Category: Cryptocurrency News

X (formerly Twitter) owner Elon Musk is known to have an underlying interest in politics and cryptocurrencies. And this time around, the world’s richest man has showered praises on a pro-crypto candidate.  Elon Musk Compliments Pro-Crypto Ramaswamy Elon Musk revealed his admiration for Republican Presidential Candidate Vivek Ramaswamy in response to a clip of Ramaswamy’s appearance on Tucker Carlson’s online show posted on the X platform. In the tweet, Musk labeled him “a very promising candidate.” Related Reading: XRP Pain May Not Be Over Following This Decision In The Ripple Vs SEC Case This isn’t the first time the world’s richest man has shown public support for a pro-crypto candidate, as Florida Governor Ron DeSantis was meant to announce his presidential bid during a chat with the Tesla CEO. Meanwhile, Ramaswamy is known to have taken a pro-crypto stance since the beginning of his campaign. As part of his campaign, he has promised to create a more viable environment for the crypto industry in the US.  The presidential candidate has gone as far as incorporating Bitcoin donations into his campaign funds. During a Bitcoin 2023 conference in May, he announced that his campaign committee was “officially” accepting Bitcoin donations.  Interestingly, another presidential candidate Robert F. Kennedy also announced that his team was accepting Bitcoin donations during this conference.  Total market cap sees a slight recovery to $1.038 trillion | Source: Crypto Total Market Cap on Tradingview.com Crypto A Focal Point Ahead Of Next Year’s Elections Cryptocurrencies have continued to gain more attention in the political sphere ahead of the 2024 US elections. This isn’t surprising, considering that many US voters are said to be actively invested in digital assets.  Last year, a poll conducted by the crypto-focused political group GMI PAC revealed that 44% of US voters own or are considering owning digital assets. As such, it is expected that politicians will be looking to target this group of voters.  Presidential candidates like Ramaswamy and Kennedy have shown their inclination toward crypto. Kennedy, for one, has described cryptocurrency as a “symbol of democracy and freedom.” Republican Presidential Candidate Ron DeSantis is another huge fan of Bitcoin. The Governor has promised to end “Biden’s War on Bitcoin” if elected. He also believes every citizen should have the right “to do Bitcoin,” as he mentioned during an X space with Elon Musk. Related Reading: Shibarium Launch Saga: Block Production Resumes Despite Stuck ETH Furthermore, there is reason to believe that the outcome of the 2024 elections could significantly impact the crypto industry going forward. Former SEC Attorney John Reed Stark has predicted that the SEC’s clampdown on crypto firms could become a thing of the past if a Republican gets elected as President next year.  This prediction may not be far-fetched considering that two of the front runners for the Republican Presidential ticket (DeSantis and Ramaswamy) have publicly shown their support for cryptocurrencies.  Featured image from India Times, chart from Tradingview.com

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At least 16 applications for Ether or Bitcoin-Ether futures ETFs are awaiting regulatory approval in the United States.

Recently a friend directed me to the mining pool kudefir.com. I signed up and mined ETH against the balance of my Coinbase wallet and all seems fine, I earn interest each night in ETH and I can withdraw from the mine to my Coinbase wallet just fine. I'm about to proceed with a pledge but…
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Cointelegraph analyst and writer Marcel Pechman breaks down the Federal Reserve balance sheet and explains why China’s deflation can negatively impact Bitcoin.

Shiba Inu (SHIB), a meme-inspired cryptocurrency, has seen a notable increase in high-value transactions, with each one costing $1 million or more. Following a strong price increase in the first half of August, this spike in transactions clearly gathered traction. Following the coin’s price explosion, a notable pattern started to emerge: whales made significant volumes of crypto movement even as the meme coin’s prices saw a correction. A huge shift was recently revealed by data provided by Whale Alert, a website that tracks significant cryptocurrency transactions, and it was masterminded by a single entity that had a sizeable amount of Shiba Inu tokens. 🚨 🚨 4,657,881,590,632 #SHIB (40,747,148 USD) transferred from unknown wallet to unknown wallethttps://t.co/g1D0dVuUjY — Whale Alert (@whale_alert) August 17, 2023 Related Reading: Solo Climber: The Lone Crypto Surging 11% In Top 100 Roster On A Weekend Shiba Inu Whale Moves $40 Million In Meme Coins This crypto whale carried out an unprecedented transfer of 4.65 trillion SHIB tokens, or about the equivalent of $40 million. This huge transfer occurred on August 17, precisely, during a single day. The mystery surrounding the source and recipient of these enormous sums of SHIB tokens only heightens the interest in this circumstance. This implies that the crypto whale’s goals went beyond merely selling the tokens on an exchange. The Shiba Inu community’s joyous celebration of the Shibarium Mainnet launch, a milestone for the cryptocurrency’s ecosystem, coincides with these substantial transfers. However, there were some worries that accompanied the announcement of the Shibarium Mainnet, and these had an impact on the pricing of Shiba Inu. The day before the launch-related festivities, the price of SHIB dropped by 11%. The cryptocurrency eventually recovered some of its losses, and as of the time of this publication, its price had stabilized at roughly $0.0000086. It’s interesting to note how different “whales” and significant holders, or those with large holdings of Shiba Inu tokens, appeared to react despite the uncertainty caused by the Shibarium launch-related worries. This shows that the various strategies and viewpoints held by these important stakeholders about the current Shiba Inu ecosystem developments. Shiba Inu (SHIB) is currently trading at $0.00000845. Chart: TradingView.com Euphoria And Setback: Shibarium Mainnet Launch Meanwhile, the euphoria around the Shibarium Mainnet launch was short-lived due to an unforeseen glitch in the Bridge, which temporarily halted block production. This incident caused over $1.7 million worth of ETH to be stuck in the Shibarium cross-chain bridge, resulting in a decline in the prices of tokens within the Shiba Inu ecosystem, including SHIB, BONE, and LEASH. Related Reading: Ordinals Sales In Freefall: 97% Decrease Sparks Worries About Bitcoin NFT’s Extinction However, the developers of Shibarium swiftly addressed the issue. The community-appointed SHIB lead, Shytoshi Kusama, reassured the community through an official blog post that Shibarium is running smoothly. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from Altcoin Investor

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