Day: December 19, 2023

Marathon Digital to acquire Bitcoin mining sites for $179 million

Marathon Digital will pay $179 million to acquire two Bitcoin mining sites with 390 megawatts of capacity from Generate Capital.
MARA stock surged by 9% after the news, bringing year-to-date gains to over 530%.
Bitcoin was trading above $42k, up 2.2% in the past week after paring recent gains.

Bitcoin mining firm Marathon Digital is set to add to its mining capacity and reduce the cost of mining BTC when it completes the purchase of two Bitcoin mining sites for $179 million.

Marathon will buy the two mining sites from subsidiaries of Generate Capital at a cost of $458,000 per megawatt, with this paid for in cash, the company said in a press release. In total, the deal will see Marathon add 390 megawatts to its mining capacity.

Marathon to reduce cost of mining BTC

According to Marathon, the transaction will be its “first fully owned sites”, adding to the 3% of 584 megawatts it directly controls in its portfolio. The deal should see Marathon’s capacity jump to 910 megawatts, with 45% of this on sites the company owns and 55% on third-party owned or operated sites.

Currently, 97% of the megawatts is hosted on third party sites.

Marathon says that the acquisition will see its operational hashrate rise to 50 exahashes over the next 18-24 months. The miner says the transfer of the sites in Granbury, Texas and Kearney, Nebraska should happen in Q1, 2024. If the deal closes by then, it would be just before highly anticipated Bitcoin halving.

The company expects to cut mining costs by about 30%.

“By acquiring the sites in Granbury, Texas and Kearney, Nebraska from Generate, we have an opportunity to reduce our bitcoin production costs at these sites, to capitalize on energy hedging opportunities, and to expand our operational capacity,” Fred Thiel, Marathon’s chairman and CEO, said.

Marathon’s announcement saw the price of its MARA stock jump 9% on Tuesday. MARA was up 47% in the past week and 536% year-to-date at the time of writing. Meanwhile, Bitcoin price was up 2.3% in the past seven days and 154% YTD.

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DWF Labs partners with MOBOX to bolster UGC gaming

DWF Labs has revealed a strategic investment in game developer MOBOX.
The collaboration could be a game-changer for the UGC gaming world, the MOBOX team said.
DWF Labs’ investment in MOBOX will include liquidity provision across exchanges and expanding other partnerships.

DWF Labs, a leading digital asset market maker and Web3 investment firm, has announced a strategic investment in Web3 gaming platform MOBOX.

The investment will see DWF Labs support the growing ecosystem around MOBOX’s user generated content (UGC) gaming.

Bolstering MOBOX’s UGC gaming 

DWF Labs will use the investment to bolster MOBOX’s growth. This will be via providing access to liquidity across exchanges, boosting portfolio synergy and expanding key partnerships. The platforms will also collaborate on PR and other offline events, the DWF Labs team said in a blog post.

Our investment in MOBOX reflects our belief in the potential of a gaming platform that is driven by user-generated content. MOBOX’s commitment to merging UGC gaming with blockchain technology empowers creators and players alike, and aligns with our vision of decentralized gaming,” said Andrei Grachev, managing partner at DWF Labs.

The MOBOX team sees this partnership as a game-changer for the UGC gamig world. 

🤝 Excited to partner with @DWFLabs !

Their strategic investment in MOBOX is a game-changer for the UGC gaming world.

Together, we’re paving the way for a more immersive, community-driven gaming experience.

Here’s to innovation, growth & empowering our users! https://t.co/fgIDxEhx71

— MOBOX (@MOBOX_Official) December 19, 2023

Binance Launchpool added MOBOX in 2021, ushering the game developer into the realm of a Web3 gaming whose growth is community-driven. The platform has released a number of immersive games, including the co-created and co-governed game DragonVerse Neo. 

The developer announced the UGC game’s alpha launch this month.

DragonVerse Neo brings the benefits of play-to-earn (P2E) and an open economy to users, reinforcing that with real-world dynamics. The game features an interactive 3D world, anime-style visuals and robust utility, including in-game open marketplaces.

The post DWF Labs partners with MOBOX to bolster UGC gaming appeared first on CoinJournal.

ORDI’s remarkable comeback in the top 100 cryptocurrencies as NuggetRush’s presale soars

Bitcoin Ordinals have recorded remarkable growth since the end of October.
ORDI’s token has also jumped by 119% since early November.
NuggetRush’s presale has soared by 30% since its presale’s launch.

Binance listed ORDI in November. Its market capitalization has now soared over $1 billion. Analysts expect this growth to continue due to current market bullishness.

NuggetRush (NUGX) has also caught the attention of investors after its mining game sold over 86 million presale tokens. The project holds the potential to become a top gaming project. Yet, can it outperform other new ICOs? Let’s see what experts think.

Ordi climbs into top 100 cryptocurrencies after Binance listing

The crypto market has been stunned by ORDI’s sharp market jump since the end of October. Several cryptocurrencies rallied as investors increased their digital asset holding following calls for spot crypto ETFs. Ordi and several cryptocurrencies recorded a sharp jump in investor sentiment since the end of October.

ORDI was trading at $4.99 on October 31. Nearly three weeks later, ORDI had soared by 380.7% to $23.99. On December 6, ORDI jumped by 123.8% to $53.69. It grew further by 20.1% to its December 14 close price of $64.53.

Ordi’s increase follows the rising popularity of Bitcoin Ordinal NFTs in 2023. Millions of creators have minted NFTs on the Bitcoin blockchain following Ordinal’s release. Furthermore, analysts expect Ordi to increase further following its listing on Binance. 

This would significantly boost ORDI’s trading activity, possibly pushing it up by 17.2% to $75.63. If Ordi keeps rising, it might be one of the best cryptocurrency investments to buy now.

NuggetRush: early buyers celebrate 30% Increase

NuggetRush (NUGX) is a new offering to the play-to-earn industry with a unique mining adventure built on Ethereum. Its gameplay features battles, tournaments, and other competitions where players become artisanal miners hungry to earn financial rewards from its gameplay. NuggetRush comprises vast territories filled with mineral resources and several NFT characters skilled in mining and business management.

The project features an ecosystem where the love of artisanal mining is rewarded. Players will earn in-game currency and other valuable collectibles for becoming active miners in Nuggetrush’s (NUGX) adventure game. Each player is eligible to win rewards no matter their skill level or gameplay level.

Gaming, NFTs, and much more

NuggetRush (NUGX) comprises NFT assets with high value both in the game and the real world. Players can earn money from trading NFT assets like mining characters and machinery. Furthermore, the game offers the opportunity to win gold; players who find RUSHGEM NFTs can swap them directly for gold. 

Another major feature of NuggetRush (NUGX) is the offer of NFT staking. Players can earn money by holding their NFTs for a fixed period. NuggetRush’s (NUGX) blockchain ICO kicked off with much excitement, leading to a token sale of over 85 million NUGX tokens to investors. 

Over $950,000 has been raised since the start of NuggetRush’s presale. NUGX sells at $0.013 after growing by 30% since its presale launch. Now, NUGX is in round three of its presale. Yet, NUGX’s value will jump in round four of its presale, and even higher when it lists on major exchanges in 2024!

For more about NuggetRush and the ongoing presale, visit NuggetRush Presale Website.

The post ORDI’s remarkable comeback in the top 100 cryptocurrencies as NuggetRush’s presale soars appeared first on CoinJournal.

Alkimi Launches Mainnet; Bringing $600 Billion Industry On-Chain

London, United Kingdom, December 19th, 2023, Chainwire

Alkimi, the world’s first decentralised ad exchange, has exited beta and now has advertisers and publishers buying and selling inventory through its blockchain-based programmatic platform. The launch of a custom consensus, distributed ledger and node platform marks a new era for digital advertising. It makes it possible to buy and sell advertising space in a completely decentralised manner through the blockchain infrastructure.

The mainnet Alkimi offers delivers performance enhancements, complete transparency, and greater efficiency in the digital advertising ecosystem. By cutting the fees from over 37% to between 3-5%, the cost of buying ads was reduced from $9.03 to $2.71, granting advertisers 212% more media while also increasing ad campaign performance by 19% in collaboration with the world’s largest media agencies and publishers.

Ben Putley, Alkimi CEO and Co-Founder, expressed how “I am thrilled to announce the launch of Alkimi Exchange’s mainnet, a pivotal moment in our journey to revolutionise digital advertising. In 2023, the digital ad spend is projected to be $678.9 billion, signifying the immense potential of this market. Alkimi Exchange will capture this potential by bringing a significant portion of digital ad spend on-chain via our exchange AlEx.”

 

For advertisers and media agencies, the mainnet presents a level of clarity and accountability in ad spend that was previously unattainable. Publishers, in contrast, are poised to benefit from a more streamlined and profitable approach to ad management and revenue generation, with a higher proportion of advertiser dollars being passed on to them, thus creating more value online.

A key feature of the new mainnet is the inclusion of a Liquidity Staking Derivative (LSD), allowing users to join a liquidity pool on Balancer and stake their LP tokens (stADS) on the user portal, labs.alkimi.org. This feature offers users the opportunity to ‘yield farm’ the internet.

The launch of this mainnet represents not just a technological advancement but a paradigm shift in how digital advertising is conducted. By harnessing blockchain technology, the company is setting new standards for transparency and performance in the industry, marking a significant step towards a future where digital advertising is more effective, transparent, and fair for all parties involved.

About Alkimi Exchange

Alkimi Exchange is a decentralised replacement to the inefficient legacy programmatic ad exchanges with the mission to restore the value exchange between advertisers, publishers and users. Alkimi Exchange is a custom layer 2 scaling solution on the Ethereum network, specifically for advertising — which allows us to provide the fastest, infinitely scalable solution with 0% fraud, low transaction fees and complete end-to-end transparency.

Learn more at www.alkimi.org.

Linkedin: https://www.linkedin.com/company/alkimi-exchange

Telegram: https://t.me/Alkimi_Exchange

Discord: https://discord.com/invite/ebeHPzYHFT 

Twitter: https://twitter.com/AlkimiExchange 

YouTube: https://www.youtube.com/channel/UCfvLB-WjXB7oZSeFci-RT5w

 

Contact

Head Of Marketing
Milly Putley
Alkimi Exchange
hello@alkimi.org

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Gelato’s Rollup Platform Expands Support to Optimism’s OP Stack, Launching Lisk Layer 2 Chain

Zug, Switzerland, December 19th, 2023, Chainwire

Gelato announces expansion of its all-in-one Rollup-as-a-Service (RaaS) Platform. In addition to supporting Polygon CDK, Gelato now also services the OP Stack, the Optimism Collective’s open-source, modular development framework. As part of this expansion, Gelato enables Lisk, a Layer 1 blockchain launched in 2016, to join the Ethereum ecosystem by migrating to an Ethereum Layer 2. Lisk will join OP Mainnet, Base, and other OP Chains as the first Layer 1 committing to Optimism’s Superchain vision.

“Gelato’s expansion of support to the OP Stack underscores our mission to revolutionize the blockchain arena. By democratizing access to a modular blockspace, we’re empowering a diverse range of creators to deploy their unique, ready-to-launch Layer 2 blockchains. This pivotal move will unlock the full potential of mainstream crypto applications, marking a new era in blockchain adoption.” – Luis Schliesske, Founder at Gelato

Designed to alleviate the congestion problem of the Ethereum mainnet, the OP Stack is the standard, open codebase that powers the Optimism ecosystem and was built to support the Superchain. By leveraging Gelato’s Rollup as a Service platform, in addition to deploying, hosting, and monitoring of new Layer 2 chains, the OP Stack now gains native integrations with Gelato’s industry-leading Web3 middleware services including automation, off-chain data, and Account Abstraction to enable superior UX. Moreover, the platform provides out-of-the-box, native access to tier-one web3 services such as Etherscan, The Graph, LayerZero, and many more.

Layer 2 chains deployed with Gelato, like Lisk, get much more than the underlying blockchain. Layer 2 chains gains access to a fully production-ready web3 development environment. This is the first time in web3 that developers have access to an end-to-end serviced OP Chain with all necessary infrastructure dependencies deployed right from the start.

“We are excited that Gelato has extended support to the Superchain as a RaaS provider for Lisk, making it easier for developers to onboard new users into the Superchain ecosystem,” — said Ben Jones, Chief Scientist at the Optimism Foundation. “Gelato has already executed a million transactions on OP Mainnet for projects like Synthetix, Lyra, and Velodrome, and we’re looking forward to Gelato bringing their developer expertise to help bring the Superchain vision to reality.”

With just a few clicks and without the need to write any code, using Gelato Rollup-as-a-Service Platform anyone can easily deploy their fully serviced OP Chain, freeing up developers to focus on growing their core business.

“Using Gelato’s Roll up as a Service Platform allows the Lisk research and development team to be primarily focused on building additional products and tooling that developers and end users love, while also committing resources to the Superchain’s development.” – says, Dominic Schwenter, Chief Project Officer at Lisk

Gelato and Optimism share a vision of a world with thousands of interconnected blockchains, enabling the horizontal scaling of web3 applications. Gelato’s Rollup-as-a-Service platform will serve as a key component of this environment, running its customers’ underlying blockchains and offering an end-to-end development environment with integrated essential developer infrastructure services.

About Gelato

Gelato is an all-in-one Ethereum Rollup as a Service Platform built without limits. Designed to be super-fast, incredibly secure, and infinitely scalable, Gelato rollups allow anyone to build and deploy their fully serviced Layer 2 chains at a pace natively integrated with Web3’s favorite tools and services launching a production-ready web3 development environment from the Genesis block.

For more information visit Gelato’s:

Official Website
Telegram
Twitter

About Optimism

Optimism is a project dedicated to scaling Ethereum’s technology and expanding its ability to coordinate people from across the world to build effective, decentralized power structures. The Optimism Collective builds best-in-class software for running L2 blockchains and aims to address key governance and economic challenges in the wider crypto ecosystem. The Optimism Collective is also committed to building a sustainable ecosystem through Retroactive Public Goods Funding. By rewarding the impactful projects, Optimism is scaling Ethereum’s present to provide funding for its future.

About Lisk

Lisk provides a cost-efficient, fast, and scalable Layer 2 (L2) network that is secured by Ethereum. As a long-standing Web3 infrastructure project, Lisk has been democratizing blockchain accessibility for developers and end users globally since 2016. Its core focus is to solve local problems in Emerging Markets by bringing solutions around real-world assets (RWA), off-chain assets (OCA), and DePIN onchain. As a member of the Optimism Superchain Lisk is contributing to onboarding the next 1 billion people to Web3.

 

Contact

Head of Marketing
Ella Jonas
Gelato Digital GmbH
press@gelato.digital

The post Gelato’s Rollup Platform Expands Support to Optimism’s OP Stack, Launching Lisk Layer 2 Chain appeared first on CoinJournal.

Justin Sun’s 500B SHIB move sparks speculation amid Meme Moguls presale surge

Tron founder Justin Sun withdraws over 500B SHIB tokens from Binance, sparking market speculation.
Meme Moguls’ MGLS token presale gains momentum, capturing investors’ attention.
Shiba Inu’s price surge aligns with Justin Sun’s move, creating a symbiotic connection.

In a surprising move, Tron founder Justin Sun recently withdrew a colossal amount of Shiba Inu (SHIB) tokens from Binance, valued at about $5.2 million. This transaction has stirred speculation within the crypto community, coinciding with a notable surge in the SHIB price.

Meanwhile, a new player in the meme coin space, Meme Moguls, is capturing investors’ attention through its ongoing MGLS token presale. Let’s delve into the details surrounding these developments.

Justin Sun’s Shiba Inu withdrawal sparks speculation

Tron founder Justin Sun’s wallet executed two substantial transactions, withdrawing approximately 500 billion SHIB from Binance. The first transaction involved the withdrawal of 500 billion SHIB, amounting to $5.2 million. The second transaction saw the withdrawal of an additional 77 billion SHIB, worth $810,000.

#PeckShieldAlert #JustinSun-labeled address has withdrawn ~77B $SHIB (worth ~$810K) from #Binance pic.twitter.com/FRMxQnYrbe

— PeckShieldAlert (@PeckShieldAlert) December 19, 2023

The timing of these withdrawals, amid a bullish market sentiment for Shiba Inu, has ignited speculation about increased confidence in the token.

Shiba Inu price surge

The Shiba Inu price has experienced a noteworthy upswing, rising by 3.63% in the past 24 hours and reaching $0.00001043. This surge aligns with substantial whale transfers, exemplified by Justin Sun’s withdrawal.

The market sentiments surrounding SHIB have been further bolstered by a surge in the burn rate, indicating increased activity within the Shiba Inu community.

Meme Moguls MGLS token presale gains momentum

While the crypto space was buzzing with Justin Sun’s Shiba Inu (SHIB) moves, Meme Moguls, a novel entrant in the meme coin domain, is making waves with its MGLS token presale. The Meme Moguls ecosystem introduces a unique concept – a meme-backed stock market/exchange.

This innovative platform offers diverse meme-inspired assets and features a range of components, including Moguls Casino, Moguls Exchange Trading Platform, Meme Moguls Fantasy Trader, and Mogul Land, a metaverse world.

The ongoing Meme Moguls MGLS token presale is garnering attention, creating a symbiotic connection with the recent surge in Shiba Inu’s price. As SHIB investors closely monitor market trends, Meme Moguls provides an alternative avenue for meme enthusiasts to engage with a thriving community and explore unique meme-inspired assets.

Both Meme Moguls and Shiba Inu represent the evolving landscape of meme coins, offering opportunities for users to participate in the crypto world’s excitement.

MGLS tokenomics and community engagement

As Meme Moguls aims to become a prominent player in the meme coin space, the MGLS tokenomics plays a crucial role. The ecosystem is powered by the Meme Moguls Governance Token ($MGLS), offering governance participation, staking opportunities, and exclusive features.

The vibrant community of meme enthusiasts engages in lively discussions, sharing insights, and collaborating within the Meme Moguls ecosystem. The platform’s user-friendly interface and unique features contribute to its growing popularity.

As Shiba Inu experiences a surge in price and community engagement, Meme Moguls positions itself as a contender in the meme coin domain, offering a distinct and captivating experience for investors and meme enthusiasts alike.

The post Justin Sun’s 500B SHIB move sparks speculation amid Meme Moguls presale surge appeared first on CoinJournal.

Montenegro court revokes Do Kwon’s extradition approval amid legal process flaws

Montenegro Court revokes Do Kwon’s extradition, citing legal flaws in the November decision.
Appellate Court highlights procedural shortcomings in US extradition request handling.
Despite the extradition revocation, Kwon’s fate still awaits retrial in Montenegro.

The Appellate Court of Montenegro has cancelled the extradition approval for Do Kwon, founder of Terraform Labs, following an appeal by his defence attorneys. The decision, based on procedural irregularities in the legal process, raises questions about the extradition requests from the United States and South Korea.

This turn of events comes after Kwon’s detention was extended until mid-February, as reported by Bloomberg last week.

Nullification of Do Kwon’s extradition

In nullifying the High Court’s decision to extradite Do Kwon to either South Korea or the USA, the Appellate Court in Montenegro cited a significant violation of the Criminal Procedure Code in the November 17 decision, emphasizing the lack of clear reasons and facts.

While the South Korean extradition request appeared to follow proper procedures, the court highlighted procedural shortcomings in the handling of the US extradition request. Specifically, the investigating judge failed to adequately inform Kwon of the reasons and evidence for the US request, violating legal requirements. Consequently, the case has been remanded to the initial court for retrial.

Legal battles surrounding Terra ecosystem collapse

Do Kwon faces extradition for charges related to financial crimes in the US and South Korea, stemming from the collapse of the Terra ecosystem in May 2022. This collapse led to a staggering $40 billion loss in the market.

Kwon and Terraform Labs’ CFO Han Chang-Joon were apprehended in Montenegro last March after evading authorities in Asia and Europe. The extradition process has been tumultuous, with Kwon’s initial arrest in Montenegro for attempting to use falsified passports, subsequent imprisonment, and legal battles culminating in the recent Appellate Court decision.

This latest development adds another layer of complexity to Kwon’s legal predicament, leaving the global cryptocurrency community awaiting the outcome of the retrial in Montenegro.

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Rebel Satoshi gains momentum as Chainlink and Bitcoin Cash experience declines

Rebel Satoshi (RBLZ) has gained significant momentum after raising $500,000 in funding during its presale.
Market gurus predict a 104% price growth for Chainlink (LINK) in 2024.
Experts believe Bitcoin Cash (BCH) can surpass $400 by the end of 2024.

After selling over 70% of the tokens in its presale and raising $500,000 in funding, Rebel Satoshi (RBLZ) has gained significant traction in the crypto space. Meanwhile, Chainlink (LINK) and Bitcoin Cash (BCH) have declined in value over the past week.

Read on as we explore the recent developments around these top altcoins and pick the right crypto to buy for higher gains by the end of 2024!

RBLZ challenges top Altcoins

Rebel Satoshi challenges the prevailing dominance of top altcoins and promotes decentralization in the crypto landscape. With a particular focus on nurturing a sense of community among its growing base of investors, Rebel Satoshi has started a rebellion against the centralized organizations.

Rebel Satoshi and its native token, $RBLZ, offer a safe space for crypto enthusiasts looking for a platform to strive for the supremacy of decentralization. Moreover, Rebel Satoshi has set the goal of achieving $100 million in market capitalization in the upcoming months with the help of its dynamic community.

Rebel Satoshi is in Warriors Round 2 of its public presale at $0.018 per $RBLZ. The current price is a stunning 79% increase from its Early Bird Round of $0.010, making it one of the top-performing ICOs in 2023. Moreover, RBLZ has raised over $500,000 during its presale so far.

Now, experts believe that $RBLZ has gained enough momentum to reach $0.025 by the time it launches, delivering a whopping 150% profit for early investors. New investors can receive a stunning 38% ROI by joining the presale now using Bitcoin and 50 other cryptocurrencies!

Cointelegraph collaborates with Chainlink Labs, LINK dips

On December 8, 2023, Cointelegraph Accelerator made headlines by announcing a strategic collaboration with Chainlink Labs, a leading developer of the widely adopted decentralized computing platform Chainlink.

This partnership signifies a crucial synergy between the Cointelegraph Accelerator and Chainlink BUILD programs, aimed at fostering innovation and expediting the growth of emerging Web3 projects.

Despite the positive collaboration between Cointelegraph Accelerator and Chainlink Labs, the price of Chainlink’s native token, LINK, experienced a dip. The LINK price before the announcement was $17.10 on December 8, declining by 18.2% to $13.98 by December 13. So, is LINK the best crypto to invest in now?

Looking forward to 2024, experts foresee a potential LINK price surge of 104%, projecting it to reach $28.64. This optimistic outlook is attributed to the anticipation of an upcoming bull run and Chanlink’s increasing collaborations.

However, more cautious predictions suggest that the price may stay below $22.74 in 2024 if bearish sentiments prevail in the market.

BCH falls as BlackRock warns Bitcoin can be classified as security

On December 4, 2023, BlackRock, the world’s largest asset manager, made a significant move by addressing the potential classification of Bitcoin as a security. This development unfolded in BlackRock’s amended application for a spot bitcoin exchange-traded fund (ETF) submitted to the SEC. 

The application expressed concerns about the implications of classifying a digital asset as a security, emphasizing the potential challenges for trading, clearing, or custodial activities in the United States through the same channels used by non-security digital assets.

The news immediately impacted the price of BCH, the native token of Bitcoin Cash, as it declined from $255.35 on December 4 to $224.92 as of December 13. This change represents a percentage decrease of 11.9% in the price of BCH. So, should you consider Bitcoin Cash as the best crypto investment opportunity for 2024?

Looking ahead to 2024, experts predict a positive trajectory for Bitcoin Cash, forecasting a price surge beyond the $400 mark to reach $435.52 per BCH. This optimistic outlook is based on speculation surrounding an upcoming bull run and the potential market upswing, particularly after the approval of a spot Bitcoin ETF.

However, cautious predictions for Bitcoin Cash suggest that BCH’s price might remain below $379.42 in 2024 if bearish sentiments prevail in the overall market.

For the latest updates and more information, visit the official Rebel Satoshi Presale Website or contact Rebel Red via Telegram.

The post Rebel Satoshi gains momentum as Chainlink and Bitcoin Cash experience declines appeared first on CoinJournal.

Analyst says spot Bitcoin ETF a “wrap” as approval sentiment lifts Bitcoin (BTC) and Pullix (PLX)

Bitcoin ($BTC) jumped 5% to above $43k on Tuesday as markets reacted to news around BlackRock’s spot Bitcoin ETF filing.
An analyst says the latest amendment to BlackRock’s proposal means an approval is as good as done.
Positive sentiment has altcoins also bouncing higher, and Pullix ($PLX) looks poised as presale surpasses $800k.

Bitcoin ($BTC) bounced higher on Monday after the weekend’s retreat to below $41k, with the market’s reaction to the latest spot Bitcoin ETF news lifting altcoins. Elsewhere in the market, the Pullix ($PLX) presale accelerated as stage 3 surpassed the $800k raised mark.

What does the highly anticipated ETF approval mean for the crypto market? Could $PLX benefit from this?

Bloomberg’s Eric Balchunas says spot Bitcoin ETF “debate over”

On Monday, BlackRock filed an amended S-1 application for its spot Bitcoin ETF proposal. Instead of its earlier version’s in-kind redemption model, the world’s largest asset manager is looking at cash-only redemption.

It’s what the SEC has reportedly favoured and comes after numerous meetings between the regulator and the asset manager. Positive conversations between different firms have encouraged the crypto industry, with hopes that the rejections and delays are coming to an end.

Eric Balchunas, a senior ETF analyst for Bloomberg, believes BlackRock’s move means approval for the first spot Bitcoin ETF in the US is a “wrap.”

With BlackRock now set for cash-only creation and redemption – instead of direct (in-kind) $BTC deposits – approval is now a matter of when rather than if. For Balchunas, its “debate over” as BlackRock looks to have the approval all but sealed ahead of the holidays.

BlackRock has gone cash only. That’s basically a wrap. Debate over. In-kind will have to wait. It’s all about getting ducks in row bf holidays. Good sign. https://t.co/vgocs1aIwS

— Eric Balchunas (@EricBalchunas) December 19, 2023

Other firms that have proposals pending before the SEC are also engaging with the regulator. Bitwise, ARK Invest/21Shares and Wisdomtree have also submitted amended S-1 filings.

What would a spot ETF approval mean for the market?

Market experts say a spot ETF approval combined with other positive catalysts, including the upcoming Bitcoin halving, could see $BTC aim for prices above $120k in this bull cycle. Today’s bounce means Bitcoin could still rise to the forecast high of $50k before the end of the year.

Altcoins, which have historically mirrored the benchmark cryptocurrency’s movement, could similarly explode. Most of the top coins by market cap are potentially set for this bullish trajectory.

However, also to make for tantalising propositions are new projects – gems for savvy investors. One of those looking for a major entry into the market is Pullix ($PLX).  

Pullix ($PLX): A new hybrid exchange set to redefine online trading

Pullix is a new cryptocurrency project on the Ethereum chain. According to its whitepaper, it is a hybrid exchange platform where traders can benefit from trading stocks, crypto and other assets.

But is Pullix any different from other online trading platforms in the market?

Pullix looks to go beyond just another hybrid exchange. It’s designed to bring the best of both CEX and DEX trading to users, with $PLX the utility token at the heart of all transactions. Tapping into the power $PLX a user can unlock staking rewards, trading discounts, revenue share, cashbacks and other exclusive offers.

The project is an entire ecosystem designed for the trader, who can take advantage of opportunities in both traditional and digital asset markets. 

This is likely to be strengthened by Pullix’s liquidity provision and competitive prices, with demand across the DeFi space key to $PLX future performance. The daily purchase and burn of $PLX tokens will also see circulating supply reduced and potentially positively impact prices.

Why are investors bullish on Pullix ($PLX)?

The trading marketplace has seen rapid growth in the last few years, and combined daily trading volumes for crypto, stocks and forex is over $7 trillion. The opportunities are increasing as more assets get adopted into the financial markets.

With crypto adoption on the rise, the need for a trading platform that puts traders in control, could see Pullix rise to dominate the hybrid exchange landscape. Pullix ($PLX) token launching in early 2024 makes buying now potentially very attractive.

The imminent approval of a first $BTC ETF for the US market and the likelihood of prices rallying hard may also be crucial to $PLX performance post launch. Currently, Pullix is in presale stage 3. The price of $PLX is $0.044.

To learn more about Pullix, check out their whitepaper or visit their presale page.

The post Analyst says spot Bitcoin ETF a “wrap” as approval sentiment lifts Bitcoin (BTC) and Pullix (PLX) appeared first on CoinJournal.

US court approves $2.85 billion CFTC fine against Binance and CZ

Binance will pay $2.7 billion and its former CEO Changpeng Zhao $150 million.
The fine is part of the $4.3 billion settlement Binance agreed with the DOJ, FinCEN, OFAC and CFTC.

A US judge has approved the $2.7 billion and $150 million fine that Binance and former CEO Changpeng Zhao agreed to pay as settlement with the Commodity Futures Trading Commission (CFTC).

The fine is part of the $4.3 billion settlement Binance agreed with the DOJ, FinCEN, OFAC and CFTC in November. Zhao also resigned as Binance CEO as part of the settlement, and later stepped down from the Binance.US board.

Binance to pay $2.7 billion and Zhao $150 million

A press release by the CFTC announced that Judge Manish Shah of the District Court for the Northern District of Illinois had issued an order approving the settlement and concluding the regulator’s enforcement action against Binance and CZ.

Per the court order, Binance founder Zhao will pay a $150 million fine, while Binance will pay $2.7 billion. For the exchange, the penalty is split into $1.35 billion to the CFTC and $1.35 billion as disgorgement in ill-gotten trading fees.

In formalizing the settlement initially announced on November 21 [See CFTC Press Release No. 8825-23], the court finds Zhao and Binance violated the Commodity Exchange Act (CEA) and CFTC regulations,” the CFTC press release noted.

The court also ordered Zhao and Binance to certify “the existence, application, and efficacy of Binance’s improved compliance controls.” The order also warns against any further violations, with any new onboarding of customers required to complete all the KYC procedures.

Other obligations placed on Binance and Zhao include ensuring that sub-accounts, including by prime brokers, do not bypass the exchange’s compliance controls. The exchange will also offboard all accounts that do not complete KYC checks or fail to meet compliance requirements.

Apart from the $2.85 billion penalty against Binance and CZ, the court also approved a $1.5 million civil penalty against Samuel Lim, the former Chief Compliance Officer at Binance.

Lim was accused of “aiding and abetting Binance’s violations.” He also allegedly engaged in offshore activities outside that willfully evaded or tried to evade US law.

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