Bitcoin (BTC) Price Rejected at $53K, Leaving Almost $300 Million in Liquidations (Market Watch)

Bitcoin jumped by several hundred dollars yesterday and tapped $53,000 for the first time in over two years but was violently rejected at that point.

Most altcoins are also well in the red on a daily scale, including substantial retracements from the likes of ADA, AVAX, SOL, ICP, APT, and more.

Bitcoin Touched But Failed at $53K

The primary cryptocurrency has been on an impressive run in the past few weeks, having soared from under $40,000 to over $50,000. This came as the recently approved spot Bitcoin ETFs in the States attracted billions of dollars in the first several weeks of trading.

The asset’s price has gone above $52,000 a couple of times lately but couldn’t keep the momentum going toward $53,000. That finally happened yesterday when the bulls initiated another leg up, resulting in touching that level to market a new high since late 2021.

However, the bears were quick to intercept the move and pushed BTC south. In a violent rejection, the cryptocurrency’s price slumped by more than two grand in an hour or so and fell below $51,000.

After another failed attempt to recover most losses, BTC now stands at just over $51,000. This enhanced volatility, as well as the alts’ performance, has left almost $300 million in liquidations in the past day, with longs responsible for two-thirds.

Its market cap is on the brink of losing the $1 trillion level, while its dominance over the alts has remained at the same spot – 49.2%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Alts in Retrace Mode

Most altcoins also briefly jumped yesterday, including Ethereum. The second-largest digital asset soared to just over $3,000 for the first time since April 2022 but has lost nearly $100 since then and now sits at around $2,900. Binance Coin has kept its run going and is up by 2.4% now to $362.

The rest of the larger caps are in the red now. Cardano (-5%) has dumped the most from this cohort of assets, followed by SOL, AVA, DOT, LINK, TON, ICP, APT, NEAR, and others.

The total crypto market cap has declined slightly overnight and sits at $2.050 trillion on CoinGecko.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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USDC Minting on TRON Ceases, All Support to Be Withdrawn Next Year

Circle, the company behind the second-largest stablecoin in the world, has announced the end of its support for the TRON network.

Although the minting of new USDC on TRON will be stopped effective immediately, support for the stablecoin on this network will continue until February 2025.

Maintaining Stability And Consumer Trust

According to a blog post recently published by Circle, users of USDC on the TRON network have a year at their disposal to exchange their tokens for USDC on other networks or for regular USD. This can be done either directly with Circle or with one of the many exchanges that offer support for the stablecoin.

“As part of our risk management framework, Circle continually assesses the suitability of all blockchains where USDC is supported. Our decision to discontinue support for USDC on TRON is the result of an enterprise-wide approach that involved the business organization, compliance and other functions across our company.

This action aligns with our efforts to ensure that USDC remains trusted, transparent and safe – characteristics that make it the leading regulated digital dollar on the internet.”

TRON, the blockchain created by crypto entrepreneur Justin Sun, and its native token, TRX, are crucial parts of the SEC fraud allegations against their creator, according to Bloomberg. Sun has denied the allegations, replying that they “lack merit.”

Although Circle has refrained from getting into the specific reasons for its withdrawal of support for the network, it’s likely that the allegations – along with a recent wave of exploits on the TRON network – played a significant part in the stablecoin issuers’ decision.

Tether Remains The Top Choice for TRON

Just last month, a report from Reflexivity Research indicated that TRON had overtaken Ethereum in the USDT use case department by 8%.

This leading position was also complemented by USDT’s contract share on the network, with about 95.6% of all contracts being tied to the most-used stablecoin in the world.

In spite of this, or perhaps because of it, USDC will no longer compete against its main rival on this particular network.

Currently, USDCs’ total market cap sits at just over $28 billion, according to CoinGecko – a steep decline from the ATH of $56 billion prior to the collapse of SVB. Circle has also recently filed for an IPO, although the company did not disclose the specifics.

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Ripple Inks an Important Deal With a Major Bank: Details

TL;DR

The Latest Bank to Collaborate With Ripple

One of the biggest banks in Egypt – Commercial International Bank (CIB) – teamed up with Ripple “to implement blockchain technology, enhancing the efficiency of cross-border payments.” The financial institution also hopped on the non-fungible token field, allowing customers to create unique and collectible NFTs.

“This initiative establishes a digital token ecosystem for the tourism industry, streamlining payments and offering loyalty rewards to travelers,” the bank emphasized.

The CIB’s leap into crypto coincides with the Egyptian government’s intentions to actively explore the potential of blockchain technology and harness it for “innovative advancements across diverse sectors.”

This is the second major local financial institution to announce a partnership with the American company, with the National Bank of Egypt doing so in 2021.

Ripple has been eyeing global expansion in the past few years due to the regulatory uncertainty in the US and the ongoing lawsuit against the United States Securities and Exchange Commission (SEC). Other financial institutions that have inked deals with the company over the years include Thailand’s oldest bank – Siam Commercial Bank (SCB), and Morocco’s Attijariwafa Bank.

Ripple and CBDCs

Ripple has also supported the efforts of several countries to launch a central bank digital currency (CBDC). In 2021, it collaborated with the Royal Monetary Authority (Bhutan’s central bank) to create a digital version of the ngultrum.

The small land-locked country in the Himalayas is known to be the only carbon-negative nation across the globe. Ripple explained that the CBDC would double down on that policy:

“Ripple’s commitment to sustainability was important for Bhutan. The CBDC solution is carbon-neutral and, because it’s based on the public XRP Ledger, is 120,000x more energy efficient than proof-of-work blockchains.”

Another institution that picked Ripple to introduce a CBDC plot project is the National Bank of Georgia (NBG). James Wallis (VP of Central Bank Engagements at the company) claimed the solution could drive transformative progress in the country’s public sector.

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HYVE Token Debut on ProBit Global Set To Empower Global Workforce

[PRESS RELEASE – Vilnius, Lithuania, February 21st, 2024]

ProBit Global is thrilled to announce that HYVE, the first decentralized labor exchange and largest freelance marketplace in web3, will list its HYVE token on the major global cryptocurrency exchange.

HYVE is building a new future for work by leveraging the transparency, security and decentralization of blockchain. Its platform facilitates worldwide job opportunities and payment systems without costly intermediaries, unlocking broader access for both employers and freelancers.

Through peer-to-peer smart contracts, HYVE allows automated, immediate and irreversible payments upon task completion. Its decentralized nature also means the platform itself is censorship-resistant, with no single party in control. Instead, the community directly governs HYVE through stake-based voting with the HYVE token.

The HYVE token listing on ProBit Global will give the project broader visibility and exchange market exposure. It represents a major step for HYVE amid ongoing expansion, with over 1 million global users and a growing catalog of job types from design to development.

ProBit Global aims to provide the most secure and stable cryptocurrency trading, with extensive due diligence on new project listings. “We’re thrilled to connect our user base to the HYVE community,” said David Lim, BD and Partnerships Manager at ProBit Global. The HYVE token debut will allow both new and experienced traders easy access to participate in the project’s ongoing progress.

This listing no doubt represents support for HYVE’s mission of leveling opportunities in the trillion-dollar workforce market through decentralized technologies. With blockchain unlocking a fairer future for work, ProBit Global stands with HYVE at the forefront of realizing such potential through an accessible, community-led platform for job seekers and employers worldwide.

About ProBit Global

Founded in 2018, ProBit Global is a Top 20 cryptocurrency platform featuring access to more than 800 cryptocurrencies and over 1000 different markets. ProBit Global aims to position itself as a world-class exchange for both crypto enthusiasts and novice investors, and boasts a user base of more than 2,000,000 active users, globally.

With a powerful crypto trading interface, easy integration for automated crypto trading bots, fiat on-ramp support for 45 currencies, and a multilingual website in 46 languages, ProBit Global has all the features to make your cryptocurrency trading experience easy.

To learn more, users can visit probit.com.

ProBit Global Telegram: https://t.me/ProBitGlobalOfficial

ProBit Global on X: https://x.com/ProBit_Exchange

Contact

Stuart Hendricks
ProBit Global
marketing@probit.com

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UK May Introduce Stablecoin and Staking Regulations in 6 Months: Report

According to Bloomberg, the British government is expediting the approval of new regulations for stablecoins and crypto asset staking services, aiming to have these rules passed by lawmakers within the next six months.

This statement comes amidst mounting pressure to deliver concrete proposals before an impending general election.

Expedited Crypto Legislation

Economic Secretary to the Treasury, Bim Afolami, affirmed this commitment during an industry event hosted by Coinbase in London on Monday. Afolami stated that the government is “pushing very hard” to enact legislation promptly, expressing confidence that tangible progress can be achieved within the specified timeframe, Bloomberg reported.

This move follows the Treasury’s initial pledge in October to offer enhanced clarity on specific areas of cryptocurrency regulation by 2024. Notably, the commitment ensued after an earlier consultation on fiat-backed stablecoins and the passing of the Financial Services and Markets Act in the previous summer.

Market observers, such as blockchain analytics firm Elliptic, anticipate that fiat-backed stablecoins and their issuers will be subjected to regulation under existing payment laws. This approach would empower the UK’s financial regulator to dictate which asset types can underpin stablecoins, contributing to a more structured and secure digital asset ecosystem.

Additionally, staking services, a fundamental aspect of blockchain operations, are set to receive a new classification that overcomes categorization as collective investments.

Tom Duff Gordon, vice president for international policy at Coinbase, emphasized this development in an interview, highlighting the importance of clear regulatory frameworks for fostering innovation while ensuring investor protection.

Crypto Regulation Delays Persist

Despite these advancements, broader proposals to bring crypto exchanges and industry providers under existing financial services regulations remain unresolved. Afolami refrained from providing a definitive timeline on when such guidance might materialize, citing the complexity of ongoing developments within the sector.

In 2022, UK Prime Minister Rishi Sunak committed to making the UK a leading center for crypto businesses and investments. However, the progress in regulatory measures has been slow, causing concerns among crypto firms about the unclear regulations affecting their operations.

By October 2023, the UK government expressed its plan to regulate the crypto sector under its financial laws, necessitating companies to secure approval from the Financial Conduct Authority (FCA) for crypto-related operations.

This led to several companies, including Revolut and Bitfinex, halting their services in the UK. To adhere to the FCA regulations, Coinbase started asking its UK users to fill out risk-acknowledgment forms from the previous month. Bittrex Global also announced its decision to wind down operations in November, citing regulatory hurdles and shrinking market share.

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Swiss Crypto Hedge Fund in Clash with Client over FTX Exposure: Report

Tyr Capital Partners, a crypto hedge fund based in Switzerland, is facing accusations of mismanagement from an investor, according to a Financial Times report.

Swiss prosecutors have initiated a search of the firm following allegations that started in August 2023 that Tyr Capital disregarded early warnings regarding the collapse of the FTX exchange.

Tyr Capital Partners Faces Legal Action

The legal allegations against Tyr Capital Partners were initiated by a hedge fund, TGT, that invested with the company. TGT has alleged the former negligence in addressing early warnings regarding the collapse of the FTX exchange, which has led Swiss prosecutors to investigate Tyr.

The plaintiff, TGT, is seeking to liquidate the portfolio and assume control of the remaining assets held by Tyr, which notably includes a $22 million claim against FTX. TGT claims to have cautioned Tyr’s chief investment officer, Edouard Hindi, about the financial instability of FTX between November 7 and November 10, 2022, mere days before the exchange’s collapse.

However, Tyr Capital Partners purportedly initiated efforts to withdraw its assets from FTX around November 11, coinciding with the day FTX filed for bankruptcy, according to legal documents filed in the case.

TGT further alleges that Tyr Capital Partners disregarded an internal risk mandate which stipulated that exposure to any single counterparty should not exceed 15% of assets. However, Tyr countered this claim by informing the prosecutor that an independent committee established by the fund concluded that it had not violated internal regulations, as per the legal filing obtained by the Financial Times.

Additionally, TGT reported an 84% loss in a portfolio containing its remaining assets between January and October last year. In response, Tyr said that the loss was false and wholly disputed.

Despite these allegations, Tyr Capital Partners, managing assets amounting to $140 million, has refuted any accusations of misconduct.

FTX Customers Await Fund Reimbursement

While FTX administrators have abandoned attempts to revive the exchange, it anticipates that customers’ funds will be reimbursed based on the value of their investments when FTX collapsed in November 2022. During this time, cryptocurrencies such as Bitcoin and Ethereum were valued at less than half of their current value.

Meanwhile, TGT had lodged another complaint with the Geneva prosecutor’s office in April last year, citing suspicions of “criminal management” and requesting a “dawn raid” on Tyr’s offices.

The search, during which documents were seized, occurred on August 17 last year, with Hindi, Tyr’s chief investment officer, summoned to provide information to the prosecutor. The status of the investigation remains ongoing, according to a spokesperson for the Geneva prosecutor.

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European Central Bank: Digital Euro for Payments Only, Not Investment or Holding 

A digital Euro CBDC will be “designed for making payments, not for investment,” explained Ulrich Bindseil, Jürgen Schaaf, and Executive Board member Piero Cipollone in a blog post on Feb. 19.

They added that many banks worry their customers might withdraw deposits to hold digital Euros instead. “These fears are misplaced,” they stated.

The ECB is developing a digital Euro CBDC with legal tender status functioning as a digital payment solution for Europe. However, concerns are growing over a potential flow of deposits from retail banks to the central bank, which controls the CBDC.

“CBDCs could affect financial institutions, as depositors might choose to move money from bank deposits to the central bank,” it stated.

Digital Euro Not for Holding

Therefore, individual holdings of the digital Euro would be limited to preserve the role of commercial banks, it added. Moreover, the CBDC would not pay interest and would have no corporate holdings.

The paper noted that a “reverse waterfall” mechanism would link digital Euro accounts to bank accounts, covering any shortfalls from the latter. This reduces incentives to hold large digital Euro balances.

The ECB has designed the digital Euro to mitigate risks of disintermediation and significant outflows from bank deposits. The combination of limits, no interest, and the “reverse waterfall” would discourage using it for investment purposes.

The ECB also warned over the threat of stablecoins and “e-money” which presumably referred to cryptocurrencies.

“Stablecoins, e-money institutions, and other narrow bank constructs, some sponsored by big tech companies with huge customer bases, do not care about the role of banks in the economy. Non-banks have no obvious incentive to limit the use of their stablecoins or the services they offer, and the use of stablecoins could become significant.”

In essence, the ECB has said that the digital Euro is not a store of value.

CBDC: More Control for the Central Bank

The ECB has also released a video explaining the perceived benefits of a digital Euro. It mentions “safeguards for financial stability, like digital Euro holding limits.”

What it doesn’t mention is that transactions will be monitored, surveilled, and linked to digital identities.

In an extreme totalitarian scenario, the central bank would have more power to restrict spending based on carbon usage if such legislation came into force.

Earlier this month, CryptoPotato reported that three major European banks, including the ECB, were actively working to undermine Bitcoin as it threatens their CBDC.

Furthermore, European banks have been disseminating FUD and misinformation to scare off the public.

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Autoglyphs Set Fetches Record-Breaking $14.6 Million in Historic NFT Sale

In a recent development that’s making headlines, a complete set of 10 Autoglyphs has been acquired for 5,000 ETH, equivalent to approximately $14.6 million.

This sale marks the highest NFT sale in the past two years and stands as the fifth-largest purchase on-chain, setting a new benchmark for the value of blockchain-based artworks.

The Collection

Facilitated by Fountain.xyz, a known brokerage specializing in rare digital art, the acquisition was made by a collector who, while preferring to remain anonymous, comes from a background deeply rooted in the traditional analog art scene.

According to a representative, the collector views the Autoglyphs as no different from a standard art acquisition and intends to exhibit the works in museums and institutional settings in the future.

The collector was represented by esteemed art advisor Amanda Schmitt, whose expertise has been recognized globally, including a feature on TIME magazine’s “Person of the Year” cover in 2017.

The Autoglyphs, created by Larva Labs’ Matt Hall and John Watkinson, emerged nearly two years after they created CryptoPunks. Comprising 512 unique outputs, the Autoglyphs have quickly become one of the most coveted collections for generative art enthusiasts.

The acquired set, one of only seven and among the three developer ones directly curated and minted by Larva Labs, was previously part of the renowned “Old School Collection.”

Autoglyphs Reach Unprecedented Heights

Autoglyphs have gotten widespread acclaim, having been exhibited at prestigious venues such as Centre Pompidou and Sotheby’s. Notably, Centre Pompidou, Europe’s largest modern art museum, featured the digital works as part of its first-ever exhibition on NFTs.

Two notable pieces, CryptoPunk #110 and Autoglyph #25, were even donated to Centre Pompidou, further solidifying the significance of Autoglyphs in the realm of digital art.

With over $50 million in secondary sales, Autoglyphs have established themselves as highly sought-after assets, and this latest acquisition only serves to solidify their position in blockchain art history.

Launched in 2019, Autoglyphs represent the first “on-chain” generative art on the Ethereum blockchain. Unlike many NFTs that rely on off-chain storage, each Autoglyph is self-contained within the blockchain, ensuring its uniqueness and ownership.

Produced by a highly optimized algorithm capable of generating billions of unique artworks, the Autoglyphs ceased production after the creation of 512 glyphs, making them exclusively available on the secondary market.

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Shiba Inu (SHIB) Achieves Another Massive Milestone: Details

TL;DR

Shiba Inu’s layer-2 blockchain solution – Shibarium – continues to make waves, frequently smashing various milestones.

On February 19, daily transactions on the network surged to 3 million, whereas the number of total transactions surpassed the 360 million mark. Wallet addresses currently stand at more than 1.3 million, while total blocks exceeded the 3 million level at the beginning of the month.

Shibarium, which officially saw the light of day in August last year, is designed to service the needs of the Shiba Inu ecosystem. It aims at lowering transaction fees and improving speed. Those curious to find out more about its purposes and specifics, feel free to check out our dedicated video below:

Some experts have claimed that the further advancement of Shibarium could positively impact Shiba Inu’s price. The meme coin caught the recent green wave in the crypto market, albeit recording less substantial gains than other altcoins.

It is up approximately 10% on a two-week basis and a mere 3% on a monthly scale. According to IntoTheBlock, its latest rally had changed the trends, with 37% of holders making money at current prices. In comparison, almost 90% of Shiba Inu investors were underwater in September last year.

Despite the ups and downs in SHIB’s valuation in the past several months, the Shiba Inu community remains devoted to its favorite digital currency. As CryptoPotato reported in December, the self-proclaimed Dogecoin killer is the meme coin with the strongest supporter base.

 

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ZeroLend Gears Up for Q1 2024 Token Launch: Seed Round Successfully Closed, Private Round Sees Surge

[PRESS RELEASE – Singapore, Singapore, February 20th, 2024]

ZeroLend, one of the fastest-growing DeFi protocols in 2024 is set to launch its native governance token ZERO in Q1 2024. Securing 3 million USD at a 25 million valuation, ZeroLend announces the successful closure of its Seed Round, with the Private Round rapidly filling up.

Currently the largest protocol on zkSync and third-largest on Manta in terms of TVL, ZeroLend aims to lead these chains before moving to other L2s and becoming a dominant platform on these chains.

Impressive Growth Reflects ZeroLend’s Momentum

ZeroLend is one of the fastest-growing DeFi protocols this year, with a 1500+% growth in TVL from 3 million to 50 million.

Averaging around 100k Daily Active Users, ZeroLend’s Zero Gravity airdrop campaign is a pivotal part of its strategy, highlighting its integration with Pyth and potential future integrations with Manta and zkSync ecosystem partners.

These incredible growth metrics underscore the increasing popularity and trust users place in ZeroLend’s decentralized lending protocol.

Investors Rally Behind ZeroLend’s Vision and Growth

Building on this momentum, the recently secured seed and private round funding will fuel the development and expansion of ZeroLend, a project incubated by MahaDAO.

Some of the notable VCs in the Seed and Private round include Momentum 6, Blockchain Founders Fund, Morning Star Ventures, Banter Capital, Newman Capital, dVdT, Transform Capital, Cypher Capital, Bison Fund, Ozaru Ventures, iAngels, Krypital, Genblock, viaBTC, GBV and Asteroid Capital.

Apart from VCs, some of the angels include MrBlock from Curve Finance, Pranav Sharma from Woodstock, Michael from Boxmining, Avi Felman from GoldenTree, Nick Rose from Ethernity Chain, Ajeet Khurana from Reflexical, Vijay Pravin from Bitscrunch, Vijay Garg from Mapleblocks and Danish Chaudhary ex-Bitcoin(dot)com, amongst over 100 other VCs and angels

Airdrop Initiatives and Future Plans

As part of its commitment to user engagement and community involvement, ZeroLend is gearing up for a series of airdrop initiatives under its Zero Gravity Campaign to coincide with the launch of its native governance token ZERO.

This launch signifies a crucial step in ZeroLend’s journey, opening the gateway to a series of potential airdrops for ZERO holders.

An official statement from Danilo Carlucci fromi Morningstar Ventures says: “As an early investor, I’m impressed by ZeroLend’s substantial growth and its strategic initiatives like the Zero Gravity campaign and integrations with key partners. I see great potential for ZeroLend to continue its trajectory, becoming a significant player in DeFi across various Layer 2 solutions.”

About ZeroLend

ZeroLend is the largest lending protocol on zkSync and the third largest lending protocol on Manta, with a focus on DeFi, lending on RWAs, privacy and account abstraction.

Website: https://zerolend.xyz

Docs / Whitepaper: https://docs.zerolend.xyz

Twitter: https://twitter.com/zerolendxyz

Discord: https://discord.gg/zerolend

DefiLlama: https://defillama.com/protocol/zerolend

Contact

Gafoor
gafoor@zerolend.xy

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Filecoin (FIL) Skyrockets 15% Daily, Bitcoin (BTC) Losses $52K Level (Market Watch)

Bitcoin tried its hand to initiate another leg up in the past 24 hours but was stopped in its tracks and has slipped by almost a grand since then to under $52,000.

Most altcoins, such as SOL, AVAX, LINK, and MATIC, are also in retreat today, with losses of around 3-4%.

BTC Slips Below $52K

The primary cryptocurrency had two equally as impressive consecutive weeks at the start in the middle of February, in which it gained nearly $15,000 from the bottom to the top. The latter came after several days with price surges in a row and culminated on February 15 at $52,900. This became Bitcoin’s highest price tag since late 2021.

The following few days were a lot more quieter. BTC failed to continue its rally and even dumped to $50,500 on Saturday. It managed to recover most losses on Sunday and Monday and went as high as $52,400 yesterday.

The bears, though, came back and didn’t allow any further increases. Just the opposite, BTC has lost some ground over the past 24 hours and now trades way beneath $52,000.

Its market capitalization remains above $1 trillion, and its dominance over the altcoins has been declining lately and is now down to 49.2% on CG.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Alts See Minor Retracements

Ethereum has been at the forefront of the recent altcoins rally. ETH jumped above $2,900 yesterday to chart a 21-month peak. Now, though, the second-largest digital asset has lost around 1% of value and sits just under that line.

More losses come from the likes of Solana, Cardano, Avalanche, Chainlink, Polygon, and ICP. All of those assets have declined by somewhere between 2-4%.

FIL is among the few exceptions. Filecoin has risen by 15% over the past day and now trades at $7.5. Arweave is up by double-digits as well (13%) and trades close to $15.

The total crypto market cap, though, has seen $20 billion gone overnight and is down to $2.060 trillion on CMC.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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Top 5 Meme Coins to Watch in 2024: Will These Outperform Bitcoin?

Meme coins have been a constant and exciting part of the cryptocurrency industry for a long while. It all started with Dogecoin (DOGE), but quickly escalated to an abundant ecosystem centered around memes, jokes, and community-building.

Some meme coin projects have taken it to another level, creating usable blockchain solutions like layer-two networks, wallets, decentralized exchanges, and whatnot.

Others have remained in the realm of jokes and memes and are predominantly centered around building communities.

In the following, we take a look at the most exciting meme coins to watch in 2024, and we also seek an answer to the question of whether or not they can outperform Bitcoin.

meme_coins_cover

Dogecoin (DOGE)

Think of Dogecoin as the godfather of meme coins. It was the first widely-recognized meme coin, created as a joke and nothing else. It’s been around since 2013, developed by Billy Marcus and Jackson Palmer.

Dogecoin has one of the largest communities in the industry and has attracted popular figures like the billionaire owner of Tesla, SpaceX, and X (Twitter) – Elon Musk.

Musk has stated, on multiple occasions, that he is a supporter of the cryptocurrency and that he will actively help with its development.

DOGE has always been a precursor to volatility in the market. Whenever it starts moving, that’s when traders know to expect action. 2024 is believed by many to be the year when a large bull run will begin, as the Bitcoin halving will take place in April.

If that turns out to be true, DOGE is likely to be one of the meme coins that will be worth watching. Will it reach the coveted goal of $1? Only time will tell.

You can find a complete guide on Dogecoin here.

Shiba Inu (SHIB)

Dogecoin’s hegemony spawned the appearance of multiple meme coins that aimed to claim some (or all) of its dominance. The first one to do it successfully was Shiba Inu (SHIB).

SHIB minted a lot of millionaires in the previous bull market, as it reached a total capitalization in the tens of billions. Small investments of a few hundred dollars were turned into hundreds of thousands if not millions, worth of profit.

Unlike the majority of the other meme coins that come to prominence only to descend into quick oblivion, SHIB stuck around. After numerous changes of leadership and a lot of back-and-forth, the team behind it is currently building a complete ecosystem that consists of Shibarium – its layer-two blockchain solution, as well as a number of other applications.

SHIB is just as unpredictable as any other meme coin, but with its built-in burning mechanism, a raging bull market might cause a lot of volatility in its price in 2024. You can find out more about Shibarium here:

Dogwifhat (WIF)

We are putting Dogwifhat (WIF) as the number three most exciting meme coin to watch in 2024 because it’s the newcomer on the block.

WIF started out as most meme coins centered around a funny meme of a dog wearing a hat – hence, the name. The meme coin is built on Solana and is currently one of the largest on the network, fostering a community of tens of thousands of holders.

WIF is known for its volatility, charting new highs and declines upwards of 30-40% every other week. This doesn’t discourage its community, which is constantly on the lookout for new members to put the hat on. Even Arthur Hayes – the former CEO and one of BitMEX’s co-founders – tweeted about it some time ago.

Dogwifhat is a meme coin in the true spirit of the word – the developer has supposedly sold out all of his tokens, and the supply is currently in the hands of its fans. WIF doesn’t have anything else built around it but an abundance of memes and jokes.

With the Solana ecosystem thriving in the past few months, meme coins built on it are certainly worth watching in 2024.

Bonk Inu (BONK)

Bonk Inu (BONK) is the O.G. meme coin on Solana. It took the world by storm in 2023, when it exploded to a market capitalization of close to $2 billion.

The interesting fact about BONK is that it was found within Solana Saga phones released a while ago. Back then, the team included $10 worth of BONK in those phones as a playful gift to SAGA phone users and perhaps as a way in the ecosystem.

Fast forward to 2023, that $10 gift was worth a few hundred dollars – more than the retail price of the phone itself. This caused an uptick in demand, driving the Saga phone’s price to $5000 on eBay.

Whether or not BONK will regain its all-time highs of 2023 is something that remains to be seen, but the cryptocurrency has certainly proven that it’s one to watch in the conditions of a raging bull market.

PEPE Coin (PEPE)

If you’ve paid close attention to the previous four meme coins – you would have noticed that all of them share a common theme – they are dog-themed.

Well, PEPE breaks the trend by introducing the first high-performing frog-themed meme coin.

It was launched toward the middle of April in 2023 and soared to a market cap of more than $420 million less than three weeks after that.

As you may have guessed, there’s a clear reference to Pepe the Frog Meme, although the official website clearly says that PEPE makes no claims about an association with Pepe the Frog.

You can find detailed information about the meme coin in our video:

Will These Outperform Bitcoin?

Meme coins are incredibly volatile and their performance is unlike that of other cryptocurrencies like Bitcoin. We decided to check with ChatGPT on the matter and asked if the above will perform better than BTC in 2024.

ChatGPT said that the meme coin market has a high degree of speculation and uncertainty, pinpointing five factors to watch in the coming year:

  1. Market sentiment and adoption
  2. Bitcoin’s position
  3. Utility and use cases
  4. Regulatory environment
  5. Market dynamics

The chatbot concluded:

While meme coins can experience sudden and dramatic price increases, they also carry significant risks and can be more susceptible to market sentiment swings. Bitcoin’s more established status might offer a different risk-reward profile.

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Original Post: Top 5 Meme Coins to Watch in 2024: Will These Outperform Bitcoin?

Cardano Outperforms Solana in This Key Metric: Details

TL;DR

Cardano has recently outshined some of its rivals in some essential metrics. According to CryptoSlam, NFT sales on the network have surpassed $1.6 million in the last week, representing a 100% increase. Solana’s figure stands at approximately $48 million, which is a 7% decline for the same time frame.

Total value locked (TVL) on Cardano has also been on the rise lately, exceeding the $400 million mark (per DefiLlama’s data) and hovering close to the peak levels observed in mid-December 2023.

As CryptoPotato recently reported, the metric has soared almost 700% year-over-year (YoY), pushing Cardano’s ranking from 34th to 13th.

Total value locked on Solana is currently around $2 billion, but the figure is far from the all-time high of approximately $10 billion registered in November 2021.

Cardano’s ADA has been among the top-performing altcoins as of late, registering a 25% price increase (per CoinGecko’s data) on a two-week scale. In comparison, Solana (SOL) is up 14% for that period, while Ripple’s XRP – 11%.

ADA Price
ADA Price, Source: CoinGecko

On February 8, the popular X (Twitter) analyst Ali claimed that “a sustained daily close above $0.53” could push ADA’s valuation to $0.68. Recall that the asset hovered around the resistance level for the next 24 hours and then started an uptrend towards the $0.55 mark.

Those willing to observe additional ADA forecasts can take a look at our dedicated video below:

Ethereum Price Prediction: Will ETH Hit $3.3K in February?

Renowned crypto analyst Michaël van de Poppe has made a bullish prediction for Ethereum, suggesting that it could soar to $4,500.

Van de Poppe believes Ethereum is soaking up Bitcoin’s upward momentum as investment capital shifts to ETH. According to the analyst, this is a “massive period to be rotating from Bitcoin towards Ethereum.”

Van de Poppe’s forecast comes amidst Ethereum’s recent surge in price, which saw a 9% increase in seven days and 17.5% in one month. Ethereum-related cryptocurrencies have experienced notable gains as well, with MATIC and OP surging by 5% and 6%, respectively.

On Monday, ETH tapped $3K, its highest in nearly two years, signaling a bullish trend. The recent price surge could be attributed to the growing optimism surrounding the potential approval of a spot Ethereum ETF by the SEC, following the footsteps of Bitcoin.

Some experts, such as Tom Crown (CEO of Crown Analysis), believe the upswing could continue in the following days, predicting ETH’s surge to $3,300 before the end of February.

Another person who outlined an optimistic scenario is Raoul Pal (co-founder and CEO of Real Vision). Earlier this month, he forecasted that ETH could rise to as high as $20,000 during the next bull cycle, while BTC could hit the astonishing $250,000.

The X (Twitter) user Altcoin Gordon was also quite bullish, setting a price tag of $11,250 to be reached by the end of the ongoing year.

However, Ethereum’s current market strength could be further bolstered by the upcoming Dencun upgrade, or a short-term peak of BTC, according to the analyst.

Ethereum Upgrades Could Boost ETH’s Price

The Dencun upgrade aims to address Ethereum’s limitations in transaction speed and cost. By implementing sharding —a concept involving breaking network data into smaller “shards”— the upgrade aims to increase the overall computation throughput on the Ethereum network, making it more competitive with faster networks like Solana.

Vitalik Buterin underscored the Dencun upgrade as a significant development for Ethereum and its accompanying Layer-2s.

According to Buterin, Dencun is a big step towards making Ethereum more “rollup-friendly” while enhancing scalability and reducing costs on transactions.

Besides the Dencun upgrade, the integration of Verkle trees on the Ethereum blockchain is expected to streamline Ethereum nodes’ storage needs while maintaining their block validation capabilities, enhancing efficiency and decentralization within the network

Meanwhile, another factor that could increase Ethereum’s price is the approval of a spot in the ETH ETF by the US Securities and Exchange Commission. Check out our recent video on the matter here:

ChatGPT Gives Bonk, Myro, Sponge V2 Price Outlooks for 2024

The meme coin market shows no signs of cooling off in early 2024, with tokens like Bonk (BONK), Myro (MYRO), and Sponge V2 (SPONGEV2) gaining traction.

ChatGPT, the viral chatbot from OpenAI, has offered its expert price outlooks for these meme coins from now through the end of the year – with SPONGEV2 being the standout option according to the model.

Bonk Set to Smash Through $0.000035 in 2024, According to ChatGPT

First up is Bonk, now ranked as Solana’s largest meme coin.

BONK boasts a market cap of $822 million, making it almost as big as Pepe (PEPE) and dogwifhat (WIF) combined.

After looking at factors like community strength, market comparisons, and potential growth catalysts, ChatGPT came away highly optimistic about BONK’s potential in 2024.

Laying out a very bullish scenario, ChatGPT sees BONK breaking out of its trading range thanks to a mix of continued hype and developments in the broader Solana ecosystem.

With meme coin momentum still high, ChatGPT believes BONK could capture investor attention again and begin another bull run.

If the stars align, ChatGPT believes BONK could reach as high as $0.000035 over the next 12 months.

Hitting this price point would represent upside of 170% from the token’s current price and take it to a new all-time high.

Myro Poised for 183% Price Explosion, Per ChatGPT’s Analysis

Moving from one Solana-based meme coin to another, ChatGPT has also set its sights on Myro – the token named after the Solana co-founder’s pet dog.

This connection to a leading figure in the Solana ecosystem has already paid dividends, with MYRO’s price spiking 1,690% throughout December and January.

Though MYRO is now down 65% from January’s peak, ChatGPT still sees ample room for growth in 2024, given the right conditions.

Factors like sustained community engagement, developments on Solana boosting adoption, and continued speculation around meme coins could provide the necessary bullish momentum.

If MYRO can recapture the form that it had in early 2024, ChatGPT believes there’s scope for another viral price run.

Should this occur, ChatGPT thinks the token could reach between $0.15 and $0.25 by the end of the year.

Achieving this level would represent gains of up to 183% from MYRO’s current price of around $0.089.

ChatGPT Projects 500% Upside for Sponge V2 After Polygon Migration

Last but not least, ChatGPT also set its sights on Sponge V2, the sequel token to the original Sponge (SPONGE) meme coin.

Now thriving on the Polygon blockchain, SPONGEV2 is up 134% in the past two weeks and boasts a market cap of $52.5 million.

There are over 50,000 SPONGEV2 holders at the time of writing, with a circulating supply of 40.4 billion tokens.

Armed with the context around SPONGEV2’s recent Polygon migration, ChatGPT sees several other factors converging that could put the token on a bullish trajectory in 2024.

These factors include the development of a Play-to-Earn (P2E) game that could massively boost SPONGEV2’s utility and appeal.

Combined with the attractive staking yields, plus strong social media buzz, SPONGEV2 has all the elements of a meme coin that could see exponential growth.

In a very bullish scenario, accounting for these dynamics, ChatGPT believes SPONGEV2 could reach as high as $0.01 by the end of the year.

This price target would represent nearly a 500% gain from the token’s current price – meaning those who invested today could increase their position size significantly.

Moreover, hitting this price level would easily surpass the development team’s $100 million market cap goal that’s laid out in the project’s whitepaper.

Ultimately, if Sponge V2 continues executing on its roadmap and delivering value, the token will have tremendous upside potential in 2024 and beyond.

Visit Sponge V2 Website

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Readers are also advised to read CryptoPotato’s full disclaimer.

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Ethereum Futures Traders Bullish as Open Interest Surges to July 2022 Levels

ETH has been one of the best-performing assets lately, witnessing a remarkable surge above $2,900 as it reached its highest point in almost two years.

Currently, Ethereum futures traders appear to be increasingly confident about the leading altcoin’s trajectory. This was evident by the significant surge in open interest which reached its peak to levels not seen since July 2022, in tandem with price.

The open interest (OI) metric across all exchanges essentially represents the total number of open futures contracts, regardless of the trade direction. Higher values signify increased confidence among futures traders in the prevailing trend, while lower values indicate uncertainty.

Open Interest Soares Alongside Price

Data compiled by CoinGlass revealed that the total open interest in Ethereum futures is currently valued at $10.5 billion, reflecting a 50% rise since the start of 2024. Binance captured the majority of OI with $3.50 billion, followed by Bybit with $1.93 billion, while OKX and Deribit comprised $1.39 billion and $1.14 billion, respectively.

The rise in open interest implies an uptick in trading volume and engagement with Ethereum derivatives, signaling increased market interest, speculation, or hedging activities associated with the crypto asset, particularly in anticipation of possible upcoming price drivers.

Despite this, chances of abrupt downside break still exist. As such, a sudden liquidation event could potentially lead to significant short to mid-term price declines, the CrytpoQuant analyst warned.

“This surge indicates sustained confidence among futures traders in Ethereum’s current uptrend. However, given the impulsive nature of the recent ascent, traders should exercise caution and consider the potential for sudden liquidation events, which could trigger notable short to mid-term price declines.”

Rising Demand for Ethereum

After a spectacular market recovery driven by the introduction of spot Bitcoin ETFs, all eyes are on the approval of a similar product that provides exposure to Ethereum. In fact, several traditional firms have already submitted their proposals for a spot Ethereum ETF.

Additionally, the rising prices have also been supported by the increased accumulation of whale entities as they anticipate a bullish revival.

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Minutes Network Unveils Plans To Onboard More Than 1 Billion Users By Q1 2026.

[PRESS RELEASE – Kingstown, St Vincent and the Grenadines, February 19th, 2024]

Minutes Network, the world’s only blockchain-based, distributed, and decentralized voice carrier, has declared its plan to onboard over 1.2 billion users over the next two years.

The key to this expansion plan is the proprietary Rapid Growth Library (MRGL) which enables rapid user scaling at the press of a button. This unique technology seamlessly onboards users eliminating the need for consumer marketing and the investments typically associated to such an endeavour.

Josh Watkins, Minutes Network CEO added ‘MRGL is the key that unlocks Minutes Network. Exceeding one billion users in twenty-four months sounds like a large mountain to climb, however our innovative engineering makes this possible. The next two years are going to be an incredible journey.’

Minutes Network has a unique commercial model. First, the Mintech technology suite facilitates close to zero-cost termination rates, ensuring the internal value capture from every call terminated is close to 100%. This has never been done before. Secondly, the decentralised and distributed architecture allows the general public to own, operate and benefit from running the Minutes Network node infrastructure.

´500 Switch Nodes and 2500 Validation nodes will provide capacity to terminate up to 72 million minutes of call traffic every day. This will be one of the first opportunities, if not the first opportunity for the mainstream public to be a part of the telecommunications minutes sector.

Minutes Network’s model at its core, utilises proprietary technologies to leverage call traffic volumes and termination revenues from Tier1 carriers. The market is forecast to increase with a CAGR of 15% up-to 2030, creating the perfect foundation for Minutes Network Token’s reward based sharing economy.

Alex Houssam Berry, Head of Minutes Network Token (MNT), commented ‘All the net revenues of Minutes Network are transformed, on-market, into an MNT reward pool and distributed to network participants. Node owners will undoubtedly be the biggest beneficiaries, but our caller reward programme will do something very special in the world of blockchain. By providing MNT rewards to both parties on every call, we will passively introduce millions of people to the blockchain. As the awareness grows around the network and MNT, we anticipate exponential growth in MNT adoption and utilisation’.

Asked when the public can expect to learn more about the technologies behind Minutes Network, Watkins added ‘Our whitepaper will be released in the near future and will explain much more about our of the proprietary protocols and technologies, and in the meantime, there is much that is already available in the Discovery section of the Minutes Network Token website’.

About Minutes Network:

Minutes Network operates in the $251 billion paid-for voice calling market. Our proprietary, next-generation, technologies deliver the lowest-cost termination charges in the market.

Minutes Network Token (MNT) uses blockchain technologies to decentralise the global scale, multi billion dollar, telecommunications commodity minutes market. MNT tokenises bandwidth and distributes value to Minutes Network participants

For more information go to minutesnetworktoken.io or join the MNT community on telegram https://t.me/minutesnetworktoken

Contact

Head of Token
Alex Houssam Berry
Minutes Network Token LLC
team@MINUTESNETWORKTOKEN.IO
+1 914-265-9030

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Record Week in Total Inflows of $2.45B, Bitcoin Dominates With 99%: CoinShares

Amidst a meaningful market recovery, digital asset investment products welcomed a record weekly inflows of $2.45 billion. This pushed year-to-date inflows to now at an impressive $5.2 billion.

These numbers, combined with recent favorable price trends, have pushed the total assets under management (AuM) to $67 billion, the highest level since December 2021.

Solana Faces Investor Sentiment Takes a Hit

According to CoinShares’ latest edition of Digital Asset Fund Flows Weekly Report, Bitcoin received the majority – over 99% – of the inflows. This is despite the fact that a certain portion of investors seized the chance to increase short-bitcoin positions, resulting in $5.8 million in inflows over the past week.

Among the altcoins, Ethereum also experienced positive momentum with $21 million in inflows.

Its contender, Solana, has also been performing reasonably well since the beginning of this year. However, investor sentiment took a hit after the recent network outage, which lasted five hours due to a bug that made transactions enter an infinite loop, affecting its performance. CoinShares’ revealed that digital asset investments focused on Solana saw outflows of $1.6 million over the same period.

On the other hand, Avalanche, Chainlink, and Polygon attracted inflows of $1 million, $0.9 million, and $0.9 million, respectively, distinguishing themselves for consistently attracting weekly inflows throughout the year. Meanwhile, XRP settled with $0.4 million in weekly inflows.

Spot Bitcoin ETFs Drive Inflows in the US

As expected, the United States overwhelmingly led in inflows, accounting for 99% of the total at $2.4 billion. This surge reflects a notable uptick in net inflows spread across different providers, signaling a growing interest in spot-based ETFs.

At the same time, outflows from established players have significantly dwindled. In other regions, such as Germany and Switzerland, inflows were modest, amounting to $13 million and $1 million, respectively, whereas Sweden witnessed outflows totaling $2 million.

After recording continued inflows, investors in blockchain equity ETFs opted to cash in their profits, resulting in outflows amounting to $167 million.

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Fake Rabby Wallet Approved on App Store Before Real One

Rabby Wallet is a somewhat popular crypto wallet made by Debank that has been around for a while now and boasts support for 141 chains and multiple signing modes.

On the 16th of February, the company behind Rabby Wallet announced the launch of the beta version of its mobile app.

Unfortunately for fans of the platform, the app you find when searching for Rabby Wallet on the iOS App Store is, in fact, a drainer with no ties to the real app.

Multiple Users Scammed

Reports have started to pour in that users who installed the iOS version of the app have had their crypto stashes completely drained. The discussion originally started on Reddit and continued onto the official Apple forums.

“This has been reported by many people, but the app is still in the appstore. The problem is the Real Rabby Wallet has an app under review by Apple, so this scammer’s approved AppStore App called “Rabby Wallet & Crypto Solution” is tricking people into thinking it is the genuine one, they enter their seed phrase or private key, and moments later all of their life savings, crypto belongings are GONE!”

According to the scammed users, the real Rabby Wallet is still pending approval by Apple, while the fake app, published by “VIET LONG FINANCIAL INVESTMENT JOINT STOCK COMPANY,” has been approved.

One particularly unfortunate investor reportedly lost just under 14 ETH to the scam, and he is far from being the only unfortunate target.

Users have also reached out to Apple requesting reimbursements due to the company’s failure to vet apps on its store properly.

How Was This App Approved?

In spite of Apple’s relatively stringent approval process, malicious apps like this one occasionally slip through.

According to the Reddit user who started the thread, Apple Support has allegedly stated that the app had been approved as something else in the past, remained active, and then updated to resemble Rabby Wallets’ GUI shortly after the launch announcement was made.

“It seems this is a Long Con […]. What apparently happened here is this app was vetted and approved years ago into AppStore as I assume just some basic personal finance app, something generic. Then what they did is an “Update” that rebranded into the Phishing Wallet with Rabby Wallet artwork recently, and their update was approved before and created this whole mess.”

For now, users of Rabby Wallet are advised to avoid downloading the app from anywhere but the official repo to avoid their crypto stash being misappropriated.

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South Korea Reportedly Pushes for 2-Year Postponement on Crypto Taxation

South Korea’s ruling People Power Party is reportedly advocating for a further two-year taxation postponement on cryptocurrency investment gains, which appears to be part of the party’s campaign for the general election coming in April.

Notably, the program was scheduled earlier for 2023 and rescheduled to January 2025, and the current People Power Party request is looking to push it to 2027.

People Power Party Wants Extension on Tax Policy

According to a report by Herald Business Daily, the People Power Party has emphasized that the government’s tax policy safeguards the public’s assets and well-being. A political leader from the party also highlighted the risks of implementing taxation without having a solid tax base.

Regarding the decision to postpone, he noted that there is no regulatory framework in place that is similar to stock exchanges, and there are instances where proof of income is handed to virtual asset companies. Further, the postponement, he says, is part of the party’s election pledge targeting 2030. He believes that at least two years will allow the necessary amendments to be passed and establish a robust regulatory system.

The new crypto regulations in South Korea are set to include crypto custody providers and guidelines for token listings. These regulatory measures will add to South Korea’s initial set of crypto regulations, which will take effect in July 2024.

Meanwhile, the party is looking to finish its core election promises by the end of the month.

South Korea Considers Crypto Tax Reform

Last month, a Ministry of Economy and Finance representative hinted at the possibility of discussions within South Korea’s legislative body regarding the abolition of income tax on cryptocurrency assets. The discussion aligns with the administration’s broader initiative to eliminate taxes on various financial investments, including stocks and funds.

However, the People Power Party is not considering completely abolishing cryptocurrency taxation. Instead, the party proposes harmonizing the crypto tax threshold with that of stocks, advocating for a more equitable tax framework. A 22% tax is imposed on crypto gains exceeding 2.5 million Korean won ($1,875), while stock gains are only taxed beyond 50 million won.

In December 2023, South Korea announced a policy mandating high-ranking public officials to disclose their cryptocurrency holdings beginning the following year. This policy aims to mitigate potential conflicts of interest and uphold ethical standards among government officials.

Furthermore, South Korea’s financial oversight head, Lee Bok-hyun, intends to discuss the cryptocurrency industry with U.S. SEC Chairman Gary Gensler, specifically focusing on spot Bitcoin ETFs.

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