Tag: web3

Solana Eyes $300 as Bitcoin Rallies to $100K

Solana surges with a similar momentum seen by Bitcoin to shake off several losses it incurred in the market last week. Specifically, SOL lost momentarily to the $169 level a few hours this week before moving up above $180 within hours of trading. Solana changes hands at approximately $215, changing hands 15% in the last 24 hours and up about 27% from its weekly lows, according to CoinMarketCap.

On January 13, SOL’s price dropped over 11%, mirroring Bitcoin’s volatile movements, and briefly fell below the key $170 support level. However, the swift recovery signals renewed bullish momentum in the market.

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With Bitcoin reclaiming $100,000 after dipping below $90,000 earlier this month, analysts are optimistic about the crypto market’s trajectory. SOL’s all-time high (ATH) of $263.83, achieved in November 2024 when Bitcoin first crossed $90,000, is back in focus.

If the bullish feeling continues, inflows of new capital could see SOL reach for a new ATH well beyond $300. This type of growth can be supported by growing investors’ appetites and high expectations of key regulatory and institutional changes by the upcoming Trump administration, considered crypto-friendly.

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For the time being, all eyes are on Bitcoin’s momentum and how that will contour up the altcoin market.

World Liberty Financial Transfers $61.4M in Ethereum

Crypto project World Liberty Financial, which has connections with President-elect Donald Trump, has moved approximately $61.4 mln worth of Ethereum within the last 24 hours, says Arkham Intelligence in a tweet. The cash moved between different wallets, one of which is Coinbase Prime.

“These are regular movements of our crypto holdings for treasury management, covering fees, expenses, and working capital needs,” explained WLFI in an X post. It said no tokens were sold during those transactions, referring to the action as standard practice.

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Data on the blockchain shows more transactions, which include the transfer of 103 WBTC for 3,075 ETH, valued at $10 million; the transfer of another $59.8 million in Ethereum to Coinbase Prime and other wallets. WLFI also spent $1.7 million in Tether (USDT) to buy 17.62 WBTC at an average price of $96,490.

WLFI’s wallet, once holding $83 million in mid-December, now has a balance of $17 million. Despite this drop, WLFI maintains a long-term investment strategy, with $4.8 million in unrealized losses due to market fluctuations in assets like Ethereum, WBTC, Aave (AAVE), and Chainlink (LINK).

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In parallel, WLFI has partnered with Ethena Labs to integrate the sUSDe stablecoin into Aave, showcasing its efforts to expand its ecosystem despite the volatility.

Arkansas Proposes Ban on Crypto Mining Near Military Bases

The lawmakers of Arkansas have filed Senate Bill 60, which prohibits the setup of cryptocurrency mining operations within 30 miles of any U.S. military facility in the state. Co-sponsored by Senator Ricky Hill and House Speaker Brian Evans, the bill is presented as an amendment to the Arkansas Data Centers Act of 2023, on matters touching on national security and noise pollution.

The bill targets a crypto mining operation near Cabot that is just five miles away from the Little Rock Air Force Base. This comes weeks after a similar 2024 federal order brought to a halt the operations of a China-linked mining firm that was operating near a military facility in Wyoming.

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Cabot Mayor Ken Kincade and Lonoke County officials don’t want the local mine because of concerns about noise and security. However, that is not the opinion of Dustin Curtis, the vice president of Interstate, behind the project. He said the mine is in compliance with all federal and state regulations, and it generates less noise than that on highways nearby.

Crypto mining operations have been under fire nationwide. For instance, last July, US Senator Elizabeth Warren expressed concern that foreign-owned crypto mines were operating on American soil.

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The proposed bill will now go to committee and may position Arkansas as the only state that will impose restrictions. A very intense debate between innovation and security presses on.

Trump Inauguration Sparks Crypto Volatility Warnings

With the inauguration of Donald Trump mere days away, crypto investors are being warned to expect sharp price swings. Analysts at Singapore-based QCP Capital say they expect “heightened volatility” in the crypto market both in the lead-up to, and following the Jan. 20 ceremony. They liken current market jitters to turbulence seen during the first term of Trump in 2017.

Inflation in the U.S. economy remains a concern. Whereas job growth has been strong-non-farm payrolls were up 256,000 against an expected 165,000-inflation fears have lingered.The consensus for December is for a hotter CPI number than previous readings; something that will keep markets on their toes.

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At the same time, this uncertainty is heightened by the prospect of proposed tariffs on China by Trump, which might also add inflation. Again, these might be introduced piecemeal, not all at once. Also improving bond yields are shifting the market’s expectations, pricing in fewer rate cuts in 2025 and 2026.

Expect higher volatility in the lead-up to and after the inauguration as markets chew and adjust to a new Trump term,” warned QCP Capital.

There is, however, a silver lining: rumors of the Trump administration packed with crypto-friendly officials and, of course, whispers of executive orders that give digital assets relief. This might relieve the market temporarily.

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Still, caution prevails. Bitcoin has repeatedly tested the $90,000 mark, and with rising bond yields, the coming weeks could be anything but predictable for crypto investors.

Dubai Plans 17-Story Crypto Tower to Boost Web3 Innovation

In yet another leap into the future, a 17-story Crypto Tower is to be constructed in Jumeirah Lakes Towers, Dubai. This ultra-modern building, by DMCC and REIT Development, will house the innovation of blockchain, DeFi, and AI.

Measuring at 150,000 square feet, Crypto Tower is reportedly set to host offices of crypto startups, blockchain firms, and even AI innovators. It comprises nine floors housing offices, three of blockchain incubators and venture capital firms, and one special hub of AI innovation tstered by Chatoshi.ai.

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What really sets this tower apart, however, is the inclusion of blockchain-powered tenant services, ranging from on-chain voting to smart contracts; the building will make use of advanced tech to bring in more transparency and efficiency.

Other highlights include a 10,000-square-foot event space, an NFT art gallery, a gold bullion shop, and a swanky three-floor crypto club. Secure vault storage will also be made available for high-value assets.

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Set for completion by early 2027, the Crypto Tower reflects Dubai’s commitment to becoming a global leader in Web3 innovation. Ahmed Bin Sulayem, CEO of DMCC, stated, “This tower embodies our vision for the future of Web3 and strengthens Dubai’s position as a world-class innovation hub.”

Court Sides with Coinbase in SEC Crypto Regulation Dispute

Coinbase scored a major legal victory yesterday in its ongoing fight with the U.S. Securities and Exchange Commission over crypto regulations. The U.S. Court of Appeals for the Third Circuit sided with Coinbase, rebuking the SEC’s denial of Coinbase’s request for clear digital asset rules as “arbitrary and capricious.”.

It was a part of the increasing list of court losses that the agency has faced regarding crypto-related cases, ordering the SEC to give a more detailed explanation for its denial. Coinbase initially sought guidance from the regulator in 2022, requesting clarification on when digital assets were considered securities—a fundamental question for the crypto industry.

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In 2023, the SEC rejected Coinbase’s petition on the basis of no need for specific rules. However, the court disagreed, labeling the SEC’s reasoning as insufficient and lacking detail. Judge Thomas Ambro called the SEC’s response “conclusory,” while SEC Judge Stephanos Bibas warned that the agency’s approach of strict enforcement without clear guidelines could harm the entire crypto sector.

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Although the ruling does not force the SEC to write new rules, it does force the agency to be more specific. Coinbase’s Chief Legal Officer, Paul Grewal, hailed the decision as a move toward ending the regulatory uncertainty that has dogged the crypto industry.

Uniswap and Ledger Partner for Seamless DeFi Swaps in Ledger Live

Uniswap Labs and Ledger have joined forces to make token swaps simpler and safer. With their latest integration, users can now trade directly on Uniswap without leaving the Ledger Live app, ensuring their assets remain protected by Ledger’s hardware wallets.

The integration is powered through the Uniswap Trading API, which grants access to the functionality of the Uniswap decentralized exchange from within Ledger Live. “Our mission is to unlock value through universal exchange,” said Mary-Catherine Lader, COO of Uniswap Labs. “Partnering with Ledger allows us to create a smoother, safer experience for self-custody users.

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The key aspect of this integration is the “clear signing.” It simply means that users will see and understand the details of their transactions in plain language before they actually sign, adding in an extra layer of security. In the words of Ian Rogers, Chief Experience Officer at Ledger: “Clear signing is the only secure way users should be authorizing transactions.”

For one, the integration allows Ethereum-based token swaps, such as exchanging ETH for stablecoins directly within Ledger Live.

Ledger, which has sold over 7 million devices worldwide and secures more than 20% of global crypto assets, sees this as a big step forward. Ian Rogers summed it up: “Ledger Live lets you earn yield, buy, send, and now swap your digital assets with Uniswap – all while staying secure.”

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This partnership highlights a growing focus on combining simplicity with security for DeFi users.

Singapore Blocks Polymarket: A Tough Stand on Crypto Betting

Singapore has banned Polymarket, a decentralized crypto prediction platform, due to strict gambling laws. Allowing users to create and bet on real-world events using cryptocurrency, it failed to obtain a license from the government to legally operate in the city-state.

Singapore’s Remote Gambling Act, since 2014, has only permitted certain state-approved betting activities: things like lotteries and sports gambling. Sites like Polymarket, operating outside the ambit of such regulation, are banned without hesitation. The government has now officially blocked access to the site, effective January 11.

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This is not the first time such regulatory hurdles have had to be faced by Polymarket. Recently, it settled with the Commodity Futures Trading Commission in the United States that had been clamping down on several unregulated DeFi platforms. CFTC Chair Rostin Behnam said that they were very much focused on digital asset platforms falling within the legal ambit.

Its struggles are not singular, however. China, along with several European and Asian countries, has come down hard on online gambling or crypto gaming platforms. Without centralized regulation, such sites sometimes find it tough to call the legal line in jurisdictions where strict controls are in place.

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As governments around the world continue to turn the screws on DeFi, sites like Polymarket are increasingly finding it tough to expand.

Bitcoin Crash Wipes $138B, $520M Liquidated in 24 Hours

It came with huge selling, along with liquidations, when Bitcoin-the king of cryptocurrencies-plunged about 3% within four hours on the second day in a row. The result is being witnessed in the falling price of Bitcoin to $91,644.04, washing away about $138 billion of valuation from the market within a few hours.

Combined liquidations over the last 24 hours have reached an eye-watering $520 million, with long positions taking the brunt of this at $450 million and shorts at $66.06 million. In the last 12 hours alone, total liquidation amounts to $420 million. The single biggest loss occurred on Binance, where a BTC/USDT position worth $8.21 million was liquidated.

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This drop follows Bitcoin’s recent gains and reflects a sharp market correction, catching many traders off guard. With nearly 197,007 traders across exchanges liquidated, the turbulence serves as a stark reminder of the crypto market’s notorious volatility, where fortunes can evaporate in the blink of an eye.

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While the market struggles to stabilize, most investors are now stepping back, trying to figure out whether this is just a temporary correction or the start of a greater decline. All eyes, for the time being, rest on the next move of Bitcoin, as the entire market holds its breath.

Ripple and MoonPay Donate $50K RLUSD to Support LA Firefighters

Ripple Labs and MoonPay have joined in support of these fearless firefighters by donating toward helping the California wildfires. Each firm donated $50,000 in RLUSD, the stablecoin from Ripple, to support the Los Angeles Fire Department Foundation in battling those wildfires that swept through neighborhoods like Pacific Palisades, Pasadena, and Calabasas.

The wildfires started on January 7 and have so far caused destruction, killing at least ten people and displacing more than 150,000 individuals from their residences. Several thousand houses have been burned to ashes, and containment has not been easy. For instance, the Palisades Fire is only 8% contained, while the Eaton Fire is at a low 3%.

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The fact that one came from Ripple and another from MoonPay underlines the use of cryptocurrency to extend swift aid during an emergency.It would be a great help to find, with Ripple, more paths to take toward firefighting, knowing full well that these digital assets could make the difference wherever help can hardly show up soon enough.

The LAFD Foundation thanked Ripple, saying, “this is a crucial move of support that comes at the most trying of times for the firefighters amidst all the budget cuts in the department.” Yet even with these challenges, the firefighters remain resolute, working around the clock to protect lives and homes, hoping for progress in the days ahead.

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This generous donation is a sure-shot pointer to how crypto can make a difference when every bit of it is needed, offering hope to firefighters and communities alike.

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