In Paraguay, a proposed bill aiming to ban cryptocurrency mining is raising concerns about significant economic repercussions.
Introduced on April 4, the legislation cites issues with illegal mining operations that reportedly compromise the national electricity supply, prompting a potential prohibition period of 180 days or until the adoption of new regulations.
This move, however, might have costly implications for Paraguay, as highlighted by Jaran Mellerud, co-founder of Hashlabs Mining.
In a recent discussion with Cointelegraph, Mellerud estimated that such a ban could lead to over $200 million in annual losses for Paraguay, considering the presence of 500 megawatts of legal mining operations incurring $0.05 per kilowatt-hour of operating expenses.
Paraguay’s status as a relatively small market, with a population of 6.8 million and the world’s 94th-largest GDP at $41.7 billion, as per 2022 data from Worldometer, makes the potential financial impact more significant.
Bitcoin mining has been a beneficial economic activity for the nation, contributing positively to its trade balance.
The current regulatory framework requires Bitcoin mining companies to register with the Paraguayan Ministry of Industry and Commerce.
The draft bill, if passed, could affect major industry participants like Marathon Digital Holdings, which began operations near the Itaipu hydroelectric plant last November.
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This site is notably advantageous for miners due to its surplus electricity, previously sold to Brazil at low rates.
However, Bitcoin miners have recently been purchasing this excess power at slightly higher prices, Mellerud noted.
Despite the advantages, the government has registered 50 instances of power disruptions tied to illegal mining activities since February, with estimated damages and losses amounting to $94,900 per case, totaling up to $60 million annually in the Alto Paraná area alone.
Acknowledging the potential for illegal mining to overburden the grid, Mellerud referenced Kazakhstan’s past issues with unauthorized miners as a cautionary tale.
He also mentioned the interest of U.S.-based miners in relocating to Paraguay and Argentina for cheaper electricity costs.
This debate emerges as the Bitcoin community anticipates the “halving” event on April 20, which will reduce mining rewards, further complicating the economic dynamics for miners in Paraguay.
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Alphabet’s Google has initiated legal action against two Chinese nationals for exploiting Google Play to distribute fraudulent cryptocurrency apps, marking a significant move in the tech industry’s fight against scam operations.
The lawsuit, filed in a New York federal court, targets apps like TionRT exchange, which were downloaded more than 100,000 times, deceiving users with apparent returns and initial withdrawal capabilities before ultimately restricting access to their funds.
Google’s lawsuit seeks to establish a legal precedent, alleging that the defendants engaged in various misrepresentations, including false information about their identity, location, and the nature of the applications uploaded to Google Play.
By invoking the Racketeer Influenced and Corrupt Organizations (RICO) law and citing breach of contract, Google is taking a firm stance against what it describes as the publication of at least 87 crypto scam apps.
The individuals implicated in the scheme, Yunfeng Sun and Hongnam Cheung, allegedly promoted these fraudulent apps through sophisticated campaigns involving Google Voice, YouTube, and affiliate marketing.
However, the effectiveness of Google’s legal efforts may be hampered by the lack of a reciprocal judicial enforcement agreement between the U.S. and China, presenting challenges in enforcing any potential sanctions against the defendants.
In parallel developments within the crypto space, Crypto.com announced its expansion into South Korea, with a planned launch focusing on coin-to-coin transactions and non-fungible tokens.
The platform’s broader ambitions include venturing into fiat-to-crypto exchanges, contingent upon compliance with South Korea’s stringent regulatory framework.
This move underscores the growing interest in cryptocurrency markets and the importance of adhering to legal and regulatory standards to protect users and foster a secure trading environment.
Furthermore, the investment landscape in cryptocurrency and blockchain technology continues to evolve, with significant initiatives underway.
Boyaa Interactive’s $1 million investment into metaverse and blockchain projects, in partnership with Pacific Waterdrip Digital Asset Fund SPC, highlights the sector’s dynamic growth and the strategic emphasis on Web3 development.
Similarly, Sinohope’s collaboration with Merlin Chain aims to enhance the security and scalability of Bitcoin through innovative layer 2 solutions, reflecting ongoing efforts to advance blockchain infrastructure and usability.
Among these developments, Japan’s Hokkoku Bank introduced “Tochituka,” the country’s first deposit-enabled stablecoin, illustrating the integration of traditional banking with digital currency innovations.
Meanwhile, Web3 gaming firm Gomble secured $10 million in funding, demonstrating the potential for a sustainable economy within the gaming industry powered by blockchain technology.
Lastly, Value Partners’ exploration of a spot Bitcoin ETF in Hong Kong signifies the increasing institutional interest in offering regulated, accessible cryptocurrency investment options, marking a significant moment in the convergence of digital assets and mainstream financial services.
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Blockchain investigator ZachXBT has recently voiced concerns over what he perceives as excessive and intrusive methods employed by the Criminal Investigation Unit (CIU) of the U.S. Internal Revenue Service (IRS) in their efforts to solicit his help with blockchain-related investigations.
ZachXBT, known for his expertise in tracing blockchain transactions, took to X on March 6 to share his experiences of being pursued by the IRS for his knowledge and skills.
Despite his general willingness to aid victims and law enforcement, ZachXBT feels that the IRS’s tactics have infringed upon his personal boundaries.
ZachXBT’s grievances include unannounced visits to former residences, unsolicited emails to personal accounts utilizing private information, and physical mail, despite his public availability through more conventional contact methods.
Among the evidence he provided was an email from an IRS special agent, who lauded ZachXBT for his “impressive work,” particularly his adeptness with blockchain tracing tools.
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The agent, acknowledging their own limitations in understanding blockchain, sought ZachXBT’s guidance on making significant contributions to the field.
However, ZachXBT has criticized the IRS’s approach as showing “blatant disregard for any professionalism,” a stance he took after declining to support investors of the Complex (SIMPLE) memecoin following its unexpected collapse on April 4.
He expressed a preference for aiding genuine victims over those who speculate on high-risk, unproven digital assets.
The IRS, meanwhile, continues to enhance its engagement with key figures and organizations in the blockchain tracing sector.
A notable partnership highlighted by the agency is with Chainalysis, a leading blockchain analytics company.
In May 2023, IRS-CI Chief Jim Lee emphasized the critical role of such collaborations, stating that the fight against cryptocurrency-related crime would be “impossible” without the advanced tools and infrastructure provided by these partnerships.
Lee also noted that, thanks to these efforts, the IRS-CI has confiscated an estimated $10 billion in cryptocurrency since it started probing a wide range of digital asset-related criminal activities, showcasing the significant impact and importance of these investigative endeavors.
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Book of Epstein (BOE) was launched around an hour ago, and it is now trading on decentralized exchanges on the Solana network, such as Raydium.
A new Solana memecoin called Book of Epstein (BOE) is set to generate astronomical returns for early buyers in the next 24-48 hours, with it even attracting interest from the Shiba Inu (SHIB) and Dogecoin (DOGE) communities.
The memecoin currently has a market cap of around $82,000 according to DEX Screener data, with it trading around $0.000084.
It is projected to breach the $0.00012 mark within the next 24 hours, to deliver over 1,500% returns to early investors.
Book of Epstein was launched just one hour ago, and it is likely to attract strong inflows, as memecoin traders cash in some of their profits from successful SHIB and DOGE trades, and buy this new token.
This is because, due to its ultra-low market cap at the moment, BOE presents a lot more upside potential than large cap memecoins, such as PEPE, Doge and SHIB.
Furthermore, as the coin’s first listing on a centralized exchange is expected to be announced on Wednesday, the price of Book of Epstein could skyrocket much higher than $0.00012 and potentially target a market cap of over $10 million before the end of April.
Numerous other memecoins, such as DogWifHood, have achieved this feat within a couple of weeks of being launched, so the chances of Book of Epstein also achieving this are quite high, given the hype that is already building around this token.
If it reaches a $10 million market cap, early BOE investors would generate a return of more than 10,000%, so it’s not surprising to see many memecoin investors pouring money into this coin as early as possible.
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In a recent surge that underscores the recovering dynamics of the cryptocurrency market, Binance, the world’s leading crypto exchange, experienced a record-breaking increase in its spot trading volume.
According to a report by CCData, a prominent cryptocurrency analytics firm, Binance’s spot trading volume escalated to a staggering $1.12 trillion in March, marking a 121% increase and reaching its zenith since May 2021.
This remarkable growth spanned over seven consecutive months, culminating in a significant uplift in March.
The same report by CCData, dated April 5, also revealed that Binance has not only seen a surge in spot trading but its market share has concurrently expanded by 1.04%, now commanding 44.1% of the market in March.
This ascendancy in the market is partially attributed to Binance’s resolution of a legal confrontation with the United States Department of Justice, which was settled with a hefty $4.3 billion.
Post-settlement, Binance’s derivatives trading volumes soared by 89.7% to $2.91 trillion, equaling the high-water mark set in May 2021.
CCData analysts pointed out that Binance achieved the most substantial growth in spot markets among all, bolstering its market dominance by an additional 2.3% compared to February.
It now accounts for 38.0% of the spot trading volumes on centralized exchanges (CEXs), marking the largest year-to-date gains.
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Earlier in January, analytics firm Kaiko highlighted Binance’s burgeoning trading volume and market share, which spiked by 50% in the mere span of two months following its settlement.
Despite facing regulatory hurdles, Binance reported an addition of over 40 million users in 2023, a nearly 30% increase from the previous year, thanks to its “key services.”
The exchange’s uptick in user base and trading volumes is indicative of the enduring trust it enjoys within the crypto community.
The crypto market, in general, witnessed a significant upswing in March as the combined spot and derivatives trading volume on CEXs surged to a new all-time high of $9.12 trillion, driven by Bitcoin’s rally to new heights and speculative trading in anticipation of the Bitcoin supply halving and the success of spot Bitcoin ETFs.
This phenomenon not only reflects the bullish sentiment prevailing in the market but also underscores the critical role of centralized exchanges in the ecosystem, despite the setbacks faced by entities like FTX.
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On April 6, Dogecoin experienced a notable surge, outperforming the broader cryptocurrency market with a 7.5% increase in its price to $0.186, compared to the market’s overall gain of 1.71%.
This price rally underscores a bullish trend among top memecoins, reflecting a growing appetite for risk among traders.
Memecoins, known for their speculative nature due to their minimal underlying value, are considered high-risk investments within the cryptocurrency sector.
This positions them in stark contrast to traditional safe-haven assets.
Amidst these market dynamics, the U.S. dollar is facing a decline in value against a basket of leading foreign currencies.
The U.S. Dollar Index (DXY) highlights a negative correlation between Dogecoin and the dollar, suggesting that the weakening dollar is temporarily enhancing the attractiveness of riskier investments like memecoins on April 6.
Significant trading activity was observed with Whale Alert reporting an anonymous wallet acquiring 199.27 million DOGE in two transactions from Robinhood, totaling approximately $35.45 million.
This substantial investment garnered significant attention, contributing to Dogecoin’s price increase.
Despite this, a decrease in Dogecoin whales, those holding large amounts of the coin, suggests a possible overvaluation of these transactions’ market impact.
Concurrently, Dogecoin’s market dynamics reveal a decline in open interest (OI) and funding rates for its perpetual contracts.
READ MORE: DogWifHood (WIF) Braces for Explosive Price Rally After Binance Tweet Sparks Listing Speculation
From a peak of $2.21 billion on March 29, the OI dropped to $1.38 billion by April 6, indicating a potential reduction in trader engagement for various reasons, such as profit-taking or exposure reduction.
The funding rate also saw a decrease to 0.0172% from a recent high of 0.106% on April 1, hinting at a lower inclination among traders to maintain long positions.
This scenario, where reduced selling pressure accompanies a price increase due to traders closing their short positions, is evident in Dogecoin’s market.
Technically, Dogecoin’s price rally on April 6 can be attributed to support from its 200-4H exponential moving average and an ascending trendline, marking a potential for continued bullish momentum following a pattern similar to a previous rally on March 19, which led to an 85% increase in price.
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Swole Doge (SWOLE) currently has a market cap under $100,000, meaning it has immense upside potential and could turn thousands into millions of dollars if its market cap hits $10 million.
Swole Doge (SWOLE) is gearing up for a 3,500% rally in the next 14 days, as this memecoin – which was launched in late 2021 – re-emerges and attracts a new wave of investors who are cashing in their SHIB and DOGE profits.
SWOLE has rallied around 200% in the last day, but it has huge further potential to rise, as its current market cap is still under $100,000, in stark contrast to large memecoins like Shiba Inu and Dogecoin.
The coin is only trading on a handful of Solana decentralized exchanges, like Jupiter, and the token’s price is set for explosive growth amid reports that the coin’s first centralized exchange listing, on MEXC, will be announced early next week.
In anticipation of this, shrewd memecoin investors are pouring money into SWOLE, in expectation of its price surging throughout April and May.
A CEX listing for SWOLE will give the coin exposure to hundreds of millions of new traders, and could result in massive inflows into the coin which will cause its price to skyrocket.
However, even before the CEX listing is announced, it is expected that SWOLE will rally further and potentially breach the $0.0001 mark by Sunday or Monday.
This would result in investors who buy in at the current price achieving a circa 700% return on their investment.
However, given the token’s massive medium-term potential and scope for bullish catalysts, most investors won’t be planning to take profits before Q3 and Q4.
Bitcoin‘s rising appeal as a safe haven asset amid global financial uncertainties is notably highlighted by Cathie Wood, CEO of ARK Invest, in a recent CNBC interview.
Wood articulates the unique dual nature of Bitcoin (BTC) as both a risk-on and risk-off investment, indicating its complex role in the current financial landscape.
The introduction of new exchange-traded funds (ETFs) in the United States has certainly contributed to the growing mainstream acceptance of Bitcoin in 2024.
However, Wood suggests there’s a deeper narrative unfolding beyond the institutional engagement with BTC.
She points out the significant opportunities BTC presents to ordinary citizens worldwide, especially against the backdrop of currency devaluation in various countries.
Wood specifically mentions the severe depreciation of currencies like the Nigerian naira and Egyptian pound against the U.S. dollar, attributing these downturns to deliberate government actions rather than market dynamics.
She interprets this trend as a clear move towards Bitcoin as a “flight to safety” and a protective measure against the erosion of wealth and purchasing power.
READ MORE: Bitcoin Cash Surges Ahead of Second Halving Event, Reaches Record Open Interest in Futures
The discussion further delves into how Bitcoin’s appeal has been bolstered by recent financial crises, including the U.S. regional banking crisis last year and the Greek financial crisis in 2013.
Wood views Bitcoin as a form of insurance against the consequences of poor fiscal and monetary policies globally.
Despite ARK’s ETF facing competition from leading asset managers and experiencing unusual net outflows of nearly $90 million recently, Wood’s conviction in Bitcoin remains strong.
These outflows, she suggests, might relate to routine financial operations like quarterly rebalancing, as noted by the trader Daan Crypto Trades on the social platform X.
Furthermore, Wood’s bullish outlook on Bitcoin’s future is underscored by her prediction of a $1 million price tag before 2030, driven by a surge in institutional investment.
She believes that the full potential of the market has yet to be realized, signaling her ongoing support for Bitcoin amidst fluctuating market dynamics and ARK’s recent fund performance challenges.
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Anabolic Cat (CATBOLIC), a Solana-based memecoin that began trading on decentralised exchanges today, is poised to rally 2,000% within the next week.
The coin’s price is set to be boosted by a number of listings on centralized exchanges, which will include Bitget and MEXC, in April.
Anabolic Cat (CATBOLIC) began trading on Raydium and Jupiter on 7 April, and many investors are bullish about this new token.
The plan is for this token to become the first mainstream cat-based memecoin, challenging dog-themed coins like Dogecoin (DOGE) and Shiba Inu (SHIB).
Currently, Anabolic Cat is only available to buy on decentralized exchanges, like Raydium and Jupiter, but the upcoming CEX listings on Bitget and MEXC will make CATBOLIC available to hundreds of millions of new crypto investors and boost its price.
CATBOLIC is trading at $0.0000026, as per DEX Screener data, giving it a market cap of just around $8,000, underscoring the potential for over 15,000%-50,000% gains in the coming weeks for investors who buy in at the current price.
It is currently in the top 20 most trending tokens on DEX Screener.
The launch of this new memecoin comes amid the broader Solana memecoin craze, with hundreds of new coins being launched every day and some turning early investors into millionaires.
With this type of investing, arguably the most important thing is investing early and being one of the first holders, as you can buy tokens at dirt cheap prices.
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Toncoin is a phenomenon that has rocked the industry and received recognition from many crypto enthusiasts. This token has reached the peak of popularity and opened up many new opportunities for earning. According to CoinMarketCap statistics, its price has increased by 100% over the last month. What is the secret of such a meteoric rise? How can you take advantage of Toncoin to make money? This article will reveal the crucial aspects of earning with Toncoin and shed light on the patterns that made the coin the talk of the town.
What’s Toncoin & Its Role in the Crypto Industry?
Toncoin is the native cryptocurrency of The Open Network (TON), an innovative third-generation blockchain platform initially developed by Telegram in 2018. However, in 2020, Pavel Durov, the network’s founder, halted development and released the code publicly following legal proceedings. Despite this setback, the project persisted, buoyed by a dedicated community.
In 2021, the TON blockchain achieved a significant milestone by breaking the world speed record, processing an impressive 55,000 transactions per second. This remarkable feat underscored the project’s emphasis on high scalability and performance, significantly contributing to its widespread adoption. Notably, Toncoin, the native cryptocurrency of Telegram Open Network, experienced a surge in popularity, ranking 11th in the CoinMarketCap ranking by capitalization.
Toncoin serves various functions within the network, including facilitating transactions and enabling participation in protocol management. Toncoin’s success story serves as a beacon of inspiration for modern cryptocurrency projects seeking mass adoption. Despite regulatory challenges, Toncoin has persevered, continuing to evolve and attracting a growing community of crypto enthusiasts.
What is the secret of Toncoin’s popularity?
Toncoin stands on three unbreakable pillars that fuelled its popularity:
Telegram Messaging App
The high value of Toncoin is attributed to its launch within Telegram’s ecosystem. Incorporating the Toncoin wallet into its widely adopted messaging app substantially motivated its expansion.
Advanced Technology
TON, built with a multi-level architecture, processes thousands of transactions per second. This advanced technology also has a vast potential for future improvements. Therefore, the speed and innovation were spread across crypto news as a novel record that caught users’ attention.
Strong Community Support
Toncoin has cultivated a loyal and dedicated community of supporters who are actively engaging with the project. There are over 32,000 token holders and over 700,000 website visits per month of the TON website.
Popularizing cryptocurrency is a complex process that begins with the token’s launch on the market and continues throughout its existence. Crypto projects offer multiple services, making devising a new solution more complicated. However, Toncoin’s team seems to have nailed it.
How to earn with Toncoin while it sets new ATHs?
New Toncoin price records are only a matter of time. While the token increases in value, you can manage its accumulation. There are several ways to earn Toncoin and use this currency to get crypto income.
- Trading Toncoin: TON is listed on various crypto platforms and decentralized exchanges, such as OKX and Bybit. It can also be bought using Telegram bots and crypto wallets. However, there’s also a place to buy Toncoin with extra bonuses as a new user in a profitable iGaming niche with their swap systems. One of these platforms is BetFury, the leading crypto and iGaming ecosystem, which recently listed Toncoin. By purchasing Toncoin on BetFury, you can also experience an upgraded Welcome Pack with generous up to 590% on the deposit and 225 Free Spins. Find the promocode below to get the registration bonus.
- Staking Toncoin: Several platforms offer Toncoin staking, and 21Shares has received the most attention recently. It launched an exchange-traded fund (ETF) pegged to Toncoin that tracks the asset’s price fluctuations and reinvests profits into staking. According to its website, 21Shares had around $7 billion in assets under management as of March 26.
- Gaming with Toncoin: anyone can earn crypto by playing games. Toncoin has become a part of the iGaming industry by partnering with many entertainment projects. For example, the new game Catizen allows you to collect FISH and CATS tokens for upgrading your pets and speeding up the process using TON currency. Another example is BetFury, which has over 8,000 Slots and 20 Original games with up to 99.28% RTP for users to place bets in Toncoin. So, you can choose any exciting entertainment to earn more crypto with Toncoin.
- Investing in Promising Projects: there is another way to earn crypto – searching for promising projects with drops and investments in technologies related to TON. One of the most popular is the Free TON blockchain from TON Labs. It’s another TON prototype with the native TON Crystal token, created based on Durov’s open-source code. Free TON developers have made useful applications and tools, such as the TON-Ethereum Bridge or the TON Surf wallet. Thus, investing in such projects can help you to reach your earning goals.
As you can see, TON is now at the peak of popularity. Toncoin is available for trading and is open to any investment opportunities. If you want to get Toncoin now, go to BetFury and buy it in a matter of seconds, along with crypto bonuses. The first 70 users to register on BetFury and enter the promo code TONCOIN by April 30th will receive 400 BFG on their bonus balance. Make an x40 wager playing on BetFury to claim your registration bonus and get a chance to win crypto while reaching the wager.
Which Factors to Consider Investing in Cryptocurrency?
Investing, staking, or trading cryptocurrency requires users to be cautious and attentive. Keep in mind these aspects to avoid dangers.
- DYOR: do research to find more suitable tools for earning crypto and study this area more deeply.
- Stop-loss: pay attention to stop-loss orders to use them as a limit to potential losses.
- News Tracking: stay updated on Toncoin news from official resources to always be within the information field.
- Ensure Security: check for audits and install the necessary security measures for funds on the platform where you earn money.
Will Toncoin’s Price Go Up or Down in the Nearest Future?
Toncoin has potential solid and bright long-term prospects. Its price has almost doubled over the past month, which confirms this fact. The Open Network is already on track to compete with Bitcoin and Ethereum, offering lightning-fast transaction speeds and low fees. According to CoinCodex statistics, the price of Toncoin will range from $5.07 to $24.16 by 2025. These analysts rely on the historical price movement of the token, as well as the influence of the BTC Halving and other crucial events. The currency is unique and can become even more valuable soon. However, market volatility makes setting the exact Toncoin price prediction impossible.
Conclusion
The Open Network is a technological breakthrough that has boosted the cohesion of the crypto community. Toncoin’s fire has not gone out and will warm the wallets of all its owners for many years. Therefore, strive for maximum benefits with Toncoin on trusted crypto platforms.