This week, the PYMNTS Weekender dives into what’s on influencer brands’ CEOs’ minds in the lead-up to this game changer.
The post Ripple vs SEC Lawsuit Update: Here Are The Key Dates To Watch appeared first on Coinpedia Fintech News Today, XRP whales moved 180 million coins, stirring up speculation amid an important legal decision in the Ripple Vs. SEC case. The legal battle has progressed to the remedies stage, marking a crucial juncture in the three-year-long fight. April 29 stands out as a key date, as it represents the deadline for the SEC to respond to Ripple’s motion, as per a scheduling order issued by Magistrate Judge Sarah Netburn. This extension provides both parties with an opportunity to present their arguments effectively. Debate on Penalty is on Fire Market observers are eyeing every move of this case, speculating on potential outcomes. Some people think the lawsuit might end in a resolution or settlement, ending the long court battle. But people have different ideas about which party might win. Attorney Jeremy Hogan is still hopeful that Ripple will get a deal. He thinks it could be worth about $100 million. This is very different from what the SEC wanted earlier when they wanted $2 billion in disgorgement and prejudgment interest. Our opposition to the SEC’s request for $2B in penalties for legacy institutional sales is now public. In a case that had no allegations (or findings) of recklessness or fraud, and in which Ripple won on significant issues, the SEC’s ask is just more evidence of its ongoing… https://t.co/GLcdsyInZW— Stuart Alderoty (@s_alderoty) April 23, 2024 But Stuart Alderoty, Ripple’s Chief Legal Officer, has pushed for a much lighter punishment, saying that it shouldn’t be more than $10 million. This position makes Ripple’s point of view clear and stresses the need for a fair and reasonable answer. Even though the outcome of the lawsuit is uncertain, people involved are waiting for more information because they know what it could mean for the cryptocurrency business as a whole. Latest update on the case In the new development, Judge Sarah Netburn issued a new order. Wherein Ripple requested to drop the SEC’s recent expert submissions, and the judge granted an extension for the SEC’s reply until April 29, 2024. Now Ripple has three days to respond. Judge Netburn’s role remains crucial, and her impartial rulings maintain the integrity of the legal process. Currently, XRP is trading at $0.5320, marking a 1.05% increase, with a one-day trading volume of $1.31 billion, down by 12.74%. Despite recent market volatility, XRP has seen a 6% gain over the past week.
The post Here Is How Crypto Trader Makes $18 Million Profit Through PENDLE Token appeared first on Coinpedia Fintech News In a bold move, a savvy trader recently made significant transactions involving the cryptocurrency PENDLE, resulting in $18 million profits. According to reports from Lookonchain a prominent blockchain tracking platform, the trader deposited 1.2 million PENDLE tokens valued at approximately $6.74 million into Binance just three hours ago. The trader still holds 2.23 million PENDLE tokens valued at around $12.3 million. Trader’s Investment Strategy The trader’s investment journey began with purchasing 3.21 million PENDLE tokens using 869,757 USDC Coin at an average price of $0.27 per token between February 9 and April 22, 2023. A smart trader deposited 1.2M $PENDLE($6.74M) into #Binance 3 hours ago, with 2.23M $PENDLE($12.3M) left.He spent 869,757 $USDC to buy 3.21M $PENDLE at $0.27 from Feb 9 to Apr 22, 2023, then withdrew 111,055 $PENDLE($226K) at $0.49 from #Gateio on Apr 27.His total profit on… pic.twitter.com/yAtQnFEh4p— Lookonchain (@lookonchain) April 26, 2024 Following this accumulation phase, the trader capitalized on market gains by withdrawing 111,055 PENDLE tokens valued at 226,000 from Gate.io on April 27, where the token was priced at $0.49. The trader’s total profit on the PENDLE investment has surged to approximately $18 million, boasting an exceptional Return on Investment (ROI) of 1841%. This remarkable performance underscores the trader’s strategic acumen and market timing within the cryptocurrency landscape. The success story of this PENDLE investment highlights the potential for substantial gains in the crypto market, particularly through strategic investments and astute decision-making. As interest in decentralized finance (DeFi) and blockchain assets continues to grow, traders are leveraging these trends to achieve notable returns. Pendle Price Analysis As of now, the current price of the Pendle token stands at $5.38, reflecting a 7% decrease over the past 24 hours, with a current market capitalization of $1.28 billion. Despite this decline, trading volume has surged to $76.50 million, indicating active market participation.
Nvidia's share price saw a 15% increase after a brief slump during the previous trading week, prompting analysts to speculate about the price movements of AI crypto tokens.
The post Are Blackrock and Paypal Buying These Altcoins? appeared first on Coinpedia Fintech News Crypto analyst Chico Crypto chimed into the missed and one of the most significant partnerships. He highlighted PayPals innovative effort to promote green Bitcoin mining, aiming to encourage environmentally friendly practices in the crypto-mining industry. Decoding Green Bitcoin Mining Partnership This collaboration involves PayPal’s Blockchain Research Group, Energy Web, and DMG Blockchain Solutions Inc. Together, they aim to reward miners who use low-emission energy sources. Through Energy Web’s Green Proofs for Bitcoin Initiative, miners can receive certifications for sustainable mining, allowing them to prioritize on-chain transactions. However, in the scope of these partnerships, the analyst points out one of the emerging factors the EWT tokens the native currency of the Energy Web Chain, used to pay for gas fees in the energy sector. This blockchain solution enables online control and management of electrical systems. Energy Web aims to certify top Bitcoin miners, exploring ways to use this accreditation to speed up Bitcoin’s decarbonization efforts. PayPal’s and Blackrock’s Climate Initiatives, Can Pump EWT? With PayPal and Blackrock showing immense interest in the energy sector, there is a buzz that it will be a good chance for EWT to rise. Moreover, Chico Crypto uncovers PayPal’s partnership with South Pole Global and the Crypto Carbon Ratings Institute, which jointly developed a Crypto Climate accounting framework. This framework, crafted with input from PayPal’s Blockchain, Crypto, and Digital Currencies (BCDC) team, lays the groundwork for greenhouse gas accounting within cryptocurrency value chains. Notably, South Pole Global’s involvement in the D-REC initiative and Energy Web’s pivotal role in this space underscores the interconnectedness of these partnerships and their potential impact on sustainability efforts. Interestingly, BlackRock’s involvement in sustainable aviation fuel (SAF) efforts highlights its participation in the Clean Skies for Tomorrow initiative by the World Economic Forum and RMI. This initiative aims to create a system for SAF certificates (SAFc). With BlackRock’s interest in SAF and mention of SAFCs in its TCFD report, there’s speculation about the firm using Energy Web’s network to support its sustainability goals. Negative Impact Critics argue that bitcoin mining has detrimental environmental effects, such as air and water pollution, as well as excessive energy consumption. Reports suggest that bitcoin mining consumes 127 terawatt-hours (TWh) yearly, exceeding Argentina’s energy usage. A New York Times analysis highlights that Bitcoin miners collectively use about seven times the energy consumed by Google annually for its global operations.
The post How BNY Mellon’s Bitcoin ETF Stake and Dividend Payout Reflect Changing Financial Landscape appeared first on Coinpedia Fintech News BNY Mellon, America’s oldest bank, started supporting cryptocurrencies like Bitcoin and Ethereum via its custody services in 2022. It met the rising institutional demand for a financial setup that handles both traditional and digital assets. On April 25, 2024, BNY Mellon Alcentra Global Credit Income 2024 Target Term Fund, Inc. (NYSE: DCF) said it will give out $0.035 per share of common stock as a monthly payout. This payment is meant for investors who own the shares by May 9, 2024, and it’ll be sent on May 23, 2024. The fund plans to share most of its profits with shareholders every month. However, this could vary depending on how well its investments are doing and what the market is like. Following this declaration of monthly distribution, BNY Mellon made another major disclosure. America’s Oldest Bank BNY Mellon’s Bitcoin ETF Exposure BNY Mellon recently revealed its investment in Bitcoin (BTC) ETFs through a disclosure to the US Securities and Exchange Commission (SEC). The revelation describes the bank’s stake in BTC ETFs managed by major investment companies like BlackRock and Grayscale. This move hints at a notable shift in the traditional finance sector towards welcoming cryptocurrency as a viable investment avenue, specifically among institutional investors. Also read: When to Expect Bitcoin’s Bull Market Highs: A Post-Halving Analysis Global Impact of Bitcoin ETFs The approval of spot Bitcoin ETFs by the US SEC earlier this year has heated up the market, with BTC soaring to a new peak of $73,737 in March. Additionally, Hong Kong’s approval for spot Bitcoin and Ethereum ETFs, that was scheduled to begin trading on April 30, 2024, signals a wider acceptance of cryptocurrencies worldwide. Read more: Hong Kong SFC Approves Spot Bitcoin & Ethereum ETFs Analysts forecast Bitcoin to reach $85,195 by May 23, 2024, suggesting a possible surge in value. Moreover, there’s an anticipation for a potential approval of a spot Ethereum ETF in the US. This could trigger another significant rally in the crypto market, especially for Ethereum, currently trading below its peak value.
The post Three Altcoins Set to Thrive Amidst Ethereum’s ETF Buzz appeared first on Coinpedia Fintech News Analyst Cheeky Crypto has rattled the cryptocurrency community with his latest revelation: turn your attention away from Bitcoin and Ethereum and focus on three hidden gem altcoins poised for explosive growth in 2024. The analyst commenced by shedding light on the pivotal role of Exchange Traded Funds (ETFs) in the crypto arena, especially concerning Ethereum. With the impending approval of Ethereum’s ETF, Cheeky Crypto anticipates a surge in demand for the cryptocurrency, propelling its value upwards. However, he warned against overlooking the challenges associated with Ethereum’s scalability limitations and exorbitant gas fees. Introducing the Hidden Gems: Optimism, Metis, and Polygon’s Matic To tackle these obstacles head-on, Cheeky Crypto introduced three altcoins to flourish amidst Ethereum’s ascension: Optimism, Metis, and Polygon’s Matic. Optimism, a layer 2 scaling solution tailored for the Ethereum chain, vows to bolster transaction throughput and slash fees, making it indispensable for Ethereum-based decentralized applications (DApps). Similarly, Metis and Polygon’s Matic offer layer 2 solutions to enhance scalability and user-friendliness on the Ethereum network. Here’s why the above-mentioned altcoins are important: Optimism: Optimism is a layer 2 scaling solution designed specifically for the Ethereum blockchain. Its primary objective is to alleviate Ethereum’s congestion and high gas fees by enabling faster and cheaper transactions. Optimism achieves this by processing transactions off-chain and periodically settling them on the Ethereum mainnet. Metis: Metis is another layer 2 scaling solution addressing Ethereum’s scalability challenges. Like Optimism, Metis operates off-chain to process transactions more efficiently before settling them on the Ethereum mainnet. Polygon’s Matic: Polygon, formerly known as Matic Network, is a multi-chain scaling solution for Ethereum. It offers a framework for building and connecting Ethereum-compatible blockchain networks, known as sidechains, to enhance scalability and interoperability. Polygon’s Matic token serves as the network’s native cryptocurrency and is used for various purposes, including transaction fees and governance.
The post Senators Warren and Cassidy Call for DOJ and DHS Action Against Cryptocurrency-Fueled CSAM Trade appeared first on Coinpedia Fintech News U.S. Senator Elizabeth Warren, alongside Senator Bill Cassidy, made an urgent appeal to the U.S. Department of Justice (DOJ) and Department of Homeland Security in a letter that called for enhanced tools to combat the use of cryptocurrency in the illegal trade of child sexual abuse materials (CSAM). Their joint letter dated April 25, 2024, mainly targeted the alarming increase in this criminal activity and sought effective countermeasures to eradicate it. The Rising Threat of Cryptocurrency in CSAM Trade U.S. Senator Elizabeth Warren often claims that cryptocurrency is the leading material used in dark web transactions. This time, in her letter, Senator Warren claims that cryptocurrency’s role in facilitating the dark trade of Child Sexual Abuse Materials has become a growing concern for lawmakers and enforcement agencies. Because digital currencies like Bitcoin offer their signature pseudonymous transactions, it enables a disturbingly efficient exchange of illegal content. The letter to U.S. Attorney General Garland and U.S. Secretary Mayorkas addresses that “The number of websites accepting cryptocurrency as payment in exchange for [CSAM] has more than doubled every year” between 2018 and 2022, as per the reports from the Internet Watch Foundation (IWF). The reason behind this enormous increase of child sexual abuse materials is due to the difficulties facts in tracing and prosecuting perpetrators. Official Findings and the Need for Legislative Action The letter highlights recent reports by financial watchdogs and analytic firms that underline the severity of the situation. The Financial Crimes Enforcement Network (FinCEN) noted a surge in suspicious activities related to child exploitation funded by cryptocurrencies, identifying over 1,800 unique Bitcoin wallets involved in such offenses. Meanwhile, blockchain analytics firm Chainalysis has highlighted the increasing sophistication and resilience of CSAM sellers in evading detection. In their letter, the Senators expressed grave concerns, stating, “These are deeply troubling findings revealing the extent to which cryptocurrency is the payment of choice for perpetrators of child sexual abuse and exploitation.” The DOJ and DHS have recognized the use of cryptocurrency as a new avenue for funding criminal conduct, including child exploitation. Queries to Garland and Mayorkas The Senators have posed critical questions to Attorney General Garland and Secretary Mayorkas, seeking clarity on the problem’s scope and current strategies’ effectiveness. Both U.S. Senators Warren and Cassidy have inquired about the DOJ’s and DHS’s current assessment of cryptocurrency’s role in child sexual abuse material, the reported increase in the sophistication of these criminal operations, and the unique challenges that digital currencies pose in legal efforts against child exploitation. Understanding the need for specialized tools to address this illicit use of digital currencies, Senators Warren and Cassidy advocate for a comprehensive approach that includes updating legal frameworks and improving technological capabilities. The letter ends with an urge to get back a swift response, requesting detailed answers by May 10, 2024, to better equip law enforcement agencies in their fight against this heinous crime.