Crypto Agenda for 4 Monday 2024 Date
We'll be sharing today's daily news and prices of cryptocurrencies.
Daily News
Bitcoin consolidating above $62k as bull market indicators start flashing
On-chain data shows the stability is a result of strong investor confidence, evidenced by over 1 million addresses accumulating over 671,000 BTC.
Bitcoin remains above $62,000, consolidating gains after its recent rally. Despite a slight slowdown, bull market indicators are flashing, including strong investor accumulation and increasing interest from retail investors and Google searches. The broader crypto market has also seen a surge, with a total market cap of $2.34 trillion. Altcoins are contributing to the market's performance, indicating a diverse and bullish market.
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Binance CEO Richard Teng asked to appear before Nigerian committee
The Nigerian committee said it would be forced to invoke its constitutional rights if Teng ignored the summons again.
Binance CEO Richard Teng is facing an ultimatum to appear before a Nigerian committee investigating allegations of financial crimes, including money laundering and terrorism financing. The committee has issued a summons for Teng to appear by March 4th, following Binance's recent settlement with the US Department of Justice. Binance has previously been uncooperative with the committee, leading to the ultimatum. The committee is also concerned about Binance's lack of tax payments and physical presence in Nigeria. Binance's woes in Nigeria have escalated recently, with the telecom regulator ordering the blocking of its website and the detention of two executives. The government has also reportedly ordered Binance to pay $10 billion in compensation, although Binance has denied being informed of this fine.
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Consensys CEO believes decentralization will lead to a ‘generational paradigm shift’
Lubin believes that this shift will result in a "super cycle" for the crypto industry as monetary systems evolve and wealth is transferred to the younger generations.
Consensys CEO Joseph Lubin predicts a generational shift driven by decentralization, as the current monetary system fails. He believes this will lead to a "super cycle" for crypto, with wealth transfer to younger generations. Lubin emphasizes the need for decentralized systems, contrasting them with centralized financial systems and expressing concerns about the centralization of Bitcoin through spot ETFs. He highlights the importance of decentralized AI development and warns against centralized control. Lubin emphasizes the potential of decentralization to empower users, distribute power and resources equitably, and create a more ethical future.
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Biden administration’s notorious Bitcoin mining survey halted after legal backlash
The EIA has agreed to destroy the data it has collected so far to end the lawsuits filed by several industry players, including Riot Platforms and the Texas Blockchain Council.
The Biden administration's emergency survey of Bitcoin miners has been halted after legal backlash. The US Energy Information Administration (EIA) agreed to stop the survey and destroy collected data as part of a settlement with industry players. The survey, which aimed to gather data on energy consumption by miners, faced lawsuits that argued it would harm operations by forcing miners to disclose confidential information. The EIA will now publish a new notice in the Federal Register to restart the survey process, allowing for a 60-day comment period. The agreement also includes payment of legal costs to the plaintiffs. The survey has been linked to the Biden administration's energy policies and concerns about Bitcoin mining's energy consumption.
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Grayscale CEO says there is ‘insatiable demand’ for spot Bitcoin ETFs
Sonnenshein said spot Bitcoin ETFs have seen "tremendous" flows and demand since their launch in January.
Grayscale CEO Michael Sonnenshein highlights the overwhelming demand for spot Bitcoin ETFs, driven by both retail and institutional investors. Despite outflows from the Grayscale Bitcoin Trust, Sonnenshein anticipates a surge in Bitcoin adoption and price due to the launch of these ETFs, the influx of advised wealth, and the upcoming Bitcoin halving. He also predicts the approval of spot Ethereum ETFs in the near future.
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Crypto losses hit $67 million in February, pushing yearly losses to $200 million – Immunefi
The report did not include some incidents, which would bring total losses for the month to $198.1 million.
In February, crypto losses reached $67 million, mainly due to hacks (97.54%). Crypto gaming platform PlayDapp and decentralized exchange FixedFloat suffered the most significant losses. Ethereum was the most targeted blockchain, with 12 attacks. Despite the substantial losses, there was a decrease compared to January, suggesting improved security measures. Yearly losses now stand at $200 million, 15.4% higher than the same period last year. However, if unreported attacks were included, total losses would reach $398.1 million year-to-date.
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StanChart exec predicts $200K Bitcoin by 2025-end as demand continues to outpace supply
Kendrick believes that several catalysts will drive demand for Bitcoin to unprecedented levels, resulting in a sustained two-year rally.
Standard Chartered's Geoffrey Kendrick predicts Bitcoin will reach $200,000 by 2025 due to increasing demand and reduced supply. The halving event in May will cut the daily supply of Bitcoin, while spot Bitcoin ETFs have seen significant inflows. Kendrick believes these factors, along with broader market conditions and potential Fed rate cuts, will support Bitcoin's rally. He expects Bitcoin to reach a new all-time high before the halving and hit $100,000 by year-end.
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Hungary issues draft law allowing banks to offer crypto services
The bill aims to establish a comprehensive regulatory framework for digital assets.
Hungary is proposing a law to allow banks, investment funds, and asset managers to offer cryptocurrency services. The move aligns with the EU's efforts to regulate crypto-assets and encourage their integration into the financial system. The Hungarian bill, if approved, would come into effect on June 30th and would create a regulatory framework supervised by the Hungarian central bank. The legislation reflects a broader European trend towards recognizing the importance of digital currencies and could have implications for investment patterns, transaction efficiency, and financial inclusion.
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xAI Corp owner Elon Musk sues OpenAI for straying from non-profit roots
Elon Musk has demanded that OpenAI return to its non-profit focus, instead of ventures with Microsoft.
Elon Musk has sued OpenAI, alleging that the company has deviated from its non-profit mission and become a de facto subsidiary of Microsoft. Musk claims that OpenAI is now developing AI tools for Microsoft's profit rather than for the benefit of humanity. He wants OpenAI to revert to its original mission and prevent it from leveraging its intellectual property for Microsoft's advantage. Musk's lawsuit highlights concerns about the potential impact of AI on society and the role of non-profit organizations in developing responsible AI technology.
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Nigeria reportedly considers $10 billion Binance fine over illegal transactions and registration
Binance's regulatory woes deepen in Nigeria with the authorities increasing their scrutiny of the platform and its operations.
Nigeria is considering a $10 billion fine for Binance, alleging illegal transactions and unregistered operations. Binance reportedly facilitated illicit activities and operated without proper registration, leading to significant losses for the country. The government has launched investigations and arrested two Binance executives. Binance is cooperating with the investigations and has suspended naira-related transactions. The exchange's clash with Nigeria follows its recent settlement with US authorities for financial law violations.
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Craig Wright claims coincidence in timing of spoofed emails as DNS records altered yesterday
Wright claims he is Satoshi but has been hacked numerous times leading others to create fake documents to discredit his work.
In the COPA vs. Wright trial, Craig Wright faced accusations of manipulating emails to prove his identity as Bitcoin's creator, Satoshi Nakamoto. COPA alleged that Wright altered DNS records on the day he submitted new evidence, casting doubt on its authenticity. Wright claimed the emails were spoofed, but admitted one sent by his wife was fake. Despite inconsistencies and technical arguments, Wright maintained that a spoofed email made it appear he forged the evidence. An expert witness refuted the spoofing claim, stating the email header was typical of standard infrastructure. Wright's defense centered on allegations of multiple hacks and sabotage attempts.
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Prices of Cryptocurrencies (March 2024)
| Symbol | Price |
|---|---|
| STEEM - USDT | 0.3038000 $ |
| BTC - USDT | 65263.500 $ |
| ETH - USDT | 3527.1600 $ |
| BNB - USDT | 422.00000 $ |
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