11h ago • cryptopotato
Are Green Cryptos the Next Trend after Memes in 2023 as Ecoterra Nears $5M in Presale?
While the current FUD surrounding crypto is regarding the SEC suing crypto exchanges for selling securities, history often repeats itself, and the last bull market saw crypto prices plummet as Tesla dropped BTC payments due to environmental concerns. Therefore, cryptos that take sustainable climate action could perform well next time the sustainability narrative arises. We […]
12h ago • cryptodaily
Robinhood Delists Solana, Cardano, and Polygon
Trading app Robinhood will remove Solana, Cardano and Polygon from its platform come June 27. The move comes after the SEC alleged that several crypto tokens are unregistered securities.
Robinhood Markets Inc. announced today that it would end support for Solana (SOL), Cardano (ADA), and Polygon (MATIC) as of June 27.
No Other Coins Will Be Affected
The trading app informed users they would no longer be able to trade the tokens on its platform just days after the SEC labelled several popular cryptocurrencies unregistered securities. The regulator made the allegations in a lawsuit against crypto exchange Binance and its CEO, Changpeng Zhao.
The lawsuit names Cardano, Polygon, Solana, Cosmos Hub (ATOM), Filecoin (FIL), Decentraland (MANA), Algorand (ALGO), The Sandbox (SAND), Coti (COTI), and Axie Infinity (AXS). The suit also identified the BUSD and BNB stablecoins as securities.
Robinhood limited its delisting to SOL, ADA, and MATIC and said to users that no other coins would be affected and would remain safe on its platform.
It had been reported that the trading app would review its cryptocurrency offerings. On Tuesday, the company’s chief legal officer, Dan Gallagher, told Congress that it is “actively reviewing” the SEC’s analysis “to determine what if any, action to take.”
Gallagher, a former SEC commissioner, testified before the House Agriculture Committee during a meeting on digital assets.
SEC Sparkes Chaos in the Crypto Market
The securities agency filed lawsuits against two of the largest cryptocurrency exchanges – Binance and Coinbase.
According to the SEC, Binance mishandled customer funds and deceived investors and regulators about its operations. It further alleged that both Zhao and the exchange failed to restrict US customers from its platform and charged Binance with operating as an unregistered securities exchange.
The agency filed suit against Binance’s rival platform, Coinbase, accusing the exchange of acting as an unregistered broker, exchange, and clearinghouse. The SEC charged Coinbase for “the unregistered offer and sale of securities in connection with its staking-as-a-service program.”
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
13h ago • cryptodaily
Vitalik Outlines Three Transitions for Ethereum's future
In a recent blog post, Ethereum co-founder Vitalik Buterin has unveiled a roadmap consisting of three significant technical transitions that he believes are vital for ensuring the long-term success and sustainability of the Ethereum blockchain.
Three must-implement transitions
Buterin emphasises that these transitions, namely Layer 2 scaling, wallet security enhancement, and privacy measures, are essential in maintaining Ethereum's decentralised nature and for guaranteeing open and unrestricted access for all users.
Failure to implement these transitions, warns Buterin, could potentially undermine Ethereum's viability as a robust and widely adopted platform.
Layer 2 scaling
The first transition focuses on scaling Layer 2 solutions. Over the past few years, Ethereum has witnessed the emergence of a Layer 2 ecosystem comprising solutions like Optimistic Rollup and Zero Knowledge-Rollup, which have effectively reduced transaction costs. However, as the majority of activities still occur on the main Ethereum network, further maturation and scaling of the Layer 2 space are necessary.
Buterin highlights the potential consequences of neglecting Layer 2 scaling, including skyrocketing transaction fees during market expansion phases or bullish market trends. Such circumstances may lead users to seek centralised alternatives, posing a threat to Ethereum's decentralisation goals.
"The absence of the first transition, Layer 2 scaling, would render Ethereum vulnerable, with each transaction costing $3.75 ($82.48 during a bullish market). This would inevitably drive mass-market products to disregard the Ethereum chain and adopt centralized workarounds," Buterin explained.
Wallet security
The second transition highlighted by Buterin centres around wallet security. Buterin expresses concern that potential security risks may discourage users from storing their funds and non-financial assets on the Ethereum network, driving them towards centralised exchanges as a safer alternative.
"Without the second transition, wallet security, Ethereum's success is compromised as users become hesitant to store their funds securely. This could result in a mass migration towards centralized exchanges," warns Buterin.
To enhance wallet security, Buterin proposes a shift towards smart contract wallets with advanced features such as social recovery, similar to the concept of account abstraction. These enhanced wallets would offer improved security measures and an enhanced user experience.
Privacy
The third and final transition emphasised by Buterin is privacy. He cautions that the absence of robust data privacy measures may discourage users from utilising Ethereum's capabilities fully. To address this concern, Buterin suggests the implementation of stealth address protocols, which would provide privacy features for Ethereum users.
By integrating stealth address protocols, Ethereum would be able to offer enhanced privacy options, attracting users who value anonymity and data protection.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
16h ago • cryptodaily
Binance.US To Suspend All USD Deposits and Withdrawals
Binance.US announced on Thursday that it is suspending US dollar deposits, and its banking partners are preparing to halt fiat dollar withdrawals come June 13.
On Thursday, Binance’s US arm said it would suspend US dollar (USD) deposits on its platform, while its banking partners have said it will pause fiat dollar withdrawals channels as soon as June 13, Reuters reports.
The exchange said in a tweet it is taking “proactive steps” as it transitions to a crypto-only exchange for the time being following the SEC’s lawsuit earlier this week. The platform said staking, trading, deposits, and withdrawals in cryptocurrency remain fully operational. Binance.US further told its users it maintains a 1:1 reserve for customer assets.
The SEC has taken to using extremely aggressive and intimidating tactics in its pursuit of an ideological campaign against the American digital asset industry. https://t.co/AZwoBOgsqS and our business partners have not been spared in the use of these tactics, which has created… pic.twitter.com/rlIe6swIoY
— Binance.US
19h ago • cryptodaily
CBA Limits Payments to Crypto Exchanges, Crypto Daily TV 9/6/2023
In Today’s Headlines TV CryptoDaily News:
Kraken NFT marketplace launched
Cryptocurrency exchange Kraken has officially launched its NFT marketplace out of beta testing, supporting over 250 non-fungible tokens across the Ethereum, Solana and Polygon blockchains.
Australia’s biggest lender plans to curb payments to crypto exchanges
Australia’s banking sector is making it harder to transfer funds to cryptocurrency exchanges, citing the risk of scams. The latest step came from the Commonwealth Bank of Australia, which plans to impose a A$10,000 monthly limit on payments to digital-asset trading platforms.
Bitcoin halving is coming, and only the most efficient miners will survive
Roughly every four years, the reward for successfully mining a bitcoin block is cut in half. This event, known as the halving, reduces inflationary pressure on bitcoin. Currently, rewards are 6.25 BTC per block, and in April 2024, they will be reduced to 3.125 BTC per block.
BTC/USD exploded 1.0% in the last session.
The Bitcoin-Dollar pair skyrocketed 1.0% in the last session. The Stochastic-RSI gives a positive signal. Support is at 254191, and Resistance is at 278411
The Stochastic-RSI is giving a positive signal.
ETH/USD skyrocketed 1.1% in the last session.
The Ethereum-Dollar pair skyrocketed 1.1% in the last session. The CCI is giving a negative signal. Support is at 1779.5067, and Resistance is at 1920.0067.
The CCI is currently in the negative territory.
XRP/USD exploded by 1.7% in the last session.
The Ripple-Dollar pair skyrocketed 1.7% in the last session. The MACD is giving a positive signal. Support is at 0.4901, and Resistance is at 0.5521.
The MACD is currently in positive territory.
LTC/USD saw a minor dip of 0.2% in the last session.
The Litecoin-Dollar pair made a minor downward correction in the last session, dropping 0.2%. The MACD is giving a negative signal, which matches our overall technical analysis. Support is at 85.4767, and Resistance is at 92.8767.
The MACD is currently in negative territory.
Daily Economic Calendar:
US USDA WASDE Report
The World Agricultural Supply and Demand Estimates report, published monthly by the United States Department of Agriculture, provides forecasts for agricultural commodities’ supply and demand.
The US USDA WASDE Report will be released at 16:00 GMT, the US Baker Hughes US Oil Rig Count at 17:00 GMT, and Finland’s Industrial Output at 05:00 GMT.
US Baker Hughes US Oil Rig Count
The Baker Hughes Rig Count is an important business barometer for the drilling industry and its suppliers. Active drilling rigs consume products and services produced by the oil service industry.
FI Industrial Output
The Industrial Output shows the production volume of industries, i.e., factories and manufacturing.
AT Industrial Production
Industry is a basic category of business activity. Changes in the volume of the physical output of the nation’s factories, mines and utilities are measured by the index of industrial production.
The Austrian Industrial Production will be released at 07:00 GMT, Japan’s CFTC JPY NC Net Positions at 20:30 GMT, and the UK’s CFTC GBP NC Net Positions at 20:30 GMT.
JP CFTC JPY NC Net Positions
The weekly Commitments of Traders (COT) report provides information on the size and the direction of the positions taken. The report focuses on speculative positions.
UK CFTC GBP NC Net Positions
The weekly Commitments of Traders (COT) report provides information on the size and the direction of the positions taken. The report focuses on speculative positions.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
21h ago • cryptodaily
CBA Restricts Payments to ‘Certain’ Crypto Exchanges
Australia’s Commonwealth Bank introduced new processes to help protect customers from scams associated with making payments to certain crypto exchanges.
Commonwealth Bank in Australia on Thursday introduced new measures to protect customers from possible scam risks associated with making payments to “certain” crypto exchanges. The bank announced it would decline or hold certain payments to crypto exchanges for 24 hours.
It further said in the coming months, it would introduce AU$10,000 ($6,700) limits in a calendar month, giving the bank time to identify the customer payments to exchanges for crypto purchases.
The bank added that it would closely monitor its new measure’s efficacy, saying they are subject to ongoing review.
James Roberts, Commonwealth Bank General Manager of Group Fraud Management Services, said:
Consumer interest in cryptocurrencies has been increasing, and unfortunately scammers globally are capitalising on this trend and masquerading as legitimate investment opportunities or diverting funds into cryptocurrency exchanges.
Adding:
The introduction of 24-hour holds, declines and limits on outbound payments to cryptocurrency exchanges will help reduce both the number of scams and the amount of money lost by customers.
Measures Will Note Eliminate Scam Risk
While the measures will not do away with scam risks, they are designed to reduce customers’ risk of falling victim to a scam.
Mr Robert further stated:
Customers who make payments to cryptocurrency exchanges are currently facing a significantly higher risk of potentially being scammed.
While these measures will not eliminate the risk of customers suffering losses as a result of a scam that involves a payment to a cryptocurrency exchange, they are part of a range of initiatives designed to help customers reduce their risk of falling victim to a scam.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
22h ago • nulltx
The Other Side Of The Coin: How The Massive FUD Withdrawals From Exchanges Can Benefit The Crypto Space
The recent SEC lawsuit against cryptocurrency exchanges like Binance and Coinbase, which resulted in a significant number of withdrawals from those platforms (Traders withdrew about $800m out of Binance after lawsuit), may have both short- and long-term effects on the cryptocurrency market. Here are some probable long-term effects for the sector: More Decentralized Organization: Decentralized […]