Category: Cryptocurrency News

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In a recent court ruling, Ethereum (ETH) was denied non-security status in a case against the U.S. Securities and Exchange Commission (SEC).  The court granted the SEC’s motion to dismiss the complaint for declaratory relief on whether Ethereum and the Ethereum Network are securities. While the ruling was a procedural one and not on the merits, it confirmed that there is no protection for Ethereum as a non-security.  Ethereum And Other Cryptocurrencies Left In Legal Limbo At this point in the US, only Bitcoin (BTC) and XRP are large-cap tokens that have legal clarity. The court’s decision highlights the regulatory uncertainty surrounding cryptocurrencies and the need for the SEC to issue definitive guidance rather than approaching the issue in piecemeal litigation. According to the Law Firm Dedicated to unique issues of digital assets and cryptocurrency, Hodl Law, the court emphasized that the SEC has not investigated the plaintiff or threatened to investigate, and there is no imminent threat based on its unclear Ethereum position and enforcement-by-litigation approach.  Related Reading: Bitcoin Price Forecast: Dark Days Ahead As $29,200 Support Fails However, the SEC’s recent refusals to comment on Ethereum, combined with the position it was forced to take in this briefing, clearly demonstrate that it views Ethereum as a security and is waiting for the most opportune time to strike. While there are appellate options and constitutional grounds available, the ruling underscores the need for greater regulatory clarity in the cryptocurrency space. Businesses and individuals operating in the crypto industry need expert legal counsel to navigate the complex legal landscape and ensure compliance with applicable regulations. ETH’s Fate As A Security If the SEC were to classify Ethereum as a security, it could have significant consequences for the cryptocurrency and the broader industry. First and foremost, if Ethereum were classified as a security, it would be subject to the same regulations as traditional securities, such as stocks and bonds. This would mean that Ethereum would have to comply with securities laws and regulations, including registration requirements, disclosure requirements, and other compliance obligations.  This would likely increase the cost and complexity of operating the ETH network and could potentially stifle innovation. Related Reading: Bitcoin Bollinger Bands Are The Tightest Ever, What Happens Next? Additionally, it could impact the value and liquidity of the cryptocurrency. The SEC’s classification would create uncertainty and potentially undermine investor confidence in Ethereum, leading to a decline in its value and potentially reducing demand for the cryptocurrency. Furthermore, this case could potentially lead to legal action against the platform and its developers. If the SEC were to determine that Ethereum was sold in violation of securities laws, it could result in penalties and fines for the platform’s founders and developers. As the crypto industry continues to evolve, regulators must provide clear guidance on the status and treatment of cryptocurrencies.  The ongoing confusion and uncertainty surrounding the legal status of Ethereum and other cryptocurrencies pose significant challenges for businesses and investors in the space. While the court’s ruling, in this case, maybe disappointing for some, it underscores the need for greater clarity and regulatory certainty in the cryptocurrency industry. As of the time of writing, ETH is in the process of recovering from a significant decline experienced over the past few days. Currently, the second-largest token in the nascent industry is trading at $1,850, which represents a 0.7% decrease in the last 24 hours. Featured image from iStock, chart from TradingView.com

The Open Ordinals Institute aims to bolster the protocol’s future development as Ordinals inscriptions hit a milestone of 21 million.

Michael Egorov is attempting to pay off his mountain of DeFi debts by selling CRV at a discount.

Bitcoin, the pioneering cryptocurrency, is currently exhibiting mixed market signals, according to the latest data from Glassnode. The analytics firm points out that Bitcoin addresses in loss have reached a one-month high, even as the count of addresses holding smaller balances of the coin marks a record high.  The contrasting trends paint an intriguing picture of the current state of the Bitcoin market, further spurring dialogues on the future trajectory of this digital asset. Related Reading: Bitcoin Price Forecast: Dark Days Ahead As $29,200 Support Fails BTC Addresses In Loss Reaches New Heights Glassnode’s report reveals earlier today that the number of Bitcoin addresses in loss (seven-day Moving Average) has peaked at roughly 14.043 billion, marking a new one-month high. This supersedes the previous peak of 14.041 billion recorded on July 31, 2023.  Such a trend points towards a section of investors who bought BTC at higher price points and are now in the red due to the recent price fluctuations. However, it’s important to note that these losses are only ‘unrealized’ and turn ‘real’ only when the Bitcoin is sold. While a high number of addresses in loss might initially signal negativity, they can also indicate potential price recovery as these addresses might be waiting for prices to bounce back. Bitcoin Addresses With Smaller Holdings On The Rise In contrast to the increasing number of addresses in loss, Glassnode reports that the number of Bitcoin addresses with 0.01+ coins has attained a new all-time high (ATH) of 12.2 million. This suggests a broadening distribution of Bitcoin among retail investors, perhaps indicative of an increasing acceptance and adoption of the cryptocurrency. Adding another dimension to the market’s mixed signals, the number of non-zero Bitcoin addresses has also reached an all-time high of 47.9 million. This growth underscores the expanding base of Bitcoin holders, reflecting the coin’s widespread global adoption. Related Reading: Why This Billionaire Continues To Advocate For Bitcoin Amid Surging US Debt? While these trends unravel, BTC’s price has found itself in a rebound after a decline of nearly 5% in the past month. Particularly, the asset has seen a slight increase of 0.2% in the past 24 hours bringing its current price to trade at $29,375 after trading below the $29,000 mark earlier today.  BTC’s market capitalization has also recorded more than $6 billion in loss in just the past week. The asset market cap has plunged from a high of $575 billion earlier last week to a current cap of $568 billion. Interestingly, Bitcoin’s trading volume has traced quite a contrasting path over the same period. Instead of following the trend of the recent falling BTC price, trading volume has been on a slight uptrend. Last week, the trading volume was stuck at $10 billion. However, in stark contrast to the price trend, this volume experienced a surge, peaking at $13 billion in just the past 24 hours. This suggests a heightened market activity, despite the dwindling Bitcoin price. Featured image from iStock, Chart from TradingView

Hello, r/ethereum community! I'm trying to get a deeper understanding of the concept of programmable money and how it relates to Ethereum's smart contracts. We all know that Ethereum provides the ability to create smart contracts. These contracts can execute predefined actions based on specific conditions. For example, a smart contract might release funds only…
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MicroStrategy, one of the largest corporate holders of Bitcoin, said proceeds of the sale could be used to buy up even more Bitcoin.

As Richard and his scam empire continues to fall, Uniswap has just come in and decided to stop any trading of HEX tokens within its app. People are now targeting Uniswap for not being decentralized because they can choose which tokens are allowed to be exchanged. That's a whole other topic. The primary topic here…
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Remember your first Ethereum? When did they manage to get it? I have not yet managed to reach my first full Ethereum and I am working hard to achieve it someday, but thinking and rambling how it would be when that time comes, I was very curious to know how and when was that moment…
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BlackRock officially announced its entrance into Bitcoin earlier this year by filing for a Spot Bitcoin ETF with the United States Securities and Exchange Commission (SEC). Although the regulator is yet to accept the filing, CEO Larry Fink has also made some supportive comments, comparing BTC to digital gold.  In light of these events, Galaxy Digital CEO Mike Novogratz has come forward to share his opinions on BlackRock CEO Larry Fink and how he affects the digital asset. BlackRock CEO’s Pivoting Sentiment Toward Bitcoin Galaxy Digital CEO Mike Novogratz has stated that BlackRock’s CEO Larry Fink’s change of heart is the best thing to happen to Bitcoin.  “I think the most important thing that happened this year in Bitcoin is Larry Fink,” Novogratz mentioned during an interview on Bloomberg TV with David Rubenstein. Related Reading: USDT Issuer Tether Reports A 30% Decline In Profit Novogratz believes Fink’s acceptance of Bitcoin highlights a shifting sentiment towards Bitcoin and other digital currencies worldwide.  According to him, “180 million people around the world, without a gun to their head, take their hard-earned savings and store it in this community of people that run this technology, you know, called bitcoin.” He further opined that Fink’s change of heart, alongside the increasing adoption of cryptocurrencies, could help Bitcoin surpass its all-time high of $69,000 recorded in 2021.  Blackrock’s CEO Larry Fink was long known to be a skeptic of cryptocurrencies as he once went as far as tagging BTC an “index of money laundering.”  “Bitcoin just shows you how much demand for money laundering there is in the world,” Fink stated in 2017. BTC price continues to fall as it trades at $28,789 | Source: BTCUSD on Tradingview.com However, there has been a change of heart from the CEO as earlier in June, BlackRock filed an application to the SEC to establish a Bitcoin spot ETF, a move that saw some other institutions file a similar application.  In fact, in a show of support for cryptocurrencies, Fink stated that crypto, especially bitcoin could “revolutionize finance.” During an interview with Fox Business, he stated: “We do believe that if we can create more tokenization of assets and securities – that’s what bitcoin is – it could revolutionize finance.”  Regulatory Environment Far From Certain Novogratz also noted Ripple’s recent victory over the SEC, with a judge ruling that the XRP token isn’t a security when sold on secondary exchanges. The Galaxy Digital CEO believes the court’s decision highlights the fact that regulators are still not familiar with the crypto space, and regulations from these regulators “are nowhere close to clear.” Related Reading: US Presidential Candidate Defends Bitcoin, Calls Out Environmental Critics The United States Securities and Exchange Commission has, so far, continued to label many cryptocurrencies as “securities” and filed separate lawsuits against different crypto exchanges and firms for allowing the trade of “unregistered securities.”  However, if the recent ruling is anything to go by, it is obvious that the regulators are mistaken, and there is a need for the US Congress to enact crypto-related laws for stakeholders (including regulators) to gain more clarity on how to navigate the industry regulatory-wise.  Featured image from CryptoSlate, chart from Tradingview.com