Crypto
New cryptocurrency GBTC hits 5M: What is Green Bitcoin, and why are traders backing it for its upside potential?
With the presale rapidly progressing, the early adopter’s opportunity to get positioned at the lowest price is quickly running thin as the price consistently increases in the unique fundraising design.
Green Bitcoin officially crossed the $5 million fundraising milestone, as traders back the predict-to-earn protocol for considerable gains in the coming weeks. The project has created a unique staking mechanism that allows users to place forecasts on the future price of Bitcoin to earn massive rewards scaled to their level of investment while earning staking rewards simultaneously.Green Bitcoin is being hailed as a greener alternative to Bitcoin. It combines Bitcoin’s legacy with Ethereum’s co-friendly proof-of-stake mechanism. As a result, Green Bitcoin has birthed an ecosystem tied to Bitcoin’s price through price predictions with no environmental impact.
The project intends for its blockchain to experience a high level of activity. Its users will consistently stake $GBTC to participate in the daily price contests and earn massive rewards. The price contests are rooted in the staking system, and the team will release new daily and weekly challenges based on Bitcoin’s price action to keep the content fresh.
What is Green Bitcoin, and how does it reward users for accurate price forecasts?
Green Bitcoin introduces a novel staking ecosystem called Gamified Green Staking. This ecosystem allows users to stake $GBTC tokens to be eligible to place daily price predictions on Bitcoin’s value. Those who accurately place correct forecasts are proportionally rewarded from the daily mining rewards pool, scaled to their level of commitment to the ecosystem.Green Bitcoin pays homage to Bitcoin’s legacy. Its rewards are distributed to winners every ten minutes, in line with the original Bitcoin block schedule. Contestants can claim their accumulated rewards from the protocol once every 24 hours to keep transaction costs low. The team has allocated an enormous 27.5% of the entire $GBTC supply to provide the rewards for accurate predictions for the next two years.
Users must lock their $GBTC into the Gamified Green Staking mechanism and submit their forecast before 11:30 PM EST to participate. At midnight, the smart contract will tally the day’s stakes against the actual price of Bitcoin and reward forecasts that land in the ‘Green Zone.’
As mentioned, the rewards earned depend on the level of investment made and the duration committed to the ecosystem. For example, those who have staked their $GBTC tokens in the Gamified Green Staking mechanism for more than a week are entitled to a 5% bonus on top of their regular daily rewards to recognise their extended commitment.
Those staking their tokens while participating in the daily price contests also earn an APY reward on top of their holdings through daily passive staking. The staking currently provides a 110% APY return, further incentivising users to keep their $GBTC locked into the ecosystem.
Why are traders backing it for huge upside potential?
Traders are quickly flocking to the presale, expecting upside potential for $GBTC due to its supply constraint dynamics.
Influential YouTubers ClayBro and Matthew Perryare backing the project with bullish views. They believe the unique staking system will cause $GBTC to surge following its exchange listing.
Users are required to stake their $GBTC into the ecosystem to participate in the price contests, so the tokens aren’t available for purchase on the open market. As a result, these experts predict that there might be a supply shock on centralised and decentralized exchanges as most $GBTC will be locked into the ecosystem.
Therefore, newcomers to $GBTC will likely be forced to pay higher prices to acquire the token and participate in the predict-to-earn ecosystem following the presale.
Investors are comparing the supply dynamics for Green Bitcoin as very similar to those of Bitcoin itself, which is currently experiencing a pre-halving rally ahead of its block reward cut. Both cryptocurrencies will likely experience massive supply shocks on the open market, causing prices to surge.
How to buy $GBTC today
$GBTC can be purchased at presale prices through the project’s website. Green Bitcoin is utilising the Web3Payments gateway to ensure the safety and security of everybody investing.
- Go to the official $GBTC presale page.
- Fund your wallet with $ETH or $USDT and connect to the Web3Payments widget.
- Use the presale widget to swap your currency for $GBTC, entering the desired amount you wish to purchase.
- If you prefer plastic, order $GBTC tokens to your wallet using your credit/debit card.
Once purchased, your $GBTC will be automatically staked, allowing you to start earning a return on your investment throughout the presale stage. You can claim your $GBTC through the same portal when the token officially launches.
Overall, it’s unsurprising to see investors rushing to the $GBTC project, which, with its unique staking dynamics, is about to cause a supply shock on the open market, leading to much higher prices following the presale.
Buy $GBTC today.
Disclaimer: The above content is non-editorial, and TIL hereby disclaims any and all warranties, expressed or implied, relating to the same. TIL does not guarantee, vouch for or necessarily endorse any of the above content, nor is it responsible for them in any manner whatsoever. The article does not constitute investment advice. Please take all steps necessary to ascertain that any information and content provided is correct, updated and verified.
Crypto
Bitcoin Halving: Did Big Event Impact Cryptocurrency Price? Know Here
Bitcoin Halving: Did Big Event Impact Cryptocurrency Price? Know Here (image source: iStock)
Bitcoin Halving: Bitcoin‘s much-anticipated halving event, which can bring pivotal change to the cryptocurrency’s foundational technology that occurred around 0014 GMT on Saturday, has failed to significantly influence its price trajectory. Industry insiders have pointed out that Bitcoin’s fortunes appear to be more intricately linked to broader financial market sentiment and geopolitical developments rather than the halving event itself, according to a Reuters report.
The Halving Event: Anticipation and Expectations
Enthusiasts within the Bitcoin community had eagerly awaited the halving event, which occurs approximately every four years and is designed to reduce the rate at which new bitcoins are generated. Previous instances of halving had been associated with price gains in Bitcoin, leading some to believe that the cryptocurrency would experience another rally post-halving.
Limited Impact on Price
However, as of 1415 GMT on Monday, there was little observable impact on Bitcoin’s price. The cryptocurrency was trading at USD 66,300, having experienced a modest 1.2 per cent gain the previous week and a 3.4 per cent increase on Monday. Despite hitting an all-time high of USD 73,794 the previous month, Bitcoin has largely struggled to establish a clear price direction following the halving event.
Geopolitical Factors and Market Sentiment
As per the Reuters report, industry experts attribute the lack of significant price movement to prevailing geopolitical events and broader market sentiment. Mick Roche, the senior trader at Zodia Markets, noted that geopolitical developments, such as the perceived easing of tensions between Iran and Israel, have exerted a more pronounced influence on Bitcoin’s price trajectory than the halving event itself.
Eric Demuth, CEO of Bitpanda, emphasized Bitcoin’s increasing dependency on wider market sentiment. He highlighted the convergence between cryptocurrency trading and traditional stock market activities, suggesting that Bitcoin is subject to similar market dynamics as conventional assets.
Regulatory Developments and Institutionalization
In recent years, regulatory approval for spot Bitcoin exchange-traded funds (ETFs) in the United States has contributed to Bitcoin’s recovery from previous market downturns. Ben Laidler, global markets strategist at eToro, noted that Bitcoin is now undergoing a process of “institutionalization,” with regulatory changes potentially paving the way for greater institutional involvement in Bitcoin ownership.
Despite its growing prominence, cryptocurrencies remain a niche asset class, with a combined market value of approximately $2.5 trillion. Regulators caution against their speculative nature and limited real-world applications, underscoring the need for cautious investment practices within the cryptocurrency market.
Market participants are eagerly awaiting regulatory decisions regarding spot ETFs for Ethereum, the second-largest cryptocurrency. However, hopes for regulatory approval in May appear to be diminishing, according to Demuth and Roche.
Crypto
Sen. Warren challenger goes to bat for Coinbase, crypto industry in SEC lawsuit
Massachusetts Senate candidate John Deaton isn’t letting the busy campaign trail prevent him from fighting the Securities and Exchange Commission on behalf of the crypto industry.
FOX Business was first to report that the crypto-enthusiast and lawyer, now turned political candidate, filed an amicus brief in the Southern District of New York on Friday in support of the U.S.’s largest crypto exchange, Coinbase, in its ongoing legal battle with the SEC.
Deaton says he’s intervening in the case on behalf of 4,701 Coinbase users, developers and crypto investors who want their voices heard in court.
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“SEC Chairman Gary Gensler and his agency have demonstrated that they are not interested in protecting small investors and operate only to serve their political masters,” Deaton tells FOX Business. “The SEC has unlimited resources, paid for by the taxpayer, and Coinbase is a multibillion-dollar company with the best lawyers money can buy. The consumers deserve an advocate and a voice as well.”
Coinbase’s Chief Legal Officer Paul Grewal thanked Deaton and trade group Blockchain Association for filing amicus briefs in a post to his X account Friday afternoon. The SEC did not immediately respond to a request for comment.
The SEC sued Coinbase in June for allegedly violating securities laws by operating as an unregistered broker dealer offering unregistered securities in the form of crypto tokens on its platform. A Manhattan judge ruled in March that the SEC has enough grounds to move forward with the case.
Coinbase has since filed a motion for a so-called interlocutory appeal, asking the judge to halt legal proceedings so that a higher court can resolve once and for all the biggest legal impasse dividing the SEC and the crypto industry: Does the Howey Test apply to crypto transactions?
The Howey Test is the result of a 1946 Supreme Court ruling and the litmus test the country’s highest court uses for determining whether a transaction qualifies as an investment contract and thus a security.
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The SEC argues that all cryptocurrencies except for Bitcoin are likely securities because of their resemblance to traditional investments like stocks and bonds where investors buy into a product with the expectation of profits.
The crypto industry says the SEC is engaging in a jurisdictional power grab, attempting to force digital assets into the existing framework of the nation’s securities laws, which did not factor in blockchain technology when they were established in the 1930’s. Many in the industry also believe most digital assets more closely resemble commodities and, therefore, belong under the purview of the SEC’s sister agency, the Commodity Futures Trading Commission.
In his amicus brief, Deaton takes aim at what he says is the SEC’s inconsistent views on how tokens should be regulated.
SEC lawyers in the Coinbase lawsuit argued that Bitcoin, the only asset the SEC believes is not a security, has earned that status because it doesn’t have an ecosystem, or “network” behind it.
Deaton argues that Bitcoin arguably has the largest and most established ecosystem, which is the reason that investors choose to put their money into it.
“Bitcoin is certainly distinguishable from other cryptocurrencies but claiming it is not a security, unlike other tokens, because it doesn’t have an ecosystem, is just plain dumb,” Deaton says.
Deaton’s brief, which heavily criticizes the SEC’s “malevolent” approach to regulating crypto, supports Coinbase’s motion for appeal, arguing that the inconsistent way in which the SEC has been applying the Howey Test to digital assets should make it a matter ultimately decided by a higher court.
“If the Howey test is going to be interpreted and used to include all transactions in perpetuity, an appellate court, possibly the U.S. Supreme Court, needs
to be the one who validates it,” he wrote.
Deaton also cites statements from Republican SEC Commissioners Hester Peirce and Mark Uyeda as well as government officials like Congressman Ritchie Torres (D-New York) expressing concerns about the hostile regulatory environment under Gensler.
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“The underlying lack of clarity seems to be a strategic effort by the SEC to hinder the digital asset industry. If not rooted in maliciousness, they certainly, at least, do not seem to be advancing their mission of protecting investors,” Deaton says in the brief.
This is not the first time Deaton, who’s running as a Republican to unseat the incumbent Democratic Senator from Massachusetts Elizabeth Warren, has taken on securities regulators to advocate on behalf of the $2 trillion crypto industry.
But he’s now doing it as a political candidate and has been able to use his bully pulpit to rally the crypto industry and its heavyweights to his campaign and raise significant sums of money. It helps that Warren is among the most anti-crypto lawmakers in Congress and an ally of SEC Chairman Gary Gensler, also an industry critic.
Deaton’s involvement in crypto firm Ripple’s three-year legal battle with the SEC earned him folk hero status among retail holders of the XRP token. He represented XRP investors as a so-called amicus curiae, or “friend of the court,” and did the same on behalf of users of the LBC token in the SEC’s lawsuit against decentralized content sharing platform LBRY.
Deaton’s efforts in the Ripple case were widely regarded as part of the reason Manhattan District Judge Torres ruled, in what was seen as a watershed moment for the industry, that sales of the token XRP between retail investors on exchanges, did not meet the SEC’s classification of a securities transaction.
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If the ruling stands appeal, it would set a legal precedent that the SEC does not have oversight of the transactions between retail investors who engage in secondary market transactions using exchanges such as Coinbase to buy and sell crypto.
The ruling has also sparked a fierce legal debate over what makes a digital asset a security, the central argument in most of the lawsuits the SEC has brought against the crypto industry.
Three judges in the same Southern District of New York courthouse have writte opposing legal opinions on whether transactions involving digital assets satisfy the Howey Test, a point that Deaton cites in the brief and uses as an argument for why Coinbase should be granted permission to file an interlocutory appeal and possibly solve the regulatory riddle of digital assets once and for all.
Interlocutory appeals are difficult to get granted, and it’s unclear whether Judge Failla, who is presiding over the Coinbase case, will side with the exchange on this issue.
Crypto
BNY Mellon Enter BTC ETF Markets Amid Cryptocurrency Surge
BNY Mellon, the oldest and largest custodian bank in the United States, has officially announced its venture into Bitcoin (BTC) through investments in ETFs. The firm disclosed in a recent SEC filing its investments in BTC ETFs managed by BlackRock and Grayscale.
The SEC’s historic approval of 11 spot Bitcoin ETFs in January 2024 has reshaped the investment landscape for cryptocurrencies in America. The introduction of these ETFs brought a surge of enthusiasm, pushing Bitcoin to an all-time high of $73,737 in March. BNY Mellon’s involvement is a testament to the growing institutional interest in cryptocurrencies, a trend boosted by these new investment tools.
Moreover, the approval of Bitcoin ETFs in the U.S. has had a domino effect on global markets. Notably, Hong Kong has followed suit, approving its own Bitcoin and Ethereum spot ETFs, set to begin trading on April 30, 2024. This expansion in global financial hubs signifies a broader acceptance and integration of cryptocurrencies into mainstream financial systems.
Market Predictions
Market analysts predict a strong upward trajectory for Bitcoin, with forecasts suggesting a possible climb to $85,195 by late May 2024. This optimism is grounded in the increasing accessibility and investment flexibility provided by ETFs, making Bitcoin more appealing to both seasoned and new investors.
Furthermore, the potential approval of a spot Ethereum ETF in the U.S. could catalyze another significant rally, particularly as Ethereum currently trails its previous highs. The introduction of such a fund could invigorate the market, possibly driving Ethereum to recover and even surpass its former peak prices.
BNY Mellon’s investment in Bitcoin ETFs is a clear indicator of the evolving landscape of financial investments, with major institutions now looking to digital assets as viable investment vehicles. As the landscape continues to evolve, the financial community watches closely, anticipating the next milestones in this digital finance revolution.
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