moved Potential Interpretation 7-10 Years 180 BTC Possible profit-taking after long hold; Portfolio rebalancing 5-7 Years 1,453 BTC More significant profit-taking or strategic asset reallocation 10+ Years 120+ BTC Longest-term holders potentially adjusting positions; Could signal broader market outlook While the amounts moved might seem small in the grand scheme of Bitcoin’s market capitalization, the source of these movements – long-term whales – is what commands attention. These holders have weathered numerous market cycles, and their decisions often reflect a deep understanding of market trends and potential future trajectories. Is this a cause for alarm? Not necessarily. However, it’s crucial to consider the potential implications: Profit Taking: After a period of price stagnation or decline, a price rebound provides an attractive opportunity for long-term holders to realize profits. This is a natural market behavior and not inherently bearish. Portfolio Rebalancing: Whales, like any sophisticated investors, may periodically rebalance their portfolios. This could involve diversifying into other assets or adjusting their risk exposure. Early Sell-Off Signal?: The speculation of a potential whale selling event cannot be dismissed entirely. If a significant number of long-term holders begin to liquidate their positions, it could exert downward pressure on Bitcoin’s price and potentially trigger a broader market correction. Decoding Whale Behavior: Are Long-Term Holders Signaling a Market Shift? Interpreting crypto market analysis , especially when it involves whale activity, requires a nuanced approach. It’s rarely black and white, and attributing a single motive to these movements is often an oversimplification. Several factors could be at play: Macroeconomic Conditions: Global economic uncertainties, inflation concerns, and changes in interest rate policies can influence investment strategies across all asset classes, including Bitcoin. Whales might be adjusting their crypto holdings in response to broader economic shifts. Regulatory Landscape: Evolving regulations in the cryptocurrency space can impact investor sentiment and behavior. Anticipation of stricter regulations or favorable policy changes could prompt whales to reposition their assets. Market Cycle Dynamics: Bitcoin operates in cycles. Long-term holders are keenly aware of these cycles and may strategically time their moves based on perceived market tops or bottoms. A price rebound within a larger bearish trend might be seen as a temporary peak to sell into. Altcoin Opportunities: The crypto market is not just about Bitcoin. The rise of alternative cryptocurrencies (altcoins) and decentralized finance (DeFi) presents diversification opportunities. Whales might be reallocating some of their BTC holdings to explore these emerging sectors. To gain a clearer picture, it’s essential to monitor several key indicators in addition to whale movements: Exchange Inflows/Outflows: Increased inflows of Bitcoin to exchanges could suggest selling pressure, while outflows might indicate accumulation. On-Chain Metrics: Analyzing on-chain data, such as transaction volume, active addresses, and miner activity, can provide further context to whale movements. Order Book Analysis: Examining buy and sell orders on exchanges can reveal potential price levels of support and resistance, and offer clues about market sentiment. Navigating Crypto Market Volatility: Actionable Insights for Investors The recent Bitcoin price rebound and subsequent whale activity highlight the inherent volatility and dynamic nature of the cryptocurrency market. For investors, this underscores the importance of: Staying Informed: Keeping abreast of market news, on-chain data, and expert analysis is crucial for making informed investment decisions. Relying solely on price charts is insufficient. Diversification: Not putting all your eggs in one basket is a fundamental investment principle. Diversifying across different asset classes, including within the crypto space, can mitigate risk. Risk Management: Understanding your risk tolerance and setting appropriate stop-loss orders can protect your capital during market downturns. Long-Term Perspective: While short-term fluctuations are inevitable, maintaining a long-term perspective, especially in Bitcoin and other fundamentally sound cryptocurrencies, can be beneficial. Due Diligence: Before making any investment decisions based on whale movements or market speculation, conduct your own thorough research and consider consulting with a financial advisor. Conclusion: Decoding the Whale Whisper The movement of Bitcoin by long-term holders after the recent price rebound is a development that warrants close attention, but not necessarily panic. It could be a sign of profit-taking, portfolio rebalancing, or potentially, early indications of a shift in market sentiment among these influential players. By monitoring whale activity in conjunction with broader market indicators and macroeconomic factors, investors can gain a more comprehensive understanding of the evolving crypto landscape and navigate its inherent volatility with greater confidence. The ‘whale whisper’ might not be a definitive market predictor, but it’s certainly a signal worth listening to in the ever-intriguing world of cryptocurrency. To learn more about the latest crypto market trends, explore our article on key developments shaping Bitcoin price action.
Bitcoin’s price swings have been influenced by exchange flows and increasing activity in new wallet addresses.
U.S. President Donald Trump’s decision to include leading altcoins in the proposed U.S. strategic cryptocurrency reserve has elicited sharp reactions both in favor of the move and opposing it. Among those responses, U.S. economist and crypto skeptic Peter Schiff said he opposes a Bitcoin reserve, but opposes a reserve with a mix of cryptocurrencies even more strongly. “I get the rationale for a Bitcoin reserve. I don’t agree with it, but I get it,” Schiff wrote in an X post. “But what’s the rationale for an XRP reserve? Why the hell would we need that?” Schiff awakens support for altcoins in the reserve The crypto X community had answers for Schiff. One of the strongest defenders of Ripple’s XRP was Cardano co-founder Charles Hoskinson. “Because XRP is great technology, a global standard, survived for a decade through many harsh cycles, and has one of the strongest communities,” he responded . Cardano’s ADA was also tapped for the potential reserve. Others touted XRP in the reserve for the same advantages it has on the market — low fees, liquidity and fast transactions. Panos Mekras, co-founder and CEO of Anodos Finance, also entered the fray on XRP’s side. “Because XRP is simply better in everything,” he said . Anodos Finance and its partner Safe Haven have integrated Safe Haven’s SHA token into XRP Ledger. Schiff countered: “OK, but do we also need a reserve of ETH, SOL, or ADA? Do we need reserves of those? Why not include Fartcoin? Also, about an NVDA reserve? or APPL? Are those valuable companies?” Choice of altcoins for the reserve also questioned There has been a welter of debate around that question. Many noted that the inclusion of altcoins in the reserve would make investors in those coins happy. Coinbase CEO Brian Armstrong also expressed support for a Bitcoin-only reserve, but added , “If folks wanted more variety, you could do a market cap weighted index of crypto assets to keep it unbiased.” President of venture capital firm Coinfund Christopher Perkins suggested : “Once the Stablecoin Bill is passed (assuming regulators don’t get the reg cap wrong), the market cap of stablecoins is going to go up…like a lot. … If the ‘gas’ tokens of the blockchains that hold them (including $ETH and $SOL) aren’t strategic, then I don’t know what is.” Maybe stick with the gold reserve? Schiff was annoyed by reactions to his post in the crypto press, where many writers interpreted it as support for a Bitcoin reserve. Schiff, the principal owner of SchiffGold, put a new spin on the proposed cryptocurrency reserve the following day when he posted : “If the U.S. government actually did buy crypto, it would be bullish for gold. By subsidizing the crypto industry, the government would divert scar[c]e resources away from the productive sectors of the economy. That would result in larger trade and budget deficits and a lower dollar.” In other words, any cryptocurrency reserve would be likely to slow economic growth and increase inflation, among other undesirable effects. Gold might serve a hedge against those trends. That point of view was also challenged. “So, semiconductors, blockchain and artificial intelligence are not productive sectors of the economy? What are you smoking?” a commenter asked . Others challenged the assumption that gold was economically more beneficial than Bitcoin. Gold is also subject to volatility and is not easily convertible, and no one knows exactly how much of it there is. Schiff reminded his audience that the cryptocurrency strategic reserve is not a done deal. Polymarket gives the odds of such a reserve being created in Trump’s first 100 days in office as 19%. Trump’s executive order created a working group. In the words of Trump himself: “My Executive Order on Digital Assets directed the Presidential Working Group to move forward on a Crypto Strategic Reserve that includes XRP, SOL, and ADA.” Cryptopolitan Academy: Coming Soon - A New Way to Earn Passive Income with DeFi in 2025. Learn More
BTC price returned to its peak, highlighting market volatility. XRP Coin gains support amid regulatory changes and potential White House appearances. Continue Reading: Crypto Market Faces Severe Losses as XRP Coin Rises Amidst Turmoil The post Crypto Market Faces Severe Losses as XRP Coin Rises Amidst Turmoil appeared first on COINTURK NEWS .
SEC Concludes Yuga Labs Investigation After 3+ Years: Tweet
CryptoQuant CEO Ki Young Ju has warned about the weaponization of crypto by the United States, noting that this could negatively impact the industry. In a tweet, the crypto executive noted that the industry now revolves around what benefits the US and President Donald Trump’s administration. According to Young Ju, the approach to regulation since Trump’s election has been that anything that benefits the US interests and President Donald Trump’s administration is no longer illegal. In his opinion, this is why the markets have become deregulated even though there are no proper regulations to prevent bad actors. He said: “One thing was made clear: “Follow the Trump administration’s agenda and contribute to U.S. national interests.” This principle was firmly established, and the issuance of Trump meme coins symbolized it.” However, he criticized picking crypto assets because they serve the US national interest. his view, any token that serves US interests will likely work against the interests of other nations. Bitcoin and Ethereum neutrality is a risk Meanwhile, Young Ju believes that Bitcoin and Ethereum could face existential risks in the US because they are neutral and aim to serve a global audience. He said: “Judging by Trump’s recent posts, it seems that Bitcoin and Ethereum are now being signaled as “neither friend nor foe.” This opinion is based on Trump’s posts announcing the launch of the crypto reserve. In his post on Truth Social, Trump initially said that XRP, SOL, and ADA would be in the Crypto Strategic Reserve. A few hours later, he added that BTC and ETH would be key assets in the reserve, noting that he loves the two cryptocurrencies. Young Ju interpreted the time of post to mean that Trump is asking for the two assets to show their strategic value to the US. He wrote: “Can I interpret his tweets this way? “BTC and ETH, show me your strategic value—for me and the USA. I just closed a deal with XRP, SOL, and ADA.” However, not everyone agrees with the opinion. One user explained that it is possible that Trump did not mention BTC and ETH initially because he assumed that people would know that they are automatically part of the reserves. Crypto market sheds all the gains from Crypto Reserve announcement Meanwhile, Bitcoin is back to $85,000 after shedding more than 8% in value to wipe off all its gains from the crypto reserve announcement. The flagship asset, which rose as high as $94,000 after yesterday’s announcement, has been in freefall since then. The crypto market sees a massive plunge in the last 24 hours (Source: CoinMarketCap) Other cryptocurrencies have also plunged in value, with ETH down 15%, XRP by 16%, ADA by 16%, and SOL by 17%. While the reason behind the decline is unclear, it highlights how the mostly negative sentiments that trailed Trump’s announcement. Even as the market rose immediately at the time, many stakeholders criticized the decision to use a crypto reserve instead of a Bitcoin reserve. The inclusion of XRP and ADA attracted even more criticism from popular crypto sleuth ZachXBT , who noted that the two blockchains do not have integrations from major stablecoin issuers. Cryptopolitan Academy: Tired of market swings? Learn how DeFi can help you build steady passive income. Register Now