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💎UTBAI's Price Rises from $0.02 to $0.2005, Reflecting UnitedTeleBot's Success
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30 days: UTBAI +131.53% ↗️
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Stay Tuned
🛡Trezor Enables Coinjoin for Trezor T Model to Bolster a ‘New Era of Privacy’
According to Trezor, the crypto hardware wallet manufacturer, owners of the Trezor T model can now use a Coinjoin feature to preserve their privacy.
Owners of the Trezor T model can now use a new Coinjoin service that was added to the device’s features on Wednesday.
The use of Coinjoin with the Trezor T model is optional, and a Coinjoin account must be activated in the Trezor software suite.
📄OPNX published a list of its investors
The OPNX exchange, launched by the founders of the bankrupt Three Arrows Capital (3AC), has published a list of its investors.
They include: Taiwan-based venture capital fund AppWorks; the largest investor in TikTok and one of the world's largest market makers SIG; venture capital fund DRW VC; the largest U.S. stock options exchange MIAX Group, China Merchant Bank International; Hong Kong fund Token Bay Capital; venture capital firm Nascent and Saudi fund Tuwaiq Limited.
Earlier, OPNX raised $25 million in financing.
🏗️Lamina1 Is Building for the Open Metaverse
The metaverse industry may be large but it’s certainly not open. As figures such as Animoca Brands founder and CEO Yat Siu or pseudonymous non-fungible token (NFT) collector Punk6529 tout, Web3 should aim to build the “Open Metaverse,” an interoperable space across all, or at least most, platforms. A Web3 ethos points towards breaking down “walled gardens,” or data silos, allowing users to take full ownership of their digital experiences that they can carry from metaverse to metaverse.
Lamina1 is a layer one blockchain ecosystem that’s set on providing the infrastructure for Web3 developers to build the “Open Metaverse.” With its user-friendly tooling, onboarding strategies and environmentally friendly approach, Lamina1 aims to help the metaverse hold true to a Web3 ethos. The project was founded in June 2022 by Neal Stephenson, author of the famed science fiction novel “Snow Crash,” for which he coined the word “metaverse,” and Peter Vessenes, an early cryptocurrency adopter and experienced Web3 venture capitalist.
The two metaverse architects wrote a white paper that sets out to solve the interoperability issue of the decentralized virtual world.
🤨ChatGPT Can Accurately Predict Stock Movements Based On Article Headlines
According to a report from Bloomberg, ChatGPT can now foretell the fate of stocks based on article headlines. This has led to two studies to determine if it can determine whether stock-related headlines were favorable or unfavorable and if Federal Reserve pronouncements were aggressive or meek. The Chatbot passed both tests, highlighting how much text from news articles, tweets, and even speeches can be converted into trading signals.
The University of Florida’s Alejandro Lopez-Lira and Yuehua Tang prompted ChatGPT to pose as a financial professional in one of the studies. They then asked the chatbot to analyze business news articles from late 2021 since the chatbot’s training data didn’t cover the time after that. The study discovered a statistical relationship between the stock’s future movements and the replies provided by ChatGPT. This further indicates that the technology was able to comprehend the significance of the news accurately.
While it’s not new on Wall Street to use language models that underpin chatbots to guide several strategies, the results suggest that OpenAI’s technology can now understand subtlety and context at a higher degree than ever before. Slavi Marinov, head of machine learning at Man AHL, addressed the same and said, “It’s one of the rare cases where the hype is real.”
🤷♂️XRP's Large and Unexpected 5.8% Price Spike Led to Nothing, Here's Why
XRP experienced a surprising 5.8% price spike recently, a move that most investors did not anticipate. Despite the initial excitement, XRP was unable to sustain this rally as its price quickly reversed from the $0.5 mark and returned to its pre-pump price range. Currently, XRP is following an uptrend guided by the 21-day moving average. However, the widening gap between moving averages is a cause for concern as it typically precedes a market correction.
When analyzing the XRP price movement, it is essential to understand the role of moving averages in identifying trends and potential market reversals. Moving averages smooth out price data over a specific period, providing a clearer picture of an asset's price direction. In the case of XRP, the 21-day moving average has been acting as a support level, helping the digital asset maintain its uptrend.
Nonetheless, the widening gap between different moving averages, such as the 50-day and 200-day moving averages, raises concerns about the sustainability of XRP's uptrend. An expanding gap between these averages can be a worrying sign for several reasons.
First, an expanding distance between moving averages implies heightened price fluctuations. In an upward market, an increasing separation between short-term and long-term moving averages might indicate that the asset's price is escalating too rapidly, resulting in an overstretched market. Such swift expansion is frequently unsustainable and can cause abrupt price pullbacks as traders begin to cash in their profits or engage in panic selling.
Second, the growing gap might also denote a waning momentum driving the price changes. As the short-term moving average starts to approach the long-term moving average, it could imply that the ongoing uptrend is losing its vigor, making a trend reversal increasingly likely.
🏦World's Most Influential Central Banks' Balance Sheets Look to Have Troughed
The world's leading central banks appear to have stopped shrinking their balance sheets, a tactic they adopted last year to control inflation in a program that destabilized risk assets, including cryptocurrencies.
The so-called quantitative tightening ended recently and the cumulative balance sheet of major central banks – the U.S. Federal Reserve (Fed), European Central Bank (ECB), Bank of England (BOE) and Bank of Japan (BOJ) – has troughed, according to data tracked by macroeconomic research firm TS Lombard and sourced from The Market Ear newsletter.
"The 'delta of the delta' has reversed lately. Possible tailwind for markets," Thursday's edition of The Market Ear said, referring to the dip in the size of the banks' balance sheets.
Expansion of central banks' balance sheets is widely considered bullish for risk assets, including bitcoin.
That's because entities involved in financial markets are often the first recipients of the money newly created through balance sheet expansion, according to a theory proposed by 18th-century Irish-French economist Richard Cantillon. These entities use the money received to drive asset prices higher.
The jury is still out on whether the Fed's recent extension of loans to local lenders will result in fresh money creation. Meanwhile the BOJ continues to print money through bond purchases, compensating for the ECB and BOE's shrinkage. The Chinese credit impulse has recently bottomed out in a sign of renewed credit expansion relative to the size of the economy.
📉ADA Price Takes Dip After Cardano Founder Unveils Bear Statue
Cryptocurrency markets are known for their unpredictability, and the latest twist involves the founder of Cardano, Charles Hoskinson, and his recent unveiling of a bear statue. After Hoskinson posted a photo of the statue, which he dubbed "Mr. Claws," the price of Cardano's native token, ADA, took a sharp dip, losing important support at $0.4.
The timing of the drop in ADA's price coinciding with the unveiling of the bear statue is undoubtedly amusing, though it is likely a mere coincidence. This latest drop in ADA's price is the fourth time in a year that the token has failed to move outside the $0.3-$0.4 range, despite attempts to do so. The crypto market is notoriously volatile, and the failure to consolidate above this key level is likely due to overall market conditions.
Despite this latest setback, many investors remain optimistic about the future of Cardano and its cryptocurrency, ADA. The blockchain platform has gained a reputation for being technologically advanced and sustainable, and its growing community of developers and supporters are committed to advancing its goals.
The development team at Cardano is now working on a number of important projects, including the transition to the Voltaire Era, which should become the benchmark for decentralized blockchain governance. As Hoskinson himself said earlier, the innovation from Cardano will set the bar in the crypto industry, as "Cardano did with staking."
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🔀Shibarium's Puppynet Triggers Surge in Shiba Inu's BONE Large Transactions
Shiba Inu's BONE cryptocurrency has recorded a significant surge in large transactions in the last 24 hours, as Shibarium's testnet Puppynet continues to experience a boom, shows data from IntotheBlock. The total volume of large transactions with BONE has increased from 119,360 to 377,960, representing a rise from $127,820 to $402,150 in USD value.
This spike in large transactions comes just one week after a previous surge was monitored, indicating that interest in Shiba Inu's cryptocurrency continues to grow. The surge in large transactions is a strong indication that BONE is gaining momentum and is becoming increasingly popular among investors.
Shibarium: Testing
Meanwhile, Shibarium's testnet Puppynet has also been making waves, with an average block time of 8.3 seconds, total transactions reaching one million and total blocks standing at 300,041. The number of wallet addresses has also grown to 151,164.
It is important to note that these statistics may not be entirely accurate as Shibarium is still in test mode. Nonetheless, the strong performance of BONE and the rapid growth of Shibarium's testnet Puppynet are encouraging signs for the future of Shiba Inu's ecosystem.
Investors and crypto enthusiasts will, for sure, be keeping a close eye on Shiba Inu in the coming weeks and months to see how such spikes in large transactions and Shibarium's growth will impact the value and popularity of BONE.
📈Crypto Community Believes ETH Will Reach $5K by the End of 2023
In a tweet yesterday, Wu Blockchain (WuBlockchain), shared the results of a recent survey performed by OKX. According to the tweet, 63% of respondents predict that ETH will hit a new record high of $5,000 by the end of 2023. Meanwhile, 83% of those surveyed expect that more ETH will be staked in the next 3 months.
At press time, ETH’s price stands at $1,876.17 after it printed a 24-hour gain of 0.42% according to CoinMarketCap. This has added to the leading altcoin’s already-positive weekly price movement – taking the total gain for the last 7 days to +2.79%.
ETH was, however, outperformed by the market leader Bitcoin (BTC) over the last 24 hours. As a result, ETH is down 0.18% against ETH.
ETH’s price double-tapped the resistance level at $1,710 over the last month, which eventually resulted in it breaking out above the key level. The altcoin’s price was able to flip the resistance level into support on 17 March 2023.
This flipping of the level happened shortly after the 9-day EMA line crossed bullishly above the 20-day EMA line just a few days prior on 13 March. The shorter EMA line then offered ETH the necessary support to break the latest key price level at $1,850 – a level it continues to trade above at press time.
ETH’s price seems to have established a peak at $1,942.98 this past Wednesday and has retracted back down to the $1,850 mark. Should ETH’s price fail to close today’s trading session above this price level, then it may drop to the next minor support level at $1,781 in the next 14-48 hours.
📋OKX Delists TRX Futures Contracts In 2023, Adapting To Evolving Market Demands
The discontinuation of the futures contracts will be gradual. Bi-weekly futures contracts will no longer be available from April 14, 2023, while bi-quarterly futures contracts will no longer be available from June 16, 2023. However, the futures contracts that have already been listed will not be affected.
This decision by OKX to discontinue the generation of TRX USDT-Margined and Crypto-Margined futures contracts is a response to the current market trends and user needs. It is a clear indication that the company is committed to providing the best services to its users. As always, OKX will continue to monitor the market trends and make necessary adjustments to its services to meet the evolving needs of its users.
Coincu recently reported that OKX had identified $157 million in digital assets belonging to FTX and Alameda Research in response to a petition filed in the FTX bankruptcy proceedings. OKX froze the relevant accounts and secured the assets upon discovering any FTX-related transactions on its platform in the days leading up to FTX’s collapse in November 2022.
OKX is now handing over these assets to the bankruptcy estate of the former companies. The exchange has stated that it will continue collaborating with FTX debtors and law enforcement authorities, expecting that these assets will be restored to FTX users through bankruptcy.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
📊Ethereum (ETH) vs. Bitcoin (BTC) Chart Indication Might Mean This for Altcoins: Miles Deutscher
Crypto analyst Miles Deutscher points to an important indication on the Ethereum vs. Bitcoin daily chart. Deutscher points to the fact that Ethereum is currently attempting a breakout and a successful support/resistance (S/R) flip on its Bitcoin daily chart.
ETH is currently attempting a break out + a successful ETH/BTC S/R flip on the daily.
We’re seeing the makings of a capital rotation into ETH ahead of the Shanghai (Shapella) upgrade.
Sustained strength would bode well for alt performance. Let’s see if it holds.
— Miles Deutscher (milesdeutscher) April 4, 2023
Ethereum's price turned oversold against Bitcoin after reaching near eight-month lows of $0.062 on March 21. This was followed by a relatively short period of range trading before a rise started on April 3.
According to Deutscher, the newfound strength Ethereum is seeing on its Bitcoin BTC chart might reflect the makings of capital rotation ahead of the Shanghai update.
Staked ETH withdrawals will be made possible by the Shanghai upgrade, also known as "Shapella," which completes Ethereum's entire transition to a proof-of-stake (PoS) network. The long-awaited Shanghai hard fork has an April 12 target date, according to Ethereum developers.
The fact that the last time Ethereum traded at such oversold levels to Bitcoin, it produced fresh highs on the ETH/BTC chart raises the possibility of a sustained rebound in the coming weeks.
💵Contentious Arbitrum Vote Over $1B in Tokens ‘Ratification Not Request,’ Says Foundation
The Arbitrum ecosystem’s first community vote over everything from protocol governance to billions of dollars in funding was meant as a “ratification and not a request,” Arbitrum Foundation employee Patrick McCorry, said in a forum post early Sunday.
To that end, many of the positions outlined in AIP-1 – including allocating 7.5% of all ARB tokens to the Foundation, a centralized company in the Cayman Islands – have already been implemented, McCorry said. He apologized for Arbitrum’s failure to convey that reality ahead of the vote.
“The point of AIP-1 was to inform the community of all of the decisions that were made in advance,” McCorry said of the Arbitrum Improvement Proposal Framework, the omnibus governance package that outlines Arbitrum Foundation’s role in shaping the chain, a faster and cheaper way of transacting on Ethereum.
McCorry’s post offered Arbitrum’s first official response to a debacle that exploded Friday after governance hawks called out Arbitrum Foundation’s “special grants” program. According to the proposal, the Foundation is getting 750 million ARB tokens (around $1 billion) to spend that it can use without tokenholders’ approval.
Last week, Arbitrum began airdropping over 1 billion ARB tokens to nearly 300,000 wallets as part of its effort to share power over the network with its users, a common trope in crypto communities. Holders of the ARB token are considered part of ArbitrumDAO, the so-called “decentralized autonomous organization” that votes on proposals such as AIP-1.
But AIP-1 wasn’t much of a vote at all, according to McCorry’s explanation; at least, not when it came to the budget requests. He said the Arbitrum Foundation has already started spending the tokens it was apparently earmarked to get.
👮Do Kwon's prison conditions proved to be quite harsh
On March 23, the scandalous founder of Terraform Labs Kwon was detained at Podgorica airport with false documents. Now he is in jail, awaiting a court decision. The lawyer told about the daily life of the crypto-businessman.
"In 2020, a human rights report by the U.S. State Department detailed the conditions of treatment of prisoners by staff. Little has changed since then. However, there are some additions related to Covid-19.
You are kept in quarantine for 10 days to make sure you are not sick. The rooms are quite decent, you live in twos or threesomes. After quarantine you are transferred to a general cell, where prisoners wait for trial. The conditions here are much worse than in the isolation ward.
The rooms are 8 square meters and are very cramped, there may be 10 to 11 people, often there is not even a bed," said the lawyer.
Also, detainees can walk around the block for 30 minutes and buy cigarettes and coffee at the store.
Kwon is still hoping for extradition to South Korea or the United States, but that probably won't happen. At a press conference Wednesday, Justice Minister Marco Kovacs spoke about which country could theoretically win extradition.
"When we get several extradition requests, it depends on several factors - the gravity of the crime, the place and time, how the request was received and other conditions," Kovacs said.
It is up to the Montenegrin courts to decide, but analysts have suggested that Korea has the upper hand.
The lawyer also spoke about extradition. He said that if a deal is made, it won't be sooner than a year from now. Kwon will be tried in Montenegro first, which could take four to five months.
He added that if all charges are confirmed, the fraudster will be behind bars for a minimum of six months, and a maximum of five years.
🔫PUBG developer's NFT metaverse platform is coming this year and still sounds like nonsense
PUBG developer Krafton announced that it was getting its hands dirty with NFTs and metaverse shenanigans last year, and it looks like its plans are coming to fruition. The metaverse platform, which has the working title Migaloo, is due to launch this year. Like so many NFT and metaverse projects, the initial announcement was pretty vague, offering no real indication what prospective players could expect.
Over a year later, and with its arrival on the horizon, nothing seems to have changed. So far, so vague. What sort of things will it be possible to build? And why would anyone want to buy them? The concept of user-generated content is ancient now, so at the moment all that Krafton is offering is a way to sell your stuff, which itself is hardly revolutionary. It's also not clear how it's going to stand out from the other metaverse and NFT projects floating around.
"[I]t promises to be a new metaverse platform that incentivizes creators and offers transparency in transactions and settlements," the announcement adds, but again, this is all pretty woolly. It's just so easy to be incredibly sceptical of these kinds of announcements because they all sound like half-baked snake oil pitches that lack specifics and always fail to answer the basic question of why this needs to exist.
🤔 BTC — EXPECTATIONS
The overall trend is still bullish, but as you might guess — we entered the 1-5 wave correction. The bottom of this correction is $26,100 - $26,500.
During this weekend, we may see some upside movements, but the next week will be started with the gap below the price level.
Our goal is to BUY THE BOTTOM. We placed buy orders in the $26,100 - $26,800 zone. After reaching this zone, we expect the up-trend to continue. All thoughts are on the chart.
👌RDNT is actually a good pick right now!
The price has retested the initial after-listing level and ready to pop higher!
It's hard to say where to buy tbh. Another retest of $0.42 will look bad, so maybe $0.47 is actually a good price to enter!
🤷♂️Shiba Inu's 178 Trillion Support Taking Hit, What's Happening?
As the cryptocurrency market experiences a resurgence in meme tokens, Shiba Inu (SHIB) is currently testing a critical support level of 178 trillion tokens, according to IntoTheBlock's In/Out of the Money (IOM) indicator. This significant support level is based on the distribution of nearly 200 trillion SHIB tokens at a price close to the current market value.
The In/Out of the Money indicator from IntoTheBlock provides insights into the distribution of tokens among holders by comparing the current price with the average cost of tokens held in each address. If the current price is higher than the average cost, the address is considered "in the money." Conversely, if the current price is lower than the average cost, the address is "out of the money."
Despite the ongoing rally on the meme token market, Shiba Inu's price performance has been rather lackluster, with a minimal increase in volatility. This could be attributed to the fact that SHIB has evolved from being a mere meme token to encompassing a more comprehensive ecosystem, complete with decentralized finance (DeFi) features. As a result, the asset may no longer benefit as much from the rally on other meme tokens as it would from growth in the broader DeFi space.
The support level of 178 trillion SHIB tokens is an important milestone for the cryptocurrency, as it indicates a strong base of holders who have acquired the asset at or around its current price. If this support level holds, it could signal that investor confidence in Shiba Inu remains steadfast, despite the relatively modest price performance compared to other meme tokens.
Should the support level fail to hold, a potential downturn in the market may ensue, which could put pressure on SHIB holders to sell, resulting in a further drop in price. As such, it is crucial for investors to closely monitor the 178 trillion support level and assess overall market sentiment for Shiba Inu.
💻Kyber Network Advises Liquidity Providers to Withdraw Funds Amid Vulnerability, Token Drops 2%
Decentralized finance (DeFi) protocol Kyber Network has advised liquidity providers on its Elastic product to withdraw funds after finding a potential vulnerability.
The protocol confirmed the potential vulnerability in a tweet while noting that no funds had been lost and that the KyberSwap Classic product is unaffected. The protocol's native token, KNC, dropped by 2% following the tweet.
The Elastic product had $108 million in total value locked (TVL) on Sunday, but that figure has now slumped to $61 million according to DefiLlama.
Vulnerabilities and exploits have been rife across the DeFi ecosystem this year, with Euler Finance losing almost $200 million in an attack last month.
Kyber Network was hit with a $265,000 exploit in 2022.
The protocol confirmed that investigations are ongoing.
😳$10,000,000,000,000 Market Cap for Bitcoin Can Absolutely Happen, Says Macro Guru Dan Tapiero – Here’s Why
Macro guru and fund manager Dan Tapiero is expressing bullish sentiment on Bitcoin (BTC) with a prediction that the market cap of the flagship crypto asset could hit 14 figures.
In a new interview with Anthony Pompliano, Tapiero says that he sees the market cap of Bitcoin reaching up to $10 trillion from just under $600 billion currently.
“Somewhere between $5 – $8 trillion. Do I think it could go to $10 trillion? Sure, absolutely. It absolutely can go to $10 trillion.”
According to the macro guru and fund manager, Bitcoin is likely to hit a price of up to half a million dollars under the current global economic circumstances.
“I’ve been saying the same thing for a while, and I think $300,000 to $500,000 is a good solid place you know given the value of other assets sort in the world.”
Bitcoin is trading at $30,838 at time of writing.
As for the combined value of all crypto assets, Tapiero says the total market cap will soar by over 600% from the current levels.
“My original thought was the space was going to go to $10 trillion in value. That’s from $300 billion, it was a 30x in 10 years.
I think that’s going to be wrong now. I think the space is probably going to go much higher than $10 trillion because it’s starting to encompass everything, right?
It’s not just money, store of value, programmable contracts, DeFi (decentralized finance), NFTs (non-fungible tokens), stablecoins it’s everything.”
The total crypto market cap is approximately $1.34 trillion at time of writing.
🌪️Bloomberg Analyst Issues Warning on Dogecoin (DOGE) and Shiba Inu (SHIB) Amid Oncoming Economic ‘Hurricane’
Bloomberg Intelligence’s senior commodity strategist Mike McGlone is issuing a warning on the two largest meme coins by market cap amid approaching economic headwinds.
In a new Wolf of All Streets roundtable discussion, McGlone says that while he expects Bitcoin (BTC) to keep outperforming other crypto assets, Dogecoin (DOGE) and Shiba Inu (SHIB) are “pure speculation machines” that should be eliminated.
“The Federal Reserve is tightening, the economy’s going to recession… what are you supposed to do? Sell! My indication is just sell…
If I see a hurricane, I’m supposed to say it. But the thing is I fully expect Bitcoin to continue outperforming all cryptos.
But 22,000 cryptos and things like Dogecoin, and Shiba Inu… It shows the inflation in the system that needs to be purged.
That’s just indicative of what happened in almost every major pump and liquidity we’ve had in the past, up to the 1929 crash that ended in the 30s, up to what happened to 2000, the internet bubble.
You got to get rid of that excess of liquidity and risk assets and excess of speculation. And Dogecoin and Shiba Inu are just nothing but pure speculation machines… there are a hundred cryptos that matter and the number one is Bitcoin.”
McGlone further says that a severe stock market correction will negatively impact Bitcoin and to a greater extent, the speculative crypto assets. According to Bloomberg Intelligence’s senior commodity strategist, getting rid of the speculative digital assets would help the crypto industry earn legitimacy.
“When the stock market, the S&P 500 goes down with high velocity, which I think it will, everything’s correlated to one…
When that starts, Bitcoin will probably see pretty significant pressures. But we should see a lot more pressure in all the other cryptos, the ones that are just silly speculation.
📈Bitcoin to Reach $10 Million, Forecasts Investment Firm Founder Larry Lepard
According to Larry Lepard, managing partner at Boston-based investment management firm Equity Management Associates, the end of the dollar era might be the beginning of Bitcoin’s golden age.
On April 10, Lepard predicted during an interview with Kitco News that the U.S. dollar would collapse within the next decade. This collapse, he believes, will significantly boost the price of Bitcoin.
Lepard mentioned that as people become more aware of the dollar’s depreciation, they’ll gravitate toward assets like Bitcoin, gold, and property. He pointed out a key advantage Bitcoin has over gold—its limited supply of 21 million coins. According to Lepard, this scarcity will be central to Bitcoin’s long-term price increase.
He elaborated, “If Bitcoin goes to $100,000 tomorrow, there’s not going to be any more Bitcoin created.” As more people choose Bitcoin as a means of saving, Lepard believes the price will continue to climb, potentially hitting $100,000, then $1 million, and eventually reaching an astounding $10 million per coin.
While Lepard acknowledges that Bitcoin’s journey will be volatile, with significant downturns along the way, he remains confident in the technology and its long-term success.
However, he identifies governments as potential roadblocks. They may slow down Bitcoin’s progress by making it more challenging to enter and exit crypto markets and imposing higher capital gains taxes.
Despite these challenges, Lepard believes such moves would ultimately signal that Bitcoin is the future and is here to stay.
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🐶The $258 Billion Dogecoin Lawsuit Against Elon Musk: Dissecting The Plaintiff’s Arguments (Op-Ed)
If some angry investors had it their way, the world’s most successful tech startup founder and CEO would meanwhile lose his fortune. The cohort of people bringing “Johnson v Musk et al” in U.S. federal court, Southern District of New York, are suing him for $258 billion.
Elon Musk’s attorneys wrote in a memo to the court:
“The Complaint is a fanciful work of fiction that fails to state any actionable claim against Defendants Elon Musk and Tesla and must be dismissed in its entirety with prejudice.”
Here are the reasons why this lawsuit is frivolous.
Elon Musk Dogecoin Lawsuit
The litigants think they should be rewarded by U.S. courts for making unprofitable speculative investments. Furthermore, they want this colossal sum to be taken from the most profitable risk-taking business magnate in history.
The litigants feel entitled to squeeze Elon Musk because he supports the technology they hurt themselves on with poor investing decisions. It’s as if, from their point of view, Mr. Musk himself reached through the phone screen. It’s not like Musk twisted their arm to make them buy Dogecoin at the top of a multi-year market cycle.
In his characteristically defiant and cheeky way, Mr. Musk ordered the Twitter logo reset to the famous Doge meme graphic Monday. Dogecoin price exploded 25% in a day over the incredibly lucrative placement.
The case against Elon Musk and Dogecoin is a loosely cobbled-together monstrosity. Moreover, it’s built wholly out of flimsy pretenses and false statements. For example, the suit claims Dogecoin is wire fraud.
No representation is made by Dogecoin that is false or fraudulent. Users get private keys, and their keys go with their Dogecoin. The value of DOGE is determined by participants in a fair and transparent market. The price collapse of DOGE after the last bull run was market economics, not a fraud.
🕋IRS To Invest $80 Billion In Workforce And Technology To Improve Tax Enforcement
The IRS has said it will allocate around $8.64 billion from the new funding between 2023 and 2024, with 8,782 new hires being part of the enforcement staff. This will help the IRS enforce tax laws more effectively and efficiently and ensure taxpayers comply with their obligations.
US Deputy Treasury Secretary Wally Adeyemo has stated that the IRS will hire more data scientists than ever before for enforcement purposes. This will allow revenue agents and traditional tax attorneys to utilize new data analytics technologies, which will help to identify audit targets.
The report also reveals that the IRS will continue adding new customer service employees and will hire 13,883 full-time equivalent staff over the next two years. This aims to improve customer service and ensure taxpayers receive the help they need to meet their obligations.
The $80 billion in funding will also help to rebuild audit capability and replace old computer technologies with new ones. This is crucial in ensuring that the IRS is able to keep up with the fast-paced world of technology and that its infrastructure is up-to-date and secure.
👨🦰The CEO of Ripple Expresses Alarm Regarding Statements Made By Gensler
Brad Garlinghouse, CEO of Ripple, has called on US politicians to address Gary Gensler's comments as SEC chairman. He seemed to be implying that the existing securities rules are all that are needed to regulate the bitcoin sector.
Garlinghouse's comments are a response to Gensler's point of view, which is that the SEC can figure out if digital assets are securities, so there is no need for new laws. Garlinghouse made these assertions.
The CEO of Ripple says that decisions of this kind shouldn't be made based only on the Chair of the Securities and Exchange Commission's personal thoughts. In a tweet, Garlinghouse expressed his concern by saying that it is "beyond comprehension" for the head of the SEC to say that he gets to decide what security is instead of relying on the laws that give his agency its power.
Garlinghouse's tweet read as follows: "It is beyond comprehension that the head of the SEC would claim that he gets to dictate what constitutes security. It is beyond understanding, that the head of the SEC would make such a claim.”
Garlinghouse said that the SEC was able to get power from ambiguity because there was no clear authority in place. He also said that Gensler was acting like a dictator.
Gensler was of the opinion that legislation is an unneeded form of government. After a hearing that was held by the House Appropriations Committee, the director of the SEC, who is also pressing charges against Do Kwon, argued that the existing securities rules cover the majority of the activity that is taking place within the cryptocurrency markets. This was in response to the fact that the SEC director is also pressing charges against Do Kwon. He said that, notwithstanding the possibility that Congress would take steps to offer greater clarification, he believes that new powers are not required.
📝Bitfarms reported 424 BTC production for March
Bitfarms mining company mined 424 BTC last month compared to 387 BTC in February and 363 BTC in March 2022. This is stated in a press release.
Of the volume mined, the firm sold 394 BTC at an average of $24,700. Revenue was $9.7 million. Bitfarms abandoned its hodling strategy in June 2022, becoming one of the leaders in liquidating cryptocurrency reserves among publicly traded mining companies.
According to the report, Bitfarms holds 435 BTC totaling about $12.4 million, based on a price of $28,500 as of March 31, 2023. As of the same period, the company had $29 million in cash and cash equivalents.
Bitfarms mined 1,297 BTC during the quarter versus 962 BTC during the same period in 2022. The hash rate at the end of last month was 4.8 EH/s.
Earlier, the company repaid the balance of the loan from BlockFi totaling $21 million in a one-time cash payment of $7.75 million.
As a reminder, total bitcoin miners' revenue rose 21% in March. The figure reached $757.8 million, the highest value in the last ten months, according to a ForkLog analyst report.
👍Babel Finance Financial Creditor Protection Extension Request Paused
The ongoing moratorium of protection against creditor action for Hong Kong-based Babel Finance, which also has operations in Singapore, expires on April 5, according to Flex, who left day-to-day management in late 2021 and has since returned to oversee the company’s restructuring. Babel owes debt between $750 million and $800 million. It was one of a number of cryptocurrency businesses that encountered difficulties after the crash in digital assets last year.
A new stablecoin is a part of the restructuring strategy suggested by Babel. The strategy calls for paying back finance’ obligations with money earned from a brand-new project that issues “Babel Recovery Coins.”
Babel Finance’s reorganization plan includes a plan to pay off debts using proceeds from a decentralized stablecoin project called “Hope,” according to sources from Bloomberg. Hope will use BTC and ETH as collateral and pegged the price to USD, similar to the infamous DAI method (collateralized with USDC, ETH) or the UST method (collateralized with LUNA). The difference between Hope and Terra’s stablecoins is that the collateral is not set up by the same business that created LUNA-UST.
The court agreed to a temporary suspension until Babel’s creditor protection petition is heard again on April 17, according to Flex.
Babel Finance, a cryptocurrency lender funds by Sequoia Capital China, incurred losses while using customer cash for its own proprietary trading, leading the lender to halt withdrawals in June 2022 as the value of digital tokens plummeted.
🇺🇲U.S. Senator Elizabeth Warren is raising an army against cryptocurrencies
One of the most popular U.S. senators, Elizabeth Warren (D-Massachusetts), announced on Twitter that she would "build an anti-cryptocurrency army" as part of her new campaign. She told her followers that she would actively fight against the industry. In addition, the official stressed that her future activities will be centered around this technology industry.
In her last message, Senator Warren urged her own associates and voters to join her program. She extensively touted her achievements in opposing cryptocurrencies. In addition, the politician emphasized other significant achievements, including the provision of over-the-counter hearing aids and reducing the cost of child care in Massachusetts.
Previously, the Senator has repeatedly stated that in order to maintain economic stability in the United States, cryptocurrencies should be banned entirely in the country. The Massachusetts politician has been actively advocating and fighting against the spread of digital currencies in the United States for several years.
The senator recalled that some of her efforts in countering the cryptocurrency market have already been successful. In December 2022, the Digital Assets Money Laundering Act was passed.
However, the bill has come under massive criticism from Republicans as well as Warren's Democratic Party associates. Numerous participants in the cryptocurrency industry also said that the legislation was against the development of blockchain and cryptography, and the senator herself allegedly did not understand the dangers of her actions. In February of this year, Warren promised to reintroduce a bill that would require all decentralized organizations to comply with strict anti-money-laundering requirements.
