SEC - Page 139

Ethereum’s cryptocurrency, Ether (ETH), has experienced weaker performance compared to Bitcoin in the recent market cycle, according to analytics firm Glassnode.

In their May 7 newsletter, “The Week On-Chain,” they discussed the impact of speculators on ETH prices, highlighting the ongoing challenges facing Ethereum following Bitcoin’s block subsidy halving in April.

Post-halving, both Bitcoin and Ether saw a decline in prices.

The fall in BTC/USD was particularly significant, marking one of its largest since the FTX collapse in late 2022. Ethereum exhibited a similar trend but with less severe corrections, suggesting a level of resilience.

Glassnode noted, “For Ethereum, we can see a similar drawdown structure, with notably shallower corrections since the FTX lows.

This hits to a degree of resilience during pullbacks, as well as a net reduction in volatility across the digital asset space.”

Despite this resilience, Ethereum’s deepest drawdown this cycle reached -44%, which is over twice as severe as Bitcoin’s -21% dip.

This underperformance relative to Bitcoin over the last two years is also evident in a weakening ETH/BTC ratio.

Currently, ETH’s price drawdowns are lessening, but this offers little solace to new investors, particularly Ethereum’s short-term holders (STHs)—those who have held their coins for 155 days or less.

READ MORE: Ether Prices Drop Amid SEC Uncertainty and Technical Corrections, Despite Bullish Patterns

These investors face the possibility of falling into losses, with their aggregate cost basis hovering around $3,000, close to ETH’s current market price.

Glassnode’s analysis of the Market Value to Realized Value (MVRV) ratio, which assesses unrealized profit and loss at current prices, indicates potential panic among these new investors if prices fall further.

They stated, “Ethereum’s STH-MVRV is trading at a very slight premium at the moment, which could suggest that spot prices are very close to the cost basis of recent buyers, who may panic should the market experience downside volatility.”

The broader market is also closely watching regulatory developments in the U.S., particularly the decisions regarding the approval of spot Ether exchange-traded funds (ETFs).

Meanwhile, Ethereum’s long-term holders (LTHs) seem more patient, showing reluctance to sell despite having profitable positions.

Glassnode elaborates, “If we examine the Spent Volume in Profit for LTHs, we can see that the cohort of BTC holders who have held for between 6 months and 2 years increased their divestment during the ATH rally.

From this lens, Ethereum’s Long-Term Holders once again appear to still be waiting for better profit-taking opportunities.”

---

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

The Shiba Inu community faces an urgent alert as exciting developments in the cryptocurrency landscape unfold. “Shibarmy Scam Alerts,” a handle dedicated to protecting SHIB holders, has issued a critical warning about fraudulent activities aimed at the community.

Scammers, often impersonating official channels on platforms such as Telegram and X, create fake accounts to disseminate deceptive information, lure users to fraudulent websites, and gather personal details for malicious purposes.

These impersonators have particularly targeted Treat token accounts, posing significant risks to unsuspecting SHIB enthusiasts.

The alert from “Shibarmy Scam Alerts” emphasizes that no official team member will contact users through private messages, request wallet synchronization, or ask for sensitive personal data.

As anticipation mounts, the Shiba Inu ecosystem is gearing up for major advancements.

The introduction of the Shiba Eternity play-to-earn version on Shibarium and the upcoming launch of the TREAT token are set to expand the ecosystem’s reach and utility significantly.

These developments promise to enhance adoption, scalability, and usability, heralding a new era for blockchain technology and decentralized finance (DeFi).

READ MORE: Bitcoin Rebounds to $63,000 Amidst Surging Liquidity Over $100 Million

Recent integrations and technical upgrades, such as the ShibaSwap DEX’s integration into Shibarium and the successful completion of recent hard forks, underline the continuous improvements within the Shiba Inu framework.

Additionally, the community’s excitement is palpable, with Shiba Inu’s social dominance witnessing a significant surge of 46,339%.

The backdrop is ripe with speculation about potential partnerships that could further augment SHIB’s utility and market position.

Amidst this growing excitement, Shiba Inu lead Shytoshi Kusama tantalized the community with an “Evita” teaser, sparking discussions and anticipation about what lies ahead.

Overall, while the Shiba Inu community is on the brink of potentially transformative advancements, vigilance against scams is paramount to safeguard the interests and security of its members.

---

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

Billionaire investor Mark Cuban recently voiced strong opinions about the need for clearer regulatory frameworks within the cryptocurrency industry in the United States, urging the Commodity Futures Trading Commission (CFTC) to oversee all crypto-related activities.

In a post directed to his 8.8 million followers on X on May 10, Cuban emphasized the urgency of legislative action prior to the 2024 presidential election, suggesting that it could influence the re-election of President Joe Biden.

Cuban stated, “You could solve this problem for Biden by passing legislation that defines registration that is specific to the crypto industry just as other industries have registration that is defined for them.”

His comments reflect a broader concern within the crypto community about the need for tailored regulatory measures that can foster both innovation and consumer protection.

Highlighting the potential political repercussions of regulatory decisions, Cuban pointedly mentioned Gary Gensler, the Chair of the Securities and Exchange Commission (SEC), known for his stringent stance on cryptocurrencies.

Cuban argued that Gensler’s approach could alienate crypto voters, implying that this could be a decisive factor in the upcoming election.

“If Joe Biden loses, there is a good chance you will be able to thank Gary Gensler and the New York SEC,” Cuban said, suggesting that a more crypto-friendly regulatory approach could be more advantageous.

He proposed a more effective alternative, advocating for the CFTC to take charge of all crypto regulations.

This idea aligns with the growing consensus among younger and independent voters who perceive crypto as a significant part of their financial interaction and are critical of the SEC’s handling under Gensler’s leadership.

READ MORE: Toncoin Surges Ahead of Notcoin Game Launch, Outshines Broader Crypto Market with Robust Growth

Cuban harshly criticized Gensler’s record, saying, “Crypto is a mainstay with younger and independent voters. Gensler HAS NOT PROTECTED A SINGLE INVESTOR AGAINST FRAUD.”

Data from litigation consulting firm Cornerstone Research indicates that the SEC undertook 46 enforcement actions against crypto firms in 2023 alone, underscoring the aggressive regulatory landscape.

Meanwhile, Rostin Behnam, Chair of the CFTC, anticipates another wave of enforcement within the next six to 18 months, hinting at ongoing challenges for the sector.

The discourse around cryptocurrency regulation is poised to be a significant issue in the 2024 U.S. election.

A recent poll reported by Cointelegraph on May 7, conducted among 1,201 registered voters, found that over two-thirds resonate with the sentiment that “crypto is for people like them, and more equitable than the financial system.”

This unfolding narrative captures the complex interplay between politics, regulatory actions, and the vibrant dynamics of the cryptocurrency market, reflecting a critical juncture in the regulatory oversight of digital assets in the U.S.

---

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

Toncoin has recently demonstrated notable outperformance in the cryptocurrency market, which overall increased by 15% in the same period.

This performance is indicative of Toncoin’s strong and specific growth catalysts, despite its general alignment with the broader crypto trends.

As we approach the launch of Notcoin, a new play-to-earn game, on May 16, Toncoin’s price has seen a significant increase.

Notcoin, which will be integrated within the Telegram app, is a social clicking game where players interact with a bot and are encouraged to invite others to join.

The game centers on players tapping a golden coin to earn ‘Notcoin,’ a virtual currency. This engaging format has already attracted over 34.5 million players involved in the “mining” of Notcoin tokens.

In line with this, the Notcoin team plans to airdrop a new native cryptocurrency, NOT, to its 34.5 million token holders, which will be operational on the TON Blockchain from May 16.

This blockchain is a part of the Open Network’s layer 1 proof-of-stake (PoS) ecosystem. Additionally, NOT is set to begin trading on prominent crypto exchanges like Binance and Bybit on the same day.

The anticipation surrounding the NOT launch has sparked a rise in the total value locked (TVL) on the TON blockchain, reaching 40.58 million TON by May 10, marking a 33% increase within the month and a sevenfold growth throughout 2024.

This increase highlights the robust demand for Toncoin.

This rising demand coincides with the recent integration of Tether (USDT) stablecoins on the TON blockchain.

READ MORE: Ether Prices Drop Amid SEC Uncertainty and Technical Corrections, Despite Bullish Patterns

Furthermore, an investment from Pantera Capital in the Open Network—citing the April integration with the Telegram messaging service as a key reason—has propelled Toncoin’s value further.

This partnership has the potential to position the Open Network among the largest crypto networks, especially considering Telegram’s vast user base of 900 million monthly users.

Since these developments, Toncoin’s value has surged by approximately 46%, demonstrating a positive market reaction to these strategic enhancements.

The cryptocurrency’s resilience is also evident from its recovery points, notably after reaching a key support confluence involving an ascending trendline, the 50-day exponential moving average (EMA), and the 0.618 Fibonacci level, highlighted by a red circle on related charts.

Moreover, a similar resurgence in TON’s price occurred following a drop in the daily relative strength index (RSI) to 37.45, a reminder of a comparable recovery in February.

These indicators, alongside the fractal analysis of Toncoin’s price behaviors around these support levels, suggest potential upward movement.

Predictions indicate that TON’s price could climb over 20% in May, testing resistance at the 0.236 Fibonacci line at $7.17 and potentially reaching the 0.0 Fib line at approximately $8.77.

Conversely, a pullback could see prices descending toward $6.19 and possibly further to $5.40, aligning with the ascending trendline and the 0.5 Fib line.

---

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

The crypto industry has experienced significant growth due to the influx of new investors, enhancing adoption but also increasing scrutiny from regulators.

The industry now faces increased attention from regulatory bodies concerned with market manipulation, investor protection, and potential illicit uses of cryptocurrency.

The United States Commodity Futures Trading Commission (CFTC) has indicated a rise in enforcement actions within the next six months to two years.

During the 27th Annual Milken Institute Global Conference on May 6, CFTC Chair Rostin Behnam highlighted concerns about potential crypto-centered scams and frauds due to the surge in cryptocurrency prices and the participation of inexperienced retail investors.

Behnam expressed, “We’re going to probably see in the next 6 to 18 months, or 6 to 24 months, another cycle of enforcement actions because of this cycle of asset appreciation and interest by retail investors.”

In 2023, both the CFTC and the Securities and Exchange Commission (SEC) increased their enforcement actions, with the SEC tripling its number of administrative proceedings and initiating 46 enforcement actions, imposing $281 million in fines for settlements.

These enforcement actions have targeted a range of crypto firms, with notable actions against large platforms like Kraken, Binance, and Coinbase.

The SEC has focused particularly on firms with broker-dealer business models. Patrick Gruhn, a former partner at Crypto Lawyers, emphasized the SEC’s strategy, stating, “The SEC targets business models and firms that, from a high-level perspective, compete with traditional finance, e.g., broker-dealers.

READ MORE: Ether Prices Drop Amid SEC Uncertainty and Technical Corrections, Despite Bullish Patterns

If a project or company allows people to speculate on the price of crypto assets or generate interest-like payments, such a firm or project team is at risk, whether it considers itself decentralized or not.”

There is also a significant focus on privacy and mixer tools, with actions against services like Tornado Cash and the privacy-focused Samurai wallet.

This has sparked a mix of reactions in the crypto community, with many opposing the targeting of service creators who believe they are engaging in legal activities.

The lack of a unified regulatory framework in the U.S. has led to a complex environment for crypto firms, influencing how new and existing companies navigate the market.

As noted by Keith Blackman of the Bracewell law firm, the absence of clear regulations increases the need for companies to invest heavily in legal and compliance services, potentially stifling innovation and deterring new market entrants.

Despite regulatory challenges, the crypto market continues to attract interest from traditional finance, with new investment products like spot Bitcoin exchange-traded funds and the growing political influence of crypto holders.

---

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

Chainalysis, a leader in blockchain data and analytics, recently moved its regional headquarters to Dubai, fostering a deep collaboration with local government authorities.

On May 8, the company announced that Dubai would now serve as the hub for its operations across Southern Europe, the Middle East, Central Asia, and Africa.

The company’s decision was influenced by a series of strategic partnerships and initiatives that underscore the region’s growing significance in the global cryptocurrency landscape.

Notably, Chainalysis has been actively consulting with local stakeholders, offering insights on regulatory frameworks to spur innovation within the cryptocurrency sector.

A significant aspect of their involvement includes collaborating with the United Arab Emirates’ Ministry of Artificial Intelligence, Digital Economy and Remote Work Applications.

Together, they have established an excellence center dedicated to enhancing government employees’ understanding and skills in blockchain technology.

Additionally, Chainalysis has entered into a memorandum of understanding with Emirates NBD on May 6.

This partnership is designed to support the bank’s Digital Asset Lab program, marking a significant commitment by one of the region’s banking leaders to explore the potentials of digital assets.

READ MORE: Coinbase Faces Class-Action Lawsuit Over Alleged Securities Deception

Michael Gronager, CEO of Chainalysis, remarked on the proactive approach of the UAE government towards cryptocurrency regulation and innovation.

He stated, “The true potential and value of cryptocurrencies lies in their ability to transfer value, and we’re seeing an upward trend of overall transfer activity… the UAE is strongly positioned to lead innovation with novel use cases that deliver tangible value to consumers and businesses.”

The strategic location of the new headquarters in Dubai positions Chainalysis to better support emerging markets like India, Africa, and Central Asia.

Nicola Buonanno, the firm’s Vice President of Southern EMEA, emphasized the UAE market’s pivotal moment, noting that large institutional transfers now dominate the country’s cryptocurrency transactions.

This expansion reflects a broader trend of crypto and Web3-related enterprises gravitating towards Dubai.

The city’s favorable regulatory environment continues to attract a spectrum of firms, further establishing its status as a technopolis within the Middle East.

This movement includes significant licenses and approvals, such as Binance receiving a cryptocurrency exchange license on April 18, and QCP Capital’s recent regulatory approval in Abu Dhabi on May 7.

---

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

Mastercard has partnered with leading U.S. banks such as Citigroup, Visa, and JPMorgan to explore distributed ledger technology for banking settlements through tokenization.

This initiative, dubbed the Regulated Settlement Network (RSN), aims to unify the settlement processes of diverse financial assets like Treasurys and investment-grade debt on a single platform.

By tokenizing these assets, RSN intends to streamline settlements on a shared ledger, enhancing efficiency across the system.

The testing phase, which follows a 12-week pilot that began in late 2022, originally concentrated on managing cross-border and domestic dollar transactions between banks.

The current focus has shifted to simulating settlements in U.S. dollars, looking to optimize the efficiency of cross-border transactions while minimizing risks like fraud and errors.

READ MORE: Grayscale Halts Four-Month Outflow Streak with Positive Inflows into Bitcoin ETF

Mastercard’s Raj Dhamodharan emphasized the potential of this technology, stating, “application of shared ledger technology to dollar settlements could unlock the next generation of market infrastructures — where programmable settlements are 24/7 and frictionless.”

As part of the ongoing proof-of-concept trials, the RSN has welcomed new participants, including the USDF Consortium directly, and Tassat Group as a contributor.

Consulting firm Deloitte has also joined to provide advisory services, with the Securities Industry and Financial Markets Association serving as the program manager.

In total, ten major banking institutions are involved in this pioneering effort, including Citi, JPMorgan, Mastercard, Swift, TD Bank N.A., U.S. Bank, USDF, Wells Fargo, Visa, and Zions Bancorp.

Additionally, six other entities such as the MITRE Corporation, BNY Mellon, Broadridge, the DTCC, ISDA, and Tassat Group will contribute their specialized knowledge to the project, aiming to reshape how financial transactions and settlements are conducted in the banking sector.

---

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

Notcoin (NOT), a play-to-earn game with an associated token that operates within the Telegram app, is currently making waves on social media platform X.

This surge in popularity comes as major cryptocurrency exchanges gear up to list the NOT token.

ByBit, a cryptocurrency exchange, officially announced the listing of Notcoin on its platform on May 9, commencing with the immediate availability of deposits.

Trading and withdrawals for NOT are scheduled to begin on May 16 and May 17, respectively.

ByBit has clarified that these transactions will be conducted through The Open Network (TON) and its automated trading tool.

Simultaneously, the Binance exchange launched NOT in its launch pool on May 9 and plans to start spot trading of Notcoin on May 16.

In line with this, Telegram’s third-party custodial crypto wallet, Wallet, will also incorporate NOT into its offerings starting May 16.

Adding to the excitement, the OKX exchange has announced its plan to include Notcoin in its Jumpstart Mining event on May 13.

This event will allow Toncoin (TON) holders to stake their coins and earn rewards in NOT.

The anticipation surrounding NOT has been mounting on social media, with over 35,000 posts tagged with “#Notcoin” on X at the time of writing.

READ MORE: Ether Prices Drop Amid SEC Uncertainty and Technical Corrections, Despite Bullish Patterns

Introduced in January 2024, Notcoin presents itself as a free play-to-earn game on Telegram. Users can earn the NOT token by simply engaging with the game’s coin icons.

The token, based on the TON blockchain, was developed by Sasha Plotvinov and his team, Open Builders, who also created the game.

The game quickly became a sensation on Telegram, attracting millions of players even before its token was available for trading on exchanges like Binance.

Sasha Plotvinov explained the token’s unique position in the market, stating, “Notcoin — or ‘not a coin until it is’ — has solved the issue of attracting Telegram users to crypto,” noting the app’s user base grew to about 30 million in just a few months post-launch.

The official Notcoin Community channel on Telegram now boasts over six million subscribers, and the Notcoin bot reports a player count of 648,015 who have not previously owned any cryptocurrencies.

As for the token’s future, the Notcoin team has expressed uncertainty about its post-listing price but confirmed that the mining phase has been completed.

These developments occur as the TON ecosystem itself is gaining traction.

Just a day before the ByBit listing, Pantera Capital revealed that its investment in TON was its “largest investment ever,” coinciding with a substantial price increase in Toncoin, which jumped from approximately $5.5 to almost $7 in a week, now trading at $6.88, marking a 27% rise.

---

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

StaFi, one of the leading staking infrastructure providers, announced support for EigenLayer’s Liquid Restaking Token (LRT), allowing users to participate in the restaking ecosystem. Users on StaFi can now rehypothecate their staked tokens to provide security to decentralized applications (DApps) that are required to build their trust and security – or their own actively validated services (AVS). 

Eigenlayer LRT is already supported on the LSaaS Stack App, while support for Karak and BounceBit LRT will be maintained. There are also plans to roll out support for BTC LRT in the future.

The latest integration follows the launch of StaFi’s liquid staking as a service (LSaaS )testnet – launched last month – and the publication of the StaFi 2.0 roadmap. The roadmap included plans to add the LRT stack to power new re-staking applications. EigenLayer also launched on mainnet in February this year allowing developers to leverage pooled security via restaking by extending the security of Ethereum to AVSs. 

The integration of the LRT stack will enable project teams and DApp developers to seamlessly deploy LRT on LSaaS, significantly enhancing the efficiency of LRT development and overall accessibility of restaking.

Terming the latest addition to LSaaS as a “major breakthrough for developers”, Liam Young, the founder of StaFi stated: 

“The integration of LRT into StaFi’s Liquid Staking as a Service is a major breakthrough for developers, who are now free to create restaking products that harness shared security across multiple chains. Up until now, building with LRT has been a complex task that entails significant lead time. StaFi’s LRT Stack will slash time to market while empowering builders to create novel solutions that draw upon the crypto economic guarantees that liquid staking permits.” 

EigenLayer is a protocol built on Ethereum that permits restaking to enhance overall security across the blockchain ecosystem. The platform introduces novel ideas such as staking and free market governance that create an optimized system of pooled security whereby the staked $ETH is repurposed to provide validation services to AVSs. 

Simply, EigenLayer repurposes currently staked ETH (or another token)  to provide validation services to AVSs via restaking. The staked ETH is repurposed to validate transactions to platforms built on Ethereum but cannot utilize the settlement layer of the blockchain. Crucially, stakers retain their staking rewards on Ethereum. 

The integrated LRT stack will support several functionalities such as restaking, unrestaking, and withdrawing tokens. Additionally, users will be able to mint and burn LRTs, join restaking pools and delegate and undelegate staking operators. 

To facilitate the LRT/ETH pair construction, AVS restaking rewards will be swapped for ETH in the market via swap. This will follow the launch of EigenLayer’s planned upgrade which will allow developers and  LRT operators to construct their LRT with the aforementioned functionalities swiftly.