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Lawyer lays out his reasoning on why XRP is not a security

In a series of tweets on April 9, Hogan explained that, in his opinion, XRP could only be considered a security under the definition of an “investment contract,” as it doesn’t fit the other definitions of a security such as stocks or bonds.

Hogan argues, however, that the United States Securities and Exchange Commission has not demonstrated an implied or explicit investment contract in its suit against Ripple.

The #1 reason why XRP is not a Security (a thread).

First, under the legislative definition of a security, XRP can only POSSIBLY fit under the definition of an “investment contract.” It is not a stock or bond, etc..

Even the SEC concedes this: “investment contract.” pic.twitter.com/n9g7ZEos2n

— Jeremy Hogan (@attorneyjeremy1) April 9, 2023

“Instead it argues that the purchase agreement is all that is required — and that is all it proves,” Hogan stated.

“But that argument tears the ‘investment’ from the ‘contract’ as a simple purchase, without more, [there] cannot be an ‘investment contract,’ it is just an investment (like buying an ounce of gold) as there is no obligation for Ripple to do anything except transfer the asset,” he added.

The SEC initiated a lawsuit in December 2020, claiming that Ripple illegally sold its XRP token as an unregistered security.

Ripple has long disputed the claim, arguing that it doesn’t constitute an investment contract under the Howey test — a legal test used to determine if a transaction qualifies as an investment contract. It was established in 1946 by the U.S. Supreme Court in the SEC v. W.J. case.

Hogan further argues that all of the “blue sky” cases, which the Howey case relies on for defining an “investment contract,” involved some form of a contract regarding the investment.

Related: Ripple CEO: XRP lawsuit resolved by June, SEC conduct ‘embarrassing’

“Indeed, how can a person ‘reasonably rely’ on an offeror to make them a profit when they have zero legal recourse when that offeror fails to come through?” he said.

“They cannot. Even the oft-quoted four-part test implies that a ‘contract’ of some sort is required.”

Hogan says the crux of the issue is not whether Ripple used money from the sale of XRP to fund its business, but if the SEC has proven that there was either an implied or explicit “contract” between Ripple and XRP purchasers relating to their “investment.”

“There was no such contract,” Hogan claimed.

Magazine: Bitcoin in Senegal: Why is this African country using BTC?

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ETH price set for more gains versus Bitcoin in April

Ether (ETH) dropped by over 7.5% in its Bitcoin (BTC) pair in 2023. But ETH/BTC may wipe its year-to-date losses entirely in April, as Ethereum’s long-awaited Shanghai hard fork is just days away.

The upgrade is set for April 12, enabling Ethereum stakers to withdraw around 1.1 billion ETH in rewards — worth over $2 billion as of April 8.

ETH price undergoes key technical bounce

Many experts see the hard fork as bullish for Ether in the long term. For instance, the Shanghai buzz has helped Ether outperform Bitcoin in April.

As a result, the ETH/BTC pair has risen by about 4.75% month-to-date to reach 0.066 BTC as of April 8, a nearly 8% rebound since March 20.

The bounce was largely expected, particularly as ETH/BTC dropped to its historical ascending trendline support. Now, the upside move raises the prospects of an extended bullish retracement toward its descending trendline resistance, marked as a “sell zone” in the chart below.

ETH/BTC three-day price chart. Source: TradingView

The fractal-based outlook puts Ether on target for 0.075 BTC by June, up 10% versus current price levels. Meanwhile, the pair’s upside target for April appears to be its 50–3D exponential moving average (50–3D EMA; the red wave) near 0.069 BTC.

Conversely, a decisive close below the 200–3D EMA (the blue wave) near 0.066 BTC, coinciding support/resistance level near 0.067 BTC, risks delaying or — in the worst case scenario — invalidating the bullish retracement setup.

This bearish argument echoes independent market analyst CrediBULL Crypto who expects strong selling pressure near the 0.067 BTC resistance level that would lead to a 50% drop in 2023.

Ethereum vs. U.S. dollar outlook

The ETH/USD pair has rallied by more than 50% in 2023, primarily due to similar uptrends elsewhere in the crypto market.

A weakening dollar, lower U.S. Treasury yields and expectations of a Federal Reserve pivot on interest rate hikes have helped cryptocurrencies rise across the board in Q1. These catalysts will likely remain in the spotlight until May’s Federal Open Market Committee meeting.

Shanghai bringing the first greenshoots of #AltcoinSeason ?$ETH is perking up to an 8 month high as we approach one week until the Shanghai fork update @ 10:27:35 PM UTC on the 12th (Epoch #620,9536)

The rally has mostly been a Fed/USD rates story, causing BTC to lead the way.… pic.twitter.com/dI0bpywR16

— Rich Rosenblum (@Rich_GSR) April 4, 2023

As a result, Ether could sustain its yearly gains in April, consolidating inside the $1,800–2,000 range until the Fed decision.

Related: 3 key Ethereum price metrics cast doubt on the strength of ETH’s recent rally

Moreover, a decisive breakout at current levels could result in extended gains with a second-quarter ETH price target of over $3,000.

On the other hand, the bears will attempt to pull the price down for a close below $1,800, with the triangle’s lower trendline near $1,600 as its downside target.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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Bitcoin continues to shine with 98% of inflows into crypto investment products

On April 11, European cryptocurrency investment firm CoinShares published its latest “Digital Asset Fund Flows Report,” revealing that digital asset investment products experienced positive sentiment, with inflows totaling $57 million last week, bringing them back to a net positive position year-to-date. However, despite this, “volumes were low at $970 million for the week.” The global Bitcoin (BTC) exchange market also saw low volumes, ”just 25% of the year-to-date average at $18 billion for the week.”

Weekly crypto asset flows in millions (U.S. dollars). Source: CoinShares

According to the report, inflows were primarily driven by investors in the United States, with $27 million in inflows. Germany, Switzerland and Canada also saw positive sentiment, with inflows totaling $17 million, $13 million and $2.2 million, respectively, indicating a broad-based increase in confidence toward digital assets.

Investors primarily focused on Bitcoin, which received $56 million in inflows, accounting for 98% of all inflows. Meanwhile, short-Bitcoin suffered minor outflows totaling $0.6 million. In contrast, altcoins — including Uniswap’s UNI (UNI), Polkadot’s DOT (DOT) and Polygon’s MATIC (MATIC) — saw minor inflows of less than $1 million each.

The report also notes that despite the Ethereum network’s Shapella upgrade scheduled for April 12, Ether (ETH) inflows were relatively minor at $600,000, suggesting that perhaps investors are cautious about investing in ETH until they are more confident about the impact of the upgrade. Additionally, blockchain equities saw minor inflows totaling $2.1 million, indicating a relatively quiet week for the market segment.

Related: Ethereum price retests key support level that preceded 60% gains in June 2022

Overall, the positive sentiment in the digital asset market last week — despite low volumes — indicates that investors remain bullish on the prospects of cryptocurrency. As previously reported by Cointelegraph, Bitcoin has reclaimed $30,000, its highest price since June 2022. Over the last 30 days, BTC recorded gains of nearly 46%, rising to its highest level in 10 months on April 11.

On April 5, American business intelligence firm MicroStrategy added another 1,045 BTC to its growing crypto treasury, for approximately $29.3 million at an average price of $28,016 per BTC. Saylor has been a prominent Bitcoin proponent, urging businesses to incorporate the leading cryptocurrency into their strategic asset allocation. He has consistently emphasized his belief that Bitcoin is the most dependable, secure store of value available in the current market and presents a distinctive avenue for enterprises to safeguard their assets against inflation.

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UK uses Love Island star to warn influencers on crypto and investment schemes

The financial and advertising regulators of the United Kingdom have teamed up to send a warning to social media “influencers” telling them to stop promoting illegal “get rich quick” schemes or face law enforcement.

The Financial Conduct Authority (FCA) and the Advertising Standards Authority (ACA) made reference to cryptocurrencies and nonfungible tokens in their April 6 statement, which laid out a seven-part checklist to ensure that influencers stay within the bounds of the law.

The checklist asks influencers to consider whether they’re the “right person” to be promoting the financial product and states that their followers may “lose all their money” from the investment. It also states:

“Don’t suggest to your followers that cryptoassets would be an easy investment decision or create any sense of urgency or FOMO.”

A seven-part checklist aims to provide “influencers” with more clarity over what may constitute an illegal financial promotion. Source: FCA

In addition to conducting “due diligence,” social media influences should seek approval of the FCA and ensure that the advertisement is legal, truthful and properly labeled as an advertisement under ASA rules.

The FCA and ACA strongly advised that influencers check ScamSmart to ensure that they’re not promoting an investment scam. “If in doubt, don’t promote”, the checklist’s slogan states.

It is a crime to unlawfully promote financial products or services which carries a maximum sentence of two years’ imprisonment and an unlimited fine:

“If your post breaks the rules, the ASA will take action.”

Sarah Pritchard, the FCA’s executive director, explained that there has been a spike in illegal financial promotions of late.

“They are often doing this without knowledge of the rules and without understanding of the harm they could cause their followers,” she added.

We’ve partnered with @ASA_UK and @SharonNJGaffka to help educate social media #influencers about the risks involved in promoting #financial products. https://t.co/IwQkcc90a9

— Financial Conduct Authority (@TheFCA) April 6, 2023

The FCA and ASA partnered with former U.K. Love Island contestant Sharon Gaffka to emphasize the risks that come with lucrative marketing schemes.

The FCA will also host an “open roundtable discussion” with influencer agents and the Influencer Marketing Trade Body in the coming months.

Related: Celebs who got burned endorsing crypto and those that got away with it

Across the channel, France is edging closer to banning French social media influencers from promoting cryptocurrencies and NFTs from unlicensed firms after the National Assembly’s economic committee voted in favor of an amendment proposal on March 23.

If passed, the new law would add crypto assets to a list of prohibited products, such as gambling and pharmaceuticals, that cannot be promoted by influencers.

Those found to violate the incoming law may also be subject to two years’ imprisonment with a fine of 30,000 Euros ($32,300).

Reality TV star Kim Kardashian, boxing legend Floyd Mayweather and internet celebrity Jake Paul are some of the most notable figures to have found themselves embroiled in allegedly promoting crypto investment schemes.

Magazine: Crypto Twitter Hall of Flame: Lark Davis on fighting social media storms, and why he’s an ETH bull: Hall of Flame

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Brooklyn court charges former banker for allegedly defrauding crypto investors

The federal court in Brooklyn, New York, charged a former investment banker and registered broker for allegedly defrauding numerous investors by promising profits on fake cryptocurrency investments and misappropriating the funds received to finance his lifestyle.

Documents with the court claim the defendant, Rashawn Russell, misused the growing interest in crypto investments to mislead investors. Russell convinced multiple investors to reinvest their fiat savings into cryptocurrencies, often promising significant or “guaranteed” returns. However, it is alleged that Russell misappropriated the investors’ money to fund his personal lifestyle.

Breon Peace, United States attorney for the Eastern District of New York, revealed the court’s intent to pursue the case against the former banker:

“As alleged, Russell turned the demand for cryptocurrency investments into a scheme to defraud numerous investors in order to fund his lifestyle. This Office will continue to aggressively pursue fraudsters perpetrating these schemes against investors in the digital asset markets.”

After convincing investors about the fake cryptocurrency investment scheme based on his credibility as a former investment banker and a registered broker with the Financial Industry Regulatory Authority, Russell allegedly used their money to gamble and repay other investors.

According to the information shared by the U.S. Department of Justice (DOJ), Russell fabricated documents to mislead unwary investors about the status of their crypto investments. The forgery involved altering an image of a bank’s website to depict fake balances and bank wire transfer confirmations.

If convicted, Russell could face a maximum of 20 years in prison. The DOJ also requested other investors to reach out if they suspect themselves of falling victim to the alleged crime.

Related: Bitcoin tops Donald Trump, guns in America: Google Trends

On April 6, the Washington State Department of Financial Institutions issued a consumer protection alert against the crypto exchange Eucoinotrade.

According to the report, Eucoinotrade facilitated an “advanced fee fraud” wherein users were asked to pay up for upgrading accounts and withdrawing funds. While users faced no problems depositing money, they encountered problems when trying to cash out.

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Policymakers Didn’t Regulate Crypto ‘Because They Thought It Would Essentially Die’: Barclays Head of Digital Policy

The latest uptick in regulatory action around the globe may be due to policymakers finally waking up to cryptocurrencies.

On a recent panel at the Citi Digital Money Symposium in London, which touched on crypto regulations in the United Kingdom, Europe, and the United States, Barclays head of digital policy Nicole Sandler argued that the apparent late arrival from policymakers was actually intentional.

“I think one thing certain policymakers have said is that they left this market to do what it wanted to do because they thought it would essentially die,” she said. “And it hasn’t died, it’s grown, it’s grown, it’s grown.”

Drawing from her experience in 2016, when she discussed a legal framework around digital assets with the European Commission, Sandler argued that the space may have been nascent then, but it certainly isn’t now — and again repeated that its nascence wasn’t why regulators stayed away until recently.

“It wasn’t that it was nascent and they couldn’t regulate it, it was a choice to see where the market went,” she said. “And now they know that they have to regulate it. But the problem is regulation takes a long time from start to finish.”

Crypto regulations in the US

The regulatory crackdown has been especially fierce in the United States.

Following the collapse of Sam Bankman-Fried’s FTX empire in November, the Securities and Exchange Commission (SEC) has taken swift and decisive action. After charging Bankman-Fried, the SEC also charged the crypto exchange’s co-lead engineer Nishad Singh with defrauding investors.

Still, insisted Sandler, the FTX collapse had “nothing to do with the technology.”

And though regulations would’ve certainly helped, the exchange’s downfall revolved primarily around a “bad actor,” she said, adding that the firm’s terms and conditions “didn’t say you can take your client funds and use it for something other than what they’ve said.”

The Commission has also gone after other crypto firms for different reasons. On March 22, the SEC issued Coinbase with a Wells Notice, informing the California-based exchange that it would be pursuing enforcement action against the company. The notice alleged that Coinbase’s staking products constituted unregistered securities.

A source close to the matter told Decrypt that Coinbase leadership is frustrated that the SEC allowed American investors to participate in crypto for years before “suddenly deciding to pull the rug out.”

The crypto community has been up in arms over the matter, taking aim at the SEC chair in particular.

“People don’t like Gary Gensler, who’s the chair of the SEC, in the crypto space,” said fellow panelist Ijeoma Okoli. “But if people think back to about ten years ago, in the aftermath of the financial crisis, when the same man was the chair of the CFTC, the vast majority of the derivatives sector–the global derivatives sector–hated him. So it’s not that he’s picking on crypto, this is just his M.O.”

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Dfinity Foundation Launches Chain-Key Bitcoin, a Native Internet Computer BTC Derivative Token — Altcoins Bitcoin News

On April 3, 2023, the Dfinity Foundation, a development team behind the Internet Computer (ICP) network, announced the launch of a native ICP token called “chain-key bitcoin” or “ckBTC.” The bitcoin derivative is backed 1:1 with the leading cryptocurrency asset. On Monday, Dfinity detailed that the technology “builds on the protocol-level integration with the Bitcoin network.”

Breaking Away from Custodians and Bridges: The Benefits of Chain-Key Bitcoin’s Smart Contract-Based System

On Twitter, the Dfinity Foundation announced the full release of chain-key bitcoin, also known as ckBTC. “Proposals 115468, 115470 & 115473 have been adopted with flying colors,” the team explained. “Many thanks to all the [ICP] people who voted manually to make this happen.” According to a blog post, ckBTC is backed 1:1 with bitcoin (BTC), and the system operates with “centralized custodians, no bridges, and no traditional cloud providers.”

The ICP-based bitcoin derivative is considered a “significant breakthrough in blockchain interoperability,” and the technology is integrated with Bitcoin at the protocol level, according to the Dfinity blog post. The ckBTC system uses vaults called canisters, which work with a smart contract instead of relying on a custodian or bridge. Essentially, to obtain ckBTC, a person needs to deposit BTC in exchange for the ICP token, and withdrawals work the same way when ckBTC is redeemed for real bitcoin.

“Any canister can submit Bitcoin transactions to the Bitcoin network through ICP nodes, thanks to the direct protocol-level integration,” Dfinity explains. The company insists that the technology has significant potential and can add to new use cases.

“[Native cross-chain technology] has the potential to enable new cross-chain capabilities and unleash a plethora of 100% on-chain services, such as multi-token transactions or multi-token wallet systems, which would greatly streamline the crypto user experience,” notes Dfinity’s blog post.

The announcement further details that several ICP-based decentralized applications (dapps), including Openchat, Iclighthouse, Plethora Game, and Distrikt App, already support ckBTC. While many blockchains have bitcoin derivative tokens, most rely on bridges or custodians. For example, the largest bitcoin derivative WBTC leverages the custodian Bitgo for minting and redemption purposes.

Tags in this story

Bitcoin, BitGo, Blockchain, Blockchain network, blockchain technology, Bridges, Chain-Key Bitcoin, ckBTC, cross-chain technology, Crypto, Cryptocurrency, custodians, decentralized applications, decentralized finance, DEX, dfinity, Dfinity Foundation, Digital Assets, Digital Currency, Distrikt App, Iclighthouse, ICP, ICP nodes, ICP-based, interoperability, multi-token transactions, multi-token wallet systems, on-chain services, Openchat, Plethora Game, protocol-level integration, Smart Contracts, tokenization, Virtual Currency, WBTC

What potential do you see in the native cross-chain technology behind ckBTC, and how do you think it will impact the future of blockchain interoperability? Share your thoughts about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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How One Tweet Triggered $50 Million in Liquidations: Challenges in Crypto Journalism

Last month’s run on Silicon Valley Bank (SVB) was the result not only of a colossal failure on the part of regulators, but of Twitter rumors. The suddenness of SVB’s fall proves that rumors spread online faster than breaking news.

The Twitter hysteria that brought people to SVB’s doors led many to their crypto exchange accounts Monday morning. The reason? A Twitter user predicted that a red notice would go out on Binance’s CZ. A hard sell ensued, leading to a 3% drop in the value of Binance’s native token, BNB.

Crystal Balls

Predictions are a huge part of crypto culture. End-of-year Twitter spaces, tweets and tweet threads, are all ways traders and creators connect online. In fact, the tweet in question utilized a simple but technically nuanced prediction mechanism usually used to timestamp predictions without revealing what the actual prediction is.

Ironically, a mechanism designed to limit the spread of unverified information became the very catalyst for a misinformation event.

Individuals can formulate predictions and encrypt them using a hash function, in this case SHA256. Then they can share the hash in a tweet. If a prediction comes true, then whoever shared the tweet can show the input text along with the correct hash. If the prediction is wrong, that person can delete the tweet and pretend nothing happened.

Blockchain technology uses hashing as its encryption mechanism, and so it is fitting that hashing became a part of predictions. It is also fitting that an industry built on the gamification of simple things (NFTs, roadmaps for PFPs, etc.) would find a way to gamify hash predictions.

What led to the frenzy on Twitter was that the hash prediction in question was in simple enough language that it could be decoded with a fast computer. Thus, the “prediction” got out, and the internet went wild.

Bad Actors?

Cobie hosts the podcast UpOnly, which features a quote from a critic calling it “childish, unprofessional and bizarre.” He is the original source of the hash tweet that sent Binance into a mini spiral.

The difficulty with predictions is weeding through the genuine posts and opinions and the jokes. Another part of crypto culture is “shit posting,” an activity that Cobie acknowledges is the point of his Twitter account.

The problem here isn’t that rumors exist and that they spread like wildfire on the internet. That much is obvious and has been for decades. The problem is that internet literacy has yet to catch up with the primary news source of our times.

According to Statista, 37% of Americans use social media as their number one source for reading the news. The niche aspect of crypto, and the industry’s preference for a decentralized, uncensored Twitter conversation over legacy outlets (which usually get their leads and sources from Twitter anyway), compound this relationship.

Considering the millions of people duped by the image of the Pope in a designer coat that was a creation of AI, not to mention the rumor that led to $50 million of liquidations on Binance, it will take work to teach people how to vet information on the internet.

In the meantime, it is up to journalists to reach out to sources for clarification instead of lazily quoting tweets. And to look up information outside of Twitter, make sure there is a basis for claims they are reporting on, and use Twitter to share their findings, not to find their leads.

Disclaimer

Following the Trust Project guidelines, this feature article presents opinions and perspectives from industry experts or individuals. BeInCrypto is dedicated to transparent reporting, but the views expressed in this article do not necessarily reflect those of BeInCrypto or its staff. Readers should verify information independently and consult with a professional before making decisions based on this content.

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Crypto users react to Satoshi Nakamoto’s 48th birthday

The legendary creator of Bitcoin, Satoshi Nakamoto, turned 48 years old today, at least according to information provided to the global network P2P Foundation when they registered.

Though the identity of the Bitcoin (BTC) creator and thus their birthday remains unknown to the public, crypto enthusiasts took note of when Satoshi’s age increased by one year on their P2P Foundation profile — suggesting a birthday of April 5, 1975. Crypto users have suggested that the date — since Satoshi may represent a group of people rather than an individual — may come from a day in 1933 when United States President Franklin Delano Roosevelt started taking the country off the gold standard, issuing an executive order for all U.S. citizens to return gold coins and gold certificates worth more than $100 to the Federal Reserve.

Screenshot of Satoshi Nakamoto’s profile page on P2P Foundation — April 5, 2023.

Speculating as to the true identity of the person or persons who helped create the original cryptocurrency has been a popular pastime among many users on social media and in online forums. Among the names proposed are ​​computer scientist and Bit Gold creator Nick Szabo, early BTC contributor Hal Finney — who regrettably passed in 2014 — cryptographer Adam Back, and Japanese-American engineer and physicist Dorian Nakamoto.

Fun Fact: Today, April 5th, is Satoshi Nakamoto’s birthday

Background: US gov’t banned individual gold storage on April 5, 1933, to prop up the US dollar. Satoshi chose this controversial date as his birthday on the P2P Foundation Forum website

Happy birthday,Satoshi Nakamoto pic.twitter.com/GbDM9zjImS

— Lugano Plan ₿ (@LuganoPlanB) April 5, 2023

Though Satoshi’s face remains unknown, members of the crypto space continue to honor them using their likeness in other ways. A bronze depiction of the Bitcoin creator went on display for visitors of Graphisoft Park in Budapest in 2021, and many people pitch Satoshi as a recipient for the Nobel Memorial Prize in Economic Sciences every year.

Related: Could Bitcoin have launched in the 1990s — Or was it waiting for Satoshi?

Other notable dates for BTC fans include the publication of the Bitcoin white paper on Oct. 31, 2008, as well as Bitcoin Genesis Day on Jan. 3, 2009, marking the time Satoshi mined the first BTC block leading to the minting of the first coins. There are many more to come: the next Bitcoin halving expected in 2024 along with the mining of the 21 millionth coin.

At the time of publication, the price of Bitcoin was $28,296, having risen more than 26% in the last 30 days.

Magazine: Satoshi may have needed an alias, but can we say the same?

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Crypto market momentum stalls as traders await the results of recent regulatory actions

Cryptocurrency markets have been trading within an unusually tight 5% range since March 17 as conflicting forces continue to pressure the sector. Consequently, in the past 7 days, the total market capitalization gained 3.8%, which was driven mainly by Bitcoin’s (BTC) 3.6% price increase and Ether’s (ETH) 5% gain.

Total crypto market cap in USD, 12-hour. Source: TradingView

On March 27, the Commodity Futures Trading Commission sued Binance and Changpeng “CZ” Zhao for allegedly violating trading and derivatives rules, heightening regulatory uncertainty. According to the lawsuit, Binance provided access to leverage for customers trading on the spot and futures markets.

The announcement came just five days after Coinbase received a Wells Notice from the U.S. Securities and Exchange Commission (SEC), which could target the exchange’s staking program, listed digital assets, wallet and Coinbase Prime services.

Similar actions occurred outside the U.S., after Japan’s Financial Services Agency (FSA) March 31 announcement that several foreign cryptocurrency exchanges, including Binance, Bybit, MEXC Global and Bitget had been operating in the country without proper registration, in violation of the country’s laws.

The lateralization trend that began in mid-March has repeatedly tested the crypto market’s $1.14 trillion market capitalization support. The movement suggests that investors are hesitant to place new bets until more information on the lawsuits against Binance and Coinbase is available.

Risk markets benefited from the inflationary pressure

The global banking crisis forced the Federal Reserve to use two different emergency lending programs. As a result, the Swiss National Bank provided more than $100 billion in liquidity to absorb the impact of Credit Suisse and its subsequent sale to UBS. Stocks and commodities have benefited as traditional finance investors seek alternatives to protect against inflation.

Stocks and commodities have benefited as traditional finance investors seek alternatives to protect against inflation. Since March 15, the S&P 500 index has risen 6.6%, gold has risen 4.6%, and oil prices have gained 18.6%. As a result, there are compelling arguments for both an upward and downward trend within the lateral channel which currently limits crypto’s total capitalization at $1.2 trillion.

Derivatives show mixed trends, but no use of excessive leverage

Perpetual contracts, also known as inverse swaps, have an embedded rate that is usually charged every eight hours. Exchanges use this fee to avoid exchange risk imbalances.

A positive funding rate indicates that longs (buyers) demand more leverage. However, the opposite situation occurs when shorts (sellers) require additional leverage, causing the funding rate to turn negative.

The seven-day funding rate for Bitcoin and Ether was neutral, indicating balanced demand from leverage longs (buyers) and shorts (sellers) using perpetual futures contracts.

Traders can gauge the market’s sentiment by measuring whether more activity is going through call (buy) options or put (sell) options. Generally speaking, call options are used for bullish strategies, whereas put options are for bearish ones.

A 0.70 put-to-call ratio indicates that put options open interest lags the more bullish calls and is, therefore, bullish. In contrast, a 1.40 indicator favors put options, which can be deemed bearish.

The put-to-call ratio for Bitcoin options volume increased to its highest level since March 9, indicating an excess of demand for neutral-to-bearish puts. This is the inverse of what happened on April 1, when call options were in higher demand.

Related: Unwinding the hyperbole: Are US-based crypto firms really being ‘choked’?

Traders are pricing low odds of a break above $1.2 trillion

The market is pricing higher odds of downside in the derivatives market. However, given the balanced demand on futures markets, traders are hesitant to place additional bets until regulators’ actions are clearer. It is unclear whether the total market capitalization will be able to break through the $1.2 trillion barrier, but professional traders are not currently betting on it.

From a derivatives market perspective, traders are pricing higher odds of downside. However, considering the balanced demand on futures markets, investors are uncomfortable placing further bets until there’s a clearer picture of regulators’ actions.

Uncertainty exists as to whether the total market capitalization will be able to surpass the $1.2 trillion barrier, but professional traders are currently not betting on this outcome.

The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

[cryptonews111]

Tax Benefits for Bitcoin Businesses in Belarus Extended Until 2025 — Taxes Bitcoin News

Tax exemptions for companies and individuals legally working with cryptocurrencies in Belarus will remain in place until Jan. 1, 2025. A new presidential decree extends the tax cuts introduced in 2018 when the executive power in Minsk legalized crypto activities such as mining and trading.

Belarus to Maintain Its Crypto-Friendly Tax Regime for Another 2 Years

President of Belarus Alexander Lukashenko has approved the extension of the tax preferences provided to crypto companies registered in the country and people involved in the industry. On Tuesday, the Belarusian leader signed Decree №80 “On Certain Issues of Taxation.”

The document prolongs the tax breaks that were introduced with Lukashenko’s Decree №8 “On the Development of the Digital Economy” of Dec. 21, 2017. The latter legalized a number of crypto-related activities in the country when it went into force on March 28, 2018.

The regulations, including the tax benefits, apply only to residents of the Belarus High-Tech Park (HTP). Its special legal regime permits the issuance and circulation of cryptocurrencies and tokens and the Belarusian authorities now seek to ensure its development.

Under Lukashenko’s latest decree, the turnover and profit of such entities will not be subject to value-added tax (VAT) and profit tax until Jan. 1, 2025. Individuals will be also relieved from income tax during the same period, for income received from mining, acquisition, exchange, or sale of crypto assets for fiat currencies.

The president has also ordered the Administration of the HTP to produce a concept for the further development of the crypto sphere in Belarus by July 2024, working with interested parties. The decree enters into force with its publication but covers the first months of the year, too, as the tax exemptions expired on Jan. 1, 2023.

While supporting regulated crypto businesses, the Belarusian government has been going after unauthorized undertakings. In August 2022, law enforcement officials in Minsk issued an international arrest warrant for the owner of the country’s largest unlicensed crypto exchanger, Bitok.me. And in January of this year, a Belarusian citizen was fined $1 million for illegal crypto trading.

Tags in this story

Belarus, belarusian, Crypto, Cryptocurrencies, Cryptocurrency, Decree, extension, htp, Lukashenko, Minsk, President, Regulation, Regulations, Tax, tax benefits, tax cuts, tax exemptions, Taxation, Taxes

Do you think Belarus will extend the tax exemptions again in 2025? Share your expectations in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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Denmark to Start Taxing Bitcoin Profits, Rules the Supreme Court

The Supreme Court of Denmark ruled that people should be subject to taxation when generating profits by selling bitcoin.

The legislation will apply to both investors and miners.

The Court’s Decision

Højesteret — the third and final instance in all civil and criminal cases in the Kingdom of Denmark — announced on March 30 that investors who made any profits when selling bitcoin holdings will have to pay taxes.

The magistrates claimed that people buy BTC, hoping to sell it at a higher price “for the purpose of speculation.” Therefore, according to local law, such transactions should not be classified as tax-free.

“The Supreme Court assumes that bitcoins are generally only acquired with a view to being sold and, to a limited extent, to be used as a means of payment.”

Højesteret’s officials further determined that individuals who accumulated their bitcoin stash via cryptocurrency mining and later sold those possessions for a profit must also abide by taxation rules.

Denmark is certainly not a tax haven and is known for its harsh policies. Investors whose profits do not exceed 58,900 DKK (approximately $8,630) are slammed with a 27% taxation rate on their capital gains, while those who earned more are required to pay a 42% cut.

The Central Bank is not Fond of BTC

Lars Rohde — the Governor of Danmarks Nationalbank (the central bank of Denmark) — is not keen on the primary cryptocurrency.

He outlined its infamous volatility and lack of centralization in May 2021, adding that he is “tempered to ignore” BTC and the entire digital asset market.

“It’s a very speculative asset at best. There is no stability and no guarantee from any side about the value of cryptocurrencies,” Rohde said.

Many of his colleagues, including Andrew Bailey (the Governor of the Bank of England) and Christine Lagarde (President of the European Central Bank), are also against the asset class. The former has previously warned investors to be utterly careful when entering the market as they could lose all their money.

“They have no intrinsic value. That doesn’t mean to say people don’t put value on them, because they can have extrinsic value,” he added in his bashing manifest.

Lagarde has argued that cryptocurrencies are “worth nothing” and “based on nothing.” In her view, dealing with them could result in substantial losses since the sector lacks appropriate rules.

On the other hand, the French politician is a huge proponent of CBDCs, believing they will be much different than bitcoin and could offer benefits to the financial system:

“The day when we have the central bank digital currency out, any digital euro, I will guarantee — so the central bank will be behind it, and I think it’s vastly different than many of those things.”

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Avalanche Price Prediction Positive, But Is Metacade’s Crypto Presale a Better Investment?

On the lookout for some crypto gains in 2023? Avalanche has been attracting plenty of attention in recent weeks, but more savvy investors are turning to Metacade’s crypto presale instead. In this article, you’ll learn where experts are placing their Avalanche price predictions for 2023 and why investors are flocking to Metacade for a chance to reap significant rewards.

Avalanche (AVAX) Is a Strong Ethereum Competitor

Avalanche is a leading layer-1 network that aims to rival the leading smart-contract blockchain, Ethereum, promising high throughput and lightning-fast transaction speeds. It aims to be the go-to solution for dApps and DeFi protocols, using its innovative Avalanche consensus mechanism. This allows Avalanche to process up to 6,500 transactions per second (TPS), but in theory, it can scale up to millions of TPS using subnets.

AVAX, Avalanche’s native token, plays a crucial role in securing the network, staking, and rewarding validators. Avalanche’s staking rewards, for example, currently run as high as 8.96% (Staking Rewards), which has helped to attract thousands of users to its network.

A recent Messari report has demonstrated this fact. It states that Avalanche’s daily transactions grew by 85% in Q4 2022, while average transaction costs fell a whopping 26.8% from Q3 to Q4, costing just $0.10 per transaction. This is a fraction of Ethereum’s and has helped to push Avalanche price predictions higher for the rest of 2023.

Avalanche (AVAX) Price Prediction

While many Avalanche price predictions for 2023 originally saw it breaking beyond the $30 barrier, around double its current price of $15.70, analysts have begun to project that AVAX investors may be in for much higher gains. Several Avalanche price predictions now sit at $56 for the end of the year, while some even think it could challenge its 2022 high of approximately $103.

This target is ambitious but certainly achievable. If these Avalanche price predictions prove correct, then today’s investors could be up 550%+.

Metacade (MCADE) Rages in Presale

Despite Avalanche’s bullish price forecasts, many investors have chosen to invest in Metacade’s ongoing presale. This comes after significant FOMO in anticipation of multiple big-name exchange listings once the MCADE crypto presale comes to an end.

But why exactly are investors so hyped about Metacade? Metacade is a community-based platform that aims to reach household status amongst play-to-earn (P2E) gamers with its outstanding features. Metacade will offer real-time interaction with like-minded gamers and crypto enthusiasts alongside spaces for discovering world-beating GameFi alpha, a scheme that rewards users for contributing to the platform, and even an entire virtual arcade.

All of these features have captured the attention of the broader crypto and gaming communities. One, in particular, has led to some calling Metacade one of the most promising crypto presales of 2023. Called Metagrant, this program will offer game developers a chance to get their big break and could potentially propel Metacade to mainstream stardom.

The process is simple: developers submit their game proposals to one of the Metagrant competitions for MCADE holders to vote on. The idea that wins over the most users is awarded funding from the Metacade treasury alongside the support of a loyal fanbase. These developers can even gather feedback on their games from its most avid fans using Metacade’s native testing environment and host the final game in its virtual arcade for anyone to play.

Other features, like a job board and decentralized autonomous organization (DAO), both launching in 2024, have resonated with investors eager to invest in a decentralized platform that delivers maximum value to its users. Metacade’s potential to benefit significantly from the network effect and blow up virtually overnight has led to investors flooding into the MCADE presale, which has currently reached $14.8m in its final stage.

Metacade (MCADE) Price Prediction

As a result, many experts have been exceptionally bullish on MCADE following its phenomenal crypto presale performance. While the token will finish presale at $0.02, many Metacade price predictions see it climbing to $0.20 before the year finishes.

Several analysts even think MCADE could reach $0.50 as the P2E market accelerates and more players look for a decentralized community space. In this scenario, investors that jump aboard the current and final stage of the MCADE crypto presale could net returns of 2,400% — far surpassing anything AVAX investors could hope to achieve in 2023.

Metacade (MCADE) Seems Like the Better Investment

While Avalanche boasts impressive growth and price predictions, it’s hard to ignore the overwhelming potential of Metacade’s crypto presale. With a host of exciting features, especially the groundbreaking Metagrant program, Metacade is positioning itself to become a leader in the P2E space.

Now is the time to seize the opportunity and pick up some MCADE tokens before they hit exchanges and potentially blast off into the stratosphere. Don’t miss out — it could be one of the best-returning tokens of 2023!

You can participate in the Metacade final stage presale here.

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How Likely is Bitcoin to Reach $1 Million in the Next Cycle?

There’s been a lot of talk about Bitcoin’s potential to one day reach $1 million per coin — possibly within the next few years.

But is that a reasonable assumption? Here are the data points to consider when assessing Bitcoin’s likelihood of reaching seven figures.

The Halving Cycle

Bitcoin’s monetary issuance schedule is designed to cut the rate of newly issued coins every 210,000 blocks — roughly once every 4 years. These “halvings” are known to be a major catalyst for Bitcoin bull markets, and have thus far unfailingly sent the asset to new all-time highs within two years of their arrival.

Historically, Bitcoin halving cycles peak within 368 to 550 days after the halving, and bottom within 779 to 914 days. Crypto analyst filbfilb on Twitter uses those tops and bottoms to form a “Bitcoin price curve” from which new cycle tops and bottoms can be roughly approximated.

Going by the curve, the analyst projects new tops of over $200,000 per coin in 2025, and $500,000 per coin in 2029.

6/22

Assuming Bitcoin Peaks and troughs in a similar fashion to before; here is the key outcomes for the next two cycles based off this model.

>$200k 2025, and $500k in 2029. pic.twitter.com/7MonZKY3PS

— filbfilb (@filbfilb) March 28, 2023

As for the reasonability that Bitcoin could be valued that highly, he noted that the asset could be viewed by markets as a “flight to safety” asset, such as when it appreciated following the collapse of Silicon Valley Bank and Silvergate Bank this month.

“Wealth is mid-transfer from the Boomer generation to the Millennials, who will look to protect their assets like all other generations,” he wrote. “They are likely to do this via means they are familiar with — i.e. digital means.”

Bitcoin VS Gold

The analyst also compared Bitcoin to gold — a historical safe-haven asset that currently has an estimated market cap of roughly $13 trillion. Bitcoin and gold are often noted for their similarities in being forms of fixed-supply money that can be used to escape currency devaluation. Both have shown signs of growth this year as the Federal Reserve announced plans to inject liquidity into the banking system.

Filbfilb noted that if Bitcoin were to entirely capture gold’s market cap, its price per coin would reach $670,000 — though gold is unlikely to be completely devalued.

“Over time, I suspect that two things will happen; a repricing of risk (and therefore the assets which represent risk-off) and a shift from physical to digital, in the same way, we have seen with everything else,” he concluded.

Wealthy tech investors Cathie Wood and Balaji Srinivasan have both predicted that Bitcoin can reach $1 million in recent months. The latter has claimed that this may occur in as quickly as 90 days, placing a $2 million bet that imminent hyperinflation will drive its price to the sky.

By contrast, Wood expects Bitcoin to reach that target by “no later than 2032” — which flibflib says is a “reasonable” assumption.

“I recently stated $180k is the target next cycle; I will stick to that for now,” he concluded.

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Top 5 Altcoins to Watch in April

Top 5 altcoins to watch in the crypto market in April 2023: Ethereum (ETH), PancakeSwap (CAKE) and iExec RLC (RLC) will launch network upgrades. EOS will finally release its Ethereum Virtual Machine (EVM), while IoTeX (IOTX) will undergo a hard fork.

Ethereum (ETH) Launches Shapella Upgrade

Price: $1,810 Market Cap: $221,518 billion Rank: #2

The Shapella network upgrade will activate on the Ethereum network at epoch 194048, which is scheduled on April 12. The upgrade will allow validators to withdraw their stake from the Beacon Chain back to the execution layer. This could cause a large number of ETH to become unstaked.

The Ethereum price movement looks decisively bullish. The price has increased rapidly since March 10 and reclaimed the $1,700 support area on March 17, successfully validating it as support 10 days later (green icon).

Moreover, the daily RSI broke out from its bearish divergence trend line and moved above 50.

If the increase continues, the ETH price could move toward $2,000. However, a close below $1,700 would invalidate the bullish structure and could cause a drop to the $1,450 support.

ETH/USD Daily Chart. Source: TradingView

PancakeSwap (CAKE) v3 Will Launch in April

Price: $3.69 Market Cap: $673 million Rank: #70

PancakeSwap v3 will launch in the first week of April. Early supporters will receive a share of the $135,000 airdrop that comes with it. V3 will offer better trading fees, yield farming and improved liquidity provisioning.

The CAKE price has traded inside a long-term symmetrical triangle since June 2022. The price is currently very close to the triangle’s support line.

Whether the utility token breaks out or down from it could determine the future trend in the crypto market. A breakdown would likely cause a drop to $3.20, while a breakout could cause an increase to $4.70.

EOS Altcoin Launches Ethereum Virtual Machine (EVM)

Price: $1.14 Market Cap: $1,244 billion Rank: #45

The EOS Ethereum Virtual Machine (EVM) will launch on April 14. It has been in the works for over a year, and will provide instant access to code libraries, and popular toolkits, ideally paving the road for rapid adoption. The EVM will boast more than 800 swaps per second, immediately becoming the most performant EVM available.

The EOS price still follows a descending resistance line in place since August 2022. If it breaks out, it could rapidly move to the next resistance at $1.50.

However, if the altcoin’s price gets rejected again, a drop to the short-term ascending support line at $0.96 could follow.

iExec RLC (RLC) Altcoin Launches v8 Upgrade

Price: $1.76 Market Cap: $142 million Rank: #188

RLC launched its v8 upgrade in the final week of March. The upgrade will be faster and massively scalable, allowing for heavy computation on large files.

The RLC price deviated below the $1.55 horizontal area on March 10 (green circle) but reclaimed it shortly afterward. This is a bullish sign that often precedes upward movements. If the current increase continues, the RLC price could move to the $2.55 resistance area.

However, if the crypto price closes below $1.55, it could fall to the ascending support line at $1.20.

Iotex (IOTX) Hard Fork Goes Live

Price: $0.025 Market Cap: $245 million Rank: #136

The IoTeX hard fork will go live on April 4. It will be activated at block height 22,991,401.

The IOTX price bounced at the $0.022 horizontal support area on March 10. It has increased since. If the upward movement continues, the price could increase to the long-term descending resistance line at $0.030.

However, if the digital currency closes below $0.022, it could decrease to a new all-time low.

For BeInCrypto’s latest crypto market analysis, click here.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.

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Australian senator introduces private bill to expedite crypto regulation

A new bill has been introduced to the Australian Parliament proposing regulations for providing cryptocurrency services in the country.

Senator Andrew Bragg submitted a private senators’ bill titled Digital Assets (Market Regulation) Bill 2023 to “protect consumers and promote investors,” which includes regulatory recommendations for stablecoins, licensing of exchanges and custody requirements.

Proposed regulatory changes are typically introduced by Australian ministers. However, as the Parliamentary Education Office stipulates, members of parliament can introduce private members’ or private senators’ bills, which can take months or years to pass through parliament.

Bragg provided further information for the submission of the private bill, hitting out at the current Labor government for not following through on 12 recommendations relating to cryptocurrency regulation introduced by the Senate Select Committee on Australia as a Technology and Financial Centre in October 2021.

The senator also added that Australian consumers had been left exposed to industry-wide events like the collapse of FTX by the inaction of the Australian government to provide regulatory clarity to the sector.

“Australia can be a digital asset hub whilst protecting digital asset consumers. But we must act now.”

The act aims to provide a regulatory framework for cryptocurrency exchanges, custody services and stablecoin issuers, which both protects consumers and promotes investment.

It also looks to provide guidelines for reporting information by authorized deposit-taking institutions for the issuance and control of a central bank digital currency.

Related: Australia introduces classification for crypto assets

If passed, the bill would require a person or business to hold a license granted by the Australian Securities and Investments Commission or a foreign license to operate a cryptocurrency exchange. This would also apply to cryptocurrency custody services and stablecoin issuers in Australia.

The bill also sets out various obligations and requirements for exchanges, custody services and stablecoin issuers. These range from capital or minimum reserve requirements, segregation of customer funds, reporting on customer holdings, auditing, assurance and disclosure arrangements.

Public consultation is currently ongoing in Australia over the classification of cryptocurrencies and various digital asset tokens, services and platforms. The “token mapping” consultation paper was released in February, outlining basic definitions for the cryptocurrency sector.

Magazine: Best and worst countries for crypto taxes — plus crypto tax tips

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XRP Price Prediction as XRP Becomes Best Performing Crypto Over the Last 7 Days — Is a New Bull Market Starting?

The XRP price has gained by 1% in the past 24 hours, with its move to $0.468157 making it the best-performing top-100 cryptocurrency within the past week.

XRP’s price has increased by an impressive 20% in the last seven days, as well as by 25% in the past fortnight, as the market comes to increasingly expect a positive resolution to the Ripple-SEC case.

With XRP’s 24-hour trading volume still elevated at just over $1.5 billion, it does indeed seem that interest in the coin remains very high, pointing to further gains in the near future.

This will certainly be the case if Ripple does indeed secure a positive outcome in its case, something which could send XRP beyond $1 and on course to recover its all-time high from 2018.

XRP Price Prediction as XRP Becomes Best Performing Crypto Over the Last 7 Days — Is a New Bull Market Starting?

XRP’s chart shows that it has plenty of momentum right now, yet encouragingly its technical indicators suggest that it can still rise further before becoming overbought.

Its relative strength index (purple) has begun rising again after dropping to 60 a couple of days ago, suggesting that another surge is in the works.

At the same time, XRP’s 30-day moving average (red) has begun climbing towards its 200-day average (blue), with a crossover likely to signal further movements upwards.

In terms of resistance levels, it’s likely that XRP could be in for a more sustained rally if it breaks the $0.475 level and stays above it.

Regardless, there’s little doubt that XRP will rise far beyond such a price if and when Ripple receives a favorable settlement or judgment in its case with the SEC.

A decision is likely due in the next few months, although certain high-profile observers of — and participants in — the case have even suggested that its conclusion could arrive as soon as this week.

At the very least, Ripple CEO Brad Garlinghouse has said on numerous occasions recently that he expects an end to the case this year and perhaps by the summer.

Most importantly, there remains a very credible chance of Ripple winning, in light of all the positive decisions and rulings in its favor it has been able to secure.

This includes the upholding of Ripple’s motion to exclude one of the SEC’s key expert witnesses, who had been called upon by the regulator to testify that XRP buyers had had a reasonable expectation of profit.

Other positive decisions include Ripple’s winning of access to important SEC emails related to a 2018 speech on whether cryptocurrencies are securities, and also the upholding of the company’s right to use a fair notice defense.

Such developments have all helped to create optimism within the XRP and wider cryptocurrency community, with many people expecting a decision soon.

And if this decision is positive, XRP’s rally of the past week will probably seem like small potatoes.

Having said all this, it needs to be pointed out that whales appear to be moving XRP to exchanges at the moment, as indicated by three whale alerts within the past 24 hours.

Because of this, we may actually see a dip in the short term, at least before a decision arrives in the case.

However, the longer-term picture looks much more positive, with a Ripple victory enabling the company to expand its business on a large scale.

Even with the case casting a shadow over this business for the past couple of years, XRP Ledger accounts have now risen to almost five million, up from two million back in February 2020.

In addition, Ripple’s latest financial report showed net sales of $226.31 million in the fourth quarter of 2022, with the company expanding its cross-border payments solution into France, Sweden and Africa in the same period.

This growth points to how much Ripple could prosper if it wins its case, while it also points to how much XRP could rise in price.

It’s arguably safe to say that it will sooner or later beat its all-time high of $3.40 in the event of a victory, while some bullish analysts have predicted double figures before the year ends.

Buy XRP Now

Is Now a Good Time to Buy XRP?

Given the gains of its past few days, XRP may potentially witness a little correction in the short term, although its indicators still look good.

As for the longer term, it may still take several months for a decision in the Ripple-SEC case to emerge, meaning that traders looking for big gains may prefer to look at other high-potential coins at the moment.

To this end, the Cryptonews Industry Talk team has assembled a selection of the top 15 cryptocurrencies to keep an eye on in 2023.

The list is updated weekly with new altcoins and ICO projects.

Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.