Market
Kraken Dismisses Rumors of Delisting USDT in Europe
![](https://coin2049.io/wp-content/uploads/2024/05/bic_Kraken_5.png)
Crypto exchange Kraken has dismissed rumors about delisting Tether’s USDT stablecoin for its European users.
Kraken’s Global Head of Asset Growth and Management, Mark Greenberg, clarified this in a May 18 post on X (formerly Twitter).
Kraken to Continue Listing USDT in Europe
BeInCrypto reported that Kraken was considering ceasing support for USDT in the EU if the stablecoin fails to comply with the forthcoming Markets in Crypto-Assets (MiCA) regulations, set to take effect in July.
This regulatory framework is designed to provide clear guidelines for crypto asset developers and service providers. It ensures adherence to Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) regulations.
The news sparked reactions within the crypto community. They pointed out that USDT is the largest stablecoin and among the most traded digital assets in the industry. Tether has a market cap of over $110 billion, representing about 69% market share.
Read more: Kraken Review 2024: A Review of Its Security and Features
![Tether's USDT Market Capitalization.](https://beincrypto.com/wp-content/uploads/2024/05/image-146-850x267.png)
However, Greenberg has addressed these concerns, stating that the platform intends to maintain support for USDT in Europe. He emphasized the value of USDT for European clients, adding that Kraken was exploring all options for offering USDT under the new regulatory regime. Regarding the MiCA regulations, Greenberg also affirmed that Kraken will comply with all legal requirements, even those with which they may disagree.
“We know our European clients value access to USDT and we continue to look at all options to offer USDT under the upcoming regime. We will of course follow all legal requirements, even those we disagree with. But the rules are not finalized yet and we continue to do everything we can to continue to offer all relevant stablecoins to our European customers,” Greenberg added.
While the crypto community welcomed MiCA’s regulatory clarity, industry figures like Tether CEO Paolo Ardoino have reservations. Ardoino highlighted the need for stablecoin issuers to avoid uninsured cash deposits. Instead, he advocates for maintaining 100% reserves in treasury bills to mitigate the risk of bank failures.
Ardoino pointed to past incidents involving banks and stablecoins in the US as examples of the risks associated with uninsured cash deposits. He stressed the importance of learning from these events to ensure the stability and security of stablecoins in the future.
Read more: How to Buy USDT in Three Easy Steps – A Beginner’s Guide
“We should learn from what happened with Silicon Valley Bank and another major stablecoin in the US. If a bank goes bankrupt, uninsured cash goes into bankruptcy. Stablecoins should be able to keep 100% of reserves in treasury bills, rather than exposing themselves to bank failures keeping big chunk of reserves in uninsured cash deposits. In case of bank failure, securities return back to the legitimate owner,” Ardoino stated.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Altcoins Topped, But Meme Coins Set to Soar: Here’s Why
![](https://coin2049.io/wp-content/uploads/2024/06/BIC_Memecoins_coins.png)
After a rally in the first quarter of 2024, most altcoins appear to have peaked. They are struggling significantly from their March 2024 highs, with reductions in value ranging between 70% and 90%.
According to the latest data, the total market capitalization for crypto, excluding Bitcoin and Ethereum, has receded to December 2023 levels. This regression has effectively nullified all gains accrued year-to-date.
Why Crypto Analysts Believe Meme Coins Can Still Make New Highs
Crypto investor Andrew Kang believes that nearly all altcoins have reached their peak for the current bull cycle. Nonetheless, he retains a positive outlook on meme coins, which could defy the broader market downtrend.
“I believe 98%+ of altcoins topped for the cycle except for maybe a handful of coins that may make some new highs in Q4 2024/Q1 2025. Memes probably constitute a majority of the coins that have a chance of making new highs,” Kang revealed on X (Twitter).
Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024
In contrast to the faltering performance of most altcoins, meme coins exhibit peculiar resilience. Meme coin expert Murad Mahmudov anticipates that the sector will dominate the next altcoin season.
“People are slowly waking up to the black pill that all altcoins have always been meme coins with a bit of techy obfuscation on top. This will cause tens of thousands of people to (1) Sell tech altcoins for pure memes, (2) Buy pure memes instead of tech altcoins with fresh fiat this cycle,” Mahmudov boldly remarked.
Mahmudov’s analysis suggests a shift in investor sentiment. Institutional investors focus largely on Bitcoin (BTC) and, to a lesser extent, Ethereum (ETH), while retail investors gravitate towards meme coins.
“This is why tech altcoins are underperforming. No one wants them,” Mahmudov noted.
Furthermore, data from the crypto analysis platform DYOR highlights the outperformance of meme coins over the last 90 days during market volatility. With a relative strength of -0.37, meme coins have shown remarkable resilience compared to sectors like Web3 gaming and Layer-2/Layer-3 technologies, which recorded much lower strengths of -1.32 and -1.30, respectively.
Relative strength calculates the performance of a particular sector against the broader market.
![Relative Strength of Crypto Narratives](https://beincrypto.com/wp-content/uploads/2024/07/Screenshot-2024-07-08-at-6.20.07 PM-850x331.png)
Hitesh Malviya, founder of DYOR, provided a critical view of the altcoin ecosystem, particularly those backed by venture capitalists (VCs). He argued that many VC-backed projects, despite their initial promise, often do not survive the long term.
“90% of these so-called projects backed by top-tier VCs are essentially white-collar grifters who promise shiny things, raise funds, run the project for three or four years, and eventually die,” Malviya explained.
This pattern, Malviya warns, usually benefits the founders and VCs financially while leaving retail investors at a loss. Malviya’s remarks highlight the need to focus more on community-aligned altcoins.
Read more: Crypto Scam Projects: How To Spot Fake Tokens
“If we fail at that, the community will keep trading meme coins, which isn’t good for the larger section of the community, as the greed factor is always high and lacks fundamental backing,” Malviya concluded.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
XRP Worth $4 Million Moves Amid Sentiment Shift
![](https://coin2049.io/wp-content/uploads/2024/07/bic_XRP_positive_neutral_1.jpg.webp.webp)
XRP transactions on exchanges recorded an uptick on Monday, coming amid elevated fear levels in the market.
Traders show a general lack of conviction as altcoins follow Bitcoin’s lead. Despite the bearish sentiment, data indicates heightened interest in Ripple.
XRP Transactions on Exchanges Increase
Data platform Blockchair reported a series of XRP transactions on exchanges on Monday. In one transaction, over 10 million XRP tokens worth at least $4.2 million moved from Binance to an unknown wallet.
In another transaction, more than 3.6 million XRP tokens worth at least $1.45 million moved from Bitstamp to Binance.
Read more: How To Buy XRP and Everything You Need To Know
![XRP Transaction](https://beincrypto.com/wp-content/uploads/2024/07/XR-ta.png.webp)
When traders move their assets to a wallet, it suggests an intention to HODL. On the other hand, moving crypto between centralized exchanges suggests plans to explore different trading features, lower fees, or a wider variety of trading pairs. It may also be a strategic move to arbitrage between exchanges, as traders exploit price differences to make a profit.
Increased XRP trading activity coincides with changing social sentiment. According to CFGI.io, sentiment has improved from fear to neutral. This indicates that the market is currently neither overly optimistic nor excessively pessimistic.
![XRP Social Sentiment](https://beincrypto.com/wp-content/uploads/2024/07/Sent.png.webp)
Along with it, the investment suggestion remains to hold on amid “very positive” volatility, suggesting the need for caution. Nevertheless, Ripple’s Chief Technology Officer suggests the market needs to focus on XRP’s utility rather than its investment potential.
“Still costs $1 to buy enough XRP to make a $1 payment,” Schwartz noted.
The expression came as community members showed concern over how the ongoing market crash would impact the Ripple token. XRP has been subdued below the $0.6 price threshold over the past several months.
Focus on the Primary Function of Ripple, David Schwartz Says
Ripple CTO suggests that XRP holders can take advantage of the current price to purchase more tokens. He believes this highlights XRP’s primary function as a medium of exchange, facilitating fast and cost-effective cross-border transactions despite the bearish market.
However, some say Schwartz is deviating from his 2017 comment and is trying to manipulate the narrative.
“It can’t be dirt cheap. That does not make any sense. If XRP costs $1, they would need a million XRP, which would cost $1 million. If XRP costs a million dollars, they would need one XRP, which would, again, cost $1 million. Except that, higher prices make payments cheaper. Right now, you can buy a million-dollar house with bitcoins. When bitcoins were $300, it would move the market too much and be too expensive to be practical. So higher prices make payments cheaper,” the Ripple executive said in X post.
Read more: Ripple (XRP) Price Prediction 2024/2025/2030
Nevertheless, Schwartz shot down the allegation that he was deviating and manipulating, reiterating his stance on XRP’s main purpose. This emphasis suggests the Ripple network’s commitment to promoting XRP for its utility in cross-border payments, not as an investment tool.
During Token2049 in Singapore, Ripple CEO Brad Garlinghouse also said the network is now more focused on what utility they are building than on speculative trading.
“Bitcoin ETF volumes have been soaring, we’re due for a halving, and the broader crypto market is following BTC’s lead. As someone who has experienced multiple cycles of ‘crypto is back,’ this bullishness must go hand in hand with real-world utility. That’s the real march of progress,” Garlinghouse explained.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Crypto Whale Dumps $21 Million in Ethereum Before ETF Launch
![](https://coin2049.io/wp-content/uploads/2024/05/bic_Ethereum_ETH_3-covers_neutral.jpg.optimal.jpg)
A crypto whale wallet – 0x742, likely liquidated a substantial Ethereum position valued at approximately $21.43 million. This investor deposited 7,240 Ethereum (ETH) into the Kraken crypto exchange at $2,960 per ETH.
The move is intriguing, especially given the proximity to the anticipated launch of Ethereum-based ETFs.
Ethereum Attempts a Price Recovery
According to Spot On Chain, in December 2022, 0x742 had withdrawn 8,240 ETH from Kraken at a much lower price of $1,189. This strategic hold resulted in a profit of roughly $12.83 million, marking a 149% gain over eighteen months.
Apart from the deposit of 7,240 ETH to Kraken, the crypto whale transferred an additional 1,000 ETH to an unidentified wallet.
Read more: Ethereum ETF Explained: What It Is and How It Works
This divestment coincides with a surge of optimism about the pending approval and trading of Ethereum-based ETFs in the US. Analysts such as James Seyffart and Eric Balchunas from Bloomberg Intelligence suggest these ETFs might start trading as soon as next week.
Additionally, Nate Geraci, president of the ETF Store, suggested that ETFs could commence trading within the next two weeks, with a target around July 15. The prediction comes as Bitwise updated its S-1 filing last week.
Geraci explained his reasoning behind the July 15 prediction.
“Most issuers (I believe all but Bitwise) still have to submit amendments on Monday. The final S-1 will then be submitted after that, which needs to happen by Wednesday as I assume issuers don’t want a Friday launch. I think this is unlikely, so I move the timeline to the July 15,” Geraci said.
Notably, crypto whales like 0x742 decided to exit positions ahead of these developments. Investors typically deposit assets into centralized exchanges when they plan to sell and withdraw them to private wallets for long-term holdings.
Therefore, this move might indicate skepticism about Ethereum’s near-term market prospects despite the positive outlook for ETFs. It might also suggest that the crypto whale panic sold after Ethereum hit a low of $2,800 last week.
Ethereum’s price action has been volatile recently, with a notable dip of about 23% from its peak after preliminary ETF approval news. However, it has shown signs of recovery, forming a double bottom pattern, which suggests potential upward movement.
Read more: Ethereum (ETH) Price Prediction 2024/2025/2030
![Ethereum (ETH) Price Performance](https://beincrypto.com/wp-content/uploads/2024/07/ETHUSDT_2024-07-08_16-52-29-850x493.png)
If Ethereum can break through the resistance at $3,080, it could climb to $3,350. Conversely, failing to break this resistance might lead to price consolidation in the range of $2,876 to $3,080.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
-
NFT4 weeks ago
New And Upcoming NFT Projects
-
Blockchain2 months ago
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
-
Market3 weeks ago
TON Foundation’s Plan to Onboard 500 Million Users
-
Regulation2 months ago
CFTC Appoints Dr. Ted Kaouk as First Chief AI Officer
-
Altcoin3 weeks ago
Are Solana, Cardano, Polygon Commodities As US SEC Ends Ethereum Investigation?
-
Regulation2 months ago
Terraform Labs Refuses to Pay $5.3 Billion Fine, Says SEC Has No Evidence
-
Market4 weeks ago
Avalanche (AVAX) Under Pressure: Prolonged Downtrend Next?
-
Altcoin3 weeks ago
2.52 Million Altcoins Are Ruining Crypto’s Future