Ethereum ETFs in Limbo: SEC’s Intense Scrutiny and the Future of Crypto Investments

Explore the latest insights from StealthEX and CryptoDaily! Get ready for an exciting overview of the most important updates shaping the crypto sector. Wondering what’s new in the world of crypto this week? Let’s jump right into the world of digital assets and the latest developments in Ethereum ETFs!

Breaking News: Ethereum ETFs Under SEC Scrutiny

Ethereum Faces SEC Scrutiny: A Blow to Crypto ETF Ambitions 

The cryptocurrency world is abuzz as the U.S. Securities and Exchange Commission (SEC) intensifies its legal efforts to classify Ethereum (ETH) as a security. This significant move threatens the approval of a much-anticipated spot Ethereum ETF, shaking the foundation of the crypto industry’s future prospects. The SEC’s focus on the Ethereum Foundation, a Swiss-based nonprofit pivotal in Ethereum’s development, underlines the seriousness of this scrutiny. Companies involved have already started feeling the heat, with subpoenas demanding documentation related to their interactions with the foundation.

This development follows the SEC’s green light on spot Bitcoin ETFs, highlighting a potentially inconsistent regulatory approach towards different cryptocurrencies. The controversy particularly stems from Ethereum’s recent transition to a Proof-of-Stake mechanism, which the SEC could be using as a pretext to tighten its regulatory grip. Critics argue that the SEC’s aggressive stance might be more about exerting control over the burgeoning crypto sector than about protecting investors.

The situation is further complicated by the SEC Chair Gary Gensler’s ambiguous position on whether Ethereum qualifies as a commodity or a security. This ambiguity puts the SEC at odds not only with the crypto industry but potentially also with the Commodity Futures Trading Commission (CFTC), which has traditionally viewed Ethereum as a commodity. The outcome of this regulatory tussle could have profound implications for the future of Ethereum, the broader cryptocurrency market, and the prospects of crypto ETFs in the United States.

SEC Delay Decision on Hashdex and Ark Ethereum ETFs 

The crypto sphere faces a wave of anticipation and uncertainty as the U.S. Securities and Exchange Commission (SEC) hits the pause button on the approval of Ethereum-based Exchange-Traded Funds (ETFs) by Hashdex and Ark 21Shares. In a move that prolongs the suspense, the SEC has decided to extend its review period into May, signaling a cautious approach toward embracing Ethereum in the mainstream financial market. This decision mirrors the regulatory body’s intent to thoroughly assess the implications and regulatory frameworks surrounding these groundbreaking financial products.

As the deadline for the decision now stretches to the 30th of May, 2024, the SEC’s hesitation underscores a broader regulatory dilemma facing the burgeoning cryptocurrency market. Analysts are already tempering expectations, with predictions leaning towards another round of denials. This delay not only casts a shadow over the immediate future of Ethereum ETFs but also raises questions about the regulatory environment for cryptocurrencies at large. The SEC’s prolonged deliberation period signifies a critical juncture for the acceptance and integration of cryptocurrencies within the traditional financial ecosystem.


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Mystery Surrounds Ethereum Foundation Inquiry

The Ethereum Foundation, known for its critical role in the Ethereum network’s development, is currently under investigation by an undisclosed government entity. This investigation, intriguingly cloaked in secrecy due to a confidentiality requirement, raises questions and speculation within the crypto community. 

Speculations abound regarding the involvement of a Swiss regulator and possibly the U.S. Securities and Exchange Commission (SEC), particularly given the SEC’s recent actions aimed at classifying Ethereum as a security. This development occurs amidst significant technical advancements within Ethereum, such as the Denun upgrade aimed at reducing transaction costs, further highlighting the critical timing of the inquiry.

BlackRock Launched $100M Tokenized Fund on Ethereum

BlackRock has initiated a groundbreaking venture into the crypto space by launching a $100 million tokenized asset fund on Ethereum, marking a significant moment in the integration of traditional finance with digital assets. This move, detailed in a recent SEC filing, showcases a partnership with Securitize aimed at enhancing market accessibility and pioneering the tokenization of real-world assets.

The fund, named the BlackRock USD Institutional Digital Liquidity Fund, stands as a testament to the growing interest in blending blockchain’s efficiencies with the tangible asset world. The initiative has not only stirred positive reactions in the crypto markets but also underscores BlackRock’s leadership in adopting digital asset innovations, further cementing its bullish stance on cryptocurrency and blockchain technology.

UK Court Verdict Declares Craig Wright Is Not Bitcoin’s Creator”

A UK court recently made a landmark ruling, stating Craig Wright, who claimed to be Satoshi Nakamoto, the enigmatic founder of Bitcoin, is not the actual creator. This verdict comes after intense legal scrutiny and challenges from the Crypto Open Patent Alliance (COPA), marking a significant moment for the cryptocurrency community. 

The case, focusing on Wright’s claims and the authenticity of his evidence, sets a precedent in the ongoing quest to safeguard the principles of open-source development within the crypto space.

OKX Delists USDT in Europe Amid Regulatory Shifts

In response to impending regulatory changes, OKX, a leading crypto exchange, has removed USDT trading pairs for users within the European Economic Area (EEA). This move preempts the enforcement of the Markets in Crypto-Assets (MiCA) regulations, aiming to align with new requirements. 

The exchange is pivoting towards euro-denominated liquidity, underscoring the evolving landscape of digital asset regulations in Europe. This adjustment reflects a broader trend among exchanges, preparing for the MiCA’s introduction, which mandates stricter compliance for stablecoin issuers.

Fidelity Pioneers Ethereum ETF with Staking Feature

Fidelity Investments has revised its application for a spot Ethereum ETF, introducing an innovative staking option. This amendment allows the proposed Fidelity Ethereum Fund to stake assets, offering an additional income stream for investors. 

Fidelity’s move signals a groundbreaking shift in the traditional ETF landscape, marrying the growth potential of Ethereum with the mainstream financial instruments. This development is poised to attract a broader investor base, eagerly awaiting regulatory green lights in a market ripe for expansion.

This article is not supposed to provide financial advice. Digital assets are risky. Be sure to do your own research and consult your financial advisor before investing.

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Dogecoin’s Rise with Musk, Satoshi Nakamoto Verdict, and Global Developments

Dive into the freshest perspectives from StealthEX and CryptoDaily! We’re thrilled to present to you a concise, straightforward summary of the key developments influencing the crypto world. Curious about the top stories in the crypto realm this week? Join us as we delve into them immediately!

StealthEX & CryptoDaily News

Dogecoin Soars as Elon Musk Hints It Could Be Used to Buy Teslas

Elon Musk, the CEO of Tesla, hinted at the possibility of Dogecoin being accepted as payment for Tesla cars in the future. This announcement led to a significant surge in Dogecoin’s value, with an 8% increase in just 24 hours, pushing its market capitalization to around $26.5 billion. Musk’s endorsement of Dogecoin, a meme-inspired cryptocurrency, has once again highlighted his influence on the crypto market.

During a visit to the Tesla Gigafactory in Germany, Musk responded to inquiries about accepting Dogecoin for car purchases by stating the company “should enable that…at some point.” He emphasized Dogecoin’s status as “the people’s crypto” and expressed his support for it over other cryptocurrencies. This is not the first time Musk has shown favor towards Dogecoin; he has previously promoted it through social media and public appearances, contributing to its volatile price history.

Musk’s support for Dogecoin comes amid a broader rally in the cryptocurrency market, with Bitcoin reaching a record high and the total market value surpassing $2.85 trillion. As the crypto community reacts to Musk’s hints, the potential for Dogecoin to become a mainstream payment method for Tesla purchases adds an intriguing layer to the evolving relationship between technology, finance, and culture.

UK Court Declares Craig Wright Is Not Satoshi Nakamoto

UK court has definitively stated that Australian computer scientist Craig Wright is not Satoshi Nakamoto, the pseudonymous creator of Bitcoin. This verdict comes after the Crypto Open Patent Alliance (COPA) challenged Wright’s claims of being the digital currency’s inventor, aiming to prevent him from asserting intellectual property rights over Bitcoin’s foundational technology.

The court’s decision was swift and unequivocal, dismissing Wright’s long-standing assertion that he authored the 2008 Bitcoin whitepaper. The judge’s ruling addressed several points, firmly establishing that Wright was not the author of the Bitcoin whitepaper, did not operate under the pseudonym Satoshi Nakamoto, did not create the Bitcoin system, and was not the author of the initial versions of the Bitcoin software.

This ruling is celebrated by COPA and its members, including notable firms like Block, Coinbase, and MicroStrategy, as a victory for developers, the open-source community, and the truth. It marks the end of Wright’s years-long campaign of using his claim to Satoshi Nakamoto’s identity to intimidate and sue members of the Bitcoin community.

The case also highlighted allegations of forgery against Wright, with COPA accusing him of presenting backdated documents and evidence created with software that did not exist at the time the documents were supposedly made. The court’s decision not only clears the air on Wright’s claims but also sets a precedent for the protection of developers and the integrity of the cryptocurrency ecosystem.


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El Salvador Champions Investment with Zero Income Tax on International Funds

El Salvador has taken a bold step to boost its appeal to foreign investors and expatriates by eliminating income tax on international investments and money transfers. Previously set at 30%, the tax rate has been slashed to 0%, as announced by President Nayib Bukele. This strategic move is aimed at attracting foreign capital and stimulating economic growth within the country.

By removing the income tax barrier, El Salvador positions itself as a more attractive destination for international investment and financial inflows. This policy change reflects the government’s commitment to fostering an environment conducive to economic development and global integration. It’s a significant shift that could lead to increased foreign investment, providing a much-needed stimulus to the local economy.

The decision to axe income tax on international funds is part of El Salvador’s broader strategy to embrace digital innovation and financial inclusivity. As the first country to adopt Bitcoin as legal tender, El Salvador continues to demonstrate its openness to unconventional economic policies. This latest tax reform is expected to further enhance its reputation as a forward-thinking and investor-friendly nation, potentially setting a precedent for other countries to follow.

Ethereum’s Dencun Upgrade: A Leap Towards Scalability and Efficiency

Ethereum has embarked on a new chapter with the successful deployment of the Dencun upgrade on its mainnet, marking a significant milestone in the network’s journey towards enhanced scalability and reduced transaction costs. Launched on March 14, 2024, at 9:55 AM ET, the Dencun upgrade promises to revolutionize the way transactions are processed on Ethereum, particularly on Layer-2 networks, by potentially making gas fees a thing of the past.

The upgrade introduces a series of Ethereum Improvement Proposals (EIPs), including the much-discussed EIP-4844, also known as Proto-Danksharding. This feature establishes a dedicated data channel for Layer-2 solutions, drastically cutting down transaction fees on rollups. With a total of nine EIPs rolled out in this single fork, Dencun ties for the largest number of improvements introduced in one go within the Ethereum ecosystem.

Developers and users alike are poised to see immediate benefits from the upgrade, as “data blobs” introduced by EIP-4844 significantly reduce transaction fees. This reduction is expected to be so substantial that, once settlement contracts across Layer-2 networks incorporate Dencun, gas fees could drop by 75%. This upgrade is not just about cost reduction; it also expands Ethereum’s capabilities, making it a more robust and efficient platform for developers and users.

The Dencun upgrade is hailed as a transformative step for Ethereum, likened to the shift from country back roads to a four-lane highway in terms of transaction processing efficiency. It builds on the momentum of previous upgrades, including the landmark Merge of 2022, and sets a new precedent for the network’s evolution towards a future where transaction fees are minimal, ensuring Ethereum remains at the forefront of blockchain innovation.

Coinbase Embarks on $1 Billion Convertible Debt Offering

Coinbase, the leading cryptocurrency exchange in the U.S., has announced its plan to raise $1 billion through a convertible debt offering. This strategic move is designed to capitalize on the recent surge in digital asset markets without diluting the ownership interests of current shareholders. By opting for convertible bonds, which can be converted into company shares or cash by 2030, Coinbase is following a path similar to that of Michael Saylor’s MicroStrategy, which has successfully funded its Bitcoin acquisitions through convertible notes.

The offering includes a special feature known as “negotiated capped call transactions.” This provision aims to minimize dilution during the conversion of debt to equity, a concern for investors wary of their share value being diluted. Such financial instruments allow companies to hedge against dilution, ensuring that existing shareholders’ interests are protected even as the share price rises above the conversion price.

Coinbase’s decision to tap into the debt market comes amidst a bullish trend in the cryptocurrency sector, with Bitcoin reaching an all-time high above $73,000. The company’s stock has also seen a significant uptick, rising by 48% in the same period. The funds raised through this offering may be used for various purposes, including debt repayment, financing potential capped call transactions, and possibly acquiring other companies.

This move by Coinbase has been met with optimism, as evidenced by the recent upgrades from Wall Street analysts who had previously been bearish on the stock. Analysts from Raymond James and Goldman Sachs have revised their outlooks, buoyed by the robust rally in digital asset markets.

VanEck Waives Fees for Spot Bitcoin ETF Until 2025

VanEck has announced the elimination of all trading fees for its spot Bitcoin exchange-traded fund (ETF), HODL, until March 31, 2025. This decision marks a significant shift in strategy for VanEck, whose HODL ETF has gathered just over $305 million in assets, trailing behind its competitors.

Previously charging a modest fee of 0.2%, VanEck’s fee was already lower than many of its rivals, such as BlackRock, Invesco, and Fidelity, which charge around 0.25%. The fee waiver is a clear attempt to boost the fund’s attractiveness and asset under management by making it more cost-effective for investors to hold Bitcoin through the ETF.

However, there’s a catch to this generous offer: the fee waiver will apply only until the ETF reaches $1.5 billion in assets or until the specified end date, whichever comes first. Should the fund’s assets exceed $1.5 billion before March 31, 2025, a fee of 0.20% will be charged on the excess assets.

VanEck’s decision is not just about fee reduction; it’s a statement of confidence in Bitcoin’s future. By removing the barrier of entry fees, VanEck aims to make Bitcoin investment more accessible to a broader audience. This move could potentially shake up the competition among Bitcoin ETFs, especially as the cryptocurrency continues to gain mainstream acceptance and investment.

This strategic fee waiver comes at a time when Bitcoin has been experiencing a resurgence, recently surpassing the Swiss Franc to become the third-largest currency by market value. With its ETF shares physically backed by Bitcoin and securely stored in cold storage, VanEck is positioning itself as a leading choice for investors looking to gain exposure to Bitcoin without directly purchasing and holding the cryptocurrency.

This article is not supposed to provide financial advice. Digital assets are risky. Be sure to do your own research and consult your financial advisor before investing.

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CryptoDaily & StealthEX News Report: Bitcoin’s Rise, Global Trends & ETF Moves

Discover the latest news from StealthEX and CryptoDaily! We’re excited to present a clear and concise summary of the top stories and movements in the crypto market. Keep up with important developments and influential figures. Curious about the top news in the cryptocurrency sphere this week? Get into the specifics right away!

CryptoDaily & StealthEX News Report: Bitcoin's Rise, Global Trends & ETF Moves

El Salvador’s Bold Bitcoin Strategy: A Long-Term Vision

El Salvador, under President Nayib Bukele’s leadership, is making headlines with its unwavering commitment to Bitcoin. The nation’s Bitcoin reserves have soared past $60 million, thanks to the cryptocurrency’s recent price surge. Yet, President Bukele has made it clear: El Salvador is not cashing out anytime soon.

In a world where Bitcoin’s volatility often leads to quick profits, El Salvador’s strategy stands out. The country began its Bitcoin journey in 2021, becoming the first to accept it as legal tender. Despite skepticism and the crypto industry’s ups and downs, El Salvador has accumulated over 2800 BTCs. This bold move has paid off, with the country’s Bitcoin investment now showing a potential profit of almost $41.6 million, a 40% return on investment.

The recent increase in Bitcoin’s price, partly due to the launch of several spot Bitcoin ETFs, has placed El Salvador in an enviable position. With Bitcoin’s value exceeding $60,000, the nation enjoys a significant unrealized profit margin. Each Bitcoin was acquired at an average cost of $42,440, highlighting the strategic foresight of El Salvador’s government.

El Salvador’s approach mirrors that of MicroStrategy, a company that has also heavily invested in Bitcoin. Both entities share a long-term vision, choosing to hold onto their Bitcoin reserves despite the tempting profits. This strategy reflects a deep belief in Bitcoin’s future potential and a disregard for short-term gains.

Governments Eye Bitcoin as the New Gold, Reveals Edward Snowden

Edward Snowden, the whistleblower known for the Prism Gate scandal, has recently made a groundbreaking claim. He suggests that a national government has been quietly accumulating Bitcoin, treating it as a modern alternative to traditional gold reserves. This revelation comes at a time when Bitcoin is gaining traction among retail investors, institutions, and now, potentially, sovereign governments.

Snowden’s prediction, shared on the social media platform X, hints at a significant shift in how countries might manage their wealth. The move towards Bitcoin by a national government, which remains unnamed, underscores the cryptocurrency’s growing acceptance and legitimacy. Snowden anticipates that this year, the government’s Bitcoin purchases will come to light, marking a pivotal moment in Bitcoin’s history.

This development is particularly noteworthy against the backdrop of increasing interest in cryptocurrencies, spurred further by the United States Securities and Exchange Commission’s approval of spot Bitcoin ETFs. Governments and major institutions worldwide are exploring the potential of cryptocurrencies and blockchain technology, signaling a potential shift from gold to Bitcoin as a reserve asset.

El Salvador’s example, as the first country to adopt Bitcoin as legal tender, illustrates the potential benefits of such a strategy. The nation has seen its Bitcoin investments increase in value, attracting tourists and investments. Snowden’s comments suggest that other governments might follow suit, drawn by the allure of Bitcoin as a secure and profitable reserve asset.


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Morgan Stanley Eyes Spot Bitcoin ETF, Signaling Crypto’s Mainstream Shift

Morgan Stanley, a titan in asset management with $1.3 trillion under its belt, is reportedly considering a groundbreaking move into the cryptocurrency space. The firm is exploring the possibility of offering a spot Bitcoin ETF to its clients. This development follows the green light from the United States Securities and Exchange Commission for spot Bitcoin ETFs in January, marking a significant milestone in the acceptance and integration of cryptocurrencies into traditional financial services.

The introduction of spot Bitcoin ETFs by broker-dealers like Morgan Stanley could usher in a new era of investment, attracting more funds into the cryptocurrency market. Currently, ten spot Bitcoin ETFs are trading in the U.S., including notable names like Grayscale’s GBTC, BlackRock’s IBIT, and Fidelity’s FBTC. Morgan Stanley’s entry into this space could significantly broaden the investor base for Bitcoin, enhancing its legitimacy and appeal.

The firm is conducting due diligence to ensure the smooth introduction of these ETFs to its clientele. The success of spot Bitcoin ETFs has been undeniable, with the IBTI Bitcoin ETF breaking daily trading volume records consecutively. The approval of these ETFs has coincided with a surge in Bitcoin’s price, now trading just shy of the $63,000 mark, highlighting the growing investor interest and confidence in cryptocurrency as a legitimate asset class.

Furthermore, Morgan Stanley’s Europe Opportunity Fund is contemplating allocating a portion of its assets to spot Bitcoin ETFs, with a cap of 25%. This move signifies a strategic diversification of investment portfolios to include cryptocurrencies, reflecting the sector’s potential for growth and returns.

MicroStrategy Bolsters Bitcoin Holdings with Additional 3K BTC Purchase

MicroStrategy, led by the visionary Michael Saylor, has once again demonstrated its unwavering belief in Bitcoin. The company recently announced the acquisition of an additional 3,000 BTC, amounting to approximately $155 million. This strategic move has increased MicroStrategy’s total Bitcoin holdings to an impressive 193,000 BTC.

The purchase, conducted between February 15 and February 25, 2024, was executed at an average price of $51,813 per Bitcoin, as detailed in an SEC filing. This acquisition not only underscores MicroStrategy’s commitment to Bitcoin but also highlights the company’s long-term investment strategy in the cryptocurrency space.

MicroStrategy’s Bitcoin strategy is a testament to Michael Saylor’s belief in the digital currency as the ultimate asset, surpassing traditional investment options. The company has entrusted 98% of its Bitcoin holdings to Fidelity Custody, ensuring robust security through a dual custodial strategy that also involves Coinbase Prime.

The impact of the recently approved Bitcoin ETFs on MicroStrategy’s stock (MSTR) seems negligible to Saylor. Following the announcement of the latest Bitcoin purchase, MSTR stock saw a 1.71% increase. The company’s stock performance has been remarkable, with a 39% increase over the past month and a staggering 316% since the beginning of 2023. This success is partly attributed to the surge in Bitcoin’s value, highlighting the symbiotic relationship between MicroStrategy’s investment strategy and the cryptocurrency’s market performance.

Ethereum’s Dencun Upgrade: A Leap Towards Scalability

The Ethereum Foundation has announced a significant milestone in the blockchain’s journey towards greater scalability and efficiency. The Dencun network upgrade, a pivotal development in Ethereum’s roadmap, has been successfully activated across all testnets. This upgrade is set to go live on the mainnet on March 13, marking a crucial step forward for the Ethereum ecosystem.

Dencun introduces proto-danksharding to Ethereum, a feature that promises to enhance the blockchain’s capacity to handle transactions. By allowing rollups to add “blobs” of data on a beacon node, Dencun aims to significantly reduce the cost of transactions. These blobs, while temporarily stored, are not accessible to the Ethereum Virtual Machine (EVM) and are automatically deleted after one to three months. This mechanism ensures that rollups can transmit data more affordably, ultimately benefiting end-users with cheaper transaction fees.

The upgrade’s name, Dencun, is a blend of Deneb—a star—and Cancun, the location of Devcon 3, reflecting the Ethereum community’s tradition of creatively naming its upgrades. The activation of Dencun on the mainnet is scheduled for epoch 269568, at 13:55 UTC, or 8:55 am ET, on March 13.

For this upgrade to be smoothly integrated, stakers are required to update their beacon nodes and validator clients to ensure compatibility. As of February 22, all client teams, except Lodestar, have released their final software versions in preparation for the Dencun upgrade.

This article is not supposed to provide financial advice. Digital assets are risky. Be sure to do your own research and consult your financial advisor before investing.

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Ethereum Price Prediction 2023, 2024, 2025, 2026-2030: Will ETH Coin Price Hit $10,000?

Ethereum Price Prediction 2025

Ethereum (ETH) consistently stands out as one of the foremost cryptocurrencies in the market, renowned for its robust technology and widespread adoption. Given its historical performance and current market trends, there is a growing belief among experts and enthusiasts alike that ETH coin could potentially soar to new, unprecedented heights, possibly setting a new all-time high in its value. Discover more about Ethereum price prediction in StealthEX’s latest article.

Ethereum (ETH) Overview

Let’s thoroughly examine the Ethereum platform, focusing on its fundamental characteristics and their wider consequences. We’ll discuss the platform’s essential features, their roles in Ethereum’s performance and the broader implications for its place in the blockchain ecosystem.

Current Price $1,965.37
Market Cap $235,019,964,099
Volume (24h) $13,071,648,759
Market Rank #2
Circulating Supply 120,253,397 ETH
Total Supply 120,253,397 ETH
1 Month High / Low $2,132.24 / $1,547.79
All-Time High $4,891.70 Nov 16, 2021 

Ethereum Features

  • Open and ‘permissionless’ access. On the Ethereum network, anyone is free to build, run, and consume applications. There is no need to register an account (ask for permission) in order to create, deploy, or utilize an application, and the network does not determine which applications to execute. Instead, the resources of the shared computer are allocated solely by market forces. In other words, the network’s processing power will be available to anyone willing to pay. It has a strong democratizing effect. It implies that everyone in the globe might theoretically utilize, for instance, Ethereum-based financial protocols for lending and borrowing. Additionally, it means that anyone can create an application on Ethereum and make it available to everyone else in the world without needing a third party’s permission.
  • Transparency. Both the operating system and the apps that run on it are transparent to anyone. Participants can assess even the smallest elements of applications before deciding whether to interact with them because there are no secret algorithms or proprietary software. The history of each application is likewise fully transparent. For instance, anyone can view historical data on the amount of collateral maintained in a lending protocol, from its origin to the present.
  • Immutability. Once the network has agreed upon the status of the shared computer, it is a record that cannot be altered. All participants have a high degree of confidence that fraud is not being committed due to the immutability of the present and past states and the previously mentioned transparency. Therefore, you can verify the information for yourself rather than, for example, trusting that an intermediary or its auditors are tracking it accurately.
  • Durability. The network is highly challenging to shut down, as are many of the apps that use it. This is made possible by the network’s distributed and decentralized structure. The term ‘distributed’ describes how the processing power and memory of the shared computer are dispersed around the globe. Decentralised implies that there is no central authority. Although Ethereum has public spokespersons, it is not specifically owned by anyone. This implies that while governments, for instance, can outright ban Ethereum and perhaps even target prominent figures connected to it, it is incredibly difficult to stop the majority of people from using it, and even harder to shut it down entirely.
  • Neutrality. Finally, the protocol or ‘operating system’ develops through a quasi-political process where consensus building is valued and ‘credible neutrality’ is the proclaimed objective. This indicates that, in comparison to previous private computing models, Ethereum might be able to adapt to the needs of participants in a novel way. Participants are given more assurance that they will always have equal access to the network’s resources and that the network won’t develop in a way that puts the needs of one group ahead of those of another.

ETH Crypto Price History

The block 46147 transaction hash was used to complete the first Ethereum transaction on August 7, 2015. Since its introduction in 2015, Ethereum price was trading below $1 for the most part of 2015, but by March 2016, when it briefly touched $10.03 on March 4, 2016, it had crossed the $10 threshold.

ETH Coin Price Chart

 ETH Coin Price Chart, Source: CoinMarketCap, 17 November 2023

In May 2017, Ether, which had gained popularity by then, crossed the $100 threshold. Ether had a value of $774.69 by the end of 2017, and by the first week of 2018, it had surpassed $1,000. After the unheard-of surge, Ether price also declined as a result of the cryptocurrency crash of 2018, also known as the Bitcoin crash, and its value dropped to under $100 per unit by the end of the year.

From 2019 to 2021, Ether once again continued to rally and reached its highest price of $4,815 on November 9, 2021. For the first half of 2022, Ether had dipped in value. At the moment, its price hovers around $1,800, which is quite impressive taking into consideration the current bearish market. In addition, Ethereum has undergone significant technological upgrades to its blockchain since its inception in 2015, for instance, the famous Merge that was executed in September 2022 and saw the blockchain transition to the more convenient and eco-friendly Proof-of-Stake consensus model.

Ethereum Price Prediction

Year Minimum ETH Price Maximum ETH Price
2023 $1286.82 $4,327.81
2024 $323.92 $5,018.48
2025 $1,235.19 $7,130.3
2026 $6,626.83 $8,928.32
2030 $9,296.76 $32,895.68

Ethereum (ETH) Price Prediction 2023

One of the most trusted web resources for cryptocurrency price predictions, DigitalCoinPrice, believes that Ethereum will continue growing in price. According to its estimations, in 2023 the minimum price of Ether might drop to $1,765.4 (-10%), while its maximum price, $4,327.81, will see the cryptocurrency rise in price by 120%.

PricePrediction analysts have a more optimistic outlook on the price of Ethereum and believe that it will not fall, but rather rise: according to their estimates, the price of Ethereum can go as low as $2,117.03 (+7%), and it can also reach $2,280.66 (+16%) at its peak.

WalletInvestor crypto experts are not enthusiastic about Ethereum making it to a new all-time high. According to their calculations, Ethereum’s price can drop down to a minimum of $1286.82 (-45%). At its maximum, Ethereum might rise to $2516.94 (+28%).

Ethereum Price Prediction 2024

DigitalCoinPrice experts believe that the second biggest cryptocurrency will rise in price to reach $4,227.9 (+115%) per coin at its lowest point. Its maximum price is expected to go as high as $5,018.48 (+155%).

PricePrediction analysts are a little less optimistic than DigitalCoinPrice and believe that ETH will rise in price, but slowly. According to their website, the expected minimum price of ETH coin at the end of 2024 will be $2,992.5 (+52%), and it may also go as high as $3,589.18 (+82%) at its peak, stopping a bit lower than its all-time high.

WalletInvestor experts give a very broad negative price prediction for Ethereum. They believe that ETH’s price will drop drastically – its maximum price at the end of December of 2024 is forecasted to hover around $323.92 (-84%). Its maximum price can, however, reach $2491.97 (+26%).

Ethereum Price Prediction 2025

According to DigitalCoinPrice, in 2025 Ethereum will continue growing in price: its minimum is forecasted to stop at $5,810.98 (+195%) per coin, which will still be Ethereum’s all-time high. It can also reach its maximum price level of $7,130.3 (+262%) per coin.

PricePrediction analysts are a bit less enthusiastic about Ethereum. According to this website, the expected maximum price of ETH coin at the end of 2025 will be $5,268.93 (+168%), and it can also drop to a minimum of $4,396.56 (+123%).

According to WalletInvestor crypto analysts 2025 is going to be a rough time for the crypto industry, and Ethereum’s price will be around $1,250 (-37%).

CryptoPredictions experts think that Ethereum won’t do as good: according to their estimates, by December 2025, it might cost as little as $1,235.19 (-37%) or rise to a maximum of $2,164.27 (+10%), overcoming its current price.

Telegaon remains the most optimistic crypto price predictions website. Its analysts expect that by 2025, Ethereum’s minimum price will be $5,196.98 (+164%), while at its maximum it can reach a new all-time high, skyrocketing to $6,489.17 (+230%).

Ethereum Price Prediction 2026

DigitalCoinPrice experts believe that ETH coin will rise in price in 2026 to reach $7,587.28 (+286%) per coin at its lowest point. Its maximum price is expected to go as high as $8,928.32 (+355%).

According to the PricePrediction website, the expected minimum price of ETH coin at the end of 2026 will be $6,626.83 (+237%), and it may also go as high as $7,599.13 (+286%) at its peak.

Ethereum Price Prediction 2030

DigitalCoinPrice experts believe that Ethereum will rise in price to reach $19,231.98 (+878%) per coin at its lowest point. Its maximum price is expected to go as high as $20,648.19 (+950%) at the end of 2030.

PricePrediction experts give a very positive price prediction for Ethereum. They believe that ETH’s price will rise – its minimum price in 2030 is forecasted to be around $27,837.76 (+1317%). Its maximum price can, however, reach $32,895.68 (+1574%).

According to Telegaon Ethereum’s minimum price will be $9,296.76 (+373%) in 2030, while at its maximum it can reach a new all-time high, skyrocketing to $10,131.42 (+416%).

ETH USDT Price Technical Analysis  

ETH USDT Price Technical Analysis

Source: Tradingview, Data was taken on November 17

Ethereum Price Prediction: Experts’ Opinions

How Will ETH Price Change in the Near Future?

One of the finance platforms called Finder has asked 31 fintech and crypto experts to give their end-of-year price predictions for Ethereum. Most experts agree that the year will prove to be a good one for one of the most popular altcoins.

According to the findings provided to Finbold, the experts predict that Ethereum will increase as the year 2023 goes on, but it will not reach its record high ($4,891) level.

Financial experts predict that ETH’s highest price will be around $2,700 at the end of 2023.

Is Ethereum a Good Investment?

Due to its potential for large returns and benefits of diversification, investors include ETH in their diversified portfolios. Additionally, acceptance of ETH as a valid investment is expanding and becoming more mainstream. Ethereum is showing new and improved levels of interconnection for businesses and private individuals around the world, and the blockchain is aimed at becoming a world computer, so the project’s main cryptocurrency may considerably rise in price.

Fascinating new initiatives are being developed, including microgrids, electric vehicle charging stations, crypto collectibles, house mortgages, medical records, and many more, and all of this is going on within Ethereum’s ecosystem. Additionally, Ethereum can run uncensorable apps, while the concept of tokenization and all its use cases for Ethereum can pave the way into the digital future. So it can be said that despite Ethereum’s high volatility, it may be seen as a potentially good investment option.

Ethereum to Become a World Computer

Ethereum’s roadmap shows a tactical approach to important problems including high gas fees, privacy and security worries, and centralization. It attempts to implement rollup-centric scaling, improve privacy, and streamline the protocol through a number of stages. Ethereum aspires to reach global scalability and develop into a potent decentralized world computer, enabling widespread adoption and revolutionizing numerous industries. To this end, it makes use of cutting-edge technologies like L2 rollups and smart contract wallets.

Ethereum roadmap

Ethereum’s founder Vitalik Buterin has outlined three significant technological changes for the second largest cryptocurrency to take off on a global scale:

  • Scaling via Rollups. The roll-up approach is how Ethereum plans to expand globally. On top of a primary blockchain (L1), a rollup is a layer-two (L2) chain. These rollups handle L2 chain transactions, aggregate them together, and then broadcast the bundled transactions on the L1 chain. Transactions are grouped together by the roll-up so that petrol fees are not charged for each transaction.
  • Smart contract wallets. Smart contract wallets will be introduced with the next Ethereum upgrades. It’s anticipated that account recovery and onboarding would go more smoothly. Cryptocurrency transfers between different blockchain networks should become simpler.
  • Privacy transition. Ethereum will keep advocating for user privacy. Upgrades on the roadmap are intended to provide ‘privacy-preserving funds transfers.’ One address per transaction as opposed to one address per chain has been suggested by Buterin as the way things might go in the future. However, given the complexity, this is still a work in progress.

How to Buy Ethereum (ETH) Coins

StealthEX is here to help you buy Ethereum if you’re looking for a way to invest in this cryptocurrency. You can do this privately and without the need to sign up for the service. Our crypto collection has more than 1400 different coins and you can do wallet-to-wallet transfers instantly and problem-free.

Just go to StealthEX, choose the amount and cryptocurrencies you want to swap, click Start Exchange, and get ETH crypto to your wallet!

buy ETH

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MicroStrategy’s BTC Acquisition, SEC & Invalid Bitcoin Block: StealthEX & CryptoDaily Digest

In the crypto sector, knowledge is power. Dive into StealthEX and CryptoDaily’s weekly roundup for a snapshot of market shifts, tech innovations, regulations, and key collaborations. Stay ahead with our curated insights! Welcome to your essential crypto news digest!

StealthEX x CryptoDaily Digest 29 september

MicroStrategy Acquires Another Big Stash Of Bitcoin Worth $147M

Business intelligence company MicroStrategy has once again showcased its unwavering confidence in Bitcoin (BTC). The company recently announced the acquisition of an additional $147 million worth of Bitcoin, elevating its total holdings to a staggering 158k BTC. This recent procurement was made at an average price of $27,053 per Bitcoin, which is 9% lower than the average purchase price of its entire Bitcoin collection. 

MicroStrategy’s co-founder and executive chairman Michael Saylor shared this news on X, detailing that 5,445 BTC were bought for $147.3 million in cash. As of September 24, 2023, MicroStrategy’s total Bitcoin holdings were acquired for approximately $4.68 billion, with an average price of $29,582 per Bitcoin. The company’s commitment to Bitcoin is evident, as it has even sold 403,362 MSTR shares to fund this latest Bitcoin purchase. 

Furthermore, MicroStrategy had previously intended to raise around $750 million through stock sales to buy more Bitcoin. The company’s unwavering bullish stance on Bitcoin remains evident, especially with its continuous acquisitions, even as the cryptocurrency’s price fluctuates.

SEC Gensler Told He Is Not Above the Law and Threatened with Subpoena

Gary Gensler, the Chairman of the Securities and Exchange Commission (SEC), faced intense scrutiny during a recent House Financial Services Committee hearing. Democrats and Republicans grilled Gensler with the spotlight on the SEC’s transparency, especially concerning its interactions with FTX and its former CEO, Sam Bankman-Fried. Republican McHenry did not mince words, accusing Gensler of a “lack of responsiveness” and even threatening a subpoena if the SEC did not clarify its dealings.

One of the key moments during the hearing was when McHenry questioned Gensler about Bitcoin’s classification, asking whether it was a security or a commodity. After some evasion, Gensler acknowledged that Bitcoin wasn’t a security as per the Howey test but stopped short of labeling it a commodity. Another notable exchange occurred between Democrat Richie Torres and Gensler, where Torres inquired if a tokenized Pokemon card on a digital exchange would be treated as a security. Gensler’s response was non-committal, stating he’d need more information.

Congressman Tom Emmer also took a critical stance, quoting Gensler’s previous remarks about bank executives’ concerns over the shift of deposits into crypto exchanges and wallets. Emmer questioned Gensler’s regulatory approach, suggesting it might be more about protecting industry incumbents than fostering innovation. He concluded by emphasizing that even Federal Courts have pointed out the potential harm caused by the SEC’s actions, questioning its legal authority to stifle competition in financial markets.


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Marathon Digital’s Experiment Results to Invalid BTC Block

Marathon Digital, a prominent Bitcoin miner, recently acknowledged mining an invalid block on the Bitcoin network. This occurred on September 26 at 9:42 pm UTC at block height 809478. The company attributed this to an optimization experiment that inadvertently led to the error. The glitch was identified as an unexpected bug within Marathon Digital’s internal development environment, unrelated to their main Bitcoin production pool or the primary Bitcoin Core software.

Research entities, including BitMEX Research and an anonymous core developer named “0xB10C”, pinpointed the mistake as a “transaction ordering issue”. Jameson Lopp, the founder of CasaHODL, further confirmed the case. Specifically, two transactions were improperly ordered, resulting in an invalid block. According to a Bitcoin developer named “mononaut”, the transactions were reordered based on ascending absolute fees, causing the discrepancy.

Marathon Digital quickly addressed the situation, emphasizing that only a small fraction of their hash rate was used for such experimental endeavors. Industry experts, like Dylan LeClair, advised that future tests of this kind should first be conducted on a testnet to prevent potential errors on the main Bitcoin network. Reflecting on the incident, Marathon highlighted the robustness of the Bitcoin network, which promptly detected and corrected the invalid block.

Marathon Digital, a significant player in the cryptocurrency domain since 2021, is recognized as the second-largest Bitcoin holder among public entities. Following the incident, Marathon Digital’s share price dipped by approximately 2.91% as of 20:00 EDT on September 27. The company currently possesses 11,466 BTC, with its stock priced at $8.01 and a market capitalization of $1.4 billion.

Coinbase Holds as Much Bitcoin as Satoshi Nakamoto

Coinbase, one of the leading cryptocurrency exchanges, is now believed to hold an amount of Bitcoin comparable to that of Bitcoin’s enigmatic creator, Satoshi Nakamoto. According to insights from Arkham, a blockchain analysis platform, this equates to approximately 5% of all existing Bitcoin. 

Over the years, under the leadership of CEO Brian Armstrong, Coinbase has consistently augmented its Bitcoin reserves. Satoshi Nakamoto’s Bitcoin wallet remains untouched since the inception of the cryptocurrency. Possessing 5% of all Bitcoin is a significant achievement for Coinbase, positioning it favorably in a future where Bitcoin could emerge as a dominant global asset, especially given its independence from the depreciating fiat monetary system.

Arkham’s analysis, however, does come with a caveat. The platform has yet to examine all of Coinbase’s wallets comprehensively. They have identified and tagged over 36 million BTC deposit and holding addresses associated with Coinbase. Their largest identified cold wallet contains around 10,000 BTC. Arkham speculates that there are potentially thousands more BTC in Coinbase’s possession that still need to be labeled.

Apart from Bitcoin, Coinbase also holds other cryptocurrencies. ETH is its second-largest holding, valued at $2.68 billion, followed by $488 million in LINK and $193 billion in BNB, the native token of its major competitor, Binance.

MoneyGram to Introduce Non-Custodial Digital Wallet in 2024

MoneyGram International, a frontrunner in the fintech sector, has declared its plans to unveil a non-custodial digital wallet by the first quarter of 2024. This pioneering venture is designed to offer users enhanced security for storing and managing their digital assets. Furthermore, the initiative will enable consumers to harness stablecoin technology, ensuring a smooth transition between traditional fiat and crypto currencies.

The announcement was made by MoneyGram’s CEO, Alex Holmes, during the Stellar Development Foundation’s annual Meridian conference. Holmes emphasized the transformative potential of the digital wallet in revolutionizing cross-border payments. He articulated,

Through the services we provide in partnership with SDF, MoneyGram has made strides to create equitable access to the global financial system… The MoneyGram non-custodial digital wallet advances this mission even further.

Alex Holmes, MoneyGram’s CEO

Once activated, users can visit any participating MoneyGram location to convert their digital assets into cash, thereby enhancing the utility of their holdings. Additionally, they can effortlessly transfer digital assets to other wallet users. 

A notable feature of this wallet is MoneyGram’s incorporation of its advanced global compliance screening for all users.

The digital wallet will be available as a complimentary service until June 2024. It operates on the efficient Stellar network and integrates seamlessly with MoneyGram’s fiat on and off-ramp services linked to the Stellar network. The wallet’s development was a collaborative effort between Cheesecake Labs and MoneyGram.

This article is not supposed to provide financial advice. Digital assets are risky. Be sure to do your own research and consult your financial advisor before investing.

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Best Ethereum Wallets to Keep Your ETH Securely: For Beginners and Experts | Part

In the rapidly evolving landscape of digital currencies, Ethereum has emerged as a groundbreaking platform that extends far beyond its cryptocurrency, Ether (ETH). Launched in 2015, Ethereum has revolutionized how we perceive and utilize blockchain technology, enabling the development of decentralized applications (DApps) and the creation of smart contracts. As the second-largest cryptocurrency by market cap, it holds immense potential for transforming industries such as finance, supply chain management, and even the arts.

Best Ethereum Wallets

Ethereum Wallets – Why Do We Need Them?

At the heart of this transformative ecosystem lies the concept of Ethereum wallets. Just as traditional wallets store physical currency, Ethereum wallets serve as digital repositories for Ether and other ERC-20 tokens, the native assets of the Ethereum blockchain. However, their importance extends far beyond the mere storage of digital currencies. Ethereum wallets are crucial tools for users to interact with the Ethereum network, enabling them to send and receive Ether, participate in token sales, and engage with various decentralized applications.

The rise of Ethereum wallets has been driven by the need for secure, user-controlled storage solutions in the decentralized finance (DeFi) space. DeFi applications built on Ethereum have disrupted traditional financial systems, providing avenues for lending, borrowing, decentralized exchanges, and yield farming, among other functionalities. These groundbreaking advancements require individuals to control their digital assets, and Ethereum wallets provide them with the means.

Furthermore, Ethereum wallets play a vital role in ensuring the privacy and security of transactions. By leveraging cryptographic algorithms and private keys, users can maintain ownership and control over their assets, reducing the risks associated with centralized exchanges or custodial wallets. This increased security aligns with the core principles of blockchain technology, empowering individuals to be their own banks without the need for intermediaries.

Moreover, Ethereum wallets facilitate seamless participation in the broader Ethereum ecosystem. Whether supporting innovative DApps, participating in decentralized autonomous organizations (DAOs), or exploring the vibrant world of non-fungible tokens (NFTs), these wallets empower individuals to engage with various applications and services, reshaping the digital landscape.

In conclusion, Ethereum wallets are indispensable gateways to the Ethereum blockchain, empowering users to securely store, manage, and transact digital assets within this revolutionary ecosystem. By providing individuals with control, privacy, and seamless access to decentralized applications, these wallets play a crucial role in fostering innovation and driving the adoption of blockchain technology. But which wallets are the most secure and best? Let’s check it out!

The Best Ethereum Wallets List

  • MetaMask
  • Trust Wallet
  • Exodus
  • Trezor
  • Ledger
  • Guarda
  • MyEtherWallet
  • Freewallet
  • Argent
  • Coinbase Wallet

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MetaMask

MetaMask

MetaMask is one of the most popular Ethereum wallets, known for its user-friendly interface and extensive browser extension compatibility. It allows users to securely manage their Ethereum assets, interact with decentralized applications (DApps), and store ERC-20 tokens. MetaMask also offers a built-in decentralized exchange (DEX) for trading digital assets.

Trust Wallet

Trust Wallet

Trust Wallet is a mobile Ethereum wallet that provides a seamless and secure user experience. Developed by Binance, it offers many features, including asset management, token swaps, staking, and support for various blockchains. Trust Wallet prioritizes privacy and control, enabling users to hold their private keys and manage their digital assets directly.

Exodus

Exodus

Exodus is a multi-currency wallet that supports Ethereum and many other cryptocurrencies. With a beautiful and intuitive interface, Exodus allows users to manage their Ethereum assets, perform swaps thanks to built-in integration to popular exchanges, and securely store their private keys offline. It is available for desktop and mobile platforms.

Trezor

Trezor

Trezor is a hardware wallet renowned for its robust security features. It provides an offline storage solution for Ethereum and other cryptocurrencies, keeping private keys offline and protected from online threats. Trezor offers a user-friendly interface, backup, and recovery options, and supports a wide range of Ethereum-based tokens.

Ledger

Ledger

Ledger is another well-known hardware wallet providing secure storage for Ethereum and other cryptocurrencies. With its robust security features, including secure chip technology and a dedicated operating system, Ledger protects private keys and enables users to manage their assets through their desktop or mobile application.

Guarda

Guarda

Guarda is a non-custodial, multi-platform Ethereum wallet that offers a range of features for managing digital assets securely. It supports Ethereum and numerous other cryptocurrencies, provides built-in exchange services, and allows users to import and export private keys. Guarda is available as a web wallet, desktop application, and mobile app.

MyEtherWallet

Mew

MyEtherWallet (MEW) is an open-source web-based Ethereum wallet that enables users to create and manage Ethereum wallets directly on their browsers. MEW offers a user-friendly interface, supports ERC-20 tokens, and allows users to interact with smart contracts and dApps. It gives users full control over their private keys and supports various hardware wallets for added security.

Freewallet

Freewallet

Freewallet is a mobile wallet that offers a simple and user-friendly interface for managing Ethereum and other cryptocurrencies. It provides secure storage, built-in exchange services, and additional features such as multi-signature functionality and fingerprint authentication. Freewallet also supports various ERC-20 tokens and is available in Android and iOS versions.

Argent

Argent

Argent is a mobile Ethereum wallet that focuses on usability and security. It provides a seamless onboarding experience, allowing users to create wallets with just their phone number and safely store their assets using smart contract-based wallet recovery mechanisms. Argent supports decentralized finance (DeFi) protocols, staking and provides a user-friendly interface for interacting with Ethereum applications.

Coinbase Wallet 

Coinbase Wallet

Coinbase is a well-known cryptocurrency exchange offering an Ethereum wallet as part of its platform. Users can buy, sell, and store Ethereum securely on Coinbase Wallet. It provides a user-friendly interface, integration with the Coinbase exchange, and additional features such as recurring purchases.

FAQ – Frequently Asked Questions About Ethereum Wallets

What Is an Ethereum Wallet?

An Ethereum wallet is a software or hardware-based tool that enables individuals to securely store, manage, and transact Ether and Ethereum-based tokens. It functions as a digital equivalent of a physical wallet, allowing users to interact with the Ethereum blockchain, send and receive funds, and engage with decentralized applications (DApps).

What Are the Types of Ethereum wallets?

Ethereum wallets can be categorized based on various factors:

  • Hot vs. Cold Wallets: Hot wallets are connected to the internet and offer convenience for frequent transactions, while cold wallets are offline devices that provide enhanced security.
  • Software, Hardware & Mobile Wallets: Software wallets are applications installed on computers or smartphones, hardware wallets are physical devices that store private keys offline, and mobile wallets are specifically designed for use on mobile devices.
  • Multi-Currency or Ether Tokens Only: Some wallets support multiple cryptocurrencies, while others focus exclusively on Ether and Ethereum-based tokens.

Are Ethereum Wallets Free?

Most Ethereum wallets are free to download and use. However, certain wallets may charge fees for specific services, such as token swaps or advanced features. 

Can I Have Multiple Ethereum Wallets?

Yes, you can have multiple Ethereum wallets. Having various wallets can offer additional security and organization for different purposes. For example, you might use one wallet for daily transactions and another for long-term investment or participating in DeFi protocols.

Is There an Official Ethereum (ETH) Wallet?

While there is no official Ethereum wallet endorsed by the Ethereum Foundation, there are several reputable wallets available. It’s important to choose a wallet based on factors such as security, user experience, and community trust.

What Criteria Should I Consider When Choosing the Best Ethereum Wallet?

When selecting an Ethereum wallet, consider the following criteria:

  1. Two-Factor Authentication (2FA): Look for wallets that support 2FA for an added layer of security.
  2. Support and Development: Check if the wallet has an active development community and regular updates to ensure it remains secure and compatible with evolving Ethereum standards.
  3. Token Importing: If you hold Ethereum-based tokens, ensure the wallet supports importing and managing these tokens effectively.
  4. Staking: If you plan to participate in staking (staking Ethereum to earn rewards), choose a wallet that supports this feature.
  5. Swaps: If you frequently trade or swap tokens, consider a wallet with built-in integration of DEX or support for easy token-swapping functionality.
  6. Multi-Signature (Multi-Sig): For added security, consider wallets that offer multi-signature support, which requires multiple approvals to authorize transactions.

Summary

Above, we have listed the 10 most popular Ethereum wallets. However, these are not all that exist. With the growing Ethereum ecosystem, the number of products that allow storing ERC-20 tokens also increases. Therefore, we will publish the second part of the best ETH wallets list next week. We will describe in it equally popular and secure wallets as in the first part, specifically:

  • Jaxx
  • KeepKey
  • Mist
  • Coinomi
  • Gnosis Safe
  • Okto Wallet
  • Enjin Wallet
  • SafePal
  • ZenGo
  • Electrum

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Don’t forget to do your own research before buying any crypto. The views and opinions expressed in this article are solely those of the author.

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Crypto Market: SEC, BTC, ETH, Altcoins | Dive In Now!

The crypto market has been stagnant in recent weeks. As it turned out, however, this was only the calm before the storm. In recent days, some very negative news has emerged. The SEC has filed lawsuits against the largest exchange in the world and the largest exchange in America – Binance and Coinbase. The situation has caused quite a bit of turbulence. We invite you to our next weekly recap. As always, we will discuss the charts of the two largest cryptocurrencies – BTC and ETH – and then analyze the news! So, let’s get started!

Review of the Crypto Market: June 9, 2023

Bitcoin Price in USD This Week

The Bitcoin price has been in a rather narrow range in recent weeks. However, the SEC’s lawsuit against Binance announced on June 2, caused quite a drop. The price of BTC dived from USD 27,000 to almost USD 25,000 in one day. One day later, however, it managed to recover nearly all of its losses. However, we are still below last week’s level. So, what is the price of Bitcoin today? As of today, BTC is oscillating around USD 26 500.

Bitcoin Price in USD This Week

However, all signs indicate that the situation with the SEC has reflected more strongly on altcoins than Bitcoin. And this is because the dominance of BTC has increased by 0.5% and now stands at 44.7%. Interestingly, such strong news has not affected investor sentiment. The Fear and Greed Index indicates the same level as the week before – 50 – and investors’ attitude towards investments is still neutral.

BTC Fear and Greed Index

Ethereum Price in USD This Week

Ethereum’s chart looks similar to Bitcoin’s. And this is even though the SEC did not mention ETH in its lawsuit. Ether also recorded a huge red candle, through which it even dived to the USD 1780 level. Today, however, the price of ETH has partially recovered its losses and is oscillating around USD 1850.

Ethereum Price in USD This Week

Ethereum’s dominance of the market also increased, although marginally – by 0.2%. Investor sentiment, however, is much worse than a week ago. Ethereum’s Fear and Greed Index indicates fear.

ETH Fear and Greed Index

Biggest Crypto Gainers This Week

Although Bitcoin and Ethereum did not do so well this week and saw declines already recovered, several altcoins showed solid gains. BSCEX, for example, has given investors as much as 8,000% return over the past seven days. In terms of other tokens, we can include among the biggest crypto gainers this week:

The list of cryptocurrencies that saw any increases last week includes: XRP, EOS, and Cronos. The rest of the altcoins recorded losses.

Crypto News of the Week

Now that we know how BTC and ETH behaved and which alts gained the most, it is time to move on to the most important part of our review. Let’s review last week’s news because a lot was going on.

Ripple May Go Public Via an IPO

According to an expert, Ripple may go public through an IPO. Other rumors and facts also evidence this.

The topic arose during a Digital Perspectives interview with Linda P. Jones, a Wall Street investor. She provided an initial valuation of potential Ripple shares. Based on data from investment firm Linqto, she calculated that the price per Ripple share would be US$35 (with a market cap of US$5.7 billion). The expert added that this valuation could be pessimistic and the price per share could cost more.

But why is the idea of the company going public? Firstly, we have previously seen the successful IPO of the Coinbase exchange. Ripple might want to go in this direction as well. On top of that, the long-running XRP lawsuit filed against the company by the Securities and Exchange Commission (SEC) will soon end. The regulator alleges that Ripple’s token is a de facto security, so the entity broke the law because it issued unregistered stocks.

Above all, however, Ripple had already expressed a desire to go public. In May 2022, its CEO, Brad Garlinghouse, said at a conference in Davos that Ripple was moving the possibility of an initial public offering (IPO). However, he conditioned the IPO on completing the pending legal process mentioned above.

That is not all, however. That these plans are taking shape is evidenced by Fox Business reporting that Ripple held a private ‘roadshow’ – a meeting with potential IPO investors – in April. Several well-known investors reportedly attended the meeting.

Do Kwon Will Be Released

According to an official announcement from the Podgorica High Court, the appeal of the National Prosecutor’s Office against an earlier agreement to release Do Kwon on bail has been dismissed. As a result, the former CEO is being released. Along with him, former CFO Han Chang-Joon was also released from custody. Both will await further court proceedings under house arrest.

Bail was set at as much as €400,000 (US$436,000). On top of this, Kwon and Chang-Joon are subject to strict conditions of release from custody – they are not allowed to leave their temporary residence. Local police will closely monitor the duo. If they leave the accommodation where they will be staying or violate surveillance measures – the bail will be forfeited.

Kwon and Chang-Joon were arrested in Montenegro in March 2023. It all took place at the airport in the country’s capital. They were trying to board a plane they wanted to bring to Dubai. The reason for the arrest was that they were using alleged forged documents. It was not just an attempt to hide their identities, but the South Korean authorities canceled their original passports in October 2022.

The court noted that it would take more time to verify the authenticity of the two Koreans’ Belgian passports and ID cards. Thus, it stressed that the agreed bail amount “is a sufficient guarantee to secure the presence of the defendants” in Montenegro.

SEC Sues Binance and Coinbase

This week, the US Securities and Exchange Commission (SEC) sued Binance and its CEO, CZ. The lawsuit cites cryptocurrencies that the authority considers to be securities.

Let’s start with the SEC suing Binance, its US subsidiary, and CZ itself. It is talking about as many as 13 allegations of, among other things, illegal operations in the US. However, the lawsuit also lists cryptocurrencies that officials consider to be securities. These include BNB, Binance USD, Solana, Cardano, Polygon, Cosmos, The Dandbox, Decentraland, Axie Infinity, and COTI. It is worth mentioning that the SEC also recognizes XRP tokens, LBRY’s LBRY Credits, and Algorand as securities.

A few days later, US exchange Coinbase also received a suit. Authorities claim that the company never registered as a broker, national securities exchange, or clearing agency. On top of that, several tokens offered by the platform, including Solana (SOL), Cardano (ADA), Polygon (MATIC), Filecoin (FIL), Sandbox (SAND), Axie Infinity (AXS), Chiliz (CHZ), FLOW, ICP, NEAR, VGX, DASH, and NEXO qualify as securities.

The lawsuit specifies that Coinbase has operated as an unregistered broker since 2019. However, this is not the end of the story. It also stated that Coinbase’s staking program is, in legal terms, an investment contract. It also has implications – the exchange should register with the SEC.

With the lawsuits targeting Binance and Coinbase, whether cryptocurrencies are securities is resurfacing. The head of the SEC, Gary Gensler, believes they are. The problem is that he says so in the media, but during a recent congressional hearing, he refused to confirm his controversial claims.

So far, SEC documents show that the Commission considers just over 60 tokens and cryptocurrencies securities. Neither Bitcoin nor Ether is on the list.

Bitcoin Ordinals Will Receive Another Update

The Bitcoin Ordinals protocol will be able to index older inscriptions and thus allow them to be sold and bought. 

The new update aims to fix more than 71,000 invalid or faulty inscriptions. These were created due to misuse or deliberate abuse of the operating code. Such behavior ultimately led to their invalidity. An update was, therefore, necessary. 

The problem had been analyzed before, with Ordinals creator Casey Rodarmor presenting an initial concept for a solution in April. Casey had an ambitious plan to automate the transformation of faulty inscriptions into correct ones using the creation of special subsets. A block activation pitch was then set, where specific types of previously invalid inscriptions would begin to be indexed as normal, positive ones.

The Atomic Wallet Cryptocurrency Wallet Has Been Hacked

The team behind Atomic Wallet announced on June 3 that it had received reports of the wallet being hacked. It further stressed that it would investigate them. The investigation involves a well-known”detective” who helps track assets transferred on blockchains – ZachBTX. 

He has analyzed transactions relating to stolen funds from Atomic Wallet victims and relayed that more than $35 million in cryptocurrencies were stolen due to this breach. The earliest transaction involving stolen Atomic Wallet assets occurred on Friday, June 2, at 21:45 UTC.

The detective relayed that the most severe loss incurred on a single address was US$7.95 million in USDT. The five largest thefts settled at US$17 million.

Atomic Wallet is now collecting information from victims, asking, among other things, what operating system they use, where they downloaded the software from, what they did before their funds were stolen, and where they stored the account recovery phrase. 

Crypto News From Our Partners: Bambi is Developing at a Fast Pace

The Bambi project, although relatively new, is developing at an incredibly fast pace. According to a recent tweet, it will soon launch several new products, including a 3D game, an animated series, a THUMP token airdrop, token burning, NFT, and digital comics, to which anyone in the community can contribute. Moreover, the project already has 7,000 HODLers, and the market cap of the BAM token has reached $2 million!

Bambi is Developing at a Fast Pace

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Crypto Market Review: Weekly Analysis, May 26, 2023 | StealthEX Blog

Last week in the crypto market was rather quiet and dull. Bitcoin and Ethereum traded in a very narrow range. The current price of these two major cryptocurrencies is lower than a week ago, but no real blood was shed. What happened last week? For the answer, check out our next crypto weekly recap!

Review of the Crypto Market: May 26, 2023

Before getting to the news, we will classically analyze the situation in the BTC and ETH markets. We will check how the prices of these two coins are shaping up and what investors’ sentiment is. So, let’s get started!

Bitcoin Price in USD This Week

Bitcoin started the week at a price gently above $27,000. Nevertheless, it has fallen slightly, and today’s BTC price is $26,450. The 7d high of BTC formed at nearly $27,500, and the 7d low was just below $26,000. It is worth noting that this low is the lowest price in more than 2 months.

BTC Price May 26, 2023

BTC’s dominance has declined somewhat. Last week it was 44.5%, and today it is 44.2%. As for investor sentiment, the Fear and Greed Index indicates a neutral level – 49.

BTC Fear 26.05

Ethereum Price in USD This Week

The situation in the Ethereum market looks similar to that of Bitcoin. ETH started the week at slightly above $1800; today, the price is still at $1813. However, the difference between the 7d high and low is marginally larger. The highest ETH price last week was $1870, and the lowest was $1763.

ETH Price May 26, 2023

ETH’s dominance in the crypto market has increased slightly and now stands at 18.8%. Investor sentiment, however, has dropped significantly. Traders are no longer greedy. They approach the project rather neutrally.

ETH Fear 26.05

Biggest Crypto Gainers This Week

Although ETH and BTC behaved rather dull and stable, some of the cryptocurrencies in the top100 showed quite large gains. The title of best crypto gainers of the week goes to: 

Biggest Crypto Gainers This Week 26.05

Crypto News of the Week

Now that we know how the major cryptocurrencies behaved, it’s time to get down to specifics. Now, every week, we will analyze the most important news!

Bitcoin Pizza Day Celebration

On May 22, we celebrated Bitcoin Pizza Day. This is a remembrance of one particular transaction. At the time, Florida programmer Laszlo Hanyecz decided to use Bitcoin – a little-known cryptocurrency – to purchase two large pizzas with cheese, olives, and salami. He contacted another Bitcoin enthusiast on the BitcoinTalk forum, offering 10,000 BTC in exchange for two pizzas. The forum user accepted the offer and ordered the pizzas through a local restaurant, which delivered them directly to Hanyecz’s home. The transaction is believed to be the first documented purchase of goods using Bitcoin.

Naturally, Hanyecz is sometimes criticized for “wasting” so much Bitcoin on something as trivial as pizza. However, many in the crypto community see this as proof of the practical utility of the oldest digital asset. Such early transactions are necessary for Bitcoin to have a precedent as a medium of exchange, and its long-term value could be questioned. 

However, it’s hard not to mention that the pizza that cost 10,000 BTC in 2010 could be worth millions today. With 10,000 BTC, Laszlo would now buy several, if not hundreds or thousands, of pizza restaurants.

Bitcoin Pizza Day Celebration

XRP Is Not a Security? Emails from the SEC May Indicate So

New evidence suggests that XRP may not be considered a security. The controversial Ripple-linked cryptocurrency likely only meets some of the elements of the Howey Test. Therefore, it may not necessarily be classified as a security. John Deaton, a popular legal commentator, revealed the information.

Deaton expressed surprise, asking why Ripple’s legal team did not expose the potential implications of the emails received from the SEC. The emails, cited as Exhibit 220, argue that XRP does not meet all the conditions of the Howey Test. Recall that this test is used to determine whether assets qualify as securities.

This unexpected revelation surprised Deaton. However, he admitted that he had also initially overlooked this detail in the footnotes of the court letters. This was even though he had read thousands of legal documents related to the case. This key detail was overlooked due to the location of the email quote because it referred to a sentence regarding the analyses sent to the SEC by independent market players.

Will FTX 2.0 be Created?

FTX CEO John J. Ray III is working on developing a plan to reboot the currently defunct cryptocurrency exchange, according to a recent court filing.

A monthly personnel report and salary details for John J. Ray III, who is leading FTX’s restructuring efforts, show that the exchange’s recent CEO has been pursuing steps that, in theory, could facilitate the exchange’s revival. Indeed, Ray has been studying the next steps required to relaunch the cryptocurrency trading platform. At the same time, he was developing materials called “FTX 2.0” to distribute to investors.

The new CEO was also seeking help from the cybersecurity company Sygnia to enhance the platform’s security. He was also reviewing a summary of steps provided by investment bank Perella Weinberg Partners LP regarding the reboot plan. The CEO also maintained constant communication with the investment bank in April.

The new head of the exchange first put forward the idea of a reboot in January of this year.

Fake Photos of the Pentagon Fire Have Caused Panic in the New York Stock Exchange

Fake news has just entered a whole new level. A great example of this is Monday’s New York Stock Exchange events caused by a fake photo of the burning Pentagon.

The S&P 500 index took a $500 billion dive in 30 minutes. All because of a fake photo published by a “verified” Twitter account. The message went viral online, causing big drops on Wall Street. Ultimately, the picture was probably generated by artificial intelligence.

The photo of black smoke clouds hovering near the U.S. Department of Defense headquarters building appeared shortly after the opening of the New York stock market session. The image quickly became viral and circulated the web, causing quite a stir among investors on Wall Street.

Internet users quickly verified that it was fake news. Artificial intelligence probably generated the image, but it effectively shook the New York Stock Exchange. Information about the explosion and fire at the Pentagon appeared on an Indian television network.

Although the crisis was quickly contained, the intention of such provocation remains questionable. Many experts admit that it was an ideal opportunity to make a lot of money for stock market speculators playing leveraged positions.

Ron DeSantis Has Announced His Run for the US Presidential Election. He Is a Supporter of BTC and an Enemy of CBDCs

Preparations for next year’s presidential elections continue in the US. Currently, the first candidates are entering the race for the White House and will seek the nomination of their respective parties. The best chances, of course, are those who the Democratic Party or the Republican Party will support. From the latter comes Florida Governor Ron De Santis, who has just officially announced that he will fight for the presidency. He is Donald Trump’s most formidable rival, an opponent of the CBDC, and – of strongest interest to us – a bitcoin supporter.

De Santis announced his plans to run for election on Wednesday. At the start, he already had a strong ally in Elon Musk, who expressed his regrets about voting for Joe Biden in the 2020 election. He also added that he is not interested in voting for Trump, as he would like to support someone “normal.”

Musk and DeSantis have some things in common. For example, they both like cryptocurrencies. Unlike Trump, who once referred to BTC as a “scam.” Compared to this, the current Florida governor comes off much better. He has publicly promised that he would oppose any legislation banning bitcoin as head of state.

Do Kwon Will Stay in Prison

Do Kwon was close to leaving the Montenegrin prison and being transferred to house arrest. However, the court granted the prosecution’s request. As a result, the former Terra CEO will remain behind bars.

Let’s briefly recall the recent fate of the former head of Terra. In March, Do Kwon was detained at an airport in Montenegro. The reason was that he tried to cross the border using a fake passport. Of course, a search for him was going on in the background. The services of a couple of countries and Interpol wanted to find him.

Kwon was eventually put behind bars to await sentencing in prison. His defense attorneys demanded that he be released on bail. They wanted him to await his sentence under house arrest (he would be sent to his lawyer’s apartment). There were many indications that the businessman would be released from prison. In the end, however, the judge did not agree to that. On Wednesday, a spokesman for the judiciary told a Bloomberg reporter that a court in the nation’s capital overturned a lower court judge’s decision to agree to Kwon’s release in exchange for bail of about 400,000 euros.

A similar fate befell Han Chong-Joon, or Kwon’s associate, who fell in with him. He, too, will await trial in prison.

The sentence Kwon may hear in Montenegro sometime from now will likely begin his prison odyssey. After all, he faces only a year in prison in that European country. This will be the punishment for using a fake passport. After that, he will probably face extradition to the US, Singapore, or his native South Korea. There he faces higher sentences. He will spend as much as 40 years in prison if found guilty in South Korea. In the US, he may face a similar penalty. In practice, he will remain behind bars for the rest of his life. Today he is 31 years old.

AMA Bounce Token (AUCTION) x StealthEX 

A lot is going on in the cryptocurrency market lately. A lot is also happening with our partners, such as Bounce Finance. That’s why we are holding an AMA with the project team. If you want to find out what’s new and the plans or have any questions, we invite you to join us on 30 May on Twitter Spaces. Watch our and Bounce Token‘s social media to ensure you attend the event.


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Crypto Market Pulse: Analyzing Bitcoin, Ethereum, and Key Developments

The crypto market was rather quiet this week. Although we saw quite a large red candle on the Bitcoin chart, at the end of the day, the BTC price is almost the same as the week before. We invite you to our next recap of the week, where we’ll analyze the BTC and ETH prices in USD and look at the latest news from the crypto world. So, let’s get started!

Review of the Crypto Market: May 5, 2023

What Happened to Crypto This Week?

Before we get to the overview of the most important news, as we do every week, let’s first look at the basic data on the two largest cryptocurrencies in terms of market cap – BTC and ETH. Let’s look at their charts, how their dominance is shaping up, and investor sentiment.

Bitcoin Price in USD This Week

Bitcoin did quite well this week. Admittedly, its price did not rise, but despite the sizable red candle recorded on May 1, BTC has rebounded and is at the same level as a week ago. So, what is the price of Bitcoin today? Currently, the price of BTC is located at the level of $29,182.

BTC Price May 5, 2023

The 7d high of BTC formed at nearly $30,000, while the 7d low was around $27,600. The dominance of the largest cryptocurrency rose slightly to 45.4%.

Investor sentiment is the same as the week before. Greed still prevails in the market, with Bitcoin’s Fear and Greed Index indicating a level of 61.

BTC Fear 5.05

Ethereum Price in USD This Week

The chart of Ethereum looks similar to that of Bitcoin. ETH started and ended the week at the same level, even though a sizable red candle appeared on the chart. In the case of ETH, the 7d high was $1938, and the 7d low was almost $1800. The current price of Ether is nearly $1900.

ETH 5.05

The dominance of the second-largest cryptocurrency in terms of market cap increased to 18.3%. Investor sentiment for Ethereum, however, is worse than for Bitcoin. It ranks at 48, or neutral.

ETH Fear 5.05

Biggest Crypto Gainers This Week

Bitcoin and Ethereum did quite well this week – they did not see too much decline. However, quite a few altcoins provided investors with much higher returns on their investments – some even several hundred percent. So, which coins have done best? Which projects are the biggest crypto gainers this week? Below is the list:

Among other tokens that achieved higher gains than Bitcoin were stablecoins linked to the price of gold – Pax Gold (PAXG) and Tether Gold (XAUT). All thanks to the XAU/USD pair reaching another ATH.

Gainers 5.05

Crypto News of the Week

Now that we have analyzed the charts of the major cryptocurrencies, it is time to move on to the next important part of this recap: the list of the most important news of the week.

Elon Musk Introduces Twitter Monetization System for Content Creators

Since Elon Musk took over Twitter in October, the billionaire has been steadily making some changes to the platform to make it, as he puts it, an app for everything. One of the key elements is the implementation of a monetization system for published content. Musk is convinced that this will benefit the users and make them even more active. It will also help Twitter itself, of course.

He has now unveiled a plan under which content creators can make money by sharing their content with other users. As he stated – he hopes this will translate into greater promotion of citizen journalism.

The announced “Subscriptions” feature offers Twitter users to generate additional profits by charging monthly fees to their followers. Upon payment of the corresponding fee, subscribers will receive access to exclusive content by a given creator, which will not be available to everyone.

Elon Musk Introduces Twitter Monetization System for Content Creators

As Musk conveyed, content creators can keep 97% of the revenue up to a limit of $50,000. Once this limit is exceeded, revenue will be split – only 80% will remain in the creators’ pockets. To do this, Twitter has partnered with Stripe, a payment processor. 

Nearly Half of Millenials Own Crypto

Analysts from Bitget conducted a survey in 26 countries. They collected responses from 255,000 people in four different age groups: millennials, Generation X and Z, and baby boomers. Some countries included in the survey were the United States, Nigeria, China, Indonesia, and Japan. The study analyzed activity in the cryptocurrency market from July 2022 to January 2023.

As many as 19% of respondents were from the baby boomer generation. Representatives of Generation X accounted for 23% of the surveyed population, while Generation Z and millennials – 31% and 17%, respectively. The results were published on April 28.

What did they find out? 46% of millennial respondents own some virtual assets. Around 25% of Generation X and 21% of Generation Z respondents have crypto. The figure for “boomers” is only 8%.

Millennials invest in digital currencies because they have extensive knowledge of the Internet and other digital technologies. Moreover, this demographic group considers crypto a promising investment option – mainly because of the significant potential returns this asset class can generate.

On the other hand, Generation Z respondents are interested in modern technologies such as blockchain and digital assets. It is worth mentioning that this is a group of people who were born after 2008 and have not experienced the negative effects of the previous financial crisis in the past.

JPMorgan Acquires First Republic Bank

The California Department of Financial Protection and Innovation on May 1 officially closed First Republic Bank. It also reached an agreement with the Federal Deposit Insurance Corporation (FDIC) – it will act as a trustee for the bank. 

In addition, the FDIC has agreed for JPMorgan to take over the collapsed institution. One of the largest banks in the United States is to take over the FRB’s assets. On top of that, there are also deposits that do not have adequate collateral. As of this moment, First Republic Bank manages assets worth $229.1 billion. The deposits it holds were estimated at $103.9 billion.

After JPMorgan takes command of the funds above, all 83 points belonging to FRB, located in eight US states, will reopen under the bank’s branding. All customers using the bankrupt institution’s services will continue to have access to them at the current branches as long as they don’t get a notice of the changes from JPMorgan.

A special loss-sharing agreement has also been reached between the Federal Deposit Insurance Corporation and JPMorgan. It addresses the issue of residential and commercial loans that the FRB previously acquired.

White House Wants to Introduce Tax on Mining

The White House sees the mining market as harmful to the environment and with limited economic benefits. So it is trying to convince Congress to pass a 30 percent tax on climate change. This one would apply to cryptocurrency miners.

The tax would encourage companies in the mining market to consider so-called “social damages” in their operations. The U.S. President’s Council of Economic Advisors also justifies the potential tax that it should be paid because of the need to “combat climate change.”

This tax would be phased in over three years. Starting at 10% in the first year, it would rise to 20% and 30%. It is estimated to generate revenues of $3.5 billion over ten years.

The Council’s economist, who spoke to Yahoo, added that the economic benefits of cryptocurrency mining remain “unclear,” while there are still concerns about the industry’s financial stability and environmental risks.

The White House’s new idea is part of a broader policy. In April 2022, a group of activists from the Democratic Party signed a letter addressed to the Environmental Protection Agency. It demanded an investigation into whether crypto mining companies were violating environmental regulations.

Bitcoin fans responded with their letter to the agency. In the document, they defended the idea of mining and pointed out that it is less harmful than many believe.

BRC-20 Tokens Have Chased Away Bitcoin in Terms of Transaction Volume

The BRC-20 token standard has been enjoying its 5 minutes recently. It is currently a very popular trend in the Bitcoin ecosystem community. This coincides with another memecoin boom, especially with the PEPE token craze. Indeed, the latter has scored a crazy price rally over the past two weeks. 8,500 tokens were minted on the blockchain of the oldest cryptocurrency using BRC-20. Most of them are classified as memecoins.

BRC-20 is the standard for minting tokens on the Bitcoin network, modeled on ERC-20 from Ethereum. Developers can create and transfer such tokens using the Ordinals protocol launched on the BTC blockchain earlier this year. They differ from Ethereum tokens because BRC-20 does not use smart contracts. The standard of these tokens also needs a BTC wallet to carry out their mint and trading.

Interestingly, the popularity of BRC-20 tokens has resulted in transactions surpassing those involving Bitcoin on its network. Between April 29 and May 2, there was a 50% increase in BRC-20 token transfers. The highest volume was observed on May 1 – it amounted to 366,000 transactions. Meanwhile, their total since the inception of this standard is 2.36 million.

The Fed Raised Interest Rates. Possibly for the Last Time

The Federal Reserve raised interest rates by 25 basis points this week. Authorities’ announcement suggests it may have been the last increase in the most aggressive monetary tightening cycle since the 1980s.

U.S. interest rates today are in a range of 5 to 5.25 percent. That’s the most since 2007. Let the fact that rates were at zero at the beginning of last year indicate the scale of the cycle. The key question, however, is this the end of interest rate increases? Federal Open Market Committee does not answer it directly. 

The public was told only that “the Committee will closely monitor incoming information and assess the implications for monetary policy.” Noteworthy, however, in previous announcements, there was wording stating that the Fed “anticipates that additional policy tightening may be appropriate.” It also hinted at “future increases.” These words are not in the new statement. According to experts, this is an announcement of a change in U.S. monetary policy and a move to quantitative easing.

We also found out that the Committee’s vote was unanimous. Jerome Powell, who leads the Fed, said during a press conference that the economic situation in the U.S. is stable. He pointed to, among other things, the banking sector, however, contrasting sharply with, for example, the recent collapse of First Republic Bank. He added that a scenario in which the United States may experience a mild recession is becoming possible. Jerome Powell said that “the case for avoiding a recession is (…) more likely than a recession.” 

Powell also pointed to a decline in job vacancies not accompanied by increased unemployment. He didn’t hide that the authorities will continue their efforts to bring inflation down to 2%. In March, that figure was as high as 5%.

To all of the above, Bitcoin reacted positively. Indeed, it once again managed to break through the $29,000 level.

SEC Receives Deadline to Respond to Coinbase’s Petition

On April 25, attorneys of the crypto exchange Coinbase filed a formal complaint against the U.S. Securities and Exchange Commission (SEC). The company was fed up with waiting indefinitely for a response from the agency to a petition it sent last year.

On Thursday, May 4, the exchange’s chief lawyer, Paul Grewal, broke the news that the U.S. Court of Appeals for the Third Circuit had responded to the lawsuit. It set a deadline for the SEC to respond to the questions it received. The judicial body’s decision is an important step in seeking clarity on cryptocurrency market regulations in the U.S.

As Grewal reported, the court asked the Gary Gensler-led body to act on the petition. The court instructed the commission to respond to Coinbase’s petition within ten days. The so-called “mandamus order” is an administrative measure used by the courts to direct a lower-level state entity to fulfill its official duties.

Coinbase’s lawyer added that the court also granted the company the right to respond to the SEC’s response within seven days. Determining the position on the clarity of the commission’s regulation of cryptocurrency entities is key to operating freely in the digital asset market.

AMA Dash x StealthEX

In addition to traditional news, there is a lot going on with our partners. One example is the Dash. The team has published a summary of its recently introduced new developments.

There are so many new things that we decided to conduct an AMA with Dash team. It will be held on Twitter Spaces on April 11 at 3 PM UTC. To ensure you attend the event, we invite you to follow our Twitter.

AMA Dash x StealthEX

Follow us on MediumTwitterTelegramYouTube, and Publish0x to stay updated about the latest news on StealthEX.io and the rest of the crypto world.

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Explained | What is the EU’s new crypto-legislation?

The story so far: The European Parliament, the legislative body of the 27-country block European Union, has approved the world’s first set of comprehensive rules to bring largely unregulated cryptocurrency markets under the ambit of regulation by government authorities. The regulation called the Markets in Crypto Assets (MiCA), will come into force after formal approval by member states.

Why regulation?

According to Chainalysis, about 22% of the global crypto industry was concentrated in central, northern, and western Europe, which received $1.3 trillion worth of crypto assets. Having a comprehensive framework like MiCA for 27 countries in Europe not only harmonises the crypto industry but also gives the EU a competitive edge in its growth compared to the U.S. or the U.K. which lack regulatory clarity. More importantly, 2022 saw some of the biggest failures and wipeouts in the crypto industry involving bankruptcies and fraud scandals, be it the collapse of the crypto exchange FTX and its spat with Binance or the failure of Terra LUNA cryptocurrency and its associated stablecoin. The liquidity shortage caused by these shocks led other crypto-lending platforms to halt customer transfers and withdrawals before filing for bankruptcy.

As investments and the size of the crypto industry grow, European and other regulators have felt the need to bring governance practices in crypto firms to ensure stability and financial sector-like rout and contagion. European Parliament member Stefan Berger, who is the lead for the MiCA regulation explained that the law will protect consumers against deception and fraud, and “the sector that was damaged by the FTX collapse can regain trust”.

What kind of assets will MiCA cover?

The MiCA legislation will apply to ‘cryptoassets’, which are broadly defined in the text as “a digital representation of a value or a right that uses cryptography for security and is in the form of a coin or a token or any other digital medium which may be transferred and stored electronically, using distributed ledger technology or similar technology”. This definition implies that it will apply not only to traditional cryptocurrencies like Bitcoin and Ethereum but also to newer ones like stablecoins.

Stablecoins are digital tokens that aim to stay pegged in value with a more stable asset — a fiat currency like the U.S. dollar or other stable cryptocurrencies. MiCA will establish new rules for three types of stablecoins — asset-referenced tokens, which are linked to multiple currencies, commodities, or cryptocurrencies, e-money Tokens, which are linked to a single currency and utility tokens, which are intended to provide access to a good or service that will be supplied by the issuer of that token.

As for the assets that will be out of MiCA’s scope, it will not regulate digital assets that would qualify as transferable securities and function like shares or their equivalent and other crypto assets that already qualify as financial instruments under existing regulation. It will also, for the most part, exclude nonfungible tokens (NFTs). MiCA will also not regulate central bank digital currencies issued by the European Central Bank and digital assets issued by national central banks of EU member countries when acting in their capacity as monetary authorities, along with cryptoassets-related services offered by them.

What are the new rules?

MiCA will impose compliance on the issuers of crypto assets, who are defined as the “legal person who offers to the public any type of crypto-assets”. It will apply to crypto-asset service providers (CASPs) providing one or more of these services — the operation of a trading platform like CoinBase, custody, and administration of crypto assets on behalf of third parties (customers), the exchange of crypto assets for funds/other crypto-assets, the execution of orders for crypto assets, the placing of crypto assets, providing transfer services for crypto assets to third parties, providing advice on cryptoassets and crypto-portfolio management.

The regulation prescribes different sets of requirements for CASPs depending on the type of cryptoassets. The base regime will require every CASP to get incorporated as a legal entity in the EU. They can get authorised in any one member country and will be allowed to conduct their services across the 27 countries. They will then be supervised by regulators like the European Banking Authority and the European Securities and Markets Authority, who will ensure that the companies have the required risk management and corporate governance practices in place. CASPs will have to demonstrate their stability and soundness, ability to keep the funds users safe, implementation of controls to ensure they are not engaging in proprietary trading; avoidance of conflicts of interest, and their ability to defend against market abuse and manipulation.

Besides authorisation, service providers of stablecoins also have to furnish key information in the form of a white paper mentioning the details of the crypto product and the main participants in the company, the terms of the offer to the public, the type of blockchain verification mechanism they use, the rights attached to the cryptoassets in question, the key risks involved for the investors and a summary to help potential purchasers make an informed decision regarding their investment. Issuers of stablecoins will also be required to maintain sufficient reserves corresponding to their value to avoid liquidity crises. Those stablecoin firms pegged to non-euro currencies will have to cap their transactions at a daily volume of €200 million ($220 million) in a specified region.

Another legislation passed with MiCA requires crypto companies to send information of senders and recipients of cryptoassets to their local anti-money laundering authority, to prevent laundering and terror financing activities.

What has been the reaction?

Leaders at some of the biggest cryptocurrency firms have taken exception to some aspects of MiCA but the broad view is that it is better to have a regulatory framework than having no rules at all and attracting regulatory action on a case-by-case basis without clarity.

Meanwhile, since it’s been three years since MiCA has been in development, some experts feel that the regulation is already laggard in covering newer vulnerabilities in the crypto industry. For instance, it does not cover practices like crypto staking and lending, which led to some of the industry’s biggest failures last year. A Bloomberg analysis notes that MiCA also does not cover NFTs or decentralised finance, which is prone to hacks and fraud because it’s managed by code rather than humans.

How is crypto regulated in India?

India is yet to have a comprehensive regulatory framework for crypto assets. A draft legislation on the same is reportedly in the works.

A full-fledged regulation aside, the Indian government has taken certain steps to bring cryptocurrencies under the ambit of specific authorities and taxation. In the Union Budget for 2022, the Finance Ministry said that cryptocurrency trading in India has seen a “phenomenal increase” and imposed a 30% tax on income from the “transfer of any virtual digital asset.” In March this year, the government placed all transactions involving virtual digital assets under the purview of the Prevention of Money Laundering Act (PMLA).

However, statements by ministers and bureaucrats after the Budget seem to suggest that the legality of cryptocurrencies in the country is still a grey area. India is now calling for consensus in the G20 grouping, where it currently holds the presidency, to have a globally coordinated policy response on crypto assets that takes into consideration the full range of risks, including those specific to emerging markets and developing economies.

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