Invesco Joins Race for Solana ETF

Asset management giant Invesco has become the ninth company aiming to introduce a spot Solana (SOL) exchange-traded fund. The firm filed a registration statement with regulators in partnership with Galaxy Digital for the Invesco Galaxy Solana ETF. If approved, the fund will directly hold Solana, tracking its price and trading on the Cboe BZX exchange under the ticker “QSOL.” The ETF application is now in line with CoinShares, VanEck, Bitwise, Grayscale, 21Shares, Canary Capital, Franklin Templeton, and Fidelity Investments.

US Mortgage Regulator Acknowledges Crypto Assets

In a significant move towards mainstream crypto acceptance, US home mortgage purchasers Fannie Mae and Freddie Mac will now consider cryptocurrencies as assets in their risk assessments for single-family home loans. The directive means borrowers will not need to convert their crypto assets into US dollars, as was the earlier practice. This decision is in line with the Trump administration’s goal of making the US the global crypto capital.

Ethena Labs and BaFin Agree on Redemption Plan for USDe

Ethena Labs announced that it had finalized a redemption plan for USDe stablecoin holders with the German Federal Financial Supervisory Authority, BaFin, and Ethena GmbH, its German subsidiary. Following the implementation of the redemption plan, Ethena GmbH will have no outstanding issues associated with USDe-related operations. However, it remains unclear whether the company plans to re-enter the EU and EEA markets.

The post Crypto Updates: Invesco Eyes Solana ETF, Crypto Considered for US Home Loans, and Ethena Labs Resolves Regulatory Dispute appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

The BIS report, published on April 15, indicates that the magnitude of the crypto market should raise concerns about its stability, beyond its potential impact on traditional finance (TradFi) and the real economy. The report emphasizes the role of stablecoins as a medium for transferring value within the crypto market and advocates for targeted regulations pertaining to stability and reserve asset requirements. Such regulations would ensure stablecoins can be redeemed for US dollars during periods of market stress.

The BIS report was released in the wake of the US House Financial Services Committee’s approval of the Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act on April 2 with a 32–17 vote. The STABLE Act seeks to establish a comprehensive regulatory framework for dollar-denominated payment stablecoins, emphasizing transparency and consumer protection.

In addition to the STABLE Act, the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act was approved by the Senate Banking Committee by an 18–6 vote on March 13. The GENIUS Act intends to establish guidelines for collateralization and enforce full compliance with Anti-Money Laundering laws for stablecoin issuers.

The BIS report also expresses concern that the crypto market could widen the wealth gap by allowing larger investors to exploit the emotions of less experienced retail participants, as seen in the 2022 FTX collapse. It noted that larger Bitcoin holders, known as “whales”, were selling while smaller retail investors, referred to as “krill”, were buying as prices fell.

The report concludes by stating that while DeFi and TradFi share similar economic fundamentals, DeFi’s unique characteristics, such as smart contracts and composability, present new challenges that require proactive regulatory interventions to ensure financial stability and encourage innovation.

The post BIS Report Warns that Cryptocurrencies and DeFi Could Exacerbate Financial Inequity and Instability appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

Russia, having shown a public interest in cryptocurrencies, passed a law last summer promoting the use of digital currencies for international trade payments. Despite this, the country’s use of cryptocurrencies in oil trade remained undisclosed until now.

According to the sources, Russian oil companies are leveraging Bitcoin, Ether, and Tether (stablecoins) to facilitate the conversion of Chinese yuan and Indian rupees into Russian roubles. They pointed out that although it currently represents a minor portion of Russia’s total oil trade (valued at $192 billion by the International Energy Agency in the previous year), it is a growing component.

Previously, cryptocurrencies have proven beneficial for countries like Iran and Venezuela, under U.S. sanctions, in maintaining their economies functional while steering clear of the dollar – the global oil market’s preferred currency. Following the reinstatement of sanctions by Washington, Venezuela has increased its use of digital currencies in crude and fuel exports. Similarly, Russia is turning to cryptocurrencies for the oil trade.

One source, an investigator at a firm tracking the use of cryptocurrencies for sanctions evasion, said that Russia has developed several systems, with USDT (Tether) being just one of them. This source preferred to remain anonymous due to a non-disclosure agreement.

The Russian Central Bank has yet to comment on these claims. However, last year it acknowledged that sanction-related payment delays had become a significant issue for the Russian economy.

Even if sanctions are lifted, cryptocurrencies will likely continue to play a role in Russian oil trade, one source claimed. The ease and speed of operations they offer make them a handy tool.

As an illustration of how the trade operates, a Chinese buyer pays a trading company (acting as an intermediary) in yuan. This intermediary then converts the payment into cryptocurrency and transfers it to another account. From there, it is sent to a third account in Russia and converted into roubles.

For one Russian oil trader’s sales to China, monthly cryptocurrency transactions are worth tens of millions of dollars, according to a source familiar with the trader’s operations. Cryptocurrencies are just one of the several methods employed to circumvent payment issues, added a Kremlin advisor.

The post Cryptocurrencies Facilitate Russian Oil Trade Amid Western Sanctions, Insiders Reveal appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

The initiative is being propelled by the Trump administration’s apparent open-mindedness towards cryptocurrencies, demonstrated by a series of dismissals from the U.S. Securities and Exchange Commission (SEC), including the regulator’s lawsuit against Coinbase. With the SEC’s crypto task force now active, Coinbase sees an opportunity to reintroduce tokenized securities to American investors, an endeavor it initially attempted but was unsuccessful around five years ago.

In its original S1 filing, Coinbase made mention of its security token, an issue that the company’s CFO, Alesia Haas, highlighted at the recent Morgan Stanley’s TMT Conference.

Haas expressed her belief that U.S. regulators are now more receptive to product innovation and progress. She recounted how Coinbase attempted to go public with a security token back in 2020, an effort that unfortunately met with significant hurdles.

A security token is a digital asset that signifies an investment in a business and usually provides voting or profit-sharing rights. Similar to traditional securities, security tokens utilize blockchain technology to simplify the processes of purchasing, selling, and tracking ownership.

With the SEC’s task force in place, Haas is optimistic about the possibility of advancing tokenized securities. She also hinted at introducing international products that are popular among crypto traders globally to the U.S. market.

Coinbase attempted to issue a tokenized COIN as part of its S1 process, but the SEC did not approve it at the time. Nonetheless, the company is exploring various options to bring tokenization innovation to traditional financial assets to make them more efficient and accessible.

Beyond this, Coinbase has also been proactive in supporting the launch and management of security tokens on its platform. As mentioned in their S-1 filing in 2020, Coinbase plans to invest in the necessary infrastructure and regulatory clarity to facilitate the digitization of more traditional financial assets.

Interestingly, Coinbase CEO Brian Armstrong is among the select group who will attend President Trump’s crypto summit. He expressed his interest in tokenized securities and equities, seeing the potential for consumers to trade 24/7.

The post Coinbase Revives Plan for Tokenized Securities Amid Crypto-Friendly Shifts in U.S. Regulation appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

The fund’s inception was announced on February 11, stating its objective to fortify these projects and augment their significance in the rapidly evolving financial ecosystem. The fund seeks to “amplify stability” by spreading the platform’s investments across a “range of tokenized assets.” This move aims to ensure a “robust financial system” and invest in “budding opportunities within the DeFi landscape.”

The news comes on the heels of rumors about the Trump family initiating a significant venture on Ethereum. Joseph Lubin, Ethereum’s co-founder, and Consensys’ founder speculated that the Trump administration might ultimately incorporate Ethereum technology into governmental operations, akin to its present use of internet protocols.

Trump’s WLFI is also seeking more partnerships with traditional finance (TradFi) institutions. The platform aims to offer these institutions blockchain transparency and innovative marketing opportunities through these partnerships. The WLFI is poised to release a detailed proposition for the Macro Strategy fund on its governance forum soon.

Meanwhile, Bitcoin continues to gain traction among institutions. The University of Austin is planning to raise a unique Bitcoin fund worth over $5 million as part of the institution’s $200 million endowment fund.

The post Trump’s WLFI Unveils “Macro Strategy” Fund for Top Cryptocurrencies appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

This development comes after a sequence of erratic posts by West, including some hinting at his newly found fascination with digital currencies. In one of his posts, West queried, “WHEN PEOPLE MAKE ALL THAT MONEY WITH A COIN IS THAT CASH OR CONCEPT.”

The rapper’s controversial social media activity, which also included certain distasteful remarks, did not deter cryptocurrency enthusiasts and firms from encouraging him to “launch a coin.” Streamer Faze Banks even suggested that West is one of the few individuals who could successfully introduce a new coin.

West further revealed that he had turned down a $2 million offer to launch a token, which he saw as a potential scam against his community. He shared a screenshot of a direct message from an unidentified contact proposing the deal.

Following West’s posts, prediction market Polymarket reported a surge in the odds of West launching a token, increasing to 46%. The market has been tracking the likelihood of West introducing a memecoin, with the odds mostly remaining under 30%.

West wouldn’t be the first celebrity to venture into crypto. Recently, David Portnoy endorsed what he referred to as a “sh*tcoin” to his large social media following. It’s also worth noting that during the Biden administration, the Securities and Exchange Commission Enforcement Division pursued several celebrities for unpaid crypto endorsements, including West’s ex-wife Kim Kardashian for promoting Ethereum MAX.

Disclaimer: The Block is an independent media outlet providing news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently, delivering objective and timely information about the crypto industry. The information provided in this article is for informational purposes only and is not intended as legal, tax, investment, financial, or other advice.

The post Kanye West Considers Crypto Venture, Seeks Conversation with Coinbase CEO appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

According to Shibburn, the Shiba Inu community has achieved a new milestone, continuing to drastically reduce the circulating supply of this popular meme coin. Over the last 24 hours, the SHIB burn rate has increased by an impressive 772%, showing strong community involvement in boosting scarcity.

15,089,691 SHIB were burned in just three transactions. The largest transfer, consisting of 14,980,422 SHIB, was sent to an unspendable blockchain address. Two smaller transfers, moving 50,000 SHIB each, also contributed to this sharp rise.

The burn rate surge started over the weekend, with Saturday showing an astronomical 2,834% increase and Sunday pushing the burn rate up by 5,975%. A staggering 232,222,042 SHIB was burned on Saturday alone.

Currently, there are 583,494,740,394,717 Shiba Inu coins in circulation, while 410,728,825,806,575 SHIB have been permanently locked away in dead-end wallets.

Bullish Shibarium Outlook

Lucie, the official marketing lead for Shiba Inu, recently fired back at skeptics doubting the future of Shibarium, the layer-2 blockchain built atop Ethereum. She pointed out that ShibaSwap once saw $1 billion in funds staked on it, despite SHIB being considered just a meme coin at the time. Lucie is confident that once Shibarium reaches a sweet spot of market conditions, demand, and global adoption, the naysayers will be left in disbelief.

She emphasized:

“When people say Shibarium won’t make it, just remind them ShibaSwap once had $1 billion staked—all from a ‘meme’ token.”

Shiba Inu Price Surge

In the past 24 hours, Shiba Inu’s price saw a notable increase of 2.92%, pushing it from $0.00001434 to $0.00001475. Since the Fed’s announcement of a 50-basis-point rate cut on Sept. 18, SHIB has jumped by a solid 13.35%.

With strong community engagement in SHIB burning and positive price movements, Shiba Inu may be on the verge of a significant breakout.

The post Shiba Inu Burn Rate Surges 772% Amid Price Breakout Potential appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

Today, at 4:00 (UTC 0), an unprecedented event unfolded in the crypto market. Almost 90% of cryptocurrencies witnessed a sharp decline in value, triggered by the aggressive stance of the U.S. Securities and Exchange Commission (SEC) towards cryptocurrencies, particularly BinanceUS.

Doesn’t this raise a question about the motives of those at the SEC? Are they manipulating the price by enforcing legislation that, in fact, isn’t wholly adapted for cryptocurrencies? They certainly knew the impact such news would have on the market, and how prices would spiral downwards. Potentially, this knowledge could have been used to create multiple short positions through proxy companies.

Political Interference in Crypto Markets

While on the surface, it seems that the SEC is protecting American citizens from fraud, is this really the case? There haven’t been any recorded instances of fraud or client fund mishandling from either Binance or Coinbase. Conversely, the SEC’s actions seem to primarily affect the U.S. citizens – contradicting the principles of democracy and freedom.

Are the American people not seeing how their own government is trying to control their financial freedom?

Following the latest news from the SEC, BinanceUS has been forced to suspend USD deposits and halt all USD withdrawals in USA. The last withdrawal date is June 13, 2023. Should we panic?

The Intrinsic Freedom of Cryptocurrencies

While the SEC can prohibit banks from working with crypto exchanges and restrict USD withdrawals, it cannot limit the inherent freedom of cryptocurrencies. Cryptocurrencies might be vulnerable to price manipulation in relation to USD, but they are impervious to total control.

Our advice to U.S. citizens is this: don’t sell your cryptocurrencies. It’s exactly what the SEC and the U.S. government want. They’ve fueled your fear, hoping you’ll panic, sell your crypto assets, and quickly convert everything into USD. This panic is causing prices to drop. Don’t fall for their manipulation! Hold your crypto assets. You can always transfer them to another exchange and convert them into USD. Why sell everything at the lowest price?

The Ripple Effect of SEC’s Action on Bitcoin

Many times, U.S. citizens have been subjected to panic created by government institutions and bankers. The same is happening now. But how significantly has this situation impacted Bitcoin? Despite numerous false news stories about Bitcoin’s death, it has only dropped by 3.5%, which is relatively insignificant for cryptocurrency.

Remember, BinanceUS users only constitute 3.57% of Binance Global users, which means that the U.S. accounts for only 13% of the global crypto market, with 8% being corporations and just 5% being private clients.

We, at CryptoUpdate.io, urge everyone to stay calm, avoid panic, resist manipulation, refrain from selling crypto assets for USD, and avoid withdrawing USD into bank accounts. Think about this, and let’s strive for financial freedom and freedom from underhand manipulation together. Cryptocurrency is the key to this!

The post SEC’s Aggressive Stance Triggers a Crypto Crash: A Deeper Analysis appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

The Total Crypto Market Cap (TOTALCAP) experienced a bounce last week, validating the $1.10 trillion horizontal support area. However, the bounce wasn’t strong enough to negate the preceding bearish engulfing candlestick, leaving uncertainty about whether the price will resume its upward trajectory or break down toward the next support level. If the price bounces back, the next resistance will be at $1.25 trillion. However, if it gets rejected, a drop to $1.10 trillion could occur.

In other news, Bitcoin’s average daily transactions over a week reached a new all-time high of 396,350. Venmo is launching a new crypto transfer feature, allowing users to transfer cryptocurrencies between Venmo wallets.

Bitcoin Struggles to Clear Resistance

Similar to TOTALCAP, the Bitcoin price last week wasn’t sufficient in clearing the main resistance at $29,700. Additionally, it didn’t negate the previous bearish engulfing candlestick. If a decrease follows, Bitcoin could fall to the next closest support at $24,400. However, if the price breaks out, the rate of increase could accelerate to $42,500.

SingularityNET’s Uncertain Future

The SingularityNET (AGIX) price has been decreasing inside a descending wedge since March 17. Typically considered a bullish pattern, an eventual breakout from the wedge is the most likely scenario. However, AGIX has touched the wedge’s support line multiple times, indicating that a breakdown from the pattern is possible.

If a breakdown occurs, the price could decrease below $0.28 and fall to $0.20. On the other hand, if it bounces, an increase to the wedge’s resistance line at $0.34 is the most likely scenario. In conclusion, the crypto market’s recent downturn has created uncertainty for various cryptocurrencies, with key support and resistance levels being closely watched by traders and investors alike.

The post What’s Causing the Crypto Market Downturn Today Key Factors and Analysis appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

FxPro analyst Alex Kuptsikevich suggests that it might be prudent to prepare for a more typical pullback to the 50-day average, near $26,700. He warns that such a drop could test the resolve of crypto enthusiasts and that a break below this level could quickly push the price down to $25,600 – the vital 200-week moving average which enabled the bull market to regain momentum in March.

Bitcoin Struggles Amid Stock Market Weakness and Regulatory Concerns

Although Bitcoin’s decline this week corresponds with some stock market weakness, it has underperformed compared to the Dow Jones Industrial Average and the S&P 500. This underperformance is mainly due to concerns surrounding the regulatory landscape in the crucial US market. Crypto exchange Coinbase Global (ticker: COIN) has indicated that it is increasingly looking overseas, as the lack of regulatory clarity in the US could harm the company.

Bitbank analyst Yuya Hasegawa observes that despite the downturn, bullish traders have not yet abandoned hope. The positive Bitcoin futures market funding rate could limit the cryptocurrency’s upward potential and exacerbate its short-term drawdown.

Altcoins and Memecoins Follow Bitcoin’s Decline

As Bitcoin faces challenges, Ether, the second-largest cryptocurrency, has also experienced a 2% drop, falling below $1,925. Smaller cryptocurrencies, or altcoins, have shown similar weakness, with Cardano down 3% and Polygon plunging 4%. Memecoins have not been immune to this trend, with Dogecoin declining by 8% and Shiba Inu losing 3% in value.

This article is adapted from an original piece by Jack Denton at Barrons.com, which is operated by Dow Jones & Co. Barron’s is published independently from Dow Jones Newswires and The Wall Street Journal.

The post Bitcoin Experiences Downturn Amid Regulatory Pressure appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.