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Charles Hoskinson Says Biden Wants To Kill Crypto

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Cardano (ADA) founder Charles Hoskinson has issued a scathing remark against the Joe Biden administration’s approach toward the crypto market. He noted that the Biden administration is trying to “kill” the crypto industry and it’s high time that industry stakeholders stand up for their right.

Cardano Founder Charles Hoskinson’s Comment Against Biden Administration

In a recent broadcast on X, Hoskinson started off by mentioning how the tightened crackdown of crypto in the U.S. has been affecting the entire industry. Moreover, he explained the industry’s role in upscaling the economy of several countries, including Switzerland. The Cardano founder highlighted that Ethereum’s development led to the emergence of 1,290 businesses in the Swiss with a market cap of $380 billion.

Furthermore, he noted that combining Singapore, Abu Dhabi, and Dubai, over 3,000 firms have been established. Hoskinson added that most of these startups could have been initiated in the U.S. if the crypto policies were rewarding. Thereafter, Hoskinson spotlighted the Biden administration’s decision to veto the H.J. Resolution 101 that seeks the repeal of SEC’s Staff Accounting Bulletin (SAB) 121 rules.

He vehemently slammed the administration for such a decision. The Cardano founder added that if crypto holders vote in favor of Biden this November, it might bring doom to the industry. He asserted that the Biden administration has been making efforts to destroy the crypto industry. This includes blocking bank accounts, regulation through enforcement, and lack of regulatory clarity.

Moreover, the Cardano pioneer added that the administration is now plainly obstructing the legislative process by announcing their move to veto the anti-SAB 121 bill. Furthermore, he deemed a vote for Biden as a vote against cryptocurrencies and the American crypto industry.

He added that the American crypto industry is capable of offering hundreds and thousands of jobs. Nonetheless, the potential is harnessed by countries in the Middle East and China. The Cardano founder blamed the Biden administration’s hostile policies for this outcome. Additionally he reaffirmed support for Robert F. Kennedy Jr, a pro-crypto presidential candidate.

Also Read: Breaking: US House Passes Vote to Overturn SEC Crypto Accounting Rule

Is Biden Administration’s Seeking To Kill Crypto?

Responding to the broadcast, a user commented about the Trump administration, which also didn’t support the crypto industry much. The user wrote, “To be fair Charles, the administration you guys had before Biden wasn’t exactly open to cryptocurrencies either (to my knowledge) and there were already a lot of problems regarding legislation and regulation back then.”

Refuting the claim, the Cardano founder wrote, “You’re completely wrong.” He went on to argue that while past administrations may have had their issues, they mostly ignored the crypto industry. In addition, Hoskinson asserted, “The Biden administration has engaged in a coordinated effort to kill crypto.”

Also Read: Crypto Crackdown: Biden Admin Opposes Bill Challenging SEC’s SAB 121

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CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Whale Shifts 63M Coins As Ripple Strengthens Case

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In an unprecedented development, a renowned XRP whale has again shifted significant amounts of XRP coins as the Ripple vs SEC lawsuit took a fresh direction. On-chain insights reveal that the whale moved 63M XRP as Ripple Labs took to court filing a Notice of Supplemental Authority.

The whale’s transaction as Ripple further strengthened its case has stirred a whirlpool of speculations on XRP’s future price movements. Let’s delve more profoundly as to why.

Whale Dumps Coins Despite Ripple’s Optimistic Mover

Notably, on-chain insights by Whale Alert reveal that 63 million coins, worth $30.63 million, were offloaded to exchanges despite Ripple solidifying its arguments for meager fines. The well-known whale address …Rzn was noted to have been dumping the abovementioned amount in two transactions to Bitstamp and Bitso.

These transactions have ignited a storm of mixed market sentiments. While Ripple’s legal battle seemed to be progressing positively, offering a glimmer of hope for the future, the whale’s decision to offload the asset has introduced a new level of uncertainty for future movements.

Meanwhile, legal expert Jeremy Hogan took to X, drawing attention to what Ripple’s filing of a Notice of Supplemental Authority highlighting the Binance vs SEC lawsuit meant. He highlights that the mover by Ripple Labs is relevant to two things: the possible injunction against Ripple and the potential fine.

In context, Ripple filed the notice highlighting the Memorandum Opinion and Order issued by the U.S. District Court for the District of Columbia in the SEC v. Binance Holdings case. Ripple strongly argues that the SEC’s classification of cryptocurrencies as securities is ambiguous and unclear, hinting that both injunction and fine should be light.

It’s worth noting that Ripple also filed a Notice of Supplemental Authority the previous month, citing way lower fines in the Terraform Labs lawsuit.

Collectively, these developments appear to have tilted the odds in Ripple’s favor. However, a final judgment by Judge Analisa Torres still looms.

Simultaneously, amid the lawsuit’s uncertainty, XRP price continues to fight turbulence.

Also Read: Mantra Chain Announces $500M Real Estate Tokenization Deal With Dubai’s MAG Group

XRP Price Performance

At press time, the XRP price noted a 0.40% dip in value to trade at $0.4824. Its 24-hour lows and peaks were recorded to be $0.4784 and $0.4877, respectively.

XRP’s RSI moved along 46, hinting at broader neutrality for the asset. Crypto market enthusiasts continue to eye the token as new developments unfold in the lawsuit. Further, a recent report by CoinGape Media cracks down on whether a $10 price target for XRP is scalable or not.

Also Read: Crypto Airdrop: UXLINK Reveals Eligibility Criteria For Major Rewards

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CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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GALA Token To Get Major Boost With Gala Games And Animoca Brands Partnership

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Gala Games and Animoca Brands on Wednesday announced a major collaboration to boost GALA token experience for users. Game software company and venture capital firm Animoca Brands will facilitate orderly trading of the GALA token, one of the best gaming tokens, and plans to become a GalaChain validator in the future. Traders reacted immediately to the announcement bringing a rebound in GALA price.

Animoca Brands Plans Major Developments with Gala Games

Two big companies in crypto Animoca Brands and Gala Games have joined hands to work on many developments for GALA token, as per the announcement on the X platform on July 3. This includes providing liquidity provisioning services and fostering stable trading of GALA tokens in the crypto market.

Gala Games said Animoca Brands will receive GALA tokens from Gala’s Treasury to offer liquidity provisioning services to Gala Games, which will help enable trading in an orderly way. The announcement has sparked curiosity in the community of gamers and NFT enthusiasts.

In addition, Animoca Brands also plans to become a GalaChain validator, with the exact timeline still unclear. The company is already an operator of nine Gala Founder’s Nodes. Gala Games is entirely dedicated to decentralizing the multi-billion dollar gaming industry by various means including decentralized video games and giving players access to their in-game items.

Also Read: Spot Ethereum ETFs to Go Live on July 15, ETH Bull Run Ahead?

GALA Token To Rally?

Traders responded immediately to the announcement, bringing a rebound in GALA price. The tokens fell over 4% in the last 24 hours amid a broader crypto market selloff.

At press time, GALA price is trading at $0.02625. The 24-hour low and high are $0.02596 and $0.02796, respectively. Moreover, the trading volume has increased by 38% in the past 24 hours, indicating a rise in interest among traders.

In the derivatives market, traders are buying GALA futures again after a 5% fall in open interest in the last 24 hours. As per CoinGlass data, the total GALA futures open interest has increased to 2.35 billion after the recent interest.

Also Read: Bybit Exchange Unveils Support For ASI Alliance, Will FET Rebound?

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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UXLINK Reveals Eligibility Criteria For Major Reward

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Today, UXLINK has disclosed the eligibility criteria for its much-anticipated airdrop rewards. This announcement, made on the social media platform X, outlines the detailed process and metrics for the upcoming Season 1 UXLINK crypto airdrop. Moreover, UXLINK aims to ensure transparency and fairness in the distribution of its tokens. Hence, it looks forward to rewarding active and genuine contributors while maintaining a strong and secure ecosystem.

What Is UXLINK About?

UXLINK is an innovative social platform in the Web3 space, designed to promote widespread use by integrating social and decentralized apps (DApps) features. It works differently from conventional social media that focus on one-way, follower-based interactions. Thus, UXLINK emphasizes mutual snd friend-like connections. This design allows for immediate engagement via its UXGroup feature, establishing UXLINK as a leading user-centric platform.

According to UXLINK whitepaper, the platform’s primary goals are defined by three main components:

1. Social Hub: UXLINK aims to become the largest social network and infrastructure, focusing on genuine, two-way connections.

2. Access To All: Furthermore, the platform connects Web3 and Web2, enabling users and developers to discover, share, and trade crypto assets within a social, group-oriented environment.

3. Community Growth: in addition, UXLINK is dedicated to building an inclusive, trustworthy, and rewarding socio-economic community.

Tokenomics & Allocation

UXLINK has a capped token supply of 1,000,000,000 tokens, allocated strategically to maximize community involvement and project sustainability. The allocation is as follows:

1. Community: The platform has allocated 65% of the total supply to the community, which includes users who own UXLINK utility tokens and contributors to UXLINK projects and ecosystems. Moreover, within this allocation, users account for approximately 40%, while builders and partners make up 25%.

2. Private Sale: Meanwhile, 21.25%, allocated to partners of the project.

3. Team: 8.75%, reserved for co-founders and contracted employees.

4. Treasure: The platform reserves 5% UXLINK tokens for liquidity and project management.

Moreover, this structure allows for flexibility and adaptation as new partners join the project. UXLINK has committed to maintaining transparency in any changes to the allocation.

Also Read: Just-In: Gala Games And Animoca Brands Partners For GALA Token Boost

UXLINK Airdrop Eligibility Criteria

UXLINK’s airdrop eligibility criteria aim to reward genuine contributions and ensure a fair distribution of tokens. The criteria include:

1. UXLINK Social Contribution Scoring: Metrics include the completeness of a user’s profile, their interaction activity with UXLINK, and the activity within their social relationship chain.

2. Third-Party Sybil Identification: Professional third-party services like Trusta Labs will identify sybil accounts using AI-ML clustering algorithms.

3. Third-Party Wallet Authentication: Participation through third-party wallets requires address authentication by these wallets.

4. Third-Party Partner Whitelist Authentication: Addresses involved in partner airdrop campaigns must be authenticated by the partners’ whitelist.

However, various factors may influence a user’s eligibility and quality score, such as:

  • Certification of addresses as suspected sybil accounts by third parties.
  • Use of unauthenticated third-party wallet connections.
  • Low-value social networks within UXLINK.
  • Participation in uncertified third-party campaigns.

Meanwhile, eligible users can also receive 100% airdrop rewards if they meet the following conditions:

  • Purchase of NFT via Ethereum (ETH) on official websites.
  • High UXLINK social contribution score.
  • Recognition by professional third-party anti-sybil services.
  • Certified third-party wallet addresses.
  • Certification by partner whitelists.

Treatment for Temporarily Unqualified Users

Users with temporarily unqualified quality scores can still receive a portion of the airdrop under specific conditions:

1. Self-Reporting: If users self-report within three days, they can receive 15% of the token airdrop, with the remaining 85% redistributed to qualified contributors.

2. Complaint and Proof Submission: Users can submit complaints and proofs within six months for review. If approved, they will receive 100% of the tokens; otherwise, the tokens will be redistributed.

3. Failure to Act: However, Users who neither self-report nor appeal will forfeit their airdrop. Moreover, UXLINK will redistribute their tokens to qualified contributors.

Also Read: Shiba Inu Coin Set For Reversal As Burn Rate Hits 8500%

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Kritika boasts over 2 years of experience in the financial news sector. Currently working as a crypto journalist at Coingape, she has consistently shown a knack for blockchain technology and cryptocurrencies. Kritika combines insightful analysis with a deep understanding of market trends. With a keen interest in technical analysis, she brings a nuanced perspective to her reporting, exploring the intersection of finance, technology, and emerging trends in the crypto space.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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