Crypto
The Irreversible Rise Of Web3: How Coinbase, Ripple, And Friend.Tech Are Shaping The Future
A seismic shift is underway in the rapidly evolving landscape of Web3, forever altering our perception and engagement with the exchange of value. As the boundaries between the physical and digital worlds blur, we’re witnessing historic legal victories and transformative use cases as an industry titans like Coinbase and Ripple are steering the trajectory of Web3, propelling it towards a future that is both inevitable and transformative.
A Legal Triumph and the National Futures Association’s Stamp of Approval
Coinbase, a vanguard of the cryptocurrency revolution, secured an unequivocal regulatory victory: the approval to list cryptocurrency futures in the United States. The approval comes courtesy of the National Futures Association (NFA), a self-regulatory body sanctioned by the Commodity Futures Trading Commission (CFTC), granting Coinbase the title of a Futures Commission Merchant (FCM). This watershed moment underscores Coinbase’s unwavering commitment to compliance as the company looks to shape the future of finance.
Yet, this positive legal momentum doesn’t end with Coinbase. In a pivotal legal decision, Judge Analisa Torres of the U.S. District Court for the Southern District of New York delivered a vindication for Ripple and the XRP
XRP
Coinbase and Ripple: Pioneering a Paradigm Shift
The emergence of Coinbase as a regulated crypto futures platform alongside traditional trading redefines the meaning of a crypto exchange. Its pioneering role solidifies the symbiotic relationship between traditional finance and the decentralized realm. This convergence is not merely a footnote in history, but a testament to the perpetual transformation of the crypto ecosystem, steadily embracing mainstream finance.
Simultaneously, Ripple’s legal victory resonates far beyond its immediate implications. The courtroom triumph echoes the growing acknowledgment of crypto and its potential to redefine finance. This bolsters the legitimacy of cryptocurrencies and emboldens the broader community.
Web3 Unleashed: Pioneering Use Cases Redefining Reality
Web3’s power lies not only in speculation and volatility, but in its pioneering use cases that are reshaping various facets of modern life. Enter Unstoppable Domains, a trailblazing platform facilitating the establishment and verification of digital identities through blockchain-based domains (and my employer). Unstoppable brings blockchain technology to turn domains into an identifier for Web3, offering a glimpse into the future of identity authentication.
Meanwhile, Friend.tech is quickly gaining traction with invites in high demand. This avant-garde social media platform allows people to tokenize their social networks. The confluence of social interaction and blockchain technology reflects the depth of Web3’s influence, expanding beyond the traditional confines of finance to impact the way we connect and communicate.
To date, Friend.tech has over 39K unique users, over 52K transactions and have generated more fees than Bitcoin
BTC
A Profound Impact Woven into the Fabric
Recent legal wins for Coinbase and Ripple indicate that Web3 is here to stay. As Coinbase and Ripple spearhead a wave of innovation, the trajectory of the cryptocurrency space is inextricably interwoven with the evolution of mainstream financial paradigms. As regulatory ambiguity slowly erodes, the future for these technologies looks bright. The impact of Web3 isn’t just a fleeting trend. With new and valuable use cases every day, it’s a lasting revolution being woven into the fabric of how we do business, deal with money, make friends develop our digital identity and swap value is way more than a passing fad.
Crypto
Top Trader Ditches Bitcoin For Altcoins, 'Dogecoin Killer' Shiba Inu's Potential Breakout And More: This Week In Cryptocurrency
The week was a rollercoaster ride in the world of cryptocurrency. From a top trader’s surprising move to a CEO’s political warning, the crypto market was buzzing with activity. Here’s a quick recap of the top stories that made headlines.
Top Trader Ditches Bitcoin for Altcoins
Renowned cryptocurrency trader Michael van de Poppe shocked the market by announcing that he had sold all his Bitcoin holdings to invest in altcoins. Despite Bitcoin’s recent weak price action, Van De Poppe clarified that his decision was not due to a loss of faith in Bitcoin. Read the full article here.
Uniswap CEO’s Political Warning
Hayden Adams, CEO of Uniswap UNI/USD, criticized the Biden administration for underestimating the political significance of cryptocurrency. Adams likened the administration’s oversight to a severe strategic miscalculation, expressing concern that this could alienate a significant voter base and impact campaign funding. Read the full article here.
See Also: ‘Dogecoin Killer’ Shiba Inu Pumps 6%: ‘I Felt Underexposed,’ Says Trader Who Sees More Short-Term Upside
Millionaire Trader’s Meme Coin Success
Trader ‘Bonk Guy’ revealed a seven-figure profit in 48 hours trading AMC AMC/USD and GameStop GME/USD derivatives on Solana. Bonk Guy invested around $155,000 in trade, which is currently worth $1.3 million, marking 641% gains. He believes the real “meme coin season” hasn’t even begun yet. Read the full article here.
‘Dogecoin Killer’ Shiba Inu’s Potential Breakout
Crypto trader Javon Marks predicts that ‘Dogecoin Killer’ Shiba Inu SHIB/USD could surpass its all-time high of $0.000088598, implying a price appreciation of over 282% from current levels. Marks suggests that the meme coin is currently in an “intermission” phase before continuing its upward trajectory. Read the full article here.
Dogecoin’s Potential Resurgence
Crypto Kaleo expressed his belief in Dogecoin’s DOGE/USD resurgence, attributing it to the retail sector’s renewed risk appetite. He emphasized Dogecoin’s enduring relevance, stating, “Dogecoin isn’t dead. As soon as it starts to catch a bit of a bid, it will move vertical once again.” Read the full article here.
Read Next: Donald Trump’s Election Odds Just Spiked To 51% According To This Crypto Prediction Market
Read Next: Why This Crypto Market Is ‘A Bear Trap’ And Which Coins This Trader Is Backing
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Crypto
Crypto lender Genesis to return $3 billion to customers in bankruptcy wind-down
Crypto lender Genesis Global received a significant victory in bankruptcy court on Friday, securing approval for its liquidation plan that will return approximately $3 billion in cash and cryptocurrency to its customers. The ruling, however, delivers a blow to Genesis’s owner, Digital Currency Group (DCG), which will receive no recovery from the bankruptcy.
U.S. Bankruptcy Judge Sean Lane overruled DCG’s objection to the plan, which centred on the valuation of crypto assets. DCG argued that customer claims should be capped at the value of cryptocurrencies in January 2023, when Genesis filed for bankruptcy. Crypto prices have surged since then, with Bitcoin, for example, rising from $21,084 in January 2023 to its current price of around $67,000.
Judge Lane rejected DCG’s argument, stating that even with the lower valuation, Genesis would have to prioritise paying other creditors, including federal and state financial regulators with claims totalling $32 billion, before distributing funds to its equity owner.
“There are nowhere near enough assets to provide any recovery to DCG in these cases,” Judge Lane wrote in his ruling.
Genesis aims to return funds to customers in cryptocurrency wherever possible, although it lacks sufficient crypto assets to fully repay all outstanding claims.
Sean O’Neal, an attorney representing Genesis, refuted DCG’s assertion that customers could be paid in full based on the lower January 2023 valuations. “We don’t buy into the idea that claims are capped at the petition date value,” O’Neal stated.
Genesis initially estimated in February that it could repay up to 77% of the value of customer claims, subject to future fluctuations in cryptocurrency prices.
This court approval marks a significant step forward in the resolution of Genesis’s bankruptcy, providing much-needed relief to its customers while leaving its owner, DCG, without any financial recovery.
Crypto
Venezuela to shut down cryptocurrency mining farms
Venezuela’s Ministry of Electric Power announced it would disconnect all cryptocurrency mining farms from the national power grid (SEN, Sistema Electrico Nacional). The measure aims to control the high energy demand from these mining farms and ensure reliable service for citizens.
AlbertoNews, a local media outlet, reported the announcement on May 18.
“The purpose is to disconnect all cryptocurrency mining farms in the country from the SEN [National Electrical System], avoiding the high impact on demand, which allows us to continue offering an efficient and reliable service to all the Venezuelan people,”
the Ministry reported in its account in Instagram.
Notably, the announcement followed the seizure of 2,000 cryptocurrency mining machines in the country. This action is part of the government’s ongoing anti-corruption campaign. Leading to the arrests of several officials from state institutions.
Corruption with the National Superintendency of Cryptoassets
The National Superintendency of Cryptoassets (Sunacrip) has been under a restructuring board since the arrest of Superintendent Joselit Ramírez. Ramírez has connections to Tareck El Aissami, former Petroleum Minister and former president of Petróleos de Venezuela (PDVSA).
On that note, El Aissami was charged with treason, embezzlement, misuse of influence, money laundering, and criminal association.
Venezuela power grid issues and cryptocurrency mining
Venezuela has faced an ongoing electricity crisis since 2009, worsened by massive blackouts in 2019 that left cities without power for up to seven days. Frequent power outages have negatively affected the country’s quality of life and economic activities.
Therefore, Governor of Carabobo state, Rafael Lacava confirmed restrictions on cryptocurrency mining farms due to their significant electricity consumption. He urged residents to report illegal cryptocurrency mining operations to prevent power shortages.
“If you, neighbor, see a house that you know, tell that person to turn off the farm, or else report it, because when they turn off the light, because you have to give light to a man so that he can earn some reales (money), you are left without electrical service.”
– Rafael Lacava
As reported by AlbertoNews, experts attribute the crisis to poor maintenance and inadequate investment in the power grid. Meanwhile, the government blames sabotage and has promised to modernize the state-controlled power network.
Overall, Bitcoin (BTC) and cryptocurrency mining are known worldwide for their high energy consumption. Countries like China and Cazaquistan have banned the activity to preserve their power grids, centralizing mining in fewer locations.
Therefore, the fewer countries allowing this activity, the higher the security concerns will be, as a few miners dominate block discovery.
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