Day: May 10, 2024

U.S. CFTC Proposes Ban on Political Event Contracts

Prediction platforms including PredictIt, Polymarket, Zeitgeist and Kalshi give users opportunities to buy contracts on the outcomes of actual events, including elections and policy developments, and they’ve been popular in crypto circles. Buyers make yes-or-no bets that pay off if they’re right and cost them money if they’re wrong. Contracts on political contests, awards contests and the outcome of games would be banned for U.S.-regulated companies under the proposal. Source

Crypto Custody Tech Firm Fireblocks Plans NYDFS-Regulated Trust Company

“Our position is not to poke at any regulator, any political party, or the government,” Levine said. “We’re just applying the existing rules and existing framework. We know there’s a business need based on clients, based on the market opportunity. We understand what the current regulatory framework is, and SAB 121, as it is, in the current view of federal regulators and state regulators. We believe that pursuing the trust license in becoming a qualified custodian was the right approach.” Source

Shouldn’t All These Crypto Lawyers Start Learning About Crypto?

Fortunately, as crypto-native associates become more senior, the dynamics within law firms are beginning to change. Truly adept “crypto lawyers” have emerged at many prestigious law firms, and there are lawyers at specialized boutiques who certainly know their stuff, but this phenomenon remains surprisingly rare. This shift is crucial, as lawyers who understand and can innovate within the framework of cryptocurrency law are critical for the industry’s future. Source

Bitcoin Price (BTC) Falls 4% in U.S. Morning Hours

The news combined to send the U.S. dollar and bond yields modestly higher, but had little effect on stocks. Bitcoin, on the other hand, retreated quickly, tumbling at one point more than 4% from the day’s high to $60,700. At press time, the price had bounced a hair to $61,000, lower by 0.6% over the past 24 hours. The broader CoinDesk 20 Index is up 0.15% over the same period. Source

New Meme Coin Dogeverse Raises $13M in ICO – the Next Dogecoin?

A new meme coin, Dogeverse (DOGEVERSE), has crypto traders buzzing in May. Having raised over $13 million in its initial coin offering (ICO), Dogeverse has traders wondering whether it could be the next Dogecoin-style token to take the market by storm. Multi-Chain Meme Coin DOGEVERSE Takes Crypto Market By Storm So what exactly is Dogeverse, […] Source CryptoX Portal

Toncoin Soars 32% On Back Of Pantera Capital’s Mega-Investment

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Toncoin (TON), the native token of the Telegram Open Network (TON), is experiencing a meteoric rise after a major investment from venture capital giant Pantera Capital. The news sent positive vibes through the crypto market, propelling TON’s price over 30% in the weekly timeframe, and reigniting investor enthusiasm for the project. Source: Coingecko Related Reading Pantera Bets Big On TON’s Mass Adoption Potential Pantera Capital, a leader in blockchain investments, has made a significant move by placing a hefty bet on the Toncoin ecosystem. While the exact investment amount remains…

Bitcoin Short Term NUPL Value Turns Negative, What This Means For Price

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Crypto analyst Onchained recently provided valuable insights into an important metric that can be used to gauge the future trajectory of Bitcoin. The analyst suggested there was no cause to worry at the moment but highlighted what to watch out for to know the right time to exit the market.  Bitcoin Short-Term Holders NUPL Turns Negative In a blog post, the analyst noted that the NUPL (Net Unrealized Profit/Loss) for Bitcoin’s short-term holders recently turned negative. The analyst added that this signals fear among this category of investors, which is…

Bankrupt Crypto Lender Blockfi Enlists Coinbase to Distribute Crypto Payouts 

The now-defunct crypto lender Blockfi is officially shutting down the firm’s web portal this month according to an update from the firm. Blockfi said that it has partnered with Coinbase to help facilitate the execution of withdrawals to eligible Blockfi customers. Blockfi Collaborates With Coinbase for Withdrawals, Plans to Shut Down Web Portal After the […] Source CryptoX Portal

Bitcoin price may not retest this year’s highs for another five months

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After its sharp rally earlier this year, the summer doldrums may have come early for bitcoin . The cryptocurrency is up 48% for the year thanks to bullish enthusiasm surrounding the debut of U.S. bitcoin ETFs in January and the April 19 halving . Bitcoin is on pace for its first positive week in the past six, according to Coin Metrics. However, it’s fallen 11% in the second quarter and is off about 14% from its all-time high above $73,000, reached in March. Analysts remain optimistic on bitcoin long term,…