2024-09-27 06:40

Conflux (CFX) saw an 18% rise following news of liquidity injection by the People's Bank of China, with traders focusing on assets perceived as 'China beta' like CFX. PLUS: Bitcoin ETF inflows continue and dog-themed memecoins catch a bid. In Asia's Friday market, dog-themed memecoins like SHIB, BONK, and FLOKI experienced significant gains, with SHIB and FLOKI up by 15% and BONK leading with a 17% increase, fueled by a return of risk appetite among investors. Conflux's CFX saw an 18% rise following news of liquidity injection by the People's Bank of China, with traders focusing on assets perceived as 'China beta' like CFX, dubbed the 'Chinese Ethereum', especially after its new support for stablecoins. Bitcoin (BTC) rose by 3%, trading above $65K with U.S. spot bitcoin ETFs seeing one of their largest inflow days at $365 million, predominantly into ARK's ARKB, while Ethereum (ETH) experienced minor outflows but still gained 4% over the week. Friday's market in Asia went to the memes as Shiba Inu (SHIB) and Bonk (BONK) posted double-digit gains and Conflux's CFX was up over 18% as the market digests the recent liquidity injection from China's central bank. "After the initial rally in alts that took center stage last week, the market seemed to have been in rotation mode for this week," Rick Maeda, Research Analyst at Presto Research wrote in a note to CoinDesk. "Within this series of rotations in search of the next narrative that explored verticals such as AI and memecoins, the China stimulus news from Tuesday made traders focus on coins perceived to be China beta, such as $CFX and $PHB which have both outperformed," Maeda continued. "It remains to be seen if this is a new regime here to stay or the market grasping for a narrative-based trade." HashKey OTC CEO Li Liang pointed to improving funding rates as a sign of market recovery. "Leading the gains are the SOL and BTC ecosystems, indicating a strong focus on meme coins as overall liquidity grows. While not nearly as explosive as meme coins on the aforementioned chains, meme coins on Ethereum, such as $PEPE and $SHIB, are also experiencing heightened interest from the market," he said. Aside from the liquidity-induced market moves because of the perception that Conflux is the 'Chinese Ethereum', traders are also looking favorably on a recent announcement that the protocol has launched support for stablecoins through a partnership with WUSD. While WUSD is a relatively small stablecoin (its issuer is registered as a trust in Hong Kong) there has been a recent run of stablecoin-related announcements with new products coming out from Ethena labs (UStb) and BitGo (USDS) which the market is looking favorably upon. Dog memes lead market Risk appetite returned after months with dog-themed memecoins leading gains in the broader crypto market. Shiba Inu (SHIB) and Floki (FLOKI) zoomed as much as 15%, while Solana-based bonk (BONK) led sector gains at 17%. Some lesser-known dog-themed tokens based on the lesser-used Bitcoin Runes protocol also rose, indicating investors were ready to take more riskier bets. Memecoins are heavily community-driven and jump when the market displays risk-on behavior. These create value through community engagement, humor, and shared cultural references - and tokens inspired by dogs, cats or frog surge based on what’s more trending in social circles. ETFs continue positive inflow run Elsewhere in crypto, bitcoin (BTC) is up 3% as it continues to trade above $65K. U.S. spot bitcoin ETFs had a monster day of inflows with $365 million, according to SoSoValue, making it one of the largest days on record and bringing the weekly inflow to over $600 million. Most of the day's inflow was focused on ARK's ARKB ETF at $113.8 million, followed by BlackRock's IBIT at $93.38 million, and Fidelity's FBTC at $74 million. ETH ETFs didn't have the same market interest, as they saw outflows of nearly $675,000. Ether (ETH) is up 4% in the last week, according to market data, versus 2% for BTC. https://www.coindesk.com/markets/2024/09/27/bitcoin-holds-above-64k-as-china-stimulus-sends-confluxs-cfx-dog-memes-running-high/

2024-09-27 05:26

U.S. President Joe Biden said "to counter Russian sanctions evasion and money laundering, the Department of Justice, the Department of the Treasury, and the U.S. Secret Service have taken action today to disrupt a global cryptocurrency network, in coordination with international partners." Two Russian nationals have been charged by U.S. authorities for their role in a global network to launder money and evade sanctions using crypto. U.S. authorities also seized websites associated with three illicit cryptocurrency exchanges. Russian nationals Sergey Ivanov and Timur Shakhmametov have been charged for their involvement in operating money laundering services that catered to cybercriminals using cryptocurrencies, U.S. authorities announced on Thursday. The U.S. Department of State has announced rewards amounting to $10 million each for information leading to the arrests of Shakhmametov and Ivanov. U.S. authorities also seized websites associated with three illicit cryptocurrency exchanges, in what was termed a "coordinated international effort" involving authorities in the Netherlands, Latvia, Germany, U.K, Europol, and multiple U.S. agencies. The websites relate to Russia linked payment and exchange platforms Cryptex.net, UAPS, PinPays, and PM2BTC. A statement from U.S. President Joe Biden on U.S. support for Ukraine said "To counter Russian sanctions evasion and money laundering, the Department of Justice, the Department of the Treasury, and the U.S. Secret Service have taken action today to disrupt a global cryptocurrency network, in coordination with international partners." Ivanov conducted transactions worth over $1.15 billion in value in the past 11 years. He was charged with one count of conspiracy to commit bank fraud for providing payment processing support to the carding website Rescator and one count of conspiracy to commit money laundering for carding website Joker’s Stash. The unlawful use of stolen credit and debit card data for fraudulent purposes is known as "carding." Shakhmametov, known online as “JokerStash” and “Vega," was charged with the same offences as Ivanov, but he also faces one count of conspiracy to commit access device fraud for his role in operating the carding website Joker’s Stash, which offered for sale data from 40 million payment cards annually. “The two Russian nationals charged today allegedly pocketed millions of dollars from prolific money laundering and fueled a network of cyber criminals around the world, with Ivanov allegedly facilitating darknet drug traffickers and ransomware operators," said U.S. Deputy Attorney General Lisa Monaco. The operation involving the U.S. Secret Service saw the seizure of two website domain names used to support the cryptocurrency money laundering exchange “Cryptex.net,” where "37,500 transactions" amounting to $1.4 billion were made. Read More: Russia Is About to Try Using Crypto to Get Around Sanctions https://www.coindesk.com/policy/2024/09/27/global-effort-disrupts-russia-linked-network-using-crypto-to-evade-sanctions-us-charges-two-russians/

2024-09-26 22:15

Crypto-fan candidate Bernie Moreno has caught up in Ohio polls as the industry's cash outpaces other PACs in one of the key U.S. Senate races that may decide the majority. Money from the political action committees backed by such crypto firms as Coinbase and Ripple Labs is helping lift the Republican challenger against Sen. Sherrod Brown, who chairs the Senate Banking Committee where crypto bills have languished. Blockchain businessman Bernie Moreno has experienced a rapid rise in polling, some of which now put the Republican candidate atop Brown in the battleground state of Ohio. The colossal campaign spending from the cryptocurrency industry is showing up in dominant fashion in Ohio's U.S. Senate race, where its political action committees have devoted $40 million to support Republican Bernie Moreno's opposition of Sen. Sherrod Brown (D-Ohio), the crypto-skeptical chairman of the Senate Banking Committee. In the largest single outlay of campaign spending from the digital assets sector, the latest Federal Election Commission filings show Fairshake PAC and its affiliates – specifically Defend American Jobs – have far outdistanced the initial $12 million the group announced at the start of its Ohio engagement. The spending, which has been devoted to pro-Moreno advertising, is the most any group has so far committed to this battleground. Since Fairshake weighed in last month, the sentiment of Ohio voters has shown a major leap for blockchain businessman Moreno. At the start of August, he was at 39.6% support in one industry poll of likely voters obtained by CoinDesk, compared with 48.3% for Brown. The latest polling by ActiVote shows Moreno potentially pulling ahead with 51% to Brown's 49%, though that poll carried an almost 5% margin of error. A broader average of polling also suggests steady gains for Moreno, with a 2.3 percentage point increase since Fairshake leapt into Ohio, according to the running tally of polls maintained by FiveThirtyEight.com, a political analysis site. Read More: Crypto Fan Won Ohio Senate Primary That Could Alter the Industry's U.S. Destiny Some crypto insiders have expressed private discomfort with Fairshake's decision to try to dethrone Brown, who currently has control of a significant segment of the Senate's crypto agenda. If Brown wins, and the Senate remains under a Democratic majority, he'll retain that authority, and this open warfare could hurt the industry's legislative drive. The decision had already cost the goodwill of one of Fairshake's significant donors and has resulted in ill will among high-profile Democrats. Fairshake spokesman Josh Vlasto declined to comment on the Ohio strategy. The outside spending in that state is going far toward bridging what is otherwise a massive gap in direct contributions to the candidates, meaning the fully disclosed individual contributions that are subject to spending limits and the full range of legal restrictions in U.S. elections laws. Veteran lawmaker Brown has received about $53 million, according to the most recent federal records, versus $16 million for Moreno. Super PACs like Fairshake are only able to target candidates with so-called independent expenditures – advertising and other services that have no direct affiliation with or approval from the campaigns. In some races, Fairshake has spent millions on negative ads to oppose candidates that don't support pro-crypto policies, but in this one, the ads are positive in bolstering Moreno, an Ohio businessman and crypto enthusiast who founded a blockchain startup that focuses on property titles. If Brown loses, the chances get much higher that Republicans take the Senate majority, and Sen. Tim Scott (R-S.C.) potentially becomes the next chairman. Though Scott's crypto views had long been muted, he recently cheered on digital assets innovations at the Nashville Bitcoin 2024 event, and at a symposium in Wyoming hosted by the SALT Conference, he floated a crypto-specific subcommittee if he wins the gavel. "We have to get rid of the folks who are in the way," Scott said in Nashville. Fairshake made a splash when it quickly outpaced other industry PACs for the amount of cash it stockpiled for the 2024 elections: $169 million. It's used that war chest on candidates it considers good for the industry, and to oppose those who wouldn't be – especially if they've been backed by Sen. Elizabeth Warren (D-Mass.) Despite Fairshake's origin – mostly funded by some of the crypto sector's most prominent names, including Coinbase Inc., Ripple Labs and Andreessen Horowitz (a16z) – the ads don't typically mention digital assets at all. The industry's favored candidates have won in about two dozen primary elections, meaning pro-crypto candidates will occupy a greater share of the seats of Congress next year. Since both the Senate and House of Representatives have been considered vulnerable to a reversal of their majorities, every shift in the landscape is potentially significant. Democrats have been holding onto the Senate with the barest possible majority – the tie-breaking vote of the vice president in an otherwise 50-50 split between the parties. https://www.coindesk.com/policy/2024/09/26/crypto-pacs-dominate-ohio-senate-race-spending-40m-on-sherrod-browns-foe/

2024-09-26 15:54

Monetary stimulus in the U.S. and China appeared to be the catalyst for the crypto's run higher. Bitcoin (BTC) is back to levels not seen in nearly two months as it pushed past the $65,000 mark during U.S. morning hours on Thursday. The largest cryptocurrency by market cap traded just shy of $65,400 at press time, up 2.7% over the past 24 hours. The broader CoinDesk 20 Index was higher by 1.6% over the same time frame, with Caradno (ADA), Avalanche (AVAX) and NEAR Protocol (NEAR) all outperforming bitcoin's advance, but ether (ETH) modestly underperforming. Bitcoin's rise began last week when the U.S. Federal Reserve slashed interest rates for the first time since the Covid pandemic more than four years ago, opting to cut by 50 basis points instead of the previously expected 25 basis point move. Traders anticipate another cut to come at the Fed's next meeting on Nov. 7, with current betting favoring another 50 basis point reduction, according to the CME FedWatch Tool The more immediate catalyst Thursday for not just bitcoin, but global markets in general, was China, where authorities are reportedly considering injecting up to 1 trillion yuan ($142 billion) of capital into that country's biggest state banks in an effort to revive the struggling economy. China's Shanghai Composite jumped another 3.6% and is on track for its best week in a decade. European shares rose about 1% and U.S. stocks are also in the green, though off their best levels hit earlier Thursday. The news also moved prices for precious metals, with gold rising to a record high above $2,700 per ounce and silver hitting its strongest level in 12 years. With BTC's rising price comes a renewed interest in the recently flagging U.S.-based spot bitcoin ETFs. BlackRock’s iShares Bitcoin Trust (IBIT), for instance, reported large inflows on Wednesday, with investors adding nearly $185 million of fresh money to the fund, according to Farside Investors. This followed an inflow of $98.9 million the previous day and comes after weeks of flows that were flat to negative alongside bitcoin's poor price action. https://www.coindesk.com/markets/2024/09/26/bitcoin-hits-65k-for-first-time-since-early-august-with-renewed-investor-interest-in-the-spot-etfs/

2024-09-26 12:44

Asian markets roared higher and gold notched another record following another round of Chinese fiscal and monetary stimulus. Bitcoin climbed above $64,000 in early U.S. trading hours ahead of a number of Fed speakers, including Chairman Jerome Powell, and after China's Politburo reportedly pledged continuing support to that country's economy and markets. Bitcoin could see increased interest from retail and institutional investors following the approval of options trading on Blackrock's IBIT. Bitcoin (BTC) is again setting its sights on the $65,000 level not touched since the first week in August, with a speech later today from Federal Reserve Chair Jerome Powell potentially the next catalyst. “The market will be following Powell’s speech closely for indications of any shifts in sentiment following last Thursday’s FOMC press conference, which signaled the potential for further easing,” traders at Singapore-based QCP Capital said in a broadcast message. Powell is expected to speak at 13:30 UTC at the U.S. Treasury Market Conference amid mounting expectations for another U.S. interest rate cut this year. The Fed announced its first round of cuts last week - leading to risk assets such as bitcoin surging - and traders expect a 62% chance of an additional 50 basis point reduction in November, according to the CME FedWatch Tool. Gold notched another in what's become a series of record highs of late, climbing nearly 1% to above $2,700 per ounce. China is reportedly mulling a $142 billion capital injection into its banking system, along with a number of other stimulus measures. The Shanghai Composite soared another 3.6% and is on track for its best week in a decade. U.S. stock index futures are ahead about 1%. Bitcoin’s appeal is starting to grow among retail and professional investors alike. Data from SoSoValue shows that the total daily net inflows cracked $100 million for the second day in a row for the BTC ETFs, marking a five-day streak of positive net inflows for the funds. On the other hand, retail bitcoin investors have accumulated 35,000 BTC in the past 30 days, highlighting increased confidence and participation from smaller holders. Meanwhile, some say the newly-approved options on Blackrock’s Bitcoin Trust (IBIT) has primed BTC for further gains ahead. “The approval would increase liquidity and investor participation in the Bitcoin market, marking a further step toward broader institutional adoption,” onchain analysis firm CryptoQuant shared in a note with CoinDesk. “Indeed, Bitcoin options on the CME recorded a fresh high open interest of almost half a billion on March 12, 2024, growing by almost five-fold from their maximum level in 2023.” https://www.coindesk.com/markets/2024/09/26/bitcoin-jumps-over-64k-ahead-of-powell-speech-ibit-options-could-provide-longer-term-boost/

2024-09-26 11:07

The CELO token rallied over 20% on Wednesday as Vitalik Buterin cheered Celo's progress. Celo is taking on Tron in terms of daily active addresses interacting with stablecoins. The CELO token rallied over 20% on Wednesday. Celo, an Ethereum layer 2 and blockchain-based ecosystem dedicated to mobile-first decentralized applications and smart contracts, is challenging Tron's position as the chain with the most daily active addresses using stablecoins. The seven-day moving average of the daily active addresses using stablecoins on Celo has climbed to nearly 700,000, nearly matching Tron's tally, according to data tracked by Artemis. The surge follows Tether's decision to deploy its industry-leading dollar-pegged stablecoin, USDT, on Celo in March. Since then, USDT worth over $200 million has been issued on the network. A year ago, Celo and Opera partnered to launch MiniPay, a mobile-first non-custodial stablecoin wallet built on the Celo blockchain that facilitates the instant transfer of funds using a phone number. "Within less than five months of its launch, MiniPay garnered over 1 million users across Nigeria, Ghana, and Kenya," a Celo representative told CoinDesk in an email. On Wednesday, Ethereum founder Vitalik Buterin cheered Celo's progress on X, galvanizing investor interest in the CELO token. As of writing, the cryptocurrency traded at 63 cents, representing a nearly 20% gain on a 24-hour basis, according to CoinDesk data. "Improving worldwide access to basic payments/finance has always been a key way that ethereum can be good for the world, and it's great to see @Celo getting traction," Buterin said on X. Celo still lags behind Tron in terms of value of stablecoin transferred on-chain this month. Data from Artemis shows that Celo has registered just over $1 billion in the so-called transfer volume, significantly less than Tron's $335.7 billion. Ethereum remains in the pole position with a tally of over $470.4 billion. https://www.coindesk.com/markets/2024/09/26/celo-challenges-trons-leadership-in-active-stablecoin-addresses/