World Liberty Financial, a cryptocurrency initiative by the Trump family, launched its digital token on Monday, which reportedly added around $5 billion in paper wealth to the family’s fortune. The token, named $WLFI, experienced a drop in value on its opening day.
The global Liberty Token was introduced to investors following the Trump family’s partnership with business associates to create a decentralized finance platform last year, which issued Stablecoin intended to stabilize its price by pegging it to a specific asset.
Investors in the token will have the opportunity to vote in July to permit trading, which may enhance the value of the president’s assets.
According to World Liberty, early backers can liquidate up to 20% of their holdings. The token debuted trading above $0.30 on Monday, but its price subsequently declined to $0.20. Data from CoinMarketCap indicates that nearly $1 billion worth of tokens were exchanged within the first hour of trading.
This brings the token’s market capitalization to below $7 billion, classifying it as the 31st largest cryptocurrency in circulation, as per analytics from Coingecko.
Major global cryptocurrency exchanges such as Binance, OKX, and Bybit are listing $WLFI tokens on their platforms.
Since the inception of World Liberty last year, the Trump family is reported to have earned approximately $500 million from the venture, according to calculations by Reuters, which are based on contract terms, transactional data from crypto analysis firms, and publicly available records.
Holding around 25% of the global Liberty tokens has reportedly contributed about $5 billion to the Trump family’s wealth, as noted by the Wall Street Journal. World Liberty states that Trump himself possesses an unspecified amount, referred to on the company’s site as “co-founder honor,” but, like other team members, including his son, he is prohibited from selling them. Trump utilized the Oval Office to advocate for U.S. regulations favorable to the industry.
On the initial sale, the tokens were non-tradable. Instead, they granted holders voting rights for various business modifications, including adjustments to the underlying code. Early investors highlight that the primary allure of $WLFI lies in its association with Trump, fostering expectations that its value will appreciate through his endorsement.
Making the tokens tradable allows investors to set prices, speculate effectively, accrue trading fees for exchanges that list them, and draw the interest of a broader spectrum of cryptocurrency investors compared to when they were solely personally accessible.
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World Liberty and other Trump-backed cryptocurrency endeavors exemplify a significant conflict of interest as the president revises regulatory frameworks governing digital currency, which has drawn criticism from Democrats and ethics experts regarding Trump’s involvement in cryptocurrency enterprises.
The White House has consistently asserted that Trump’s assets are managed through a trust, claiming there is no conflict of interest.
MIles, a 37-year-old NHS doctor from London, has been trying to convince friends to buy cryptocurrencies for years. In recent weeks, the “Trump pump” on crypto prices has made them envious. “They watched in frustration as my gamble paid off,” he says.
Despite cashing out around £600,000 to buy a house earlier this year, Miles’ crypto portfolio is now worth £2.3 million. Miles, who invested £4,000 in Bitcoin in 2012, said: ‘It’s defined my life. My pot fluctuates by hundreds of thousands every day and I’ve been through periods of volatility over the years.” he says.
A number of Miles told the Guardian why they became private investors in cryptocurrencies (regular people who buy digital blockchain currencies) and how their investments have paid off over time. I was one of ten people.
Investors see Donald Trump’s return to the White House as a harbinger of a crypto-friendly climate. Photo: Mark Humphrey/AP
Bitcoin’s price has fallen to $97,000 (76,500 sterling) and hit a new all-time high. The Financial Conduct Authority (FCA) has revealed that 12% of UK adults own cryptocurrencies.
The majority of respondents said they entered the crypto market within the past four years, with some using the extra funds they saved during the coronavirus lockdown to jumpstart their previous blockchain currency acquisition process. Some people also purchased coins via user-friendly apps and platforms.
The responses also reflect a growing trend of interest in professions such as education, banking, nursing, and IT investment. “Tech Brothers” are historically associated with the world of cryptocurrencies. argued that such investments were the best or only option for building meaningful personal wealth.
A large number of middle-class respondents lost faith in the existing system and turned to cryptocurrencies in the hope that it would help them achieve life goals such as having children, buying a home, and traveling. He said that he aimed at
Julian, a 57-year-old draftsman, homeowner, and father of four from Nottingham, was one of several respondents who said they bought Bitcoin in anticipation of a spike in inflation.
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Source: www.theguardian.com
Bankrupt Crypto Firm TerraForm Labs Settles with US for $4.47 Billion
TerraForm Labs has agreed to a $4.47 billion civil settlement with the U.S. Securities and Exchange Commission. They were found liable by a jury for misleading cryptocurrency investors who suffered losses of an estimated $40 billion when their TerraUSD and Luna tokens crashed in 2022, causing a widespread downturn in the cryptocurrency industry.
A final sentence against Terraform and its founder Do Kwon was filed in Manhattan federal court on Wednesday. The sentence is still pending approval from U.S. District Judge Jed Rakoff, who presided over the trial that concluded on April 5.
TerraForm’s judgment includes $4.05 billion in disgorgement and interest, as well as a civil penalty of $420 million. Due to TerraForm’s bankruptcy filing in January, it is unlikely that most of this amount will be paid and will be treated as an unsecured claim in the ongoing Chapter 11 liquidation process.
The total judgment amounts to $4.55 billion, which includes an $80 million civil penalty against Kwon. Kwon is also required to agree to a ban from cryptocurrency transactions and transfer $204.3 million to TerraForm’s bankruptcy estate.
The SEC stated in a court filing that, “If entered, this judgment would ensure maximum recovery for harmed investors and permanently shut down TerraForm. Accordingly, the proposed judgment is fair, reasonable, and in the public interest.”
Both Terraform and Kwon have agreed to the sentence. No immediate comments were provided by the men’s lawyers. Kwon was previously found guilty of fraud in an early April civil lawsuit filed in Manhattan.
The SEC alleged that TerraForm and Kwon misled investors regarding the stability of TerraUSD, which was meant to maintain a constant value of $1. They were also accused of falsely claiming that TerraForm’s blockchain was utilized in a popular mobile payment application in South Korea.
Luna, a more traditional token created by Kwon and closely linked to TerraUSD, plummeted in May 2022 when TerraUSD failed to uphold its peg to the dollar.
Kwon has been detained in Montenegro since March 2023, with the United States and South Korea seeking his extradition for criminal prosecution, although he has not yet appeared in court. Kwon maintains his innocence.
Source: www.theguardian.com
Increase in Stablecoin Supply Indicates Strong Capital Influx into Crypto Market – Blockchain News, Analysis, TV, Employment Opportunities
Written by Enoch Muthembei
Over the past week, Bitcoin has experienced a bullish rally, topping the coveted $52,000 mark and recouping almost all the losses incurred since the FTX collapse. The milestone is crucial for an industry grappling with a prolonged bear market.
Consistent with Bitcoin’s upward trajectory, there has been a notable increase in the total market capitalization of major stablecoins, including: USDT, USDC, BUSDand Big. The market capitalization of these four stablecoin giants increased from $131.232 billion to $138.993 billion from February 13th to February 20th, indicating growing demand.
Stablecoins play a vital role as a bridge between fiat and crypto markets, making up the majority of crypto trading pairs and, as a result, becoming a major source of funding. market liquidity. The rise in market capitalization highlights the increasing adoption of stablecoins, solidifying their position as the preferred medium for engaging with cryptocurrencies.
Looking at the broader picture, we can see that the supply of the top four stablecoins has surged by 3.475% in the past 30 days. While a variety of factors may be contributing to this increase, it is primarily due to the overall market movement of assets into stablecoins, whether fiat or cryptocurrencies, in anticipation of future trading activity. It shows the trend. This suggests that the market is gearing up for a quick entry or exit from Bitcoin.
Supporting this trend is the notable rise in the stablecoin supply rate (SSR). SSR is a key metric that measures stablecoin supply relative to Bitcoin’s market capitalization, indicating the depth of market liquidity and potential purchasing power. A rise in SSR means a larger proportion of stablecoins compared to Bitcoin, and if these stablecoins are converted to Bitcoin, this could impact Bitcoin price growth.
SSR that exceeds the top bollinger bands This represents an unusual surge in potential purchasing power in February 2024. This suggests that investors may be poised to migrate to Bitcoin and other cryptocurrencies in line with the Bitcoin price increase observed since January 2024.
The soaring price of Bitcoin, combined with the expansion in market capitalization and supply of major stablecoins, signals a significant influx of capital into the crypto market. For stablecoins, these trends highlight their important role in the ecosystem, serving not only as a safe haven during times of volatility, but also as an important means of putting money into Bitcoin. .
The trends observed last week highlight the interconnectedness of the stablecoin market and Bitcoin and highlight how fluctuations in stablecoin supply and market capitalization act as indicators of impending market activity. I am.
Source: the-blockchain.com
Flipster Introduces New Earning Pool Feature Allowing Users to Earn Up to 10,000 USDT Daily in Crypto
Warsaw, Poland, January 30, 2024, Chainwire
Flipster, the number one trading platform for altcoin liquidity and the fastest growing crypto derivatives platform, has finally announced the Flipster Earn Pool campaign. Although first teased in December last year, news of this long-awaited addition was slow to reach trading platforms. This release is worth the wait, as the platform promises users the chance to earn up to 10,000 USDT* per day (starting on February 1st) in his USDT held in-house. there was. flip star account.
As a derivatives-first platform, a legitimate criticism of Flipster was the lack of options to handle funds during important events.
flip star's CEO Kim Young-jin Say. Flipster acquisition pool Users can know that their funds are safe and working on our platform while they wait for their next investment move. As a trader, we understand that you can't always feel confident leaving money in a position. With Flipster Earn Pool, you have the potential to earn money on Flipster even when you're not actively trading. ”
Traders choose to have a Flipster account for great opportunities in altcoin derivatives and trading contests. The brand has built a reputation for high altcoin liquidity that is unmatched by its competitors. Although this platform is fairly new, its USP is directly related to attracting top derivatives traders to the app. Flipster Earn Pool aims to appeal to users interested in the opportunity to earn passive income while waiting for the next big deal, which could help grow its user base over time.
The platform is committed to regularly offering the world's first permanent futures listings for tokens that have just finished spot listing on major exchanges. Recent examples include ACE, MANTA, ALT, and DMAIL. These all achieved permanent futures listings on Flipster within four hours of their spot listing on top crypto exchanges.
Ben Rogers, Head of Marketing, said: “Once MANTA launched, some users quickly turned their excitement into big profits, with one user earning $7,675 USDT in a single trade. ALT had similar success, with users earning $5,789 USDT. At the time of publication, the highest altcoin trading profit on Flipster was reported to be 52,310 USDT on ACE, which also featured the world's first PERP on the platform. DMAIL is planning the world premiere of PERP this week, and the company is confident that some users will achieve similar results by turning news into leveraged trading on Flipster.”
The difference now is that users can earn up to 10,000 daily with the funds in their Flipster wallet and can profit from their trades.
Flipster Earn Pool calculates interest daily from a shared prize pool of 10,000 USDT, and users can see how much they have earned with their funds on the Flipster website. To be eligible for returns from day one, a user must ensure that his USDT is present in his Flipster account by 00:01 UTC on February 1st and meets the daily trading requirements. there is. Since it takes time for word to spread about new offers, early participants may be able to earn revenue from idle funds.
About Flipstar
Flipster is the world's fastest growing cryptocurrency derivatives platform. The easy-to-use app provides users with an all-in-one experience with up to 100x leverage on a wide selection of over 200 tokens. It is considered best-in-class in terms of altcoin liquidity, and top tokens such as BTC and ETH are also available. Users can instantly flip, monitor their portfolios and take advantage of market movements anytime, anywhere.Users can start with flipstar.xyz. For media inquiries or requests to interview the team, please feel free to contact pr@flipster.xyz or stay up to date with Flipster. blog. *Terms of use, which can be found at the following site, apply. https://flipsterxyz.zendesk.com/hc/en-us/articles/8902043575695-Flipster-Earn-Campaign-240201
The source of this content is Flipster. This press release is for informational purposes only. This information does not constitute investment advice or investment recommendations.
contact
head of marketing
ben rogers
flip star
pr@flipster.xyz
Source: the-blockchain.com
India’s crypto surveillance causes WazirX volume to plummet
The trading volume of India’s top cryptocurrency exchange WazirX has fallen to $1 billion in 2023. This comes as the platform faced a broader downturn in global digital asset prices and stocks, as well as increased regulatory pressure in its home market.
This year, the total volume of cryptocurrencies traded on WazirX’s platform decreased by 90% compared to 2022, when the volume reached $10 billion, and by 97% compared to $43 billion in 2021.
WazirX, which is in a dispute with Binance over ownership of the Indian company, cast the latest figures in a positive light, touting the total transaction value at $1 billion in a public statement on Tuesday. However, the exchange is careful to contextualize this number by skipping the much higher levels seen in 2021, when crypto fever was at its peak, and even in 2022, before the sell-off took hold. Rejected.
The 97% drop in trading volume comes as WazirX faces increasing regulatory pressure from Indian authorities, forcing the country’s once booming crypto sector to fight for survival. India started taxing cryptocurrencies last year, imposing a 30% tax on profits and a 1% deduction for each crypto transaction. Indian lawmakers have consistently praised Prime Minister Narendra Modi’s leadership in protecting Indians from fraud involving the cryptocurrency market and the dramatic decline in asset prices.
New Delhi-based think tank Esya reported earlier this year that local tax rules are forcing many Indian traders to use foreign platforms such as Binance and Coinbase. Coinbase has since stopped onboarding new customers in India.
A tightening regulatory crackdown on cryptocurrencies in India has thrown a damper on local investors who were once eager to back the country’s crypto startups. The unfavorable climate, which Binance previously cited as the basis for its wariness about expanding into India, has made venture capital firms dramatically wary of exposure to the thorny sector, according to people familiar with the matter.
Many of the top India-focused venture capital firms that were enthusiastically backing crypto companies last year have since pivoted to other industries, according to people familiar with the matter.
Source: techcrunch.com
Experts in the crypto industry foresee positive trend and possibility of Bitcoin surge in 2024 – Updates on blockchain, viewpoints, and employment opportunities
In the dynamic world of cryptocurrencies, industry leaders are optimistic about the beginning of a new bullish phase, with hopes rising for Bitcoin to reach an all-time high of over $100,000 in 2024.
Bitcoin has experienced an impressive rally of over 120% this year alone, and many enthusiasts believe this upward momentum will continue into next year.
Last week, Bitcoin ended around $37,450. Markets have experienced considerable volatility this week in the wake of the US Department of Justice’s settlement with Binance, the world’s largest cryptocurrency exchange. The announcement of the settlement and the resignation of Binance’s CEO caused the market to briefly decline, with BTC trading at $35,700 at one point. The negative sentiment was quickly followed by positive news, such as Binance not facing further regulatory action, contributing to a newfound stability in the market.
The start of the new week was marked by BTC trading at a price of $40.665. This year’s highest price has been updated.
2023 looks like it will be the year we prepare for the upcoming bull market. 2024 and 2025 are highly anticipated.
Despite the crypto industry facing challenges such as coin crashes, project failures, bankruptcies, and criminal trials, recent high-profile cases involving exchanges like FTX and Binance have It is seen by some as a turning point. Some industry players believe that the speculative phase is nearing an end, allowing a transition to constructive development and problem-solving in the cryptocurrency space.
The speculative phase appears to be over, leaving room for actual builders to focus on technology and problem-solving.
Attention now turns to positive developments. First, there is excitement about the potential approval of a Bitcoin exchange-traded fund (ETF). If approved, it could attract larger traditional investors and could be an important milestone in Bitcoin’s mainstream adoption.
The second notable development is the Bitcoin halving scheduled for May 2024. This event occurs every four years and cuts the rewards to miners in half, thereby limiting the supply of Bitcoin. Historically, this has been the catalyst for new rallies in the crypto market.
Investors are closely monitoring these developments, with particular focus on potential ETF approval and the upcoming halving. Mateo Greco, Research Analyst, Listed Digital Assets and FinTech Investment Business Finekia International (CSE:FNQ) pointed out:
“Approval of a US-based Bitcoin Spot ETF is not only likely to bring in capital inflows, but also inject significant liquidity into the market, fostering more stable prices, and opening the doors to digital asset exchanges and digital assets. It has the potential to facilitate more advantageous trading in both financial products that incorporate the ”
Bold predictions for Bitcoin in 2024 have already surfaced, with various ETF endorsements predicting that Bitcoin could reach $100,000 by the end of 2024. This represents a significant 160% increase from the current price.
Moreover, Matrixport, a cryptocurrency financial services company expects the price to reach $63,140 by April 2024 and a whopping $125,000 by the end of next year. Their report highlights factors such as an expected drop in inflation and a possible interest rate cut by the Federal Reserve as factors that could push Bitcoin to new all-time highs in 2024.
As the cryptocurrency landscape evolves, industry leaders and investors alike are looking forward to a transformative year full of potential milestones and new heights for Bitcoin.
Source: the-blockchain.com
