Kategorie: Crypto News

Daily crypto headlines and news about bitcoin, ether, ripple, solana, altcoins, nft, market, business, analysis, nft, metaverse, minting and mining.
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MAGA Hat, Super Trump soar as politics-related memecoins heat up

  • MAGA Hat token has jumped more than 500% in the past 24 hours.
  • Super Trump reached  new all-time high on May 29 and is up 200% at the time of writing.
  • Meme coins are not directly linked to former US President Donald Trump, but his bid is inspiring new frenzy.

Meme coins fervour continues with politics-related and celebrity tokens at the centre of the latest FOMO. 

While tokens Dogecoin, Shiba Inu and Pepe remain top meme coins, there’s a rising tide in the politics arena with former US President Donald Trump-inspired tokens leading gains in the sector.

The biggest movers are MAGA (TRUMP), MAGA Hat (MAGA) and Super Trump (STRUMP).

US election and former President Donald Trump inspires meme coin frenzy

MAGA (TRUMP) epitomises the rise of PolitiFi meme coins.

According to data from CoinGecko, TRUMP, which traded around $0.01136 in October last year, has jumped a staggering 112500% to current price levels of $12.84.

In the past week, news that a wallet of the former US President Donald Trump directly holds millions of dollars’ worth of the token pushed TRUMP higher.

Trump’s campaign also announced it was accepting crypto donations, including in Bitcoin, Ethereum and Dogecoin. During remarks made at a campaign event, Trump said he would free Ross Ulbricht on day one of presidency.

This comes as Trump looks to capture the huge crypto holder vote block, which data shows is largely leaning towards his crypto-friendly outlook.

MAGA Hat and Super Trump are soaring

Although tokens such as TRUMP, MAGA and STRUMP have no direct association with Donald Trump, the communities around these projects are overwhelmingly in support of his election bid.

The effort to have crypto count in the upcoming election adds to this growing trend – and meme coins tapping into this are seeing massive gains.

For instance, on May 29, the meme coin MAGA (TRUMP) hit an all-time high of $15.45, breaking into the top 150 coins by market cap. Meanwhile, Super Trump skyrocketed more than 240% to lead the PolitiFi tokens sector by 24-hour gains.

STRUMP price peaked at $0.02298 on May 29, and despite the volatility, remains more than 200% up in the past week.

Meanwhile, MAGA Hat has shot up more than 500%, reaching prices of $0.0006262. Buyers could catalyse a new run to the recently hit ATH of $0.0007379.

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Singapore’s largest bank DBS holds $650 million in ETH: Nansen

  • Singapore’s DBS bank holds over 173.7k ETH worth $650 million.
  • Blockchain analytics plaform Nansen identified a whale wallet with the ETH as belonging to the bank.

DBS, Singapore’s largest bank that boasts nearly $740 billion in assets, holds Ethereum (ETH) worth $650 million.

On Thursday, blockchain analytics firm Nansen revealed that a whale address with more than 173,700 ETH belongs to DBS. According to Nansen, the said wallet is $200 million in profit on the ETH holdings.

At the time of writing, the wallet address held 173,753 Ether tokens. At current ETH prices of $3,738, that’s worth around $649.4 million.

While this report highlights DBS’ crypto portfolio in terms of ETH holdings, it’s worth noting that the bank has traction in the crypto space. DBS runs a digital asset custody and exchange, catering to accredited investors and announced plans to launch a crypto retail desk.

DBS recently released a report that showed increased demand for crypto across retail and hedge funds among other investors. Per the research, a lot of the interest is around “ETF-like financial products backed by cryptos.”

SEC recently approved spot ETH ETFs

Ethereum price reached highs of $4,000 in March and rose close to the mark this month after the US Securities and Exchange Commission (SEC) approved the rule change that allows for the listing of spot Ethereum ETFs in the US.

Anticipation is high ahead of the trading debut of ETH ETFs on exchanges. BlackRock’s filing of an updated spot Ethereum ETF S-1 form has added to speculation that this could happen in coming weeks.

More issuers whose 19b-4s the SEC approved recently are also expected to file their revised S-1s. Bloomberg senior ETF analyst Eric Balchunas sees end of June as a probable timeline.

DBS’ holding of ETH among other tokens is an overall bullish indicator for Ethereum and the market, particularly in regards to institutional demand.

The positive sentiment around US regulatory approach to crypto also adds to this outlook.

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Bank of Israel launches “Digital Shekel Challenge” to innovate CBDC payment systems

  • Bank of Israel has launched “Digital Shekel Challenge” to develop CBDC payment solutions.
  • Participants of the challenge will access a prototype system to create innovative digital shekel uses.
  • Bank of Israel is scheduled to hold a webinar on June 9 for details.

In a significant move towards digital currency adoption, the Bank of Israel (BoI) has announced the launch of the “Digital Shekel Challenge.”

The initiative aims to develop innovative payment solutions using the digital shekel, Israel’s proposed central bank digital currency (CBDC), first reported in 2021.

Inspired by the “Rosalind Project” from the BIS Innovation Center, the challenge marks a major step in the BoI’s action plan for potentially issuing the digital shekel.

What is the Digital Shekel Challenge?

The Digital Shekel Challenge is designed to invite participation from a wide array of entities, including private companies, public institutions, and academic researchers.

Participants will have access to a technological prototype that simulates the core functions of the digital shekel system, complete with an API layer. This environment will allow them to create and test real-time payment applications tailored for public use.

The challenge is structured into three phases. Initially, interested parties must respond to the call for participation by registering through a specified form.

Selected participants will then gain access to the experimental environment where they can begin developing their projects.

The final phase will involve presenting these projects to a panel of experts, who will evaluate them based on originality, innovation, and relevance to the Israeli economy.

Bank of Israel actively exploring a CBDC possibility

The BoI has been exploring the potential of a CBDC since 2017, accelerating its efforts in 2021.

Public consultations conducted by the bank have shown substantial support for the digital currency, though privacy concerns were also noted.

The digital shekel is envisioned to offer privacy protections at least on par with existing digital payment methods, potentially setting higher standards.

Internationally, the BoI has engaged in collaborative projects such as Project Sela with Hong Kong’s central bank and the BIS, successfully testing retail CBDC systems. These efforts aim to balance user accessibility, competition, cybersecurity, and the benefits of traditional cash.

To provide more information and answer queries, the BoI will hold a webinar on June 9, 2024. Participants and interested parties can register for this event to gain further insights into the challenge.

The Digital Shekel Challenge represents a bold move towards modernizing Israel’s payment infrastructure, aiming to harness cutting-edge technology to enhance efficiency and foster innovation in the financial sector.

Andrew Abir, Deputy Governor of the Bank of Israel, emphasized the importance of collaboration in the success of the digital shekel.

Abir stated: “The digital shekel challenge is another step towards the means of payment of the future, aiming to create an innovative and competitive ecosystem.”

The deputy governor highlighted that the Digital Shekel initiative would foster cooperation between the central bank, the financial industry, and other stakeholders, both domestic and international.

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Mastercard launches crypto credentials P2P pilot program to simplify transactions

  • The Mastercard crypto pilot program uses aliases to simplify and secure transactions.
  • The initiative involves partners like Bit2Me, Lirium, Mercado, and FoxBit.
  • Concerns, however, persist about centralization and data security with Mastercard’s system.

Mastercard, the global credit card company, has embarked on a groundbreaking journey into the world of cryptocurrencies with the launch of its crypto credentials P2P pilot program.

This initiative aims to revolutionize the way individuals engage in crypto transactions, particularly in Latin America, where interest in blockchain technology and digital assets is on the rise.

Mastercard collaborating with Bit2Me, Lirium, Mercado, and FoxBit

The pilot program, which is currently underway, involves collaboration with several key partners in the crypto space, including Bit2Me, Lirium, Mercado, and FoxBit.

Through this initiative, Mastercard seeks to streamline crypto transactions and eliminate user errors by introducing an alias credentialing system.

Walter Pimenta, Mastercard’s executive vice president for product and engineering for Latin America, emphasized the importance of delivering trusted interactions in the burgeoning crypto landscape.

He stated:

“As interest in blockchain and digital assets continues to surge in Latin America and around the world, it is essential to keep delivering trusted and verifiable interactions across public blockchain networks.”

What does the Mastercard crypto credentials program entail?

One of the key features of Mastercard’s crypto credentials program is the assignment of human-readable aliases to individuals.

These aliases, verified by Mastercard, alleviate the need for users to grapple with long strings of alphanumeric characters associated with traditional wallet addresses.

This user-friendly approach aims to enhance the accessibility and convenience of crypto transactions for individuals accustomed to more conventional payment methods.

Moreover, the crypto credentials program endeavors to mitigate the risk of financial loss by pre-screening transactions.

By preventing users from sending incompatible crypto assets to recipients’ addresses, Mastercard aims to enhance security and safeguard users’ funds.

Centralization concerns amid Mastercard’s crypto forays

However, despite the innovative strides taken by Mastercard, concerns regarding centralization persist within the crypto community.

Critics argue that the reliance on Mastercard as an intermediary for identity verification and transaction screening introduces centralization risks.

Furthermore, additional Know Your Customer (KYC) verification and the storage of sensitive data with Mastercard raise apprehensions among security-conscious individuals.

Mastercard’s history of data breaches adds another layer of complexity to these concerns. With well over 40 million accounts exposed to hackers since 2005, the security of users’ data remains a pressing issue.

Nevertheless, Mastercard’s foray into the crypto space represents a significant step towards mainstream adoption of digital assets.

By addressing user interface challenges and enhancing transaction security, Mastercard is poised to play a pivotal role in shaping the future of finance in the digital age.

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Hashdex has withdrawn its Ethereum ETF application

  • Hashdex withdraws ether ETF application after SEC approval of similar products.
  • Hashdex’s Ethereum ETF application combined spot Ether with futures contracts.
  • The withdrawal decision raises questions amid evolving regulatory landscape and market dynamics.

According to documents filed with the U.S. SEC, Hashdex officially pulled its application for the Hashdex Nasdaq Ethereum ETF on May 24.

The withdrawal of the proposal was reveled in a filing submitted to the SEC on May 28, leaving investors and industry observers curious about the motives behind this abrupt move. Notably, the withdrawal came swiftly on the heels of the SEC’s green light for eight similar financial products.

Hashdex’s proposed ether ETF

Hashdex’s proposed ETF, known as the Hashdex Nasdaq Ethereum ETF, was poised to blend spot Ether holdings with Ether futures contracts, aiming to institute safeguards against potential market manipulation.

Unlike its counterparts, Hashdex’s innovative approach sought to mirror daily fluctuations in the Nasdaq Ether Reference Price, addressing regulatory concerns about price manipulation in the spot market.

However, following the withdrawal of the application, Hashdex’s intentions to forge ahead with a single-asset Ether ETF have been abruptly halted.

While the precise reasons behind this strategic withdrawal remain undisclosed, speculation abounds regarding the evolving regulatory landscape and internal strategic considerations within Hashdex.

Intense competition for ether ETFs among investment firms

The timing of Hashdex’s withdrawal, occurring just a day after the SEC’s landmark approval of ether ETFs from prominent players like VanEck, BlackRock, Fidelity, and others, underscores the intense competition and regulatory scrutiny surrounding crypto investment vehicles.

These approved ETFs, exclusively spot-based Ether ETFs, are poised to debut on various exchanges in June, opening new avenues for institutional and retail investors to gain exposure to the burgeoning Ethereum ecosystem.

Botably, Hashdex’s decision not to proceed with its Ether ETF marks a significant deviation from its previous success with spot Bitcoin ETFs, which were greenlit by the SEC in January.

The company’s Bitcoin ETF utilizes a distinct strategy, eschewing reliance on the Coinbase surveillance sharing agreement in favor of sourcing spot BTC from physical exchanges within the CME market.

While Hashdex’s withdrawal introduces a new twist to the unfolding narrative of crypto ETFs, the broader implications for the industry remain uncertain.

With regulatory scrutiny intensifying and market dynamics evolving rapidly, the path forward for crypto investment vehicles, particularly ETFs, is fraught with complexities and challenges.

As the crypto investment landscape continues to evolve, market participants eagerly await further developments from Hashdex and other industry players, as they navigate the intricate intersection of regulation, innovation, and market demand in the quest to unlock the full potential of digital assets.

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