2024-08-30 21:28
Use of a VPN to circumvent the prohibition could lead to hefty fines, according to media reports. A judge banned the use of Elon Musk's social-media platform X in Brazil, according to media reports, the culmination of a months-long battle over allegations the platform was used to spread disinformation and Musk's free-speech retort. X had ignored an order to remove some accounts. So, on Friday, Brazilian Supreme Court Justice Alexandre de Moraes ruled that internet service providers must block X in the country of about 215 million people, according to the New York Times. Local media reported that anyone who uses a VPN to circumvent the ban could be subject to a fine amounting to 50,000 reais ($8,900), according to the BBC. For cryptocurrencies, the decision cuts Brazilian users off from a platform that has for years served as the industry's town square. Crypto-supporter Jack Dorsey, who co-founded X when it was called Twitter, has supported two alternative platforms: Nostr and Bluesky, though he's distanced himself from the latter. One of Bluesky's developers posted on that platform after the Brazilian decision: "We've never seen traffic like this." https://www.coindesk.com/business/2024/08/30/elon-musks-x-is-reportedly-now-banned-in-brazil-following-supreme-court-ruling/
2024-08-30 16:45
Donald Trump’s outreach to the crypto community seems to be paying off. Former U.S. President Donald Trump’s efforts to court the cryptocurrency industry this election cycle seem to be paying off, according to the results of a new poll from Fairleigh Dickinson University. The poll results, released Friday, found that crypto holders are disproportionately likely to say they will vote for Trump over Vice President Kamala Harris in the upcoming U.S. presidential election. Half of all crypto-holding survey respondents said they planned to vote for Trump, while only 38% of crypto owners preferred Harris. Among non-crypto owners, the statistics were flipped, with Harris leading by 12 points: 53% of voters who’ve never owned crypto said they would vote for Harris, and 41% planned to vote for Trump. “Trump has been reaching out to the crypto community, and it seems to have paid off,” said Dan Cassino, professor of Government and Politics at Fairleigh Dickinson and executive director of the poll, in a Friday press release. “It might be easy to dismiss them as insignificant, but I don’t think people realize exactly how widespread crypto ownership is.” In Fairleigh Dickinson’s poll, which captured responses from over 800 registered voters nationally earlier this month, 15% of respondents said they owned or had owned cryptocurrencies or non-fungible tokens (NFTs). The percentage of respondents who say they own crypto is roughly comparable to findings of other recent surveys. The poll found that crypto owners tend to disproportionately be young men and members of racial minority groups, with 13% of White voters saying they’ve owned crypto compared to 17% of Black voters and 22% of Hispanic voters. “Historically, Republicans have had a hard time reaching young people and people of color,” said Cassino. “Support for cryptocurrencies is very much a wedge issue that could win over voters that otherwise look more like Democrats.” The crypto industry has spent lavishly on political contributions this election cycle, with one study finding that nearly half of all corporate contributions to political action committees (PACs) this year had come from crypto companies like Coinbase – the top corporate spender in the 2024 cycle – and Ripple. https://www.coindesk.com/policy/2024/08/30/crypto-holders-disproportionately-favor-trump-for-us-president-new-academic-poll-shows/
2024-08-30 15:54
It's been a rough August, with the world's largest crypto set to close the month with a double-digit percentage loss. Bitcoin's flat-to-downward price action continued on Friday, with the crypto now lower by 12% in August There's been a noticeable pattern of prices rising during Asia trading hours and falling during U.S. hours over the past couple of weeks Volatility might just return to the upside next week alongside a fresh batch of U.S. economic data In what's become a pattern over the past couple of weeks, bitcoin (BTC) is again trending lower during U.S. trading hours, the price sliding back to $58,000 just before noon on the east coast. Currently at $58,200, bitcoin is down just shy of 4.4% over the past 24 hours, outperforming the broader market gauge CoinDesk 20 Index's 5.6% decline. Ether (ETH), Chainlink (LINK) and Cardana (ADA) are among the index constituents dropping more than bitcoin. Having the worst session is Solana (SOL) with a 9% decline. A bit more than 24 hours from the close of August, bitcoin has tumbled more than 12% for the month, more than reversing what had been a strong July. Ether is now lower by 25% for August, narrowing its year-to-date gain to just 7%. Solana is also off 25% for August and posting a 31% year-to-date advance. Buy Asia, sell the U.S. Those thinking there's a familiarity to this lame price action are not imagining things. "Asia bids, America dumps," wrote Miles Deutscher earlier on Friday. The cumulative return for bitcoin during Asia trading hours over the past two weeks has been more than 5%, according to Deutscher, while the crypto has posted a negative return during U.S. hours. "Like clockwork," he added minutes ago as bitcoin once again sold off in the U.S. morning. Change in trend ahead? The positive catalysts of growing institutional adoption, a possibly friendlier regulatory environment, and coming Federal Reserve rate cuts have done little for the bitcoin price, which is off more than 20% since hitting an all-time high near $73,500 more than five months ago. Bulls at this point might have a hard time imagining if there's anything at all that might shake up the poor action. It could get exciting when the U.S. returns from the Labor Day holiday next week, however, as a new wave of economic reports might alter the macro picture. Headlining the data next week will be the Friday Sept. 6 Nonfarm Payrolls Report for August. The July jobs report was a weak one and likely was the final straw forcing the Fed's hand in promising a September rate cut. Currently, however, market expectations are for only a meek 25 basis point cut in mid-September. A second consecutive weak jobs print, though, might have investors quickly pricing in a 50 basis point move by the central bank, delivering a strong positive jolt to risk markets, bitcoin among them. The flip side, of course, would be a strong September employment report and the subsequent tempering of the market's outlook for easier monetary policy. Whatever happens, volatility likely lies ahead, and there's probably about a 50% chance it's to the upside. At this point, the bulls would happily take those odds. https://www.coindesk.com/markets/2024/08/30/bitcoin-slips-back-to-58k-in-continued-desultory-action-but-next-week-could-offer-upside-excitement/
2024-08-30 10:53
Bridge, founded by Square and Coinbase alumni, recently raised $40 million in a round led by Sequoia and Ribbit. Bridge aims to build a global stablecoin payments network to "enable companies to use a stablecoin rail without thinking about it," one of its founder said. Companies keen to incorporate stablecoin payments face challenges of accessing on-ramps and off-ramps and facilitating transfers across different tokens and blockchains. Crypto startup Bridge, which wants to build a global stablecoin-based payments networks, recently raised $40 million in fresh funding, taking the total raised to $58 million, Fortune reported Friday. The startup, which was founded by Square and Coinbase alumni Zach Abrams and Sean Yu, aims to "enable companies to use a stablecoin rail without thinking about it," Abrams said in an interview, according to the report. Stablecoins are crypto tokens pegged to the value of a traditional financial asset such as a fiat currency, usually the U.S. dollar. Building stablecoin provision into a business allows companies to dip a toe into the crypto economy without dealing with the volatility that can afflict bitcoin (BTC) and other tokens. However, they then face the challenge of linking to traditional financial systems and facilitating transfers across different tokens and blockchains. Bridge, whose customers include SpaceX and Coinbase, aspires to become a Web3 version of payments processor Stripe, operating as a global payments system into which other developers can integrate seamlessly. Earlier this year, Stripe itself said it planned to add crypto payments through Circle's USDC stablecoin. Bridge did not immediately respond to CoinDesk's request for further comment. Read More: Stablecoin Issuers Want to Give Something Back in Multi-Trillion-Dollar Market Race https://www.coindesk.com/business/2024/08/30/bridge-fundraising-for-stablecoin-based-payments-network-totals-58m-report/
2024-08-30 09:17
A group of investors in 2022 alleged that Elon Musk and his company had manipulated the price of dogecoin using their X (then Twitter) accounts. A Manhattan judge permanently dismissed a lawsuit that alleged Elon Musk and Tesla manipulated the price of dogecoin (DOGE) by exploiting Musk's social media influence and public statements. Judge Alvin Hellerstein said Musk's statements about dogecoin were "aspirational and puffery," not factual claims, and thus, no reasonable investor would rely on them. A Manhattan judge permanently dismissed a lawsuit alleging Elon Musk and his electric-car company, Tesla, manipulated the price of dog-themed token dogecoin (DOGE) using postings on X (then Twitter) and in public appearances. U.S. District Judge Alvin Hellerstein issued the decision on Thursday night. In 2022, investors accused Musk of using his Twitter following and a 2021 appearance on NBC's "Saturday Night Live," among other instances, to influence the memecoin's price and allegedly take profits on his suspected DOGE holdings at their expense. Some of Musk's statements in that lawsuit included his claims to "become Dogecoin's CEO," put a "literal Dogecoin in SpaceX and fly it to the moon," and that "Dogecoin might become the standard for the global financial system." Hellerstein said the statements were "aspirational and puffery, not factual and susceptible to being falsified," adding that "no reasonable investor could rely upon them." "Defendants' motion to dismiss the Fourth Amended Complaint is granted with prejudice," Hellerstein wrote in the judgment. "The Clerk shall enter judgment in Defendants' favor and tax costs, dismiss the Fourth Amended Complaint with prejudice, terminate all open motions, and mark the case closed." https://www.coindesk.com/policy/2024/08/30/elon-musk-tesla-win-dismissal-of-lawsuit-alleging-dogecoin-market-manipulation/
2024-08-30 07:46
U.S.-listed BTC ETFs recorded $71 million in net outflows on Thursday for the third consecutive day, SoSoValue data shows, in a sign of professional funds leaving the market. Bitcoin experienced a decline, falling below $59,000 with a weekly loss of over 3.5%, amidst signs of reduced demand and net outflows from major ETFs, such as BlackRock's IBIT. However, data shows an uptick in U.S. retail investor interest, evidenced by a higher bitcoin price premium on Coinbase and increased inflows from international exchanges to Coinbase. Traders anticipate increased volatility post-Labor Day, influenced by upcoming economic reports and political developments. Continual profit-taking after last week’s rally saw bitcoin (BTC) continue a week-long slide to under $59,000 early Friday, with major exchange-traded funds (ETFs) recording net outflows amid signs of waning demand. BTC lost just over 1% in the past 24 hours, CoinGecko data shows, bringing weekly losses to over 3.5% and on track to end August at an 8% haircut (with one day to go). Overall bitcoin demand growth remains low and has even turned negative in the last few weeks, as previously reported. U.S.-listed BTC ETFs recorded $71 million in net outflows on Thursday for the third consecutive day, SoSoValue data shows, in a sign of professional funds leaving the market. The biggest losers on Thursday were Fidelity’s FBTC at $31 million and Grayscale’s GBTC at $22 million. However, a shock move for traders came as BlackRock’s IBIT - the world’s largest bitcoin fund by assets under management - recorded outflows of $13 million for the second time ever. As such, exchange data shows a bump in demand from U.S. retail investors as the bitcoin price premium on the Coinbase exchange has increased to its highest level since July, on-chain analytics firm CryptoQuant shared in a Thursday report. Additionally, bitcoin is flowing again from exchanges outside the U.S. to Coinbase, a signal of higher demand from US investors and a condition historically correlated with higher prices. Meanwhile, traders expect market volatility to pick up in the coming weeks. BTC has largely traded sideways in the past week despite favorable rate cut signals and endorsements from Republican candidate Donald Trump – which has impacted sentiment for the broader crypto market. “Crypto had an uneventful week as BTC and ETH hovered around +/- 1.5% compared to last week's levels. ETF inflows remain subdued,” Augustine Fan, head of insights at SOFA, said in a weekly note to clients. “We expect market action to pick up after US Labour Day and into next week's NFP to kickstart a busy Fall season, and political headlines to start gaining importance, particularly with the latest Harris/Walz announced plans to raise taxes aggressively.” It’s a view shared by traders at Singapore-based QCP Capital, who said in a Telegram broadcast that they expect price action to remain choppy even as market volatility may continue. “Risk reversals until Oct are still skewed towards puts in both BTC and ETH, indicating that the market remains cautious about the downside,” QCP said. “In the lead-up to next week’s non-farm payroll report, we expect market volatility to continue its downtrend as the market positions itself for potential rate cuts by the Fed.” Federal Reserve chair Jerome Powell has confirmed a pivot to lower borrowing costs next month, as previously reported. Such steps have historically buoyed bullish sentiment among traders as cheap access to money spurts growth in riskier sectors. “With the absence of any catalysts in the near term, we anticipate prices to continue chopping within the range as we move into September,” QCP added. https://www.coindesk.com/markets/2024/08/30/bitcoin-drops-under-59k-as-btc-demand-wanes-blackrocks-ibit-logs-outflows-for-the-second-time/
