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VanEck Advisor Favors Bitcoin Over Ether In US Strategic Reserve Proposal
The crypto community is abuzz with discussions sparked by a proposal suggesting former U.S. President Donald Trump consider adding Bitcoin and Ethereum to the country’s strategic crypto reserve. Meanwhile, triggering this debate, VanEck advisor Gabor Gurbacs has voiced his preference for Bitcoin, igniting further dialogue in the market. Besides, the discussion comes amid a time when Donald Trump is getting immense traction from the crypto community for his pro-crypto stance.
VanEck Advisor Favors Bitcoin
In a recent post on the X platform, a top crypto influencer Zerohedge suggested that if elected, Donald Trump should announce the purchase of 2 million Bitcoin and 10 million Ethereum for a strategic U.S. crypto reserve. However, VanEck advisor Gabor Gurbacs, a prominent figure in the crypto space, expressed his support for Bitcoin, implying that it makes more sense as a strategic reserve asset.
Meanwhile, the discussion around choosing Bitcoin over Ethereum, especially with the VanEck advisor’s comment, has attracted attention, with several users expressing disappointment over the preference for Ethereum. Notably, the discussion over Bitcoin Vs. Ethereum has been fueled since last week after the U.S. SEC gave a regulatory nod for the Spot Ethereum ETF.
However, further intensifying the debate, another user questioned why not consider Dogecoin instead of Ethereum. Amid VanEck advisor’s comment, highlights the diverse opinions within the crypto community regarding suitable reserve assets for the U.S. Also, it reflects the growing popularity of the leading dog-themed meme coin in the crypto community, given the recent buzz in the meme coin sector.
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Trump’s Pro-Crypto Stance
The conversation over the U.S. strategy crypto reserve and VanEck advisor’s comment comes at a time when the former U.S. president has shown openness towards cryptocurrencies. Trump recently indicated plans to support crypto companies, acknowledging the growing importance of the industry.
In a social media post, Trump emphasized his administration’s commitment to backing the crypto sector, recognizing it as a “new and burgeoning industry.” Notably, his proactive stance towards crypto, including accepting Bitcoin donations for his campaign and launching NFTs, contrasts with the perceived regulatory uncertainty under the current administration.
Meanwhile, Donald Trump has also called Joe Biden the “worst president“, while saying that the current administration wants to hinder the crypto industry growth.
Also Read: XRP Lawyer Dismisses Impact Of Ripple Lawsuit & Escrow Burn On XRP Price
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.
Against the backdrop of the crypto market’s remarkable bearish movement today, an XRP whale has continued to dump significant amounts of coins to exchanges. Over the past day, nearly 65 million XRP was recorded to have been offloaded, raising severe concerns among crypto market participants.
XRP is currently feeling the heat of the broader market’s downtrend, as also seen by Bitcoin (BTC) slipping as low as the $57K mark. Further, the whale’s dump, despite the recent advancements in the XRP lawsuit, has curated a storm of speculations on future price movements.
Whale Dumps 65M Coins
In a couple of posts shared by the on-chain transaction tracker Whale Alert, it was pointed out that 64.70 million coins were shifted to CEXs via the same whale address. As per the data, the address …Rzn was registered to have been making the massive dump.
Intriguingly, the whale shifted 32.69 million XRP, worth $15.12 million, to the Bitso crypto exchange. Meanwhile, in another transaction, the whale shifted 32.01 million XRP, worth $14.82 million, to the Bitstamp crypto exchange.
The emergence of these transactions amid XRP showing signs of a pullback has raised bearish market sentiments. Also, it’s worth noting that speculations of this whale being linked to Ripple persist. For context, these transactions became a recurring phenomenon soon after Ripple strategically acquired a stake in Bitstamp.
In the interim, XRP price continued to dip, aligning with the whale’s massive dump and the broader market trend. Despite positive developments in the Ripple vs the U.S. SEC lawsuit, as Ripple filed a notice of supplemental authority, the XRP community is yet to witness a significant shift in market sentiment.
Also Read: German Govt Dumps Another 1300 Bitcoin To Coinbase, Kraken & Bitstamp
XRP Price Tanks
At press time, XRP price showed signs of a pullback, falling 6.84% to $0.4502. The Ripple-backed asset’s 24-hour lows and highs are $0.4486 and $0.4833, respectively.
XRP’s Futures OI dipped 10.08% to $547.41 million, coinciding with the price fall. However, the derivatives volume rocketed 86.88% to $1.58 billion. This hinted at an uncertain market sentiment for XRP.
Meanwhile, crypto analyst Dark Defender took to X, spotlighting the cryptocurrency’s turbulency below $0.4623. The analyst states that the volume is currently at a shallow level, indicating a lack of market activity with no selling or buying. This could potentially pave the way for a dip to $0.3917 should XRP close below $0.4623.
Crypto market enthusiasts continue to eye the token for vital shifts ahead.
Also Read: Ethereum Roll-Out EIP-7732 Proposing Major Shift In Block Validation Process, Here’s All
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.
Ethereum is on the brink of a significant upgrade with the introduction of EIP-7732. This Ethereum Improvement Proposal aims to revolutionize the block validation process by implementing a trust-free, fair exchange mechanism between beacon block proposers and builders. The proposal’s primary goal is to enhance the network’s efficiency and security.
Technical Implications and Security Considerations
Currently, block proposers often rely on builders to assemble the content of new blocks, with a middleman ensuring smooth operations. EIP-7732 seeks to eliminate this intermediary, proposing a split in the block validation process. Under this new system, validators would first verify the overall structure of a block before delving into its contents, potentially streamlining network operations.
The proposal also introduces a Payload Timeliness Committee to ensure new blocks are added to the chain quickly and fairly. While this change could significantly improve Ethereum’s security and fairness, it would require a network-wide upgrade, necessitating careful consideration from the Ethereum community.
EIP-7732 proposes several technical changes, including a new approach to handling withdrawals from Ethereum’s beacon chain. While this could increase efficiency, it might also result in temporary empty slots in the blockchain as withdrawals catch up. The Ethereum developers behind EIP-7732 have also prioritized security, incorporating safeguards against various attack vectors and ensuring the system can resist attempts to rewrite recent blockchain history. These measures aim to fortify Ethereum’s resilience and decentralization.
If approved and implemented, EIP-7732 could represent a significant leap forward for Ethereum, potentially strengthening the network and enhancing its decentralized nature. However, the complexity of these changes requires thorough evaluation by the Ethereum community before implementation.
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Ongoing Discussions and Market Impact
While EIP-7732 is being considered, Ethereum developers are also discussing the integration of EOF (Ethereum Object Format). Tim Beiko has recommended shipping all Pectra EIPs, including EOF, in a single client release. Discussions are also ongoing regarding EIP 7702, which is being considered as a replacement for EIP 3074. However, some specification issues with EIP 7702 still need to be resolved, and Ethereum protocol developers are working in separate breakout rooms to address these challenges.
These potential changes could impact Ethereum’s market performance. Despite the recent approval of spot Ethereum ETFs by the U.S. Securities and Exchange Commission (SEC), Ethereum has been showing bearish signs. As of the last update, Ethereum price was trading at $3,158.48, experiencing a 5.53% decline over the previous 24 hours.
Also Read: Donald Trump Presidency Can Trigger ‘Global Hash War’ With BTC Reserves, Says Bitcoin Maxi
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.
The Solana-based DEX (Decentralized Exchange) Jupiter (JUP) has recently captured noteworthy attention across the crypto space. Despite the broader crypto market’s bearish movement today, July 4, the JUP token has amassed optimism over future price movements.
Notably, Upbit, a well-known South Korean crypto exchange, has added support for the Solana DEX’s native token on its platform. This mover stages as an optimistic factor and is expected to bolster the token’s future price movements.
South Korean Exchange Unveils Listing
According to the official statement revealed by the Ubit crypto exchange, JUP trading is to commence today. The available pairs are JUP/USDT, JUP/BTC, and JUP/KRW.
Deposits and withdrawals will commence two hours after the official statement is revealed. The network for deposits and withdrawals is Solana.
It’s worth noting that the exchange does not support transactions through other than guided networks. Further, buy orders are prohibited for approximately 5 minutes after the trading support. “Sell orders at prices less than 10% of the previous day’s closing price are restricted for approximately 5 minutes after trading support,” the exchange added.
Meanwhile, other updates on the JUP listing were also rolled out on Upbit’s official site.
Simultaneously, crypto market participants expect a paradigm shift in prices, as previous listings on the South Korean exchange have fueled significant upside actions. CoinGape Media reported earlier this year that Zetachain (ZETA) and Omni Network (OMNI) saw a phenomenal uptick in prices as trading volumes surged with Upbit listing.
These chronicles have added an optimistic tint to the JUP token’s future price movements despite today’s dip.
Also Read: Donald Trump Presidency Can Trigger ‘Global Hash War’ With BTC Reserves, Says Bitcoin Maxi
Jupiter Price Plunges
At press time, the JUP token’s price saw a 3.41% fall to trade at $0.7986. Its 24-hour lows and highs are $0.7446 and $0.8273, respectively.
However, the token’s 24-hour trading volume was up 103.03% over the past day, at $219.30 million. Also, it’s worth noting that today’s fall is in line with the broader market movement. Even SOL price saw a 7.69% dip in value to trade at $134.54.
Nonetheless, as mentioned above, a substantial money influx with the listing could result in a recovered price ahead.
Also Read: Coinbase Files Against SEC Blockade On Gary Gensler Info In Court
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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